Document:

Exhibit 10.11

 

TITAN PHARMACEUTICALS, INC.

 

SECOND AMENDED AND RESTATED

 

2015 OMNIBUS EQUITY INCENTIVE PLAN

 

    	 	 	 

     

    

 

TITAN PHARMACEUTICALS, INC.

SECOND AMENDED AND RESTATED

2015 OMNIBUS EQUITY INCENTIVE PLAN

 

Article
I

PURPOSE

 

The purpose of this Titan Pharmaceuticals, Inc.
2015 Omnibus Equity Incentive Plan (the “Plan”) is to benefit Titan Pharmaceuticals, Inc., a Delaware corporation
(the “Company”) and its stockholders, by assisting the Company to attract, retain and provide incentives to
key employees and directors of, and consultants to, the Company and its Affiliates, and to align the interests of such service
providers with those of the Company’s stockholders. Accordingly, the Plan provides for the granting of Non-qualified Stock
Options, Incentive Stock Options, Restricted Stock Awards, Restricted Stock Unit Awards, Stock Appreciation Rights, Performance
Stock Awards, Performance Unit Awards, Unrestricted Stock Awards, Distribution Equivalent Rights or any combination of the foregoing.

 

Article
II

DEFINITIONS

 

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

 

2.1          “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 or other entity in which the Company has a controlling interest in such entity or another entity which
is part of a chain of entities in which the Company or each entity has a controlling interest in another entity in the unbroken
chain of entities ending with the applicable entity.

 

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

 

2.3          “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.

 

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

 

2.5          “Base
Value” shall have the meaning given to such term in Section 14.2.

 

    	 	 	 

     

    

 

2.6          “Cause”
shall mean (i) if the Holder is a party to an employment or service agreement with the Company or an Affiliate which agreement
defines “Cause” (or a similar term), “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.

 

2.7          “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), “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 Shares immediately prior to the Business Combination have substantially the same proportionate
ownership of the 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 Shares of a plan of complete liquidation of the Company, other than a merger of the Company
into any subsidiary or a liquidation as 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

 

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(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).

 

2.8          “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.

 

2.9          “Committee”
shall mean a committee comprised of two (2) or more members of the Board who are selected by the Board as provided in Section 4.1.

 

2.10       
 “Company” shall have the meaning given to such term in the introductory paragraph, including any successor thereto.

 

2.11        “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.

 

2.12        “Director”
shall mean a member of the Board or a member of the board of directors of an Affiliate, in either case, who is not an Employee.

 

2.13        “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 Share distributions equal in amount to the distributions that would have been made to the Holder
had the Holder held a specified number of Shares during the period the Holder held the Distribution Equivalent Right.

 

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

 

2.15       
 “Effective Date” shall mean August 24, 2015 or such later date that the Plan is approved by the stockholders
of the Company.

 

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

 

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

 

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2.18        “Fair
Market Value” shall mean, as of any specified date, the closing sales price of the Shares for such date (or, in the event
that the Shares are not traded on such date, on the immediately preceding trading date) on the NASDAQ Stock Market (“NASDAQ”),
as reported by NASDAQ, or such other domestic or foreign national securities exchange on which the Shares may be listed. If the
Shares are not listed on NASDAQ or on a national securities exchange, but are quoted on the OTC Bulletin Board or by the National
Quotation Bureau, the Fair Market Value of the Shares shall be the mean of the highest bid and lowest asked prices per Share for
such date. If the Shares are 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 may be set forth with greater specificity in the applicable Award Agreement).
The Fair Market Value of property other than Shares shall be determined by the Board in good faith by any fair and reasonable means
consistent with the requirements of applicable law.

 

2.19        “Family
Member” of an individual 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.

 

2.20        “Holder”
shall mean an Employee, Director or Consultant who has been granted an Award or any such individual’s beneficiary, estate
or representative, who has acquired such Award in accordance with the terms of the Plan, as applicable.

 

2.21       
 “Incentive Stock Option” shall mean an Option which is intended by the Committee to constitute an “incentive
stock option” and conforms to the applicable provisions of Section 422 of the Code.

 

2.22        “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.

 

2.23        “Non-qualified
Stock Option” shall mean an Option which is not an Incentive Stock Option or which is designated as an Incentive Stock
Option but does not meet the applicable requirements of Section 422 of the Code.

 

2.24        “Option”
shall mean an Award granted under Article VII of the Plan of an option to purchase Shares and shall include both Incentive Stock
Options and Non-qualified Stock Options.

 

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

 

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

 

2.27        “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, which may be related to the performance of the Holder, the Company or an Affiliate.

 

2.28        “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 the Performance Goals shall be measured for purposes of determining a Holder’s right to, and
the payment of, a Qualified Performance-Based Award.

 

2.29        “Performance
Stock Award” or “Performance Stock” shall mean an Award granted under Article XII of the Plan under
which, upon the satisfaction of predetermined Performance Goals, Shares are paid to the Holder.

 

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

 

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

 

2.32        “Performance
Unit Award” shall mean an Award granted under Article XI of the Plan under which, upon the satisfaction of predetermined
Performance Goals, a cash payment shall be made to the Holder, based on the number of Units awarded to the Holder.

 

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

 

2.34        “Plan”
shall mean this Titan Pharmaceuticals 2015 Omnibus Equity Incentive Plan, as amended from time to time, together with each of the
Award Agreements utilized hereunder.

 

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

 

2.36        “Restricted
Stock Award” and “Restricted Stock” shall mean an Award granted under Article VIII of the Plan of
Shares, the transferability of which by the Holder is subject to Restrictions.

 

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

 

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2.38        “Restricted
Stock Unit Award” and “RSUs” shall refer to 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.

 

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

 

2.40        
 “Restriction Period” shall mean the period of time for which Shares subject to a Restricted Stock Award shall
be subject to Restrictions, as set forth in the applicable Restricted Stock Agreement.

 

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

 

2.42        “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.

 

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

 

2.44        “Stock
Appreciation Right” or “SAR” 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 equal to the increase in value of a specified number
of Shares between the date of Award and the date of exercise.

 

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

 

2.46        “Tandem
Stock Appreciation Right” shall mean a Stock Appreciation Right granted in connection with a related Option, the exercise
of some or all of which results in termination of the entitlement to purchase some or all of the Shares under the related Option,
all as set forth in Article XIV.

 

2.47        
 “Ten Percent Stockholder” shall mean an Employee who, at the time an Option is granted to him or her, owns shares
possessing more than ten percent (10%) of the total combined voting power of all classes of shares 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.

 

2.48        “Termination
of Service” shall mean a termination of a Holder’s employment with, or status as a Director or Consultant of, the
Company or an Affiliate, as applicable, for any reason, including, without limitation, Total and Permanent Disability or death,
except as provided in Section 6.4. In the event Termination of Service shall constitute a payment event with respect to any Award
subject to Code Section 409A, Termination of Service shall only be deemed to occur upon a “separation from service”
as such term is defined under Code Section 409A and applicable authorities.

 

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2.49        “Total
and Permanent Disability” of an individual shall mean the inability of such individual 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, within the meaning of Section
22(e)(3) of the Code.

 

2.50        “Unit”
shall mean a bookkeeping unit, which represents such monetary amount as shall be designated by the Committee in each Performance
Unit Agreement, or represents one Share for purposes of each Restricted Stock Unit Award.

 

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

 

2.52        “Unrestricted
Stock 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

 

4.1          Composition
of Committee. The Plan shall be administered by the Committee, which shall be appointed by the Board. If necessary, in the
Board’s discretion, to comply with Rule 16b-3 under the Exchange Act and Section 162(m) of the Code, the Committee shall
consist solely of two (2) 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.

 

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4.2          Powers.
Subject to the other 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 (i) determining which Employees, Directors or Consultants shall receive an Award,
(ii) 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), (iii) what type of Award shall be granted, (iv) the term of an Award, (v) the date or dates on which an Award
vests (including acceleration of vesting), (vi) the form of any payment to be made pursuant to an Award, (vii) 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), (viii) the Restrictions under a Restricted Stock Award, (ix) the number of Shares which may be
issued under an Award, (x) Performance Goals applicable to any Award and certification of the achievement of such goals, and (xi)
the waiver of any Restrictions or Performance Goals, subject in all cases to compliance with applicable laws. 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 may deem relevant.

 

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, to determine the terms, restrictions and provisions of each Award 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 the Committee shall deem necessary, appropriate or 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.

 

4.4          Committee
Action. Subject to compliance with all applicable laws, 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.

 

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Article
V

SHARES SUBJECT TO PLAN AND LIMITATIONS THEREON

 

5.1          Authorized
Shares 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 that may be issued under the Plan shall not exceed Three Million Five Hundred Thousand
(3,500,000) 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 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 that may be subject to
Awards granted to any one person 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 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 re-priced.

 

5.2          Types
of Shares. The Shares to be issued pursuant to the grant or exercise of an Award may consist of authorized but unissued Shares,
Shares purchased on the open market or Shares previously issued and outstanding and reacquired by the Company.

 

Article
VI

ELIGIBILITY AND TERMINATION OF SERVICE

 

6.1          Eligibility.
Awards made under the Plan may be granted solely to individuals 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, a Restricted
Stock Unit 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, or any combination thereof, and solely for Employees,
an Incentive Stock Option.

 

6.2          Termination
of Service. Except to the extent inconsistent with the terms of the applicable Award Agreement and/or the provisions of Section
6.3 or 6.4, the following terms and conditions shall apply with respect to a Holder’s Termination of Service with the Company
or an Affiliate, as applicable:

 

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

 

(i)        If
such termination is for a reason other than the Holder’s Total and Permanent Disability or death, ninety (90) days after
the date of such Termination of Service;

 

(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 Service; or

 

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(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 Options and Stock Appreciation Rights. Notwithstanding the foregoing, the Committee, in its sole discretion, may provide
for a different time period in the Award Agreement, or may extend the time period, following a Termination of Service, during which
the Holder has the right to exercise any vested Non-qualified Stock Option or Stock Appreciation Right, which time period may not
extend beyond the expiration date of the Award term.

 

(b)          In
the event of a Holder’s Termination of Service 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 RSUs 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 RSUs. Notwithstanding the immediately preceding sentence, the Committee, in its sole discretion, may determine, prior to
or within thirty (30) days after the date of such Termination of Service that all or a portion of any such Holder’s Restricted
Stock and/or RSUs shall not be so canceled and forfeited.

 

6.3          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 6.2, 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.

 

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6.4          Termination
of Service 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, in the event of a Holder’s Termination of Service for
Cause, all of such Holder’s then outstanding Awards shall expire immediately and be forfeited in their entirety upon such
Termination of Service.

 

Article
VII

OPTIONS

 

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.

 

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.

 

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 Shares 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 Shares 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 Effective Date. 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.

 

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7.4          Option
Agreement. Each Option shall be evidenced by an Option Agreement in such form and containing such provisions not inconsistent
with the other 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 (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, and 6.4, as applicable, specify the effect of
Termination of Service on the exercisability of the Option. Moreover, without limiting the generality of the foregoing, a Non-qualified
Stock 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 Shares 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 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 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. 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 (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.

 

7.5          Option
Price and Payment. The price at which an Share 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 an Share on the
date such Option is granted (or 110% of Fair Market Value for an Incentive Stock Option held by Ten Percent Stockholder, as provided
in Section 7.3), 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 otherwise issuable in connection with the
exercise of the Option. Separate share certificates shall be issued by the Company for those Shares acquired pursuant to the exercise
of an Incentive Stock Option and for those Shares acquired pursuant to the exercise of a Non-qualified Stock Option.

 

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 as have been purchased under the Option and for which share certificates have been
registered in the Holder’s name.

 

    	 	12	 

     

    

 

7.7          Options
and Rights in Substitution for Stock or 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, Directors or Consultants
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 or shares
of the employing entity with the result that such employing entity becomes an Affiliate.

 

7.8          Prohibition
Against Re-Pricing. 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, or (ii) as a result of any Change of Control or any adjustment as
provided in Article XV, 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.

 

Article
VIII

RESTRICTED STOCK AWARDS

 

8.1          Award.
A Restricted Stock Award shall constitute an Award of Shares to the Holder as of the date of the Award which are subject to a
 “substantial risk of forfeiture” as defined under Section 83 of the Code during the specified Restriction Period.
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.

 

8.2          Terms
and Conditions. At the time any Award is made under this Article VIII, the Company and the Holder shall enter into a Restricted
Stock Agreement setting forth each of the matters contemplated thereby and such other matters as the Committee may determine to
be appropriate. Shares awarded pursuant to a Restricted Stock Award shall be represented by a share certificate registered in
the name of the Holder of such Restricted Stock Award. If provided for under the Restricted Stock Agreement, the Holder shall
have the right to vote Shares subject thereto and to enjoy all other stockholder rights, including the entitlement to receive
dividends on the Shares during the Restriction Period, except that (i) the Holder shall not be entitled to delivery of the
share certificate until the Restriction Period shall have expired, (ii) the Company shall retain custody of the share certificate
during the Restriction Period (with a share power endorsed by the Holder in blank), (iii) the Holder may not sell, transfer,
pledge, exchange, hypothecate or otherwise dispose of the Shares during the Restriction Period and (iv) a breach of the terms
and conditions established by the Committee pursuant to the Restricted Stock 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 Service 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 Agreement made
in conjunction with the Award. Such Restricted Stock 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 (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 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
at the time of vesting.

 

    	 	13	 

     

    

 

8.3          Payment
for Restricted Stock. The Committee shall determine the amount and form of any payment from a Holder for Shares 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 Shares received pursuant to a Restricted Stock Award, except to the extent otherwise required by law.

 

Article
IX

UNRESTRICTED STOCK AWARDS

 

9.1          Award.
Shares may be awarded (or sold) to Employees, Directors or Consultants under the Plan which are not subject to Restrictions of
any kind, in consideration for past services rendered thereby to the Company or an Affiliate or for other valid consideration.

 

9.2          Terms
and Conditions.  At the time any Award is made under this Article IX, the Company and the Holder shall enter into
an Unrestricted Stock Agreement setting forth each of the matters contemplated hereby and such other matters as the Committee
may determine to be appropriate.

 

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

 

Article
X

RESTRICTED STOCK UNIT AWARDS

 

10.1        Award.
A Restricted Stock Unit Award shall constitute a promise to grant Shares (or cash equal to the Fair Market Value of Shares) to
the Holder at the end of a specified Restriction Period. At the time a Restricted Stock Unit Award is made, the Committee shall
establish the Restriction Period applicable to such Award. Each Restricted Stock Unit Award may have a different Restriction Period,
in the discretion of the Committee. A Restricted Stock Unit shall not constitute an equity interest in the Company and shall not
entitle the Holder to voting rights, dividends or any other rights associated with ownership of Shares prior to the time the Holder
shall receive a distribution of Shares pursuant to Section 10.3.

 

    	 	14	 

     

    

 

10.2        Terms
and Conditions. At the time any Award is made under this Article X, the Company and the Holder shall enter into a Restricted
Stock Unit Agreement setting forth each of the matters contemplated thereby and such other matters as the Committee may determine
to be appropriate. The Restricted Stock Unit Agreement shall set forth the individual service-based vesting requirement which
the Holder would be required to satisfy before the Holder would become entitled to distribution pursuant to Section 10.3 and the
number of Units awarded to the Holder. Such conditions shall be sufficient to constitute a “substantial risk of forfeiture”
as such term is defined 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 in the Restricted Stock Unit
Agreement, including, but not limited to, rules pertaining to the effect of Termination of Service prior to expiration of the
applicable vesting period. The terms and conditions of the respective Restricted Stock Unit Agreements need not be identical.

 

10.3        Distributions
of Shares. The Holder of a Restricted Stock Unit shall be entitled to receive a cash payment equal to the Fair Market Value
of an Share, or one Share, as determined in the sole discretion of the Committee and as set forth in the Restricted Stock Unit
Agreement, for each Restricted Stock Unit subject to such Restricted Stock Unit Award, if the Holder satisfies the applicable
vesting requirement. Such distribution 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 (i.e., no longer
subject to a “substantial risk of forfeiture”).

 

Article
XI

PERFORMANCE UNIT AWARDS

 

11.1        Award.
A Performance Unit Award shall constitute an Award under which, upon the satisfaction of predetermined individual and/or Company
(and/or Affiliate) Performance Goals based on selected Performance Criteria, a cash payment shall be made to the Holder, based
on the number of Units awarded to the Holder. At the time a Performance Unit Award is made, the Committee shall establish the
Performance Period and applicable Performance Goals. Each Performance Unit Award may have different Performance Goals, in the
discretion of the Committee. A Performance Unit Award shall not constitute an equity interest in the Company and shall not entitle
the Holder to voting rights, dividends or any other rights associated with ownership of Shares.

 

    	 	15	 

     

    

 

11.2        Terms
and Conditions. At the time any Award is made under this Article XI, the Company and the Holder shall enter into a Performance
Unit Agreement setting forth each of the matters contemplated thereby and such other matters as the Committee may determine to
be appropriate. The Committee shall set forth in the applicable Performance Unit Agreement the Performance Period, Performance
Criteria and Performance Goals which the Holder and/or the Company would be required to satisfy before the Holder would become
entitled to payment pursuant to Section 11.3, the number of Units awarded to the Holder and the dollar value or formula 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 Service prior
to expiration of the applicable performance period. The terms and conditions of the respective Performance Unit Agreements need
not be identical.

 

11.3        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 Agreement if the Holder and/or the Company satisfy (or partially satisfy, if applicable under
the applicable Performance Unit Agreement) the Performance Goals set forth in such Performance Unit Agreement. If necessary to
satisfy the requirements of Code Section 162(m), if applicable, the achievement of such Performance Goals shall be certified in
writing by the Committee prior to any payment. All payments 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 STOCK AWARDS

 

12.1        Award.
A Performance Stock Award shall constitute a promise to grant Shares (or cash equal to the Fair Market Value of Shares) to the
Holder at the end of a specified Performance Period subject to achievement of specified Performance Goals. At the time a Performance
Stock Award is made, the Committee shall establish the Performance Period and applicable Performance Goals based on selected Performance
Criteria. Each Performance Stock Award may have different Performance Goals, in the discretion of the Committee. A Performance
Stock Award shall not constitute an equity interest in the Company and shall not entitle the Holder to voting rights, dividends
or any other rights associated with ownership of Shares unless and until the Holder shall receive a distribution of Shares pursuant
to Section 11.3.

 

12.2        Terms
and Conditions. At the time any Award is made under this Article XII, the Company and the Holder shall enter into a Performance
Stock Agreement setting forth each of the matters contemplated thereby and such other matters as the Committee may determine to
be appropriate. The Committee shall set forth in the applicable Performance Stock Agreement the Performance Period, selected Performance
Criteria and Performance Goals which the Holder and/or the Company would be required to satisfy before the Holder would become
entitled to the receipt of Shares pursuant to such Holder’s Performance Stock Award and the number of Shares subject to
such Performance Stock Award. Such distribution shall be subject to a “substantial risk of forfeiture” under Section
409A of the Code. If such Performance Goals are achieved, the distribution of Shares (or the payment of cash, as determined in
the sole discretion of the Committee), 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 Stock Awards, including, but not limited to, rules pertaining to the effect of the Holder’s Termination of Service
prior to the expiration of the applicable performance period. The terms and conditions of the respective Performance Stock Agreements
need not be identical.

 

    	 	16	 

     

    

 

12.3        Distributions
of Shares. The Holder of a Performance Stock Award shall be entitled to receive a cash payment equal to the Fair Market Value
of a Share, or one Share, as determined in the sole discretion of the Committee, for each Performance Stock Award subject to such
Performance Stock Agreement, if the Holder satisfies the applicable vesting requirement. If necessary to satisfy the requirements
of Code Section 162(m), if applicable, the achievement of such Performance Goals shall be certified in writing by the Committee
prior to any payment. Such distribution 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
XIII

DISTRIBUTION EQUIVALENT RIGHTS

 

13.1        Award.
A Distribution Equivalent Right shall entitle the Holder to receive bookkeeping credits, cash payments and/or Share distributions
equal in amount to the distributions that would have been made to the Holder had the Holder held a specified number of Shares
during the specified period of the Award.

 

13.2        Terms
and Conditions. At the time any Award is made under this Article XIII, the Company and the Holder shall enter into a Distribution
Equivalent Rights Award Agreement setting forth each of the matters contemplated thereby and such other matters as the Committee
may determine to be appropriate. The Committee shall set forth in the applicable Distribution Equivalent Rights Award Agreement
the terms and conditions, if any, 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 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 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,
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 (other than an Option or a SAR), 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.

 

    	 	17	 

     

    

 

13.3        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 is credited and vested), 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

 

14.1        Award.
A Stock Appreciation Right shall constitute a right, granted alone or in connection with a related Option, to receive a payment
equal to the increase in value of a specified number of Shares between the date of Award and the date of exercise.

 

14.2        Terms
and Conditions. At the time any Award is made under this Article XIV, the Company and the Holder shall enter into a Stock
Appreciation Right Agreement setting forth each of the matters contemplated thereby and such other matters as the Committee may
determine to be appropriate. The Committee shall set forth in the applicable Stock Appreciation Right Agreement the terms and
conditions of the Stock Appreciation Right, including (i) the base value (the “Base Value”) for the Stock Appreciation
Right, which shall be not less than the Fair Market Value of a Share on the date of grant of the Stock Appreciation Right, (ii)
the number of Shares 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 the portion of a Stock Appreciation Right, the Holder shall receive
a payment from the Company, in cash or in the form of Shares 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:

 

(a)        The
excess of (i) the Fair Market Value of an Share on the date of exercise, over (ii) the Base Value, multiplied by,

 

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

 

14.3        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 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 is purchased under the related Option, an equivalent portion of the related Tandem Stock Appreciation Right shall be canceled);

 

    	 	18	 

     

    

 

(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 subject to the
related Option at the time the Tandem Stock Appreciation Right is exercised, multiplied by the number of the Shares 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 the Shares subject to the related Option
exceeds the per Share exercise price under the related Option.

 

Article
XV

RECAPITALIZATION OR REORGANIZATION

 

15.1        Adjustments
to Shares. The shares with respect to which Awards may be granted under the Plan are Shares as presently constituted; provided,
however, that if, and whenever, prior to the expiration or distribution to the Holder of Shares underlying an Award theretofore
granted, the Company shall effect a subdivision or consolidation of the Shares or the payment of an Share dividend on Shares without
receipt of consideration by the Company, the number of Shares 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 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 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.

 

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 then covered by such Award, the number and class of shares 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 then covered by such Award.

 

    	 	19	 

     

    

 

15.3        Other
Events. In the event of changes to the outstanding Shares by reason of an extraordinary cash dividend, reorganization, merger,
consolidation, combination, split-up, spin-off, exchange or other relevant change 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 its discretion 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 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 Holder or a person who has an outstanding Award. The number of Shares subject to any Award shall be rounded to the
nearest whole number.

 

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 Shares 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.

 

15.5        No
Adjustment for Certain Awards. Except as hereinabove expressly provided, the issuance by the Company of shares of any class
or securities convertible into shares 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 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 shall have the right to alter or amend the Plan or any part hereof from time to time; provided,
however, that without the approval by a majority of the votes cast at a meeting of stockholders 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,
no amendment or modification of the Plan may (i) materially increase the benefits accruing to Holders, (ii) except as
otherwise expressly provided in Article XV, materially increase the number of Shares subject to the Plan or the individual Award
Agreements specified in Article V, (iii) materially modify the requirements for participation in the Plan, or (iv) amend,
modify or suspend Section 7.7 (re-pricing 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).

 

    	 	20	 

     

    

 

Article
XVII

MISCELLANEOUS

 

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.

 

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.

 

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 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 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 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, 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, Shares (including Shares issuable in respect of an Award) to satisfy, in
whole or in part, the amount required to be withheld.

 

    	 	21	 

     

    

 

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.

 

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 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.

 

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.

 

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	 

     

    

 

17.8        Section
162(m). The following conditions shall apply if it is intended that the requirements of Section 162(m) of the Code be satisfied
such that Awards under the Plan 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 share 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 Shares 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, 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 aggregate amount
that may be paid in cash during any calendar year to any one person (measured from the date of any payment) with respect to one
or more Awards payable in cash shall be Ten Million Dollars ($10,000,000)].

 

    	 	23	 

     

    

 

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 unless such Award shall be structured to be exempt from or comply with all requirements of Code
Section 409A. The Plan and all Award Agreements are intended to comply with the requirements of Section 409A of the Code
(or to be exempt therefrom) and shall be so interpreted and construed and no amount shall be paid or distributed from the Plan
unless and until such payment complies with all requirements of Code Section 409A. It is the intent of the Company that the provisions
of this Agreement and all other plans and programs sponsored by the Company be interpreted to comply in all respects with Code
Section 409A, however, the Company shall have no liability to the Holder, or any successor or beneficiary thereof, in the event
taxes, penalties or excise taxes may ultimately be determined to be applicable to any payment or benefit received by the Holder
or any successor or beneficiary thereof.

 

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 Articles of Incorporation or By-laws, by contract, as a matter of law, or otherwise.

 

17.11      Other
Benefit 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.

 

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.

 

    	 	24	 

     

    

 

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.

 

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.

 

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. Prior to receipt of Shares or a cash distribution
pursuant to the terms of an Award, such Award shall represent an unfunded unsecured contractual obligation of the Company and
the Holder shall have no greater claim to the Shares underlying such Award or any other assets of the Company or Affiliate than
any other unsecured general creditor.

 

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

 

    	 	25Exhibit 10.22

 

EXECUTION VERSION

 

CONFIDENTIAL
TREATMENT REQUESTED.

INFORMATION
FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN

REQUESTED
IS OMITTED AND MARKED WITH “[*******]” OR OTHERWISE

CLEARLY
INDICATED. AN UNREDACTED VERSION OF THIS DOCUMENT HAS

ALSO
BEEN PROVIDED TO THE SECURITIES AND EXCHANGE COMMISSION.

 

DISTRIBUTION
AND SUBLICENSE AGREEMENT

 

THIS
DISTRIBUTION AND SUBLICENSE AGREEMENT (this “Agreement”), dated as of February 1, 2016 (the “Effective
Date”), by and between Braeburn Pharmaceuticals, inc., a corporation
formed under the laws of Delaware (“Braeburn”), and Knight Therapeutics
Inc., a corporation incorporated under the laws of Canada (“Knight”).

 

RECITALS

 

WHEREAS
reference is made to that certain License Agreement, dated as of December 14, 2012, by and between Titan Pharmaceuticals,
Inc. (“Titan”) and Braeburn, as amended by that certain first amendment dated May 28, 2013, as further amended
by that certain second amendment dated July 2, 2013, as further amended by that certain third amendment dated November 12, 2013,
and as assigned to Braeburn pursuant to that certain letter of assignment, dated May 28, 2015, from Braeburn Pharmaceuticals BVBA
SPRL and acknowledged by Titan (as amended, the “Titan Agreement”);

 

WHEREAS
pursuant to the terms and conditions of the Titan Agreement, Braeburn owns or licenses all right, title and interest in and
to certain patents, trademark(s) and Know-How relating to Braeburn’s buprenorphine subdermal implant known as Probuphine;

 

WHEREAS
Knight wishes to be appointed by Braeburn as exclusive distributor to offer to sell and sell the Sublicensed Products in the
Territory and Braeburn is willing to grant such exclusive appointment; and

 

WHEREAS
Knight wishes to procure the Sublicensed Products from Braeburn and Braeburn wishes to supply the Sublicensed Products to
Knight, and the Parties agree to enter into a separate Supply Agreement providing therefor, as more particularly described herein.

 

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

 

		1.	DEFINITIONS

 

		1.1	Definitions.
                                         The following terms as used hereinafter in this Agreement shall have the meaning
                                         set forth in this Section:

 

“Accounting
Standards” means, with respect to Knight, IFRS, and with respect to Braeburn, US GAAP, in each case, as generally and
consistently applied by such Party. Each Party shall promptly notify the other in the event that it changes the Accounting Standards
pursuant to which its records are maintained, it being understood that each Party may only use internationally recognized accounting
principles (e.g., IFRS or US GAAP) in general use for public company accounting and reporting in Canada, with respect to Knight,
or the United States, with respect to Braeburn.

 

    	 	Page 1	 

     

    

 

“Adverse
Experience” means adverse drug experiences, as defined by 21 CFR Section 314.80 or any comparable law in the Territory,
including any noxious and unintended response to a drug which occurs at doses normally used or tested for the diagnosis, treatment,
or prevention of a disease or the modification of an organic function and any untoward medical
occurrence in a patient or clinical investigation subject administered a pharmaceutical product and which does not necessarily
have to have a causal relationship with the treatment.

 

“Affiliate”
of a Party means (i) any corporation or business entity of which at least fifty percent (50%) of the securities or other ownership
interests representing the equity, the voting stock or general partnership interest are owned, controlled or held, directly or
indirectly, by a Party; (ii) any corporation or business entity which, directly or indirectly, owns, controls or holds at least
fifty percent (50%) (or the maximum ownership interest permitted by law) of the securities or other ownership interests representing
the equity, voting stock or general partnership interest of a Party; (iii) any corporation or business entity of which, directly
or indirectly, an entity described in the immediately preceding subsection (ii) controls or holds at least
fifty percent (50%) (or the maximum ownership interest permitted by law) of the securities or other ownership interests representing
the equity, voting stock or general partnership interest of such corporation or entity; or (iv) any corporation or business entity
of which a Party has the right to acquire, directly or indirectly, at least fifty percent (50%) of the securities or other ownership
interests representing the equity, voting stock or general partnership interest thereof. Notwithstanding the foregoing, Apple
Tree Partners IV, L.P., ATP III, G.P., and their portfolio companies, other than Braeburn and its subsidiaries, shall not be deemed
to be Affiliates of Braeburn under this Agreement unless and until this Agreement, the Sublicensed Product, any Subsequent Indication
or any ROFN Product or any rights or obligations related hereto or thereto are assigned, transferred or conveyed to any of them.

 

“Agreement”
has the meaning set forth in the initial paragraph of this Agreement.

 

“Applicable
Laws” means any law, regulation, rule, guidance, order, judgment or decree having the force of law applicable to the
Parties and their activities under this Agreement.

 

“Audit
Disagreement” has the meaning set forth in Section 6.5(a)(ii).

 

“Braeburn”
has the meaning set forth in the initial paragraph of this Agreement.

 

“Braeburn
Indemnified Party” has the meaning set forth in Section 9.6.

 

    	 	Page 2	 

     

    

 

“Braeburn
Know-How” means all unpatented information and Data that are as of the Effective Date or become during the Term Controlled
by Braeburn, including discoveries, Improvements, processes, formulas, inventions, Know-How and trade secrets, to the extent necessary
or useful for the development, manufacture, and/or Commercialization of a Sublicensed Product. Braeburn Know-How does not include
any Patent Rights. Braeburn Know-How also includes all marketing authorizations and marketing approvals granted by Regulatory
Authorities (e.g., approved NDAs, INDs and related applications and other forms of marketing authorization) to and Controlled
by Braeburn for the marketing of Sublicensed Products. Such marketing authorizations and marketing approvals shall be deemed embodiments
of Data and Braeburn Know-How.

 

“Braeburn
Marks” means the marks owned or licensed by Braeburn set forth in Schedule A and any other marks Braeburn may
adopt from time to time, for use for the Sublicensed Products which shall be deemed to automatically be incorporated into Schedule
A.

 

“Braeburn
Patents” means all Patent Rights in the Territory that are as of the Effective Date or become during the Term Controlled
by Braeburn and that generically or specifically claim, or would be reasonably necessary for, the making, having made, use, offer
for sale, sale or importation of the Sublicensed Products or claim any Improvements.

 

“Business
Day” means any day other than (i) Saturday or Sunday or (ii) a day that is a legal holiday in either of Montreal, Québec
or New York, New York, or (iii) any other day on which banks in either of Montreal, Québec or New York, New York are required
to be closed.

 

“Calendar
Quarter” means the three (3) month periods ending on March 31, June 30, September 30 and December 31
in each Calendar Year.

 

“Calendar
Year” means, in respect of any particular year, the one (1) year period beginning on January 1 and ending on December
31.

 

“Commercialize”
means marketing, using, distributing, Promoting, offering for sale, and selling the Sublicensed Products.

 

“Commercialization
Plan” means the plan relating to the Promotion and sale of Sublicensed Product for the Initial Indication and, as applicable,
each Subsequent Indication, which shall set forth in reasonable detail at least the following: (a) activities and estimated
timelines relating to the Launch of Sublicensed Product in the Territory, including a description of the educational, marketing,
commercialization and other Promotion activities and materials related to the Sublicensed Product (including a summary of sales
efforts to be dedicated to the Promotion of the Sublicensed Product,); (b) a budget estimating costs to be incurred in performing
such activities, in the aggregate, by Calendar Quarter and by Calendar Year; and (c) sales forecasts for the first three (3) Calendar
Years commencing in the Calendar Year in which Launch is projected to occur, including forecasted Permitted Deductions.

 

    	 	Page 3	 

     

    

 

“Commercially
Reasonable Efforts” means, with respect to (a) Knight, that degree of skill, effort, expertise, and resources normally
used (including the promptness in which such efforts and resources would be applied) consistent with standards generally accepted
in the pharmaceutical industry, including with respect to the diligent commercialization of pharmaceutical products of similar
market and profit potential at a similar stage in development or product life as the Sublicensed Products; and (b) Braeburn, that
degree of skill, effort, expertise, and resources normally used (including the promptness in which such efforts and resources
would be applied) consistent with standards generally accepted in the pharmaceutical industry.

 

“Competitive
Product” means any pharmaceutical product that (i) contains buprenorphine (in any form or formulation, including any
pharmaceutically acceptable salts, esters, solvates, hydrates, polymorphs, crystal forms, prodrugs and tautomers) as an active
ingredient and (ii) is intended for a treatment duration of six months or more.

 

“Confidential
Information” has the meaning set forth in Section 10.1.

 

“Control”
means, with respect to any material, information, or intellectual property right, that a Party (i) owns or (ii) has a license
to, and, in each case, has the ability to grant to the other Party access, a license, or a sublicense (as applicable) to the foregoing
on the terms and conditions set forth in this Agreement without violating the terms of any then-existing agreement or other arrangement
with any Third Party.

 

“Data”
means any and all research data, pharmacology data, preclinical data, clinical data, medical chemistry, commercial, marketing,
process development, manufacturing and other data or information, including investigator reports (both preliminary and final),
statistical analyses, expert opinions and reports, and safety data, in each case generated from clinical or non-clinical studies,
research or testing specifically related or directed to the Sublicensed Product(s), together with all documentation submitted,
or required to be submitted, to a Regulatory Authority in association with a Regulatory Submission or similar application for
a Sublicensed Product (excluding any Drug Master Files (DMFs), Chemistry, Manufacturing and Control (CMC) data, or similar documentation).

 

“Data
Package” has the meaning set forth in Section 2.9(a).

 

“Effective
Date” means the date specified in the initial paragraph of this Agreement.

 

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

 

“Excluded
Transaction” has the meaning set forth in Section 2.9(d).

 

“FDA”
means the United States Food and Drug Administration and any successor agency having substantially the same functions.

 

“Field”
means the Initial Indication and/or any Subsequent Indications for Sublicensed Products in the Territory.

 

“Final
Royalty Period” has the meaning set forth in Section 6.3(c).

 

“Final
Royalty True-Up Report” has the meaning set forth in Section 6.3(c).

 

    	 	Page 4	 

     

    

 

“First
Commercial Sale” means the first sale to a Third Party of a Sublicensed Product in the Territory for value after Regulatory
Approval has been obtained in the Territory.

 

“Force
Majeure” has the meaning set forth in Section 13.6.

 

“Government
List” has the meaning set forth in Section 9.2(k).

 

“Governmental
Authority” means any domestic or foreign entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, including any governmental authority, agency, department, board, commission, court,
tribunal, judicial body or instrumentality of any union of nations, federation, nation, state, municipality, county, locality
or other political subdivision thereof.

 

“Health
Canada” means Health Canada and any successor agency having substantially the same functions.

 

“IFRS”
means, at any time, the International Financial Reporting Standards, promulgated by the International Accounting Standards Board,
as amended, supplemented or replaced from time to time, and in general use for public company accounting and reporting in Canada.

 

“Improvements”
means all modifications, alterations, improvements, any reformulation or line extension,
other advances, enhancements, inventions and Know-How, patentable or otherwise, made, created, developed,
discovered, conceived or reduced to practice by or on behalf of a Party and/or any of its Affiliates during the Term, that apply
to Sublicensed Products, including developments in the manufacture, formulation, ingredients, preparation, presentation, means
of delivery or administration, dosage, Indication, methods of use or packaging and/or sale of Sublicensed Products, including
a process for manufacturing a Sublicensed Product, an intermediate used in such process, a formulation of a Sublicensed Product,
or a use or Indication of a Sublicensed Product. Notwithstanding anything in the preceding sentence, an Improvement shall not
include Regulatory Approval to Commercialize a Sublicensed Product for a Subsequent Indication. 

 

“Independent
Expert” has the meaning set forth in Section 6.5(a)(ii).

 

“Indication”
means any human disease or condition, or sign or symptom of a human disease or condition.

 

“Initial
Indication” means the use of a Sublicensed Product for the treatment of opioid addiction.

 

“Initial
Term” has the meaning set forth in Section 11.1.

 

“Invention”
has the meaning set forth in Section 8.1.

 

“Knight”
has the meaning set forth in the initial paragraph of this Agreement.

 

    	 	Page 5	 

     

    

 

“Knight
Indemnified Party” has the meaning set forth in Section 9.5.

 

“Knight
Offer” has the meaning set forth in Section 2.9(b).

 

“Knight
Sales Force” means the professional trained sales force employed or retained (as consultants, contract sales force or
otherwise) by Knight to support its obligations under this Agreement.

 

“Knight
Waiver Notice” has the meaning set forth in Section 2.9(b).

 

“Know-How”
means any non-public information, ideas, Data, inventions, works of authorship, trade secrets, technology, or materials, including
formulations, molecules, assays, reagents, compounds, compositions, human or animal tissue, samples or specimens, and combinations
or components thereof, whether or not proprietary or patentable, and whether stored or transmitted in oral, documentary, electronic
or other form, including all Regulatory Submissions.

 

“Launch”
means the First Commercial Sale of a Sublicensed Product in the Territory.

 

“Losses”
means any and all damages of any kind whatsoever (including all incidental, consequential, statutory and treble damages), awards,
deficiencies, settlement amounts, defaults, assessments, fines, dues, penalties, judgments (including penalties imposed by any
Governmental Authority), costs, fees, liabilities, obligations, taxes, liens, losses, lost profits and expenses (including court
costs, interest and reasonable fees of attorneys, accountants and other experts) and other monetary obligations arising out of
or resulting from claims or judgments, arbitral awards, including amounts paid in settlement of claims, judgments, legal (including
judicial, arbitral and administrative) proceedings and the like, incurred or otherwise payable to Third Parties.

 

“NDA
Transfer Date” means the NDA Transfer Date as such term is defined in the Titan Agreement.

 

“Net
Sales” means the total gross amount invoiced (such amount, “Gross Sales”) for all commercial sales
of Sublicensed Products to Third Parties in the Territory by Knight, its Affiliates or its or their sublicensees, less the following
deductions actually allowed, granted or reserved in accordance with IFRS (collectively, the “Permitted Deductions”):

 

		i.	credits
                                         or allowances for damaged or spoiled Sublicensed Product, returns, Recalls or rejections
                                         of such Sublicensed Product, and to the extent granted or allowed with respect to the
                                         then-current Calendar Year, retroactive price adjustments;

 

		ii.	normal
                                         and customary trade, cash and quantity discounts, allowances and credits for such Sublicensed
                                         Product;

 

    	 	Page 6	 

     

    

 

		iii.	sales,
                                         excise or similar taxes, tariffs and duties paid or allowed, or other governmental charges
                                         imposed upon the importation, use or sale of such Sublicensed Product in the Territory;

 

		iv.	fees
                                         paid to Third Party distributors and legally allowed chargebacks, rebates or similar
                                         payments to customers with respect to such Sublicensed Product, including managed health
                                         care organizations, wholesalers, distributors, buying groups, retailers, health care
                                         insurance carriers, pharmacy benefit management companies, health maintenance organizations
                                         or other institutions or health care organizations or to any Governmental Authority or
                                         Regulatory Authority, including, but not limited to any federal, state/provincial, local
                                         and other governments, their agencies and purchasers and reimbursers; and

 

		v.	special
                                         packaging costs, freight, postage, shipping and insurance charges related to delivery
                                         of such Sublicensed Product.

 

Sales
or other transfers between Knight, its Affiliates or its or their sublicensees and any dispositions of such Sublicensed Product
for pre-clinical or clinical testing required in connection with obtaining Regulatory Approval of Sublicensed Product, in each
case, without charge, shall be excluded from the computation of Net Sales and no payments will be payable to Braeburn on such
sales or transfers except where such Affiliates or sublicensees are end users, but Net Sales shall include the subsequent sales
to Third Parties by such Affiliates.

 

Any
of the Permitted Deductions shall be taken as a deduction in the Calendar Quarter in which the payment is accrued by such entity
and there shall be no double-counting in determining Permitted Deductions. For purposes of determining Net Sales, a Sublicensed
Product shall be deemed to be sold when paid or invoiced in accordance with Knight’s Accounting Standards. No more than
one royalty payment shall be due with respect to a sale of a particular Sublicensed Product. In the event that Knight, its Affiliate
or its or their sublicensees sells the Sublicensed Product as part of a bundle or group sale with other products not covered by
this Agreement, and Knight, its Affiliate or its or their sublicensees provides a discount, allowance or rebate to the purchaser
of the Sublicensed Product based on the aggregate amount invoiced for all products sold, such discount, allowance or rebate shall
be allocated to each of the products pro rata based on the gross amount invoiced for each such product less all other Permitted
Deductions specifically related to each such product, provided that Sublicensed Products do not bear a disproportionate portion
of such deductions.

 

“Non-Renewal
Notice” has the meaning set forth in Section 11.1.

 

“OFAC”
has the meaning set forth in Section 9.2(k).

 

“Party”
means either Braeburn or Knight and “Parties” means both Braeburn and Knight.

 

    	 	Page 7	 

     

    

 

“Patent
Rights” means any of the following, whether existing now or in the future, in the Territory: (i) patents and patent
applications (including provisional applications); (ii) all patent applications filed either from such patents or patent applications
or from an application claiming priority from either of these, including continuations, continuations-in-part, divisionals, converted
provisionals, continued prosecution applications, and substitute applications; (iii) any patents issued based on or claiming priority
to any such patent applications in (i) and (ii); (iv) any and all extensions or restorations by existing or future extension or
restoration mechanisms, including adjustments, revalidations, renewals, reissues, reexaminations and extensions (including any
supplementary protection certificates and the like) of the foregoing patents or patent applications in (i), (ii) and (iii); (v)
any similar rights, including so-called pipeline protection, or any importation, revalidation, confirmation or introduction patent
or registration patent or patents of addition to any of such foregoing patents or patent applications; and (vi) any other patents
and patent applications that dominate the foregoing patents.

 

“Patriot
Act Offense” has the meaning set forth in Section 9.2(k).

 

“Promotion”
means those activities normally undertaken by a pharmaceutical company to implement promotion plans and strategies aimed at encouraging
the appropriate use of a particular prescription pharmaceutical product under a common trademark, up to the point of offering
a product for sale, in each case, in accordance with Applicable Law. When used as a verb, “Promote” means to engage
in such activities.

 

“Quality
Agreement” has the meaning set forth in Section 7.2.

 

“Recall”
has the meaning set forth in Section 5.6.

 

“Regulatory
Approval” means with respect to a pharmaceutical or biological product or medical device in a country or regulatory
jurisdiction, any and all approvals, licenses, permits, certifications, registrations or authorizations from the relevant Regulatory
Authority in such regulatory jurisdiction that is specific to such product and necessary for the Promotion and commercial sale
of such product in such country or regulatory jurisdiction (including pricing and/or reimbursement approval in any country in
which pricing and/or reimbursement approval is required by Applicable Laws).

 

“Regulatory
Authority” means, in a particular country or regulatory jurisdiction, any applicable Governmental Authority involved
in granting Regulatory Approval and/or, to the extent required in such country or regulatory jurisdiction, pricing or reimbursement
approval of a Sublicensed Product in such country or regulatory jurisdiction.

 

“Regulatory
Submissions” means all applications, filings, dossiers, modifications, amendments, supplements, revisions, reports,
submissions, authorizations and approvals, and any reports or amendments necessary to maintain Regulatory Approvals.

 

“Renewal
Term” has the meaning set forth in Section 11.1.

 

“ROFN
Negotiation Period” has the meaning set forth in Section 2.9(a).

 

    	 	Page 8	 

     

    

 

“ROFN
Product” means a product, other than a Sublicensed Product, Controlled by Braeburn or its Affiliates during the Term,
rights to which have not been licensed or sublicensed in the Territory to a Third Party prior to the Term.

 

“Royalties”
has the meaning set forth in Section 6.1.

 

“Royalty
Report” has the meaning set forth in Section 6.3(a).

 

“Royalty
True-Up” has the meaning set forth in Section 6.3(a)(iii).

 

“SDEA”
means the Safety Data Exchange Agreement to be entered into by the Parties in accordance with the terms and conditions of this
Agreement and the Titan Agreement.

 

“Sublicensed
Product” means that certain buprenorphine subdermal implant licensed by Braeburn and known as of the Effective Date
as Probuphine for use in the Field, including all Improvements thereto.

 

“Sublicensed
Product Label(ing)” has the same meaning as defined in the United States Food, Drug, and Cosmetic Act of 1938, as amended,
and the rules and regulations promulgated thereunder, or any successor act, as the same shall be in effect from time to time,
and as interpreted by the FDA, and any analogous Applicable Laws as interpreted by an applicable Regulatory Authority in the Territory.

 

“Sublicensed
Product NDS” means a New Drug Submission that is submitted to Health Canada to apply for Regulatory Approval of a Sublicensed
Product for the Initial Indication.

 

“Sublicensed
Product Trademark(s)” means the Probuphine trademark, owned by Titan, and licensed to Braeburn under the Titan Agreement,
and all related domain names and other trademark related rights, and/or any other trademark that Braeburn may apply to register
in the Territory if such alternate trademark is selected for use in the Promotion of a Sublicensed Product by the Parties under
this Agreement.

 

“Subsequent
Indication” means the use of a Sublicensed Product for the treatment of an Indication that is not the Initial Indication.
For clarity, references herein to a “Subsequent Indication in the Territory” mean a Subsequent Indication as set forth
in a Regulatory Approval for Sublicensed Products in the Territory, and Knight’s rights and obligations hereunder with respect
to Subsequent Indications following Launch refer to Subsequent Indications as set forth in a Regulatory Approval for Sublicensed
Products in the Territory.

 

“Supply
Agreement” has the meaning set forth in Section 7.1.

 

“Supply
Price” has the meaning set forth in Section 6.2.

 

“Term”
means the Initial Term and any Renewal Term, as applicable.

 

“Territory”
means Canada.

 

    	 	Page 9	 

     

    

 

“Third
Party” means any person other than the Parties and their Affiliates.

 

“Third
Party Claims” has the meaning set forth in Section 9.5.

 

“Third
Party Offer” has the meaning set forth in Section 2.9(b).

 

“Third
Party Transaction” has the meaning set forth in Section 2.9(b).

 

“Third
Party Transaction Notice” has the meaning set forth in Section 2.9(b).

 

“Titan”
has the meaning set forth in the recitals to this Agreement.

 

“Titan
Agreement” has the meaning set forth in the recitals to this Agreement.

 

“US
GAAP” means, at any time, then-applicable United States generally accepted accounting principles.

 

		1.2	Other
                                         Definitional and Agreement References. References to any agreement, contract, statute,
                                         act, or regulation are to that agreement, contract, statute, act, or regulation as amended,
                                         modified or supplemented from time to time in accordance with the terms hereof and thereof.

 

		1.3	Ambiguities.
                                         Ambiguities, if any, in this Agreement shall not be construed against any Party, irrespective
                                         of which Party may be deemed to have authored the ambiguous provision.

 

		1.4	Sections
                                         and Headings. The term “Section” refers to the specified Section of this
                                         Agreement, unless otherwise specified. Headings and captions of the Sections hereof are
                                         for convenience only and are not to be used in the interpretation of this Agreement.

 

		1.5	United
                                         States Dollars. References in this Agreement to “Dollars” or “$”
                                         shall mean the legal tender of United States, unless otherwise noted. Except as otherwise
                                         provided in this Agreement, all payments required to be made by or on behalf of a Party
                                         under this Agreement shall be paid in United States Dollars, and to the extent necessary,
                                         shall be converted into United States Dollars using the spot rate of exchange for conversion
                                         into United States Dollars as published in The Wall Street Journal on the Business Day
                                         prior to the date any such payment is made.

 

		1.6	Date
                                         References. References from or through any date mean, unless otherwise specified,
                                         from and including or through and including, respectively.

 

		1.7	Gender
                                         and Person. Words of one gender include the other gender. Unless the context otherwise
                                         requires, references to a “person” in this Agreement include any individual,
                                         corporation, company, partnership, joint venture, trust, governmental body, authority,
                                         or other entity.

 

		1.8	Include,
                                         Includes, Including. Whenever the words “include”, “includes”
                                         or “including” are used in this Agreement, they shall be deemed to be followed
                                         by the words “without limitation”, whether or not they are in fact followed
                                         by those words or words of like import.

 

    	 	Page 10	 

     

    

 

		1.9	Knowingly.
                                         The term “knowingly” as used in this Agreement means actual knowledge or
                                         reasonable reason to suspect.

 

		1.10	No
                                         Strict Construction. This Agreement has been prepared jointly and shall not be strictly
                                         construed against either Party.

 

		1.11	Number
                                         of Days. Whenever this Agreement refers to a number of days, unless otherwise specified,
                                         such number shall refer to calendar days.

 

		1.12	Party
                                         References. Reference to any Party includes the successors and permitted assigns
                                         of that Party.

 

		1.13	Singular/Plural.
                                         Words using the singular or plural number also include the plural or singular number,
                                         respectively.

 

		2.	GRANT
                                         OF RIGHTS

 

		2.1	Effectiveness.
                                         This Agreement shall be effective as of the Effective Date, but the Parties agree and
                                         acknowledge that certain rights and obligations under this Agreement shall not become
                                         effective until the NDA Transfer Date. Notwithstanding the foregoing, the Parties agree
                                         and acknowledge that following the Effective Date, Knight may, to the extent permitted
                                         under the Titan Agreement, undertake such activities as are reasonably necessary to prepare
                                         for the NDA Transfer Date, provided that Knight shall keep Braeburn reasonably informed
                                         with respect to any such activities, and Braeburn shall reasonably cooperate with and
                                         assist Knight in any such activities.

 

		2.2	General.
                                         Pursuant to Section 2.6 of the Titan Agreement, this Agreement is subject to, and Knight
                                         agrees that it shall be bound by, the terms and conditions of the Titan Agreement, including
                                         the provisions relating to payments set forth in Article 6 of the Titan Agreement. In
                                         the event of any conflict between the terms and conditions of this Agreement and the
                                         terms and conditions of the Titan Agreement, the terms and conditions of the Titan Agreement
                                         shall govern and control.

 

		2.3	Appointment;
                                         Sublicense. Subject to the terms and conditions of this Agreement and the Titan Agreement,
                                         Braeburn, on behalf of itself and its Affiliates, hereby (a) appoints Knight as its exclusive
                                         distributor of Sublicensed Products in the Territory and in the Field for the Term, and
                                         (b) grants to Knight, and Knight hereby accepts, for the Term, and for the Territory
                                         and in the Field, an exclusive sublicense under the Braeburn Patents and Braeburn Know-How
                                         to Commercialize the Sublicensed Products. For the avoidance of doubt, references to
                                         “Sublicensed Products” in this Section 2.3 include the Sublicensed Products
                                         for the Initial Indication, any Subsequent Indications, and Sublicensed Products with
                                         any Improvements.

 

    	 	Page 11	 

     

    

 

		2.4	Sublicensing.
                                         Subject to the terms and conditions of this Agreement and the Titan Agreement, Knight
                                         may sublicense its rights granted hereunder to any Affiliate of Knight or any Third Party,
                                         or use any sub-distributors or Third Party contractors to exercise its rights or fulfill
                                         its obligations hereunder. Knight shall advise Braeburn in advance of any proposed sublicense
                                         and consider in good faith Braeburn’s comments with respect thereto. Without limiting
                                         the foregoing, and notwithstanding anything else contained herein to the contrary, Knight
                                         may not make, grant, enter into or otherwise commit to any sublicense of its rights granted
                                         hereunder, including to any Affiliate, prior to the NDA Transfer Date without the prior
                                         written consent of Braeburn. All sublicense
                                         agreements, distribution or other arrangements or agreements shall be subject to and
                                         consistent with the terms and conditions of this Agreement and the Titan Agreement, and
                                         any sublicensees, distributors or other party shall be bound by the terms and conditions
                                         of this Agreement and the Titan Agreement, including the provisions relating to payments
                                         set forth in Article 6 of the Titan Agreement. Knight assumes full responsibility for
                                         any actions taken or any failures to act by any sublicensee, distributor or other person
                                         and any of the expenses, costs, or fees incurred by any sublicensee, distributor or other
                                         person. In the event Knight grants a sublicense to an Affiliate, any payment due to Braeburn
                                         under this Agreement must be received in its full amount by Braeburn in the United States,
                                         and in United States Dollars, without any tax withholding or tax deduction therefrom,
                                         except as provided under Section 13.1.

 

		2.5	No
                                         Implied Licenses. All rights not specifically granted to Knight herein are reserved
                                         and retained by Braeburn, including, without limitation, with respect to the period between
                                         the Effective Date and the NDA Transfer Date. Neither Party grants to the other Party
                                         any right or license to use any of its intellectual property, Know-How or other proprietary
                                         information, materials or technology, or to practice any of its patent, trademark, or
                                         trade dress rights, except as expressly set forth in this Agreement. Except as otherwise
                                         permitted in this Agreement, Knight shall not grant any license to, or permit or authorize,
                                         any Third Party to Promote Sublicensed Products in the Territory without the prior written
                                         consent of Braeburn.

 

		2.6	Restriction
                                         on Knight Sales. Knight shall not, either directly or indirectly (including through
                                         any Affiliate, representative, agent or sublicensee) knowingly: (i) sell or otherwise
                                         dispose of Sublicensed Products to any Third Party outside the Territory; (ii) sell or
                                         otherwise dispose of Sublicensed Products to any Third Party within the Territory for
                                         the purpose of sale or other disposition to any Third Party outside the Territory; (iii)
                                         knowingly distribute any Sublicensed Products for sale or use outside the Territory;
                                         or (iv) supply any Third Party that has distributed or offered to distribute Sublicensed
                                         Products outside the Territory after Knight has knowledge that said Third Party has distributed
                                         or offered to distribute Sublicensed Products outside the Territory. If Knight knows
                                         or has reason to suspect that a Third Party to whom Knight sells or otherwise disposes
                                         of Sublicensed Products is engaged in the sale or distribution of Sublicensed Products
                                         for use outside the Territory, then Knight shall (A) within two (2) Business Days after
                                         gaining knowledge of, or reason to suspect, such activities notify Braeburn thereof and
                                         provide all information in Knight’s possession that Braeburn may reasonably request
                                         concerning such activities, and (B) take all reasonable steps (including cessation of
                                         sales, directly or indirectly, to such Third Party) necessary to limit such sale or other
                                         disposition for use outside the Territory. All inquiries or orders received by Knight
                                         for Sublicensed Product to be delivered outside the Territory shall be referred to Braeburn.
                                         Knight shall use Commercially Reasonable Efforts to cause each of its Affiliates, representatives,
                                         agents and sublicensees (other than Braeburn) to comply with the obligations of Knight
                                         under this Section 2.6. For the avoidance of doubt, references to “Sublicensed
                                         Products” in this Section 2.6 include the Sublicensed Products for the Initial
                                         Indication, any Subsequent Indications, and Sublicensed Products with any Improvements.

 

    	 	Page 12	 

     

    

 

		2.7	Restriction
                                         on Braeburn Sales. Braeburn shall not knowingly: (i) solicit or accept orders for
                                         distribution of Sublicensed Products to a Third Party for sale or distribution
                                         in the Territory; (ii) distribute any Sublicensed Products for sale or use in the Territory;
                                         or (iii) supply any Third Party that has distributed or offered to distribute Sublicensed
                                         Products in the Territory after Braeburn has knowledge that said Third Party has distributed
                                         or offered to distribute Sublicensed Products obtained from Braeburn in the Territory.
                                         For the avoidance of doubt, references to “Sublicensed Products” in this
                                         Section 2.7 include the Sublicensed Products for the Initial Indication, any Subsequent
                                         Indications, and Sublicensed Products with any Improvements.

 

		2.8	Performance
                                         by Affiliates. The Parties agree that their respective rights and obligations may
                                         be exercised or performed by any of their Affiliates; provided, however, that each Party
                                         shall (a) provide prior written notice to the other Party of such exercise or performance
                                         by any such Affiliate, (b) be fully responsible and liable for the actions and omissions
                                         of such Affiliate(s) in the exercise or performance of such rights and obligations, and
                                         (c) ensure that such Affiliate(s) comply with the terms and conditions of this Agreement.

 

		2.9	Right
                                         of First Negotiation.

 

		(a)	If,
                                         at any time during the Term, Braeburn or any of its Affiliates intends to license or
                                         sublicense its right to develop or Commercialize a ROFN Product in the Territory (or
                                         any part thereof) to any Third Party in order to permit such Third Party to develop or
                                         Commercialize the ROFN Product in the Territory (but not including any Excluded Transaction),
                                         then prior to negotiating with any Third Party to license or sublicense such development
                                         or commercialization right, Braeburn shall first notify Knight of its intent, provide
                                         to Knight a copy of material data with respect to the development and commercialization
                                         of such ROFN Product in Braeburn’s possession and Control not previously provided
                                         to Knight and that shall be reasonably sufficient to assess the ROFN Product (the “Data
                                         Package”), and shall, unless Knight notifies Braeburn in writing during the
                                         ROFN Negotiation Period that it is not interested in acquiring rights to a particular
                                         ROFN Product (a “Knight Waiver Notice”), negotiate solely and in good
                                         faith with Knight for a period commencing upon the date Knight receives the Data Package
                                         from Braeburn and expiring forty-five (45) days thereafter (the “ROFN Negotiation
                                         Period”) with respect to mutually agreeable binding financial terms (“Binding
                                         Financial Terms”) for the acquisition by Knight, by license, sublicense, or
                                         otherwise, of the right to develop or Commercialize the ROFN Product in the Territory
                                         (or the applicable part thereof). The Parties agree and acknowledge that such commercially
                                         reasonable terms and conditions may be substantially different from the terms and conditions
                                         of this Agreement. All information provided by Braeburn to Knight pursuant to this Section
                                         2.9 shall constitute Confidential Information of Braeburn.

 

    	 	Page 13	 

     

    

 

		(b)	If
                                         Knight delivers a Knight Waiver Notice regarding a ROFN Product, then Braeburn may subsequently
                                         offer a Third Party, or solicit offers from Third Parties for, and take any action in
                                         furtherance of (including providing information, participating in discussions, and/or
                                         engaging advisors or agents), a license, sublicense or other transfer of its rights to
                                         develop or Commercialize such ROFN Product in the Territory (or any part thereof) (a
                                         “Third Party Offer”), and Braeburn shall have no further obligations
                                         to Knight regarding such ROFN Product.

 

		(c)	If
                                         Knight does not provide a Knight Waiver Notice and the Parties do not sign a letter related
                                         the Binding Financial Terms with respect to the development or commercialization of a
                                         ROFN Product during the ROFN Negotiation Period, then Braeburn may subsequently offer
                                         a Third Party, or solicit offers from Third Parties for, and take any action in furtherance
                                         of (including providing information, participating in discussions, and/or engaging advisors
                                         or agents), a license, sublicense or other transfer of its rights to develop or Commercialize
                                         such ROFN Product in the Territory (or any part thereof) (a “Third Party Offer”);
                                         provided, that Braeburn may not accept or enter into any agreement with any Third Party
                                         with respect to a Third Party Offer (a “Third Party Transaction”)
                                         without first (i) notifying Knight in writing of any proposed Third Party Transaction,
                                         which notice shall include, in reasonable detail, the material terms and conditions thereof
                                         (a “Third Party Transaction Notice”), and (ii) providing Knight a
                                         period of five (5) Business Days to propose, in reasonable detail, terms and conditions
                                         for the acquisition by Knight, by license, sublicense, or otherwise, of the right to
                                         develop or Commercialize such ROFN Product in the Territory that are, as a, at least
                                         favorable to Braeburn as the proposed Third Party Transaction (a “Knight Offer”).
                                         In the event Knight delivers a Knight Offer within such five (5) Business Day period,
                                         Braeburn shall negotiate in good faith with Knight for a period of not less than ten
                                         (10) Business Days with respect to the Knight Offer, and during such period Braeburn
                                         may not enter into a Third Party Transaction unless Knight withdraws the Knight Offer.
                                         If Knight withdraws the Knight Offer or the Parties do not enter into a written agreement
                                         with respect to the Knight Offer within such ten (10) Business Day period, then Braeburn
                                         shall be free to enter into such Third Party Transaction, or any other transaction involving
                                         Braeburn’s rights to develop or Commercialize the ROFN Product in the Territory
                                         and Braeburn shall have no obligation to provide Knight any further opportunity to offer
                                         a new proposal for the acquisition by Knight of the ROFN product.

 

    	 	Page 14	 

     

    

 

		(d)	Notwithstanding
                                         anything contained herein to the contrary, it is agreed and acknowledged that the rights
                                         and obligations of Knight and Braeburn under this Section 2.9 shall apply only to potential
                                         licenses or sublicenses of Braeburn’s right to develop or Commercialize a ROFN
                                         Product in the Territory (or any part thereof) without a grant of rights with respect
                                         to the ROFN Product in any other country or jurisdiction (or any part thereof). For clarity,
                                         the rights and obligations of Knight and Braeburn under this Section 2.9 shall not apply
                                         to (i) any sale or change of control of Braeburn or any of its Affiliates, (ii) any sale
                                         or transfer of all or substantially all of the assets, business or operations of Braeburn
                                         or any of its Affiliates, or all or substantially all of the business or operations of
                                         Braeburn or any of its Affiliates relating to any ROFN Product, or (iii) any license,
                                         sublicense or other transfer of Braeburn’s right to develop or Commercialize a
                                         ROFN Product that relates to a geographic territory that includes the Territory and at
                                         least one other country (each of (i)-(iii), without limitation, an “Excluded
                                         Transaction”).

 

		2.10	Non-Competition.

 

		(a)	During
                                         the Term, Knight will not Promote, or permit its Affiliates to Promote, market or sell
                                         a Competitive Product in the Territory, or acquire, or permit its Affiliates to acquire,
                                         directly or indirectly any rights or interest in or to any Competitive Product that is
                                         being Promoted, marketed or sold in the Territory, if such Competitive Product has Regulatory
                                         Approval for, or is otherwise not prohibited by a Regulatory Authority from being marketed
                                         for, either the Initial Indication or a Subsequent Indication other than Sublicensed
                                         Product sublicensed to Knight under this Agreement. Notwithstanding anything in the preceding
                                         sentence, Knight shall only be prohibited from Promoting, marketing or selling a Competitive
                                         Product for a Subsequent Indication if there is FDA Regulatory Approval for such Subsequent
                                         Indication prior to such time as Knight begins to Promote, market or sell such Competitive
                                         Product.

 

		(b)	During
                                         the Term, Braeburn will not Promote, or permit its Affiliates to Promote, market or sell
                                         a Competitive Product in the Territory, or acquire, or permit its Affiliates to acquire,
                                         directly or indirectly any rights or interest in or to any Competitive Product that is
                                         being Promoted, marketed or sold in the Territory.

 

		(c)	Subject
                                         to Section 2.9, nothing in this Section 2.10 shall prevent either party from marketing,
                                         in the Territory, pharmaceutical products other than Sublicensed Products and Competitive
                                         Products, including pharmaceutical products that contain buprenorphine with a treatment
                                         duration of one week or one month.

 

    	 	Page 15	 

     

    

 

		3.	REGULATORY
                                         AND DEVELOPMENT

 

Following
the NDA Transfer Date:

 

		3.1	General.
                                         Subject to the terms and conditions of this Agreement, Knight shall during the Term use
                                         Commercially Reasonable Efforts to obtain and maintain Regulatory Approval in the Territory
                                         for the Sublicensed Products for (a) the Initial Indication and (b) any Subsequent Indication
                                         that receives Regulatory Approval in any jurisdiction.  Without limiting the foregoing,
                                         Knight shall file or cause to be filed with Health Canada a Sublicensed Product NDS with
                                         respect to the Sublicensed Products and the Initial Indication the later of i) ten (10)
                                         months from receiving the complete FDA dossier from Braeburn or ii) ten (10) weeks from
                                         having received the GMP approval from Health Canada.. Knight will be solely responsible
                                         for all costs associated with, or required for the approval of, the Sublicensed Products
                                         by Health Canada and other applicable Regulatory Authorities in the Territory. Knight
                                         shall notify Braeburn of all Regulatory Submissions relating to a Sublicensed Product
                                         in the Territory, and provide Braeburn with (i) a written semiannual report summarizing
                                         in reasonable detail Knight’s activities and progress related to the development
                                         of the Sublicensed Products in the Territory, including information regarding the status
                                         of Regulatory Submissions filed and intended to be filed with Regulatory Authorities
                                         and Regulatory Approvals in the Territory, (ii) a copy of any annual reports submitted
                                         to Regulatory Authorities by or on behalf of Knight with respect to the Sublicensed Products
                                         in connection with the periodic reporting requirements set forth by Applicable Laws,
                                         and (iii) such other information as may be reasonably requested by Braeburn or required
                                         under the Titan Agreement. Knight shall use the FDA Regulatory Submissions it receives
                                         from Braeburn as the basis of the Sublicensed Product NDS and Knight shall be responsible
                                         for the filing and maintenance fees in connection therewith. For the avoidance of doubt,
                                         under no circumstance shall Knight be responsible for conducting any additional clinical
                                         or non-clinical studies (or any costs associated therewith) with respect to the Sublicensed
                                         Product and it shall not be considered to be commercially reasonable to require Knight
                                         to do so.

 

		3.2	Regulatory
                                         Submissions. With respect to the Commercialization of the Sublicensed Products in
                                         the Territory:

 

		(a)	Unless
                                         otherwise required by Applicable Law, any Regulatory Approvals and all Regulatory Submissions
                                         relating to Sublicensed Products in the Territory shall be filed, owned and held in the
                                         name of Knight.

 

		(b)	Knight
                                         shall be solely responsible, at its expense, and shall use Commercially Reasonable Efforts
                                         to timely prepare, file, prosecute, and maintain all Regulatory Submissions relating
                                         to Sublicensed Products in the Territory, including any reports or amendments necessary
                                         to maintain Regulatory Approvals, and for seeking any revisions of the conditions of
                                         each Regulatory Approval.

 

		(c)	Knight
                                         shall have sole authority and responsibility and shall use Commercially Reasonable Efforts
                                         to develop, modify, seek and/or obtain any necessary Regulatory Approvals of any Sublicensed
                                         Product Labeling, packaging, advertising or other promotional or informational materials
                                         used in connection with Sublicensed Products in the Territory, and Promotional Materials
                                         and for determining whether the same requires Regulatory Approval. Braeburn shall provide
                                         to Knight copies of all material FDA Regulatory Submissions in its possession and Control
                                         reasonably related to the Sublicensed Products.

 

    	 	Page 16	 

     

    

 

		(d)	Knight
                                         will be the primary contact with the Regulatory Authorities in the Territory and shall
                                         be solely responsible for all communications with such Regulatory Authorities that relate
                                         to any Regulatory Submission relating to Sublicensed Products in the Territory prior
                                         to and after any Regulatory Approval.

 

		(e)	Subject
                                         to the terms and conditions of this Agreement, Knight may file any submissions that are
                                         intended to change or modify Sublicensed Product Labeling or prescribing information
                                         approved by the applicable Regulatory Authority for, or the Indications of, Sublicensed
                                         Products in the Territory provided that, except as required by Applicable Laws, it provides
                                         to Braeburn a draft of such submission at least fifteen (15) Business Days prior to planned
                                         submission to the applicable Regulatory Authority and gives prompt and reasonable consideration
                                         to any comments Braeburn may have.

 

		(f)	To
                                         the extent Braeburn reasonably believes that a filing or submission relating to Sublicensed
                                         Products in the Territory is required by Applicable Laws in order to sell or continue
                                         selling the Sublicensed Products, Braeburn shall notify Knight in writing. If Knight
                                         decides not to prepare such filing or submission, it shall promptly notify Braeburn of
                                         such decision and Braeburn shall, acting reasonably, be entitled to prepare such filing
                                         or submission, at Knight’s sole cost and expense (provided that such costs and
                                         expenses are commercially reasonable given such filing requirements), to be filed or
                                         submitted by Knight; provided that Braeburn shall use good faith efforts to include any
                                         comments of Knight in such filing or submission.

 

		(g)	Knight
                                         shall permit Braeburn to access, and shall provide Braeburn on a timely basis with the
                                         right to cross-reference and use in exercising its rights and performing its obligations
                                         hereunder with respect to Sublicensed Products in the Territory and for Braeburn to use
                                         in connection with the development and commercialization of Sublicensed Products outside
                                         of the Territory, any and all Regulatory Submissions related to the Sublicensed Products
                                         Controlled by Knight. At the request of Braeburn and to the extent legally permitted
                                         and in accordance with the terms and conditions of this Agreement, Knight shall notify
                                         the appropriate Regulatory Authorities, as applicable, of Braeburn’s right to reference
                                         such Regulatory Submissions in regulatory submissions filed by Braeburn in accordance
                                         with this Agreement.

 

		(h)	Braeburn
                                         shall permit Knight to access, and shall provide Knight on a timely basis with the right
                                         to cross-reference and use in exercising its rights and performing its obligations hereunder
                                         with respect to Sublicensed Products in the Territory (including for Knight to use in
                                         connection with its Commercialization of Sublicensed Products in the Territory), any
                                         and all Regulatory Submissions related to the Sublicensed Products Controlled by Braeburn.
                                         At the request of Knight and to the extent legally permitted and in accordance with the
                                         terms and conditions of this Agreement, Braeburn shall notify the appropriate Regulatory
                                         Authorities in the Territory of Knight’s right to reference such Regulatory Submissions
                                         in regulatory submissions filed by Knight in accordance with this Agreement.

 

    	 	Page 17	 

     

    

 

		3.3	Regulatory
                                         Correspondence. Each Party shall notify the other Party within twenty-four (24) hours
                                         of its receipt of information that: (i) raises any concern regarding the safety of any
                                         Sublicensed Product(s); (ii) concerns suspected or actual tampering, counterfeiting or
                                         contamination or other similar problems with respect to any Sublicensed Product(s); (iii)
                                         is reasonably likely to lead to a Recall or market withdrawal of any Sublicensed Product(s);
                                         or (iv) concerns any ongoing or potential investigation, inspection, detention, seizure
                                         or injunction by a Regulatory Authority involving any Sublicensed Product(s). Each Party
                                         shall provide the other Party with copies of any such information. In the event that
                                         a Party receives any material regulatory letter requiring a response, the other Party
                                         will cooperate fully with the receiving Party in preparing such response and will promptly
                                         provide the receiving Party with any data or information reasonably required by the receiving
                                         Party in preparing any such response.

 

		3.4	Other
                                         Covenants of Knight. In addition to its other obligations, commitments and undertakings
                                         set out in this Agreement, Knight agrees to:

 

		(a)	assume
                                         all expenses related to the Commercialization of the Sublicensed Products in the Territory;

 

		(b)	use
                                         Commercially Reasonable Efforts to obtain pricing and, if applicable, reimbursement approval
                                         for the Sublicensed Products in the Territory;

 

		(c)	determine
                                         the actual selling price of the Sublicensed Products to customers in the Territory; and

 

		(d)	prepare
                                         an annual marketing and sales plan relating to the Sublicensed Products in the Territory.

 

		3.5	Other
                                         Covenants of Braeburn. In addition to its other obligations, commitments and undertakings
                                         set out in this Agreement, Braeburn agrees to:

 

		(a)	provide
                                         Knight with all relevant documentation relating to the submissions for Regulatory Approval
                                         to the FDA or the European Medicines Agency (“EMA”) for the Sublicensed
                                         Products within one (1) month from such FDA or EMA submissions;

 

		(b)	where
                                         applicable, provide reasonable assistance to Knight with Regulatory Submissions concerning
                                         Sublicensed Products in the Territory;

 

		(c)	provide
                                         full assistance and cooperation with respect to securing intellectual property protection
                                         in the Territory for the Sublicensed Products;

 

    	 	Page 18	 

     

    

 

		(d)	assume
                                         the reasonable costs of intellectual property filings, procurement and maintenance for
                                         all intellectual property applications and registrations associated with the Sublicensed
                                         Products in the Territory];

 

		(e)	not
                                         assign the intellectual property associated with Sublicensed Products to any Third Party;
                                         and

 

		(f)	coordinate
                                         Launch activities with Knight, including pharmacovigilance, pricing, reimbursement, positioning
                                         and health care conferences; and

 

		(g)	promptly
                                         provide copies of marketing and sales materials related to the Sublicensed Products used
                                         by Braeburn in the United States.

 

		3.6	For avoidance
                                         of doubt, in the event that the Initial Indication does not receive Regulatory Approval,
                                         Knight shall continue to benefit from the rights granted hereunder with respect to Subsequent
                                         indications.

 

		3.7	For the
                                         avoidance of doubt, except as expressly provided herein, Knight’s rights and obligations
                                         under this Section 3 shall apply to any Subsequent Indication as contemplated by Section
                                         3.1; provided, that any such rights and obligations with respect to Subsequent Indications
                                         following Launch shall apply only to Subsequent Indications that receive Regulatory Approval
                                         in the Territory

 

		4.	TRADEMARKS

 

		4.1	Trademark
                                         License. Subject to the terms and conditions of this Agreement, Braeburn hereby grants
                                         to Knight, for the Term, an exclusive, fully paid, right and license to use the Braeburn
                                         Marks and Sublicensed Product Trademarks on or in connection with the Commercialization
                                         of Sublicensed Products in the Territory following the NDA Transfer Date. All representations
                                         of the Braeburn Mark(s) and Sublicensed Product Trademark(s) that Knight intends to use,
                                         if not previously approved by Braeburn, will first be submitted to Braeburn for approval,
                                         such approval not to be unreasonably withheld, conditioned or delayed.

 

		4.2	Ownership.
                                         Knight acknowledges that the Braeburn Marks and Sublicensed Product Trademarks are owned
                                         or licensed by Braeburn. The Braeburn Marks and Sublicensed Product Trademarks shall
                                         be and remain the sole and exclusive property of Braeburn. Knight shall not contest the
                                         ownership of the Braeburn Marks or the Sublicensed Product Trademarks or the validity
                                         of any registration relating thereto or assist any Third Party in doing so. Knight agrees,
                                         at the request of Braeburn, to execute any and all proper and reasonable documents appropriate
                                         to assist Braeburn in obtaining and maintaining Braeburn’s rights in and to the
                                         Braeburn Marks and Sublicensed Product Trademarks.

 

		4.3	Sublicensed
                                         Products to Bear Mark. All packaging materials, package inserts, labels, labeling,
                                         and marketing, sales, advertising and Promotional Materials relating to Sublicensed Products
                                         distributed by Knight under this Agreement shall bear the Braeburn Marks and Sublicensed
                                         Product Trademarks together with a notice that the such marks are used under license
                                         from Braeburn, subject to the approval of such labeling by appropriate Governmental Authorities.
                                         Knight shall submit to Braeburn, for prior approval, which shall not be unreasonably
                                         withheld, conditioned or delayed, all materials bearing the Braeburn Marks and/or Sublicensed
                                         Product Trademarks that Knight intends to use with respect to Sublicensed Products.

 

    	 	Page 19	 

     

    

 

		4.4	Enforcement.
                                         Braeburn and Knight shall cooperate with each other and
                                         use Commercially Reasonable Efforts to protect the Braeburn Marks and Sublicensed Product
                                         Trademarks from infringement by Third Parties. Without limiting the foregoing, each Party
                                         shall promptly notify the other Party of any known, threatened or suspected infringement,
                                         imitation or unauthorized use of or unfair competition relating to the Braeburn Marks
                                         and Sublicensed Product Trademarks and shall share with the other Party all information
                                         available to it regarding such infringement. Braeburn shall have the first right to determine
                                         in its discretion whether to and to what extent to institute, prosecute and/or defend
                                         any action or proceedings involving or affecting any rights relating to the Braeburn
                                         Marks and Sublicensed Product Trademarks in the Territory. Upon Braeburn’s reasonable
                                         request, Knight shall cooperate with and assist Braeburn in any of Braeburn’s enforcement
                                         efforts with respect to the Braeburn Marks and Sublicensed Product Trademarks in the
                                         Territory. If Braeburn determines not to take action against any actual or suspected
                                         infringement of the Sublicensed Product Trademark in the Territory within ninety (90)
                                         days after having become aware of such infringement, then Knight shall have the right,
                                         but not the obligation, to bring or assume control of any action against the allegedly
                                         infringing Third Party as Knight determines may be necessary in its sole discretion,
                                         to the extent permitted under the Titan Agreement.
                                         In the event that Knight brings or assumes control of any such action, then Braeburn
                                         agrees to reasonably assist Knight in connection therewith. The Parties shall share equally
                                         in all costs and expenses reasonably incurred by either of them in connection with any
                                         such action and, following each Party’s recovery of its respective costs and expenses,
                                         the Parties will share equally in all money damages, if any, recovered in connection
                                         with such action.

 

		4.5	No
                                         Similar Mark. Neither Knight nor any of its Affiliates or sublicensees will,
                                         without Braeburn’s prior written consent,
                                         register or use in connection with the Commercialization of any
                                         product other than a Sublicensed Product under the Braeburn Marks or the Sublicensed
                                         Product Trademarks or any trade-mark that is confusingly similar to the Braeburn
                                         Marks or the Sublicensed Product Trademarks.

 

		5.	COMMERCIALIZATION

 

		5.1	General.

 

		(a)	Subject
                                         to the terms and conditions of this Agreement, Knight shall during the Term use Commercially
                                         Reasonable Efforts to Commercialize and Promote the Sublicensed Products in the Territory
                                         following the Regulatory Approval in the Territory.

 

    	 	Page 20	 

     

    

 

		(b)	Without
                                         limiting the generality of the foregoing, and in accordance with the Commercialization
                                         Plan, Knight shall (i) Launch Sublicensed Product for the Initial Indication and each
                                         Subsequent Indication in the Territory in each case no later than [*******]
                                         after receipt of Regulatory Approval; (ii) expend, in connection with such
                                         Launch of Sublicensed Product, such amounts as are commercially reasonable in connection
                                         with the marketing and Promotion of Sublicensed Products in the Territory, with the objective
                                         of maximizing the commercial potential and promoting the therapeutic profile and benefits
                                         of the Sublicensed Products; and (iii) devote marketing and sales resources and other
                                         personnel to such commercialization consistent with such Commercially Reasonable Efforts.

 

		5.2	Commercialization
                                         Plan and Promotional Materials and Activities.

 

		(a)	Promotional
                                         Materials shall be subject to Braeburn’s approval, such approval not to be unreasonably
                                         withheld, conditioned or delayed. Knight will prepare an initial Commercialization Plan,
                                         which will be provided to Braeburn no later than one-hundred and twenty (120) days prior
                                         to estimated receipt of Regulatory Approval for the Sublicensed Product for the Initial
                                         Indication in the Territory, as mutually agreed by the Parties. Knight shall also provide
                                         to Braeburn (i) updates of the Commercialization Plan at least forty-five (45) days prior
                                         to the estimated Launch of the Sublicensed Product for the Initial Indication and, if
                                         applicable, each Subsequent Indication, and thereafter on an annual basis or as necessary
                                         to reflect any significant amendments to the Commercialization Plan last provided to
                                         Braeburn under this Section 5.2(a), (ii) updated information regarding the expected and
                                         actual date of Launch for the Initial Indication and each Subsequent Indication, and
                                         (iii) any sales or tracking reports received by Knight from Third Parties with respect
                                         to the Sublicensed Products. Notwithstanding anything to the contrary in this Agreement,
                                         Braeburn may share the Commercialization Plan and the foregoing information with Titan
                                         to the extent required by the Titan Agreement.

 

		(b)	all
                                         Promotional Materials used by Knight will indicate that a Sublicensed Product is sold
                                         under license from Titan and Braeburn. Knight shall limit its statements, discussions
                                         and claims regarding Sublicensed Products, including those as to safety and efficacy,
                                         to those that are consistent with the Sublicensed Product Labeling and the Promotional
                                         Materials. Knight shall not distort claims of safety or efficacy in the Promotion of
                                         the Sublicensed Products.

 

		(c)	Knight
                                         shall be solely responsible for preparing all Regulatory Submissions with Regulatory
                                         Authorities in the Territory regarding approval of all Promotional Materials that require
                                         such approval.

 

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		(d)	Knight
                                         and its sublicensees and Third Party contractors shall be responsible for responding
                                         to medical questions or inquiries from members of the medical and paramedical professions
                                         and consumers in or relating to the Territory regarding Sublicensed Products, including
                                         the distribution of standard medical information letters resulting from the marketing
                                         activities of the Knight Sales Force. The Knight Sales Force shall be trained using Braeburn’s
                                         training materials, except as otherwise required by Applicable Laws in the Territory.
                                         Braeburn shall refer all medical inquiries that it receives related to the Territory
                                         to Knight. Knight shall provide copies of the responses given, all in accordance with
                                         Applicable Laws, including regulations and policies of Health Canada or the applicable
                                         Regulatory Authority, to Braeburn. Braeburn shall, at Knight’s request, from time
                                         to time, assist Knight with the formulation of responses to such inquiries, including
                                         the content of any frequently asked questions materials. If mutually agreed by the Parties,
                                         the Parties shall establish a centralized database to document and track medical inquiries.
                                         Braeburn shall provide information and access to data, records and reports reasonably
                                         requested by Knight to fulfill its obligations under this Section 5.2(d).

 

		(e)	Knight
                                         covenants that the Knight Sales Force shall (i) limit its claims of efficacy and safety
                                         for the Sublicensed Products in the Territory to those that are consistent with the prescribing
                                         information approved by the applicable Regulatory Authority for Sublicensed Products
                                         in the Territory; (ii) not add, delete or modify claims of efficacy and safety in the
                                         Promotion of Sublicensed Products under this Agreement from those claims of efficacy
                                         and safety that are consistent with the prescribing information approved by the applicable
                                         Regulatory Authority and with Applicable Law; (iii) use the Promotional Materials in
                                         accordance with this Section 5.3; and (iv) Promote Sublicensed Products under this Agreement
                                         in accordance with Applicable Laws, and in compliance with the then current industry
                                         standards concerning interactions with healthcare professionals.

 

		5.3	Safety
                                         Data Exchange Agreement.

 

		(a)	The
                                         Parties agree to develop and commit to a SDEA that allows them to fulfill their respective
                                         regulatory and pharmacovigilance obligations relating to Adverse Experience reporting
                                         to Regulatory Authorities in accordance with Applicable Laws. Such SDEA will be completed
                                         within ninety (90) days after the Effective Date and prior to Launch. Knight shall be
                                         responsible for the timely filing with the applicable Regulatory Authority of all Adverse
                                         Experience reports in the Territory. The SDEA shall provide for the exchange of safety
                                         information between the Parties sufficient to enable each Party to comply with its legal
                                         obligations to report to the applicable Regulatory Authority, for Braeburn to comply
                                         with the Titan Agreement, and include any measures necessary for each Party to comply
                                         with Applicable Laws. Each Party shall promptly provide the other Party with copies of
                                         all such reports, analyses, summaries and all submissions to the applicable Regulatory
                                         Authority. The Adverse Experience procedures utilized in the preparation and filing of
                                         such reports will incorporate the provisions set forth in Section 5.3(b).

 

    	 	Page 22	 

     

    

 

		(b)	Prior
                                         to Launch, Knight will establish a system for the reporting of Adverse Experiences by
                                         patients, physicians and others that is customary for the Territory and that complies
                                         with all Applicable Laws. The costs of such reporting and of all services provided by
                                         any Third Party contractor in connection with Adverse Experiences hereunder shall be
                                         borne by Knight. Knight or a Third Party contractor will timely collect reasonable information
                                         about the Adverse Experiences, initiate and conduct reasonably required investigations,
                                         interact with Braeburn if physical or other testing of a Sublicensed Product appears
                                         to be reasonably required, determine the nature of the Adverse Experience based on data
                                         and reports it has obtained, and issue any reports, analyses or summaries of its activities
                                         as may be required by Applicable Laws. Copies of such reports will be promptly provided
                                         to Braeburn.

 

		(c)	All
                                         safety related reports and correspondence shall be addressed to such safety representative
                                         as may be designated by Braeburn and Knight.

 

		5.4	Quality
                                         Complaint Reporting. Knight shall be solely responsible for collecting and responding
                                         to any product quality complaint relating to the Sublicensed Products received from a
                                         customer in or relating to the Territory and resulting from use in the Field. Knight
                                         shall investigate and provide Braeburn, in a timely manner, with reports resulting from
                                         such investigations. If Braeburn receives a product quality complaint relating to the
                                         Sublicensed Products from a customer in or relating to the Territory resulting from use
                                         in the Field, it shall promptly notify Knight of such complaint, and Knight will investigate
                                         and promptly report the investigation results to Braeburn and be solely responsible for
                                         communication and response, if any, to any customer(s) in the Territory. Furthermore,
                                         Braeburn shall also be responsible for investigating and reporting the investigation
                                         results to Knight respecting any product quality complaints related to the manufacturing
                                         of the Sublicensed Products.

 

		5.5	Other
                                         Information. In addition to the foregoing information to be provided, each Party
                                         shall provide to the other Party with any: (i) information relating to the efficacy and/or
                                         safety of the Sublicensed Products, including any Recall of the Sublicensed Products;
                                         (ii) complaints from customers, healthcare professionals or competitors in or relating
                                         to the Territory and relating to the Sublicensed Products; (iii) information relating
                                         to any potential liability to any Third Party in or relating to the Territory that is
                                         reasonably likely to arise for either Party in connection with the manufacture,
                                         or Commercialization of the Sublicensed Products in or for the Territory; (iv)
                                         information relating to any inspections, inquiries, issues raised or actions taken by
                                         any Governmental Authority in or related
                                         to the Territory; and (v) any other information necessary or reasonably desirable to
                                         enable each Party to comply with any Applicable Laws in the Territory or elsewhere.

 

		5.6	Recall.
                                         If any Regulatory Authority in the Territory issues or requests a recall, market withdrawal
                                         or other corrective action (a “Recall”) of a Sublicensed Product,
                                         or if either Party determines that an event, incident or circumstance has occurred that
                                         may indicate the need for a Recall in the Territory, the Party notified of such Recall,
                                         or the Party that desires such Recall, will advise the other Party thereof by telephone
                                         or fax within twenty-four (24) hours of (i) its receipt of notice from a Regulatory Authority
                                         requiring or requesting a Recall or (ii) such Party’s determination that a Recall
                                         is indicated, and Braeburn and Knight shall convene a joint telephonic meeting to discuss
                                         such Recall request within twenty-four (24) hours of such notification. Knight shall
                                         include any reasonable recommendation from Braeburn as to the manner of conducting the
                                         Recall, provided that such recommendation is agreeable to the applicable Regulatory Authority
                                         and in accordance with the Applicable Laws. Except as otherwise provided in the foregoing,
                                         Knight shall make all decisions with respect to the execution of any Recall related to
                                         a Sublicensed Product in the Territory, including communicating directly with the applicable
                                         Regulatory Authorities. At Knight’s request, Braeburn shall provide, at its cost
                                         reasonable assistance in conducting any such Recall, including providing all pertinent
                                         records that Knight may reasonably request to assist in effecting such action. Neither
                                         Party shall have any obligation to reimburse or otherwise compensate the other Party
                                         or its Affiliates for any consequential damages, lost profits or income that may arise
                                         in connection with any Recall with respect to the Sublicensed Products.

 

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		5.7	NDA
                                         Transfer Date. Notwithstanding anything contained herein to the contrary, to the
                                         extent that certain rights of Knight under this Article 5 (or the exercise by Knight
                                         of such rights, including the filing by Knight of any Regulatory Submission or communication
                                         by Knight with any Regulatory Authority) (a) would require, to the extent provided
                                         in the Titan Agreement, Titan’s prior review, consent, or participation, as applicable,
                                         or (b) do not vest in Braeburn under the Titan Agreement in or in relation to the Territory
                                         until the NDA Transfer Date, such rights shall not vest in Knight until the NDA Transfer
                                         Date.

 

		6.	PRICES
                                         AND PAYMENTS

 

		6.1	Royalties.
                                         In consideration of the rights granted by Braeburn hereunder, during the Term, Knight
                                         will pay to Braeburn the following royalties (“Royalties”):

 

		(a)	Base
                                         royalty: [*******]%
                                         of Net Sales on all annual Net Sales up to $[*******]

 

		(b)	Tier
                                         1: [*******]% of
                                         Net Sales on all annual Net Sales exceeding $[*******]but
                                         below $[*******]

 

		(c)	Tier
                                         2: [*******]% of
                                         net Sales on all annual Net Sales exceeding $[*******]but
                                         below $[*******]

 

		(d)	Tier
                                         3: [*******]% of
                                         Net Sales on all annual Net Sales exceeding $[*******]

 

provided,
that if at any time beginning two (2) years following Launch, Braeburn is paying royalties to Titan under the Titan Agreement
in the amount of [*******] percent ([*******]%)
of net sales (as described in the Titan Agreement), then the Base royalty and the Tier 1 royalty shall be increased to [*******]percent
[*******]%) of Net Sales, such increase to occur coinciding
with any date on which Braeburn owes the above-referenced royalty to Titan and provided further that following the NDA Transfer
Date, Braeburn shall contact Titan to seek to discuss the ability to keep Canadian sales made by Knight as a separate royalty
rate calculation. To the extent royalty rights are successfully renegotiated with Titan, Knight’s royalty rates shall remain
as contemplated by (a) through (d) above.”

 

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		6.2	Supply
                                         Price. Knight will pay Braeburn under the Supply Agreement a supply price for each
                                         final packaged kit containing four Sublicensed Product implant rods and applicator in
                                         an amount equal to $[*******]per
                                         kit (the “Supply Price”). Nothing other than the final packaged kit
                                         manufactured and/or supplied by Braeburn hereunder or under the Supply Agreement and
                                         included in the Supply Price is required by Knight to fully commercialize the Sublicensed
                                         Product in the Territory. In the event Braeburn changes the format of the packaging or
                                         number of rods contained within each final packaged kit, the Supply Price will be recalculated
                                         to reflect an amount equal to $[*******]per
                                         rod. In the event there are greater-than-anticipated cost increases for the manufacture
                                         of Sublicensed Products, Braeburn will be entitled to increase the Supply Price provided
                                         that Braeburn consults with Knight in relation to the reasons for its intended price
                                         increase and it delivers to Knight at least six (6) months advance written notice of
                                         a proposed increase in price and is able to demonstrate based on reasonable documentary
                                         evidence that the proposed price increase corresponds to an increase in the prices of
                                         raw materials and/or production and/or manufacturing processes that necessitate an increase
                                         of the Supply Price (“Supply Price Increase”). 

 

		6.3	Reports
                                         and Payments.

 

		(a)	Within
                                         twenty (20) calendar days after the end of each Calendar Quarter following Launch that
                                         begins or ends during the Term, Knight shall furnish to Braeburn a written report (each,
                                         a “Royalty Report”) showing:

 

		(i)	all
                                         Net Sales during (A) such Calendar Quarter, including a reconciliation to Gross Sales
                                         and a breakdown of all estimated Permitted Deductions from the gross amount invoiced
                                         to arrive at Net Sales, and (B) the Calendar Year to date through the end of such Calendar
                                         Quarter; and

 

		(ii)	a calculation
                                         of Royalties for such Calendar Quarter; and

 

		(iii)	if
                                         the actual Net Sales and/or Permitted Deductions for a previous Calendar Quarter differ
                                         from the amounts previously reported to Braeburn, a reconciliation of such difference
                                         (increase or decrease), and a calculation of the adjustment to the Royalties payable
                                         with respect to such preceding Calendar Quarter as a result of such review (a “Royalty
                                         True-Up”).

 

		(b)	Each
                                         such Royalty Report shall be accompanied by payment of the Royalties due under Section
                                         6.1, plus or minus any adjustment of Royalties previously paid, calculated in accordance
                                         with the immediately preceding clause (a)(iii) of this Section 6.3, as applicable.

 

    	 	Page 25	 

     

    

 

		(c)	Within
                                         ninety (90) days after the Calendar Quarter during which this Agreement terminates or
                                         expires (the “Final Royalty Period”), Knight shall furnish to Braeburn
                                         a final Royalty True-Up with respect to such Calendar Quarter (the “Final Royalty
                                         True-Up Report”). If the Final Royalty True-Up Report indicates that additional
                                         Royalties are payable with respect to the Final Royalty Period, such Final Royalty True-Up
                                         Report shall be accompanied by payment of such additional Royalties. If the Final Royalty
                                         True-Up Report indicates that Royalties were overpaid with respect to the Final Royalty
                                         Period, Braeburn shall pay to Knight an amount equal to such overpayment within thirty
                                         (30) days following the delivery of the Final Royalty True-Up to Braeburn. If Braeburn
                                         disagrees with the Final Royalty True-Up Report, Braeburn shall notify Knight within
                                         fifteen (15) days after receipt thereof and such disagreement shall be resolved pursuant
                                         to Section 6.5 below.

 

		(d)	Knight
                                         shall keep and shall require its Affiliates and its or their sublicensees to keep complete
                                         and accurate records in connection with the purchase, use and/or sale by or for it of
                                         Sublicensed Products hereunder in sufficient detail to permit accurate determination
                                         of all amounts necessary for calculation and verification of all payment obligations
                                         set forth in this Article 6.

 

		(e)	Without
                                         limiting any Party’s remedies hereunder, in the event payments required to be made
                                         under this Section 6.3 or any other provision of this Agreement are not made on or prior
                                         to the required payment date, the amount of the late payment shall bear interest at the
                                         per annum rate of two percent (2%) over the then-current thirty (30)-day LIBOR rate,
                                         or the maximum rate allowable by Applicable Law, whichever is lower.

 

		(f)	Except
                                         as otherwise defined herein, all financial calculations by either Party under this Agreement
                                         shall be calculated in accordance with its Accounting Standards. All payments due by
                                         one Party to the other Party under this Agreement shall be payable in United States Dollars,
                                         except as otherwise set forth in this Agreement. In addition, all calculations herein
                                         shall give pro-rata effect to and shall proportionally adjust (by giving effect to the
                                         number of applicable days in such Calendar Quarter) for any Calendar Quarter that is
                                         shorter than a standard Calendar Quarter or any Calendar Year (or twelve month period)
                                         that is shorter than four consecutive full Calendar Quarters or twelve consecutive months,
                                         as applicable.

 

		6.4	Record
                                         Retention. Knight will maintain complete and accurate books, records, and accounts
                                         in sufficient detail to confirm the accuracy of any payments required under this Agreement
                                         and the Royalty Reports delivered under Section 6.3, which books, records, and accounts
                                         will be retained until three (3) years after the end of the period to which such books,
                                         records, and accounts pertain.

 

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		6.5	Audits.

 

		(a)	Independent
                                         Audit.

 

		(i)	During
                                         the Term and for three (3) years thereafter, Braeburn, upon prior written notice to Knight
                                         and at a mutually agreeable time, but in no event more than once in any twelve (12) month
                                         period, may request, and Knight shall permit, an independent certified public accounting
                                         firm of internationally recognized standing selected by Braeburn and reasonably acceptable
                                         to the Knight, to have access during normal business hours to the records of Knight as
                                         may be reasonably necessary to verify any payment made or due hereunder and the accuracy
                                         of the reports, including the Royalty Report; provided, however, that any audit conducted
                                         under this Section 6.5 may only be for any Calendar Year or Calendar Years (or any portion
                                         thereof) ending not more than thirty-six (36) months prior to the date of such request.
                                         The accounting firm shall disclose to Braeburn only whether the payments and reports
                                         are correct or incorrect, the specific details concerning any discrepancies (including,
                                         if applicable, the accuracy of the calculation of Net Sales, and the resulting effect
                                         of such calculations on the amounts payable by Knight under this Agreement), but no other
                                         information shall be disclosed to Braeburn.

 

		(ii)	If
                                         there is a dispute between the Parties following any audit performed pursuant to Section
                                         6.5(a)(i), either Party may refer the issue (an “Audit Disagreement”)
                                         to a second independent certified public accounting firm of internationally recognized
                                         standing (the “Independent Expert”) for resolution. In the event an
                                         Audit Disagreement is submitted for resolution by either Party, the Parties shall comply
                                         with the following procedures: (A) the Party submitting the Audit Disagreement for resolution
                                         shall provide written notice to the other Party that it is invoking the procedures of
                                         this Section 6.5(a)(ii); (B) within five (5) Business Days of the giving of such notice,
                                         the Parties shall jointly select an independent internationally recognized accounting
                                         firm to act as the Independent Expert to resolve such Audit Disagreement; (C) the Audit
                                         Disagreement submitted for resolution shall be described by the Parties to such Independent
                                         Expert, which description may be in written form, within ten (10) Business Days of the
                                         selection of such Independent Expert; (D) such Independent Expert shall render a decision
                                         on the matter as soon as practicable; and (E) the decision of such Independent Expert
                                         shall be final and binding on the Parties and shall not be subject to Article 12 or Section
                                         13.11 unless such Audit Disagreement involves good faith allegations of fraud or willful
                                         breach of this Agreement.

 

		(b)	If,
                                         pursuant to Section 6.5(a)(i) or 6.5(a)(ii), as applicable, an accounting firm concludes
                                         that additional amounts were owed during a Calendar Year, Knight shall pay the additional
                                         amounts plus interest as set forth in Section 6.3(e) above on the amount of such additional
                                         payments, within ten (10) calendar days of the date such accounting firm’s written
                                         report so concluding is delivered to Knight. In the event such accounting firm concludes
                                         that amounts were overpaid by Knight during such period, Braeburn shall, to the extent
                                         such overpayment was known to Braeburn, repay Knight the amount of such overpayment plus
                                         interest as set forth in Section 6.3(e) above on the amount of such overpayment, within
                                         ten (10) days after the date such accounting firm’s written report so concluding
                                         is delivered to Braeburn, or, to the extent such overpayment was not known to Braeburn,
                                         Knight may reduce subsequent payment(s) to Braeburn under this Agreement by the amount
                                         of such overpayment. The fees charged by such accounting firm(s) shall be paid by Braeburn;
                                         provided, however, that, (i) if an error in favor of Braeburn of more than five percent
                                         (5%) of the payments due hereunder for the period being reviewed is discovered, or (ii)
                                         if Knight requested an Independent Expert under Section 6.5(a)(ii) and an error in favor
                                         of Braeburn is discovered, then, in either case, the fees and expenses of the accounting
                                         firm(s) shall be paid by Knight.

 

    	 	Page 27	 

     

    

 

		(c)	Each
                                         Party shall treat all financial information subject to review under this Section 6.5
                                         in accordance with the confidentiality provisions of Article 10.

 

		6.6	Payment
                                         Method. All payments due to Braeburn hereunder will be paid in United States Dollars
                                         by wire transfer to an account designated by Braeburn.

 

		7.	MANUFACTURE
                                         AND SUPPLY

 

		7.1	Manufacture
                                         and Supply by Braeburn. During the Term, Knight agrees to obtain exclusively from
                                         Braeburn all Knight’s requirements of the Sublicensed Products for the Territory
                                         at the Supply Price and otherwise on the terms and subject to the conditions of a manufacturing
                                         and supply agreement in customary form for the pharmaceutical industry to be mutually
                                         agreed between the Parties following the Effective Date (the “Supply Agreement”);
                                         provided, that the Parties shall negotiate in good faith and use Commercially Reasonable
                                         Efforts to execute and deliver the Supply Agreement within three (3) months of the NDA
                                         Transfer Date. Subject to the execution and delivery of the Supply Agreement, Braeburn
                                         agrees to supply Knight with all of its requirements of Sublicensed Products for Commercialization
                                         in the Territory during the Term. For the avoidance of doubt, Braeburn may, at its discretion,
                                         use the services of a Third Party to manufacture and/or package some or all of the Sublicensed
                                         Products supplied to Knight under the Supply Agreement.

 

		7.2	Quality
                                         Agreement. To the extent Braeburn manufactures Sublicensed Products supplied to Knight
                                         under the Supply Agreement, as required under Applicable Laws, or as reasonably requested
                                         by a Party, the Parties shall enter into a separate quality agreement in customary form
                                         for the pharmaceutical industry mutually agreed by the Parties regarding the supply,
                                         quality control and quality assurance of Sublicensed Products supplied to Knight under
                                         the Supply Agreement (the “Quality Agreement”).

 

		7.3	Conflicts.
                                         Except as may be expressly set forth in the Supply Agreement or Quality Agreement, in
                                         the event of any conflict or inconsistency between the terms and conditions of the Supply
                                         Agreement or Quality Agreement, on the one hand, and this Agreement, on the other hand,
                                         the Supply Agreement or Quality Agreement, as applicable, shall govern and control with
                                         respect to all matters relating to the manufacturing, supply, quality control and quality
                                         assurance of or relating to the Sublicensed Products supplied to Knight under the Supply
                                         Agreement, and this Agreement shall govern and control with respect to all other matters.

 

    	 	Page 28	 

     

    

 

		8.	INTELLECTUAL
                                         PROPERTY

 

		8.1	Ownership.
                                         As between the Parties, Braeburn shall have and retain all right, title and interest
                                         in or Control over, as applicable, all Braeburn Patents, inventions, discoveries, and
                                         Braeburn Know-How concerning Sublicensed Products, including formulations thereof, or
                                         methods of making or using same which have been made, conceived, reduced to practice
                                         or generated by its employees, agents, or other persons acting under its authority prior
                                         to the Effective Date. As between the Parties, during the Term, except as otherwise provided
                                         in and subject to the terms and conditions of this Agreement, Braeburn shall have and
                                         retain all rights, title and interest in all inventions, discoveries and know-how relating
                                         to Sublicensed Products, including formulations thereof, or methods of making or using
                                         same, or Improvements thereof (collectively, “Inventions”), that are
                                         made, conceived, reduced to practice or generated, whether solely or jointly, by Braeburn’s
                                         employees, agents, or other persons acting under its authority and/or
                                         by Knight’s employees or agents, or, to the extent Knight becomes aware
                                         of any such Inventions, by other persons acting under its authority. Knight shall notify
                                         Braeburn promptly of any Inventions that are made, conceived, reduced to practice or
                                         generated solely by Knight’s employees, agents, or other persons acting under its
                                         authority. To the extent required by Applicable Law, Knight shall assign or otherwise
                                         transfer all rights, title and interest in any of the foregoing Inventions to Braeburn,
                                         and Knight agrees, at the request of Braeburn, to execute any and all proper documents
                                         appropriate to assist Braeburn in obtaining and maintaining Braeburn’s rights in
                                         and to the foregoing Inventions.

 

		8.2	Patent
                                         Prosecution. Braeburn shall have the first right to prosecute and maintain the Braeburn
                                         Patents and any patent application(s) or patent(s) arising from this Agreement, using
                                         patent counsel selected by Braeburn, and shall be responsible for the payment of all
                                         prosecution and maintenance costs. Braeburn shall not abandon prosecution or maintenance
                                         of any or all patents or patent applications directly related to the Sublicensed Products
                                         in the Territory without notifying Knight in a timely manner of Braeburn’s intention
                                         and reason therefore and providing Knight with reasonable opportunity to comment upon
                                         such abandonment and to assume responsibility for prosecution or maintenance of such
                                         Patent Rights. To the extent allowed under the Titan Agreement, in the event that Braeburn
                                         abandons prosecution or maintenance of any or all patents or patent applications directly
                                         related to the Sublicensed Products in the Territory, Knight may assume prosecution and
                                         filing responsibility for such Patent Rights in the Territory, at its sole expense, and
                                         thereafter such patent rights will be owned solely and exclusively by Knight.

 

		8.3	Notification
                                         of Third Party Infringement. Each Party shall promptly disclose to the other in writing,
                                         and share within five (5) Business Days all available information known to the Party
                                         in connection with any actual, suspected, alleged, or threatened infringement or misappropriation
                                         of any Braeburn Patent, or any actual, suspected, alleged or threatened infringement
                                         or passing off of the Braeburn Mark, in the Territory, of which such Party becomes aware.
                                         The Parties will thereafter consult and cooperate to determine a course of action, including
                                         the commencement of legal action by any Party.

 

    	 	Page 29	 

     

    

 

		8.4	Response
                                         to Third Party Infringement.

 

		(a)	Braeburn
                                         shall have the first right, but not any obligation, to initiate and respond to any actual
                                         or threatened infringement of a Braeburn Patent, the Braeburn Mark or of any unfair trade
                                         practices, trade dress imitation, passing off of counterfeit goods, or like offenses
                                         in the Territory relating to the Sublicensed Products. If Braeburn elects to respond
                                         to any actual or threatened infringement by initiating a proceeding, Braeburn shall use
                                         legal counsel of its choice at its expense and shall have full control over the conduct
                                         of such proceeding, including whether to initiate any legal proceeding and/or the settlement
                                         thereof. Braeburn may settle or compromise any such proceeding without the consent of
                                         Knight; provided, however, that if such settlement adversely affects Knight’s rights
                                         under this Agreement, or Knight’s ability to Commercialize the Sublicensed Products
                                         within the Territory, or otherwise requires Knight to admit wrongdoing, fault, or liability,
                                         Braeburn will not settle or compromise any such proceeding without the consent of Knight,
                                         such consent not to be unreasonably withheld, conditioned or delayed.

 

		(b)	If,
                                         within a period of sixty (60) days after the first notice of infringement is provided
                                         under Section 8.4, Braeburn elects not to initiate and respond to any actual or threatened
                                         infringement of a Braeburn Patent, a Braeburn Mark or of any unfair trade practices,
                                         trade dress imitation, passing off of counterfeit goods, or like offenses in the Territory
                                         relating to the Sublicensed Products, then Knight shall have the right, but not the obligation,
                                         to take action, at its sole expense and to the extent permitted under the Titan Agreement,
                                         in which case Knight shall have full control over the conduct of such proceeding and
                                         Knight may settle or compromise any such proceeding without the consent of Braeburn;
                                         provided, however, that if such settlement adversely affects Braeburn’s intellectual
                                         property rights or its rights under this Agreement, or Braeburn’s ability to Commercialize
                                         the Sublicensed Products outside the Territory, results in any monetary payment by or
                                         financial loss to Braeburn or otherwise requires Braeburn to admit wrongdoing, fault,
                                         or liability, Knight will not settle or compromise any such proceeding without the consent
                                         of Braeburn, such consent not to be unreasonably withheld, conditioned or delayed. Knight
                                         shall be solely responsible for any legal costs or damages awards made in any proceeding
                                         that is initiated by Knight in the event that Braeburn elects not to respond to any actual
                                         or threatened infringement.

 

		8.5	Cooperation.
                                         Each Party shall cooperate reasonably, at its expense, in any enforcement effort initiated
                                         by the other Party. The Parties nor their Affiliates shall contest any joinder in any
                                         proceeding sought to be brought by the other Party if such joinder is required by Applicable
                                         Law. For any legal action or defense described in Section 8.4 above, in the event that
                                         any Party is unable to initiate, prosecute or defend such action solely in its own name,
                                         the other Party will join such action voluntarily and will execute all documents necessary
                                         for the Party to defend, prosecute and maintain such action. In connection with any such
                                         action, the Parties will cooperate fully and will provide each other with any information
                                         or assistance that either reasonably may request.

 

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		8.6	Recovery.
                                         Except as otherwise agreed to by the Parties as part of a cost-sharing arrangement, any
                                         monetary award recovered from a Third Party in connection with any proceeding described
                                         in Section 8.4 above shall be shared as follows:

 

		(a)	the
                                         Party that initiated and prosecuted or maintained the defense
                                         of, the action shall recoup all of its costs and expenses (including all court and reasonable
                                         attorneys’ fees) incurred in connection with the action, whether the recovery is
                                         by settlement or otherwise; 

 

		(b)	the
                                         other Party then shall, to the extent possible, recover its reasonably documented costs
                                         and expenses (including reasonable outside attorneys’ fees) incurred in connection
                                         with the action;

 

		(c)	if
                                         Braeburn initiated and prosecuted, or maintained the defense of, the action, the amount
                                         of any recovery remaining then shall be retained by Braeburn; and

 

		(d)	if
                                         Knight initiated and prosecuted, or maintained the defense of, the action, the amount
                                         of any recovery remaining shall be retained by Knight, net of an amount that shall be
                                         paid to Braeburn equal to the Royalties that would have been payable to Braeburn
                                         if such remainder of the recovery or settlement proceeds
                                         constituted Net Sales. 

 

		8.7	Infringement
                                         of Third Party IP.

 

		(a)	If
                                         either Party becomes aware that its activities performed hereunder may constitute actual
                                         or alleged infringement or misappropriation of the intellectual property rights of a
                                         Third Party in the Territory, it shall promptly notify the other Party and the Parties
                                         shall discuss a strategy to defend or mitigate against any actual or alleged infringement.

 

		(b)	Braeburn
                                         shall have the first right, but not the obligation, to defend any action in the Territory
                                         related to the intellectual property rights of any Third Party or to initiate and prosecute
                                         legal action related to the intellectual property rights of any Third Party at its own
                                         expense and in the name of Braeburn and/or Knight. Knight shall render, at its expense,
                                         all assistance reasonably requested in connection with any action taken by Braeburn.
                                         However, the control of such action, including whether to initiate any legal proceeding
                                         and/or the settlement thereof, shall solely be under the control of Braeburn; provided,
                                         however, that if such settlement adversely affects Knight’s rights under this Agreement,
                                         or Knight’s ability to Commercialize the Sublicensed Products within the Territory,
                                         or otherwise requires Knight to admit wrongdoing, fault, or liability, Braeburn will
                                         not settle or compromise any such proceeding without the consent of Knight, such consent
                                         not to be unreasonably withheld, conditioned or delayed.

 

    	 	Page 31	 

     

    

 

		(c)	If
                                         Braeburn elects not to defend an infringement action in the Territory as provided in
                                         Section 8.4(b), and Knight elects to do so, the cost of any agreed-upon course of action,
                                         including the costs of any legal action commenced or any infringement action defended,
                                         shall be borne solely by Knight; provided, however, that if such settlement adversely
                                         affects Braeburn’s intellectual property rights or its rights under this Agreement,
                                         or Braeburn’s ability to Commercialize the Sublicensed Products outside the Territory,
                                         results in any monetary payment by or financial loss to Braeburn or otherwise requires
                                         Braeburn to admit wrongdoing, fault, or liability, Knight will not settle or compromise
                                         any such proceeding without the consent of Braeburn, such consent not to be unreasonably
                                         withheld, conditioned or delayed.

 

		(d)	For
                                         any such legal action or defense, in the event that any Party is unable to initiate,
                                         prosecute, or defend such action solely in its own name, the other Party will join such
                                         action voluntarily and will execute all documents necessary for the Party to prosecute,
                                         defend and maintain such action. In connection with any such action, the Parties will
                                         cooperate fully and will provide each other with any information or assistance that either
                                         reasonably may request.

 

		9.	REPRESENTATION
                                         AND WARRANTIES

 

		9.1	Braeburn
                                         Covenants, Representations and Warranties. Braeburn covenants, represents and warrants
                                         (as the case may be) to Knight as of the Effective Date that:

 

		(a)	Braeburn
                                         is a corporation duly organized, validly existing and in good standing under the laws
                                         of Delaware.

 

		(b)	Braeburn
                                         has the corporate power and authority to enter into this Agreement and will continue
                                         during the Term to have, all of the corporate power and authority necessary to enter
                                         into this Agreement and to grant the licenses hereunder.

 

		(c)	Braeburn
                                         has taken all necessary corporate actions to authorize the execution, delivery and performance
                                         of this Agreement.

 

		(d)	The
                                         Titan Agreement (i) is in full force and effect, enforceable in accordance with its terms,
                                         except to the extent enforceability is limited by bankruptcy, insolvency or similar laws
                                         affecting creditors’ rights and remedies or equitable principles, and (ii) has
                                         not been terminated; and Braeburn has not taken any action to terminate the Titan Agreement.

 

		(e)	Braeburn
                                         shall provide Knight with (i) written notice within five (5) Business Days of any alleged
                                         material breach of the Titan Agreement or written (including by email) threat of termination
                                         of the Titan Agreement received by Braeburn from Titan thereunder, and (ii) written notice
                                         within two (2) Business Days of the adoption of any amendment to the Titan Agreement
                                         relating to the Territory or Knight’s rights under this Agreement, in each case,
                                         in any material respect.

 

    	 	Page 32	 

     

    

 

		(f)	Braeburn
                                         has obtained all consents, licenses and authorizations that are necessary to perform
                                         its obligations under this Agreement and that such rights will continue to be enforceable
                                         during the Term, except to the extent enforceability is limited by bankruptcy, insolvency
                                         or similar laws affecting creditors’ rights and remedies or equitable principles.

 

		(g)	Upon
                                         the execution and delivery of this Agreement, this Agreement shall constitute a valid
                                         and binding obligation of Braeburn, enforceable against Braeburn in accordance with its
                                         terms, except to the extent enforceability is limited by bankruptcy, insolvency or similar
                                         laws affecting creditors’ rights and remedies or equitable principles.

 

		(h)	The
                                         performance of Braeburn’s obligations under this Agreement will not conflict with
                                         its organizational documents, as amended, or result in a breach of any material agreements
                                         or contracts to which it is a party.

 

		(i)	Braeburn
                                         has not and will not, during the term of this Agreement, enter into any material agreements
                                         or contracts that would conflict with its obligations under this Agreementand Braeburn
                                         has no knowledge of any agreement entered into by Titan which would conflict or restrict
                                         the terms hereof;

 

		(j)	Braeburn
                                         owns or licenses all of the Braeburn Patents licensed to Knight pursuant to this Agreement
                                         and the Braeburn Patents licensed or sublicensed to Knight pursuant to this Agreement
                                         are all of the patents owned or licensed by Braeburn that are reasonably necessary for
                                         Knight to carry out its obligations and exercise its rights under this Agreement.

 

		(k)	Braeburn
                                         has not received any notice that the manufacture, sale or use of the Sublicensed Products
                                         in the Territory infringes upon any intellectual property rights of any Third Party(ies)
                                         in the Territory.

 

		(l)	Braeburn
                                         has not received any notice from a Third Party that any issued Braeburn Patent is invalid
                                         or unenforceable for any reason.

 

		(m)	To
                                         the knowledge of Braeburn, there are no activities being carried out by Third Parties
                                         in the Territory that would constitute infringement or misappropriation of the Braeburn
                                         Patents or the Braeburn Marks.

 

		(n)	Braeburn
                                         shall use its Commercially Reasonable Efforts to maintain the Titan Agreement in full
                                         force and effect throughout the Term; provided, however, that the Parties agree and acknowledge
                                         that it may be commercially reasonable for Braeburn to terminate the Titan Agreement
                                         or take actions that result in the termination of the Titan Agreement and provided further
                                         that for avoidance of doubt, this Section does not provide Braeburn with any termination
                                         right not contemplated by Section 11.2 hereof.

 

    	 	Page 33	 

     

    

 

		(o)	Braeburn
                                         has provided Knight all material information in its possession and Control sufficient
                                         for Knight to assess the safety and efficacy of the Sublicensed Product, and any side
                                         effects, injury, toxicity or sensitivity reactions and incidents associated with all
                                         uses, studies, investigations or tests involving the Sublicensed Product (animal or human)
                                         throughout the world;

 

		(p)	As
                                         of the Effective Date, Braeburn is not aware of any material facts not otherwise disclosed
                                         to Knight that could reasonably lead Braeburn to conclude that the Sublicensed Product
                                         will be unable to receive Regulatory Approval from relevant Governmental Authorities
                                         in the Territory.

 

		(q)	Neither
                                         Braeburn nor, to the knowledge of Braeburn, any Third Party acting by or on behalf of
                                         Braeburn in connection with the manufacture, development or Commercialization of the
                                         Sublicensed Products has been debarred or is subject to debarment, and Braeburn shall
                                         not knowingly engage or use any Third Party in connection with the manufacture, development
                                         or Commercialization of the Sublicensed Products that has been debarred; Braeburn agrees
                                         to notify Knight in writing promptly if it, or if it has knowledge that, any of its licensors
                                         or any entity acting on its behalf in any capacity in connection with the manufacture,
                                         development or Commercialization of the Sublicensed Products is debarred or becomes the
                                         subject of any threatened or pending action, suit, claim, investigation, legal or administrative
                                         proceeding relating to debarment.

 

		9.2	Knight
                                         Covenants, Representations and Warranties. Knight covenants, represents and warrants
                                         to Braeburn (as the case may be) as follows:

 

		(a)	Knight
                                         is a corporation duly organized, validly existing and in good standing, under the laws
                                         of Canada.

 

		(b)	Knight
                                         has the legal right, authority, and power to enter into this Agreement and will continue
                                         during the Term to have, all of the rights necessary to enter into this Agreement and
                                         to perform its obligations hereunder.

 

		(c)	Knight
                                         has taken all necessary action to authorize the execution, delivery, and performance
                                         of this Agreement.

 

		(d)	Without
                                         limiting Knight’s obligations to use Commercially Reasonable Efforts to Commercialize
                                         the Sublicensed Products under this Agreement, Knight will seek to obtain and, once obtained,
                                         maintain all consents, licenses and authorizations that are necessary to perform its
                                         obligations under this Agreement.

 

		(e)	Upon
                                         the execution and delivery of this Agreement, this Agreement shall constitute a valid
                                         and binding obligation of Knight, enforceable against Knight in accordance with its terms,
                                         except to the extent enforceability is limited by bankruptcy, insolvency or similar laws
                                         affecting creditors’ rights and remedies or equitable principles.

 

    	 	Page 34	 

     

    

 

		(f)	The
                                         performance of Knight’s obligations under this Agreement will not conflict with
                                         its organizational documents, as amended, or result in a breach of any material agreements
                                         or contracts to which any is a party.

 

		(g)	Knight
                                         has not and will not, during the term of this Agreement, enter into any material agreements
                                         or contracts that would be inconsistent with its obligations under this Agreement.

 

		(h)	Neither
                                         Knight nor its Affiliates and sublicensees will initiate a proceeding to challenge the
                                         validity or enforceability of any Braeburn Patent or Braeburn Mark, or directly or indirectly
                                         assist any Third Party with respect to any such proceeding.

 

		(i)	Knight
                                         has utilized its own scientific, marketing and distribution expertise and experience
                                         to analyze and evaluate both the scientific and commercial value of Sublicensed Products
                                         in the Territory and has solely relied on such analysis and evaluation in deciding to
                                         enter into this Agreement.

 

		(j)	Neither
                                         Knight nor, to the knowledge of Knight, any Third Party acting by or on behalf of Knight
                                         in connection with the manufacture, development or Commercialization of the Sublicensed
                                         Products has been debarred or is subject to debarment, and Knight shall not knowingly
                                         engage or use any Third Party in connection with the manufacture, development or Commercialization
                                         of the Sublicensed Products that has been debarred; Knight agrees to notify Braeburn
                                         in writing promptly if it, or if it has knowledge that, any of its licensors or any entity
                                         acting on its behalf in any capacity in connection with the manufacture, development
                                         or Commercialization of the Sublicensed Products is debarred or becomes the subject of
                                         any threatened or pending action, suit, claim, investigation, legal or administrative
                                         proceeding relating to debarment.

 

		(k)	Neither
                                         Knight nor, to the knowledge of Knight, any of its equity holders nor any of their respective
                                         beneficial owners (a) is listed on any Government Lists (as defined below), (b) is a
                                         person who has been determined by competent authority to be subject to the prohibitions
                                         contained in Presidential Executive Order No. 13224 (Sept. 23, 2001) or any other similar
                                         prohibitions contained in the rules and regulations of the Office of Foreign Assets Control
                                         (“OFAC”) or in any enabling legislation or other Presidential Executive
                                         Order in respect thereof, (c) has been previously indicted for or convicted of any Patriot
                                         Act Offense (as defined below), or (d) is currently under investigation by any governmental
                                         authority for alleged criminal activity in connection with any Patriot Act Offense. For
                                         purposes hereof, the term “Patriot Act Offense” means (i) any violation
                                         of the criminal laws of the United States of America, or that would be a criminal violation
                                         if committed within the jurisdiction of the United States of America, relating to terrorism
                                         or the laundering of monetary instruments, including any offense under (A) the criminal
                                         laws against terrorism, (B) the criminal laws against money laundering, (C) the Bank
                                         Secrecy Act, (D) the Money Laundering Control Act of 1986, or (E) the Uniting and Strengthening
                                         America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA
                                         PATRIOT ACT) Act of 2001; and (ii) the crime of conspiracy to commit, or aiding and abetting
                                         another to commit, a Patriot Act Offense under clause (i). For purposes hereof, the term
                                         “Government Lists” means (x) the Specially Designated Nationals and
                                         Blocked Persons Lists maintained by the OFAC, (y) any other list of terrorists, terrorist
                                         organizations, or narcotics traffickers maintained pursuant to any of the Rules and Regulations
                                         of OFAC that is now included in “Government Lists,” or (z) any similar lists
                                         maintained by the United States Department of State, the United States Department of
                                         Commerce, or any other government authority or pursuant to any Executive Order of the
                                         President of the United States of America that is now included in Government Lists.

 

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		9.3	WARRANTY
                                         DISCLAIMER. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES
                                         ANY REPRESENTATIONS OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS, IMPLIED, STATUTORY
                                         OR OTHERWISE, INCLUDING ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT
                                         OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE LICENSED PRODUCTS OR ANY TECHNOLOGY
                                         OR ANY LICENSE GRANTED BY EITHER PARTY HEREUNDER, EVEN IF EITHER PARTY HAS BEEN ADVISED
                                         OF SUCH PURPOSE.

 

		9.4	LIMITATIONS
                                         OF LIABILITY. EXCEPT IN CIRCUMSTANCES OF GROSS NEGLIGENCE OR WILLFUL MISCONDUCT BY
                                         A PARTY, A BREACH OF ARTICLE 10, FOR THE PAYMENT OF AN INDEMNIFIED CLAIM UNDER SECTIONS
                                         9.5 OR 9.6 BELOW (BUT ONLY TO THE EXTENT OF SUCH CLAIM), NEITHER PARTY SHALL BE LIABLE
                                         TO THE OTHER PARTY OR TO ANY THIRD PARTY WHO MAY BENEFIT FROM ANY PROVISION OF THIS AGREEMENT
                                         FOR SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING DAMAGES
                                         RESULTING FROM LOSS OF USE, LOSS OF PROFITS, INTERRUPTION OR LOSS OF BUSINESS OR OTHER
                                         ECONOMIC LOSS) ARISING OUT OF THIS AGREEMENT OR WITH RESPECT TO A PARTY’S PERFORMANCE
                                         OR NON-PERFORMANCE HEREUNDER.

 

		9.5	Indemnification
                                         by Braeburn. Braeburn hereby agrees to defend, indemnify, and hold Knight, its Affiliates
                                         and their respective officers, directors, employees, shareholders, members, partners,
                                         agents and successors and assigns (each a “Knight Indemnified Party”)
                                         harmless from and against any and all Losses incurred by a Knight Indemnified Party in
                                         connection with any and all suits, investigations, claims or demands of Third Parties
                                         (collectively, “Third Party Claims”) in connection with, arising from
                                         or resulting from: (i) any breach of this Agreement or any representation, warranty or
                                         covenant provided in this Agreement by Braeburn or an Affiliate of Braeburn; (ii) any
                                         violation of Applicable Law by Braeburn or its Affiliates; (iii) the gross negligence
                                         or willful misconduct of Braeburn; (iv) any claim that the Sublicensed Products supplied
                                         hereunder do not comply with the specifications or submissions made in government filings
                                         (v) any claim that the sale by Knight or its Affiliates, of the Sublicensed Products
                                         infringes on intellectual property rights in the Territory of a Third Party; (vi) any
                                         damage to property, personal injury or death arising in any way from a fault or defect
                                         in the Sublicensed Product, except to the extent that damage, personal injury or death
                                         arises out of the act or omission of Knight or is beyond Braeburn’s control; (vii)
                                         any claim by Titan that this Agreement breaches, or is inconsistent with, the Titan Agreement;
                                         and (viii) any claim arising from any use, within the approved labeling, by any person
                                         of any of the Sublicensed Products; in all cases, except to the extent such Third Party
                                         Claim for Losses is in connection with, arising from or resulting from: (x) any breach
                                         of this Agreement by Knight or a Knight Indemnified Party, (y) any violation of Applicable
                                         Law by Knight or a Knight Indemnified Party, or (z) the gross negligence or willful misconduct
                                         of Knight or a Knight Indemnified Party.

 

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		9.6	Indemnification
                                         by Knight. Knight hereby agrees to defend, indemnify, and hold Braeburn, its Affiliates
                                         and their respective officers, directors, employees, shareholders, members, partners,
                                         agents and successors and assigns (each a “Braeburn Indemnified Party”)
                                         harmless from and against any and all Losses incurred by a Braeburn Indemnified Party
                                         in connection with any and all Third Party Claims in connection with, arising from or
                                         resulting from: (i) any breach of this Agreement or any representation, warranty or covenant
                                         provided in this Agreement by Knight or an Affiliate of Knight; (ii) any violation of
                                         Applicable Law by Knight or its Affiliates; (iii) any claim or assertion that any representative
                                         or other person who is employed by Knight is an employee of Braeburn; (iv) the, use,
                                         marketing, sale, Promotion, storage or distribution of Sublicensed Products in the Territory
                                         by Knight, its Affiliates or any of its or their respective sublicensees or distributors,
                                         including any death, personal injury or other product liability arising out of or related
                                         to the Sublicensed Products, excluding any claims by a Third Party (1) that the marketing,
                                         sale, Promotion, storage or distribution of Sublicensed Products in the Territory by
                                         Knight infringes or misappropriates any patent or other intellectual property or proprietary
                                         right of such Third Party or (2) that relate to any damage to property, personal injury
                                         or death arising in any way from a fault or defect in the Sublicensed Product; and (v)
                                         the gross negligence or willful misconduct of any Knight Indemnified Party in performing
                                         any activities in connection with this Agreement; in all cases, except to the extent
                                         such Third Party Claim for Losses is in connection with, arising from or resulting from:
                                         (x) any breach of this Agreement by Braeburn or an Braeburn Indemnified Party, (y) any
                                         violation of Applicable Law by Braeburn or an Braeburn Indemnified Party, or (z) the
                                         gross negligence or willful misconduct of Braeburn or an Braeburn Indemnified Party.

 

    	 	Page 37	 

     

    

 

		9.7	Indemnification
                                         Procedure. If a Party intends to claim indemnification under this Article 9,
                                         such indemnified Party shall promptly notify the other Party of any Third Party Claim
                                         in respect of which the indemnified Party intends to claim such indemnification, and
                                         the indemnifying Party shall have a first opportunity to assume the sole defense thereof
                                         with counsel selected by the indemnifying Party. The indemnified Party shall have the
                                         right to retain its own counsel and participate fully in the defense, with the fees and
                                         expenses to be paid by the indemnified Party; provided, however, that the indemnifying
                                         Party shall have no obligations with respect to any Losses resulting from the indemnified
                                         Party’s settlement of such Third Party Claim without the prior written consent
                                         of the indemnifying Party. The failure or delay to deliver notice to the indemnifying
                                         Party, within a reasonable time after the commencement of any such proceeding, if irreparably
                                         prejudicial to the indemnifying Party’s ability to defend such proceeding, shall
                                         relieve the indemnifying Party of any and all liability to the indemnified party under
                                         this Article 9. The indemnified Party shall cooperate fully with the indemnifying Party
                                         and their legal representatives in the investigation of any loss, claim, damage, or liability
                                         covered by this indemnification, and shall mitigate such loss and damages. Any amount
                                         payable in order to satisfy an indemnity hereunder shall be paid as soon as reasonably
                                         possible after the indemnified Party has incurred an indemnified expense and notified
                                         the indemnifying Party thereof.

 

		9.8	Compliance
                                         with Applicable Law. Each Party shall comply, and shall require their Affiliates
                                         and permitted sublicensees to comply, with all Applicable Laws relative to their obligations
                                         hereunder.

 

		9.9	Insurance.

 

		(a)	Both
                                         Knight and Braeburn shall maintain, during the Term and for a period of three (3) years
                                         after any expiration or termination of this Agreement, a Commercial General Liability
                                         Insurance policy or policies (including coverage for Product Liability, Contractual Liability,
                                         Bodily Injury, Property Damage and Personal Injury), with minimum limits of Five Million
                                         Dollars ($5,000,000) per occurrence and Ten Million Dollars ($10,000,000) in the aggregate.
                                         In the case of Knight, such insurance shall insure against all liability arising out
                                         of Knight’s use, sale, distribution, or marketing of Sublicensed Products in the
                                         Territory and shall name Braeburn as an additional insured on all policies. In the case
                                         of Braeburn, such insurance shall insure against all liability arising out of Braeburn’s
                                         manufacture of Sublicensed Products for use, sale, distribution, or marketing in the
                                         Territory.

 

		(b)	During
                                         the Term, Knight shall not permit such insurance to be reduced (other than by payment
                                         of Third Party Claims), expired or canceled without reasonable prior written notice,
                                         unless outside of the control of Knight, to Braeburn. Upon request, Knight shall provide
                                         certificates of insurance to Braeburn evidencing the coverage specified herein. The Parties
                                         acknowledge and agree that such insurance shall not be construed to create a limit with
                                         respect to their indemnification obligations or liability to the other.

 

		10.	CONFIDENTIALITY
                                         AND PUBLICITY

 

		10.1	Non-Disclosure
                                         and Non-Use Obligations. All Confidential Information disclosed by one Party to the
                                         other Party hereunder shall be maintained in confidence and shall not be disclosed to
                                         any Third Party or used for any purpose except as expressly permitted herein without
                                         the prior written consent of the Party that disclosed the Confidential Information to
                                         the other Party during the Term and for a period of seven (7) years thereafter. For purposes
                                         of this Agreement, “Confidential Information” means any and all Know-How,
                                         scientific, clinical, regulatory, marketing, financial, technical, non-technical, commercial
                                         or other confidential information or data of a confidential nature, whether communicated
                                         in writing, orally or by any other means, that is under the protection of one Party and
                                         is provided by that Party to the other Party in connection with this Agreement. The foregoing
                                         non-disclosure and non-use obligations shall not apply to the extent that such Proprietary
                                         Information:

 

    	 	Page 38	 

     

    

 

		(a)	is
                                         known by the receiving Party at the time of its receipt, and not through a prior disclosure
                                         by the disclosing Party, as documented by business records;

 

		(b)	is
                                         or becomes properly in the public domain or knowledge without breach by either Party;

 

		(c)	is
                                         subsequently disclosed to a receiving Party by a Third Party who, to the knowledge of
                                         the receiving Party, is lawfully able do so and, to the knowledge of the receiving Party,
                                         is not under an obligation of confidentiality to the disclosing Party; or

 

		(d)	is
                                         developed by the receiving Party independently of Confidential Information received from
                                         the other Party, as documented by research and development records.

 

		10.2	Permitted
                                         Disclosure of Proprietary Information. Notwithstanding Section 10.1, a Party receiving
                                         Confidential Information of another Party may disclose such Confidential Information:

 

		(a)	to
                                         governmental or other regulatory agencies as required by Applicable Law, in order to
                                         file Regulatory Submissions, but such disclosure may be made only to the extent reasonably
                                         necessary to file such Regulatory Submissions and in accordance with the terms and conditions
                                         of this Agreement or as otherwise requested by the relevant Governmental Authority;

 

		(b)	in
                                         connection with the performance of this Agreement and solely on a need-to-know basis,
                                         to Affiliates; potential or actual collaborators (including potential sublicensees);
                                         potential or actual investment bankers, accountants, investors, lenders, or acquirers;
                                         or employees, independent contractors (including consultants and clinical investigators)
                                         or agents, each of whom prior to disclosure must be bound by written obligations of confidentiality
                                         and non-use no less restrictive than the obligations set forth in this Article 10 or
                                         to counsel for such Party; provided, however, that the receiving Party shall (i) undertake
                                         reasonable precautions to safeguard and protect the confidentiality of the Confidential
                                         Information; (ii) remain responsible for any failure by any person who receives Confidential
                                         Information pursuant to this Article 10 to treat such Confidential Information as required
                                         under this Article 10; and (iii) take all reasonable measures to restrain the receiving
                                         Party and any such persons from prohibited or unauthorized disclosure or use in violation
                                         of this Article 10;

 

    	 	Page 39	 

     

    

 

		(c)	if
                                         required to be disclosed by Applicable Law or court order, provided that notice is promptly
                                         delivered to the non-disclosing Party in order to provide an opportunity to challenge
                                         or limit the disclosure obligations; or

 

		(d)	with
                                         respect to Braeburn, to Titan to the extent required by Braeburn to exercise its rights
                                         or perform its obligations under the Titan Agreement.

 

If
and whenever any Confidential Information is disclosed in accordance with this Section 10.2, such disclosure shall not cause any
such information to cease to be Confidential Information except to the extent that such disclosure results in a public disclosure
of such information (other than in breach of this Agreement). Where reasonably possible and subject to Section 10.3, the receiving
Party shall notify the disclosing Party of the receiving Party’s intent to make such disclosure pursuant to Sections 10.2(a)-(c)
sufficiently prior to making such disclosure so as to allow the disclosing Party adequate time to take whatever action it may
deem appropriate to protect the confidentiality of the information, and the receiving Party shall cooperate with the disclosing
Party in such efforts.

 

		10.3	Disclosure
                                         of Agreement to Governmental Authority. Without limiting any of the foregoing, it
                                         is understood that the Parties or their Affiliates may make disclosure of this Agreement
                                         and the terms hereof in any filings required by a Governmental Authority or securities
                                         exchange, may file this Agreement as an exhibit to any filing with such Governmental
                                         Authority or securities exchange, and may distribute any such filing in the ordinary
                                         course of its business; provided however, that the Party seeking such disclosure first
                                         provides the other Party a copy of the proposed disclosure, and provided further that
                                         (except to the extent that the Party seeking disclosure is required to disclose such
                                         information to comply with Applicable Law) if the other Party demonstrates to the reasonable
                                         satisfaction of the Party seeking disclosure, within two (2) Business Days of such Party’s
                                         providing the copy, that the public disclosure of previously undisclosed information
                                         will materially adversely affect the development and/or commercialization of a Sublicensed
                                         Product, the Party seeking disclosure will remove from the disclosure such specific previously
                                         undisclosed information as the other Party shall reasonably request to be removed, or
                                         otherwise provide a good faith reason to the other Party why such disclosure was not
                                         removed.

 

		10.4	Other
                                         Public Statements. Except as set forth in this Agreement or as required by Applicable
                                         Law, neither Party shall make any press release or other public announcement or other
                                         disclosure to a Third Party concerning the existence or terms of this Agreement or relating
                                         to Sublicensed Products without the prior written consent of the other Party, which consent
                                         shall include agreement upon the nature and text of such announcement or disclosure and
                                         shall not be unreasonably withheld, conditioned or delayed. Each Party agrees to provide
                                         to the other Party a copy of any public announcement as soon as reasonably practicable
                                         under the circumstances prior to its scheduled release. Each Party shall have the right
                                         to expeditiously (but in any event within twenty-four (24) hours of receipt) review and
                                         recommend changes to any press release or announcement regarding this Agreement or the
                                         subject matter of this Agreement; provided, however that such right of review and recommendation
                                         shall only apply for the first time that specific information is to be disclosed, and
                                         shall not apply to the subsequent disclosure of substantially similar information that
                                         has previously been disclosed unless there have been material developments relating to
                                         Sublicensed Products since the date of the previous disclosure.

 

    	 	Page 40	 

     

    

 

		10.5	No
                                         Rights to Use Name of Other Party. Except as provided herein, neither Party shall
                                         use the name, trademark, trade name or logo of the other Party in any publicity, promotion,
                                         news release or disclosure relating to this Agreement or its subject matter, without
                                         the prior express written permission of the other Party, except as may be required by
                                         Applicable Law.

 

		11.	TERM
                                         AND TERMINATION

 

		11.1	Term.
                                         Except as expressly provided in Section 2.1, and unless earlier terminated pursuant to
                                         Section 11.2(a), this Agreement will take effect on the Effective Date and, unless earlier
                                         terminated in accordance with the terms herein, will continue in full force and effect
                                         for fifteen (15) years from the date of Launch of the Initial Indication (from the Effective
                                         Date until the fifteenth (15th) anniversary of the date of Launch of the Initial
                                         Indication, unless earlier terminated, the “Initial Term”); provided,
                                         that if a Subsequent Indication for the Sublicensed Product received Regulatory Approval
                                         in the Territory on or after the fifth (5th) anniversary of the Launch of
                                         the Initial Indication, the Parties shall negotiate in good faith with respect to an
                                         appropriate extension of the Initial Term. Any such extension shall be mutually agreed
                                         in writing. Upon the expiration of the Initial Term and any subsequent Term thereafter,
                                         this Agreement shall automatically renew for successive two (2) year periods (each a
                                         “Renewal Term”) unless, at least one hundred eighty (180) days prior
                                         to the scheduled expiry of the Initial Term or Renewal Term], either Party provides the
                                         other with written notice of its intention not to renew the Agreement (a “Non-Renewal
                                         Notice”), in which case this Agreement shall expire at the end of the applicable
                                         period.

 

		11.2	Early
                                         Termination. This Agreement may be terminated as follows:

 

		(a)	If
                                         the NDA Transfer Date has not occurred within six (6) months of the Effective Date, either
                                         Party may provide written notice of an intent to terminate this Agreement, provided that
                                         if a Party intends to terminate the Agreement, such Party shall first discuss in good
                                         faith the reasons for seeking termination and considers potential alternatives to termination,
                                         including potential amendments to the Agreement. Termination under this Section 11.2(a)
                                         shall not effective be sooner than thirty (30) days from the date of notice.

 

		(b)	Either
                                         Party may, without prejudice to any other remedies available to it under this Agreement
                                         or at Applicable Law or in equity:

 

		(i)	immediately
                                         terminate this Agreement upon the filing or institution of bankruptcy, reorganization,
                                         liquidation or receivership proceedings, or upon an assignment of a substantial portion
                                         of the assets for the benefit of creditors by the other Party; provided, however, in
                                         the case of any involuntary bankruptcy, reorganization, liquidation, receivership or
                                         assignment proceeding such right to terminate shall only become effective if such other
                                         Party consents to the involuntary proceeding or such proceeding is not dismissed within
                                         sixty (60) days after the filing thereof; or

 

    	 	Page 41	 

     

    

 

		(ii)	terminate
                                         this Agreement prior to expiration of the Term in the event the other Party is in material
                                         default or breach of the performance of its obligations hereunder, and has not cured
                                         such breach within (i) thirty (30) days after written notice thereof provided by the
                                         non-breaching Party to the breaching Party, in case such breach is a non-payment of any
                                         amount due under this Agreement (which shall be deemed a material breach) and (ii) sixty
                                         (60) days after written notice thereof provided by the non-breaching Party to the breaching
                                         Party for other cases of breach. The termination shall become effective at the end of
                                         the (x) thirty (30) day period in case the breach is a non-payment of any amount due
                                         under this Agreement if the breaching Party has not cured such breach during such thirty
                                         (30) day period, or (y) sixty (60) day period for other cases of breach unless the breaching
                                         Party cures such breach during such sixty (60) day period. The right of either Braeburn
                                         or Knight to terminate this Agreement as provided in this Section 11.2 shall not be affected
                                         in any way by such Party’s waiver or failure to take action with respect to any
                                         previous breach or default.

 

		(c)	Braeburn
                                         may, without prejudice to any other remedies available to it under this Agreement or
                                         at Applicable Law or in equity, terminate this Agreement:

 

		(i)	on thirty
                                         (30) days written notice to Knight, if Knight, following
                                         Launch, discontinues commercial sale of Sublicensed Product for a period of three (3)
                                         months or more for reasons unrelated to Force Majeure, regulatory or safety issues or
                                         supply or manufacturing or Sublicensed Product quality issues and subsequently fails
                                         to resume sales of a Product within thirty (30) days of having been notified in writing
                                         of such failure by Braeburn; 

 

		(ii)	upon
                                         written notice to Knight in the event Knight or any of its Affiliates or sublicensees
                                         commences any legal proceeding seeking to challenge or otherwise dispute the validity
                                         or ownership of any of the Braeburn Patents or any of the claims therein, or knowingly
                                         assists any Third Party to do any of the foregoing, which termination shall be effective
                                         on the date set forth in such notice; or

 

    	 	Page 42	 

     

    

 

		(iii)	If
                                         Braeburn determines, in its sole discretion, that it is in its best interests to terminate
                                         the Titan Agreement pursuant to any one of Sections 12.2(c)(i), 12.2(c)(iii), and 12.2(c)(iv)
                                         of the Titan Agreement, then Braeburn shall provide Knight with at least ninety (90)
                                         days’ prior notice and, during such ninety-day (90-day) period, Braeburn shall
                                         discuss with Knight, in good faith, whether the grounds upon which Braeburn judges termination
                                         to be in its best interests can be adequately mitigated. If, after discussions with Knight,
                                         Braeburn still decides it is in Braeburn’s best interests to terminate the Titan
                                         Agreement, then Braeburn shall negotiate in good faith with Titan and Knight to determine
                                         whether Titan would agree to license rights in the Territory directly to Knight, including
                                         a commitment to supply Sublicensed Products to Knight. Notwithstanding the foregoing,
                                         Braeburn may not terminate this Agreement under this Section 11.2(c)(iii) prior to three
                                         (3) years following the NDA Transfer date and then only upon at least one (1) year prior
                                         notice. If Braeburn terminates the Titan agreement pursuant to this Section 11.2(c)(iii),
                                         then, notwithstanding the termination of this Agreement, the ROFN outlined in Section
                                         2.9 shall survive for the remainder of the Initial Term.

 

		(d)	Either
                                         Party may, without prejudice to any other remedies available to it under this Agreement
                                         or at Applicable Law or in equity, terminate this Agreement immediately
                                         upon written notice to the other Party, if either Party determines in good faith that
                                         it is not advisable for Knight to continue to Commercialize any Sublicensed Products
                                         in the Territory as a result of a bona fide safety issue regarding any Sublicensed Products.

 

		(e)	This
                                         Agreement shall automatically terminate in the event the Titan Agreement is terminated
                                         prior to the expiration of the Term; provided that Braeburn shall not seek to terminate
                                         the Titan Agreement for any reason other than what is contemplated in Section 11.2(c)
                                         hereof, or Section 12.2(a) of the Titan Agreement.

 

		11.3	Effect
                                         of Termination. Upon expiry or termination of this Agreement, all sublicenses and
                                         rights granted by Braeburn hereunder shall terminate and:

 

		(a)	Knight
                                         undertakes to:

 

		(i)	except
                                         as provided for in Section 11.5, cease any Commercialization of Sublicensed Products
                                         in the Territory;

 

		(ii)	commence,
                                         within thirty (30) days of expiry or termination, and complete as promptly as practicable,
                                         the transfer of title to all current and pending Regulatory Submissions and Regulatory
                                         Approvals for the Sublicensed Products to Braeburn or its designee and assist Braeburn
                                         in submitting appropriate documents to transfer the Regulatory Submissions and Regulatory
                                         Approvals for the Sublicensed Products to Braeburn or its designee;

 

		(iii)	pay
                                         Braeburn all Royalties generated by sales of Sublicensed Products, including any sales
                                         in accordance with Section 11.5; and

 

    	 	Page 43	 

     

    

 

		(iv)	promptly
                                         transfer to Braeburn or its designee copies of all data, reports, records and materials
                                         in Knight’s possession or Control that relate to Sublicensed Products and return
                                         to Braeburn all relevant records and materials in Knight’s possession or Control
                                         containing Confidential Information of Braeburn (provided that Knight may keep (a) one
                                         (1) copy of such Confidential Information of Braeburn for archival purposes solely for
                                         the purpose of compliance with this Agreement and (b) electronic copies stored in automatic
                                         computer back-up systems ).

 

		(b)	Braeburn
                                         undertakes to promptly return to Knight all relevant records
                                         and materials in Braeburn’s possession or Control containing Confidential Information
                                         of Knight (provided that Braeburn may keep one (1) copy of such Confidential Information
                                         of Knight for archival purposes solely for the purpose of compliance with this Agreement).

 

		11.4	Survival.
                                         In the event of the expiration or termination of this Agreement for any reason, the following
                                         provisions of this Agreement shall survive: Article 1; Sections 6.3(c); 6.4; 6.5; 8.1;
                                         9.3 through 9.9; Articles 10 through 13; and any other terms which, by their nature,
                                         require or contemplate performance by the Parties after expiry or termination. In any
                                         event, expiration or termination of this Agreement shall not relieve the Parties of any
                                         liability which accrued hereunder prior to the effective date of such expiration or termination.

 

		11.5	Sell-Off
                                         of Inventory. Subject to the payment of all amounts due to Braeburn hereunder, upon
                                         expiration or termination of this Agreement, Knight shall be entitled to sell off or
                                         otherwise dispose of any of Knight’s inventory of Sublicensed Products existing
                                         on the date such expiration or termination is effective; provided, however, that, at
                                         Braeburn’s request, Knight shall promptly return to Braeburn all or any portion
                                         of such inventory of Sublicensed Products that has not been sold or used within nine
                                         (9) months following such expiration or termination and Braeburn shall reimburse Knight
                                         any Supply Price previously paid by Knight for such Sublicensed Products that are returned
                                         to Braeburn

 

		12.	DISPUTE
                                         RESOLUTION

 

		12.1	Arbitration.
                                         Except as otherwise expressly provided herein, any dispute or claim arising out of or
                                         relating to this Agreement, or to the breach, termination, or validity of this Agreement,
                                         will be resolved as follows: each Party shall discuss the matter and make reasonable
                                         efforts to attempt to resolve the dispute. If the Parties are unable to resolve the dispute,
                                         the chief executive officer of each Party, or their designees, will meet within thirty
                                         (30) days of a request to attempt to resolve such dispute being made by a Party. If the
                                         chief executive officers, or their designees, cannot resolve the dispute through good
                                         faith negotiations within sixty (60) days after a Party requests such meeting, then the
                                         Parties shall resort to binding arbitration before a single arbitrator, in New York,
                                         New York, using the arbitration procedures set forth under the laws of the State of New
                                         York. The decision of the arbitrator shall be final and not subject to appeal and the
                                         arbitrator may apportion the costs of the arbitration, including the reasonable fees
                                         and disbursements of the Parties, between or among the Parties in such manner as the
                                         arbitrator considers reasonable. All matters in relation to the arbitration shall be
                                         kept confidential to the full extent permitted by law, and no individual shall be appointed
                                         as an arbitrator unless he or she agrees in writing to be bound by this provision.

 

    	 	Page 44	 

     

    

 

		12.2	Irreparable
                                         Harm. Notwithstanding anything to the contrary in Section 12.1, if either Party
                                         in its sole judgment, acting reasonably, believes that any such dispute could cause it
                                         irreparable harm, such Party will be entitled to seek temporary equitable relief from
                                         a court of competent jurisdiction in order to avoid such irreparable harm during the
                                         pendency of the procedure set forth in Section 12.1. For the avoidance of any doubt,
                                         nothing in this Article 12 shall preclude, interfere with or modify either Party’s
                                         rights under Article 11 above with respect to the termination of this Agreement.

 

		13.	OTHER
                                         PROVISIONS

 

		13.1	Withholding
                                         Tax. Knight will make all payments to Braeburn under this Agreement without deduction
                                         or withholding for taxes except to the extent that any such deduction or withholding
                                         is required by Applicable Law in effect at the time of payment. Any tax required to be
                                         withheld on amounts payable by Knight under this Agreement will be timely paid by Knight
                                         on behalf of Braeburn to the appropriate Governmental Authority, and Knight will furnish
                                         Braeburn with the corresponding proof of payment of such tax, as may be required in order
                                         to enable Braeburn to request reimbursement or deduction of the withheld amount, or to
                                         otherwise comply with its duties. Knight and Braeburn agree to cooperate to legally minimize
                                         and reduce such withholding taxes and provide any information or documentation required
                                         by any taxing authority.

 

		13.2	Further
                                         Assurances. Upon request by either Party and at such Party’s expense, the other
                                         Party shall do such further acts and execute such additional agreements and instruments
                                         as may be reasonably necessary to give effect to the purposes of this Agreement.

 

		13.3	Independent
                                         Status. Each Party’s legal relationship under this Agreement to the other Party
                                         shall be that of independent contractor, and not partners or joint venturers.

 

		13.4	Assignment.
                                         This Agreement may not be, directly or indirectly, assigned or otherwise transferred,
                                         in whole or in part, by a Party to a Third Party without the prior written consent of
                                         the other Party; provided, however, that each Party may assign this Agreement to (a)
                                         any of its Affiliate or (b) in connection with its acquisition or the transfer or sale
                                         of all or substantially all of its assets or its business to which this Agreement relates,
                                         without such consent; provided, further, that the assigning Party shall promptly notify
                                         the other Party of any such assignment. The rights and obligations contained herein shall
                                         inure to the benefit of each Party’s successors and permitted assigns, and shall
                                         be binding on and enforceable against the relevant Party’s successors and permitted
                                         assigns. Any reference in this Agreement to any Party shall be construed accordingly.
                                         Any purported assignment not in accordance with this Agreement shall be void.

 

		13.5	Compliance
                                         with Applicable Law. In connection with their activities under this Agreement, each
                                         Party shall comply with, and shall not be in violation of, any Applicable Laws.

 

    	 	Page 45	 

     

    

 

		13.6	Force
                                         Majeure. No Party shall be responsible for a failure or delay in performance of any
                                         of the obligations hereunder due to any fire, flood, earthquake, explosion, storm, blockage,
                                         embargo, war, acts of war (whether war be declared or not), terrorism, insurrection,
                                         riot, civil commotion, strike, lockout or other labor disturbance, failure of public
                                         utilities or common carriers, act of God or act, omission or delay in acting by any Governmental
                                         Authority (such events being defined as “Force Majeure”), provided
                                         that the Party seeking relief from its obligations advises the other Party forthwith
                                         of the Force Majeure. A Party whose performance of obligations has been delayed by Force
                                         Majeure shall use Commercially Reasonable Efforts to overcome the effect of the Force
                                         Majeure as soon as possible. The other Party will have no right to demand indemnity for
                                         damage or assert a breach against such Party, provided, however, that if the event of
                                         Force Majeure preventing performance shall continue for more than six (6) months and
                                         such underlying cause would not also prevent other parties from performing such obligations,
                                         then the Party not subject to the event of Force Majeure may terminate this Agreement
                                         with a written notice to the other without any liability hereunder, except the obligation
                                         to make payments due to such date and any obligations surviving under Section 11.4.

 

		13.7	Notices
                                         and Amendments. Any notice or other communication required or permitted to be given
                                         hereunder shall be in writing and shall be given by facsimile or other means of electronic
                                         communication or by hand delivery as hereinafter provided. Any such notice, if sent by
                                         fax or other means of electronic communication, shall be deemed to have been received
                                         on the day of sending, or if delivered by hand shall be deemed to have been received
                                         at the time it is delivered to the applicable address noted below. Notices of change
                                         of address shall also be governed by this Section 13.7. Notices and other communications
                                         shall be addressed as follows:

 

		(a)	In
                                         the case of Braeburn:

 

Braeburn
Pharmaceuticals, Inc.

47 Hulfish
Street

Suite
441

Princeton,
NJ 08542

United
States

Attention:
General Counsel

 

with
copies (which shall not constitute notice) to:

 

notices@braeburnpharma.com

 

and

 

Hogan
Lovells US LLP

100 International
Drive

Suite
2000

Baltimore,
MD 21202

United
States

		Attention:	Asher
                                         Rubin

		Fax:	+1
                                         410 659 2701

		E-mail:	asher.rubin@hoganlovells.com

 

    	 	Page 46	 

     

    

 

		(b)	In
                                         the case of Knight:

 

Knight
Therapeutics Inc.

376 Victoria
Avenue

Suite
220

Westmount,
Québec, H3Z 1C3

Canada

		Attention:	Jeffrey
                                         Kadanoff

		Fax:	+1
                                         514 481 4116

		E-mail:	jkadanoff@gud-Knight.com

 

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

 

Davies
Ward Phillips & Vineberg LLP

1501 McGill
College Ave.

Suite
2600

Montreal,
Québec H3A 3N9

Canada

		Attention:	Hillel
                                         W. Rosen

		Fax:	+1
                                         514 841 6400

		E-mail:	hrosen@dwpv.com

 

		13.8	Complete
                                         Agreement. This Agreement, together with the SDEA and any quality agreement entered
                                         into between the Parties with respect to Sublicensed Products, and all exhibits, schedules
                                         and other attachments hereto or thereto, embodies all of the understandings and obligations
                                         between the Parties with respect to the Sublicensed Products and supersedes any prior
                                         or contemporaneous agreements and understandings, whether written or oral, between the
                                         Parties with respect to the subject matter hereof. Any amendments or supplements to this
                                         Agreement shall not be valid unless executed in writing by duly authorized officers of
                                         both parties.

 

		13.9	Waiver.
                                         No failure to exercise and no delay in exercising any right or remedy hereunder shall
                                         operate as a waiver thereof. Any waiver granted hereunder shall only be applicable the
                                         specific acts covered thereby and shall not apply to any subsequent events, acts, or
                                         circumstances.

 

		13.10	Severability.
                                         In the event any portion of this Agreement shall be held illegal, void or ineffective,
                                         the remaining portion hereof shall remain in full force and effect. If any of the terms
                                         or provisions of this Agreement are in conflict with any applicable statute or rule of
                                         law, then such terms or provisions shall be deemed inoperative to the extent that they
                                         may conflict therewith and shall be deemed to be modified to conform with such statute
                                         or rule of law.

 

    	 	Page 47	 

     

    

 

		13.11	Governing
                                         Law. This Agreement all disputes arising out of or relating to this Agreement, or
                                         the performance, enforcement, breach or termination hereof or thereof, and any remedies
                                         relating thereto, shall be construed, governed by and interpreted in accordance with
                                         the laws of the State of New York without regard to any conflict of laws principle thereof
                                         that would result in the application of the laws of any other jurisdiction.

 

		13.12	Counterparts.
                                         This Agreement may be executed in any number of counterparts, each of which shall be
                                         considered one and the same Agreement and shall become effective when a counterpart hereof
                                         has been signed by each of the Parties and delivered to the other Party.

 

		13.13	Time
                                         of Essence. Time shall be of the essence of this Agreement and of each provision
                                         hereof.

 

		13.14	English
                                         Language. At the request of the parties, this Agreement has been negotiated in the
                                         English language and will be or have been executed in the English language. Les soussignés
                                         ont expressément demandé que ce document et tous les documents annexes
                                         soient rédigés en langue anglaise.

 

[Signature
page follows]

 

    	 	Page 48	 

     

    

 

In
witness whereof, the Parties have caused this Distribution and Sublicense Agreement to
be signed by their duly authorized representatives as of the Effective Date. 

 

	BRAEBURN PHARMACEUTICALS, INC.	 	KNIGHT THERAPEUTICS INC.

 

	By:	/s/ Behshad Sheldon	 	By:	 /s/ Amal Khouri
	 	 	 	 	 
	Name:	Behshad Sheldon	 	Name:	 Amal Khouri
	 	 	 	 	 
	Title:	President and CEO	 	Title:	VP, Business Development

  

    	 	 	 

     

    

 

SCHEDULE A

 

BRAEBURN MARKS

 

[To be provided
separately]

 

    	 	 	 

     

    

 

ASSIGNMENT, ASSUMPTION
AND AMENDMENT AGREEMENT

 

THIS
ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT (this “Agreement”), dated July __, 2018, is entered into between
Titan Pharmaceuticals, Inc., a Delaware corporation (“Titan”), and Knight Therapeutics Inc., a company licensed
under the laws of Canada (“Knight”).

 

RECITALS

 

WHEREAS,
Braeburn Pharmaceuticals, Inc., a Delaware corporation (“Braeburn”) and Knight were parties to that certain
Distribution and Sublicense Agreement dated February 1, 2016 (the “Knight Agreement”);

 

WHEREAS,
pursuant to that certain Termination and Transition Services Agreement dated as of May 25, 2018 (as amended, restated, supplemented
or otherwise modified in accordance with its terms through the date hereof, the “Termination Agreement”), by
and between Titan and Braeburn, Titan assumed the Knight Agreement;

 

WHEREAS,
the parties hereto agree that for purposes of clarification, the Knight Agreement shall be amended to (i) confirm the nature of
the rights granted to Knight, (ii) address the references to Braeburn, (iii) change the notice provisions, and (iv) replace Schedule
A in accordance with the assignment;

 

WHEREAS,
the parties hereto further agree that the Knight Agreement be amended to address certain economic issues.

 

NOW,
THEREFORE, in consideration of the above premises and for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:

 

1)           Assignment
of License. The parties hereto acknowledge that pursuant to the Termination Agreement, Braeburn has assigned to Titan and
Titan has assumed all of Braeburn’s rights, title, benefits, interest and privileges arising under, or pursuant to, the
Knight Agreement, as amended pursuant to Section 2 of this Agreement. The parties acknowledge that the rights of Knight are those
of a direct licensee rather than a sublicensee, that references in the Knight Agreement to the Titan Agreement are no longer applicable
and that Knight shall perform all duties and other obligations of Knight arising under the Knight Agreement to the benefit of
Titan.

 

2)           Amendment.
The Knight Agreement shall be further amended as follows:

 

a)           All
references in the Knight Agreement to Braeburn are replaced with Titan;

 

    	 	 	 

     

    

 

b)           Section
6.1(b) is hereby amended by changing “[*******]%”
to “[*******]%;”

 

c)           Section
13.7(a) is hereby deleted in its entirety and replaced with the following:

 

In
the case of Titan:

 

Titan
Pharmaceuticals, Inc.

400 Oyster
Point Boulevard, Suite 505

South
San Francisco, CA 94080-1921

United
States

		Attention:	President

		E-mail:	fstoller@loeb.com

 

with copies
(which shall not constitute notice) to:

 

Loeb &
Loeb LLP

345 Park
Avenue

New York,
NY 10154

United
States

		Attention:	Fran
                                         Stoller

		E-mail:	fstoller@loeb.com

 

d)           Section
13.7(b) is hereby deleted in its entirety and replaced with the following:

 

Knight
Therapeutics

3400 De
Maisonneuve W., Suite 1055

Montreal
QC.

H3Z 3B8

Canada

		Attention:	Samira
                                         Sakhia

		Fax:	+1
                                         514 678 8930

		E-mail:	ssakhia@gud-Knight.com

 

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

 

Davies
Ward Phillips & Vineberg LLP

1501 McGill
College Ave.

Suite
2600

Montreal,
Québec H3A 3N9

Canada

		Attention:	Hillel
                                         W. Rosen

		Fax:	+1
                                         514 841 6400

		E-mail:	hrosen@dwpv.com

 

    	 	 	 

     

    

 

e)           Schedule
A is hereby replaced in its entirety with Schedule A attached hereto.

 

3)           Governing
Law. THIS AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT OF
OR RELATE TO THIS AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT (INCLUDING ANY CLAIM OR CAUSE OF ACTION
BASED UPON, ARISING OUT OF OR RELATED TO ANY REPRESENTATION OR WARRANTY MADE IN OR IN CONNECTION WITH THIS AGREEMENT OR AS AN
INDUCEMENT TO ENTER INTO THIS AGREEMENT), SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS
MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.

 

4)           Headings.
The heading references herein and the recitals herein have been inserted only for convenience of reference and shall not be deemed
to modify, explain, enlarge or restrict any of the provisions hereof.

 

5)           Successors
and Assigns. This Assignment shall be binding upon and inure to the benefit of the parties hereto and their successors and
permitted assigns and nothing herein is intended or shall be construed to confer upon any person other than the parties hereto
and their respective successors and permitted assigns any rights, remedies or claims under, or by any reason of, this Assignment
or any term, covenant or condition hereof.

 

6)           Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which, together, shall constitute
one and the same instrument. A copy transmitted via facsimile or e-mail of this Agreement, bearing the signature of any party
shall be deemed to be of the same legal force and effect as an original of this Agreement bearing such signature(s) as originally
written of such one or more parties.

 

IN
WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by its respective duly authorized officer
as of the day and year first above written.

 

	 	 	TITAN PHARMACEUTICALS, INC.
	 	 	 	 
	 	 	By:	/s/ Sunil Bhonsle
	 	 	Name: Sunil Bhonsle
	 	 	Title: Chief Executive Officer
	 	 	 
	 	 	KNIGHT THERAPEUTICS INC.
	 	 	 	 
	 	 	By:	/s/Samira Sakhia
	 	 	Name: Samira Sakhia
	 	 	Title: President

 

    	 	 	 

     

    

 

Schedule
A

 

TITAN
MARKS

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