Document:

Exhibit 10.2

 

AGREEMENT TO AMEND SERIES A-1 CONVERTIBLE
PREFERRED

 

This agreement to amend
the Certificate of Designations (“COD”) setting forth the terms of the Series A-1 Convertible Preferred Stock,
par value $0.01 per share (the “Series A-1 Preferred”) (this “Agreement”) of Outlook Therapeutics,
Inc. (formerly known as Oncobiologics, Inc., the “Company”), dated as of January 27, 2020, by and between the
Company and BioLexis Pte. Ltd. (formerly known as GMS Tenshi Holdings Pte. Limited, and together with or any of its permitted assigns,
the “Holder”). Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed
to such terms in the COD (as defined below), whether defined therein or incorporated by reference.

 

RECITALS

 

A.               
Reference is hereby made to that certain Amendment to Warrants to Purchase Common Stock, dated as of January 27, 2020 by
and between the Company and the Holder (the “Warrant Amendment”).

 

B.                
In connection with Company’s agreement to enter into the Warrant Amendment and Holder’s subsequent exercise
of the warrants as contemplated thereby, the Board of Directors of the Company (the “Board”) has (i) adopted
resolutions approving a Certificate of Amendment to the COD of the Series A-1 Preferred, in the form attached hereto as Exhibit
A (the “COD Amendment”) and (ii) Holder and the Company desire to enter into certain agreements in connection
therewith.

 

The provisions of this
Agreement set forth the agreement of the Company with the Holder regarding such amendment.

 

		1.	COD Amendment.

 

(a)              
In connection with the approval of the Warrant Amendment, (i) the Board adopted the COD Amendment and (ii) resolved to recommend
that the stockholders of the Company approve the COD Amendment and the transactions contemplated thereby, including for purposes
of Nasdaq Listing Rule 5635(d).

 

    

     

    

 

(b)              
As promptly as reasonably practicable following the date of this Agreement, and in any event within twenty (20) Business
Days, the Company shall prepare and file with the United States Securities and Exchange Commission (the “SEC”)
a preliminary proxy statement (as amended or supplemented from time to time, the “Proxy Statement”) relating
to, among other things, the approval by the stockholders of the Company of (x) the COD Amendment for purposes of the General Corporation
Law of the State of Delaware, and (y) the conversion of the Series A-1 Preferred into shares of the Company’s common stock,
par value $0.01 per share (the “Common Stock”), and the other transactions contemplated by the COD Amendment,
including for purposes of Nasdaq Listing Rule 5635(d), in accordance with applicable Law and the rules and regulations of Nasdaq
(such approval, the “Stockholder Approval”). Each of the Company and Holder shall furnish all information concerning
itself and its Affiliates that is required to be included in the Proxy Statement or that is customarily included in proxy statements
prepared in connection with transactions of the type contemplated by the COD Amendment, and each covenants that none of the information
supplied or to be supplied by it for inclusion or incorporation in the Proxy Statement will, at the date it is filed with the SEC
or first mailed to the Company’s stockholders or at the time of the meeting of the stockholders of the Company called to
obtain the Stockholder Approval, or any valid adjournment or postponement thereof made with the consent of the Holder (the “Stockholders
Meeting”) or at the time of any amendment or supplement thereof, contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the
circumstances under which they are made, not misleading. The Company shall cause the Proxy Statement to comply as to form in all
material respects with the requirements of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. Each of the Company and Holder shall use its reasonable best efforts to respond as promptly as reasonably practicable
to any comments of the SEC with respect to the Proxy Statement. Within five (5) Business Days of the earlier of (i) the date on
which the Company learns, orally or in writing, that the Proxy Statement will not be reviewed by the SEC, including the first Business
Day that is at least 10 calendar days after the filing of the preliminary Proxy Statement if the SEC has not informed the Company
that it intends to review the Proxy Statement, and (ii) in the event that the Company receives comments from the SEC on the preliminary
Proxy Statement, the first Business Day immediately following the date the Company learns, orally or in writing, that the SEC staff
has no further comments on the preliminary Proxy Statement, the Company shall have established a record date for the Stockholders
Meeting and shall promptly thereafter, file and mail the definitive Proxy Statement to the Company’s stockholders; provided,
however, that the record date for the Stockholders Meeting shall be a date that is after Holder has exercised each of the Warrants
pursuant to the Warrant Amendment. The Company shall promptly notify Holder in writing upon the receipt of any comments from the
SEC or its staff or any request from the SEC or its staff for amendments or supplements to the Proxy Statement and shall promptly
provide Holder with a copy of all written correspondence between the Company or any representatives of the Company, on the one
hand, and the SEC or its staff, on the other hand, with regard to the Proxy Statement. The Company shall give Holder and its counsel
a reasonable opportunity to review and comment on the Proxy Statement, including all amendments and supplements thereto, prior
to filing such documents with the SEC or disseminating to the Company’s stockholders and reasonable opportunity to review
and comment on all responses to requests for additional information and shall, in each case, include all comments reasonably requested
by Holder. If, at any time prior to the Stockholder Meeting, any information relating to the Company, Holder or any of their respective
Affiliates, officers or directors should be discovered by the Company or Holder that should be set forth in an amendment or supplement
to the Proxy Statement, so that the Proxy Statement shall not contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they are made, not misleading, the party which discovers such information shall promptly notify the other parties,
and an appropriate amendment or supplement describing such information shall be filed with the SEC and, to the extent required
by applicable Law, disseminated to the stockholders of the Company. For purposes of this Agreement, “Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York, are authorized or required
by Law to remain closed.

 

    2

     

    

  

(c)              
The Company shall, as promptly as reasonably practicable after the date on which the Company learns that the Proxy Statement
will not be reviewed or that the SEC staff has no further comments thereon, duly call, give notice of, convene and hold the Stockholder
Meeting. Notwithstanding the foregoing sentence, (i) if on a date for which the Stockholder Meeting is scheduled, the Company has
not received proxies representing a sufficient number of Shares to constitute a quorum and to obtain the Stockholder Approval,
whether or not a quorum is present, the Company shall, upon written direction of Holder, and (ii) the Company shall, at any time,
upon written direction of Holder, in either case, make one or more successive postponements or adjournments of the Stockholder
Meeting; provided that the Stockholder Meeting is not postponed or adjourned to a date that is more than 30 calendar days after
the date for which the Stockholder Meeting was originally scheduled (excluding any adjournments or postponements required by applicable
Law).

 

(d)              
The Company shall use its reasonable best efforts to solicit from its stockholders proxies in favor of, and to take all
other actions necessary or advisable to secure, the Stockholder Approval.

 

(e)              
Within one (1) Business Day following the date the Company receives the Stockholder Approval, the Company shall file the
COD Amendment with the Secretary of State of the State of Delaware.

 

(f)               
Following the date the COD Amendment is filed with the Secretary of State for the State of Delaware, Holder agrees to promptly
(and in any event, no later than five (5) Business Days following effectiveness of the COD Amendment) convert its shares of Series
A-1 Preferred into Common Stock, in accordance with its terms, as amended by the COD Amendment.

 

		2.	Effectiveness.

 

This Agreement shall
not become effective until, and shall become effective upon, the occurrence of the execution and delivery of the form of acceptance
on one or more counterparts hereof by the Company and the Holder.

 

		3.	Definitions of “Affiliate” and “Law”.

 

The term “Affiliate”
means, with respect to any person, any person directly or indirectly controlling, controlled by or under common control with, such
other person. The term “Law” means any U.S. or non-U.S. federal, state, local, national, supranational, foreign or
administrative law (including common law), statute, ordinance, regulation, requirement, regulatory interpretation, rule, code or
order.

 

		4.	Miscellaneous.

 

This Agreement shall
be governed by and construed and enforced in accordance with the laws of the State of New York. This Agreement may be executed
and accepted in any number of separate counterparts and by each party hereto on a separate counterpart, each of which shall be
an original, but all of which together shall constitute one and the same instrument. No amendment of any provision of this Agreement
will be effective unless made in writing and signed by an officer of a duly authorized representative of each party hereto.

 

    3

     

    

 

		5.	Governing Law; Jurisdiction; Waiver of Jury Trial.

 

This Agreement shall
be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice of law
or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdiction other than the State of New York. The parties hereto hereby irrevocably and unconditionally consent
to submit to the exclusive jurisdiction of the courts of the State of New York and the United States of America, in each case located
in the County of New York, for any action seeking to enforce any provision of, or based on any matter arising out of or in connection
with, this Agreement or the transactions contemplated hereby (whether brought by any party or any of its Affiliates or against
any party or any of its Affiliates). Consistent with the preceding sentence, each of the parties hereto hereby (a) submits to the
exclusive jurisdiction of such courts for the purpose of any action arising out of or relating to this Agreement brought by either
party hereto, (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such action, any claim
that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment
or execution, that the action is brought in an inconvenient forum, that the venue of the action is improper, or that this Agreement
or the transactions contemplated by this Agreement may not be enforced in or by any of the above named courts, and (c) agrees not
to move to transfer any such action to a court other than any of the above-named courts. EACH OF THE PARTIES HERETO HEREBY WAIVES
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES
HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.

 

		6.	Severability.

 

If any term or provision
of this Agreement or the COD Amendment is determined by a court of competent jurisdiction to be invalid, void or unenforceable,
the remaining provisions hereof, or the application of such provision to persons or circumstances other than those as to which
it has been held invalid or unenforceable, will remain in full force and effect and shall in no way be affected, impaired or invalidated
thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to any party. Upon such determination, the parties shall negotiate in good faith in an effort to agree upon a suitable
and equitable substitute provision to effect the original intent of the parties.

 

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		7.	Specific Enforcement.

 

The parties hereto
acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement, the Warrant
Amendment or the COD Amendment were not performed in accordance with their specific terms or were otherwise breached. Each party
agrees that, in the event of any breach or threatened breach by the other party of any obligation contained in this Agreement,
the Warrant Amendment or the COD Amendment, the non-breaching party shall be entitled (in addition to any other remedy that may
be available to it whether in law or equity, including monetary damages) to (a) an order of specific performance to enforce the
observance and performance of such obligation, and (b) an injunction restraining such breach or threatened breach. Each party further
agrees that neither the other party nor any other person shall be required to obtain, furnish or post any bond or similar instrument
in connection with or as a condition to obtaining any remedy referred to in this Section 7, and each party irrevocably waives any
right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

 

[Signature pages follow]

 

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

 

Very truly
yours,

 

	 	OUTLOOK THERAPEUTICS, INC.
	 	 
	 	 
	 	By: 	/s/ Lawrence A. Kenyon
	 	Name:	Lawrence A. Kenyon
	 	Title:	President and CEO

 

    

     

    

 

	 	ACCEPTED AND AGREED:
	 	 
	 	BIOLEXIS PTE. LTD., as Holder
	 	 
	 	 
	 	By:	/s/ Faisal G. Sukhtian
	 	Name:	Faisal G. Sukhtian
	 	Title:	DirectorExhibit 10.3

 

TERMINATION AGREEMENT
AND MUTUAL RELEASE

 

This Termination Agreement
and Mutual Release (“Termination Agreement”) is made and entered into as of this 27 day of January, 2020
(the “Execution Date”), and effective as of the Termination Date, by and between Outlook
Therapeutics, Inc., a Delaware corporation with a principal place of business at 7 Clarke Drive, Cranbury, New Jersey
08512 (“Outlook”) and MTTR LLC, a Delaware limited liability company with a principal place of
business at 19259 Braemore Rd., Porter Ranch, California 91326 (“MTTR”). Each of Outlook and MTTR shall
hereinafter be referred to as a “Party” and collectively as the “Parties”.

 

WHEREAS, Outlook and
MTTR are parties to that certain Strategic Partnership Agreement dated February 15, 2018, as amended by the letter agreements and/or
amendments between the Parties dated March 2, 2018, March 4, 2019 and June 4, 2019, (collectively, the “SPA”);

 

WHEREAS, the Parties
hereto desire to terminate the SPA effective as of the Termination Date, and to set forth in this Termination Agreement the terms
and conditions for such termination; and

 

WHEREAS, in connection
with the execution of this Termination Agreement, Outlook will concurrently enter into independent consulting agreements with each
of the Principals (as defined below) of MTTR (collectively, the “Consulting Agreements”).

 

NOW; THEREFORE; in
consideration of the mutual releases set forth in this Termination Agreement, and for other good and valuable consideration the
receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

1.                 
Termination. Effective as of the Termination Date, and notwithstanding anything to the contrary contained in the
SPA, the SPA (including those provisions expressly stated to survive termination) is hereby irrevocably terminated and shall be
of no further force or effect, except as expressly set forth in Section 12 of this Termination Agreement. Notwithstanding anything
to the contrary in this Agreement, if Outlook has not satisfied all of the Nasdaq Marketplace Rules required to allow for the issuance
of common stock to all of the Principals, as contemplated by Section 3 below and the terms of the Consulting Agreements by April
10, 2020, this Termination Agreement shall be null and void without any action by either Party. Promptly following the satisfaction
of all of the Nasdaq Marketplace Rules required to allow for such issuance of common stock to all of the Principals, Outlook shall
notify MTTR thereof and the date corresponding to the Termination Date.

 

2.                 
Settlement Payment. Within ten (10) days after the Termination Date, Outlook shall pay to MTTR a one-time, non-refundable,
non-creditable payment of one hundred ten thousand U.S. Dollars (US$110,000) (the “Settlement Payment”).
MTTR acknowledges and agrees that the Settlement Payment represents settlement in full of all outstanding payments owed to MTTR
by Outlook as of the Termination Date, and that there are no further monies remaining due and owing to MTTR under the SPA.

 

3.                 
Equity Grant. Promptly following the Termination Date, Outlook shall issue to the Principals of MTTR, pursuant to
the terms of their respective Consulting Agreements, an aggregate seven million two hundred forty-four thousand seven hundred and
thirty nine (7,244,739) shares of common stock of Outlook, par value $0.01 per share (“Common Stock”),
which shares equal ten percent (10%) of the Common Stock as determined on an “As Adjusted Basis”. “As
Adjusted Basis” means (a) the total number of shares of issued and outstanding Common Stock as of the date of this
Agreement (38,430,924) plus (b) 4,657,852 shares of Common Stock issued or issuable to BioLexis Pte. Ltd. (“BioLexis”)
pursuant to warrants to purchase Common Stock held by BioLexis (which for the avoidance of doubt, are not included in (a)), plus(c)
the shares of Common Stock issued or issuable to BioLexis upon conversion of Outlook’s outstanding Series A-1 convertible
preferred stock, par value $0.01 per share (the “Series A-1 Preferred”), as such terms may be amended.

 

    1.

     

    

 

4.                 
Releases. Each of the Parties hereto, individually and on behalf of its subsidiaries, affiliates, divisions, partners,
real or alleged alter egos, managers, stockholders, directors, officers, employees, agents, representatives, attorneys, accountants,
predecessors, insurers, successors, heirs and assigns, hereby releases and forever discharges the other Party hereto and its respective
Related Persons (defined below), of and from any and all obligations and all manner of actions, and causes of action, suits, debts,
sums of money, accounts, reckonings, damages, judgments, executions, liabilities, costs, losses, claims and demands, in law or
equity, in contract or in tort, civil or criminal, whether known or unknown, asserted or unasserted, of any kind or nature whatsoever
(collectively, “Claims”), in connection with, or related to, or arising out of, the SPA from the beginning
of time to the Termination Date, including with respect to any market assessments, financial forecasts, financial modeling, regulatory
and clinical strategies, whether previously provided or updated by MTTR or an MTTR Related Party, or otherwise, and information
regarding any known or unknown competitors or products which may adversely impact Outlook or the opportunity for the ONS-5010 (collectively,
 “Released Claims”).

 

Notwithstanding the
foregoing, nothing in this Termination Agreement shall be deemed to waive, release or discharge either of the Parties hereto of
its obligations under this Termination Agreement or to release or discharge any Party hereto of any Claim arising out of any act
or omission of such Party occurring after the Termination Date. For purposes of this Termination Agreement, “Related
Persons” of a Party shall mean such Party’s past, present and future parent companies, subsidiaries, affiliates,
divisions, partners, real or alleged alter egos, managers, stockholders, directors, officers, employees, agents, representatives,
attorneys, accountants, predecessors, insurers, successors, heirs and assigns. MTTR’s Related Persons shall also include
each of the Principals’ past, present and future related companies, partners, relatives, real or alleged alter egos, agents,
representatives, attorneys, accountants, predecessors, insurers, successors, heirs and assigns.

 

5.                 
Covenant Not to Sue. Each Party, individually and on behalf of its subsidiaries, affiliates, divisions, partners,
real or alleged alter egos, managers, stockholders, directors, officers, employees, agents, representatives, attorneys, accountants,
predecessors, insurers, successors, heirs and assigns, agrees and covenants not to institute any claim, charge, suit, action or
appeal against the other Party or its Related Persons with respect to any Released Claim. For avoidance of doubt, nothing in this
Termination Agreement precludes any Party from instituting a claim, charge, suit, action or appeal for the purpose of enforcing
its contractual rights under this Termination Agreement.

 

    2.

     

    

 

6.                 
Release of Unknown Claims. In giving the aforementioned release, which includes claims that may be unknown at present,
each Party represents, warrants and agrees that it has been fully advised of the contents of Section 1542 of the Civil Code of
the State of California. Each Party expressly waives and relinquishes all rights and benefits under that section and any similar
statute or common-law principle of similar effect of any state or territory of the United States with respect to the claims released
hereby. In connection with this waiver, each Party acknowledges that it is aware that it may hereafter discover claims presently
unknown or unsuspected or facts in addition to or different from those which it now knows or believes to be true with respect to
the claims, matters and causes of action released herein. Section 1542 reads as follows:

 

“A
general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time
of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”

 

7.                 
No Investment Advice. The Parties agree and acknowledge that none of the information provided by MTTR under the SPA
shall be construed as investment advice, financial advice, a recommendation to take any action with respect to securities or as
any other advice with respect to any investment or potential investment.

 

8.                 
Non-Disparagement. Each Party (including its affiliates, subsidiaries and divisions, and their managers, board members,
directors, officers, executives and employees) shall not directly or indirectly, whether in public or in private, make, publish,
encourage, ratify or authorize, or aid, assist, or direct any person or entity in making or publishing, any Disparaging (as defined
below) statements, remarks or comments (orally, in writing, by electronic means or otherwise) about the other Party, its Related
Persons or its members, managers, stockholders, directors, officers, partners, investors, advisors, employees, agents, products,
services, business practices or activities. Notwithstanding the foregoing, nothing in this paragraph shall preclude either Party
(including its affiliates, subsidiaries and divisions, and their managers, board members, directors, officers, executives and employees)
from providing truthful statements in any governmental or judicial inquiry or proceeding.

 

9.                 
Noncompetition. Subject to written waivers that may be provided by Outlook upon request, MTIR agrees that for a period
of two (2) years after the Termination Date, and only for so long as Outlook is using Commercially Reasonable Efforts to develop
and/or commercialize a bevacizumab therapeutic for treatment, prevention or cure of an ophthalmic indication (the “Restricted
Period”), MTTR shall not directly or indirectly: (a) provide any services to any person or entity (other than Outlook
or its Related Persons) with respect to the identification, development, manufacture or commercialization of a bevacizumab therapeutic
for an ophthalmic indication.

 

10.             
Nonsolicitation. During the Restricted Period, MTTR shall not solicit or encourage any employee of, or consultant
to, Outlook, to terminate his or her employment or relationship with Outlook in order to (a) become employed by MTTR or (b) otherwise
perform services for any other person or entity.

 

    3.

     

    

 

11.               
Records and Delivery of Inventions. MTTR represents and warrants that it has complied with all obligations under
Section 2.3(b) (Records) and Section 15.7(b) (first sentence only) (Delivery of Inventions) of the SPA and that all
such Records and Inventions (in each case as such terms are defined in the SPA) have been provided to Outlook as of the Termination
Date and that no such Records or Inventions, copies of which are required to be provided to Outlook pursuant to the SPA, are in
its possession that have not been provided to Outlook.

 

12.               
Survivability of Provisions. Notwithstanding the termination of the SPA, the following provisions of the SPA shall
survive its termination:

 

a)                 
Each Party’s obligations with respect to indemnification under Sections 14.1, 14.2, and 14.3 of the SPA;

 

b)                 
Each Party’s obligations with respect to ownership of inventions, artist’s, moral and other rights, and the
license grant from MTTR to Outlook under MTTR Regulatory Strategy pursuant to Sections 10.1, 10.2, and 10.3 of the SPA;

 

c)                 
Each Party’s obligations of confidentiality and non-use under Article 13 of the SPA with respect to the other Party’s
Confidential Information (as defined in the SPA); and

 

d)                 
Each Party’s obligations under Section 15.7(a) (Return or Destruction of Confidential Information) of the SPA.

 

13.               
Contradiction in Terms. Should there be any contradiction in terms between the surviving provisions of the SPA, as
specifically set forth in this Termination Agreement, and this Termination Agreement concerning the obligations of the Parties
following termination of the SPA, the provisions of this Termination Agreement shall control.

 

14.              
  Attorneys Fees. If any action is brought for the enforcement of this Termination Agreement, or in connection with
any dispute arising out of the Termination Agreement or the claims which are the subject of this Termination Agreement, the prevailing
Party shall be entitled to recover reasonable attorneys’ fees and any other costs incurred in such litigation in addition
to any other relief to which the prevailing Party may be entitled.

 

15.               
Entire Agreement. This Termination Agreement contains the entire agreement among the Parties hereto and constitutes
the complete, final and exclusive embodiment of their agreement with respect to the subject matter hereof, and all prior or contemporaneous
agreements, understandings, representations and statements, oral or written, are merged into and superseded by this Termination
Agreement. This Termination Agreement may not be modified except in a writing signed by the Parties.

 

16.               
Binding on Successors and Assigns. The provisions of this Termination Agreement shall be binding upon, and shall
obligate, extend to, and inure to the benefit of, each of the legal successors, assigns, transferees, grantees, and heirs of each
Party, and all persons who may assume any or all of the above-described capacities subsequent to the execution of this Termination
Agreement.

 

    4.

     

    

 

17.              
Construction and Advice of Counsel. Each Party to this Termination Agreement has contributed to its drafting and
its content; accordingly, for purposes of construction, this Termination Agreement shall not be deemed drafted by any Party, and
any ambiguity shall not be construed against any Party. Moreover, the Parties acknowledge and agree that each has been represented
in the negotiation of this Termination Agreement by counsel of such Party’s own choosing or has had an opportunity and ability
to obtain such representation, that such Party has read this Termination Agreement or had it read to such Party, that such Party
understands this Termination Agreement, and that such Party is fully aware of the contents and legal effects of this Termination
Agreement. Nothing contained herein shall be construed as an admission by any Party hereto of any liability of any kind.

 

18.               
Governing Law. This Termination Agreement shall be governed by the laws of the State of Delaware, without regard
to its conflicts of laws principles.

 

19.               
Certain Defined Terms. For purposes of this Agreement, the following capitalized terms shall have the following meanings:

 

a)                 
“Commercially Reasonable Efforts” shall mean the level of efforts and resources consistent with
the commercially reasonable practices of a similarly situated company in the pharmaceutical industry for developing or seeking
regulatory approval of a similarly situated branded pharmaceutical product as ONS-5010 at a similar stage of development, taking
into account efficacy, safety, patent and regulatory exclusivity, anticipated or approved labeling, present and future market potential,
competitive market conditions, the profitability of the product in light of pricing and reimbursement issues, and all other relevant
factors.

 

b)                 
“Disparaging” remarks, comments or statements means remarks, comments or statements that impugn,
criticize, defame, malign, disparage, or cast in a negative light a person’s, entity’s or thing’s character,
honesty, integrity, morality, business acumen, qualification, abilities, quality or performance.

 

c)                 
“Principal” (or collectively, “Principals”) shall mean each of (a) Mr.
Terry Dagnon, an individual and citizen of the U.S. residing, as of the Termination Date, in the state of Colorado, (b) Mr. Jeff
Evanson, an individual and citizen of the U.S. residing, as of the Termination Date, in the state of Texas, (c) Mr. Tony Moses,
an individual and citizen of the U.S. residing, as of the Termination Date, in the state of California and (d) Dr. Mark Humayun,
an individual and citizen of the U.S. residing, as of the Termination Date, in the state of California.

 

d)                 
“Termination Date” shall mean the date on which all of the requirements of the Nasdaq Marketplace
Rules have been satisfied to allow for the issuance of Outlook’s common stock to all of Principals, pursuant to Section 3
above and the terms of the Consulting Agreements.

 

20.             
Counterparts. This Termination Agreement may be executed in multiple counterparts, each of which will be deemed to
be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one (1) and the same
agreement.

 

    5.

     

    

 

IN WITNESS WHEREOF,
the Parties hereby have executed this Termination Agreement as of the Execution Date.

  

	 	Outlook Therapeutics,
               Inc.
	 	 	 
	 	By:	/s/ Lawrence A. Kenyon
	 	Name:	Lawrence
A. Kenyon
		Title:	President, Chief Executive Officer, Chief Financial Officer and Secretary
	 	 	 
	 	MTTR LLC
	 	 	 
	 	By:	/s/ Mark Humayun
	 	Name:	Mark
Humayun
	 	Title:	President

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