Document:

Exhibit 10.8

    

     

    

    SEPARATION AGREEMENT AND RELEASE

     

    THIS SEPARATION AGREEMENT AND RELEASE (the “Agreement”) is made and entered into as of this 15th day of December, 2020 (the “Effective
      Date”) by and between Aquestive Therapeutics, Inc. (the "Company") and John Maxwell an individual (the "Executive"). The Company and the Executive are collectively referred to in this Agreement as the “Parties” and sometimes individually as a
      “Party.” Capitalized terms not defined in this Agreement shall have the same meanings ascribed to them in the Executive Employment Agreement between the Company and the Executive dated as of June 26, 2018 (the “Employment Agreement”).

     

    

    1.         Resignation. The Executive and the Company agree that on December 15, 2020, by and through this Agreement, Executive provided the Company with written notice of his voluntary
      resignation in satisfaction of the requirements set forth in Section 5(D) of the Employment Agreement. The Parties further agree and recognize that, at the Company’s request, the Executive's employment with the Company will end effective December 31,
      2020 (the “Separation Date”), and that the Company will have no further obligation to employ or re-employ him as an employee, consultant, agent or otherwise after the Separation Date.

     

    

    2.         Unpaid Base Salary. The Executive will receive any unpaid Base Salary earned by the Executive through the date on which the Executive’s employment terminates
      payable in the Company’s regularly scheduled payroll following the date of such termination.

     

    3.           Vacation. In the last paycheck, Executive will be paid $13,673.07 for his accrued and unused vacation days up through the Separation Date.

     

    4.          Separation Benefits. As consideration for the Executive's promises as set forth in this Agreement, the Company hereby agrees to provide the Executive with the
      following benefits (the “Separation Benefits”), minus applicable deductions and withholdings:

     

    (i)     a cash payment consisting of the Executive's Annual Bonus for the one year period ending December 31, 2020 in the sum of $197,500;

     

    (ii)   monthly payments for a period of twelve (12) months (the “Severance Period”) following the Effective Date of the termination of Executive's employment equal to 1/12 of the sum of Executive's
      Base Salary and Target Annual Bonus (in each case determined without regard to any reduction prior to the termination of Executive's employment), at the rate established for the year in which Executive’s employment is terminated; for clarity, the
      amount payable under this Section 4(ii) for the Severance Period is $592,500 in the aggregate and the monthly amount is $49,375 during the Severance Period;

     

    (iii)  continuing coverage under the Company’s group health and life insurance plans in which the Executive is a participant immediately before the termination of the
      Executive’s employment (or any successor plans), at the same levels and on the same terms and conditions as are provided to similarly situated executives during the Severance Period (or, if such coverage is not permitted by law or the applicable
      plan, the cash equivalent of such coverage, grossed up if and to the extent necessary to negate the tax impact of such payment and to negate the tax impact of the gross-up payment); and

     

    

    
      (iv) full and immediate vesting of 191,120 options to purchase the Company’s common stock, par value $0.001 per share, representing vesting of all outstanding unvested stock options and other equity-based compensation
        awards granted to the Executive prior to the Separation Date, with such stock options that are or become vested upon the Separation Date remaining exercisable, as applicable, for at least one year after the Separation Date or, if earlier, until the
        expiration of the stated term of the award.

    

     

    

    
      
        

    

    
    Notwithstanding anything to the contrary contained in this Agreement or otherwise, the payments and benefits described in parts (i) – (iv) of this Section 4 shall be conditioned
      upon and subject to the Executive's continuing compliance with the Executive’s obligations under this Agreement, and the Executive's voluntary execution and delivery of the Release in the form annexed hereto as Exhibit A on or after the Separation
      Date, and not revoking his signature.

     

    5.          Covenant Not to Sue. The Executive hereby covenants and agrees not to file a lawsuit or initiate any action against the Company or any of its officers,
      directors, employees, agents or representatives seeking any personal recovery or personal injunctive relief with respect to any matter arising out of or relating in any way to the Executive's employment with the Company and/or the separation of that
      employment arising prior to the Separation Date. The Executive is barred from asserting any of the claims, rights or causes of action described in Exhibit A of this Agreement against the Company. If Executive does commence, join in, continue or in
      any other manner attempt to assert a claim, right, complaint or cause of action in violation of the release and covenant not to sue contained in this Agreement, or otherwise breaches any promise made in this Agreement, the Executive agrees to
      indemnify and hold harmless the Company from and against all losses incurred by the Company, including the Company's costs and attorneys' fees in defending such claim, right, complaint or cause of action. Nothing in this Section 5 precludes the
      Executive from initiating an action based on conduct which may arise after the Separation Date .

     

    6.           Executive's Covenants. The covenants, representations and warranties set forth in Section 8 of the Employment Agreement shall remain in place and enforceable
      after the termination of the Executive’s employment with the Company, with the exception of the covenant not to compete for the 12-month Restrictive Period set forth under Section 8(A) of the Employment Agreement; provided, however, that if the
      Executive revokes his signature to this Agreement, the covenant not to compete shall be reinstated and continue to apply and the 12-month Restrictive Period shall commence as of the date of revocation by the Executive of his signature to this
      Agreement. Executive understands and agrees to comply with the Covenants during and after his employment with the Company is terminated.

     

    

    7.           Company’s Covenants. The indemnification obligations of the Company set forth in Section 9 of the Employment Agreement shall remain in place and enforceable
      after the termination of the Executive’s employment with the Company. The obligations of the Company set forth in the Indemnification Agreement between the Company and Executive, as the Indemnitee, dated as of June 26, 2018 (the “Indemnification
      Agreement”), shall remain in place and enforceable for the duration set forth in Paragraph 16 of the Indemnification Agreement. The Covenant Not to Sue set forth in Paragraph 5 of this Agreement shall not preclude Executive from initiating an action
      to enforce his indemnification rights under the Employment Agreement or his indemnification and advances of expenses rights under the Indemnification Agreement if the claim or proceeding for which Executive is seeking indemnification or advances of
      expenses is based on any action, inaction, event or occurrence pre-dating the Separation Date.

     

    8.           Neutral Reference. The Company will respond to inquiries from the Executive's prospective employers by communicating only the term of employment and position
      with the Company. The Executive agrees that the Company shall have the right to issue the press release substantially in the form attached hereto as Exhibit B.

     

    9.           Non-Disparagement. The Executive shall not defame, demean, criticize, disparage, communicate any negative information about, or denigrate the name or reputation of the Company or any of its officers,
      directors, employees, agents or representatives. The Company vice presidents, officers and directors shall not defame, demean, criticize, disparage, communicate any negative information about, or denigrate the name or reputation of the Executive.

     

    

    
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    10.        Consideration and Revocation Period. The Executive agrees that he has been given twenty-one (21) calendar days to review and consider this Agreement. The
      Executive is free to use as much of the 21-day period as he wishes, but understands that the earliest date on which he can sign this Agreement is the Effective Date. The Executive also understands that after signing this Agreement he may revoke his
      signature within seven (7) calendar days, by delivering written notice of his revocation within the seven- day period to Theresa Wood, Senior Vice President, Human Resources, Aquestive Therapeutics, Inc., 30 Technology Drive, Warren, New Jersey
      07059. Notice of revocation must be received by Ms. Wood on or before 5:00 p.m. on the seventh (7th) calendar day in order to be effective. This Agreement will become effective on the eighth (8th) calendar day following the Executive's signature;
      provided that it is not revoked. The Separation Benefits described in Section 4 of this Agreement will not be paid if the Executive (i) fails to sign the Agreement within twenty-one (21) calendar days of receipt or (ii) revokes the Agreement by
      giving timely notice as set forth in this Section 10; in which case this Agreement will be null and void and the Executive will not be eligible for, or entitled to, the Separation Benefits.

     

    

    11.         Voluntary Agreement. The Executive states that he has had the opportunity to read, review and consider all of the provisions of this Agreement; that the
      Executive understands its provisions and its binding effect on him; and that the Executive is accepting the consideration offered to him in this Agreement and is entering into this Agreement freely, voluntarily, and without duress or coercion. The
      Executive acknowledges that he has not relied upon the Company's or its employees, managers, officers, directors, counsel, agents, accountants or representatives for any legal, tax or other accounting advice, and the Executive has, to the extent the
      Executive deems necessary, consulted with his own advisors as to these matters.

     

    12.         Attorneys' Fees. In any action brought by any Party under this Agreement to enforce any of its terms, or any appeal therefrom, each Party shall bear its own
      costs and expenses, including its own attorneys' fees; provided, however, that the Company will be entitled to reimbursement for reasonable costs and expenses, including reasonable attorneys' fees, with respect to such action if and to the extent
      that the Executive is in breach of his covenants or obligations under this Agreement.

     

    13.        Cooperation. Executive agrees that, after the termination of the Executive’s employment, the Executive shall cooperate on a reasonable basis in the truthful and honest prosecution
      and/or defense of any claim in which the Company, its affiliates and/or its subsidiaries may have an interest (subject to reasonable limitations and the Executive's other commitments concerning time and place), which may include, without limitation,
      making himself available on a reasonable basis to participate in any proceeding involving the Company, its affiliates and/or its subsidiaries, appearing for depositions and testimony without requiring a subpoena, and producing and/or providing any
      documents or names of other persons with relevant information. The Company agrees to reimburse Executive for all expenses reasonably incurred by him and to pay reasonable compensation to Executive for and in connection with services provided by the
      Executive pursuant to this section.

     

    14.         Notices. Any notices permitted or required under this Agreement shall be deemed given upon the date of personal delivery or forty-eight (48) hours after
      deposit in the United States mail, postage fully paid, certified mail, return receipt requested, addressed to the Company at its principal headquarters address and to the Executive at the Executive’s last address on record with the Company. Either
      Party may change the address to which notices to such Party shall be delivered personally or mailed by giving notice thereof to the other Party hereto in accordance with the terms of this Section 14.

    

    

    
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    15.          Venue; Jurisdiction. The validity, construction, interpretation, and enforceability of this Agreement shall be determined and governed by the laws (procedural and substantive) of
      the State of New Jersey without giving effect to the principles of conflicts of law. For the purpose of litigating any dispute that arises under this Agreement, the Parties hereby consent to exclusive jurisdiction of, and agree that such litigation
      shall be conducted in, any state or federal court located in Essex County of the State of New Jersey.

     

    16.         Binding Effect; Assignment. Executive shall not, without the prior written consent of the Company, assign, transfer, or otherwise convey this Agreement, or any right or interest
      herein. This Agreement, and all rights and obligations of the Company or any of its successors, may be assigned or otherwise transferred to any of its successors and shall be binding upon and inure to the benefit of its successors. As used herein,
      the term “successor” shall mean any person, corporation or other entity that, by merger, consolidation, purchase of stock, assets, liquidation, voluntary or involuntary assignment, or otherwise, acquires all or a substantial part of the assets of the
      Company or succeeds to one or more lines of business of the Company.

     

    17.         Entire Agreement. This Agreement constitutes the entire agreement between the Parties hereto with respect to the subject matter hereof and supersedes all
      prior agreements, understandings and arrangements, both oral and written, between the Parties hereto with respect to such subject matter, it being understood that this Agreement shall expressly supersede the Employment Agreement and any other
      employment agreement between Executive and the Company, and any amendments thereto. This Agreement may not be modified, amended, altered or rescinded in any manner, except by written instrument signed by all of the Parties hereto; provided, however,
      that any waiver by either Party with respect to any provision hereof, or the breach of any provision hereof by the other Party, need be signed only by the Party waiving such provision or breach; and provided, further, that the waiver by either Party
      hereto of a breach or compliance with any provision of this Agreement shall not operate nor be construed as a waiver of any subsequent breach or compliance.

     

    18.        Severability. In case any one or more of the provisions of this Agreement shall be held by any court of competent jurisdiction to be illegal, invalid or
      unenforceable in any respect, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those to which it is held to be illegal, invalid, or unenforceable, shall not be affected thereby.

     

    19.         Section Headings. The section headings contained in this Agreement are for reference purposes only and shall not affect in any manner the meaning or
      interpretation of this Agreement.

     

    20.         Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall
      constitute one and the same instrument.

     

    21.         Survival. The provisions of Sections 5 through and including Section 9 and Sections 12 through and including Section 21 of this Agreement shall survive any
      termination of this Agreement and the termination of Executive's employment by either Party for any reason.

    

    

    BY SIGNING THIS AGREEMENT THE EXECUTIVE ACKNOWLEGES THAT: 

     

    

    HE HAS READ IT;

     

    

    HE UNDERSANDS IT AND KNOWS HE IS GIVING UP IMPORTANT RIGHTS; 

     

    

    HE AGREES WITH EVERYTHING IN IT;

    

    

    
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    HIS ATTORNEY, IF HE USED ONE, NEGOTIATED THIS AGREEMENT WITH HIS KNOWLEDGE AND CONSENT;

     

    HE HAS BEEN ADVISED TO CONSULT WITH HIS ATTORNEY PRIOR TO EXECUTING THIS AGREEMENT; AND

     

    HE HAS SIGNED THIS AGREEMENT KNOWINGLY AND VOLUNTARILY.

    

    

    IN WITNESS WHEREOF, the Parties hereto have executed and delivered this Agreement as of the day and year first above written.

    

    

    	
            JOHN MAXWELL

          	 	
            AQUESTIVE THERAPEUTICS, INC.

          
	
             

          	 	
            By:

          	

    	

          	 	
            Name:

          	
            Keith Kendall

          
	 	 	
            Title:

          	
            CEO

          

    

    

    
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    EXHIBIT A

     

    

    GENERAL RELEASE

     

      

    In exchange for certain payments and benefits to be provided to me by Aquestive Therapeutics, Inc. pursuant to the Separation Agreement and Release (the
      “Agreement”) dated as of December 15, 2020, between the undersigned executive (the “Executive”) and Aquestive Therapeutics, Inc. (the “Company”), the Executive hereby knowingly and voluntarily waives, releases and discharges the Company, and each of
      its predecessors, successors, parent corporations, subsidiaries, and affiliates and each of their respective officers, directors, employees, agents, trustees, fiduciaries, and representatives (collectively with the Company, the “Company Parties”)
      from any and all claims, liabilities, demands, and causes of action, which the Executive may have or claim to have against any of the Company Parties, including any and all claims arising out of or relating in any way to the Executive's employment
      and/or separation of employment from the Company. This General Release specifically waives and releases all rights, claims, causes of action, demands, and liabilities which may arise up to and including the date the Executive signs this General
      Release. This General Release does not, however, waive or release any rights or claims which may arise after the date the Executive signs this General Release or any rights or claims for indemnification or advances of expenses set forth in the
      Employment Agreement between the Company and the Executive dated as of June 26, 2018 or in the Indemnification Agreement between the Company and the Executive, as the Indemnitee, dated as of June 26, 2018, for any proceedings or lawsuit based on any
      action, inaction, event or occurrence pre-dating the date Executive signs this General Release. This General Release of claims includes, but is not limited to:

     

    a..      all State and Federal statutory claims including, but not limited to, claims arising under Title VII of the Civil  Rights Act of  1964, the Age
      Discrimination in Employment Act, the Older Worker Benefit Protection Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Sarbanes-Oxley Act, the Employee Retirement Income Security Act, the Fair Labor Standards Act, the
      Worker Adjustment and Retraining Notification Act, the New Jersey Law Against Discrimination, the New Jersey Civil Rights Act, the New Jersey Civil Union Act, the New Jersey Wage and Hour Law, the New Jersey Conscientious Employee Protection Act, the
      New Jersey Domestic Partnership Act, and the  New Jersey  Family Leave Act;

    

    

    
        b.           All claims arising under the United States and New Jersey Constitutions;

    

    

    

    c.           All claims arising under any Executive Order or derived from or based upon any State or Federal regulations;

     

    d.          All common law claims including, but not limited to, claims for wrongful or constructive discharge, public policy claims, retaliation claims,
      claims for breach of an express or implied contract, claims for breach of an implied covenant of good faith and fair dealing, intentional infliction of emotional distress, defamation, fraud, conspiracy, loss of consortium, tortious interference with
      contract or prospective economic advantage, promissory estoppel and negligence;

    

    

    
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    e.          All claims for any compensation including, but not limited to, back wages, front pay, overtime pay, bonuses or awards, fringe benefits,
      reinstatement, retroactive seniority, pension benefits, or any other form of economic loss;

    

    

    f..        All claims for personal injury including, but not limited to, physical injury, mental anguish, emotional distress, pain and suffering,
      embarrassment, humiliation, damage  to name or reputation, liquidated damages, and punitive damages; and

     

    g.          All claims for costs and attorneys' fees.

    

    

    The Executive hereby acknowledges that the Company is advising the Executive in writing that the Executive should consult with an attorney prior to executing
      this General Release. The Executive hereby states that the Executive has had the opportunity to discuss this General Release with whomever the Executive wished, including an attorney of the Executive’s own choosing. The Executive further states that
      the Executive has had the opportunity to read, review, and consider all of the provisions of this General Release; that the Executive understands its provisions and its binding effect on him; and that the Executive is entering into this General
      Release freely, voluntarily, and without duress or coercion. The Executive acknowledges that the Executive has not relied upon the Company employees, officers, directors, counsel, agents, accountants or representatives for any legal, tax or other
      advice, and the Executive has, to the extent the Executive deems necessary, consulted with the Executive’s own advisors as to these matters. The Executive represents that the Executive has not filed any grievance, charge, claim, or complaint of any
      kind seeking personal recovery or personal injunctive relief against the Company or any of its owners, officers, directors, employees, agents, or representatives with respect to any matter, including but not limited to, the Executive’s employment
      with the Company and/or the separation of that employment. Nothing contained in this paragraph shall prohibit the Executive from (a) bringing any action to enforce the terms of the Agreement and General Release; (b) filing a timely charge or
      complaint with the Equal Employment Opportunity Commission (“EEOC”) regarding the validity of this Agreement and General Release; (c) filing a timely charge or complaint with the EEOC or participating in any investigation or proceeding conducted by
      the EEOC regarding any claim of employment discrimination (although the Executive has waived any right to personal recovery or personal injunctive relief in connection with any such charge or complaint); (d) initiating or engaging in communication
      with, responding to any inquiry from, or otherwise providing information to, any other federal or state regulatory, self-regulatory or enforcement agency or authority; or (e) seeking or obtaining an award under the whistleblower provisions of the
      federal securities laws.

     

    

    The Executive understands that the Executive has twenty-one (21) calendar days within which to consider this General Release before signing it. The Executive
      also understands that the Executive is free to use as much of the twenty-one (21) calendar day period as the Executive wishes or considers necessary before deciding to sign this General Release. The Executive may revoke the Executive’s signature of
      this General Release within seven (7) calendar days of signing it by delivering written notice of revocation to Theresa Wood, Senior Vice President, Human Resources, 30 Technology Drive South, Warren, New Jersey 07059. If Executive has not revoked
      the Executive’s signature of this General Release by written notice delivered within the seven (7) calendar day period, it becomes effective immediately thereafter.

     

    

    
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    The Executive understands that the Executive’s failure or refusal to execute this General Release or the Executive’s timely revocation of this General
      Release will result in forfeiture of any severance payments and benefits.

    

    

    BY SIGNING THIS GENERAL RELEASE, THE EXECUTIVE ACKNOWLEDGES THAT:

    

    

    THE EXECUTIVE HAS READ IT;

     

    THE EXECUTIVE UNDERSTANDS IT AND KNOWS THAT HE/SHE IS GIVING UP IMPORTANT RIGHTS;

    

    

    THE EXECUTIVE AGREES WITH EVERYTHING IN IT;

    

    

    THE EXECUTIVE HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS GENERAL RELEASE; AND

    

    

    THE EXECUTIVE HAS SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY.

    

    

    EXECUTIVE

    

    

    	 	 
	
            JOHN MAXWELL

          	 
	 	 

    	
            Date:

          	 	 
	 	 

     

    

    
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    EXHIBIT B

     

    

    PRESS RELEASE

     

      

    Aquestive Therapeutics Announces Departure of Chief Financial Officer and Appointment of Interim Chief Financial Officer

     

    Warren, NJ, December XX, 2020 – Aquestive Therapeutics, Inc. (NASDAQ: AQST), a pharmaceutical company focused on developing and commercializing differentiated products that
      address patients’ unmet needs and solve therapeutic problems, today announced that John Maxwell, Senior Vice President, Chief Financial Officer (CFO) of the Company, has provided his intent to resign his positions with the Company to pursue other
      interests. Current plans call for Mr. Maxwell to continue to serve as CFO of the Company until his departure, which currently is anticipated at year end. Mr. Ernie Toth, a seasoned financial executive most recently with EHE Health as Chief Financial
      Officer, will assume the role of CFO on an interim basis upon Mr. Maxwell’s departure.

     

    “We have made meaningful progress in our business since John joined the Company in January 2017,” said Keith J. Kendall, President and Chief Executive Officer of Aquestive. “John
      has been a valuable part of the continued development of the Company. We thank him for his contributions, especially in shepherding our efforts to become a public company and close several critical capital markets transactions. The management team
      and board of directors of Aquestive joins me in wishing him well in his future business pursuits. We anticipate effecting a very smooth transition over the next few weeks and are pleased to welcome Mr. Toth as the new interim CFO to our team,”
      concluded Mr. Kendall.

    

    

    “I have enjoyed my time with Aquestive Therapeutics,” said Mr. Maxwell. “Upon arrival, my immediate objective was to help evolve the capitalization of the Company. Aquestive was
      in the midst of its transformation into a commercial proprietary pharmaceutical company. Having accomplished this critical goal, I believe the Company is well positioned for future growth and I believe in the strength of the Aquestive business. I
      wish the team all the best for its continued success.”

     

    The Company also reported that Mr. Maxwell’s departure is not related to the Company’s operations, financial reporting or controls.

     

    2020 Outlook

    

    

    The Company also announced that there is no change to its full year 2020 financial outlook.

     

    About Aquestive Therapeutics

    Aquestive Therapeutics is a pharmaceutical company that applies innovative technology to solve therapeutic problems and improve medicines for patients. The Company has
      commercialized one internally-developed proprietary product to date, Sympazan, has a commercial proprietary product pipeline focused on the treatment of diseases of the central nervous system, or CNS, and other unmet needs, and is developing orally
      administered complex molecules to provide alternatives to invasively administered standard of care therapies. The Company also collaborates with other pharmaceutical companies to bring new molecules to market using proprietary, best-in-class
      technologies, like PharmFilm®, and has proven capabilities for drug development and commercialization.

     

    

    
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    Forward-Looking Statement

     

    This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “anticipate,” “plan,”
      “expect,” “estimate,” “intend,” “may,” “will,” or the negative of those terms, and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding
      therapeutic benefits and plans and objectives for regulatory approvals of AQST-108 and Libervant; ability to address the concerns identified in the FDA’s Complete Response Letter dated September 25, 2020 regarding the New Drug Application for
      Libervant and obtain FDA approval of Libervant for U.S. market access; ability to obtain FDA approval and advance AQST-108, Libervant and our other product candidates to the market; about our growth and future financial and operating results and
      financial position; regulatory approval and pathway; clinical trial timing and plans; our and our competitors’ orphan drug approval and resulting drug exclusivity for our products or products of our competitors; short-term and long-term liquidity and
      cash requirements, cash funding and cash burn; business strategies, market opportunities, and other statements that are not historical facts. These forward-looking statements are also subject to the uncertain impact of the COVID-19 global pandemic on
      our business including with respect to our clinical trials including site initiation, patient enrollment and timing and adequacy of clinical trials; on regulatory submissions and regulatory reviews and approvals of our product candidates;
      pharmaceutical ingredient and other raw materials supply chain, manufacture, and distribution; sale of and demand for our products; our liquidity and availability of capital resources; customer demand for our products and services; customers’ ability
      to pay for goods and services; and ongoing availability of an appropriate labor force and skilled professionals. Given these uncertainties, the Company is unable to provide assurance that operations can be maintained as planned prior to the COVID- 19
      pandemic. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking
      statements. Such risks and uncertainties include, but are not limited to, risks associated with the Company's development work, including any delays or changes to the timing, cost and success of our product development activities and clinical trials
      and plans; risk of delays in FDA approval of Libervant and our other drug candidates or failure to receive approval; risk of our ability to demonstrate to the FDA “clinical superiority” within the meaning of the FDA regulations of our drug candidate
      Libervant relative to FDA-approved diazepam rectal gel and nasal spray products including by establishing a major contribution to patient care within the meaning of FDA regulations relative to the approved products as well as risks related to other
      potential pathways or positions which are or may in the future be advanced to the FDA to overcome the seven year orphan drug exclusivity granted by the FDA for the approved nasal spray product of a competitor in the U.S. and there can be no assurance
      that we will be successful; risk that a competitor obtains FDA orphan drug exclusivity for a product with the same active moiety as any of our other drug products for which we are seeking FDA approval and that such earlier approved competitor orphan
      drug blocks such other product candidates in the U.S. for seven years for the same indication; risk inherent in commercializing a new product (including technology risks, financial risks, market risks and implementation risks and regulatory
      limitations); risks for consummating the monetization transaction for KYNMOBI and other risks and uncertainties concerning the royalty and other revenue stream of KYNMOBI, achievement of royalty targets worldwide or in any jurisdiction and certain
      other commercial targets required for contingent payments under the monetization transaction, and of sufficiency of net proceeds of the monetization transaction after satisfaction of and compliance with 12.5% Senior Notes obligations, as applicable,
      and for funding the Company’s operations; risk of development of our sales and marketing capabilities; risk of legal costs associated with and the outcome of our patent litigation challenging third party at risk generic sale of our proprietary
      products; risk of sufficient capital and cash resources, including access to available debt and equity financing and revenues from operations, to satisfy all of our short-term and longer term cash requirements and other cash needs, at the times and
      in the amounts needed; risk of failure to satisfy all financial and other debt covenants and of any default; risk related to government claims against Indivior for which we license, manufacture and sell Suboxone® and which accounts for the
      substantial part of our current operating revenues; risk associated with Indivior’s cessation of production of its authorized generic buprenorphine naloxone film product, including the impact from loss of orders for the authorized generic product and
      risk of eroding market share for Suboxone and risk of sunsetting product; risks related to the outsourcing of certain marketing and other operational and staff functions to third parties; risk of the rate and degree of market acceptance of our
      product and product candidates; the success of any competing products, including generics; risk of the size and growth of our product markets; risks of compliance with all FDA and other governmental and customer requirements for our manufacturing
      facilities; risks associated with intellectual property rights and infringement claims relating to the Company's products; risk of unexpected patent developments; the impact of existing and future legislation and regulatory provisions on product
      exclusivity; legislation or regulatory actions affecting pharmaceutical product pricing, reimbursement or access; claims and risks that may arise regarding the safety or efficacy of the Company's products and product candidates; risk of loss of
      significant customers; risks related to legal proceedings, including patent infringement, investigative and antitrust litigation matters; changes in government laws and regulations; risk of product recalls and withdrawals; uncertainties related to
      general economic, political, business, industry, regulatory and market conditions and other unusual items; and other uncertainties affecting the Company described in the “Risk Factors” section and in other sections included in our Annual Report on
      Form 10 K, in our Quarterly Reports on Form 10-Q, and in our Current Reports on Form 8-K filed with the Securities Exchange Commission (SEC). Given those uncertainties, you should not place undue reliance on these forward-looking statements, which
      speak only as of the date made. All subsequent forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. The Company assumes no obligation to update
      forward-looking statements or outlook or guidance after the date of this press release whether as a result of new information, future events or otherwise, except as may be required by applicable law.

     

    PharmFilm®, Sympazan® and the Aquestive logo are registered trademarks of Aquestive Therapeutics, Inc. All other registered trademarks referenced herein are the property of their respective owners.

    

    

    Investor Inquiries:

    

    

    Westwicke, an ICR Company

     Stephanie Carrington

     stephanie.carington@westwicke.com 

    646-277-1282

    
      

      

      

      10Exhibit 10.15

        

         

        

        THE SYMBOL “[****]” DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (i) NOT MATERIAL, AND (ii) WOULD LIKELY CAUSE
          COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED

        

        

        SECOND AMENDMENT

         

        TO

         

        LICENSE AGREEMENT

         

        This amendment (“Second Amendment”) to Agreement (defined below) is entered into by and between Sunovion
            Pharmaceuticals Inc. (formerly Cynapsus Therapeutics, Inc.) (“Sunovion”) and Aquestive Therapeutics, Inc. (formerly MonoSol Rx, LLC) (“Aquestive”) and is effective as of October 23, 2020
          (the “Second Amendment Effective Date”). Capitalized terms not defined herein shall have the meaning set forth in the Agreement. Except as set forth in this Second Amendment, all other terms and conditions of the Agreement shall remain in
          full force and effect.

         

        RECITALS

        

        

        WHEREAS, Cynapsus Therapeutics, Inc. developed and owned patented
          technology related to the film based drug delivery of the active pharmaceutical ingredient, Apomorphine;

        

        

        WHEREAS, Aquestive Therapeutics, Inc. owns
          patented and trade secret proprietary technology related to film-based drug delivery systems which includes orally soluble film strips containing active pharmaceutical ingredients;

        

        

        WHEREAS, under the Agreement, Cynapsus Therapeutics, Inc. obtained an
          exclusive right and license from Aquestive Therapeutics, Inc. in connection with the development and commercialization of Apomorphine for oral administration (the “Product”);

        

        

        WHEREAS, Sunovion acquired Cynapsus Therapeutics, Inc. and all rights and licenses to its technology in October of
          2016;

        

        

        WHEREAS, the Parties entered into the First Amendment of the Agreement effective as of March 16, 2020 wherein
          the Parties agreed, among other things, to amend Section 7.2.2(d) of the Agreement to extend the date by which Sunovion may terminate the Agreement upon 180 days prior written notice to March 31, 2028; and

         

        

        

        WHEREAS, the parties to this Second Amendment wish to amend certain terms of that certain License Agreement (as
          amended) entered into by and between Sunovion and Aquestive effective as of April 1, 2016 (the “Agreement”) to clarify certain rights and obligations of the Parties under the Agreement, as outlined below;

         

        NOW, THEREFORE, the parties agree as follows:

        

        

        	

              	1.	
                Section 3.3.2 of the Agreement is deleted in its entirety and replaced with the following:

              

        

        

        “3.3.2

         

        

        
          
            

        

        Subject to  Section 3.4, from January 1, 2025 until the termination of this Agreement, Licensee or its Affiliates, in consideration of the rights granted to Licensee under Section 2.1.1
            and/or 2.1.2, as applicable, shall pay Licensor an amount equal to [****] percent ([****]%) of the quarterly Net Sales of the Product in the Territory, provided that on and after March 31, 2028, in respect of any jurisdiction or jurisdictions
            in the Territory, Licensee may terminate its rights with respect to the Licensed Patents upon one hundred and eighty (180) days prior written notice to Licensor. In such event Licensee or its Affiliates shall cease to be obligated to pay to
            Licensor an amount equal to [****] percent ([****]%) of the quarterly Net Sales of the Product in such jurisdiction or jurisdictions. Licensor will have no further obligations under this Agreement in such jurisdictions where Licensee is not
            paying and/or ceases to pay a royalty on or after March 31, 2028.”

        

        

        	

              	2.	
                Section 8.1.3 is deleted in its entirety and replaced with the following:

              

        

        

        “8.1.3

        

        

        (a) In the event that Licensor desires to abandon or cease prosecution or maintenance of any Licensor Patent in any country in the Territory, Licensor shall provide reasonable prior written notice to
          Licensee of such intention to abandon (“Notice to Abandon”), such Notice to Abandon shall be given no later than sixty (60) days prior to the next deadline for any action that must be taken with respect to any such Licensor Patent in the relevant
          patent office. In such case, upon Licensee’s written election (“Step-In Notice”), provided no later than thirty (30) days after Licensee’s receipt of the applicable Notice to Abandon, Licensee shall have the right to assume prosecution and
          maintenance of such Licensor Patent at Licensee’s expense (“Step-In Rights”).

        

        

        (b) Licensor shall have the right to rescind a Notice to Abandon upon written notification to Licensee no later than ten (10) days after Licensor’s receipt of the applicable Step-In Notice and such
          rescission shall revoke Licensee’s Step-In Rights provided that Licensor within five (5) days of such written notification of rescission shall take all actions necessary to prevent abandonment, cessation of prosecution or maintenance of the
          applicable Licensor Patent at Licensor’s sole expense.

        

        

        (c) Should Licensee fail to provide Step-In Notice within thirty (30) days after Licensee’s receipt of the applicable Notice to Abandon, Licensor may, in its sole discretion, continue prosecution and
          maintenance of such Licensor Patent or discontinue prosecution and maintenance of such Licensor Patent.

        

        

        (d) For clarity, with respect to a Licensor Patent in a country in the Territory, “abandon or cease prosecution or maintenance of any Licensor Patent” as used in this section 8.1.3 shall mean (i) if
          pending, abandon said pending Licensor Patent without having a pending continuing application (e.g., continuation or divisional) on file claiming priority to the pending Licensor Patent to be abandoned in such country, or (ii) if issued, stop
          maintaining said issued Licensor Patent in such country.”

        

        

        [Signatures to follow on next page.]

         

        

        
          
            

        

        IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be executed by their duly
          authorized representatives to be effective as of the Second Amendment Effective Date stated above.

        

        

        	
                Sunovion Pharmaceuticals Inc.

              	 	
                Aquestive Therapeutics, Inc.

              
	 	 	 	 	 
	
                By:

              	
                /s/ Yumi Sato

              	 	
                By:

              	
                /s/ Daniel Barber

              

        	 	 	 	 	 
	
                Print Name:

              	
                Yumi Sato

              	 	
                Print Name: 

              	
                Daniel Barber, COO

              

        	 	 	 	 	 
	
                Title:

              	
                EVP, Chief Corporate Strategy Officer

              	 	
                By:

              	
                /s/ Lori Braender

              
	 	 	 	 	 

        	 	 	 	
                Print Name:

              	
                Lori Braender, SVP, General Counsel

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