Document:

EX-4.16

 Exhibit 4.16 

ASSIGNMENT OF ADVISORY AGREEMENT 

THIS ASSIGNMENT OF ADVISORY AGREEMENT (this “Assignment”) made as of the
12th day of December, 2013 by CRESUD S.A.C.Y.F. y A., an Argentinean company, having an address at Moreno 877, 23rd Floor,
(“Assignor”), to BRASILAGRO COMPANHIA BRASILEIRA DE PROPRIEDADES AGRICOLAS, a Brazilian corporation, having an office at Av. Faria Lima No 1309, 5th Floor, São
Paulo, Brazil,(in such capacity, together with its successors and permitted assigns, “Assignee”). 
 In consideration of
One Million Two Hundred Thousand USA Dollars US$1.200.000 (“Assignment Price”) sum which shall be payable as follows: 

Assignee shall deposit with in Assignor ́s Account N° 36886229from Citibank NY USA,Swift: CITIUS33, ABA: 021000089 on the within 2
(two) Business Days from the date hereof, by Bank transfer, an amount equal to Three Hundred Thousand US Dollars (US$300.000) (the “Downpayment”), and  

The balance of the Assigment Price in the amount Nine Hundred Thousand US Dollars (US$ 900.000) shall be paid in one year from the date hereof
(the “Balance Payment Date”), together with any interests accrued pursuant to the provision below, to Assignor by wire transfer of immediately available funds to Assignor. If the Balance Payment Date is not a business day the
payment shall be made the next business day available, time being of the essence. “Business Day” or “business day” shall mean, any calendar day other than Saturday and Sunday or other day on which commercial banks
in the cities of São Paulo/SP, Brazil are authorized by applicable law to close. 
 The balance amount of the Assignment Price
detailed above shall accrue an annual interest rate of seven percent (7%), pro rata, during the period beginning on the date hereof and ending on the day of the actual payment of such balance. 

Assignor shall receive the amounts detailed herein free from any tax, cost or fee retention. 

The evidence of the electronic transfer of the amounts indicated above to the bank account of the Assignor indicated above shall serve as
payment slip and receipt of settlement for all due purposes and effect of law. 
 Assignor does hereby assign, transfer and set over unto
Assignee, all of the right, title and interest Assignor has in the Advisory Agreement attached hereto as Exhibit A and made a part hereof (hereinafter called the “Advisory Agreement”), together with all future income,
profits, fees and other benefits thereof arising from said Advisory Agreement, all modifications, renewals and extensions thereof and any guaranties, if any, of the Assignor’s obligations under said existing contract. 

 Assignor hereby covenants and warrants to Assignee, that Assignor has not executed any prior
assignment of the Advisory Agreement which shall be effective after the date hereof, other than to Assignee, nor has Assignor performed any act or executed any other instrument which might prevent Assignee from operating under any of the terms,
provisions, covenants and conditions of this Assignment or which would limit Assignee in such operation; and Assignor further covenants and warrants to Assignee that Assignor has not executed or granted any modification whatsoever of the Advisory
Agreement, except as herein indicated, and that the Advisory Agreement is in full force and effect, and that there are no material defaults now existing under the Advisory Agreement. 

Promptly after the fund are received in the Assignor, Assignor will send a notice similar to the letter detailed in Exhibit B, to comply with
Section 9.07. of the Advisory Agreement. Following the receipt of such letter by Cresca S.A. (“Cresca”), the Assignee shall be vested in all rights and obligations arising from or in connection with the Advisory Agreement. Any
and all amounts due to Cresca in connection with the indemnification obligations set forth in Article VIII of the Advisory Agreement or with any applicable law (in any such cases related to facts occurred prior to the assignment consubstantiated
herein) that are claimed from the Assignee shall be immediately reimbursed by the Assignor. 
 If Cresca (the “Company”)
sells up to twenty four thousand (24,000) hectares of undeveloped land within one year as from the date hereof, the Assignee shall pay the Assignor, by means of a wire transfer to a bank account designated by the Assignor, an additional amount
(X) equivalent to twenty five percent (25%) of the present value (discount rate to be considered of seven percent (7%) per year) of: the proceeds obtained by the Company in connection with such sale (A) divided by the total area,
in hectares, of the sold land (B) less three hundred and fifty American Dollars (USD350.00), multiplied by the total area, in hectares, of the sold land. For clarification, the calculation of the aforementioned amount in indicated
in the formula below: 
 X = 25% x {[(total proceeds/Amount of hectares to be sold) – 350] x Amount of hectares to be sold} 

provided that, the amount resulting from dividing the proceeds obtained by the Company in connection with sale by the total area, in
hectares, of the sold land shall be limited to one thousand American Dollars (USD 1,000.00), provided further, for clarification purposes, that (a) any sale of land in excess of twenty four thousand hectares (24,0000 has) and/or
(b) any sale of land made after the date that is the first anniversary of the date hereof; shall not be taken into account for purposes of this obligation therefore the amount provided hereof will be paid only up to twenty four thousand
hectares (24,0000 has); 

	 	1.	Nothing contained in this Assignment and no act done or omitted by Assignee pursuant to the powers and rights granted to Assignee hereunder shall be deemed to be a waiver by Assignee of any of Assignee’s rights and
remedies hereunder. This Assignment is made and accepted without prejudice to any of such rights and remedies possessed by Assignee, and said rights and remedies may be exercised by Assignee either prior to, simultaneously with, or subsequent to any
other action taken by Assignee hereunder or thereunder. 

  

	 	2.	All notices, demands or documents which are required or permitted to be given or served under this Assignment shall be given in the manner and to the parties as provided in the AGREEMENT OF PURCHASE AND SALE OF
MEMBERSHIP INTERESTS, it being understood that, for purposes of this section, references to Agrotech S.A. shall be deemed as references to the Assignor. 

  

	 	3.	This Agreement shall be governed by, interpreted under, and construed and enforced in accordance with, the laws of the State of New York. Purchaser and Seller irrevocably submit to the exclusive jurisdiction of
(a) the Supreme Court of the State of New York, New York County and (b) the United States District Court for the Southern District of New York for the purposes of any suit, action or other proceeding arising out of this Agreement or any
transaction contemplated hereby. Purchaser and Seller irrevocably and unconditionally waive trial by jury and irrevocably and unconditionally waive any objection to the laying of venue of any action, suit or proceeding arising out of this
Agreement or the transactions contemplated hereby in (i) the Supreme Court of the State of New York, New York County and (ii) the United States District Court for the Southern District of New York, and hereby further irrevocably and
unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. If any term or provision of this Agreement or the application
thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, under the law of the State of New York, parties will try to reach an understanding about that provision in order to make it valid and enforceable under the law
of the State of New York; if parties does not reach an understanding, they will appoint one law firm each (or one law firm if parties agreed to do so) and summit the re-writing of the provision that is invalid or unenforceable to the law firm
designated. 

  

	 	4.	Any sum of money emerging from the Advisory Agreement due but remain unpaid to the Assignor up to the date hereof is not included in this present assignment, and shall be paid by the Company to the Assignor. Assignee
shall be obligated to (i) collect the monies owed to Assignor and transfer such amount to the account instructed by the Assignor or (ii) instruct the Company to transfer such owed amounts to the account that the Assignor informs to
Assignee. 

  

	 	5.	Default 

	 	A.	Assignee Default; Termination by Assignor. 

  

	 	(i)	This Agreement may be terminated by Assignor by providing written notice of such termination to Assignee if there is a material breach or default by Assignee in the performance of its obligations
under this Agreement which breach or default remains uncured for more than thirty (30) days after written notice of such breach or default is given to Assignee by Assignor. 

 

	 	(ii)	In the event of a material breach or default by Assignee in the performance of its obligations hereunder, at its option, Assignor shall have the right to either (a) seek specific performance of this
Agreement, or (b) receive the Downpayment as liquidated damages. The rights of Assignor under this Section 5(A) shall be the sole and exclusive remedy under this Agreement for such breach or default by Assignee. Assignor agrees to, and
does hereby, waive all other remedies against Assignee under this Agreement which Assignee might otherwise have at law or in equity by reason of such default by Assignor. 

B. Assignor Default; Termination by Assignee. 
  

	 	(i)	This Agreement may be terminated by Assignee by providing written notice of such termination to Assignor if there is a material breach or default by Assignor in the performance of its obligations under this Agreement
which breach or default remains uncured for more than fifteen thirty (30) days after written notice of such breach or default is given to Assignor by Assignee. 

 

	 	(ii)	In the event of a material breach or default by Assignor in the performance of its obligations hereunder, in lieu of terminating this Agreement pursuant to Section 5(B)(i), Assignee may seek specific
performance of this Agreement. 

 C. Special Damages. Under no circumstances shall Assignor or Assignee have the right
to seek consequential, punitive, indirect or special damages as a result of either party’s failure to comply with the terms of this Agreement. 

 IN WITNESS WHEREOF, Assignor has duly executed this Assignment as of the date first written
above. 
 Assignor: 

CRESUD S.A.C.Y.F. y A. 

An Argentinean limited liability company 

 

			
		
	By:	 	/s/ Alejando G. Casaretto
		 	Alejando G. Casaretto
		 	Authorized Signatory

  

			
		
	By:	 	/s/ Mariano Mitelman
		 	Mariano Mitelman
		 	Authorized Signatory

 Assignee: 

BRASILAGRO COMPANHIA BRASILEIRA DE PROPRIEDADES AGRICOLAS 

A Brazilian limited liability company 

 

			
		
	By:	 	/s/ Julio Cesar de Toledo Piza Neto
		 	Julio Cesar de Toledo Piza Neto
		 	Authorized Signatory

  

			
		
	By:	 	/s/ André Guillaumon
		 	André Guillaumon
		 	Authorized Signatory

 Exhibit A 

Advisory Agreement 

The present advice contract (the “Contract”) takes place in the city of Buenos Aires, on September 3, 2008, between: 

 

	 	(1)	CRESCA S.A., a society properly organized and constituted under the laws of the Republic of the Paraguay, (the “Company”), represented in this act by Alejandro Gustavo Elsztain and Jacinto Rey Gonzalez, in
their character of authorized as minutes of the management of September 3, 2008; and 

  

	 	(2)	CRESUD S.A.C.I.F. y A., a society properly organized and constituted under the laws of the Republic Argentina (“CRESUD” or the “Advisory” and together with the Company, the “Parties”
and each one of them, a “Party”), represented in this act by Saul Zang and Gastón Armando Lernoud, in their character of attorneys. 

CONSIDERING 
  

	 	(A)	That the Company will be holder of a property located in the Republic of the Paraguay (from now on the “Property”) due to and under the conditions settled down in the “Initial Agreement” subscribed
on this date by the shareholders of the Company. 

  

	 	(B)	That, also, the Company is holder of an option right, by an amount of 100.000 hectares also located in the Republic of the Paraguay whose data and outlines are contained in the Annex I of this Contract (from now on the
“Property of the Option”). 

  

	 	(C)	That the Company wants to designate the Property and, possibly, the Property of the Option to the development and exploitation of agriculture and livestock. 

 

	 	(D)	That CRESUD is a company leader in development and exploitation of agriculture and livestock in the Republic Argentina. 

  

	 	(E)	That, for that exposed in Considering D) precedent, CRESUD and its Affiliated have antecedents, proven knowledge, experience and enough specialization to develop the activities object of the Contract, what positions
them as leaders companies in this segment of the market. 

  

	 	(F)	That, starting from the circumstances related in the previous clauses, CRESUD and its Affiliated have the know how, qualified personnel and the appropriate structures to provide the services object of this Contract.

	 	(G)	That CRESUD has approved the subscription of the Contract through meeting of Management authorizing the attorneys there designated for the signature of the present Contract. 

 

	 	(H)	That the Company has approved the subscription of the Contract through meeting of Management of this date, authorizing for such effect those here signatories for the signature of the present Contract. 

 

	 	(I)	That the Contract contemplates in due form the protection of the social interest of the contracting parties and that the cited interest constitutes a fundamental principle in the interpretation and application of the
present Contract. 

 THUS, considering the exposed premises and the mutual commitments and other terms and conditions here
foreseen, the Parts agree the following: 
 ARTICLE I 

DEFINITIONS 

Section 1.01. Definitions. The terms defined in this article, will have the meaning attributed to them as follows: 

“Affiliated”: It refers to when a society or a physical person (“A”) is controller or has the control of a society
(“B”) and it is understood that “B” is controlled or is under the control of “A”, when “A”, in direct form and/or through other societies, is owner or holder of a participation that grants the necessary votes
to form the social will in the social meetings or ordinary assemblies or exercises a dominant influence as consequence of shares, quotas or possessed parts of interest, or through the special existent bonds among the societies. 

“Management”: means the Management of the Company. 

“Approved Business Plan”: It has the meaning assigned in the Section 2.02 (c) of the present Contract. 

“Advice”: It refers in general to the service of advice object of this Contract that CRESUD will provide to the Company regarding
the exploitation of agriculture and livestock of the Property and, possibly, of the Property of the Option. This defined term includes the benefits that, as example, are detailed in the Section 3.01 of the Article III of the Contract, which in
any case will constitute a result obligation. 
 ARTICLE II 

SERVICE OF ADVICE 

APPROVED BUSINESS PLAN 

EXCLUSIVITY 

Section 2.01. Appointment of the Advisor. The Company designates though the present Contract CRESUD so that it provides Advice with regard
to the exploitation of agriculture and livestock that will be developed in the Property and, if appropriate, in the Property of the Option according to the terms and conditions of the Contract; and CRESUD accepts to provide this service. The Parts
agree that the Advice will be carried out with caution, professionally and according to the usual rules of the business object of this agreement, per the compensation here foreseen. The Advisor is, and will be considered this way for all the
purposes, an independent contractor. The Parts refer explicitly that the obligations assumed by the Advisor under the present Contract constitute obligations of mean and not of results. 

 Section 2.02. Business Plan. 

 

	 	(a)	With not less than ninety days (90) days of anticipation at the beginning of each economic exercise of the Company, or in more frequent form, being possible and according to the circumstances of the case, the
Advisor will submit to the consideration of the Management a business plan to develop in the Property and, possibly, in the Property of the Option for the corresponding economic exercise (or for another corresponding period that appropriately
prepares, in writing, the Company) (the “Business Plan”). 

  

	 	(b)	The proposed Business Plan should include for the corresponding period, among other aspects, the budget (the revenues, the expenditures, etc.), the terms, the plan of preparation of the land, the production plan and all
the information corresponding to the effects of accomplishing the commitments assumed in the Section 3.01. of the Contract. 

  

	 	(c)	The Management will consider the proposed Business Plan for its approval. Within the thirty (30) days of having received, the Management should manifest on the proposed Business Plan and, if appropriate, will
suggest the modifications that considers necessary or appropriate, at its discretion, for approving the Business Plan for the contemplated period (the “Approved Business Plan”). The Parts agree expressly that the approval of the Approved
Business Plan for the Company implies in particular the formal acceptance at corporate level by the shareholders that compose the Company of the conditions and terms of the Approved Business Plan. 

 

	 	(d)	If the Advisor determines that it would be beneficial for the Company to modify (total or partially) the Approved Business Plan, the Advisor should prepare and present to the Management a report describing the new
corresponding proposal. The Company commits expressly to approve the proposed modifications as long as they are reasonable and are duly substantiated. 

Section 2.03 Exclusivity. The Parts agree that the Advice is required from the Advisor with exclusive character and that, thus, during
the validity of the Contract, the Company won’t contract with third parties the provision of the advice service. It is specifically clarified that the Parts agree that the Advisor won’t have any limitation to provide advice services to
other third parties, including their Affiliated. 
 Section 2.04. Future Properties to acquire. If the Company acquires the Property of
the Option, all the terms and conditions of the Contract will be of application between the Parts regarding this property. Under the same sense, the terms and conditions before referred will also be of application to any other property that the
Company acquires in the future, including but not limited to acquisition, leases, usufruct, etc. 
  

 ARTICLE III 

SPECIFIC RESPONSIBILITIES AND DUTIES OF THE
ADVISOR. 
 Section 3.01. Specific Responsibilities and Duties of the Advisor. 

Subject to the dispositions of this Contract and to the legal normative applicable, the Advisor will be responsible for the Advice for the
Company in the development and exploitation of agriculture and livestock of the Property and, if appropriate, of the Property of the Option, interacting with it or with the managers of the Company that are designated to such end in order to that the
Company executes the Approved Business Plan, including, without limitation: 
  

	(a)	Advising and directing technically the Company in all the tasks that it should assume to the effects of develop and put in production of agriculture and/or livestock the hectares of its property; 

 

	(b)	Analyzing, selecting and proposing qualified contractors that can adapt to the necessities and conditions of the Company; 

  

	(c)	Supervising and observing the correct execution of the works contracted with the contractors elected by the Company; 

  

	(d)	Certifying the correct and complete finalization of the works ordered to the contractors of the Company; 

  

	(e)	Preparing and presenting to the Company a plan of production of agriculture and livestock once the Company has hectares ready for to sow / to dedicate to livestock; 

 

	(f)	Analyzing the costs of operation of the Company regarding the profitability and possibilities of optimization of resources; 

  

	(g)	Determining, selecting and presenting to the Company, considering reasonability and efficiency criteria, candidates to form the personnel of the Company, according to what is determined in the Approved Business Plan;

  

	(h)	After prepared the land to sow and/or to dedicate to the livestock for the Company, the Advisor will plan and will propose to the Company a complete and efficient project of progressive exploitation of the land, keeping
in mind its properties, climatic conditions of the place and estimated budget; 

  

	(i)	Selecting and presenting to the Company qualified suppliers of inputs (as for livestock—veterinary inputs, forage, etc.—as for agriculture—pesticides, fertilizers, etc.), qualified labor, specific
technical advice, etc. 

  

	(j)	Ideating, organizing and systematizing processes inside the Company so that the tasks related to the livestock exploitation and the tasks of floor preparation, sow, fertilization, control of state of the sow, evolution
of the cultivations, crop control and load and remission of transport; that is, so that all the mentioned tasks have a responsible and competent employee of the Company and his or her functions are well defined and can be easily supervised.

  

 ARTICLE IV 

REMUNERATION OF THE ADVISOR 

REIMBURSABLE EXPENSES 

Section 4.01 Remuneration of the Advisor. 
  

	(a)	As consideration for the Advice to the Company, it will pay to the Advisor: (a) a sum equivalent to 12% (twelve percent) annual on the amount effective total paid annually by the Company for the preparation of the
lands for the development of agriculture and livestock for the first forty one thousand nine hundred thirty hectares (41.930 has.) and the equivalent to 10% (ten percent) of the concepts before indicated starting from the hectare forty one thousand
nine hundred and thirty one (41.931) being specifically clarified that the “preparation of the lands” is the initial development so that the lands pass from the natural state to the productive state, not being included the later works
that should be made on those lands for sow or future crops; and also: (b) a sum equivalent to 10% (ten percent) annual on the annual result of the gross margin of the exploitation resulting of the revenues for sales, minus: (i) the direct
commercial expenses (including but not limited to: commission, tax retentions, freight and any other expense with cause or origin in the sales), (ii) the direct expenses of production; (iii) the structure expenses and (iv) tax costs.
All of them are consequence of the exploitation of agriculture and livestock that will be accomplished by the Company. 

  

	(b)	The mentioned consideration will be paid annually by the Company to CRESUD within the first 30 (thirty) days of having approved the accounting statements of the Company. That amounts will be paid through bank transfer
to the count that CRESUD indicates in reliable way or, in the absence thereof, in the domicile of CRESUD and against the presentation of the respective invoice that will include the corresponding taxes according to the legislation in force.

 Section 4.02. Payments; Expenses and Reimbursements. 

 

	(a)	The Company will reimburse all the expenses reasonably documented of the Advisor for the development of the tasks inherent to the Contract, which are contained in the Section 3.01. precedent.

  

	(b)	According to the specified in the section (a) previous, the Advisor will present before each application or invoice of recover to the Company, a detail of the payments and due refunds, jointly with the reasonable
corresponding documentation of support whose amount will be paid or reimbursed, according to the case, by the Company within the fifteen (15) following days of the respective reception. 

 ARTICLE V 

INDEMNITIES 

Section 5.01 Indemnity of the Advisor. 
  

	(a)	The Company commits to maintain harmless and to reimburse the Advisor (and anyone of his or her directors, officials and employees) (the “Compensable Person”) for and against any responsibility, obligation,
action, procedure, claim or demand (a “Claim Compensable”) and any reasonable expense (including fees and reasonable legal expenses) of such people object of the present indemnity, in reason or as consequence of the provision of Advising
under the terms of the Contract except if the damage is derived of the wrong performance of his or her functions, abuse of the faculties granted to the Advisor or his or her negligence in the execution of its duties, according to the determined by
the arbitrators under the procedure specified in the Section 9.02 of the present Contract. 

  

	(b)	Within the five (5) calendar days of having knowledge of any Compensable Claim, the Compensable Person should, as condition to conserve his or her compensation rights regarding this Compensable Claim, give written
warning of such Compensable Claim (the “Notification of Claim”) to the Company, enunciating its nature and its amounts. When the Compensable Person had to be presented and/or to appear and/or to answer and/or to exclude regarding a
Compensable Claim in a peremptory term (if that term is procedural, administrative or of any other nature) counted starting from the moment when he or she is aware of such Compensable Claim (the “Term to Answer”), the Compensable Person
will make the Notification of Claim to the Company within a maximum term equal, in calendar days, to a half of the Term to Answer. The Compensable Person will give to the Company the information that has with regard to the Compensable Claim
(including copies of any citation, demand or other documents that have been notified to him or her, as well as of any other written claim, intimation, invoice or document that credits or gives evidence to such Compensable Claim). The Company will
have a maximum term equal, in calendar days, to the fourth part of the Term to Answer, restated in calendar days, counted starting from the date of the Notification of Claim to notify to the Compensable Person in writing its decision of assuming the
defense of any Compensable Claim, in name and representation of the Compensable Person. If the Company decided to assume the Compensable Person defense, the registrations should be put at the disposition of the Company, as well as all other material
that is required reasonably to exercise the defense against this Compensable Claim, including the grant of a power to the professionals that the Company designates (those that will be acceptable for the Compensable Person) or to make and to sign,
through the Compensable Person attorneys, that the Company reasonably indicates for the best defense of the Compensable Claim, and the Compensable Person should cooperate and assist the Company in such defense, and as long as the Company defends in
correct form and in good faith the Compensable Person, either personally or through lawyers and/or other professionals that are reasonably satisfactory for the Compensable Person, the Compensable Person could not pay, cancel or trade this
Compensable Claim. If the Company decided to assume the Compensable Person defense and this one decides to exercise their own defense, the Compensable Person can do it to his or her own cost, whenever he or she makes the forced citation of the
Company to be presented and/or to appear and/or to answer and/or to exclude with regard to this Compensable Claim in quality of third parties. In such a case, the obligation of The Company of reimbursing the Compensable Person with regard to this
Compensable Claim will expire if the Compensable Person, in unreasonable and/or unfounded form, recognizes the facts and/or the rights on which this Compensable Claim is based or was declared rebellious, didn’t oppose defenses, didn’t
offer tests, or stopped to carry out any other fundamental procedural act, necessary for the rejection of this Compensable Claim, unless the Compensable Person justifies or bases reasonably that this Compensable Claim had prospered similarly. If the
Company opts for not defending the Compensable Person, or doesn’t demonstrate enough technical and/or financial capacity to assume such a defense, the Compensable Person will be entitled, besides all other right or resource that he or she has
due the present Contract, to pay, to cancel, to trade or to defend the Compensable Claim, imputing all the cost that it implies to the Company, being understood that: 

	 	(i)	the Compensable Person doesn’t have obligation of participating in the defense of, or to defend a Compensable Claim; and 

  

	 	(ii)	if the Compensable Person assumes his or her own defense, or participates in the same one with the Company, he or she doesn’t diminish or reduces in any form the obligations of the Company of reimbursing the
Compensable Person according to the present Contract, under the condition that, if the Compensable Person chooses not to defend a Compensable Claim, he or she will notify this circumstance to the Company within an maximum term equivalent to half
term to answer. If the Compensable Person decided to cancel a Compensable Claim, he or she will notify the Company about he or her decision of doing it and the reasons thereof, delivering, if requested all the documentation previous referred, so
that the Company accomplishes the observations that could correspond within a term of three (3) business days of having notified the decision of canceling this Compensable Claim and the Company should assume immediately the defense in name and
in representation of the Compensable Person, otherwise this one can pay this Compensable Claim and the Company should reimburse the Compensable Person according to the present Contract. 

ARTICLE VI 

DURATION 

Section 6.01. Duration. The present Contract will be valid for the term of ten (10) years counted from this date (the
“Original Period”). However, this Contract will be automatically extended for two (2) additional periods of ten (10) years counted from the expiration of the Original Period (jointly, the “Additional Periods” and,
individually, the “First Additional Period” and the “Second Additional Period” respectively). In addition, the present Contract may be renovated with posteriority to the expiration of the Additional Period for mutual expressed
agreement of the Parts expressed in writing under the terms and conditions that are specified in each case. 

 ARTICLE VII 

PREMATURE TERMINATION 

Section 7.01. Premature Termination  

The Contract will be terminated even before its expiration, in some of the following circumstances: 

 

	 	(i)	In any moment through rescission by mutual agreement of the Parts manifested in writing. 

  

	 	(ii)	If one of the Parts fails to comply with some of the obligations assumed presently, the trustworthy Part will be entitled to opt for: (a) demanding the execution of the unfulfilled obligation with the addition of
the payment of the compensation that corresponds for the damages and damages experienced because of the nonfulfillment; or (b) declaring resolved the relationship contractual, under previous intimation to the other Part so that he or she
fulfills the unfulfilled obligation granting him or her a minimum term of fifteen (15) days, without prejudice of the ability of claiming the damages and damages experienced because of the nonfulfillment. 

Without prejudice of the exposed, the Parts establish that the interest on the obligations of payment will take place automatically by the
single expiration of the conventional terms, while in the obligations of acting will take place upon expired the term of fifteen (15) days counted since the trustworthy part has intimate the execution to the Part with non-compliance. 
 In the obligations of payment, starting from the arrears, equivalent moratory interests
will be due at the rate that the BNA perceives for its discount operations for thirty days according to the newspaper “Financial Environment” and if it is not published, according to another financial newspaper. 

Section 7.02. Delivery of Securities. 

Once terminated the Contract for any reason, the Advisor should deliver to the Company, or to who the Company designates, all the
documentation, books and antecedents belonging to the Company that are in possession of the Advisor or what it has in its possession in representation or for account and order of the Company. 

 

 ARTICLE VIII 

STATEMENTS AND GUARANTEES 

ADDITIONAL OBLIGATIONS 

Section 8.01. Statements and Guarantees. Additional Obligations.  

 

	(a)	The Company, on the Contract date, declares and guarantees that: (i) it is a properly constituted society and registered as anonymous society according to the laws of the Republic of the Paraguay and it commits to
execute all the obligations, requirements, registrations and corresponding authorizations during the term of the Contract, including, without limitation, those referred to the payment of the national, provincial and municipal taxes and of the
contributions and other taxes of labor and social security; (ii) the Contract doesn’t violate any applicable law or contractual forecast of which the Company is part; (iii) it has the corresponding authorizations to subscribe the
Contract; (iv) it has the powers and enough abilities to develop their business just as it carries out them at the moment and just as it intends currently to conduct them; (v) the Contract represents a legally valid and binding obligation
of the Company, and it is required against the Company according to its terms; and (vi) the Company has knowledge that some of the directors, executives and/or shareholders of the Advisor and/or of its controllers are, in turn, executives,
shareholders and/or employees of the Company. 

  

	(b)	The Advisor, on the Contract date, declares and guarantees that: (i) it is a properly constituted society and registered as anonymous society according to the laws of the Republic Argentina and it commits to
execute all the obligations, requirements, registrations and corresponding authorizations during the term of the Contract, including, without limitation, those referred to the payment of the national, provincial and municipal taxes and of the
contributions and other taxes of labor and social security; (ii) the Contract doesn’t violate any applicable law or contractual forecast of which the Advisor is part; (iii) it has the corresponding authorizations to subscribe the
Contract; (iv) it has the powers and enough abilities to develop their business just as it carries out them at the moment and just as it intends currently to conduct them; (v) the Contract represents a legally valid and binding obligation
of the Advisor, and it is required against the Company according to its terms; and (vi) some of the directors, executives and/or shareholders of the Advisor and/or of its controllers are, in turn, executives, shareholders and/or employees of
the Company and/or of its controllers or affiliated. 

 ARTICLE IX 

MISCELLANEOUS 

Section 9.01. Modifications. The Contract may be modified or left without effect, as well as the rights that it confers given up
by anyone of the Parts, only through documents in writing, signed between the Parts. 

 Section 9.02. Solution of Controversies, Interests, Jurisdiction. In the event of
arising any disagreement, controversy or conflict regarding the interpretation or execution of the present Contract, the Parts agree that the disagreement, controversy or conflict will be settled by means of a trial by arbitration according to the
law to which end submit to the Court of Permanent Arbitration of the Buenos Aires Stock Exchange and to the application of its Regulation. The report of the Arbitral Court will be definitive and unappealable, without prejudice of the contained in
the art. 760 of the C.P.C.C.N. of the Republic Argentina. 
 The Parts also recognize the faculty of this Court to order precautionary
measures to preserve the interests and rights of the Parts during the procedure of the corresponding arbitral process. 
 The headquarters
of the arbitration will be the Buenos Aires Stock Exchange, according to the dispositions of the art. 68 of the Buenos Aires Stock Exchange Statute. 

Section 9.03. Applicable Law. The Contract and the rights and obligations derived of it will be judged and interpreted under the
law of Argentina. 
 Section 9.04. Confidentiality. During the term of the present Contract and for a period of three
(3) years after the finalization—for any reason—of the Contract, the Advisor won’t reveal neither will use and will take all the reasonable measures that are necessary to prohibit to its directors, employees, officials,
shareholders, agents, managers or representatives of revealing or using, except in the execution of its functions under the present Contract, any confidential information related to the administration of the Property or the business and activities
of the Company to which such people have or have had access. In turn, during the term of the Contract and for a period of three (3) years after the finalization—for any reason—of the present Contract, the Company won’t reveal the
content of the Contract. The duty of confidentiality will be excused regarding that information that should be revealed with base in legal requirements of competent public authorities, seeking in all the cases and with the biggest extension allowed
by the applicable normative, to reveal only the information that is indispensable, and the Part required or forced should make its best efforts so that the confidential information is treated as such by the respective authority. Additionally, the
obligation of confidentiality will cease if the corresponding information is or become public for any means or cause, unless it had become public violating the duty of confidentiality. 

Section 9.05. Notifications. The reports, notifications and communications under the present Contract will be made in writing and
will be given by hand or directed by mail or fax to the Parts to the following indicated addresses or to the address that the receiver had informed in writing to the other Part. 

Company: 
 CRESCA S.A. 

Florida 537, Piso 18 
 Buenos Aires City 

Argentina 
 Fax: 5166-7070 

At.: Mr. President 

 Advisor: 

CRESUD S. A. C. I. F. y A. 
 Moreno 877, Piso 23 

Buenos Aires 
 Argentina 

Fax: 4344-4684 
 At: Mr. President 

 

	(b)	Unless otherwise specified, all report, notification and all other communication sent according to the foreseen in the precedent section should be considered delivered: if it was made personally, in the reception date
and if it was carried out via fax or by mail, in the date when such fax or letter had been received by the other Part. 

  

	(c)	Any modification of the domiciles and other data indicated in this Section should be properly notified to the other Part. 

Section 9.06. Parts. The Contract is subscribed in two (2) copies, each one of them will be considered as original,
constituting both a single instrument. 
 Section 9.07. Performance Through Affiliated. The Advisor may develop the Advice
object of the Contract through an Affiliate to whose effects will communicate in writing to the Company. 
 Section 9.08. Assignment
of the Rights and Obligations. The rights and obligations established in the Contract cannot be given or transferred, without the previous consent in writing of the other Part and any assignment or transfer that was not properly authorized will
constitute a substantial violation of the Contract except if CRESUD assigns the Contract to an Affiliated, in which case it should proceed according to the established in the previous Section 9.07. 

Section 9.09. Partial invalidity. (a) If any clause of the Contract was declared illegal, invalid or unenforceable,
the remaining clauses will maintain full validity and the Parts agree to celebrate the complementary agreements that were necessary to replace the clause affected by another that, satisfying the requirements of legality, validity and enforceability,
offers reasonably the result that the Parts agreed in the Contract. 
  

	(b)	Without prejudice of the rest of the dispositions of the Contract: 

  

	 	(i)	The lack of demand of any of the Parts in any moment regarding the execution of any obligation in charge of the other Part according to the Contract won’t affect its right to claim that fulfillment in the future,
and 

  

	 	(ii)	The renouncement of any of the Parts to claim regarding the nonfulfillment of any obligation in charge of the other Part, in one or more opportunities, won’t be considered neither interpreted as a renouncement to
exercise this right in the future neither as a renouncement regarding any other obligation. 

 As proof of conformity they subscribe two (2) copies of same tenor and for a single effect
in the place and date mentioned in the heading. 
 For: CRESCA S.A. 
  

					
			
	 	 		 	 
	Name: Alejandro G. Elsztain	 		 	Name: Jacinto Rey Gonzalez

 For: CRESUD SACIF y A 
  

					
			
	 	 		 	 
	Name: Saúl Zang	 		 	Name: Gastón A. Lernoud

 Exhibit B 

[__] de Diciembre de 2013 
 CRESCA S.A. 

Bernardino Caballero 219 
 c/Mcal Lopez, Barrio Bernardino
Caballero 
 Ciudad de Asunción 
 Republica del Paraguay

 Ref.: Cesión de Contrato de Asesoramiento a Sociedad Afiliada 

De nuestra mayor consideración: 

Nos dirigimos a Uds, en nuestro carácter de apoderado de Cresud S.A.C.I.F. y A. a efectos de comunicarles que hemos procedido a ceder
el Contrato de Asesoramiento de fecha 3 de septiembre de 2008 celebrado entre CRESCA S.A. y nuestra representada a la sociedad afiliada BRASILAGRO COMPANHIA BRASILEIRA DE PROPRIEDADES AGRICOLAS. La presente comunicación se hace en los
términos de la Sección 9.07 del referido contrato de asesoramiento, toda vez que la cesionaria es una compañía afiliada a la cedente. 

Sin otro particular, los saludamos muy atentamente, 

P/CRESUD S.A.C.I.F. y A. 
  

					
			
	 	 		 	 
	Apoderado	 		 	ApoderadoDevelopment and Exclusive License and Option Agreement

 Exhibit 10.1 

***CONFIDENTIAL TREATMENT REQUESTED*** 

Confidential Treatment Requested by BioDelivery Sciences International, Inc. 

IRS Employer Identification No. 35-208985 

Confidential treatment requested with respect to certain portions hereof denoted with “***” 

DEVELOPMENT AND EXCLUSIVE LICENSE OPTION AGREEMENT 

THIS DEVELOPMENT AND EXCLUSIVE LICENSE OPTION AGREEMENT (“Agreement”) is made and entered into on October 27, 2014 (“Effective
Date”), by and between Evonik Corporation, an Alabama corporation having its principal place of business at 299 Jefferson Road, Parsippany, New Jersey 07054, USA and having an address at 750 Lakeshore Parkway, Birmingham, Alabama, 35211,
USA (hereinafter “Evonik”), and BioDelivery Sciences International, Inc., having an address at 801 Corporate Center Drive, Suite 210, Raleigh, North Carolina 27607 (hereinafter “Customer”). Customer and Evonik are
sometimes referred to herein individually as a “Party” and collectively as the “Parties”. 
 BACKGROUND 

WHEREAS Evonik is, among others, engaged in the business of supplying specialized development, formulation and manufacturing services for the pharmaceutical
industry and related industries and has considerable skills, expertise and know how in that field; and 
 WHEREAS Customer desires that Evonik conduct the
work to develop Product as described in this Agreement and Evonik’s Proposal No. P11.042R5 (hereinafter a “Proposal”), attached hereto as Exhibit A and made a part hereof. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the Parties hereby agree
as follows: 
 Article 1 - DEFINITIONS 

As used in this Agreement, the following terms shall have the meanings set forth below when capitalized: 

Active Agent - means buprenorphine ***. 

Affiliate(s) - refers to any person, corporation, association or other entity that directly or indirectly, through one or more
intermediaries, actually controls, is actually controlled by, or is under common control with a party. For purposes of this definition, “control” means to possess, directly or indirectly, the power to affirmatively direct the management
and policies of such person, corporation, association or other entity, whether through ownership of at least fifty percent (50%) of the voting securities, or income interest or comparable equity, thereof or by contract relating to voting rights
or corporate governance. 

  
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 Agreement - means this development and exclusive license option agreement including
the annexes attached hereto, each of which constitutes an integral part of the understandings and agreements set forth herein. 

Background IP - means (1) all proprietary, nonpublic know-how and expertise including, without limitation, specifications,
processes, formulations, procedures, instructions, technology and any other technical information which may be contained in drawings, photographs, samples, models and other documentation; (2) all patent applications, patents and other
intellectual property rights, including Background IPR; (3) all material, including without limitation, samples of products and models; and (4) software and other creation being subject to copyrights which, in each case, a Party or an
Affiliate thereof owns, has exclusively licensed from a Third Party, or controls prior to the Effective Date, or thereafter acquires or independently develops outside the scope of the Project without the use of the other Party’s Confidential
Information. 
 Background IPR - means such parts of Background IP for which patent protection or a similar protection has been
obtained or for which an application therefor has been filed. 
 Confidential Information - means all confidential and/or proprietary
technical, commercial or business information, in tangible or non-tangible form, disclosed directly by the Disclosing Party to the Receiving Party or indirectly, through Representative(s) of the Disclosing Party and/or any Third Party acting on the
Disclosing Party’s behalf, or made otherwise available for the purposes of this Agreement. Confidential Information may include, but is not limited to, formulae, compositions, specifications, designs, ideas, software, algorithms, machine
readable data, production and quality control methods, processes, techniques, business policies or practices, the terms of this Agreement, and all other materials and information regarding the Disclosing Party’s technology, know-how, products,
markets, prototypes, business information and operations, or technical information and/or commercial information and data as well as Research Samples. The Disclosing Party’s Confidential Information shall include, but shall not be limited to,
its non-public Background IP. A Party’s Confidential Information shall also include any information obtained by the other Party under this Agreement by visual inspection during audits, visits and/or demonstrations in laboratories, pilot plants
and/or production facilities of the first Party, e.g. regarding plant and equipment, and the applications and modes of operation thereof. Notwithstanding anything to the contrary, (i) all information concerning Customer Foreground IP shall be
deemed the Confidential Information of Customer, regardless of which Party first disclosed such information, (ii) all information concerning Evonik Foreground IP shall be deemed the Confidential Information of Evonik, regardless of which Party
first disclosed such information, and (iii) all information concerning Joint Foreground IP or, to the extent not solely concerning Evonik Background IP or Evonik Foreground IP, Research Samples shall be deemed the Confidential Information of
both Parties. 
 Customer Background IP - means any and all Background IP or other proprietary, nonpublic information, whether or not
patented or patentable, owned, licensed, or 

  
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controlled by Customer relating to Active Agent or any Derivative thereof (or the composition, use, or manufacture of any of the foregoing), including but not limited to know-how and patents
(issued, pending, or subsequently filed and including all divisionals, continuations, continuations-in-part or other related United States and foreign applications) describing and/or claiming such proprietary information, provided that, as of the
Effective Date, Customer does not own, license, or control any such Background IP directly relating to injectable, depot formulations or products. 

*** - means, with respect to the Active Agent ***. 

Disclosing Party - means the Party disclosing Confidential Information, provided that (i) the Disclosing Party with respect to
Confidential Information concerning Customer Foreground IP shall be Customer, regardless of whether first disclosed hereunder by Customer or Evonik, (ii) the Disclosing Party with respect to Confidential Information concerning Evonik Foreground
IP shall be Evonik, regardless of whether first disclosed hereunder by Evonik or Customer, and (iii) both Parties shall be deemed the Disclosing Party with respect to Confidential Information concerning Joint Foreground IP or, to the extent not
solely concerning Evonik Background IP or Evonik Foreground IP, Research Samples, regardless of which Party first disclosed such Confidential Information to the other Party. 

Evonik Background IP - means any and all Background IP or other proprietary, nonpublic information and know-how, whether or not patented
or patentable, relating to design and synthesis of biodegradable polymers, the composition and formulating know-how, as well as the processes for imparting controlled, sustained, pulsed, or extended-release or other performance-enhancing or delivery
method-specific qualities to products incorporating or comprising active pharmaceutical ingredients (or the manufacture thereof), and/or the Evonik Process, to the extent, in each case, owned by or exclusively licensed to Evonik or any Affiliate
thereof immediately prior to the Effective Date *** (“Existing Evonik IP”), and including but not limited to patents and patent applications (issued, pending, or subsequently filed and including all divisionals, continuations,
continuations-in-part or other related United States and foreign applications) owned, licensed or otherwise controlled by Evonik or any Affiliate thereof describing and/or claiming such proprietary information and listed in Exhibit B (any
such patent rights, “Existing Evonik Patents”), attached hereto and which is an integral part of this Agreement, or thereafter acquired or independently developed outside the scope of the Project without the use of Customer’s
Confidential Information, Customer Background IP, or Customer Foreground IP. 
 Evonik Process - means, ***, as described in Existing
Evonik Patents as listed in Exhibit B. 
 Evonik Process Data - means any data related to Evonik Process including but not
limited to those contained in development reports and the production documentation including batch records and batch release results achieved or obtained during the performance of the Project. 

  
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 Excluded Manufacturers - means (i) any manufacturer whose world-wide corporate
headquarters is located in any country other than the United States (and its territories and protectorates), the countries set forth on Exhibit C (such countries, “Western Europe”), Canada, Japan, or Australia and/or (ii) any
manufacturer for whom any manufacture of Product or any polymer contemplated under Article 9 hereof on behalf of Customer, any Affiliate thereof, or any licensee of either of the foregoing would be located in any country other than the United States
(and its territories and protectorates), the countries of Western Europe, Canada, Japan, or Australia. 
 Foreground IP - means all
results, improvements, developments, inventions, materials, processes, and other know-how, whether patentable or not, as well as documents, software and other material being subject to copyrights, created in the performance of the Project or as a
result of a Party’s or a Party’s Affiliate’s use of, or access to, any Confidential Information that is solely the Confidential Information of the other Party. 

Foreground IPR - means such parts of Foreground IP, for which patent protection or a similar protection may be obtained. 

Initial Data Package - means data and results achieved by Evonik from work performed by Evonik related to an injectable, biodegradable,
lactide/glycolide microparticle formulation comprising buprenorphine prior to the Effective Date ***. 
 Net Sales - means the total
amount invoiced on sales of the Product by Customer, its Affiliates or sub-licensees to Third Parties based on a bona-fide arm’s length principle less the following deductions: ***. 

Product - means an injectable, biodegradable, lactide/glycolide microparticle formulation containing the Active Agent (or any Derivative
thereof) as a single active ingredient and intended to be dosed at approximately one (1) month intervals and any such product(s) developed in the course of the Project, as it may be modified in the course of the Project pursuant to Article 5.2.

 Product Formulation - means the formulations or compositions created in the performance of the Project, which include (but are not
limited to) ***. For the avoidance of doubt, Product Formulation created in the performance of the Project will always be based on Evonik Background IP. 

Project - means the project that Customer establishes with Evonik, the purpose of which is to develop Product according to the Proposal
attached hereto as Exhibit A as it may be amended or additional services added from time-to-time pursuant to Articles 5.2, 5.3 or 14.5. 

Receiving Party - means the Party receiving Confidential Information, provided that (i) the Receiving Party with respect to
Confidential Information concerning Customer Foreground IP shall be Evonik, regardless of whether such information is first disclosed hereunder by Customer, (ii) the Receiving Party with respect to Confidential Information concerning Evonik
Foreground IP shall be Customer, regardless of whether such information is first disclosed hereunder by Evonik, and (iii) both Parties shall be deemed 

  
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the Receiving Party with respect to Confidential Information concerning Joint Foreground IP or, to the extent not solely concerning Evonik Background IP or Evonik Foreground IP, Research Samples,
regardless of which Party first disclosed such Confidential Information. 
 Representatives - means a Party’s directors,
officers, employees, principals, agents, consultants, subcontractors and assigns as well as its Affiliates and their respective directors, officers, employees, principals, agents and assigns. 

Research Samples shall have the meaning as set out in Article 6.2. 

Third Party / Third Parties - means any legal entity or person excluding the Parties and their Affiliates. 

As used in this Agreement, additional defined terms shall have the meaning set forth in the specific section or paragraph where identified
when capitalized. 
 Article 2 - THE PROJECT 

2.1 The Project will be conducted in accordance with the terms and conditions of this Agreement, including without limitation the Proposal, as
it may be amended by agreement of the Parties from time to time pursuant to Article 14.5. 
 2.2 During the term of this Agreement, Evonik
will undertake the Project exclusively for the Customer. Evonik will use commercially reasonable efforts to commence and carry out the Project in accordance with the schedule set forth in the Proposal. Customer will undertake the Project exclusively
with Evonik ***. 
 2.3 Nothing contained herein shall be interpreted to preclude Evonik at any time from undertaking efforts similar to
those performed under this Agreement for Third Parties or for internal utilization, provided that ***. 
 Article 3 - TERM 

3.1 This Agreement shall commence on the Effective Date and shall continue until the later of (i) the completion of the Project and
delivery to Customer of all deliverables and reports specifically identified in the Proposal or (ii) the date *** years following the Effective Date (the “Term”), unless terminated earlier pursuant to this Agreement. 

3.2 Evonik can terminate this Agreement at any time after completion of *** for any reason or for no reason, by giving written notice of
termination to Customer not less than *** days in advance of the desired termination date. ***. 
 3.3 Customer can terminate this Agreement
or any Proposal at any time after the completion of *** of the Proposal, for any reason or for no reason, by giving written notice of termination to Evonik not less than *** days in advance of the desired termination date. ***. 

  
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 3.4 In the event of a material breach of this Agreement by either Party, including but not
limited to Customer’s failure to pay any invoice properly provided in accordance with this Agreement when due, that remains uncured for more than *** days following such Party’s receipt of written notice thereof from the non-breaching
Party specifying in reasonable detail the nature of such breach, the non-breaching Party may terminate this Agreement. Except as expressly limited by this Agreement, termination of this Agreement shall be without prejudice to any other remedies that
may be available to a Party due to breach by the other Party of this Agreement. 
 3.5 If either Party shall liquidate or dissolve, or shall
be declared bankrupt according to law, or shall make an assignment of its property for the benefit of creditors, or shall file any petition with a court of competent jurisdiction for reorganization under any bankruptcy or insolvency laws, or such
petition shall be filed against it and not dismissed within *** days, or shall have a receiver appointed for a substantial part of its assets who is not discharged within *** days of his appointment, the other Party shall have the right to terminate
this Agreement effective upon the giving of written notice thereof to such Party. 
 3.6 ***. 

3.7 Upon termination of this Agreement, (i) Evonik will be paid any amounts owed to Evonik in accordance with the Estimated Budget
(defined herein) for work that has been performed in accordance with this Agreement and the Project through the effective date of termination, including any reasonable, documented, non-cancelable Third Party costs and any reasonable, documented
wind-down costs reasonably incurred by Evonik in connection with the Project, and (ii) all other rights and obligations of the Parties under this Agreement shall cease, except that the Parties shall not be relieved of: (A) any obligations
accruing before the effective date of termination or (B) any other obligation hereunder that survives termination pursuant to the express provisions of this Agreement. Notwithstanding anything else written in this Agreement, the rights and
obligations of the Parties under Articles *** shall survive the termination of this Agreement (provided that such survival may, in some cases, be limited in time to the extent such a limit is explicitly specified in such Articles). 

Article 4 - CHARGES AND INVOICING 

4.1 Upon the Effective Date and delivery of the Initial Data Package to Customer (to be provided within*** days from Effective Date), Customer
shall pay Evonik a non-refundable, non-creditable, one-time payment of *** (“Initial Data Package Fee”). This Initial Data Package fee is paid for by Customer for Evonik’s delivery of the Initial Data Package and is not part of the
Estimated Budget (defined below) to be paid for charges incurred on the Project. 
 4.2 The total estimated budget for the services
conducted under this Agreement is *** (the “Estimated Budget”). Unless mutually agreed upon in writing pursuant to an amended or additional Proposal, Evonik shall not bill Customer for amounts greater than the Estimated Budget without the
express written consent of Customer. Travel by Evonik employees as required by Customer’s written request is not part of the Estimated Budget and will not be subject to the overall Estimated Budget. Evonik shall invoice Customer on a monthly
basis for charges incurred on the Project in accordance with the Estimated Budget and any reasonable, documented travel related expenses to the extent approved by Customer in writing and in 

  
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advance. Evonik shall have no obligation to perform any services not described in the Proposal corresponding to the Estimated Budget, and Customer shall not have any obligation to pay any amounts
in excess of the Estimated Budget (other than reasonable, documented travel expenses approved in advance and in writing by Customer as set forth above), unless a Change Order (defined herein) is executed by both Parties pursuant to Article 5.2. 

Furthermore, the Parties may decide to amend or add additional services through a Change Order (defined herein) or additional Proposal
pursuant to Articles 5.2 or 5.3 of this Agreement. In such cases the Parties may amend or extend the Estimated Budget and/or agree on specific fee arrangements as it relates to the Change Order or additional Proposal, which may be set forth in the
Change Order or additional Proposal. No amendment or change to the existing Proposal, nor any additional Proposal, shall be effective unless agreed upon in writing by both Parties. 

4.3 Evonik shall send invoices to: 

BioDelivery Sciences International, Inc. 

Attention: Accounts Payable 
 801
Corporate Center Drive, Suite 210 
 Raleigh, NC 27607 

Customer shall pay all undisputed amounts of any invoices issued in accordance with this Agreement within *** days of the date of invoice. Further, if at any
time, Customer fails to pay undisputed amounts of a properly-submitted, accurate invoice when due and such invoice remains past due for more than *** days, Evonik may, in its own discretion, refuse to provide services until all undisputed amounts of
properly submitted, accurate invoices that are overdue are paid, subject to any change in future payments terms that may be mutually agreed by the Parties in writing. 

Article 5 - SERVICES AND MATERIALS 

5.1 With respect to the Project, Evonik shall provide the services of such personnel, laboratory facilities, equipment, chemicals, and other
supplies as are required to conduct its activities under this Agreement. Evonik shall render services in connection with the Project and create, develop and deliver Research Samples to Customer, all in accordance with the Proposal, subject to the
terms and conditions of this Agreement. 
 5.2 If at any time during the term of this Agreement Customer desires to make modifications to
the Proposal, Customer shall provide a written description of the proposed modification(s) to Evonik (a “Change Request”). After its receipt of such Change Request, Evonik shall submit a change order proposal (the “Change Order”)
in substantially the form attached hereto as Exhibit D that includes any additional fees or charges and any adjustments to the completion dates or Project timetable resulting from the proposed Change Request. Evonik shall have no obligation
to complete the requested work or implement the proposed changes and Customer shall not have any obligations with respect to any increased fees or altered payment schedules, unless and until the Customer agrees to the updated budget and/or timeline
and the Change Order is executed by both Parties. Evonik shall not be considered in breach for failure to complete the requested work or implement the proposed changes until both Parties agree in writing on the revised Proposal and budget. Once the
Change Order is executed by both Parties, such Change Order shall become a part of this Agreement. 

  
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 5.3 If at any time during the term of this Agreement the Parties desire to add additional
services to the Agreement, the Parties must agree on an additional Proposal which must be agreed to pursuant to Article 14.5 as an amendment to this Agreement to be attached as an additional Exhibit A. 

5.4 Title / Risk of Loss. Title and risk of loss pass to Customer upon delivery of any Research Samples to the carrier designated by Customer.

 5.5 Customer agrees to supply to Evonik, at no charge to Evonik, such necessary quantities of Active Agent for the Project at such times
as Evonik may reasonably request in order to complete the Project. In addition, Customer agrees to provide to Evonik complete and accurate instructions for the proper handling, safety procedures and storage of the Active Agent, including appropriate
warnings of any known toxicity with respect to the use and handling of the Active Agent. Evonik shall not be considered in breach for failure to meet any timelines to the extent resulting from a delay in receipt of the Active Agent from the Customer
or misrepresentation in the instructions provided by Customer regarding the proper handling, safety procedures and storage of Active Agent. 

5.6 Evonik will use the Active Agent only for the purpose of performing the Project. Evonik shall not sell, transfer, disclose or otherwise
provide access to the Active Agent provided by Customer to any Third Party without the written consent of Customer. Upon termination of this Agreement, Evonik will return all unused Active Agent to Customer, if requested to do so, within *** days
after termination, or otherwise will dispose of the Active Agent at Customer’s direction and expense (which shall be reasonable and documented). 

Article 6 - DELIVERABLES 

6.1 Evonik will furnish Customer timely progress updates summarizing the results generated during the Project as set forth in the Proposal
***. 
 6.2 Evonik will provide samples of the Product (“Research Samples”) to Customer for evaluation as they become available,
in the amounts set forth in the Proposal. With the Research Samples and Clinical Samples (as defined below), Evonik will provide Customer with information reasonably sufficient to evaluate ***. 

6.3 Customer shall not make or have made any analysis or any observation of the chemical composition of the Research Samples, other than to
verify or confirm any results or analyses thereof provided by Evonik, or confirm adherence to the Specifications (as defined below), without the prior written consent of Evonik, nor reverse-engineer such Research Samples. ***. 

6.4 Information generated by Customer from use of Research Samples (“Test Results”) will be shared in confidence with Evonik. In the
event that Customer intends to present Test Results publically at symposia or professional/scientific meetings, and/or to publish in journals, or otherwise, Customer shall provide Evonik with a draft manuscript of any such

  
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proposed publication or presentation at least *** weeks prior to the submission or presentation to any Third Party. Evonik shall have, within such period of *** weeks, the right to review the
material for Confidential Information and, at Evonik’s request made within such *** period, Confidential Information of Evonik shall be deleted from the proposed publication or presentation. No rights or obligations, other than those expressly
recited herein, are to be implied from this Agreement, including, but not limited to, any license under any patent rights or know-how owned or licensed by either Party, or which may be obtained by either Party through ownership or license. 

6.5 It is understood and agreed that only Research Samples made as specified in the relevant Proposal as to be made in accordance to US
FDA-promulgated Good Manufacturing Practices (“GMP”) can be used in humans (such Research Samples, “Clinical Samples”). 

Article 7 - OWNERSHIP OF INVENTIONS AND DISCOVERIES 

7.1 The Parties acknowledge that the Background IP of a Party is and will remain the separate property of that Party and is not affected by
this Agreement. Except as expressly permitted under this Agreement, neither Party shall have any claims to or rights in or to such separate Background IP of the other Party. 

7.2 Inventorship for patentable Foreground IP shall be determined in accordance with U.S. patent laws. Evonik and Customer, respectively,
represent that each of its employees and/or consultants involved with the Project or using or having access to the other Party’s Confidential Information have entered into an agreement that provides for assignment to Evonik or Customer,
respectively, of all inventions made by such employee and/or consultants during the course of his employment with or provisions of services to Evonik or Customer. 

7.3 Any Foreground IP *** (collectively, all of the foregoing, “Customer Foreground IP”) shall be exclusively owned by Customer.
Evonik shall promptly notify Customer in writing of any Customer Foreground IP and hereby assigns to Customer all right, title, and interest in Customer Foreground IP. 

7.4 Any Foreground IP, other than Customer Foreground IP *** (collectively, all of the foregoing, “Evonik Foreground IP”) shall be
exclusively owned by Evonik. Customer shall promptly notify Evonik in writing of any Evonik Foreground IP developed by Customer, and hereby assigns to Evonik all right, title, and interest in Evonik Foreground IP. For the avoidance of doubt,
Foreground IP owned by Evonik shall include ***. 
 7.5 Any Foreground IP made under this Agreement, other than Customer Foreground IP or
Evonik Foreground IP, which is based on or related to *** (collectively, all of the foregoing, “Joint Foreground IP”), shall be jointly owned by Evonik and Customer and subject to any rights in Joint Foreground IP granted to either Party
under this Agreement, and/or any Supply Agreement (defined herein), or any License (defined herein) to be negotiated, including those rights in Article 9.1(iii). The Parties further agree that Evonik has the exclusive right to use Product
Formulation without the Active Agent or any Derivative of the Active Agent for its own project(s) or any project(s) with Third Parties, ***. 

  
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 7.6 Each Party shall use commercially reasonable efforts to coordinate and harmonize the
filing of applications for Foreground IP owned by it, including but not limited to Joint Foreground IP, to the extent reasonably necessary to avoid jeopardizing the patentability of Foreground IP owned by the other Party, including but not limited
to Joint Foreground IP, or optimize the Parties’ collective chances and probabilities to obtain patent coverage for the Foreground IP owned by each Party, provided that the foregoing shall not in any event require a Party to file or prosecute
any patent applications for Foreground IP owned by it in a manner that may reasonably be anticipated to materially and adversely affect its ability to obtain patent protection for any particular Foreground IP owned by it. 

Article 8 - PATENT MATTERS 

8.1 Evonik shall have the sole right (but not the obligation), at its expense, to prepare, file, prosecute and maintain patent applications or
patents for Evonik Foreground IP. Customer shall execute such documents and perform such acts as may be reasonably necessary for Evonik to effect the assignment of Evonik Foreground IP to Evonik as contemplated by Article 7.4 and prepare, file,
prosecute or maintain such patent applications or patents. 
 8.2 Customer shall have the sole right (but not the obligation), at its
expense, to prepare, file, prosecute and maintain patent applications or patents for Customer Foreground IP. Evonik shall execute such documents and perform such acts as may be reasonably necessary for Customer to effect the assignment of Customer
Foreground IP to Customer as contemplated by Article 7.3 and prepare, file, prosecute or maintain such patent applications or patents. 

8.3 Customer and Evonik shall use commercially reasonable, good faith efforts to jointly determine whether to prepare, file, prosecute and
maintain United States or foreign patent applications and patents for Joint Foreground IP. Before a patent application for any particular Joint Foreground IP shall be filed, a Party shall, to the extent received prior to the filing of any patent
application, consider any good faith written request by the other Party to, instead of pursuing patent protection for such Joint Foreground IP, maintain such Joint Foreground IP as a trade secret if the other Party reasonably demonstrates in writing
to the other Party that such Joint Foreground IP has greater commercial potential, or provides a greater competitive advantage, with respect to both Parties’ businesses, if such Joint Foreground IP is not patented but is instead maintained as a
trade secret. The Parties shall use commercially reasonable, good faith efforts to assign responsibility to one Party to act as the lead Party for the prosecution and maintenance of such patent applications and patents on an invention-by-invention
basis ***. The non-lead Party shall execute such documents and perform such acts as may be reasonably necessary to prepare, file, prosecute or maintain such patent applications or patents and shall be provided a reasonable opportunity for a timely
textual review of such patent filing and prosecution matters related to such patent applications in advance of any filing, response, or material communication with any patent authority with respect thereto. 

8.4 If Customer or Evonik does not intend to participate in the filing for any Joint Foreground IP patent application, does not wish to
continue preparation, prosecution or maintenance of a Joint Foreground IP patent application or patent, or does not wish to provide 

  
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any financial support with respect to the preparation, filing, prosecution or maintenance of any Joint Foreground IP patent application or patent pursuant to, in each case, Article 8.3, then it
shall give at least *** days advance written notice to the other Party (such notice, “Opt-out Notice). Should either Customer or Evonik, respectively, provide Opt-out Notice to the other Party with respect to a particular patent or patent
application (in which case, Customer or Evonik, respectively shall constitute the “Nonparticipating Party” with respect thereto): 
  

	 	(i)	the other Party may elect at its sole discretion, by written notice to the Nonparticipating Party given within *** days of an Opt-out Notice with respect to a particular patent application or patent (such a notice by
the other Party, a “Takeover Notice”), to continue preparation, filing and prosecution or maintenance of such patent application or patent at its sole expense, 

 

	 	(ii)	the Nonparticipating Party shall, effective upon the *** day following its receipt of an Takeover Notice, forfeit all it rights to such patent or patent application and hereby assigns to the other Party all of the
Nonparticipating Party’s right, title, and interest in the applicable patent application or patent, and the Nonparticipating Party shall execute such documents and perform such acts as may be reasonably necessary to enable the other Party to
file or to continue such prosecution or maintenance and effect the assignment set forth above, and 

  

	 	(iii)	the Nonparticipating Party shall, effective on the earlier of (x) the *** day following its receipt of a Takeover Notice or (y) the *** day following its provision of an Opt-out Notice, have no further
obligations with respect to the filing, preparation, prosecution, or maintenance of the applicable patent or patent application or the cost or expense thereof. 

8.5 The Parties agree to the following patent enforcement rights: 
  

	 	(i)	Customer shall have the sole right, but not the obligation, to bring an appropriate suit or other action (“Enforcement Action”) against any person or party engaged in or anticipated to engage in infringement
of the intellectual property pertaining to ***, at Customer’s expense. Evonik shall provide to Customer reasonable assistance at Customer’s expense in such Enforcement Action. Customer shall keep Evonik regularly informed of the status and
progress of such Enforcement Action, and shall reasonably consider Evonik’s comments on any such efforts. Should Customer elect not to take Enforcement Action related to ***, Customer shall inform Evonik and, to the extent possible dependent on
BDSI’s obligations from other agreements with Third Parties, Evonik may, if BDSI consents in writing, and such consent shall not be unreasonably withheld, delayed or conditioned, take such Enforcement Action in BDSI’s stead, at
Evonik’s expense. Should Evonik take such Enforcement Action, Customer shall provide to Evonik reasonable assistance at Evonik’s expense in such Enforcement Action. Evonik shall keep Customer regularly informed of the status and progress
of such Enforcement Action and shall reasonably consider Customer’s comments on any such efforts. 

  
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	 	(ii)	Subject to Section 8.5(i), Evonik shall have the sole right, but not the obligation, to bring an Enforcement Action against any person or party engaged in or anticipated to engage in infringement of the
intellectual property pertaining to ***, at Evonik’s expense. Customer shall provide to Evonik reasonable assistance at Evonik’s expense in such Enforcement Action. Evonik shall keep Customer regularly informed of the status and progress
of such Enforcement Action, and shall reasonably consider Customer’s comments on any such efforts. Should Evonik elect not to take such Enforcement Action, Evonik shall inform Customer and, to the extent possible dependent on Evonik’s
obligations from other agreements with Third Parties, Customer may, if Evonik consents in writing, and such consent shall not be unreasonably withheld, delayed or conditioned, take such Enforcement Action in Evonik’s stead, at Customer’s
expense. Should Customer take such Enforcement Action, Evonik shall provide to Customer reasonable assistance at Customer’s expense in such Enforcement Action. Customer shall keep Evonik regularly informed of the status and progress of such
Enforcement Action and shall reasonably consider Evonik’s comments on any such efforts. 

 Article 9 - PRODUCT
COMMERCIALIZATION 
 9.1 Unless otherwise agreed by the Parties and subject to the remainder of this Article 9.1, Evonik shall have the
right to manufacture clinical and commercial supplies of Product and supply polymer materials utilized in such manufacture as set forth below. Such rights would be set forth in manufacturing and supply sections of any license and supply agreement
negotiated by the Parties in good faith on reasonable commercial terms and conditions (such agreement(s), the “License and Supply Agreement(s)”), which terms and conditions shall: 

 

	 	(i)	provide that Evonik shall manufacture commercial Product ***; 

  

	 	(ii)	provide that Evonik shall be the exclusive manufacturer of commercial Products (“Exclusive Manufacturer”) on behalf of Customer and, subject to the rights referenced in Article 9.1 (iii) below, Customer
will purchase and Evonik will supply one hundred percent (100%) of Customer’s volume for commercial Products from the Evonik Primary Site and Evonik Backup Site ***; 

 

	 	(iii)	include rights that in the event Evonik fails to ***; 

  

	 	(iv)	provide that Evonik shall be the exclusive manufacturer of clinical supplies of Product on behalf of Customer and Evonik will supply one hundred percent (100%) of Customer’s clinical Product requirements
unless ***; and 

  
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	 	(v)	provide that Evonik shall be the exclusive manufacturer and/or supplier of all polymer materials utilized in the manufacture of Product ***, 

 

	 	(vi)	provide Customer with timely and reasonable access to *** including any information, documents and data related thereto, to the extent necessary for the preparation of regulatory filings and correspondence with
regulatory or governmental agencies. Evonik shall further provide reasonable assistance to Customer, at Customer’s expense, for such matters in a timely manner. 

For clarity, none of the terms above are designed to be actual language to be included in future Supply Agreement(s) and are not final
language. Any and all such language is subject to further drafting and negotiation between the Parties. Furthermore, the Parties are to negotiate all of the above listed manufacturing and License and Supply Agreement(s) in good faith and in no event
shall be obligated to enter into one (1) or more of the above agreements if either Party is not satisfied with the form or result of all of the agreements. 

9.2 The Parties acknowledge and agree that the rights and obligations of each Party with respect to the commercialization of a Product, ***
shall be set forth in a separate license agreement negotiated by the Parties in good faith at reasonable commercial conditions. ***. The Parties shall use commercially reasonable, good faith efforts to negotiate a commercially reasonable form of
such license agreement, consistent with the terms therefor set forth in this Agreement, within *** months of the Effective Date and, upon the Parties’ mutual agreement on such form of license agreement, it shall be attached hereto as Exhibit
E (the “License”); provided, however, that, without limitation of the Parties’ obligation to use commercially reasonable, good faith efforts as set forth above, neither Party is under any obligation to complete such a license
agreement. 
 9.3 Evonik hereby grants to Customer an exclusive option to acquire an exclusive royalty-free, worldwide license, with the
right to grant sublicenses, to Evonik Foreground IP, except for any Foreground IP solely based on Evonik Process, (and related Foreground IPR) and Evonik’s interest in Joint Foreground IP (and related Foreground IPR) (“Option I”) only
for the purpose of developing and commercializing the Product (including, subject to Article 9.1(iii) and/or Evonik’s rights under any License and Supply Agreement(s), ***. 

9.4 Further, Evonik hereby grants to Customer an exclusive option to acquire a royalty-bearing, worldwide license, with the right to grant
sublicenses, to Evonik Background IP (and Evonik Background IPR) (“Option II”) only for the purpose of developing and commercializing the Product ***. The royalty rate for such license under this Option II for Products, the manufacture of
which is covered by valid claims of issued patents included within Evonik Background IPR covering the Evonik Process in the country of sale, shall be (i) *** of Net Sales of Products sold during any calendar quarter *** or (ii) *** of Net
Sales of Products sold during any calendar quarter ***. If the manufacture of Products is not covered by valid claims of issued patents included within Evonik Background IPR covering the Evonik Process in the country of sale, the respective royalty
rates shall be reduced by *** of the above referenced rates, subject to customary adjustments, as shall be negotiated and set forth in the license to be negotiated under Article 9.2 (or, if applicable, Article 9.7) and executed following exercise of
Option II pursuant to Article 9.7. ***. 

  
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 9.5 In the event that Evonik and Customer do not agree and execute one or more License and
Supply Agreements (as referenced in Article 9.1) for the commercial manufacture of Product, ***. 
 9.6 In the event Customer exercises its
rights to Options I and II under Article 9.3, 9.4 or 9.7, ***. Furthermore, in the event that Customer grants a sublicense to a Third Party under any license granted to Customer by Evonik pursuant to Articles 9.3, 9.4, and/or 9.7, Customer shall not
transfer any Evonik Process Data to such Third Party manufacturer. 
 9.7 Option Period. The period within which Option I and Option II
(each, an “Option”) may be exercised begins on Effective Date and expires at *** month after the expiration or termination of the Agreement (“Option Period”). Customer must exercise both Options simultaneously by delivering
unambiguous written notice to Evonik before the expiration of the Option Period. Once Customer exercises the Options then the Parties shall, if the form of such License has been negotiated and agreed to, immediately execute the License with respect
to the rights to be granted with respect to the exercise of the Options, provided that in the event, at the time of the exercise of the Options, the form of License has not been agreed to by the Parties, (a) the Parties will use commercially
reasonable good faith efforts to, as soon as reasonably possible, negotiate and execute a license agreement containing commercially reasonable terms and terms consistent with those set forth in Articles 9.3, 9.4 and/or 9.5 and (b) without
limitation of the Parties’ preceding obligations under this sentence, the Parties shall have a *** month negotiation period following the exercise of the Options to negotiate and execute the license agreement, after which neither Party shall
have any obligation to negotiate or execute such a license. So long as it is prior to the execution of the License, Customer reserves the right to revoke any exercise of either Option at any time upon written notice to Evonik, at which time neither
Party shall have any obligations hereunder to negotiate or execute the License. 
 9.8 The Parties acknowledge that any license(s) acquired
by Customer according to this Article 9 with respect to Evonik Background IP shall, as shall be further detailed in the license agreement executed by the Parties with respect thereto, remain exclusive following approval of the Product by the United
States Food and Drug Administration for human therapeutic use (such approval, “Approval”) as long as Customer and/or its Affiliates pay Evonik the annual minimum royalty described in this section (“AMR”). If Customer obtains
Approval of the Product for ***, the AMR under the applicable license shall be set at *** for each complete calendar year following Approval. However, should Customer obtain Approval of Product for ***, the above AMR figures will, effective
following Approval for both indications, be ***. The AMR to be paid with respect to a calendar year shall be prorated if more than one of the above amounts applies to such calendar year, based on the relative portions of such calendar year to which
the relevant amounts above apply. In case the Customer and/or its Affiliates do not pay such AMR to Evonik in any applicable calendar year with respect to the license to Evonik Background IP, such license will, upon written notice from Evonik, as
further described in such license, automatically immediately become non-exclusive. 
 9.9 ***. 

  
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 9.10 The Parties acknowledge that with respect any license(s) acquired by Customer according
to this Article 9 with respect to Evonik Background IP, Customer shall, in addition to paying the royalty set forth in Articles 9.4 and 9.5 and the AMR set forth in Article 9.8, be required to make to Evonik the following non-refundable,
non-creditable one-time payments: 
  

	 	(i)	$*** upon ***; 

  

	 	(ii)	$*** upon ***; 

  

	 	(iii)	$*** upon ***; and 

  

	 	(iv)	$*** upon ***; 

 ***. 

Article 10 - PUBLICITY 

10.1 No advertising, media release, publications, or other public disclosures having any reference to Customer or Evonik, respectively,
express or implied, shall be made or released by or on behalf of Evonik or Customer, respectively, except to the extent (i) such matter shall have first been agreed upon in writing by Customer or Evonik, respectively, or (ii) release,
announcement, or disclosure is required by applicable law, rule, or regulation, a court or other government agency of competent jurisdiction or the rules of any applicable securities exchange, in which case Evonik or Customer, respectively, shall
promptly notify the other Party of each such requirement and identify the release, announcement, or disclosure so required thereby, so that the other Party may consult with Evonik or Customer, respectively, and afford the other Party reasonably
sufficient time to review and approve such release, announcement, or disclosure, such approval not to be unreasonably withheld, conditioned or delayed. The Party commenting on such release, announcement, or disclosure will provide comments within
*** business days of receiving such proposed release, announcement or disclosure. 
 Article 11 - CONFIDENTIALITY; RETURN/DESTRUCTION

 OF TANGIBLE MATERIALS 

11.1 Customer and Evonik each acknowledge that it will be necessary for each to disclose certain Confidential Information. Notwithstanding
anything else in this Agreement, Confidential Information shall not include: 
  

	 	(i)	information that at the time of disclosure, is in the public domain, or that thereafter enters the public domain, through no act or omission of the Receiving Party; or 

 

	 	(ii)	 information that the Receiving Party or its Representatives can establish by reasonable written proof was in their possession at the time of
disclosure (or, with respect to Foreground IP generated by one Party but assigned (in whole or in part) to the other Party pursuant to this Agreement, prior to the generation thereby), or was subsequently and independently developed by
Representatives of the Receiving Party who had no knowledge of that information as a disclosure from the Disclosing Party (or, with respect to Foreground IP generated by one Party but

  
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assigned (in whole or in part) to the other Party pursuant to this Agreement, as a result of being generated hereunder by the Receiving Party); or 

 

	 	(iii)	information that is hereafter lawfully received by the Receiving Party or its Representatives on a non-restricted basis from a Third Party having rightful possession of such Confidential Information and the legal right
to disclose it to the Receiving Party as documented by the Receiving Party’s written records; or 

  

	 	(iv)	information that the Disclosing Party or its Representatives agree in writing to release from the obligations under this Article 11. 

The burden of proving the applicability of any one or more of the above exceptions shall at all times be with the Receiving Party. An
individual feature of Confidential Information shall not be deemed to be within any of the specified exceptions merely because it is embraced by more general information in such exception. In addition, any combination of features shall not be deemed
to be within any of the specified exceptions merely because individual features are in such exception, but only if the combination itself and its principle of operation are in such exception. 

11.2 Any disclosure of Confidential Information made by the Receiving Party in response to a valid order by a court or other governmental body
or that is otherwise required by law, rule, or regulation or the rules of any applicable securities exchange (but only to the extent of such order or requirement) will not be deemed to be a violation of the Receiving Party’s obligations under
this Agreement if the Receiving Party complies with this Article 11. Under such circumstances, the Receiving Party shall (to the extent permitted by applicable law and reasonably practicable) provide the Disclosing Party with reasonable advance
written notice of any disclosure to be made pursuant to such order or requirement and reasonably cooperate, at the reasonable, documented expense of and with the efforts of the Disclosing Party, to obtain a protective order or other assurance of
confidential treatment of the Confidential Information to be disclosed pursuant to such order or requirement. If, in the absence of a protective order or confidential treatment, the Receiving Party is compelled as a matter of law, rule, or
regulation (or the rules of any applicable securities exchange) to disclose the other Party’s Confidential Information, the Receiving Party will disclose, without liability, only that part of such Confidential Information as is required by law,
rule, or regulation (or the rules of the applicable securities exchange) to be disclosed and prior to such disclosure will, to the extent permitted by applicable law and reasonably practicable, advise and consult with the Disclosing Party as to such
disclosure. 
 11.3 During the term of this Agreement and through the period of non-disclosure and non-use below, the Receiving Party agrees
that it will not (i) use Confidential Information of the Disclosing Party for any purpose except as set forth in the Proposal or otherwise in accordance with or permitted by this Agreement, or (ii) disclose Confidential Information of the
Disclosing Party to any Third Party without the advance written approval of the Disclosing Party, or (iii) disclose results under the Proposal that use or disclose the Confidential Information of the Disclosing Party without the advance written
approval of the Disclosing Party, provided that the foregoing shall not be construed as prohibiting either Party from utilizing or disclosing Confidential Information concerning Joint Foreground IP and/or directly related Foreground IPR in the
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Foreground IPR, subject to the limitations set forth under Articles 7 and 8.4(ii) and provided such Party uses commercially reasonable efforts to protect the confidential nature of such
Confidential Information. The Receiving Party’s obligations of non-disclosure and non-use with respect to the other Party’s Confidential Information (including Confidential Information of both Parties) shall continue for a period of ***
years from the termination or expiration of this Agreement. 
 11.4 Notwithstanding the above, the Receiving Party may, in their sole
discretion, disclose Confidential Information of the Disclosing Party to the Receiving Party’s Representatives (i) who require the same in the performance of their regular responsibilities, and then only to the extent required to perform
the Project contemplated hereunder, or (ii) to the extent consistent with a Party’s exercise of its rights with respect to Joint Foreground IP and directly related Foreground IPR, subject to Articles 7 and 8.4(ii), and who have been
advised of the confidential nature of the Confidential Information and of the restrictions hereunder on its disclosure and use, and agree to maintain the same in confidence and not to use the same other than as contemplated or permitted herein.
Further, to the extent that Confidential Information is disclosed to the Receiving Party or Receiving Party’s Representatives by the Disclosing Party’s Representatives, this Agreement shall also apply to such disclosures. The Parties to
this Agreement shall assume full responsibility for its Representatives in this regard. 
 11.5 Upon the Disclosing Party’s request,
the Receiving Party will return (and will cause all Representatives to return) all of the Disclosing Party’s Confidential Information in written or manifested in other tangible form to the Disclosing Party, and shall also deliver to it all
copies, extracts, summaries, adaptations and drawings, whether provided by the Disclosing Party or created by the Receiving Party. The Receiving Party shall also deliver to the Disclosing Party any equipment, sample, product or material embodying,
containing or based upon any of Disclosing Party’s Confidential Information. Notwithstanding the above, (a) the Receiving Party may retain a record copy for the purpose of determining either Party’s rights, obligations, and/or
disclosures made under this Agreement, and (b) Receiving Party shall not be required to destroy any computer files created during automatic system back-ups that are subsequently stored securely and not accessible to employees, except for the
purpose of securing application of the Agreement, provided that (i) Confidential Information made and kept by Receiving Party pursuant to subsections (a) and (b) of this Article 11.5 or in breach of this Article 11.5 shall
continue to be governed by the terms of this Agreement, and (ii) the obligations of this Article 11.5 shall not apply to any Confidential Information concerning Joint Foreground IP and/or directly related Foreground IPR, except to the extent a
Party’s interest therein is assigned to the other Party pursuant to Article 8.4. 
 Article 12 - WARRANTY/AUDIT/COVENANTS/LIMITATION
OF LIABILITY 
 12.1 Under this Agreement, Evonik is to perform certain research and other work incidental thereto, and is to provide
certain counseling, advice, conclusions, and/or recommendations. ***. Evonik will use its professional experience and diligent professional efforts in performing this work. HOWEVER, WITHOUT LIMITATION OF ITS OBLIGATIONS UNDER ARTICLES 2.2 AND 4.2,
EVONIK MAKES NO WARRANTY OF, AND SHALL HAVE NO LIABILITY FOR, ITS ABILITY TO COMPLETE THE PROPOSED ACTIVITY WITHIN THE SPECIFIED TIMELINES OR COSTS. FURTHER, EXCEPT TO THE EXTENT EXPLICITLY 

  
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SET FORTH IN THIS AGREEMENT OR ANY PROPOSAL, EVONIK MAKES NO WARRANTY EXPRESS OR IMPLIED INCLUDING THAT PRODUCTS PRODUCED AND/OR RESEARCH SAMPLES PROVIDED ARE MERCHANTABLE OR SATISFACTORY FOR ANY
PARTICULAR PURPOSE. EXCEPT AS EXPLICITLY SET FORTH IN THIS AGREEMENT, NO OTHER WARRANTY OR LIABILITY, EXPRESS OR IMPLIED, AND WHETHER ARISING BY OPERATION OF LAW OR CUSTOM, SHALL APPLY. FURTHERMORE, CUSTOMER SHALL NOT MAKE ANY REPRESENTATION OR
WARRANTY ON BEHALF OF EVONIK. 
 12.2 Customer acknowledges and agrees that, except as explicitly set forth in the Proposal or this Agreement, all Research
Samples provided by Evonik under this Agreement are provided “AS IS” AND ARE PROVIDED WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED. Furthermore, prior to Evonik’s
manufacture of any Clinical Samples, Customer shall, if and as requested by Evonik, conduct, or secure a third party to conduct, an audit of Evonik’s quality systems to attempt to confirm the applicable level of compliance to GMP regulations
and Evonik shall only begin manufacture of such Clinical Samples after receiving written approval therefor from Customer. 
 12.3 Each Party
represents and warrants to the other Party that: 
  

	 	(i)	it is duly organized and validly existing under the laws of its state of incorporation, and has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof; 

 

	 	(ii)	it is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the person or persons executing this Agreement on its behalf has been duly authorized to do so by all requisite
corporate action; 

  

	 	(iii)	this Agreement is legally binding upon it and enforceable in accordance with its terms, and that the execution, delivery and performance of this Agreement by it does not conflict with any agreement, instrument or
understanding, oral or written, to which it is a party or by which it may be bound, nor violate any material law or regulation of any court, governmental body or administrative or other agency having jurisdiction over it; 

 

	 	(iv)	as of the Effective Date, it is not aware of any action, suit or inquiry or investigation instituted by any person or governmental agency which questions or threatens the validity of this Agreement; and

  

	 	(v)	as of the Effective Date, none of its employees that will be performing work on the Project have been “debarred” by the FDA, within the meaning of 21 U.S.C. §335(a) or (b), nor have debarment proceedings
against any of its employees been commenced, Each Party agrees to promptly provide written notice to the other Party in the event of any change to the accuracy of this representation and warranty and to use commercially reasonable efforts to ensure
that it does not use any individual that has been so “debarred” by the FDA, within the meaning of 21 U.S.C. §335(a) or (b), nor against whom debarment proceedings have been commenced. 

  
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 12.4 Evonik further represents and warrants to Customer that: 

 

	 	(i)	to Evonik’s and its Affiliates’ knowledge as of the Effective Date there are no pending or threatened claims or legal actions asserting that any Background IPR included within Existing Evonik IP are invalid or
unenforceable in any jurisdiction; 

  

	 	(ii)	***; 

  

	 	(iii)	to Evonik’s and its Affiliates’ knowledge as of the Effective Date, neither Evonik nor any Affiliate thereof is a party to or otherwise bound by any contract or agreement that conflicts with this Agreement, or
the rights or options granted or assigned to Customer hereunder or under any License; 

  

	 	(iv)	as of the Effective Date, all agreements between Evonik (or any of its Affiliates) and Third Parties necessary to perform Evonik’s obligations under this Agreement, or grant the rights granted or assigned to
Customer under this Agreement or any License that may be granted pursuant to the exercise of either Option, are in full force and effect; 

  

	 	(v)	to Evonik’s and its Affiliates’ knowledge as of the Effective Date, (a) ***, and (c) none of the Existing Evonik Patents are the subject of any pending interference, opposition, cancellation or other
protest proceeding; 

  

	 	(vi)	as of the Effective Date, neither Evonik nor any Affiliate thereof owns or has rights to any regulatory approvals or regulatory filings regarding any injectable, biodegradable microparticle-based product incorporating
the Active Agent or any Derivative thereof as an active pharmaceutical ingredient; and 

  

	 	(vii)	Clinical Samples shall be made in accordance with GMP and any applicable Specifications set forth in a Proposal. 

  
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 12.5 Evonik shall use commercially reasonable efforts to maintain and keep in full force and
effect all agreements necessary to perform its obligations, and grant the rights granted to Customer, hereunder or any license granted pursuant to the exercise of Option I or Option II, and will notify Customer of any material breach or termination
of such agreements that would materially and adversely affect Customer’s rights under this Agreement or any license granted pursuant to the exercise of Option I or Option II. 

12.6 Customer represents and warrants to Evonik that, to Customer’s knowledge as of the Effective Date, neither the Active Agent nor the
reasonably anticipated Product infringes on any U.S. or foreign patent, trademark, copyright or other intellectual property or proprietary right of any Third Party. 

12.7 In connection with the work performed hereunder, NEITHER PARTY SHALL IN ANY EVENT BE LIABLE FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, OR
INCIDENTAL DAMAGES, REGARDLESS OF WHETHER THE CLAIM IS BASED ON WARRANTY, CONTRACT, TORT, STRICT LIABILITY, NEGLIGENCE OR OTHERWISE, WHICH MAY INCLUDE BUT ARE NOT LIMITED TO, LOSS OF PRODUCT, PROFITS OR REVENUES, DAMAGE OR LOSS FROM OPERATION OR
NONOPERATION OF PLANT, OR CLAIMS OF THIRD PARTIES, EXCEPT WITH RESPECT TO ***. 
 Article 13 - INDEMNIFICATION/INSURANCE 

13.1 Customer shall defend, indemnify and hold harmless Evonik, its Affiliates, and their respective directors, officers, employees,
principals, agents and assigns from and against any and all losses, claims, penalties, actions, damages, liabilities, costs and expenses incident thereto (including reasonable legal counsel fees and expenses) (the “Losses”) which Evonik
may hereafter incur, become responsible for or pay out relating to, as a direct result of any Third Party claim based upon or arising out of (a) Customer’s breach of any of its representations, warranties, covenants or obligations under
this Agreement; (b) any infringement or misappropriation of the intellectual property rights of any Third Party relating to any acts of Customer or the use of the Research Samples, Product or Evonik Background IP in a manner inconsistent with
the use for which such Research Samples or Product were developed; (c) the negligence or intentional misconduct of Customer, any of its agents, representatives, employees, subcontractors, customers, or any Third Party acting, in each case, on
Customer’s behalf in the performance of the Project; and/or (d) Customer’s development, manufacture, use, import or export, sale or other disposition of Product or any product incorporating the Research Samples, provided that Customer
shall not have any obligation under this Article 13.1 to the extent any Loss results directly from (i) the breach of any of Evonik’s representations, warranties, covenants or obligations under this Agreement; (ii) ***;
(iii) the negligence or intentional misconduct of Evonik, its Affiliates, any of the foregoing’s agents, representatives, employees, subcontractors, or customers, or any Third Party acting on Evonik’s behalf in, in each case, the
performance of the Project; or (iv) ***.  
 13.2 Evonik shall defend, indemnify and hold harmless Customer, its Affiliates, and
their respective directors, officers, employees, principals, licensees (with respect to Product), 

  
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agents and assigns from and against any and all Losses which any of the foregoing may hereafter incur, become responsible for or pay out relating to, as a direct result of any Third Party claim
based upon or arising out of (a) breach of any of Evonik’s representations, warranties, covenants or obligations under this Agreement; (b) ***; (c) the gross negligence or intentional misconduct of Evonik, its Affiliates, any of
either of the foregoing’s agents, representatives, employees, or subcontractors, or any Third Party acting on Evonik’s behalf in, in each case, the performance of the Project; or ***, provided that Evonik shall not have any obligation
under this Article 13.2 to the extent any Loss results directly from (i) the breach of any of Customer’s representations, warranties, covenants or obligations under this Agreement; (ii) any infringement or misappropriation of the
intellectual property rights of any Third Party relating to any Customer Background IP or Customer Foreground IP; or (iii) the negligence or intentional misconduct of Customer, its Affiliates, any of the foregoing’s agents,
representatives, employees, subcontractors, customers, or any Third Party acting on Customer’s behalf in, in each case, the performance of the Project. 

13.3 Each party shall, at its sole cost and expense, procure and maintain in full force during the entire Term of this Agreement the following
types of insurance in the minimum amounts set forth below with insurance carriers having a rating of A (or better) as to financial strength by the latest edition of A. M. Best & Co: 

 

	 	(a)	Workers’ compensation insurance in accordance with the laws of the state(s) of operations covering all Customer’s employees, subcontractors, or their employees who may be engaged directly or indirectly in any
work hereunder; employer’s liability insurance coverage in the amount of *** for its employees; and 

  

	 	(b)	Comprehensive general liability insurance including Customer’s completed operations, covering bodily injuries and property damage with combined single limits of *** each occurrence and *** aggregate.

 Upon written request of the other Party, a Party shall furnish to the other Party a copy of the certificate of insurance evidencing such
coverages referred herein. No policy provided hereunder shall be cancelled nor materially reduced in coverage without *** days’ written notice to the other Party. All stated insurance policies, where applicable, will designate the other Party
as additional insured. Each Party shall cause its applicable insurers to waive all rights of subrogation against the other Party. The waiver of subrogation clause and additional insured wording must be stated explicitly on the face of the
certificate of insurance. 
 Article 14 - MISCELLANEOUS 

14.1 Assignment; Successors and Assigns. Neither Party may assign all or any part of this Agreement without the other Party’s
prior written consent, which shall not be unreasonably withheld. Notwithstanding the foregoing, a Party (the “Assigning Party”) shall not be required to obtain the consent of the other Party in order to, and shall be entitled to, without
the other Party’s consent, assign or otherwise transfer this Agreement (1) to any Affiliate of the Assigning Party; or (2) in the event of the Assigning Party’s merger or sale or transfer of substantially all of the assets or
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the subject matter of this Agreement. This Agreement, and its rights and obligations, shall inure to the benefit of and be binding upon the Parties and their successors and assigns permitted in
accordance with this Article 14.1, provided that any attempted assignment not permitted pursuant to this Article 14.1 shall be null and void. 

14.2 Non-Solicitation or Hiring of Certain Employees. During the term of this Agreement and for a period of *** following the
termination or expiration of this Agreement, (1) Customer shall not hire or solicit any employee of Evonik or its Affiliates or induce or attempt to induce any such employee to terminate his or her employment with Evonik or its Affiliates by
resignation, retirement or otherwise, and (2) Evonik’s Health Care Business Line, which encompasses Evonik’s pharmaceutical businesses, shall not hire or solicit any employee of Customer or its Affiliates or induce or attempt to
induce any such employee to terminate his or her employment with Customer or its Affiliates by resignation, retirement or otherwise. For the purposes of this section, the term “solicit” and “induce” shall not include general
advertisement or other employment activities of a Party not directed primarily at an employee of the other Party or its Affiliates. 
 14.3
Entire Agreement. This Agreement, executed pursuant hereto and all exhibits and schedules attached to or referenced herein, constitutes the entire understanding and agreement of the Parties hereto with respect to the matters described herein
and supersedes all prior agreements or understandings, written or oral, between the Parties with respect thereto. 
 14.4 Parties
Independent. In making and performing this Agreement, the Parties are acting and shall act at all times as independent contractors and nothing contained in this Agreement shall be construed or implied to create an agency, partnership, or joint
venture relationship between the Parties. 
 14.5 Amendment or Waiver. Notwithstanding any course of performance hereunder or other
course of dealing, any amendment to or waiver of any provision of this Agreement must be in writing signed by each Party, and must specifically refer to the provision of the Agreement being amended or waived in order to be effective. Any purported
amendment or waiver, whether oral, by electronic communication including emails between Parties, by conduct, custom shall not constitute a writing sufficient to amend this Agreement. The Parties are expressly and deliberately establishing these
procedures specifically to avoid any possibility that an amendment, waiver or estoppel of or with respect to any of this Agreement’s terms could be deemed to have been affected in a manner other than as set forth in this Article. 

14.6 Further Assurances. Each of the Parties shall execute and deliver to, or cause to be executed and delivered to, the other Party,
such further instruments, or take such other action as may reasonably be reasonably required of it to consummate more effectively the transactions contemplated hereby. 

14.7 Notice. All notices, consents, claims, demands or other communications given under this Agreement shall only be sufficient if in
writing and sent (1) by certified mail, return receipt requested, postage prepaid or (2) by a nationally recognized overnight courier service which provides a delivery receipt, to the Parties at the address set forth below or at such other
address designated by either Party in writing. The date of giving such notice will be deemed to be *** days after such envelope was deposited with the U.S. Postal Service or courier service. 

  
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The Post Office or courier service receipt showing the date of such deposit shall be prima facie evidence of such deposit date. Such communications must be sent to the respective Parties at the
following addresses: 
 For Evonik: 

Evonik Corporation 
 750
Lakeshore Parkway 
 Birmingham, Alabama 35211 

FAX: (205) 917-2205 

Attention: Global Head, Drug Delivery Services 

and 
 Evonik Corporation 

299 Jefferson Road 
 Parsippany,
New Jersey 07054 
 FAX: (973) 541-8850 

Attention: General Counsel 

For Customer: 

BioDelivery Sciences International, Inc. 

801 Corporate Center Drive 

Suite 210 
 Raleigh, North
Carolina 27607 
 FAX: (919) 582-9051 

Attention: Mark Sirgo, President and CEO 

BioDelivery Sciences International, Inc. 

801 Corporate Center Drive 

Suite 210 
 Raleigh, North
Carolina 27607 
 FAX: (919) 582-9051 

Attention: General Counsel 

14.8 Governing Law; Venue. This Agreement and all rights and remedies hereunder shall be governed by and interpreted and enforced in
accordance with the laws of the State of New Jersey, without regard to Conflict of Law principles. Each Party shall comply with all applicable laws, rules, and regulations, including but not limited to those pertaining to environmental protection
and safety and health. 
 14.9 Headings; Construction. Article headings contained in this Agreement are included for convenience
only, and are not a part of the agreement between the Parties. The language used in this Agreement is the language chosen by the Parties to express their mutual intent. No rule of strict construction shall be applied against either Party. 

  
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 14.10 Translations. In the event of an inconsistency between any terms of this
Agreement and any translations thereof into another language, the English language meaning shall control. 
 14.11 Force Majeure.
Neither Party shall be liable for delay or failure to perform its obligations hereunder due to any circumstances beyond its reasonable control, regardless of whether such circumstances can be reasonably foreseen. Such circumstances may include, but
are not limited to, acts of God, war (declared or undeclared), acts of terrorism (and related government actions), riot, political insurrection, rebellion, sabotage, revolution, acts, laws, regulations or orders of or expropriation by any government
(whether de facto or de jure), acts of government prohibiting sanction the import or export of the product, rationing, equipment or production facilities, quarantine restrictions, fuel shortage, strike, lock-out or other labor troubles which
interfere with the manufacture, sale or transportation of the Product or with the supply of raw materials necessary for their production or fire, flood, explosion, earthquake, tornados or other natural events or disasters, national defense or
security requirements, acts or failure to act of its suppliers or other Third Parties or of a Party, natural disaster, weather conditions, or shortages of or inability to obtain (as and when required and upon reasonable terms and from reasonable
sources of supply) suitable or sufficient energy, labor, machinery, facilities, raw materials, transportation, supplies or other resources or service (“Force Majeure”). If such Force Majeure occurs, the affected Party shall notify the
other Party in writing as soon as practicable of the occurrence of said Force Majeure event, the nature of and expected duration of the Force Majeure event, and the reasonably anticipated effect the Force Majeure event will have on that Party’s
performance of this Agreement. A Party will be excused from performing its obligations hereunder only during the Force Majeure event and the affected Party shall not be liable to the other Party for damages by reason of any delay or suspension of
performance to the extent resulting from the Force Majeure event. 
 14.12 Export Compliance. The Parties shall abide by the
applicable export regulations of the United States and any other country or countries. If required, the Party intending to export controlled technology or data (including a “deemed” export) shall apply for an export license or other
suitable authorization from the proper authority prior to any such export and inform any Receiving Party of any further restrictions on use of the technology or data. Receiving Party shall not export or re-export any technical data, products, or
samples received from the Disclosing Party or the direct product of such technical data in contravention of the export compliance laws of the United States or associated regulations. 

14.13 Remedies. Each Party acknowledges that, without limitation of any legal, equitable, or injunctive remedies that may be available
for any breach of any provision of this Agreement, a breach of such Party’s agreements in Articles 7, 8, and 11 hereof may result in irreparable and continuing damage to the other Party for which there may be no adequate remedy at law; and each
Party agrees that, in the event of any breach of the aforesaid agreements, the other Party and its successors and assigns may be entitled to injunctive relief and to such other and further relief as may be proper. 

14.14 Waiver of Breach. The failure of any Party at any time or times to require performance of any provision hereof shall in no manner
affect that Party’s right at a later time to enforce the same. No waiver by any Party of the breach of any term or covenant contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or
construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 

  
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 14.15 Invalid or Void Provisions. In the event that individual provisions of this
Agreement become wholly or partially invalid as evidenced by a ruling of a court of competent jurisdiction, the effectiveness of the remaining rulings shall not be affected, to the extent severable. The Parties undertake in good faith to replace an
invalid provision by a valid one which most closely corresponds with the economic intention of the invalid ruling. 
 14.16 Counterparts;
Evidence of Signature. This Agreement may be executed in separate counterparts, each of which shall be identical and may be introduced in evidence or used for any other purpose without any other counterpart, but all of which shall together
constitute one and the same agreement. Signatures of any Party transmitted by facsimile or electronic mail (including, without limitation, electronic mailing of a so-called portable document format or “pdf” of a scanned counterpart) shall
be treated as and deemed to be original signatures for all purposes, and shall have the same binding effect as if they were original, signed instruments delivered in person. 

[Signature page to follow.] 

  
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 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement by their duly authorized
representatives, effective as of the Effective Date. 
  

									
	EVONIK CORPORATION	 		 	BIODELIVERY SCIENCES INTERNATIONAL, INC.
					
	By:	 	  
	 		 	By:	 	  

					
	Name:	 	  
	 		 	Name:	 	  

					
	Title:	 	  
	 		 	Title:	 	  

					
	Date:	 	  
	 		 	Date:	 	  

  
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 EXHIBIT A 

PROPOSAL 
 *** 

EXHIBIT B 

EXISTING EVONIK PATENTS 
 *** 

AND ANY U.S. CONTINUATION(S), CONTINUATION(S) IN PART (TO THE EXTENT CLAIMING SUBJECT MATTER CLAIMED IN THE APPLICATIONS ABOVE), OR DIVISIONALS WITH
RESPECT TO THE FOREGOING AND ANY FOREIGN COUNTERPART OF THE ABOVE. 

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 EXHIBIT C 

*** 

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 EXHIBIT D 

CHANGE ORDER FORM 
 Project:
                     
 Change
Order # :                      
 Customer
requests the following changes to the proposal: 
  

					
		 	  
	  	

 Request made on
                    . 
 Do the requested changes
impact the budget: Yes                                      No
             
 If yes, indicate the updated budget: 

 

					
		 	  
	  	

 Do the requested changes impact the timeline: Yes
                                    No
             
 If yes, indicate the updated timeline: 

 

					
		 	  
	  	

 By signing below both Parties agree to the above referenced changes and that the updated Proposal, budget and timeline will be
subject to the terms and conditions of the Development and Exclusive License Option Agreement dated                      all other terms and
conditions remain unchanged. 
  

									
	EVONIK CORPORATION	 		 	BIODELIVERY SCIENCES INTERNATIONAL, INC.
					
	By:	 	  
	 		 	By:	 	  

					
	Name:	 	  
	 		 	Name:	 	  

					
	Title:	 	  
	 		 	Title:	 	  

					
	Date:	 	  
	 		 	Date:	 	  

 EXHIBIT E 

FORM OF LICENSE AGREEMENT 
 To be attached
hereto once mutually agreed upon by the Parties.

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