Document:

Exhibit
10.14

 

***OMITTED
AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION CONFIDENTIAL TREATMENT REQUESTED 

 

DISTRIBUTION,
LICENSE AND SUPPLY AGREEMENT

 

THIS
AGREEMENT, effective August 3 2015, by and between EMBER THERAPEUTICS, INC., a company incorporated under the laws of State
of Delaware ("Ember") and KNIGHT THERAPEUTICS INC., a public limited liability company incorporated under the
laws of Canada ("Knight").

 

RECITALS

 

WHEREAS
Ember owns or licenses all right, title and interest in and to certain products (all of Ember's current products including
BMP-7);

 

WHEREAS
Knight has extended a secured loan of US$1,000,000 to Ember to support Ember in the execution of an IPO transaction, pursuant
to a Loan Agreement entered into between the Parties on August 3, 2015;

 

WHEREAS
Knight wishes to be appointed by Ember as exclusive distributor, to offer to sell and sell the Licensed Products in the Territory
within the Field (as such terms are defined hereinafter) and Ember is willing to grant such exclusive appointment;

 

WHEREAS
Knight wishes to procure the Licensed Products from Ember and Ember wishes to supply the Licensed Products to Knight;

 

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:

 

"Adverse
Drug Reaction" means a 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.

 

"Adverse
Drug Event" means 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 this treatment.

 

"Affiliate"
means any company, corporation, firm, partnership or other entity that directly or indirectly controls, is controlled by or
is under common control with a Party, with "control" meaning ownership of greater than fifty percent (50%) of the shares,
voting stock or other voting interests in the Party or the right to receive over fifty percent (50%) of the profits or earnings
of the Party. Such other relationship as in fact results in actual control over the management, business, and affairs of a Party
shall also be deemed to constitute control.

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 "Agreement",
"hereto", "hereunder", "herein" and similar expressions mean this Distribution, License and
Supply Agreement.

 

"Applicable
Laws" means, with respect to Ember, any law, regulation, rule, guidance, order, judgment or decree having the force of
law in the United States, and with respect to Knight, any law, regulation, rule, guidance, order, judgment or decree having the
force of law in any jurisdiction within the Territory.

 

"Business
Day" means any day other than (i) Saturday or Sunday or (ii) a day that is a public holiday in either of Montreal (Canada)
or New York (NY, United States) or (iii) any other day on which banks in either of Montreal (Canada) or New York (NY, United States)
are required to be closed.

 

"Commercial
Sale" means any shipment of the Licensed Products in the Territory pursuant to an arm's length sale by Knight or its
Affiliates to a Third Party.

 

"Commercialize"
means marketing, using, distributing, promoting, offering for sale, and selling the Licensed Products (and "Commercialization"
shall be construed accordingly).

 

"Cost
of Goods" means, with respect to the Licensed Products, the production cost of such Licensed Products (for the avoidance
of doubt, including, without limitation, manufacturing oversight and quality assurance) calculated in accordance with internal
cost accounting methods consistently applied by Ember for its other similar pharmaceutical products; provided, that such methods
comply with IFRS. Cost of Goods shall include direct labor, direct materials (including taxes and duties), but exclude corporate
administrative overhead, any costs associated with excess capacity, any royalties or license fees payable to Third Parties and
any other indirect costs. Notwithstanding the foregoing, in the event a Licensed Product is manufactured, in whole or in part,
by a Third Party supplier and procured by Ember, the "Cost of Goods" shall include the costs charged for such Licensed
Product by such Third Party supplier to Ember.

 

"Current
Agreed Forecast" means the relevant forecast of sales prepared by Knight and approved by Ember in accordance with Section
3.3(b).

 

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

 

"Ember
Corporate Name and Logos" means the name "Ember Therapeutics, Inc." plus the corporate names of each of Ember's
Affiliates, and any logos, artwork or similar intellectual property owned or licensed by Ember and/or its Affiliates and related
to the Licensed Products.

 

"Ember
Indemnified Party" has the meaning set forth in Section 8.6.

 

"Ember
Marks" means the trade-marks listed in the Schedule to this Agreement, as updated from time to time by written notice
from Ember to Knight.

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"Ember
Patents" means all patents in the Territory, including patent applications, continuations, divisional patents, re-examined
patents, reissued patents, and foreign equivalents thereof, that are owned by or licensed to Ember which claim inventions reasonably
necessary for the Commercialization of the Licensed Products in the Territory.

 

"Field"
means the treatment of osteoarthritis, chronic kidney disease and Alport Syndrome and any other indication to be approved
in the Territory.

 

"Force
Majeure" has the meaning set forth in Section 12.6.

 

"GMP"
means good manufacturing practices as required under the rules of the applicable Governmental Authority in each jurisdiction
within the Territory.

 

"Governmental
Authority" means any federal, state, provincial, or municipal government body, commission, agency, board, court or tribunal
in a jurisdiction within the Territory and having authority in the particular circumstances.

 

"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.

 

"Improvements"
means any new indications, dosage strengths, reformulations, line extensions or other advances in, modifications of or improvements
to the Licensed Products.

 

"Initial
Term" has the meaning set forth in Section 9.1.

 

"Knight
Corporate Name and Logos" means the name "Knight Therapeutics Inc." plus the corporate names of each of Knight's
Affiliates, and any logos, artwork or similar intellectual property owned or licensed by Knight and/or its Affiliates.

 

"Knight
Indemnified Party" has the meaning set forth in Section 8.5.

 

"Know-How"
means all scientific, technical, manufacturing, marketing, production, sales and other information relating to the Licensed
Products that is known to or controlled by Ember and which is reasonably necessary for the Commercialization of the Licensed Products
in the Territory in accordance with the terms of this Agreement.

 

"Launch"
means the date of the first Commercial Sale in the Territory of the applicable Licensed Product.

 

"Licensed
Products" means all of Ember's current products including BMP-7 and "Licensed Product" means any
one of them (as the context shall require).

 

"Long
Term Inability to Supply" shall mean the inability to supply at least seventy percent (70%) of the volumes of a Licensed
Product for a particular jurisdiction within

 

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the
Territory indicated in the Current Agreed Forecast for a continuous period that exceeds one hundred and twenty (120) days, other
than a disruption resulting from a Force Majeure.

 

"Net
Sales" means the gross amounts invoiced by or on behalf of Knight and its Affiliates for sales of Licensed Products to
third parties that are not Affiliates of Knight in bona fide, arm's length transactions, less the following deductions, in each
case if and to the extent they are (a) reasonable and customarily provided to unaffiliated entities and (b) actually taken by
Knight or its Affiliates with respect to such sales:

 

		(i)	credits,
                                         price adjustments or allowances for damaged Licensed Products, returns or rejections
                                         of the Licensed Products;

 

		(ii)	normal
                                         and customary trade, cash and quantity discounts, allowances and credits (other than
                                         price discounts granted at the time of invoicing which have already been included in
                                         the gross amount invoiced);

 

		(iii)	chargeback
                                         payments, repayments and rebates (or the equivalent thereof) granted to or imposed by
                                         group purchasing organizations, managed health care organizations or federal, state/provincial,
                                         local and other governments, including any or all of their regulatory authorities, agencies,
                                         review boards or tribunals, or trade customers;

 

		(iv)	sales,
                                         value-added (to the extent not refundable in accordance with Applicable Law) and excise
                                         taxes, tariffs and duties, and other taxes directly related to the sale (but not including
                                         taxes assessed against the income derived from such sale);

 

		(v)	stocking
                                         allowances; and

 

		(vi)	any
                                         other payment which reduces gross revenue and is permitted to be deducted in calculating
                                         net sales in accordance with IFRS,

 

provided
that "Net Sales" (a) shall not include sales between or among Knight and its Affiliates unless Knight or any
such Affiliate is the end user, and (b) shall be calculated in accordance with the standard internal policies and procedures of
Knight, which shall at all times be in accordance with IFRS.

 

"Non-Renewal
Fee" has the meaning set forth in Section 9.7.

 

"Non-Renewal
Notice" has the meaning set forth in Section 9.1.

 

"Party"
means either Ember or Knight and "Parties" means both Ember and Knight.

 

"Proprietary
Information" means any and all scientific, clinical, regulatory, marketing, financial and commercial information or data,
whether communicated in writing, orally

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or
by any other means, which is owned and/or under the protection of one Party and is being provided by that Party to the other Party
in connection with this Agreement.

 

"Regulatory
Approval" means any and all approvals, marketing authorizations, registrations and licenses (including amendments and
supplements  thereto)  necessary from a Governmental Authority for the Commercialization of the Licensed Products in or for the
Territory.

 

"Regulatory
Submissions" means all applications, filings, dossiers and the like submitted to a Governmental Authority for the  purpose
 of  obtaining  Regulatory Approval.

 

"Renewal
Term" has the meaning set forth in Section 9.1.

 

"Short
Term Inability to Supply" shall mean the inability to supply at least seventy percent (70%) of the volumes of a Licensed
Product for a particular jurisdiction within the Territory indicated in the Current Agreed Forecast for a continuous period that
exceeds sixty (60) days but is less than one hundred and twenty (120) days, other than a disruption resulting from a Force Majeure.

 

"Specifications"
means the finished product specifications for each Licensed Product as required by the applicable Regulatory Approval and
as may be modified from time to time in accordance with the provisions of this Agreement.

 

"Term"
means the Initial Term or a Renewal Term.

 

"Territory"
means Canada, Israel, Russia and the sub-Saharan Africa.

 

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

 

		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 the United States, unless otherwise noted.

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		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. Words of one gender include the other gender.

 

		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.

 

		1.9	Solidary Obligations. Unless specified otherwise in this Agreement, the obligations of any Party consisting of more than
one person are solidary (joint and several).

 

		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	Appointment.
                                         Subject to the terms of this Agreement, Ember, on behalf of itself and its Affiliates,
                                         hereby appoints Knight as its exclusive distributor of the Licensed Products in the Field
                                         in the Territory during the Term and further grants to Knight, and Knight hereby accepts,
                                         an exclusive license under the Ember Patents, Product Trademarks and Know- How to Commercialize
                                         the Licensed Products in the Field in the Territory during the Term.

 

		2.2	Mutual
                                         non-exclusive license. Subject to the terms of this Agreement, and solely for the
                                         purposes of the performance by the Parties of their respective obligations under this
                                         Agreement and the Commercialization of the Licensed Products in the Field in the Territory,
                                         (i) Ember grants to Knight, and Knight hereby accepts, a non-exclusive license for the
                                         use, during the Term, of the Ember Corporate Name and Logos, and (ii) Knight grants to
                                         Ember, and Ember hereby accepts, a non-exclusive license for the use, during the Term,
                                         of the Knight Corporate Name and Logos.

 

		2.3	Sublicensing.
                                         Upon written notice to Ember, Knight may sublicense its rights granted hereunder
                                         or use sub-distributors or third party service providers to exercise its right or fulfill
                                         its obligations hereunder; provided, however, that without the prior written consent
                                         of Ember, Knight shall not enter into any sublicense agreements, distribution or other
                                         arrangements or agreements  with any Third  Party that markets, sells or distributes

 

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products
that are directly competitive with the Licensed Products in the Territory. All sublicense agreements, distribution or other arrangements
or agreements shall be consistent with the terms and conditions of this Agreement and shall provide that the sublicensee, distributor
or other party shall be bound by and subject to all applicable terms and conditions of this Agreement in the same manner and to
the same extent as Knight is bound thereby. Knight assumes full responsibility for any actions taken by or omissions by any sublicensee,
distributor or other party and any of the expenses, costs, or fees incurred by any sublicensee, distributor or other party. Notwithstanding
anything herein to the contrary, Knight shall be responsible for the performance of all financial and other obligations hereunder,
including, without limitation, the payment of all amounts due to Ember under Section 6.2 whether or not paid to Knight by any
such sublicensee, distributor or other party.

 

		2.4	No
                                         Implied Licenses. 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.

 

		2.5	Restriction
                                         on Knight Sales. Knight shall not: (a) knowingly solicit orders for Licensed Products
                                         to a Third Party outside the Field or the Territory; (b) knowingly distribute any Licensed
                                         Products for sale or use outside the Field or the Territory; or (c) supply any Third
                                         Party that has distributed or offered to distribute Licensed Products outside the Field
                                         or the Territory after Knight has actual knowledge that said Third Party has distributed
                                         or offered to distribute Licensed Products obtained from Knight outside of the Field
                                         or the Territory. Further, Knight shall take commercially reasonable steps to prevent
                                         the distribution of Licensed Products to Third Parties outside the Field or the Territory.

 

		2.6	Restriction
                                         on Ember Sales. Ember shall not: (a) knowingly solicit or accept orders for distribution
                                         of Licensed Products to a Third Party for sale or distribution in the Field in the Territory;
                                         (b) knowingly distribute any Licensed Products for sale or use in the Field in the Territory;
                                         (c) supply any Third Party that has distributed or offered to distribute Licensed Products
                                         in the Field in the Territory after Ember has actual knowledge that said Third Party
                                         has distributed or offered to distribute Licensed Products obtained from Ember in the
                                         Field in the Territory; or d) develop, manufacture, purchase, promote, market, distribute
                                         or sell, directly, indirectly or through an Affiliate, (or have or enter into any agreement
                                         or arrangement with respect to) a product in the Field in the Territory. Further, Ember
                                         shall take commercially reasonable steps to prevent the distribution of Licensed Products
                                         by Third Parties in the Field in the Territory and shall comply with any steps or procedures
                                         defined and agreed upon by the Parties prior to the Launch of the relevant Licensed Products.

 

		2.7	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 be fully  responsible  and  liable  for the  actions  of such Affiliates in the
                                                                                                                                                                 performance of such obligations and shall ensure that such Affiliates comply with the terms of this Agreement.
                                                                                                                                                                 Notwithstanding
                                                                                                                                                                 the
                                                                                                                                                                 foregoing,
                                                                                                                                                                 Knight
                                                                                                                                                                 shall
                                                                                                                                                                 be
                                                                                                                                                                 responsible                                          for the performance of all financial and other obligations hereunder,
                                                                                                                                                                 including, without                                          limitation, the payment of all amounts due to Ember under
                                                                                                                                                                 Section
                                                                                                                                                                 6.2.

 

 

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		2.8	Repurchase
                                         options. Ember shall have the right to repurchase the rights granted to Knight in
                                         respect of any of the Licensed Products in the Territory hereunder, provided that it
                                         may only exercise this right prior to Regulatory Submission in connection with, or (if
                                         no Regulatory Submission is required) prior to Launch of, such Licensed Product, and
                                         upon payment to Knight, the greater of:

 

		(i)	[***]; and

		(ii)	[***]; and

		(iii)	[***]

 

3.REGULATORY
AND DEVELOPMENT

 

		3.1	Regulatory Submissions. Knight shall be responsible, at its cost and expense, for preparing, filing, and managing any
Regulatory Submission and for maintaining any Regulatory Approval for the Licensed Products in the Territory. Ember shall provide
Knight with copies of all regulatory dossiers and clinical data and shall provide reasonable assistance to Knight in making submissions
to Governmental Authorities and maintaining such Regulatory Approvals. Unless otherwise required by Applicable Law, any Regulatory
Approvals shall be filed, owned and held in the name of Knight.

 

		3.2	Regulatory
                                         Correspondence. In the event that Ember receives any correspondence from a Governmental
                                         Authority in the Territory (to the extent that such correspondence relates to Licensed
                                         Products in the Field within a jurisdiction of the Territory), it shall promptly forward
                                         copies of such correspondence to Knight and such correspondence shall be dealt with by
                                         Knight. In the event that Knight receives (or is provided by Ember with copies of) any
                                         such correspondence requiring a response, Ember will cooperate fully with Knight in preparing
                                         such response and will promptly provide Knight with any data or information that is known
                                         to or possessed or controlled by Ember and required by Knight in preparing any such response.

 

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

 

		(a)	to
                                         assume all commercially reasonable sales and marketing activities related to the promotion
                                         of the Licensed Products in the Field in the Territory. The promotion of the Licensed
                                         Products by Knight in the Territory shall be consistent with Ember's global positioning
                                         of Licensed Products;

 

		(b)	to
                                         provide, on a quarterly basis, a non-binding twelve (12)-month forecast of Licensed Product
                                         sales;

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		(c)	to
                                         use commercially reasonable efforts to obtain in a timely manner all Regulatory Approvals,
                                         including, without limitation, pricing and reimbursement approvals, necessary for the
                                         Commercialization of Licensed Products in the Field in the Territory;

 

		(d)	to
                                         use commercially reasonable efforts to Launch each Licensed Product as quickly as practicable
                                         after obtaining the necessary Regulatory Approvals;

 

		(e)	to
                                         provide Ember, in a timely manner, with all commercial, marketing and regulatory information
                                         relating to the Licensed Products;

 

		(f)	not
                                         to undertake, and to cause its Affiliates not to undertake,  any  actions  to market,
                                         sell or distribute products that are used instead of the Licensed Products;

 

		(g)	to
                                         assume all commercially reasonable sales and distribution expenses related to the Commercialization
                                         of the Licensed Products in the Field in the Territory; and

 

		(h)	to
                                         cooperate with Ember in the defense of any intellectual property rights associated with
                                         the Licensed Products in the Territory at Ember's reasonable request (such request to
                                         be in writing), provided that under no circumstances shall Knight be liable for any Third
                                         Party costs connected with such defense.

 

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

 

		(a)	provide
                                         Knight with copies of all regulatory dossiers and clinical data relating to the Licensed
                                         Products and provide reasonable assistance to Knight in preparing the regulatory submissions
                                         to Governmental Authorities within the Territory;

 

		(b)	provide
                                         reasonable assistance to Knight for the initial Licensed Products-related training of
                                         medical and sales staff in the Territory;

 

		(c)	provide
                                         Knight with copies of international marketing and sales materials;

 

		(d)	manufacture
                                         and supply, or cause to be manufactured and supplied the Licensed Products and deliver
                                         such equipment and disposables directly to hospitals  and clinics in accordance with
                                         the terms of the relevant purchase order;

 

		(e)	be
                                         responsible for and assume all costs associated with replacing all defective or non-conforming
                                         Licensed Products at no cost to Knight, except to the extent such defect or non-conformance
                                         arises from the handling, shipping or storage of Licensed Products by Knight;

 

		(f)	not
                                         to undertake, and to cause its Affiliates not to undertake, any  actions  to market,
                                         sell or distribute products that are used instead of the Licensed Products

 

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		(g)	assume
                                         responsibility for, and commercially reasonable costs in connection with, intellectual
                                         property procurement, filings and maintenance associated with the Licensed Products in
                                         the Territory, provided that all intellectual property rights relating to the Licensed
                                         Products shall remain the exclusive property of Ember; and

 

		(h)	consult
                                         with and consider input from Knight with respect to packaging for Licensed Products in
                                         the Field in the Territory and manage, produce and supply all such Licensed Product packaging.

 

		3.5	Medical
                                         Affairs

 

		(a)	Knight
                                         will collect and report to Ember Adverse Drug Events, Adverse Drug Reactions and other
                                         adverse events and/or complaint information as required by Applicable Law and regulations
                                         and any separate Safety Exchange Agreement and Quality Agreement entered into by the
                                         Parties. Knight will liaise with Ember for the consolidation of that information in the
                                         Ember global databases and for reporting to regulatory agencies.

 

		(b)	Knight
                                         will liaise with Ember to ensure global coordination of medical affairs activities and
                                         priorities, and may suggest supporting investigator-sponsored trials or conducting research
                                         projects, studies or clinical trials in any jurisdiction within the Territory.

 

		(c)	Ember
                                         will review the activities set out in Section 3.5(b) above as part of its global strategy
                                         and will, if it approves the activities suggested by Knight, supply Licensed Products
                                         for such activities at no cost to Knight (where required by Applicable Laws), and the
                                         balance of such costs shall be divided equally between the Parties.

 

		(d)	Knight
                                         will collect medical queries in connection with any Licensed Products that it receives
                                         from Third Parties and promptly direct them to Ember's global call center.

 

		(e)	If
                                         Knight receives any Adverse Drug Event, Adverse Drug Reaction or other adverse event
                                         and/or complaint information relating to medical affairs in connection with the Licensed
                                         Products, it shall promptly report the Adverse Drug Event, Adverse Drug Reaction or adverse
                                         event and/or complaint to Ember (and in any event in sufficient time to enable Ember
                                         to comply with any time limits for responding or taking any other actions as required
                                         by applicable law and regulations) and provide all related information that is known
                                         to or controlled by Knight. Knight shall provide Ember with assistance or other input
                                         relating to each Adverse Drug Event, Adverse Drug Reaction or other adverse event and/or
                                         complaint information relating to medical affairs in connection with the Licensed Products
                                         in the Field in the Territory. The  Parties shall enter into a Pharmacovigilance
Agreement  within  ninety  (90)  days  of  filing  for  regulatory approval with Health Canada.

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		4.	TRADEMARKS

 

		4.1	Trade-Mark
                                         License. Ember hereby grants to Knight an exclusive, royalty-free license to use,
                                         during the Term, the Ember Marks in the Territory in association with the Commercialization
                                         of Licensed Products in the Field. Ember hereby further agrees to collaborate with Knight
                                         for the registration, at Knight's sole expense, of such exclusive licenses with governmental
                                         authorities as reasonably necessary or upon reasonable request by Knight.

 

		4.2	Ownership.
                                         Knight acknowledges that the Ember Marks are owned by  Ember.  The Ember Marks shall
                                         be and remain the sole and exclusive property of Ember. Knight shall not contest the
                                         ownership of the Ember Marks or the validity of any registration relating thereto. Knight
                                         agrees, at the request of Ember, to execute any and all proper documents appropriate
                                         to assist Ember in obtaining and maintaining Ember's rights in and to the Ember Marks.

 

		4.3	Licensed
                                         Products to Bear Mark. Licensed Products distributed by Knight under this Agreement
                                         shall bear the Ember Marks together with a notice that the Ember Marks are used under
                                         license from Ember, subject to the approval of such labeling by appropriate Governmental
                                         Authorities. Knight shall only use the Ember Marks and apply the Ember Marks on Licensed
                                         Products in the format, manner and size prescribed by Ember as may be updated from time
                                         to time or otherwise having obtained Ember's prior written consent. Knight shall submit
                                         to Ember, for prior approval, a representative sample of any marketing or promotional
                                         materials prepared by Knight, bearing the Ember Marks.

 

		4.4	No
                                         Similar Mark. Knight will not, without Ember's prior written consent, register
                                         or use in connection with any product, any trade-mark that is confusingly similar to
                                         the Ember Marks or that is similar to the Ember Marks and takes unfair advantage of or
                                         is detrimental to the distinctive character or repute of the Ember Marks.

 

		5.	COMMERCIALIZATION

 

		5.1	Quality
                                         Complaint Reporting. Ember shall be solely responsible for collecting and responding
                                         to any product quality complaint relating to the Licensed Products received from a customer(s)
                                         in the Territory. Ember shall investigate such complaints and report to Knight, in a
                                         timely manner, the results of such investigations. If Knight receives a product quality
                                         complaint relating to the Licensed Products from a customer in the Territory, it shall
                                         promptly report the complaint to Ember, who will be solely responsible for communication
                                         and response, if any, to the customer in the Territory. Furthermore, Ember shall be responsible
                                         for investigating and submitting reports to Knight with respect to any product quality
                                         complaints related to the manufacturing of the Licensed Products in the Territory.

 

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

 

		5.3	Recall.
                                         Knight shall advise Ember of any Governmental Authority initiated mandatory recall
                                         of Licensed Products in the Territory. Knight shall not initiate any voluntary recall
                                         of Licensed Products in any jurisdiction within the Territory without the written approval
                                         of Ember. Prior to executing any recall of Licensed Products in any jurisdiction within
                                         the Territory, Knight shall review with Ember the proposed manner in which the recall
                                         is to be carried out. Knight will give due consideration to any reasonable recommendation
                                         from Ember as to the manner of conducting the recall, provided that it is consistent
                                         with the requirements of the applicable Governmental Authority. Knight shall communicate
                                         directly with the applicable Governmental Authorities in relation to a Licensed Products
                                         recall in the Territory. If any Licensed Products recall in the Territory results from
                                         improper handling, shipping or storage of Licensed Products by Knight, or to off label
                                         promotion, illegal marketing or misrepresentation of quality, and in no way results from
                                         the manufacture, control, handling, shipping or storage of the Licensed Products before
                                         receipt by Knight, the costs associated with the recall, including any costs associated
                                         with replacing recalled Licensed Products, shall be paid by Knight and Knight shall indemnify
                                         Ember against any Third Party claims in connection with the recall. If the recall results
                                         from any cause or issue other than ones for which Knight is responsible as set forth
                                         in the prior sentence, all costs and expenses arising from the recall, including any
                                         costs associated with replacing recalled Licensed Products, shall be paid for by Ember
                                         and Ember shall indemnify Knight against any Third Party claims in connection therewith.

 

		6.	MANUFACTURE
                                         AND SUPPLY

 

		6.1	Manufacture
                                         by Ember. During the Term, Knight agrees to obtain exclusively  from Ember all Knight's
                                         requirements in respect of the Licensed Products. Ember agrees to supply Knight with
                                         all of its requirements, to the extent of the Current Agreed Forecast, in respect of
                                         Licensed Products as set forth in each order submitted by Knight, and to use commercially
                                         reasonable efforts to supply Knight with all of  its requirements to the extent such
                                         requirements exceed the Current Agreed Forecast. Ember may, at its discretion, use the
                                         services of a contract manufacturer to manufacture and package the Licensed  Products.

    	 	12	 

    	 	 	 

    

 

		6.2	Price.
                                         Knight will pay Ember a transfer price (including Cost of Goods and royalties) equal
                                         to the greater of i) [***] or ii) [***], and applicable sales taxes in either case..
                                         Payments pursuant to this Section 6.2 shall be made quarterly by Knight to Ember and
                                         within thirty-five (35) days following Knight's receipt of an invoice from Ember at the
                                         end of each quarter. If payments pursuant to this Section 6.2 are determined through
                                         Net Sales, such payments will be accompanied by a quarterly sales report indicating Net
                                         Sales per Licensed Product in each Territory. If payments pursuant to this Section 6.2
                                         are determined through Cost of Goods, each invoice from Ember shall detail the Cost of
                                         Goods for each Licensed Product.

 

		6.3	Orders.
                                         Knight shall order Licensed Products from Ember by submitting purchase orders to
                                         Ember. Each such purchase order shall specify, at a minimum, the desired delivery date,
                                         unit quantity, place of delivery and an order number. The initial purchase order will
                                         have a lead time of between ninety (90) and one hundred and twenty (120) days between
                                         the time when an order for Licensed Products is submitted to Ember until the Licensed
                                         Products is to be delivered to Knight. Thereafter, purchase orders will have lead time
                                         of between sixty (60) and ninety (90) days between the time when an order for Licensed
                                         Products is submitted to Ember until the Licensed Products is to be delivered to Knight.

 

		6.4	Delivery
                                         Terms. Licensed Products will, at Knight's direction, be shipped directly to Knight
                                         or to a Third Party in the Territory, as designated by Knight, according to Incoterms
                                         2010 DDP.

 

		6.5	Packaging
                                         and Labeling. Ember shall determine the artwork and design for the packaging and
                                         labelling of the Licensed Products in Territory in consultation with Knight and in accordance
                                         with local law and regulations. Knight shall not be entitled to have its trade-marks
                                         displayed on the packaging or labelling of the Licensed Products, but Ember may choose,
                                         at its sole discretion, to display such trade-marks on the packaging and/or labelling
                                         of the Licensed Products where it receives requests from Knight to do so.

 

		6.6	Specifications.
                                         Licensed Products manufactured and supplied to Knight hereunder shall conform to
                                         the Specifications which may be changed from time to time as provided in this Section
                                         6.

 

		6.7	GMP.
                                         All manufacture and quality control operations by Ember or its designee shall be
                                         in compliance with GMP or the appropriate standard for the relevant Licensed Product.

 

		6.8	Shelf
                                         Life. All Licensed Products supplied by Ember hereunder shall have not less than
                                         seventy-five percent (75%) of its shelf life remaining upon delivery to Knight.

 

		6.9	Changes.
                                         A Party shall promptly notify the other Party in writing of all proposed changes,
                                         whether voluntary or involuntary, including those arising from a request from a Governmental
                                         Authority, concerning the manufacture or quality of Licensed Products. The Parties shall
                                         negotiate in good faith towards an appropriate response to a Governmental Authority in
                                         respect  of  each  proposed change in the  quality  of the

    	 	13	 

    	 	 	 

    

 

Licensed
Products including any costs associated .with implementing said changes. Ember shall notify Knight of any proposed change in manufacturing
facility or manufacturing procedures.

 

		6.10	Minor
                                         Changes. Minor changes in the procedures for manufacture or quality control that
                                         do not require approval from a Governmental Authority or that will not affect Regulatory
                                         Approvals will be communicated by Ember to Knight in an annual review.

 

		6.11	Release
                                         to Knight. Ember, or its designee, shall only release for shipment to Knight, finished
                                         batches of Licensed Products that have been examined by Ember for compliance with the
                                         Specifications. Ember is responsible for conducting, or having conducted, all required
                                         stability and release testing to ensure that the finished batches of Licensed Products
                                         are in compliance with the Specifications.

 

		6.12	Quality
                                         Audit. During normal working hours and upon reasonable notice, Knight shall be entitled
                                         to inspect areas within Ember's or its contract manufacturer's establishment where Licensed
                                         Products are manufactured or stored, and to inspect the manufacturing, packaging, and
                                         quality control records relating to the Licensed Products.

 

		6.13	Government
                                         Inspections. Both Parties shall make their internal practices, and their manufacturing,
                                         packaging, and quality control records, relating to the Licensed Products available to
                                         Governmental Authorities and will allow access to all facilities used for manufacturing
                                         the Licensed Products to the applicable Governmental Authorities for the purposes of
                                         determining Ember's or Knight's (as the case may be) compliance with Applicable Laws.
                                         Each Party agrees to advise the other immediately of any proposed or announced visit
                                         or inspection, and as soon as possible but in any case within three (3) Business Days
                                         after any unannounced visit or inspection, by a Governmental Authority in the Territory
                                         relating to the Licensed Products. The Parties shall provide each other with a reasonable
                                         description in writing of each such visit or inspection promptly thereafter, and with
                                         copies of any letters, reports or other documents issued by any such Governmental Authorities
                                         that relate to the Licensed Products.

 

		6.14	Defects.
                                         Any claim by Knight regarding an apparent failure of the Licensed Products to comply
                                         with the Specifications must be made in writing with full particulars within thirty (30)
                                         days after receipt of the Licensed Products by Knight. In the case of latent defects,
                                         such defects shall be reported to Ember within thirty (30) days of Knight having actual
                                         notice of the defect. In case of a justifiable claim for defect because of a failure
                                         of the Licensed Products to conform to the Specifications, Ember or its designee shall,
                                         without charge, promptly replace the defective portion with supplies that are in compliance
                                         with such Specifications. Ember shall assume all costs associated with transportation
                                         of replacement Licensed Products. Knight shall follow any reasonable instructions to
                                         return to Ember or dispose of, in either event at Ember's expense, any quantities of
                                         Licensed Products as aforesaid that are not in compliance with the Specifications. Ember
                                         shall not be under any obligation to replace any Licensed Product under this Section
                                         6.14 (or incur any costs or expenses in relation to such Licensed Product) to the extent
                                         that the defect

    	 	14	 

    	 	 	 

    

 

and/or
 non-conformity  was the  result  of Knight's,  or any  customer's,  inappropriate handling of the Licensed Product.

 

		6.15	Independent
                                         Lab. If Ember does not agree with Knight that the Licensed Products rejected by Knight
                                         fails to conform to the Specifications, the matter will be submitted for analysis to
                                         an independent laboratory agreed between the Parties. The decision of such independent
                                         laboratory following its analysis of the Licensed Products shall be final. The cost of
                                         the analysis, as well as the costs associated with reasonable shipping, handling, and
                                         storage of any Licensed Products under dispute as to compliance with the Specifications,
                                         shall be borne by the Party who was in error.

 

		6.16	Short
                                         Shipment. If there is a shortage in the quantity of any shipment of Licensed Products
                                         (from quantities specified in the relevant bill of lading or other shipping documents),
                                         and it is determined that the discrepancy existed at the time the shipment was delivered
                                         to Knight by Ember, Knight shall notify Ember in writing as soon as reasonably possible
                                         (and in any event within thirty (30) days after receipt of the Licensed Products by Knight),
                                         and [***]

 

		6.17	Failure.

 

		(a)	In
the event of any Short Term Inability to Supply the Licensed Products in any jurisdiction within the Territory, Ember shall be
liable for payments to Knight as follows: (i) [***] and (ii) [***]. Knight shall attempt to quantify the financial impact of any Short
Term Inability to Supply, in writing, as soon as reasonably possible to Ember and shall use all reasonable efforts to mitigate
such impact. Subject to Section 10.1 in the case of a disputed claim, payments due under this Section 6.17 shall be payable within
thirty (30) days of receipt of said claim. In the event that two (2) Short Term Inability to Supply events occur within twenty
four (24) month period, then Ember shall, upon Knight's request and Ember's expense, be required to enter into a contract manufacturing
agreement with a Third Party for the manufacture in the relevant jurisdiction within the Territory and supply of the Licensed
Products to Knight. Any additional costs reasonably incurred by Knight or Ember for the supply of the Licensed Products as a result
of two (2) Short Term Inability to Supply events within a twenty four (24) month period resulting in the engagement of a Third
Party manufacturer will [***]. However, subject
to the conditions outlined in the directly preceding sentence, Ember's rights to payment under Section 6.2 will be not be affected.

 

 

    	 	15	 

    	 	 	 

    

 

		(b)	In
                                         the event of a Long Term Inability to Supply, Knight shall be entitled to all of the
                                         rights and recourses set forth in Section 6.17(a) (provided that Ember shall continue
                                         to receive, subject to the conditions outlined in Section 6.17(a) and as applicable,
                                         payments due to be made by Knight under Section 6.2). In addition, Knight shall be entitled
                                         by notice in writing to terminate the supply arrangements contemplated in this Agreement,
                                         in which event:

 

		(i)	Knight
                                         shall be entitled to purchase the Licensed Products from a Third Party. For greater certainty,
                                         but subject to clause (iii) below, Ember shall grant to a Third Party designated by Knight
                                         a limited, non-exclusive license to use all necessary intellectual property for or in
                                         respect of the manufacture of the Licensed Products for Commercialization by Knight in
                                         the Field in the Territory.

 

		(ii)	Ember
                                         shall provide such assistance as is required by Knight acting reasonably, from time to
                                         time to assist in sourcing the Licensed Products from a Third Party.

 

		(iii)	Without
                                         limiting the generality of the foregoing, Ember and a Third Party manufacturer selected
                                         by Knight shall enter into a technology transfer agreement reasonably satisfactory to
                                         Ember, including, without limitation, with respect to confidentiality and the ownership
                                         of intellectual property, under which Ember shall license to the selected manufacturer
                                         all technical information necessary to manufacture the Licensed Products and supply the
                                         Licensed Products in the Territory or a particular jurisdiction within the Territory.

 

		(iv)	Ember
shall continue to receive all payments due to be made by Knight under Section 6.2, provided that any additional costs incurred
by either Party for the supply of the Licensed Products as a result of a Long Term Inability to Supply leading to the engagement
of a Third Party manufacturer will [***].

 

		6.18	Shortfall.
                                         In the event of an interruption or shortfall in supply of Licensed Products, for
                                         whatever reason, that exceeds ninety (90) days in duration, such that not all purchase
                                         orders for Licensed Products hereunder can be met, then Ember shall immediately notify
                                         Knight and shall allocate a prorated share of its available sources and supplies among
                                         Knight and Ember's other partners (distributors, licensees, agents,) and internal needs,
                                         based on the respective forecasted commercial supply requirements of each of the parties
                                         for that allocation period. In any case, the Parties will discuss and agree in good faith
                                         on acceptable delivery dates and measures to mitigate the effects of the interruption
                                         or shortfall. Ember shall use commercially reasonable efforts to eliminate, cure or overcome
                                         such shortage and to resume performance of its obligations hereunder as soon as reasonably
                                         possible.

    	 	16	 

    	 	 	 

    

 

 

		6.19	Capacity
                                         and Supply. Ember will maintain sufficient manufacturing time in its production schedule
                                         to provide consistent availability of Licensed Products to meet orders from Knight within
                                         the Current Agreed Forecast. Ember shall maintain or cause its contract manufacturer
                                         to maintain sufficient volumes of Licensed Products in accordance with the Current Agreed
                                         Forecast or as otherwise determined by Knight and Ember from time to time, each acting
                                         reasonably and based on the then current and anticipated sales. At a minimum, Ember will
                                         be required to maintain sufficient volumes of Licensed Products to meet the first rolling
                                         three months quantities in the then Current Agreed Forecast, and Knight will be required
                                         to sell or otherwise purchase, at a minimum, such quantities.

 

		6.20	Payment
                                         Method. All payment due to Ember hereunder will be paid in US Dollars by wire transfer
                                         to the account designated by Ember from time to time.

 

		6.21	Record
                                         Retention. Ember will maintain complete and accurate books, records, and accounts
                                         used for the determination of expenses, deductions, credits, or other relevant factors
                                         in connection with the calculation of Cost of Goods, in sufficient detail to confirm
                                         the accuracy of any payments required under this Agreement, 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. Knight will maintain complete and accurate
                                         books, records, and accounts used for the determination of invoiced amounts and expenses,
                                         deductions, credits, or other relevant factors in connection with the calculation of
                                         Net Sales, in sufficient detail to confirm the accuracy of any payments required under
                                         this Agreement, 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.

 

		6.22	Audit.
                                         During the Term of this Agreement and for three (3) years thereafter, each Party
                                         will have the right to have an independent certified public accounting firm of internationally
                                         recognized standing access during normal business hours, and upon reasonable prior written
                                         notice, to such records of the other Party as may be reasonably necessary to verify such
                                         other Party's compliance with the terms of this Agreement for any particular period.
                                         The accounting firm will disclose to the Parties only whether the audited Party has or
                                         has not complied with the terms of this Agreement (and in particular but not limited
                                         to, the Net Sales and other amounts reported by Knight are correct or incorrect and the
                                         Cost of Goods and other amounts reported by Ember are correct or incorrect) and the specific
                                         details concerning any discrepancies. The auditing Party will bear all costs of such
                                         audit, unless the audit reveals a discrepancy in the auditing Party's favor for payments
                                         due of more than five percent (5%) or a material breach of this Agreement by audited
                                         Party, in which case the audited Party will bear the cost of the audit. Each Party will
                                         treat all information subject to review under this Sections 6.22 as confidential information
                                         and will cause its accounting firm to enter into a reasonably acceptable confidentiality
                                         agreement obligating such firm to maintain all such financial information in confidence
                                         pursuant to such confidentiality agreement.

 

		6.23	Payment
                                         of Additional Amounts. If, based on the results of  any  audit  under Sections 6.22,
                                         payments are owed by a Party to the other Party under this Agreement, then
such payment shall be made promptly after the accounting firm's written report is delivered by courier or registered mail to both
Parties.

    	 	17	 

    	 	 	 

    

  

		7.	INTELLECTUAL
                                         PROPERTY

 

		7.1	Notification
                                         of Third Party Infringement. Each Party shall promptly disclose to the other in writing
                                         within ten (10) Business Days, any actual, alleged, or threatened Third Party infringement
                                         or misappropriation in the Territory of any Ember Patent and any actual, alleged or threatened
                                         infringement or passing off in the Territory of any Ember Mark, of which such Party becomes
                                         aware.

 

		7.2           	Response
                                         to Third Party Infringement. Ember shall have the first right, but not any obligation,
                                         to respond to any actual or threatened infringement of an Ember Patent, Ember Mark or
                                         of any unfair trade practices, trade dress imitation, passing off of counterfeit goods,
                                         or like offenses in the Territory relating to the Licensed Products. If Ember elects
                                         to respond to any actual or threatened infringement by initiating a proceeding, Ember
                                         shall use legal counsel of its choice at its expense and shall have full control over
                                         the conduct of such proceeding. Ember may settle or compromise any such proceeding without
                                         the consent of Knight; provided, however, that if such settlement affects Knight's rights
                                         under this Agreement, or Knight's ability to Commercialize the Licensed Products within
                                         the Territory, or otherwise requires Knight to admit wrongdoing, fault, or liability, Ember
                                         will not settle or compromise any such proceeding without the consent of Knight, such
                                         consent not to be unreasonablywithheld, conditioned, or delayed. If Ember elects
                                         not to respond to any actual or threatened infringement of a Ember Patent, Ember Mark
                                         or of any unfair trade practices, trade dress imitation, passing off of counterfeit goods,
                                         or like offenses in any Territory relating to the Licensed Products, then Knight shall
                                         have the right, but not the obligation, to take action, at its sole expense, 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 Ember; provided, however,
                                         that if such settlement affects Ember's intellectual property rights or its rights under
                                         this Agreement, or Ember's ability to Commercialize the Licensed Products outside the
                                         Territory or outside the Field in the Territory, or otherwise requires Ember to admit
                                         wrongdoing, fault, or liability, Knight will not settle or compromise any such proceeding
                                         without the consent of Ember, 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 Ember elects not
                                         to respond to any actual or threatened infringement.

 

		7.3	Cooperation.
                                         Each Party shall cooperate reasonably, at its expense, in any enforcement effort
                                         initiated by the other Party. Neither 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 Law.

 

		7.4	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 initiated
                                         to protect, maintain, defend, or enforce any intellectual property in

    	 	18	 

    	 	 	 

    

 

the
Territory or recovered from a Third Party in connection with any proceeding initiated for infringement or misappropriation of
intellectual property shall first be used to reimburse the Parties for any out-of-pocket legal expenses relating to such proceeding
and the balance being retained by the Party that brought and controlled such litigation.

 

		7.5	Infringement
                                         of Third Party IP. 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, it shall promptly notify the other Party and the Parties
                                         shall discuss a strategy to defend or mitigate against any actual or alleged infringement.

 

		8.	REPRESENTATION
                                         AND WARRANTIES

 

		8.1	Ember
                                         Covenants, Representations and Warranties. Ember covenants, represents and warrants
                                         (as the case may be) to Knight that:

 

		(a)	Ember
                                         is a company duly formed and is organised and existing as a company under the laws of
                                         the State of Delaware.

 

		(b)	Ember
                                         has the legal right and authority to enter into this Agreement.

 

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

 

		(d)	Ember
                                         has obtained 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 Ember, enforceable against Ember in accordance with its terms.

 

		(f)	The performance of Ember's obligations under this Agreement will not conflict with its constitutional documents or result in a
breach of any material agreements or contracts to which it is a party.

 

		(g)	Ember
                                         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 Agreement.

 

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

    	 	19	 

    	 	 	 

    

 

 

		(i)	Ember
                                         has not received any notice that the manufacture, sale, or use of the Licensed Products
                                         in the Territory infringes upon any intellectual property rights of any Third Parties
                                         in the Territory.

 

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

 

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

 

		(1)	Licensed
                                         Products manufactured by Ember and provided to Knight pursuant  to this Agreement will
                                         meet the Specifications at the time of delivery to Knight and will have been manufactured,
                                         handled, stored and labelled in accordance with the requirements of GMP and all Applicable
                                         Laws.

 

		8.2	Knight
                                         Representations and Warranties. Knight covenants, represents and warrants to Ember
                                         (as the case may be) as follows:

 

		(a)	Knight
                                         is a company duly formed and is organised and existing under the laws of Canada.

 

		(b)	Knight
                                         has the legal right, authority, and power to enter into this Agreement.

 

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

 

		(d)	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.

 

		(e)	The
                                         performance of Knight's obligations under this Agreement will not conflict with its constitutional
                                         documents or result in a breach of any material agreements or contracts to which any
                                         is a party.

 

		(f)	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.

 

		(g)	Neither
                                         Knight nor its Affiliates will initiate a proceeding to challenge the validity or enforceability
                                         of any Ember Patent or the Ember Marks, or directly or indirectly assist any Third Party
                                         with respect to any such proceeding.

 

		8.3	Warranty
                                         disclaimer. Except as expressly set forth in this Agreement, neither Party makes
                                         any representations or extends any warranties of any kind, either express or implied,
                                         including any express or implied warranties of merchantability or fitness for a particular
                                         purpose with respect to the Licensed Products or any technology or any license

 

    	 	20	 

    	 	 	 

    

  

granted
by either party hereunder.  Ember does not warrant or represent that any of the Ember Patents are valid or enforceable.

 

		8.4	Limitations
                                         of liability. Without limiting the Parties' obligations regarding indemnification,
                                         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 or 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.

 

		8.5	Indemnification
                                         by Ember. Ember hereby agrees to defend, indemnify, and hold Knight, its Affiliates
                                         and their respective officers, directors, employees and agents, (each a "Knight
                                         Indemnified Party") harmless from and against any Third Party's claims for loss,
                                         damage, or liability resulting from: (i) any breach of this Agreement or any warranty
                                         or covenant provided in this Agreement by Ember or an Affiliate of Ember; (ii) any violation
                                         of Applicable Law by Ember or its Affiliates; and (iii) any negligent act or omission
                                         or willful misconduct of Ember or its Affiliates; (iv) any claim that the sale by Knight
                                         or its Affiliates, of the Licensed Products in compliance with this Agreement infringes
                                         on intellectual property rights in the Territory of any other person; (v) any claim arising
                                         from any use, within the approved labeling, made by any person of any of the Licensed
                                         Products; in all cases, except to the extent such Third Party's claim for loss, damage
                                         or liability is the result of: (i) any breach of this Agreement by Knight or a Knight
                                         Indemnified Party, (ii) any violation of Applicable Law by Knight or a Knight Indemnified
                                         Party, or (iii) any negligent act or omission or willful misconduct of Knight or a Knight
                                         Indemnified Party.

 

		8.6	Indemnification
                                         by Knight. Knight hereby agrees to defend, indemnify, and hold Ember, its Affiliates
                                         and their respective officers, directors, employees and agents, (each a "Ember
                                         Indemnified Party") harmless from and against any Third Party's claims for loss,
                                         damage, or liability resulting from: (i) any breach of this Agreement or any 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; and (iii) any negligent act
                                         or omission or willful misconduct of Knight or its Affiliates; in all cases, except to
                                         the extent such Third Party's claim for loss, damage or liability is the result of: (i)
                                         any breach of this Agreement by Ember or a Ember Indemnified Party, (ii) any violation
                                         of Applicable Law by Ember or a Ember Indemnified Party, or (iii) any negligent act or
                                         omission or willful misconduct of Ember or a Ember Indemnified Party.

 

		8.7	Indemnification
                                         Procedure. If an indemnified Party intends to claim indemnification under this Section
                                         8, such Party shall promptly notify the other Party of any loss, claim, damage, liability
                                         or action 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 and approved by the indemnified
                                         Party acting reasonably; provided, however, that an 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. The failure or delay to deliver

    	 	21	 

    	 	 	 

    

 

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 Section 8. 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.

 

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

 

		8.9	Insurance.
                                         The Parties shall maintain insurance, including product liability insurance, that is
                                         adequate to cover their obligations hereunder and that is consistent with normal business
                                         practices of prudent corporations engaged in the same or a similar business. The Parties
                                         acknowledge and agree that such insurance shall not be construed to create a limit with
                                         respect to their indemnification obligations.

 

		9.	TERM
                                         AND TERMINATION

 

		9.1	Term

 

		(a)	This
                                         Agreement will take effect from the Effective Date and, unless earlier terminated in
                                         accordance with the terms herein, will continue in full force and effect in respect of
                                         each Licensed Product for a period of ten (10) years from the Launch of that Licensed
                                         Product (the "Initial Term").

 

		(b)	This
                                         Agreement shall automatically renew in respect of each Licensed Product for successive
                                         ten (10) year periods (each a "Renewal Term") unless, at least three (3) months
                                         prior to the expiry of the relevant Initial Term or Renewal Term, either Party provides
                                         the other with written notice of its intention not to renew the Agreement with respect
                                         to that Licensed Product in the Territory or specific jurisdiction(s) within the Territory
                                         (a "Non-Renewal Notice") at the end of the applicable period, and further provided
                                         that if the notifying Party is Ember, it shall be obliged to pay to Knight the Non-Renewal
                                         Fee set out in Section 9.7 below.

 

		9.2	Termination
                                         for Breach. Either Party may terminate this Agreement by written notice to the other
                                         Party with immediate effect in the following cases:

 

		(a)	In
                                                                                                                                                                 the event of a petition in bankruptcy or insolvency of the other Party (which is not withdrawn or dismissed within 28 days
                                                                                                                                                                 of issue), or in case of the filing by the other Party of any petition or answer seeking reorganization, readjustment, or
                                                                                                                                                                 rearrangement of its business under any law or any government regulation relating to bankruptcy or insolvency, or in case of
                                                                                                                                                                 the institution by the other 

    	 	22	 

    	 	 	 

    

  

Party
of any proceedings for the liquidation or winding up of its business, or for the termination of its corporate charter.

 

		(b)	If
                                         the other Party is otherwise in material default or breach of this Agreement and such
                                         default or breach is not cured within (i) sixty (60) days after written notice thereof
                                         is delivered to the defaulting or breaching Party (thirty (30) days in the case of Knight's
                                         failure to pay any amounts due hereunder), or (ii) in the case of a breach that cannot
                                         be cured within sixty (60) days, within a reasonable period not exceeding one hundred
                                         twenty (120) days after written notice thereof is delivered to the defaulting or breaching
                                         Party.

 

		(c)	For
                                         the purposes of Section 9.2(b), and for the avoidance of doubt, a breach by Knight of
                                         Section 8.2(g) will be a "material default or breach" of this Agreement.

 

		9.3	Effect
                                         of Termination. Upon expiry or termination of this Agreement with respect to a Licensed
                                         Product in the Territory or specific jurisdiction(s) within the Territory, all licenses
                                         and rights granted by Ember hereunder which are applicable to that Licensed Product for
                                         the Territory or specific jurisdiction(s) within the Territory shall terminate and Knight
                                         undertakes to:

 

		(a)	except
                                         as provided for in Section 9.6, cease any Commercialization of that Licensed Product
                                         in the Territory or applicable jurisdiction(s) within the Territory; and

 

		(b)	within
                                         thirty (30) days of expiry or termination, initiate the transfer of title to the applicable
                                         current and pending Regulatory Approvals for that Licensed Product in the relevant jurisdiction(s)
                                         within the Territory to Ember and assist Ember, at Ember's cost, in submitting appropriate
                                         documents to transfer the applicable Regulatory Approvals for that Licensed Product to
                                         Ember or its designee.

 

		9.4	Termination
                                         of Knight. Knight may terminate this Agreement in whole or in part (with respect
                                         to a particular Licensed Product and/or specific jurisdiction(s) within the Territory)
                                         by notice in writing given no less than one hundred and eighty (180) days prior to the
                                         intended termination date.

 

		9.5	Survival.
                                         In the event of the termination of this Agreement for any reason, the following provisions
                                         of this Agreement shall survive Sections 1, 7, 8.4, 8.5, 8.6, 8.7, 9, 10, 11 and 12 and
                                         any other terms which, by their nature, require or contemplate performance by the Parties
                                         after expiry or termination. In any event, termination of this Agreement shall not relieve
                                         the Parties of any liability which accrued hereunder prior to the effective date of such
                                         termination.

 

		9.6	Sell-Off
                                         of Inventory. Upon termination of this Agreement, Knight shall be entitled to sell
                                         off any inventory of the Licensed Products in Knight's possession or control or which
                                         are subject to binding purchase orders on the date such termination is effective.

  

    	 	23	 

    	 	 	 

    

  

		9.7	Non-Renewal
                                         Fee. In the event that Ember issues a Non-Renewal Notice with respect to a Licensed
                                         Product in the Territory or specific jurisdiction(s) within the Territory, it shall be
                                         obliged to pay to Knight an amount equal to three (3) times the Net Sales of that Licensed
                                         Product as achieved by Knight in the Territory or applicable jurisdiction(s) within the
                                         Territory during the twelve (12) months preceding the date of such notice (the "Non-Renewal
                                         Fee"). Within sixty (60) days of its receipt of the Non-Renewal Notice, Knight
                                         shall issue an invoice for the payment of the Non-Renewal Fee which shall include reasonable
                                         details as to the calculation of the said amount. Subject to Section 10.1 in the case
                                         of a disputed invoice, the Non-Renewal Fee shall be payable by Ember within thirty (30)
                                         days of the issuance of the said invoice.

 

		10.	DISPUTE
                                          RESOLUTION

 

		10.1	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,
                                         a CEO or President (or other senior executive) of each Party will meet within thirty
                                         days (30) of a request to attempt to resolve such dispute being made by a Party. If the
                                         CEOs or Presidents or other senior executives (as the case may be) 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
                                         using the arbitration procedures set forth under the Rules of Arbitration of the International
                                         Chamber of Commerce. Any hearing in the course of the arbitration shall be held in New
                                         York in the English language. 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.

 

		10.2	Irreparable
                                         Harm. Notwithstanding anything to the contrary in Section 10.1, if either Party in
                                         its sole judgment, acting reasonably, believes that any such dispute could cause it irreparable
                                         harm, such Party (i) will be entitled to seek equitable relief in order to avoid such
                                         irreparable harm and (ii) will not be required to follow the procedures set forth in
                                         Section 10.1.

 

		11.	CONFIDENTIALITY

 

		11.1	Non-Disclosure
                                         and Non-Use Obligations. Each Party shall keep (and shall require that its Affiliates
                                         keep) in confidence all Proprietary Information of the other Party, and may not disclose
                                         to any Third Party (other than sublicensees, distributors or other parties who, pursuant
                                         to Section 2.3, are subject to a confidentiality agreement with provisions comparable
                                         to those set forth herein) or use such Proprietary Information for any purposes other
                                         than those set forth in this Agreement without the prior written consent of the Party
                                         that disclosed the Proprietary Information to the other Party. The confidentiality

    	 	24	 

    	 	 	 

    

 

obligations
shall, however not be applied to the extent that such Proprietary Information, (a)    is or becomes generally
available or otherwise public through no fault of the receiving Party, (b) was received from a Third Party, as documented by
business records, without any obligation of confidentiality, (c) was in the possession of the receiving Party prior to
receipt of same from the other Party without any obligation of confidentiality related thereto, (d) has been independently
developed, as documented by business records, without using Proprietary Information received from the other Party, or (e) is
required to be disclosed by law, the rules of any relevant stock exchange, applicable Regulatory Authority 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.

 

		11.2	Return
                                         of Proprietary Information. Upon termination or expiration of this Agreement, each
                                         Party shall cease using Proprietary Information received from the other Party and, unless
                                         the Parties separately agree on destruction of such material and information, return
                                         the material and information in question, including all copies thereof, within thirty
                                         (30) days; provided, however, that each Party may keep one copy of such material and
                                         information for archival purposes only.

 

		11.3	Survival.
                                         The rights and obligations under this Section 11 shall survive the termination or
                                         expiration of this Agreement and shall remain in effect for a period of five (5) years
                                         from the termination or expiration of this Agreement.

 

		12.	OTHER
                                         PROVISIONS

 

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

 

		12.2	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.

 

		12.3	Independent
                                         status. Each Party shall act as an independent contractor and shall not bind nor
                                         attempt to bind the other Party to any contract, nor any performance of obligations outside
                                         of this Agreement. Nothing contained or done under this Agreement shall be interpreted
                                         as constituting either Party the agent of the other in any sense of the term whatsoever
                                         or in the relationship of partners or joint venturers.

 

    	 	25	 

    	 	 	 

    

  

		12.4	Assignment.
                                         Except in connection with the acquisition of a Party or the sale of all or substantially
                                         all of the assets of such Party, this Agreement may not be, directly or indirectly, assigned
                                         or transferred, in whole or in part, by a Party to a Third Party without the prior written
                                         consent of the other Party. The rights and obligations contained herein shall enure 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.

 

		12.5	Compliance
                                         with law. Each Party shall comply with, and shall not be in violation of any valid
                                         applicable international, national, provincial or local statutes, laws, ordinances, rules,
                                         regulations, or other governmental orders of the Territory.

 

		12.6	Force
                                         Majeure. Notwithstanding anything herein to the contrary, no Party shall be responsible
                                         for a failure or delay in performance of any of the obligations hereunder due to wars,
                                         insurrections, strikes, acts of God, power outages, storms, or actions of regulatory
                                         agencies (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.

 

		12.7	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 12.7. Notices and other communications
                                         shall be addressed as follows:

 

		(a)	In
                                         the case of Ember:  

                                                                   Ember
Therapeutics Inc.

                                                                   135 East 57th Street

                                                                   24th
                                         Floor

                                                                   New
                                         York, NY 10022

                                                                    

                                                                   Attn:
                                         Joseph Hernandez

                                                                   E-mail:
                                         hernandez_joe@yahoo.com

 

    	 	26	 

    	 	 	 

    

		(b)	In
                                         the case of Knight: Knight
                                         Therapeutics Inc.

                                                                    376
                                         Victoria Avenue, Suite 220,

                                                                    Westmount,
                                         Quebec, H3Z l CS

                                                                     

                                                                    Attention:
                                         Jeffrey Kadanoff

                                                                    E-mail:
                                         jkadanoff@gud-knight.com

  

		12.8	Complete
                                         Agreement. This Agreement embodies all of the understandings and obligations between
                                         the Parties with respect to the Licensed 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.

 

		12.9	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.

 

		12.10	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.

 

		12.11	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, United States.

 

		12.12	Public
                                         Announcements. Neither Party shall originate any publicity, news release, or public
                                         announcements relating to this Agreement (including, without limitation, its existence,
                                         its subject matter, the Parties' performance, any amendment hereto, or performance hereunder),
                                         whether to the public or press, stockholders, or otherwise, without the prior written
                                         consent of the other Party, save only such announcements (including the public disclosure
                                         of the contents of this Agreement) that are required by law or the rules of any relevant
                                         stock exchange to be made or that are otherwise agreed to by the Parties. If a Party
                                         decides to make an announcement, whether required by law or otherwise, it shall give
                                         the other Party reasonable notice of the text of the announcement so that the other Party
                                         shall have an opportunity to comment upon the announcement. To the extent that the receiving
                                         Party reasonably requests the deletion of any information in any such announcement, the
                                         disclosing Party shall delete such information unless, in the

 

    	 	27	 

    	 	 	 

    

  

opinion
of the disclosing Party's legal counsel, such information is required by law or the rules of any relevant stock exchange to be
disclosed. The timing and content of the initial press release relating to this Agreement, if any, including its existence, the
subject matter to which it relates and the transactions contemplated herein will, except as otherwise required by law or any stock
exchange rules, be determined jointly by the Parties.

 

		12.13	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.

 

		12.14	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 soussignes
                                         ont expressement demande que ce document et tous les documents annexes soient rediges
                                         en langue anglaise.

 

[Signature
page follows ]

    	 	28	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, the parties have signed this Agreement

 

	EMBER THERAPEUTICS INC.	KNIGHT THERAPEUTICS INC.
	 	 
	Per: /s/ Joseph Hernandez

        Name: Joseph Hernandez

        Title: Chairman
	Per: /s/ Jeffrey Kadanoff

        Name: Jeffrey Kadanoff

        Title: Chief Financial Officer

 

Signature
Page to Distribution, License and Supply Agreement

    	 	29	 

    	 	 	 

    

  

SCHEDULE

 

EMBER MARKS

 

Ember
Therapeutics, Inc.

    	 	30Exhibit
10.15 

 

OFFICE
SHARING AGREEMENT

 

This
Independent Contractor’s Agreement (this “Agreement”), is entered into as of November 1, 2015 (the “Effective
Date”), by and between Merriman Capital, Inc., a California corporation (“Merriman”), and Mariel Advisors, LLC,
a New York based company (“Mariel Advisors”).

 

RECITALS

 

Merriman
occupies space at 135 East 57th Street, 24th Floor, New York, NY 10022 (the “Premises”);

 

WHEREAS,
Mariel Advisors desires to occupy, and Merriman desires to make available for the use of Mariel Advisors, certain space in the
Premises provided for herein;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, Merriman and Mariel Advisors agree as follows:

 

		1.	SPACE
                                         AND SHARED SPACE ACCESS.

 

		a.	Space.
                                         Mariel Advisors shall have use of a portion of the Premises consisting of one office
                                         as shown on the plan attached as Exhibit A (the “Mariel Advisors Premises”).

		b.	Shared
                                         Space. Mariel Advisors shall have reasonable nonexclusive use on the terms provided for
                                         herein of the kitchen, conference rooms, rest rooms, stairways, elevators, lobby and
                                         like common areas made available by Merriman’s landlord to Merriman. Mariel Advisors
                                         agrees to consult with Merriman regarding scheduling of conference rooms and cooperate
                                         in good faith to minimize disruption to Merriman’s business from such use.

		c.	Term.
                                         The term of this Agreement (“Term”) shall commence immediately, Mariel Advisors
                                         shall have access to the Mariel Advisors Premises from and after the Effective Date.
                                         The Term shall be month-to-month but shall terminate on October 31, 2016, unless sooner
                                         terminated (the “Termination Date”). If the master lease of Merriman covering
                                         the Premises shall be terminated prior to the Termination Date, this Agreement shall
                                         terminate concurrently.

    	 	1	 

    	 	 	 

    

 

		2.	SUPPORT
                                         AND COSTS.

 

Mariel
Advisor shall pay the Usage Fee (as defined below) for the Mariel Advisors Premises monthly in cash. Merriman will cooperate with
Mariel Advisors regarding the provision of phone service and any additional data services at Mariel Advisors expense.
Mariel Advisors shall be entitled to janitor service and use of lighting and electricity in the premises at no extra charge. Mariel
Advisors shall be entitled to use of heating and air conditioning in the premises during normal business hours set by Merriman's
landlord at no extra charge. If Mariel Advisors requests heating or air conditioning outside of such normal business hours which
results in extra charges to Merriman, Mariel Advisors shall repay such amount charged by landlord to Merriman. Merriman will cooperate
with Mariel Advisors regarding the provision of building IDs at Mariel Advisors' expense.

 

		3.	CONSIDERATION

 

		a.	Mariel
                                         Advisors shall pay to Merriman $3000 per month for use of the Mariel Advisors Premises
                                         from and after the Effective Date (the “Usage Fee”). Merriman shall make
                                         additional offices available to Mariel Advisors as needed, at the rate of $3,000 per
                                         month per office, and $1000 per month per workstation assuming Merriman has space available.
                                         The Usage Fee for any month, except as contemplated by Section 3b below, must be paid
                                         by Mariel Advisors to Merriman by the last day of the prior month.

		b.	Mariel
                                         Advisors agrees to pay Merriman $5000 for use of the Mariel Advisors Premises from November
                                         1, 2015 to November 31, 2015 (the “Initial Payment”) plus security deposit
                                         of $2000, which represents difference between $1000 deposit received in May, 2015 and
                                         additional $2000 required for new office space. The Initial Payment shall be paid by
                                         Mariel Advisors to Merriman on or before the Effective Date.

		c.	Except
                                         as specifically provided in Section 2 above, all amounts due to Merriman shall be paid
                                         in the form of cash.

 

		4.	INDEPENDENCE;
                                         NO PARTNERSHIP OR AGENCY.

 

Mariel
Advisors agrees that nothing contained herein shall create a partnership, joint venture, agency or employment relationship between
Merriman and Mariel Advisors and agrees not to represent or hold itself out to third parties as being in such a relationship with
Merriman.

 

		5.	TERMINATION.

 

Either
party may terminate this Agreement by providing the other party with thirty (30) days written notice of intent to terminate this
Agreement. If the master lease of Merriman covering the Premises shall be terminated prior to the Termination Date, this Agreement
shall terminate concurrently, and within 2 weeks of such termination, Merriman shall return to Mariel Advisors a pro-rated amount
for Usage Fee that represents the portion of time, already paid for, that Mariel Advisors did not have use of the Mariel Advisors
Premises less the value of any damage done to Merriman property by Mariel Advisors during Mariel Advisors’ use of the Mariel
Advisors Premises. Regardless of reason, upon termination of this Agreement, Mariel Advisors shall immediately return to Merriman
all keys and security passes that provide Mariel Advisors access to Merriman’s premises that are in his possession or control.

    	 	2	 

    	 	 	 

    

 

		6.	ASSIGNMENT
                                         AND TRANSFER

 

The
services contracted hereunder are personal and dependent upon the qualifications of the parties hereto and no party’s rights
or obligations under this Agreement shall be transferable (or delegable) by assignment or otherwise, and any purported assignment,
transfer or delegation thereof shall be void.

 

		7.	CONFIDENTIAL
                                         INFORMATION, CONSENT TO INJUNCTIVE RELIEF, RETURN OF PROPERTY

 

		a.	Confidential
                                         Information. Both during and after the Term, each party shall do all things necessary
                                         to maintain and safeguard the confidentiality of the “Confidential Information”
                                         (as defined below) of the other party, and of the other party’s current and future
                                         parent entities, affiliates and subsidiaries. “Confidential Information”
                                         is defined herein, as nonpublic information including all records (whether original,
                                         duplicated, computerized, memorized, handwritten, or in any other form) concerning the
                                         nature and business of Merriman or Mariel Advisors, as applicable, its parent or affiliated
                                         companies’ business including, but not limited to, trading and capital markets
                                         practices, procedures, techniques, methods and strategies, memoranda, the names, addresses,
                                         and any other nonpublic information regarding the relevant party’s or its parent’s
                                         or affiliated companies’ clients, including financial arrangements with its or
                                         his employees and consultants, its or his parent or affiliated companies’ notes,
                                         brochures, telephone directories, rolodexes, files, documents, reports, manuals, samples,
                                         computers, computer hardware, computer software, technical specifications, and other
                                         nonpublic material relating to its or his business, its or his parent or affiliated companies’,
                                         operational methods, technical processes, formulae, inventions, research projects and
                                         marketing materials and information, including all secret and proprietary information
                                         of Merriman or Mariel Advisors, its or his parent or affiliated companies; provided,
                                         however, the foregoing shall not prohibit disclosures (i) pursuant to the exercise of
                                         either party’s responsibilities under this Agreement or by Mariel Advisors in connection
                                         with any assignment on behalf of a client of Mariel Advisors or Merriman; (ii) required
                                         by law or legal process; or (iii) of matters which become public other than by the actions
                                         of the recipient of information hereunder. If any party hereto is required to make a
                                         disclosure pursuant to the provisions of clause (ii) above, such party shall promptly
                                         notify the other party and, at the notified party’s expense, the notifying party
                                         will cooperate with the notified party to the extent reasonably required to obtain a
                                         protective order regarding the notified party’s Confidential Information.

    	 	3	 

    	 	 	 

    

 

		b.	Each
                                         party agrees that all Confidential Information of a disclosing party is such party’s
                                         property. Each party agrees that it will not use the Confidential Information disclosed
                                         by the other party except for the sole purpose of concluding business agreed to under
                                         this Agreement.

 

		c.	Consent
                                         to Injunctive Relief. In the event either party breaches any provision contained in this
                                         Section 7 the other party agrees that the non-breaching party will be entitled to injunctive
                                         relief (in addition to any and all other available remedies). Each party recognizes
                                         that in the event of any such breach, the other party will suffer immediate and irreparable
                                         harm and that money damages will not adequately compensate the non-breaching party or
                                         adequately -protect and preserve the status quo. Therefore, each party consents to the
                                         issuance of a temporary restraining order or a preliminary or permanent injunction should
                                         a party breach any provision of this Section 7.

 

		8.	ARBITRATION

 

		a.	Except
                                         as contemplated by Section 7, any controversy or claim arising out of or relating to
                                         this Agreement, the breach hereof, shall be settled by arbitration to be held in the
                                         New York, New York, in accordance with and through the rules of the American Arbitration
                                         Association, and the award rendered by the arbitrator(s) shall be final and binding and
                                         may be enforced in any court of competent jurisdiction. For the case of enforcement of
                                         the award, both parties expressly agree not to: (i) contest the judgment or request the
                                         nullity or annulations of the arbitrator(s) award, or institute any action with that
                                         purpose, (ii) recuse the court without cause, (iii) request that the executing party
                                         post a bond for costs. The validity of this provision shall be severable from that of
                                         this Agreement and the lack of validity or enforceability of this Agreement shall not
                                         affect the validity or enforceability of the foregoing.

 

		b.	EACH
                                         PARTY, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES
                                         ALL RIGHT TO TRIAL BY JURY AS TO ANY ISSUE RELATING HERETO IN ANY ACTION, PROCEEDING,
                                         OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER MATTER INVOLVING
                                         THE PARTIES HERETO.

 

    	 	4	 

    	 	 	 

    

 

		c.	Mariel
                                         Advisors expressly acknowledges and agrees that the obligations set forth in this Section
                                         are necessary to protect and maintain the proprietary interests and other legitimate
                                         business interest of Merriman. If at the time of enforcement of any provision of this
                                         Agreement, a court or arbitrator shall hold that the period or scope of any disputed
                                         provision hereof is greater than permitted by applicable law, Mariel Advisors agrees
                                         that the maximum allowable period or scope that is permissible under such applicable
                                         law shall be substituted for the period or scope stated in the disputed provision, with
                                         respect to the enforcement of the particular provision then at issue. If one or more
                                         of the provisions contained in this Agreement should, for any reason, be held to be invalid,
                                         illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not
                                         affect or void any other provision of this Agreement.

 

		d.	Return
                                         of Documents. Regardless of reason, upon termination of this agreement, Mariel Advisors
                                         shall immediately return to Merriman all keys, security passes, documents, materials,
                                         procedural manuals, guides and similar materials, records, notebooks, computer diskettes,
                                         software and all other such repositories containing or reflecting Confidential Information,
                                         then in his possession or control, whether prepared by Mariel Advisors or by others.

 

		9.	MISCELLANEOUS

 

		a.	Attorney’s
                                         Fees. Should either party hereto, or any heir, personal representative, successor or
                                         assign of either party hereto, resort to legal proceedings in connection with this Agreement,
                                         the party or parties prevailing in such legal proceedings shall be entitled, in addition
                                         to such other relief as may be granted, to recover its or their reasonable attorneys'
                                         fees and costs in such legal proceedings from the non prevailing party or parties.

 

		b.	Governing
                                         Law. This Agreement shall be governed by and construed in accordance with the laws of
                                         California, without regard to that state's conflicts of laws principals.

 

		c.	Entire
                                         Agreement. This Agreement contains the entire agreement and understanding between the
                                         parties hereto and supersedes any prior or contemporaneous written or oral agreements,
                                         representations and warranties between them respecting the subject matter hereof.

 

		d.	Amendment.
                                         This Agreement may be amended or modified only by a writing signed by Mariel Advisors
                                         and Merriman.

 

		e.	Severability.
                                         If any term, provision, covenant or condition of this Agreement, or the application thereof
                                         to any person, place or circumstance, shall be held to be invalid, unenforceable or void,
                                         the remainder of the Agreement and such term, provision, covenant or condition as applied
                                         to other persons, places and circumstances shall remain in full force and effect.

    	 	5	 

    	 	 	 

    

 

		f.	Construction.
                                         The headings and captions of this Agreement are provided for convenience only and are
                                         intended to have no effect in construing or interpreting this Agreement. The language
                                         in all parts of this Agreement shall be in all cases construed according to its
                                         fair meaning and not strictly for or against Merriman or Mariel Advisors.

 

		g.	Rights
                                         Cumulative. The rights and remedies provided by this Agreement are cumulative, and the
                                         exercise of any right or remedy by either party hereto (or by its successor), whether
                                         pursuant to this Agreement, to any other agreement, or to law, shall not preclude or
                                         waive its right to exercise any or all other rights and remedies.

 

		h.	Nonwaiver. No failure or neglect of either party hereto in any instance to exercise any
                                         right power or privilege hereunder or under law shall constitute a waiver of any other
                                         right, power or privilege or of the same right, power or privilege in any other instance.
                                         All waivers by the parties hereto must be contained in a written instrument signed by
                                         the party to be charged and, in the case of the Merriman, by an officer of Merriman.

 

		i.	Notices.
                                         Any notice, request, consent or approval required or permitted to be given under this
                                         Agreement or pursuant to law shall be sufficient if in writing. and if and when sent
                                         by certified or registered mail, with postage prepaid, to Mariel Advisors’ office
                                         (as noted in Merriman’s records), or to Merriman’s principal office, as the
                                         case may be.

 

		j.	Assistance
                                         in Litigation. Mariel Advisors, during and after the Term, upon reasonable notice from
                                         Merriman, agrees to furnish such information and assistance to Merriman as may reasonably
                                         be requested by Merriman in connection with any litigation in which it or any of its
                                         subsidiaries or affiliates is a party; provided, however, that such assistance shall
                                         be furnished at mutually agreeable times and for mutually agreeable compensation.

 

		k.	Counterparts.
                                         This Agreement may be executed in multiple counterparts, each of which shall be considered
                                         to have the force and effect of an original.

 

 

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    	 	6	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date set forth below.

 

 

MERRIMAN
CAPITAL, INC.

 

 

/s/
Michael Cain

Michael
Cain

COO

 

 

 

MARIEL
ADVISORS, LLC

 

 

/s/
Joseph Hernandez

(Signature)

Joseph
Hernandez

Managing
Member

    	 	7

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