Document:

Exhibit 10.13

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

ASSET PURCHASE
AGREEMENT

 

By and between

 

JOURNEY MEDICAL CORPORATION

 

and

 

SUN PHARMACEUTICAL INDUSTRIES, INC.

 

Dated: December 18, 2020

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

ASSET PURCHASE
AGREEMENT

 

THIS ASSET PURCHASE AGREEMENT
(the “Agreement”), dated December 18, 2020 (“Effective Date”), is entered into by and between Journey
Medical Corporation, a Delaware corporation having its principal place of business at 9237 Via De Ventura Suite 105, Scottsdale, AZ 85258
(the “Buyer”) and Sun Pharmaceutical Industries, Inc, a Delaware corporation, located at [***] (the “Seller”).
Buyer and Seller are referred to herein individually as a “Party” and collectively as the “Parties”.

 

WHEREAS, Seller owns and possesses
the Transferred Assets (as defined herein).

 

WHEREAS, Seller desires to
sell, transfer and assign to Buyer, and Buyer desires to purchase from Seller all of Seller’s right, title and interest in the Transferred
Assets (as defined herein) with respect to the Territory upon the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and intending to be legally bound hereby, the Parties hereto agree as follows:

 

Article
1

DEFINITIONS

 

1.a.            
As used in this Agreement, the following terms shall have the meanings set forth below:

 

1.1           
 “Action or Proceeding” means any action, suit, proceeding, arbitration, court order, inquiry, hearing, assessment
with respect to fines or penalties or litigation (whether civil, criminal, administrative, investigative or informal) commenced, brought,
conducted or heard by or before, or otherwise involving, any Governmental Authority.

 

1.2           
 “Additional Payments” shall have the meaning set for in Section 4.1(c).

 

1.3           
 “Affiliate” means, with respect to any Person, any other Person that, directly or indirectly through one or
more intermediaries, controls, or is controlled by, or is under common control with, such first Person from time to time. For purposes
of this definition, the term “control” (including the terms “controlled by” and “under common control with”)
means (a) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such
Person, whether through ownership of voting securities, by contract relating to voting rights or corporate governance, or otherwise or
(b) the ownership, directly or indirectly, of more than 50% of the voting securities or other ownership interest of such Person (or, with
respect to a limited partnership or other similar entity, its general partner or controlling entity).

 

1.4           
 “Ancillary Agreements” means, other than this Agreement, all other agreements, certificates and documents signed
and delivered by any party in connection with this Agreement or the Transactions contemplated hereby.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

1.5           
 “Assumed Liabilities” shall have the meaning set forth in Section 2.6.

 

1.6           
 “Business Day” means a day other than a Saturday, Sunday, bank or other public holiday in the State of New York, USA.

 

1.7           
 “CDA” means the Confidentiality Agreement by and between Buyer and Seller entered into on September 06, 2018.

 

1.8           
 “Claim Notice” shall have the meaning set forth in Section 7.3(a).

 

1.9           
 “Closing” shall have the meaning set forth in Section 3.1.

 

1.10       
 “Closing Date” shall have the meaning set forth in Section 3.1.

 

1.11       
 “Commercially Reasonable Efforts” shall mean the diligent, good faith efforts, consistent with general practices
and standards in the pharmaceutical industry with those used in the pharmaceutical industry of similar size and with similar resources
of Buyer, taking into account all scientific, commercial and other relevant factors, would normally use to accomplish a similar objective
for its product having similar technical and regulatory factors (including safety and efficacy), similar expected and actual time and
cost to commercialize, similar commercial and profit potential, competitive landscape, a similar proprietary position and strategic value,
and that is at a similar stage in its product life cycle as the applicable Product, in each case based on existing and reasonably anticipated
future conditions. Commercially Reasonable Efforts shall be determined on a market-by-market basis for the Product.

 

1.12       
 “Confidential Information” means Confidential Information as defined in the CDA.

 

1.13       
 “Consent” means any consent, approval, authorization, waiver, permit, grant, franchise, concession, agreement,
license, exemption or order of, registration, certificate, declaration or filing with, or report or notice to, any Person, including any
Governmental Authority.

 

1.14       
 “Disclosure Schedule” means the disclosure schedule delivered by Seller to Buyer simultaneously with the execution
of this Agreement and attached herewith as Schedule 1.14.

 

1.15       
 “Encumbrance” means any charge, equitable interest, hypothecation, lien, mortgage, pledge, security interest
or other encumbrance of any kind known to Seller prior to the Effective Date.

 

1.16       
 “Excluded Liabilities” shall have the meaning set forth in Section 2.7.

 

1.17       
 “FDA” means the United States Food and Drug Administration and any successor agency thereto.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

1.18       
 “FDA Act” means the U.S. Federal Food, Drug and Cosmetic Act, as amended, and the rules and regulations promulgated
thereunder.

 

1.19       
 “GAAP” means general accounting principles in United States of America.

 

1.20       
 “Governmental Authority” means (a) any federal, state, regional, county, city, municipal or local government,
whether foreign or domestic and (b) any governmental or quasi-governmental authority of any nature, including any regulatory or administrative
agency, commission, department, board, bureau, court, tribunal, arbitrator, arbitral body, agency, ministry, branch, official entity or
other administrative or regulatory body obtaining authority from any of the foregoing, and (c) any supra-national organization, state,
county, city or other political subdivision.

 

1.21       
 “Governmental Order” means any order, writ, judgment, citation, injunction, decree, ruling, charge, stipulation,
determination or award entered by any Governmental Authority.

 

1.22       
 “Indemnified Party” shall have the meaning set forth in Section 7.3(a).

 

1.23       
 “Indemnifying Party” shall have the meaning set forth in Section 7.3(a). 1.24

 

1.24       
“Indemnity Claims” shall have the meaning set forth in Section 7.3(a).

 

1.25       
 “Intellectual Property” means, (a) all trademarks, service marks, trade dress, logos, and trade names solely
and exclusively related to the marketing, distribution, advertising and sale of the Product, which are listed on Schedule 1.25(a),
together with all translations, adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and
all applications, registrations and renewals in connection therewith (the “Assigned Trademarks”); (b) the domain names
listed on Schedule 1.25(b) and the digital graphics files supporting such site (the “Assigned Domain Names”);
and (c) all Know-How owned or controlled by Seller of any Affiliate thereof solely and exclusively relating to, or necessary for, the
manufacture, use, sale, import, development, or commercialization of the Product.

 

1.26       
 “Knowledge” means (a) in the case of Seller, the actual knowledge of the applicable Persons set forth on Schedule
1.26(a), and (b) in the case of Buyer, the actual knowledge of Buyer set forth on Schedule 1.26(b).

 

1.27       
 “Know-How” means all technical, scientific and other know-how and information, trade secrets, knowledge, technology,
inventions, methods, processes, formulas, instructions, technical assistance, designs, drawings, assembly procedures, computer programs,
specifications, data, results, and other material, manufacturing procedures, test procedures and purification and isolation techniques
(whether or not, in each case, confidential, proprietary or patentable), in written, electronic or any other form.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

1.28       
 “Laws” means any federal, state, local, foreign or multinational laws, statutes, ordinances, regulations, rules,
standards, codes, Governmental Orders, writs, injunctions, decrees, arbitration awards, agency or regulatory requirements or licenses
or permits of any kind whatsoever of any Governmental Authority, all as amended from time to time.

 

1.29       
 “Liabilities” shall mean, collectively, any debt, obligation, duty, guaranty, claim, loss, damage, deficiency,
cost, expense, fees, commitment, obligation, responsibility, or liability of any nature (including such debt, obligation, duty, liability,
or the like, that is primary or secondary, direct, absolute or contingent, fixed or otherwise, whether asserted or unasserted, whether
accrued or accrued, whether liquidated or unliquidated, whether due or to become due, or known or unknown) regardless of whether such
debt, obligation, duty, liability, or the like, would be required to be disclosed on a balance sheet, and regardless of whether such debt,
obligation, duty, liability, or the like, is immediately due and payable.

 

1.30       
 “Losses” shall mean any and all losses, damages, obligations, liabilities, Taxes, fines, fees, costs, expenses,
lost profits, diminution in value, penalties, interest, awards, judgments, claims, demands, actions, suits and settlements of any kind,
including attorneys’ and consultants’ fees and expenses and other costs and expenses.

 

1.31       
 “Manufacturing and Packaging Assets” shall mean the materials solely and exclusively related to the Product
as set forth in Schedule 1.31.

 

1.32       
 “Marketing Collateral” shall mean the materials solely and exclusively related to the Product as set forth
in Schedule 1.32.

 

1.33       
 “Notice Period” shall have the meaning set forth in Section 7.3(b). 1.34

 

1.34       
“Payer” shall have the meaning set forth in Section 6.9.

 

1.35       
 “Permitted Encumbrance” means (i) any Encumbrance for Taxes, assessments and other governmental charges that
are not yet due and payable, (ii) with respect to licenses, permits or contracts, any restrictions, obligations, limitations or other
Encumbrance contained in such license, permit or contract or existing at Law or under the regulatory regime pursuant to which such permit
or license is granted that do not materially impair the current use or sale of the Product, or (iii) with respect to the NDA, any restrictions,
obligations, limitations or other Encumbrance contained in such NDA or existing at Law or under the regulatory regime pursuant to which
such NDA is granted that do not materially impair the current use or sale of the Product.

 

1.36       
 “Person” means any individual, corporation, general or limited partnership, limited liability company, joint
venture, estate, trust, association, organization, or other entity or Governmental Authority.

 

1.37       
 “Product” means [***] as described in the Product NDA.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

1.38       
 “Product NDA” the New Drug Applications (as defined in and regulated under the FDA Act) identified as [***]
and [***] including all applications therefor, and all amendments, modifications, supplements, submissions, and updates with respect thereto.

 

1.39       
 “Purchase Price” shall have the meaning set forth in Section 4.1.

 

1.40       
 “Tax” or “Taxes” means any taxes or similar assessments of any kind whatsoever including,
but not limited to income, franchise, trade, capital, withholding, payroll, unemployment insurance, social security, gross receipts, sales
and use, value added, excise, real property and personal property taxes, together with all interest, penalties and additions imposed with
respect to any such taxes.

 

1.41       
 “Territory” means the entire world.

 

1.42       
 “Third Party” means any Person other than a Party or any of their respective Affiliates.

 

1.43       
 “Transferred Assets” shall have the meaning set forth in Section 2.1.

 

1.44       
 “Transactions” shall have the meaning set forth in Section 3.2(a).

 

1.45       
 “United States” means the United States of America and, for the sake of clarity, the Commonwealth of Puerto
Rico.

 

1.46       
 “Upfront Payment” shall have the meaning set forth in Section 4.1(b).

 

1.b.           
Interpretation. Unless the context otherwise requires, the terms defined in this Article 1 shall have the meanings herein
specified for all purposes of this Agreement, applicable to both the singular and plural forms of any of the terms defined herein. When
a reference is made in this Agreement to Sections, such reference shall be to a Section of this Agreement unless otherwise indicated.
Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be
deemed to be followed by the words “without limitation.” Any reference to any contract or other document or instrument or
to any Law is to it as amended and supplemented from time to time through the date of the Closing (and in the case of any Law, to any
successor provisions, and to any rules and regulations promulgated thereunder, in effect as of the date of this Agreement), unless the
context requires otherwise.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

Article
2

PURCHASE AND SALE OF THE TRANSFERRED ASSETS

 

2.1           
Transfer of Assets. Upon the terms and subject to the conditions set forth herein, in accordance with Section 2.2, Seller
hereby sells, conveys, transfers, assigns and delivers to Buyer on an as-is basis, and Buyer hereby purchases from Seller all of Seller’s
right, title and interest in and to the following assets with respect to the Territory to the extent existing and controlled by Seller
(collectively, the “Transferred Assets”), free and clear of all Encumbrances (except Permitted Encumbrances):

 

(a)              
 the Product NDA;

 

(b)              
all Intellectual Property and Manufacturing and Packaging Assets.

 

2.2           
Timing of Transfer of Transferred Asset. The Parties hereby agree and acknowledge that (a) the Intellectual Property and
shall be transferred by Seller to Buyer on the Effective Date, (b) the Manufacturing and Packaging Assets as set forth on Schedule 1.31
shall be transferred by Seller to Buyer within ten (10) Business Days of the Effective Date, and (c) the Product NDA shall be transferred
by Seller to Buyer on the Closing Date.

 

2.3           
License to Marketing Collateral. Solely to the extent necessary for Buyer to market the Product in the Territory, Seller
hereby grants to Buyer a limited, non-exclusive, non-transferable and royalty free license to Seller’s rights in the Marketing Collateral.
Upon the terms and subject to the conditions set forth herein, on the Effective Date, Seller shall promptly deliver to Buyer the Marketing
Collateral. For the avoidance of doubt, nothing herein shall be construed as a grant or license of any rights to any Seller trademark,
service mark, trade dress, logo, trade name or corporate name similar or related thereto other than those specifically included in the
Transferred Assets.

 

2.4           
Record Retention by Seller. Buyer acknowledges and agrees that Seller may retain for archival purposes and for purposes
of complying with the applicable Laws and for legal and regulatory purposes as sellers of pharmaceutical products, one copy of all or
any part of the documentation that Seller delivers to Buyer pursuant to Section 2.1.

 

2.5           
Other Assets Excluded. Other than the Transferred Assets set forth in Section 2.1, Buyer expressly understands and agrees
that it is not purchasing or acquiring, and Seller is not selling or assigning, any other assets or properties of Seller not specifically
related to the Product, including but not limited to Seller’s trademarks, trade dress, logos, corporate designs, and the like that
are incorporated in the Marketing Collateral and in the digital graphics files forming part of the Intellectual Property, and all such
other assets and properties shall be excluded from the Transferred Assets.

 

2.6           
Assumption of Liabilities. Upon the terms and subject to the conditions set forth herein, from and after the Effective Date,
Buyer shall assume, be responsible for and pay, and perform and discharge when due, the following Liabilities of Seller (collectively,
the “Assumed Liabilities”): (a) all of the Liabilities of Seller that arise out of or are related to the Product and
the Intellectual Property and the Transferred Assets for period after the Effective Date, including any commercial and governmental rebates
and chargebacks, patient vouchers or coupons granted to managed healthcare organizations, pharmacy benefit managers and Governmental Authorities
and their agencies, purchasers and customers; and (b) all of the Liabilities of Seller that arise out of or are related to the Product
NDA.

 

2.7            Non-Assumption
of Liabilities. Other than the Assumed Liabilities, neither Buyer nor any of its Affiliates assume or in any way undertake to
pay, perform, satisfy or discharge any Liability or other obligation whatsoever of Seller, including, without limitation, any and
all Liabilities for Taxes, trade accounts payable and employee benefits occurring prior to the Effective Date (the
 “Excluded Liabilities”). For the avoidance of doubt, the Excluded Liabilities include any and all Liabilities and
Actions or Proceedings directly or indirectly involving personal injury or bodily harm arising out of, in connection with or related
to events, circumstances and conditions occurring or existing before the Effective Date. Seller will promptly pay and discharge all
Excluded Liabilities in the ordinary course of business.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

Article
3

CLOSING & CONDITIONS PRECEDENT

 

3.1           
Closing. The consummation of the purchase and sale of the Transferred Assets contemplated hereby (the “Closing”)
will take place on the date of receipt of the Upfront Payment by Seller pursuant to Section 4.1(b) or, if all the conditions set forth
in Sections 3.2 are not then satisfied or waived, the first such Business Day thereafter on which they are waived or satisfied (the “Closing
Date”). The Closing shall be effective as of 12:01 AM Eastern Standard Time on the Closing Date.

 

3.2           
Conditions to Closing.

 

(a)              
General Conditions. The obligation of the Parties to consummate the transactions contemplated by this Agreement (the “Transactions”)
at the Closing is subject to the fulfillment of each of the following conditions prior to or at the Closing (any or all of which may be
waived in writing in whole or in part by both Parties):

 

(i)                
No Actions or Proceedings. No Action or Proceeding has been instituted or threatened prior to or on the Closing Date before
any Governmental Authority pertaining to the Transactions, the result of which could prevent or make illegal the consummation of the Transactions.

 

(ii)             
No Governmental Order. There is not in force any Governmental Order by or before any Governmental Authority of competent
jurisdiction restraining, enjoining, prohibiting, invalidating or otherwise preventing the consummation of the Transactions.

 

(b)              
Conditions to Seller’s Obligations. The obligation of Seller to consummate the Transactions at the Closing is subject
to the fulfillment of each of the following conditions prior to or at the Closing (any or all of which may be waived in writing in whole
or in part by Seller):

 

(i)                 True
Representations and Warranties. The representations and warranties of Buyer made in Article 5 of this Agreement shall be
true and correct as of the Closing Date. Buyer shall have performed or complied in all material respects with all obligations and
covenants required by this Agreement to be performed or complied with by Buyer by the time of the Closing.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

(ii)             
 Delivery of Documents. Buyer has executed and delivered all documents, certificates, instruments and schedules required
under Section 3.2(b) to Seller;

 

(iii)           
Officer’s Certificate. Buyer shall have delivered to Seller a certificate dated as of the Closing Date and signed
by an authorized officer of Buyer to the effect that the conditions specified in Sections 3.2(b)(i) and (ii) have been satisfied
by Buyer; and

 

(c)              
Conditions to Buyer’s Obligations. The obligation of Buyer to consummate the Transactions at the Closing is subject
to the fulfillment of each of the following conditions prior to or at the Closing (any or all of which may be waived in writing in whole
or in part by Buyer):

 

(i)                
True Representations and Warranties. The representations and warranties of Seller made in Article 5 of this Agreement
shall be true and correct as of the Closing Date. Seller shall have performed or complied in all material respects with all obligations
and covenants required by this Agreement to be performed or complied with by Seller by the time of the Closing.

 

(ii)             
Consents. Seller shall have received and delivered to Buyer all Consents as required in order to assign and transfer to
Buyer the Transferred Assets;

 

(iii)           
Delivery of Documents. Seller has executed (if applicable) and delivered all documents, certificates, instruments and schedules
required under Section 3.2(c) to Buyer; and

 

(iv)            
Officer’s Certificate. Seller shall have delivered to Buyer a certificate dated as of the Closing Date and signed
by an authorized officer of Seller to the effect that the conditions specified in Sections 3.2(c)(i) through (iii) have
been satisfied by Seller.

 

3.3           
Closing Deliverables. At the Closing, the following shall be delivered:

 

(a)              
Buyer shall deliver to Seller:

 

(i)                
a letter to the FDA, substantially in the form of Exhibit A attached hereto (the "Buyer FDA Letter"), executed
by Buyer, accepting the transfer of the Product NDA to Buyer;

 

(ii)               
a trademark assignment, substantially in the form of Exhibit B attached hereto (the "Trademark Assignment"),
executed by Buyer, effecting the assignment and transfer to Buyer of the Assigned Trademarks;

 

(iii)             
a domain name assignment, substantially in the form of Exhibit C attached hereto (the "Domain Assignment"),
executed by Buyer, effecting the assignment and transfer to Buyer of the Assigned Domain Names; and

 

(iv)            
 the certificate required to be delivered by Buyer under Section 3.2(b) duly executed by an authorized officer of Buyer.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

(b)              
Seller shall deliver to Buyer:

 

(i)                
a letter to the FDA, substantially in the form of Exhibit E attached hereto (the "Seller FDA Letter"),
executed by Seller, informing FDA of the transfer of the Product NDA to Buyer;

 

(ii)             
A copy of the Trademark Assignment executed by Seller;

 

(iii)           
A copy of the Domain Name Assignment executed by Seller; and

 

(iv)            
the certificate required to be delivered by Seller under Section 3.2(c) duly executed by an authorized officer of Seller.

 

Article
4

PRICE & TERMS

 

4.1           
Purchase Price. As consideration for the Transferred Assets, Buyer shall pay to Seller the following (together, the “Purchase
Price”) by wire transfer of federal funds pursuant to written instructions delivered by Seller to Buyer:

 

(a)              
Two Hundred Thousand U.S. Dollars (U.S. $200,000) upon execution of the non-binding term sheet between Buyer and Seller, which
the Buyer has paid to the Seller;

 

(b)              
One Million Eight Hundred Thousand U.S. Dollars (U.S. $1,800,000) by January 1, 2021 (“Upfront Payment”);

 

(c)              
Additional payments, totaling Two Million U.S. Dollars ($2,000,000) of the amounts set forth below on the dates set forth below
(collectively “Additional Payments”):

 

(i)                
Five Hundred Thousand U.S. Dollars (U.S. $500,000) by April 1, 2021;

 

(ii)             
Five Hundred Thousand U.S. Dollars (U.S. $500,000) by July 1, 2021; and

 

(iii)           
One Million U.S. Dollars (U.S. $1,000,000) by [***].

 

4.2           
Submission of FDA Letter. Buyer shall send Buyer FDA Letter to the FDA, and Seller shall send Seller FDA Letter to the FDA,
within ten (10) Business Days after Closing.

 

4.3            Taxes.
Buyer shall be responsible for and pay all Taxes imposed in connection with the transactions provided for in this Agreement
(excluding any income tax and capital gains tax on Seller), including without limitation sales taxes, value added taxes, transfer
taxes and recording fees, if any, imposed upon the transfer of the Transferred Assets, and any withholding taxes.

 

4.4           
Late Payment. Seller shall be entitled to charge simple interest at the rate of [***] percent ([***]%) per annum, based
on a three hundred and sixty-five (365) day year, on any amounts overdue, from the due date for payment until receipt by Seller of the
full amount, without prejudice to any other right or remedy of Seller.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

Article
5

REPRESENTATIONS AND WARRANTIES

 

5.1           
Seller’s Warranties. Except as set forth on the Disclosure Schedule, as on the Effective Date and through Closing,
Seller represents and warrants to Buyer as follows:

 

(a)              
Organization and Authority. Seller is validly existing and in good standing under the Laws of the State of Delaware, with
full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement has been, and
upon execution of each of the Ancillary Agreements, such Ancillary Agreements will have been, duly and validly authorized, executed and
delivered by, and constitute the legal, valid and binding obligations of Seller enforceable in accordance with their terms.

 

(b)              
Title. Seller owns and has good and marketable title to the Transferred Assets, free and clear of all Encumbrances except
Permitted Encumbrance. There are no adverse claims of ownership to the Transferred Assets and, to Seller’s Knowledge, Seller has
not received written notice that any individual or entity has asserted a claim of ownership or right of possession or use in or to any
of the Transferred Assets. (i) As of the Effective Date, Buyer will acquire from Seller good and marketable title to the Transferred Assets
other than the Product NDA, and (ii) at Closing, Buyer will acquire from Seller good and marketable title to the Product NDA.

 

(c)              
Litigation; Legal Compliance.

 

(i)                
There is no material Action or Proceeding pending or, to Seller’s Knowledge, threatened, with respect to the Transferred
Assets, that affects or, if successful, would affect the validity of this Agreement or any action taken or to be taken by Seller in connection
herewith, or which individually or in the aggregate, would materially impair the ability of Seller to perform its obligations hereunder
or to consummate the Transactions contemplated by this Agreement or the Ancillary Agreements.

 

(ii)              Neither
Seller nor any officer, employee, agent, contractor or distributor of Seller has committed or been convicted of any crime or engaged
in any conduct for which debarment is mandated by 21 U.S.C. § 335a(a) or any similar law or authorized by 21 U.S.C. §
335a(b) or any similar applicable Law. Neither Seller nor any officer, employee, agent, contractor or distributor of Seller has been
convicted of any crime or engaged in any conduct for which such person could be excluded from participating in federal health care
programs under Section 1128 of the Social Security Act of 1935, as amended, or any similar law. No Actions or Proceedings that could
reasonably be expected to result in a debarment or exclusion are pending or threatened against Seller or any of its directors,
officers, employees or agents. Seller has never been: (i) debarred or (ii) convicted of a crime for which a person can be debarred
under Section 306(a) of the Generic Drug Enforcement Act of 1992 (Section 306 (a) or (b)), and Seller has never been and, to
Seller’s Knowledge, none of its employees, Affiliates or agents has ever been: (i) threatened to be debarred or (ii) indicted
for a crime or otherwise engaged in conduct for which a person can be debarred, under Section 306(a) or (b) of the Generic Drug
Enforcement Act of 1992.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

(iii)           
Seller has provided to Buyer copies of all written communications to or from any Governmental Authority and associated with the
Product, including, without limitation, any written communication to or from the FDA.

 

(iv)            
Seller possesses all material registrations, rights of reference, approvals, licenses, consents, agreements, permits and other
authorizations from Governmental Authorities, required by applicable provisions of Laws.

 

(d)              
No Conflicts. Neither the execution and the delivery of this Agreement or the Ancillary Agreements, nor the consummation
of the Transactions contemplated hereby and thereby, will (i) violate any material applicable Laws to which Seller is, or its assets or
properties are, subject, (ii) contravene, conflict with or result in a breach or violation of any provision of the charter or bylaws of
Seller.

 

(e)              
Brokers and Finders. Seller has not employed any broker, finder, consultant or intermediary in connection with the Transactions
contemplated by this Agreement who would be entitled to a broker’s, finder’s or similar fee or commission in connection therewith
or upon the consummation thereof.

 

(f)               
Intellectual Property.

 

(i)                
Seller exclusively owns the Intellectual Property free and clear of all Encumbrances except Permitted Encumbrances. The Intellectual
Property will, as of the Effective Date, be transferred to, and controlled by Buyer on substantially the same terms with which Seller,
immediately prior to the Effective Date, owned and controlled such Intellectual Property. To Seller’s Knowledge, (i) Seller has
not and is not infringing, misappropriating or otherwise violating (including with respect to the discovery, development, clinical testing,
manufacture, distribution, advertising, use, exploitation or sale by Seller of the Product) the rights of any other Person with regard
to Seller’s possession or use of any Intellectual Property for its sale of the Product as presently conducted. To Seller’s
Knowledge, no other Person has or is infringing, misappropriating or otherwise violating the Intellectual Property. No claims against
Seller are pending or, to Seller’s Knowledge, threatened with regard to (i) the control or use of any of the Intellectual Property;
or (ii) the validity or enforceability of any Intellectual Property.

 

(ii)              Schedule
1.25 sets forth, as of the date hereof, a complete and accurate list of all Intellectual Property owned by Seller related to the
Product that is being transferred to Buyer. To Seller’s Knowledge, all Intellectual Property owned by Seller that is related
to the Product has been duly registered or filed with or issued by each appropriate Governmental Authority in the jurisdiction
indicated in Schedule 1.25, all related necessary affidavits of continuing use have been (or, with respect to licenses, to
Seller’s Knowledge have been) timely filed, and all related necessary maintenance fees have been (or, with respect to
licenses, to Seller’s Knowledge have been) timely paid to continue all such rights in effect.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

(iii)           
No Other Representation or Warranties. Except for the representations and warranties contained in this Section 5.1, Seller
makes no other express or implied warranty, and Seller hereby disclaims any such warranty or any representation whether by Seller or its
respective officers, directors, employees, agents or representatives or any other Person, as to the condition (financial or otherwise),
value or quality of the Product or the Transferred Assets, notwithstanding the delivery or disclosure to Buyer or any of its officers,
directors, employees, agents or representatives or any other Person of any documentation or other information by Seller or any of its
officers, directors, employees, agents or representatives or any other Person with respect to any one or more of the foregoing.

 

5.2           
Buyer’s Warranties. Buyer hereby represents and warrants to Seller, as of the Effective Date and through the Closing
Date, as follows:

 

(a)              
Organization and Authority of Buyer. Buyer is validly existing and is in good standing under the Laws of the State of Delaware,
with full power and authority to enter into this Agreement and perform its obligations hereunder. This Agreement has been, and upon execution
of each of the Ancillary Agreements, such Ancillary Agreements will have been duly and validly authorized, executed and delivered by,
and constitute the legal, valid and binding obligations of Buyer, enforceable in accordance with their respective terms.

 

(b)              
Litigation. There are no material Actions or Proceedings pending, or to Buyer’s Knowledge, threatened or anticipated,
that questions the validity of this Agreement or any action taken or to be taken by Buyer in connection herewith, or which individually
or in the aggregate, would materially impair the ability of Buyer to perform its obligations hereunder or to consummate the Transactions
contemplated by this Agreement or the Ancillary Agreements.

 

(c)              
Legal Compliance. Buyer possesses all material registrations, rights of reference, approvals, licenses, consents, agreements,
permits and other authorizations from Governmental Authorities, required by applicable provisions of Laws.

 

(d)              
Buyer has and will have at Closing cash, and during the Term of this Agreement, cash available sufficient to pay the Upfront Payment
and Additional Payments.

 

(e)               No
Conflicts. Neither the execution and the delivery of this Agreement nor the Ancillary Agreements, nor the consummation of the
Transactions contemplated hereby and thereby, will (i) violate any material applicable Laws to which Buyer is, or its assets or
properties are, subject, (ii) contravene, conflict with or result in a breach or violation of any provision of the charter or bylaws
of Buyer, or (iii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any
party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license,
instrument, or other arrangement to which Buyer is a party or by which it is bound or to which any of its assets is subject. Buyer
does not need to give any material notice to, make any filing with, or obtain any authorization, consent, or approval of any
Governmental Authority or any other Person in order to consummate the Transactions contemplated by this Agreement or the Ancillary
Agreements. There is no proceeding pending or, to the Knowledge of Buyer, threatened against Buyer that challenges, or may have the
effect of preventing, delaying, making illegal or otherwise interfering with the Transactions contemplated by this Agreement or the
Ancillary Agreements.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

(f)               
Independent Investigation. Buyer has conducted its own independent investigation, due diligence, review and analysis of
the business, operations, assets (including contracts), liabilities, results of operations, financial condition, software, technology
and prospects of the business related to the Product, which investigation, review and analysis were undertaken by Buyer and its Affiliates
and representatives.

 

(g)              
Brokers and Finders. Buyer has not employed any broker, finder, consultant or intermediary in connection with the Transactions
contemplated by this Agreement who would be entitled to a broker’s, finder’s or similar fee or commission in connection therewith
or upon the consummation thereof.

 

5.3           
Non-Reliance. Buyer agrees and acknowledges that Buyer has relied solely on the representations and warranties set forth
in Section 5.1 and except for the representations and warranties expressly set forth in Section 5.1, as modified by the Disclosure Schedule
and any certificate delivered by or on behalf of Seller hereunder, neither Seller nor any of its shareholders, trustees, Affiliates or
representatives or any other Person, has made or is making any other representations or warranties, promises, covenants, agreements or
guaranties, statutory, common law or otherwise, of any nature, oral or written, past, present or future, including any other representations
or warranties, express or implied, with respect to, and Buyer have not relied upon, the accuracy or completeness of any other information,
provided, or made available by, Seller or any of its representatives, with respect to, or in connection with, the negotiation, execution
or delivery of this Agreement or the Transactions contemplated hereby.

 

Article
6

COVENANTS

 

6.1           
Obligations of the Parties Prior to Closing. Seller will not prior to the Closing Date (a) incur any material liability
outside the ordinary course of business with respect to the Transferred Assets, or (b) create any Encumbrance on any of the Transferred
Assets.

 

6.2            Non-Competition.
The Parties hereto agree and acknowledge that the provisions of this Agreement shall not be construed to limit or restrict in any
manner the rights of Seller or any of its Affiliates to develop, manufacture, use, sell or commercialize in any manner the Product
in a generic or other formulation, either in the Territory or outside of the Territory; provided, however, that for a period of ten
(10) years commencing on the Effective Date, Seller shall not manufacture or commercialize any product containing the same active
ingredient and in the same dosage and form as that of the Product. Should any part or provision of this Section 6.2 be held invalid,
void, or unenforceable in any court of competent jurisdiction, such invalidity, voidness, or unenforceability will not render
invalid, void, or unenforceable any other part or provision of this Agreement. The Parties further agree that if any portion of this
Section 6.2 is found to be invalid or unenforceable by a court of competent jurisdiction because its duration, territory, or other
provisions are deemed to be invalid or unreasonable in scope, the invalid or unreasonable terms will be replaced by terms that are
valid and enforceable and that come closest to expressing the intention of such invalid or unenforceable terms, and any court of
competent jurisdiction shall enforce this Section 6.2 as so modified to the maximum extent allowed by Law.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

6.3           
Standards of Quality. Buyer agrees to comply with applicable Laws in the Territory in the marketing, sale, and distribution
of Product.

 

6.4           
Post-Effective Date Agreements. For the period commencing on the Effective Date and ending at the Closing, Seller covenants
and agrees with Buyer as follows with respect to the Product NDA:

 

(a)              
the Product NDA will be maintained in full force and effect;

 

(b)              
no amendment or other modification to the Product NDA will be made without prior written approval of Buyer;

 

(c)              
Seller will not authorize any Third Party to sell any products under the Product NDA;

 

(d)              
Seller will not authorize any Third Party to make reference to the Product NDA, file any new drug application or other application
for marketing authorization that makes reference to the Product NDA, or launch any authorized generic under the Product NDA;

 

(e)              
Seller will maintain the confidentiality of any confidential sections of the Product NDA;

 

(f)               
Seller will comply with all applicable FDA regulations and applicable Law in connection with any matters related to the Product
NDA;

 

(g)              
Seller will promptly notify Buyer of any correspondence from FDA or any other Governmental Authority concerning the Product NDA;

 

(h)              
Seller will not file any submission or deliver any correspondence concerning the Product NDA to FDA or any other Government Authority
without the written consent of Buyer;

 

(i)                
Seller will not assign or otherwise modify or transfer title of the Product NDA except as expressly provided for herein or approved
in writing by Buyer;

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

(j)                
 Seller will not create, cause to be created, or consent to or allow to be created, any Encumbrance over the Product NDA; and

 

(k)              
Seller will not take any other action that would or could reasonably be expected to inhibit or delay transfer of the Product NDA
to Buyer pursuant to Section 3.3(b).

 

Notwithstanding anything contained
herein, Seller shall not be held responsible for occurrence of any event with respect to the Product NDA due to the acts or omissions
of Buyer.

 

6.5           
Reasonable Efforts of the Parties. Seller and Buyer shall each use its respective Commercially Reasonable Efforts to cause
all of the conditions to the obligations of the other to consummate the Transactions contemplated hereby to be met as soon as practicable
after the date of this Agreement and to do, or cause to be done, all things necessary to consummate the Transactions contemplated hereby.

 

6.6           
Registrations and Filings. (a) Without prejudice to applicable Laws in the Territory that may exclude this possibility,
from and after the Closing, Buyer shall take the lead in coordinating the Product NDA transfers. Buyer shall file, or shall cause its
Affiliate or designee to file, or, if required by applicable Laws, Seller, its Affiliate or designee shall file, applications for the
transfer of the Product NDA in the Territory. (b) For the avoidance of doubt, Seller does not warrant and shall not be responsible for
the successful transfer, maintenance or renewal of the Product NDA after the Closing Date and shall not be obligated to launch the Product
in the Territory where it has not been launched before Closing.

 

6.7           
Prescription Drug User Fee Act. Following the Effective Date, Buyer shall assume and have responsibility for fees or charges
associated with the Product due and payable to the FDA after the Effective Date pursuant to the Prescription Drug User Fee Act, and any
reauthorization thereto. Seller shall retain full responsibility and liability for all fees or charges due and payable to the FDA on or
prior to the Effective Date.

 

6.8           
Confidentiality.

 

(a)              
Seller undertakes with Buyer, and Buyer undertakes with Seller to keep confidential (except as expressly provided in this Agreement)
at all times after the date of this Agreement, and not directly or indirectly reveal, disclose or use for its own or any other purposes,
any Confidential Information received or obtained as a result of entering into or performing, or supplied by or on behalf of a Party in
the negotiations leading to, this Agreement and which relates to: (i) the negotiations relating to this Agreement; or (ii) the subject
matter and/or provisions of this Agreement, subject to Section 6.8(b) below.

 

(b)               The
prohibition in Section 6.8(a) does not apply if: (i) the information was in the public domain before it was furnished to the
relevant Party or, after it was furnished to that Party, entered the public domain otherwise than as a result of a breach by that
Party of this Section 6.8 or any written or confidentiality agreement under which such Party is bound; (ii) disclosure is necessary
in order to comply with applicable legislation, regulatory requirements, legal process, or stock exchange rules, provided that any
such information disclosable pursuant to this Section 6.8(b) shall be disclosed only to the extent required by Laws and (unless such
consultation is prohibited by Laws or is not reasonably practicable) only after consultation with Buyer or Seller (as the case may
be) or (iii) Buyer is contemplating the sale, assignment, conveyance or other transfer to a Third Party of all or substantially all
of its rights, title and interest in and to the Product, provided that Buyer shall have entered into a confidentiality agreement
with such Third Party no less restrictive than this Section 6.8.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

(c)              
The provisions of the CDA are hereby incorporated herein and shall remain binding and in full force and effect; provided, however,
that all obligations of Buyer under the CDA with respect to each of the Transferred Assets shall terminate as of the date of transfer
of such Transferred Asset to Buyer pursuant to the terms of this Agreement. Except as otherwise provided herein or in the Ancillary Agreements,
Seller shall, and shall cause its Representatives to, treat after the date hereof as strictly confidential all nonpublic, confidential
or proprietary information concerning the Transferred Assets, and Seller shall not, after the date hereof, use such information to the
detriment of the Buyer.

 

(d)              
The Parties further agree that release of any Confidential Information, whether directly or indirectly, would cause irreparable
injury to the non-disclosing Party and that the Party whose Confidential Information has been or is being disclosed in violation of this
Section 6.8 will, in addition to any other rights and remedies the non-disclosing Party may have at law or in equity, will be entitled
to seek an injunction enjoining and restraining the non-disclosing Party from violating or threatening to breach this Section 6.8.

 

6.9           
Commercial Payer and Government Utilization Rebates. After the Closing Date, Seller will notify all commercial payers and
Governmental Authorities listed on Exhibit D (collectively, the “Payers”) about the Transactions contemplated
by this Agreement and instruct the Payers to send all invoices and chargebacks to Buyer after the Closing Date. Seller will assist with
Buyer and facilitate the administration of those Product rebate invoices and chargebacks received by Seller, if any, within three (3)
months after the Closing Date. Seller shall notify all Payers to remove Product from each respective agreement, effective as of the Closing
Date..

 

6.10       
Further Assurances. Seller and Buyer, agree that subsequent to the Closing Date, at the request of the other Party, they
will execute and deliver, or cause to be delivered, to the other Party, such further instruments and take such other action as may be
reasonably necessary to carry out the Transactions contemplated by this Agreement.

 

6.11       
Costs and Expenses. Except as otherwise expressly provided herein, the Parties shall bear their own respective expenses
(including, but not limited to, all compensation and expenses of counsel, financial advisors, consultants and independent accountants)
incurred in connection with the preparation and execution of this Agreement and consummation of the Transactions contemplated hereby,
including assistance reasonably requested in consummating such Transactions.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

Article
7

INDEMNIFICATION AND INSURANCE

 

7.1           
Indemnification by Seller. From and after the Closing Date, Seller shall defend, indemnify and hold harmless Buyer, its
Affiliates, officers, directors, employees, and agents, against and in respect of any and all Losses, resulting or arising from or otherwise
relating to:

 

(a)              
any breach by Seller of any covenant, representation or warranty of Seller contained in this Agreement or any Ancillary Agreements;
and

 

(b)              
any Excluded Liabilities.

 

7.2           
Indemnification by Buyer. From and after the Closing Date, Buyer shall indemnify and hold harmless Seller, its Affiliates,
officers, directors, employees, and agents, against and in respect of any and all Losses resulting or arising from or otherwise relating
to:

 

(a)              
any breach by Buyer of any covenant, representation or warranty contained in this Agreement or any Ancillary Agreements;

 

(b)              
Any Assumed Liabilities;

 

(c)              
use of the Marketing Collateral by Buyer after the Closing Date; and

 

(d)              
any negligent or intentional act committed by Buyer or its employees or agents that caused injury to a person or damage to property,
or failed to comply with any applicable law, statute, regulation or ordinance.

 

7.3           
Method of Asserting Claims.

 

(a)              
All claims for indemnification (“Indemnity Claims”) by any indemnified Party or a Party with respect to any
other claim under or with respect to this Agreement or any Ancillary Agreements (the “Indemnified Party”) hereunder
shall be asserted and resolved as set forth in this Section 7.3. In the event that any written claim or demand for which a Party (the
 “Indemnifying Party”) would be liable to any Indemnified Party hereunder is asserted against or sought to be collected
from any Indemnified Party by a Third Party, such Indemnified Party shall promptly, but in no event more than ten (10) days following
such Indemnified Party’s receipt of such claim or demand, notify the Indemnifying Party of such claim or demand and the amount or
the estimated amount thereof to the extent then feasible (the “Claim Notice”). All indemnity claims by any Indemnified
Party that do not involve Third Party claims shall be communicated via a Claim Notice to the other Party promptly following discovery
of such claim.

 

(b)               The
Indemnifying Party shall have fifteen (15) days from the delivery or mailing of the Claim Notice (the “Notice
Period”) to notify the Indemnified Party whether or not it desires to defend the Indemnified Party against such claim or
demand. An election to assume the defense of such claim or demand shall not be deemed to be an admission that the Indemnifying Party
is liable to the Indemnified Party in respect of such claim or demand. All costs and expenses incurred by the Indemnifying Party in
defending such claim or demand shall be a liability of, and shall be paid by, the Indemnifying Party; provided, however,
that the amount of such expenses shall be a liability of the Indemnifying Party hereunder, subject to the limitations set forth in
this Article 8. In the event, however, that the Indemnifying Party declines or fails to assume the defense of the claim
within such fifteen (15)-day period, the Indemnified Party may assume the defense thereof and the reasonable fees and disbursements
of counsel for the Indemnified Party shall be deemed Losses hereunder, subject to the limitations set forth in this Article
8.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

(c)              
In the event that it is ultimately determined that the Indemnifying Party is not obligated to indemnify, defend or hold the Indemnified
Party harmless from and against any Third Party claim, the Indemnified Party shall reimburse the Indemnifying Party for any and all costs
and expenses (including without limitation, attorney’s fees and court costs) actually incurred by the Indemnifying Party in its
defense of the Third Party claim. In the event that the Indemnifying Party notifies the Indemnified Party within the Notice Period that
it desires to defend the Indemnified Party against such claim or demand, the Indemnifying Party shall have the right to defend the Indemnified
Party by appropriate proceedings. If any Indemnified Party desires to participate in, but not control, any such defense or settlement,
it may do so at its sole cost and expense.

 

(d)              
The Indemnified Party shall not settle a claim or demand without the prior written consent of the Indemnifying Party, which shall
not be unreasonably withheld, conditioned or delayed. The Indemnifying Party may settle any claim or demand for monetary damages; it being
understood that the Indemnifying Party shall not, without the prior written consent of the Indemnified Party (which shall not be unreasonably
withheld, conditioned or delayed) settle, compromise or offer to settle or compromise any such claim or demand on a basis which would
result in the imposition of a consent order, injunction or decree that would substantially restrict the future activity or conduct of
the Indemnified Party or any subsidiary or Affiliate thereof.

 

(e)              
To the extent the Indemnifying Party shall control or participate in the defense or settlement of any Third Party claim or demand,
the Indemnified Party will give the Indemnifying Party and its counsel access to, during normal business hours, the relevant business
records and other documents, and shall permit them to consult with the employees and counsel of the Indemnified Party.

 

(f)               
The controlling party, in either case, shall select counsel, contractors, experts and consultants of recognized standing and competence,
shall take reasonable steps necessary in the investigation, defense or settlement thereof, and shall diligently and promptly pursue the
resolution thereof.

 

(g)              
Any notice of a claim by reason of any of the warranties or covenants contained in this Agreement shall state specifically the
warranty or covenant with respect to which the claim is made, the facts giving rise to an alleged basis for the claim, and the amount
of the liability asserted against the Indemnifying Party by reason of the claim.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

7.4           
 Survival. The covenants and agreements of the Parties shall survive without limitation as to time, and the period during
which a claim for indemnification may be asserted in connection therewith shall continue for the applicable statute of limitations.

 

7.5           
DAMAGES LIMITATION. NOTWITHSTANDING ANYTHING TO THE CONTRARY ELSEWHERE IN THIS AGREEMENT OR ANY ANCILLARY AGREEMENT, NO
PARTY, DIRECTOR, OFFICER, EMPLOYEE, AFFILIATE OR ADVISOR OF ANY OF THE FOREGOING, SHALL, IN ANY EVENT, BE LIABLE TO ANY OTHER PERSON,
EITHER IN CONTRACT, TORT OR OTHERWISE, FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES OR ANY DAMAGES ASSOCIATED
WITH ANY LOST PROFITS OR LOST OPPORTUNITIES OF SUCH OTHER PERSON (INCLUDING LOSS OF FUTURE REVENUE, INCOME OR PROFITS, DIMINUTION OF VALUE
OR LOSS OF BUSINESS REPUTATION) RELATING TO THE BREACH OR ALLEGED BREACH OF THIS AGREEMENT, WHETHER OR NOT THE POSSIBILITY OF SUCH DAMAGES
HAS BEEN DISCLOSED TO THE OTHER PARTY IN ADVANCE OR COULD HAVE BEEN REASONABLY FORESEEN BY SUCH OTHER PARTY.

 

7.6           
Limitation of Liability of Seller. Notwithstanding the foregoing, except for Losses directly or indirectly related to, incurred
in connection with or as a result of fraud, intentional misconduct or willful breach, the maximum amount of indemnifiable Losses which
may be recovered cumulatively from Seller arising out of or resulting from the indemnity obligations set forth in Section 7.1(a)
shall be an amount equal to [***].

 

7.7           
Cooperation. The Parties shall cooperate with each other with respect to resolving any claim or liability with respect to
which one Party is obligated to indemnify another Party hereunder, including by making Commercially Reasonably Efforts to mitigate or
resolve any such claim or liability.

 

7.8           
Manufacturing. Seller shall reasonably cooperate with Buyer with respect to transitioning manufacturing services to Buyer.
In case of a third party manufacturer, the Seller will reasonable support such third party manufacturer with respect to the transitioning
manufacturing services. Seller shall not manufacture or have manufactured the Product following the date hereof, including any orders
of Product placed prior to the date hereof.

 

Article
8

TERMINATION

 

8.1            Right
to Terminate for Breach. Prior to the Closing, either Party may terminate this Agreement immediately by written notice to the
other Party if the other Party materially breaches any terms and conditions and covenants under this Agreement, including default of
payment obligations, or a failure to execute the Trademark Transfer Agreement (in consistent with the form under Exhibit B) and the
Domain Name Transfer Agreement (in consistent with the form under Exhibit C) on the Effective Date, which breach remains uncured for
thirty (30) Business Days measured from the date written notice of such breach is given to the breaching Party, which notice shall
specify the nature of the breach and demand its cure.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

8.2           
Post Termination. In the event of termination of this Agreement under Section 8.1, (i) the Transferred Assets (including
without limitation, any Confidential Information) shall be returned to the Seller without any demur, delay or protest; and (ii) subject
to Section 8.2 (i) and those obligations that shall survive the termination (such as confidentiality obligations), Buyer shall be relieved
of any further obligations to Seller pursuant to this Agreement and shall have the right to seek appropriate remedies as may be available
to the Buyer under law or equity. Buyer shall perform all required measures at having the return to the Seller the Intellectual Property.
In the event that the Buyer fails to return the Transferred Assets to the Seller, the Seller shall have the right to seek appropriate
remedies as may be available with the Seller under law or equity.

 

8.3           
Buyer Breach after Closing. In the event that the Buyer materially breaches post-Closing covenants under this Agreement, which
breach remains uncured for thirty (30) Business Days measured from the date written notice of such breach is given to the breaching Party,
which notice shall specify the nature of the breach and demand its cure, including, without limitation, the Additional Payments under
Section 4.1(c), the Buyer shall return the Product NDA (including without limitation, approval of all necessary filing of all relevant
documents with the Government Authority in the Territory in order to transfer the Product NDA to the Seller) to the Seller without consideration
or refund of any payment that was received by the Seller prior to the return.

 

Article
9

MISCELLANEOUS

 

9.1           
Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have
been duly given (a) upon delivery by personal delivery, (b) upon delivery by a nationally-recognized overnight courier service, or (c)
three days after mailing, if mailed, certified or registered mail (return receipt requested), postage prepaid, each to the other Party
at the following address (or at such other address as shall be given in writing by any Party to the other in accordance with these provisions):

 

If to Buyer, to:

 

Journey Medical Corporation

9237 Via De Ventura Suite 105

Scottsdale, AZ 85258

[***] (President and CEO)

[***]

 

With a copy to:

 

Journey Medical Corporation

9237 Via De Ventura Suite 105

Scottsdale, AZ 85258

[***] (General Counsel)

[***]

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

If to Seller to:

 

Sun Pharmaceutical Industries, Inc.

[***]

 

With a copy to:

 

Sun Pharmaceutical Industries, Inc.

[***]

 

or to such other Person or address as
any party shall specify by notice in writing to the other party. All such notices, requests, demands, waivers and communications shall
be deemed to have been given (a) on the date on which so hand delivered and (b) on the third Business Day following the date on which
so mailed, except for a notice of change of address, which shall be effective only upon receipt thereof.

 

9.2           
Conflict; Construction of Documents. In the event of any conflict between the provisions of this Agreement and the provisions
of any Ancillary Agreements, the provisions of this Agreement shall prevail.

 

9.3           
Assignability; Successors and Assigns. Neither this Agreement nor any of the rights or obligations of the Parties hereunder
may be assigned by any Party without the prior written consent of the other Party, provided that a 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 any similar transaction. Any attempted assignment or delegation in
contravention hereof shall be null and void. Subject to the foregoing, this Agreement and all rights and powers granted and obligations
created hereby will bind and inure to the benefit of the Parties hereto and their respective successors and assigns.

 

9.4           
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without
regard to the conflicts of law rules of such state and subject to Section 9.5, the courts in the State of New York shall have exclusive
jurisdiction.

 

9.5           
Dispute Resolution. In the event of any dispute arising out of or in connection with this Agreement, the dispute shall be
settled by arbitration in accordance with American Arbitration Association and its rules which are deemed to be incorporated by reference
to this section, for the time being in force. The arbitral tribunal shall consist of a sole arbitrator appointed in accordance with the
said rules. The seat of arbitration shall be New York and the language of the arbitration shall be English. The award rendered by the
sole arbitrator shall be final and binding and enforceable in any court of competent jurisdiction.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

9.6           
 Headings. The headings preceding the text of the Sections and subsections hereof are inserted solely for convenience of
reference, and shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect. All words used
in this Agreement will be construed to be of such gender or number as the context may require.

 

9.7           
Amendment and Waiver. The Parties may by mutual written agreement amend this Agreement in any respect, and any Party, as
to such Party, may (a) extend the time for the performance of any of the obligations of any other Party, and (b) waive (i) any inaccuracies
in warranties by any other Party, (ii) compliance by any other Party with any of the agreements contained herein and performance of any
obligations by such other Party, and (iii) the fulfillment of any condition that is precedent to the performance by such Party of any
of its obligations under this Agreement. To be effective, any such amendment or waiver must be in writing and be signed by both Parties.

 

9.8           
Entire Agreement. This Agreement, together with the Ancillary Agreements, shall constitute the entire understanding and
agreement between the Parties to it in relation to the subject matter of this Agreement and shall together supersede all previous agreements
between the Parties in relation to the same subject matter. It is further agreed that neither Party has entered into this Agreement in
reliance upon any warranty or undertaking of the other Party which is not expressly set out or referred to in this Agreement.

 

9.9           
Incorporation of Schedules. All Exhibits and Schedules attached hereto and referred to herein are hereby incorporated herein
and made a part of this Agreement for all purposes as if fully set forth herein.

 

9.10       
Press Release. Neither Party shall issue any press release, trade announcement or make any other public announcement with
regard to the Transactions contemplated by this Agreement without the other Party’s prior written consent, which shall not be unreasonably
withheld. This restriction shall not apply to announcements required by any Government Authority. However, in such event the Parties shall,
to the extent reasonably practicable, coordinate the wording of any such announcements. To the extent any Party is required to file a
copy of this Agreement or any Ancillary Agreement as an exhibit to any filings with, or otherwise publicly disclose the terms hereof or
thereof to, the Governmental Authority, the Parties will coordinate in advance on the form of redacted version of this Agreement or applicable
Ancillary Agreement or the terms to be so filed or disclosed and permit the other Party to provide comments and take such comments into
account in good faith prior to making such filing.

 

9.11       
No Third Party Beneficiary Rights. This Agreement is not intended to and shall not be construed to give any Person or entity
other than the Parties signatory hereto any interest or rights (including, without limitation, any Third Party beneficiary rights) with
respect to or in connection with any agreement or provision contained herein or contemplated hereby.

 

9.12       
Further Actions. Each Party agrees to execute, acknowledge and deliver such further instruments, and to do all such other
acts, as may be reasonably necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

9.13       
 Severability. Each of the agreements, undertakings, covenants, warranties, indemnities and other obligations of the Parties
entered pursuant to this Agreement are considered reasonable by the Parties hereto. If any provision of this Agreement, an Ancillary Agreement,
or any part thereof is held void or unenforceable or in conflict with the laws of any relevant jurisdiction, the Parties hereto shall
negotiate in good faith to modify this Agreement or Ancillary Agreement, as applicable, so as to effect the original intent of the Parties
as closely as possible in a mutually acceptable manner in order that the Transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

 

9.14       
Relationship. The relationship between the parties is that of independent contractor. Nothing in this Agreement shall be
construed as creating a relationship of a joint venture, partners, employer-employee, or agent. Neither party has the authority to create
any obligations for the other, or to bind the other to any representation or document.

 

9.15       
Counterparts. This Agreement may be executed in two counterparts, each of which shall for all purposes be deemed to be an
original and both of which shall, when taken together, constitute one instrument. Delivery of an executed counterpart of this Agreement
by facsimile, email in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and
pictorial appearance of a document has the same effect as delivery of an executed original of this Agreement.

 

(Signatures appear on the following page)

 

     

     

    

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN MARKED WITH “[***].

 

IN WITNESS WHEREOF, the Parties
hereto have executed this Agreement of the Effective Date.

 

	 	JOURNEY MEDICAL CORPORATION
	 	 

	 	By:	/s/ Claude Maraoui

	 	Name: Claude Maraoui
	 	Title: President and CEO
	 	 

	 	SUN PHARMACEUTICAL INDUSTRIES, INC.
	 	 

	 	By:	/s/ Abhay Gandhi

	 	Name: Abhay Ganddhi
	 	Title: CEO- North America

 

    	Marketing Collateral	Schedule 1.32 1Exhibit 10.14

 

CERTAIN IDENTIFIED INFORMATION
HAS BEEN EXCLUDED FROM THE EXHIBIT

BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY

HARMFUL IF PUBLICLY DISCLOSED. SUCH EXCLUDED INFORMATION HAS BEEN

MARKED WITH “[***].

 

ASSIGNMENT, LICENSE, AND
COLLABORATION AGREEMENT

 

by and among

 

DR. REDDY’S LABORATORIES
LTD.

 

and

 

JOURNEY MEDICAL CORPORATION

 

entered into as of

 

June 29, 2021

 

    

     

    

 

Table of Contents

 

 

	 	Page
	 	 
	ARTICLE
    1 DEFINITIONS	5
	 	 	 
	ARTICLE
    2 LICENSES AND RIGHTS OF REFERENCE	21
	 	 	 
	2.1	Grants prior
    to Transfer Date	21
	2.2	Grants after
    Transfer Date	22
	2.3	Covenant
    not to Sue	23
	2.4	No Implied
    Licenses	23
	 	 	 
	ARTICLE
    3 GOVERNANCE	23
	 	 	 
	3.1	Joint Development
    Committee	23
	3.2	Decision
    Making	25
	3.3	Good Faith	25
	3.4	Scope of
    Governance	25
	3.5	Alliance
    Managers	25
	 	 	 
	ARTICLE
    4 DEVELOPMENT	26
	 	 	 
	4.1	Development
    Diligence and Responsibilities	26
	4.2	Development
    Costs	27
	4.3	Supply of
    the Product and Technology Transfer	30
	4.4	Regulatory
    Matters prior to the Transfer Date	31
	4.5	Development
    Records	31
	 	 	 
	ARTICLE
    5 ASSET ASSIGNMENT	32
	 	 	 
	5.1	Asset Assignment;
    Know-How Transfer	32
	5.2	Assigned
    Assets	32
	5.3	Assumed Liabilities	32
	5.4	Retained
    Rights	32
	 	 	 
	ARTICLE
    6 DEVELOPMENT AND COMMERCIALIZATION BY JOURNEY	33
	 	 	 
	6.1	Diligence	33
	6.2	Responsibility
    for Development and Commercialization in the Territory	33
	6.3	Cross-Territorial
    Restrictions	33
	6.4	Development,
    Manufacturing and Commercialization Updates	34
	6.5	Regulatory
    Matters after the Transfer Date	34
	 	 	 
	ARTICLE
    7 COMPENSATION	36
	 	 	 
	7.1	Upfront Payment	36
	7.2	Development
    Milestone Payments	36
	7.3	Milestone
    for An Initial Non-Rosacea Indication	37
	7.4	Launch Milestone
    Payments	37
	7.5	Net Sales
    Milestone Payments	38
	7.6	Revenue Based
    Payments	39
	7.7	Protection
    Against Patent License Stacking	40
	7.8	Acquisition
    Consideration	40
	7.9	IPO / Uplisting
    Consideration	41
	7.10	Foreign Exchange	42

 

    i

     

    

 

	7.11	Payment
    Method; Late Payments	42
	7.12	Records	42
	7.13	Audits	42
	7.14	Taxes	43
	7.15	No Joint
    Venture	43
	 	 	 
	ARTICLE
    8 INTELLECTUAL PROPERTY MATTERS	43
	 	 	 
	8.1	Ownership
    of Existing Know-How and Patents	43
	8.2	Ownership
    of Product IP	43
	8.3	Ownership
    of Journey Improvements	43
	8.4	Inventorship	44
	8.5	Addition
    of Patents to the Licenses Granted to Journey; Information Inquiry	44
	8.6	Prosecution
    of Patents	44
	8.7	Review and
    Disclosure of Patent Filings	46
	8.8	Patent and
    Know-How Enforcement in the Territory	47
	8.9	Infringement
    of Third Party Claim	50
	8.10	Invoices	50
	8.11	Trademarks	50
	8.12	Domain Names	50
	 	 	 
	ARTICLE
    9 REPRESENTATIONS AND WARRANTIES; COVENANTS	50
	 	 	 
	9.1	Mutual Representations
    and Warranties	50
	9.2	Fundamental
    Representations and Warranties of DRL	51
	9.3	Additional
    Representations and Warranties of DRL	52
	9.4	Additional
    Representations and Warranties of Journey	53
	9.5	Additional
    Specific Covenants	53
	9.6	Non-Competition	54
	9.7	No Parallel
    Importation	54
	9.8	No Other
    Representations or Warranties	55
	 	 	 
	ARTICLE
    10 INDEMNIFICATION	55
	 	 	 
	10.1	Survival
    of Representations, Warranties and Covenants	55
	10.2	Indemnification
    by DRL	55
	10.3	Indemnification
    by Journey	55
	10.4	Indemnification
    Procedures	55
	10.5	Limitation
    of Liability	56
	10.6	Insurance	56
	 	 	 
	ARTICLE
    11 CONFIDENTIALITY	56
	 	 	 
	11.1	Confidentiality	56
	11.2	Authorized
    Disclosure	57
	11.3	Technical
    Publication	58
	11.4	Publicity;
    Terms of Agreement	58
	11.5	Prior Confidentiality
    Agreements	58
	11.6	Destruction
    of Confidential Information	58
	11.7	Unauthorized
    Use	58
	11.8	Exclusive
    Property	58
	 	 	 
	ARTICLE
    12 TERM AND TERMINATION	59
	 	 	 
	12.1	Term	59
	12.2	Termination
    for Bankruptcy	59

 

    ii

     

    

 

	12.3	Termination
    for Material Breach	59
	12.4	Termination
    for Failure to Pay Second Installment	59
	12.5	Termination
    for Cessation of Development	59
	12.6	Termination
    for Patent Challenge	60
	12.7	Termination
    for Failure to Develop the Product in the European Union	60
	12.8	No Other
    Termination after Transfer Date	60
	12.9	Effect of
    Expiration or Termination	60
	12.10	Rights in
    Bankruptcy	62
	12.11	Survival	62
	 	 	 
	ARTICLE
    13 DISPUTE RESOLUTION	62
	 	 	 
	13.1	Referral
    of Disputes to Parties Executive Officers; Arbitration	62
	13.2	Equitable
    Relief	63
	13.3	Governing
    Law	63
	13.4	Waiver of
    Jury Trial	63
	13.5	Patent and
    Trademark Disputes	63
	 	 	 
	ARTICLE
    14 MISCELLANEOUS	63
	 	 	 
	14.1	Entire Agreement;
    Conflict; Amendment	63
	14.2	Licenses
    and Permits	63
	14.3	Force Majeure	63
	14.4	Notices	64
	14.5	No Strict
    Construction; Interpretation; Headings	64
	14.6	Assignment	65
	14.7	Performance
    by Affiliates and/or Sublicensees	65
	14.8	Further Assurances
    and Actions	65
	14.9	No Third
    Party Beneficiaries	65
	14.10	Severability	65
	14.11	No Waiver	65
	14.12	Relationship
    of the Parties	66
	14.13	English Language	66
	14.14	Counterparts	66
	14.15	Expenses	66
	14.16	Acknowledgments
    and Representations	66

 

    iii

     

    

 

Exhibits

 

	Exhibit A	Assignment Agreements
	Exhibit B	Draft Development Plan
	Exhibit C	FTE Rate Card
	Exhibit D	Product Patents
	Exhibit E	Development Costs Estimate
	Exhibit F	Key Supply Terms
	Exhibit G	Form of Press Release
	Exhibit H	Arbitration
	Exhibit I	FTE Cost Estimates

 

    iv

     

    

 

 

ASSIGNMENT, LICENSE, AND COLLABORATION AGREEMENT

 

This ASSIGNMENT, LICENSE,
AND COLLABORATION AGREEMENT (this “Agreement”) is entered into as of June 29, 2021 (the “Effective Date”)
by and between DR. REDDY’S LABORATORIES, LTD, a company organized under the laws of India having a registered office at
[***] (“DRL”) and JOURNEY MEDICAL CORPORATION, a corporation organized under the laws of Delaware, having a
place of business at 9237 East Via De Ventura Blvd., Suite 105, Scottsdale, AZ 85258, USA (“Journey”). DRL and Journey
are sometimes referred to individually as a “Party” and collectively as the “Parties.”

 

RECITALS

 

WHEREAS, DRL Controls
(as defined below) the Product IP (as defined below), and has the right to Exploit (as defined below) the Product (as defined below)
in all countries and/or other jurisdictions worldwide;

 

WHEREAS, DRL desires
to transfer, convey, sell, and assign, and Journey desires to accept, all right, title, and interest in and to all the Assigned Assets
(as defined below) subject to the terms and conditions herein;

 

WHEREAS, DRL will,
subject to the terms and conditions herein, continue to own the Assigned Assets up to the Transfer Date (as defined below), whereupon
the Assigned Assets will be transferred to Journey on the Transfer Date;

 

WHEREAS, to enable
Journey to Exploit the Product prior to and after the transfer, conveyance, sale, and assignment of the Assigned Assets, Journey desires
to obtain from DRL, and DRL desires to grant to Journey certain licenses to Exploit the Product in the Field (as defined below) in the
Territory (as defined below) pursuant to the terms and conditions set forth in this Agreement; and

 

NOW, THEREFORE, in
consideration of the foregoing premises and the mutual promises, covenants and conditions contained in this Agreement, the Parties hereby
agree as follows:

 

ARTICLE 1

DEFINITIONS

 

“Acceptance”
means, with respect to an NDA (as defined below), receipt of written notice from the FDA indicating that such NDA has been accepted for
filing and further FDA review.

 

“Accounting Standards”
means (a) with respect to Journey, U.S. Generally Accepted Accounting Principles, and (b) with respect to DRL, IFRS, in each case, as
then current at the relevant time and as consistently applied by the applicable Party.

 

“Acquiror”
means a Third Party successor to the business of Journey pursuant to an Acquisition Event.

 

    5 

     

    

 

“Acquisition Event”
means (a) the sale of all or substantially all the assets of Journey to which this Agreement relates to a Third Party, (b) the sale of
all or substantially all the assets of Journey to a Third Party, (c) a merger (including a reverse triangular merger), consolidation,
share exchange, or other similar transaction involving Journey and any Third Party which results in the holders of the outstanding voting
securities of Journey, or any Affiliate that controls such party directly or indirectly, immediately before such merger, consolidation,
share exchange, or other similar transaction, ceasing to hold more than fifty percent (50%) of the combined voting power of the surviving
or continuing entity immediately after such merger, consolidation, share exchange, or other similar transaction, (d) the acquisition
by a Third Party, or a group of Third Parties acting in concert, of more than fifty percent (50%) of the outstanding voting equity securities
of Journey. For the purpose of this definition of Acquisition Event, (i) the term “group” includes any group acting for the
purpose of acquiring, holding, or disposing of securities within the meaning of the relevant laws of the country or jurisdiction of the
relevant party (e.g., with respect to the U.S., Section 13(d) and 14(d) of the United States Securities Exchange Act of 1934 and Rule
13d-5(b)(1) under the said Act) and (ii) the foregoing clauses do not include any sale or transfer solely to an Affiliate of the applicable
party, or (e) any transfer of the license granted by DRL to Journey pursuant to Section 2.1(a) to a Third Party. For the avoidance
of doubt, an Uplisting shall not be considered an Acquisition Event.

 

“Acquisition Product
Value” means (a) with respect to clause (a) of “Acquisition Event”, the consideration actually paid by Acquiror
to Journey for such assets, whether structured as a lump-sum payment, earn-out, profit share, or other payment structure, and (b) with
respect to all other Acquisition Events, the consideration allocated to the assets related to this Agreement that are actually paid by
Acquiror to Journey, whether structured as a lump-sum payment, earn-out, profit share, or other payment structure, (i) as agreed to by
the Parties in writing, or (ii) as determined by an independent certified appraiser that has experience in the valuation of assets similar
to the assets of Journey included in such Acquisition Event.

 

“Additional Costs”
has the meaning set forth in Section 4.2(a).

 

“Affiliate”
means, with respect to either Party, any Person that directly or indirectly through one (1) or more intermediaries controls, is controlled
by or is under common control with such Party, for so long as such control exists; for purposes of this definition, “control”
(including, with correlative meaning, the terms “controlled by” or “under common control with”) means (a) the
possession, directly or indirectly, of the power to direct the management or policies of a Person, whether through the ownership of voting
securities, by contract relating to voting rights or corporate governance, or otherwise; or (b) the ownership, directly or indirectly,
of at least fifty percent (50%) or more of the voting securities or other ownership interest of a Person (or, with respect to a limited
partnership or other similar entity, its general partner or controlling entity). The Parties acknowledge that in the case of certain
entities organized under the laws of certain countries and/or other jurisdictions outside of the United States, the maximum percentage
ownership permitted by law for a foreign investor may be less than fifty percent (50%), and that in such case such lower percentage shall
be substituted in the preceding sentence, provided that such foreign investor has the power to direct the management or policies of such
entity.

 

“Agreement”
has the meaning set forth in the introductory paragraph.

 

    6 

     

    

 

“Alliance Manager”
has the meaning set forth in Section 3.5(a).

 

“Annual FTE Costs”
means the aggregate FTE Costs in any Development Period Year.

 

“Anti-Corruption
Law Violation” means a violation of an Anti-Corruption Law in the Territory relating to the Product.

 

“Anti-Corruption
Laws” means the U.S. Foreign Corrupt Practices Act, as amended, the UK Bribery Act 2010, as amended, and any other applicable
anti-corruption laws, and laws for the prevention of fraud, racketeering, money laundering, or terrorism.

 

“AOP”
has the meaning set forth in Section 14.12.

 

“Applicable Laws”
means all applicable laws, statutes, rules, regulations, ordinances, and other pronouncements having the effect of law of any federal,
national, multinational, state, provincial, county, city, or other political subdivision, domestic or foreign, anywhere in the world.

 

“Assigned Assets”
has the meaning set forth in Section 5.2.

 

“Assignment Agreements”
mean that certain (a) Bill of Sale and Assignment and Assumption Agreement, and (b) Patent Assignment Agreement, in each case (a) and
(b), entered into by the Parties as of the Effective Date, but which will become automatically effective as of 11:59 PM Eastern Time
on the Transfer Date, and each of which are attached hereto as Exhibits A1 and A2, respectively.

 

“Assumed Liabilities”
has the meaning set forth in Section 5.3.

 

“Bankruptcy Code”
means, as applicable, the U.S. Bankruptcy Code (in the United States of America), as amended from time to time, and the rules and regulations
and guidelines promulgated thereunder, or any applicable bankruptcy laws of any other country, other jurisdiction or competent Governmental
Authority, as amended from time to time, and the rules and regulations and guidelines promulgated thereunder.

 

“Breaching Party”
has the meaning set forth in Section 12.3(a).

 

“Business Day”
means any day other than (a) Saturday or Sunday, or (b) any day on which the commercial banks in New York City, United States and/or
Mumbai, India are authorized or required to be closed under Applicable Law.

 

“Calendar Quarter”
means each successive period of three (3) calendar months commencing on January 1, April 1, July 1, and October 1, except that the first
Calendar Quarter of the Term commences on the Effective Date and ends on the day immediately before the first to occur of January 1,
April 1, July 1 or October 1 after the Effective Date, and the last Calendar Quarter ends on the last day of the Term.

 

“Calendar Year”
means each successive period of twelve (12) calendar months commencing on January 1 and ending on December 31, except that the first
Calendar Year of the Term commences on the Effective Date and ends on December 31 of the year in which the Effective Date occurs, and
the last Calendar Year of the Term commences on January 1 of the year in which the Term ends and ends on the last day of the Term.

 

    7 

     

    

 

“Claims”
has the meaning set forth in Section 10.2.

 

“Clinical Study”
means any study conducted in humans (healthy volunteers or patients) according to a set protocol and meeting the requirements of GCP.

 

“Commercialization,”
 “Commercialize” or “Commercializing”, mean, with respect to a given product, all activities undertaken
before or after obtaining Regulatory Approvals relating to the launch, promotion, detailing, branding, marketing, advertising, pricing,
reimbursement, offering for sale, sale, and/or distribution of such product, including product support, life cycle management, patient
support, customer support, the booking of sales, sampling, shipping, handling, warehousing, logistics management, and invoicing activities.
 “Commercialization” excludes any Development or Manufacture of such product.

 

“Commercially Reasonable
Efforts” means, with respect to a Party and an obligation under this Agreement, such efforts that are consistent with the efforts
and resources normally used by a comparable pharmaceutical company in the performance of such an obligation for a similar pharmaceutical
product (including the Development, Manufacture, and/or Commercialization of a similar pharmaceutical product, as applicable, at a similar
stage in its Development and/or Commercialization as the Product, and that has commercial and market potential similar to the Product)
including the exercise of its prudent scientific and business judgment, taking into account any material issues related thereto, including,
as applicable, any issues of intellectual property coverage, safety and/or efficacy, legal and/or compliance, stage of development, product
profile, competitiveness of the marketplace, proprietary position, regulatory exclusivity (anticipated or approved), labeling, present
and future market and commercial potential, the likelihood of receipt of regulatory approval, profitability (including pricing and reimbursement
status achieved or likely to be achieved), the existence and developmental stages of alternative products and programs, cost of investment
in pre-launch activities for the Product, and legal issues. “Commercially Reasonable” as applied to a Party fulfilling
such Party’s obligation under this Agreement will be similarly construed.

 

“Competing Product”
has the meaning set forth in Section 9.6(a).

 

“Confidential Information”
of a Party means any and all Information of such Party or its Affiliates that is disclosed by or on behalf of such Party (or its Affiliates
or representatives) to the other Party (or its Affiliates or representatives) under this Agreement, whether in oral, written, graphic,
and/or electronic form, and whether prior to, on, and/or after the Effective Date, including the terms of this Agreement, any Information
related to the Product developed by or on behalf of the disclosing Party or its Affiliates, and/or the scientific, regulatory or business
affairs or other activities of either Party related to the Product. Without limiting the foregoing, the Development Plan, all Product
Know-How, Journey Know-How, all Regulatory Materials, and all Revenue Percentage Reports shall be Journey’s Confidential Information
and the DRL Background Know-How shall be DRL’s Confidential Information. The terms of this Agreement and shall be the Confidential
Information of each Party.

 

    8 

     

    

 

“Control”
or “Controlled” means, with respect to any material, Information, Patent or other intellectual property right, that
a Party (a) owns or (b) has a license or other right to such material, Information, or intellectual property right, and, in each case
((a) and (b)), has the ability to grant a Person access, a license, or a sublicense (as applicable) to the foregoing without violating
the terms of any then-existing agreement or other arrangement with any Third Party.

 

“Cover”
means, as used in relation to a Patent and a product or other invention, and in connection with a duty, obligation, or performance of
a Party, that such Patent would be infringed by the manufacture, use, offer for sale, sale, or import of, or other Exploitation of, such
product or invention by such Party, but for this Agreement.

 

“Default Notice”
has the meaning set forth in Section 12.3(a).

 

“Develop”
or “Development” means, with respect to a given product, all activities that are necessary or useful to obtain, support
or maintain Regulatory Approval (other than to obtain any pricing or reimbursement approvals) of such product in any particular country
or other jurisdiction in the Territory, including any such activities relating to preparing and conducting non-clinical studies and Clinical
Studies and regulatory activities (e.g., preparing, filing and obtaining regulatory applications), and formulation development,
process development, process qualification and validation, scale up, pre-clinical, non-clinical, clinical and/or commercial manufacture
(including manufacture of pre-clinical, non-clinical or Clinical Study material). “Develop” or “Development”
excludes the Commercialization and the Manufacture of such product.

 

“Development Contract”
has the meaning set forth in Section 4.2(e).

 

“Development Costs”
means the Journey Development Costs and the DRL Development Costs.

 

“Development Costs
Estimate” has the meaning set forth in Section 4.2(a). “Development Costs Limit” has the meaning
set forth in Section 4.2(c)(i).

 

“Development Period”
means the period after Effective Date and before the Transfer Date in which DRL is Developing the Product under the Development Plan.
For the avoidance of doubt, the Development Period may be longer or shorter than the three (3) Development Period Years provided for
on Exhibit E.

 

“Development Period
Year” means the twelve (12) month period beginning on the Effective Date and each twelve (12) month period thereafter during
the Development Period. Unless the Development Period ends before the Transfer Date, the first (1st) Development Period Year will begin
on the Effective Date and end on the day immediately prior to the first (1st) anniversary of the Effective Date and the second (2nd)
Development Period Year will begin on the first (1st) anniversary of the Effective Date and end on the day immediately prior to the second
(2nd) anniversary of the Effective Date. For the avoidance of doubt, the final Development Period Year may be shorter than twelve (12)
months.

 

“Development Plan”
means the written plan to be adopted by the JDC at the first JDC meeting, setting forth the activities to be performed by or on behalf
of DRL to support the submission of the application seeking Product Regulatory Approval, which shall be finalized and approved by the
JDC at the initial meeting of the JDC and include (a) the scope of activities to be performed by or on behalf of DRL, including a sub-microbial
analysis, and (b) the budget estimate for such activities.

 

    9 

     

    

 

“Dispute”
has the meaning set forth in Section 13.1.

 

“Dollars”
or “$” means U.S. dollars.

 

“Draft Development
Plan” means the initial draft of the Development Plan attached hereto as Exhibit B.

 

“DRL”
has the meaning set forth in the introductory paragraph.

 

“DRL Background
IP” means the DRL Background Know-How and the DRL Background Patents.

 

“DRL Background
Know-How” means all Information (whether or not such Information is Confidential Information, patentable or not patentable)
and any rights therein or related thereto that is Controlled by DRL before or on the Effective Date or at any time during the Term, in
each case, that is (a) generally not known, and (b) reasonably necessary or used by DRL to Exploit the Products but excluding any Product
Know-How. As used in this definition, Information that is “reasonably necessary” includes Information that is Controlled
by DRL and related to the Product that is necessary for Journey to avoid incurring substantial additional cost in Exploiting the Product
(as such Product exists as of the Transfer Date) or that results in a substantial reduction to the value of the Assigned Assets (as such
Assigned Assets exist as of the Transfer Date).

 

“DRL Background
Patents” means any Patent Controlled by DRL in the Territory, issued or filed any time during the Term, that Covers a Product
that Journey is Exploiting in the Territory, and that the Parties agree to add to the scope of the licenses granted to Journey under
this Agreement in accordance with the provisions of Section 8.5.

 

“DRL Development
Costs” means any costs and expenses that are incurred by or on behalf of DRL or any of its Affiliates in accordance with Accounting
Standards, this Agreement, and the Development Plan, that are reasonably documented and allocable to the performance of activities under
the Development Plan during the Development Period or any Wind Down Period, including all (a) costs and expenses related to non-clinical
studies and Clinical Studies conducted under and in accordance with the Development Plan, process development, or otherwise pre-approved
in writing by the JDC or Journey (to the extent not paid by Journey in accordance with Section 4.2(e)), (b) costs and expenses
related to Manufacture of the clinical supply of the Product required under the Development Plan, (c) the FTE Costs, (d) Regulatory Costs
incurred in accordance with the Development Plan or pre-approved by the JDC or Journey (to the extent not paid by Journey in accordance
with Section 4.2(e)), (e) costs and expenses incurred by or on behalf of DRL under ARTICLE 8 for which Journey is responsible,
and (f) other out-of-pocket costs (including travel costs and any consulting costs) under the Development Plan, including during any
Wind Down Period.

 

“DRL Indemnitees”
has the meaning set forth in Section 10.3.

 

    10 

     

    

 

“DRL Territory”
means Armenia, Azerbaijan, Belarus, Brazil, Georgia, India, Kazakhstan, Kyrgyzstan, Moldova, People’s Republic of China, Russia,
Taiwan, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.

 

“DRL Territory Trademarks”
means any Trademark to be used by or on behalf of DRL or its Affiliates in the DRL Territory in connection with the Exploitation of the
Product, any bioequivalent product, or any other product Covered by one or more Product Patents in the Territory and/or DRL Territory.

 

“Effective Date”
has the meaning set forth in the introductory paragraph.

 

“Encumbrance”
means any lien, security interest, pledge, mortgage, easement, hypothecation, reservation, conditional sale, prior assignment, or other
encumbrance, claim, burden, and/or charge of any nature.

 

“European Union”
means, at any particular time, all countries that are then officially recognized as member states of the European Union or members of
the European Economic Area. For clarity, any event that first occurs in a county of the European Union that later ceases to be a member
of the European Union will still be treated as an event that occurred in the European Union.

 

“European Union
Approval Period” means seventy-two (72) months from the receipt of Product Regulatory Approval plus any period of delay that
(a) is reasonably attributable to a Regulatory Authority imposed delay on Regulatory Approval or on Journey’s Development of the
Product in the European Union and/or (b) required to conduct any additional Clinical Studies in the European Union beyond the Clinical
Studies described in the Development Plan in order to obtain Regulatory Approval in the European Union, in each or both cases ((a) and/or
(b)) during which Journey is exercising Commercially Reasonable Efforts to obtain Regulatory Approval of the Product in the European
Union.

 

“Executive Officers”
has the meaning set forth in Section 12.3(b).

 

“Exploit”
or “Exploitation” means to make, have made, import, use, sell, or offer for sale, including to research, Develop,
Commercialize, register, modify, enhance, improve, Manufacture, have Manufactured, hold or keep (whether for disposal or otherwise),
formulate, optimize, have used, export, transport, distribute, promote, market, have sold, and/or otherwise dispose of, and/or otherwise
exploit.

 

“FD&C Act”
means the U.S. Federal Food, Drug, and Cosmetic Act, 21 U.S.C. § 301 et seq., as amended from time to time, together with
any rules, regulations and requirements promulgated thereunder (including all additions, supplements, extensions, and modifications thereto).

 

“FDA”
means the U.S. Food and Drug Administration or any successor entity.

 

“Field”
means all human and non-human diagnostic, prophylactic, and therapeutic uses.

 

“Financial Statements”
has the meaning set forth in Section 4.2(h).

 

    11 

     

    

 

“First Commercial
Sale” means, with respect to a Product and a country in the Territory, the first sale of such Product by Journey or its Affiliate
or Sublicensee for monetary value to a Third Party in such country after Regulatory Approval for such Product has been obtained in such
country. For clarity, sales prior to receipt of Regulatory Approval for a Product, if any, such as so-called “treatment IND sales,”
 “named patient sales,” and “compassionate use sales,” shall not be construed as a First Commercial Sale with
respect to such Product.

 

“First Installment”
has the meaning set forth in Section 7.1.

 

“FTE”
means an employee or contractor of DRL or its Affiliates identified in the Development Plan (by name or role) in connection with activities
specified in the Development Plan.

 

“FTE Cost”
means, with respect to each applicable FTE and Development Period Year during the Development Period and any Wind Down Period, the FTE
Rate multiplied by the FTE Ratio. The “FTE Costs” means the sum of all applicable FTE Costs under the Development Plan.

 

“FTE Cost Limit”
has the meaning set forth in Section 4.2(c).

 

“FTE Rate”
means the rates set forth on Exhibit C attached hereto, increased annually by [***] percent ([***]%) for FTEs working in India and [***]
percent ([***]%) otherwise effective on each anniversary of the Effective Date during the Development Period and any Wind Down Period.

 

“FTE Ratio”
means, for each FTE and Development Period Year up to the Transfer Date, the lesser of either one hundred percent (100%) or the ratio
obtained by dividing the time the FTE dedicated to activities under the Development divided by two thousand (2000) hours.

 

“Fundamental Representations
and Warranties” has the meaning set forth in Section 9.2.

 

“Generic Product”
means, with respect to the Product, any product that is approved in reliance, in whole or in part, on the prior approval (or on safety
or efficacy data submitted in support of the prior approval) of such Product as determined by the applicable Regulatory Authority, including
any product authorized for sale (i) in the U.S. pursuant to Section 505(j) of the FD&C Act (21 U.S.C. 355(j) or any similar or successor
provision of U.S. law), (ii) in the European Union pursuant to a provision of Articles 10, 10a, or 10b of Parliament and Council Directive
2001/83/EC as amended (including an application under Article 6.1 of Parliament and Council Regulation (EC) No 726/2004 that relies for
its content on any such provision), or (iii) in any other country or other jurisdiction pursuant to all equivalents of such provisions,
including any amendments and successor statutes with respect to the subsections (i) through (iii) thereto. A product licensed or produced
by Journey or any of its Affiliates or Sublicensees, under a Regulatory Approval for the Product (e.g., an authorized generic product)
will not constitute a Generic Product.

 

“Good Clinical Practices”
or “GCP” means Good Clinical Practice as promulgated by the FDA under and in accordance with the FD&C Act (Title
21 of the U.S. Code, Section 301 et seq.), Title 21, Parts 312 of the U.S. Code of Federal Regulations, and the guidelines and standards
published by the FDA that relate thereto as may be amended from time-to-time, or any successors thereto. To the extent consistent with
U.S. law, “GCP” also includes the practices and standards described in the Guidelines on Principles of Good Clinical Practice
in Conduct of EU Clinical Trials as promulgated by the European Commission under European Directive 2001/20/EC and/or the ICH Harmonised
Tripartite Guideline for Good Clinical Practice (ICH E6), and any analogous practices, standards guidelines, and/or regulations promulgated
by any applicable Regulatory Authority in any country or other jurisdiction in the Territory, as each may be amended from time-to-time,
or any successors thereto.

 

    12 

     

    

 

“Good Laboratory
Practices” or “GLP” means Good Laboratory Practices as promulgated by the FDA under and in accordance with
the FD&C Act (Title 21 of the U.S. Code, Section 342 et seq), Title 21, Part 58 of the U.S. Code of Federal Regulations, and
the guidelines and standards published by the FDA that relate thereto as may be amended from time-to-time, or any successors thereto.
To the extent consistent with U.S. law, “GLP” also includes the principles of good laboratory practice as set out in Directives
2004/9/EC and/or 2004/10/EC (as supplemented by the OECD Principles of Good Laboratory Practices), all applicable national implementing
legislation and guidelines, and/or all applicable equivalent regulatory requirements of a Regulatory Authority in any country or other
jurisdiction in the Territory, as each may be amended from time-to-time, or any successors thereto.

 

“Good Manufacturing
Practices” or “GMP” or “cGMP” means the applicable regulatory standards and requirements
for current good manufacturing practices promulgated by the FDA under and in accordance with the FD&C Act (Title 21 of the U.S. Code,
Section 301 et seq.), Title 21, Parts 210 and 211 of the U.S. Code of Federal Regulations, and the guidelines and standards published
by the FDA relating thereto, as may be amended from time-to-time, or any successors thereto. To the extent consistent with U.S. law,
 “cGMP” also includes the practices and standards described in the Guide to Good Manufacturing Practices for Medicinal Products
as promulgated by the European Commission under European Directive 2003/94/EC, similar standards, guidelines, and/or applicable equivalent
regulatory requirements of a Regulatory Authority in any country or other jurisdiction in the Territory, as each may be amended from
time-to-time, or any successors thereto.

 

“Government Official”
means any Person employed by or acting on behalf of a Governmental Authority, government-controlled entity, or public international organization,
including any employee of a government-owned and/or government-controlled corporation or agency and any arbitrator.

 

“Governmental Authority”
means any multi-national, federal, state, local, municipal, provincial, regional, or other governmental authority of any nature (including
any governmental division, prefecture, subdivision, department, agency, bureau, branch, office, commission, council, court, or other
tribunal).

 

“Healthcare Laws”
means all federal, state, and/or local laws, rules and regulations, including any rules, regulations, guidelines, and/or other requirements
of any Governmental Authority, relating to the provision, administration, management or payment for health care or healthcare-related
products, services or professionals, including, without limitation, (a) false claims laws (including 31 U.S.C. §§ 3729-3733,
commonly referred to as the “Federal False Claims Act”); (b) false representations laws; (c) insurance fraud laws; (d) anti-kickback
and all other provisions of the Medicare/Medicaid fraud and abuse laws (42 U.S.C. § 1320a-7 et seq.) and the regulations promulgated
thereunder; (e) the physician self-referral provisions of the Stark Law (42 U.S.C. § 1395nn) and the regulations promulgated thereunder;
(f) HIPAA; (g) state anti-kickback, physician self-referral, and privacy laws; (h) licensing, certificate of need, and certification
requirements and related regulations; (i) corporate practice of medicine laws; (j) fee splitting laws, (k) laws governing the use, handling,
control, storage, transportation, and maintenance of controlled substances, pharmaceuticals or drugs; (l) laws governing the operation
of a laboratory and the use, handling, control, storage, transportation, and maintenance of laboratory specimens; and (m) any and all
other laws administered or otherwise enforced by the U.S. Department of Health and Human Services, Office of Inspector General and/or
other governing body.

 

    13 

     

    

 

“HIPAA”
means, collectively, (a) the Health Insurance Portability and Accountability Act of 1996, (b) the privacy standards adopted by the U.S.
Department of Health and Human Services as they may be amended from time to time, (c) 45 C.F.R. parts 160 and 164, subparts A and E,
(d) the security standards adopted by the U.S. Department of Health and Human Services as they may be amended from time to time, (e)
45 C.F.R. parts 160, 162, and 164, subpart C, and (f) the privacy provisions (Subtitle D) of the Health Information Technology for Economic
and Clinical Health Act.

 

“ICH”
means the International Conference on Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human Use.

 

“IFRS”
means the International Financial Reporting Standards, the set of accounting standards and interpretations and the framework in force
on the Effective Date and adopted by the European Union as issued by the International Accounting Standards Board (IASB) and the International
Financial Reporting Interpretations Committee (IFRIC), as such accounting standards may be amended from time to time.

 

“IND”
means Investigational New Drug Application Number 144994 submitted by DRL to FDA.

 

“Indemnified Party”
has the meaning set forth in Section 10.4.

 

“Indemnifying Party”
has the meaning set forth in Section 10.4.

 

“Indication”
means a disorder or medical condition for which the Product is approved by a Regulatory Authority to diagnose, treat, prevent, cure,
and/or mitigate in the indication section of the Product Labeling for the Product.

 

“Information”
means any technical, scientific, and/or other data, in written, electronic, and/or other form, including results, approvals, technology,
trade secrets, practices, techniques, methods, processes, inventions, ideas, drawings, study designs, protocols, assays, methods, developments,
specifications, formulations, formulae, materials, compositions of matter of any type or kind (whether or not patentable), software,
algorithms, marketing reports, expertise, technology, test data (including biological, chemical, pharmacological, toxicological, pharmaceutical,
physical, analytical test data and data resulting from nonclinical and Clinical Studies), manufacturing data, quality control data, and
safety data.

 

    14 

     

    

 

“Infringement”
has the meaning set forth in Section 8.8(a).

 

“Intellectual Property”
has the meaning set forth in Section 12.10(a).

 

“JDC”
has the meaning set forth in Section 3.1(a).

 

“Journey”
has the meaning set forth in the introductory paragraph.

 

“Journey Development
Costs” means any costs and expenses that are incurred by or on behalf of Journey or any of its Affiliates in accordance with
Accounting Standards, this Agreement, and/or the Development Plan, other than DRL Development Costs.

 

“Journey Improvements”
has the meaning set forth in Section 8.3.

 

“Journey Indemnitees”
has the meaning set forth in Section 10.1.

 

“Journey Know-How”
has the meaning set forth in Section 8.3.

 

“Journey Patents”
has the meaning set forth in Section 8.3.

 

“Knowledge”
means, the actual knowledge, after due inquiry, of G V S Sesha Kumar, Srinivas Sidgiddi, and D Mallikarjuna Rao.

 

“Losses”
has the meaning set forth in Section 10.2.

 

“Manufacture”
and “Manufacturing” means, with respect to a given product, all activities related to the production, manufacture,
formulation, processing, filling, finishing, packaging, labeling, validation, handling and holding of any such product, or any intermediate
thereof, including manufacture of Clinical Study material and related quality assurance and quality control testing. “Manufacture”
excludes any Development or Commercialization of such product.

 

“Milestone Payments”
means the milestone payments described the tables set forth in Sections 7.2, 7.3, 7.4, and 7.5, as applicable.

 

“NDA”
means a New Drug Application (as defined in the FD&C Act) or any successor application or procedure filed with the FDA for the Product
submitted to and/or approved by FDA.

 

“Net Sales”
means, with respect to a product (including an authorized generic version of such product), the aggregate gross amount invoiced by Journey
or its Affiliates, Sublicensees, or its Acquiror for the sales or other commercial distribution of Products, including to Third Party
wholesalers and Third Party distributors, to each Third Party receiving Products in arm’s length transactions, less the following
deductions from such total amounts that are actually incurred, allowed, accrued, and/or specifically allocated:

 

		(a)	trade, quantity, and/or cash discounts
                                            in amounts reasonable or customary in the trade and to extent accrued or actually taken;

 

    15 

     

    

 

		(b)	credits, refunds, allowances, volumes
                                            rebates, charge backs, direct and indirect rebates, distribution fees, reimbursements, or
                                            similar payments granted or given to wholesalers and/or other distributors, group purchasing
                                            organizations, hospital buying groups, managed care organizations, and/or pharmacy benefit
                                            management companies, or similar entities, or that are otherwise incurred in connection with
                                            any mandated rebate or discount programs imposed by any Governmental Authority, but only
                                            to the extent not previously deducted from gross sales;

 

		(c)	sales and/or excise taxes, customs duties,
                                            and/or any other governmental charges imposed upon the sale of such Product, to the extent
                                            they are included in the gross sales;

 

		(d)	allowances or credits given to customers
                                            on account of rejection, outdating, recalls, damaged goods, billing corrections, and/or sales
                                            returns of the Product;

 

		(e)	patient co-pay assistance benefits, rebates,
                                            and/or coupon or voucher redemptions specifically provided with respect to the Product;

 

		(f)	invoiced freight, postage, shipping,
                                            insurance, handling, and other transportation costs, to the extent they are included in the
                                            gross sales; rebates paid; and/or other price reductions provided in connection with sale
                                            of the Product to any Governmental Authority or regulatory authority in respect of any state
                                            or federal Medicare, Medicaid, or similar programs available under or required by Applicable
                                            Law; and any other customary adjustments related to products sold and reasonably allocated
                                            to the Product as a portion of the total products sold, in accordance with U.S. Generally
                                            Accepted Accounting Principles.

 

		(g)	The foregoing deductions from the gross
                                            amount invoiced shall be deducted only once and only to the extent
                                            not otherwise deducted from the gross amount invoiced. Net Sales with respect to sales of
                                            the Product and that are not made on an arm’s length basis or that are made for consideration
                                            other than cash shall be calculated based on the average per-unit Net Sales of the
                                            Product and without regard to such non-arm’s length or non-cash sales. “Net Sales”
                                            cannot be negative. All deductions provided above shall be based on accrual or actual basis
                                            without any retroactive adjustments relating to any previous years.

 

		(h)	Notwithstanding the foregoing, Net Sales
                                            shall not include amounts resulting from the sale or transfer of Product and (i) among Journey,
                                            its Affiliates or its or their permitted Sublicensees for subsequent re-sale, and/or (ii)
                                            provided at or below cost as samples or for charitable purposes.

 

“New York Courts”
has the meaning set forth in Section 13.1.

 

“Non-Breaching Party”
has the meaning set forth in Section 12.3(a).

 

“Non-Enforcing Party”
has the meaning set forth in Section 8.8(b)(iv).

 

    16 

     

    

 

“Obligation”
means any debt, liability, and/or obligation of any nature, whether secured, unsecured, recourse, nonrecourse, liquidated, unliquidated,
accrued, absolute, fixed, contingent, ascertained, unascertained, known, unknown, and/or otherwise.

 

“Other Committees”
has the meaning set forth in Section 3.1(b)(v).

 

“Party”
and “Parties” has the meaning set forth in the introductory paragraph.

 

“Party Representatives”
has the meaning set forth in Section 9.5(d)(iii).

 

“Patent Challenge”
means a filing of a claim in a patent office or court of competent jurisdiction by Journey or an Affiliate or Sublicensee thereof, which
includes in any way the assertion that any claim of any Product Patent and /or DRL Background Patent is invalid, unpatentable, or unenforceable,
other than (i) statements made by or on behalf of Journey, any Affiliate thereof, or any Sublicensee in response to communications from
patent offices in connection with the prosecution of patents or patent applications differentiating Journey’s, its Affiliates’,
or any Sublicensees’ patents or patent applications from the applicable Product Patents or DRL Background Patent and not contesting
the validity, enforceability, or patentability of any claim of a Product Patent or DRL Background Patent; (ii) statements made by Journey,
any Affiliate thereof, or any Sublicensee in legal proceedings in defense of Journey’s, its Affiliates’, or any Sublicensees’
patents or patent applications, but only if an opposing party uses Product Patents or DRL Background Patent to challenge the validity,
patentability, or enforceability of the defended patents or patent applications of Journey, any Affiliate thereof, or any Sublicensee,
and provided that such statements are solely for the purpose of differentiating Journey’s, its Affiliates’, or Sublicensees’
patents or patent applications from the referenced Patents and not contesting the validity, enforceability, or patentability of the Patents;
(iii) any defenses, counterclaims, and/or countersuits brought by Journey, an Affiliate of Journey, or a Sublicensee in response to a
legal proceeding filed by or on behalf of DRL or any affiliate, licensee, sublicensee, or transferee thereof with respect to any Product
Patent and/or DRL Background Patent and a product, method, or service, other than the Product; and (iv) as otherwise approved in writing
by DRL, such approval not to be unreasonably delayed, conditioned, and/or withheld.

 

“Patents”
means any and all (a) patent applications and issued patents, including, all national, regional, and international patent applications
of any type including provisional applications; continuations; divisionals; continuations-in-part; continued prosecution applications;
(b) patents that have issued or in the future issue from any patent applications, including utility models, petty patents and design
patents and certificates of invention; (c) reissues, renewals, substitutions, additions, reexaminations, corrections, revivals and/or
any similar modifications of any such patents; and (d) extensions (including pediatric exclusivity, patent term extension, and supplementary
patent certificate extensions), and/or restorations of patents.

 

“PDF”
has the meaning set forth in Section 14.14.

 

“Person”
means an individual, a corporation, a partnership, an association, a trust, or other entity or organization, including a Governmental
Authority or an agency thereof.

 

“Pharmacovigilance
Agreement” has the meaning set forth in Section 6.5(g).

 

    17 

     

    

 

“Phase 3 Clinical
Study” means a Clinical Study of the Product that the FDA would accept as classified as a phase 3 study (including in accordance
with 21 C.F.R. 312.21(c)).

 

“Prior CDA”
has the meaning set forth in Section 11.5.

 

“Product”
means a pharmaceutical product containing 10-40 mg of minocycline or a minocycline salt in a modified release oral solid dosage form
formulation that is Covered by a Valid Claim of a Product Patent, a Journey Patent, and/or a DRL Background Patent.

 

“Product IP”
means (a) all intellectual property rights in the Product Know-How in the Territory and (b) the Product Patents.

 

“Product Know-How”
means all Information (whether or not such Information is Confidential Information, patentable or not patentable) Controlled by DRL before
or on the Effective Date or at any time during the Term, in each case, that is (i) generally not known, (ii) solely and exclusively related
to the Product, and (iii) reasonably necessary to Exploit the Product in the Territory. As used in this definition, Information that
is “reasonably necessary” includes Information that is Controlled by DRL and solely and exclusively related to the Product
that is necessary for Journey to avoid incurring substantial additional cost in Exploiting the Product (as such Product is contemplated
in the Draft Development Plan) or that results in a substantial reduction to the value of the Assigned Assets (as such Assigned Assets
exists as of the Transfer Date).

 

“Product Labeling”
means, with respect to the Product: (a) the Regulatory Authority-approved full prescribing information for such Product for a country
or other jurisdiction, including any required patient information; and (b) all labels and other written, printed, or graphic matter upon
a container, wrapper, and/or any package insert utilized with or for such Product in such country or other jurisdiction.

 

“Product Patents”
means (a) the Patents set forth on Exhibit D hereto; (b) any continuations, divisionals, or other patent applications that claim
priority to any of the Patents in Exhibit D; (c) any patents issuing on any such patent applications (referenced in (a) or (b));
(d) any substitutions, reexaminations, registrations, corrections, additions, confirmation patents, revivals, and/or any similar modifications
of any such patents (referenced in (c)); (e) any extensions (including pediatric exclusivity, patent term extension, and supplementary
patent certificate extensions), and/or restorations of such patents (referenced in (c) or (d)), and (f) subject to the terms and conditions
of this Agreement all rights in any such patent applications or patents (in (a)-(e)).

 

“Product Regulatory
Approval” means the Regulatory Approval to Commercialize the Product in the United States.

 

“Product Regulatory
Materials” means all Regulatory Materials developed by DRL or any of its Affiliates, solely, or jointly with Journey, in the
execution of the Development Plan, and any Regulatory Materials developed by DRL and submitted to FDA in connection with Regulatory Authority
approval for Products (which, for the avoidance of doubt, includes the 20 mg and 40 mg products described in the IND), including all
Regulatory Materials that reference the IND and that were developed prior to the Transfer Date.

 

    18 

     

    

 

“Product Trademarks”
means the Trademark(s) to be used by or on behalf of Journey, its Affiliates, and/or Sublicensees in the Territory in connection with
the Exploitation of the Products and any registrations thereof or any pending applications relating thereto in the Territory.

 

“Publication”
has the meaning set forth in Section 11.3.

 

“Quality Agreement”
has the meaning set forth in Section 4.3(a).

 

“Quarterly Development
Cost Estimate” has the meaning set forth in Section 4.2(b).

 

“Recipients”
has the meaning set forth in Section 11.1.

 

“Regulatory Approval”
means, with respect to a particular country or other jurisdiction and product, a marketing authorization granted by the applicable Regulatory
Authority in such country or other jurisdiction for such product, including, where applicable, (a) pricing or reimbursement approval
in such country or other jurisdiction, (b) pre- and post-approval marketing authorizations (including any prerequisite Manufacturing
approval or authorization related thereto) and (c) approval of Product Labeling. For clarity, in the United States, approval of the NDA
constitutes Regulatory Approval in the United States.

 

“Regulatory Approval
Application” means an application to the applicable Regulatory Authority for approval to Commercialize the Product in the Field
in a particular country or other jurisdiction.

 

“Regulatory Authority”
means, with respect to a particular country or other jurisdiction, any applicable Governmental Authority responsible for granting Regulatory
Approvals of pharmaceutical products in such country or other jurisdiction.

 

“Regulatory Costs”
means any and all out-of-pocket costs incurred by or on behalf of either Party after the Effective Date associated with preparing and
filing any and all Regulatory Materials and communicating with any Regulatory Authorities, in each case, for purposes of obtaining, supporting,
and/or maintaining Regulatory Approval for the Product in the Territory.

 

“Regulatory Materials”
means Regulatory Approval Applications, investigational new drug applications (including the IND), clinical trial applications, submissions,
notifications, communications, correspondence, registrations, Regulatory Approvals, or other filings made to, received from, or otherwise
conducted with a Regulatory Authority to Exploit the Product in a particular country or other jurisdiction and all associated data and
reports.

 

“Revenue Based Payments”
has the meaning set forth in Section 7.6(a).

 

Revenue Generating Patents”
means with respect to the Products and each country in the Territory, a Product Patent, Journey Patent, or DRL Background Patent includes
a Valid Claim that Covers the composition of matter, method of use, method of formulation, and/or a method of administration of Products
in such country.

 

“Revenue Percentage
Rate” has the meaning set forth in Section 7.6(a).

 

    19 

     

    

 

“Revenue Percentage
Report” has the meaning set forth in Section 7.6(b).

 

“Revenue Percentage
Term” means, with respect to each country in the Territory, the period commencing on the First Commercial Sale of a Product
in such country or other jurisdiction and ending upon the expiration or invalidation date of the last Revenue Generating Patent in such
country.

 

“Second Installment”
has the meaning set forth in Section 7.1.

 

“Sublicensee”
means any Person to which (a) a sublicense is granted by Journey with respect to a license granted by DRL to Journey under this Agreement,
or (b) a license is granted by Journey with respect to an Assigned Asset. For clarity, distributors, wholesalers, and/or resellers of
the Product shall not be considered Sublicensees.

 

“Successful”
means a completed Phase 3 Clinical Study that achieves all applicable primary endpoints with statistical significance (as defined in
the applicable Phase 3 Clinical Study protocol).

 

“Supply Agreement”
has the meaning set forth in Section 4.3(a).

 

“Tax Treaty”
means the Convention between the Government of the United States of America and the Government of the Republic of India for the Avoidance
of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, together with a related Protocol, signed at
New Delhi on September 12, 1989, as amended, modified, and/or supplemented from time to time (including, without limitation, and future
protocols thereto), or any substitutions thereof.

 

“Term”
has the meaning set forth in Section 12.1.

 

“Territory”
means, collectively, all the countries and jurisdictions in the world other than the DRL Territory.

 

“Third Party”
means any individual, corporation, partnership, limited liability company, trust, unincorporated association, Governmental Authority
or other entity or body other than DRL or Journey or an Affiliate of either of them.

 

“Third Party Infringement
Claim” has the meaning set forth in Section 8.9(a).

 

“Third Party Supplier”
means any Third Party that Journey contracts with or otherwise appoints to Manufacture and supply the Product to Journey, its Affiliates,
and/or its Sublicensees.

 

“Trademark”
means any word, name, symbol, color, designation or device or any combination thereof that functions as a source identifier, including
any trademark, trade dress, brand mark, service mark, trade name, brand name, logo, business symbol, and/or internet domain names, whether
or not registered.

 

“Transfer Date”
means the later of (a) date on which DRL has received all Milestone Payments in full owed by Journey pursuant to Section 7.1 and
Section 7.2, and (b) the date on which DRL has been reimbursed in full for all DRL Development Costs that are not disputed in
good faith by Journey.

 

    20 

     

    

 

“United States”
or “U.S.” means the United States of America, including all possessions and territories thereof.

 

“Upfront Payment”
has the meaning set forth in Section 7.1.

 

“Uplisting”
has the meaning set forth in Section 7.9(a).

 

“Valid Claim”
means a claim of (a) any issued and unexpired patent whose validity, enforceability, or patentability has not been affected by any of
the following: (i) revocation; or (ii) a holding, finding, or decision of invalidity, unenforceability, or non-patentability or (b) a
pending patent application that is filed and prosecuted in good faith and no more than three (3) years have elapsed from its earliest
priority date.

 

“Wind Down Period”
means, in the event of a termination of this Agreement prior to the Transfer Date, the period of “winding down” during which
DRL continues to conduct one or more Clinical Studies with respect to the Product pursuant to Section 12.9(d)(iii) or as required
pursuant to DRL’s then-current policies or Applicable Law.

 

ARTICLE 2

LICENSES AND RIGHTS OF REFERENCE

 

2.1             
Grants prior to Transfer Date.

 

(a)              
DRL License Grant to Journey. Subject to the terms and conditions of this Agreement, DRL hereby grants to Journey (i) a sublicensable,
transferrable (subject to Section 14.6), exclusive (except as to DRL with regard to its performance of its obligations under the
Development Plan) license under the Product IP, and (ii) a sublicensable, transferrable (subject to Section 14.6), non-exclusive
license under the DRL Background IP, in each case ((i) and (ii)), for Journey to Exploit the Product in the Field in the Territory until
the Transfer Date. Journey and its Affiliates shall have the right to sublicense the rights and obligations granted to it under this
Section 2.1(a) to any Third Party (across multiple levels/tiers); provided that, in each such case, Journey shall be responsible
for any such Third Party as if Journey were exercising such sublicensed rights itself under this Agreement.

 

(b)             
Journey License Grant to DRL. Subject to the terms and conditions of this Agreement, Journey hereby grants to DRL and its
Affiliates (i) a royalty-free, non-transferable (subject to Section 14.6), sublicensable, non-exclusive license under the Journey
Improvements solely for DRL to Develop the Products in accordance with the Development Plan, and (ii) a royalty-free, transferable, sublicensable,
exclusive license under the Journey Improvements and Product Know-How for DRL to Exploit the Products in the Field in the DRL Territory
until the Transfer Date. DRL and its Affiliates shall have the right to sublicense the rights and obligations granted to it under this
Section 2.1(b) to any Third Party; provided that, in each such case, DRL shall be responsible for any such Third Party as if DRL
were exercising such sublicensed rights itself under this Agreement.

 

    21 

     

    

 

2.2             
 Grants after Transfer Date. On the Transfer Date, the following license grants will automatically become effective and be
in full force:

 

(a)              
DRL License Grant to Journey. Subject to the terms and conditions of this Agreement, DRL hereby grants to Journey and its
Affiliates a sublicensable, transferrable (subject to Section 14.6), and exclusive license under the DRL Background IP for Journey
and its Affiliates and their respective Sublicensees to Exploit the Products in the Field in the Territory on and after the Transfer
Date; provided that Journey may Manufacture, or have Manufactured, Develop, and/or have Developed, the Product anywhere in the world.
Journey and its Affiliates shall have the right to sublicense the rights and obligations granted to it under this Section 2.2(a)
to any Third Party and Journey will have the right to permit such Sublicensees to grant further sublicenses to their Sublicensees (through
multiple levels); provided that, in each such case, Journey shall be responsible for any such Third Party as if Journey were exercising
such sublicensed rights itself under this Agreement.

 

(b)             
Journey License Grant to DRL. Subject to the terms and conditions of this Agreement, Journey hereby grants to DRL and its
Affiliates a royalty-free, sublicensable, transferable (subject to Section 14.6), irrevocable, and exclusive license under (i)
the Journey Improvements and Product Know-How, and (ii) to the extent Journey or its Affiliates at any time after the Transfer Date Controls
a Patent that Covers the Product in the DRL Territory, under any such Patents, to, in each case (i) and (ii), Exploit the Product in
the Field in the DRL Territory on and after the Transfer Date; provided that DRL may Manufacture, or have Manufactured, Develop, and/or
have Developed, the Product anywhere in the world. DRL and its Affiliates shall have the right to sublicense the rights and obligations
granted to it under this Section 2.2(b) to any Third Party and DRL will have the right to permit such Sublicensees to grant further
sublicenses to their Sublicensees (through multiple levels); provided that, in each such case, DRL shall be responsible for any such
Third Party as if DRL were exercising such sublicensed rights itself under this Agreement.

 

(c)              
DRL Grant of Right of Reference to Journey. Subject to the terms and conditions of this Agreement, DRL hereby grants to Journey
and its Affiliates a sublicensable, transferrable (subject to Section 14.6), exclusive (even as to DRL and its Affiliates), and
irrevocable license and right of reference under all Regulatory Approvals and any other Regulatory Materials that DRL or its Affiliates
Control with respect to the Product to enable Journey to Exploit the Product in the Field in the Territory on and after the Transfer
Date. Journey and its Affiliates shall have the right to sublicense the rights and obligations granted to it under this Section 2.2(c)
to any Third Party and to permit such Sublicensees to grant further sublicenses to their Sublicensees (through multiple levels);
provided that, in each such case, Journey shall be responsible for any such Third Party as if Journey were exercising such sublicensed
rights itself under this Agreement.

 

(d)             
Journey Grant of Right of Reference to DRL. Subject to the terms and conditions of this Agreement, Journey hereby grants to
DRL and its Affiliates an irrevocable, royalty-free, sublicensable, transferrable (subject to Section 14.6), exclusive license
and right of reference under all Regulatory Approvals and any other Regulatory Materials that Journey or its Affiliates Control with
respect to the Product (including the Product Regulatory Approval) to enable DRL to Exploit the Products in the Field in the DRL Territory.
DRL and its Affiliates shall have the right to sublicense the rights and obligations granted to it under this Section 2.2(d) to
any Third Party and to permit such Sublicensees to grant further sublicenses to their Sublicensees (through multiple levels); provided
that, in each such case, DRL shall be responsible for any such Third Party as if DRL were exercising such sublicensed rights itself under
this Agreement.

 

    22 

     

    

 

2.3             
Covenant not to Sue. DRL on behalf of itself, its Affiliates, and their successors and assigns, hereby covenants not to initiate
any judicial or administrative proceeding in the Territory against Journey, its Affiliates, Sublicensees, or any customer of any thereof,
or the successors or assigns of any thereof, based on infringement of any Patent or any other intellectual property rights that are (a)
Controlled by DRL at any time during the Term, and (b) are either (i) licensed to Journey pursuant to Section 2.1(a) and Section
2.2(a) and such Patent is being Exploited by Journey within the scope of such licenses, or (ii) not identified to Journey as a potential
DRL Background Patent or potential Product Patent pursuant to Section 8.5.

 

2.4             
No Implied Licenses. Except as explicitly set forth in this Agreement, neither Party will be deemed to have granted the other
Party any license or other right to any intellectual property of such Party, whether by estoppel, implication, or otherwise.

 

ARTICLE 3

GOVERNANCE

 

3.1             
Joint Development Committee.

 

(a)              
Formation and Responsibilities. Within thirty (30) days after the Effective Date, the Parties shall establish a joint development
committee (the “JDC”) for the overall coordination and oversight of the Development of the Product until the Transfer Date.
The JDC shall have review, discussion or comment responsibilities for certain matters as specified in Section 3.1(b). The JDC
has only the powers expressly assigned to it in Section 3.1(b) and elsewhere in this Agreement. Notwithstanding anything to the
contrary set forth in this Agreement, the JDC has no power to interpret, amend, modify, or waive compliance with this Agreement.

 

(b)             
Specific Responsibilities. The responsibilities of the JDC include the following matters:

 

(i)                
to review, discuss, finalize and approve the Development Plan at the initial meeting of the JDC;

 

(ii)             
to review, discuss and determine the allocation and status of activities undertaken by or on behalf of DRL as part of the
Development Plan, including a review, discussion and determination of the estimated FTE Costs that may be incurred by DRL and the actual
FTE Costs incurred by DRL, in the progress of Development under the Development Plan;

 

(iii)           
to review, discuss, and approve any amendments to the Development Plan, including any increases or decreases to the Development
Costs Estimate in accordance with Sections 4.2(b) and 4.2(c);

 

(iv)            
to review, discuss, approve, and implement any amendment to the Development Plan to include a third (3rd) Phase
3 Clinical Study if such a third (3rd)Phase 3 Clinical Study is reasonably requested by Journey upon the completion of two
(2) initial Phase 3 Clinical Studies where Journey reasonably determines one (1) of such Phase 3 Clinical Studies is not Successful;

 

    23 

     

    

 

(v)              
to appoint any other operating committees (collectively, the “Other Committees”) from time to time during
the Development Period as it deems fit, which will consist of equal numbers of officers or employees of each Party having sufficient
seniority within the applicable Party to carry out the responsibilities of the applicable Other Committee;

 

(vi)            
to direct and oversee any Other Committees on all significant issues that fall within the purview of such committees; and

 

(vii)         
to perform such other functions as appropriate to further the purposes of this Agreement to the extent expressly set forth
in this Agreement or determined by the Parties in writing.

 

(c)              
Members. Journey will appoint [***] ([***]) representatives to the JDC and DRL will appoint [***] ([***]) representatives
to the JDC, each of whom will be an officer, employee, or other designee of such Party having sufficient relevant experience in Development-related
matters and seniority and/or authority within or from the applicable Party to carry out the JDC’s responsibilities. Either Party
may designate an individual other than an officer or employee of such Party as a representative of the JDC so long as such Party shall
cause such designee to agree in writing to be bound by obligations of confidentiality and non-use no less restrictive than ARTICLE
11, and a Party shall be liable for any breach of any obligations herein by its designee. The JDC may change its size from time to
time by agreement in writing of the Parties, and each Party may replace its representatives at any time upon written notice to the other
Party. If a JDC representative from either Party is unable to attend or participate in a meeting of the JDC, then the Party who designated
such representative may designate an appropriately qualified substitute representative for the meeting. DRL and Journey shall jointly
appoint a representative either from Journey or DRL on the JDC to serve as the chairperson of the JDC. The role of the chairperson is
to convene and preside at all meetings of the JDC and to ensure the preparation of meeting minutes, but the chairperson will have no
additional powers or rights beyond those held by other JDC representatives.

 

(d)             
Meetings. After the Effective Date and prior to the Transfer Date, the JDC shall meet at least [***] ([***]) times per Calendar
Year unless the Parties mutually agree in writing to a different frequency for such meetings and at such other times specified in this
Agreement. The JDC will hold its initial meeting within thirty (30) days of the Effective Date, at which time the JDC will finalize and
approve the Draft Development Plan. Either Party may also call a special meeting of the JDC (by videoconference or teleconference) upon
at least fifteen (15) Business Days’ prior written notice to the other Party in accordance with Sections 4.2(b) and 4.2(c)
and/or if such Party reasonably believes that a significant matter must be addressed before the next regularly scheduled meeting,
and such Party shall provide the JDC materials reasonably adequate to enable an informed discussion by its members no later than ten
(10) Business Days before the special meeting. The JDC may meet in person, by videoconference or by teleconference. Each Party shall
pay for its own expenses relating to such meetings. As appropriate, other employee representatives of the Parties or their respective
Affiliates may attend JDC meetings as non-voting observers or presenters. The chairperson of the JDC shall prepare reasonably detailed
written minutes of all JDC meetings that reflect and include all material decisions made at such meetings. The JDC chairperson shall
send draft meeting minutes to each member of the JDC for review and approval within twenty (20) Business Days after each JDC meeting.

 

    24 

     

    

 

3.2             
Decision Making.

 

(a)              
Decisions. The JDC shall take action in good faith by consensus of the representatives present at a meeting at which a quorum
exists, with each Party having a single vote irrespective of the number of representatives of such Party in attendance, or by a written
resolution signed by at least one (1) representative appointed by each Party. If the JDC cannot, or does not, reach consensus on an issue
for which it is responsible, then such issue may be resolved in accordance with ARTICLE 13 at the request of either Party; provided,
however, that following DRL’s receipt of the Second Installment from Journey, Journey shall have final decision-making authority
over Development-related issues. The foregoing notwithstanding, in no event, shall Journey have final decision-making authority on matters
relating to reimbursement of DRL Development Costs, FTE Rates, or FTE Costs.

 

(b)             
General. Nothing in this Agreement will be construed to limit a Party’s (i) compliance with Applicable Laws or reporting
requirements to Regulatory Authorities or (ii) sole discretion with respect to pricing decisions with respect to any Product in the Field
in its respective territory. Notwithstanding anything to the contrary set forth in this Agreement, neither Party nor any of their respective
Affiliates will be required by the JDC or any Other Committee to take any action that is not in compliance with such Party’s ethical
business practices and policies or that such Party reasonably believes is not in compliance with Applicable Laws.

 

3.3             
Good Faith. In conducting themselves on the JDC or any Other Committees, all representatives of each Party shall consider
reasonably and in good faith all input received from the other Party in carrying out its responsibilities set forth under Section
3.1(b) with the primary aim of the JDC and all actions of the Parties related to the Development Plan being to obtain Regulatory
Approval for the Product, reasonably taking into account Journey’s expectation to Exploit the Product outside the United States
in the Territory, consistent with (i) the Parties’ diligence obligations under Sections 4.1(a)(i) and 6.1, (ii) upholding
patient safety, (iii) complying with Applicable Law, and (iv) each Party complying with its own applicable code of business ethics or
similar ethical policies.

 

3.4             
Scope of Governance. Without limiting the Parties’ obligations under ARTICLE 11, the Parties agree not to share
or discuss at the JDC any strategic or commercially sensitive information beyond the scope contemplated by this Agreement.

 

3.5             
Alliance Managers.

 

(a)              
Each of the Parties shall appoint a single employee to act as that Party’s “Alliance Manager.” The
role of the Alliance Manager is to act as a point of contact between the Parties to assure a successful collaboration. The Alliance Managers
may attend all JDC meetings and support the chairperson of the JDC in the discharge of their responsibilities. Alliance Managers shall
be non-voting participants in such JDC meetings, unless they are also appointed members of the JDC; provided, however, that an Alliance
Manager may bring any matter to the attention of the JDC if such Alliance Manager reasonably believes that such matter warrants such
attention.

 

    25 

     

    

 

(b)             
 Each Party may change its designated Alliance Manager from time to time upon email notification to the other Party’s
current Alliance Manager. Any Alliance Manager may designate a substitute to temporarily perform the functions of that Alliance Manager
by written email notification to the other Party’s current Alliance Manager.

 

(c)              
Each Alliance Manager will also: (i) coordinate cooperative efforts and communications between the Parties; and (ii) take
responsibility for ensuring that governance activities, such as the conduct of required JDC meetings and production of meeting minutes,
occur as set forth in this Agreement, and that relevant action items resulting from such meetings are appropriately carried out or otherwise
addressed.

 

ARTICLE 4

DEVELOPMENT

 

4.1             
Development Diligence and Responsibilities.

 

(a)              
Development Diligence.

 

(i)                
DRL shall, either directly or by or with an Affiliate or a sublicensee, use Commercially Reasonable Efforts to Develop the
Product in the Field and to obtain a Product Regulatory Approval for the Product in accordance with the Development Plan.

 

(ii)             
If DRL determines that further Development or submission or handling of the Product Regulatory Approval for the Product is
not Commercially Reasonable, DRL will notify Journey in writing of such a determination and promptly provide Journey with the ability
to assume responsibility for and control of such further Development or Regulatory Approval Application at Journey’s cost (subject
to Section 4.1(a)(iv), including DRL promptly appointing Journey or its designee as DRL’s regulatory agent solely with respect
to the IND and the initial NDA).

 

(iii)           
If unreasonable delay in Development of the Product during the Development Period occurs and such delay is substantially due
to protracted inaction by DRL and not caused, directly or indirectly, by Journey, its Affiliates, its Sublicensees or any Third Party
over which DRL has no control, Journey will have the right to assume the Development of the Product (subject to Section 4.1(a)(iv),
including DRL promptly appointing Journey or its designee as DRL’s regulatory agent solely with respect to the IND and the initial
NDA) upon either DRL written consent or resolution of any dispute concerning such delay or handling under ARTICLE 13.

 

(iv)            
In the event that Journey assumes Development of the Product prior to the Transfer Date in accordance with Section 4.1(a)(ii)
or 4.1(a)(iii), (1) the obligations of DRL set forth in Sections 4.1(a)(i), 4.1(b), 4.4, and 4.5
shall become obligations of Journey, (2) DRL will appoint Journey or its designee as its “regulatory agent” for purposes
of interacting with Regulatory Authorities solely with respect to the IND and the initial NDA; provided that (A) Journey will provide
DRL with complete copies of any and all proposed drafts of all Regulatory Materials prior to submission to any Regulatory Authority,
providing at least five (5) Business Days for DRL to review and comment thereon and (B) Journey will consider any comments provided by
DRL within such five (5) Business Day period concerning such proposed submissions in good faith.

 

    26 

     

    

 

(v)              
 For clarity, at all times prior to the Transfer Date, (1) DRL shall own the Regulatory Approvals (including the IND and the
initial NDA) and Regulatory Materials, and (2) any FTE Costs that DRL incurs during such period, solely to the extent such FTE Costs
relate to carrying out DRL’s obligations under this Agreement, shall be DRL Development Costs.

 

(b)             
Development Responsibilities. DRL shall, either directly or by or with an Affiliate or a sublicensee conduct the activities
under the Development Plan in a good scientific manner and comply in all material respects with Applicable Laws, including GMP, GCP and
GLP, as applicable. In the event that DRL conducts the activities through or with a sublicensee, (i) DRL shall remain responsible for
its obligations under this Section 4.1, and (ii) to the extent that a material portion of DRL’s obligations will be assigned
to a sublicensee, DRL shall obtain Journey’s pre-approval of such sublicensee, not to be unreasonably withheld, conditioned or
delayed. For clarity, Third Parties to any Development Contract are sublicensees of Journey, not sublicensees of DRL.

 

(c)              
Amendments to Development Plan. Either Party, directly or through its representatives on the JDC may propose amendments to
the Development Plan from time to time as appropriate, including in light of changed circumstances. Such amendments shall be reviewed
and approved in accordance with Section 3.2.

 

4.2             
Development Costs.

 

(a)           
Estimated Development Costs. As of the Effective Date, estimated Development Costs (based on the Draft Development Plan) for
the anticipated first (1st) three (3) Development Period Years are set forth on Exhibit E (collectively, the
 “Development Costs Estimate”). The Development Costs are subject to the “Notes and Assumptions” set forth
in the Draft Development Plan and are expected to total amounts equal or less than the amounts presented in Exhibit E.
The Development Plan includes a reasonable description of the anticipated Development Costs for the anticipated first (1st)
three (3) Development Period Years. The Development Plan will include estimated FTE Costs and the Development Plan will list all
FTEs (by title) with the associated FTE Rate and anticipated hours such FTE will dedicate to performing activities under the Development
Plan in each applicable Development Period Year. The Annual FTE Costs based on the Draft Development Plan are expected to total to amounts
equal or less than the amounts set forth on Exhibit I. If the JDC makes any changes to the Development Plan, or if any
of the activities under the Development Plan are accelerated or delayed, the JDC will discuss in good faith whether Exhibit E
and Exhibit I need to be amended by the Parties to reflect the then-current scope and timing of the activities set forth
in the Development Plan. The Development Costs Estimate does not include any DRL Development Costs that may arise and that cannot reasonably
be estimated by the Parties as of the Effective Date, including certain consultant costs and fees, intellectual property enforcement
costs and as otherwise set forth in the “Notes and Assumptions” set forth in the Draft Development Plan (collectively, the
 “Additional Costs”). For clarity, the Development Cost Estimate only includes DRL’s technology transfer obligations
under Section 4.3(c) and the cost to Journey, and does not include any other costs and expenses that may be incurred by or on
behalf of Journey in connection with the technology transfer, which shall not be deemed “Development Costs”. Promptly upon
becoming aware of anticipated Additional Costs, DRL will promptly present the anticipated Additional Costs to the JDC for review whenever
such anticipated Additional Costs arise during the Development Period. Additional Costs will be subject to JDC approval. Journey shall
be solely responsible for all Development Costs, including any approved Additional Costs, incurred under the terms and conditions of
this Agreement.

 

    27 

     

    

 

(b)             
Development Cost Planning and Special Meetings. At each JDC meeting, (i) each Party shall provide an update on current Development
Costs incurred by or on behalf of each Party, and (ii) the JDC shall agree on an estimate of the Development Costs that may be incurred
by or on behalf of each Party during the following Calendar Quarter (each a “Quarterly Development Cost Estimate”).
In the event that either Party reasonably anticipates that the Quarterly Development Cost Estimate will be exceeded based on applicable
activities to be performed under the Development Plan, the Party aware of such anticipated excess Development Costs shall promptly notify
the other Party and the JDC will promptly meet to discuss such anticipated Development Costs in accordance with Section 3.1(d).

 

(c)              
Updated Development Costs Estimate and Development Costs Limits.

 

(i)                
The applicable Development Costs Estimate may increase or decrease during the Development Period, as determined by the JDC
under Section 3.2(a) and Section 4.2(b). Each Party will use reasonable efforts to provide, to its knowledge and in good
faith, accurate updates to the Development Costs to the JDC. Each Party shall provide reasonable updates to the JDC regarding any anticipated
material increase or decrease in Development Costs during the Development Period of which such Party becomes aware. Journey will be responsible
for any increase in Development Costs. If (1) an anticipated increase in Development Costs in a Development Period Year exceeds the applicable
amount set forth in Exhibit E (as may be adjusted pursuant to this Section 4.1(c)) up to [***] ([***]%) in the first
(1st) Development Period Year or by more than [***] ([***]%) in any Development Period Year thereafter (each a “Development
Costs Limit”) or (2) the anticipated Annual FTE Costs exceeds the applicable amount set forth in Exhibit I (as
may be adjusted pursuant to this Section 4.1(c)) by more than [***] ([***]%) in the first (1st) Development Period
Year or by more than [***] ([***]%) in any Development Period Year thereafter (each a “FTE Cost Limit”), then, in
either case (1) or (2), the JDC will promptly meet in accordance with Section 3.1(d) and in good faith review anticipated and
ongoing activities under the Development Plan and associated Development Costs and discuss in good faith (x) measures to reduce the anticipated
increase in Development Costs and/or Annual FTE Costs, and (y) any potential revision to the applicable Development Costs Limit and/or
FTE Cost Limit.

 

(ii)             
Unless the JDC approves in a meeting or Journey first expressly approves otherwise in writing, DRL will (a) use Commercially
Reasonable Efforts not to incur Development Costs (except FTE Costs, which is addressed by clause (b)) in any applicable Development
Period Year in excess of the applicable Development Costs Limit and (b) not incur Annual FTE Costs in excess of the applicable FTE Cost
Limit. If during the Development Period either Party identifies any reasonably practical opportunity to change the Development Plan or
any aspect of carrying out the Development Plan that would result in lower Development Costs than the applicable Development Cost Estimate
and that would not reasonably result in a risk of (w) delayed performance of the Development Plan, (x) a delay in Product Regulatory
Approval, (y) increased risk of FDA rejection of the initial NDA, and/or (z) material limitation on Journey’s ability to Exploit
the Product in the Territory, the JDC will promptly meet to discuss such opportunity and, if appropriate, adjust the Development Plan
or applicable aspect of carrying out the Development Plan to so limit the applicable Development Costs. In no event will Journey be responsible
for Development Costs that are greater than the actual Development Costs incurred in carrying out the Development Plan.

 

    28 

     

    

 

(d)             
Cessation of Certain Activities due to Excess Development Costs. Notwithstanding anything to the contrary in this Agreement,
in the event that (i) DRL is obligated to obtain approval from Journey to incur Development Costs or any additional cost in excess of
the Development Cost Estimate and/or Development Costs Limit, and (ii) Journey (or the JDC as a result of the action or inaction of Journey
representative(s) thereon) has not approved such Development Costs or increase to the Development Costs Estimate and/or Development Costs
Limit, DRL shall not be deemed to be in breach of this Agreement and will not be liable to Journey for breach of this Agreement (including,
for clarity, under Section 4.1(a)(i)) based on DRL not performing any of the proposed activities associated with any unapproved
additional costs in excess of the Development Costs Estimate and/or Development Costs Limit.

 

(e)              
Development Contracts. Journey shall negotiate and enter into any contracts with contract research organizations, consultants,
or other service providers specified in the Development Plan (each, a “Development Contract”). In carrying out the
Development Plan, DRL may assist Journey with the identification of such contract research organizations, consultants, or other service
providers and in obtaining initial proposals, bids, or draft agreements for Journey’s consideration. DRL will be primarily responsible
to negotiate the non-financial terms and conditions of the Development Contracts (which will include provisions providing for confidentiality
of Phase 3 Clinical Study data, compliance with Applicable Laws, and assignment of any inventions and other material intellectual property
developed in the conduct of activities under such Development Contracts to Journey) and will assist Journey in Journey’s negotiation
of the financial terms and conditions of the Development Contracts. Journey hereby agrees that it is solely responsible for the financial
obligations under each Development Contract. All Information, studies and any other data produced under any Development Contract shall
be Journey Know-How.

 

(f)               
Regulatory Costs. Journey shall be solely responsible for the payment of all Regulatory Costs and shall make timely payments
to the applicable Regulatory Authorities on or before the date on which such payments are due. To the extent DRL becomes aware of any
Regulatory Costs that are due and owing to any Regulatory Authority that are not in the Development Plan, DRL shall promptly notify Journey
of such Regulatory Costs and Journey shall promptly make the applicable payments. DRL will use good faith efforts to ensure that the
JDC is notified as soon as DRL is aware that incurring such Regulatory Costs is likely to be necessary to carry out the Development Plan.

 

(g)              
Payment of DRL Development Costs. DRL shall invoice Journey for all DRL Development Costs along with suitable documentation
evidencing each applicable cost and Journey shall pay all undisputed DRL Development Costs within thirty (30) calendar days of receipt
of an applicable invoice.

 

(h)             
Information Rights. Beginning on the Effective Date and ending on the Transfer Date, Journey shall provide DRL with unaudited
balance sheets semi-annually (within thirty (30) days after June 30 and within thirty (30) days after December 31) (“Financial
Statements”). All Financial Statements delivered to DRL shall be prepared in good faith consistent with the normal practices
of Journey and/or its Affiliates, and, to Journey’s knowledge, be accurate.

 

    29 

     

    

 

 

4.3          Supply
of the Product and Technology Transfer.

 

(a)         Commercial
Supply. Within one hundred eighty (180) days of the Effective Date, the Parties shall in good faith negotiate a commercial supply
agreement (the “Supply Agreement”) in accordance with the Key Supply Terms attached hereto as Exhibit F, which
shall include an associated quality agreement (the “Quality Agreement”), pursuant to which DRL shall supply Journey
with the Product.

 

(b)         Clinical
Supply. Manufacture of the clinical supply of the Product required under the Development Plan shall be procured by Journey from DRL
on a purchase order-by-purchase order basis, DRL will supply clinical supply of the Product directly to the locations designated by the
applicable contract research organization. In addition, Journey shall purchase from DRL the registration batches, stability batches,
and any other Product supply reasonably necessary to carry out the Development Plan. DRL shall provide Journey with an invoice for all
costs and expenses related to Manufacture of clinical supplies, registration batches, and such other supplies of the Product in accordance
with Section 4.2(g).

 

(c)         Technology
Transfer. Journey will have the right as of the Transfer Date to source supply of the Product from Third Party Suppliers for Development
and Exploitation in the Territory. Within four (4) months of any request from Journey that is made any time after the two (2) month anniversary
of the Effective Date, DRL will provide the Information that is reasonably required to establish, qualify, and/or enable one (1) Third
Party Supplier to supply the Product in the Territory to Journey, its Affiliates, or Sublicensees, and to include information concerning
such Third Party Supplier in the NDA and/or other applicable Regulatory Materials to allow Journey to use such Third Party Supplier as
of the Transfer Date as an alternative supplier to DRL; provided, however, that (i) Journey shall bear all costs, including
reimbursement of DRL FTE costs, associated with such activities; and (ii) that such Third Party Supplier shall enter into a three-party
confidentiality agreement with DRL and Journey, in a form reasonably acceptable to DRL. Throughout the Term, DRL will not supply Products
to any Third Party in the Territory that intends to Commercialize Products in the Territory other than a Sublicensee of Journey or other
Person that Journey authorizes to receive Product from DRL. Beginning on the Transfer Date, Journey will have the right to obtain part
of its supply of the Product from Third Party Suppliers for Commercialization in the Territory, subject to any applicable minimum requirements
included in the Key Supply Terms.

 

    30 

     

    

 

4.4          Regulatory
Matters prior to the Transfer Date.

 

(a)         Clinical
Trials; Regulatory Approvals. Subject to Section 4.1(a)(iv), DRL will be the “sponsor” of all Clinical Studies
conducted by DRL under the Development Plan up to the Transfer Date. Subject to Section 4.1(a)(iv), as between the Parties, at
any time prior to the Transfer Date, DRL shall have the primary responsibility to (i) prepare, obtain, and maintain the Regulatory Approvals
and other submissions, and (ii) approve any communications with any Regulatory Authority, in each case, for the Product. DRL will provide
Journey with complete copies of any and all proposed drafts of all Regulatory Materials prior to Regulatory Authority submission prior
to the Transfer Date, providing at least five (5) Business Days for Journey to review and comment thereon. DRL will consider any comments
provided by Journey within such five (5) Business Day period concerning such proposed submissions in good faith and DRL will adopt any
Journey suggestion related thereto that would reasonably be determined to enhance the value of the Assigned Assets and/or increase the
speed of approval of Product Regulatory Approval. Notwithstanding the foregoing, during NDA review time, DRL and Journey will work together
in a reasonable timeframe to submit the responses to FDA queries or requests for information in FDA recommended timelines, which may
be less than five (5) days. To the extent permitted under Applicable Laws, DRL will provide Journey with sufficient advance notice of
any meetings with any Regulatory Authority prior to the Transfer Date. To the extent permitted under Applicable Laws and by FDA, DRL
shall allow Journey to discuss with DRL, prepare for, and permit up to three (3) employees of Journey reasonably observe and/or participate
in such meetings with Regulatory Authorities, provided that DRL will, as sponsor, have primary responsibility for the conduct of such
meetings with Regulatory Authorities. On and after the Effective Date until the Transfer Date, DRL will provide to Journey complete copies
of (i) any material correspondence DRL receives from any Regulatory Authority or other Governmental Authority related to the Product
in the Territory, and (ii) any final submission that DRL makes to any Regulatory Authority relating to the Product in the Territory,
in each case, within five (5) Business Days of such receipt or submission.

 

(b)         Communication
with Regulatory Authorities. Except as provided herein or otherwise agreed to by DRL in writing, prior to the Transfer Date, and
subject to the provisions of Section 4.4(a), Journey shall not (i) own, obtain or maintain the IND or other Regulatory Approval
with respect to the Product, or (ii) communicate with any Regulatory Authority regarding the Product (1) in writing, without DRL’s
prior written approval of the form and content of such written communication, which approval will not be unreasonably conditioned, delayed,
and/or withheld, or (2) orally (including in connection with any meeting, conference or discussion) other than with DRL’s prior
written approval of the forum, form, and content of such oral communication, which approval will not be unreasonably conditioned, delayed,
and/or withheld. At any time prior to the Transfer Date, if Journey receives any correspondence from any Regulatory Authority related
to the Product, Journey shall provide a copy of such correspondence to DRL within ten (10) days of such receipt. DRL shall have the right
to prepare any response to any Regulatory Authority with respect to such correspondence consistent with the provisions of Section
4.4(a). If at any time during the Term, DRL receives any correspondence from any Regulatory Authority in the Territory that (x) solely
relates to the Product, or (y) that relates to the Product, in each case (x) and (y), DRL shall provide a complete and accurate copy
of such correspondence to Journey within three (3) Business Days of receipt; provided that in the case of (y), DRL may redact any portion
of such correspondence that is (A) confidential and/or proprietary to a Third Party, and/or (B) related to a product that is not the
Product.

 

4.5          Development
Records. Prior to the Transfer Date and for a period of three (3) years thereafter or for such longer period as may be required by
Applicable Law, DRL shall maintain complete, current, and accurate records of all activities conducted by or on behalf of DRL under the
Development Plan, that were conducted prior to the Effective Date in connection with clinical and/or nonclinical development of the Product,
and/or that are otherwise related to any Regulatory Approval or Clinical Study that includes the Product. Copies of any all such records
will be transferred to Journey on or promptly following the Transfer Date in accordance with ARTICLE 5.

 

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ARTICLE 5

ASSET ASSIGNMENT

 

5.1          Asset
Assignment; Know-How Transfer. Effective as of the Transfer Date, pursuant to the Assignment Agreements, DRL assigns, sells, transfers,
and conveys to Journey and Journey accepts from DRL all right, title and interest in and to, all of the Assigned Assets, free and clear
of any Encumbrances. For the avoidance of doubt, the assignment, sale, transfer, and conveyance of the Assigned Assets will not occur
until Journey has paid DRL (a) the Second Installment and all Milestone Payments in full owed by Journey pursuant to Section 7.2,
and (b) all DRL Development Costs that are not disputed in good faith by Journey. In order to effectuate the Transfer Date, Journey shall
provide written notice to DRL no less than two (2) Business Days prior to such Transfer Date, provided that the timing and/or form of
such notice will have no effect on the assignment, sale, transfer, and conveyance of the Assigned Assets. If DRL has received all Milestone
Payments in full owed by Journey pursuant to Section 7.1 and Section 7.2, and DRL has been reimbursed in full for all DRL
Development Costs that are not disputed in good faith by Journey, the assignment, sale, transfer, and conveyance of the Assigned Assets
will occur on, and the Transfer Date will be, the date specified by Journey in any such notice.

 

5.2          Assigned
Assets. The “Assigned Assets” means collectively the following:

 

(a)         The
Product IP;

 

(b)         The
Product Regulatory Approval;

 

(c)         The
Product Regulatory Materials; and

 

(d)         The
Product Know-How.

 

Promptly following the Transfer Date, DRL shall
make available to Journey all electronically held Assigned Assets. In the event that, where reasonably necessary, Journey requests original
documents of the items set forth in Sections 5.2(b)-(c) that are not maintained electronically and such documents are in
the possession of or readily accessible by DRL or its Affiliates, DRL shall, make available such original documents to Journey for pick-up
at DRL’s facility, at Journey’s sole cost and expense, during normal business hours on a date mutually agreeable to the Parties
following the Transfer Date.

 

5.3          Assumed
Liabilities. As of the Transfer Date, Journey shall assume and pay, perform, or otherwise discharge, in accordance with their respective
terms and subject to their respective conditions thereof, all Obligations that arise out of or are related to Journey’s ownership,
operation or use of, or exercise of rights and performance under, the Assigned Assets or the Products after the Transfer Date (the “Assumed
Liabilities”).

 

5.4          Retained
Rights. DRL retains the right to Exploit the Product in the DRL Territory. For purposes of clarity, except as expressly set forth
in this Agreement, neither Party receives any rights with respect to the Product from the other Party. Journey shall not, directly or
indirectly, market, promote, sell, offer for sale, and/or distribute the Product outside the Territory and DRL shall not, directly or
indirectly, market, promote, sell, offer for sale, and/or distribute the Product in the Territory, provided that (a) Journey may Manufacture
or Develop the Product and/or have the Products Manufactured or Developed outside the Territory for sale within the Territory, and (b)
DRL may Manufacture or Develop the Product and/or have the Products Manufactured or Developed outside the DRL Territory for sale within
the DRL Territory.

 

    32 

     

    

 

ARTICLE 6

DEVELOPMENT AND COMMERCIALIZATION BY JOURNEY

 

6.1          Diligence.
Following Transfer Date, Journey shall, directly and/or by or with an Affiliate and/or a Sublicensee, use Commercially Reasonable
Efforts to Develop and Commercialize the Product in the Field in the Territory; provided that Journey shall (x) launch the Product in
the United States within six (6) months from the receipt of Product Regulatory Approval, and (y) initiate Development of the Product
in the Field in the European Union within twenty-four (24) months from the receipt of Product Regulatory Approval.

 

6.2          Responsibility
for Development and Commercialization in the Territory. Subject to the terms and conditions of this ARTICLE 6, Journey shall
have sole control over and decision-making authority for, at its cost and expense, the Development, Manufacture, and Commercialization
of the Products in the Territory. Journey shall, directly and/or by or with an Affiliate and/or a Sublicensee, conduct all Development,
Manufacturing, and Commercialization activities related to the Product in a good scientific manner and comply in all material respects
with Applicable Laws, including GMP, GCP and GLP, as applicable.

 

6.3          Cross-Territorial
Restrictions.

 

(a)         Journey
Restrictions. As permitted by Applicable Law, Journey shall not, and shall ensure that its Affiliates and Sublicensees will not,
either directly or indirectly, knowingly promote, market, distribute, import, sell or have sold the Product, including via internet or
mail order, into the DRL Territory. As to the DRL Territory, Journey shall not, and shall ensure that its Affiliates and Sublicensees
will not: (i) engage in any advertising or promotional activities relating to any Product that are directed primarily to customers or
other purchasers or users of the Product located in the DRL Territory, (ii) solicit orders for the Product from any prospective purchaser
located in the DRL Territory, and/or (iii) sell or distribute any Product to any Person in the Territory who it knows intends to sell
the Product in the DRL Territory. If Journey receives any order from a prospective purchaser located in the DRL Territory, then Journey
shall immediately refer that order to DRL, and Journey shall not accept any such orders unless otherwise agreed to in writing by DRL.
Journey shall not deliver or tender (or cause to be delivered or tendered) any Product for sale into the DRL Territory other than for
use or Commercialization by or on behalf of DRL and its Affiliates in accordance with this Agreement.

 

(b)         DRL
Restrictions. As permitted by Applicable Law, DRL shall not, and shall ensure that its Affiliates will not, either directly or indirectly,
knowingly promote, market, distribute, import, sell or have sold the Product, including via internet or mail order, into the Territory.
As to the Territory, DRL shall not, and shall ensure that its Affiliates will not: (i) engage in any advertising or promotional activities
relating to any Product that are directed primarily to customers or other purchasers or users of the Product located in the Territory,
(ii) solicit orders from any prospective purchaser located in the Territory, and/or (iii) sell or distribute the Product to any Person
in the DRL Territory who it knows intends to sell the Product in the Territory. If DRL receives any order from a prospective purchaser
located in the Territory, then DRL shall immediately refer that order to Journey, and DRL shall not accept any such orders. DRL shall
not deliver or tender (or cause to be delivered or tendered) the Product into the Territory.

 

(c)         Cooperation
in Stopping Importation of Other Party’s Products. Neither Party will be liable to the other Party for internet information
available to persons outside of the Territory in the case of Journey and outside of the DRL Territory in the case of DRL or that is broadcast
outside of the Territory or DRL Territory, respectively, due to regular cross-border television and/or radio broadcasting or other broadly
distributed media. Throughout the Term, the Parties shall promptly cooperate in good faith and at no cost to the other Party in implementing
good faith Commercially Reasonable procedures and taking any other Commercially Reasonable requested actions to prevent the sale and
distribution in the Territory of any version of the Product sold by DRL in the DRL Territory and the sale and distribution in the DRL
Territory of any version of the Product sold by Journey in the Territory.

 

    33 

     

    

 

6.4          Development,
Manufacturing and Commercialization Updates. Once per Calendar Year, at the reasonable written request of DRL, Journey shall provide
reasonable written updates to DRL regarding the status of Regulatory Authority approval of the Product and its Development, Manufacturing
and Commercialization activities with respect to the Products in the Territory.

 

6.5          Regulatory
Matters after the Transfer Date.

 

(a)         Cooperation.
After the Transfer Date, upon a Party’s reasonable request, each Party shall provide the other Party with any reasonably requested
assistance and cooperation (i) to enable such other Party to obtain Regulatory Approval for the Products in the Territory or DRL Territory,
as applicable, and (ii) in furtherance of effecting such other Party’s rights and licenses granted pursuant to Section 2.2,
which shall in each case ((i) and (ii)) include each Party providing access to the such Party’s Regulatory Materials, as well as
supplying the other Party with Product, at no cost to the requesting Party.

 

(b)         Clinical
Trials; Regulatory Approvals.

 

(i)            If,
after the Transfer Date, (A) DRL conducts a Clinical Study for the Product for a Regulatory Approval in the DRL Territory, or (B) Journey
conducts a Clinical Study for the Product for a Regulatory Approval in the Territory, then the Party conducting such Clinical Study will
be the “sponsor” of such Clinical Study.

 

(ii)          As
between the Parties, after the Transfer Date, (A) DRL shall have the sole right to (1) prepare, obtain, and maintain Regulatory Approvals
and other submissions, and (2) approve any communications with any Regulatory Authority, in each case, for the Product in the DRL Territory,
and (B) Journey shall have the sole right to (1) prepare, obtain, and maintain Regulatory Approvals and other submissions, and (2) approve
any communications with any Regulatory Authority, in each case, for the Product in the Territory.

 

    34 

     

    

 

(iii)         At
either Party’s reasonable request, the other Party shall provide the requesting Party with copies of all Regulatory Materials filed
by or on behalf of it with Regulatory Authorities to the extent necessary or useful in allowing the requesting Party to seek, obtain,
and/or maintain Regulatory Approval for the Products in the Field in the DRL Territory or Territory, as applicable, the information in
which Regulatory Materials the requesting Party may solely use for the purpose of seeking, obtaining, and maintaining Regulatory Approval
for the Products in the Field in the DRL Territory or Territory, as applicable.

 

(c)         Communication
with Regulatory Authorities. After the Transfer Date, in no event shall (i) Journey (A) own, obtain or maintain any IND or other
Regulatory Approval with respect to the Product in the DRL Territory, or (B) communicate with any Regulatory Authority regarding the
Product in the DRL Territory (1) in writing, without DRL’s prior written approval of the form and content of such written communication,
or (2) orally (including in connection with any meeting, conference or discussion) with any Regulatory Authority other than with DRL’s
prior written approval of the forum, form and content of such oral communication, or (ii) DRL (A) own, obtain or maintain any IND or
other Regulatory Approval with respect to the Product in the Territory, or (B) communicate with any Regulatory Authority regarding the
Product in the Territory (1) in writing, without Journey’s prior written approval of the form and content of such written communication,
or (2) orally (including in connection with any meeting, conference or discussion) with any Regulatory Authority other than with Journey’s
prior written approval of the forum, form and content of such oral communication At any time after the Transfer Date, if a Party receives
any correspondence from any Regulatory Authority related to the Product sold by or on behalf of the other Party, such Party shall provide
a copy of such correspondence to the other Party within five (5) days of such receipt. The other Party shall have the right to prepare
any response to any Regulatory Authority with respect to such correspondence; provided that the other Party shall consider in good faith
any comments received from such Party.

 

(d)         Regulatory
Costs. Journey shall be solely responsible for all Regulatory Costs incurred by or on behalf of Journey with respect to preparing,
filing, obtaining, and maintaining Regulatory Approvals for the Products from the Regulatory Authorities in the Territory. DRL shall
be solely responsible for all Regulatory Costs incurred by or on behalf of DRL with respect to preparing, filing, obtaining, and maintaining
Regulatory Approvals for the Products from Regulatory Authorities in the DRL Territory.

 

(e)         Notification
of Threatened Action.

 

(i)            By
DRL. DRL shall immediately notify Journey of any information it receives regarding any threatened or pending action, inspection,
and/or communication by or from any Regulatory Authority that may affect or otherwise relate to the Development, Commercialization, Manufacture,
or Regulatory Approval of the Product in the Territory.

 

(ii)           By
Journey. Journey shall immediately notify DRL of any information it receives regarding any threatened or pending action, inspection,
and/or communication by or from any Regulatory Authority that may affect or otherwise relate to the Development, Commercialization, Manufacture,
or Regulatory Approval of the Product in the DRL Territory.

 

(iii)         Procedure.
Upon receipt of such information described in Section 6.5(e)(i) and 6.5(e)(ii), the Parties shall review and discuss a
mutually acceptable procedure for taking appropriate action.

 

    35 

     

    

 

(f)          Recalls.
DRL shall have the sole right to determine and initiate all recalls, market suspensions or market withdrawals undertaken for the Product
in the DRL Territory, and DRL (or its designee) shall be solely responsible for the execution thereof. Journey shall have the sole right
to determine and initiate all recalls, market suspensions or market withdrawals undertaken for the Product in the Territory, and Journey
(or its Sublicensee or designee) shall be solely responsible for the execution thereof.

 

(g)         Adverse
Event Reporting and Safety Data Exchange. No later than one hundred eighty (180) days following the submission of the first Regulatory
Approval Application for a Product in any country and/or other jurisdiction in the DRL Territory, and in any event prior to any Commercialization
of the Product by DRL in the DRL Territory, the Parties shall define and finalize the actions that the Parties shall employ with respect
to the Product to protect patients and promote their well-being in a written pharmacovigilance agreement (the “Pharmacovigilance
Agreement”). In the event of any inconsistency between the provisions of the Pharmacovigilance Agreement and the provisions
of this Agreement, the wording of the Pharmacovigilance Agreement shall govern any and all patient safety matters, and this Agreement
shall govern all other matters.

 

ARTICLE 7

COMPENSATION

 

7.1          Upfront
Payment. In consideration of DRL’s grant of the licenses granted to Journey under Section 2.1(a), Journey shall pay
to DRL a one-time, non-refundable, upfront fee of Ten Million Dollars ($10,000,000) (the “Upfront Payment”). The Upfront
Payment will be paid in two installments. The first installment of the Upfront Payment in the amount of Two Million Dollars ($2,000,000)
(the “First Installment”) will be paid on the Effective Date. The second installment of the Upfront Payment in the
amount of Eight Million Dollars ($8,000,000) (the “Second Installment”) will be paid by the ninetieth (90th)
day following the Effective Date.

 

7.2          Development
Milestone Payments. As further consideration for the grant of the licenses granted to Journey under Section 2.1(a) (with respect
to Milestone Event No. 1), and as consideration of DRL’s transfer, assignment, sale, and conveyance of the Assigned Assets pursuant
Section 5.1, Journey shall pay DRL the following one-time Development Milestone Payments within thirty (30) days after the first
achievement of the corresponding “Milestone Event” as set forth in Table 7.2. The Milestone Payments set forth in
this Section 7.2 are payable only once (i.e., the first time the applicable Milestone Event is achieved for the Product),
and is non-refundable, non-creditable, once paid. For clarity, this means that the maximum Development Milestone Payment amount payable
under this Section 7.2 is [***] ($[***]). DRL shall notify Journey promptly following the date of the occurrence of a Milestone
Event.

 

	Table
    7.2 – Development Milestone Payments
	No.	Milestone
    Event	Milestone
    Payments
	1.	[***]	[***]
	2.	[***]	[***]

 

For clarity, Milestone Event No. 2 set forth
in Table 7.2 shall only be reduced in the event that one of the first two (2) Phase 3 Clinical Studies is not Successful, and
Journey reasonably believes that Regulatory Approval for a rosacea Indication is unlikely without conducting a third (3rd)
Phase 3 Clinical Study.

 

    36 

     

    

 

7.3          Milestone
for An Initial Non-Rosacea Indication. As further consideration of DRL’s transfer, sale, assignment, and conveyance of the
Assigned Assets pursuant Section 5.1, Journey shall pay DRL the following one-time Development Milestone Payment within thirty
(30) days after the first achievement by Journey (or its Affiliate, Sublicensee, or Acquiror) of the “Milestone Event” as
set forth in Table 7.3. The Development Milestone Payment set forth in this Section 7.3 is payable only once (i.e.,
the first time the milestone event is achieved for the Product) and is non-refundable once paid. For clarity, this means that the maximum
Development Milestone Payment amount payable under this Section 7.3 is [***] ($[***]). Journey shall notify DRL promptly following
the date of the occurrence of the Milestone Event.

 

	 	Table
    7.3 – Development Milestone Payments
	No.	Milestone
    Event	Milestone
    Payments
	1.	[***]	[***]

 

For the avoidance of doubt, Journey will have
no obligation to obtain Regulatory Approval for any non-rosacea Indication that is not consistent with its application of Commercially
Reasonable Efforts.

 

7.4          Launch
Milestone Payments. As further consideration of DRL’s transfer, sale, assignment, and conveyance of the Assigned Assets pursuant
Section 5.1, Journey shall pay DRL the following one-time launch Milestone Payments within thirty (30) days after the first achievement
by Journey (or its Affiliate, Sublicensee or Acquiror) of a “Milestone Event” set forth in Table 7.4. Each Milestone
Payment set forth in this Section 7.4 is payable only once (i.e., the first time the Milestone Event is achieved for the
Product) and is non-refundable once paid. For clarity, this means that the maximum launch milestone amounts payable under this Section
7.4 is [***] ($[***]). Journey shall notify DRL promptly following the date of the occurrence of each Milestone Event. For the avoidance
of doubt, Journey will have no obligation to obtain Regulatory Approval in any jurisdiction or country in the Territory outside of the
United States and at least one country of the [***] that is not consistent with its application of Commercially Reasonable Efforts.

 

	Table
    7.4 – Launch Milestone Payments
	No.	Milestone
    Event	Milestone
    Payment
	1. 	[***]	[***]
	2.
     	[***]	[***]

 

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7.5          Net
Sales Milestone Payments. As further consideration of DRL’s transfer, sale, assignment, and conveyance of the Assigned Assets
pursuant Section 5.1, Journey shall pay DRL within thirty (30) days following the end of an applicable Calendar Year, the highest
 “Milestone Payment” set forth in Table 7.5 out of all of the “Milestone Events” achieved by Journey (or
its Affiliate, Sublicensee or Acquiror) in such Calendar Year. Within twelve (12) months following the payment of such Milestone Payment,
Journey will pay to DRL (a) the next highest unpaid “Milestone Payment(s)” set forth in Table 7.5 for any “Milestone
Event” previously achieved by Journey (or its Affiliate, Sublicensee, or Acquiror) or (b) if Journey achieves a Milestone Event
associated with a higher Milestone Payment in a year following a previous Milestone Payment, Journey will only pay DRL the higher Milestone
Payment. Once a Milestone Payment has been triggered under this Section 7.5, Journey is obligated to make payment on Milestone
Events for all lower Milestone Payments than the highest achieved Milestone Payment until all Milestone Payments set forth in this Section
7.5 have been paid. Each Milestone Payment set forth in this Section 7.5 is payable only once (i.e., the first time
the Milestone Event is achieved) and is nonrefundable once paid. For clarity, this means that the maximum amount payable under this Section
7.5 is [***] ($[***]). Journey shall notify DRL promptly following the date of the occurrence of each Milestone Event.

 

	 	Table
    7.5 – Net Sales Milestone Payments
	No.	Milestone
    Event	Milestone
    Payment
	1. 	[***]	[***]
	2. 	[***]	[***]
	3. 	[***]	[***]
	4. 	[***]	[***]
	5. 	[***]	[***]

 

[***]

 

    38 

     

    

 

7.6          Revenue
Based Payments.

 

(a)         Revenue
Percentage Rates. As further consideration of DRL’s transfer, assignment and conveyance of the Assigned Assets pursuant Section
5.1, during the Revenue Percentage Term, Journey shall pay to DRL the applicable revenue percentage rate set forth in Table 7.6
(the “Revenue Percentage Rate”) of Net Sales in an applicable Calendar Quarter on a country-by-country basis (“Revenue
Based Payments”), subject to adjustment as set forth in Section 7.6(c).

 

	 	Table
    7.6 – (Non-Generic) Revenue Based Payments
	No.	Aggregate
    Annual Net Sales	Revenue
    Percentage 

    Rate
	1. 
     	[***]
    ($[***])	[***]
    ([***]%)
	2. 
     	[***]	[***]
    ([***]%)
	3. 
     	[***]
    ($[***])	[***]
    ([***]%)

 

(b)         Revenue
Percentage Reports and Payments. Within thirty (30) days following the end of each Calendar Quarter, commencing with the Calendar
Quarter in which the First Commercial Sale of the Product is made anywhere by Journey or its Affiliate or Sublicensee in the Territory,
Journey shall provide DRL with a report (the “Revenue Percentage Report”) of the amount of Net Sales in each country
or other jurisdiction the Territory during the applicable Calendar Year and a calculation of the amount of the Revenue Based Payment
due for each such country or other jurisdiction in the Territory on such Net Sales for such Calendar Quarter. Concurrent with the delivery
of the Revenue Percentage Report, Journey shall pay in Dollars the Revenue Based Payment due to DRL under this Section 7.6 with
respect to Net Sales for such Calendar Quarter.

 

    39 

     

    

 

(c)         Revenue
Based Payment Reduction for Generic Product. If in any country and/or other jurisdiction in the Territory during the Revenue Percentage
Term a Generic Product with respect to the Product is launched in such country and/or other jurisdiction and there is (i) a sale of one
or more Generic Products with respect to such Product in such country, and (ii) the Net Sales in a given twelve (12) month period following
from the launch of a Generic Product are reduced by [***] ([***]%) from the twelve (12) month period immediately preceding the first
sale of a Generic Product in a country, then the royalty rate for such Product with respect to such country shall thereafter be reduced
by [***] ([***]%) from the applicable rate(s) set forth in Section 7.6(a). In the event that any Product Patent is challenged
based on a claim of patent misuse or related legal theory based on the Revenue Based Payment provisions of this Agreement that poses
any reasonable risk to the enforceability, validity, or other aspect of such Product Patents, the Parties will promptly negotiate a modification
of the Revenue Based Payment provisions to eliminate such risk.

 

7.7          Protection
Against Patent License Stacking. Journey shall be entitled to deduct, from any amounts otherwise owed to DRL as Revenue Based Payments,
any royalties that Journey pays to Third Parties for any license or other right under any Third Party Patent that Journey determines
is necessary for Journey to Exploit the Product in the Territory; provided that such deductions under this Section 7.7 shall not
reduce the Revenue Based Payments in any Calendar Quarter by greater than [***] ([***]%).

 

7.8          Acquisition
Consideration.

 

(a)         Subject
to Section 7.8(c), in the event that Journey, or its Affiliates, execute a definitive agreement for an Acquisition Event during
the period beginning on the Effective Date and ending twenty-four (24) months after the Product Regulatory Approval, Journey shall pay
to DRL an amount equal the following percentage of the Acquisition Product Value paid by an Acquiror within thirty (30) days after Acquiror
makes such payment.

 

	Table
    7.8 – Acquisition Consideration
	No.	Development
    Stage of Product as of the 

    date of the Acquisition Event	Percentage
    of Acquisition 

    Product Value Payable to DRL
	1.
     	[***]	[***]
    ([***]%)
	2.
     	[***]	[***]
    ([***]%)

 

(b)         For
purposes of clarity, (i) the payment to DRL under this Section 7.8 shall only be payable once upon the first Acquisition Event
to occur, and (ii) the Second Installment and all of the other payments set forth in Sections 7.2, 7.3, 7.4, 7.5,
and 7.6 shall still be due to DRL from Journey or its successor after an Acquisition Event, even if an applicable milestone is
achieved, or sales of the Product are made, by Acquiror.

 

(c)         If
Journey has issued common stock (or is required to issue common stock) or made a payment (or is required to make a payment) to DRL pursuant
to Section 7.9(a) prior to the occurrence of an Acquisition Event, Journey shall have no further obligation under Section 7.8(a).

 

    40 

     

    

 

7.9          IPO
/ Uplisting Consideration.

 

(a)         Subject
to Section 7.9(c), if, at the close of the first trading day following the listing of Journey’s common stock on a national
stock exchange (the “Uplisting”) (provided such Uplisting occurs after the Effective Date and before twenty-four (24)
months after the Product Regulatory Approval), the market capitalization of all Journey equity securities, on a fully-diluted basis,
is [***] ($[***]) or more, then Journey shall, at Journey’s option, within thirty (30) days either: (a) issue to DRL a number of
shares of the Journey’s common stock with a dollar value equal to [***] ($[***]) as calculated using a fifteen (15) day volume
weighted average price of Journey’s closing price, measured fifteen (15) days following the Uplisting, without any additional consideration
(financial or otherwise) from DRL, or (b) make a cash payment to DRL equal to [***] ($[***]).

 

(b)         For
purposes of clarity, the Second Installment and all of the other payments set forth in Sections 7.2, 7.3, 7.4, 7.5,
and 7.6 shall still be due to DRL from Journey after an Uplisting.

 

(c)         If
Journey has made a payment (or is obligated to make a payment) to DRL pursuant to Section 7.8(a) prior to the occurrence of an
Uplisting, Journey shall have no further obligation under Section 7.9(a).

 

(d)         In
the event that upon issuance of any shares of Journey’s common stock, Journey requests that DRL enter into a lock-up agreement,
the Parties shall negotiate such agreement in good faith, and DRL be required to enter into (i) a lock-up period of at least one-hundred
eighty (180) days after the date of the Uplisting, (ii) restrictions on DRL to not, directly or indirectly, (1) offer for sale, sell,
pledge, and/or otherwise dispose of (or enter into any transaction, agreement, or device that is designed to, or could be expected to,
result in the disposition by any Person at any time in the future) any such shares or securities convertible into and/or exchangeable
for such shares (2) enter into any swap or other derivatives transaction that transfers to any Person, in whole or in part, any of the
economic benefits or risks of ownership of such shares, and (3) publicly disclose the intention to do any of the foregoing, in each case
without the prior written consent of Journey, and (iii) other clauses that are customarily included in a lock-up agreement.

 

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7.10        Foreign
Exchange. For the purpose of calculating any sums due under, or otherwise reimbursable pursuant to, this Agreement (including the
calculation of applicable Net Sales expressed in currencies other than Dollars), a Party shall convert any amount expressed in a foreign
currency into Dollar equivalents using its or its Affiliate’s or Sublicensee’s standard conversion methodology consistent
with Accounting Standards.

 

7.11        Payment
Method; Late Payments. Journey shall make all payments due hereunder in Dollars to DRL by wire transfer of immediately available
funds into an account designated by DRL. If any payment due to either Party under this Agreement is not paid when due, then such paying
Party shall pay interest thereon (before and after any judgment) at an annual rate (but with interest accruing on a daily basis) equal
to [***] ([***]%) per annum simple interest to run from the date on which payment of such sum became due until payment thereof in full
together with such interest.

 

7.12        Records.
Journey shall keep (and shall ensure that its Affiliates and its Sublicensees keep) such records as are required to determine, in
accordance with Accounting Standards, Applicable Law, and this Agreement, the amounts or credits due under this Agreement, including
Net Sales. Journey shall retain all such books, records, and accounts until the later of (a) three (3) years after the end of the period
to which such books, records and accounts pertain, and (b) the expiration of the applicable tax statute of limitations (or any extensions
thereof), or for such longer period as may be required by Applicable Law.

 

7.13        Audits.
DRL may have a nationally recognized, independent certified public accountant access and examine during normal business hours, and
upon at least thirty (30) days’ prior written notice, those records of Journey (and its Affiliates and Sublicensees, as applicable)
retained pursuant to Section 7.12 as may be reasonably necessary to determine, with respect to any Calendar Year ending not more
than three (3) years before such request, the correctness or completeness of any report or payment made under this Agreement. If the
audit report concludes that (a) additional amounts were owed by Journey, then Journey shall pay the additional amounts, or (b) excess
payments were made by Journey, then DRL shall promptly issue a written credit for such excess payments which shall be applied to future
payments, in either case ((a) or (b)), within forty-five (45) days after the date on which such audit report is delivered to both Parties.
DRL shall bear the full cost of the performance of any such audit, unless such audit, which covers the entire Calendar Year, discloses
a variance to the detriment of DRL that is the greater of (i) [***] ([***]%) of the amounts determined by the independent certified public
accountant owed to DRL by Journey during such Calendar Year, or (ii) [***] ($[***]), in each of which cases ((i) and (ii)), Journey shall
bear the full cost of the performance of such audit. The results of such audit will be binding on the Parties, absent manifest error.
No such audit shall cover a Calendar Year(s) that has/have been previously audited. No audit will begin until Journey and the certified
public accountant have entered into a suitable non-disclosure agreement and all information disclosed by Journey in such an audit will
remain Confidential Information of Journey under this Agreement, provided, however, the results of audit shall be deemed
the Confidential Information of both Parties and provided to both Parties by such auditor.

 

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7.14        Taxes.

 

(a)         Taxes
on Income. Each Party shall pay all taxes imposed on its share of income arising directly or indirectly from the efforts of, or the
receipt of any payment by, such Party under this Agreement.

 

(b)         Taxes.
All amounts payable under this Agreement, including the Upfront Payment, Milestone Payments, Revenue Based Payments, and other payments,
are exclusive of all taxes. Each Party will be responsible for payment of any applicable Taxes relating to this Agreement.

 

(c)         Tax
Cooperation. Journey agrees to cooperate with DRL and to use reasonable efforts to reduce or eliminate tax withholding or similar
obligations in respect of the Upfront Payment, Milestone Payments, Revenue Based Payments, and other payments made by Journey to DRL
under this Agreement. Journey will take into account the Tax Treaty when determining the rate at which withholding tax will be deducted
hereunder. The Parties agree that the maximum withholding tax, as of the Effective Date, is [***] ([***]%). Within thirty (30) days of
the Effective Date, DRL shall deliver to Journey a properly completed Internal Revenue Service Form W-8BEN-E. DRL shall provide Journey
with any other tax forms that may be reasonably necessary in order for Journey not to withhold tax or to withhold tax at a reduced rate
under an applicable bilateral income tax treaty a reasonable time prior to the date the applicable payment is due. Journey shall provide
DRL with reasonable assistance to enable the recovery, as permitted by Applicable Law, of withholding taxes, value added taxes or similar
obligations resulting from payments made under this Agreement, such recovery to be for the benefit of DRL.

 

7.15        No
Joint Venture. For clarity, notwithstanding the Revenue Based Payments described in Section 7.6, the Parties acknowledge that
they are not sharing any losses arising from the Parties’ performance of their respective obligations or exercise of their respective
rights under this Agreement and nothing in this ARTICLE 7 shall be interpreted or construed to create an association, joint venture
or partnership between the Parties.

 

ARTICLE 8

INTELLECTUAL PROPERTY MATTERS

 

8.1          Ownership
of Existing Know-How and Patents. As between the Parties, all Information and Patents Controlled by a Party (with respect to DRL,
except the Product IP) prior to the Effective Date or conceived, discovered, developed, or otherwise made separate and apart from this
Agreement, shall be owned by the Party Controlling such Information and Patents.

 

8.2          Ownership
of Product IP. As between the Parties, prior to the Transfer Date, all Product IP shall be owned by DRL. Subject to ARTICLE 5,
as between the Parties, on and after the Transfer Date, all Product IP shall be owned by Journey.

 

8.3          Ownership
of Journey Improvements. As between the Parties, Journey shall solely own any and all (a) Information that are conceived, discovered,
developed, or otherwise made (i)(A) solely by or on behalf of a Party, and (B) jointly by or on behalf of Journey, on the one hand, and
DRL, on the other hand, in each case ((A) and (B)), in the course of or as a direct result of the performance of the Development Plan,
whether or not patentable, and/or (ii) by Journey during the Term that is (A) generally not known, and (B) necessary or used by Journey
to Exploit the Products (collectively, the “Journey Know-How”), and (b) Patents directed to the Journey Know-How that
are first disclosed in such Patent to the extent such Journey Know-How was conceived, discovered, developed or otherwise made before
the Transfer Date (the “Journey Patents”) and any other intellectual property rights with respect to the Journey Know-How
(together with the Journey Know-How and Journey Patents, the “Journey Improvements”).

 

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8.4          Inventorship.
Except as otherwise set forth in this Agreement, inventorship of patentable inventions conceived, discovered, developed, or otherwise
made during the performance of activities pursuant to this Agreement will be determined in accordance with U.S. patent laws.

 

8.5          Addition
of Patents to the Licenses Granted to Journey; Information Inquiry.

 

(a)         As
of the Effective Date, there are no DRL Background Patents that Cover the Product. If during the Term of this Agreement either Party
identifies a Patent in the Territory, other than a Product Patent, that is Controlled by DRL or any of its Affiliates, which contains
claims that Cover a Product that Journey is Exploiting in the Territory, the Party that identifies such Patent shall notify the other
Party of the existence of a potential DRL Background Patent or Product Patent. Within thirty (30) days after the receipt of such notice,
the Parties will promptly discuss in good faith whether such Patent should be included in the licenses granted to Journey hereunder as
a DRL Background Patent or a Product Patent. If the Parties agree to designate any such Patent as a DRL Background Patent or a Product
Patent, the Parties will promptly enter into an amendment to this Agreement identifying such DRL Background Patent or Product Patent.

 

(b)         After
the Transfer Date, prior to Journey incurring any substantial additional cost in Exploiting the Product or realizing a substantial reduction
to the value of the Assigned Assets, Journey may confer with DRL to determine whether any DRL Background Know-How that is reasonably
necessary (as such term is defined in the definitions of Product Know-How and DRL Background Know-How) exists. For clarity, DRL shall
not be responsible for any such additional cost in Exploiting the Product incurred by or on behalf Journey and/or reduction in value
of the Assigned Assets realized by Journey, including if (i) Journey does not confer with DRL prior to incurring such additional cost
and/or realizing such reduction in the Assigned Assets, and/or (ii) no applicable DRL Background Know-How exists.

 

8.6          Prosecution
of Patents.

 

(a)       Product
Patents and Journey Patents. As between the Parties, Journey shall have the primary right and responsibility to prepare, file, prosecute
(including any opt-in or out-out decisions under the Unified Patent Court Agreement and related regulations) and/or maintain the Product
Patents and Journey Patents. Within thirty (30) days of the Effective Date, DRL will provide Journey’s designated outside counsel
with power of attorney to prosecute, maintain, defend, and, if applicable, file and prosecute additional Product Patents. Journey shall
bear all costs and expenses in connection with the preparation, filing, prosecution, and/or maintenance of any Product Patents and Journey
Patents. Prior to the Transfer Date, Journey shall use outside counsel reasonably acceptable to DRL to prepare, file, prosecute, defend,
and/or maintain the Product Patents and Journey Patents. After the Transfer Date, Journey will have the right to prepare, file, prosecute,
maintain, and/or defend Product Patents and Journey Patents using any counsel it chooses. If Journey decides not to prepare, file, prosecute,
defend, and/or maintain a Product Patent or Journey Patent in any country or other jurisdiction, Journey shall provide reasonable prior
written notice to DRL of such decision. DRL shall thereupon have the option, in its sole discretion, to assume the control and direction
of the preparation, filing, prosecution, and/or maintenance of such Product Patent or Journey Patent at DRL’s expense in such country
or other jurisdiction, except that if the Patent that DRL assumes control of is or subsequently becomes an issued patent containing one
or more claims that Cover Products Commercialized by Journey then Journey will reimburse DRL for its expenses in preparing, filing, prosecuting,
defending, and/or maintaining such Patent. Journey shall reasonably cooperate with DRL in such country or other jurisdiction as provided
under Section 8.6(a).

 

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(b)         DRL
Background Patents. As between the Parties, DRL shall have the sole right, but not the obligation, to prepare, file, prosecute (including
any opt-in or out-out decisions under the Unified Patent Court Agreement and related regulations) and maintain DRL Background Patents.
DRL shall bear all costs and expenses in connection with the preparation, filing, prosecution, and/or maintenance of any DRL Background
Patents that do not solely and exclusively relate to the Product. Journey shall bear all costs and expenses in connection with the preparation,
filing, prosecution, and/or maintenance of any DRL Background Patent that solely and exclusively relates to the Products. If DRL decides
not to prepare, file, prosecute, defend, and/or maintain a DRL Background Patent that Journey has borne costs for under this Section
8.6(b), DRL shall provide reasonable prior written notice to Journey of such decision. Provided that DRL has provided written notice
to Journey that, in its good faith sole discretion, it does not have any obligations to any Third Party with respect to any DRL Background
Patent, Journey shall thereupon have the option, in its sole discretion, to assume the control and direction of the preparation, filing,
prosecution, and/or maintenance of such DRL Background Patent at Journey’s expense in such country or other jurisdiction. DRL shall
reasonably cooperate with Journey in such country or other jurisdiction as provided under this Section 8.6(b) 

 

(c)         Cooperation.
The Parties agree to cooperate fully in the preparation, filing, prosecution, and/or maintenance of the Product Patents and Journey Patents
under this Agreement. Such cooperation shall include:

 

(i)            executing
all papers and instruments, or requiring its employees or contractors to execute such papers and instruments, so as to (A) effectuate
the ownership of intellectual property consistent with the terms and conditions of this Agreement; (B) enable the other Party to apply
for and to prosecute Patent applications in the Territory or DRL Territory, as applicable; and (C) obtain and maintain any patent term
extensions, supplementary protection certificates, and the like with respect to such Patents in the Territory or DRL Territory, as applicable,
in each case ((A), (B), and (C)) to the extent provided for in this Agreement;

 

(ii)          promptly
informing the other Party of any matters coming to such Party’s attention that may materially affect the preparation, filing, prosecution,
defense, and/or maintenance of any DRL Background Patents, Product Patents, and/or Journey Patents in the Territory or DRL Territory,
as applicable; and

 

(iii)         cooperating
in the submission of information concerning this Agreement as a joint research agreement for purposes of U.S. patent law and for otherwise
addressing any double patenting rejections, issues, and/or allegations that arise under U.S. law in connection with a Product Patent
or Journey Patent.

 

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(d)         Patent
Term Extensions and Patent Listings. Journey shall be responsible for making decisions regarding patent term extensions, supplementary
patent protection certificates and any other extensions that are now or become available in the future, wherever applicable, for any
and all Product Patents and Journey Patents. Journey shall have the sole right to make all filings with Regulatory Authorities in the
Territory with respect to all Product Patents and Journey Patents, including as required or allowed (i) in the United States, in the
FDA’s Orange Book, and (ii) outside the United States, under the national implementations of Article 10.1(a)(iii) of Directive
2001/EC/83 or other international equivalents, provided that DRL will make any necessary Orange Book listing-related submission required
to be submitted under Applicable Law prior to the Transfer Date based on reasonable agreement with Journey concerning any such Orange
Book listing-related submission.

 

8.7          Review
and Disclosure of Patent Filings. Journey will keep DRL reasonably informed of material steps with regard to (i) the Product Patents
and any DRL Background Patents for which Journey has exercised its step-in rights pursuant to Section 8.6(b), and (ii) United
States patent applications, Patent Cooperation Treaty patent applications, and/or other patent applications filed in any other country
to be filed under this Agreement in the Journey Patents, (in each case (i) and (ii)) or the Exploitation thereof, including by providing
DRL with a copy of any material communications to and from any patent authority regarding such Product Patents, DRL Background Patents
and/or such patent applications to be filed, and by providing DRL with drafts of any proposed and/or actual material filings or responses
to be made to such patent authorities sufficiently in advance of submitting such filings or responses so as to allow for a reasonable
opportunity for DRL to review and comment thereon. Journey shall consider in good faith the requests and suggestions of DRL with respect
to such drafts and communications. Journey shall promptly disclose to DRL any United States patent applications, Patent Cooperation Treaty
patent applications and/or other patent applications filed in any other country filed under this Agreement in the Journey Patents and
use reasonable efforts to ensure DRL receives such disclosure(s) in no more than thirty (30) days from any such filing. Prior to the
Transfer Date, Journey will not abandon any Product Patents or Journey Patents without DRL’s written consent (provided that the
abandonment of the application where a continuation, divisional, or similar continuing application is filed will not be considered an
abandonment) and will use its best reasonable efforts to maximize the Coverage of the Product by the Product Patents and Journey Patents,
and to not otherwise impair or limit such Patents. Neither Journey nor its counsel will have any attorney-client relationship with DRL
or its Affiliates or owe any fiduciary or any other obligation related to the prosecution, maintenance, and defense of the Product Patents
or Journey Patents. After the Transfer Date, the Parties will continue to reasonably communicate regarding the status of the Product
Patents and Journey Patents, whenever reasonably requested by a Party, at no cost to the other Party.

 

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8.8          Patent
and Know-How Enforcement in the Territory

 

(a)            Notification.
If either Party becomes aware of any existing or threatened infringement or misappropriation of any of Product IP, Journey Improvements,
and/or DRL Background IP by a Third Party with respect to the Products (including any generic version

 

thereof) or the Exploitation thereof in the Territory
or DRL Territory (“Infringement”), then such Party shall promptly notify the other Party in writing to that effect.
For the avoidance of doubt, the term “Infringement” includes any counterclaims alleging that a Product Patent, Journey Patent,
and/or DRL Background Patent is invalid or unenforceable or that a product or process does not infringe or misappropriate Product IP,
Journey Improvements and/or DRL Background IP, as applicable.

 

(b)            Enforcement
Rights and Privilege. For any Infringement, each Party shall share with the other Party all non-privileged information available
to it regarding such actual or alleged infringement. In the event that the Parties explicitly agree to consider disclosing potentially
privileged information relating to Infringement, other activities relating to Journey Improvements, Product IP, and/or DRL Background
IP, the Parties will only do so where both Parties reasonably believe that the facts and circumstances support the finding that they
have a common interest/joint privilege in the subject matter related to such disclosure sufficient to reasonably maintain such privilege.
Upon request of either Party, the Parties will negotiate and execute a Commercially Reasonable common interest agreement relating to
such disclosures.

 

(i)            Enforcement
Rights prior to Transfer Date.

 

(A)          As
between the Parties, prior to the Transfer Date, with respect to the Product IP, DRL will have the first right, but not the obligation,
to bring an appropriate suit or other action against any Person engaged in such Infringement; provided that Journey shall bear all reasonable
and documented out-of-pocket costs incurred by DRL in connection with enforcing its rights against such Infringement in the Territory
that substantially conform to a budget that is subject to Journey’s reasonable prior approval. If, prior to the Transfer Date,
DRL fails to commence enforcement of any Product IP against an Infringement in the Territory within a period of twenty five (25) days
after either Party has delivered a notice of Infringement, then Journey may commence a suit or take action in the Territory to enforce
such Product IP against such Infringement at Journey’s sole cost and expense, and DRL shall take appropriate actions to enable
Journey to commence such suit or take such actions (including allowing Journey to name DRL as a Party to any litigation related to such
Infringement if reasonably required for purposes of standing or otherwise).

 

(B)          As
between the Parties, prior to the Transfer Date, with respect to any Journey Improvements, Journey will have the first right, but not
the obligation, to bring an appropriate suit or other action against any Person engaged in such Infringement, and DRL shall take appropriate
actions to enable Journey to commence such suit or take such actions. If, prior to the Transfer Date, Journey fails to commence enforcement
of any Journey Improvements against an Infringement in the DRL Territory within a period of twenty five (25) days after a request from
DRL to do so, then DRL may commence a suit or take action in the DRL Territory to enforce such Journey Improvements against such Infringement
at its sole cost and expense, and Journey shall take appropriate actions to enable DRL to commence such suit or take such actions (including
allowing Journey to name DRL as a Party to any litigation related to such Infringement if reasonably required for purposes of standing
or otherwise).

 

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(C)          As
between the Parties, prior to the Transfer Date, with respect to the DRL Background IP, DRL will have the first right, but not the obligation,
to bring an appropriate suit or other action against any Person engaged in such Infringement; provided that Journey shall bear all reasonable
and documented out-of-pocket costs incurred by DRL in connection with enforcing its rights against such Infringement in the Territory
and substantially conforming to a budget subject to Journey’s reasonable prior approval. Provided that DRL has provided written
notice to Journey that, in its good faith sole discretion, it does not have any obligations to any Third Party with respect to any DRL
Background Patent, if, prior to the Transfer Date, DRL fails to commence enforcement of any DRL Background Patent against an Infringement
in the Territory within a period of twenty five (25) days after either Party has delivered a notice of Infringement, then Journey may
commence a suit or take action in the Territory to enforce such DRL Background Patent against such Infringement at Journey’s sole
cost and expense, and DRL shall take appropriate actions to enable Journey to commence such suit or take such actions (including allowing
Journey to name DRL as a Party to any litigation related to such Infringement if reasonably required for purposes of standing or otherwise);
provided that Journey shall keep DRL reasonably informed with regard to such Infringement, including by providing DRL with a copy of
material documentation relating to such Infringement. Journey shall incorporate the reasonable requests and suggestions of DRL with respect
to such Infringement.

 

(ii)           Enforcement
Rights after Transfer Date.

 

(A)          On
and after the Transfer Date with respect to the DRL Background IP, DRL will have the sole right, but not the obligation, to bring an
appropriate suit or other action against any Person engaged in Infringement; provided that Journey shall bear all reasonable and documented
out-of-pocket costs incurred by DRL in connection with enforcing its rights against such Infringement in the Territory and substantially
conforming to a budget subject to Journey’s reasonable prior approval. Provided that DRL has provided written notice to Journey
that, in its good faith sole discretion, it does not have any obligations to any Third Party with respect to any DRL Background Patent,
if, after the Transfer Date, DRL fails to commence enforcement of any DRL Background Patent against an Infringement in the Territory
within a period of twenty five (25) days after either Party has delivered a notice of Infringement, then Journey may commence a suit
or take action in the Territory to enforce such DRL Background Patent against such Infringement at Journey’s sole cost and expense,
and DRL shall take appropriate actions to enable Journey to commence such suit or take such actions (including allowing Journey to name
DRL as a Party to any litigation related to such Infringement if reasonably required for purposes of standing or otherwise); provided
that Journey shall keep DRL reasonably informed with regard to such Infringement, including by providing DRL with a copy of material
documentation relating to such Infringement. Journey shall incorporate the reasonable requests and suggestions of DRL with respect to
such Infringement.

 

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(B)          As
between the Parties, on and after the Transfer Date, with respect to the Product IP and/or Journey Improvements, Journey will have the
first right to bring a suit or other action against any Person engaged in Infringement and Journey will be responsible for all costs
associated with any such suit or other action. If, on and after the Transfer Date, Journey fails to commence enforcement of the Product
IP and/or Journey Improvements against an Infringement within twenty five (25) days following a request from DRL to do so, then DRL may
commence a suit or take action to enforce such Product IP and/or Journey Improvements against such Infringement, and Journey shall take
appropriate actions to enable DRL to commence such suit or take such actions; provided that Journey shall bear all reasonable and documented
out-of-pocket costs incurred by DRL in connection with enforcing its rights against such Infringement in the Territory.

 

(C)          Settlement
and Recovery. Neither Party will settle any claim, suit, or action that it brought under this Section 8.8 with respect
to Product IP and/or Journey Improvements in any manner that (1) imposes any costs or liability on, or involves any admission by, the
other Party, or (2) materially limits the scope, enforceability, patentability, or term of the Product IP and/or Journey Improvements
without the other Party’s written approval, which approval will not be unreasonably withheld, conditioned, and/or delayed. For
clarity, Journey shall not have any right to settle any claim, suit, or action with respect to DRL Background IP. Any and all recoveries
obtained by a Party will first be allocated first to the reimbursement of any expenses incurred by the Parties in connection with such
claim, suit, or action. Thereafter, to the extent that any remaining recoveries are directly based on lost profits on sales of a Product
any such lost profits will be treated as Net Sales of a Product. All other recoveries will be retained by the Party that obtained such
recoveries from the claim, suit, or action.

 

(iii)         Cooperation
in Enforcement. Each Party shall provide to a Party enforcing intellectual property rights against Infringement in the Territory
any reasonable assistance in such enforcement, at such enforcing Party’s request and expense, including joining such action as
a party plaintiff if required by Applicable Law to pursue such a suit or other action.

 

(iv)          Rights
of a Party with the First Right of Enforcement when It Elects Not to Enforce to Stop Infringement in the Territory. In any suit or
other action under this Section in which the Party with the first right to initiate suit or other action (the “Non-Enforcing Party”)
has not instituted a suit or other action to stop Infringement in the Territory, the enforcing Party shall (X) keep the Non-Enforcing
Party regularly informed of the status and progress of such enforcement efforts, and (Y) reasonably consider the Non-Enforcing Party’s
comments on any such enforcement efforts. The Non-Enforcing Party in such suits or actions may obtain separate representation in such
matter by counsel of its own choice and at its own cost and expense, but such Non-Enforcing Party shall at all times cooperate fully
with the enforcing Party. The enforcing Party bringing any such suit or other action will be entitled to all recoveries arising from
such suit or other action.

 

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8.9             
Infringement of Third Party Claim.

 

(a)              
If the Product becomes the subject of a Third Party’s claim or assertion of infringement of a Patent (each such claim
or assertion, a “Third Party Infringement Claim”) granted by a jurisdiction within the Territory, then Journey shall
have the sole right and responsibility to resolve such Third Party Infringement Claim at its sole cost and expense. DRL shall reasonably
assist Journey in such defense if requested by Journey, at Journey’s sole cost and expense.

 

(b)             
Journey shall keep DRL reasonably informed with respect to the defense and settlement of Third Party Infringement Claims pursuant
to this Section 8.9.

 

8.10         
Invoices. In the event that a Party is entitled to reimbursement of costs and expenses pursuant to this ARTICLE 8 (and
such costs and expenses are not DRL Development Costs, which shall be invoiced and paid in accordance with Section 4.2(g)), the
Party entitled to reimbursement shall invoice the other Party for all such costs and expenses along with suitable documentation evidencing
each such cost and expense and such other Party shall pay all undisputed costs and expenses within thirty (30) calendar days of receipt
of an applicable invoice.

 

8.11         
Trademarks. Except as otherwise set forth in this Agreement, no rights to any trademarks or trade dress are granted in this
Agreement. Journey shall have the right to determine all Product Trademarks to be used with respect to the Exploitation of the Products
in the Territory and DRL shall have the sole right to determine DRL Territory Trademarks to be used with respect to the Exploitation
of the Product in the DRL Territory. Each Party will present proposed Trademarks for the Product for use in the Territory or DRL Territory
for the Product, as applicable. Each Party will ensure that any Trademarks used by such Party are not reasonably likely to be considered
confusingly similar to any Trademarks that are already in commercial use by the other Party or for which such other Party has filed a
Trademark application or registration. If a Trademark for the Product of a Party is reasonably likely to be considered confusingly similar
to a Trademark for the Product of the other Party that is already in use by such other Party or such other Party has already filed a
Trademark application or registration, such non-using Party (or the Party that does not own the filed Trademark application or registration)
shall not proceed with the use of such Trademark.

 

8.12         
Domain Names. Journey may, at its cost, register as domain names the Product Trademarks in any country or other jurisdiction
in the Territory using any available generic top-level domain or country-code top-level domain. DRL may, at its cost, register as domain
names the DRL Territory Trademarks in the DRL Territory using the country-code top-level domain. Neither Party will actively use any
web site associated with a domain name that incorporates a Trademark of the other Party, its Affiliates, or sublicensees, that is associated
with Products.

 

ARTICLE 9

REPRESENTATIONS AND WARRANTIES; COVENANTS

 

9.1             
Mutual Representations and Warranties. Each Party hereby represents and warrants to the other Party as follows, as of the
Effective Date:

 

(a)              
 Corporate Existence. It is a company or corporation duly organized, validly existing, and in good standing under the laws
of the jurisdiction in which it was incorporated or formed;

 

(b)             
Corporate Power. It has the corporate power and authority and the legal right to enter into this Agreement and perform its
obligations hereunder;

 

(c)              
Authority. It has taken all necessary corporate action on its part required to authorize the execution and delivery of this
Agreement and the performance of its obligations hereunder;

 

(d)             
Binding Agreement. This Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid,
and binding obligation of such Party that is enforceable against it in accordance with its terms, subject to enforcement of remedies
under applicable bankruptcy, insolvency, reorganization, moratorium, and/or similar laws affecting generally the enforcement of creditors’
rights and subject to a court’s discretionary authority with respect to the granting of a decree ordering specific performance
or other equitable remedies;

 

    50 

     

    

 

(e)              
Good Faith and Fair Dealing. Nothing in this Agreement shall be deemed a waiver of the implied duty of good faith and fair
dealing under Applicable Law;

 

(f)               
No Conflict. The execution and delivery of this Agreement, the performance of such Party’s obligations hereunder, and
the rights, licenses, and sublicenses to be granted pursuant to this Agreement (i) do not and will not conflict with or violate any requirement
of Applicable Law; (ii) do not and will not conflict with or violate the certificate of incorporation, by-laws, and/or other organizational
documents of such Party; and (iii) do not and will not conflict with, violate, breach, and/or constitute a default under any contractual
obligations of such Party or any of its Affiliates;

 

(g)              
No Consents. No authorization, consent, and/or approval of a Third Party, nor any license, permit, exemption of or filing
or registration with or notification to any court or Governmental Authority is or will be necessary for the (i) valid execution, delivery,
and/or performance of this Agreement by either Party; or (ii) the consummation by each Party of the transactions contemplated hereby;

 

(h)             
Other Rights. Neither Party nor any of their respective Affiliates is a party to or otherwise bound by any oral or written
contract or agreement that will result in any Third Party obtaining any interest in, or that would give to any other person any right
to assert any claim in or with respect to, any of such Party’s rights under this Agreement; and

 

(i)                
No Debarment. None of such Party’s employees, consultants, and/or contractors:

 

(i)                
is debarred under Section 306(a) or 306(b) of the FD&C Act and/or by the analogous laws of any Regulatory Authority;

 

(ii)             
has, to such Party’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 the analogous laws of any Regulatory Authority, and/or is proposed for
exclusion, or the subject of exclusion or debarment proceedings by a Regulatory Authority; and

 

(iii)           
is excluded, suspended, and/or debarred from participation, or otherwise ineligible to participate, in any U.S. or non-U.S.
healthcare programs (or has been convicted of a criminal offense that falls within the scope of 42 U.S.C. §1320a-7 but not yet excluded,
debarred, suspended, and/or otherwise declared ineligible), or excluded, suspended, and/or debarred by a Regulatory Authority from participation,
or otherwise ineligible to participate, in any procurement or non-procurement programs.

 

9.2             
Fundamental Representations and Warranties of DRL. DRL represents warrants to Journey, the following, as of the Effective
Date (collectively, the “Fundamental Representations and Warranties”):

 

(a)              
Title; Encumbrances. (i) DRL is the sole and exclusive owner of the entire right, title and interest in the Product Patents,
the Product Know-How, and the Product Regulatory Materials; (ii) to DRL’s Knowledge, no Third Party has taken any action or threatened
to take any action before any patent or trademark office (or court or other Governmental Authority) that would render any of the Product
IP invalid, unpatentable, or unenforceable, or that would change the ownership of any Product Patents (including changing the inventorship
of any Product Patents to an inventor not currently named in any Product Patents); (iii) DRL is entitled to grant the licenses and to
make the assignments, conveyances, sales, and transfers specified herein; (iv) DRL holds the Product Patents and Product Regulatory Materials
free and clear from any Encumbrances, and (v) DRL has not granted any licenses or other rights to any Third Party that include any of
the Assigned Assets, or taken any other actions inconsistent with the grants of rights to Journey in this Agreement;

 

(b)             
Completeness of the Product Patents. The Product Patents are the only Patents Controlled by DRL or its Affiliates in the Territory
that contain claims that Cover the Products; and

 

(c)              
No Grant of Rights to Third Parties. Neither DRL nor any of its Affiliates has granted any rights with respect to the Assigned
Assets (including by granting any covenant not to sue with respect to the Product IP);

 

    51 

     

    

 

9.3             
Additional Representations and Warranties of DRL. DRL additionally represents warrants to Journey, the following, as of the
Effective Date:

 

(a)              
No Infringement or Misappropriation. DRL has not received any written notice from any Third Party asserting or alleging and
to DRL’s Knowledge no Third Party has otherwise asserted or alleged that (i) any Exploitation of the Product by DRL before the
Effective Date infringed or misappropriated the intellectual property rights of a Third Party in the Territory, or (ii) any Manufacturing
and/or Commercialization of the Product in the Territory after issuance of a Regulatory Approval by FDA would infringe or misappropriate
the intellectual property rights of any Third Party;

 

(b)             
 Prosecution and Maintenance of Product Patents. To DRL’s Knowledge, the Product Patents have been diligently prosecuted
in accordance with Applicable Law in the respective patent offices in the Territory in which such Patents have been filed;

 

(c)              
Patent Disclosures. DRL has accurately and completely disclosed to the US Patent and Trademark Office all references or other
evidence material to patentability under Applicable Law, of which DRL has Knowledge;

 

(d)             
IP Invalidity, Unenforceability, or Unpatentability Claims. No Third Party, except a patent examiner and/or patent office
in the ordinary course of patent prosecution, has alleged either in writing or to DRL’s Knowledge otherwise that any Product Patent
is invalid, unpatentable, and/or unenforceable;

 

(e)              
Inventors. To DRL’s Knowledge, each of the Patents listed on Exhibit D properly identifies each and every inventor
of the claims thereof as determined in accordance with the laws of the jurisdiction in which such Patent is issued, or such application
is pending;

 

(f)               
Infringement by Third Parties. To DRL’s Knowledge, no Person is infringing and/or misappropriating or threatening to
infringe or misappropriate the Product IP;

 

(g)              
No Unauthorized Use. Neither DRL nor any of its Affiliates has received any written notice of or, to DRL’s Knowledge,
is otherwise aware of any actual or threatened unauthorized use, infringement, or misappropriation by any Person, including any current
or former employee or consultant of DRL or any of its Affiliates, of the Product IP or the Product;

 

(h)             
No Undisclosed Material Obligations. To DRL’s Knowledge, DRL has in good faith disclosed to Journey all current material
Obligations with respect to the Assigned Assets that exist as of the Effective Date (for the avoidance of doubt, DRL has no obligation
under this representation and warranty to disclose to Journey any anticipated Obligations, including any such Obligation that Journey
may incur after the Effective Date in Exploiting the Products that are not specific to the Assigned Assets, such as any general risks
relating to failure in conducting Clinical Studies, prosecuting and enforcing Patents, and similar risks that generally arise in the
ordinary course of Developing and otherwise Exploiting pharmaceutical products);

 

(i)                
Development Cost Estimate and Estimated Budget. To DRL’s Knowledge and taking into account (i) the costs estimates submitted
by Third Parties, (ii) the “Notes and Assumptions” set forth in the Draft Development Plan, and (iii) any other factors over
which DRL has no control, the costs in the estimated budget in the Draft Development Plan reflect DRL’s good faith estimate of
the Development Costs that would reasonably be incurred by DRL in its performance of the Draft Development Plan, in the manner that DRL
would reasonably perform the Draft Development Plan in the absence of this Agreement;

 

(j)               
Compliance with Laws; Good Practices. To DRL’s Knowledge, DRL’s Development and Manufacture of the Products and
development of the Assigned Assets has been carried out in accordance with all Applicable Laws in all material respects, including GLP,
GCP and GMP;

 

(k)             
 Safety Issues. To DRL’s Knowledge, there are no material safety issues, including any facts, data, findings, analysis,
information, or belief that there is a substantial risk of Products Exploited by DRL prior to the Effective Date posing a risk to patient
health or safety; and

 

(l)                
Regulatory and Development Records. DRL has disclosed true, accurate, and complete copies of all material Regulatory Materials,
and any documents and/or other records in Product Know-How that are material to Development, Manufacture, Commercialization, and/or Exploitation
of the Product to Journey, including all material chemistry, manufacturing, and control (CMC) records.

 

    52 

     

    

 

9.4             
Additional Representations and Warranties of Journey. Journey represents warrants to DRL, the following, as of the Effective
Date:

 

(a)              
Journey has been provided all opportunity to review the Draft Development Plan and to ask of DRL any questions, and request
any further information, related to the Development of the Product.

 

(b)             
Prior to the Effective Date, Journey has provided DRL with unaudited financial statements that are true, accurate and complete
in all material respects and fairly present in all material respects the financial condition of Journey as of the quarter ended March
31, 2021 and the year ended December 31, 2020.

 

9.5             
Additional Specific Covenants.

 

(a)              
No Debarment. In the course of the Development, Manufacturing, and/or Commercialization of the Product, neither Party nor
their respective Affiliates (and, as it relates to Journey, any Sublicensees) shall use any employee, consultant, or other contractor:

 

(i)                
who has been debarred under Section 306(a) or 306(b) of the FD&C Act or pursuant to the analogous Applicable Laws of any
Regulatory Authority;

 

(ii)             
who, to such Party’s knowledge, has been charged with, and/or convicted of, any felony or misdemeanor within the ambit
of 42 U.S.C. §§1320a-7(a), 1320a-7(b)(l)-(3), or otherwise pursuant to the analogous laws of any Regulatory Authority, or is
proposed for exclusion, or the subject of exclusion or debarment proceedings by a Regulatory Authority, during the employee’s or
consultant’s employment or contract term with such Party; and/or

 

(iii)           
who is excluded, suspended, and/or debarred from participation, and/or otherwise ineligible to participate, in any U.S. or
non-U.S. healthcare programs (or who has been convicted of a criminal offense that falls within the scope of 42 U.S.C. §1320a-7
but has not yet been excluded, debarred, suspended or otherwise declared ineligible), and/or excluded, suspended or debarred by a Regulatory
Authority from participation, and/or otherwise ineligible to participate, in any procurement or non-procurement programs.

 

(b)             
Notice. Each Party shall notify the other Party promptly, but in no event later than three (3) Business Days, upon becoming
aware that any of its employees, consultants, and/or contractors has been excluded, debarred, suspended, and/or is otherwise ineligible,
and/or is the subject of exclusion, debarment, and/or suspension proceedings by any Regulatory Authority.

 

(c)              
 No Violation. Neither Party nor any of its Affiliates will enter into any obligation to any Person, contractual or otherwise,
that, by its terms, directly conflicts with and/or is inconsistent with in any material respect of the terms of this Agreement and/or
would materially impede the fulfillment of such Party’s obligations hereunder.

 

(d)             
Healthcare, Anti-Bribery and Anti-Corruption Compliance.

 

(i)                
Each Party shall perform and shall cause all of its employees and agents to perform, its obligations under this Agreement
in full compliance with all Healthcare Laws and Anti-Corruption Laws.

 

(ii)             
Each Party shall not, in connection with the performance of its obligations under this Agreement, (A) make or submit any claim,
bill, and/or other document seeking payment from Medicare, Medicaid, and/or any similar governmental program, constituting a false claim,
as defined by the Federal False Claims Act, and all such claims, bills or other documents shall comply with all applicable billing and
service requirements, (B) be party to any unlawful contract, lease, agreement, joint venture, and/or other arrangement with any health
system, hospital, ambulatory surgery center, and/or other health care facility, physician, or other healthcare provider, and/or immediate
family member thereof, and/or other Person who is in a position to make or influence referrals to or otherwise generate business for
such Party, except in compliance in all material respects with all Applicable Laws, and/or (C) pay any remuneration, in cash or in kind,
to any physician or provider except in accordance with the express terms of such physician or provider’s written agreement with
such Party and/or any Affiliate thereof.

 

    53 

     

    

 

(iii)           
Each Party, on behalf of itself, its officers, directors, and employees and on behalf of its Affiliates, agents, representatives,
consultants, and subcontractors hired in connection with the subject matter of this Agreement (together with such Party and with respect
to each Party, “Party Representatives”) agrees that in connection with the performance of its obligations hereunder,
the Party Representatives shall not directly or indirectly pay, offer or promise to pay, and/or authorize the payment of any money, or
give, offer, and/or promise to give, and/or authorize the giving of anything else of value, to:

 

(A)               
any Government Official in order to influence official action;

 

(B)               
any Government Official (1) to influence such Person to act in breach of a duty of good faith, impartiality, and/or trust
(“acting improperly”), (2) to reward such Person for acting improperly, and/or (3) where such Person would be acting
improperly by receiving the money or other thing of value;

 

(C)               
any political party, official of a political party, and/or candidate unless authorized under Applicable Law;

 

(D)               
any other Person while knowing or having reason to believe that all or any portion of the money or other thing of value will
be paid, offered, promised, and/or given to, or will otherwise benefit, a Government Official or political party, official of a political
party, and/or candidate in order to influence official action for or against either Party in connection with the matters that are the
subject of this Agreement; and/or

 

(E)               
 any other Person in a corrupt or improper effort to obtain or retain business or any commercial advantage, such as receiving
a permit or license.

 

(iv)            
In connection with performing its obligations under this Agreement, each Party Representative shall not, directly or indirectly,
solicit, receive, and/or agree to accept any payment of money or anything else of value that constitutes an Anti-Corruption Law Violation.

 

(v)              
Each Party will, and will cause its Party Representatives to, keep and maintain accurate books and reasonably detailed records
reasonably required to establish compliance with Sections 9.1(i)(iii), 9.5(d)(i), and 9.5(d)(iv) during the Term
and for a period of three (3) years thereafter.

 

(vi)            
Each Party will, and will cause all Persons acting on its behalf to, comply with the Healthcare Laws and Anti-Corruption Laws
in connection with all work under this Agreement and each Party shall be responsible for any breach of any representation, warranty,
covenant, or undertaking in this Section 9.4(d), or of the Healthcare Laws or Anti-Corruption Laws by any of its Party Representatives.

 

(vii)         
Each Party may disclose applicable terms and conditions of this Agreement or any action taken under this Section 9.4(d)
to prevent a potential violation or address a continuing violation of applicable Healthcare Law or Anti-Corruption Laws solely as
set forth with Section 11.2.

 

9.6             
Non-Competition. During any portion of the Term of this Agreement following the Transfer Date:

 

(a)              
DRL will not, directly or indirectly, Commercialize, or aid, solicit, or otherwise cause any Person to Commercialize, in the
Territory, Products or any other product containing minocycline or any salt of minocycline as the active pharmaceutical ingredient and
that (i) has the same dosage strength (equal to or greater than 10 mg and less than or equal to 40 mg) and route and mode of administration
(which is oral solid) as the Products and/or (ii) is approved by a Regulatory Authority in the Territory for the treatment of any aspect
of rosacea (“Competing Product”); and

 

(b)             
Journey will not, directly or indirectly, Commercialize, or aid, solicit, or otherwise cause any Person to Commercialize,
in the DRL Territory, the Products or any Competing Products.

 

9.7             
No Parallel Importation. DRL, its Affiliates, and sublicensees will not engage in any activity that would lead to importation
of the Product from the DRL Territory into the Territory, nor will DRL, its Affiliates, and sublicensees assist any Third Party to import
Products from the DRL Territory into the Territory except in connection with any Development permitted under this Agreement. Journey,
its Affiliates, and Sublicensees will not engage in any activity that would lead to importation of Products from the Territory into the
DRL Territory, nor will Journey, its Affiliates, and Sublicensees assist any Third Party to import Products from the Territory into the
DRL Territory except in connection with any Development permitted under this Agreement.

 

    54 

     

    

 

9.8             
No Other Representations or Warranties. EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, AND OTHER THAN IN CIRCUMSTANCES CONSTITUTING
FRAUD, NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR
A PARTICULAR PURPOSE, NON-INFRINGEMENT, OR NON-MISAPPROPRIATION OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS, ARE MADE OR GIVEN BY OR
ON BEHALF OF A PARTY, AND ALL SUCH ADDITIONAL REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, ARE HEREBY
EXPRESSLY EXCLUDED.

 

ARTICLE 10

INDEMNIFICATION

 

10.1         
Survival of Representations, Warranties and Covenants. The representations, warranties, and covenants of DRL contained in
this Agreement and all claims with respect thereto shall survive for a period of [***] months from the Effective Date; except that (a)
the covenants set forth in ARTICLE 4 shall survive until the Transfer Date, (b) the Fundamental Representations and Warranties
shall survive for a period of [***] years from the Effective Date; (c) the representations and warranties set forth in Section 9.1
shall survive until the expiration of the applicable statute of limitations, and (d) the representations, warranties, and/or covenants
set forth in ARTICLE 6, ARTICLE 8, Section 9.6 and 9.7 and ARTICLE 11, shall survive until this Agreement
expires or is terminated or as set forth in Section 12.11, whichever is longer. Any right of indemnification pursuant to this
ARTICLE 10 with respect to a claimed breach of a representation, warranty or covenant shall expire at the date of termination
of the representation, warranty, or covenant claimed to be breached.

 

10.2         
Indemnification by DRL. DRL shall, at its sole expense, defend, indemnify, and hold Journey, its Affiliates, and their respective
officers, directors, employees and agents (the “Journey Indemnitees”) harmless from and against any and all damages,
losses, liabilities, taxes, costs, expenses (including court costs and reasonable attorneys’ fees and expenses) and recoveries
(collectively, “Losses”) arising from claims, suits, and/or proceedings brought by Third Parties (collectively, “Claims”)
arising out of, based on, and/or resulting from (a) the material breach of any of DRL’s obligations under this Agreement, including
DRL’s representations, warranties, and/or covenants hereunder, (b) the Commercialization of the Products by or on behalf of DRL
in the DRL Territory, or (c) the willful misconduct and/or grossly negligent acts of DRL or any DRL Indemnitee. The foregoing indemnity
obligation will not apply (i) to the extent that such Claims or Losses arise out of or result from the fraud, gross negligence, and/or
willful misconduct of a Journey Indemnitee, and/or any related breach by Journey of its representations, warranties, and/or covenants
hereunder; and/or (ii) to Claims or Losses for which DRL has an obligation to indemnify Journey pursuant to Section 10.3, as to
which Claims or Losses each Party shall indemnify the other to the extent of its respective liability for such Claims or Losses.

 

10.3         
Indemnification by Journey. Journey shall, at its sole expense, defend, indemnify and hold DRL and its Affiliates and their
respective officers, directors, employees, and agents (the “DRL Indemnitees”) harmless from and against any and all
Losses arising from Claims to the extent that such Claims arise out of, are based on, and/or result from (a) the material breach of any
of Journey’s obligations under this Agreement, including Journey’s representations and warranties, and/or covenants, (b)
the willful misconduct and/or grossly negligent acts of Journey or any Journey Indemnitee, (c) any acts or omissions of Journey (or its
designee) and/or its Affiliates and Journey’s and/or its Affiliates’ respective Sublicensees, or its Acquiror, while acting
as DRL’s “regulatory agent” in accordance with Section 4.1(a)(iv), (d) the Development of the Products by or
on behalf of Journey and/or its Affiliates and Journey’s and/or its Affiliates’ respective Sublicensees, or its Acquiror,
(e) the Assumed Liabilities, and (f) the Exploitation of the Products in the Territory by or on behalf (including by Third Party Suppliers)
of Journey or its Affiliates, its or their respective Sublicensees, or its Acquiror. The foregoing indemnity obligation will not apply
(i) to the extent that such Claims or Losses arise out of or result from the fraud, gross negligence, and/or willful misconduct of DRL
or its Affiliates, and/or any related breach by DRL of its representations, warranties, and/or covenants hereunder; and/or (ii) to Claims
or Losses for which DRL has an obligation to indemnify Journey pursuant to Section 10.1, as to which Claims or Losses each Party
shall indemnify the other to the extent of its respective liability for such Claims or Losses.

 

10.4         
Indemnification Procedures. The Party claiming indemnity under this ARTICLE 10 (the “Indemnified Party”)
shall give written notice to the Party from whom indemnity is being sought (the “Indemnifying Party”) promptly after
learning of such Claim or Loss; provide that no delay on the part of the Indemnified Party in notifying the Indemnifying Party shall
relieve the Indemnifying Party from any obligation hereunder unless (and then only to the extent that) the Indemnifying Party is prejudiced
thereby. The Indemnified Party shall provide the Indemnifying Party with reasonable assistance, at the Indemnifying Party’s sole
cost and expense, in connection with the defense of a Claim for which indemnification is being sought. The Indemnified Party may participate
in and monitor such defense with counsel of its own choosing at its sole cost and expense. The Indemnifying Party shall not settle any
Claim without the prior written consent of the Indemnified Party, not to be unreasonably conditioned, withheld, and/or delayed, unless
the settlement involves only the payment of money and includes a complete release of claims for the Indemnified Party. If the Indemnifying
Party is actively defending the Claim in good faith, the Indemnified Party shall not settle or compromise any such Claim without the
prior written consent of the Indemnifying Party. If the Indemnifying Party does not assume and conduct the defense of the Claim within
thirty (30) days after receipt of written notice thereof from the Indemnified Party, then (a) the Indemnified Party may defend against,
consent to the entry of any judgment, or enter into any settlement with respect to such Claim in any manner the Indemnified Party may
deem reasonably appropriate (and the Indemnified Party need not consult with, but will obtain any consent (not to be unreasonably withheld)
from, the Indemnifying Party in connection therewith) and (b) the Indemnifying Party will remain responsible to indemnify the Indemnified
Party as provided in this ARTICLE 10.

 

    55 

     

    

 

10.5         
Limitation of Liability.

 

(a)              
Exclusion of Certain Damages. NEITHER PARTY WILL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE
OR INDIRECT DAMAGES ARISING FROM OR RELATING TO THIS AGREEMENT, WHETHER ARISING FROM A DIRECT CLAIM OR THIRD PARTY CLAIM, REGARDLESS
OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES OR WHETHER SUCH PARTY SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES, INCLUDING
FOR ANY SUCH LOST PROFITS, LOST REVENUE, OR LOST BUSINESS, EXCEPT FOR (I) BREACHES OF A PARTY’S OBLIGATIONS UNDER SECTIONS 4.1(a)(iv),
4.3(c) (SOLELY WITH RESPECT TO THE OBLIGATIONS OF DRL UNDER SECTION 4.3(c) WITHIN DRL’S REASONABLE CONTROL), 5.1,
6.3 (WITH RESPECT TO 6.3(b)-(c), SOLELY WITH RESPECT TO CONDUCT BY DRL AND/OR ITS AFFILIATES), 9.1, 9.2,
9.3, 9.4, 9.5, 9.6(a) (SOLELY WITH RESPECT TO CONDUCT BY DRL), 9.6(b) (SOLELY WITH RESPECT TO CONDUCT
BY JOURNEY AND/OR ITS AFFILIATES), 9.7 (SOLELY WITH RESPECT TO CONDUCT BY DRL AND/OR ITS AFFILIATES), AND ARTICLE 11, (II)
ANY SUCH DAMAGES ARISING IN CONNECTION WITH A PARTY’S OBLIGATIONS UNDER SECTIONS 10.2 AND 10.3, RESPECTIVELY.

 

(b)             
Basket and Cap. IN NO EVENT SHALL DRL BE LIABLE TO JOURNEY FOR ANY LOSSES RELATING TO THIS AGREEMENT, WHETHER ARISING FROM
A DIRECT CLAIM OR THIRD PARTY CLAIM, (i) UNTIL SUCH LOSSES EXCEED [***] ($[***]) (AND THEN JOURNEY SHALL BE ENTITLED TO LOSSES ONLY FOR
THE PORTION OF THE LOSSES THAT EXCEED SUCH AMOUNT), AND (ii) THE AMOUNT OF LOSSES THAT JOURNEY MAY CLAIM SHALL BE CAPPED AT THE FOLLOWING
PERCENTAGE OF THE AMOUNTS ACTUALLY PAID TO DRL AS OF THE DATE THE EVENT GIVING RISE TO THE CLAIM AROSE: (A) UP TO [***] ([***]%) OF THE
ACTUAL FTE COST PAID BY JOURNEY TO DRL FOR A CLAIM THAT DRL BREACHED ARTICLE 4 (B) [***] ([***]%) FOR A CLAIM THAT DRL BREACHED
SECTION 9.1 OR SECTION 9.2, AND (C) [***] ([***]%) FOR A CLAIM THAT DRL BREACHED ANY OTHER SECTION OF THIS AGREEMENT. FOR
CLARITY, ONCE JOURNEY HAS BEEN PAID BY DRL IN SATISFACTION OF A CLAIM PURSUANT TO (ii) ABOVE, JOURNEY SHALL ONLY BE ENTITLED TO THE DIFFERENCE
BETWEEN DRL’S CAPPED LIABILITY FOR ANY SUBSEQUENT CLAIM AND THE AMOUNT(S) ALREADY PAID BY DRL, IF THE DIFFERENCE IS A POSITIVE
NUMBER. FOR FURTHER CLARITY, THE FOREGOING LIMITATIONS SHALL NOT APPLY IN THE EVENT OF FRAUD OR FOR BREACHES OF DRL’S OBLIGATIONS
UNDER SECTIONS 4.3(b), 4.3(c), 6.3, 8.11, 8.12, 9.6, 9.7, AND ARTICLE 11.

 

(c)              
NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 10.5 IS INTENDED TO LIMIT OR RESTRICT DAMAGES OR LOSSES ARISING
FROM A PARTY’S FRAUD (INCLUDING INEQUITABLE CONDUCT), GROSS NEGLIGENCE, OR WILLFUL MISCONDUCT.

 

10.6         
Insurance. Each Party shall procure and maintain insurance, including product liability insurance and clinical trial insurance,
or shall self-insure, in each case, in a manner adequate to cover its obligations hereunder and consistent with normal business practices
of prudent pharmaceutical companies similarly situated at all times during which the Product is being clinically tested or commercially
distributed or sold by or on behalf of a Party (including if reasonably requested adding the other Party as an additional insured on
such policies). Each Party shall procure insurance or self-insure at its own expense. Each Party will disclose reasonable details concerning
its compliance with this Section 10.6 upon the reasonable request of the other Party. Such insurance does not create a limit of
either Party’s liability with respect to its indemnification obligations under this ARTICLE 10. Each Party shall provide
the other Party with written evidence of such insurance or self-insurance upon request.

 

ARTICLE 11

CONFIDENTIALITY

 

11.1         
Confidentiality. Each Party agrees that, during the Term and for the later of (i) a period of five (5) years thereafter or
(ii) in the case of any Confidential Information that is a trade secret under Applicable Law for so long as such information maintains
its status as a trade secret, it and its Affiliates shall keep confidential and shall not publish or otherwise disclose and shall not
use for any purpose other than to exercise its rights or perform its obligations under this Agreement (which includes the exercise of
any rights or the performance of any obligations hereunder or thereunder) any Confidential Information furnished to it or its Affiliate
by the other Party or its Affiliate pursuant to this Agreement, except to the extent expressly authorized by this Agreement or as otherwise
agreed to in writing by the Parties. Each Party shall further require its Affiliates, and to ensure its and their respective directors,
officers, employees, agents, consultants, sublicensees, contractors, partners, Acquirors, assignees, and distributors (collectively,
 “Recipients”) who receive the other Party’s Confidential Information either agree, in writing, or are otherwise
subject to legal professional ethical obligations requiring such Persons, to be bound by duties and obligations of confidentiality and
non-use no less stringent than those contained in this Section 11.1. The foregoing confidentiality and non-use obligations do
not apply to any portion of the disclosing Party’s Confidential Information that the receiving Party can demonstrate by competent
written proof maintained in the ordinary course of business:

 

    56 

     

    

 

(a)              
was already known to or otherwise in the possession of, the receiving Party, other than under an obligation of confidentiality,
prior to the time of disclosure by the disclosing Party or its Affiliate, as evidenced by contemporaneous writing;

 

(b)             
was part of the public domain at the time of its disclosure to the receiving Party or any of its Recipients;

 

(c)              
became part of the public domain after its disclosure and other than through any act or omission of the receiving Party or
any of its Recipients in breach of this Agreement;

 

(d)             
was disclosed to the receiving Party on a non-confidential basis by a Third Party who, to the receiving Party’s knowledge
after due inquiry, had a legal right to make such disclosure; or

 

(e)              
was independently discovered or developed by the receiving Party or its Affiliate without aid, application, reference to or
use of the disclosing Party’s Confidential Information, as evidenced by a contemporaneous writing.

 

11.2         
Authorized Disclosure. Notwithstanding the obligations set forth in Section 11.1, a Party or its Affiliate may disclose
the other Party’s Confidential Information and the terms of this Agreement to the extent:

 

(a)              
such disclosure is reasonably necessary (i) for the filing or prosecuting of Patent rights as contemplated by this Agreement;
(ii) to comply with the requirements of Regulatory Authorities with respect to obtaining and maintaining Regulatory Approval of the Product
or submission of information to tax or other Governmental Authorities; or (iii) for prosecuting or defending litigation as contemplated
by this Agreement (including enforcing trade secret rights in the Product Know-How);

 

(b)             
such disclosure is reasonably necessary to its officers, directors, employees, agents, consultants, contractors, licensees,
sublicensees, attorneys, accountants, sources of debt or equity financing, insurers, or licensors who need to know such information in
order for such Party to perform its obligations or exercise its rights under this Agreement or the Material Transfer Agreement; provided
that in each case, the disclosees are bound by written obligations or legal professional ethical duties and obligations of confidentiality
and non-use no less stringent than those of this Agreement with a reasonable duration based on customary terms;

 

(c)              
such disclosure is reasonably necessary to any bona fide potential or actual investor, Acquiror, merger partner, or
other financial or commercial partner for the sole purpose of evaluating an actual or potential investment, acquisition, or other business
relationship; provided that, in each case, the disclosees are bound by written obligations of confidentiality and non-use no less
stringent than to those of this Agreement with a reasonable duration based on customary terms, and further provided, that in the
case of any such disclosure of Confidential Information to any actual or potential competitor of either Party, all competitively sensitive
information (including, for the avoidance of doubt, all financial information) herein shall be redacted until, subject to Applicable
Laws, the execution of a definitive agreement with such actual or potential competitor to implement a transaction with the receiving
Party is imminent; or

 

(d)             
such disclosure is reasonably necessary to comply with Applicable Laws, including regulations promulgated by applicable security
exchanges, court order, administrative subpoena, or other order.

 

Notwithstanding the foregoing, if a Party or
its Affiliate is required to make a disclosure of the other Party’s Confidential Information pursuant to Section 11.2(a)
or 11.2(d), then such disclosing Party shall (i) use its best efforts to promptly notify the other Party of such required disclosure,
(ii) give the other Party an opportunity to seek confidential treatment and, upon the other Party’s request, such disclosing Party
and its Affiliates and their respective Recipients shall use reasonable efforts to obtain, or to assist the other Party in obtaining,
a protective order and/or other protection preventing the disclosure, protecting the confidentiality of the Confidential Information,
and/or limiting the required disclosure and (iii) if the other Party is unsuccessful in its efforts pursuant to subsection (ii), disclose
only that portion of the Confidential Information that such Party is legally required to disclose and under conditions that maximize
the confidentiality of such disclosure wherever available.

 

    57 

     

    

 

11.3         
Technical Publication. The Parties acknowledge that scientific publications must be strictly monitored to prevent any adverse
effect from premature publication of results of the Development activities hereunder. Accordingly, neither DRL nor any of its Affiliates
or their respective contractors shall submit for publication, publish, and/or present an abstract or presentation with respect to the
activities contemplated by the Development Plan (each of the foregoing, a “Publication”) without prior review and
written approval by Journey. In connection with the foregoing, Journey shall apply the same standards and guidelines to its review and
approval of Publications submitted by DRL or its Affiliates that Journey applies to its review and approval of Publications submitted
by any of its employees.

 

11.4         
 Publicity; Terms of Agreement.

 

(a)              
Terms of Agreement. The Parties agree that the existence and terms of this Agreement are the Confidential Information of both
Parties, subject to the special authorized disclosure provisions set forth in this Section 11.4.

 

(b)             
Initial Public Announcement. Journey may make a public announcement of the execution of this Agreement, which may be issued
on or promptly after the Effective Date; provided that such public announcement is in the form attached hereto as Exhibit G.

 

(c)              
Subsequent Public Announcements. After release of such press release, if either Party or its Affiliates desire to make a public
announcement concerning the existence or terms of this Agreement, or any clinical or regulatory announcements, then such Party shall
provide a copy of the proposed text of such announcement to the other Party for its prior review and approval (except as otherwise provided),
such approval not to be unreasonably withheld, conditioned, and/or delayed. A Party commenting on such a proposed announcement shall
provide its comments, if any, within five (5) Business Days after receiving the announcement for review. In addition, where, in the opinion
of the disclosing Party’s counsel, required by Applicable Laws, including regulations promulgated by applicable security exchanges,
such Party or its Affiliate may, subject to Section 11.4(d), make a public announcement, press release, and/or other public disclosure
under this Agreement. Notwithstanding anything to the contrary set forth in this Agreement, Journey, its Affiliates and its and their
respective Sublicensees shall have the right to publicly disclose research, development, and commercial information (including with respect
to regulatory matters) regarding the Products; provided, that (a) such disclosure is subject to the provisions of ARTICLE 11
with respect to DRL’s Confidential Information, and (b) except as required by Applicable Law, neither Party shall use the name
of the other party or its Affiliates (or insignia, or any contraction, abbreviation or adaptation thereof) without the other Party’s
prior written permission. Neither Party nor their Affiliates are required to seek the permission of the other Party to repeat any information
regarding the terms of this Agreement that has already been publicly disclosed by such Party or its Affiliate, or by the other Party
or its Affiliate, in accordance with this Section 11.4, if such information remains accurate as of such time.

 

(d)             
Required Disclosures. The Parties acknowledge that either or both Parties may be obligated to file under Applicable Laws a
copy of this Agreement with the United States Securities and Exchange Commission or other Governmental Authorities and that either Party
may be required to disclose information concerning this Agreement or portions of this Agreement with Governmental Authorities involved
in the examination or enforcement of Patent rights or Regulatory Authorities in connection with the rights granted under this Agreement.
Each Party may make such a required filing and shall use reasonable efforts to request confidential treatment of the commercial terms
and sensitive technical terms hereof and thereof to the extent such confidential treatment is reasonably available to such Party under
Applicable Law. In the event of any such filing, each Party shall provide the other Party with a copy of this Agreement marked to show
provisions for which such Party intends to seek confidential treatment and shall reasonably consider and incorporate the other Party’s
comments thereon to the extent consistent with the legal requirements and provided within ten (10) Business Days after provision of such
copy (or such shorter period of time as may be required to comply with Applicable Law), with respect to the filing Party, governing disclosure
of material agreements and material information that must be publicly filed and/or otherwise recorded.

 

11.5         
Prior Confidentiality Agreements. The Parties are parties to that certain confidentiality agreement between the Parties with
an Effective Date of November 29, 2018 entered into by Journey and DRL’s Affiliate, Promius Pharma, LLC (the “Prior CDA”).
This Agreement, including this ARTICLE 11 shall supersede the Prior CDA and all Confidential Information disclosed pursuant to
the Prior CDA shall be considered Confidential Information under this Agreement and subject to the obligations set forth in this ARTICLE
11.

 

11.6         
Destruction of Confidential Information. Except as otherwise set forth in this Agreement, upon termination or expiration of
this Agreement, the receiving Party will, at disclosing Party’s option and instruction, promptly destroy all of the disclosing
Party’s Confidential Information in its possession, including all reproductions and copies thereof in any medium, except that the
receiving Party may retain one copy for its legal files solely to monitor its continuing obligations and/or as reasonably necessary or
useful to exercise its rights that expressly survive the termination or expiration of this Agreement.

 

11.7         
Unauthorized Use. If either Party becomes aware or has knowledge of any unauthorized use and/or disclosure of the other Party’s
Confidential Information, then it will promptly notify the other Party of such unauthorized use and/or disclosure.

 

11.8         
Exclusive Property. Except where otherwise provided in this Agreement, all of the disclosing Party’s Confidential Information
is the sole and exclusive property of the disclosing Party and the permitted use thereof by the receiving Party for purposes of its performance
hereunder will not be deemed a license or other right of the receiving Party to use any such Confidential Information for any other purpose.

 

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ARTICLE 12

TERM AND TERMINATION

 

12.1         
Term. This Agreement becomes effective on the Effective Date, and, unless sooner cancelled or terminated as specifically provided
in this Agreement, continues in effect on a country-by-country basis until the expiration of the Revenue Percentage Term in a country
and expires in its entirety upon the expiration of the Revenue Percentage Term in the last country in the Territory (the “Term”).

 

12.2         
Termination for Bankruptcy. Subject to the applicable Bankruptcy Code in the country in which each Party exists under Applicable
Law, each Party may terminate this Agreement in its entirety prior to the Transfer Date upon immediate written notice if the other Party
(a) applies for or consents to the appointment of, or the taking of possession by, a receiver, custodian, trustee, and/or liquidator
of itself or of all or a substantial part of its property, (b) makes a general assignment for the benefit of its creditors, (c) commences
a voluntary case under the Bankruptcy Code of any country, (d) files a petition seeking to take advantage of any laws relating to bankruptcy,
insolvency, reorganization, winding-up or composition or readjustment of debts, (e) fails to controvert in a timely and appropriate manner,
or acquiesces in writing to, any petition filed against it in any involuntary case under the Bankruptcy Code of any country, (f) takes
any corporate action to effect any of the foregoing, (g) has a proceeding or case commenced against it in any court of competent jurisdiction,
seeking (i) its liquidation, reorganization, dissolution or winding-up, or the composition or readjustment of its debts, (ii) the appointment
of a trustee, receiver, custodian, liquidator or the like of all or any substantial part of its assets or (iii) similar relief under
the Bankruptcy Code of any country, or an order, judgment, or decree approving any of the foregoing is entered, and, in each case ((i)
through (iii)), such proceeding or case continues unstayed for a period of sixty (60) days, and/or (h) has an order for relief against
it entered in an involuntary case under the Bankruptcy Code of any country.

 

12.3         
Termination for Material Breach.

 

(a)              
Notice. If prior to the Transfer Date a Party materially breaches its obligations under this Agreement with respect to a Product
or country or other jurisdiction in the Territory (the “Breaching Party”), then the other Party (the “Non-Breaching
Party”) may give written notice to the Breaching Party identifying such material breach in reasonable detail (a “Default
Notice”) and, other than material breaches related to failure to make payments due under this Agreement which shall be cured
by the Breaching Party (a) within thirty (30) days with respect to any payments under ARTICLE 7, (b) seventy-five (75) days with
respect to payment of any Development Costs under ARTICLE 4 and Section 8.10, and (c) one hundred and twenty (120) days
with respect to payment to any Third Party by Journey that is performing any activities under the Development Plan, the Breaching Party
shall cure such material breach within ninety (90) days after delivery of the Default Notice, provided that if such material breach is
not reasonably capable of cure within such ninety (90) day period, then the Breaching Party may submit, within thirty (30) days after
delivery of the Default Notice, a reasonable cure plan to remedy such material breach as soon as possible that is reasonably acceptable
to the Non-Breaching Party, and upon such submission, the ninety (90) day cure period will be automatically extended for so long as the
Breaching Party continues to use Commercially Reasonable Efforts to cure such material breach in accordance with such cure plan (subject
to the dispute resolution procedures set forth in Section 12.3(b)). For clarity, uncured failure by Journey to timely pay any
Journey Development Costs and/or DRL Development Costs is deemed to be a material breach of this Agreement.

 

(b)             
Process for Disputes. If a Non-Breaching Party provides a Default Notice to the Breaching Party pursuant to Section 12.3(a)
as a result of a material breach (or alleged material breach) then, on or before the end of the cure period therefor, either Party
shall have the right to refer the matter to the designated executive officer of DRL and the designated executive officer of Journey (or
their respective designees) (the “Executive Officers”) pursuant to Section 13.1  before terminating this Agreement
in accordance with the process set forth in Section 12.3(c). The cure period set forth in Section 12.3(a) shall be tolled
during the pendency of any such dispute, and all of the terms of this Agreement will remain in effect and the Parties will continue to
perform all of their respective obligations hereunder.

 

(c)              
Process for Termination. If the material breach is so cured within the remainder of the cure period, whether without or after
the procedure set forth in Section 12.3(b), then this Agreement will remain in full force and effect. If the material breach is
not cured within the remainder of the cure period or settled pursuant to Section 12.3(b), then, within thirty (30) days after
the end of such cure period, the Non-Breaching Party shall send written notice to the Breaching Party advising of the termination of
this Agreement in the applicable country in accordance with this Section 12.3(c).

 

12.4         
Termination for Failure to Pay Second Installment. In the event that Journey has not paid the Second Installment to DRL on
or within ninety (90) days from the Effective Date, DRL may immediately terminate this Agreement upon written notice to Journey. For
clarity, in the event that this Agreement is terminated by DRL pursuant to this Section 12.4, except with regard to a breach by
Journey of its obligations under ARTICLE 11, or fraud or willful misconduct of Journey, DRL’s sole remedy with respect to
a claim that Journey breached its obligations under this Agreement shall be DRL’s right to keep the First Installment.

 

12.5         
Termination for Cessation of Development. If at any time during the Development Period, Journey has ceased Development of
the Product in the United States for six (6) consecutive months, then DRL may terminate this Agreement upon thirty (30) days’ written
notice to Journey; provided that if Journey cures such cessation of Development of the Product in the United States during such thirty
(30) day period, Journey shall be deemed to have not ceased Development of the Product in the United States. As used herein “ceased
Development” means that Journey has not materially progressed Development of the Product in the United States as evidenced by protracted
inactivity by Journey and is not caused by (i) DRL, (ii) Applicable Laws, (iii) action or inaction of any Third Party (including any
Regulatory Authority) that is reasonably beyond Journey’s control, and/or (iv) due to an event that would constitute force majeure
under Section 14.3.

 

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12.6         
Termination for Patent Challenge. In the event that Journey or its Affiliates or Sublicensees (individually or in association
with any other person or entity) initiates or otherwise is responsible for a Patent Challenge of any claim in (a) prior to the Transfer
Date, any Product Patent or DRL Background Patents, or (b) on or after the Transfer Date, any DRL Background Patents, in either case,
in a country, DRL shall have the right to terminate this Agreement in the applicable country upon written notice to Journey if such Patent
Challenge is not subject to Journey’s withdrawal or cancellation under Applicable Law or, within thirty (30) days of an initial
notice of breach by DRL, Journey has not cured the breach by withdrawing or cancelling such Patent Challenge.

 

12.7         
Termination for Failure to Develop the Product in the European Union. If Journey fails to (a) initiate Development of the
Product in the Field in the European Union within twenty-four (24) months from the receipt of Product Regulatory Approval, or (b) cause
the First Commercial Sale of the Product to occur in at least one country the European Union within the European Union Approval Period,
then in either case (a) or (b), DRL shall have the right to terminate this Agreement solely with respect to the European Union upon thirty
(30) days’ written notice to Journey unless Journey, at Journey’s sole discretion, pays DRL the Launch Milestone Payment
set forth as item number 1 in Table 7.4 (which applies to First Commercial Sale of the Product in the European Union).

 

12.8         
No Other Termination after Transfer Date. Other than as provided for in Section 12.6 or Section 12.7, after
the Transfer Date this Agreement cannot be terminated, in whole or in part, except by express written consent of both Parties.

 

12.9         
 Effect of Expiration or Termination.

 

(a)              
Expiration. Upon expiry of the Term on a country or other jurisdiction-by-country or other jurisdiction basis, all rights
and licenses granted by a Party to the other Party under this Agreement with respect to the Product shall remain in effect in accordance
with their terms and shall become irrevocable, unrestricted, and perpetual and all licenses related thereto will be fully paid up.

 

(b)             
Termination for any Reason. Upon termination of this Agreement by either Party for any reason, Journey shall not be entitled
to any refund of any payments made by Journey to DRL. For clarity, this Section 12.9(b) shall not restrict Journey’s rights
and remedies available at law or in equity.

 

(c)              
Certain Terminations by Journey prior to Transfer Date. In the event this Agreement is terminated by Journey pursuant to Section
12.2 (for DRL bankruptcy) or Section 12.3 (for DRL material breach) prior to the Transfer Date, all rights and licenses granted
to DRL by Journey under this Agreement shall immediately terminate and be of no force or effect.

 

(d)             
Certain Terminations by DRL prior to Transfer Date. In the event this Agreement is terminated by DRL pursuant to Section
12.2 (for Journey bankruptcy) or Section 12.3 (for Journey material breach), Section 12.4 (for failure to pay Second
Installment), Section 12.5 (for cessation of Development) or Section 12.6 (for patent challenge) prior to the Transfer
Date, then each of the following shall apply:

 

(i)                
all rights and licenses granted to DRL by Journey under this Agreement shall immediately terminate and be of no force or effect;

 

(ii)             
subject to the terms and conditions of this Agreement, Journey hereby grants to DRL and its Affiliates an exclusive (even
as to Journey), royalty-free, fully paid up, transferrable, and sublicensable license under the Journey Improvements to Exploit the Product
anywhere in the world; and

 

(iii)           
if DRL determines, in its sole discretion, to wind down the activities under the Development Plan, DRL shall promptly commence
winding down its activities under the Development Plan at Journey’s sole cost and expense, provided that Journey’s obligations
with respect to such cost and expense will be limited to the cost and expense actually incurred by DRL in performing activities during
the Wind Down Period and will not exceed the cost and expense of such activities as estimated during the Development Period and provided
for in the Development Plan.

 

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(e)              
Termination after the Transfer Date.

 

(i)                
In the event this Agreement is terminated in the European Union by DRL pursuant to Section 12.7 (for Journey’s
failure to Develop the Product in the European Union), then each of the following shall apply:

 

(A)               
 all rights and licenses granted by DRL to Journey under this Agreement with respect to the European Union shall immediately
terminate and be of no force or effect.

 

(B)               
subject to the terms and conditions of this Agreement, Journey hereby grants to DRL and its Affiliates an exclusive (even
as to Journey), royalty-free, fully paid-up, transferable, sublicensable, perpetual and irrevocable license under the Product IP and
Journey Improvements to Exploit the Product in the European Union.

 

(C)               
Journey, at its sole cost and expense, shall (A) promptly commence winding down its Commercialization activities in the European
Union, and (B) use good faith efforts to complete any and all such wind-down Commercialization activities within three (3) months after
the effective date of termination of this Agreement with respect to the European Union.

 

(D)               
To the extent requested by DRL, Journey, at its sole cost and expense, shall transfer, assign and convey to DRL all or part,
as determined by DRL each of the following as they relate to the European Union: (A) the Product IP, (B) the Product Trademarks, (C)
the Regulatory Approvals (or applications therefor), the Regulatory Materials, and the related clinical data contained or relied upon
in any of the foregoing in Controlled by DRL as of the effective date of the termination of this Agreement with respect to the European
Union, and (D) the contracts that relate to the Product, including any sublicenses to any Sublicensee.

 

(E)               
Journey shall provide assistance as may be requested by DRL and as is reasonably necessary or useful for DRL to continue Exploit
the Products in the European Union, including (A) furnishing to DRL all Journey Know-How to the extent not already possessed by DRL relating
to the European Union, (B) assigning or amending as appropriate and practicable, upon request of DRL, any agreements or arrangements
with Third Party contractors to distribute, sell or otherwise Commercialize or Manufacture the Products in the European Union. To the
extent that any such contract between Journey and a Third Party is not assignable to DRL or covers products in addition to the Products,
Journey shall reasonably cooperate to the extent practicable with DRL to arrange to continue to provide such services for a reasonable
time after the termination of this Agreement.

 

(ii)             
In the event this Agreement is terminated by DRL pursuant to Section 12.6 (for patent challenge) on or after the Transfer
Date, then each of the following shall apply:

 

(A)               
all rights and licenses granted by DRL to Journey under this Agreement shall immediately terminate and be of no force or effect.

 

(B)               
all financial obligations of Journey pursuant to ARTICLE 7 shall remain in full force and effect.

 

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12.10     
 Rights in Bankruptcy.

 

(a)              
Applicability of 11 U.S.C. § 365(n). All rights and licenses (collectively, the “Intellectual Property”)
granted by each Party to the other Party under or pursuant to this Agreement, including all rights and license to use improvements and
enhancements developed during the Term, are intended to be, and shall otherwise be deemed to be, for purposes of the Bankruptcy Code
or any analogous provisions in any other country or other jurisdiction, licenses of rights to “intellectual property” as
defined under Section 101(35A) of the Bankruptcy Code. The Parties agree that the licensee of such Intellectual Property under this Agreement
shall retain and may fully exercise all of its rights and elections under the Bankruptcy Code, including Section 365(n) of the Bankruptcy
Code, or any analogous provisions in any other country or other jurisdiction. All of the rights granted to either Party under this Agreement
shall be deemed to exist immediately before the occurrence of any bankruptcy case in which the other Party is the debtor.

 

(b)             
Rights of non-Debtor Party in Bankruptcy. If a bankruptcy proceeding is commenced by or against either Party under the Bankruptcy
Code or any analogous provisions in any other country or other jurisdiction, the non-debtor Party shall be entitled to a complete duplicate
of (or complete access to, as appropriate) any Intellectual Property and all embodiments of such Intellectual Property, which, if not
already in the non-debtor Party’s possession, shall be delivered to the non-debtor Party within five (5) Business Days of such
request; provided, that the debtor Party is excused from its obligation to deliver the Intellectual Property to the extent the
debtor Party continues to perform all of its obligations under this Agreement and the Agreement has not been rejected pursuant to the
Bankruptcy Code or any analogous provision in any other country or other jurisdiction.

 

12.11     
Survival. Termination or expiration of this Agreement (either in its entirety or with respect to one (1) or more countries)
for any reason shall be without prejudice to any rights that shall have accrued to the benefit of a Party prior to such termination or
expiration. For clarity, termination for breach by either Party under Section 12.3, shall not preclude the terminating Party from
pursuing all rights and remedies it may have hereunder or at law or in equity with respect to any breach of this Agreement nor prejudice
either Party’s right to obtain performance of any obligation. Notwithstanding anything to the contrary, in addition to those specified
in Section 12.9, the following provisions will survive any expiration or termination of this Agreement: ARTICLE 1 (Definitions),
ARTICLE 10 (Indemnification), ARTICLE 11 (Confidentiality), ARTICLE 13 (Dispute Resolution), ARTICLE 14 (Miscellaneous),
and Sections 2.2(b) and (d) (Journey License Grant to DRL), 7.10 (Foreign Exchange), 7.11 (Payment Method;
Late Payments), 7.12 (Records), 7.13 (Audits), 7.14 (Taxes), 7.15 (No Joint Venture), 8.1 (Ownership
of Existing Know-How and Patents), 8.3 (Ownership of Journey Improvements), 8.6(c) (Cooperation), 8.9 (Infringement
of Third Party Claim) (but with respect to Section 8.6(c) and 8.9, solely with respect to actions that are ongoing at the
time of such termination), 12.9 (Effects of Termination) and 12.11 (Survival). Except as expressly set forth herein, all
rights and obligations of the Parties hereunder shall terminate on the expiration or termination of this Agreement.

 

ARTICLE 13

DISPUTE RESOLUTION

 

13.1         
Referral of Disputes to Parties Executive Officers; Arbitration. In the event of any disputes, controversies, and/or differences
between the Parties, arising out of, in relation to, or in connection with this Agreement, including any alleged failure to perform,
or breach, of this Agreement, or any issue relating to the validity, construction, interpretation, enforceability, performance, application,
and/or termination of this Agreement (each a “Dispute”), then upon the written request of either Party, which request
shall set forth the nature of the Dispute in sufficient detail to allow for meaningful good faith negotiations, the Dispute shall be
first submitted to the Executive Officers of each Party, who shall have full authority to negotiate for and bind their respective Party,
for attempted resolution by good faith negotiations within thirty (30) days. If the Dispute is not resolved within thirty (30) days following
the written request for amicable resolution, or such other time as the Parties may mutually agree in writing, then (a) if the Dispute
is an intellectual property Dispute relating to the scope, validity, enforceability, or infringement of any Patent or Trademark rights
covering the Manufacture, use, importation, offer for sale, sale or other Exploitation of the Product, then such Dispute shall be resolved
pursuant to Section 13.5, and (b) for any Dispute that is not one of the foregoing, then either Party may, initiate an arbitration
pursuant to Exhibit H. Any determination pursuant to this Section 13.1 that a Party is in material breach of its material
obligations hereunder shall specify a (nonexclusive) set of actions to be taken to cure such material breach, if feasible. Notwithstanding
anything herein to the contrary, nothing in this Section 13.1 shall preclude either Party from seeking interim or provisional
relief, including a temporary restraining order, preliminary injunction, and/or other interim equitable relief concerning a Dispute in
accordance with Section 13.2, if reasonably deemed by such Party necessary to protect the interests of such Party. Any Party may
bring an action or proceeding in any court of competent jurisdiction seeking temporary injunctive or equitable relief (or their non-U.S.
equivalents), or to prevent irreparable harm preserve the status quo until any arbitration is commenced. The Parties agree that any court
action or proceeding to compel or in support of arbitration or for provisional remedies in aid of arbitration, including any action to
enforce the provisions of this Section, may be brought in the federal or state courts located in New York, New York (the “New
York Courts”). The Parties hereby unconditionally and irrevocably submit to the non-exclusive jurisdiction of the New York
Courts for such purpose, and in any action to enforce any arbitration award rendered hereunder and waive any right to stay or dismiss
any such actions or proceedings brought before the New York Courts based on forum non conveniens or improper venue. Except in a proceeding
to enforce the results of the arbitration or as otherwise required by Applicable Laws, no Party nor any arbitrator may disclose the existence,
content, or results of any arbitration hereunder without the prior written agreement of both Parties. This ARTICLE 13 shall be
specifically enforceable in any court of competent jurisdiction.

 

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13.2         
Equitable Relief. Notwithstanding Section 13.1, each Party acknowledges that its material breach of Sections 4.3(b),
6.1, 6.3, 8.6(c), 9.6, 9.7, and/or ARTICLE 11 may cause irreparable harm to the other Party,
which cannot be reasonably or adequately compensated by damages in an action at law. By reason thereof, each Party agrees that the other
Party may, in addition to any other remedies it may have under this Agreement or otherwise, seek preliminary and permanent injunctive
and other equitable relief from the New York Courts to prevent or curtail any actual or threatened breach of any Article or Section referenced
in this Section that is reasonably likely to cause it irreparable harm. For the avoidance of doubt, unless DRL has properly terminated
this Agreement prior to the Transfer Date in accordance with this Agreement, if (a) DRL has received the Second Installment and all Milestone
Payments in full owed by Journey pursuant to Section 7.2, (b) DRL has been reimbursed in full for all DRL Development Costs that
are not disputed in good faith by Journey, and (c) Journey has provided DRL with the notice described in Section 5.1, then the
Assignment Agreements shall become effective and Journey will be entitled to specific performance, if necessary, to ensure the complete
sale, assignment, transfer, and conveyance of such rights, title, and interest, in and to the Assigned Assets and to obtain DRL’s
reasonable assistance in confirming such sale, assignment, transfer, and conveyance of the Assigned Assets.

 

13.3         
Governing Law. This Agreement and all disputes arising out of or related to this Agreement or any breach hereof are governed
by and construed under the laws of the State of New York, without giving effect to any choice of law principles that would require the
application of the laws of a different state. The Parties agree to exclude the application to this Agreement of the United Nations Convention
on Contracts for the International Sale of Goods.

 

13.4         
Waiver of Jury Trial. EACH PARTY HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH
PARTY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THAT FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 13.4.

 

13.5         
Patent and Trademark Disputes. Notwithstanding Section 13.1, any Dispute relating to the scope, validity, enforceability
or infringement of any Patent or Trademark rights covering the Manufacture, use, importation, offer for sale, sale or other Exploitation
of the Product will be submitted to a court of competent jurisdiction in the country or other jurisdiction in which such Patent or Trademark
rights were granted or arose.

 

ARTICLE 14

MISCELLANEOUS

 

14.1         
Entire Agreement; Conflict; Amendment. This Agreement, including the Exhibits attached hereto, together with the Assignment
Agreements, the Pharmacovigilance Agreement and any other documents delivered pursuant hereto or thereto sets forth the complete, final
and exclusive agreement and all the covenants, promises, agreements, warranties, representations, conditions, and understandings between
the Parties hereto and thereto and their Affiliates with respect to the subject matter hereof and supersedes, as of the Effective Date,
all prior and contemporaneous agreements and understandings between the Parties with respect to the subject matter hereof, including
the Prior CDA. If a conflict exists between this Agreement and any ancillary agreement, this Agreement shall control. No subsequent alteration,
amendment, change or addition to this Agreement will be binding upon the Parties unless reduced to writing and signed by an authorized
officer of each Party.

 

14.2         
 Licenses and Permits. Until the expiration or termination of this Agreement, on a country-by-country basis, each Party shall,
at its sole cost and expense, maintain in full force and effect all necessary licenses, permits and other authorizations required by
Applicable Law in order to carry out its obligations under this Agreement.

 

14.3         
Force Majeure. Both Parties will be excused from the performance of their obligations under this Agreement to the extent that
such performance is prevented by force majeure; provided the non-performing Party promptly provides notice of the start and stop
of such force majeure event to the other Party. Such excuse will continue for so long as the condition constituting force majeure continues,
provided the non-performing Party takes reasonable efforts to remove the condition as soon as possible. For purposes of this Agreement,
force majeure is a condition beyond the reasonable control of the affected Party and without fault of such affected Party, including
an act of God, war, civil commotion, terrorist act, epidemic, pandemic, inoperability or default of public utilities or common carriers,
destruction of production facilities or materials by fire, earthquake, storm or like catastrophe, and orders by a Governmental Authority.
Performance shall be excused only to the extent of and during the reasonable continuance of such force majeure event. Any deadline or
time for performance that falls during or subsequent to the occurrence of any of the force majeure events referred shall be automatically
extended for a period of time equal to the period of such event. If a force majeure persists for more than ninety (90) days, then the
Parties will discuss in good faith the modification of the Parties’ obligations under this Agreement.

 

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14.4         
Notices. Any notice required or permitted to be given under this Agreement will be in writing, will specifically refer to
this Agreement, and will be addressed to the appropriate Party at the address specified below or such other address as may be specified
by such Party in writing in accordance with this Section 14.4, and will be deemed to have been given for all purposes (a) when
received, if hand-delivered or sent by a reputable courier service, or (b) four (4) Business Days after mailing, if mailed by first class
certified or registered airmail, postage prepaid, return receipt requested.

 

                If
to DRL:Dr. Reddy’s Laboratories Ltd.

[***]

And

 

[***]

With copies to (which will
not constitute notice):

 

[***]

 

And

 

[***]

 

                If
to Journey:Journey Medical Corporation

9237 East Via De Ventura Blvd., Suite 105

Scottsdale, AZ 85258, USA

Attn: President & CEO

[***]

 

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

 

Journey Medical Corporation

9237 East Via De Ventura Blvd., Suite 105

Scottsdale, AZ 85258, USA

Attn: General Counsel

[***]

 

14.5         
No Strict Construction; Interpretation; Headings. The language in this Agreement is to be construed in all cases according
to its fair meaning. Except where the context otherwise requires, wherever used, the singular includes the plural, the plural the singular,
the use of any gender applies to all genders. The word “or” is used in the disjunctive sense and the word “and”
is used in the conjunctive sense (except that any list of terms joined by “and,” such as “A, B, and C,” herein
will mean “any or all of such terms” (such as “any or all of A, B, and C” (e.g., A, A and B, or all of A, B,
and C))). Whenever “and/or” is used in this Agreement, it means “A or B or both.” Whenever this Agreement refers
to a number of days, unless specifically designated as Business Days, such number refers to calendar days. The captions of this Agreement
are for convenience of reference only and in no way define, describe, extend, or limit the scope or intent of this Agreement or the intent
of any provision contained in this Agreement. The terms “including,” “include,” or “includes,” mean
including, without limiting the generality of any description preceding such term. The term “in writing” regarding any representation
or warranty made herein means in any written form, including in an e-mail communication to the applicable Party or its Affiliates. Unless
the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document will be construed as
referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to
any restrictions on such amendments, supplements or modifications set forth herein or therein), (b) any reference to any Applicable Laws
will be construed as referring to such Applicable Laws as from time to time enacted, repealed or amended, (c) any reference to any Person
will be construed to include the Person’s successors and permitted assigns, (d) the words “herein,” “hereof,”
and “hereunder” and words of similar import will each be construed to refer to this Agreement in its entirety and not to
any particular provision hereof, (e) any reference to the words “mutually agree” or “mutual written agreement”
will not impose any obligation on either Party to agree to any terms relating thereto or to engage in discussions relating to such terms
except as such Party may determine in such Party’s sole discretion, (f) all references to Sections and Exhibits will be construed
to refer to Sections and Exhibits to this Agreement, (g) the words “copy” and “copies” and words of similar import
when used in this Agreement include, to the extent available, electronic copies, files, storage, or databases containing the information,
files, items, documents, or materials to which such words apply, and (h) wherever used, the word “shall” and the word “will”
are each understood to be imperative or mandatory in nature and are interchangeable with one another. In interpreting and applying the
terms and provisions of this Agreement, the Parties agree that no presumption will apply against the Party which drafted such terms and
provisions.

 

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14.6         
Assignment. Neither Party may assign or transfer this Agreement or any rights or obligations hereunder without the prior written
consent of the other Party, such consent not to be unreasonably withheld, conditioned, and/or delayed, except that (a) after the Transfer
Date, DRL may make such an assignment or transfer without Journey’s consent to its Affiliates or to a Third Party successor that
acquires all or substantially all of the assets of the business of DRL to which this Agreement relates, and (b) after payment by Journey
for all DRL Development Costs in-full and of all of the Milestone Payments set forth in Sections 7.1, 7.2 and 7.3
(which may be paid early by Journey at Journey’s discretion), Journey may make an assignment or transfer without DRL’s consent
to its Affiliates or to a Third Party successor that acquires all or substantially all of the assets of the business of Journey to which
this Agreement relates or in connection with an Acquisition Event, so long as Journey or the acquiror thereof timely makes any applicable
payment owed to DRL under Section 7.8; provided that Journey shall remain responsible for, and agrees to pay, perform and discharge
any and all debts and liabilities accrued prior to, and remain accruing as of, the effective date of such assignment or transfer. Any
successor or assignee of rights or obligations permitted hereunder will, in writing to the other Party, expressly assume performance
of the rights or obligations of the Party assigning rights to it under this Agreement. This Agreement will be binding on the successor
of the assigning Party. Any assignment or attempted assignment by either Party in violation of the terms of this Section 14.6
is null, void, and of no legal effect.

 

14.7         
Performance by Affiliates and/or Sublicensees. Each Party may discharge any obligations and exercise any right hereunder through
any of its Affiliates and/or Sublicensees. Each Party hereby guarantees the performance by its Affiliates and Sublicensees or sublicensees,
as applicable, of such Party’s obligations under this Agreement and shall cause its Affiliates and Sublicensees to comply with
the provisions of this Agreement in connection with such performance. Any breach by a Party’s Affiliate and/or Sublicensee of any
of such Party’s obligations under this Agreement also is a breach by such Party, and the other Party may proceed directly against
such Party and/or Sublicensee without any obligation to first proceed against such Party’s Affiliate and/or Sublicensee.

 

14.8         
Further Assurances and Actions. The Parties agree to execute and deliver such other documents, certificates, agreements, and
other writings and materials, and to take such other actions as may be reasonably necessary to consummate and implement expeditiously
the express purposes and intent contemplated by this Agreement.

 

14.9         
No Third Party Beneficiaries. Except for the rights to indemnification provided for under ARTICLE 10, (a) all rights,
benefits, and remedies under this Agreement are solely intended for the benefit of DRL and Journey, and (b) no Third Party shall have
any rights whatsoever to (i) enforce any obligation contained in this Agreement; (ii) seek a benefit or remedy for any breach of this
Agreement; or (iii) take any other action relating to this Agreement under any legal theory, including actions in contract, tort (including
negligence, gross negligence, and strict liability), or as a defense, setoff, and/or counterclaim to any action or claim brought or made
by the Parties.

 

14.10     
Severability. Each of the provisions contained in this Agreement will be severable, and the unenforceability of one will not
affect the enforceability of any others or of the remainder of this Agreement. If any one or more of the provisions of this Agreement,
or the application thereof in any circumstances, is held to be invalid, illegal, and/or unenforceable in any respect for any reason,
the Parties shall negotiate in good faith with a view to the substitution therefor of a suitable and equitable solution to carry out,
so far as may be valid and enforceable, the intent and purpose of such invalid provision; provided that the validity, legality, and/or
enforceability of any such provision in every other respect and of the remaining provisions of this Agreement will not be in any way
impaired thereby, it being intended that all of the rights and privileges of the Parties hereto will be enforceable to the fullest extent
permitted by Applicable Law. The Parties agree that if a court finds that the scope of any one or more of the provisions contained in
this Agreement shall, for any reason, be invalid, illegal, excessively broad, unreasonable, and/or unenforceable in any respect, then
the court may modify such provision and render it reasonable.

 

14.11     
No Waiver. Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit
therefrom, but no such waiver will be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving
such term or condition. The waiver, delay, and/or the failure of any Party to enforce or exercise any term, condition, and/or part of
this Agreement at any time and/or in any one or more instances will not be deemed to be or construed as a waiver of the same or any other
term, condition, and/or part, nor will it forfeit any rights, power, and/or privilege to future enforcement thereof. No single or partial
exercise of any right, power, and/or privilege will preclude any other or further exercise of such right, power, and/or privilege or
the exercise of any other right, power, and/or privilege. To the maximum extent permitted by Applicable Law, (a) no claim or right arising
out of this Agreement and/or any of the documents referred to in this Agreement can be discharged by one Party, in whole or in part,
by a waiver and/or renunciation of the claim or right unless in writing signed by the other Party; (b) no waiver that may be given by
a Party will be applicable except in the specific instance for which it is given; and (c) no notice to and/or demand on one Party will
be deemed to be a waiver of any obligation of that Party or of the right of the Party giving such notice or demand to take further action
without notice or demand as provided in this Agreement or the documents referred to in this Agreement. Except as expressly set forth
in this Agreement, all rights and/or remedies available to a Party, whether under this Agreement or afforded by Applicable Law or otherwise,
will be cumulative and not in the alternative to any other rights or remedies that may be available to such Party.

 

    65 

     

    

 

14.12     
Relationship of the Parties. Neither Party will have any responsibility for the hiring, termination, and/or compensation of
the other Party’s employees or for any employee benefits of such employee. No employee or representative of a Party will have any
authority to bind and/or obligate the other Party to this Agreement for any sum or in any manner whatsoever, and/or to create or impose
any contractual or other liability on the other Party without said Party’s approval. For all purposes, and notwithstanding any
other provision of this Agreement to the contrary, DRL and Journey shall be independent contractors and the legal relationship between
the Parties shall not constitute a partnership, joint venture, or agency, including for all tax purposes. This Agreement is not a partnership
or deemed partnership or an Association of Person (“AOP”) agreement. Nothing in this Agreement will be construed to
establish a relationship of partners, AOPs, or joint venturers between the Parties. Neither DRL nor Journey shall make any statements,
representations, and/or commitments of any kind, and/or to take any action that is binding on the other, in each case, without the prior
consent of the other Party to do so.

 

14.13     
English Language. This Agreement was prepared and executed in the English language, which language governs the interpretation
of, and any dispute regarding, the terms and conditions of this Agreement.

 

14.14     
Counterparts. This Agreement may be executed in one or more counterparts, each of which is an original, but all of which together
constitute one and the same instrument. Each Party may execute this Agreement in AdobeTM Portable Document Format (“PDF”)
sent by electronic mail. In addition, PDF signatures of authorized signatories of any Party will be deemed to be original signatures
and will be valid and binding, and delivery of a PDF signature by any Party will constitute due execution and delivery of this Agreement.

 

14.15     
Expenses. Each of the Parties will bear its own direct and indirect expenses incurred in connection with the negotiation and
preparation of this Agreement and, except as set forth in this Agreement, the performance of the obligations contemplated hereby and
thereby.

 

14.16     
Acknowledgments and Representations. Each of the Parties acknowledges and represents that it has been represented by legal
counsel regarding its rights and obligations under this Agreement, has participated in the drafting hereof, and fully understands the
terms and conditions of this Agreement.

 

[Signature Page to Follow]

 

    66 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused the Agreement to be executed by their duly authorized offices as of the Effective Date.

 

 

	DR. REDDY’S LABORATORIES, LTD.	 
	 	 
	 	 
	By:	/s/ Erez Israeli	 
	Name: Erez Israeli	 
	Title Chief Executive Officer	 

 

 

	JOURNEY MEDICAL CORPORATION	 
	 	 
	 	 
	By:	/s/ Claude Maraoui	 
	Name: Claude Maraoui	 
	Title President & CEO	 

 

[Signature Page to Assignment
License, and Collaboration Agreement]

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