Document:

EXHIBIT
10.3

 

AMENDED
AND RESTATED LICENSE AGREEMENT

 

THIS
AMENDED AND RESTATED LICENSE AGREEMENT (the “Agreement”) dated as of the last date provided for on the signature
page hereto (the “Restatement Date”), is entered into between Richard L. Lindstrom,
M.D., an individual (“Lindstrom”), with a principal place of business at Minnesota 55391 and Imprimis
Pharmaceuticals, Inc., a Delaware corporation (“Imprimis”), with a principal place of business at 12264 El
Camino Real, Suite 350, San Diego, California 92130.

 

WHEREAS,
the parties entered into the License Agreement (the “Original Agreement”) effective April 1, 2017 (the “Effective
Date”); and

 

WHEREAS,
the parties now desire to amend the Original Agreement in certain respects and for convenience to restate the Original Agreement,
on the terms and conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth below and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby amend and restate the Original Agreement, and otherwise
agree, as follows effective as of the Effective Date:

 

1.
Definitions. For the purposes of this
Agreement, the following terms shall have the respective meanings set forth below and grammatical variations of such terms shall
have corresponding meanings:

 

1.1
“Affiliate” shall mean, with respect to any Person, any other Person which directly or indirectly controls,
is controlled by, or is under common control with, such Person. A Person shall be regarded as in control of another Person if
it owns, or directly or indirectly controls, more than fifty percent (50%) of the voting stock or other ownership interest of
the other Person, or if it directly or indirectly possesses the power to direct or cause the direction of the management and policies
of the other Person by any means whatsoever. Notwithstanding the foregoing, for purposes of this Agreement, neither Imprimis nor
Surface Pharmaceuticals, Inc. (“Surface”) shall be Affiliates of the other or the other’s Affiliates.

 

1.2
“Combination Product” shall mean a Product in the form of a combination product containing any Product and
one or more additional active pharmaceutical ingredients and/or any additional active excipients that (if sold separately) would
not be Products.

 

1.3
“First Commercial Sale” shall mean, with respect to any Product, the first sale of such Product to a Third
Party.

 

1.4
“Licensed IP Rights” shall mean, collectively, the Licensed Patent Rights and the Licensed Know-How Rights.

 

    	Page 1 of 12

     

    

 

1.5
“Licensed Know-How Rights” shall mean all trade secret and other know-how rights in and to all data, information,
compositions and other technology (including, but not limited to, formulae, procedures, processes, methods, protocols, techniques
and results of experimentation and testing) which are necessary or useful for Imprimis to make, use, develop, sell or market the
Product, or to practice any method or process, at any time claimed or disclosed in any issued patent or pending patent application
within the Licensed Patent Rights or which otherwise relates to the Product or derivatives, enhancements, improvements and other
modifications thereof, or methods of manufacture or uses of any of the foregoing that are subject to patents or patent applications
that share common priority date with the patents and patent applications listed on Exhibit A.

 

1.6
“Licensed Patent Rights” shall mean (a) the patents and patent applications listed on Exhibit A,
(b) all worldwide patents and patent applications that claim or cover the Product, or derivatives, enhancements, improvements
and other modifications thereof, or methods of manufacture or uses of any of the foregoing, that share common priority date with
the patents and patent applications listed on Exhibit A, in each case, in which Lindstrom heretofore or hereafter
has an ownership or (sub)licensable interest, (c) all divisions, continuations, continuations-in-part, that claim priority to,
or common priority with, the patent applications described in clauses (a) and (b) above or the patent applications that resulted
in the patents described in clauses (a) and (b) above, (d) all patents that have issued or in the future issue from any of the
foregoing described patent applications, including utility model, and (e) all extensions, supplemental protection certificates,
registrations, confirmations, reissues, reexaminations, inter partes reviews, post-grant reviews, restorations, additions and
renewals of or to any of the foregoing described patents.

 

1.7
“Net Sales” shall mean, with respect to any Product, the gross sales price for such Product invoiced by Imprimis,
its sublicensees, or its or their respective Affiliates (but excluding Surface, its sublicensees, and its or their respective
Affiliates) to customers who are not Affiliates (or are Affiliates but are the end users of such Product) less: (a) credits, allowances,
discounts and rebates to, and chargebacks from the account of, such customers; (b) freight and insurance costs in transporting
such Product to the extent separately invoiced and included in the gross sales price; (c) cash, quantity and trade discounts,
rebates and other price reductions for such Product; (d) sales, use, value-added and other direct taxes for such Product to the
extent separately invoiced and included in the gross sales price; (e) customs duties, tariffs, surcharges and other governmental
charges incurred in exporting or importing such Product for such Product to the extent separately invoiced and included in the
gross sales price; and (f) an allowance for uncollectible or bad debts for such Product determined in accordance with generally
accepted accounting principles not to exceed three percent (3%) of Net Sales of such Product for the applicable quarterly reporting
period before giving effect to this subsection (f).

 

For
clarity, the amounts received for the transfer of Product by Imprimis to and among its Affiliates and sublicensees for resale
shall be excluded from the computation of Net Sales, but the subsequent resale of such Product to a Third Party (that is not a
sublicensee) shall be included within the computation of Net Sales.

 

Disposal
of Product for or use in clinical trials, as free samples, or under compassionate use, patient assistance, named patient or test
marketing programs or non-registrational studies or other similar programs or studies or testing, shall not result in any Net
Sales under this Section to the extent the amounts received for such Product do not exceed manufacturing cost.

 

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1.8
“Person” shall mean any individual, partnership, firm, corporation, association, trust, unincorporated organization
or other entity, as well as any syndicate or group of any of the foregoing.

 

1.9
“Product” shall mean services, compositions, products, dosages and formulations that, if performed, made, used,
offered for sale, sold or imported absent the license granted hereunder would infringe a Valid Claim, or that otherwise use or
incorporate the Licensed Know-How Rights.

 

1.10
“Royalty Period” shall mean, with respect to a Product, the period of time beginning after cumulative Net Sales
reach One Hundred Thousand Dollars ($100,000) and continuing during the term for which a Valid Claim remains in effect and would
be infringed absent the license granted hereunder by the manufacture, use, offer for sale, sale or import of such Product.

 

1.11
“Third Party” shall mean any Person other than Imprimis, Lindstrom or their respective Affiliates.

 

1.12
“Valid Claim” shall mean either (a) a claim of an issued and unexpired patent included within the Licensed
Patent Rights, which has not been held permanently revoked, unenforceable or invalid by a decision of a court or other governmental
agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted
to be invalid or unenforceable through reissue or disclaimer or otherwise or (b) a claim of a pending patent application included
within the Licensed Patent Rights, which claim was filed in good faith, has not been pending for more than five (5) years and
has not been abandoned or finally disallowed without the possibility of appeal or refiling of such application.

 

2.
Representations and Warranties.

 

2.1
Mutual Representations and Warranties. Each party hereby represents and warrants to the other party as follows:

 

2.1.1
Such party, if an entity, is a corporation duly organized, validly existing and in good standing under the laws of the state in
which it is incorporated.

 

2.1.2
Such party (a) has the corporate power and authority and the legal right to enter into this Agreement and to perform its obligations
hereunder, and (b) has taken all necessary corporate action on its part to authorize the execution and delivery of this Agreement
and the performance of its obligations hereunder. This Agreement has been duly executed and delivered on behalf of such party,
and constitutes a legal, valid, binding obligation, enforceable against such party in accordance with its terms.

 

2.1.3
All necessary consents, approvals and authorizations of all governmental authorities and other Persons required to be obtained
by such party in connection with this Agreement have been obtained.

 

2.1.4
The execution and delivery of this Agreement and the performance of such party’s obligations hereunder (a) do not conflict
with or violate any requirement of applicable laws or regulations, and (b) do not conflict with, or constitute a default under,
any contractual obligation of it.

 

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2.2
Lindstrom Representations and Warranties. Lindstrom hereby represents and warrants to Imprimis as follows:

 

2.2.1
Lindstrom (a) is the sole owner or exclusive licensee of the Licensed IP Rights, (b) has not granted to any Third Party any license
or other interest in the Licensed IP Rights, (c) is not aware of any Third Party patent, patent application or other intellectual
property rights that would be infringed (i) by practicing any process or method or by making, using or selling any composition
which is claimed or disclosed in the Licensed Patent Rights or which constitutes Licensed Know-How Rights, or (ii) by making,
using or selling Product, and (d) is not aware of any widespread or commercial scale infringement or misappropriation by a Third
Party of the Licensed IP Rights.

 

2.3
Imprimis Representations and Warranties. Imprimis hereby represents and warrants to Lindstrom as follows:

 

2.3.1
All Product to be supplied or sold pursuant to this Agreement shall comply with all applicable Federal, State and local regulations,
requirements and/or laws.

 

2.3.2
Imprimis has full power and authority to execute this Agreement and to perform its obligations hereunder.

 

3.
License Grant.

 

3.1
Licensed IP Rights.

 

3.1.1
Lindstrom hereby grants to Imprimis and its Affiliates an exclusive, worldwide license under the Licensed IP Rights to conduct
research and to develop, formulate, perform, make, have made, use, offer for sale, sell, sub-license, import and export Products.

 

3.1.2
Imprimis shall have the right to grant sublicenses, through multiple tiers, under the Licensed IP Rights to Third Parties and
Affiliates consistent with the terms of this Agreement. Imprimis shall provide Lindstrom with a copy of each executed sublicense
agreement; provided, however, that Imprimis shall have the right to redact any confidential information from each such sublicense
agreement. Any such sublicenses shall not diminish Imprimis’ obligations under this Agreement, and Imprimis shall remain
primarily liable for such obligations and for any breach of any provision of this Agreement by its Affiliates or sublicensees.

 

3.1.3
During the term of this Agreement, Lindstrom shall not grant to a Third Party any licenses that would become effective during
the term of this Agreement, related to products that may reasonably be considered competitive to the Product, unless Lindstrom
first offers to license such product or technology to Imprimis and Imprimis chooses not to so license such product or technology,
then Lindstrom may license such product or technology to a third party on no less favorable terms than were offered to Imprimis.

 

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3.2
Availability of the Licensed IP Rights. Lindstrom shall provide Imprimis with a copy of all information available to Lindstrom
relating to the Licensed IP Rights and/or Product.

 

3.3
Technical Assistance. During the term of this Agreement, Lindstrom shall provide such technical assistance to Imprimis
as Imprimis reasonably requests regarding the Licensed IP Rights and/or Product. Imprimis shall pay to Lindstrom his documented
reasonable pre-approved out-of-pocket costs of providing such technical assistance.

 

4.
Royalties and Milestone Payments.

 

4.1
Milestone Payments.

 

4.1.1
Initial Milestone Payment. Imprimis shall pay to Lindstrom an amount equal to Fifty Thousand Dollars ($50,000) within fourteen
(14) days after Effective Date.

 

4.1.2
Periodic Milestone Payments. Following the First Commercial Sale of the Product, Imprimis shall pay to Lindstrom the following
milestone payments as follows:

 

(a)
an amount equal to Fifty Thousand Dollars ($50,000) within forty-five (45) days after the date that cumulative Net Sales reach
Fifty Thousand Dollars ($50,000); and

 

(b)
an additional amount equal to Fifty Thousand Dollars ($50,000) within forty-five (45) days after the date that cumulative Net
Sales reach One Hundred Thousand Dollars ($100,000).

 

4.2
Royalties.

 

4.2.1
During the applicable Royalty Period, subject to the terms and conditions of this Agreement, Imprimis shall pay to Lindstrom royalty
payments equal to six percent (6%) of Net Sales for each Product that is not a Combination Product.

 

4.2.2
During the applicable Royalty Period, subject to the terms and conditions of this Agreement, Imprimis shall pay to Lindstrom royalty
payments equal to three percent (3%) of Net Sales for Combination Products.

 

4.2.3
The parties have mutually agreed that this Agreement and the royalty structure set forth above reflects an arms’ length,
fair and reasonable allocation of the financial benefit accruing to each party from the development and commercialization of the
Licensed IP Rights throughout the entire Royalty Period for a Product.

 

4.3
Royalty Reports. Within forty-five (45) days after the end of each calendar quarter during the applicable Royalty Period,
Imprimis shall deliver to Lindstrom a report setting forth for such calendar quarter (a) the calculation of the applicable royalties
due under this Agreement for the sale of each Product; and (b) the volume of all Product(s) provided to Third Parties. Imprimis
shall remit the total payments due for the sale of Product during such calendar quarter at the time such report is made. No such
reports or payments will be due for any Product before the First Commercial Sale of such Product.

 

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4.4
Audits.

 

4.4.1
Upon the written request of Lindstrom and not more than once in each calendar year, Imprimis shall permit an independent certified
public accounting firm of nationally recognized standing selected by Lindstrom and reasonably acceptable to Imprimis, at Lindstrom’s
expense, to have access during normal business hours to such of the financial records of Imprimis as may be reasonably necessary
to verify the accuracy of the payment reports hereunder for the four (4) calendar quarters immediately prior to the date of such
request.

 

4.4.2
If such accounting firm concludes that additional amounts were owed during the audited period, Imprimis shall pay such additional
amounts within thirty (30) days after the date Lindstrom delivers to Imprimis such accounting firm’s written report so concluding.
The fees charged by such accounting firm shall be paid by Lindstrom; provided, however, if the audit discloses that the
royalties payable by Imprimis for such period are more than one hundred ten percent (110%) of the royalties actually paid for
such period, then Imprimis shall pay the reasonable fees and expenses charged by such accounting firm.

 

4.4.3
Lindstrom shall cause its accounting firm to retain all financial information subject to review under this Section 4.4 in strict
confidence; provided, however, that Imprimis shall have the right to require that such accounting firm, prior to conducting
such audit, enter into an appropriate non-disclosure agreement with Imprimis regarding such financial information. The accounting
firm shall disclose to Lindstrom only whether the reports are correct or not and the amount of any discrepancy. No other information
shall be shared. Lindstrom shall treat all such financial information as Imprimis’ Confidential Information (defined below).

 

4.5
Payment Provisions.

 

4.5.1
Payment Terms. The royalties shown to have accrued by each report provided for under Section 4.3 shall be due on the date
such report is due. Payment of royalties in whole or in part may be made in advance of such due date.

 

4.5.2
Withholding Taxes. Imprimis shall be entitled to deduct the amount of any withholding taxes, value-added taxes or other
taxes, levies or charges with respect to such amounts, other than United States taxes, payable by Imprimis, its sublicensees,
or its or their respective Affiliates, or any taxes required to be withheld by Imprimis, its sublicensees, or its or their respective
Affiliates, to the extent Imprimis, its sublicensees, or its or their respective Affiliates pay to the appropriate governmental
authority on behalf of Lindstrom such taxes, levies or charges. Imprimis shall use reasonable efforts to minimize any such taxes,
levies or charges required to be withheld on behalf of Lindstrom by Imprimis, its sublicensees, or its or their respective Affiliates.
Imprimis promptly shall deliver to Lindstrom proof of payment of all such taxes, levies and other charges, together with copies
of all communications from or with such governmental authority with respect thereto.

 

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5.
Indemnification.

 

5.1
Indemnification. Each party (the “Indemnifying Party”) shall defend, indemnify and hold the other party
(the “Indemnified Party”) harmless from all losses, liabilities, damages and expenses (including reasonable
attorneys’ fees and costs) incurred as a result of any Third Party claim, demand, action or proceeding to the extent arising
out of any breach by the Indemnifying Party of any representation, warranty or covenant set forth in this Agreement, or the gross
negligence or willful misconduct of the Indemnifying Party in the performance of its obligations under this Agreement.

 

5.2
Procedure. The Indemnified Party promptly shall notify the Indemnifying Party of any liability or action in respect of
which the Indemnified Party intends to claim such indemnification, and the Indemnifying Party shall have the right to assume the
defense thereof with counsel selected by the Indemnifying Party. The indemnity agreement in this Section shall not apply to amounts
paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without the consent of the Indemnifying
Party, which consent shall not be unreasonably withheld, delayed or conditioned. The failure to deliver notice to the Indemnifying
Party within a reasonable time after the commencement of any such action, if prejudicial to its ability to defend such action,
shall relieve the Indemnifying Party of any liability to the Indemnified Party under this Section, but the omission so to deliver
notice to the Indemnifying Party will not relieve it of any liability that it may have to the Indemnified Party otherwise than
under this Section. The Indemnified Party under this Section, its employees and agents, shall cooperate fully with the Indemnifying
Party and its legal representatives in the investigation and defense of any action, claim or liability covered by this indemnification.

 

6.
Patents.

 

6.1
Patent Prosecution and Maintenance. Lindstrom shall have the right at his sole expense to control the preparation, filing,
prosecution and maintenance of all patents and patent applications within the Licensed IP Rights. If Lindstrom elects not to file
any such patent application in any country, or decides to abandon any such pending application or issued patent in any country,
Lindstrom shall provide written notice to Imprimis, and Imprimis shall have the right at its sole expense to assume control of
the preparation, filing, prosecution and maintenance of such patent application or patent at its own expense.

 

6.2
Enforcement of Patent Rights. Imprimis shall have the right at its sole expense and in its sole discretion to control the
enforcement and defense of the patents within the Licensed IP Rights against infringers of the Product, and to retain all amounts
recovered upon the final judgment or settlement thereof. Lindstrom shall, at the request of Imprimis, reasonably cooperate and
testify when requested and make available relevant documents, records, information, samples and other items in connection with
any action to enforce the patents within the Licensed IP Rights.

 

7.
Term and Termination.

 

7.1
Term. This Agreement shall commence on the Effective Date and, unless terminated earlier pursuant to Section 7.2, shall
continue in effect until the expiration of Imprimis’ obligation to pay royalties to Lindstrom under this Agreement. The
license grant under this Agreement shall be effective at all times prior to termination or expiration of this Agreement.

 

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7.2
Termination.

 

7.2.1
Termination by Imprimis. Except as otherwise provided in Section 8.4, Imprimis may terminate this Agreement upon or after
the breach of any material provision of this Agreement by Lindstrom if Lindstrom has not cured such breach within ninety (90)
days after receipt of express written notice thereof by Imprimis; provided, however, if any default is not capable of being cured
within such ninety (90) day period and Lindstrom is diligently undertaking to cure such default as soon as commercially feasible
thereafter under the circumstances, Imprimis shall have no right to terminate this Agreement for cause. In addition to the rights
set forth in the previous sentence, Imprimis shall have the right to terminate this Agreement at its option in its sole discretion
upon one hundred eighty (180) days written notice to Lindstrom.

 

7.2.2
Termination by Lindstrom. Except as otherwise provided in Section 8.4, Lindstrom may terminate this Agreement upon or after
the breach of any material provision of this Agreement by Imprimis if Imprimis has not cured such breach within ninety (90) days
after receipt of express written notice thereof by Lindstrom; provided, however, if any default is not capable of being cured
within such ninety (90) day period and Imprimis is diligently undertaking to cure such default as soon as commercially feasible
thereafter under the circumstances, Lindstrom shall have no right to terminate this Agreement.

 

7.2.3
Termination caused by Regulatory Mandate. If any state or federal regulatory body, including the FDA, interprets an existing
or promulgates a new rule, law or regulation that prohibits or otherwise materially adversely affects the exercise of rights licensed
to Imprimis under this Agreement, the parties shall use commercially reasonable efforts to take actions and/or amend this Agreement
to promptly and adequately address and account for such rules, laws or regulations. If such actions do not adequately address
and account for such rules, laws or regulations and/or the parties do not mutually agree on terms and conditions of an amendment
to this Agreement that addresses and accounts for such rules, laws or regulations, then either party may terminate this Agreement
upon written notice to the other party.

 

7.3
Survival. Sections 4 (solely with respect to outstanding payment obligations as set forth therein), 5, 7.3 and 8 shall
survive termination or expiration of this Agreement.

 

8.
Miscellaneous.

 

8.1
Public Announcements. Neither party nor its Affiliates shall make any public announcements concerning matters regarding
this Agreement or the negotiation thereof without the prior written consent of the other party unless such disclosure is required
by law, in which case the announcing party shall provide the other party with reasonable notice of such disclosure sufficient
to make written comments concerning such disclosure.

 

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8.2
Assignment. Neither party shall assign its rights or obligations under this Agreement without the prior written consent
of the other party; provided, however, that a party may, without such consent, assign this Agreement and its rights and obligations
hereunder (a) to any Affiliate, or (b) in connection with the transfer or sale of all or substantially all of its business to
which this Agreement relates, or in the event of its merger, consolidation, change in control or similar transaction. Any permitted
assignee shall assume all obligations of its assignor under this Agreement. Any purported assignment in violation of this Section
shall be void.

 

8.3
Confidentiality. Each party hereby agrees, and agrees to cause its Affiliates, stockholders, members, and representatives,
to keep (a) the terms of this Agreement and (b) any non-public, confidential or proprietary information of the other party confidential
(collectively, the “Confidential Information”) and, without limiting its other obligations hereunder, shall treat
and safeguard such Confidential Information with the same degree of care with which it treats its own confidential information
(but in no less a reasonable degree of care) and shall limit access to such Confidential Information to such employees, consultants,
representatives and professional advisors of such party who reasonably require such access in connection with the activities contemplated
by this Agreement or otherwise to administer the terms of this Agreement. To the extent practicable, in the event that a party
is required to disclose the Confidential Information pursuant to any law, regulation, or judicial or administrative directive,
such party will promptly notify the other party in order to allow the other party a reasonable period of time to obtain protective
or confidential treatment of such terms before they are disclosed. Either party may disclose the terms of this Agreement (i) to
the extent required, in the reasonable opinion of such party’s legal counsel, to comply with applicable laws, rules or regulations,
including, without limitation, the rules and regulations promulgated by the United States Securities and Exchange Commission;
and (ii) in connection with a prospective acquisition, merger, financing, or license for such party, to prospective acquirers
or merger candidates or to existing or potential investors or licensees, provided that prior to such disclosure each such
candidate or investor will agree to be bound by obligations of confidentiality and non-use at least equivalent in scope to those
set forth in this Section. Each party acknowledges that it will be impossible to measure in money the damage to the other party
if such party fails to comply with the obligations imposed by this Section, and that, in the event of any such failure, the non-disclosing
party may not have an adequate remedy at law or in damages. Accordingly, each party agrees that injunctive relief or other equitable
remedy, in addition to remedies at law or damages, is an appropriate remedy for any such failure and will not oppose the granting
of such relief on the basis that the disclosing party has an adequate remedy at law. Each party agrees that it will not seek,
and agrees to waive any requirement for, the securing or posting of a bond in connection with the non-disclosing party seeking
or obtaining such equitable relief.

 

8.4
Force Majeure. Neither party shall be held 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 to the extent, and for
so long as, such failure or delay is caused by or results from causes beyond the reasonable control of the affected party including
but not limited to fire, floods, embargoes, war, acts of war (whether war be declared or not), acts of terrorism, insurrections,
riots, civil commotions, strikes, lockouts or other labor disturbances, acts of God or acts, omissions or delays in acting by
any governmental authority or the other party.

 

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8.5
Severability. Any provision of this Agreement which is illegal, invalid or unenforceable shall be ineffective to the extent
of such illegality, invalidity or unenforceability, without affecting in any way the remaining provisions hereof.

 

8.6
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California,
without regard to the conflicts of law principles thereof.

 

8.7
Entire Agreement; Amendment. This Agreement and each additional agreement and document to be executed and delivered pursuant
hereto constitute all of the agreements of the parties with respect to, and supersede all prior agreements and understandings
relating to the subject matter of, this Agreement or the transactions contemplated by this Agreement. This Agreement may not be
modified or amended except by a written instrument specifically referring to this Agreement signed by the parties hereto.

 

8.8
Waiver. No waiver by one party of the other party’s obligations, or of any breach or default hereunder by any other
party, shall be valid or effective, unless such waiver is set forth in writing and is signed by the party giving such waiver;
and no such waiver shall be deemed a waiver of any subsequent breach or default of the same or similar nature or any other breach
or default by such other party.

 

8.9
Notices. Any consent, notice or report required or permitted to be given or made under this Agreement by a party to the
other party shall be in writing, delivered by any lawful means to such other party at its address indicated below, or to such
other address as the addressee shall have last furnished in writing to the addressor and (except as otherwise provided in this
Agreement) shall be effective upon receipt by the addressee.

 

	 	If
        to Lindstrom:

         

        Dr.
        Richard L. Lindstrom, M.D.
	If
        to Imprimis:

         

        Imprimis
        Pharmaceuticals, Inc.

        Attention:
        Mark L. Baum

        12264
        El Camino Real, Suite 350

        San
        Diego, California 92130

        

 

8.10
Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.

 

***SIGNATURE
PAGE FOLLOWS***

 

    	Page 10 of 12

     

    

 

SIGNATURE
PAGE

 

IN
WITNESS WHEREOF, each party has caused a duly authorized representative to execute and deliver this Agreement as of the date below.

 

	LINDSTROM	 	IMPRIMIS
	 	 	 	 	 
	Dr. Richard L. Lindstrom	 	Imprimis Pharmaceuticals, Inc.
	 	 	 	 	 
	 	/s/
    Richard L. Lindstrom                                              	 	 	/s/
    Mark L. Baum                                                
	By:	Dr.
    Richard L. Lindstrom	 	By:	Mark
    L. Baum
	 	An
    individual	 	Its:	Chief
    Executive Officer
	 	 	 	 	 
	Date:	4/6/2018                 	 	Date:	4/10/2018         

 

[Signature
Page to Amended and Restated License Agreement]

 

    	 

     

    

 

EXHIBIT
A

 

Licensed
Patent Rights

 

	–	USP
    7,820,639

 

	 	o	Filed
    September 30, 2005
	 	o	Issued
    October 26, 2010
	 	o	OPHTHALMIC
    COMPOSITIONS INCLUDING LUBRICANT, DETURGESCENT AGENT, AND GLYCOSAMINOGLYCAN AND METHODS OF USING THE SAME

 

	–	USP
    8,551,974

 

	 	o	Filed
    June 11, 2010
	 	o	Issued
    October 8, 2013
	 	o	OPHTHALMIC
    COMPOSITIONS INCLUDING LUBRICANT, DETURGESCENT AGENT, AND GLYCOSAMINOGLYCAN AND METHODS OF USING THE SAMEEXHIBIT
10.4

 

Consulting
Agreement

 

THIS
CONSULTING AGREEMENT (the “Agreement”) is effective as of March 1, 2018 (the “Effective Date”) and is
entered into by and between Dr. Richard L. Lindstrom, an individual (“Consultant”) and Surface Pharmaceuticals, Inc.,
a Delaware corporation with its principal address located at 12264 El Camino Real, Suite 350, San Diego, CA 92130 (the “Company”).

 

WHEREAS,
the Company wishes to retain Consultant as an advisor to the Company; and

 

WHEREAS,
Consultant wishes to provide advisory services to the Company as set forth below.

 

NOW
THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Consultant and the Company agree, intending to be legally bound, as follows:

 

	1.	Consulting Services.

 

		1.1.	Consultant
                                         will provide consulting services to the Company during the Term (as further defined below)
                                         of this Agreement. The consulting services (“Services”) are set forth in
                                         the Statement of Work (“SOW”) that is attached hereto as Appendix A
                                         and made a part hereof, as it may be amended from time to time by the parties
                                         hereto. Consultant shall perform all Services in compliance with all applicable laws.

 

	2.	Effective Date; Term and Termination.

 

		2.1.	This
                                         Agreement shall be effective as of Effective Date and shall terminate as of the date
                                         Services are completed (the “Term” as further defined and outlined in Appendix
                                         A) unless: (i) this Agreement is sooner terminated as provided in Section 2.2
                                         below; or (ii) the parties agree in writing to extend the Term for a mutually agreed
                                         upon period.

 

		2.2.	The
                                         Agreement and the Services provided by Consultant may be terminated by either Consultant
                                         or the Company, at any time and for any reason, upon five (5) days prior written notice
                                         of termination.

 

	3.	Consulting Fees.

 

		3.1.	In
                                         consideration of the Services provided hereunder, the Company shall provide Consultant
                                         the compensation as set forth in the applicable SOW (“Consulting Fee”).

 

		3.2.	Consultant
                                         shall be responsible for all expenses incurred in association with performance of the
                                         Services, unless pre-approved by the Company in writing in advance.

 

    	 	 	 

    	 

    

 

	4.	Confidentiality. Consultant acknowledges that
Consultant will receive confidential and proprietary information from, on behalf of, or at the direction of, the Company in connection
with, and during the course of providing, the Services, including but not limited to technical, clinical, marketing, commercial
and/or legal information, data, reports, drawings, models, designs, prototypes, biological material, specimens, chemical compounds,
formulas, manufacturing or other processes, software, specifications, patent applications, marketing strategies, customer information
and customer lists (“Confidential Information”). All Confidential Information is and shall at all times remain the
exclusive property of the Company. Consultant agrees:

 

		4.1.	to
                                         hold the Confidential Information in strict confidence and not to disclose or make available
                                         any Confidential Information to any third party whatsoever, without the prior written
                                         consent of the Company;

 

		4.2.	to
                                         use the Confidential Information only for the benefit of the Company and only for the
                                         purpose of providing the Services;

 

		4.3.	to
                                         take at least the same degree of care to prevent disclosure of Confidential Information
                                         as Consultant takes to preserve and safeguard Consultant’s own confidential and
                                         proprietary information, but in any event, no less than a reasonable degree of care;

 

		4.4.	not
                                         to make copies of the Confidential Information except to the extent that the copies are
                                         reasonably necessary for providing the Services;

 

		4.5.	to
                                         return or destroy (as the Company may direct) any Confidential Information held by Consultant
                                         immediately upon termination of the Term of this Agreement pursuant to Section 2 above
                                         and provide the Company with a letter certifying that all such Confidential Information
                                         has been returned or destroyed as directed;

 

		4.6.	that
                                         Confidential Information excludes information that:

 

		(a)	as
                                         evidenced by Consultant’s written records, was lawfully known to Consultant prior
                                         to its communication by, on behalf of, or at the direction of the Company and was not
                                         communicated to Consultant subject to any restrictions on disclosure or use; or

 

		(b)	as
                                         evidenced by Consultant’s written records, is independently developed by Consultant
                                         without use or knowledge of the Confidential Information; or

 

		(c)	is
                                         or becomes a part of the public domain other than by a breach of this Agreement by Consultant;

 

		(d)	becomes
                                         known to Consultant by the action of a third party not in breach of any obligation of
                                         confidence; or

 

		(e)	is
                                         required to be disclosed or made available by Consultant to a third party pursuant to
                                         any applicable law, governmental regulation, or decision of any court or tribunal of
                                         competent jurisdiction, so long as Consultant takes reasonable steps, in light of the
                                         circumstances, to give the Company sufficient prior notice in order to contest such law,
                                         governmental regulation, or decision;

 

    	 	2	 

    	 

    

 

		4.7.	that
                                         no representation or warranty, express or implied, is made by the Company as to the accuracy,
                                         completeness or reasonableness of any Confidential Information and that neither the Company
                                         will have any liability to Consultant as a result of Consultant’s possession or
                                         use of the Confidential information; and

 

		4.8.	that
                                         money damages may not be sufficient remedy for any breach of this Section and that the
                                         Company will be entitled to seek specific performance and injunctive or equitable relief
                                         as a remedy for any such breach.

 

		4.9.	Nothing
                                         in this Section is intended to limit any remedy of the Company under the California Uniform
                                         Trade Secrets Act (California Civil Code Section 3426), or otherwise available under
                                         law.

 

		4.10.	Notwithstanding
                                         the other provisions of this Agreement, pursuant to 18 U.S.C. Section 1833(b), Consultant
                                         shall not be held criminally or civilly liable under any federal or state trade secret
                                         law for the disclosure of a trade secret that is made in confidence to a federal, state,
                                         or local government official, either directly or indirectly, or to an attorney, and solely
                                         for the purpose of reporting or investigating a suspected violation of law; or is made
                                         in a complaint or other document filed in a lawsuit or other proceeding, if such filing
                                         is made under seal.

 

	5.	Independent
                                         Contractor. The relationship of Consultant to the Company shall be that of an independent
                                         contractor rendering professional services. Consultant is not an employee of the Company.
                                         Nothing contained in this Agreement shall be deemed to create a relationship of employer
                                         and employee or principal and agent between the Company and Consultant. In no circumstance
                                         shall Consultant look to the Company as Consultant’s employer, partner, agent or
                                         principal. Consultant is not entitled to and will be excluded from participating in any
                                         of Company’s fringe benefit plans or programs as a result of the performance of
                                         the Services under this Agreement, including, but not limited to, health, sickness, accident
                                         or dental coverage, life insurance, disability benefits, accidental death and dismemberment
                                         coverage, unemployment insurance coverage, workers’ compensation coverage, and
                                         pension or 401(k) benefit(s) provided by Company to its employees (and Consultant waives
                                         the right to receive any such benefits). Consultant agrees, as an independent contractor,
                                         that Consultant is not entitled to unemployment benefits in the event this Agreement
                                         terminates, or workers’ compensation benefits in the event that Consultant is injured
                                         in any manner or becomes ill while performing the work under this Agreement. Consultant
                                         is solely responsible for all tax returns, payments, or reports required to be filed
                                         with or made to any federal, state or local tax authority with respect to Consultant’s
                                         performance of Services and receipt of consideration (including Consulting Fees) under
                                         this Agreement. Consultant is not authorized to make any representation, contract or
                                         commitment on behalf of the Company unless specifically requested or authorized in writing
                                         to do so by an executive officer or Board member of the Company.
	 	 
	6.	Waiver.
                                         No waiver of this Agreement or any of its provisions shall be binding upon a party unless
                                         in writing and signed by each party. The waiver by either party of a breach or violation
                                         of any provision of this Agreement shall not constitute or be construed as a waiver of
                                         any subsequent breach or violation of that provision or as a waiver of any breach or
                                         violation of any other provision.

 

    	 	3	 

    	 

    

 

	7.	Severability.
                                         If any provision of this Agreement is held by a court of competent jurisdiction to be
                                         invalid, illegal or unenforceable, the remaining provisions of this Agreement shall be
                                         unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by
                                         a mutually acceptable provision, which, being valid, legal and enforceable, comes closest
                                         to the intention of the parties underlying the invalid, illegal or unenforceable provision.
	 	 
	8.	Survival.
                                         The provisions of Sections 2.2, 3, 4, 6-11 and any other obligation under this Agreement
                                         which is to survive or be performed after termination of this Agreement, regardless of
                                         the cause therefor, shall survive any termination or expiration of this Agreement.
	 	 
	9.	Notices.
                                         Any notice or other communication required or permitted to be made or given under this
                                         Agreement to either party shall be in writing and shall be sufficiently given if (i)
                                         hand delivered, (ii) sent by overnight guaranteed delivery service, such as Federal Express
                                         or UPS; or (iii) sent by facsimile transmission or electronic mail during addressee’s
                                         normal business hours, with a duplicate copy sent by overnight delivery or certified
                                         or registered mail, addressed as either party may from time to time designate to the
                                         other by written notice. Any such notice or other communication shall be deemed to be
                                         given as of the date it is received by the addressee.
	 	 
	10.	Governing
                                         Law. This Agreement shall be governed by and construed in accordance with the laws
                                         of the State of California, excluding the choice of law rules, and the parties hereby
                                         agree to submit to the jurisdiction and venue of the State and Federal courts of the
                                         State of California, and agree that the State and Federal courts of the State of California
                                         shall be the exclusive forum for the resolution of all disputes related to or arising
                                         out of this Agreement.
	 	 
	11.	Entire
                                         Agreement; Amendments. This Agreement, including any applicable SOW, represents the
                                         entire agreement between the parties in relation to the subject matter contained herein
                                         and supersedes all previous other agreements and representations, whether oral or written.
                                         This Agreement may be modified only if such modification is in writing and signed by
                                         a duly authorized representative of each party.

 

***SIGNATURE
PAGE FOLLOWS***

 

    	 	4	 

    	 

    

SIGNATURE
PAGE

 

IN
WITNESS WHEREOF, the parties hereto have executed this Consulting Agreement as of the date first above written.

 

	COMPANY:	 	CONSULTANT:
	 	 	 	 	 
	SURFACE
                                         PHARMACEUTICALS, INC.

 

	 	DR.
                                         RICHARD L. LINDSTROM

 

	 	 	 	 	 
	 	/s/
    Mark L. Baum	 	 	/s/
    Richard L. Lindstrom
	By:	Mark
                                         L. Baum                                        
	 	By:	Dr.
                                         Richard L. Lindstrom                                  

        

	Its:	Executive
                                         Director

        
	 	 	An
    individual
	 	 	 	 	 
	Date:	3/1/2018

        
	 	Date:	3/21/2018

 

	Reviewed
                                         and approved by:

	 
	 	 	 
	IMPRIMIS
                                         PHARMACEUTICALS, INC.

	 
	 	 	 
	 	/s/
    Robert J. Kammer	 
	By:	Robert
                                         J. Kammer

        
	 
	 	Chairman
                                         of the Surface Committee of 

        
	 
	 	Imprimis
                                         Pharmaceutical, Inc., 

        
	 
	 	Parent
                                         Corporation to 

        
	 
	 	Surface
                                         Pharmaceuticals, Inc.

        
	 

 

    	 	5	 

    	 

    

 

Appendix
A

Statement
of Work 

under
Consulting Agreement 

by
and between 

Dr.
Richard L. Lindstrom and Surface Pharmaceuticals, Inc.

 

Services:

 

Consultant
shall provide advisory services to the Company relating to its establishment, financing activities and other related services
as may be requested from time to time by the Company.

 

Compensation:

 

Upon
or shortly following commencement of Consultant’s Services to the Company, the Company shall grant to Consultant 250,000
shares (the “Shares”) of the Company’s restricted common stock, par value $0.001 (“Common Stock”)
under the terms of the Company’s 2017 Equity Incentive Plan (the “Plan”) and a Restricted Stock Award Grant
Notice and Agreement thereunder to be provided to Consultant by the Company (collectively with the Plan, the “Restricted
Stock Documents”).

 

The
Shares shall vest upon the earliest of:

 

		(1)	a
                                         Change in Control (as defined in the Plan);
		(2)	the
                                         date of any underwriting agreement between the Company and the underwriter(s) managing
                                         an initial public offering of the Company’s common stock, pursuant to which the
                                         common stock is priced for initial public offering (the “IPO”);
		(3)	the
                                         date of closing of any bona-fide equity financing with third party investors resulting
                                         in cash gross proceeds to the Company of at least $10,000,000 (“Subsequent Financing”);
                                         or
		(4)	immediately
                                         prior to the one year anniversary of the date of grant of the Shares (as indicated in
                                         the Restricted Stock Documents) (the “Date of Grant”).

 

and
in any case of (1), (2), (3) and (4), subject to Consultant’s Continuous Service through such vesting date; provided,
however, in the event Consultant’s Continuous Service is terminated by the Company (other than for Cause) or by death
of Consultant prior to the completion of the Term (as defined in this Consulting Agreement), the Shares shall vest immediately
upon such termination.

 

Consultant
understands that that the receipt of the Shares hereunder will trigger tax consequences to Consultant for which Consultant will
be solely responsible and that the Shares have not been registered under the Securities Act of 1933, as amended, or any applicable
state securities law. Consultant must execute the Restricted Stock Documents as a condition to receipt of the Shares hereunder.

 

Term:

 

Consultant
commenced providing Services to the Company on or about December 15, 2017 and shall provide the Services through the earlier of
(i) one year from the Date of Grant, (ii) a Change in Control, (iii) the IPO, (iv) a Subsequent Financing or (v) such earlier
date as the Services are terminated by the Company or Consultant in accordance with this Agreement (the “Term”).

 

    	 	6

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