Document:

dxlg-ex102_68.htm

Exh. 10.2

EMPLOYMENT AGREEMENT

 

 

This Employment Agreement ("Agreement") is made effective as of March 14, 2018 (the “Effective Date”)  between CMRG APPAREL, LLC, (the “Company”), a “Related Entity” as defined in the 2016 Incentive Compensation Plan, of Destination XL Group, Inc., a Delaware corporation with an office at 555 Turnpike Street, Canton, Massachusetts 02021 (“DXLG” which term includes any affiliates and subsidiaries), and James Davey (the “Executive”) having an address at 135 E. Emerson Road, Lexington, MA 02420.

 

WITNESSETH:

 

WHEREAS, the Company desires that Executive work for the Company and Executive desires to be so employed by the Company as its Executive Vice President, Chief Marketing Officer. 

 

WHEREAS, Executive and the Company desire to set forth in writing the terms and conditions of the Executive's employment with the Company from the date hereof.

 

NOW, THEREFORE, in consideration of the promises and the mutual promises, representations and covenants herein contained, the parties hereto agree as follows:

 

     1.        EMPLOYMENT

 

The Company hereby employs Executive and Executive hereby accepts such employment, subject to the terms and conditions herein set forth.  

 

            2.TERM

 

The term of employment under this Agreement (the “Term of Employment”) shall begin on the Effective Date and shall continue until terminated by either party as hereinafter set forth.

 

            3.         COMPENSATION

 

   (a)During the Term of Employment, as compensation for the employment services to be rendered by Executive hereunder, the Company agrees to pay to Executive, and Executive agrees to accept, payable in equal bi-weekly installments in accordance with Company practice, an annual base salary of Four Hundred Fifty Thousand Dollars and 00/100 Cents ($450,000.00) (the “Base Salary”) as of the Effective Date.  The Base Salary shall be reviewed at least annually to ascertain whether, in the judgment of the Company, such Base Salary should be adjusted.  If so, the adjusted Base Salary shall be adjusted for all purposes of this Agreement.

 

     (b) In addition to the Base Salary, during the Term of Employment, Executive is eligible to participate in the Company’s Annual Incentive Plan. Such incentive shall be determined and payable in accordance with the Company's incentive program in effect at the time, subject to change from year to year in the Company’s sole discretion. Executive will participate in the Company’s incentive program and Executive’s target bonus under such plan (if all individual and Company performance conditions are met) shall be 55% of Executive’s actual annual base 

earnings (which shall be the total Base Salary as may be paid during the fiscal year (“Base Earnings”)). The actual award under the incentive program, if any, may be more or less than the target and will be based on Executive’s performance and the performance of the Company and payment will be made in accordance with and subject to the terms and conditions of the incentive program then in effect. If under the Fiscal Year 2018 Annual Incentive Plan the Executive does not receive a minimum payout of $150,000.00, the Company shall pay Executive a discretionary award to meet the minimum award amount of $150,000.00.  Award payout will be paid to Executive in Fiscal Year 2019 in accordance with and subject to the terms and conditions of the incentive program then in effect.

 

   (c)In addition, during the Term of Employment, Executive is eligible to participate in the Company’s Long-Term Incentive Plan (“LTIP”). Such incentive shall be determined and distributable in accordance with and subject to the terms and conditions as described in the LTIP documents in effect at the time of the award, subject to change from year to year in the Compensation Committee’s sole discretion. Executive will participate in the Company’s LTIP at a target incentive rate of 70% of Executive’s Base Salary in effect on the Executive’s Effective Date of Participation, for the incentive period, based upon the Company’s targeted performance as defined in the LTIP documents in effect at the time of the award.

 

(d)    Executive will receive the value of $75,000 of a restricted stock award of the Common Stock of DXLG upon the Effective Date.  The restricted stock shall vest over a three-year period, with the first 1/3 of the grant becoming exercisable on the first anniversary of the Effective Date and an additional 1/3 becoming exercisable on each of the second and third anniversaries of the Effective Date thereafter.  Details will be provided in a formal Restricted Stock Award Agreement.

 

(e)Executive will also be granted the value of $150,000 of DXLG Non-Qualified Stock Options at market price at the close of trading on the last business date prior to the Effective Date.  These shares will vest over a three year period, with the first 1/3 of the grant becoming exercisable on the first anniversary of the Effective Date and an additional 1/3 becoming exercisable on each of the second and third anniversaries of the Effective Date thereafter.  Details will be provided in a formal Non-Qualified Stock Option Agreement.

 

   4.EXPENSES

 

The Company shall pay or reimburse Executive, in accordance with the Company's policies and procedures and upon presentment of suitable vouchers, for all reasonable business and travel expenses, which may be incurred or paid by Executive during the Term of Employment in connection with his employment hereunder.  Executive shall comply with such restrictions and shall keep such records as the Company may reasonably deem necessary to meet the requirements of the Internal Revenue Code of 1986, as amended from time to time, and regulations promulgated thereunder.

 

	
 
	

	

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5.
	
OTHER BENEFITS

 

(a)During the Term of Employment, Executive shall be entitled to such vacations and to participate in and receive any other benefits customarily provided by the Company to its management (including any profit sharing, pension, 401(k), short and long-term disability insurance, medical and dental insurance and group life insurance plans in accordance with and subject to the terms of such plans, including, without limitation, any eligibility requirements contained therein), all as determined from time to time by the Compensation Committee of the Board of Directors in its discretion.

 

(b)The Company will, during the Term of Employment, provide Executive with an automobile allowance in the total amount of Eight Thousand Four Hundred Dollars and 00/100 ($8,400.00) annually, in equal bi-weekly payments in accordance with the Company’s normal payroll practices. Executive shall pay and be responsible for all insurance, repairs and maintenance costs associated with operating the automobile.  Executive is responsible for his gasoline, unless the gasoline expense is reimbursable under the Company's policies and procedures.

 

(b)Executive will be eligible to participate in the Company’s annual performance appraisal process.  

 

	
 
	
6.
	
DUTIES

 

(a)Executive shall perform such duties and functions consistent with the position of Executive Vice President and Chief Marketing Officer and/or as the Company shall from time to time determine and Executive shall comply in the performance of his duties with the policies of, and be subject to the direction of the Company.

 

(b)During the Term of Employment, Executive shall devote substantially all of his time and attention, vacation time and absences for sickness excepted, to the business of the Company, as necessary to fulfill his duties.  Executive shall perform the duties assigned to him with fidelity and to the best of his ability.  Notwithstanding anything herein to the contrary, and subject to the foregoing and review by the Company’s Board of Directors, Executive shall not be prevented from accepting positions in outside organizations so long as such activities do not interfere with Executive's performance of his duties hereunder and do not violate paragraph 10 hereof.

 

(c) The principal location at which the Executive shall perform his duties hereunder shall be at the Company's offices in Canton, Massachusetts or at such other location as may be temporarily designated from time to time by the Company.  Notwithstanding the foregoing, Executive shall perform such services at such other locations as may be required for the proper performance of his duties hereunder, and Executive recognizes that such duties may involve travel.

 

	
 
	

	

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7.
	
TERMINATION OF EMPLOYMENT; EFFECT OF TERMINATION

 

	
 
	
(a)
	
The Term of Employment may be terminated by the Company at any time:

 

(i)upon the determination by the Company that Executive's performance of his duties has not been fully satisfactory for any reason which would not constitute justifiable cause (as hereinafter defined) or for other business reasons necessitating termination which do not constitute justifiable cause, in either case upon thirty (30) days' prior written notice to Executive; or

 

(ii)upon the determination of the Company that there is justifiable cause (as hereinafter defined) for such termination.

 

	
 
	
 (b)
	
The Term of Employment shall terminate upon:

 

	
 
	
(i)
	
the death of Executive; 

 

	
 
	
(ii)
	
the date on which the Company elects to terminate the Term of Employment  by reason of the "disability" of Executive (as hereinafter defined in subsection (c) herein) pursuant to subsection (g) hereof; or

 

	
 
	
(iii)
	
Executive’s resignation of employment.

 

(c)For the purposes of this Agreement, the term "disability" shall mean Executive is physically or mentally incapacitated so as to render Executive incapable of performing the essentials of Executive's job, even with reasonable accommodation, as reasonably determined by the Company, which determination shall be final and binding. 

 

(d)For the purposes hereof, the term "justifiable cause" shall mean: any failure or refusal to perform any of the duties pursuant to this Agreement or any breach of this Agreement by the Executive; Executive’s breach of any material written policies, rules or regulations which have been adopted by the Company; Executive’s repeated failure to perform his duties in a satisfactory manner; Executive's performance of any act or his failure to act, as to which if Executive were prosecuted and convicted, a crime or offense involving money or property of the Company or its subsidiaries or affiliates, or a crime or offense constituting a felony in the jurisdiction involved, would have occurred; any unauthorized disclosure by Executive to any person, firm or corporation of any confidential information or trade secret of the Company or any of its subsidiaries or affiliates; any attempt by Executive to secure any personal profit in connection with the business of the Company or any of its subsidiaries and affiliates; or the engaging by Executive in any business other than the business of the Company and its subsidiaries and affiliates which interferes with the performance of his duties hereunder.  Upon termination of Executive's employment for justifiable cause, Executive shall not be entitled to any amounts or benefits hereunder other than such portion of Executive's Base Salary and reimbursement of expenses pursuant to paragraph 5 hereof as have been accrued through the date of his termination of employment.

 

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(e)If the Company terminates this Agreement without "justifiable cause" as provided in subsection 7(a)(i),  in the event Executive’s termination occurs (i) within six months after the earlier of December 31, 2018 or the employment by the Company of a full-time successor CEO to David A. Levin, the Company shall pay Executive his then current base salary for eleven months after the effectiveness of such termination or (ii) at any other time the Company shall pay Executive his then current base salary for five months after the effectiveness of such termination, payable in equal payments in accordance with the Company’s customary payroll practices commencing with the first payroll period that begins at least 30 days after the termination of the Executive’s Term of Employment conditioned upon the Executive having provided the Company with an executed general release in the form attached hereto as Exhibit A (the “General Release”) and the time for Executive’s revocation of the General Release having expired.  Such payments shall be made in accordance with the Company’s customary payroll practices until paid in full.     Any payment pursuant to this paragraph 7(e) is contingent upon Executive’s execution of the General Release within 21 days after termination of the Term of Employment (and the Executive’s not revoking that General Release) and will be in lieu of payments to which Executive might have been entitled under any other severance plan of the Company.

 

(f)If Executive shall die during the term of his employment hereunder, this Agreement shall terminate immediately.  In such event, the estate of Executive shall thereupon be entitled to receive such portion of Executive's base annual salary and reimbursement of expenses pursuant to paragraph 4 as have been accrued through the date of his death.

 

(g)Upon Executive's "disability", the Company shall have the right to terminate Executive's employment.  Any termination pursuant to this subsection (g) shall be effective on the earlier of (i) the date 30 days after which Executive shall have received written notice of the Company's election to terminate or (ii) the date he begins to receive long-term disability insurance benefits under the policy provided by the Company pursuant to paragraph 5 hereof.

 

(h)Upon the resignation of Executive in any capacity, that resignation will be deemed to be a resignation from all offices and positions that Executive holds with respect to the Company and any of its subsidiaries and affiliates. In the event of Executive’s resignation, he shall be entitled only to receive such portion of his annual Base Salary and reimbursement of expenses pursuant to paragraph 4 as have been accrued through the date of his resignation.

 

(i)Change of Control.  In the event the Term of Employment is terminated by the Company without justifiable cause (as defined herein) or Executive resigns with Good Reason (as defined herein) within one (1) year following a Change of Control of the Company has occurred, then, in such event, the Company shall pay Executive an amount equal to twelve (12) months of Base Salary in effect at the time of the termination.  For the purposes of the foregoing, Change of Control shall have the meaning set forth in the Company’s 2016 Incentive Compensation Plan (without regard to any subsequent amendments thereto). For purposes of the foregoing, “Good Reason” means the occurrence of any of the following: (i) a material diminution in the Executive’s base compensation; (ii) a material diminution in the Executive’s authority, duties, or responsibilities; (iii) a material change in the geographic location at which the Employee must perform the services under this Agreement; or (iv) any other action or inaction that constitutes a material breach by the Company of this Agreement.  For purposes of this provision, Good Reason shall not be deemed to exist unless the Employee’s termination of 

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employment for Good Reason occurs within 2 years following the initial existence of one of the conditions specified in clauses (i) through (iv) above, the Employee provides the Company with written notice of the existence of such condition within 90 days after the initial existence of the condition, and the Company fails to remedy the condition within 30 days after its receipt of such notice.  The Company shall pay the amount required under this paragraph 7(i) in a single payment thirty (30) days after termination of the Term of Employment, subject to and conditioned upon the Executive’s execution of the General Release required pursuant to paragraph 7(k) hereof and such release becoming irrevocable.  Any payments made pursuant to this paragraph 7(j) will be in lieu of payments to which Executive might have been entitled under paragraph 7(e) of this Agreement or under any other severance plan of the Company.  The payments under this Agreement shall be reduced if and to the extent necessary to avoid any payments or benefits to Executive being treated as “excess parachute payments” within the meaning of Internal Revenue Code Section 280G(b)(i).

 

(j)Clawback of Certain Compensation and Benefits

.  If, after the termination of the Term of Employment for any reason other than by the Company for “justifiable cause”:

 

(i)it is determined in good faith by the Company within twelve (12) months after the termination of the Term of Employment (the “Termination Date”) that the Executive’s employment could have been terminated by the Company for justifiable cause under paragraph 7(d) hereof (unless the Company knew or should have known that as of the Termination Date, the Executive’s employment could have been terminated for justifiable cause in accordance with paragraph 7(d) hereof); or 

(ii)the Executive breaches any of the provisions of paragraph 10, then, in addition to any other remedy that may be available to the Company in law or equity and/or pursuant to any other provisions of this Agreement, the Executive’s employment shall be deemed to have been terminated for justifiable cause retroactively to the Termination Date and the Executive also shall be subject to the following provisions:

(A)the Executive shall be required to pay to the Company, immediately upon written demand by the Company, all amounts paid to Executive by the Company, whether or not pursuant to this Agreement (other than such portion of Executive’s Base Salary and reimbursement of expenses pursuant to paragraph 4 hereof as have been accrued through the date of the termination of the Term of Employment), on or after the Termination Date (including the pre-tax cost to the Company of any benefits  that are in excess of the total amount that the Company would have been required to pay to the Executive if the Executive’s employment with the Company had been terminated by the Company for justifiable cause in accordance with paragraph 7(d) above); 

(B)all vested and unvested Awards (as that term is defined in the 2016 Incentive Compensation Plan) then held by the Executive shall immediately expire; and

(C)the Executive shall be required to pay to the Company, immediately upon written demand by the Company, an amount equal to any Gains resulting from the exercise or payment of any Awards (as that term is defined in the 2016 Incentive Compensation 

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Plan) at any time on or after, or during the one year period prior to, the Termination Date.  For these purposes, the term “Gain” shall mean (i) in the case of each stock option or stock appreciation right (“SAR”), the difference between the fair market value per share of the Company’s common stock underlying such option or SAR as of the date on which the Executive exercised the option or SAR, less the exercise price or grant price of the option or SAR; and (ii) in the case of any Award other than a stock option or SAR that is satisfied by the issuance of Common Stock of the Company, the value of such stock on the Termination Date, and (iii) in the case of any Award other than a stock option or SAR, that is satisfied in cash or any property other than Common Stock of the Company, the amount of cash and the value of the property on the payment date paid to satisfy the Award.

(k) Any payment pursuant to paragraph 7(e) or 7(j) shall be contingent upon Executive’s execution of the General Release within 21 days after termination of the Term of Employment, and the Executive’s not revoking that release.

 

 

	
8.
	
COMPLIANCE WITH SECTION 409A

	
(a) 
	
General.  It is the intention of both the Company and the Executive that the benefits and rights to which the Executive could be entitled pursuant to this Agreement comply with Section 409A of the Code and the Treasury Regulations and other guidance promulgated or issued thereunder (“Section 409A”), to the extent that the requirements of Section 409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that intention.  If the Executive or the Company believes, at any time, that any such benefit or right that is subject to Section 409A does not so comply, it shall promptly advise the other and shall negotiate reasonably and in good faith to amend the timing of such benefits and rights such that they comply with Section 409A (with the most limited possible economic effect on the Executive).  

	
(b)
	
Distributions on Account of Separation from Service.  If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

	
(c) 
	
6 Month Delay for “Specified Employees”. 

(i) If the Executive is a “specified employee”, then no payment or benefit that is payable on account of the Executive’s “separation from service”, as that term is defined for purposes of Section 409A, shall be made before the date that is six months after the Executive’s “separation from service” (or, if earlier, the date of the Executive’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A and such deferral is required to comply with the requirements of Section 409A.  Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to catch up to the original payment schedule.  There shall be added to any payments that are delayed pursuant to this provision interest at the prime rate as reported in the Wall Street Journal for the date of the Executive’s separation from service.  Such interest shall be calculated 

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from the date on which the payment otherwise would have been made until the date on which the payment is made.

 

(ii) For purposes of this provision, the Executive shall be considered to be a “specified employee” if, at the time of his or her separation from service, the Executive is a “key employee”, within the meaning of Section 416(i) of the Code, of the Company (or any person or entity with whom the Company would be considered a single employer under Section 414(b) or Section 414(c) of the Code) any stock in which is publicly traded on an established securities market or otherwise.

	
(d) 
	
No Acceleration of Payments.  Neither the Company nor the Executive, individually or in combination, may accelerate any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this Agreement, and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A.

	
(e) 
	
Treatment of Each Installment as a Separate Payment. For purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which the Executive is entitled under this Agreement shall be treated as a separate payment.  In addition, to the extent permissible under Section 409A, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments.

	
(f) 
	
Taxable Reimbursements. 

(i) Any reimbursements by the Company to the Executive of any eligible expenses under this Agreement that are not excludable from the Executive’s income for Federal income tax purposes (the “Taxable Reimbursements”) shall be made by no later than the earlier of the date on which they would be paid under the Company’s normal policies and the last day of the taxable year of the Executive following the year in which the expense was incurred.  

(ii) The amount of any Taxable Reimbursements to be provided to the Executive during any taxable year of the Executive shall not affect the expenses eligible for reimbursement to be provided in any other taxable year of the Executive.  

(iii) The right to Taxable Reimbursements shall not be subject to liquidation or exchange for another benefit.

9.        REPRESENTATION AND AGREEMENTS OF EXECUTIVE

 

(a)Executive represents and warrants that he is free to enter into this Agreement and to perform the duties required hereunder, and that there are no employment contracts or understandings, restrictive covenants or other restrictions, whether written or oral, preventing the performance of his duties hereunder.

 

(b)Executive agrees to submit to a medical examination and to cooperate and supply such other information and documents as may be required by any insurance company in connection with the Company's obtaining life insurance on the life of Executive, and any other type of insurance or fringe benefit as the Company shall determine from time to time to obtain.

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(c)Executive represents and warrants that he has never been convicted of a felony and he has not been convicted or incarcerated for a misdemeanor within the past five years, other than a first conviction for drunkenness, simple assault, speeding, minor traffic violations, affray, or disturbance of the peace.

 

(d)Executive represents and warrants that he has never been a party to any judicial or administrative proceeding that resulted in a judgement, decree, or final order (i) enjoining him from future violations of, or prohibiting any violations of any federal or state securities law, or (ii) finding any violations of any federal or state securities law.

 

(e)      Executive represents and warrants that he has never been accused of any impropriety in connection with any employment;

 

Any breach of any of the above representations and warranties is "justifiable cause" for termination under paragraph 7(d) of this Agreement.

 

	
 
	
10.
	
 NON-COMPETITION

 

	
(a)
	
Executive agrees that during the Term of Employment and during the one (1) year period immediately following the Termination Date (the "Non-Competitive Period"), Executive shall not, directly or indirectly, as owner, partner, joint venturer, stockholder, employee, broker, agent, principal, trustee, corporate officer, director, licensor, or in any capacity whatsoever, engage in, become financially interested in, be employed by, render any consultation or business advice with respect to, accept any competitive business on behalf of, or have any connection with any business which is competitive with products or services of the Company or any subsidiaries and affiliates, in any geographic area in which the Company or any of its subsidiaries or affiliates are then conducting or proposing to conduct business, including, without limitation, the United States of America and its possessions, Canada and Europe; provided, however, that Executive may own any securities of any corporation which is engaged in such business and is publicly owned and traded but in an amount not to exceed at any one time one percent (1%) of any class of stock or securities of such corporation.  In addition, Executive shall not, during the Non-Competitive Period, directly or indirectly, request or cause any suppliers or customers with whom the Company or any of its subsidiaries or affiliates has a business relationship to cancel or terminate any such business relationship with the Company or any of its subsidiaries or affiliates or otherwise compromise the Company’s good will or solicit, hire, interfere with or entice from the Company or any of its subsidiaries or affiliates any employee (or former employee who has been separated from service for less than 12 months) of the Company or any of its subsidiaries or affiliates.

 

(b)If any portion of the restrictions set forth in this paragraph 10 should, for any reason whatsoever, be declared invalid by a court of competent jurisdiction, the validity or enforceability of the remainder of such restrictions shall not thereby be adversely affected.  For the purposes of this paragraph 10, a business competitive with the products and services of the Company (or such subsidiaries and affiliates) is limited to a specialty retailer which primarily distributes, sells or markets so-called "big and tall" apparel of any kind for men or which utilizes the "big and tall" retail or wholesale marketing concept as part of its business.

 

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(c)Executive acknowledges that the Company conducts business throughout the world, that Executive’s duties and responsibilities on behalf of the Company are of a worldwide nature, that its sales and marketing prospects are for continued expansion throughout the world and therefore, the territorial and time limitations set forth in this paragraph 10 are reasonable and properly required for the adequate protection of the business of the Company and its subsidiaries and affiliates.  In the event any such territorial or time limitation is deemed to be unreasonable by a court of competent jurisdiction, Executive agrees to the reduction of the territorial or time limitation to the area or period which such court shall deem reasonable.

 

(d)The existence of any claim or cause of action (a  claim or cause of action is defined as a claim or cause of action which results from a breach of the terms and provisions of this Agreement by the Company, regardless of whether the breach is material) by Executive against the Company or any subsidiary or affiliate shall not constitute a defense to the enforcement by the Company or any subsidiary or affiliate of the foregoing restrictive covenants, but such claim or cause of action shall be litigated separately.

 

11.INVENTIONS AND DISCOVERIES

 

(a)Upon execution of this Agreement and thereafter, Executive shall promptly and fully disclose to the Company, and with all necessary detail for a complete understanding of the same, all existing and future developments, know-how, discoveries, inventions, improvements, concepts, ideas, writings, formulae, processes and methods (whether copyrightable, patentable or otherwise) made, received, conceived, acquired or written during working hours, or otherwise, by Executive (whether or not at the request or upon the suggestion of the Company) during the period of his employment with, or rendering of advisory or consulting services to, the Company or any of its subsidiaries and affiliates, solely or jointly with others, in or relating to any activities of the Company or its subsidiaries and affiliates known to him as a consequence of his employment or the rendering of advisory and consulting services hereunder (collectively the "Subject Matter").

 

(b)Executive hereby assigns and transfers, and agrees to assign and transfer, to the Company, allhis rights, title and interest in and to the Subject Matter, and Executive further agrees to deliver to the Company any and all drawings, notes, specifications and data relating to the Subject Matter, and to execute, acknowledge and deliver all such further papers, including applications for copyrights or patents, as may be necessary to obtain copyrights and patents for any thereof in any and all countries and to vest title thereto to the Company.  Executive shall assist the Company in obtaining such copyrights or patents during the term of this Agreement, and at any time thereafter on reasonable notice and at mutually convenient times, and Executive agrees to testify in any prosecution or litigation involving any of the Subject Matter; provided, however, after the Term of Employment that Executive shall be compensated in a timely manner at the rate of $250 per day (or portion thereof), plus out-of-pocket expenses incurred in rendering such assistance or giving or preparing to give such testimony if it is required after the termination of this Agreement.

 

12.NON-DISCLOSURE OF CONFIDENTIAL INFORMATION

 

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(a)Executive acknowledges that the Company possesses certain confidential and propriety information that has been or may be revealed to him or learned by Executive during the course of Executive’s employment with the Company and that it would be unfair to use that information or knowledge to compete with or to otherwise disadvantage the Company. Executive shall not, during the Term of Employment or at any time following the Term of Employment, directly or indirectly, disclose or permit to be known (other than as is required in the regular course of his duties (including without limitation disclosures to the Company's advisors and consultants), as required by law (in which case Executive shall give the Company prior written notice of such required disclosure) or with the prior written consent of the Board of Directors, to any person, firm, corporation, or other entity, any confidential information acquired by him during the course of, or as an incident to, his employment or the rendering of his advisory or consulting services hereunder, relating to the Company or any of its subsidiaries or affiliates, the directors of the Company or its subsidiaries or affiliates, any supplier or customer of the Company or any of their subsidiaries or affiliates, or any corporation, partnership or other entity owned or controlled, directly or indirectly, by any of the foregoing, or in which any of the foregoing has a beneficial interest, including, but not limited to, the business affairs of each of the foregoing.  Such confidential information shall include, but shall not be limited to, proprietary technology, trade secrets, patented processes, research and development data, know-how, market studies and forecasts, financial data, competitive analyses, pricing policies, employee lists, personnel policies, the substance of agreements with customers, suppliers and others, marketing or dealership arrangements, servicing and training programs and arrangements, supplier lists, customer lists and any other documents embodying such confidential information.  This confidentiality obligation shall not apply to any confidential information, which is or becomes publicly available other than pursuant to a breach of this paragraph 12(a) by Executive.

 

(b)All information and documents relating to the Company and its subsidiaries or affiliates as herein above described (or other business affairs) shall be the exclusive property of the Company, and Executive shall use commercially reasonable best efforts to prevent any publication or disclosure thereof.  Upon termination of Executive's employment with the Company, all documents, records, reports, writings and other similar documents containing confidential information, including copies thereof then in Executive's possession or control shall be returned and left with the Company.

 

13.SPECIFIC PERFORMANCE

 

Executive agrees that if he breaches, or threatens to commit a breach of, any enforceable provision of paragraphs 10, 11 or 12 (the "Restrictive Covenants"), the Company shall have, in addition to, and not in lieu of, any other rights and remedies available to the Company under law and in equity, the right to have the Restrictive Covenants specifically enforced by a court of competent jurisdiction, it being agreed that any such breach or threatened breach of the Restrictive Covenants would cause irreparable injury to the Company and that money damages would not provide an adequate remedy to the Company.  Notwithstanding the foregoing, nothing herein shall constitute a waiver by Executive of his right to contest whether such a breach or threatened breach of any Restrictive Covenant has occurred. In the event of litigation between the parties to this Agreement regarding their respective rights and obligations under paragraphs 10, 11, or 12 hereof, the prevailing party shall be entitled to recover from the other all attorneys’ fees and expenses reasonably incurred in obtaining a ruling in the prevailing party’s favor.    Any 

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such damages, attorneys’ fees and costs shall be in addition to and not in lieu of any injunctive relief that may be available to the Company.

 

14.AMENDMENT OR ALTERATION

 

No amendment or alteration of the terms of this Agreement shall be valid unless made in writing and signed by both of the parties hereto.

 

15.GOVERNING LAW

 

This Agreement shall be governed by, and construed and enforced in accordance with the substantive laws of the Commonwealth of Massachusetts, without regard to its principles of conflicts of laws.

 

16.SEVERABILITY

 

The holding of any provision of this Agreement to be invalid or unenforceable by a court of competent jurisdiction shall not affect any other provision of this Agreement, which shall remain in full force and effect.

 

17.NOTICES

 

Any notices required or permitted to be given hereunder shall be sufficient if in

writing, and if delivered by hand or courier, or sent by certified mail, return receipt requested, to the addresses set forth above or such other address as either party may from time to time designate in writing to the other, and shall be deemed given as of the date of the delivery or of the placement of the notice in the mail.

 

18.WAIVER OF BREACH

 

It is agreed that a waiver by either party of a breach of any provision of this Agreement shall not operate, or be construed as a waiver of any subsequent breach by that same party.

 

19.ENTIRE AGREEMENT AND BINDING EFFECT

 

This Agreement contains the entire agreement of the parties with respect to the subject matter hereof and shall be binding upon and inure to the benefit of the parties hereto and their respective legal representatives, heirs, distributors, successors and assigns and supersedes any and all prior agreements between the parties whether oral or written.  This Agreement may not be modified except upon further written agreement executed by both parties. Executive agrees that the Company may in its sole discretion, during the term of Executive’s employment with the Company and thereafter, provide copies of this Agreement (or excerpts of the Agreement) to others, including businesses or entities that may employ, do business with, or consider employing Executive in the future.  Executive further agrees that any subsequent change or changes in his duties, compensation or areas of responsibility shall in no way affect the validity of this Agreement or otherwise render inapplicable any of the provisions of paragraphs 10 

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through 13 of this Agreement, which shall remain in full force and effect except as may be modified by a subsequent written agreement. 

 

20.SURVIVAL

 

Except as otherwise expressly provided herein, the termination of Executive's employment hereunder or the expiration of this Agreement shall not affect the enforceability of paragraphs 7 through 26 hereof, which shall survive the termination or expiration.

 

21.RESOLUTION OF DISPUTES

 

Any and all disputes arising under or in connection with this Agreement shall be resolved in accordance with this paragraph 21 and paragraph 15.

 

The parties shall attempt to resolve any dispute, controversy or difference that may arise between them through good faith negotiations.  In the event the parties fail to reach resolution of any such dispute within thirty (30) days after entering into negotiations, either party may proceed to institute action in any state or federal court located within the Commonwealth of Massachusetts, which courts shall have exclusive jurisdiction, and each party consents to the personal jurisdiction of any such state or federal court.  Both parties waive their right to a trial by jury.

 

22.NON-DISPARAGEMENT

 

Executive agrees not to make disparaging, critical or otherwise detrimental comments to any person or entity concerning the Company, its officers, directors, trustees, and employees or the services or programs provided or to be provided by the Company and the Company agrees not to make any disparaging, critical or otherwise detrimental comments to any person or entity concerning Executive.

 

23.FURTHER ASSURANCES

 

The parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further action as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

 

24.SUBSIDIARIES AND AFFILIATES

 

For purposes of this Agreement:

 

(a)  “affiliate” means any entity that controls, is controlled by, or is under common control with, the Company, and “control” means the power to exercise a controlling influence over the management or policies of an entity, unless such power is solely the result of an official position with such entity; and 

 

(b) “subsidiary” means any corporation or other entity in which the Company has a direct or indirect ownership interest of 50% or more of the total combined voting power of the 

13

 

then outstanding securities or interests of such corporation or other entity entitled to vote generally in the election of directors (or similar governing body of a non-corporate entity) or in which the Company has the right to receive 50% or more of the distribution of profits or 50% or more of the assets on liquidation or dissolution.

 

25. HEADINGS

 

The paragraph headings appearing in this Agreement are for the purposes of easy reference and shall not be considered a part of this Agreement or in any way modify, amend or affect its provisions.

 

26.COUNTERPARTS

 

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same agreement.

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement, under seal, as of the date and year first above written.

 

 

 

CMRG APPAREL, LLC

 

 

	
 

 

By:
	
 

 

/s/ David A. Levin
	
 

 

 
	
 

 

Date:
	
 

 

April 4, 2018

	
Name:
	
David A. Levin
	
 
	
 
	
 

	
Its:
	
President, Chief Executive Officer
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
By: 
	
/s/ James Davey
	
 
	
Date:
	
March 30, 2018

	
Name:
	
James Davey
	
 
	
 
	
 

 

14

 

EXHIBIT A
FORM OF RELEASE

 

GENERAL RELEASE OF CLAIMS

 

1.James Davey (“Executive”), for himself and his family, heirs, executors, administrators, legal representatives and their respective successors and assigns, in exchange for good and valuable consideration to be paid after the date of his termination as set forth in the Employment Agreement to which this release is attached as Exhibit A (the “Employment Agreement”), does hereby release and forever discharge CMRG Apparel, LLC (the “Company”), its parents, subsidiaries, affiliated companies, successors and assigns, and their respective current or former directors, officers, employees, shareholders or agents in such capacities (collectively with the Company, the “Released Parties”) from any and all actions, causes of action, suits, controversies, claims and demands whatsoever, for or by reason of any matter, cause or thing whatsoever, whether known or unknown including, but not limited to, all claims under any applicable laws arising under or in connection with Executive’s employment or termination thereof, whether for tort, breach of express or implied employment contract, wrongful discharge, intentional infliction of emotional distress, or defamation or injuries incurred on the job or incurred as a result of loss of employment.  Executive acknowledges that the Company encouraged him to consult with an attorney of his choosing, and through this General Release of Claims encourages him to consult with his attorney with respect to possible claims under the Age Discrimination in Employment Act (“ADEA”) and that he understands that the ADEA is a Federal statute that, among other things, prohibits discrimination on the basis of age in employment and employee benefits and benefit plans.  Without limiting the generality of the release provided above, Executive expressly waives any and all claims under ADEA that he may have as of the date hereof.  Executive further understands that by signing this General Release of Claims he is in fact waiving, releasing and forever giving up any claim under the ADEA as well as all other laws within the scope of this paragraph 1 that may have existed on or prior to the date hereof.  Notwithstanding anything in this paragraph 1 to the contrary, this General Release of Claims shall not apply to (i) any rights to receive any payments pursuant to paragraph 7 of the Employment Agreement, or any accrued but unpaid benefits under any employee benefit plan maintained by the Company (ii) any rights or claims that may arise as a result of events occurring after the date this General Release of Claims is executed, (iii) any indemnification rights Executive may have as a former officer or director of the Company or its subsidiaries or affiliated companies, (iv) any claims for benefits under any directors’ and officers’ liability policy maintained by the Company or its subsidiaries or affiliated companies in accordance with the terms of such policy,  (v) any rights as a holder of equity securities of the Company, and (vi) any rights or claims that, by law, may not be waived, including claims for unemployment compensation and workers' compensation.  Nothing contained in this Agreement prevents you from filing a charge, cooperating with or participating in any investigation or proceeding before any federal or state Fair Employment Practices Agency, including, without limitation, the Equal Employment Opportunity Commission, except that you acknowledge that you will not be able to recover any monetary benefits in connection with any such claim, charge or proceeding.

2.Executive represents that he has not filed against the Released Parties any complaints, charges, or lawsuits arising out of his employment, or any other matter arising on or prior to the date of this General Release of Claims, and covenants and agrees that he will never 

15

 

individually or with any person file, or commence the filing of, any charges, lawsuits, complaints or proceedings with any governmental agency, or against the Released Parties with respect to any of the matters released by Executive pursuant to paragraph 1 hereof (a “Proceeding”); provided, however, Executive shall not have relinquished his right to commence a Proceeding to challenge whether Executive knowingly and voluntarily waived his rights under ADEA.

3.Executive hereby acknowledges that the Company has informed him that he has up to twenty-one (21) days to sign this General Release of Claims and he may knowingly and voluntarily waive that twenty-one (21) day period by signing this General Release of Claims earlier.  Executive also understands that he shall have seven (7) days following the date on which he signs this General Release of Claims within which to revoke it by providing a written notice of his revocation to the Company.

4.Executive acknowledges that this General Release of Claims will be governed by and construed and enforced in accordance with the internal laws of the Commonwealth of Massachusetts applicable to contracts made and to be performed entirely within such State.

5.Executive acknowledges that he has read this General Release of Claims, that he has been advised that he should consult with an attorney before he executes this general release of claims, and that he understands all of its terms and executes it voluntarily and with full knowledge of its significance and the consequences thereof. 

6.This General Release of Claims shall take effect on the eighth day following Executive’s execution of this General Release of Claims unless Executive’s written revocation is delivered to the Company within seven (7) days after such execution.

 

 

James Davey

 

16Exhibit 10.1

 

CONFIDENTIAL
TREATMENT REQUESTED.

INFORMATION
FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN

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

CLEARLY
INDICATED. AN UNREDACTED VERSION OF THIS DOCUMENT HAS

ALSO
BEEN PROVIDED TO THE SECURITIES AND EXCHANGE COMMISSION.

 

TERMINATION AND TRANSITION
SUPPORT AGREEMENT

 

THIS TERMINATION
AND TRANSITION SUPPORT AGREEMENT (the “Agreement”) is made as of May 25, 2018 (the “Effective Date”),
by and between TITAN PHARMACEUTICALS, INC., a Delaware corporation having its principal office at 400 Oyster Point Blvd., Suite
505, South San Francisco, CA 94080-1921 (“Titan”), and BRAEBURN PHARMACEUTICALS, INC., a Delaware corporation
having its principal office at 450 Plymouth Rd., Suite 400, Plymouth Meeting, PA 19462 (“Braeburn”). Each of
Titan and Braeburn may be referred to herein as a “Party” and collectively, as the “Parties.”

 

RECITALS

 

WHEREAS, Titan
and Braeburn are parties to the License Agreement, dated December 14, 2012, as amended on May 28, 2013, July 2, 2013 and November
12, 2013 (as amended, the “License Agreement”), pursuant to which Titan granted Braeburn an exclusive license
to use, Promote, market, distribute, offer for sale, sell or otherwise dispose of Products in the Territory;

 

WHEREAS, pursuant
to its rights under the License Agreement, Braeburn has been commercializing Licensed Products in the Territory;

 

WHEREAS, Titan
and Braeburn mutually desire to terminate the License Agreement and have all rights to Licensed Products granted thereunder revert
to Titan and certain assets owned or controlled by Braeburn related to Licensed Products assigned, transferred and conveyed to
Titan, such reversion, assignment, transfer and conveyance (the “Transfer”) to be on the terms and subject to
the conditions set forth in this Agreement;

 

WHEREAS, in
connection with the termination of the License Agreement and the Transfer of certain assets of Braeburn related to the Licensed
Product to Titan, Braeburn has agreed to provide certain transition support services to Titan during the period set forth herein
to facilitate Titan’s exploitation of the Licensed Product following the Effective Date.

 

NOW, THEREFORE,
for and in consideration of the covenants, conditions and undertakings hereinafter set forth, it is agreed by and between the Parties
as follows:

 

1.            Definitions.
Capitalized terms used in this Agreement but not defined below or elsewhere in this Agreement shall have the meanings set forth
in the License Agreement.

 

(a)          “Braeburn
Marks” means the trade names, corporate names and corporate logos of Braeburn that are used by Braeburn in connection
with the Exploitation of Licensed Product prior to or as of the Effective Date, but that are not a Transferred Intellectual Property.

 

(b)          “Braeburn
Regulatory Transfer Documents” means the letter to the FDA transferring to Titan rights to the applicable Regulatory
Approvals issued by the FDA and Transferred Clinical Trial Authorizations and to applications therefor and analogous transfer letters,
transfer applications or similar documents for any other applicable jurisdictions in the Territory.

 

     

     

    

 

(c)          “Business”
means the Exploitation of Licensed Products in the Territory, including the development and manufacturing of Licensed Products
therefor, and all activities appurtenant thereto, such as importing, marketing, selling and distributing Licensed Products in the
Territory.

 

(d)          “Chargebacks”
means all chargebacks and all other credits and reimbursements, other than Rebates, paid to Third Party Customers directly based
upon the sales of the Licensed Product in the Territory.

 

(e)          “Contract”
means any written contract, agreement, lease, sublease, license, sublicense or other legally binding commitment or arrangement.

 

(f)          “Domain
Names” means all internet domain names registered with or assigned by any domain name registrar, domain name registry
or other domain name registration authority as part of an electronic address on the internet and all applications and rights of
renewal for any of the foregoing, that are registered, solely or jointly, by Braeburn and exclusively used or held for use in connection
with the Exploitation of Licensed Product and set forth on Schedule 1(f).

 

(g)          
“DPT” means DPT Laboratories, Ltd.

 

(h)          “Encumbrance”
means any claim, mortgage, pledge, assessment, security interest, option, deed of trust, lease, lien, levy, restriction on transferability,
defect in title, charge or other encumbrance of any kind, whether voluntarily incurred or arising by operation of Law or any conditional
sale or title retention agreement or other agreement to give any of the foregoing in the future.

 

(i)          “Excluded
State Licenses” means the permits, licenses and registrations set forth on Schedule 1(i).

 

(j)          “Exploit”
or “Exploitation” means to manufacture, have manufactured, import, export, use, have used, sell, offer for sale,
have sold, research (including through clinical research), develop, commercialize, register, hold or keep (whether for disposal
or otherwise), transport, distribute, Promote, market, supply or otherwise dispose of, or to license or otherwise permit any Person
to conduct any of the foregoing.

 

(k)          “FSS”
shall mean Federal Supply Schedule administered by the United States Department of Veterans Affairs.

 

(l)          
“Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, determination, award
or similar order entered by or with any Governmental Authority (in each case whether preliminary or final).

 

(m)          “Intellectual
Property” means, collectively, all Patent Rights, Know-How, trademarks and copyrights.

 

(n)          “Medicaid
Rebate Program” means the rebate program established pursuant to 42 U.S.C. §1396r-8.

 

(o)          “Person”
means an individual, partnership, corporation, limited liability company, association, joint stock company, trust, joint venture,
unincorporated organization or any other business entity or a Governmental Authority.

 

    	 	2	 

     

    

 

(p)          “Proceeding”
means any action, suit, litigation, mediation, arbitration, proceeding (including any civil, criminal, administrative, investigative
or appellate proceeding and any informal proceeding), prosecution, contest, hearing, inquiry, inquest, audit, examination or investigation
commenced, brought, conducted or heard by or before, or otherwise involving, any Governmental Authority or any arbitrator or arbitration
panel.

 

(q)          “Rebates”
means rebates, price reductions, administrative fees and related adjustments charged under the Medicaid Rebate Program or other
direct or indirect Third Party customers or Governmental Authorities based upon the utilization of Licensed Products in the Territory.

 

(r)          “Tax”
and “Taxes” means all taxes, charges, duties, fees, levies or other assessments, including income, capital,
excise, personal or real property, business, goods and services, sales or use, value added, profits, license, withholding (with
respect to compensation or otherwise), payroll, employment, net worth, capital gains, transfer, stamp, social security, environmental,
escheat, unclaimed property, occupation and franchise taxes, imposed by any Taxing Authority and including any interest, penalties
and additions attributable thereto.

 

(s)          “Tax
Return” means any return, declaration, report, claim for refund, information return, documentation or statement relating
to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

 

(t)          “Taxing
Authority” means any Governmental Authority exercising any authority to impose, regulate or administer any Taxes.

 

(u)          “Transfer
Taxes” means any and all transfer, documentary, sales, use, stamp, registration, value added, goods and services and
other such Taxes imposed in connection with the transactions contemplated by this Agreement, regardless of whether such Taxes are
recoverable or non-recoverable.

 

(v)         “Titan
Regulatory Transfer Documents” means the letter to the FDA accepting from Braeburn the transfer of rights to the applicable
Regulatory Approvals issued by the FDA and Transferred Clinical Trial Authorizations and to applications therefor and analogous
transfer letters, transfer applications or similar documents for any other applicable jurisdictions in the Territory.

 

(w)          “Transferred
Clinical Trial Authorizations” means all INDs, clinical trial authorizations and data, permits, licenses, positive opinions
and any similar approvals in effect on the Effective Date and all amendments, modifications, and successors thereto permitting
Braeburn to perform clinical testing of Licensed Product in human subjects, including the Phase IV Clinical Trials mandated by
the FDA in connection with its approval of the NDA.

 

(x)          “Transferred
Intellectual Property” means all Patent Rights and Know-How owned by Braeburn that are exclusively related to the Licensed
Product or exclusively used or held in connection with the Exploitation of Licensed Product.

 

(y)          “Transferred
Promotional Materials” means, to the extent in the possession of or otherwise owned by Braeburn, in any written or electronic
form, all final versions of “advertisements,” as set forth by FDA in 21 C.F.R. §202.1(l)(1) and “labeling,”
as set forth by FDA in 21 C.F.R. §202.1(l)(2) and any foreign equivalents, including social media accounts, medical education
and informational materials, sales training materials (including related quizzes and answers, if any), point of sales materials,
existing customer lists, and trade show materials, if any, in each case to the extent used exclusively for the marketing, Promotion,
distribution and sale of Licensed Products as of the Effective Date.

 

    	 	3	 

     

    

 

(z)          “Transferred
Records” means, in written or electronic form, all books and records to the extent (i) exclusively related to Licensed
Product, (ii) in the possession of Braeburn and (iii) necessary to Exploit Licensed Product, including vendor and supplier lists
and correspondence, training materials, prescriber enrollment, certification, decertification, and recertification records (including
the database of enrolled prescribers required by the REMS for the Licensed Product), REMS compliance documentation and information
relevant to REMS assessment, PV reports, safety databases, medical information queries and responses, customer complaints, technical
reports, batch documentation (including copies of executed batch records and disposition packages) for the Inventory, medical affairs
materials, drug safety, distribution and prescribing information, and inspection and audit histories. For clarity, the Transferred
Records shall not include (A) human resources and any other employee books and records, (B) any financial, tax and accounting records
to the extent not related to Licensed Product, (C) any items to the extent their transfer is prohibited by Law or (D) the Transferred
Regulatory Materials, the Transferred Promotional Materials or the Transferred Intellectual Property.

 

(aa)         
“Transition Period” means the period commencing at 12:01am EST on the Effective Date and terminating on December
28, 2018 or such earlier date as the Parties shall mutually agree.

 

(bb)         “VA
Master Agreement” means the Master Agreement entered into between a pharmaceutical manufacturer and the Department of
Veterans Affairs to implement the provisions of the Veterans Health Care Act of 1992, 38 U.S.C. §8126.

 

(cc)         Each
capitalized term used herein but not defined above or in the License Agreement shall have the meaning set forth in the Section
of this Agreement indicated below:

 

	Defined Term	 	Section
	Accounts Receivable	 	6(d)(i)
	Agreement	 	Preamble
	Assigned Contracts	 	3(a)(iv)
	Assumed Liabilities	 	3(c)
	Braeburn	 	Preamble
	Braeburn Background Technology	 	4(c)
	Braeburn Indemnitees	 	8(a)(i)
	Braeburn Parties 	 	9(b)
	Braeburn Released Claims	 	9(b)
	Braeburn Releasees	 	9(a)
	Claim	 	8(d)(i)
	Co-Pay Claims	 	6(b)(vi)
	Closing	 	3(f)(i)
	Contact Persons	 	5(d)
	Effective Date	 	Preamble
	Excluded Assets	 	3(b)
	Excluded Inventory	 	3(a)(ii)
	Excluded Liabilities	 	3(d)

 

    	 	4	 

     

    

 

	Defined Term	 	Section
	Excluded Licenses	 	3(a)(i)
	Indemnitee	 	8(d)(i)
	Inventory	 	3(a)(ii)
	Investigators	 	6(b)(i)
	License Agreement	 	Recitals
	NDC	 	6(b)(v)
	Omitted Asset	 	4(d)(ii)
	Parties	 	Preamble
	Party	 	Preamble
	Permitted Encumbrances	 	7(b)(i)
	Prescription Analytics	 	6(c)(iv)(A)
	Released Claims	 	9(b)
	Services Standards	 	4(b)(i)
	Survival Period	 	8(a)(ii)
	Third Party Claim	 	8(d)(ii)
	Third Party Claim Notice	 	8(d)(ii)
	Titan	 	Preamble
	Titan Indemnitees	 	8(a)(i)
	Titan Parties	 	9(a)
	Titan Released Claims	 	9(a)
	Titan Releasees	 	9(b)
	Transfer	 	Recitals
	Transferred Assets	 	3(a)
	Transferred Inventory	 	3(a)(ii)
	Transferred Regulatory Materials	 	3(a)(i)
	Transition Services	 	5(b)
	Transition Team	 	5(d)
	2018 FDA Fees	 	3(b)

 

2.             Termination
of License Agreement.

 

(a)          Termination
Date. Except as otherwise provided in this Section 2(a), the Parties hereby agree to terminate the License Agreement,
which termination shall be effective on the Effective Date. The Parties further agree that, on and following the Effective Date,
the License Agreement shall have no further force or effect and all rights and obligations, including all rights and obligations
identified in the License Agreement as surviving the termination of the License Agreement, of Titan and Braeburn under the License
Agreement shall cease and terminate; provided, however, that nothing in this Section 2(a) shall relieve Braeburn
from its obligations to pay any royalties on sales of the Licensed Product due and payable but not yet paid under the License Agreement
prior to the Effective Date. As of the Effective Date, Braeburn shall have no further rights to Exploit the Licensed Products in
the Territory, except to the extent necessary to carry out or perform the Transition Services hereunder.

 

(b)          Termination
Payment; No Further Payments. In order to assist Titan with its commercialization efforts with respect to the Licensed Product,
on the second Business Day following the Effective Date Braeburn shall pay Titan a non-refundable, non-creditable cash payment
of $1,000,000 by wire transfer of immediately available funds to the account specified in writing by Titan on or prior to the Effective
Date. Thereafter, Braeburn shall have no further payment obligations to Titan under the License Agreement, except for royalties
on sales of the Licensed Product due and payable but not yet paid under the License Agreement prior to the Effective Date.

 

    	 	5	 

     

    

 

(c)          Survival
of License Agreement Provisions. The following provisions of the License Agreement shall survive the termination of the License
Agreement: Section 1 (Definitions), Section 6.5 (Taxes) and Section 8.1 (Ownership), Section 11 (Confidentiality and Publicity)
and, solely with respect to claims arising prior to the Effective Date, Sections 13.1 through 13.5 (inclusive).

 

3.             Transfer
of Assets and Assumption of Liabilities.

 

(a)          Transferred
Assets. Upon the terms and subject to the conditions of this Agreement, at the Closing, Braeburn shall transfer, convey, assign
and deliver to Titan, and Titan shall acquire and accept from Braeburn, all of Braeburn’s right, title and interest in and
to the following assets (collectively, the “Transferred Assets”), free and clear of any Encumbrances, other
than Permitted Encumbrances:

 

(i)          all
Regulatory Approvals and the Transferred Clinical Trial Authorizations and all other applications, submissions, notifications,
communications, correspondence, registrations, and other filings made to, received from or otherwise conducted with a Regulatory
Authority relating to Regulatory Approvals or to the research, development, manufacture or commercialization of Product, in the
Territory, including INDs and NDAs, and any reports or amendments necessary to maintain the Regulatory Approvals, but excluding
(A) the Excluded State Licenses and (B) any other governmental licenses, approvals or authorizations that are not permitted to
be transferred to Titan by the relevant Governmental Authority or as a matter of law ((A) and (B), the “Excluded Licenses”)
(collectively, the “Transferred Regulatory Materials”);

 

(ii)         all
inventory of EVA, Applicators, training kits, insertion and removal kits, and Product (together with any Product packaging materials
thereon), together with the inventory of work-in-progress, samples, packaging and all raw materials, whether or not labeled, and
all Product-related supplies, packaging and labeling material, in each case, exclusively related to the Licensed Product (collectively,
the “Inventory”), owned as of the Effective Date by Braeburn that have not been sold to a wholesaler or distributor,
but excluding any EVA and Compound held on behalf of Braeburn by DPT as of the Effective Date (the “Excluded Inventory”)
(collectively, the “Transferred Inventory”);

 

(iii)        the
Transferred Records;

 

(iv)        the
Contracts set forth on Schedule 3(a)(iv) (all such Contracts, the “Assigned Contracts”);

 

(v)         the
Transferred Intellectual Property, including the rights to enforce the same for past, present and future infringements or other
violations thereof and any goodwill related to such Transferred Intellectual Property;

 

(vi)        all
Transferred Promotional Materials;

 

(vii)       the
website(s) associated with the Domain Names, and all TCP/IP addresses, the source code controlled by Braeburn related to the operation
thereof and all text, graphics, images, data, audio files, video files and other content contained thereon in possession of Braeburn;
and

 

    	 	6	 

     

    

 

(viii)      all
rights, claims, causes of actions, rights of recovery, and credits, including all guarantees, warranties, indemnities and similar
rights, whenever incurred, in favor of Braeburn to the extent relating to any Transferred Assets and events or circumstances arising
on or after the Effective Date.

 

(b)          Excluded
Assets. All assets, properties, rights and interests of Braeburn not included in the Transferred Assets are expressly excluded
from the transfer, conveyance and assignment contemplated hereby and as such are not included in the Transferred Assets and shall
remain the assets, property, rights and interests of Braeburn, including (i) the Excluded Licenses, (ii) all accounts receivable,
notes receivable and similar rights to receive payments of Braeburn existing on the Effective Date and arising out of the operation
or conduct of the Business in the Territory prior to the Effective Date, (iii) any Excluded Inventory and (iv) any assets owned
or controlled by Braeburn that are not exclusively related to Licensed Products (the “Excluded Assets”).

 

(c)          Assumed
Liabilities. Subject to the terms and conditions set forth herein, on the Effective Date, Titan shall assume and agree to pay,
perform and discharge all obligations and liabilities of Braeburn under or relating to the Transferred Assets whenever arising,
except for the Excluded Liabilities (collectively, the “Assumed Liabilities”), including:

 

(i)          all
liabilities arising out of or relating to (A) claims (including product liability claims) for injury to person or property that
resulted from the use or misuse of Licensed Product sold on or after the Effective Date, including the use or misuse of Licensed
Product in connection with any clinical trial or (B) claims, irrespective of the legal theory asserted, to the extent arising from
the operation of the Business or the use of the Transferred Assets, in each case, on or after the Effective Date by Titan, or on
their behalf in accordance with this Agreement;

 

(ii)         all
liabilities of Titan set forth in Section 6 of this Agreement;

 

(iii)        all
liabilities under the Assigned Contracts arising on or after the Effective Date, but excluding those liabilities arising from a
breach by Braeburn under any Assigned Contract prior to the Effective Date;

 

(iv)        all
liabilities to third party customers, third party suppliers or other third parties for the Licensed Products, to the extent relating
to the Licensed Products sold or distributed after the Effective Date by Titan or its Affiliates, or on their behalf in accordance
with this Agreement, including (A) liabilities to customers under purchase orders for Licensed Product that has not yet been shipped
as of the Effective Date and (B) liabilities to suppliers or other third parties arising in the ordinary course of business on
or after the Effective Date;

 

(v)         all
Taxes apportioned to Titan pursuant to this Agreement;

 

(vi)        all
liabilities with respect to returns of Licensed Products sold or distributed by Titan or its Affiliates, or on their behalf in
accordance with this Agreement, whenever sold; and

 

    	 	7	 

     

    

 

(vii)       all
other liabilities that relate to, or that arise out of, Titan’s or any of its Affiliates’ use, ownership, possession,
operation, sale or lease of any of the Transferred Assets on or following the Effective Date or the distribution or sale of any
of the Licensed Product by Titan or its Affiliates.

 

(d)          Excluded
Liabilities. Notwithstanding any provision of this Agreement or the License Agreement to the contrary, all liabilities arising
prior to the Effective Date or not included in the Assumed Liabilities shall remain the sole obligation and responsibility of Braeburn,
including all accrued receipts and accounts payable arising out of the operation or conduct of the Business prior to the Effective
Date and all Prescription Drug User Fee Act program fees due for the period ending October 31, 2018 (the “2018 FDA Fees”),
no matter when invoiced by the FDA (the “Excluded Liabilities”). Braeburn shall, subject to receipt of satisfactory
evidence of Titan’s payment thereof, promptly (but in no event later than ten (10) Business Days following Braeburn’s
receipt) reimburse Titan for the 2018 FDA Fees.

 

(e)          Transfer
Taxes and Other Costs.

 

(i)          All
Transfer Taxes payable in connection with the Transfer under this Agreement and the other Transaction Documents shall be borne
and paid solely by Titan when due in compliance with applicable Transfer Tax Laws; provided, however, that, if Braeburn
determines that it is required by applicable Law to pay any Transfer Taxes, then Braeburn shall pay such Transfer Taxes, and Titan
shall, subject to receipt of satisfactory evidence of payment thereof, promptly reimburse Braeburn in U.S. Dollars.

 

(ii)         Titan
and Braeburn shall cooperate in preparing and timely filing all Tax Returns as may be required to comply with the provisions of
applicable Transfer Tax Laws.

 

(iii)        All
costs and fees associated with transferring to Titan the Transferred Intellectual Property and the Regulatory Approvals conveyed
to Titan at the Closing shall be borne and paid solely by Titan when due; provided, that if any such amount shall be incurred
by Braeburn, Titan shall, subject to receipt of satisfactory evidence of Braeburn’s payment thereof, promptly (but in no
event later than ten Business Days following Titan’s receipt) reimburse Braeburn.

 

(iv)        All
costs and expenses associated with removing and moving any Transferred Asset to a location designated by Titan shall be borne and
paid solely by Titan when due; provided, that if any such amount shall be incurred by Braeburn, Titan shall, subject to
receipt of satisfactory evidence of Braeburn’s payment thereof, promptly (but in no event later than ten (10) Business Days
following Titan’s receipt of such evidence) reimburse Braeburn.

 

(f)          Closing.
The Closing of the transfer, assignment and conveyance of the Transferred Assets and the Assumed Liabilities (the “Closing”)
shall take place by the electronic delivery of documents, at 10:00 A.M., Eastern Time on the Business Day immediately following
the Effective Date or at such other place and time as the Parties may mutually agree in writing. At the Closing, the Parties shall
execute and deliver the following documents (together with this Agreement, the “Transaction Documents”): counterparts
to the assignment and assumption agreement and bill of sale in the form of Exhibit A and a domain name assignment in the
form of Exhibit B.

 

    	 	8	 

     

    

 

(g)          Electronic
and Tangible Transferred Assets.

 

(i)          Notwithstanding
anything herein to the contrary prior to delivering or making available to Titan any files, documents, instruments, papers, books
and records constituting Transferred Regulatory Materials, Transferred Records or Transferred Promotional Materials, Braeburn shall
be entitled to redact from such files, documents, instruments, papers, books and records any information to the extent that it
does not relate to the Licensed Product in the Territory.

 

(ii)         All
tangible Transferred Assets (other than any such Transferred Assets to be transferred to Titan in electronic format) will be delivered
promptly after the Effective Date (and in any case within two weeks after the Effective Date) to Titan or its designee at Braeburn’s
principal place of business or, to the extent that any such Transferred Assets are located on the Effective Date at the premises
of a Third Party, to Titan or its designee at such other location. Titan shall receive and remove such tangible Transferred Assets
from the location where they are delivered within such two week period. If Titan fails to receive and remove such tangible Transferred
Assets within such two week period, Braeburn may, in its sole discretion, dispose of such Transferred Assets.

 

4.             Additional
Undertakings.

 

(a)          Retention
of Documents. Braeburn may retain one copy of the Transferred Regulatory Information and the Transferred Records included within
the Transferred Assets to the extent necessary for Taxes or accounting purposes or for legal proceedings or investigations pending
or threatened as of the Effective Date or as reasonably necessary to comply with its obligations under this Agreement, and access
to such information shall be restricted to Braeburn’s legal counsel and such employees of Braeburn who have a “need
to know” such information in connection therewith.

 

(b)          Transitional
Trademark License.

 

(i)          Braeburn
hereby grants to Titan, and Titan hereby accepts, a non-exclusive, non-transferable, sublicensable (solely to Titan’s Affiliates
and any Third Party acting on Titan’s behalf), royalty-free, fully paid-up, license in the Territory to use the Braeburn
Marks until the expiration or earlier termination of the Transition Period, solely in connection with (A) the sale and distribution,
in accordance with Law, in the Territory of the Transferred Inventory that are packaged or labeled with any Braeburn Marks and
(B) the Promotion of the Product, in accordance with Law, in the Territory through the use of Transferred Promotional Materials
that contain Braeburn Marks. Titan shall ensure that all use of the Braeburn Marks by Titan and its Affiliates after the Closing
shall be only of a level of quality and compliance with Laws equal to or greater than the quality and compliance with Laws of the
use of the Braeburn Marks prior to the Closing, and shall not use the Braeburn Marks in any manner that may damage or tarnish the
goodwill associated therewith or the reputation or goodwill of Braeburn. In no event shall Titan or any of its Affiliates (1) use
any Braeburn Marks in any manner or for any purpose different from the use of such Braeburn Marks by Braeburn immediately prior
to the Effective Date to market, distribute and sell the Licensed Products in the Territory, or (2) manufacture or produce, or
cause or permit any Third Party to manufacture or produce, any new labels, packaging or advertising, marketing or sales and Promotional
materials using or otherwise incorporating any Braeburn Marks in any manner. Notwithstanding the foregoing, Titan acknowledges
and agrees that (x) the license granted under this Section 4(b)(i) is being granted solely for transitional purposes and
Titan shall cease its use of the Braeburn Marks upon expiration of the Transition Period, (y) it shall have no right to sublicense
or otherwise transfer its rights under this Section 4(b)(i) to any Third Party and (z) to the extent it is commercially
reasonable to do so, it shall promptly replace any Braeburn Marks with Titan’s logos or tradename in all marketing materials
with respect to the Licensed Product.

 

    	 	9	 

     

    

 

(ii)         During
the Transition Period, Titan shall not, and it shall cause its Affiliates not to, (A) directly or indirectly, at any time challenge
Braeburn’s rights, title or interest in and to the Braeburn Marks or in any registration or registration application therefor;
or (B) represent to any Third Party that it has, in any jurisdiction, any ownership rights in or to the Braeburn Marks or any other
rights in the Braeburn Marks other than the specific rights conferred by this Agreement.

 

(iii)        Titan
hereby acknowledges and agrees that (A) as between the Parties, Braeburn has exclusive right, title and interest in and to the
Braeburn Marks and to any registration or registration application therefor, (B) nothing herein shall be construed to grant Titan
any rights in the Braeburn Marks, except for the limited license right expressly conferred by Section 4(b)(i), (C) no ownership
rights are vested or created in the Braeburn Marks anywhere in the world by the license granted in Section 4(b)(i) and (D)
all use of the Braeburn Marks pursuant to the license granted by Braeburn in Section 4(b)(i) by Titan, its Affiliates and
its permitted sublicensees, and all goodwill generated in connection therewith, shall inure solely for and to the benefit of Braeburn.

 

(iv)        Promptly
upon the expiration of the Transition Period, Titan shall, and shall cause its Affiliates, employees, contractors, and agents,
as applicable, to (A) destroy and dispose of all labels, packaging and advertising, marketing, sales and Promotional materials
(including the Transferred Promotional Materials), in each case, in its possession or subject to its control, bearing any Braeburn
Marks and (B) cease using the Braeburn Marks in any form or in any manner. Titan covenants that, except as set forth in this Section
4(b), neither Titan nor any of its Affiliates shall use any Braeburn Marks in any form or in any manner.

 

(c)          Braeburn
Background Technology. Braeburn hereby grants to Titan a non-exclusive, worldwide, irrevocable, perpetual and non-terminable,
transferable, fully paid-up license, including the right to sublicense, under all Intellectual Property rights (other than the
Transferred Intellectual Property and the Braeburn Marks) owned or controlled by Braeburn as of the Effective Date that is necessary
to Exploit the Transferred Intellectual Property within the Territory for the Initial Indication (the “Braeburn Background
Technology”).

 

(d)          Assigned
Contracts.

 

(i)          For
those Assigned Contracts where Braeburn has the right to assign the Assigned Contract to a Third Party without the consent of the
Third Party thereto, the assignment shall be effective at the Effective Date. For any Assigned Contract which, by its terms, is
not assignable without the prior consent of a Third Party and such consent is not obtained prior to the Closing, the Parties shall
use commercially reasonable efforts to obtain the assignment from the applicable Third Party promptly after the Closing and until
the earliest of (A) the date all such consents are obtained, (B) the date all such Assigned Contracts expire or are terminated
and (C) the date which is nine months from the Effective Date. Where an Assigned Contract is not assigned to Titan at the Effective
Date, Braeburn shall, at Titan’s written request, continue to maintain such Assigned Contract as part of the Transition Services
to allow Titan to operate under such Assigned Contract and Titan shall reimburse Braeburn for all of Braeburn’s out-of-pocket
costs and expenses in maintaining the Assigned Contract and performing Braeburn’s obligations thereunder. For the avoidance
of doubt, the Parties agree that Titan shall be responsible for all costs relating to all Assigned Contracts after the Effective
Date, whether or not an Assigned Contract has been assigned by the Effective Date; provided that to the extent that an Assigned
Contract is not assigned to Titan within 90 days of the Effective Date, Titan shall have no obligation for any costs after the
earlier of (1) the date Braeburn terminates such Assigned Contract or (2) the date of the expiration or termination of the Transition
Period. To the extent that Braeburn makes a payment under an Assigned Contract that is allocable on or after the Effective Date,
or Titan makes a payment under an Assigned Contract that is allocable prior to the Effective Date, then the Parties shall agree
in good faith on a fair and equitable allocation of such payment and if they are unable to do so within 30 days after the commencement
of such good faith negotiations (or such other period as Braeburn and Titan may mutually agree in writing), then Braeburn and Titan
shall submit the matter to an independent certified public accounting firm of recognized national standing in the United States,
and such accounting firm shall make a determination as to the resolution of such allocation.

 

    	 	10	 

     

    

 

(ii)         If,
after the Closing, Titan reasonably determines that an asset owned or licensed by Braeburn that was material to the Business as
conducted by Braeburn (an “Omitted Asset”) was not transferred to Titan at Closing as part of the Transferred
Assets and notifies Braeburn in writing of the existence of such Omitted Asset and Titan’s belief that such Omitted Asset
constitutes a Transferred Asset, Braeburn shall cooperate in good faith with Titan to determine whether such Omitted Asset should
have been transferred to Titan at Closing, Braeburn shall use commercially reasonable efforts to either (A) transfer and assign
the Omitted Asset to Titan or (B) otherwise make the benefits of such Omitted Asset available to Titan. Titan shall be responsible
for payment of any fees or costs associated with the transfer of any Omitted Asset.

 

(e)          Right
of Reference. Notwithstanding anything to the contrary in this Agreement, Titan hereby grants Braeburn, its licensees, sublicensees,
licensors and distributors, the non-exclusive right to use and the right of reference in, to and under the Transferred Assets,
in each case, as may be necessary or useful to perform its obligations under this Agreement or any agreement contemplated hereby
or to comply with applicable Laws.

 

5.             Transition
Services.

 

(a)          Purpose.
Braeburn and Titan agree that the purpose of the Transition Services during the Transition Period is to (i) facilitate the orderly
transition of the commercialization programs and efforts; (ii) minimize any disruption to the medical and regulatory support; and
(iii) assure continued compliance with regulatory requirements relating to Licensed Product.

 

(b)          Transition
Services. Subject to the terms and conditions of this Agreement, during the Transition Period, Braeburn, either directly or
indirectly through one or more Third Parties, shall perform the services for or on behalf of Titan set forth on Schedule 5(b)
hereto (collectively, the “Transition Services”) in order to facilitate the transition of the activities related
to the Transferred Assets to Titan. For the avoidance of doubt, except as otherwise agreed by the Parties, Braeburn shall not be
obligated to provide any services other than the Transition Services specified on Schedule 5(b). Notwithstanding anything
in this Agreement, Braeburn shall not be required to provide a Transition Service to the extent that (i) such Transition Service
is prohibited by or is otherwise in conflict with applicable Law, or (ii) providing such Transition Service would require the use
of a Third Party’s intellectual property in an unlawful manner.

 

    	 	11	 

     

    

 

(c)          Performance
of Transition Services; Service Standards.

 

(i)          The
Transition Services shall be performed in compliance with all applicable Laws (the “Services Standards”). Under
no circumstances shall Braeburn or its employees or agents (including subcontractors and any Third Parties arranged by Braeburn
to perform the Transition Services) be held to a greater standard of care, efforts or skill than the Services Standards.

 

(ii)         Titan
shall promptly respond to and cooperate with all reasonable requests made by or on behalf of Braeburn to the extent reasonably
necessary to enable Braeburn to provide the Transition Services. Without limitation of the foregoing, Titan shall provide commercially
reasonable resources and timely decisions, approvals and acceptances in order that Braeburn may provide the Transition Services
as required under the terms of this Agreement.

 

(iii)        Nothing
in this Agreement shall require Braeburn to obtain any additional licenses, systems, personnel or operations to provide or comply
with Braeburn’s obligations set forth in this Agreement; provided, that Braeburn shall maintain all licenses (except
those licenses included in the Transferred Assets) as in existence as of the Effective Date, and shall renew any and all such licenses
which are set to terminate after the Effective Date during the Transition Period to the extent necessary to provide the Transition
Services or comply with the obligations set forth in this Agreement.

 

(iv)        EXCEPT
AS SET FORTH IN THIS SECTION 5(C), NEITHER BRAEBURN NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATIONS OR WARRANTIES, EXPRESS
OR IMPLIED, INCLUDING ANY WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE TRANSITION SERVICES, AND TITAN DISCLAIMS
RELIANCE ON ANY SUCH REPRESENTATIONS OR WARRANTIES.

 

(v)         Notwithstanding
anything to the contrary in this Agreement, Titan acknowledges and agrees that the Transition Services are only for the benefit
of Titan and shall not be for the benefit of any other party, sublicensed or otherwise assigned to any other party; provided,
that Titan may assign its rights hereunder in accordance with Section 10(d).

 

(d)          Transition
Management. For the purpose of managing the performance of the Transition Services, the Parties shall establish a transition
team (the “Transition Team”) comprised of four members, two of whom shall be designated by Titan and two of
whom shall be designated by Braeburn. The initial members of the Transition Team are set forth on Schedule 5(d) hereto.
The Transition Team shall meet weekly, or on such other schedule as mutually agreed upon by the Parties, during the Transition
Period in person or telephonically in order to discuss the Transition Services and the status of the transition and to manage any
open issues relating to the Transition Services. The Transition Team may, at their individual discretion, involve additional team
members as designated contact persons for specific functional areas (the “Contact Persons”). Either Party may,
by written notice given to the other Party, replace its Transition Manager or Contact Persons.

 

    	 	12	 

     

    

 

(e)          Cost
of Transition Services. Braeburn shall be solely responsible for all costs it incurs to provide the Transition Services; provided
that if any of the Transferred Assets are reasonably necessary for Braeburn to provide the Transition Services, then Titan shall
promptly provide access to such Transferred Assets to Braeburn at no additional cost.

 

(f)          Limited
License. Titan, on behalf of itself and its Affiliates, hereby grants to Braeburn and any Third Party providing Transition
Services on Braeburn’s behalf a non-exclusive, non-transferable, non-sublicenseable, royalty-free license under any Intellectual
Property rights owned or controlled by Titan or its Affiliates, including the Transferred Intellectual Property, solely for the
purpose of providing the Transition Services.

 

(g)          Representative
under Assigned Contracts. Titan hereby appoints Braeburn as its representative under the Assigned Contracts to the extent required
to provide the Transition Services, and for no other purpose whatsoever.

 

(h)          Transfer
Cooperation. On or prior to the last day of the Transition Period, Braeburn shall cooperate to support any transfer to Titan
of data, which shall be owned by Titan, that was generated through performance of the Transition Services. Braeburn shall, subject
to Law, deliver to deliver to Titan, within such time periods as the Parties may reasonably agree, all records, data, files and
other information received or computed for the benefit of Titan during the Transition Period, in electronic form and otherwise
in a format agreed upon by Titan and Braeburn. Braeburn irrevocably assigns to Titan any and all of its right, title and interest
in and to any Intellectual Property created or developed by one or more employees of Braeburn or its subcontractors specifically
for Titan as a part of the Transition Services.

 

(i)          Use
of Transferred Assets. During the Transition Period, Titan shall provide Braeburn, at no additional cost to Braeburn, access
to and use of any Transferred Inventory reasonably necessary for Braeburn to provide the Transition Services.

 

(j)          Termination
of Transition Period. If Titan sells, licenses or otherwise transfers to a Third Party its rights in and to the Transferred
Assets or the Business, the Transition Period and all rights and licenses granted under Section 4 (other than the license
granted under Section 4(c)) shall terminate and Braeburn shall no longer be obligated to provide any additional services
or support with respect to the Transferred Assets or the Business, including any of the Transition Services.

 

6.             Additional
Covenants.

 

(a)          Access
and Information.

 

(i)          During
the Transition Period, Braeburn shall permit Titan and its representatives to have reasonable access and duplicating rights during
normal business hours, upon 72 hours’ prior written notice to Braeburn, to the books and records of Braeburn to the extent
relating to the Transferred Assets or Licensed Product but not included in the Transferred Assets, and to the extent such access
may reasonably be required: (A) in connection with the preparation of Titan’s accounting records, financial reporting or
with any audits, (B) in connection with the preparation of any Titan tax returns or with any Titan tax audits, (C) in connection
with any Proceeding or investigation relating to the Transferred Assets or Licensed Product, (D) any inspection of Titan’s
or its Affiliates’ facilities by a Governmental Authority or (E) in connection with any required regulatory filing or reporting
obligation or governmental inquiry relating to the Transferred Assets or Licensed Product; provided, that Titan shall reimburse
Braeburn for all reasonable and necessary out-of-pocket costs and expenses incurred by Braeburn in connection with any such request.
Braeburn may redact any information that does not relate to the Transferred Assets or Licensed Product, and any access of Titan
or its representatives pursuant to this Section 6(a)(i) shall be conducted in a manner as not to unreasonably interfere
with the operation of Braeburn.

 

    	 	13	 

     

    

 

(ii)         Titan
shall permit Braeburn and its representatives access during normal business hours (upon 72 hours’ prior written notice to
Titan) to all contracts, books, records and other data relating to the Transferred Assets and Assumed Liabilities conveyed and
assumed at the Closing to the extent necessary or useful to perform its obligations under this Agreement (unless waived by Titan)
and not otherwise maintained by or readily available to Braeburn; provided, that Titan shall reimburse Braeburn for all
reasonable and necessary out-of-pocket costs and expenses incurred by Braeburn in connection with any such request. Titan may redact
any information that does not relate to the Transferred Assets or Licensed Product, and any access of Braeburn or its representatives
pursuant to this Section 6(a)(ii) shall be conducted in a manner as not to unreasonably interfere with the operation of
Titan.

 

(iii)        The
Parties shall cooperate with each other with respect to any Tax examinations, audits, contests or other Tax Proceedings relating
to the Business. Such cooperation shall include making employees available on a mutually convenient basis to provide additional
information and explanation of any material provided hereunder and shall include providing copies of any relevant Tax Returns and
supporting work schedules. Each Party shall promptly reimburse the other Party for such other Party’s reasonable and documented
out-of-pocket expenses associated with requests made by such first Party under this Section 6(a)(iii); provided,
that no other charges shall be payable by the requesting Party to the other Party in connection with such requests.

 

(b)          Regulatory
Matters.

 

(i)          Phase
IV Clinical Trials. Within five Business Days of the Effective Date, Braeburn shall notify the clinical investigative sites
and investigators participating in the Phase IV Clinical Trials (collectively, the “Investigators”) regarding
the termination of Braeburn’s responsibility for the applicable Phase IV Clinical Trial and the assumption of sponsorship
and control of such Phase IV Clinical Trial by Titan. Following the Effective Date, Titan shall be responsible for executing any
required amendments or agreements with the Investigators in connection with the foregoing, and Braeburn and Titan shall cooperate
in good faith during the Transition Period to ensure that all Phase IV Clinical Trials are transferred in compliance with all Laws
and regulations.

 

(ii)         Government
Communications. During the Transition Period, Braeburn shall notify Titan of the occurrence and content of any material communication
between Braeburn on the one hand, and any Governmental Authority (including the FDA), on the other hand, concerning the Licensed
Products, the Regulatory Approvals or the Transferred Clinical Trial Authorizations (including communications relating to the transfer
thereof to Titan), whether written or oral, as soon as reasonably practicable, but in no event later than three Business Days after
the receipt of such communication, and shall promptly provide Titan with copies of all written communications and materials related
thereto. Braeburn shall obtain Titan’s prior written consent (which shall not be unreasonably withheld, conditioned or delayed)
prior to finalizing and making any regulatory filings or submissions to any Governmental Authority or providing any response to
communications from a Governmental Authority relating to Licensed Products, the Regulatory Approvals and the Transferred Clinical
Trial Authorizations.

 

    	 	14	 

     

    

 

(iii)        Transfer
Documents. The Parties shall reasonably cooperate to enable Titan to prepare and submit all appropriate and necessary documentation
to transfer to Titan all other Transferred Regulatory Information.

 

(iv)        Safety
Data Exchange. No later than five Business Days after the expiration or termination of the Transition Period, Braeburn shall
transfer and deliver to Titan or its designee the safety database relating to Licensed Product maintained by Braeburn on behalf
of Titan pursuant to its provision of Transition Services under Section 5 hereof, in electronic format, as well as any compilations
of such data in non-electronic formats, together with information relating to the collection and reporting of all AEs to any Governmental
Authority as required by such Governmental Authority regarding Licensed Product prior to the expiration or termination of the Transition
Period.

 

(v)         Product
Returns. Braeburn shall be financially responsible for returned Licensed Products that are evidenced as being sold prior to
the Effective Date by lot number or otherwise; provided that Braeburn shall be entitled to use any remaining Transferred
Inventory at no cost to Braeburn in connection with the replacement of any returned Licensed Products. Titan shall be financially
responsible for all returned Licensed Products that are evidenced as being sold by or on behalf of Titan or any of its Affiliates,
licensees or distributors on or after the Effective Date by lot number or otherwise, regardless of whether such returned Licensed
Product bears Titan’s or Braeburn’s national drug code (“NDC”) number or equivalent.

 

(vi)        Co-Pay
Assistance. Braeburn shall be financially responsible for all co-pay assistance claims for patients with commercial insurance
(“Co-Pay Claims”) with respect to Licensed Products that are evidenced as being sold prior to the Effective
Date , where such Co-Pay Claims arise under a co-pay assistance program designed by Braeburn. Titan shall be responsible for all
Co-Pay Claims with respect to Licensed Products that are evidenced as being sold on or after the Effective Date, regardless of
whether such returned Licensed Product bears Titan’s or Braeburn’s NDC number or equivalent.

 

(vii)       Rebates.
Braeburn shall be financially responsible for all Rebates with respect to Licensed Products that are evidenced as being sold prior
to the Effective Date and Titan shall be responsible for all Rebates with respect to Licensed Products that are evidenced as being
sold on or after the Effective Date (as reflected on Rebate claim utilization data); provided, however, that Braeburn
shall be entitled to prompt (and in any event within three Business Days) reimbursement from Titan for incremental Rebates attributable
to any price increase taken by Titan. For the avoidance of doubt, Braeburn shall in not be financially responsible for any Rebate
claims related to Licensed Product bearing a Titan NDC.

 

(viii)      Chargeback
Claims. With respect to Chargeback claims for the Licensed Product bearing invoice dates: (i) on or after the Effective Date,
Titan shall be responsible financially and shall reimburse Braeburn for such Chargeback claims paid by Braeburn, and (ii) prior
to the Effective Date, Braeburn shall be responsible financially for such Chargeback claims; provided, that Braeburn shall be entitled
to prompt (and in any event within three Business Days) reimbursement from Titan for incremental chargebacks attributable to any
price increase taken by Titan. For the avoidance of doubt, Braeburn shall not be financially responsible for any Chargeback claims
related to Licensed Product bearing a Titan NDC.

 

    	 	15	 

     

    

 

(ix)         Regulatory
Transfer Documents. Within three Business Days following the Closing, Titan shall provide Braeburn evidence reasonably satisfactory
to Braeburn of the submission to the FDA by Titan of the Titan Regulatory Transfer Documents and the Braeburn Regulatory Transfer
Documents, which documents shall be effective as of the Effective Date.

 

(c)          Commercial
Matters.

 

(i)          Following
the Effective Date, Titan shall obtain its own NDC numbers for the Licensed Products. Titan shall use Commercially Reasonable Efforts
to have in place as soon as reasonably practicable after the Effective Date all authorizations from Governmental Authorities necessary
for Titan to use such NDC number for the Licensed Products. Thereafter, Titan shall use its new NDC numbers on all invoices, orders
and other communications with customers and Governmental Authorities and shall have no further right to use Braeburn’s NDC
or to sell Licensed Products bearing the Braeburn NDC.

 

(ii)         Titan
shall be permitted to sell the Transferred Inventory in the United States that Titan acquires from Braeburn that bears Braeburn’s
NDC during the Transition Period. After such time, all Products sold in the Territory must be packaged and labeled with Titan’s
NDC.

 

(iii)        Prior
to the Effective Date, Braeburn maintained a patient assistance program for the Products in the United States. As soon as commercially
reasonable following the Effective Date but in any event prior to the expiration of the Transition Period, Titan shall be responsible
for establishing and maintaining its own patient assistance program for the Products in the Territory. Upon the establishment of
Titan’s patient assistance program, Braeburn will cease providing any Transition Services related to the patient assistance
program for Products in the Territory.

 

(iv)        On
or after the Effective Date, each Party’s respective government price calculation, reporting and certification obligations
arising from sales or utilization of the Products in the United States shall be handled by the Parties in accordance with the following
terms:

 

(A)         The
Parties acknowledge and agree that it is their expectation that [******************] (“[*******************”])
shall continue during the Transition Period to provide services with respect to the Governmental Price Calculations and Reporting
that are materially similar to the services that **************** provided to Braeburn immediately prior to the Effective Date.
Titan shall promptly notify Braeburn in advance of any lapse in or material change to the relationship with ************* that
would affect any Governmental Price Calculations and Reporting for the Licensed Product bearing Braeburn’s NDC.

 

(B)         Beginning
with the reporting period in which the Effective Date occurs, Titan shall be responsible for timely calculating, reporting, and
certifying all pricing information with respect to Products that bear the Braeburn NDC required under the applicable statutes,
rules and regulatory guidance under applicable federal and state laws; provided that Braeburn will be responsible for reporting
pricing information required under the VA Master Agreement and its FSS contract based on Braeburn’s sales of Products from
the Effective Date through the date of the removal of the Product from Braeburn’s Federal Supply Schedule contract and thereafter.
Titan shall report pricing information required under the VA Master Agreement and the FSS contract starting on the next filing
submission date (quarterly and/or annual) after the earlier of (1) the date Titan has its first sale of the Product or (2) the
date of removal of the Product from Braeburn’s VA FSS Contract.

 

    	 	16	 

     

    

 

(C)         Within
10 Business Days after the Effective Date, Titan shall notify all relevant third party editorial pricing services (x) of the change
in ownership for the Product bearing the Braeburn’s NDC resulting from the Transfer and (y) that Titan has authorization
from Braeburn to directly report any future change of the wholesale acquisition cost with respect to the Product. Upon request
from Titan, Braeburn shall provide reasonable support to validate Titan’s ownership of the Product.

 

(D)         During
the Transition Period, (x) each Party will cooperate in good faith with the other Party with respect to government price calculations
and reporting for the Product and to permit each Party to comply with all applicable laws related thereto and (y) Titan shall provide
Braeburn notices of any changes or other information relating to Products bearing Braeburn’s NDC, including changes to wholesale
acquisition cost and lot expiration.

 

(d)          Accounts
Receivable and Payable.

 

(i)          The
Parties acknowledge and agree that all accounts receivable, notes receivable and other indebtedness owed by any Third Party arising
from the sale of Licensed Product in the Territory (“Accounts Receivable”), on a country-by-country basis, prior
to the Effective Date shall remain the property of Braeburn and shall be collected by Braeburn subsequent to the Effective Date.
The Parties acknowledge and agree that all Accounts Receivable, on a country-by-country basis, on or after the Effective Date shall
be the property of Titan. In the event that, on or after the Effective Date, Titan or its Affiliates receives any payment from
any obligor with respect to an Account Receivable that was accrued prior to the Effective Date, then Titan shall, within three
Business Days of receipt of such payment, remit the full amount of such payment to Braeburn. In the case of the receipt by Titan
of any payment of an Account Receivable from any obligor of both Braeburn and Titan then, unless otherwise specified by such obligor,
such payment shall be applied first to Accounts Receivable owed to Titan with the excess, if any, remitted to Braeburn. In the
event that, subsequent to the Effective Date, Braeburn receives any payments from any obligor with respect to an Account Receivable
of Titan for any period on or after the Effective Date, then Braeburn shall, within three Business Days of receipt of such payment,
remit the full amount of such payment to Titan. In the case of the receipt by Braeburn of any payment of any Account Receivable
from any obligor of both Braeburn and Titan, then, unless otherwise specified by such obligor, such payment shall be applied first
to Accounts Receivable owed to Braeburn with the excess, if any, remitted to Titan.

 

(ii)         In
the event that subsequent to the Effective Date Titan or its Affiliates receives any invoices from any Third Party with respect
to any account payable relating to the Business outstanding prior to the Effective Date, then Titan shall, within three Business
Days of receipt of such invoice, provide such invoice to Braeburn. In the event that subsequent to the Effective Date Braeburn
receives any invoices from any Third Party with respect to any account payable of Titan or any of its Affiliates for any period
after the Effective Date, then Braeburn shall, within three Business Days of receipt of such invoice, provide such invoice to Titan.

 

(e)          Further
Assurances. Each of Braeburn and Titan shall, at any time or from time to time after the Effective Date, at the request of
the other Party, execute and deliver to the other Party all such instruments and documents or further assurances as the other Party
may reasonably request in order to (i) vest in Titan all of Braeburn’s right, title and interest in and to the Transferred
Assets as contemplated hereby, (ii) grant to each Party all rights contemplated herein to be granted to such Party under this Agreement
and (iii) otherwise make effective the transactions contemplated hereby.

 

    	 	17	 

     

    

 

(f)          Insurance.
The coverage under all insurance policies related to the Transferred Assets and the Business and arranged or maintained by Braeburn
or its Affiliates is only for the benefit of Braeburn and its Affiliates, and not for the benefit of Titan or the Business. As
soon as practicable following the Effective Date, Titan agrees to use good faith efforts arrange for its own insurance policies
with respect to the Transferred Assets and the Business covering all periods and agrees not to seek, through any means, to benefit
from any of Braeburn’s or its Affiliates’ insurance policies which may provide coverage for claims relating in any
way to the Transferred Assets and the Business; provided, however that Braeburn shall use commercially reasonable
efforts to have Titan named as an additional insured party on its insurance policies related to the Transferred Assets and the
Business for a period of 90 days following the Effective Date; provided further that Titan shall promptly, upon written
request from Braeburn reimburse Braeburn for any costs incurred as a result of continuing any insurance policies with respect to
the Transferred Assets and the Business following the Effective Date.

 

(g)          Product
Packaging. Braeburn agrees to reimburse Titan for the costs associated with the packaging of [***************************]
by [***************] under terms of the [********************], by and between [*************] and [*************], dated as of
[**********]; provided that [***************]; provided further that [******************].

 

(i)          Transition
of Product. Notwithstanding the provisions of Section 4(b) hereof, Titan shall use all reasonable efforts to use Titan’s
NDC and to cease using the Braeburn Marks, in each case, as soon as reasonably practicable following the Effective Date.

 

7.             Representations
and Warranties.

 

(a)          General
Representations and Warranties. Each Party represents and warrants to the other Party, as of the Effective Date, as follows:

 

(i)          Corporate
Organization; Standing. Such Party is an entity duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation or formation, is qualified to do business and is in good standing as a foreign entity in each
jurisdiction in which the conduct of its business or the ownership of its properties requires such qualification and failure to
have such would prevent it from performing its obligations under this Agreement.

 

(ii)         Power
and Authority. Such Party has all requisite power and authority to own or lease and operate its properties and assets, to carry
on its business as it is now being conducted and to execute and deliver this Agreement and the other Transaction Documents, and
to carry out or cause to be carried out, the Transfer and the other transactions contemplated hereby and thereby. The execution,
delivery and performance by such Party of this Agreement and the other Transaction Documents and the performance by such Party
of all of its obligations hereunder and thereunder have been duly authorized by all necessary corporate action.

 

    	 	18	 

     

    

 

(iii)        Non-Contravention.
The execution, delivery and performance by such Party of this Agreement and the other Transaction Documents does not and will not
(A) assuming compliance with Section 7(a)(v), materially violate any provision of any Law or Governmental Order presently
in effect having applicability to such Party; (B) violate or conflict with any provision of its certificate of incorporation or
bylaws or other organizational or governing documents; or (C) subject to obtaining any consents under the Assigned Contracts,
materially conflict with or constitute a material default under any other agreement to which such Party is a party, except, with
respect to the immediately preceding clauses (A) and (C), for any violations or defaults, that would not, individually
or in the aggregate, have a material adverse effect.

 

(iv)        Binding
Effect. This Agreement and the other Transaction Documents have been duly executed and delivered by such Party and constitute
a legal, valid and binding obligation of such Party, enforceable against it in accordance with the terms and conditions hereof,
except as enforceability may be limited by (A) any applicable bankruptcy, insolvency, reorganization, moratorium or similar law
affecting creditor’s rights generally, or (B) general principles of equity, whether considered in a proceeding in equity
or at law.

 

(v)         Consents.
Such Party has obtained all authorizations, consents and approvals, governmental or otherwise, necessary for the execution and
delivery of this Agreement and the other Transaction Documents, and to otherwise perform such Party’s obligations under this
Agreement.

 

(b)          Additional
Representations and Warranties of Braeburn. Braeburn represents and warrants to Titan as of the Effective Date, as follows:

 

(i)          Title
to Assets. Braeburn has good, valid and marketable title to, or valid Contract rights in, or the legal right to use, as applicable,
the Transferred Assets, free and clear of all Encumbrances except for the following Encumbrances (collectively, “Permitted
Encumbrances”): (A) those Encumbrances set forth on Schedule 7(b)(i), (B) Encumbrances released prior
to the Effective Date, (C) mechanics’, materialmen’s, carriers’, workmen’s, warehousemen’s,
repairmen’s, landlords’ or other like Encumbrances and security obligations incurred in the ordinary course of business
for immaterial amounts, and (D) statutory liens for Taxes, assessments or other statutory or governmental charges not yet
due and payable.

 

(ii)         Compliance
with Laws. Except as set forth on Schedule 7(b)(ii), to its Knowledge, Braeburn and its Affiliates, with respect to
the Transferred Assets and the Business, are, and during the past three years have been, in compliance in all material respects
with all Laws applicable to the ownership and use of the Transferred Assets or the operation of the Business, including any Laws
governing the development, approval, sale, marketing, Promotion, or distribution of drugs and the purchase or prescription of or
reimbursement for drugs by any Governmental Authority, private health plan or entity, or individual.

 

(iii)        Litigation.
There is no proceeding pending or, to Braeburn’s knowledge, threatened in writing against Braeburn or its Affiliates, before
or by any Government Authority, relating or affecting the Transferred Assets. There are no Governmental Orders in force against
Braeburn or any of its Affiliates with respect to the Transferred Assets. To the knowledge of Braeburn, there are no claims pending
or, threatened in writing against Braeburn or any of its Affiliates that (A) challenge the use or ownership rights of Braeburn
or any of its Affiliates in respect of any of the Transferred Assets or the Exploitation of Licensed Product or (B) assert that
the Exploitation of Licensed Product is, was or will be infringing or otherwise in violation of any Intellectual Property of any
Person.

 

    	 	19	 

     

    

 

(iv)        Taxes.
All fees, Taxes, annuities and other payments associated with filing, prosecuting, issuing, recording, registering or maintaining
all Transferred Intellectual Property that has been issued or granted by, or that has been applied for and are pending issuance
or grant with, any Governmental Authority have been paid in full in a timely manner to the proper Governmental Authority. All Transferred
Intellectual Property (A) is owned solely by Braeburn and (B) is, to Braeburn’s knowledge, valid and enforceable (if granted).

 

(v)         Assigned
Contracts. Each of the Assigned Contracts is in effect and constitutes a legal, valid and binding Contract of Braeburn and,
to Braeburn’s knowledge, each other party thereto, enforceable in accordance with its terms, except (A) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium and other Laws of general application affecting enforcement of creditors’
rights generally, and (B) general principals of equity. Braeburn is not and, to Braeburn’s knowledge, no other party thereto
is, in material default in the performance, observance or fulfillment of any material obligation or material covenant contained
in any Assigned Contract, and Braeburn has not given or received written notice to or from any Person relating to any such alleged
material default. Neither Braeburn has, nor, to Braeburn’s knowledge, any other party to any Assigned Contract has, waived
any of its material rights thereunder or modified any material terms thereof. Neither Braeburn nor any of its Affiliates has received
any written notice from a Third Party stating that such Third Party intends to terminate any Assigned Contract. True and complete
copies of all Assigned Contracts (including all amendments thereto) have been provided or made available to Titan prior to the
Effective Date.

 

(c)          Acknowledgement
of Titan. Titan acknowledges and agrees (on behalf of itself and its Affiliates and other Representatives) that, other than
the representations and warranties of Braeburn expressly made in Section 7, there are no representations or warranties of
Braeburn or any other Person either expressed, statutory or implied with respect to the Business, the Transferred Assets or the
Assumed Liabilities. Titan, together with and on behalf of its Affiliates and other representatives, expressly disclaims that it
or they are relying upon or have relied upon any such other representations or warranties that may have been made by any Person.
Titan acknowledges and agrees that, except as otherwise expressly set forth in this Agreement, the Transferred Assets, including
any Transferred Inventory, are sold “as is, where is,” and Titan agrees to accept the Transferred Assets on the Effective
Date in the condition they are in at the place they are located on the Effective Date based on its own inspection, examination
and determination with respect to all matters, and without reliance upon any express or implied representations or warranties of
any nature made by, on behalf of or imputed to Braeburn. Without limiting the generality of the foregoing, Titan acknowledges that
Braeburn makes no representation or warranty with respect to: (i) any forecasts, projections, estimates or budgets delivered or
made available to Titan of future revenues, future results of operations (or any component thereof), future cash flows, or future
financial condition (or any component thereof) of the Business; or (ii) any other information or documents made available to Titan
or its counsel, accountants or advisors with respect to the Business, except as expressly set forth in this Agreement or the Schedules
or Exhibits hereto. TITAN (on behalf of itself and its Affiliates and ITS AND THEIR Representatives)
AGREES THAT THE REPRESENTATIONS AND WARRANTIES EXPRESSLY MADE BY BRAEBURN IN SECTION 7 ARE IN LIEU OF, AND TITAN (on behalf
of itself and its Affiliates and ITS AND THEIR Representatives) HEREBY EXPRESSLY WAIVES ALL RIGHTS TO, ANY IMPLIED WARRANTIES THAT
MAY OTHERWISE BE APPLICABLE BECAUSE OF THE PROVISIONS OF THE UNIFORM COMMERCIAL CODE OR ANY OTHER STATUTE, INCLUDING THE WARRANTIES
OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

 

    	 	20	 

     

    

 

8.             Indemnification.

 

(a)          General.

 

(i)          
For purposes of this Section 8, “Titan Indemnitees” refers to Titan, its Affiliates and the officers,
directors, employees, shareholders, agents and successors and assigns of Titan and its Affiliates, and “Braeburn Indemnitees”
refers to Braeburn, its Affiliates and officers, directors, employees, shareholders, agents and successors and assigns of Braeburn
and its Affiliates.

 

(ii)         The
representations, warranties and covenants contained in this Agreement shall survive the Effective Date as follows: (A) all representations
and warranties contained in this Agreement shall survive until the date that is [**] months from the Effective Date and shall then
expire and be of no force or effect; and (B) each covenant contained in this Agreement shall survive the Effective Date only until
the expiration of the term of the undertaking set forth in such covenant, and if no such term is specified, then such covenant
shall survive until the date that is [**] months from the Effective Date (each of the foregoing periods, the “Survival
Period”). Any right of indemnification pursuant to this Section 8 with respect to a claimed breach of a representation,
warranty or covenant will expire on the last day of the applicable Survival Period, and no indemnification or other claim may be
brought by a Party alleging misrepresentation or breach of the applicable representation, warranty or covenant after such date.

 

(iii)        IN
NO EVENT SHALL EITHER PARTY BE LIABLE FOR OR HAVE ANY OBLIGATION TO COMPENSATE OR INDEMNIFY THE OTHER PARTY’S INDEMNIFIED
PARTIES FOR (A) ANY INDIRECT OR CONSEQUENTIAL DAMAGES CLAIMED BY SUCH OTHER PARTY OTHER THAN IN CONNECTION WITH THEIR RESPECTIVE
INDEMNIFICATION OBLIGATIONS SET FORTH IN THIS SECTION 8, INCLUDING THE LOSS OF OPPORTUNITY, LOSS OF USE, OR LOSS OF REVENUE
OR PROFIT, IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR BREACH THEREOF OR (B) ANY PUNITIVE, EXEMPLARY OR MULTIPLIED DAMAGES.

 

(b)          Indemnification
by Braeburn. Following the Effective Date, but subject to the provisions of this Section 8, Braeburn shall indemnify,
defend and hold harmless the Titan Indemnitees from and against, and compensate and reimburse the Titan Indemnitees for, any and
all Losses asserted against or incurred by any Titan Indemnitee arising out of or related to: (i) any breach of any representation
or warranty made by Braeburn in Section 7, (ii) gross negligence or willful misconduct by Braeburn or any of its Affiliates
in the performance by Braeburn or any of its Affiliates of any covenants or agreements contained in this Agreement, except in each
case to the extent that Titan is obligated to indemnify a Braeburn Indemnitee for such Losses under Section 8(c). Titan
shall take, and shall cause the other Titan Indemnitees to take, all commercially reasonable steps to mitigate any Losses upon
becoming aware of any event that would reasonably be expected to, or does, give rise thereto.

 

    	 	21	 

     

    

 

(c)          Indemnification
by Titan. Following the Effective Date, but subject to the provisions of this Section 8, Titan shall indemnify, defend
and hold harmless the Braeburn Indemnitees from and against, and compensate and reimburse the Braeburn Indemnitees for, any and
all Losses asserted against or incurred by any Braeburn Indemnitee arising out of or related to: (i) any breach of any representation
or warranty made by Titan in Section 7, (ii) gross negligence or willful misconduct by Titan or any of its Affiliates in
the performance by Titan or any of its Affiliates of any covenants or agreements contained in this Agreement, (iii) the manufacturing,
use, marketing, sale, Promotion, packaging, labeling, storage or distribution of Licensed Products by Titan, its Affiliates or
any of its or their respective licensees or distributors, including any death, personal injury or other product liability arising
out of or related to the Licensed Product or (iv) the use by Titan, or any of the Titan Indemnitees of any Braeburn Marks or any
Braeburn Background Technology, except in each case to the extent that Titan is obligated to indemnify a Titan Indemnitee for such
Losses under Section 8(c). Braeburn shall take, and shall cause the other Braeburn Indemnitees to take, all commercially
reasonable steps to mitigate any Losses upon becoming aware of any event that would reasonably be expected to, or does, give rise
thereto.

 

(d)          Claim
Procedure.

 

(i)          Each
Party, on behalf of itself and its respective Titan Indemnitees or Braeburn Indemnitees, as applicable (each such Person, an “Indemnitee”),
agrees to provide the indemnifying Party prompt written notice of any Proceeding for which such Indemnitee intends to assert a
right to indemnification under this Agreement (a “Claim”); provided, however, that failure to
give such notification shall not affect each applicable Indemnitee’s entitlement to indemnification (or the corresponding
indemnifying Party’s indemnification obligations) hereunder except to the extent that the indemnifying Party shall have been
prejudiced as a result of such failure. Such notice shall contain, with respect to each Claim, such facts and information as are
then reasonably available, the estimated amount of Losses, and the specific basis for indemnification hereunder.

 

(ii)         If
any Claim is based on any Proceeding by a third party with respect to which the Indemnitee intends to claim any Losses under this
Section 8 (a “Third Party Claim”), the Indemnitee shall promptly notify the indemnifying Party of such
Third Party Claim (the “Third Party Claim Notice”). The indemnifying Party shall have the initial right (but
not obligation) to defend, settle or otherwise dispose of any Third Party Claim for which an Indemnitee intends to assert a right
to indemnification under this Agreement if the indemnifying Party provides written notice to the Indemnitee within 30 days of the
Third Party Claim Notice indicating its intention to assume such defense and acknowledging its obligation to indemnify the Indemnitee
for any Losses to which such Indemnitee may become subject, including reasonable fees and disbursements of counsel and expenses
of reasonable investigation relating to such Claim. After written notice to the Indemnitee of the indemnifying Party’s election
to assume the defense of a Third Party Claim, the indemnifying Party shall have the full authority to conduct such defense and
to settle or otherwise dispose of the same and the Indemnitee shall fully cooperate in such defense; provided, however,
that the indemnifying Party shall obtain the written consent of each applicable Indemnitee prior to entering into any judgment,
compromise or settlement that (A) does not relate solely to monetary damages (other than non-monetary relief incidental to such
monetary damages) arising from such Third Party Claim or (B) does not include as an unconditional term thereof the giving by the
Third Party claimant to the Indemnitee of a release from all liability in respect thereof. If the indemnifying Party fails to deliver
notice of its intention to assume defense of such Third Party Claim, the Titan Indemnitee(s) or Braeburn Indemnitee(s), as the
case may be, shall have the right to defend, settle or otherwise dispose of such Third Party Claim; provided, that in such
case the Indemnitee shall afford the indemnifying Party an opportunity to participate in such defense, at its cost and expense,
and shall consult with the indemnifying Party prior to settling or otherwise disposing of any such Third Party Claim; provided,
further, that the Indemnitee shall obtain the written consent of each applicable Indemnitee prior to ceasing to defend,
settling or otherwise disposing of the Third Party Claim. If there is a disagreement concerning the obligations of a Party hereunder,
either the Indemnitee or the indemnifying Party may initiate litigation in a court of competent jurisdiction pursuant to the applicable
provisions of Section 11 for purposes of having the matter settled in accordance with the terms of this Agreement. Notwithstanding
the foregoing, the indemnifying Party shall not be entitled to assume the defense of any Third Party Claim, if (1) the Third Party
Claim seeks an order, injunction or other equitable relief or relief for other than money damages against the Indemnitee that the
Indemnitee reasonably determines cannot be separated from any related claim for money damages or (2) the Third Party Claim could
reasonably be expected to result in criminal liability. If such equitable relief or other relief portion of the Third Party Claim
can be so separated from that for money damages, the indemnifying Party shall be entitled to assume the defense of the portion
relating to money damages, subject to the provisions of this Section 8(d).

 

    	 	22	 

     

    

 

9.             Mutual
Releases.

 

(a)          Release
by Titan. Titan, on its own behalf and on behalf of its Affiliates, predecessors, successors, and assigns and all others claiming
by or through any of the foregoing (collectively, the “Titan Parties”), hereby releases and forever discharges
the Braeburn Parties (as defined below) and their respective assigns, attorneys, agents, legal representatives, officers, directors,
employees, predecessors, successors, distributors, manufacturers and Affiliates (collectively, the “Braeburn Releasees”)
from any and all claims, causes of action, actions, duties, rights, damages, liabilities, losses, and obligations of every kind
and manner whatsoever, in law or in equity, judicial or administrative, civil or criminal, whether or not now known, claimed or
asserted, which any Titan Party now has, had at any time or may in the future claim to have, against any of the Braeburn Releasees
based on, arising out of or related to the License Agreement, any other agreements between the Parties or any other business interactions
between the Parties, and based on, arising out of or relating to any actions, omissions, or events prior to the Effective Date
(the “Titan Released Claims”); provided, however, that the foregoing release shall not include,
and Titan shall retain, all claims, causes of action, actions, duties, rights, damages, liabilities, losses, or obligations (i)
arising out of or under this Agreement or the other Transaction Documents, or (ii) that are outstanding payment obligations that
have accrued under Section 6.1 or 6.2 of the License Agreement.

 

(b)          Release
by Braeburn. Braeburn, on its own behalf and on behalf of its Affiliates, predecessors, successors, and assigns and all others
claiming by or through any of the foregoing (collectively, the “Braeburn Parties”) hereby releases and forever
discharges the Titan Parties and their respective assigns, attorneys, agents, legal representatives, officers, directors, employees,
predecessors, successors, distributors, manufacturers and Affiliates (collectively, the “Titan Releasees”) from
any and all claims, causes of action, actions, duties, rights, damages, liabilities, losses, and obligations of every kind and
manner whatsoever, in law or in equity, judicial or administrative, civil or criminal, whether or not now known, claimed or asserted,
which any Braeburn Party now has, had at any time or may in the future claim to have, against any of the Titan Releasees based
on, arising out of or related to the License Agreement, any other agreements between the Parties or any other business interactions
between the Parties, and based on, arising out of or related to any actions, omissions, or events prior to the Effective Date (the
“Braeburn Released Claims” and together with the Titan Released Claims, the “Released Claims”);
provided, however, that the foregoing release shall not include, and Braeburn shall retain, all claims, causes of
action, actions, duties, rights, damages, liabilities, losses, or obligations arising out of or under this Agreement or the other
Transaction Documents.

 

    	 	23	 

     

    

 

(c)          Unknown
Claims. Each Party further agrees that the releases set forth in Sections 9(a) and 9(b) are specifically applicable
to any and all injuries, losses and damages sustained by such Party, whether presently known or unknown, foreseen or unforeseen
or which may subsequently develop arising out of or relating to the Released Claims. Each Party expressly waives and assumes the
risk of any and all claims for damages of which such Party does not know or suspect to exist, whether through ignorance, oversight,
error, negligence or otherwise, and which, if known, would materially affect such Party’s decision to enter into this Agreement.

 

(d)          California
Code. The Parties understand and agree that all rights under Section 1542 of the California Civil Code and any other similar
statute are hereby expressly waived. Section 1542 of the California Civil Code reads as follows:

 

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

 

This waiver of Section
1542 is an essential term of this Agreement without which the agreement would not have been reached.

 

(e)          Covenant
Not to Sue.

 

(i)          Except
for any action to enforce or for breach of this Agreement or the other Transaction Documents, the Braeburn Parties and the Titan
Parties further agree and hereby covenant that they will not, directly or indirectly, on their own behalf or acting on behalf of
or through any non-releasing party, initiate or maintain any lawsuit, arbitration or other Proceeding, whether legal or equitable,
against any of the Braeburn Releasees or Titan Releasees, as applicable, arising from or related to the Released Claims. Neither
the Titan Parties nor the Braeburn Parties will aid or assist any Third Party in any way in investigating, initiating or pursuing
any action, suit or cause of action, including any class action suit, with respect to any Released Claim or against any Braeburn
Releasees or Titan Releasees, as applicable, including by sharing of experts and/or their reports by providing testimony, unless
required to do so by legal process. Each Braeburn Releasee and Titan Releasee may plead this Agreement as a complete defense and
bar to any Released Claim brought in contravention hereof.

 

(ii)         In
the event a Titan Party brings, causes to bring or assists in bringing a Titan Released Claim or any contribution or indemnification
claim based on the License Agreement against any Braeburn Releasee, Titan shall, jointly and severally, indemnify, defend and hold
harmless any Braeburn Releasee against which or whom such Titan Released Claim or contribution or indemnification claim is brought
from and against any and all costs, fees, liabilities, expenses, damages, judgments, interests, debts or losses incurred or suffered
in connection therewith, including fees and disbursements of counsel and other professionals and court costs incurred in connection
with enforcing the terms of this Section 9(e).

 

    	 	24	 

     

    

 

(iii)        In
the event a Braeburn Party brings, causes to bring or assists in bringing a Braeburn Released Claim or any contribution or indemnification
claim based on the License Agreement against any Titan Releasee, Braeburn shall, jointly and severally, indemnify, defend and hold
harmless any Titan Releasee against which or whom such Braeburn Released Claim or contribution or indemnification claim is brought
from and against any and all costs, fees, liabilities, expenses, damages, judgments, interests, debts or losses incurred or suffered
in connection therewith, including fees and disbursements of counsel and other professionals and court costs incurred in connection
with enforcing the terms of this Section 9(e).

 

10.            Miscellaneous

 

(a)          Entire
Agreement. This Agreement, together with all of the Exhibits and Schedules hereto (which are hereby incorporated by reference),
and the other Transaction Documents constitutes the entire agreement between the Parties and supersedes all prior and contemporaneous
oral and written agreements, understandings or arrangements relating to the subject matter hereof.

 

(b)          Controlling
Law; Venue; Specific Performance.

 

(i)          This
Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to the
doctrine of conflict of laws.

 

(ii)         Any
Proceeding relating to this Agreement or the enforcement of any provision of this Agreement must be brought or otherwise commenced
solely and exclusively in courts of competent jurisdiction located in the borough of Manhattan, New York, New York. Consistent
with the preceding sentence, each of the Parties: (A) expressly and irrevocably consents and submits to the jurisdiction of the
courts of competent jurisdiction in the borough of Manhattan, New York, New York (and each appellate court located in the State
of New York) in connection with any such Proceeding; (B) expressly agrees that the courts of competent jurisdiction in the borough
of Manhattan, New York, New York shall be deemed to be a convenient forum; and (C) expressly agrees not to assert (by way of motion,
as a defense or otherwise), in any such Proceeding commenced in the courts of competent jurisdiction in the borough of Manhattan,
New York, New York, any claim that such Party is not subject personally to the jurisdiction of such court, that such Proceeding
has been brought in an inconvenient forum, that the venue of such Proceeding is improper or that this Agreement or the subject
matter of this Agreement may not be enforced in or by such court.

 

(iii)        The
Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled
to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this
Agreement in any court of competent jurisdiction, this being in addition to any other remedy to which they are entitled at law
or in equity. Each Party hereby waives (A) any requirement that the other Party post a bond or other security as a condition for
obtaining any such relief, and (B) any defenses in any Proceeding for specific performance, including the defense that a remedy
at law would be adequate.

 

    	 	25	 

     

    

 

(c)          Notices.

 

(i)          Correspondence,
reports, documentation, and any other communication in writing between the Parties in the course of ordinary implementation of
this Agreement (but not including any notice required by this Agreement) shall be in writing and delivered by hand, sent by facsimile,
or by overnight express mail (e.g., FedEx) to any one member of the Transition Team appointed by the Party which is to receive
such written communication, or any other way as the Transition Team deems appropriate.

 

(ii)         Extraordinary
notices and communications (including notices of termination, Force Majeure, material breach, change of address, or any other notices
required by this Agreement) shall be in writing and shall be deemed to have been given when delivered in person, or sent by overnight
courier service (e.g., FedEx), postage prepaid, or by facsimile confirmed by prepaid registered or certified air mail letter or
by overnight express mail (e.g., FedEx), or sent by prepaid certified or registered air mail, return receipt requested, to the
following addresses of the parties (or to such other address or addresses as may be specified from time to time in a written notice),
and shall be deemed to have been properly served to the addressee upon receipt of such written communication, to the following
addresses of the Parties:

 

If to Braeburn:

 

Braeburn Pharmaceuticals, Inc.

450 Plymouth Rd., Suite 400

Plymouth Meeting, PA 19462

Attention: President & CEO

 

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

 

notices@braeburnpharma.com

 

Hogan Lovells US LLP

100 International Drive, Suite 2000

Baltimore, MD 21202

Attn: Asher M. Rubin

E-mail: asher.rubin@hoganlovells.com

Fax: (410) 659-2701

 

If to Titan:

 

Titan Pharmaceuticals, Inc.

400 Oyster Point Blvd., Suite 505

South San Francisco, CA 94080-1921

Attention: President & CEO (Sunil Bhonsle)

Fax No.: (650) 244-4956

 

(d)          Assignment.
Except as provided in this Section 10(d), neither Party may transfer or assign this Agreement or any part hereof, directly,
by operation of law, or otherwise, without the other Party’s prior written consent. Notwithstanding the foregoing, either
Party may assign or transfer this Agreement or any or all of its rights or obligations under this Agreement, in whole or in part,
without the consent of the other Party to (i) any Affiliate or (ii) to any Third Party with which it merges or consolidates, or
to which it transfers all or substantially all of its assets to which this Agreement relates. This Agreement shall be binding upon
and shall inure to the benefit of the Parties’ respective successors and permitted assigns. Any attempted transfer or assignment
in violation of the foregoing shall be null and void.

 

    	 	26	 

     

    

 

(e)          Amendments
and Waivers. No terms or provisions of this Agreement shall be varied or modified by any prior, contemporaneous or subsequent
statement, conduct or act of either of the Parties, whether oral or written, except that the Parties may amend this Agreement by
written instrument specifically referring to this Agreement. No waiver of any right or remedy hereunder shall be effective unless
in a writing signed by the Party to be bound, nor shall any waiver in one instance constitute a waiver of the same or any other
right or remedy in any other instance.

 

(f)          Publicity.
The Parties agree to keep the existence of this Agreement, the terms and conditions hereof, the transactions contemplated hereby,
and any proposed termination hereof and any information disclosed by one Party to the other Party in connection with the foregoing
strictly confidential; provided, however that:

 

(i)          The
Parties may each issue a press release announcing this Agreement and the transactions contemplated hereby in a form mutually agreed
by them, and, except for any disclosure under (ii), (iii) or (iv), prior to making any subsequent public announcements regarding
this Agreement or the transactions contemplated herein, each Party agrees to provide the other Party with a reasonable opportunity
to review and comment upon such proposed announcement;

 

(ii)         Titan
and Braeburn may disclose the terms and conditions of this Agreement to assert or enforce such Party’s rights under this
Agreement, or to the extent that such disclosure is required by Law or legal process, including without limitation the securities
Laws of the United States, and the Parties acknowledge and agree that the determination that a disclosure is required by Law shall
be made in the sole, but reasonably exercised, discretion of the Party making such disclosure.

 

(iii)        If
reasonably required in connection with the conduct of their respective businesses, Titan and Braeburn may disclose the existence
or terms of this Agreement to bankers, other business associates, shareholder, potential investors and analysts if such persons
have agreed in writing to keep the information confidential, and upon the request of either Party, the other Party shall identify
those Third Parties to whom such disclosure has been made.

 

(iv)        Notwithstanding
the foregoing, (A) each Party may, following the Effective Date, make internal announcements to their respective employees and
Affiliates regarding this Agreement and the transactions contemplated hereby, (B) each Party may, following the Effective Date,
make public announcements that are consistent with the contents of the press releases contemplated by Section 10(f)(i),
and (C) each Party may, subject to Section 6(b)(ii), communicate with any Governmental Authority, customers and suppliers
regarding this Agreement and the transactions contemplated hereby (to the extent that, in the case of customers and suppliers,
such communications are consistent with the contents of the press releases contemplated by Section 10(f)(i)).

 

    	 	27	 

     

    

 

(v)         Without
limiting the foregoing, it is understood that the Parties may (A) make disclosure of this Agreement and the terms hereof in filings
required by the United States Securities and Exchange Commission (the “SEC”) or other Governmental Authority
or securities exchange, or (B) file this Agreement as an exhibit to a filing with the SEC or other Governmental Authority or exchange;
provided however, that the Party seeking to make such disclosure first provides the other Party a copy of the proposed disclosure
reasonably in advance of such disclosure and will incorporate any reasonable comments from the other Party; provided further
that with respect to any SEC filing that includes this Agreement or any amendment hereto, the Party seeking the disclosure shall
provide the other Party two Business Days to review such disclosure and propose redactions to the Agreement and any amendment hereto
to be filed with the SEC, which proposed redactions shall be considered and incorporated in good faith.

 

(g)          Force
Majeure. Neither Party shall be liable or responsible to the other Party nor be deemed to have defaulted under or breached
this Agreement for failure or delay in fulfilling or performing any term of this Agreement during the period of time when such
failure or delay is caused by or results from Force Majeure. The affected Party shall notify the other Party of such Force Majeure
act or event as soon as reasonably practicable and shall use Commercially Reasonable Efforts to remedy its inability to perform
and limit the scope and duration of any suspension of performance.

 

(h)          Severability.
If any provision of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, it shall be modified,
if possible, to the minimum extent necessary to make it valid and enforceable or, if such modification is not possible, it shall
be stricken and the remaining provisions shall remain in full force and effect.

 

(i)          Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of such counterparts taken together
shall constitute one and the same instrument.

 

(j)          Interpretation.
The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article, Section, Schedule
and Exhibit references are to this Agreement unless otherwise specified. The meaning of defined terms shall be equally applicable
to the singular and plural forms of the defined terms. The term “or” is disjunctive but, depending on the context,
not necessarily exclusive. The terms “include” and “including” are not limiting and mean “including
without limitation.” Use of a particular gender is for convenience only and is not intended to be a part of or to affect
or restrict the meaning or interpretation of this Agreement. References to agreements and other documents shall be deemed to include
all subsequent amendments and other modifications thereto. References to statutes shall include all regulations promulgated thereunder
and references to statutes or regulations shall be construed as including all statutory and regulatory provisions consolidating,
amending or replacing the statute or regulation. The captions and headings of this Agreement are for convenience of reference only
and shall not affect the construction of this Agreement. The language used in this Agreement shall be deemed to be the language
chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any party.

 

[Signature Page Follows]

 

    	 	28	 

     

    

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed as of the Effective Date.

 

	 	TITAN PHARMACEUTICALS, INC.
	 	 	 
	 	By:	/s/ Marck Rubin
	 	 	 
	 	Name: Marc Rubin, M.D.
	 	Title: Executive Chairman

 

[Signature Page to Termination and Transition
Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed as of the Effective Date.

 

	 	BRAEBURN PHARMACEUTICALS, INC.
	 	 	 
	 	By:	/s/ Michael Derkacz
	 	Name: Michael Derkacz
	 	Title: President and CEO

 

[Signature Page to Termination and Transition
Support Agreement]

 

     

     

    

 

Schedule 1(f)

 

Domain Names

 

[***************************************]

 

	probufan.com
	probuphan.com
	probuphine.biz
	probuphine.ca
	probuphine.co
	probuphine.com
	probuphine.me
	probuphine.mobi
	probuphine.org
	probuphine.us
	probuphine.ws
	probuphinearmimplants.com
	probuphinearmrods.com
	probuphineimplant.biz
	probuphineimplant.ca
	probuphineimplant.co
	probuphineimplant.info
	probuphineimplant.me
	probuphineimplant.mobi
	probuphineimplant.net
	probuphineimplant.org
	probuphineimplant.us
	probuphineimplant.ws
	probuphineinarmimplants.com
	probuphinerems.com
	probuphineremstraining.com
	probuphinerodimplants.com
	probuphinerods.com
	probuphinerodsinarm.com
	probuphinesubdermalrods.com

 

     

     

    

 

Schedule 1(i)

 

Excluded State Licenses

 

[*******************************]

 

     

     

    

 

Schedule 3(a)(iv)

 

List of Assigned Contracts

 

[*******************************************]

 

     

     

    

 

Schedule 5(b)

 

Transition Services

	Service	 	Description	 	List of Services
	Commercial 	 	Physician, Patient and Payer Services/Support	 	
        [*****************************]

         

	
        Physician/Patient HUB

         
	 	Enables physicians and patients to receive Product	 	[*****************************]
	FDA REMS Requirements	 	Probuphine Physician and Implanter Qualifications	 	[*****************************]
	Pharmaco-vigilance	 	Medical Information/AE Reporting/Product Complaints – ProPharma	 	[*****************************]
	Medical Affairs	 	 	 	[*****************************]
	Regulatory Affairs	 	Post NDA transfer, TTNP is legally responsible for all communications and submissions with FDA.	 	[*****************************]
	Manufacturing CMC	 	
        Contract Manufacturing DPT

        Contract Labeling and Kitting Sharp

        Contract Manufacturing Applicator

        Testing Protocols Applicator / Probuphine
	 	[*****************************]
	Finance	 	 	 	[*****************************]

 

     

     

    

 

Schedule 5(d)

 

Transition Team

 

Braeburn: Louis Ricigliano and Paul Johnson

 

Titan: Katherine Beebe and Colleen Dzwonek

 

     

     

    

 

Schedule 7(b)(i)

 

Permitted Encumbrances

 

[********************************]

 

     

     

    

 

Schedule 7(b)(ii)

 

Compliance with Laws

 

Braeburn was required to conduct a Phase IV
Clinical Trial with respect to the Product by the FDA and such trial has not yet been completed.

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