Document:

TITAN PHARMACEUTICALS, INC.

 

2014 INCENTIVE PLAN

 

    	 

    	 

    

 

Table Of Contents

 

	 	Page
	 	 
	ARTICLE I PURPOSE	1
	 	 	 
	ARTICLE
    II DEFINITIONS	1
	 	 	 
	ARTICLE
    III EFFECTIVE DATE OF PLAN	7
	 	 	 
	ARTICLE
    IV ADMINISTRATION	7
	Section 4.1	Composition of Committee	7
	Section 4.2	Powers	7
	Section 4.3	Additional Powers	8
	Section 4.4	Committee Action	8
	 	 	 
	ARTICLE
    V STOCK SUBJECT TO PLAN AND LIMITATIONS THEREON	8
	Section 5.1	Stock Grant and Award Limits	8
	Section 5.2	Stock Offered	9
	 	 	 
	ARTICLE
    VI ELIGIBILITY FOR AWARDS; TERMINATION OF EMPLOYMENT, DIRECTOR STATUS OR CONSULTANT STATUS	9
	Section 6.1	Eligibility	9
	Section 6.2	Termination of Employment or Director Status	9
	Section 6.3	Termination of Consultant Status	10
	Section 6.4	Special Termination Rule	11
	Section 6.5	Termination for Cause	11
	 	 	 
	ARTICLE VII OPTIONS	11
	Section 7.1	Option Period	11
	Section 7.2	Limitations on Exercise of Option	11
	Section 7.3	Special Limitations on Incentive Stock Options	12
	Section 7.4	Option Agreement	12
	Section 7.5	Option Price and Payment	13
	Section 7.6	Stockholder Rights and Privileges	13
	Section 7.7	Options and Rights in Substitution for Stock Options Granted by Other Corporations	13
	Section 7.8	Prohibition Against Repricing	13
	 	 	 
	ARTICLE
    VIII RESTRICTED STOCK AWARDS	14
	Section 8.1	Restriction Period to be Established by Committee	14
	Section 8.2	Other Terms and Conditions	14
	Section 8.3	Payment for Restricted Stock	15
	Section 8.4	Restricted Stock Award Agreements	15
	 	 	 
	ARTICLE
    IX UNRESTRICTED STOCK AWARDS	15
	 	 	 
	ARTICLE
    X RESTRICTED STOCK UNIT AWARDS	15
	Section 10.1	Terms and Conditions	15
	Section 10.2	Payments	15

 

    	 

    	 

    

 

Table Of Contents (continued)

 

		Page
	 	 
	ARTICLE
    XI PERFORMANCE UNIT AWARDS	16
	Section 11.1	Terms and Conditions	16
	Section 11.2	Payments	16
	 	 	 
	ARTICLE
    XII PERFORMANCE SHARE AWARDS	16
	Section 12.1	Terms and Conditions	16
	Section 12.2	Stockholder Rights and Privileges	16
	 	 	 
	ARTICLE
    XIII DISTRIBUTION EQUIVALENT RIGHTS	17
	Section 13.1	Terms and Conditions	17
	Section 13.2	Interest Equivalents	17
	 	 	 
	ARTICLE
    XIV STOCK APPRECIATION RIGHTS	17
	Section 14.1	Terms and Conditions	17
	Section 14.2	Tandem Stock Appreciation Rights	18
	 	 	 
	ARTICLE
    XV RECAPITALIZATION OR REORGANIZATION	19
	Section 15.1	Adjustments to Common Stock	19
	Section 15.2	Recapitalization	19
	Section 15.3	Other Events	19
	Section 15.4	Powers Not Affected	19
	Section 15.5	No Adjustment for Certain Awards	20
	 	 	 
	ARTICLE
    XVI AMENDMENT AND TERMINATION OF PLAN	20
	 	 	 
	ARTICLE
    XVII MISCELLANEOUS	20
	Section 17.1	No Right to Award	20
	Section 17.2	No Rights Conferred	21
	Section 17.3	Other Laws; No Fractional Shares; Withholding	21
	Section 17.4	No Restriction on Corporate Action	21
	Section 17.5	Restrictions on Transfer	22
	Section 17.6	Beneficiary Designations	22
	Section 17.7	Rule 16b-3	22
	Section 17.8	Section 162(m)	23
	Section 17.9	Section 409A	23
	Section 17.10	Indemnification	24
	Section 17.11	Other Plans	24
	Section 17.12	Limits of Liability	24
	Section 17.13	Governing Law	24
	Section 17.14	Severability of Provisions	24
	Section 17.15	No Funding	24
	Section 17.16	Headings	24
	Section 17.17	Terms of Award Agreements	24

  

    	ii

    	 

    

 

TITAN PHARMACEUTICALS, INC.

2014 INCENTIVE PLAN

 

ARTICLE
I

PURPOSE

 

The purpose of this
Titan Pharmaceuticals, Inc. 2014 Incentive Plan (the “Plan”) is to benefit the stockholders of Titan Pharmaceuticals,
Inc., a Delaware corporation (the “Company”), by assisting the Company to attract, retain and provide incentives
to key employees and directors of, and nonemployee consultants to, the Company and its Affiliates, and to align the interests of
such employees, directors and nonemployee consultants with those of the Company’s stockholders. Accordingly, the Plan provides
for the granting of Distribution Equivalent Rights, Incentive Stock Options, Non-Qualified Stock Options, Performance Share Awards,
Performance Unit Awards, Restricted Stock Awards, Restricted Stock Unit Awards, Stock Appreciation Rights, Tandem Stock Appreciation
Rights, Unrestricted Stock Awards or any combination of the foregoing, as may be best suited to the circumstances of the particular
Employee, Director or Consultant as provided herein.

 

ARTICLE
II

DEFINITIONS

 

The following definitions
shall be applicable throughout the Plan unless the context otherwise requires:

 

“Affiliate”
shall mean any corporation which, with respect to the Company, is a “subsidiary corporation” within the meaning of
Section 424(f) of the Code.

 

“Award”
shall mean, individually or collectively, any Distribution Equivalent Right, Option, Performance Share Award, Performance Unit
Award, Restricted Stock Award, Restricted Stock Unit Award, Stock Appreciation Right or Unrestricted Stock Award.

 

“Award Agreement”
shall mean a written agreement between the Company and the Holder with respect to an Award, setting forth the terms and conditions
of the Award, and each of which shall constitute a part of the Plan.

 

“Board”
shall mean the Board of Directors of the Company.

 

    	 

    	 

    

 

“Cause”
shall mean (i) if the Holder is a party to an employment or similar agreement with the Company or an Affiliate which agreement
defines “Cause” (or a similar term) therein, “Cause” shall have the same meaning as provided for
in such agreement, or (ii) for a Holder who is not a party to such an agreement, “Cause” shall mean termination
by the Company or an Affiliate of the employment (or other service relationship) of the Holder by reason of the Holder’s
(A) intentional failure to perform reasonably assigned duties, (B) dishonesty or willful misconduct in the performance of the Holder’s
duties, (C) involvement in a transaction which is materially adverse to the Company or an Affiliate, (D) breach of fiduciary duty
involving personal profit, (E) willful violation of any law, rule, regulation or court order (other than misdemeanor traffic violations
and misdemeanors not involving misuse or misappropriation of money or property), (F) commission of an act of fraud or intentional
misappropriation or conversion of any asset or opportunity of the Company or an Affiliate, or (G) material breach of any provision
of the Plan or the Holder’s Award Agreement or any other written agreement between the Holder and the Company or an Affiliate,
in each case as determined in good faith by the Board, the determination of which shall be final, conclusive and binding on all
parties.

  

“Change of
Control” shall mean (i) for a Holder who is a party to an employment or consulting agreement with the Company or an Affiliate
which agreement defines “Change of Control” (or a similar term) therein, “Change of Control” shall
have the same meaning as provided for in such agreement, or (ii) for a Holder who is not a party to such an agreement, “Change
of Control” shall mean the satisfaction of any one or more of the following conditions (and the “Change of Control”
shall be deemed to have occurred as of the first day that any one or more of the following conditions shall have been satisfied):

 

(a)          Any
person (as such term is used in paragraphs 13(d) and 14(d)(2) of the Exchange Act, hereinafter in this definition, “Person”),
other than the Company or an Affiliate or an employee benefit plan of the Company or an Affiliate, becomes the beneficial owner
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than
fifty percent (50%) of the combined voting power of the Company’s then outstanding securities;

 

(b)          The
closing of a merger, consolidation or other business combination (a “Business Combination”) other than a Business
Combination in which holders of the Common Stock immediately prior to the Business Combination have substantially the same proportionate
ownership of common stock of the surviving corporation immediately after the Business Combination as immediately before;

 

(c)          The
closing of an agreement for the sale or disposition of all or substantially all of the Company’s assets to any entity that
is not an Affiliate;

 

(d)          The
approval by the holders of shares of Common Stock of a plan of complete liquidation of the Company other than a liquidation of
the Company into any subsidiary or a liquidation a result of which persons who were stockholders of the Company immediately prior
to such liquidation have substantially the same proportionate ownership of shares of common stock of the surviving corporation
immediately after such liquidation as immediately before; or

 

(e)          Within
any twenty-four (24) month period, the Incumbent Directors shall cease to constitute at least a majority of the Board or the board
of directors of any successor to the Company; provided, however, that any director elected to the Board, or nominated
for election, by a majority of the Incumbent Directors then still in office, shall be deemed to be an Incumbent Director for purposes
of this paragraph (e), but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result
of either an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of an individual, entity or “group” other than the Board (including,
but not limited to, any such assumption that results from paragraphs (a), (b), (c), or (d) of this definition).

 

    	2

    	 

    

 

Notwithstanding the foregoing, a “Change
of Control” shall not be deemed to occur if the Company files for bankruptcy, liquidation or reorganization under the United
States Bankruptcy Code.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended. Reference in the Plan to any section of the Code shall be deemed to include
any amendments or successor provisions to any section and any regulation under such section.

 

“Committee”
shall mean a committee comprised of not less than three (3) members of the Board who are selected by the Board as provided in Section
4.1.

 

“Common Stock”
shall mean the common stock, par value $0.001 per share, of the Company.

 

“Company”
shall mean Titan Pharmaceuticals, Inc., a Delaware corporation, and any successor thereto.

 

“Consultant”
shall mean any non-Employee (individual or entity) advisor to the Company or an Affiliate who or which has contracted directly
with the Company or an Affiliate to render bona fide consulting or advisory services thereto.

 

“Director”
shall mean a member of the Board or a member of the board of directors of an Affiliate, in either case.

 

“Distribution
Equivalent Right” shall mean an Award granted under Article XIII of the Plan which entitles the Holder to receive bookkeeping
credits, cash payments and/or Common Stock distributions equal in amount to the distributions that would have been made to the
Holder had the Holder held a specified number of shares of Common Stock during the period the Holder held the Distribution Equivalent
Right.

 

“Distribution
Equivalent Right Award Agreement” shall mean a written agreement between the Company and a Holder with respect to a Distribution
Equivalent Right Award.

 

“Effective
Date” shall mean February 11, 2014.

 

“Employee”
shall mean any employee, including officers, of the Company or an Affiliate.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

    	3

    	 

    

 

“Fair
Market Value” shall mean, as determined consistent with the applicable requirements of Sections 409A and 422 of the
Code, as of any specified date, the closing price for such date (or, in the event that the Common Stock is not traded on such
date, on the immediately preceding trading date) on the Nasdaq Stock Market or a domestic or foreign national securities
exchange (including London’s Alternative Investment Market) on which the Common Stock may be listed, as reported in The
Wall Street Journal or The Financial Times. If the Common Stock is not listed on the Nasdaq Stock Market or on a national
securities exchange, but is quoted on the OTC Bulletin Board or by the National Quotation Bureau, the Fair Market Value of
the Common Stock shall be the mean of the high bid and low asked prices per share of the Common Stock for such date. If the
Common Stock is not quoted or listed as set forth above, Fair Market Value shall be determined by the Board in good faith
by any fair and reasonable means (which means, with respect to a particular Award grant, may be set forth with greater
specificity in the applicable Award Agreement). The Fair Market Value of property other than Common Stock shall be determined
by the Board in good faith by any fair and reasonable means, and consistent with the applicable requirements of Sections 409A
and 422 of the Code.

 

“Family Member”
shall mean any child, stepchild, grandchild, parent, stepparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, any person sharing
the Holder’s household (other than a tenant or employee of the Holder), a trust in which such persons have more than fifty
percent (50%) of the beneficial interest, a foundation in which such persons (or the Holder) control the management of assets,
and any other entity in which such persons (or the Holder) own more than fifty percent (50%) of the voting interests.

 

“Holder”
shall mean an Employee, Director or Consultant who has been granted an Award or any such individual’s beneficiary, estate
or representative, to the extent applicable.

 

“Incentive
Stock Option” shall mean an Option which is intended by the Committee to constitute an “incentive stock option”
under Section 422 of the Code.

 

“Incumbent
Director” shall mean, with respect to any period of time specified under the Plan for purposes of determining whether
or not a Change of Control has occurred, the individuals who were members of the Board at the beginning of such period.

 

“Non-Qualified
Stock Option” shall mean an Option which is not an Incentive Stock Option.

 

“Option”
shall mean an Award granted under Article VII of the Plan of an option to purchase shares of Common Stock and includes both Incentive
Stock Options and Non-Qualified Stock Options.

    	4

    	 

    

 

 

 

“Option Agreement”
shall mean a written agreement between the Company and a Holder with respect to an Option.

 

“Performance
Criteria” shall mean the criteria that the Committee selects for purposes of establishing the Performance Goal(s) for
a Holder for a Performance Period.

 

“Performance
Goals” shall mean, for a Performance Period, the written goal or goals established by the Committee for the Performance
Period based upon the Performance Criteria.

 

“Performance
Period” shall mean one or more periods of time, which may be of varying and overlapping durations, selected by the Committee,
over which the attainment of one or more Performance Goals or other business objectives shall be measured for purposes of determining
a Holder’s right to, and the payment of, a Qualified Performance-Based Award.

 

“Performance
Share Award” shall mean an Award granted under Article XII of the Plan under which, upon the satisfaction of predetermined
individual and/or Company (and/or Affiliate) performance goals and/or objectives, shares of Common Stock are paid to the Holder.

 

“Performance
Share Award Agreement” shall mean a written agreement between the Company and a Holder with respect to a Performance
Share Award.

 

“Performance
Unit” shall mean a Unit awarded to a Holder pursuant to a Performance Unit Award.

 

“Performance
Unit Award” shall mean an Award granted under Article XI of the Plan under which, upon the satisfaction of predetermined
individual and/or Company (and/or Affiliate) performance goals and/or objectives, a cash payment shall be made to the Holder, based
on the number of Units awarded to the Holder.

 

“Performance
Unit Award Agreement” shall mean a written agreement between the Company and a Holder with respect to a Performance Unit
Award.

 

“Plan”
shall mean this Titan Pharmaceuticals, Inc. 2014 Incentive Plan, as amended from time to time, together with each of the Award
Agreements utilized hereunder.

 

“Qualified
Performance-Based Award” shall mean an Award intended to qualify as “performance-based” compensation under
Section 162(m) of the Code.

 

“Restricted
Stock Award” shall mean an Award granted under Article VIII of the Plan of shares of Common Stock, the transferability
of which by the Holder shall be subject to Restrictions.

 

“Restricted
Stock Award Agreement” shall mean a written agreement between the Company and a Holder with respect to a Restricted Stock
Award.

    	5

    	 

    

 

 

“Restricted
Stock Unit Award” shall mean an Award granted under Article X of the Plan under which, upon the satisfaction of predetermined
individual service-related vesting requirements, a cash payment shall be made to the Holder, based on the number of Units awarded
to the Holder.

 

“Restricted
Stock Unit Award Agreement” shall mean a written agreement between the Company and a Holder with respect to a Restricted
Stock Unit Award.

  

“Restriction
Period” shall mean the period of time for which shares of Common Stock subject to a Restricted Stock Award shall be subject
to Restrictions, as set forth in the applicable Restricted Stock Award Agreement.

 

“Restrictions”
shall mean forfeiture, transfer and/or other restrictions applicable to shares of Common Stock awarded to an Employee, Director
or Consultant under the Plan pursuant to a Restricted Stock Award and set forth in a Restricted Stock Award Agreement.

 

“Rule 16b-3”
shall mean Rule 16b-3 promulgated by the Securities and Exchange Commission under the Exchange Act, as such may be amended from
time to time, and any successor rule, regulation or statute fulfilling the same or a substantially similar function.

 

“Stock Appreciation
Right” shall mean an Award granted under Article XIV of the Plan of a right, granted alone or in connection with a related
Option, to receive a payment on the date of exercise.

 

“Stock Appreciation
Right Award Agreement” shall mean a written agreement between the Company and a Holder with respect to a Stock Appreciation
Right.

 

“Tandem Stock
Appreciation Right” shall mean a Stock Appreciation Right granted in connection with a related Option, the exercise of
which shall result in termination of the otherwise entitlement to purchase some or all of the shares of Common Stock under the
related Option, all as set forth in Section 14.2.

 

“Ten Percent
Stockholder” shall mean an Employee who, at the time an Incentive Stock Option is granted to him or her, owns stock possessing
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any parent corporation
or subsidiary corporation thereof (both as defined in Section 424 of the Code), within the meaning of Section 422(b)(6) of the
Code.

 

“Total and
Permanent Disability” shall mean the inability to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last
for a continuous period of not less than twelve (12) months, all as described in Section 22(e)(3) of the Code.

 

“Units”
shall mean bookkeeping units, each of which represents such monetary amount as shall be designated by the Committee in each Performance
Unit Award Agreement, or represents one (1) share of Common Stock for purposes of each Restricted Stock Unit Award.

 

    	6

    	 

    

 

“Unrestricted
Stock Award” shall mean an Award granted under Article IX of the Plan of shares of Common Stock which are not subject
to Restrictions.

 

“Unrestricted
Stock Award Agreement” shall mean a written agreement between the Company and a Holder with respect to an Unrestricted
Stock Award.

 

ARTICLE
III

EFFECTIVE DATE OF PLAN

 

The Plan shall be effective
as of the Effective Date.

 

ARTICLE
IV

ADMINISTRATION

 

Section 4.1           Composition
of Committee. The Plan shall be administered by the Committee, which shall be appointed by the Board. At any time that the
Common Stock is registered under Section 12 of the Exchange Act, the Committee shall consist solely of three (3) or more Directors
who are each (i) “outside directors” within the meaning of Section 162(m) of the Code (“Outside Directors”),
(ii) “non-employee directors” within the meaning of Rule 16b-3 (“Non-Employee Directors”) and (iii)
“independent” for purposes of any applicable listing requirements; provided, however, that the Board
or the Committee may delegate to a committee of one or more members of the Board who are not (x) Outside Directors, the authority
to grant Awards to eligible persons who are not (A) then “covered employees” within the meaning of Section 162(m) of
the Code and are not expected to be “covered employees” at the time of recognition of income resulting from such Award,
or (B) persons with respect to whom the Company wishes to comply with the requirements of Section 162(m) of the Code, and/or (y)
Non-Employee Directors, the authority to grant Awards to eligible persons who are not then subject to the requirements of Section
16 of the Exchange Act. If a member of the Committee shall be eligible to receive an Award under the Plan, such Committee member
shall have no authority hereunder with respect to his or her own Award.

 

Section 4.2           Powers.
Subject to the provisions of the Plan, the Committee shall have the sole
authority, in its discretion, to make all determinations under the Plan, including but not limited to determining which Employees,
Directors or Consultants shall receive an Award, the time or times when an Award shall be made (the date of grant of an Award shall
be the date on which the Award is awarded by the Committee), what type of Award shall be granted, the term of an Award, the date
or dates on which an Award vests (including acceleration of vesting), the form of any payment to be made pursuant to an Award,
the terms and conditions of an Award (including the forfeiture of the Award (and/or any financial gain) if the Holder of the Award
violates any applicable restrictive covenant thereof), the Restrictions under a Restricted Stock Award and the number of shares
of Common Stock which may be issued under an Award, all as applicable. In making such determinations the Committee may take into
account the nature of the services rendered by the respective Employees, Directors and Consultants, their present and potential
contribution to the Company’s (or the Affiliate’s) success and such other factors as the Committee in its discretion
shall deem relevant.

    	7

    	 

    

 

Section 4.3           Additional
Powers. The Committee shall have such additional powers as are delegated to it under the other provisions of the Plan. Subject
to the express provisions of the Plan, the Committee is authorized to construe the Plan and the respective Award Agreements executed
hereunder, to prescribe such rules and regulations relating to the Plan as it may deem advisable to carry out the intent of the
Plan, and to determine the terms, restrictions and provisions of each Award, including such terms, restrictions and provisions
as shall be requisite in the judgment of the Committee to cause designated Options to qualify as Incentive Stock Options, and to
make all other determinations necessary or advisable for administering the Plan. The Committee may correct any defect or supply
any omission or reconcile any inconsistency in any Award Agreement in the manner and to the extent it shall deem expedient to carry
it into effect. The determinations of the Committee on the matters referred to in this Article IV shall be conclusive and binding
on the Company and all Holders.

 

Section 4.4           Committee
Action. In the absence of specific rules to the contrary, action by the Committee shall require the consent of a majority of
the members of the Committee, expressed either orally at a meeting of the Committee or in writing in the absence of a meeting.
No member of the Committee shall have any liability for any good faith action, inaction or determination in connection with the
Plan.

 

ARTICLE
V

STOCK SUBJECT TO PLAN AND LIMITATIONS THEREON

 

Section 5.1           Stock
Grant and Award Limits. The Committee may from time to time grant Awards to one or more Employees, Directors and/or Consultants
determined by it to be eligible for participation in the Plan in accordance with the provisions of Article VI. Subject to Article
XV, the aggregate number of shares of Common Stock that may be issued under the Plan shall not exceed two million five hundred
thousand (2,500,000) shares. Shares shall be deemed to have been issued under the Plan solely to the extent actually issued and
delivered pursuant to an Award. To the extent that an Award lapses, expires, is canceled, is terminated unexercised or ceases to
be exercisable for any reason, or the rights of its Holder terminate, any shares of Common Stock subject to such Award shall again
be available for the grant of a new Award. Notwithstanding any provision in the Plan to the contrary, the maximum number of shares
of Common Stock that may be subject to Awards of Options under Article VII and/or Stock Appreciation Rights under Article XIV,
in either or both cases granted to any one Employee during any calendar year, shall be five hundred thousand (500,000) shares (subject
to adjustment in the same manner as provided in Article XV with respect to shares of Common Stock subject to Awards then outstanding).
The limitation set forth in the preceding sentence shall be applied in a manner which shall permit compensation generated in connection
with the exercise of Options or Stock Appreciation Rights to constitute “performance-based” compensation for purposes
of Section 162(m) of the Code, including, but not limited to, counting against such maximum number of shares, to the extent required
under Section 162(m) of the Code, any shares subject to Options or Stock Appreciation Rights that are canceled or repriced.

 

    	8

    	 

    

 

Section 5.2           Stock
Offered. The stock to be offered pursuant to the grant of an Award may be authorized but unissued Common Stock, Common Stock
purchased on the open market or Common Stock previously issued and outstanding and reacquired by the Company.

 

ARTICLE
VI

ELIGIBILITY FOR AWARDS; TERMINATION OF

EMPLOYMENT, DIRECTOR STATUS OR CONSULTANT STATUS

 

Section 6.1           Eligibility.
Awards made under the Plan may be granted solely to persons or entities who, at the time of grant, are Employees, Directors or
Consultants. An Award may be granted on more than one occasion to the same Employee, Director or Consultant, and, subject to the
limitations set forth in the Plan, such Award may include, a Non-Qualified Stock Option, a Restricted Stock Award, an Unrestricted
Stock Award, a Distribution Equivalent Right Award, a Performance Stock Award, a Performance Unit Award, a Stock Appreciation Right,
a Tandem Stock Appreciation Right, any combination thereof or, solely for Employees, an Incentive Stock Option.

 

Section 6.2           Termination
of Employment or Director Status. Except to the extent inconsistent with the terms of the applicable Award Agreement and/or
the provisions of Section 6.4 or 6.5, and except as the Committee, in its sole discretion and consistent with Section 409A of the
Code, may determine otherwise, the following terms and conditions shall apply with respect to the termination of a Holder’s
employment with, or status as a Director of, the Company or an Affiliate, as applicable, for any reason, including, without limitation,
Total and Permanent Disability or death:

 

(a)          The
Holder’s rights, if any, to exercise any then exercisable Incentive Stock Options, Non-Qualified Stock Options and/or Stock
Appreciation Rights, as applicable, shall terminate:

 

(i)          If
such termination is for a reason other than the Holder’s Total and Permanent Disability or death, three (3) months after
the date of such termination of employment or after the date of such termination of Director status;

 

(ii)         If
such termination is on account of the Holder’s Total and Permanent Disability, one (1) year after the date of such termination
of employment or Director status; or

 

(iii)        If
such termination is on account of the Holder’s death, one (1) year after the date of the Holder’s death.

 

Upon such applicable date the Holder (and
such Holder’s estate, designated beneficiary or other legal representative) shall forfeit any rights or interests in or with
respect to any such Incentive Stock Options, Non-Qualified Stock Options and Stock Appreciation Rights.

 

    	9

    	 

    

 

(b)          If
a Holder’s employment with, or status as a Director of, the Company or an Affiliate, as applicable, terminates for any reason
prior to the actual or deemed satisfaction and/or lapse of the Restrictions, vesting requirements, terms and conditions applicable
to a Restricted Stock Award and/or Restricted Stock Unit Award, such Restricted Stock and/or Restricted Stock Units shall immediately
be canceled, and the Holder (and such Holder’s estate, designated beneficiary or other legal representative) shall forfeit
any rights or interests in and with respect to any such Restricted Stock and/or Restricted Stock Units. The immediately preceding
sentence to the contrary notwithstanding, the Committee, in its sole discretion, may determine, prior to or within thirty (30)
days after the date of such termination of employment or Director status, that all or a portion of any such Holder’s Restricted
Stock and/or Restricted Stock Units shall not be so canceled and forfeited.

 

Section 6.3           Termination
of Consultant Status. Except to the extent inconsistent with the terms of the applicable Award Agreement and/or the provisions
of Section 6.4 or 6.5, the following terms and conditions shall apply with respect to the termination of a Holder’s status
as a Consultant, for any reason:

 

(a)          The
Holder’s rights, if any, to exercise any then exercisable Non-Qualified Stock Options and/or Stock Appreciation Rights shall
terminate:

 

(i)          If
such termination is for a reason other than the Holder’s death, three (3) months after the date of such termination; or

 

(ii)         If
such termination is on account of the Holder’s death, one (1) year after the date of the Holder’s death.

 

(b)          If
the status of a Holder as a Consultant terminates for any reason prior to the actual or deemed satisfaction and/or lapse of the
Restrictions, vesting requirements, terms and conditions applicable to a Restricted Stock Award and/or Restricted Stock Unit Award,
such Restricted Stock and/or Restricted Stock Units shall immediately be canceled, and the Holder (and such Holder’s estate,
designated beneficiary or other legal representative) shall forfeit any rights or interests in and with respect to any such Restricted
Stock and/or Restricted Stock Units. The immediately preceding sentence to the contrary notwithstanding, the Committee, in its
sole discretion, may determine, prior to or within thirty (30) days after the date of such termination of such a Holder’s
status as a Consultant, that all or a portion of any such Holder’s Restricted Stock and/or Restricted Stock Units shall not
be so canceled and forfeited.

 

    	10

    	 

    

 

Section 6.4           Special
Termination Rule. Except to the extent inconsistent with the terms of the applicable Award Agreement, and notwithstanding anything
to the contrary contained in this Article VI, if a Holder’s employment with, or status as a Director of, the Company or an
Affiliate shall terminate, and if, within ninety (90) days of such termination, such Holder shall become a Consultant, such Holder’s
rights with respect to any Award or portion thereof granted thereto prior to the date of such termination may be preserved, if
and to the extent determined by the Committee in its sole discretion, as if such Holder had been a Consultant for the entire period
during which such Award or portion thereof had been outstanding. Should the Committee effect such determination with respect to
such Holder, for all purposes of the Plan, such Holder shall not be treated as if his or her employment or Director status had
terminated until such time as his or her Consultant status shall terminate, in which case his or her Award, as it may have been
reduced in connection with the Holder’s becoming a Consultant, shall be treated pursuant to the provisions of Section 6.3;
provided, however, that any such Award which is intended to be an Incentive Stock Option shall, upon the Holder’s
no longer being an Employee, automatically convert to a Non-Qualified Stock Option. Should a Holder’s status as a Consultant
terminate, and if, within ninety (90) days of such termination, such Holder shall become an Employee or a Director, such Holder’s
rights with respect to any Award or portion thereof granted thereto prior to the date of such termination may be preserved, if
and to the extent determined by the Committee in its sole discretion, as if such Holder had been an Employee or a Director, as
applicable, for the entire period during which such Award or portion thereof had been outstanding, and, should the Committee effect
such determination with respect to such Holder, for all purposes of the Plan, such Holder shall not be treated as if his or her
Consultant status had terminated until such time as his or her employment with the Company or an Affiliate, or his or her Director
status, as applicable, shall terminate, in which case his or her Award shall be treated pursuant to the provisions of Section 6.2.

 

Section 6.5           Termination
for Cause. Notwithstanding anything in this Article VI or elsewhere in the Plan to the contrary, and unless a Holder’s
Award Agreement specifically provides otherwise, should a Holder’s employment, Director status or engagement as a Consultant
with or for the Company or an Affiliate be terminated by the Company or Affiliate for Cause, all of such Holder’s then outstanding
Awards shall expire immediately and be forfeited in their entirety upon such termination.

 

ARTICLE
VII

OPTIONS

 

Section 7.1           Option
Period. The term of each Option shall be as specified in the Option Agreement; provided, however, that except
as set forth in Section 7.3, no Option shall be exercisable after the expiration of ten (10) years from the date of its grant.

 

Section 7.2           Limitations
on Exercise of Option. An Option shall be exercisable in whole or in such installments and at such times as specified in the
Option Agreement.

 

    	11

    	 

    

 

Section 7.3           Special
Limitations on Incentive Stock Options. To the extent that the aggregate Fair Market Value (determined at the time the respective
Incentive Stock Option is granted) of Common Stock with respect to which Incentive Stock Options are exercisable for the first
time by an individual during any calendar year under all plans of the Company and any parent corporation or subsidiary corporation
thereof (both as defined in Section 424 of the Code) which provide for the grant of Incentive Stock Options exceeds One Hundred
Thousand Dollars ($100,000) (or such other individual limit as may be in effect under the Code on the date of grant), the portion
of such Incentive Stock Options that exceeds such threshold shall be treated as Non-Qualified Stock Options. The Committee shall
determine, in accordance with applicable provisions of the Code, Treasury Regulations and other administrative pronouncements,
which of a Holder’s Options, which were intended by the Committee to be Incentive Stock Options when granted to the Holder,
will not constitute Incentive Stock Options because of such limitation, and shall notify the Holder of such determination as soon
as practicable after such determination. No Incentive Stock Option shall be granted to an Employee if, at the time the Incentive
Stock Option is granted, such Employee is a Ten Percent Stockholder, unless (i) at the time such Incentive Stock Option is granted
the Option price is at least one hundred ten percent (110 %) of the Fair Market Value of the Common Stock subject to the Incentive
Stock Option, and (ii) such Incentive Stock Option by its terms is not exercisable after the expiration of five (5) years from
the date of grant. No Incentive Stock Option shall be granted more than ten (10) years from the date on which the Plan is approved
by the Company’s stockholders. The designation by the Committee of an Option as an Incentive Stock Option shall not guarantee
the Holder that the Option will satisfy the applicable requirements for “incentive stock option” status under Section
422 of the Code.

 

Section 7.4           Option
Agreement. Each Option shall be evidenced by an Option Agreement in such form and containing such provisions not inconsistent
with the provisions of the Plan as the Committee from time to time shall approve, including, but not limited to, provisions intended
to qualify an Option as an Incentive Stock Option. An Option Agreement may provide for the payment of the Option price, in whole
or in part, by the delivery of a number of shares of Common Stock (plus cash if necessary) that have been owned by the Holder for
at least six (6) months and having a Fair Market Value equal to such Option price, or such other forms or methods as the Committee
may determine from time to time, in each case, subject to such rules and regulations as may be adopted by the Committee. Each Option
Agreement shall, solely to the extent inconsistent with the provisions of Sections 6.2, 6.3, 6.4 and 6.5, as applicable, specify
the effect of termination of employment, Director status or Consultant status on the exercisability of the Option. Moreover, without
limited the generality of the foregoing, an Option Agreement may provide for a “cashless exercise” of the Option, in
whole or in part, by (a) establishing procedures whereby the Holder, by a properly-executed written notice, directs (i) an immediate
market sale or margin loan as to all or a part of the shares of Common Stock to which he is entitled to receive upon exercise of
the Option, pursuant to an extension of credit by the Company to the Holder of the Option price, (ii) the delivery of the shares
of Common Stock from the Company directly to a brokerage firm and (iii) the delivery of the Option price from sale or margin loan
proceeds from the brokerage firm directly to the Company, or (b) reducing the number of shares of Common Stock to be issued upon
exercise of the Option by the number of such shares having an aggregate Fair Market Value equal to the Option price (or portion
thereof to be so paid) as of the date of the Option’s exercise. Each Option Agreement shall, solely to the extent inconsistent
with the provisions of Sections 6.2, 6.3, 6.4 and 6.5, as applicable, specify the effect of the termination of the Holder’s
employment, Director status or Consultant status on the exercisability of the Option. An Option Agreement may also include provisions
relating to (i) subject to the provisions hereof, accelerated vesting of Options, including but not limited to upon the occurrence
of a Change of Control, (ii) tax matters (including provisions covering any applicable Employee wage withholding requirements and
requiring additional “gross-up” payments to Holders to meet any excise taxes or other additional income tax liability
imposed as a result of a payment made upon a Change of Control resulting from the operation of the Plan or of such Option Agreement)
and (iii) any other matters not inconsistent with the terms and provisions of the Plan that the Committee shall in its sole discretion
determine. The terms and conditions of the respective Option Agreements need not be identical.

 

    	12

    	 

    

 

Section 7.5           Option
Price and Payment. The price at which a share of Common Stock may be purchased upon exercise of an Option shall be determined
by the Committee; provided, however, that such Option price (i) shall not be less than the Fair Market Value of a
share of Common Stock on the date such Option is granted, and (ii) shall be subject to adjustment as provided in Article XV. The
Option or portion thereof may be exercised by delivery of an irrevocable notice of exercise to the Company. The Option price for
the Option or portion thereof shall be paid in full in the manner prescribed by the Committee as set forth in the Plan and the
applicable Option Agreement, which manner, with the consent of the Committee, may include the withholding of shares of Common Stock
otherwise issuable in connection with the exercise of the Option, for purposes of Section 7.4(b). Separate stock certificates shall
be issued by the Company for those shares of Common Stock acquired pursuant to the exercise of an Incentive Stock Option and for
those shares of Common Stock acquired pursuant to the exercise of a Non-Qualified Stock Option.

 

Section 7.6           Stockholder
Rights and Privileges. The Holder of an Option shall be entitled to all the privileges and rights of a stockholder of the Company
solely with respect to such shares of Common Stock as have been purchased under the Option and for which certificates of stock
have been registered in the Holder’s name.

 

Section 7.7           Options
and Rights in Substitution for Stock Options Granted by Other Corporations. Options may be granted under the Plan from time
to time in substitution for stock options held by individuals employed by entities who become Employees as a result of a merger
or consolidation of the employing entity with the Company or any Affiliate, or the acquisition by the Company or an Affiliate of
the assets of the employing entity, or the acquisition by the Company or an Affiliate of stock of the employing entity with the
result that such employing entity becomes an Affiliate.

 

Section 7.8           Prohibition
Against Repricing. At any time that the Common Stock is registered under Section 12 of the Exchange Act, the Committee shall
not have the power or authority to reduce, whether through amendment or otherwise, the exercise price under any outstanding Option
or Stock Appreciation right, or to grant any new Award or make any payment of cash in substitution for or upon the cancellation
of Options and/or Stock Appreciation Rights previously granted except to the extent (i) approved in advance by holders of a majority
of the shares of the Company entitled to vote generally in the election of directors, excluding any shares of the Company voted
by any Holder, or (ii) as a result of any Change of Control or any adjustment as provided in Article XV.

 

    	13

    	 

    

 

ARTICLE
VIII

RESTRICTED STOCK AWARDS

 

Section 8.1           Restriction
Period to be Established by Committee. At the time a Restricted Stock Award is made, the Committee shall establish the Restriction
Period applicable to such Award. Each Restricted Stock Award may have a different Restriction Period, in the discretion of the
Committee. The Restriction Period applicable to a particular Restricted Stock Award shall not be changed except as permitted by
Section 8.2.

 

Section 8.2           Other
Terms and Conditions. Common Stock awarded pursuant to a Restricted Stock Award shall be represented by a stock certificate
registered in the name of the Holder of such Restricted Stock Award. If provided for under the Restricted Stock Award Agreement,
the Holder shall have the right to vote Common Stock subject thereto and to enjoy all other stockholder rights, including the entitlement
to receive dividends on the Common Stock during the Restriction Period, except that (i) the Holder shall not be entitled to delivery
of the stock certificate until the Restriction Period shall have expired, (ii) the Company shall retain custody of the stock certificate
during the Restriction Period (with a stock power endorsed by the Holder in blank), (iii) the Holder may not sell, transfer, pledge,
exchange, hypothecate or otherwise dispose of the Common Stock during the Restriction Period and (iv) a breach of the terms and
conditions established by the Committee pursuant to the Restricted Stock Award Agreement shall cause a forfeiture of the Restricted
Stock Award. At the time of such Award, the Committee may, in its sole discretion, prescribe additional terms and conditions or
restrictions relating to Restricted Stock Awards, including, but not limited to, rules pertaining to the effect of termination
of employment, Director status or Consultant status prior to expiration of the Restriction Period. Such additional terms, conditions
or restrictions shall, to the extent inconsistent with the provisions of Sections 6.2, 6.3 and 6.4, as applicable, be set forth
in a Restricted Stock Award Agreement made in conjunction with the Award. Such Restricted Stock Award Agreement may also include
provisions relating to (i) subject to the provisions hereof, accelerated vesting of Awards, including but not limited to accelerated
vesting upon the occurrence of a Change of Control, (ii) tax matters (including provisions covering any applicable Employee wage
withholding requirements and requiring additional “gross-up” payments to Holders to meet any excise taxes or other
additional income tax liability imposed as a result of a payment made in connection with a Change of Control resulting from the
operation of the Plan or of such Restricted Stock Award Agreement) and (iii) any other matters not inconsistent with the terms
and provisions of the Plan that the Committee shall in its sole discretion determine. The terms and conditions of the respective
Restricted Stock Agreements need not be identical. All shares of Common Stock delivered to a Holder as part of a Restricted Stock
Award shall be delivered and reported by the Company or the Affiliate, as applicable, to the Holder by no later than by the fifteenth
(15th) day of the third (3rd) calendar month next following the end of the Company’s fiscal year in
which the Holder’s entitlement to such shares becomes vested.

 

    	14

    	 

    

 

Section 8.3           Payment
for Restricted Stock. The Committee shall determine the amount and form of any payment from a Holder for Common Stock received
pursuant to a Restricted Stock Award, if any, provided that in the absence of such a determination, a Holder shall not be required
to make any payment for Common Stock received pursuant to a Restricted Stock Award, except to the extent otherwise required by
law.

 

Section 8.4           Restricted
Stock Award Agreements. At the time any Award is made under this Article VIII, the Company and the Holder shall enter into
a Restricted Stock Award Agreement setting forth each of the matters contemplated hereby and such other matters as the Committee
may determine to be appropriate.

 

ARTICLE
IX

UNRESTRICTED STOCK AWARDS

 

Pursuant to the terms
of the applicable Unrestricted Stock Award Agreement, a Holder may be awarded (or sold) shares of Common Stock which are not subject
to Restrictions, in consideration for past services rendered thereby to the Company or an Affiliate or for other valid consideration.

 

ARTICLE
X

RESTRICTED STOCK UNIT AWARDS

 

Section 10.1         Terms
and Conditions. The Committee shall set forth in the applicable Restricted Stock Unit Award Agreement the individual service-based
vesting requirement which the Holder would be required to satisfy before the Holder would become entitled to payment pursuant to
Section 10.2 and the number of Units awarded to the Holder. Such payment shall be subject to a “substantial risk of forfeiture”
under Section 409A of the Code. At the time of such Award, the Committee may, in its sole discretion, prescribe additional terms
and conditions or restrictions relating to Restricted Stock Unit Awards, including, but not limited to, rules pertaining to the
effect of termination of employment, Director status or Consultant status prior to expiration of the applicable vesting period.
The terms and conditions of the respective Restricted Stock Unit Award Agreements need not be identical.

 

Section 10.2         Payments.
The Holder of a Restricted Stock Unit shall be entitled to receive a cash payment equal to the Fair Market Value of a share of
Common Stock, or one (1) share of Common Stock, as determined in the sole discretion of the Committee and as set forth in the Restricted
Stock Unit Award Agreement, for each Restricted Stock Unit subject to such Restricted Stock Unit Award, if the Holder satisfies
the applicable vesting requirement. Such payment shall be made no later than by the fifteenth (15th) day of the third
(3rd) calendar month next following the end of the calendar year in which the Restricted Stock Unit first becomes vested.

 

    	15

    	 

    

 

ARTICLE
XI

PERFORMANCE UNIT AWARDS

 

Section 11.1         Terms
and Conditions. The Committee shall set forth in the applicable Performance Unit Award Agreement the performance goals and
objectives (and the period of time to which such goals and objectives shall apply) which the Holder and/or the Company would be
required to satisfy before the Holder would become entitled to payment pursuant to Section 11.2, the number of Units awarded to
the Holder and the dollar value assigned to each such Unit. Such payment shall be subject to a “substantial risk of forfeiture”
under Section 409A of the Code. At the time of such Award, the Committee may, in its sole discretion, prescribe additional terms
and conditions or restrictions relating to Performance Unit Awards, including, but not limited to, rules pertaining to the effect
of termination of employment, Director status or Consultant status prior to expiration of the applicable performance period. The
terms and conditions of the respective Performance Unit Award Agreements need not be identical.

 

Section 11.2         Payments.
The Holder of a Performance Unit shall be entitled to receive a cash payment equal to the dollar value assigned to such Unit under
the applicable Performance Unit Award Agreement if the Holder and/or the Company satisfy (or partially satisfy, if applicable under
the applicable Performance Unit Award Agreement) the performance goals and objectives set forth in such Performance Unit Award
Agreement. If achieved, such payment shall be made no later than by the fifteenth (15th) day of the third (3rd)
calendar month next following the end of the Company’s fiscal year to which such performance goals and objectives relate.

 

ARTICLE
XII

PERFORMANCE SHARE AWARDS

 

Section 12.1         Terms
and Conditions. The Committee shall set forth in the applicable Performance Share Award Agreement the performance goals and
objectives (and the period of time to which such goals and objectives shall apply) which the Holder and/or the Company would be
required to satisfy before the Holder would become entitled to the receipt of shares of Common Stock pursuant to such Holder’s
Performance Share Award and the number of shares of Common Stock subject to such Performance Share Award. Such payment shall be
subject to a “substantial risk of forfeiture” under Section 409A of the Code and, if such goals and objectives are
achieved, the distribution of such Common Shares shall be made no later than by the fifteenth (15th) day of the third
(3rd) calendar month next following the end of the Company’s fiscal year to which such goals and objectives relate.
At the time of such Award, the Committee may, in its sole discretion, prescribe additional terms and conditions or restrictions
relating to Performance Share Awards, including, but not limited to, rules pertaining to the effect of termination of the Holder’s
employment, Director status or Consultant status prior to the expiration of the applicable performance period. The terms and conditions
of the respective Performance Share Award Agreements need not be identical.

 

Section 12.2         Stockholder
Rights and Privileges. The Holder of a Performance Share Award shall have no rights as a stockholder of the Company until such
time, if any, as the Holder actually receives shares of Common Stock pursuant to the Performance Share Award.

 

    	16

    	 

    

 

ARTICLE
XIII

DISTRIBUTION EQUIVALENT RIGHTS

 

Section 13.1         Terms
and Conditions. The Committee shall set forth in the applicable Distribution Equivalent Rights Award Agreement the terms and
conditions applicable to such Award, including whether the Holder is to receive credits currently in cash, is to have such credits
reinvested (at Fair Market Value determined as of the date of reinvestment) in additional shares of Common Stock or is to be entitled
to choose among such alternatives. Such receipt shall be subject to a “substantial risk of forfeiture” under Section
409A of the Code and, if such Award becomes vested, the distribution of such cash or shares of Common Stock shall be made no later
than by the fifteenth (15th) day of the third (3rd) calendar month next following the end of the Company’s
fiscal year in which the Holder’s interest in the Award vests. Distribution Equivalent Rights Awards may be settled in cash
or in shares of Common Stock, as set forth in the applicable Distribution Equivalent Rights Award Agreement. A Distribution Equivalent
Rights Award may, but need not be, awarded in tandem with another Award, whereby, if so awarded, such Distribution Equivalent Rights
Award shall expire, terminate or be forfeited by the Holder, as applicable, under the same conditions as under such other Award.

 

Section 13.2         Interest
Equivalents. The Distribution Equivalent Rights Award Agreement for a Distribution Equivalent Rights Award may provide for
the crediting of interest on a Distribution Rights Award to be settled in cash at a future date (but in no event later than by
the fifteenth (15th) day of the third (3rd) calendar month next following the end of the Company’s
fiscal year in which such interest was credited), at a rate set forth in the applicable Distribution Equivalent Rights Award Agreement,
on the amount of cash payable thereunder.

 

ARTICLE
XIV

STOCK APPRECIATION RIGHTS

 

Section 14.1         Terms
and Conditions. The Committee shall set forth in the applicable Stock Appreciation Right Award Agreement the terms and conditions
of the Stock Appreciation Right, including (i) the base value (the “Base Value”) for the Stock Appreciation
Right, which for purposes of a Stock Appreciation Right which is not a Tandem Stock Appreciation Right, shall be not less than
the Fair Market Value of a share of the Common Stock on the date of grant of the Stock Appreciation Right, (ii) the number of shares
of Common Stock subject to the Stock Appreciation Right, (iii) the period during which the Stock Appreciation Right may be exercised;
provided, however, that no Stock Appreciation Right shall be exercisable after the expiration of ten (10) years from
the date of its grant, and (iv) any other special rules and/or requirements which the Committee imposes upon the Stock Appreciation
Right. Upon the exercise of some or all of a Stock Appreciation Right, the Holder shall receive a payment from the Company, in
cash or in the form of shares of Common Stock having an equivalent Fair Market Value or in a combination of both, as determined
in the sole discretion of the Committee, equal to the product of:

 

    	17

    	 

    

 

(a)          The
excess of (i) the Fair Market Value of a share of the Common Stock on the date of exercise, over (ii) the Base Value, multiplied
by;

 

(b)          The
number of shares of Common Stock with respect to which the Stock Appreciation Right is exercised.

 

Section 14.2         Tandem
Stock Appreciation Rights. If the Committee grants a Stock Appreciation Right which is intended to be a Tandem Stock Appreciation
Right, the Tandem Stock Appreciation Right shall be granted at the same time as the related Option, and the following special rules
shall apply:

 

(a)          The
Base Value shall be equal to or greater than the per share exercise price under the related Option;

 

(b)          The
Tandem Stock Appreciation Right may be exercised for all or part of the shares of Common Stock which are subject to the related
Option, but solely upon the surrender by the Holder of the Holder’s right to exercise the equivalent portion of the related
Option (and when a share of Common Stock is purchased under the related Option, an equivalent portion of the related Tandem Stock
Appreciation Right shall be cancelled);

 

(c)          The
Tandem Stock Appreciation Right shall expire no later than the date of the expiration of the related Option;

 

(d)          The
value of the payment with respect to the Tandem Stock Appreciation Right may be no more than one hundred percent (100%) of the
difference between the per share exercise price under the related Option and the Fair Market Value of the shares of Common Stock
subject to the related Option at the time the Tandem Stock Appreciation Right is exercised, multiplied by the number of shares
of Common Stock with respect to which the Tandem Stock Appreciation Right is exercised; and

 

(e)          The
Tandem Stock Appreciation Right may be exercised solely when the Fair Market Value of a share of Common Stock subject to the related
Option exceeds the per share exercise price under the related Option.

 

    	18

    	 

    

 

ARTICLE
XV

RECAPITALIZATION OR REORGANIZATION

 

Section 15.1         Adjustments
to Common Stock. The shares with respect to which Awards may be granted under the Plan are shares of Common Stock as presently
constituted; provided, however, that if, and whenever, prior to the expiration or distribution to the Holder of shares
of Common Stock underlying an Award theretofore granted, the Company shall effect a subdivision or consolidation of shares of Common
Stock or the payment of a stock dividend on Common Stock without receipt of consideration by the Company, the number of shares
of Common Stock with respect to which such Award may thereafter be exercised or satisfied, as applicable, (i) in the event of an
increase in the number of outstanding shares, shall be proportionately increased, and the purchase price per share of the Common
Stock shall be proportionately reduced, and (ii) in the event of a reduction in the number of outstanding shares, shall be proportionately
reduced, and the purchase price per share of the Common Stock shall be proportionately increased. Notwithstanding the foregoing
or any other provision of this Article XV, any adjustment made with respect to an Award (x) which is an Incentive Stock Option,
shall comply with the requirements of Section 424(a) of the Code, and in no event shall any adjustment be made which would render
any Incentive Stock Option granted under the Plan to be other than an “incentive stock option” for purposes of Section
422 of the Code, and (y) which is a Non-Qualified Stock Option, shall comply with the requirements of Section 409A of the Code,
and in no event shall any adjustment be made which would render any Non-Qualified Stock Option granted under the Plan to become
subject to Section 409A of the Code.

 

Section 15.2         Recapitalization.
If the Company recapitalizes or otherwise changes its capital structure, thereafter upon any exercise or satisfaction, as applicable,
of a previously granted Award, the Holder shall be entitled to receive (or entitled to purchase, if applicable) under such Award,
in lieu of the number of shares of Common Stock then covered by such Award, the number and class of shares of stock and securities
to which the Holder would have been entitled pursuant to the terms of the recapitalization if, immediately prior to such recapitalization,
the Holder had been the holder of record of the number of shares of Common Stock then covered by such Award.

 

Section 15.3         Other
Events. In the event of changes to the outstanding Common Stock by reason of extraordinary cash dividend, reorganization, mergers,
consolidations, combinations, split-ups, spin-offs, exchanges or other relevant changes in capitalization occurring after the date
of the grant of any Award and not otherwise provided for under this Article XV, any outstanding Awards and any Award Agreements
evidencing such Awards shall be adjusted by the Board, in such manner as the Board shall deem equitable or appropriate taking into
consideration the applicable accounting and tax consequences, as to the number and price of shares of Common Stock or other consideration
subject to such Awards. In the event of any adjustment pursuant to Sections 15.1, 15.2 or this Section 15.3, the aggregate number
of shares available under the Plan pursuant to Section 5.1 (and the Code Section 162(m) limit set forth therein) may be appropriately
adjusted by the Board, the determination of which shall be conclusive. In addition, the Committee may make provision for a cash
payment to a Participant or a person who has an outstanding Award. The number of shares of Common Stock subject to any Award shall
be rounded to the nearest whole number.

 

Section 15.4         Powers
Not Affected. The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of
the Board or of the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other
change of the Company’s capital structure or business, any merger or consolidation of the Company, any issue of debt or equity
securities ahead of or affecting Common Stock or the rights thereof, the dissolution or liquidation of the Company or any sale,
lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding.

 

    	19

    	 

    

 

Section 15.5         No
Adjustment for Certain Awards. Except as hereinabove expressly provided, the issuance by the Company of shares of stock of
any class or securities convertible into shares of stock of any class, for cash, property, labor or services, upon direct sale,
upon the exercise of rights or warrants to subscribe therefor or upon conversion of shares or obligations of the Company convertible
into such shares or other securities, and in any case whether or not for fair value, shall not affect previously granted Awards,
and no adjustment by reason thereof shall be made with respect to the number of shares of Common Stock subject to Awards theretofore
granted or the purchase price per share, if applicable.

 

ARTICLE
XVI

AMENDMENT AND TERMINATION OF PLAN

 

The Plan shall continue
in effect, unless sooner terminated pursuant to this Article XVI, until the tenth (10th) anniversary of the date on
which it is adopted by the Board (except as to Awards outstanding on that date). The Board in its discretion may terminate the
Plan at any time with respect to any shares for which Awards have not theretofore been granted; provided, however,
that the Plan’s termination shall not materially and adversely impair the rights of a Holder with respect to any Award theretofore
granted without the consent of the Holder. The Board may without shareholder approval, in its sole discretion make (i) amendments
to the Plan of a housekeeping nature; (ii) a change to the vesting provisions of an Award or the Plan; (iii) a change to the termination
provisions of an Award or the Plan which does not entail an extension beyond the original expiry date, except as contemplated in
the Plan; and (iv) the addition of a cashless exercise feature, payable in cash or securities, which provides for a full deduction
of the number of underlying securities from the Plan reserve; provided, however, that without the approval by a majority of the
votes cast at a meeting of shareholders at which a quorum representing a majority of the shares of the Company entitled to vote
generally in the election of directors is present in person or by proxy, excluding any shares of the Company voted by any Holder,
no amendment or modification of the Plan may (A) increase the benefits accruing to Holders, (B) except as otherwise expressly provided
in Article XV, increase the number of shares of Common Stock subject to the Plan or the individual Award Agreements specified in
Article V, (C) modify the requirements for participation in the Plan, or (D) amend, modify or suspend Section 7.8 (repricing prohibitions)
or this Article XVI. In addition, no change in any Award theretofore granted may be made which would materially and adversely impair
the rights of a Holder with respect to such Award without the consent of the Holder (unless such change is required in order to
cause the benefits under the Plan to qualify as “performance-based” compensation within the meaning of Section 162(m)
of the Code or to exempt the Plan or any Award from Section 409A of the Code).

 

ARTICLE
XVII

MISCELLANEOUS

 

Section 17.1         No
Right to Award. Neither the adoption of the Plan by the Company nor any action of the Board or the Committee shall be deemed
to give an Employee, Director or Consultant any right to an Award except as may be evidenced by an Award Agreement duly executed
on behalf of the Company, and then solely to the extent and on the terms and conditions expressly set forth therein.

 

    	20

    	 

    

 

Section 17.2         No
Rights Conferred. Nothing contained in the Plan shall (i) confer upon any Employee any right with respect to continuation of
employment with the Company or any Affiliate, (ii) interfere in any way with any right of the Company or any Affiliate to terminate
the employment of an Employee at any time, (iii) confer upon any Director any right with respect to continuation of such Director’s
membership on the Board, (iv) interfere in any way with any right of the Company or an Affiliate to terminate a Director’s
membership on the Board at any time, (v) confer upon any Consultant any right with respect to continuation of his or her consulting
engagement with the Company or any Affiliate, or (vi) interfere in any way with any right of the Company or an Affiliate to terminate
a Consultant’s consulting engagement with the Company or an Affiliate at any time.

 

Section 17.3         Other
Laws; No Fractional Shares; Withholding. The Company shall not be obligated by virtue of any provision of the Plan to recognize
the exercise of any Award or to otherwise sell or issue shares of Common Stock in violation of any laws, rules or regulations,
and any postponement of the exercise or settlement of any Award under this provision shall not extend the term of such Award. Neither
the Company nor its directors or officers shall have any obligation or liability to a Holder with respect to any Award (or shares
of Common Stock issuable thereunder) (i) that shall lapse because of such postponement, or (ii) for any failure to comply
with the requirements of any applicable law, rules or regulations, including but not limited to any failure to comply with the
requirements of Section 409A of this Code. No fractional shares of Common Stock shall be delivered, nor shall any cash in lieu
of fractional shares be paid. The Company shall have the right to deduct in cash (whether under this Plan or otherwise) in connection
with all Awards any taxes required by law to be withheld and to require any payments required to enable it to satisfy its withholding
obligations. In the case of any Award satisfied in the form of shares of Common Stock, no shares shall be issued unless and until
arrangements satisfactory to the Company shall have been made to satisfy any tax withholding obligations applicable with respect
to such Award. Subject to such terms and conditions as the Committee may impose, the Company shall have the right to retain, or
the Committee may, subject to such terms and conditions as it may establish from time to time, permit Holders to elect to tender,
Common Stock (including Common Stock issuable in respect of an Award) to satisfy, in whole or in part, the amount required to be
withheld.

 

Section 17.4         No
Restriction on Corporate Action. Nothing contained in the Plan shall be construed to prevent the Company or any Affiliate from
taking any corporate action which is deemed by the Company or such Affiliate to be appropriate or in its best interest, whether
or not such action would have an adverse effect on the Plan or any Award made under the Plan. No Employee, Director, Consultant,
beneficiary or other person shall have any claim against the Company or any Affiliate as a result of any such action.

 

    	21

    	 

    

 

Section 17.5         Restrictions
on Transfer. No Award under the Plan or any Award Agreement and no rights or interests herein or therein, shall or may be assigned,
transferred, sold, exchanged, encumbered, pledged or otherwise hypothecated or disposed of by a Holder without the approval of
the Committee except by will or by the laws of descent and distribution. An Award may be exercisable during the lifetime of the
Holder only by such Holder or by the Holder’s guardian or legal representative.

 

Section 17.6         Beneficiary
Designations. Each Holder may, from time to time, name a beneficiary or beneficiaries (who may be contingent or successive
beneficiaries) for purposes of receiving any amount which is payable in connection with an Award under the Plan upon or subsequent
to the Holder’s death. Each such beneficiary designation shall serve to revoke all prior beneficiary designations, be in
a form prescribed by the Company and be effective solely when filed by the Holder in writing with the Company during the Holder’s
lifetime. In the absence of any such written beneficiary designation, for purposes of the Plan, a Holder’s beneficiary shall
be the Holder’s estate.

 

Section 17.7         Rule
16b-3. It is intended that the Plan and any Award made to a person subject to Section 16 of the Exchange Act shall meet all
of the requirements of Rule 16b-3. If any provision of the Plan or of any such Award would disqualify the Plan or such Award under,
or would otherwise not comply with the requirements of, Rule 16b-3, such provision or Award shall be construed or deemed to have
been amended as necessary to conform to the requirements of Rule 16b-3.

 

    	22

    	 

    

 

Section 17.8         Section
162(m). It is intended that the Plan shall comply fully with and meet all the requirements of Section 162(m) of the Code so
that Awards hereunder which are made to Holders who are “covered employees” (as defined in Section 162(m) of the Code)
shall constitute “performance-based” compensation within the meaning of Section 162(m) of the Code. Any Performance
Goal(s) applicable to Qualified Performance-Based Awards shall be objective, shall be established not later than ninety (90) days
after the beginning of any applicable Performance Period (or at such other date as may be required or permitted for “performance-based”
compensation under Section 162(m) of the Code) and shall otherwise meet the requirements of Section 162(m) of the Code, including
the requirement that the outcome of the Performance Goal or Goals be substantially uncertain (as defined in the regulations under
Section 162(m) of the Code) at the time established. The Performance Criteria to be utilized under the Plan to establish Performance
Goals shall consist of objective tests based on one or more of the following: earnings or earnings per share, cash flow or cash
flow per share, operating cash flow or operating cash flow per share revenue growth, product revenue growth, financial return ratios
(such as return on equity, return on investment and/or return on assets), share price performance, stockholder return, equity and/or
value, operating income, operating margins, earnings before interest, taxes, depreciation and amortization, earnings, pre- or post-tax
income, economic value added (or an equivalent metric), profit returns and margins, credit quality, sales growth, market share,
working capital levels, comparisons with various stock market indices, year-end cash, debt reduction, assets under management,
operating efficiencies, strategic partnerships or transactions (including co-development, co-marketing, profit sharing, joint venture
or other similar arrangements), and/or financing and other capital raising transaction. Performance criteria may be established
on a Company-wide basis or with respect to one or more Company business units or divisions or subsidiaries; and either in absolute
terms, relative to the performance of one or more similarly situated companies, or relative to the performance of an index covering
a peer group of companies. When establishing Performance Goals for the applicable Performance Period, the Committee may exclude
any or all “extraordinary items” as determined under U.S. generally accepted accounting principles including, without
limitation, the charges or costs associated with restructurings of the Company, discontinued operations, other unusual or non-recurring
items, and the cumulative effects of accounting changes, and as identified in the Company’s financial statements, notes to
the Company’s financial statements or management’s discussion and analysis of financial condition and results of operations
contained in the Company’s most recent annual report filed with the U.S. Securities and Exchange Commission pursuant to the
Exchange Act. Holders who are “covered employees” (as defined in Section 162(m) of the Code) shall be eligible to receive
payment under a Qualified Performance-Based Award which is subject to achievement of a Performance Goal or Goals only if the applicable
Performance Goal or Goals are achieved within the applicable Performance Period, as determined by the Committee. If any provision
of the Plan would disqualify the Plan or would not otherwise permit the Plan to comply with Section 162(m) of the Code as so intended,
such provision shall be construed or deemed amended to conform to the requirements or provisions of Section 162(m) of the Code.
The Committee may postpone the exercising of Awards, the issuance or delivery of Common Stock under any Award or any action permitted
under the Plan to prevent the Company or any subsidiary from being denied a federal income tax deduction with respect to any Award
other than an Incentive Stock Option, provided that such deferral satisfies the requirements of Section 409A of the Code.
For purposes of the requirements of Treasury Regulation Section 1.162-27(e)(4)(i), the maximum amount of compensation that may
be paid to any Employee under the Plan for a calendar year shall be Ten Million Dollars ($10,000,000).

 

Section 17.9         Section
409A. Notwithstanding any other provision of the Plan, the Committee shall have no authority to issue an Award under the Plan
with terms and/or conditions which would cause such Award to constitute non-qualified “deferred compensation” under
Section 409A of the Code. Accordingly, by way of example but not limitation, no Option shall be granted under the Plan with a per
share Option exercise price which is less than the Fair Market Value of a share of Common Stock on the date of grant of the Option.
Notwithstanding anything herein to the contrary, no Award Agreement shall provide for any deferral feature with respect to an Award
which constitutes a deferral of compensation under Section 409A of the Code. The Plan and all Award Agreements are intended to
comply with the requirements of Section 409A of the Code (so as to be exempt therefrom) and shall be so interpreted and construed.

 

    	23

    	 

    

 

Section 17.10         Indemnification.
Each person who is or shall have been a member of the Committee or of the Board shall be indemnified and held harmless by the Company
against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred thereby in connection with
or resulting from any claim, action, suit, or proceeding to which such person may be made a party or may be involved by reason
of any action taken or failure to act under the Plan and against and from any and all amounts paid thereby in settlement thereof,
with the Company’s approval, or paid thereby in satisfaction of any judgment in any such action, suit, or proceeding against
such person; provided, however, that such person shall give the Company an opportunity, at its own expense, to handle
and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification
shall not be exclusive and shall be independent of any other rights of indemnification to which such persons may be entitled under
the Company’s Certificate of Incorporation or By-laws, by contract, as a matter of law, or otherwise.

 

Section 17.11         Other
Plans. No Award, payment or amount received hereunder shall be taken into account in computing an Employee’s salary or
compensation for the purposes of determining any benefits under any pension, retirement, life insurance or other benefit plan of
the Company or any Affiliate, unless such other plan specifically provides for the inclusion of such Award, payment or amount received.
Nothing in the Plan shall be construed to limit the right of the Company to establish other plans or to pay compensation to its
employees, in cash or property, in a manner which is not expressly authorized under the Plan.

 

Section 17.12         Limits
of Liability. Any liability of the Company with respect to an Award shall be based solely upon the contractual obligations
created under the Plan and the Award Agreement. None of the Company, any member of the Board nor any member of the Committee shall
have any liability to any party for any action taken or not taken, in good faith, in connection with or under the Plan.

 

Section 17.13         Governing
Law. Except as otherwise provided herein, the Plan shall be construed in accordance with the laws of the State of Delaware,
without regard to principles of conflicts of law.

 

Section 17.14         Severability
of Provisions. If any provision of the Plan is held invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provision of the Plan, and the Plan shall be construed and enforced as if such invalid or unenforceable provision
had not been included in the Plan.

 

Section 17.15         No
Funding. The Plan shall be unfunded. The Company shall not be required to establish any special or separate fund or to make
any other segregation of funds or assets to ensure the payment of any Award.

 

Section 17.16         Headings.
Headings used throughout the Plan are for convenience only and shall not be given legal significance.

 

Section 17.17         Terms
of Award Agreements. Each Award shall be evidenced by an Award Agreement, which Award Agreement, if it provides for the issuance
of Common Stock, shall require the Holder to enter into and be bound by the terms of the Company’s Stockholders’ Agreement,
if any. The terms of the Award Agreements utilized under the Plan need not be the same.

 

    	24EXHIBIT
10.22

 

Execution
Copy

 

Portions
of this exhibit marked [*] are requested to be treated confidentially.

 

LICENSE
AND COLLABORATION AGREEMENT

 

This
LICENSE AND COLLABORATION AGREEMENT (this “Agreement”), effective as of 8th November 2013 (the “Effective
Date”), is by and between Ventrus Biosciences, Inc., a Delaware corporation (“Ventrus”) and THERABIOME,
LLC, a Delaware limited liability company (“Licensor”). Capitalized terms used but not defined herein shall
have the meanings ascribed to them in Exhibit A (Definitions) attached hereto.

 

RECITALS:

 

WHEREAS,
prior to the Effective Date, DashPharma Consulting, LLC (“Dash”) and TheraSyn Sensors, Inc. (“TheraSyn”),
both exclusively and perpetually assigned to Licensor certain Intellectual Property (as defined below) of Dash and TheraSyn relating
to the oral delivery of pharmaceutical drugs (including, but not limited, to, microbiota, vaccines and small molecules) to specific
sites in the intestine, using controlled release platform technology (the “Licensor Technology”); and

 

WHEREAS,
upon the terms and conditions set forth in this Agreement, Ventrus desires to license the Licensor IP for purposes of developing
Products and Therapies for Commercialization within the Field (as such terms are defined below).

 

NOW,
THEREFORE, in consideration of the respective representations, warranties, covenants, and agreements contained herein, and
for other valuable consideration, the receipt and adequacy of which are hereby acknowledged, Ventrus and Licensor, intending to
be legally bound, agree as follows:

 

ARTICLE
I

GOVERNANCE

 

1.1         Joint
Development Committee. 

 

(a)          Formation;
Representatives. Within thirty (30) days of the Effective Date, the Parties will establish a Joint Development Committee (the
“Joint Development Committee” or “JDC”). The JDC shall be comprised of a total of four (4)
representatives: [*]. Each such representative shall be of the seniority and experience appropriate for participation therein,
in light of the functions, responsibilities and authority of the JDC. Each Party shall make its designation of its representatives
not later than thirty (30) days after the Effective Date. Each Party may change any one or more of its representatives at any
time upon written notice to the other Parties. If a Party’s representative is unable to attend a meeting, such party may
designate an alternate to attend such meeting in place of the absent representative. In addition, each Party may, subject to the
other Party’s consent (not to be unreasonably withheld or delayed), invite non-voting employees, consultants or scientific
advisors (provided they are engaged as such under obligations of confidentiality no less protective of the Parties’ Confidential
Information than as set forth in Article VIII) to attend the meetings of the JDC.

 

[*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.

 

    	1

    	 

    

 

(b)          Scope
of JDC Authority. The JDC shall be responsible for the overall direction of, and shall facilitate the exchange of information
relating to, the research, Development, Manufacturing, and Commercialization activities under this Agreement. The responsibilities
of the JDC shall be the following:

 

(i)          Determining
Indications and PPILs and when such Indications or PPILs require modification (e.g., between applicable Phases) in respect of
Ventrus Products and Ventrus Therapies;

 

(ii)         Reviewing
progress and findings of ongoing experiments and studies relating to the Development and Commercialization of Ventrus Products
and Ventrus Therapies;

 

(iii)        Promulgating
and reviewing Development plans for Ventrus Products and Ventrus Therapies;

 

(iv)        Deciding
on the design and execution for each project and each study with respect to Indications for Ventrus Products and Ventrus Therapies;

 

(v)         Determining
completions and initiations of each Phase with respect to the Development with respect to an Indication for a Ventrus Product
or Ventrus Therapy;

 

(vi)        Reviewing
the Development of each Ventrus Product, Ventrus Therapy, and Indication;

 

(vii)       Determining
the role of Licensor in activities necessary for the Development and Commercialization with respect to an Indication for any Ventrus
Product or Ventrus Therapy;

 

(viii)      Resolving
issues escalated from project teams and subcommittees to the JDC;

 

(ix)         Reviewing
the prosecution and maintenance of the Licensor Patents; and

 

(x)          Any
other responsibilities assigned to the JDC in this Agreement.

 

    	2

    	 

    

 

(c)          Meetings;
Project Teams; Subcommittees; Decision-Making.

 

(i)          Meetings.
The JDC shall meet to discuss the matters within its function within thirty (30) days after the Effective Date and, thereafter,
at least monthly during the first two (2) years after the Effective Date, and at least quarterly thereafter during the Term. In
addition, either Party may call a meeting of the JDC upon reasonable notice to the other Party. The JDC shall also meet, unless
otherwise agreed to by the Parties, upon the conclusion of each phase of Development under an Indication for any Ventrus Product
or Ventrus Therapy. The location of JDC meetings, when in person, shall be at Ventrus’s offices unless otherwise agreed
by the JDC. The JDC may also meet by means of a telephone or video conference call, and may take action by vote at a meeting or
telephone or video conference call, or pursuant to a written vote. Each Party shall bear its own travel and lodging expenses related
to participation in and attendance at such meetings by its JDC representatives. At least five (5) Business Days prior to each
JDC meeting, Licensor and Ventrus shall inform the other Party in writing of agenda items proposed by such Party for discussion
or decision at such meeting, together with appropriate information related thereto. Ventrus shall prepare reasonably detailed
written minutes of each JDC meeting, which minutes will reflect, without limitation, material decisions made at such meeting.
Meeting minutes will be sent to each member of the JDC for review and approval within five (5) Business Days after the applicable
JDC meeting. Minutes will be deemed approved unless a member of the JDC objects to the accuracy of such minutes within ten (10)
Business Days of receipt.

 

(ii)         Project
Teams; Subcommittees. The JDC shall have the authority to create project teams or subcommittees within its scope of authority,
each of which will meet (via telephone or video conference or in person) with such frequency as determined by the JDC and which
will report to the JDC on the progress of the activities it has performed no less frequently than quarterly.

 

(d)          Decision-Making.

 

(i)          All
decisions of the JDC with respect to matters over which it has decision-making authority in accordance with Section 1.1(b)
shall be made by unanimous vote of the JDC’s representatives, with each representative member of the JDC having one
(1) vote.

 

(ii)         In
the case of any matter before the JDC that cannot be resolved within five (5) Business Days of the matter being referred to it,
then the resolution and/or course of conduct shall be determined by Ventrus in Ventrus’s sole, but reasonable discretion.

 

(iii)        In
the event of a disagreement among the members of any project team or subcommittee, the matter shall be referred to the JDC for
resolution.

 

(e)          Limited
Authority. The JDC shall not have the authority to amend or modify the terms of this Agreement, to expand its scope of authority,
or to determine any issue before the JDC in a manner that would conflict with the express terms and conditions of this Agreement.

 

1.2           Scientific
Advisory Board. Within thirty (30) days of the Effective Date, the Parties shall establish a Scientific Advisory Board
comprised of members of Ventrus, Licensor, and Third Parties that will function to provide strategic advice and critical assessments
of research and development programs under this Agreement (the “Scientific Advisory Board” or “SAB”).
Within thirty (30) days of the creation of the JDC, the JDC will determine the composition of the SAB and the specific functions
of the SAB. [*]. Compensation of members of the SAB shall be in accordance with Section 6.4(c).

 

[*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.

 

    	3

    	 

    

 

ARTICLE
II

TECHNOLOGY TRANSFER

 

2.1           Technology
Transfer.  Licensor agrees to provide to Ventrus or its Affiliate (or a Third Party designated by Ventrus) assistance,
training, and/or support as may be requested by Ventrus from time to time during the Term to utilize and leverage the Licensor
IP, including, without limitation, by conducting a comprehensive technology and process transfer relating to the Licensor IP,
which transfer will commence as soon as feasible after the Effective Date, but in any event, no later than thirty (30) days thereafter,
shall be completed no later than ninety (90) days after the Effective Date, and shall be payable by Ventrus in accordance with
Section 6.4(d) (the “Technology Transfer”).

 

2.2           Updates.
Without limiting the foregoing, on a periodic basis during the Term, promptly following Ventrus’s reasonable request from
time to time, Licensor shall disclose to Ventrus or its designated Affiliate, for no additional cost, all Licensor IP necessary
or useful to (a) the research, Development, Manufacture, and Commercialization of the Products and (b) understanding the Licensor
Technology. The information to be delivered pursuant to this Section 2.2 shall include copies of all Patent Rights, Know-How
documentation, copyright registrations, and applications thereof, program data, and all other documentation relating to the Intellectual
Property embodied in Licensor Technology, whether in human or machine readable form (such form to be reasonably acceptable to
Ventrus) not previously provided by Licensor to Ventrus.

 

2.3           Personnel.
Licensor shall make appropriate personnel available to assist Ventrus or its designee during regular business hours as reasonably
requested by Ventrus and as agreed by Licensor (such agreement not to be unreasonably withheld), and, subject to Section 6.4(d),
below, shall provide the Ventrus or its designee with access to the personnel and operations of Licensor for such periods of time
and in such manner as is reasonably necessary to understand and utilize the Licensor Technology and/or to assist Ventrus in connection
with the Development or Commercialization of Ventrus Products and Ventrus Therapies under this Agreement. At Ventrus’s request,
such assistance shall also be furnished at the facilities of Ventrus or its designee.

 

ARTICLE
III

DEVELOPMENT

 

General.
Unless otherwise determined by the JDC, Ventrus shall be solely responsible for all research and Development activities with
respect to Ventrus Products and Ventrus Therapies in its sole discretion (collectively, the “Ventrus Development Program”).
Ventrus shall use Commercially Reasonable Efforts to Develop Ventrus Products and Ventrus Therapies under the Ventrus Development
Program. To the extent requested by Ventrus and agreed by Licensor (such agreement not to be unreasonably withheld), Licensor
shall use diligent efforts to assist and support Ventrus in connection with activities pursuant to the Ventrus Development Program.
For the avoidance of doubt, any activities performed by Licensor in connection with the Ventrus Development Program shall not
confer upon Licensor any decision-making authority with respect to the Ventrus Development Program.  To the extent that
Licensor is responsible for Development or Commercialization of Ventrus Products or Ventrus Therapies, Ventrus shall use Commercially
Reasonable Efforts to assist Licensor with such Development or Commercialization.

 

    	4

    	 

    

 

	Initial Timeline.  Ventrus will use Commercially
    Reasonable Efforts to endeavor to complete the following tasks in accordance with the timeline set forth in the table in this
    Section 3.2.  The Parties acknowledge and agree that the following table is for illustrative purposes only and Ventrus
    shall not be deemed to be in breach of this Agreement if Ventrus fails to comply herewith. Task	 	Timeline.
	[*]	 	[*]
	 	 	 
	[*]	 	[*]
	 	 	 
	[*]	 	[*]
	 	 	 
	[*]	 	[*]
	 	 	 
	[*]	 	[*]
	 	 	 
	[*]	 	[*]
	 	 	 
	[*]	 	[*]
	 	 	 
	[*]	 	[*]

 

[*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.

 

    	5

    	 

    

 

3.1         Development
by Licensor.

 

(a)          Ventrus
Products and Ventrus Therapies. To the extent that Ventrus elects in its sole discretion not to pursue or otherwise elects
to abandon the Development of a Ventrus Product or Ventrus Therapy under an Indication, Ventrus shall provide Licensor with written
notice of such election. Within one hundred eighty (180) days from the date of such notice, Licensor may request from Ventrus
a limited, exclusive sublicense to the Licensor IP for the purpose of pursuing the Development and Commercialization of a Licensor
Product or Licensor Therapy under such Indication in the Field in the Territory, which request shall include proposed Development
and Commercialization plans related thereto. Ventrus may elect to grant Licensor such a sublicense, provided that Ventrus in its
sole discretion determines that such sublicense would not negatively impact the Ventrus Products, Ventrus Therapies or Ventrus’s
prospects. In the event Ventrus agrees to grant such a sublicense, (i) those terms set forth in this Agreement applicable to Licensor
Products and Licensor Therapies shall apply to such sublicense (including, for the avoidance of doubt and without limitation,
Licensor’s royalty payment obligations set forth in Section 6.2(d)), and (ii) the Parties agree to use Commercially
Reasonable Efforts to memorialize such sublicense in a separate written agreement within one hundred and twenty (120) days of
Ventrus’s agreement to such sublicense. Further, to the extent that Ventrus agrees to grant such a sublicense, Licensor
may further sublicense to one or more Third Parties such sublicensed rights, provided that (x) the terms of such sublicense shall
be consistent with and subordinate to the terms of this Agreement, (y) Ventrus shall be named as an intended third party beneficiary
under such sublicense, and (z) Licensor promptly provides Ventrus a true and accurate copy of such sublicense following its execution.
For the avoidance of doubt, nothing in this Agreement shall prevent Licensor from pursuing the Development and Commercialization
of products or therapies utilizing the Licensor IP outside of the Field.

 

(b)          Other
Products. During the Term, subject to the restrictions set forth in this Section 3.3(b), Licensor may request of Ventrus
that Ventrus permit Licensor to Develop and Commercialize with Third Parties Products and Therapies in the Field in the Territory
that are not Competing Products or Therapies. To exercise this right with respect to any Product or Therapy that is not a Competing
Product or Therapy, Licensor shall notify Ventrus that it desires to Develop and Commercialize such Product or Therapy, which
notice shall (i) identify the pharmaceutically active ingredient(s) of such product or therapy and how the Licensor Technology
will be used in conjunction therewith, (ii) include Development and Commercialization plans related thereto, including confirmation
that Licensor, in conjunction with a Third Party, has the financial capacity to successfully complete such Development and Commercialization
plans, and (iii) request a sublicense hereunder in respect of such Product or Therapy. Ventrus shall have sixty (60) days to review
the foregoing to determine whether or not to grant Licensor a sublicense to the Licensor Technology for the purpose of such Development
and/or Commercialization. Licensor may not Develop or Commercialize such Product or Therapy without Ventrus’s prior written
approval in each instance, which may be withheld in Ventrus’s sole discretion. In the event Ventrus agrees to grant such
a sublicense, (x) those terms set forth in this Agreement applicable to Licensor Products and Licensor Therapies shall apply to
such sublicense (including, for the avoidance of doubt and without limitation, Licensor’s royalty payment obligations set
forth in Section 6.2(d)), and (y) the Parties agree to use Commercially Reasonable Efforts to memorialize such sublicense
in a separate written agreement within one hundred and twenty (120) days of Ventrus’s agreement to such sublicense. Further,
to the extent that Ventrus agrees to grant such a sublicense, Licensor may further sublicense to one or more Third Parties such
sublicensed rights, provided that (I) the terms of such sublicense shall be consistent with and subordinate to the terms of this
Agreement, (II) Ventrus shall be named as an intended third party beneficiary under such sublicense, and (III) Licensor promptly
provides Ventrus a true and accurate copy of such sublicense following its execution.

 

    	6

    	 

    

 

ARTICLE
IV

REGULATORY; COMPLIANCE

 

4.1         Regulatory
Responsibilities. Ventrus or its Affiliates shall be solely responsible for all regulatory activities in respect of
the Ventrus Products and Ventrus Therapies including the preparation, submission and maintenance of all IND filings and associated
Regulatory Materials worldwide with respect to each Ventrus Product and Ventrus Therapy (and Ventrus shall own all right, title
and interest in and to all such Regulatory Materials), including pre-IND correspondence and meetings with Regulatory Authorities,
annual reports and amendments as necessary. Upon the request of Ventrus, Licensor shall provide all reasonable assistance to Ventrus
with respect to such regulatory activities; provided, however, that respect to such assistance as may be agreed outside of its
responsibilities under Sections 1.1 and 2.1, Ventrus shall compensate Licensor in accordance with Section 6.4.

 

4.2         Regulatory
Materials. All Regulatory Approvals for such Ventrus Products or Ventrus Therapies worldwide shall be obtained and
held in the name of Ventrus or one of its Affiliates and Ventrus or one of its Affiliates shall own all right, title, and interest
in and to all such Regulatory Approvals and all related Regulatory Materials. Licensor agrees to provide such support and assistance
to Ventrus or such Affiliate in connection with the foregoing as may be reasonably requested by Ventrus or such Affiliate from
time to time.

 

4.3         Communications.

 

(a)          General.
Ventrus shall be responsible for communicating with any Regulatory Authority having jurisdiction regarding a Ventrus Product
or Ventrus Therapy. Ventrus shall inform Licensor of notification of any action by, or notification or other information which
it receives (directly or indirectly) from, any Regulatory Authority with respect to a Ventrus Product or Ventrus Therapy which:
(i) raises any material concerns regarding the safety or efficacy of such Ventrus Product or Ventrus Therapy, or (ii) relates
to expedited and periodic reports of adverse events with respect to such Ventrus Product or Ventrus Therapy, and which may have
an adverse impact on Regulatory Approval or the Commercialization of a Product or Therapy.

  

(b)          Cooperation. The
Parties shall reasonably cooperate with and assist each other in complying with regulatory obligations, including by a Party providing
to the other Party such information and documentation which is in such Party’s possession as may be reasonably necessary
for Ventrus to prepare a response to an inquiry from a Regulatory Authority with respect to a Ventrus Product or Ventrus Therapy
in the Territory.

 

    	7

    	 

    

 

4.4         Pharmacovigilance.

 

(a)          Ventrus
and/or one of its Affiliates shall be responsible for the collection, processing, and submission of information related to adverse
events associated with a Ventrus Product or Ventrus Therapy (whether or not Regulatory Approval for such Ventrus Product or Ventrus
Therapy has been achieved) in accordance with applicable Law and this Agreement (the “Pharmacovigilance Activities”).
Licensor shall provide information, as appropriate, to enable Ventrus or such Affiliate to meet its regulatory obligations and
Licensor shall be compensated in accordance with Section 6.4(c).

 

(b)          Both
Parties shall provide each other with information related to such adverse events as are likely to be reportable to Regulatory
Authorities as expedited reports.

 

4.5         Disclosures.
In addition to its obligations under this Agreement, each Party shall promptly disclose to the other Party the following
regulatory information: all material notices or demands received from Regulatory Authorities in connection with a Ventrus Product
or Ventrus Therapy, including any notice, audit notice, notice of initiation by Regulatory Authorities of investigations, inspections,
detentions, seizures or injunctions concerning a Product, notice of violation letter (i.e., an untitled letter), warning
letter, service of process or other inquiry, including that which may affect the overall compliance status of any contract manufacturing
organization engaged by a Party in relation to any Ventrus Product or Ventrus Therapy.

 

4.6         Compliance
with Law. Each Party shall be responsible for conducting its activities under this Agreement in accordance with sound
and ethical business and scientific practices, and in compliance with all applicable Laws, including GCP, GMP, and GLP.

 

ARTICLE
V

MANUFACTURING AND COMMERCIALIZATION

 

Unless
otherwise agreed to by the Parties in writing, Ventrus will be solely responsible for the Manufacturing of all Ventrus Products.
Licensor shall provide Manufacturing-related assistance to Ventrus as reasonably requested by Ventrus and agreed by Licensor (such
agreement not to be unreasonably withheld), provided that Ventrus agrees to compensate Licensor in accordance with Section 6.4
with respect to such assistance. Ventrus shall have sole control and final decision-making authority and, together with its Affiliates,
responsibility, at its own expense, for the Commercialization of Ventrus Products and Ventrus Therapies in the Territory, including
planning and implementation, distribution, booking of sales, pricing, and reimbursement.

 

ARTICLE
VI

FINANCIAL PROVISIONS

 

6.1         Up-Front
Payment. Ventrus shall pay to Licensor Three Hundred Thousand U.S. dollars ($300,000) upon execution of this Agreement.

 

    	8

    	 

    

 

6.2         Milestone
and Royalty Payments.

 

(a)          Ventrus
shall promptly notify Licensor after the occurrence of the first PoP for a bacteria, and within five (5) Business Days of such
notice, pay Licensor One Hundred Thousand U.S. dollars ($100,000). Ventrus shall also promptly notify Licensor after the occurrence
of the first PoP for a virus, and concurrently with such notice, pay Licensor One Hundred Thousand U.S. dollars ($100,000). It
is understood and agreed that, in any event, payment of the milestones set forth in this Section 6.2(a) shall be due and
payable not later than the date Ventrus initiates formulation studies for the first Ventrus Product or Ventrus Therapy.  

 

(b)          Milestone
Payments to Licensor. Ventrus shall pay to Licensor the following one-time payments upon the achievement of the milestone
events set forth below for each Ventrus Product or Ventrus Therapy on a PPIL basis (as determined by the JDC):

 

 

	Task	 	Payment	 
	 	 	Prior to First
    
NDA Filing	 	 	After First
    
NDA Filing	 	 	After Second
    
NDA Filing	 	 	After Third
    
NDA Filing	 
	Upon the filing of an IND with the FDA:	 	$	100,000	 	 	$	110,000	 	 	$	120,000	 	 	$	130,000	 
	Upon the filing of an IND equivalent with the
    ex-U.S. Regulatory Authorities:	 	 	See
                                         Exhibit B 	 	 	 	110%
                                         of amount

                                         paid Prior to

                                         First NDA Filing	 	 	 	120%
                                         of amount

                                         paid Prior to

                                         First NDA Filing	 	 	 	130%
                                         of amount

                                         paid Prior to

                                         First NDA Filing	 
	First dose first patient – human Phase I Clinical Trial	 	$	250,000	 	 	$	275,000	 	 	$	300,000	 	 	$	325,000	 
	First dose first patient – human Phase II Clinical Trial	 	$	500,000	 	 	$	550,000	 	 	$	600,000	 	 	$	650,000	 
	First dose first patient – human Phase III Clinical Trial	 	$	750,000	 	 	$	825,000	 	 	$	900,000	 	 	$	975,000	 
	Upon filing of an NDA or BLA with the FDA:	 	$	1,000,000	 	 	$	1,100,00	 	 	$	1,200,000	 	 	$	1,300,000	 
	Upon marketing approval by the FDA:	 	$	3,000,000	 	 	$	3,000,000	 	 	$	3,000,000	 	 	$	3,000,000	 
	Upon marketing approval by the ex-U.S.:	 	 	See
                                         Exhibit B 	 	 	 	See
                                         Exhibit B	 	 	 	See
                                         Exhibit B	 	 	 	See
                                         Exhibit B	 
	Upon approval of a supplemental NDA (sNDA) for a new Indication,
    in the U.S.:	 	$	1,000,000	 	 	$	1,000,000	 	 	$	1,000,000	 	 	$	1,000,000	 

 

    	9

    	 

    

 

 

For
purposes of payments under this Section 6.2(b), a “Ventrus Product” shall mean a specific formulation of a
specific active ingredient (e.g., a specific selection of bacteria, a specific virus or selection of viruses, a specific small
molecule or protein, or combinations of the foregoing), and a “Ventrus Therapy” shall mean a specific therapy based
on a specific active ingredient. Each milestone payment under this Section 6.2(b) shall be payable only once per Ventrus
Product or Ventrus Therapy, on a PPIL basis, upon the first achievement of such milestone event for such Ventrus Product or Ventrus
Therapy in respect of such PPIL. In the event of multiple PPILs for a particular Ventrus Product or Ventrus Therapy, a milestone
payment under this Section 6.2(b) shall be payable in respect of each PPIL. The JDC shall determine the specific individual
PPILs and claims for each Ventrus Product and Ventrus Therapy at the end of each applicable Phase. For the avoidance of doubt,
Indications may change between Phases. After the JDC determines that a milestone has been achieved, Licensor shall submit an invoice
to Ventrus with respect to the corresponding milestone payment; provided, however, that no such invoice shall be submitted
prior to the Effective Date or prior to such JDC determination. It is understood and agreed that, with respect the milestones
set forth in this Section 6.2(b), initiation of a subsequent phase of Development shall be determined by the JDC. In each case,
Ventrus shall make the corresponding milestone payment within thirty (30) days after its receipt of such invoice from Licensor.
Notwithstanding anything to the contrary, for US NDAs or BLAs and for Regulatory Approvals outside of the U.S., one filing shall
incur one set of milestone payments even if multiple claims or Indications are made.

 

(c)          Royalties
to Licensor. Ventrus shall pay to Licensor the following royalties on Annual Net Sales of each Ventrus Product and Ventrus
Therapy on a worldwide basis provided such Ventrus Product or Ventrus Therapy is Covered by a Valid Claim of a Licensor Patent:

 

	Amount	 	Royalty Rate/Payment
	Annual Net Sales of applicable Product or Therapy on sales of less than $[*] million  	 	[*]% of such Net Sales
	Annual Net Sales of applicable Product or Therapy on sales of $[*] million or more  	 	[*]% of such Net Sales
	If Annual Net Sales of applicable Product or Therapy are between $[*]  million
    and less than $[*] million	 	$[*] million one-time payment with respect the applicable Product or Therapy (in
    addition to any other of Ventrus’s royalty obligations or payments)
	If Annual Net Sales Of applicable Product or Therapy are $[*] million or more  	 	$[*] million one-time payment with respect the applicable Product or Therapy (in
    addition to any other Ventrus’s royalty obligations or payments)

  

[*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.

 

    	10

    	 

    

 

(d)         Royalties
to Ventrus. Licensor shall pay to Ventrus royalties on aggregate Annual Net Sales of all Licensor Products and Licensor Therapies
in the Territory during the Term of this Agreement as follows, based on the level of involvement of Ventrus in the development
of the underlying Intellectual Property in the applicable Licensor Product or Licensor Therapy (as determined by the JDC).

  

	Level
    of Ventrus Development or Involvement With Respect to Applicable Licensor Product or Licensor Therapy  	 	Royalty
    on Annual Net Sales of Resulting

Licensor Product or Licensor Therapy
	No Development work  	 	0
	In Pre-clinical PoC	 	[*]%
	In Phase II Clinical Trial  	 	[*]%
	In Phase III Clinical Trial	 	[*]%
	Completed Phase III Clinical Trial	 	[*]%
	Approval obtained in the U.S., irrespective of approvals
    outside of U.S. territories	 	[*]%
	Approval obtained in any of the following: Germany,
    France, UK, Sweden, Italy or Japan (but not the U.S.)	 	[*]%

 

 

(e)          Duration
of Royalty Payments. The royalties payable under Sections 6.2(c) and (d) shall be paid on a country-by-country basis on each
Product or Therapy until the expiration or earlier termination of the applicable Royalty Term with respect to such Product or
Therapy. “Royalty Term” shall mean, separately with respect to each Product or Therapy in each country, the
period commencing on the First Commercial Sale of such Product or Therapy in such country and concluding on the later to occur
of (i) expiration of the last to expire Licensor Patent containing a Valid Claim Covering the sale of such Product or Therapy
in that country or (ii) receipt by a Third Party of marketing approval of a Generic Product or Therapy in such country. Upon the
expiration or earlier termination of the applicable Royalty Term with respect to such Product or Therapy, then, on a Product-by-Product
or Therapy-by-Therapy and country-by-country basis, the licenses granted to Ventrus herein will become fully paid-up, royalty-free,
transferable, perpetual, and irrevocable.

 

6.3         Reporting;
Invoicing and Payment of Milestone and Royalty Payments.

 

(a)          Royalty
Reports; Payments. Within sixty (60) days of the end of any Calendar Quarter during a Royalty Term with respect to any given
Product or Therapy, Ventrus or Licensor shall provide the other, as applicable, with a report stating the applicable Net Sales
for Products and Therapies sold by the selling Party or its Affiliates in the Territory, on a country-by-country basis, together
with the calculation of the royalties due to such other Party. Such report shall accompany any such applicable royalty payments.
Any such report shall be deemed the Confidential Information of the Party providing such report. For five (5) years after the
sale of a Product or Therapy, Ventrus or Licensor, as the case may be, shall keep (and shall ensure that any sublicensee shall
keep) complete and accurate records of such sales in sufficient detail to confirm the accuracy of the royalty calculations hereunder.

 

[*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.

 

    	11

    	 

    

 

(b)          Currency.

 

(i)          All
payments hereunder shall be made in immediately available funds by wire transfer of U.S.
Dollars to the credit of such bank account as may be designated by Ventrus or Licensor in this Agreement or in writing to Ventrus
or Licensor.

 

(ii)         All
amounts in this Agreement are expressed in U.S. Dollars. All payments under this Agreement shall be made in U.S. Dollars. When
conversion of payments from any foreign currency is required to be undertaken by Ventrus, the U.S. Dollar equivalent shall be
calculated in the currency of sale, and then such amounts shall be converted into U.S. Dollars using the noon buying rate of the
Federal Reserve Bank of New York on the last Business Day of the quarterly period for which such royalties are calculated. If
at any time legal restrictions in any country of the Territory prevent the prompt remittance of any payments with respect to sales
therein, Ventrus shall have the right and option to make such payments by depositing the payment amount in local currency to Licensor’s
account in a bank or depository designated by Licensor in the relevant country.

 

6.4         Other
Compensation. Unless as explicitly set forth in this Agreement, Licensor shall not be entitled to any compensation
under this Agreement. To the extent Ventrus requests Licensor to perform consulting services that are not contemplated under this
Agreement, any terms regarding compensation arising from Licensor’s performance of such services shall be set forth in a
separate consulting services or similar agreement. To the extent that Ventrus desires to engage an employee or principal of Licensor
to perform services on Ventrus’s behalf, such engagement shall be set forth in a separate employment or similar agreement.
[*].

 

(a)          General.
Notwithstanding anything to the contrary in this Agreement, to the extent that Licensor provides an employee or agent of Licensor
to Ventrus to be engaged by Ventrus as Ventrus’s employee or agent, Ventrus shall not be liable to Licensor for any payments
under this Section 6.4 for any work performed by such employee or agent on behalf of Ventrus.

 

(b)          JDC
Representation. Members of the JDC shall not be entitled to any compensation for fulfilling their obligations thereunder;
provided, however, that to the extent that JDC obligations require more than one (1) day of service per month, each member of
the JDC shall be entitled to equal compensation designated by the JDC and approved by Ventrus in writing for each day of service
beyond such one (1) day per month.

 

(c)          SAB
Representation. Members of the SAB shall be compensated equally in exchange for fulfilling their obligations thereunder; [*].
Compensation for SAB members shall be determined by the JDC.

 

[*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.

 

    	12

    	 

    

 

(d)          Technology
Transfer and Expenses.

 

(i)          The
first one hundred (100) hours of assistance, training, and/or support provided by Licensor to Ventrus or its Affiliate or a Third
Party designee under the Technology Transfer shall be at no cost to Ventrus. After such one hundred (100) hour threshold has been
achieved, to the extent Ventrus requests in writing additional support with respect to the Technology Transfer, and Licensor agrees
in writing to provide such support (such agreement not to be unreasonably withheld), Ventrus agrees to compensate Licensor for
such support provided by Licensor at the Standard Hourly Rate then in effect.

 

(ii)         Ventrus
agrees to reimburse Licensor for any reasonable, out-of-pocket expenses incurred by Licensor in the performance of its obligations
under Section 2.1, provided that such expenses are preapproved by Ventrus in writing. Licensor shall retain proof of such expenses
for a period of two (2) years after requesting reimbursement from Ventrus.

 

(iii)        Licensor
shall submit an invoice to Ventrus with respect to fees and expenses due and owing with respect to the Technology Transfer that
exceed such one hundred (100) hour threshold, and Ventrus shall pay undisputed amounts within thirty (30) days after its receipt
of such invoice from Licensor. Any amounts invoiced and paid under this Section 6.4(d) shall be subject to audit by Ventrus in
accordance with the audit provisions set forth in Section 6.6, below.

 

(e)          Standard
Hourly Rate. The Standard Hourly Rate shall be [*] Dollars per hour ($[*]/hr.) from the Effective Date until [*]. For [*]
thereafter, not later than [*], the Parties shall in good faith negotiate the Standard Hourly Rate for [*]. In the event the Parties
are unable to agree on a Standard Hourly Rate for [*], notwithstanding anything to the contrary herein, Licensor shall thereafter
have no obligation to provide services hereunder, other than to complete such services previously approved by Ventrus and agreed
to by Licensor at the Standard Hourly Rate then in effect. Amounts due that are based on the Standard Hourly Rate shall be invoiced
by Licensor in six (6) minute increments (i.e., tenths of an hour).

 

6.5         Tax
Matters. The Parties shall use all reasonable and legal efforts to reduce or optimize tax withholding, to the extent
permitted by applicable Law, on payments made pursuant to this Agreement. Each Party agrees to cooperate in good faith to provide
the other Party with such documents and certifications as are reasonably necessary to enable such other Party to minimize any
withholding tax obligations or liabilities. Notwithstanding such efforts, if Ventrus concludes that tax withholdings under the
Laws of any country are required with respect to payments to Licensor, Ventrus shall withhold the required amount and pay it to
the appropriate governmental authority. The Parties will reasonably cooperate in providing one another with documentation of the
payment of any withholding taxes paid pursuant to this Section 6.5 and in completing and filing documents required under
the provisions of any applicable tax Laws or under any other applicable Law in connection with the making of any required tax
payment or withholding payment, or in connection with any claim to a refund of or credit for any such payment.

 

[*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.

 

    	13

    	 

    

 

6.6         Accounting
Matters. 

 

(a)          Audit
Rights. For a period of two (2) years from the end of the calendar year in which a payment was due hereunder, upon thirty
(30) days prior notice, each Party (the “Audited Party”) shall (and shall require that its Affiliates and licensees
and sublicensees) make such records relating to such payment available, during regular business hours and not more often than
once each calendar year, for examination by an independent certified public accountant selected by the other Party (the “Auditing
Party”) and reasonably acceptable to the Audited Party, for the purposes of verifying the accuracy of the financial
reports and/or invoices furnished by the Audited Party pursuant to this Agreement. The results of any such audit shall be shared
by the auditor with both Parties and shall be considered Confidential Information of both Parties. Subject to Section 6.6(b),
the Auditing Party shall bear the full cost of such audit.

 

(b)          Underpayment.
In the event an audit discloses a deficiency in the Audited Party’s payments (or invoices), the Audited Party shall promptly
rectify such deficiency. If the deficiency is greater than [*] percent ([*]%), the Audited Party shall, in addition to the foregoing,
be responsible for the costs incurred by the Auditing Party in conducting such audit. If such deficiency is greater than [*] percent
([*]%), the Audited Party shall, in addition to the foregoing, pay to the Auditing Party interest on any underpayment(s) (or incorrect
invoiced amounts) at the monthly rate of [*] percent ([*]%), compounded monthly.

 

6.7        
General Provisions. Except as otherwise set forth herein, all payments
hereunder shall be non-refundable and non-creditable and shall be payable in accordance with the terms of this Agreement.

 

ARTICLE
VII

LICENSE GRANTS; EXCLUSIVITY

 

7.1         License
Grant to Ventrus. Licensor hereby grants to Ventrus, and Ventrus hereby accepts, during the Term an exclusive, royalty-bearing
license, with the right to freely sublicense under the Licensor IP, to make, use, import, offer for sale, and sell and otherwise
fully Develop, Commercialize, and Manufacture Ventrus Products and Ventrus Therapies in the Field in the Territory. Licensor expressly
retains for itself the unrestricted right to pursue Development of products and therapies under Licensor IP outside of the Field.

 

7.2         Exclusivity.
During the Term of this Agreement, neither Licensor nor any Affiliate thereof will, directly or indirectly, (a) license,
assign or otherwise dispose of any of its rights in the Licensor IP to any Third Party or Affiliate in the Field, or (b) Develop,
Manufacture or Commercialize any Competing Product or Therapy in the Field. Licensor represents and warrants that all of its shareholders
and that all of its key employees and consultants have executed agreements requiring such Persons to comply with the exclusivity
provisions set forth in this Section 7.

 

[*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.

 

    	14

    	 

    

 

ARTICLE
VIII

CONFIDENTIALITY

 

8.1   
     Confidential Information. All
Confidential Information disclosed by a Party to the other Party in connection with the activities contemplated by this
Agreement, shall not be used by the receiving Party except in connection with the activities and licenses contemplated by
this Agreement, shall be maintained in confidence by the receiving Party (except to the extent reasonably necessary for
Regulatory Approval of a Product or Therapy or for the filing, prosecution and maintenance of Patent Rights), and shall
not otherwise be disclosed by the receiving Party to any other Person, without the prior written consent of the disclosing
Party, except to the extent that the Confidential Information:

 

(a)          was
known by the receiving Party prior to its date of disclosure to the receiving Party, as demonstrated by competent written evidence;
or

 

(b)          either
before or after the date of the disclosure to the receiving Party, is lawfully disclosed to the receiving Party by sources other
than the disclosing Party rightfully in possession of the Confidential Information; or

 

(c)          either
before or after the date of the disclosure to the receiving Party, becomes published or generally known to the public (including
information known to the public through the sale of products in the ordinary course of business), without the receiving Party
or its sublicensees violating this Article VIII; or

 

(d)          is
independently developed by or for the receiving Party without reference to or reliance upon the Confidential Information.

 

Notwithstanding
anything set forth herein to the contrary, this Article VIII shall not prohibit Ventrus from disclosing Confidential Information
of Licensor (including, without limitation, applicable Licensor IP) (i) to defend or prosecute litigation, (ii) in connection
with Regulatory Filings, accepted industry practices, financings, acquisitions, or reorganizations, or (iii) to the extent otherwise
required by applicable Law; provided, that to the extent practicable under the foregoing subsections (i), (ii), and (iii),
Ventrus shall provide prior written notice of such disclosure to Licensor and allow Licensor the opportunity to review such disclosure
to the extent practicable under the circumstances (provided that Ventrus is not prejudiced by such review). Notwithstanding the
foregoing provisions of this Section 8.1, either Party may only disclose the terms of this Agreement if such Party reasonably
determines, based on advice from its counsel, that it is required to make such disclosure by applicable Law, regulation, or legal
process (whether in connection with its ongoing disclosure obligations, in connection with a corporate activity, or otherwise),
including by the rules or regulations of the United States Securities and Exchange Commission or similar regulatory agency in
a country other than the United States or of any stock exchange or NASDAQ. In which event, the disclosing Party shall provide
prior notice of such intended disclosure to the other Party sufficiently in advance to enable the other Party to seek confidential
treatment or other protection for such information, unless the disclosing Party was and is prevented by Law or regulation from
providing such advance notice, and the disclosing Party shall disclose only such terms of this Agreement as such disclosing Party
reasonably determines, based on advice from its counsel, are required by applicable Law, regulation or legal process to be disclosed
(whether in connection with its ongoing disclosure obligations, in connection with a corporate activity or otherwise).

 

    	15

    	 

    

 

With
respect to Licensor’s activities outside the Field, Licensor may, without the written consent of Ventrus, disclose to Third
Parties for the Licensor’s good faith pursuit of its legitimate business purposes: (x) the Licensor Know-How that exists
as of the Effective Date, or (y) the Licensor Know-How that is not related to the Field that is developed after the Effective
Date.

 

With
respect to Licensor’s activities within the Field, only if Ventrus has provided written notice to Licensor that Ventrus
has elected in its sole discretion not to pursue or Ventrus has otherwise elected to abandon the Development of a Ventrus Product
or Ventrus Therapy under an Indication under Section 3.3(a) may Licensor disclose Licensor Know-How to a Third Party, provided
that Licensor shall cause such Third Party to agree in writing to binding confidentiality obligations no less protective of the
Licensor Know-How on a whole than those set forth herein, including, without limitation, explicit covenants requiring such Third
Party not to disclose the Licensor Know-How to any other party for any reason and not to use such Licensor Know-How in the Field
under any circumstance.  

 

With
respect to Licensor’s activities within the Field, only if Ventrus has given Licensor written permission allowing Licensor
to disclose Licensor Know-How in order for Licensor to pursue the Development or Commercialization with Third Parties of a Product
or Therapy under Section 3.3(b) (which permission, for the avoidance of doubt, shall not be deemed to be approval by Ventrus of
any sublicense under Section 3.3(b)) may Licensor disclose Licensor Know-How to such Third Party, provided that Licensor shall
(i) cause such Third Party to agree in writing to binding confidentiality obligations no less protective of the Licensor Know-How
on a whole than those set forth herein, (ii) name Ventrus as an intended third party beneficiary of such confidentiality obligations
in any such written agreement, and (iii) promptly provide Ventrus with a true and accurate copy of any such written agreement
following its execution. 

 

8.2         Employee
and Advisor Obligations. Each Party agrees that it shall provide Confidential Information received from the other Party
only to its and its Affiliates’ employees, consultants, advisors, contractors, and permitted sublicensees and proposed sublicensees
who have a need to know such information in order for the receiving Party to exercise its rights or perform its obligations under
this Agreement and have an obligation restricting disclosure and use of the Confidential Information on terms no less restrictive
than those set forth herein. Licensor hereby agrees that all of its employees, consultants, advisors, contractors, and permitted
sublicensees who are or will be involved in activities contemplated under this Agreement will have executed, before being involved
in any such activities, agreements requiring such Persons to treat all information and other materials to which they thereby receive
access as Confidential Information and restricting disclosure and use of the Confidential Information on terms no less restrictive
than those set forth herein.

 

8.3         Publicity.
To the extent required by applicable Laws, including regulations promulgated by applicable security exchanges, Ventrus shall have
the right to make a press release announcing the achievement of each milestone under this Agreement as it is achieved, and the
achievements of Regulatory Approvals in the Territory as they occur or other information relating to Ventrus Products or Ventrus
Therapies. Licensor shall make no public disclosures regarding the terms of this Agreement or any of the foregoing without the
prior written consent of Ventrus in each instance.

 

    	16

    	 

    

 

ARTICLE
IX

INTELLECTUAL PROPERTY OWNERSHIP, PROTECTION

 

9.1         Licensor
IP. Licensor shall own all right, title, and interest in and to the Licensor IP.

 

9.2         Improvements.

 

(a)          Licensor
Improvements. All Improvements (and all Intellectual Property rights therein) to the Licensor IP (and any Inventions related
to the Licensor IP) independently developed by Licensor with no assistance from Ventrus, its Affiliates, or their sublicensee
or designees shall be owned by Licensor (“Licensor Improvements”). All such Licensor Improvements shall be deemed
to be “Licensor IP” as such term is defined in this Agreement and, for the avoidance of doubt, shall be included in
the license granted under Section 7.1.

 

(b)          Ventrus
Improvements. All Improvements (and all Intellectual Property rights therein) to the Licensor IP (and any Inventions related
to the Licensor IP) made by or on behalf of Ventrus or its Affiliates, whether in whole or in part, shall be owned in their entirety
by Ventrus.

 

9.3         Prosecution
and Maintenance of Patent Rights.

 

(a)          Prosecution
and Maintenance.

 

(i)          Subject
to Section 9.3(a)(ii) below, as between the Parties, Ventrus shall have the first right to prepare, file, prosecute, and
maintain the Licensor Patents in the Territory, using patent counsel reasonably acceptable to Licensor, and in any event Ventrus
agrees to prepare, file, prosecute, and maintain the Licensor Patents in the Major Jurisdictions using Commercailly Reasonable
Efforts. The costs of preparation, filing, prosecution, and maintenance of Licensor Patents shall be borne by Ventrus. Ventrus
shall provide Licensor with a reasonable opportunity to review and comment on such prosecution efforts regarding the Licensor
Patents, as set forth in this Section 9.3(a)(i). Ventrus shall promptly provide Licensor with copies of all material communications
from any patent office or similar patent authority regarding the Licensor Patents, and shall provide Licensor with drafts of any
material filings or responses to be made to such patent offices or similar patent authorities at least five (5) Business Days
prior to any non-extendable deadline for responding or otherwise taking action with respect thereto. Ventrus shall consider in
good faith and incorporate any reasonable comments thereto provided by Licensor to the extent applicable to such prosecution and
maintenance.  

 

(ii)         If
Ventrus decides to cease the prosecution or maintenance of any Licensor Patent, it shall notify Licensor in writing sufficiently
in advance (but in no event less than twenty (20) Business Days) so that Licensor may, at its discretion, assume the responsibility
for the prosecution or maintenance of such Licensor Patent, at Licensor’s cost and expense.

 

    	17

    	 

    

 

(b)          Cooperation.
Each Party shall provide the other Party all reasonable assistance and cooperation, at the other Party’s request and
expense, in the patent prosecution efforts provided above in this Section 9.3, including providing any necessary powers of attorney
and executing any other required documents or instruments for such prosecution.

 

9.4         Third
Party Infringement.

 

(a)          Notice.
Licensor shall promptly, but in no event later than five (5) days after the earlier of receiving written notice or becoming aware
of, report in writing to Ventrus any (i) known or suspected infringement of Licensor IP in the Field, including any “patent
certification” filed in the United States under 21 U.S.C. §355(b)(2) or 21 U.S.C. §355(j)(2) or similar provisions
in other jurisdictions; (ii) any declaratory judgment, opposition, or similar action alleging the invalidity, unenforceability,
or non-infringement of any of the Licensor IP; or (iii) known or suspected unauthorized use in the Field or misappropriation of
Licensor IP, of which Licensor becomes aware, and Licensor shall provide Ventrus with all available evidence in its possession
supporting such infringement, suspected infringement, unauthorized use, or misappropriation or suspected unauthorized use or misappropriation.

 

(b)          Infringement
Action. Ventrus shall have the right to initiate a suit or take other appropriate action that it believes is reasonably required
to protect the Licensor IP in the Field, including a defense to a claim of invalidity or unenforceability. Ventrus shall give
Licensor advance notice of its intent to file any such suit or take any such action and the reasons therefor, and shall provide
Licensor with an opportunity to make suggestions and comments regarding such suit or action, and Licensor shall have the right,
at its expense and using counsel of its choice, to participate in any such suit or action; provided, however, that Ventrus (through
its counsel) shall, unless otherwise mutually agreed upon by the Parties, at all times be responsible for leading such suit or
action and shall be responsible for determining, directing and executing the strategy with respect to such suit or action. Thereafter,
Ventrus shall keep Licensor promptly informed, and shall from time to time consult with Licensor regarding the status of any such
suit or action and shall promptly provide Licensor with copies of all material documents (e.g., complaints, answers,
counterclaims, material motions, orders of the court, memoranda of law and legal briefs, interrogatory responses, depositions,
material pre-trial filings, expert reports, affidavits filed in court, transcripts of hearings and trial testimony, trial exhibits,
and notices of appeal) filed in, or otherwise relating to, such suit or action. In connection with any such proceeding, Ventrus
shall not enter into any settlement without the prior written consent of Licensor, such consent not to be unreasonably withheld
or delayed. If, after its receipt or delivery of notice thereof under Section 9.4(a), Ventrus (i) notifies Licensor that
it will not bring any claim, suit, or action to prevent or abate such Infringement in the Field, or (ii) fails to commence a suit
to prevent or abate such Infringement in the Field within one hundred and eighty (180) days, Licensor shall have the right, but
not the obligation, to commence a suit or take action to prevent or abate such Infringement under the Licensor Patents, at its
own cost and expense.

 

    	18

    	 

    

 

(c)          Conduct
of Action; Costs. The Party initiating suit shall have the sole and exclusive right to select counsel for any suit initiated
by it under this Section 9.4. If required under applicable Law in order for such Party to initiate or maintain such suit,
the other Party shall join as a party to the suit. If requested by the Party initiating suit, the other Party shall provide reasonable
assistance to the Party initiating suit in connection therewith at no charge to such Party except for reimbursement of reasonable
out-of-pocket expenses incurred in rendering such assistance. The Party initiating suit shall assume and pay all of its own out-of-pocket
costs incurred in connection with any litigation or proceedings described in this Section 9.4, including the fees and expenses
of the counsel selected by it. The other Party shall have the right to participate and be represented in any such suit by its
own counsel at its own expense.

 

(d)          Recoveries.
Any recovery obtained as a result of any proceeding described in this Section 9.4 or from any counterclaim or similar claim
asserted in a proceeding described in Section 9.5, by settlement or otherwise, shall be applied in the following order
of priority:

 

(i)          first,
the Party initiating the suit or action shall be reimbursed for all costs in connection with such proceeding paid by such Party;

 

(ii)         second,
the other Party shall be reimbursed for all costs in connection with such proceeding paid by the other Party; and

 

(iii)        third,
any remainder that is attributable to lost profits with respect to a Product shall be deemed Net Sales and shall be subject to
royalty payments under Article VI.

 

9.5         Claimed
Infringement; Claimed Invalidity.

 

(a)          Notice.
In the event that a Third Party at any time asserts a claim, or brings an action, suit, or proceeding against Licensor, or any
of its Affiliates or sublicensees, claiming infringement of such Third Party’s Patent Rights or unauthorized use or misappropriation
of such Third Party’s Know-How, based upon an assertion or claim arising out of any of the activities taken in respect of
the research, Development, Commercialization or Manufacture of a Product (such a claim, action, suit or proceeding, a “Third
Party Infringement Claim”), Licensor shall promptly (not more than ten (10) days after the earlier of receiving written
notice or becoming aware of) notify Ventrus in writing of the claim or the commencement of such action, suit, or proceeding, enclosing
a copy of the claim and all papers served.

 

(b)          Defense
of Third Party Infringement Claims. Subject to Licensor’s rights and obligations under Section 11.1, the following
provisions shall apply to the conduct of the defense of Third Party Infringement Claims: within thirty (30) days after delivery
of the notification required to be delivered under Section 9.5(a), Ventrus shall, upon written notice thereof to Licensor,
assume control of the defense of such action, suit, proceeding, or claim. Ventrus shall keep Licensor advised of the status of
such action, suit, proceeding, or claim and the defense thereof and shall consider recommendations made by Licensor with respect
thereto. Licensor may participate therein at its own expense.

 

Ventrus
shall not agree to any settlement of such action, suit, proceeding, or claim or consent to any judgment in respect thereof that
does not include a complete and unconditional release of Licensor from all liability with respect thereto, or that imposes any
liability or obligation on Licensor, without prior written consent from Licensor.

 

    	19

    	 

    

 

(c)          Patent
Invalidity Claim. If a Third Party at any time asserts a claim that any Licensor Patent relating to a Ventrus Product or Ventrus
Therapy is invalid or otherwise unenforceable (an “Invalidity Claim”), whether as a defense in an infringement
action brought by Licensor or Ventrus pursuant to Section 9.5, in a declaratory judgment action or in a Third Party Infringement
Claim brought against Licensor or Ventrus, the Parties shall cooperate with each other in preparing and formulating a response
to such Invalidity Claim; provided, however, that Ventrus shall be responsible for responding to and resolving such Invalidity
Claim. Ventrus, may elect to settle or compromise any Invalidity Claim involving Patent Rights owned or Controlled by Licensor,
subject to Licensor’s prior written consent (which shall not be unreasonably withheld).

 

9.6         Patent
Marking. Ventrus shall comply with the patent marking statutes in each country in which a Ventrus Product or Ventrus
Therapy is made, offered for sale, sold, or imported by Ventrus, its Affiliates, licensees, and/or sublicensees.

 

9.7         Trademarks.

 

(a)          Each
Party and its Affiliates shall retain all right, title, and interest in and to its and their respective names and logos.

 

(b)          Neither
Party shall acquire any rights under this Agreement in any trademark, service mark, or Internet domain name of the other Party.

 

(c)          Ventrus
will have sole responsibility, ownership, and decision making power, at its sole expense, for all aspects of naming and branding
the Ventrus Products and Ventrus Therapies in the Territory, including creating, selecting, prosecuting, and enforcing trademarks
and domain names.

 

ARTICLE
X

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

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

 

(a)          Corporate
Existence and Power. It is a corporation duly organized, validly existing, and in good standing under the laws of the jurisdiction
in which it is incorporated, and has full corporate power and authority and the legal right to own and operate its property and
assets and to carry on its business or other activities as they are now being conducted and as contemplated in this Agreement,
including the right to grant the licenses granted by it hereunder.

 

(b)          Authority
and Binding Agreement. (i) It has the corporate power and authority and the legal right to enter into this Agreement and perform
its obligations hereunder; (ii) it has taken all necessary corporate action on its part required to authorize the execution and
delivery of this Agreement and the performance of its obligations hereunder; and (iii) this Agreement has been duly executed and
delivered on behalf of such Party, and constitutes a legal, valid, and binding obligation of such Party that is enforceable against
it in accordance with its terms.

 

    	20

    	 

    

 

(c)          Consents.
All consents, approvals, and authorizations from all governmental authorities or other Third Parties required to be obtained
by such Party in connection with this Agreement have been obtained.

 

(d)          No
Conflict. It is not a party to any agreement or commitment that would prevent it from granting the rights granted or intended
to be granted to the other Party under this Agreement or performing its obligations under this Agreement.

 

10.2       Representations
and Warranties by Licensor. Licensor hereby represents and warrants to Ventrus as of the Effective Date as follows:

 

(a)          Exhibit
C attached hereto sets forth a complete and accurate list of all Licensor Patents in existence as of the Effective Date, indicating
the owner or co-owners thereof if such Licensor Patent is not solely owned by Licensor;

 

(b)          The
Licensor Technology does not wrongfully incorporate any Intellectual Property owned or controlled by any Third Party;  

 

(c)          The
University of Buffalo (and all relevant departments and offices therein, including, without limitation, the University of Buffalo
Office of Science, Technology Transfer and Economic Outreach) has waived in writing any and all claims of ownership in Licensor
IP. TheraSyn has ownership interests in Licensor and is thereby entitled to royalty payments and other consideration payable by
Licensor from Licensor’s receipt of payments from Ventrus under this Agreement;  

 

(d)          No
portion of the Licensor IP was (i) created utilizing any University of Buffalo facility, or (ii) invented during any period of
time during which Dr. Schentag was devoted to the normal and assigned functions of teaching, university service, directing or
conducting research on the University of Buffalo’s premises;  

 

(e)          Licensor
is the sole and exclusive owner, or exclusive licensee, of all of the Licensor IP free from Encumbrances and is listed in the
records of the appropriate governmental authorities as the sole and exclusive owner of record or exclusive licensee for each registration,
grant and application included in the Licensor IP;

 

(f)          all
of Licensor’s and its Affiliates’ employees, officers, subcontractors, consultants, and any other Person who has participated
in any respect in the invention or authorship of any Licensor IP have assigned to Licensor or its Affiliates, as applicable, all
inventions made during the course of and as the result of such Person’s association with Licensor and are under written
and existing obligations restricting disclosure and use by such Person of Licensor’s Confidential Information as well as
confidential information of other parties (including Ventrus and its Affiliates) that such Person may receive, to the extent required
to support Licensor’s obligations under this Agreement;

 

    	21

    	 

    

 

(g)          neither
Licensor, nor any Person(s) who have performed work related to the Licensor IP on behalf of Licensor, is or has been debarred
under 21 U.S.C. Section 335a or, to Licensor’s knowledge, has engaged in any conduct that has resulted, or would reasonably
be expected to result, in such debarment under applicable Law, including 21 U.S.C. Section 335a. No actions that would reasonably
be expected to result in such debarment are pending or threatened against Licensor or any Person(s) who have performed work related
to the Licensor IP on behalf of Licensor and, to Licensor’s knowledge, there are no facts that could reasonably give rise
to such an action. To the actual knowledge of Licensor, no Person on any of the FDA clinical investigator enforcement lists (including,
but not limited to, the (1) Disqualified/Totally Restricted List, (2) Restricted List and (3) Adequate Assurances List) will
participate in the performance of any activities hereunder;

 

(h)          Licensor
has the right to grant to Ventrus the licenses under the Licensor IP that it purports to grant hereunder and has not granted any
Third Party rights that would otherwise interfere or be inconsistent with Ventrus’ rights hereunder;

 

(i)           Licensor
has the right to use and disclose and to enable Ventrus to use and disclose (in each case under appropriate conditions of confidentiality)
the Licensor Know-How free from Encumbrances;

 

(j)           all
application, registration, maintenance, and renewal fees in respect of the Licensor Patents have been paid and all necessary documents
and certificates have been filed with the relevant agencies for the purpose of maintaining the Licensor Patents;

 

(k)          Licensor
has filed and prosecuted the patent applications within the Licensor Patent Rights in good faith and complied with its duties
of disclosure with respect thereto and there are and have been no claims, challenges, oppositions, interference, or other proceedings
regarding the prosecution of the Licensor Patents;

 

(l)           Licensor
has not committed any act, or omitted to commit any act, that may cause the Licensor Patent Rights to expire prematurely or be
declared invalid or unenforceable;

 

(m)         the
Licensor IP comprises all of the Intellectual Property rights used by Licensor, its Affiliates, consultants, subcontractors, and
sublicensees with respect to the Licensor Technology;

 

(n)          to
its knowledge, the making, use, sale, offering for sale, importing, exporting, or research, Development, Manufacture, and Commercialization
of the Licensor Technology, exclusive of any drug or compound owned or controlled by a Third Party, does not infringe the Patent
Rights or misappropriate the Know-How of any Third Party, nor has Licensor received any written notice alleging such infringement
or misappropriation;

 

(o)          Licensor
has not initiated or been involved in any proceedings, actions, or claims in which it alleges that any Third Party is or was infringing
or misappropriating any Licensor IP, nor have any such proceedings, actions or claims been threatened by Licensor, nor does Licensor
know of any valid basis for any such proceeding;

 

    	22

    	 

    

 

(p)          there
are no pending, and, to Licensor’s knowledge, there are no threatened, actions, claims, or proceedings of any nature, civil,
criminal, regulatory, or otherwise, in law or in equity, against Licensor or any of its Affiliates or licensees or, to the knowledge
of Licensor, pending or threatened actions, claims, or proceedings of any nature, civil, criminal, regulatory, or otherwise, against
any Third Party, in each case involving the Licensor IP or relating to the transactions contemplated by this Agreement;

 

(q)          Neither
Dr. Schentag nor any employee or consultant of Licensor or its Affiliates involved in the research and Development of the Licensor
Technology is subject to any agreement with any other Third Party which requires such employee or consultant to assign any interest
in any Licensor IP to any Third Party (including, for the avoidance of doubt, the University of Buffalo);  

 

(r)          Licensor
has disclosed to Ventrus all government funding relationships to which it is a party that would result in rights to any Product
residing in the U.S. Government, National Institutes of Health, National Institute for Drug Abuse or other Regulatory Authority,
or other governmental authority;

 

(s)          there
are no agreements or arrangements to which Licensor or any of its Affiliates is a party that would limit the rights granted to
Ventrus under this Agreement or that restrict or will result in a restriction on the Parties’ ability to perform activities
contemplated by this Agreement;

 

(t)          the
Licensor Know-How has not been used or disclosed by any Person except pursuant to valid and appropriate non-disclosure and/or
license agreements that, to Licensor’s knowledge, have not been breached. Exhibit E attached hereto sets forth a
complete and accurate list of all such non-disclosure and/or license agreements in existence as of Effective Date;  

 

(u)          Licensor
has not permitted any of the Licensor Know-How to enter the public domain other than those publications listed on Exhibits
F-1 and F-2 attached herewith that sets forth a complete and accurate list of all such publications, including publications
of patents and patent applications by the relevant patent offices or by WIPO for PCT applications; and

 

(v)         Licensor
has disclosed or made available to Ventrus all material scientific and technical information known to it relating to the Licensor
Technology, including the safety and efficacy of the Licensor Technology. The materials provided or made available to Ventrus
do not contain an untrue statement of material fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. Notwithstanding anything to the contrary contained
in this Agreement, Licensor has not failed to disclose to Ventrus any fact or circumstance known to Licensor and relating to the
Licensor Technology that would be reasonably material to Ventrus in connection with this Agreement or the transactions contemplated
herein.

 

10.3      Representations
and Warranties by Ventrus. Ventrus hereby represents and warrants to Licensor as follows:

 

    	23

    	 

    

 

(a)          Ventrus
shall not, during the Term, challenge the validity or enforceability of any Licensor IP, provided, however, the foregoing representation
and warranty shall not apply to any successor or assign to this Agreement and shall in no way limit the right of such successor
or assign to challenge the validity or enforceability of any Licensor IP; and

 

(b)          any
subsequent conveyance to or involving sublicensee or other transferee shall be in full compliance with the terms of this Agreement.

 

10.4       Mutual
Covenants. Each Party covenants and agrees that such Party will not employ or engage any Person(s) in connection with
this Agreement who, to such Party’s knowledge, is or is reasonably likely to be debarred under 21 U.S.C. Section 335a.

 

10.5      Covenants
by Licensor.

 

(a)          No
Encumbrances; Maintenance of Rights. Licensor covenants and agrees that from the Effective Date until the expiration of the
Term, except as expressly permitted under the terms of this Agreement, neither it nor its Affiliates shall enter into any agreement
with any Third Party, whether written or oral, with respect to, or otherwise assign, transfer, license, convey its right, title,
or interest in or to or grant any other Encumbrance to or under, the Licensor IP, with respect to the Field.

 

(b)          Debarment.
If, at any time after execution of this Agreement, Licensor becomes aware that it or any employee, agent, or subcontractor of
Licensor who participated, or is participating, in the performance of any activities hereunder is on, or is being added to the
FDA Debarment List or any of the three (3) FDA Clinical Investigator Restriction Lists referenced in Section 10.2(g), it
will provide written notice of this to Ventrus within five (5) Business Days of its becoming aware of this fact.

 

(c)          Improvements.
Licensor (or Dr. Schentag, as applicable) shall not knowingly make any Improvements to the Licensor IP which are covered in whole
or in part by any University of Buffalo Policies, or to which the University of Buffalo or any Third Party could claim any interest.
 Licensor shall cause Dr. Schentag, to the extent Dr. Schentag performs any services on behalf of Licensor that result
in or may result in any Licensor Improvements, to maintain accurate written log records indicating the time and place where Dr.
Schentag performs such services, including when he develops such Licensor Improvements.  

 

10.6      DISCLAIMER
OF WARRANTIES. NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, EXCEPT AS PROVIDED IN SECTIONS
10.1, 10.2 OR 10.3 OF THIS AGREEMENT, INCLUDING ANY WARRANTY OF ACCURACY, COMPLETENESS, PERFORMANCE, MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, COMMERCIAL UTILITY, OR NON-INFRINGEMENT OR TITLE. FURTHER, LICENSOR AND VENTRUS ACKNOWLEDGE
AND AGREE THAT NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS REPRESENTING AN ESTIMATE OR PROJECTION OF ANTICIPATED SALES OF
ANY PRODUCT, AND THAT THE MILESTONES AND NET SALES LEVELS SET FORTH IN ARTICLE VI OR ELSEWHERE IN THIS AGREEMENT OR THAT
HAVE OTHERWISE BEEN DISCUSSED BY THE PARTIES ARE MERELY INTENDED TO DEFINE THE MILESTONE PAYMENTS OR ROYALTY OBLIGATIONS IN THE
EVENT SUCH MILESTONES OR NET SALES LEVELS ARE ACHIEVED. NEITHER LICENSOR NOR VENTRUS MAKES ANY REPRESENTATION OR WARRANTY, EITHER
EXPRESS OR IMPLIED, THAT EITHER PARTY WILL BE ABLE TO SUCCESSFULLY RESEARCH, DEVELOP, MANUFACTURE, OR COMMERCIALIZE ANY PRODUCT,
REGARDING THE LIKELIHOOD OF SUCCESS OF ANY APPLICATION FOR REGULATORY APPROVAL RELATING TO ANY PRODUCT, OR, IF COMMERCIALIZED,
THAT ANY PARTICULAR NET SALES LEVEL OF SUCH PRODUCT WILL BE ACHIEVED.

 

    	24

    	 

    

 

ARTICLE
XI

INDEMNIFICATION

 

11.1       Indemnification
by Licensor. Subject to the other provisions of this Article XI, Licensor shall defend Ventrus, its Affiliates,
and its sublicensees and each of their respective officers, directors, agents, representatives, and employees (collectively, “Ventrus
Indemnitees”) from and against all charges, allegations, notices, civil, criminal, or administrative claims, demands,
complaints, causes of action, proceedings, or investigations of a Third Party (collectively, “Claims”), and
indemnify and hold harmless such Ventrus Indemnitees from and against any and all losses, liabilities, obligations, awards, settlements,
penalties, fines, sanctions, damages, and reasonable costs (including awards of court costs and reasonable attorneys’ fees)
(collectively, “Losses”) that result from any such Claims, where and to the extent that such Claims are made
or brought against any Ventrus Indemnitee by or on behalf of a Third Party, and solely to the extent such Claim is based on or
arises out of (a) the breach of any obligation, covenant, warranty, or representation made by Licensor under this Agreement, or
(b) Licensor’s or its Affiliates’ gross negligence or willful misconduct; provided, however, that Licensor’s
obligations except in each case to the extent that such Claim or Loss is attributable to (i) any matter for which Ventrus is obligated
to indemnify a Licensor Indemnitee pursuant to Section 11.2, below, or (ii) results from the negligence or willful misconduct
of any Ventrus Indemnitees.

 

11.2       Indemnification
by Ventrus. Subject to the other provisions of this Article XI, Ventrus shall defend Licensor, its Affiliates,
and its sublicensees and each of their respective officers, directors, agents, representatives, and employees (collectively, “Licensor
Indemnitees”), from and against all Claims, and indemnify and hold harmless such Licensor Indemnitees from and against
any and all Losses that result from such Claims, where and to the extent that such Claims are made or brought against any Licensor
Indemnitee by or on behalf of a Third Party, and solely to the extent such Claim is based on or arises out of:

 

(a)          any
violation of applicable Law by Ventrus or its Affiliates in the course of its activities under this Agreement;

 

(b)          the
breach of any obligation, covenant, warranty, or representation made by Ventrus under this Agreement;

 

(c)          Ventrus’s
or its Affiliates’ or sublicensee’s negligence of willful misconduct; or

 

    	25

    	 

    

 

(d)          are
attributable to a Product or Therapy Developed, Commercialized, or Manufactured or supplied by Ventrus (including any successor
of Ventrus) or a Third Party authorized by Ventrus to Manufacture and/or supply a Product or Therapy.

 

provided,
however, except in each case to the extent that such Claim or Loss is attributable to any matter for which Licensor is obligated
to indemnify a Ventrus Indemnitee pursuant to Section 11.1, above.

 

11.3       Indemnification
Procedures. A Person entitled to indemnification pursuant to either Section 11.1 or Section 11.2 will
hereinafter be referred to as an “Indemnitee.” A Party obligated to indemnify an Indemnitee hereunder will
hereinafter be referred to as an “Indemnitor.” In the event a Ventrus Indemnitee or Licensor Indemnitee is
seeking indemnification under either Section 11.1 or Section 11.2, Ventrus or Licensor, as applicable, will inform
the Indemnitor of a Claim as soon as reasonably practicable after it receives notice of the Claim, it being understood and agreed
that the failure to give notice of a Claim as provided in this Section 11.3 will not relieve the Indemnitor of its indemnification
obligation under this Agreement except and only to the extent that such Indemnitor is actually and materially prejudiced as a
result of such failure to give notice. The Indemnitee will permit the Indemnitor to assume direction and control of the defense
of the Claim, and, at the Indemnitor’s expense, will cooperate as reasonably requested in the defense of the Claim. The
Indemnitee will have the right to retain its own counsel at its own expense. The Indemnitor may not settle such Claim, or otherwise
consent to an adverse judgment in such Claim, without the Indemnitee’s prior written consent, not to be unreasonably withheld
or delayed; provided, however, that the Indemnitor shall not require such consent with respect to the settlement of any
Claim under which the sole relief provided is for monetary damages that are paid in full by the Indemnitor, which would not materially
diminish or limit or otherwise adversely affect the rights, activities, or financial interests of the Indemnitee, and which does
not result in any finding or admission of fault by the Indemnitee. If the Indemnitor does not assume direction and control of
the defense of the Claim, the Indemnitee may not settle such Claim, or otherwise consent to an adverse judgment in such Claim,
without the Indemnitor’s prior written consent, not to be unreasonably withheld or delayed.

 

11.4      Setoff.
If and to the extent either Party fails to pay, reimburse, or credit the other Party for any amount owed when due under
this Agreement, then the Party to whom such amount is owed may, at its election, without demand, charge and setoff such amount
against amounts otherwise due from it or its Affiliates, and the owing Party hereby authorizes all such charges and setoffs.

 

11.5      Insurance.
Ventrus shall, and Ventrus shall require any sublicensee to, at all times procure and maintain, at its (or, in the
case of a sublicensee, sublicensee’s) cost and expense, product liability insurance in amounts that are necessary, reasonable,
and customary to cover any and all of the Development and Commercialization activities in the Field in the Territory.

 

    	26

    	 

    

 

11.6       LIMITATION
OF LIABILITY. NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY, ITS AFFILIATES, SUBLICENSEES, SUCCESSORS OR ASSIGNS,
OR ANY THIRD PARTY FOR LOST PROFITS, BUSINESS INTERRUPTION, OR INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OF ANY KIND. NOTWITHSTANDING
THE FOREGOING, NOTHING IN THIS SECTION 11.5 IS INTENDED TO OR SHALL LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS
OF ANY PARTY UNDER SECTION 11.1 OR SECTION 11.2 OR DAMAGES AVAILABLE FOR A PARTY’S BREACH OF CONFIDENTIALITY OBLIGATIONS
IN ARTICLE VIII, OR RELATING TO A PARTY’S BREACH OF REPRESENTATIONS OR WARRANTIES OR GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

 

ARTICLE
XII

TERM AND TERMINATION

 

12.1       Term.
This Agreement shall be effective as of the Effective Date and shall continue, subject to the termination rights set
forth in this Article XII, on a Product-by-Product, Therapy-by-Therapy, country-by-country basis in accordance with its terms
until, with respect to a Product or Therapy in a particular country, the expiration of such Product’s or Therapy’s
Royalty Term in such country (the “Term”).

 

12.2      Termination
by Ventrus Without Cause. Ventrus may terminate this Agreement without cause at any time as an entirety or on a Product-by-Product
or Therapy-by-Therapy basis on ninety (90) days’ prior written notice to Licensor.

 

12.3      Termination
for Cause.

 

(a)          Termination
for Licensor Material Breach. Ventrus may terminate this Agreement on a Product-by-Product or Therapy-by-Therapy basis upon
one hundred eighty (180) days prior written notice to Licensor upon the material breach by Licensor of any of its representations,
warranties or obligations under this Agreement with respect to such Product or Therapy, other than for payment of undisputed amounts
owed under Section 6.2(d), in which event Licensor shall have ninety (90) days to cure such breach; provided, however
that such termination shall become effective immediately only if Licensor fails to remedy or cure the breach within one hundred
eighty (180) days (or ninety (90) days with respect to undisputed amounts due under Section 6.2(d)) of receiving such notice.

 

(b)          Termination
for Ventrus Material Breach. Licensor may terminate this Agreement on a Product-by-Product or Therapy-by-Therapy basis upon
one hundred eighty (180) days prior written notice to Ventrus upon the material breach by Ventrus of any of its representations,
warranties, or obligations under this Agreement with respect to such Product or Therapy, other than for payment of undisputed
amounts due under Section 6.1 or 6.2(a), (b) or (c), in which event Ventrus shall have ninety (90) days to cure
such breach; provided, however that such termination shall become effective immediately only if Ventrus fails to remedy
or cure the breach within one hundred eighty (180) days (or ninety (90) days with respect to undisputed amounts due under Section
6.1 or 6.2(a), (b) or (c)) of receiving such notice.

 

    	27

    	 

    

 

(c)          Termination
for IP Challenge.

 

(i)          Licensor
may terminate this Agreement on a Product-by-Product or Therapy-by-Therapy basis in the event Ventrus (or a successor or a sublicensee
of Ventrus) challenges the validity or enforceability of any issued patent within the Licensor IP, provided that Ventrus or such
successor or sublicensee does not withdraw such challenge within ninety (90) days of Licensor’s written notice of its intent
to terminate this Agreement in accordance with this Section 12.3(c)(i).

 

(ii)         Ventrus
may terminate this Agreement on a Product-by-Product or Therapy-by-Therapy basis in the event that Licensor (or a sublicensee
of Licensor) challenges the validity or enforceability of any issued patent within the Licensor IP which is sublicensed to Licensor
by Ventrus under Section 3.3(a) or (b), provided that Licensor or such sublicensee does not withdraw such challenge
within ninety (90) days of Ventrus’s written notice of its intent to terminate this Agreement in accordance with this Section
12.3(c)(ii). If Ventrus elects to terminate this Agreement with respect to any Licensor Product or Licensor Therapy under
this Section 12.3(c)(ii), such sublicense shall be revoked in its entirety and any rights granted to Licensor under such sublicense
shall revert to Ventrus.

 

(d)          Product
Specific Breach. Notwithstanding the foregoing or any other provision of this Agreement, in no event will any such breach
described in Section 12.3(a) or Section 12.3(b) which is specifically related to a particular Product or Therapy
be a basis upon which to terminate this Agreement as an entirety or with respect to any other Product, it being understood that
any material breach that is related to the Licensor Technology, generally, shall be deemed to relate to all Products and Therapies,
and accordingly may constitute the basis for termination of this Agreement as an entirety.

 

(e)          Termination
Disputes. If a Party gives notice of termination under this Section 12.3 and the other Party disputes whether such
notice was proper, then the issue of whether or not the Agreement was properly terminated shall be resolved in accordance with
Section 13.1, and the Agreement shall remain in full force and effect until such dispute is resolved. If as a result of
such arbitration it is determined that the notice of termination was proper, then such termination shall be deemed to be effective
on the date on which such notice was first provided. On the other hand, if as a result of the arbitration process it is determined
that the notice of termination was improper, then no termination shall have occurred and this Agreement shall remain in full force
and effect.

 

    	28

    	 

    

 

12.4      Termination
for Bankruptcy. If at any time during the Term of this Agreement, an Event of Bankruptcy (as defined below) relating
to a Party (the “Bankrupt Party”) occurs, Ventrus (in the case the Bankrupt Party is Licensor) or Licensor
(in the case the Bankrupt Party is Ventrus) (the “Non-Bankrupt Party”) shall have, in addition to all other
legal and equitable rights and remedies available hereunder, the option to terminate this Agreement immediately upon written notice
to the Bankrupt Party. The term “Event of Bankruptcy” shall mean, with respect to a Party: (a) filing by such
Party in any court or agency pursuant to any statute or regulation of any state or country, a petition in bankruptcy or insolvency
or for reorganization or for an arrangement or for the appointment of a receiver or trustee of the Bankrupt Party or of its assets;
(b) a Person proposing a written agreement of composition or extension of a Bankrupt Party’s debts; (c) such Party being
served with an involuntary petition against the Bankrupt Party, filed in any insolvency proceeding, and such petition shall not
be dismissed within sixty (60) days after the filing thereof; (d) such Party proposing or being a party to any dissolution or
liquidation of such Party; or (e) such Party making a general assignment for the benefit of creditors. If this Agreement is terminated
by Ventrus pursuant to this Section 12.4 due to the rejection of this Agreement by or on behalf of Licensor or one or more
of its Affiliates under Section 365 of Title 11, United States Code (the “Bankruptcy Code”), all licenses and
rights to licenses granted under or pursuant to this Agreement by Licensor or its Affiliates to Ventrus are, and shall otherwise
be deemed to be, for purposes of Section 365(n) of the Bankruptcy Code, licenses of rights to “intellectual property”
as defined under Section 101(35A) of the Bankruptcy Code. The Parties agree that Ventrus, as a licensee of such rights under this
Agreement, shall retain and may fully exercise all of its rights and elections under the Bankruptcy Code, and that upon commencement
of a bankruptcy proceeding by or against any Licensor or one or more of its Affiliates under the Bankruptcy Code, Ventrus shall
be entitled to a complete duplicate of or complete access to (as Ventrus deems appropriate) any such intellectual property and
all embodiments of such intellectual property. Such intellectual property and all embodiments thereof shall be promptly delivered
to Ventrus (i) upon any such commencement of a bankruptcy proceeding upon written request therefor by Ventrus, unless Licensor
elects to continue to perform all of its obligations under this Agreement, or (ii) if not delivered under (i) above, upon the
rejection of this Agreement by or on behalf of Licensor upon written request therefor by Ventrus. The foregoing provisions of
this Section 12.4 are without prejudice to any rights Ventrus may have arising under the Bankruptcy Code or other applicable
Law.

 

12.5       Effect
of Termination.

 

(a)          If
Ventrus terminates this Agreement pursuant to Section 12.3(a) or Section 12.4:

 

(i)          The
licenses and other rights granted by Licensor to Ventrus under the Licensor IP will remain in effect in accordance with their
respective terms; provided, however, that the amount of any milestone payments and royalties applicable to Licensor
under Article VI shall be reduced by [*] percent ([*]%);

 

(ii)         Section
7.2 shall survive in accordance with its terms for the duration of the Royalty Term; and

 

(iii)        Except
as set forth in this Section 12.5(a) and in Section 12.5(d), the rights and obligations of the Parties hereunder
shall terminate as of the date of such termination.

 

(b)          If
Ventrus terminates this Agreement pursuant to Section 12.2 or Licensor terminates this Agreement pursuant to Section
12.3(b) or (c) or 12.4:

 

(i)          all
licenses granted by a Party to the other Party hereunder will terminate and revert to the Party terminating the Agreement;

  

[
* ] Confidential treatment requested; certain information omitted and filed separately with the SEC. 

 

    	29

    	 

    

 

 

(ii)         The
Parties shall cooperate to effect an orderly wind down of activities hereunder, including in the case of a termination of this
Agreement with respect to the Licensor Technology; and

 

(iii)        Except
as set forth in Section 12.5(d), the rights and obligations of the Parties hereunder shall terminate as of the date of
such termination.

 

(c)          Notwithstanding
the foregoing, if either Party terminates this Agreement with respect to a Product or Therapy, then the Parties’ other rights
and obligations hereunder, including all rights and obligations with respect to any other Product or Therapy, shall continue and
remain in full force and effect.

 

(d)          Survival.
The expiration or termination of any right or obligation under this Agreement for any reason will not affect obligations, including
the payment of any royalties and milestones, that have accrued as of the date of such expiration or termination, as the case may
be, and the provisions set forth in Sections 6.2(c), 6.2(d), 6.2(e), 6.3, 6.5, 6.6, 6.7, 12.5 and 12.6, and Articles
VIII, IX, X, XI, and XIII shall survive such expiration or termination.  

 

12.6  
    Termination Not Sole Remedy.
Termination is not the sole remedy under this Agreement and, whether or not termination is effected and notwithstanding
anything contained in this Agreement to the contrary, all other remedies will remain available except as agreed to otherwise
herein.

 

ARTICLE
XIII

MISCELLANEOUS

 

13.1      Arbitration.
In the event of any dispute or disagreement arising from or relating to this Agreement, the Parties shall use their best efforts
to settle such dispute or disagreement through informal negotiations. If the Parties are unable to mutually agree upon a solution
within (30) days of commencing any such negotiation efforts, such dispute or disagreement shall be subject to binding arbitration
in New York, NY, under the expedited rules of the American Arbitration Association (“AAA”) then in effect.
The Parties agree that any arbitration will be administered by the AAA and that there shall be one, sole arbitrator who shall
be mutually agreed upon by the Parties and who shall be an attorney with experience in and knowledge of the biopharma industry.
In the event the Parties fail to agree upon an arbitrator within the time period prescribed under AAA rules or within such other
time frame as the Parties may agree in writing, upon request of either Party the arbitrator shall instead be appointed in accordance
with AAA rules. The Parties agree that the arbitrator shall have the authority to permit full and complete discovery, both written
and oral, by deposition, to establish reasonable additional procedures to facilitate and complete any such arbitration within
one hundred eighty (180) days of the arbitrator’s appointment, and to decide any motions brought by any party to the arbitration,
including motions for summary judgment and/or adjudication and motion to dismiss, prior to any arbitration hearing. Any administrative
or hearing fees payable for any arbitration brought by a Party under this Agreement shall be shared equally by Licensor and Ventrus.
Notwithstanding the foregoing, the Parties agree that the arbitrator shall have the power to award any remedies, including attorneys’
fees and costs, available under applicable law. Arbitration shall be the sole, exclusive, final, and binding remedy for any dispute
between the Parties, and judgment may be entered by a court having jurisdiction thereof. The proceedings, including any outcome,
shall be confidential. Notwithstanding the foregoing, by agreeing to arbitration the Parties do not intend to deprive any court
of competent jurisdiction of its ability to issue any form of provisional remedy, including, but not limited to, a preliminary
injunction or attachment in aid of the arbitration, or to order any interim or conservatory measure, with respect to any dispute
or disagreement arising between the Parties under Article 8 or Article 9. A request for such provisional remedy
or interim or conservatory measure by a Party to a court or other government entity shall not be deemed a breach of this Agreement
or a waiver of this Section 13.1.

 

    	30

    	 

    

 

13.2      Governing
Law and Jurisdiction. This Agreement shall be governed by and construed under the laws of New York, without giving
effect to the conflicts of laws provision thereof. The United Nations Convention on Contracts for the International Sale of Goods
(1980) shall not apply to the interpretation of this Agreement.

 

13.3 
     Notices. Any notice or report
required or permitted to be given or made under this Agreement by one of the Parties to the other shall be in writing and
shall be deemed to have been delivered upon personal delivery or (a) in the case of notices provided between Parties in the
continental United States, four (4) days after deposit in the mail or the next Business Day following deposit with a
reputable overnight courier and (b) in the case of notices provided by telecopy (which notice shall be followed
immediately by an additional notice pursuant to clause (a) above if the notice is of a default hereunder), upon completion of
transmissions to the addressee’s telecopier (to be followed the same say as the transmission with an email copy), as
follows (or at such other addresses or facsimile numbers or email addresses as may have been furnished in writing by one of
the Parties to the other as provided in this Section 13.3):

 

	 	If to Licensor:
	 	 
	 	TheraBiome, LLC
	 	[*]
	 	[*]
	 	Attention:  Managing Member
	 	Fax:     [*]
	 	Email: [*]
	 	 
	 	With a required copy (which shall not constitute
    notice) to:
	 	 
	 	Acuity Law Group, PC
	 	12707 High Bluff Drive, Suite 200
	 	San Diego, California 92130
	 	Attention:  [*]
	 	Fax:  [*]
	 	Email: [*]

 

[*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.

 

    	31

    	 

    

 

	 	If to Ventrus (2 copies):
	 	Ventrus Biosciences, Inc.
	 	99 Hudson Street, 5th Floor
	 	New York, NY 10013
	 	Attention:  CEO and CFO
	 	Fax: [*]
	 	Email: [*]
	 	 
	 	With a required copy (which shall not constitute
    notice) to:
	 	 
	 	Proskauer Rose LLP
	 	11 Times Square
	 	New York, NY 10026
	 	Attn: [*]
	 	Fax: [*]
	 	Email: [*]

 

13.4      Severability.
If any provision of this Agreement is found by an arbitrator or a court of competent jurisdiction to be unenforceable,
then such provision shall be construed, to the extent feasible, so as to render the provision enforceable, and if no feasible
interpretation would save such provision, it shall be severed from the remainder of this Agreement. The remainder of this Agreement
shall remain in full force and effect, unless the severed provision is essential and material to the rights or benefits received
by either Party. In such event, the Parties shall negotiate, in good faith, and substitute a valid and enforceable provision or
agreement that most nearly implements the Parties’ intent in entering into this Agreement.

 

13.5  
    Interpretation. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect
as the word “shall.” The word “or” shall be construed to have the same meaning and effect as
“and/or.” Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument
or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set
forth herein or therein), (b) any reference to any Laws herein shall be construed as referring to such Laws as from time
to time enacted, repealed or amended, (c) any reference herein to any Person shall be construed to include the Person’s
successors and assigns, (d) the words “herein”, “hereof’ and “hereunder”, and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, and
(e) all references herein to Articles, Sections, or Exhibits shall be construed to refer to Articles, Sections, and Exhibits
of this Agreement. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

 [*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.

 

    	32

    	 

    

 

13.6       Entire
Agreement; Amendments. This Agreement, including all Exhibits attached hereto, constitutes the entire agreement between
the Parties with respect to the within subject matter and supersedes all proposals, oral or written, and all other prior communications
between the Parties with respect to such subject matter. The Summary of Non-Binding Key License Agreement Terms, entered into
by the Parties on August 14, 2013, is hereby terminated in its entirety and superceded by this Agreement, and for the avoidance
of doubt, no terms thereunder shall be enforceable by any Party. This Agreement may be amended only in writing signed by properly
authorized representatives of each of the Parties. In the event of any conflict between a substantive provision of this Agreement
and any Exhibit hereto, the substantive provisions of this Agreement shall prevail.

 

13.7      Independent
Contractors; No Agency. Neither Party shall have any responsibility for the hiring, firing, or compensation of the
other Party’s employees or for any employee benefits. No employee or representative of a Party shall have any authority
to bind or obligate the other Party to this Agreement for any sum or in any manner whatsoever, or to create or impose any contractual
or other liability on the other Party without said Party’s written approval. For all purposes, and notwithstanding any other
provision of this Agreement to the contrary, each Party’s legal relationship under this Agreement to the other Party shall
be that of independent contractor. The Parties agree and acknowledge that neither owes any fiduciary duties to the other.

 

13.8      Subcontracting;
Assignment; Successors. Ventrus may perform its obligations and exercise its rights under this Agreement through its
Affiliates or Third Parties. Licensor may not assign this Agreement in whole or in part without the prior written consent of Ventrus,
which consent shall not unreasonably withheld, and such attempted assignment shall be deemed null and void. This Agreement shall
be binding upon, and shall inure to the benefit of, all permitted successors and assigns.

 

13.9      Execution
in Counterparts; Electronic Signatures. This Agreement may be executed in counterparts, each of which counterparts,
when so executed and delivered, shall be deemed to be an original, and all of which counterparts, taken together, shall constitute
one and the same instrument even if both Parties have not executed the same counterpart. Signatures provided by facsimile transmission
or by electronic delivery in .pdf format shall be deemed to be original signatures.

 

13.10    Waivers.
No failure on the part of Ventrus or Licensor to exercise and no delay in exercising any right, power, remedy, or privilege
under this Agreement, or provided by statute or at law or in equity or otherwise, shall impair, prejudice, or constitute a waiver
of any such right, power, remedy, or privilege or be construed as a waiver of any breach of this Agreement or as an acquiescence
therein, nor shall any single or partial exercise of any such right, power, remedy, or privilege preclude any other or further
exercise thereof or the exercise of any other right, power, remedy, or privilege.

 

    	33

    	 

    

 

13.11         Actions
of Affiliates. Each Party shall be liable for any failure by its Affiliates to comply with the restrictions, limitations,
and obligations set forth in this Agreement. Each Party may perform its obligations hereunder personally or through one or more
Affiliates, although each Party shall nonetheless be solely responsible for the performance of its Affiliates. Neither Party shall
permit any of its Affiliates to commit any act (including any act of omission) that such Party is prohibited hereunder from committing
directly. To the extent that the rights granted to a Party hereunder may be and are exercised by an Affiliate of such Party, such
Affiliate shall be bound by the corresponding obligations of such Party.

 

13.12         Expenses.
Except as otherwise expressly set forth in this Agreement, each Party shall bear its own costs and expenses (including
attorney’s fees and costs) incurred by such Party in connection with the negotiation, preparation, execution, and delivery
of this Agreement and such Party’s performance of the activities contemplated by this Agreement.

 

13.13         Anti-Bribery;
Anti-Corruption. Each Party and their respective Affiliates shall comply fully at all times with all applicable Laws
and regulations, including but not limited to the U.S. Foreign Corrupt Practices Act and all other applicable anti-bribery and/or
anti-corruption Laws of each jurisdiction in which such Party conducts business under this Agreement or otherwise in connection
with this Agreement.

 

13.14         Force
Majeure. Both Parties shall be excused from the performance of their obligations under this Agreement to the extent
that such performance is prevented by force majeure and the nonperforming Party promptly provides notice of the prevention to
the other Party. Such excuse shall be continued so long as the condition constituting force majeure continues and the nonperforming
Party takes reasonable efforts to remove the condition. For purposes of this Agreement, force majeure shall include conditions
beyond the control of the Parties, including an act of God, war, civil commotion, terrorist act, labor strike or lock-out, epidemic,
failure or default of public utilities or common carriers, destruction of production facilities or materials by fire, earthquake,
storm, or like catastrophe, and failure of plant or machinery (provided that such failure could not have been prevented by the
exercise of skill, diligence, and prudence that would be reasonably and ordinarily expected from a skilled and experienced Person
engaged in the same type of undertaking under the same or similar circumstances). If a force majeure persists for more than ninety
(90) days, then the Parties will discuss in good faith the modification of the Parties’ obligations under this Agreement
in order to mitigate the delays caused by such force majeure.

 

13.15         Export
Clause. Each Party acknowledges that the Laws and regulations of the U.S. restrict the export and re-export of commodities
and technical data of U.S. origin. Each Party agrees that it shall not export or re-export restricted commodities or the technical
data of the other Party in any form without the appropriate U.S. and foreign government licenses.

 

[Signature
Page Follows]

 

    	34

    	 

    

 

IN
WITNESS WHEREOF, Licensor and Ventrus have caused this License and Collaboration Agreement to be duly executed by their authorized
representatives, as of the date first written above.

 

	Ventrus Biosciences, Inc.	 	THERABIOME LLC
	 	 	 
	By:  	/s/ Russell H. Ellison	 	By:	/s/ Mohan Kabadi
	Name:  Russell H. Ellison	 	Name:  Mohan Kabadi
	Title:  CEO	 	Title:  Partner/Member/President
	Date:  November 8, 2013	 	Date:  November 8, 2013
	 	 	 
	 	 	THERABIOME LLC
	 	 	 
	 	 	By:	/s/ Jerome J. Schentag
	 	 	Name:  Jerome J. Schentag
	 	 	Title:  Partner/Member/Chairman
	 	 	Date:  November 8, 2013

 

    	35

    	 

    

 

Exhibit
A

 

DEFINITIONS

 

For
the purpose of the Agreement, the following terms, whether used in singular or plural form, shall have the respective meanings
set forth below:

 

1.          “AAA”
shall have the meaning set forth in Section 13.1.

 

2.          “Affiliate”
shall mean, with respect to a Party, any Person that controls, is controlled by, or is under common control with that Party. For
the purpose of this definition, “control”, “controls”, or “controlled” means, direct or indirect,
ownership of fifty percent (50%) or more of the shares of stock entitled to vote for the election of directors in the case of
a corporation or fifty percent (50%) or more of the equity interest in the case of any other type of legal entity; status as a
general partner in any partnership; or any other arrangement whereby the Person controls or has the right to control the board
of directors or equivalent governing body of a corporation or other entity or the ability to cause the direction of the management
or policies of a corporation or other entity.

 

3.          “Agreement”
shall have the meaning set forth in the Preamble, and shall include, for the avoidance of doubt, all Exhibits attached hereto.

 

4.          “Annual
Net Sales” shall mean, with respect to a Product or Therapy, the Net Sales of such Product or Therapy during a Calendar
Year.

 

5.          “Audited
Party” shall have the meaning in Section 6.6(a).

 

6.          “Auditing
Party” shall have the meaning in Section 6.6(a).

 

7.          
“Bankrupt Party” shall have the meaning set forth in Section 12.4.

 

8.          “Bankruptcy
Code” shall have the meaning set forth in Section 12.4.

 

9.          “Business
Day” shall mean a day on which banking institutions in New York, New York, are open for business.

 

10.         “Calendar
Quarter” shall mean each calendar quarter of a Calendar Year ending on March 31st, June 30th, September 30th,
and December 31st.

 

11.         “Calendar
Year” shall mean each calendar year starting on January 1st and ending on December 31st.

 

12.         “Claims”
shall have the meaning set forth in Section 11.1.

 

13.         “CPI-U”
shall mean the “Consumer Price Index – All Urban Consumers”, as published by the U.S. Bureau of Labor Statistics
(or its successor agency).

 

    	1

    	 

    

 

14.         “Commercialization”
or “Commercialize” shall mean any and all activities directed to marketing, promoting, detailing, distributing,
importing, having imported, exporting, having exported, selling, or offering to sell a Product or Therapy.

 

15.         “Commercially
Reasonable Efforts” shall mean, with respect to Ventrus’s obligations under this Agreement, including to undertake
research, Development, Manufacturing or Commercialization activities, as applicable, those efforts and resources consistent with
the usual practices of Ventrus in pursuing the research, Development, Manufacturing, or Commercialization of a similarly situated
pharmaceutical product, or therapy at a similar stage of research, Development, or Commercialization, taking into account efficacy,
safety, proprietary position of the product or therapy, including patent and regulatory exclusivity, regulatory structure involved,
including anticipated or approved labeling and anticipated or approved post-approval requirements, present and future market and
commercial potential, including competitive market conditions and probability of the profitability of the product or therapy in
light of pricing and reimbursement issues, and all other relevant factors including technical, legal, scientific, or medical factors.

 

16.         “Competing
Product or Therapy” shall mean any product or therapy, other than a Product or Therapy, that is a pharmaceutical preparation
for use in the Field that contains Licensor Technology and an active pharmaceutical ingredient (including, without limitation,
small molecules, bacteria, viruses and proteins) that is used in a Product or Therapy.

 

17.         “Confidential
Information” shall mean all information disclosed by a Party or its Affiliates to the other Party or its Affiliates,
including proprietary information and materials (whether or not patentable) regarding the disclosing Party’s technology,
products, business information or objectives, including any technical information, formulae, processes, techniques, preclinical
information, toxicology information, clinical, non-clinical, or pre-clinical information, regulatory information, manufacturing
information, formulation information, packaging information, dosing information, dose regimen information, target patient information,
marketing information, sales information, pricing information, reimbursement information, Know-How, trade secrets, or inventions
(whether patentable or not), that is treated as confidential by the disclosing Party in the regular course of business. The terms
of this Agreement shall constitute the “Confidential Information” of the Parties.

 

18.         “Control”
or “Controlled” shall mean, with respect to rights in any Intellectual Property or other intangible property,
the possession by a Party (whether by ownership, license or “control” (as defined in the definition of “Affiliate”
above) over an Affiliate having possession by ownership or license) of the ability to grant access to, or a license or sublicense
of, such rights.

 

19.         “Cover”,
“Covered”, or “Covering” shall mean, with respect to a Patent, that, in the absence of a
license granted to a Person under an issued Valid Claim included in such Patent, the manufacture, use, importation, distribution,
or sale of a Product, Therapy, or other product or therapy, as applicable, by such Person would infringe such Valid Claim.

 

    	2

    	 

    

 

20.         “Develop”
or “Development” shall mean any and all preclinical and clinical drug development activities including test
method development and stability testing, toxicology, animal efficacy studies, formulation, quality assurance/quality control
development, statistical analysis, clinical studies, clinical trials and testing, regulatory affairs, product approval and registration,
chemical, or biological development and development manufacturing, process development, upscaling, validation, packaging development
and manufacturing, and development documentation efforts in support of development activities anywhere in the world.

 

21.         “Dr.
Kabadi” shall mean Dr. Mohan Kabadi.

 

22.         “Dr.
Schentag” shall mean Dr. Jerome Schentag.

 

23.         “Effective
Date” shall have the meaning set forth in the Preamble.

 

24.         “EMA”
shall mean the European Medicines Agency or any successor agency thereto.

 

25.         “Encumbrance”
shall mean any claim, charge, equitable interest, hypothecation, lien, mortgage, pledge, option, license, assignment, power of
sale, retention of title, right of pre-emption, right of first refusal, or security interest of any kind, including the overriding
obligations to the U.S. government as set forth in Public Law 96-517 (35 U.S.C. §§200-204), as amended, and any similar
obligations under the Laws of any other country or jurisdiction.

 

26.         “Event
of Bankruptcy” shall have the meaning set forth in Section 12.4.

 

27.         “FDA”
shall mean the U.S. Food and Drug Administration or any successor agency thereto.

 

28.         “Field”
shall mean the following:

 

(a)          Use
of bacteria, viruses, proteins, and small molecules in the following therapeutic areas by oral delivery utilizing the Licensor
IP:

 

(i)          Gastro-intestinal
dysbiosis including but not limited to the following Indications:

 

I.           Clostridium
difficile-Associated Disease;

 

II.          Other
antibiotic induced diarrheas and gastro-intestinal dysfunction (e.g. amoxicillin);

 

III.         Irritable
bowel syndrome–constipation (IBS-c) and irritable bowel syndrome-diarrhea (IBS-d) as controlled or resolved by administration
of living bacteria alone or in combination with marketed and developmental drugs; or

 

IV.          Inflammatory
bowel disease (IBD)(e.g., Crohn’s disease and ulcerative colitis) and maintenance and induction of remission thereof, as
controlled or resolved by administration of living bacteria alone or in combination with marketed and developmental drugs; or
Metabolic syndrome, type 2 diabetes, obesity, and hypertension as controlled by bacteria.

 

    	3

    	 

    

 

(ii)         Auto-immune
disorders and autism, including, but not limited to, as controlled by bacteria or virus.

 

(iii)        Orally
delivered vaccines (including viral and bacterial).

 

(b)          Any
oral delivery of small molecules using the Licensor IP.

 

For
the avoidance of doubt, “Field” does not include Alzheimer’s disease, other neurodegenerative diseases, therapeutic
oncological vaccines, GERD (gastroesophageal reflux disease), or route of delivery other than oral delivery.

 

29.         “First
Commercial Sale” shall mean the first sale of a Product or Therapy by Ventrus or an Affiliate or sublicensee of Ventrus,
or by Licensor or an Affiliate or sublicensee of Licensor, as applicable, to a Third Party in a country following Regulatory Approval
of such Product or Therapy in that country. Sales or transfers of reasonable quantities of a Product or Therapy for research,
PoC studies, or other clinical trial purposes, or for compassionate or similar use, shall not be considered a First Commercial
Sale.

 

30.         “Generic
Product or Therapy” shall mean, with respect a country, state, or other jurisdiction, any approved product or therapy,
other than a Product or Therapy, marketed in such jurisdiction that is a pharmaceutical preparation for use in the Field that
(i) contains the same active pharmaceutical ingredient(s) (including, without limitation, small molecules, bacteria, viruses,
and proteins) then used in a Product or Therapy Commercialized by or on behalf of Ventrus in such jurisdiction and (ii) with respect
to pharmacodynamic and pharmacokinetic properties is identical to or within an acceptable bioequivalent range of the Product or
Therapy approved for sale by all applicable regulatory authorities within such jurisdiction.

 

31.         “Good
Clinical Practices” or “GCP” shall mean the then-current standards, practices and procedures promulgated
or endorsed by (a) the International Conference on Harmonisation of Technical Requirements for Registration of Pharmaceuticals
for Human Use (“ICH”) Harmonised Tripartite Guideline for Good Clinical Practice (CPMP/ICH/135/95) and any
other guidelines for good clinical practice for trials on medicinal products in the EU, (b) the FDA as set forth in the guidelines
entitled “Guidance for Industry E6 Good Clinical Practice: Consolidated Guidance,” including related regulatory requirements
imposed by the FDA, and (c) the equivalent Laws in any relevant country, in each case, including all applicable rules, regulations,
orders, and guidance applicable thereto, and as each may be amended from time to time, and any successor thereto.

 

32.         “Good
Laboratory Practices” or “GLP” shall mean the then-current standards, practices and procedures promulgated
or endorsed by (a) the European Commission Directive 2004/10/EC relating to the application of the principles of good laboratory
practices as well as “The rules governing medicinal products in the European Union,” Volume 3, Scientific guidelines
for medicinal products for human use (ex - OECD principles of GLP), (b) the then current good laboratory practice standards promulgated
or endorsed by the FDA as defined in 21 C.F.R. Part 58, and (c) the equivalent Laws in any relevant country, in each case, including
all applicable rules, regulations, orders, and guidance applicable thereto, and as each may be amended from time to time, and
any successor thereto.

 

    	4

    	 

    

 

33.         “Good
Manufacturing Practices” or “GMP” shall mean the then-current good manufacturing practices required
by (a) the FDA and the provisions of 21 C.F.R. Parts 210 and 211, (b) European Commission Directive 91/356/EEC, as amended by
Directive 2003/94/EC, and 91/412/EEC respectively, as well as “The rules governing medicinal products in the European Union,”
Volume 4, Guidelines for good manufacturing practices for medicinal products for human and veterinary use, and (c) the principles
detailed in the ICH Q7A guidelines, in each case, including all applicable rules, regulations, orders, and guidance applicable
thereto, and as each may be amended from time to time, and any successor thereto.

 

34.         “Improvements”
shall mean all discoveries, developments, modifications, innovations, updates, enhancements, or improvements (whether or not proprietary
or protectable under patent, trademark, copyright, or similar Law and whether stored or transmitted in oral, documentary, electronic,
or other form) made with respect to the Licensor Technology.

 

35.         “IND”
shall mean an application submitted to a Regulatory Authority to initiate human clinical trials, including (a) an Investigational
New Drug application or any successor application or procedure filed with the FDA, or any foreign equivalent thereof, and (b)
all supplements and amendments that may be filed with respect to the foregoing.

 

36.         “Indemnitee”
shall have the meaning set forth in Section 11.3.

 

37.         “Indemnitor”
shall have the meaning set forth in Section 11.3.

 

38.         “Indication”
shall mean a specific disease or condition.

 

39.         “Intellectual
Property” shall mean all Patent Rights, Know-How, trademarks (whether registered or unregistered), trademark applications,
service marks, tradenames, trade dress, trade logos, slogans, symbols, graphics and the like, copyrights, copyright applications,
copyrightable works, confidential or proprietary information, trade secrets, licenses, domain names, mask works, information and
proprietary rights and processes, and any other intellectual property and all good will associated therewith Controlled by a Party
or its Affiliates.

 

40.         “Invalidity
Claim” shall have the meaning set forth in Section 9.6(c).

 

41.         “Inventions”
shall mean any Know-How or other subject matter invented in the performance of activities under this Agreement.

 

42.         “Joint
Development Committee” or “JDC” shall have the meaning set forth in Section 1.1(a).

 

    	5

    	 

    

 

43.         “Know-How”
shall mean any data, information, inventions, proprietary information, trade secrets, or technology (whether or not proprietary
or protectable under patent, copyright, or similar Law and whether stored or transmitted in oral, documentary, electronic, or
other form). Know-How shall include ideas, concepts, formulas, methods, procedures, designs, compositions, plans, documents, discoveries,
developments, techniques, protocols, specifications, works of authorship, biological materials, and any information relating to
research and development plans, experiments, results, compounds, therapeutic leads, candidates and products, clinical and preclinical
data, clinical trial results, and manufacturing information, plans and standard operating procedures, including any scientific,
regulatory, pre-clinical or clinical information or data regarding specific Indications, and any marketing, financial, commercial,
personnel, and other business information and plans.

 

44.         “Law”
shall mean any law, statute, rule, regulation, ordinance, or other pronouncement having the effect of law of any federal, national,
multinational, state, provincial, county, city, or other political subdivision, domestic or foreign.

 

45.         “Licensor”
shall have the meaning set forth in the Preamble.

 

46.         “Licensor
Improvements” shall have the meaning set forth in Section 9.2(a).

 

47.         “Licensor
Indemnitees” shall have the meaning set forth in Section 11.2.

 

48.         “Licensor
IP” shall mean all Intellectual Property Controlled by Licensor or its Affiliates as of the Effective Date or thereafter
during the Term that relates to and/or may be useful for the Licensor Technology and/or Products and Therapies (including, without
limitation, Licensor Technology and any Licensor Improvements).

 

49.         “Licensor
Know-How” shall mean any Know-How Controlled by Licensor or its Affiliates and constituting Licensor IP.

 

50.         “Licensor
Patents” shall mean any Patent Rights Controlled by Licensor or its Affiliates and included within Licensor IP.

 

51.         “Licensor
Product” shall mean any pharmaceutical preparation containing the Licensor Technology Developed or Commercialized by
Licensor within the Field.

 

52.         “Licensor
Technology” shall have the meaning set forth in the Recitals.

 

53.         “Licensor
Therapy” shall mean any pharmaceutical therapy containing the Licensor Technology Developed or Commercialized by Licensor
within the Field.

 

54.         “Losses”
shall have the meaning set forth in Section 11.1.

 

55.         “Major
Jurisdictions” shall mean the United States, the European Union (as represented by the European Patent Office (“EPO”)
with respect to patent prosecution, and each EPO member state with respect to patent validation and annuities), Australia, Canada,
China, Japan, Russia (as represented by the Eurasian Patent Office with respect to patent prosecution, and Russia with respect
to patent validation and annuities), and South Korea.

 

    	6

    	 

    

 

56.         “Manufacture”
or “Manufacturing” shall mean any and all activities and operations involved in or relating to the manufacturing,
quality control testing (including in-process, release and stability testing), releasing or packaging, for pre-clinical, clinical
or commercial purposes.  

 

57.         “Net
Sales” shall mean the net sales recorded by a Party or any of its Affiliates or sublicensees, excluding distributors
and wholesalers, for any Product or Therapy sold to Third Parties other than sublicensees as determined in accordance with U.S.
GAAP as consistently applied, less a deduction of [*] percent ([*]%) for direct expenses related to the sales of the Product or
Therapy, distribution and warehousing expenses and uncollectible amounts on previously sold Products or Therapies. The deductions
booked on an accrual basis by a Party and its Affiliates under U.S. GAAP to calculate the recorded net sales from gross sales
shall be limited to the following:

 

(i)          normal
trade and cash discounts granted or allowed from the invoiced amount;

 

(ii)         amounts
repaid or credited by reasons of defects, rejections, recalls or returns;

 

(iii)        rebates
and chargebacks paid to customers and Third Parties (including, without limitation, Medicare, Medicaid, Managed Healthcare and
similar types of rebates);

 

(iv)        amounts
provided or credited to customers through coupons and other discount programs;

 

(v)         delayed
ship order credits, discounts or payments given related to the impact of price increases between purchase and shipping dates;
and

 

(vi)        fee
for service payments made to customers for any non-separable services (including compensation for maintaining agreed inventory
levels and providing information).

 

With
respect to the calculation of Net Sales:

 

(i)          Net
Sales only include the value charged or invoiced on the first arm’s length sale to a Third Party and sales between or among
the applicable Party and its Affiliates and sublicensees shall be disregarded for purposes of calculating Net Sales; and

 

(ii)         If
a Product or Therapy is delivered to the Third Party before being invoiced (or is not invoiced), Net Sales will be calculated
at the time all the revenue recognition criteria under U.S. GAAP are met.

 

58.         “Non-Bankrupt
Party” shall have the meaning set forth in Section 12.4.

 

59.         “Party”
shall mean Ventrus or Licensor, as context requires; “Parties” shall mean Ventrus and Licensor.

 

[*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.

 

    	7

    	 

    

 

60.         “Patent
Rights” shall mean patents and all substitutions, divisions, continuations, continuations-in-part, reissues, reexaminations,
and extensions thereof and supplemental protection certificates relating thereto, any confirmation patents or registration patents
or patents of addition based on any such patents, and all counterparts thereof or substantial equivalents in any country, including
utility models and industrial designs (collectively, “Patents”) and any applications or provisional applications
for any of the foregoing (“Patent Applications”).

 

61.         “Person”
shall mean any corporation, limited or general partnership, limited liability company, joint venture, trust, unincorporated association,
governmental body, authority, bureau, or agency, any other entity or body, or an individual.

 

62.         “Phase”
shall mean either Phase I Clinical Trial, Phase II Clinical Trial or Phase III Clinical Trial with respect to an Indication.

 

63.         “Phase
I Clinical Trial” shall mean a human clinical trial conducted on a limited number of study subjects for the purpose
of gaining evidence of the safety and tolerability of, and information regarding potential pharmacological and biological activity
for, a product or technology, as described in 21 C.F.R. § 312.21(a) (including any such clinical study in any country
other than the United States), performed in human patients.

 

64.         “Phase
II Clinical Trial” shall mean a human clinical trial for which a primary endpoint is a preliminary determination of
efficacy in patients with the disease being studied as required in 21 C.F.R. §312.21(b), or a similar clinical study prescribed
by the Regulatory Authorities in a country other than the United States.

 

65.         “Phase
III Clinical Trial” shall mean a controlled clinical study that is performed after preliminary evidence suggesting effectiveness
of a Product or Therapy has been obtained, and is intended to demonstrate or confirm the therapeutic benefit of the Product and
to gather the additional information about effectiveness and safety that is needed to evaluate the overall benefit-risk relationship
of the Product and to provide an adequate basis for Regulatory Approval and for the Product’s or Therapy’s labeling
and summary of Product or Therapy characteristics, or any clinical trial that would otherwise meet the criteria of 21 C.F.R. §
312.21(c) or any foreign equivalent thereof.

 

66.         “PoC”
shall mean pre-clinical proof-of-concept as determined by Ventrus, using criteria similarly applied to Ventrus internal programs.
Specifically, (a) with respect to a bacteria, PoC shall mean in vivo survival of I anaerobe and 1 aerobe species demonstrated
in an animal model agreed on by the JDC and precise release at the designated site in the bowel as mimicked in vitro in experiments
agreed on by the JDC, and (b) with respect to viruses, PoC shall mean Immunogenic in vivo in an animal model to be agreed on by
the JDC and precise release at the designated site in the bowel as mimicked in in vitro in experiments agreed on by the JDC.

 

67.         “PoP”
shall mean (a) with respect to bacteria, the proof-of-principle demonstration of the release mechanism of the Licensor Technology,
in separate in vitro experiments each simulating conditions of the human colon, of (i) a viable anaerobic bacterial
species, and (ii) a viable aerobic bacterial species, as determined by Ventrus, using criteria similarly applied
to Ventrus internal programs; and (B) with respect to a virus, the proof-of-principle demonstration that a virus
delivered using the Licensor Technology to the colon of mice results in a detectable antibody response to such virus. 

 

    	8

    	 

    

 

68.         “Product”
shall mean, as context requires, a Ventrus Product or a Licensor Product.

 

69.         “Professional
Package Insert Labeling” or “PPIL” shall mean an Indication for a Ventrus Product or Ventrus Therapy
that is described in the professional package insert or prescribing information that is included along with such Ventrus Product
or Ventrus Therapy, as required by the applicable Regulatory Authority.

 

70.         
“Regulatory Approval” shall mean, with respect to a Product or Therapy in any country or jurisdiction, any
approval (including where required, pricing and reimbursement approvals), registration, license or authorization from a Regulatory
Authority in a country or other jurisdiction that is necessary to market and sell such Product or Therapy in such country or jurisdiction.

 

71.         “Regulatory
Authority” shall mean any federal, national, multinational, state, provincial, or local regulatory agency, department,
bureau, or other governmental entity with authority over the marketing, pricing, or sale of a pharmaceutical product or therapy
in a country, including the FDA, EMA and any corresponding national or regional regulatory authorities.

 

72.         “Regulatory
Filings” shall mean with respect to a Product, any submission to a Regulatory Authority of any appropriate regulatory
application, and shall include, without limitation, any submission to a regulatory advisory board, marketing authorization application,
and any supplement or amendment thereto. For the avoidance of doubt, Regulatory Filings shall include any IND, NDA, or the corresponding
application in any other country or group of countries.

 

73.         “Regulatory
Materials” shall mean, with respect to a Product or Therapy, regulatory applications, submissions, notifications,
communications, correspondence, registrations, Regulatory Approvals and/or other filings made to, received from or otherwise conducted
with a Regulatory Authority that are necessary or advisable in order to obtain Regulatory Approval for or to research, Develop,
Manufacture or Commercialize such Product for or in a particular country or regulatory jurisdiction. Regulatory Materials include
Regulatory Approvals, presentations, responses, and applications for Regulatory Approvals.

 

74.         “Royalty
Term” shall have the meaning set forth in Section 6.2(e).

 

75.         “Scientific
Advisory Board” or “SAB” shall have the meaning ascribed to it in Section 1.2.

 

76.         “Standard
Hourly Rate” shall mean the rate at which Licensor may invoice Ventrus for performing certain services under this Agreement,
to the extent such services preapproved by Ventrus in writing.

 

    	9

    	 

    

 

77.         “Technology
Transfer” shall have the meaning set forth in Section 2.1.

 

78.         “Term”
shall have the meaning set forth in Section 12.1.

 

79.         “Territory”
shall mean the world.

 

80.         “Therapy”
shall mean, as context requires, a Ventrus Therapy or a Licensor Therapy.

 

81.         “Third
Party” shall mean any Person other than Licensor or Ventrus and their respective Affiliates.

 

82.         “Third
Party Infringement Claim” shall have the meaning set forth in Section 9.6(a).

 

83.         “United
States” or “U.S.” shall mean the United States of America, its territories and possessions.

 

84.         “U.S.
GAAP” shall mean “Generally Accepted Accounting Principles” (United States).

 

85.         “University
of Buffalo” shall mean the University of Buffalo (The State University of New York).

 

86.         “University
of Buffalo Policies” shall mean the following documents promulgated by the University of Buffalo: (a) the Royalty Distribution
Policy (established September 1, 2009), attached to the Agreement as Exhibit D-1, (b) the UB Office of Science, Technology Transfer
and Economic Outreach, Intellectual Property Ownership Determination, Hospital Affiliations (revised January 24, 2005), attached
to the Agreement as Exhibit D-2, and (c) the Patents and Inventions Policy (as approved by the Board of Trustees on September
19, 1979 and amended on November 16, 1988), attached to the Agreement as Exhibit D-3.

 

87.         “Valid
Claim” with respect to any country, provided there is no Generic Product or Therapy present in such country’s
market, shall mean a claim of (i) a patent application within the Licensor Patents that has been pending for not more than seven
(7) years from the date of filing of such patent application, or (ii) an issued and unexpired Licensor Patent in such country
which has not been revoked, held unenforceable, unpatentable, or invalid by an administrative agency, court, or other governmental
agency of a competent jurisdiction in a final and non-appealable decision (or decision unappealed within the time allowed for
appeal), and which has not been admitted to be invalid or unenforceable through reissue, disclaimer, or otherwise.  

 

88.         “Ventrus”
shall have the meaning set forth in the Preamble.

 

89.         “Ventrus
Development Program” shall have the meaning set forth in Section 3.1.

 

90.         “Ventrus
Indemnitees” shall have the meaning set forth in Section 11.1.

 

    	10

    	 

    

 

91.         “Ventrus
Product” shall mean any pharmaceutical preparation containing the Licensor Technology that is Developed or Commercialized
by Ventrus (expressly excluding any Licensor Product). For the avoidance of doubt, a Product may be in the form of, or include,
bacteria, viruses, small molecules, or proteins.

 

92.         “Ventrus
Therapy” shall mean any therapy containing the Licensor Technology that is Developed or Commercialized by Ventrus (expressly
excluding any Licensor Therapy).

 

    	11

    	 

    

 

Exhibit
B

  

Milestone
Proportions for ex-U.S.

 

EU:

1/3 IND/CTA clearance

either

1.          [*]
or

2.          [*]

 

Japan:

1/3 for IND and NDA approval

 

China: (PRC)

10% IND/NDA approval

 

India: 

10% NDA approval only

 

Brazil:

10% NDA approval only

 

All other countries:

1% NDA approval only

 

[*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.

 

    	12

    	 

    

 

Exhibit
C

 

Licensor
Patents

 

PCT
application no. PCT/US13/31483, filed 14 March 2013

 

[*]

 

[*]

 

[*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.

 

    	13

    	 

    

 

 

 

 

    	14

    	 

    

 

 

    	15

    	 

    

 

 

    	16

    	 

    

 

 

    	17

    	 

    

 

 

    	18

    	 

    

 

 

    	19

    	 

    

 

 

 

    	20

    	 

    

 

 

 

    	21

    	 

    

 

 

    	22

    	 

    

 

 

    	23

    	 

    

 

 

    	24

    	 

    

 

 

    	25

    	 

    

 

 

    	26

    	 

    

 

 

    	27

    	 

    

 

Exhibit
E

 

Licensor
Non-Disclosure and License Agreements

 

[*]

 

[*]

 

[*]

 

[*]
Confidential treatment requested; certain information omitted and filed separately with the SEC.

 

    	28

    	 

    

 

Exhibit
F-1

 

Licensor
Publications

Jerome J Schentag
PharmD

 

1976-1987 (1-130)

1988-1999 (131-281)

2000-2013 (282-356)

 

1.          Koup
JR, Schentag JJ, Vance JW, Kuritzky PM, Pyszczynski DR, Jusko WJ. System for clinical pharmacokinetic monitoring of theophylline
therapy. Am J Hosp Pharm. 1976;33(9):949-56.

 

2.          Jusko
WJ, Koup JR, Vance JW, Schentag JJ, Kuritzky P. Intravenous theophylline therapy: nomogram guidelines. Ann Intern Med. 1977;86(4):400-4.

 

3.          Rose
JQ, Choi HK, Schentag JJ, Kinkel WR, Jusko WJ. Intoxication caused by interaction of chloramphenicol and phenytoin. JAMA. 1977;237(24):2630-1.

 

4.          Schentag
JJ, Jusko WJ. Renal clearance and tissue accumulation of gentamicin. Clin Pharmacol Ther. 1977;22(3):364-70.

 

5.          Schentag
JJ, Jusko WJ. Gentamicin persistence in the body. Lancet. 1977;1(8009):486.

 

6.          Schentag
JJ, Jusko WJ, Plaut ME, Cumbo TJ, Vance JW, Abrutyn E. Tissue persistence of gentamicin in man. JAMA. 1977;238(4):327-9.

 

7.          Schentag
JJ, Jusko WJ, Vance JW, Cumbo TJ, Abrutyn E, DeLattre M, et al. Gentamicin disposition and tissue accumulation on multiple dosing.
J Pharmacokinet Biopharm. 1977;5(6):559-77.

 

8.          Colburn
WA, Schentag JJ, Jusko WJ, Gibaldi M. A model for the prospective identification of the prenephrotoxic state during gentamicin
therapy. J Pharmacokinet Biopharm. 1978;6(3):179-86.

 

9.          Jusko
WJ, Schentag JJ, Clark JH, Gardner M, Yurchak AM. Enhanced biotransformation of theophylline in marihuana and tobacco smokers.
Clin Pharmacol Ther. 1978;24(4):405-10.

 

10.         Lima
JJ, Kuritzky PM, Schentag JJ, Jusko WJ. Fetal uptake and neonatal disposition of procainamide and its acetylated metabolite: a
case report. Pediatrics. 1978;61(3):491-3.

 

11.         Schentag
JJ. [Aminoglycoside tissue accumulation. A comparison between gentamycin and tobramycin in patients (author's transl)]. Nouv Presse
Med. 1978;7(42):3824-9.

 

12.         Schentag
JJ, Cumbo TJ, Jusko WJ, Plaut ME. Gentamicin tissue accumulation and nephrotoxic reactions. JAMA. 1978;240(19):2067-9.

 

13.         Schentag
JJ, Lasezkay G, Cumbo TJ, Plaut ME, Jusko WJ. Accumulation pharmacokinetics of tobramycin. Antimicrob Agents Chemother. 1978;13(4):649-56.

 

14.         Schentag
JJ, Lasezkay G, Plaut ME, Jusko WJ, Cumbo TJ. Comparative tissue accumulation of gentamicin and tobramycin in patients. J Antimicrob
Chemother. 1978;4 Suppl A:23-30.

 

15.         Schentag
JJ, Sutfin TA, Plaut ME, Jusko WJ. Early detection of aminoglycoside nephrotoxicity with urinary beta-2-microglobulin. J Med.
1978;9(3):201-10.

  

    	29

    	 

    

  

16.         Chairmonte
DA, Schentag JJ. A specific and sensitive high pressure liquid chromatographic procedure for cimetidine and creatinine. Ther Drug
Monit. 1979;1:545-54.

 

17.         Haughey
DB, Lanse S, Imhoff T, Tobin M, Schentag JJ. Allopurinol sensitivity: report of two cases. Am J Hosp Pharm. 1979;36(10):1377-80.

 

18.         Jusko
WJ, Gardner MJ, Mangione A, Schentag JJ, Koup JR, Vance JW. Factors affecting theophylline clearances: age, tobacco, marijuana,
cirrhosis, congestive heart failure, obesity, oral contraceptives, benzodiazepines, barbiturates, and ethanol. J Pharm Sci. 1979;68(11):1358-66.

 

19.         Schentag
JJ, Cerra FB, Calleri G, DeGlopper E, Rose JQ, Bernhard H. Pharmacokinetic and clinical studies in patients with cimetidine-associated
mental confusion. Lancet. 1979;1(8109):177-81.

 

20.         Schentag
JJ, Gengo FM, Plaut ME, Danner D, Mangione A, Jusko WJ. Urinary casts as an indicator of renal tubular damage in patients receiving
aminoglycosides. Antimicrob Agents Chemother. 1979;16(4):468-74.

 

21.         Federspil
PS, Schatzle W, Kayser M, Sack K, Schentag JJ. Influence of total dose, division of the daily dose, age and pregnancy on aminoglycoside
ototoxicity. In: Nelson JD, Grassi C, eds. Current Chemotherapy and Infectious Disease. 11th Annual ICC and 19th Annual ICAAC,
1980. Washington DC. ASM Pulications: 607-8.

 

22.         French
MA, Cerra FB, Plaut ME, Schentag JJ. Comparison of amikacin and gentamicin in critically ill patients. In: Nelson JD, Grassi C,
eds. Current Chemotherapy and Infectious Disease. 11th Annual ICC and 19th Annual ICAAC, 1980. Washington DC. ASM Publications:
628-9.

 

23.         Haughey
DB, Hilligoss DM, Grassi A, Schentag JJ. Two-compartment gentamicin pharmacokinetics in premature neonates: a comparison to adults
with decreased glomerular filtration rates. J Pediatr. 1980;96(2):325-30.

 

24.         Haughey
DB, Janicke DM, Adelman M, Schentag JJ. High-pressure liquid chromatography analysis and single-dose disposition of tobramycin
in human volunteers. Antimicrob Agents Chemother. 1980;17(4):649-53.

 

25.         Kimelblatt
BJ, Cerra FB, Calleri G, Berg MJ, McMillen MA, Schentag JJ. Dose and serum concentration relationships in cimetidine-associated
mental confusion. Gastroenterology. 1980;78(4):791-5.

 

26.         Mangione
A, Schentag JJ. Therapeutic monitoring of aminoglycoside antibiotics: an approach. Ther Drug Monit. 1980;2(2):159-67.

 

27.         Pieper
JA, Vidal RA, Schentag JJ. Animal model distinguishing in vitro from in vivo carbenicillin-aminoglycoside interactions. Antimicrob
Agents Chemother. 1980;18(4):604-9.

 

28.         Pizzella
KM, Moore MC, Schultz RW, Walshe J, Schentag JJ. Removal of cimetidine by peritoneal dialysis, hemodialysis, and charcoal hemoperfusion.
Ther Drug Monit. 1980;2(3):273-81.

 

29.         Schentag
JJ. Aspetti generali della farmacocinetica delgi aminoglycoside. Prospective in Pediatrica. 1980;37(Suppl):25-9.

 

30.         Schentag
JJ. Aminoglycoside antibiotics. In: Evans WE, Schentag JJ, Jusko WJ, eds. Applied Pharmacokinetics. 1st ed. San Francisco CA:
Applied Therapeutics; 1980:174-209.

 

31.         Schentag
JJ. Cimetidine-induced mental confusion in patients with cirrhosis. Gastroenterology. 1980;79(4):780-1.

  

    	30

    	 

    

  

32.         Schentag
JJ. False-positive "hemoccult" reaction with cimetidine. N Engl J Med. 1980;303(2):110.

 

33.         Schentag
JJ. Cimetidine-associated mental confusion: further studies in 36 severely ill patients. Ther Drug Monit. 1980;2(2):133-42.

 

34.         Schentag
JJ, Plaut ME. Patterns of urinary beta 2-microglobulin excretion by patients treated with aminoglycosides. Kidney Int. 1980;17(5):654-61.

 

35.         Szefler
SJ, Wynn RJ, Clarke DF, Buckwald S, Shen D, Schentag JJ. Relationship of gentamicin serum concentrations to gestational age in
preterm and term neonates. J Pediatr. 1980;97(2):312-5.

 

36.         Berg
MJ, Bernhard H, Schentag JJ. Cimetidine in systemic mastocytosis. Drug Intell Clin Pharm. 1981;15(3):180-3.

 

37.         Chrymko
MM, Schentag JJ. Creatinine clearance predictions in acutely ill patients. Am J Hosp Pharm. 1981;38(6):837-40.

 

38.         Edwards
DJ, Mangione A, Cumbo TJ, Schentag JJ. Predicted tissue accumulation of netilmicin in patients. Antimicrob Agents Chemother. 1981;20(6):714-7.

 

39.         Edwards
DJ, Schentag JJ. In vitro interactions between beta-lactam antibiotics and tobramycin. Clin Chem. 1981;27(2):341.

 

40.         Federspil
P, Sack K, Schentag JJ. Einfluss von Schwangerschaft und aufteillung der tagesdosis auf die ototoxizat und nephrotoxizitat von
tobramycin. Infection. 1981;9:197-200.

 

41.         French
MA, Cerra FB, Plaut ME, Schentag JJ. Amikacin and gentamicin accumulation pharmacokinetics and nephrotoxicity in critically ill
patients. Antimicrob Agents Chemother. 1981;19(1):147-52.

 

42.         Gengo
FM, Schentag JJ. Methicillin distribution in serum and extravascular fluid and its relevance to normal and damaged heart valves.
Antimicrob Agents Chemother. 1981;19(5):836-41.

 

43.         Macdonald
MR, Schentag JJ, Ackerman WB, Walsh R. ICU nurses rate their work places. Hospitals. 1981;55(2):115-6, 8.

 

44.         Reitberg
DP, Bernhard H, Schentag JJ. Alteration of theophylline clearance and half-life by cimetidine in normal volunteers. Ann Intern
Med. 1981;95(5):582-5.

 

45.         Schentag
JJ. Aminoglycoside pharmacokinetics as a guide to therapy and toxicology. In: Whelton A, Neu HC, eds. The Aminoglycosides: Microbiology,
Clinical Use and Toxicologic Complications. New York, NY: Marcel Dekker; 1981:143-68.

 

46.         Schentag
JJ, Cerra FB, Calleri GM, Leising ME, French MA, Bernhard H. Age, disease, and cimetidine disposition in healthy subjects and
chronically ill patients. Clin Pharmacol Ther. 1981;29(6):737-43.

 

47.         Schentag
JJ, Plaut ME, Cerra FB. Comparative nephrotoxicity of gentamicin and tobramycin: pharmacokinetic and clinical studies in 201 patients.
Antimicrob Agents Chemother. 1981;19(5):859-66.

 

48.         Studley
JG, Schentag JJ, Schenk WG, Jr. Effect of bile induced pancreatitis on tobramycin excretion in pancreatic fluid. Ann Surg. 1981;193(5):649-54.

  

    	31

    	 

    

  

49.         Ziemniak
JA, Chiarmonte DA, Schentag JJ. Liquid-chromatographic determination of cimetidine, its known metabolites, and creatinine in serum
and urine. Clin Chem. 1981;27(2):272-5.

 

50.         Adelman
M, Evans E, Schentag JJ. Two-compartment comparison of gentamicin and tobramycin in normal volunteers. Antimicrob Agents Chemother.
1982;22(5):800-4.

 

51.         Adelman
MH, Evans E, Schentag JJ. Comparison of gentamicin and tobramycin tissue accumulation in normal volunteers. In: Periti P, Grassi
C, eds. 12th Annual ICC, 1982. Washington DC. 831-3.

 

52.         Adelman
MH, Harrison NJ, Wels PB, Schentag JJ. Renal handling of gentamicin by normal and ischemic canine kidneys. J Lab Clin Med. 1982;100(2):201-10.

 

53.         Cerra
FB, Schentag JJ, McMillen M, Karwande SV, Fitzgerald GC, Leising M. Mental status, the intensive care unit, and cimetidine. Ann
Surg. 1982;196(5):565-70.

 

54.         Gengo
FM, Schentag JJ. Rate of methicillin penetration into normal heart valve and experimental endocarditis lesions. Antimicrob Agents
Chemother. 1982;21(3):456-9.

 

55.         Mead
PB, Gibson M, Schentag JJ, Ziemniak JA. Possible alteration of metronidazole metabolism by phenobarbital. N Engl J Med. 1982;306(24):1490.

 

56.         Russo
J, Jr., Watson WA, Nelson EW, Schentag JJ. Cimetidine bioavailability after massive small bowel resection. Clin Pharm. 1982;1(6):558-61.

 

57.         Schentag
JJ. Pharmacokinetic and clinical studies of aminoglycoside nephrotoxicity in critically ill patients. In: Fillastre J, ed. Nephrotoxicity-Ototoxicity
of Drugs: University of Rouen Publications; 1982:269-88.

 

58.         Schentag
JJ. Gentamicin tissue pharmacokinetics. In: Walker CA, Tterelikkis LP, eds. Applications of Pharmacokinetics to Patient Care.
New York NY: Praeger Publishers; 1982:135-46.

 

59.         Schentag
JJ, Cerra FB, Plaut ME. Clinical and pharmacokinetic characteristics of aminoglycoside nephrotoxicity in 201 critically ill patients.
Antimicrob Agents Chemother. 1982;21(5):721-6.

 

60.         Schentag
JJ, Gengo FM. Principles of antibiotic tissue penetration and guidelines for pharmacokinetic analysis. Med Clin North Am. 1982;66(1):39-49.

 

61.         Schentag
JJ, Ziemniak JA, Greco JM, Rainstein M, Buckley RJ. Mental confusion in a patient treated with metronidazole--a concentration-related
effect? Pharmacotherapy. 1982;2(6):384-7.

 

62.         Studley
JG, Schentag JJ, Schenk WG, Jr. Excretion of cephalothin and cefamandole by the normal pancreas and in acute pancreatitis in dogs.
Antimicrob Agents Chemother. 1982;22(2):262-5.

 

63.         Whitfield
LR, Schentag JJ, Levy G. Relationship between concentration and anticoagulant effect of heparin in plasma of hospitalized patients:
magnitude and predictability of interindividual differences. Clin Pharmacol Ther. 1982;32(4):503-16.

 

64.         Ziemniak
JA, Chiarmonte DA, Miner DJ, Schentag JJ. HPLC determination of D and L moxalactam in human serum and urine. J Pharm Sci. 1982;71(4):399-402.

 

65.         Aranda
JV, Outerbridge EW, Schentag JJ. Pharmacodynamics and kinetics of cimetidine in a premature newborn. Am J Dis Child. 1983;137(12):1207.

  

    	32

    	 

    

  

66.         Carson
HB, Heller AS, Koch TB, Walczak P, Schentag JJ. Antibiotic penetration in abdominal infection: a case of tobramycin failure responsive
to moxalactam. Drug Intell Clin Pharm. 1983;17(4):277-9.

 

67.         Hardy
BG, Zador IT, Golden L, Lalka D, Schentag JJ. Effect of cimetidine on the pharmacokinetics and pharmacodynamics of quinidine.
Am J Cardiol. 1983;52(1):172-5.

 

68.         Kirkwood
CF, Smith LL, Rustagi PK, Schentag JJ. Neutropenia associated with beta-lactam antibiotics. Clin Pharm. 1983;2(6):569-78.

 

69.         Reitberg
DP, Klarnet JP, Carlson JK, Schentag JJ. Effect of metronidazole on theophylline pharmacokinetics. Clin Pharm. 1983;2(5):441-4.

 

70.         Reitberg
DP, Schentag JJ. Liquid-chromatographic assay of cefmenoxime in serum and urine. Clin Chem. 1983;29(7):1415-8.

 

71.         Schentag
JJ. Specificity of renal tubular damage criteria for aminoglycoside nephrotoxicity in critically ill patients. J Clin Pharmacol.
1983;23(10):473-83.

 

72.         Schentag
JJ, Adelman MH. A microcomputer program for tobramycin consult services, based on the two-compartment pharmacokinetic model. Drug
Intell Clin Pharm. 1983;17(7-8):528-31.

 

73.         Schentag
JJ, Heller AS, Hardy BG, Wels PB. Antibiotic penetration in liver infection: a case of tobramycin failure responsive to moxalactam.
Am J Gastroenterol. 1983;78(10):641-4.

 

74.         Schentag
JJ, Wels PB, Reitberg DP, Walczak P, Van Tyle JH, Lascola RJ. A randomized clinical trial of moxalactam alone versus tobramycin
plus clindamycin in abdominal sepsis. Ann Surg. 1983;198(1):35-41.

 

75.         Swanson
DJ, Reitberg DP, Smith IL, Wels PB, Schentag JJ. Steady-state moxalactam pharmacokinetics in patients: noncompartmental versus
two-compartmental analysis. J Pharmacokinet Biopharm. 1983;11(4):337-53.

 

76.         Watson
WA, Russo J, Jr., Saffle JR, Schentag JJ, Warden GD. Cimetidine in the prophylaxis of stress ulceration in severely burned patients.
J Burn Care Rehab. 1983;4:260-3.

 

77.         Welage
LS, Schentag JJ. Clinical and pharmacological considerations in the use of cimetidine in the elderly. Geriatric Medicine Today.
1983;2:33-41.

 

78.         Ziemniak
JA, Bernhard H, Schentag JJ. Hepatic encephalopathy and altered cimetidine kinetics. Clin Pharmacol Ther. 1983;34(3):375-82.

 

79.         Ziemniak
JA, Madura M, Adamonis AJ, Olinger EJ, Dreyer M, Schentag JJ. Failure of cimetidine in Zollinger-Ellison syndrome. Dig Dis Sci.
1983;28(11):976-80.

 

80.         Berg
MJ, Lantz RK, Schentag JJ, Vern BA. Distribution of cimetidine in postmortem tissues. J Forensic Sci. 1984;29(1):147-54.

 

81.         DeVito
JM, Nix DE, Schentag JJ. No false "Hemoccult" reaction with ranitidine. N Engl J Med. 1984;311(13):861.

 

82.         Fitzpatrick
BC, Gengo FM, Schentag JJ. Moxalactam penetration into normal heart valve, cardiac vegetations, and myocardium in relation to
protein binding and physiological distribution spaces. Antimicrob Agents Chemother. 1984;26(2):228-30.

 

83.         Gengo
FM, Mannion TW, Nightingale CH, Schentag JJ. Integration of pharmacokinetics and pharmacodynamics of methicillin in curative treatment
of experimental endocarditis. J Antimicrob Chemother. 1984;14(6):619-31.

 

    	33

    	 

    

  

84.         Gengo
FM, Schentag JJ, Jusko WJ. Pharmacokinetics of capacity-limited tissue distribution of methicillin in rabbits. J Pharm Sci. 1984;73(7):867-73.

 

85.         Hill
M, Hendeles L, Schnapf B, Merwin G, Schentag JJ, Stillwell P. Vestibulo-acoustic and renal effects of individualized doses of
tobramycin in patients with cystic fibrosis. Drug Intell Clin Pharm. 1984;18:504.

 

86.         Reitberg
DP, Cumbo TJ, Schentag JJ. Cefmenoxime in the treatment of nosocomial pneumonias in critical care patients. J Antimicrob Chemother.
1984;14(1):81-91.

 

87.         Reitberg
DP, Cumbo TJ, Smith IL, Schentag JJ. Effect of protein binding on cefmenoxime steady-state kinetics in critical patients. Clin
Pharmacol Ther. 1984;35(1):64-73.

 

88.         Schentag
JJ. Aminoglycoside nephrotoxicokinetics in humans. In: Yacobi A, Barry H, eds. Experimental and Clinical Toxicokinetics. Washington
DC: APhA Publishers; 1984:139-64.

 

89.         Schentag
JJ. Antimicrobial kinetics and tissue distribution: concepts and applications. In: Cunha B, Ristuccia AM, eds. Antimicrobial Therapy.
New York NY: Raven Press; 1984:81-94.

 

90.         Schentag
JJ, O'Keeffe D, Marmion M, Wels PB. C-reactive protein as an indicator of infection relapse in patients with abdominal sepsis.
Arch Surg. 1984;119(3):300-4.

 

91.         Schentag
JJ, Reitberg DP, Cumbo TJ. Cefmenoxime efficacy, safety, and pharmacokinetics in critical care patients with nosocomial pneumonia.
Am J Med. 1984;77(6A):34-42.

 

92.         Schentag
JJ, Simons GW, Schultz RW, Vance JW, Williams JS. Complexation versus hemodialysis to reduce elevated aminoglycoside serum concentrations.
Pharmacotherapy. 1984;4(6):374-80.

 

93.         Schentag
JJ, Smith IL, Swanson DJ, DeAngelis C, Fracasso JE, Vari A, et al. Role for dual individualization with cefmenoxime. Am J Med.
1984;77(6A):43-50.

 

94.         Smith
IL, Schentag JJ. Noncompartmental determination of the steady-state volume of distribution during multiple dosing. J Pharm Sci.
1984;73(2):281-2.

 

95.         Smith
IL, Ziemniak JA, Bernhard H, Eshelman FN, Martin LE, Schentag JJ. Ranitidine disposition and systemic availability in hepatic
cirrhosis. Clin Pharmacol Ther. 1984;35(4):487-94.

 

96.         Vigano
A, Smith IL, Schentag JJ. Aminoglycosides in pediatrics: use and pharmacokinetics. Aggioramento del Medico. 1984;5:249-57.

 

97.         Welage
LS, Schultz RW, Schentag JJ. Pharmacokinetics of ceftazidime in patients with renal insufficiency. Antimicrob Agents Chemother.
1984;25(2):201-4.

 

98.         Ziemniak
JA, Assael BM, Padoan R, Schentag JJ. The bioavailability and pharmacokinetics of cimetidine and its metabolites in juvenile cystic
fibrosis patients: age related differences as compared to adults. Eur J Clin Pharmacol. 1984;26(2):183-9.

 

99.         Ziemniak
JA, Cersosimo RJ, Russo J, Jr., Moran DM, Kablitz C, Schentag JJ. Rebound following hemodialysis of cimetidine and its metabolites.
Am J Kidney Dis. 1984;3(6):430-5.

 

100.        Ziemniak
JA, Shank RG, Schentag JJ. The partitioning of cimetidine into canine cerebrospinal fluid. Drug Metab Dispos. 1984;12(2):217-21.

 

101.        Ziemniak
JA, Watson WA, Saffle JR, Smith IL, Russo J, Jr., Warden GD, et al. Cimetidine kinetics during resuscitation from burn shock.
Clin Pharmacol Ther. 1984;36(2):228-33.

  

    	34

    	 

    

  

102.        Ziemniak
JA, Wynn RJ, Aranda JV, Zarowitz BJ, Schentag JJ. The pharmacokinetics and metabolism of cimetidine in neonates. Dev Pharmacol
Ther. 1984;7(1):30-8.

 

103.        Baxter
JG, Marble DA, Whitfield LR, Wels PB, Walczak P, Schentag JJ. Clinical risk factors for prolonged PT/PTT in abdominal sepsis patients
treated with moxalactam or tobramycin plus clindamycin. Ann Surg. 1985;201(1):96-102.

 

104.        De
Vito JM, Crass RE, Blum RA, Pleasants RA, Schentag JJ. Estimation of the steady-state volume of distribution for digoxin: a comparison
of model-independent methods with a two-compartment model in healthy volunteers. Drug Intell Clin Pharm. 1985;19(11):837-9.

 

105.        Nix
DE, Cumbo TJ, DeVito JM, Schentag JJ. Ciprofloxacin in the treatment of soft tissue infections and osteomyelitis: pharmacokinetics,
safety and efficacy. 14th Annual ICC, June 23-29 1985. Kyoto, Japan. 1668-9.

 

106.        Nix
DE, De Vito JM, Schentag JJ. Liquid-chromatographic determination of ciprofloxacin in serum and urine. Clin Chem. 1985;31(5):684-6.

 

107.        Reitberg
DP, Smith IL, Love SJ, Lewin HM, Schentag JJ. A rapid, universal TI-59 model-independent pharmacokinetic analysis program based
on statistical moment theory. Drug Intell Clin Pharm. 1985;19(2):125-34.

 

108.        Schentag
JJ. Status of rate controlled antibiotic therapy. In: Prescott LF, Nimmo WS, eds. Rate Control in Drug Therapy. New York NY: Churchill
Livingstone, Inc.; 1985:282.

 

109.        Schentag
JJ, Domagala JM. Structure activity relationships with the quinolone antibiotics. Research and Clinical Forums. 1985;7:9-16.

 

110.        Schentag
JJ, Swanson DJ, Smith IL. Dual individualization: antibiotic dosage calculation from the integration of in-vitro pharmacodynamics
and in-vivo pharmacokinetics. J Antimicrob Chemother. 1985;15 Suppl A:47-57.

 

111.        Schentag
JJ, Vari AJ, Winslade NE, Swanson DJ, Smith IL, Simons GW, et al. Treatment with aztreonam or tobramycin in critical care patients
with nosocomial gram-negative pneumonia. Am J Med. 1985;78(2A):34-41.

 

112.        Smith
IL, Swanson DJ, Welage LS, DeAngelis C, Boudinot SA, Schentag JJ. Determination of cefmenoxime in human serum by ion-pair reverse-phase
liquid chromatography. Analytical Letters. 1985;18(B9):1077-85.

 

113.        Swanson
DJ, Nix DE, Ali RV, Smith IL, DeAngelis C, Schentag JJ. The relationship between protein binding and serum bactericial activity
for cefazolin, cefonicid and ceftriaxone vs. staphylococcus aureus. 14th Annual ICC, June 23-29 1985. Kyoto, Japan. 458-9.

 

114.        Winslade
NE, Smith IL, Simons GW, Swanson DJ, Vigano A, Wels PB, et al. Pharmacokinetics and extravascular penetration of aztreonam in
patients with abdominal sepsis. Rev Infect Dis. 1985;7 Suppl 4:S716-23.

 

115.        Baxter
JG, Brass C, Schentag JJ, Slaughter RL. Pharmacokinetics of ketoconazole administered intravenously to dogs and orally as tablet
and solution to humans and dogs. J Pharm Sci. 1986;75(5):443-7.

 

116.        Bowles
S, Schentag JJ. Aminoglycoside commentary. In: Evans WE, Schentag JJ, Jusko WJ, eds. Applied Pharmacokinetics. 2nd ed. Spokane
WA: Applied Therapeutics, Inc.; 1986:382-98.

 

117.        Giacoia
GP, Schentag JJ. Pharmacokinetics and nephrotoxicity of continuous intravenous infusion of gentamicin in low birth weight infants.
J Pediatr. 1986;109(4):715-9.

  

    	35

    	 

    

  

118.        Schentag
JJ, DeAngelis C, Swanson DJ. Dual individualization: clinical application of an integrated method for antibiotic dosage regimen
design. In: Evans WE, Schentag JJ, Jusko WJ, eds. Applied Pharmacokinetics. 2nd ed. Spokane WA: Applied Therapeutics, Inc.; 1986:463-92.

 

119.        Swanson
DJ, DeAngelis C, Smith IL, Schentag JJ. Degradation kinetics of imipenem in normal saline and in human serum. Antimicrob Agents
Chemother. 1986;29(5):936-7.

 

120.        Ziemniak
JA, Welage LS, Schentag JJ. Cimetidine and Ranitidine. In: Evans WE, Schentag JJ, Jusko WJ, eds. Applied Pharmacokinetics. 2nd
ed. Spokane WA: Applied Therapeutics, Inc.; 1986:782-825.

 

121.        Grasela
TH, Jr., Edwards BA, Raebel MA, Sisca TS, Zarowitz BJ, Schentag JJ. A clinical pharmacy-oriented drug surveillance network: II.
Results of a pilot project. Drug Intell Clin Pharm. 1987;21(11):909-14.

 

122.        Grasela
TH, Jr., Schentag JJ. A clinical pharmacy-oriented drug surveillance network: I. Program description. Drug Intell Clin Pharm.
1987;21(11):902-8.

 

123.        Gregoire
SL, Grasela TH, Jr., Freer JP, Tack KJ, Schentag JJ. Inhibition of theophylline clearance by coadministered ofloxacin without
alteration of theophylline effects. Antimicrob Agents Chemother. 1987;31(3):375-8.

 

124.        McCormack
JP, Schentag JJ. Potential impact of quantitative susceptibility tests on the design of aminoglycoside dosing regimens. Drug Intell
Clin Pharm. 1987;21(2):187-92.

 

125.        Nix
DE, Cumbo TJ, Kuritzky P, DeVito JM, Schentag JJ. Oral ciprofloxacin in the treatment of serious soft tissue and bone infections.
Efficacy, safety, and pharmacokinetics. Am J Med. 1987;82(4A):146-53.

 

126.        Nix
DE, DeVito JM, Whitbread MA, Schentag JJ. Effect of multiple dose oral ciprofloxacin on the pharmacokinetics of theophylline and
indocyanine green. J Antimicrob Chemother. 1987;19(2):263-9.

 

127.        Nix
DE, Sands MF, Peloquin CA, Vari AJ, Cumbo TJ, Vance JW, et al. Dual individualization of intravenous ciprofloxacin in patients
with nosocomial lower respiratory tract infections. Am J Med. 1987;82(4A):352-6.

 

128.        Schentag
JJ, Welage LS, Grasela TH, Adelman MH. Determinants of antibiotic-associated hypoprothrombinemia. Pharmacotherapy. 1987;7(3):80-6.

 

129.        Watson
WA, Jenkins TC, Velasquez N, Schentag JJ. Repeated oral doses of activated charcoal and the clearance of tobramycin, a non-absorbable
drug. J Toxicol Clin Toxicol. 1987;25(3):171-84.

 

130.        Winslade
NE, Adelman MH, Evans EJ, Schentag JJ. Single-dose accumulation pharmacokinetics of tobramycin and netilmicin in normal volunteers.
Antimicrob Agents Chemother. 1987;31(4):605-9.

 

131.        Corcoran
GB, Salazar DE, Schentag JJ. Excessive aminoglycoside nephrotoxicity in obese patients. Am J Med. 1988;85(2):279.

 

132.        Hardy
BG, Schentag JJ. Lack of effect of cimetidine on the metabolism of quinidine: effect on renal clearance. Int J Clin Pharmacol
Ther Toxicol. 1988;26(8):388-91.

 

133.        Motuz
DJ, Watson WA, Barlow JC, Velasquez NV, Schentag JJ. The increase in urinary alanine aminopeptidase excretion associated with
enflurane anesthesia is increased further by aminoglycosides. Anesth Analg. 1988;67(8):770-4.

  

    	36

    	 

    

  

134.        Nix
DE, Schentag JJ. The quinolones: an overview and comparative appraisal of their pharmacokinetics and pharmacodynamics. J Clin
Pharmacol. 1988;28(2):169-78.

 

135.        Nix
DE, Schultz RW, Frost RW, Sedman AJ, Thomas DJ, Kinkel AW, et al. The effect of renal impairment and haemodialysis on single dose
pharmacokinetics of oral enoxacin. J Antimicrob Chemother. 1988;21 Suppl B:87-95.

 

136.        Reitberg
DP, Marble DA, Schultz RW, Whall TJ, Schentag JJ. Pharmacokinetics of cefoperazone (2.0 g) and sulbactam (1.0 g) coadministered
to subjects with normal renal function, patients with decreased renal function, and patients with end-stage renal disease on hemodialysis.
Antimicrob Agents Chemother. 1988;32(4):503-9.

 

137.        Rescott
DL, Nix DE, Holden P, Schentag JJ. Comparison of two methods for determining in vitro postantibiotic effects of three antibiotics
on Escherichia coli. Antimicrob Agents Chemother. 1988;32(4):450-3.

 

138.        Schentag
JJ, Swanson DJ, Smith IL, Nix DE. Antibiotics: two dynamic systems. In: Kroboth PD, Smith RB, Juhl RP, eds. Pharmacokinetics and
Pharmacodynamics: Current Problems/Potential Solutions. Cincinnati OH: Whitney Books; 1988:90-106.

 

139.        Schentag
JJ, Welage LS, Williams JS, Wilton JH, Adelman MH, Rigan D, et al. Kinetics and action of N-methylthiotetrazole in volunteers
and patients. Population-based clinical comparisons of antibiotics with and without this moiety. Am J Surg. 1988;155(5A):40-4.

 

140.        Blum
RA, Kohli RK, Harrison NJ, Schentag JJ. Pharmacokinetics of ampicillin (2.0 grams) and sulbactam (1.0 gram) coadministered to
subjects with normal and abnormal renal function and with end-stage renal disease on hemodialysis. Antimicrob Agents Chemother.
1989;33(9):1470-6.

 

141.        DiPiro
JT, Welage LS, Levine BA, Wing PE, Stanfield JA, Gaskill HV, et al. Single-dose cefmetazole versus multiple dose cefoxitin for
prophylaxis in abdominal surgery. J Antimicrob Chemother. 1989;23 Suppl D:71-7.

 

142.        Grasela
TH, Jr., Schentag JJ, Boekenoogen SJ, Crist KD, Lowes WL, Lum BL. A clinical pharmacy-oriented drug surveillance network: results
of a nationwide antibiotic utilization review of bacterial pneumonia--1987. DICP. 1989;23(2):162-70.

 

143.        Grasela
TH, Jr., Schentag JJ, Sedman AJ, Wilton JH, Thomas DJ, Schultz RW, et al. Inhibition of enoxacin absorption by antacids or ranitidine.
Antimicrob Agents Chemother. 1989;33(5):615-7.

 

144.        Grasela
TH, Jr., Walawander CA, Welage LS, Wing PE, Scarafoni DJ, Caldwell JW, et al. Prospective surveillance of antibiotic-associated
coagulopathy in 970 patients. Pharmacotherapy. 1989;9(3):158-64.

 

145.        Nguyen
VX, Nix DE, Gillikin S, Schentag JJ. Effect of oral antacid administration on the pharmacokinetics of intravenous doxycycline.
Antimicrob Agents Chemother. 1989;33(4):434-6.

 

146.        Nix
DE, Norman A, Schentag JJ. Effect of lomefloxacin on theophylline pharmacokinetics. Antimicrob Agents Chemother. 1989;33(7):1006-8.

 

147.        Nix
DE, Peloquin CA, Cumbo TJ, Sands MF, Schentag JJ. Intravenous ciprofloxacin for nosocomial lower respiratory tract infections.
Rev Infect Dis. 1989;11(Suppl 5):S1225-S6.

 

148.        Nix
DE, Watson WA, Lener ME, Frost RW, Krol G, Goldstein H, et al. Effects of aluminum and magnesium antacids and ranitidine on the
absorption of ciprofloxacin. Clin Pharmacol Ther. 1989;46(6):700-5.

  

    	37

    	 

    

  

149.        Nix
DE, Wilton JH, Schentag JJ, Parpia SH, Norman A, Goldstein HR. Inhibition of norfloxacin absorption by antacids and sucralfate.
Rev Infect Dis. 1989;11(Suppl 5):S1096.

 

150.        Parpia
SH, Nix DE, Hejmanowski LG, Goldstein HR, Wilton JH, Schentag JJ. Sucralfate reduces the gastrointestinal absorption of norfloxacin.
Antimicrob Agents Chemother. 1989;33(1):99-102.

 

151.        Peloquin
CA, Cumbo TJ, Nix DE, Sands MF, Schentag JJ. Evaluation of intravenous ciprofloxacin in patients with nosocomial lower respiratory
tract infections. Impact of plasma concentrations, organism, minimum inhibitory concentration, and clinical condition on bacterial
eradication. Arch Intern Med. 1989;149(10):2269-73.

 

152.        Peloquin
CA, Nix DE, Sedman AJ, Wilton JH, Toothaker RD, Harrison NJ, et al. Pharmacokinetics and clinical effects of caffeine alone and
in combination with oral enoxacin. Rev Infect Dis. 1989;11(Suppl 5):S1095.

 

153.        Plonka
AJ, Schentag JJ, Messinger S, Adelman MH, Francis KL, Williams JS. Effects of enteral and intravenous antimicrobial treatment
on survival following intestinal ischemia in rats. J Surg Res. 1989;46(3):216-20.

 

154.        Schentag
JJ. Clinical significance of antibiotic tissue penetration. Clin Pharmacokinet. 1989;16 Suppl 1:25-31.

 

155.        Schentag
JJ, Carter CA, Welage LS. Safety and acid-suppressant properties of histamine2-receptor antagonists for the prevention of stress-related
mucosal damage in critical care patients. DICP. 1989;23(10 Suppl):S36-9.

 

156.        Schentag
JJ, Ebbeling PL, Welage LS, Bernhard H. Comprehensive evaluation of the central nervous system effects of cimetidine: a role for
toxicokinetics, toxicodynamics and clinical studies in volunteers, animal models, and patients. In: Yacobi A, Skelly JP, Batra
VK, eds. Toxicokinetics and New Drug Development. New York NY: Pergamon Press, Inc.; 1989:160-98.

 

157.        Schentag
JJ, Nix DE, Stroshane RM, Cook JA, Brown RR, Silverman MH. Pharmacokinetics of amifloxacin after oral and intravenous administration.
Rev Infect Dis. 1989;11(Suppl 5):S1090.

 

158.        Welage
LS, Hejmanowski LG, Wilton JH, Walawander C, Rigan D, Williams JS, et al. Comparison of N-methylthiotetrazole dispositions in
healthy volunteers following single intravenous doses of moxalactam, cefoperazone, and cefotetan. Antimicrob Agents Chemother.
1989;33(6):857-61.

 

159.        Blum
RA, Schultz RW, Schentag JJ. Pharmacokinetics of lomefloxacin in renally compromised patients. Antimicrob Agents Chemother. 1990;34(12):2364-8.

 

160.        Cook
JA, Silverman MH, Schelling DJ, Nix DE, Schentag JJ, Brown RR, et al. Multiple-dose pharmacokinetics and safety of oral amifloxacin
in healthy volunteers. Antimicrob Agents Chemother. 1990;34(6):974-9.

 

161.        Haas
CE, Nix DE, Schentag JJ. In vitro selection of resistant Helicobacter pylori. Antimicrob Agents Chemother. 1990;34(9):1637-41.

 

162.        Maponga
C, Barlow JC, Schentag JJ. Lack of effect of piroxicam on theophylline clearance in healthy volunteers. DICP. 1990;24(2):123-6.

  

    	38

    	 

    

  

163.        Neu
HC, Bennett JE, Bodey GP, Rubin RH, Schentag JJ, Sugar AM. P&T Committee review of fluconazole: an effective alternative to
antifungal therapy. Hosp Formul. 1990;25 Suppl B:9-14.

 

164.        Schentag
JJ. Correlation of pharmacokinetic parameters to efficacy of antibiotics: relationships between serum concentrations, MIC values,
and bacterial eradication in patients with gram-negative pneumonia. Scand J Infect Dis Suppl. 1990;74:218-34.

 

165.        Schentag
JJ, Nix DE. Pharmacokinetics and tissue penetration of fluoroquinolones. In: Sanders WE, Sanders CC, eds. Fluoroquinolones in
the Treatment of Infectious Diseases. Glenview IL: Physicians and Scientists Publishing Company, Inc.; 1990:29-44.

 

166.        Welage
LS, Borin MT, Wilton JH, Hejmanowski LG, Wels PB, Schentag JJ. Comparative evaluation of the pharmacokinetics of N-methylthiotetrazole
following administration of cefoperazone, cefotetan, and cefmetazole. Antimicrob Agents Chemother. 1990;34(12):2369-74.

 

167.        Backes
JM, Schentag JJ. Partial compliance as a source of variance in pharmacokinetics and therapeutic drug monitoring. In: Cramer JA,
Spilker B, eds. Patient Compliance in Medical Practice and Clinical Trials. New York NY: Raven Press Ltd.; 1991:27-36.

 

168.        Blum
RA, D'Andrea DT, Florentino BM, Wilton JH, Hilligoss DM, Gardner MJ, et al. Increased gastric pH and the bioavailability of fluconazole
and ketoconazole. Ann Intern Med. 1991;114(9):755-7.

 

169.        Blum
RA, Wilton JH, Hilligoss DM, Gardner MJ, Henry EB, Harrison NJ, et al. Effect of fluconazole on the disposition of phenytoin.
Clin Pharmacol Ther. 1991;49(4):420-5.

 

170.        Grasela
TH, Jr., Paladino JA, Schentag JJ, Huepenbecker D, Rybacki J, Purcell JB, et al. Clinical and economic impact of oral ciprofloxacin
as follow-up to parenteral antibiotics. DICP. 1991;25(7-8):857-62.

 

171.        Nix
DE, Goodwin SD, Peloquin CA, Rotella DL, Schentag JJ. Antibiotic tissue penetration and its relevance: impact of tissue penetration
on infection response. Antimicrob Agents Chemother. 1991;35(10):1953-9.

 

172.        Nix
DE, Goodwin SD, Peloquin CA, Rotella DL, Schentag JJ. Antibiotic tissue penetration and its relevance: models of tissue penetration
and their meaning. Antimicrob Agents Chemother. 1991;35(10):1947-52.

 

173.        Paladino
JA, Sperry HE, Backes JM, Gelber JA, Serrianne DJ, Cumbo TJ, et al. Clinical and economic evaluation of oral ciprofloxacin after
an abbreviated course of intravenous antibiotics. Am J Med. 1991;91(5):462-70.

 

174.        Peloquin
CA, Cumbo TJ, Schentag JJ. Kinetics and dynamics of tobramycin action in patients with bacteriuria given single doses. Antimicrob
Agents Chemother. 1991;35(6):1191-5.

 

175.        Piscitelli
SC, Goss TF, Wilton JH, D'Andrea DT, Goldstein H, Schentag JJ. Effects of ranitidine and sucralfate on ketoconazole bioavailability.
Antimicrob Agents Chemother. 1991;35(9):1765-71.

 

176.        Schentag
JJ. Correlation of pharmacokinetic parameters to efficacy of antibiotics: relationships between serum concentrations, MIC values,
and bacterial eradication in patients with gram negative pneumonia. Scand J Infect Dis. 1991;74(Suppl):218-34.

 

177.        Schentag
JJ. Drug interaction studies and safety profile of fluconazole. Hosp Formul. 1991;26(Suppl B):16-20.

  

    	39

    	 

    

  

178.        Schentag
JJ. Medical cost/benefit optimization through outcomes management. Pharm & Ther. 1991;16:999-1005.

 

179.        Schentag
JJ. Klinische und wirtschaftliche beurteilung von oral wirkendem ciprofloxacin nach kurzzeitiger behandlung mit intravenos verabreichten
antibiotika. Fortschritte der antimikrobiellen u. antieoplastischen. Chemotherapie Band. 1991;10-3(S):407-10.

 

180.        Schentag
JJ. Correlation between pharmacokinetics and the efficacy of antibiotics. In: Bergan T, ed. Tissue Penetration of Antibiotics.
Medical Master Classes, Volume 1, Number 1. London, England: Cambridge Medical Publications Ltd.; 1991:49-59.

 

181.        Schentag
JJ. Cefmetazole sodium: pharmacology, pharmacokinetics, and clinical trials. Pharmacotherapy. 1991;11(1):2-19.

 

182.        Schentag
JJ, Ballow CH. Tissue-directed pharmacokinetics. Am J Med. 1991;91(3A):5S-11S.

 

183.        Schentag
JJ, Nix DE, Adelman MH. Mathematical examination of dual individualization principles (I): Relationships between AUC above MIC
and area under the inhibitory curve for cefmenoxime, ciprofloxacin, and tobramycin. DICP. 1991;25(10):1050-7.

 

184.        Schentag
JJ, Wise R, Nix DE. Pharmacokinetics and tissue penetration of quinolones. In: Siporin C, Heifetz CL, Domagala JM, eds. The New
Generation of Quinolones. New York NY: Marcell Dekker; 1991:189-222.

 

185.        Ballow
CH, Schentag JJ. Trends in antibiotic utilization and bacterial resistance. Report of the National Nosocomial Resistance Surveillance
Group. Diagn Microbiol Infect Dis. 1992;15(2 Suppl):37S-42S.

 

186.        Chapelsky
MC, Nix DE, Cavanaugh JC, Wilton JH, Norman A, Schentag JJ. Renal tubular enzyme effects of clarithromycin in comparison with
gentamicin and placebo in volunteers. Drug Saf. 1992;7(4):304-9.

 

187.        Lebsack
ME, Nix D, Ryerson B, Toothaker RD, Welage L, Norman AM, et al. Effect of gastric acidity on enoxacin absorption. Clin Pharmacol
Ther. 1992;52(3):252-6.

 

188.        Luzier
A, Goss TF, Cumbo TJ, Schentag JJ. Mathematical examination of dual individualization principles. (III): Development of a scoring
system for pneumonia staging and quantitation of response to antibiotics: results in cefmenoxime-treated patients. Ann Pharmacother.
1992;26(11):1358-65.

 

189.        Nix
DE, Spivey JM, Norman A, Schentag JJ. Dose-ranging pharmacokinetic study of ciprofloxacin after 200-, 300-, and 400-mg intravenous
doses. Ann Pharmacother. 1992;26(1):8-10.

 

190.        Nix
DE, Wilton JH, Velasquez N, Budny JL, Lassman HB, Mitchell P, et al. Cerebrospinal fluid penetration of cefpirome in patients
with non-inflamed meninges. J Antimicrob Chemother. 1992;29 Suppl A:51-7.

 

191.        Peck
CC, Barr WH, Batra VK, Benet LZ, Collins J, Desjardens RE, et al. Opportunity for integration of pharmacokinetics, pharmacodynamics,
and toxicokinetics in rational drug development. Clin Pharmacol Ther. 1992;51:465-75.

 

192.        Salazar
DE, Schentag JJ, Corcoran GB. Obesity as a risk factor in drug-induced organ injury. V. Toxicokinetics of gentamicin in the obese
overfed rat. Drug Metab Dispos. 1992;20(3):402-6.

  

    	40

    	 

    

  

193.        Schentag
JJ. The pharmacokinetic profile of quinolones compared with other antimicrobial agents. Infect in Med. 1992;8(Suppl B):27-34.

 

194.        Schentag
JJ. Criteria for use of antiendotoxin therapy. JAMA. 1992;267:2326-7.

 

195.        Schentag
JJ. Pharmacokinetics and pharmacodynamics of beta-lactam antibiotics. Infect Med. 1992;Suppl:10-2.

 

196.        Schentag
JJ. The antimicrobial efficacy of intravenous ciprofloxacin in severe infection. Infect in Med. 1992;Supplement:41-57.

 

197.        Schentag
JJ. Antibody to endotoxin in the treatment of gram-negative sepsis. JAMA. 1992;267(17):2326-7.

 

198.        Schentag
JJ, Ballow CH, Paladino JA, Nix DE. Dual individualization with antibiotics: integrated antibiotic management strategies for use
in hospitals. In: Evans WE, Schentag JJ, Jusko WJ, eds. Applied Pharmacokinetics. 3rd ed. Spokane WA: Applied Therapeutics, Inc.;
1992:1-20.

 

199.        Schentag
JJ, Goss TF. Quinolone pharmacokinetics in the elderly. Am J Med. 1992;92(4A):33S-7S.

 

200.        Alioth
C, Blum RA, D'Andrea DT, Kochak GM, Teng L, Ziehmer BA, et al. Application of dual radiotelemetric technique in studying drug-drug
interaction between diclofenac sodium and ranitidine HCl in volunteers. Pharm Res. 1993;10(11):1688-92.

 

201.        Amsden
GW, Ballow CH, Schentag JJ. Rational antimicrobial utilization and resistance issues. Pharm & Ther. 1993;18:255-66.

 

202.        Amsden
GW, Ballow CH, Schentag JJ. Population pharmacokinetic methods to optimize antibiotic effects. Drug Investigation. 1993;5:256-68.

 

203.        Birmingham
MC, Nix DE, Cumbo TJ, Collins DA, Wels PB, Schentag JJ. The development of a bedside algorithm capable of targeting anti-endotoxins
to the responder subpopulations. Ther Drug Monit. 1993;15(6):503-9.

 

204.        Daniels
S, Schentag JJ. Drug interaction studies and safety of famiciclovir in healthy volunteers: a review. Antiviral Chemistry &
Chemotherapy. 1993;4(Suppl 1):57-64.

 

205.        Forrest
A, Ballow CH, Nix DE, Birmingham MC, Schentag JJ. Development of a population pharmacokinetic model and optimal sampling strategies
for intravenous ciprofloxacin. Antimicrob Agents Chemother. 1993;37(5):1065-72.

 

206.        Forrest
A, Nix DE, Ballow CH, Goss TF, Birmingham MC, Schentag JJ. Pharmacodynamics of intravenous ciprofloxacin in seriously ill patients.
Antimicrob Agents Chemother. 1993;37(5):1073-81.

 

207.        Li
RC, Nix DE, Schentag JJ. New turbidimetric assay for quantitation of viable bacterial densities. Antimicrob Agents Chemother.
1993;37(2):371-4.

 

208.        Li
RC, Schentag JJ, Nix DE. The fractional maximal effect method: a new way to characterize the effect of antibiotic combinations
and other nonlinear pharmacodynamic interactions. Antimicrob Agents Chemother. 1993;37(3):523-31.

 

209.        Nix
DE, Ballow CH, Forrest A, Paladino JA, Birmingham MC, Cumbo TJ, et al. Dosing considerations with IV ciprofloxacin in critical
care patients. In: Gemmell CG, ed. Ciprofloxacin in Hematology and Oncology. New York NY: Raven Healthcare Communications; 1993:45-55.

  

    	41

    	 

    

  

210.        Schentag
JJ. The results of a targeted pharmacy intervention program. Clin Ther. 1993;15 Suppl A:29-36.

 

211.        Schentag
JJ. Assessment of pharmacokinetic drug interactions in clinical drug development. In: Yacobi A, Skelly JP, Shah VP, Benet LZ,
eds. Integration of Pharmacokinetics, Pharmacodynamics and Toxicokinetics in Rational Drug Development. New York NY: Plenum Press;
1993:149-57.

 

212.        Schentag
JJ. Innovative Pharmacokinetics: Parameters to consider when selecting an oral antibiotic. Clinician. 1993;11(3):8-11.

 

213.        Schentag
JJ, Ballow CH, Fritz AL, Paladino JA, Williams JD, Cumbo TJ, et al. Changes in antimicrobial agent usage resulting from interactions
among clinical pharmacy, the infectious disease division, and the microbiology laboratory. Diagn Microbiol Infect Dis. 1993;16(3):255-64.

 

214.        Schentag
JJ, Goss TF. Pharmacokinetics and pharmacodynamics of acid-suppressive agents in patients with gastroesophageal reflux disease.
Am J Hosp Pharm. 1993;50(4 Suppl 1):S7-10.

 

215.        Schentag
JJ, Nix DE, Forrest A. Pharmacodynamics of the fluoroquinolones. In: Hooper DC, Wolfson JS, eds. Quinolone Antimicrobial Agents.
2nd ed. Washington D.C.: American Society for Microbiology; 1993:259-71.

 

216.        Wong
PP, Dornan J, Schentag CT, Ip R, Keating M. Statistical profile of traumatic brain injury: a Canadian rehabilitation population.
Brain Inj. 1993;7(4):283-94.

 

217.        Amsden
GW, Goss TF, Harrison NJ, D'Andrea DT, Schentag JJ. Pharmacodynamics of bolus famotidine versus infused cimetidine, ranitidine,
and famotidine. J Clin Pharmacol. 1994;34(12):1191-8.

 

218.        Amsden
GW, Schentag JJ. Tables of antimicrobial agent pharmacology. In: Mandell GL, Bennett JE, Dolin R, eds. Principles and Practices
of Infectious Diseases. New York NY: Livingstone, Inc.; 1994.

 

219.        Fink
MP, Snydman DR, Niederman MS, Leeper KV, Jr., Johnson RH, Heard SO, et al. Treatment of severe pneumonia in hospitalized patients:
results of a multicenter, randomized, double-blind trial comparing intravenous ciprofloxacin with imipenem-cilastatin. The Severe
Pneumonia Study Group. Antimicrob Agents Chemother. 1994;38(3):547-57.

 

220.        Goss
TF, Forrest A, Nix DE, Ballow CH, Birmingham MC, Cumbo TJ, et al. Mathematical examination of dual individualization principles
(II): The rate of bacterial eradication at the same area under the inhibitory curve is more rapid for ciprofloxacin than for cefmenoxime.
Ann Pharmacother. 1994;28(7-8):863-8.

 

221.        Huh
K, Wilton JH, Nix DE, Schentag JJ. Structures and biological activities of tobramycin-ticarcillin adducts. J Pharm Sci. 1994;83(6):763-7.

 

222.        Hyatt
JM, Nix DE, Schentag JJ. Pharmacokinetic and pharmacodynamic activities of ciprofloxacin against strains of Streptococcus pneumoniae,
Staphylococcus aureus, and Pseudomonas aeruginosa for which MICs are similar. Antimicrob Agents Chemother. 1994;38(12):2730-7.

 

223.        Li
RC, Nix DE, Schentag JJ. Pharmacodynamic modeling of bacterial kinetics: beta-lactam antibiotics against Escherichia coli. J Pharm
Sci. 1994;83(7):970-5.

  

    	42

    	 

    

 

224.        Li
RC, Nix DE, Schentag JJ. Interaction between ciprofloxacin and metal cations: its influence on physicochemical characteristics
and antibacterial activity. Pharm Res. 1994;11(6):917-20.

 

225.        Paladino
JA, Rainstein MA, Serrianne DJ, Przylucki JE, Welage LS, Collura ML, et al. Ampicillin-sulbactam versus cefoxitin for prophylaxis
in high-risk patients undergoing abdominal surgery. Pharmacotherapy. 1994;14(6):734-9.

 

226.        Peck
CC, Barr WH, Benet LZ, Collins J, Desjardens RE, Furst DE, et al. Opportunities for integration of pharmacokinetics, pharmacodynamics,
and toxicokinetics in rational drug development. J Clin Pharmacol. 1994;34:111-9.

 

227.        Schentag
JJ. Correlation of pharmacokinetics and efficacy: determine the breakpoint between success and failure. British J Intensive Care.
1994;Suppl (October):14-6.

 

228.        Wong
PP, Dornan J, Keating AM, Schentag CT, Ip RY. Re-examining the concept of severity in traumatic brain injury. Brain Inj. 1994;8(6):509-18.

 

229.        Ballow
CH, Wels PB, Welage LS, Walczak P, Williams JS, Schentag JJ. A Double-Blind, Randomized Comparison of Aztreonam Plus Clindamycin
with Tobramycin Plus Clindamycin in Abdominal Infections. Am J Ther. 1995;2(6):373-7.

 

230.        Blum
RA, Schentag JJ, Gardner MJ, Wilner KD. The effect of tenidap sodium on the disposition and plasma protein binding of phenytoin
in healthy male volunteers. Br J Clin Pharmacol. 1995;39 Suppl 1:35S-8S.

 

231.        Hyatt
JM, McKinnon PS, Zimmer GS, Schentag JJ. The importance of pharmacokinetic/pharmacodynamic surrogate markers to outcome. Focus
on antibacterial agents. Clin Pharmacokinet. 1995;28(2):143-60.

 

232.        Hyatt
JM, Nix DE, Stratton CW, Schentag JJ. In vitro pharmacodynamics of piperacillin, piperacillin-tazobactam, and ciprofloxacin alone
and in combination against Staphylococcus aureus, Klebsiella pneumoniae, Enterobacter cloacae, and Pseudomonas aeruginosa. Antimicrob
Agents Chemother. 1995;39(8):1711-6.

 

233.        Kazierad
DJ, Wojcik GJ, Nix DE, Goldfarb AL, Schentag JJ. The effect of verapamil on the nephrotoxic potential of gentamicin as measured
by urinary enzyme excretion in healthy volunteers. J Clin Pharmacol. 1995;35(2):196-201.

 

234.        Kosoglou
T, Kazierad DJ, Schentag JJ, Patrick JE, Heimark L, Radwanski E, et al. Effect of food on the oral bioavailability of isosorbide-5-mononitrate
administered as an extended-release tablet. J Clin Pharmacol. 1995;35(2):151-8.

 

235.        Nix
DE, Schentag JJ. Role of pharmacokinetics and pharmacodynamics in the design of dosage schedules for 12-h cefotaxime alone and
in combination with other antibiotics. Diagn Microbiol Infect Dis. 1995;22(1-2):71-6.

 

236.        Schentag
JJ. Antibiotic treatment of acute otitis media in children: dosing considerations. Pediatr Infect Dis J. 1995;14:S29-32.

 

237.        Schentag
JJ. Understanding and managing microbial resistance in institutional settings. Am J Health Syst Pharm. 1995;52(6 Suppl 2):S9-14.

 

238.        Schentag
JJ, Paladino JA, Birmingham MC, Zimmer G, Carr JR, Hanson SC. Use of benchmarking techniques to justify the evolution of antibiotic
management programs in healthcare systems. J Pharm Technol. 1995;11(5):203-10.

 

    	43

    	 

    

  

239.        Teng
R, Harris SC, Nix DE, Schentag JJ, Foulds G, Liston TE. Pharmacokinetics and safety of trovafloxacin (CP-99,219), a new quinolone
antibiotic, following administration of single oral doses to healthy male volunteers. J Antimicrob Chemother. 1995;36(2):385-94.

 

240.        Li
RC, Nix DE, Schentag JJ. Performance of the fractional maximal effect method: comparative interaction studies of ciprofloxacin
and protein synthesis inhibitors. J Chemother. 1996;8(1):25-32.

 

241.        Paladino
JA, Zimmer GS, Schentag JJ. The economic potential of dual individualisation methodologies. Pharmacoeconomics. 1996;10(6):539-45.

 

242.        Rifenburg
RP, Paladino JA, Hanson SC, Tuttle JA, Schentag JJ. Benchmark analysis of strategies hospitals use to control antimicrobial expenditures.
Am J Health Syst Pharm. 1996;53(17):2054-62.

 

243.        Schentag
JJ, Carr JR, Adelman MH, Birmingham MC, Zimmer GS, Paladino JA. Formulary management versus disease management. Infect Dis Clin
Practice. 1996;5(Suppl 1):1-6.

 

244.        Schentag
JJ, Forrest A, Nix DE, Ballow CH. Relationships between serum, intra-cellular and infection site concentrations of macrolide and
azalide antibiotics: a theoretical exploration of the concept of white blood cell drug delivery to infection sites. Anti-Infective
Drugs & Chemotherapy. 1996;14:137-42.

 

245.        Schentag
JJ, Nix DE, Forrest A, Adelman MH. AUIC--the universal parameter within the constraint of a reasonable dosing interval. Ann Pharmacother.
1996;30(9):1029-31.

 

246.        Ballow
CH, Jones RN, Johnson DM, Deinhart JA, Schentag JJ. Comparative in vitro assessment of sparfloxacin activity and spectrum using
results from over 14,000 pathogens isolated at 190 medical centers in the USA. SPAR Study Group. Diagn Microbiol Infect Dis. 1997;29(3):173-86.

 

247.        Birmingham
MC, Hassett JM, Schentag JJ, Paladino JA. Assessing antibacterial pharmacoeconomics in the intensive care unit. Pharmacoeconomics.
1997;12(6):637-47.

 

248.        Carr
JR, Fitzpatrick P, Izzo JL, Cumbo TJ, Birmingham MC, Adelman MH, et al. Changing the infection control paradigm from off-line
to real time: the experience at Millard Fillmore Health System. Infect Control Hosp Epidemiol. 1997;18(4):255-9.

 

249.        Forrest
A, Chodosh S, Amantea MA, Collins DA, Schentag JJ. Pharmacokinetics and pharmacodynamics of oral grepafloxacin in patients with
acute bacterial exacerbations of chronic bronchitis. J Antimicrob Chemother. 1997;40 Suppl A:45-57.

 

250.        Hyatt
JM, Luzier AB, Forrest A, Ballow CH, Schentag JJ. Modeling the response of pneumonia to antimicrobial therapy. Antimicrob Agents
Chemother. 1997;41(6):1269-74.

 

251.        Nix
DE, Thomas JK, Symonds WT, Spivey JM, Wilton JH, Gagliardi NC, et al. Assessment of the enzymuria resulting from gentamicin alone
and combinations of gentamicin with various beta-lactam antibiotics. Ann Pharmacother. 1997;31(6):696-703.

 

252.        Nix
DE, Wilton JH, Hyatt J, Thomas J, Strenkoski-Nix LC, Forrest A, et al. Pharmacodynamic modeling of the in vivo interaction between
cefotaxime and ofloxacin by using serum ultrafiltrate inhibitory titers. Antimicrob Agents Chemother. 1997;41(5):1108-14.

 

253.        Schentag
JJ. The pharmacoeconomics of treating hospital-acquired pneumonia: developing a rational strategy. Pharmaguide to Hospital Medicine.
1997;10(4):1-12.

  

    	44

    	 

    

  

254.        Schentag
JJ. Optimizing antibiotic use in the critical care unit. Pathways in Critical Care. 1997;2(3):1-9.

 

255.        Schentag
JJ. A theoretical framework for antibiotic utilization. Emerging Resistance with Gram Positive Aerobic Infections. Fact or Fiction?
Binghamton NY: Pharmaceutical Products Press; 1997:51-9.

 

256.        Schentag
JJ, Birmingham MC, Paladino JA, Carr JR, Hyatt JM, Forrest A, et al. In nosocomial pneumonia, optimizing antibiotics other than
aminoglycosides is a more important determinant of successful clinical outcome, and a better means of avoiding resistance. Semin
Respir Infect. 1997;12(4):278-93.

 

257.        Schentag
JJ, Tillotson GS. Antibiotic selection and dosing for the treatment of acute exacerbations of COPD. Chest. 1997;112(6 Suppl):314S-9S.

 

258.        Jones
RN, Ballow CH, Biedenbach DJ, Deinhart JA, Schentag JJ. Antimicrobial activity of quinupristin-dalfopristin (RP 59500, Synercid)
tested against over 28,000 recent clinical isolates from 200 medical centers in the United States and Canada. Diagn Microbiol
Infect Dis. 1998;31(3):437-51.

 

259.        Jones
RN, Ballow CH, Schentag JJ, Johnson DM, Deinhart JA. In vitro evaluation of sparfloxacin activity and spectrum against 24,940
pathogens isolated in the United States and Canada, the final analysis. Diagn Microbiol Infect Dis. 1998;31(1):313-25.

 

260.        Luzier
AB, Forrest A, Adelman M, Hawari FI, Schentag JJ, Izzo JL, Jr. Impact of angiotensin-converting enzyme inhibitor underdosing on
rehospitalization rates in congestive heart failure. Am J Cardiol. 1998;82(4):465-9.

 

261.        Moise
PA, Schentag JJ. Pharmacokinetic and pharmacodynamic modelling of antibiotic therapy. Curr Opin Infect Dis. 1998;11(6):673-80.

 

262.        Schentag
JJ. Antibiotic dosing--does one size fit all? JAMA. 1998;279(2):159-60.

 

263.        Schentag
JJ, Birmingham MC, Hyatt JM, Hassett JM, Paladino JA. Methods to control endemic vancomycin resistant enterococci, and strategies
for reducing the risk of vancomycin resistant enterococcus faecium outbreaks in surgical ICU patients. Surgical Rounds. 1998;Supplement:12-26.

 

264.        Schentag
JJ, Hyatt JM, Carr JR, Paladino JA, Birmingham MC, Zimmer GS, et al. Genesis of methicillin-resistant Staphylococcus aureus (MRSA),
how treatment of MRSA infections has selected for vancomycin-resistant Enterococcus faecium, and the importance of antibiotic
management and infection control. Clin Infect Dis. 1998;26(5):1204-14.

 

265.        Schentag
JJ, Hyatt JM, Fitzpatrick P, Paladino JA, Birmingham MC. Infection control and changes in the antibiotic formulary for management
of epidemic and endemic vancomycin resistant enterococcus faecium. Hospital Practice. 1998;Special Report:22-36.

 

266.        Schentag
JJ, Strenkoski-Nix LC, Nix DE, Forrest A. Pharmacodynamic interactions of antibiotics alone and in combination. Clin Infect Dis.
1998;27(1):40-6.

 

267.        Strenkoski-Nix
LC, Forrest A, Schentag JJ, Nix DE. Pharmacodynamic interactions of ciprofloxacin, piperacillin, and piperacillin/tazobactam in
healthy volunteers. J Clin Pharmacol. 1998;38(11):1063-71.

 

268.        Thomas
JK, Forrest A, Bhavnani SM, Hyatt JM, Cheng A, Ballow CH, et al. Pharmacodynamic evaluation of factors associated with the development
of bacterial resistance in acutely ill patients during therapy. Antimicrob Agents Chemother. 1998;42(3):521-7.

 

    	45

    	 

    

  

269.        Birmingham
MC, Guarino R, Heller A, Wilton JH, Shah A, Hejmanowski L, et al. Ciprofloxacin concentrations in lung tissue following a single
400 mg intravenous dose. J Antimicrob Chemother. 1999;43 Suppl A:43-8.

 

270.        Chan
WC, Li RC, Ling JM, Cheng AF, Schentag JJ. Markedly different rates and resistance profiles exhibited by seven commonly used and
newer beta-lactams on the selection of resistant variants of Enterobacter cloacae. J Antimicrob Chemother. 1999;43(1):55-60.

 

271.        Goss
TF, Schentag JJ. The cost effectiveness of oral therapy in a hospital setting. The Healthcare Economic Advisory - Milestones.
1999:6-7, 15.

 

272.        Highet
VS, Forrest A, Ballow CH, Schentag JJ. Antibiotic dosing issues in lower respiratory tract infection: population-derived area
under inhibitory curve is predictive of efficacy. J Antimicrob Chemother. 1999;43 Suppl A:55-63.

 

273.        Li
RC, Zhu M, Schentag JJ. Achieving an optimal outcome in the treatment of infections. The role of clinical pharmacokinetics and
pharmacodynamics of antimicrobials. Clin Pharmacokinet. 1999;37(1):1-16.

 

274.        Nix
DE, Di Cicco RA, Miller AK, Boyle DA, Boike SC, Zariffa N, et al. The effect of low-dose cimetidine (200 mg twice daily) on the
pharmacokinetics of theophylline. J Clin Pharmacol. 1999;39(8):855-65.

 

275.        Rifenburg
RP, Paladino JA, Bhavnani SM, Haese DD, Schentag JJ. Influence of fluoroquinolone purchasing patterns on antimicrobial expenditures
and Pseudomonas aeruginosa susceptibility. Am J Health Syst Pharm. 1999;56(21):2217-23.

 

276.        Schentag
JJ. Antimicrobial action and pharmacokinetics/pharmacodynamics: the use of AUIC to improve efficacy and avoid resistance. J Chemother.
1999;11(6):426-39.

 

277.        Schentag
JJ. Pharmacokinetic and pharmacodynamic surrogate markers: studies with fluoroquinolones in patients. Am J Health Syst Pharm.
1999;56(22 Suppl 3):S21-4.

 

278.        Schentag
JJ. Optimizing antimicrobial therapy in respiratory-tract infections: new agents, new strategies. Introduction. Am J Health Syst
Pharm. 1999;56(22 Suppl 3):S3.

 

279.        Schentag
JJ. Mini-Reviews: Pharmacokinetics/Pharmacodynamics. In: Mandell L, ed. First International Moxifloxacin Symposium. Berlin: Springer-Verlag;
1999.

 

280.        Schentag
JJ, Paladino JA. Pharmacodynamic rationale for selecting the fluoroquinolones. Infect Dis Clin Practice. 1999;8(Suppl 1):S23-S7.

 

281.        Schentag
JJ, Scully BE. Quinolones. In: Yu VL, Merigan TC, Barriere SL, eds. Antimicrobial Therapy and Vaccines. Baltimore MD: Williams
& Watkins; 1999:875-901.

 

282.        Hyatt
JM, Schentag JJ. Potential role of pharmacokinetics, pharmacodynamics, and computerized databases in controlling bacterial resistance.
Infect Control Hosp Epidemiol. 2000;21(1 Suppl):S18-21.

 

283.        Hyatt
JM, Schentag JJ. Pharmacodynamic modeling of risk factors for ciprofloxacin resistance in Pseudomonas aeruginosa. Infect Control
Hosp Epidemiol. 2000;21(1 Suppl):S9-11.

 

284.        Luzier
AB, Forrest A, Feuerstein SG, Schentag JJ, Izzo JL, Jr. Containment of heart failure hospitalizations and cost by angiotensin-converting
enzyme inhibitor dosage optimization. Am J Cardiol. 2000;86(5):519-23.

  

    	46

    	 

    

  

285.        Meinl
B, Hyatt JM, Forrest A, Chodosh S, Schentag JJ. Pharmacokinetic/pharmacodynamic predictors of time to clinical resolution in patients
with acute bacterial exacerbations of chronic bronchitis treated with a fluoroquinolone. Int J Antimicrob Agents. 2000;16(3):273-80.

 

286.        Moise
PA, Birmingham MC, Schentag JJ. Pharmacokinetics and metabolism of moxifloxacin. Drugs Today (Barc). 2000;36(4):229-44.

 

287.        Moise
PA, Forrest A, Bhavnani SM, Birmingham MC, Schentag JJ. Area under the inhibitory curve and a pneumonia scoring system for predicting
outcomes of vancomycin therapy for respiratory infections by Staphylococcus aureus. Am J Health Syst Pharm. 2000;57 Suppl 2:S4-9.

 

288.        Moise
PA, Schentag JJ. Vancomycin treatment failures in Staphylococcus aureus lower respiratory tract infections. Int J Antimicrob Agents.
2000;16 Suppl 1:S31-4.

 

289.        Pickerill
KE, Paladino JA, Schentag JJ. Comparison of the fluoroquinolones based on pharmacokinetic and pharmacodynamic parameters. Pharmacotherapy.
2000;20(4):417-28.

 

290.        Schentag
J. Pharmacokinetic and Pharmacodynamic Considerations in Pneumococcal Infections: Serum or Tissue Concentrations. Video. 2000;Sponsored
by Bayer Corporation.

 

291.        Schentag
JJ. Clinical pharmacology of the fluoroquinolones: studies in human dynamic/kinetic models. Clin Infect Dis. 2000;31 Suppl 2:S40-4.

 

292.        Schentag
JJ. Sparfloxacin: a review. Clin Ther. 2000;22(4):372-87; discussion 1.

 

293.        Tran
JQ, Ballow CH, Forrest A, Hyatt JM, Sands MF, Peloquin CA, et al. Comparison of the abilities of grepafloxacin and clarithromycin
to eradicate potential bacterial pathogens from the sputa of patients with chronic bronchitis: influence of pharmacokinetic and
pharmacodynamic variables. J Antimicrob Chemother. 2000;45:9-17.

 

294.        Miyazawa
Y, Blum RA, Schentag JJ, Kamimura H, Matsushima H, Swarz H, et al. Pharmacokinetics and safety of tamsulosin in subjects with
normal and impaired renal or hepatic function. Current Therapeutic Research. 2001;62:603-21.

 

295.        Perry
TR, Schentag JJ. Clinical use of ceftriaxone: a pharmacokinetic-pharmacodynamic perspective on the impact of minimum inhibitory
concentration and serum protein binding. Clin Pharmacokinet. 2001;40(9):685-94.

 

296.        Schentag
JJ. Antimicrobial management strategies for Gram-positive bacterial resistance in the intensive care unit. Crit Care Med. 2001;29(4
Suppl):N100-7.

 

297.        Schentag
JJ, Gilliland KK, Paladino JA. Correspondence on what we have learned from pharmacokinetic and pharmacodynamic theories. Clin
Infect Dis. 2001;33:2093-6.

 

298.        Schentag
JJ, Gilliland KK, Paladino JA. What have we learned from pharmacokinetic and pharmacodynamic theories? Clin Infect Dis. 2001;32
Suppl 1:S39-46.

 

299.        Scott
JD, Forrest A, Feuerstein S, Fitzpatrick P, Schentag JJ. Factors associated with postoperative infection. Infect Control Hosp
Epidemiol. 2001;22(6):347-51.

 

300.        Smith
PF, Ballow CH, Booker BM, Forrest A, Schentag JJ. Pharmacokinetics and pharmacodynamics of aztreonam and tobramycin in hospitalized
patients. Clin Ther. 2001;23(8):1231-44.

 

301.        Miyazawa
Y, Forrest A, Schentag JJ, Kamimura H, Swarz H, Ito Y. Effect of concomitant administration of cimetidine hydrochloride on the
phamacokinetic and safety profile of tamsulosin hydrochloride 0.4 mg in healthy subjects. Current Therapeutic Research. 2002;63:15-26.

  

    	47

    	 

    

  

302.        Miyazawa
Y, Paul Starkey L, Forrest A, Schentag JJ, Kamimura H, Swarz H, et al. Effects of the concomitant administration of tamsulosin
(0.8 mg) on the pharmacokinetic and safety profile of intravenous digoxin (Lanoxin) in normal healthy subjects: a placebo-controlled
evaluation. J Clin Pharm Ther. 2002;27(1):13-9.

 

303.        Miyazawa
Y, Starkey LP, Forrest A, Schentag JJ, Kamimura H, Swarz H, et al. Effects of the concomitant administration of tamsulosin (0.8
mg/day) on the pharmacokinetic and safety profile of theophylline (5 mg/kg): a placebo-controlled evaluation. J Int Med Res. 2002;30(1):34-43.

 

304.        Moise
PA, Forrest A, Birmingham MC, Schentag JJ. The efficacy and safety of linezolid as treatment for Staphylococcus aureus infections
in compassionate use patients who are intolerant of, or who have failed to respond to, vancomycin. J Antimicrob Chemother. 2002;50(6):1017-26.

 

305.        Paladino
JA, Sunderlin JL, Price CS, Schentag JJ. Economic consequences of antimicrobial resistance. Surg Infect (Larchmt). 2002;3(3):259-67.

 

306.        Schentag
JJ. Pharmacokinetic and pharmacodynamic predictors of antimicrobial efficacy: moxifloxacin and Streptococcus pneumoniae. J Chemother.
2002;14 Suppl 2:13-21.

 

307.        Wilson
R, Schentag JJ, Ball P, Mandell L. A comparison of gemifloxacin and clarithromycin in acute exacerbations of chronic bronchitis
and long-term clinical outcomes. Clin Ther. 2002;24(4):639-52.

 

308.        Bhavnani
SM, Callen WA, Forrest A, Gilliland KK, Collins DA, Paladino JA, et al. Effect of fluoroquinolone expenditures on susceptibility
of Pseudomonas aeruginosa to ciprofloxacin in U.S. hospitals. Am J Health Syst Pharm. 2003;60(19):1962-70.

 

309.        Birmingham
MC, Rayner CR, Meagher AK, Flavin SM, Batts DH, Schentag JJ. Linezolid for the treatment of multidrug-resistant, gram-positive
infections: experience from a compassionate-use program. Clin Infect Dis. 2003;36(2):159-68.

 

310.        Meagher
AK, Forrest A, Rayner CR, Birmingham MC, Schentag JJ. Population pharmacokinetics of linezolid in patients treated in a compassionate-use
program. Antimicrob Agents Chemother. 2003;47(2):548-53.

 

311.        Moylett
EH, Pacheco SE, Brown-Elliott BA, Perry TR, Buescher ES, Birmingham MC, et al. Clinical experience with linezolid for the treatment
of nocardia infection. Clin Infect Dis. 2003;36(3):313-8.

 

312.        Paladino
JA, Sunderlin JL, Forrest A, Schentag JJ. Characterization of the onset and consequences of pneumonia due to fluoroquinolone-susceptible
or -resistant Pseudomonas aeruginosa. J Antimicrob Chemother. 2003;52(3):457-63.

 

313.        Rayner
CR, Forrest A, Meagher AK, Birmingham MC, Schentag JJ. Clinical pharmacodynamics of linezolid in seriously ill patients treated
in a compassionate use programme. Clin Pharmacokinet. 2003;42(15):1411-23.

 

314.        Schentag
JJ, Meagher AK, Forrest A. Fluoroquinolone AUIC break points and the link to bacterial killing rates. Part 2: human trials. Ann
Pharmacother. 2003;37(10):1478-88.

 

315.        Schentag
JJ, Meagher AK, Forrest A. Fluoroquinolone AUIC break points and the link to bacterial killing rates. Part 1: In vitro and animal
models. Ann Pharmacother. 2003;37(9):1287-98.

 

    	48

    	 

    

  

316.        Smith
PF, Birmingham MC, Noskin GA, Meagher AK, Forrest A, Rayner CR, et al. Safety, efficacy and pharmacokinetics of linezolid for
treatment of resistant Gram-positive infections in cancer patients with neutropenia. Ann Oncol. 2003;14(5):795-801.

 

317.        Broder
KW, Moise PA, Schultz RO, Forrest A, Schentag JJ. Clinical experience with linezolid in conjunction with wound coverage techniques
for skin and soft-tissue infections and postoperative osteomyelitis. Ann Plast Surg. 2004;52(4):385-90.

 

318.        Meagher
AK, Forrest A, Dalhoff A, Stass H, Schentag JJ. Novel pharmacokinetic-pharmacodynamic model for prediction of outcomes with an
extended-release formulation of ciprofloxacin. Antimicrob Agents Chemother. 2004;48(6):2061-8.

 

319.        Moise-Broder
PA, Forrest A, Birmingham MC, Schentag JJ. Pharmacodynamics of vancomycin and other antimicrobials in patients with Staphylococcus
aureus lower respiratory tract infections. Clin Pharmacokinet. 2004;43(13):925-42.

 

320.        Moise-Broder
PA, Sakoulas G, Eliopoulos GM, Schentag JJ, Forrest A, Moellering RC, Jr. Accessory gene regulator group II polymorphism in methicillin-resistant
Staphylococcus aureus is predictive of failure of vancomycin therapy. Clin Infect Dis. 2004;38(12):1700-5.

 

321.        Rayner
CR, Baddour LM, Birmingham MC, Norden C, Meagher AK, Schentag JJ. Linezolid in the treatment of osteomyelitis: results of compassionate
use experience. Infection. 2004;32(1):8-14.

 

322.        Sakoulas
G, Moise-Broder PA, Schentag J, Forrest A, Moellering RC, Jr., Eliopoulos GM. Relationship of MIC and bactericidal activity to
efficacy of vancomycin for treatment of methicillin-resistant Staphylococcus aureus bacteremia. J Clin Microbiol. 2004;42(6):2398-402.

 

323.        Schentag
JJ. Why pharmacoeconomics are relevant in managing respiratory infections: how an antibiotic's AUIC can predict outcomes and costs.
Consultant. 2004;44(7):S42-S9.

 

324.        Schentag
JJ, Akers C, Campagna P, Chirayath P. SARS - Cleaning the Air. In: Knobler S, Mahmoud A, Lemon S, Mack A, Sivitz L, Oberholtzer
K, eds. Learning from SARS - Preparing for the Next Disease Outbreak. Workshop Summary. Washington DC: The Institute of Medicine;
2004:193-205.

 

325.        Kiem
S, Schentag JJ. Antibiotic pharmacokinetics and pharmacodynamics: how can they be used to optimize therapy in ventilator-associated
pneumonia? In: Niederman MS, ed. Severe Pneumonia. Boca Raton: Taylor & Francis Group; 2005:337-65.

 

326.        Noskin
GA, Rubin RJ, Schentag JJ, Kluytmans J, Hedblom EC, Smulders M, et al. The burden of Staphylococcus aureus infections on hospitals
in the United States: an analysis of the 2000 and 2001 Nationwide Inpatient Sample Database. Arch Intern Med. 2005;165(15):1756-61.

 

327.        Zhou
XF, Zhang L, Tseng E, Scott-Ramsay E, Schentag JJ, Coburn RA, et al. New 4-aryl-1,4-dihydropyridines and 4-arylpyridines as P-glycoprotein
inhibitors. Drug Metab Dispos. 2005;33(3):321-8.

 

328.        Kiem
S, Schentag JJ. Antibiotics in the ICU. In: Albert RK, Slutsky A, Ranieri M, Takala J, Torres A, eds. Clinical Critical Care Medicine.
Philadelphia: Mosby Inc.; 2006:61-70.

 

329.        Kiem
S, Schentag JJ. Relationship of minimal inhibitory concentration and bactericidal activity to efficacy of antibiotics for treatment
of ventilator-associated pneumonia. Semin Respir Crit Care Med. 2006;27(1):51-67.

  

    	49

    	 

    

  

330.        LeBlanc
JM, Dasta JF, Pruchnicki MC, Schentag JJ. Impact of disease states on the pharmacokinetics and pharmacodynamics of angiotensin-converting
enzyme inhibitors. J Clin Pharmacol. 2006;46(9):968-80.

 

331.        Paladino
JA, Schentag JJ. Microbiologic, clinical and economic outcomes of dual individualized dosing of antimicrobial agents. In: Burton
ME, Shaw LM, Schentag JJ, Evans WE, eds. Applied Pharmacokinetics. 4th ed. New York: Lippincott, Williams & Wilkins; 2006:341-53.

 

332.        Schentag
JJ, Bang AJ, Kozinski-Tober JL. Digoxin. In: Burton ME, Shaw LM, Schentag JJ, Evans WE, eds. Applied Pharmacokinetics. 4th ed.
New York: Lippincott, Williams & Wilkins; 2006:410-39.

 

333.        Schentag
JJ, Meagher AK, Jelliffe R. Aminoglycosides. In: Burton ME, Shaw LM, Schentag JJ, Evans WE, eds. Applied Pharmacokinetics. New
York: Lippincott, Williams & Wilkins; 2006:285-327.

 

334.        Iannini
PB, Paladino JA, Lavin B, Singer ME, Schentag JJ. A case series of macrolide treatment failures in community acquired pneumonia.
J Chemother. 2007;19(5):536-45.

 

335.        Moise
PA, Sakoulas G, Forrest A, Schentag JJ. Vancomycin in vitro bactericidal activity and its relationship to efficacy in clearance
of methicillin-resistant Staphylococcus aureus bacteremia. Antimicrob Agents Chemother. 2007;51(7):2582-6.

 

336.        Noskin
GA, Rubin RJ, Schentag JJ, Kluytmans J, Hedblom EC, Jacobson C, et al. National trends in Staphylococcus aureus infection rates:
impact on economic burden and mortality over a 6-year period (1998-2003). Clin Infect Dis. 2007;45(9):1132-40.

 

337.        Paladino
JA, Adelman MH, Schentag JJ, Iannini PB. Direct costs in patients hospitalised with community-acquired pneumonia after non-response
to outpatient treatment with macrolide antibacterials in the US. Pharmacoeconomics. 2007;25(8):677-83.

 

338.        Paladino
JA, Eubanks DA, Adelman MH, Schentag JJ. Once-daily cefepime versus ceftriaxone for nursing home-acquired pneumonia. J Am Geriatr
Soc. 2007;55(5):651-7.

 

339.        Paladino
JA, Sunderlin JL, Adelman MH, Singer ME, Schentag JJ. Observations on vancomycin use in U.S. hospitals. Am J Health Syst Pharm.
2007;64(15):1633-41.

 

340.        Schentag
JJ, Hill G, Chu T, Rayner CR. Similarity in pharmacokinetics of oseltamivir and oseltamivir carboxylate in Japanese and Caucasian
subjects. J Clin Pharmacol. 2007;47(6):689-96.

 

341.        Schentag
JJ, Klugman KP, Yu VL, Adelman MH, Wilton GJ, Chiou CC, et al. Streptococcus pneumoniae bacteraemia: pharmacodynamic correlations
with outcome and macrolide resistance--a controlled study. Int J Antimicrob Agents. 2007;30(3):264-9.

 

342.        File
TM, Jr., Schentag JJ. What can we learn from the time course of untreated and partially treated community-onset Streptococcus
pneumoniae pneumonia? A clinical perspective on superiority and noninferiority trial designs for mild community-acquired pneumonia.
Clin Infect Dis. 2008;47 Suppl 3:S157-65.

 

343.        Kiem
S, Schentag JJ. Interpretation of antibiotic concentration ratios measured in epithelial lining fluid. Antimicrob Agents Chemother.
2008;52(1):24-36.

 

    	50

    	 

    

  

344.        McKinnon
PS, Paladino JA, Schentag JJ. Evaluation of area under the inhibitory curve (AUIC) and time above the minimum inhibitory concentration
(T>MIC) as predictors of outcome for cefepime and ceftazidime in serious bacterial infections. Int J Antimicrob Agents. 2008;31(4):345-51.

 

345.        Monte
SV, Paolini NM, Slazak EM, Schentag JJ, Paladino JA. Costs of treating lower respiratory tract infections. Am J Manag Care. 2008;14(4):190-6.

 

346.        Noskin
GA, Rubin RJ, Schentag JJ, Kluytmans J, Hedblom EC, Jacobson C, et al. Budget impact analysis of rapid screening for Staphylococcus
aureus colonization among patients undergoing elective surgery in US hospitals. Infect Control Hosp Epidemiol. 2008;29(1):16-24.

 

347.        Paladino
JA, Schentag JJ. The economics of Clostridium difficile-associated disease for providers and payers. Clin Infect Dis. 2008;46(4):505-6.

 

348.        Paladino
JA, Sunderlin JL, Singer ME, Adelman MH, Schentag JJ. Influence of extended-spectrum beta-lactams on gram-negative bacterial resistance.
Am J Health Syst Pharm. 2008;65(12):1154-9.

 

349.        Brink
AJ, Richards GA, Schillack V, Kiem S, Schentag J. Pharmacokinetics of once-daily dosing of ertapenem in critically ill patients
with severe sepsis. Int J Antimicrob Agents. 2009;33(5):432-6.

 

350.        File
TM, Jr., Monte SV, Schentag JJ, Paladino JA, Klugman KP, Lavin B, et al. A disease model descriptive of progression between chronic
obstructive pulmonary disease exacerbations and community-acquired pneumonia: roles for underlying lung disease and the pharmacokinetics/pharmacodynamics
of the antibiotic. Int J Antimicrob Agents. 2009;33(1):58-64.

 

351.        Monte
SV, Schentag JJ, Adelman MH, Paladino JA. Characterization of cardiovascular outcomes in a type 2 diabetes glucose supply and
insulin demand model. J Diabetes Sci Technol. 2010;4(2):382-90.

 

352.        Monte
SV, Schentag JJ, Adelman MH, Paladino JA. Glucose supply and insulin demand dynamics of antidiabetic agents. J Diabetes Sci Technol.
2010;4(2):365-81.

 

353.        Pelham
WE, Waxmonsky JG, Schentag J, Ballow CH, Panahon CJ, Gnagy EM, et al. Efficacy of a methylphenidate transdermal system versus
t.i.d. methylphenidate in a laboratory setting. J Atten Disord. 2011;15(1):28-35.

 

354.        Schultz
C, Breaux J, Schentag J, Morck D. Drug delivery to the posterior segment of the eye through hydrogel contact lenses. Clin Exp
Optom. 2011;94(2):212-8.

 

355.        Monte
SV, Caruana JA, Ghanim H, Sia CL, Korzeniewski K, Schentag JJ, et al. Reduction in endotoxemia, oxidative and inflammatory stress,
and insulin resistance after Roux-en-Y gastric bypass surgery in patients with morbid obesity and type 2 diabetes mellitus. Surgery.
2012;151(4):587-93.

 

356.        Dandona
P, Ghanim H, Monte SV, Caruana JA, Green K, Abuaysheh S, et al. Increase in the Mediators of Asthma in Obesity and Obesity with
Type 2 Diabetes: Reduction with Weight Loss. Obesity (Silver Spring). 2013.

  

Mohan Kabadi:

 

1.          Rajen
Shah. Mohan B. Kabadi, David G. Pope and L. Augsburger: Physico-Mechanical Characterization of the Extrusion-Spheronization Process.
Part-II: Rheological Determinants for successful Extrusion and Spheronization. Pharmaceutical Research, 12, 496-507 (1995)

 

    	51

    	 

    

 

2.          Rajen
Shah, Mohan B. Kabadi, David G. Pope and L. Augsburger: Physico-Mechanical Characterization of the Extrusion-Spheronization Process.
Part-1: Instrumentation of the Extruder. Pharmaceutical Research, 11, 355-360 (1994)

 

3.          Mohan
B. Kabadi and Yie W. Chien, "Intra-vaginal Controlled Administration of Flurogestone Acetate (IV): In Vitro-In Vivo Correlation
for Intra-vaginal Drug Delivery from Rate Control Vaginal Pessary". Drug Development and Industrial Pharmacy, 11 (6 &
7), 1333-1361 (1985).

 

4.          Mohan
B. Kabadi and Yie W. Chien, "Intra-vaginal Controlled Administration of Flurogestone

 

5.          Acetate
(III): Development of Rate-Control Vaginal Devices". Drug Development and Industrial Pharmacy, 11 (6 & 7), 1271-1312
(1985).

 

6.          Kakuji
Tojo, Mohan B. Kabadi and Yie W. Chien, "Effect of Diffusional Boundary Layer on the Rate of Controlled Drug Release. (Submitted
for publication).

 

7.          Mohan
B. Kabadi and Yie W. Chien, "Intra-vaginal Controlled Administration of Flurogestone Acetate (II): Development of In Vitro
System for Intra-vaginal Release and Permeation of Flurogestone Acetate. J. Pharm. Sci., 73, 1464 (1984).

 

8.          Mohan
B. Kabadi, Kirti H. Valia and Yie W. Chien, "Intra-vaginal Controlled Administration of Flurogestone Acetate (I): Development
of Stability-indicating HPLC method and Stability Kinetics of Flurogestone Acetate". J. Pharm. Sci., 73, 1461 (1984)

 

    	52

    	 

    

 

Exhibit
F-2

 

Non-Licensor
Patent disclosures – Jerome J Schentag and Co-inventors

 

Oral Proteins: US Provisional
61/783,003 filed March 14, 2013: Inventors are: Schentag, J. McCourt, M, Mielnicki, L, Hughes J

 

Oral RYGB mimetic: US
61/551,638 October 26th, 2011; Published Nov 3, 2011 as US2011/0268795A1; Published May 2, 2013 as WO 2013/063527A1; Inventors
Fayad J, Monte S, Schentag J

 

HepatitisC: US 12/26561
Feb 24, 2012; Published Sept 7, 2012 as WO 2012/118712 and PCT 2012/026561; Inventors are Schentag, J, Fayad J.

 

Regeneration: US Provisional
61/750,042 filed Jan 8, 2013; Inventors are Fayad, J., Schentag J

Diabetes: US provisional
61/254,373 filed Oct 23, 2009; Non Provisional as US 12/911,497 filed Oct 25, 2010; Published as US 2011/097807A1 on April 28,
2011; Issued Patent 8,367,418 on February 5, 2013. Inventors are Monte S, Bright F, Schentag J.

 

Smart Pills: 5,279,607;
5,395,366; Smarter Pills; 2012/006454; 2012/024034; Inventors are Schentag J, D’Andrea D, Bright F

 

Ocular Delivery: 2008/0318843
Inventors are Schultz, C. Schentag J.

 

Non-Licensor
Patent disclosures – Mohan Kabadi and Co-inventors

 

1.          Mohan
B. Kabadi, et al. Tetracycline Stabilizing Formulations, U.S. Patent Number (Pending).

 

2.          Mohan
B. Kabadi and R. Vivilecchia, Stabilized Pharmaceutical Compositions Comprising an HMG-COA Reductase Inhibitor Compound. U.S.
Patent Number 5,356,896 (October 18, 1994). European Patent Pending.

 

3.          Mohan
B. Kabadi, Niranjan M. Patel and Susan Moniot, "Transdermal Delivery System". U.S. Patent number 4,788,064 (November
29, 1988).

 

    	53

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}]]