Document:

Exhibit

Execution Version

FIRST AMENDMENT
TO
CREDIT AGREEMENT
DATED AS OF AUGUST 27, 2018
AMONG
OASIS MIDSTREAM PARTNERS LP,  
AS PARENT,
OMP OPERATING LLC,  
AS BORROWER,
THE GUARANTORS,
WELLS FARGO BANK, N.A., 
AS ADMINISTRATIVE AGENT AND ISSUING BANK,
AND
THE LENDERS PARTY HERETO

FIRST AMENDMENT TO CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”) dated as of August 27, 2018, is among OASIS MIDSTREAM PARTNERS LP, a Delaware limited partnership (the “Parent”); OMP OPERATING LLC, a Delaware limited liability company (the “Borrower”); the other Guarantors listed on the signature pages hereto; each of the Lenders party hereto; and WELLS FARGO BANK, N.A. (individually, “Wells Fargo Bank”), as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”) and as the issuing bank (in such capacity, the “Issuing Bank”).  
R E C I T A L S:
A.The Parent, the Borrower, the Administrative Agent, the Issuing Bank and the Lenders are parties to that certain Credit Agreement dated as of September 25, 2017 (the “Credit Agreement”), pursuant to which the Lenders have made certain extensions of credit available to and on behalf of the Borrower. 
B.    The Parent, the Borrower, the other Guarantors, the Administrative Agent, the Issuing Bank and the Lenders party hereto desire to amend certain provisions of the Credit Agreement as set forth herein effective as of the First Amendment Effective Date (as defined below), including providing for an increase in the aggregate amount of the Commitments to $250,000,000 on the First Amendment Effective Date, subject to the terms and conditions hereof.
C.    Furthermore, the Parent, the Borrower, the other Guarantors, the Administrative Agent, the Issuing Bank and the Lenders party hereto desire to provide for an additional increase in the aggregate Commitments to $400,000,000 from $250,000,000 upon consummation of the Specified Dropdown Transaction (as defined below) and subject to the other conditions precedent to such increase in the Commitments set forth in this First Amendment. 
D.    The Borrower has requested that Capital One, National Association, ING Capital LLC, BOKF, NA dba Bank of Texas, Branch Bank & Trust, Iberia Bank and Regions Bank (each, a “New Lender” and, collectively, the “New Lenders”), become Lenders under the Credit Agreement with a Commitment in the amount as shown on Annex I to the Credit Agreement (as amended hereby).
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this First Amendment.  Unless otherwise indicated, all section references in this First Amendment refer to sections of the Credit Agreement.
Section 2.    Amendments to Credit Agreement.  In reliance on the representations, warranties, covenants and agreements contained in this First Amendment, and subject to the 

conditions precedent contained in Section 3 hereof, the Credit Agreement shall be amended effective as of the date hereof in the manner provided in this Section 2.
2.1    Amendments to Section 1.02 (Certain Defined Terms).  
(a)    The following definitions contained in Section 1.02 of the Credit Agreement are hereby amended and restated as follows:
“Agreement” means this Credit Agreement, as amended by the First Amendment, and as the same may from time to time be further amended, modified, supplemented or restated.
“Annualized EBITDA” means (a) for the purposes of calculating the financial ratios set forth in Section 9.01 for any Rolling Period ending on or prior to June 30, 2018, the sum of (i) EBITDA for such Rolling Period (without giving effect to any Material Project Add-Back added to Consolidated Net Income in the calculation of EBITDA) multiplied by the factor for such Rolling Period set forth in the grid below, plus (ii) any Material Project Add-Back for such Rolling Period:
	
		
	Rolling Period Ending
	Factor

	December 31, 2017
	4

	March 31, 2018
	2

	June 30, 2018
	4/3

and (b) for the purposes of calculating the financial ratios set forth in Section 9.01 for any Rolling Period ending after consummation of the Specified Dropdown Transaction but on or prior to the last day of the third fiscal quarter ending after the consummation of the Specified Dropdown Transaction, the sum of (i) EBITDA for such Rolling Period (without giving effect to any Material Project Add-Back added to Consolidated Net Income in the calculation of EBITDA) multiplied by (1) four in the case of the fiscal quarter in which the Specified Dropdown Transaction is consummated, (2) two in the case of the first full fiscal quarter ending after the fiscal quarter in which the Specified Dropdown Transaction is consummated and (3) 4/3 in the case of the second full fiscal quarter ending after the fiscal quarter in which the Specified Dropdown Transaction is consummated, plus (ii) any Material Project Add-Back for such Rolling Period.
“Annualized Interest Expense” means (a) for the purposes of calculating the financial ratio set forth in Section 9.01(c) for any Rolling Period ending on or prior to June 30, 2018, Consolidated Interest Expense 

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for such Rolling Period multiplied by the factor for such Rolling Period set forth in the grid below:  
	
		
	Rolling Period Ending
	Factor

	December 31, 2017
	4

	March 31, 2018
	2

	June 30, 2018
	4/3

and (b) for purposes of calculating the financial ratio set forth in Section 9.01(c) for any Rolling Period ending after consummation of the Specified Dropdown Transaction but on or prior to the last day of the third fiscal quarter ending after the consummation of the Specified Dropdown Transaction, Consolidated Interest Expense for such Rolling Period multiplied by (i) four in the case of the fiscal quarter in which the Specified Dropdown Transaction is consummated, (ii) two in the case of the first full fiscal quarter ending after the fiscal quarter in which the Specified Dropdown Transaction is consummated and (ii) 4/3 in the case of the second full fiscal quarter ending after the fiscal quarter in which the Specified Dropdown Transaction is consummated.
“Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) modified from time to time pursuant to Section 2.06 and (b) modified from time to time pursuant to assignments by or to such Lender pursuant to Section 12.04(b).  The initial amount of each Lender’s Commitment is set forth on Part A of Annex I hereto (and following the occurrence of the Scheduled Dropdown Increase, on Part B of Annex I hereto), in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment or in the Additional Lender Certificate pursuant to which any Additional Lender shall have provided any additional Commitment, as applicable.  The aggregate amount of the Lenders’ Commitments on the First Amendment Effective Date is $250,000,000.
“Consolidated Interest Coverage Ratio” means, as of any date of calculation, the ratio of (a) EBITDA (or, in the case of the Rolling Periods ending on December 31, 2017, March 31, 2018 and June 30, 2018 and the Rolling Periods ending after consummation of the Specified Dropdown Transaction but on or prior to the last day of the third fiscal quarter ending after the consummation of the Specified Dropdown Transaction, Annualized EBITDA) to (b) Consolidated Interest Expense (or, in the case of the Rolling 

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Periods ending on December 31, 2017, March 31, 2018 and June 30, 2018, Annualized Interest Expense), in each case for the Rolling Period ending on such date.  
“Consolidated Senior Secured Leverage Ratio” means, as of any date of calculation, the ratio of (a) Consolidated Senior Secured Funded Debt as of such date to (b) EBITDA (or Annualized EBITDA, in the case of the Rolling Periods ending on December 31, 2017, March 31, 2018 and June 30, 2018, and the Rolling Periods ending after consummation of the Specified Dropdown Transaction but on or prior to the last day of the third fiscal quarter ending after the consummation of the Specified Dropdown Transaction) for the Rolling Period ending on such date.
“Consolidated Total Leverage Ratio” means, as of any date of calculation, the ratio of (a) Total Debt as of such date to (b) EBITDA (or Annualized EBITDA, in the case of the Rolling Periods ending on December 31, 2017, March 31, 2018 and June 30, 2018, and the Rolling Periods ending after consummation of the Specified Dropdown Transaction but on or prior to the last day of the third fiscal quarter ending after the consummation of the Specified Dropdown Transaction) for the Rolling Period ending on such date.
“Rolling Period” means (a) for the fiscal quarters ending on December 31, 2017, March 31, 2018 and June 30, 2018, the period commencing on September 1, 2017 and ending on the last day of such applicable fiscal quarter and (b) for the fiscal quarter ending on September 30, 2018, and for each fiscal quarter thereafter, the period of four (4) consecutive fiscal quarters ending on the last day of such applicable fiscal quarter; provided that commencing with the fiscal quarter in which the Specified Dropdown Transaction is consummated, “Rolling Period” shall mean (x) for the first three fiscal quarters ending after the consummation of the Specified Dropdown Transaction, the period commencing on the first day of the fiscal quarter in which the Specified Dropdown Transaction is consummated and ending on the last day of such applicable fiscal quarter and (y) for the fourth fiscal quarter ending after the consummation of the Specified Dropdown Transaction and each fiscal quarter thereafter, the period of four (4) consecutive fiscal quarters ending on the last day of such applicable fiscal quarter.
 (b)    The following definitions are hereby added to Section 1.02 of the Credit Agreement where alphabetically appropriate to read as follows: 
“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

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“First Amendment” means that certain First Amendment to Credit Agreement, dated as of August 27, 2018 among the Parent, the Borrower, the other Guarantors, the Administrative Agent, the Issuing Bank and the Lenders party thereto.
“First Amendment Effective Date” means August 27, 2018.
“First Amendment Fee Letter” has the meaning set forth in the First Amendment. 
“Specified Dropdown Transaction” means an acquisition by the Credit Parties of additional Equity Interests in one or more of the DevCos for which the Borrower has delivered projections in form and substance acceptable to the Administrative Agent demonstrating that the additional EBITDA for the fiscal year ending December 31, 2019, attributable to the additional Equity Interests acquired pursuant to such transaction is greater than or equal to the amount set forth in the row captioned “Specified Dropdown” in the OMP Lender Presentation dated as of July 31, 2018 and posted to SyndTrak on such date (such presentation, the “OMP Lender Presentation”). 
“Scheduled Dropdown Increase” has the meaning set forth in Section 2.06(d)(i).
2.2    Amendment to Section 2.06(c)(ii)(A).  Section 2.06(c)(ii)(A) of the Credit Agreement is hereby amended and restated to read as follows: 
(A)    such increase shall not be less than $25,000,000 unless the Administrative Agent otherwise consents, and no such increase shall be permitted if after giving effect thereto the aggregate Commitments would exceed (1) $400,000,000 to the extent that such increase occurs prior to the Scheduled Dropdown Increase and (2) $600,000,000 to the extent that such increase occurs on or after the Scheduled Dropdown Increase;
2.3    Amendments to Section 2.06.  Section 2.06 of the Credit Agreement is hereby amended by adding the below as the new Section 2.06(d):
(d)    Increase in Commitments for Specified Dropdown Transaction.
(i)    Subject to the conditions set forth in Section 2.06(d)(ii) on or prior to December 31, 2018, the Commitments shall be increased so that the Commitment of each Lender shall be equal to the amount set forth next to such Lender’s name on Part B of Annex I (such increase in the Commitments, the “Scheduled Dropdown Increase”).
(ii)    The increase in the Commitments set forth in clause (i) above shall be subject to the following conditions: 

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(A)    the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower certifying: (1) that concurrently with the effectiveness of the Scheduled Dropdown Increase and any Borrowings to be made on the date of the Scheduled Dropdown Increase, the Specified Dropdown Transaction shall be consummated, (2) as to the final purchase price being paid by the Credit Parties as consideration for the Specified Dropdown Transaction, and (3) that attached to such certificate are true and correct copies of the purchase agreement and any related documentation executed by the Credit Parties in connection with the Specified Dropdown Transaction; 
(B)    at the time of the Scheduled Dropdown Increase, no Default or Event of Default shall have occurred and be continuing and after giving pro forma effect to the Scheduled Dropdown Increase (including any Borrowings made in connection with the consummation of the Specified Dropdown Transaction), the Borrower is in pro forma compliance with the covenants set forth in Section 9.01; 
(C)    the Administrative Agent shall have received all fees and other amounts due and payable on or prior to the effective date of the Scheduled Dropdown Increase including, without limitation, the any fees described in the First Amendment Fee Letter; 
(D)    the Administrative Agent shall have received duly executed Notes payable to each Lender that has requested a Note on or prior to the effective date of the Scheduled Dropdown Increase in a principal amount equal to its Commitment after giving effect to the Scheduled Dropdown Increase;
(E)    the Administrative Agent shall have received any necessary or reasonably requested amendments or supplements to the Security Instruments encumbering the assets acquired pursuant to the Specified Dropdown Transaction;
(F)    the Administrative Agent shall have received evidence reasonably satisfactory to it that the additional EBITDA for the fiscal year ending December 31, 2019, attributable to the additional Equity Interest acquired pursuant to the Specified Dropdown Transaction is equal to or greater than the amount set forth in the row captioned “Specified Dropdown” in the OMP Lender Presentation;
 (G)    the representations and warranties of the Parent, the Borrower, the Restricted Subsidiaries and the DevCos set forth in this Agreement and in the other Loan Documents shall be true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects) on and as of the date of the Scheduled Dropdown Increase, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the date of the Scheduled Dropdown Increase, such representations and warranties shall continue to be true and correct as of such specified earlier date; and
(H)    at the time of and immediately after giving effect to the Scheduled Dropdown Increase, no event, development or circumstance has occurred or shall then exist that has resulted in, or could reasonably be expected to have, a Material Adverse Effect.

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The Administrative Agent shall notify the Borrower and the Lenders of the effective date of the Scheduled Dropdown Increase, and such notice shall be conclusive and binding.  To the extent that the foregoing conditions contained in this Section 2.06(d)(ii) are not satisfied (or waived pursuant to Section 12.02) on or prior to 2:00 p.m., New York City time, on December 31, 2018, the obligation to increase the Commitments pursuant to this Section 2.06(d) pursuant to the Scheduled Dropdown Increase shall immediately terminate without any further action by the Administrative Agent or the Lenders.  
2.4    Amendment to Article VII.  Article VII of the Credit Agreement is hereby amended by adding the following at the end thereof as the new Section 7.29.
Section 7.29     Beneficial Ownership Certification. As of the First Amendment Effective Date, the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects. 
2.5    Amendment to Section 8.01.  Section 8.01 of the Credit Agreement is hereby amended by adding the following immediately after Section 8.01(r) as the new Section 8.01(s):
KYC and Beneficial Ownership Certification. Promptly following any request therefor, provide information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the USA PATRIOT Act and the Beneficial Ownership Regulation.
2.6    Replacement of Annex I.  Annex I to the Credit Agreement is hereby replaced in its entirety with Annex I attached hereto and Annex I attached hereto shall be deemed to be attached as Annex I to the Credit Agreement.  After giving effect to this First Amendment and any Borrowings made on the First Amendment Effective Date, (a) each Lender (including each New Lender) who holds Loans in an aggregate amount less than its Applicable Percentage (after giving effect to this First Amendment) of all Loans shall advance new Loans which shall be disbursed to the Administrative Agent and used to repay Loans outstanding to each Lender who holds Loans in an aggregate amount greater than its Applicable Percentage of all Loans, (b) each Lender’s participation in each Letter of Credit, if any, shall be automatically adjusted to equal its Applicable Percentage (after giving effect to this First Amendment), (c) such other adjustments shall be made as the Administrative Agent shall specify so that the Revolving Credit Exposure applicable to each Lender equals its Applicable Percentage (after giving effect to this First Amendment) of the aggregate Revolving Credit Exposures of all Lenders and (d) upon request by each applicable Lender, the Borrower shall be required to make any break funding payments owing to such Lender that are required under Section 5.02 of the Credit Agreement as a result of the Loans and adjustments described in this Section 2.6.  For the avoidance of doubt, the increase in the aggregate Commitments of the Lenders effected by this First Amendment shall not be deemed to be an exercise by the Borrower of Section 2.06(c) of the Credit Agreement, and immediately after giving effect to this First Amendment, the Borrower may optionally increase the Commitments under Section 2.06(c) of the Credit Agreement during the remainder of the Availability Period (subject to the conditions set forth in Section 2.06(c)(ii) of the Credit Agreement) up to the aggregate amounts set forth in Section 2.06(c)(ii)(A) of the Credit Agreement.

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Section 3.    Conditions Precedent.  This First Amendment shall become effective as of the date when each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement) (the “First Amendment Effective Date”):
3.1    Executed Counterparts of First Amendment.  The Administrative Agent shall have received from the Borrower, each Guarantor and the Lenders constituting the Majority Lenders (including each Lender that so elects to increase its Commitments and each New Lender) counterparts (in such number as may be requested by the Administrative Agent) of this First Amendment signed on behalf of such Person.
3.2    Notes. The Administrative Agent shall have received duly executed Notes payable to each Lender (including each New Lender) that has requested a Note on or prior to the First Amendment Effective Date in a principal amount equal to its Commitment (as amended hereby) dated as of the First Amendment Effective Date.
3.3    Secretary’s Certificates and Resolutions.  The Administrative Agent shall have received a certificate of a Responsible Officer of the Parent, the Borrower, each Guarantor and each DevCo setting forth (a) resolutions of its board of directors or other appropriate governing body with respect to the authorization of the Parent, the Borrower, such Guarantor or such DevCo to execute and deliver this First Amendment and the related Loan Documents to which it is a party and to enter into the transactions contemplated in those documents, (a) the officers of the Parent, the Borrower, such Guarantor or such DevCo  who are authorized to sign the Loan Documents to which the Parent, the Borrower, such Guarantor or such DevCo is a party and  who will, until replaced by another officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection with this First Amendment and the Credit Agreement and the transactions contemplated hereby and thereby, (a) specimen signatures of such authorized officers, and (a) the articles or certificate of incorporation and by-laws or other applicable organizational documents of the Parent, the Borrower, such Guarantor and such DevCo, certified as being true and complete.  The Administrative Agent and the Lenders may conclusively rely on such certificate until the Administrative Agent receives notice in writing from the Borrower to the contrary.
3.4    Good Standings.  The Administrative Agent shall have received certificates of the appropriate state agencies with respect to the existence, qualification and good standing of the Parent, the General Partner, the Borrower, each Guarantor and each DevCo.
3.5    KYC and Beneficial Ownership.    
(a)    Upon the reasonable request of any Lender prior to the First Amendment Effective Date, the Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the USA PATRIOT Act.  

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(b)    To extent that the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Borrower shall deliver, to each Lender that so requests, a Beneficial Ownership Certification in relation to the Borrower.
3.6    Opinion of Counsel. The Administrative Agent shall have received an opinion of DLA Piper LLP (US), special counsel to the Credit Parties and the DevCos, in form and of substance reasonably acceptable to the Administrative Agent.
3.7    Fees.  The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the First Amendment Effective Date including, without limitation, the any fees described in that certain fee letter, dated as of the date hereof, between the Borrower and the Administrative Agent (the “First Amendment Fee Letter”).
3.8    No Default.  No Default shall have occurred and be continuing as of the date hereof prior to and after giving effect to the terms of this First Amendment.
3.9    Further Assurances.  The Administrative Agent shall have received such other documents as the Administrative Agent or its special counsel may reasonably require.
The Administrative Agent is hereby authorized and directed to declare this First Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.
Section 4.    New Lenders.  Each New Lender hereby joins in, becomes a party to, and agrees to comply with and be bound by the terms and conditions of the Credit Agreement as amended hereby as a Lender thereunder and under each and every other Loan Document to which any Lender is required to be bound by the Credit Agreement as amended hereby, to the same extent as if such New Lender were an original signatory thereto.  Each New Lender hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement as amended hereby as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto.  Each New Lender represents and warrants that (a) it has full power and authority, and has taken all action necessary, to execute and deliver this First Amendment, to consummate the transactions contemplated hereby and to become a party to, and a Lender under, the Credit Agreement as amended hereby, (b) it has received a copy of the Credit Agreement and copies of the most recent financial statements delivered pursuant to Section 8.01 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this First Amendment and to become a Lender on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (c) from and after the First Amendment Effective Date, it shall be a party to and be bound by the provisions of the Credit Agreement as amended hereby and the other Loan Documents and have the rights and obligations of a Lender thereunder.

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Section 5.    Miscellaneous.
5.1    Confirmation and Effect.  The provisions of the Credit Agreement, as amended by this First Amendment, shall remain in full force and effect following the effectiveness of this First Amendment.  Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or any other word or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference in any other Loan Document to the Credit Agreement or any word or words of similar import shall be and mean a reference to the Credit Agreement as amended hereby.
5.2    No Waiver.  Neither the execution by the Administrative Agent or the Lenders of this First Amendment, nor any other act or omission by the Administrative Agent or the Lenders or their officers in connection herewith, shall be deemed a waiver by the Administrative Agent or the Lenders of any Defaults or Events of Default which may exist, which may have occurred prior to the date of the effectiveness of the First Amendment or which may occur in the future under the Credit Agreement and/or the other Loan Documents.  Similarly, nothing contained in this First Amendment shall directly or indirectly in any way whatsoever either: (a) impair, prejudice or otherwise adversely affect the Administrative Agent’s or the Lenders’ right at any time to exercise any right, privilege or remedy in connection with the Loan Documents with respect to any Default or Event of Default, (b) except as expressly provided herein, amend or alter any provision of the Credit Agreement, the other Loan Documents, or any other contract or instrument, or (c) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the other Loan Documents, or any other contract or instrument.  
5.3    Ratification and Affirmation; Representations and Warranties.  Each Credit Party hereby (a) acknowledges the terms of this First Amendment; (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby and (c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this First Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects) as of such specified earlier date, (ii) no Default or Event of Default has occurred and is continuing and (iii) no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.
5.4    Counterparts.  This First Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this First Amendment by 

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facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof.
5.5    No Oral Agreement.  This First Amendment, the Credit Agreement and the other Loan Documents executed in connection herewith and therewith represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or unwritten oral agreements of the parties.  There are no subsequent oral agreements between the parties.
5.6    GOVERNING LAW.  THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
5.7    Payment of Expenses.  In accordance with Section 12.03 of the Credit Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this First Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.
5.8    Severability.  Any provision of this First Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
5.9    Successors and Assigns.  This First Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
5.10    Loan Document.  This First Amendment shall constitute a “Loan Document” under and as defined in Section 1.02 of the Credit Agreement.
5.11    No Novation.  The parties hereto agree that this First Amendment does not in any way constitute a novation of the existing Credit Agreement, but is an amendment of the Credit Agreement.
5.12    Exiting Lenders.  Subject to receipt of funds necessary to pay off all principal and accrued but unpaid interest and fees owed to Deutsche Bank AG New York Branch (the “Exiting Lender”), the Exiting Lender hereby (a) consents to this First Amendment as required under Section 12.02 of the Credit Agreement and (a) acknowledges and agrees to Section 2.6 of this First Amendment.  Each of the parties hereto hereby agrees and confirms that after giving effect to Section 2.6 of this First Amendment, the Exiting Lender’s Commitment shall be $0 and the Exiting Lender’s Applicable Percentage shall be 0.000000000%, its Commitments to lend and all of its obligations (including in respect of any Letter of Credit or Swingline Loan) under the Credit Agreement shall be terminated and the Exiting Lender shall cease to be a Lender for all purposes under the Loan Documents (other than for the purposes of any terms thereof that expressly survive expiration or 

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termination of the Loan Documents in accordance with Section 12.05 of the Credit Agreement, which terms shall continue for the benefit of the Exiting Lender in accordance with such 12.05). 

 [Signatures Begin Next Page]

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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed as of the date first written above.
BORROWER:    OMP OPERATING LLC

By:  /s/ Richard Robuck                         
Name:    Richard Robuck
Title:   Senior Vice President and Chief 
            Financial Officer

GUARANTORS:    OASIS MIDSTREAM PARTNERS LP

By:  /s/ Richard Robuck                         
Name:    Richard Robuck
Title:   Senior Vice President and Chief 
            Financial Officer

BIGHORN DEVCO LLC

By:  /s/ Richard Robuck                         
Name:    Richard Robuck
Title:   Senior Vice President and Chief 
            Financial Officer

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

ADMINISTRATIVE AGENT,
		
	ISSUING BANK AND LENDER:
	WELLS FARGO BANK, N.A.,

as Administrative Agent, Issuing Bank and as a Lender 

By:    /s/ Andrew Ostrov    
Name:    Andrew Ostrov
Title:    Director

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

		
	LENDERS:
	CITIBANK, N.A., as a Lender

By:    /s/ Cliff Vaz    
Name:    Cliff Vaz    
Title:    Vice President    

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

JPMORGAN CHASE BANK, N.A., 
as a Lender

By:    /s/ Anson Williams    
Name:    Anson Williams
Title:    Authorized Officer

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

		
	LENDERS:
	ROYAL BANK OF CANADA, as a Lender

By:    /s/ Jay T. Sartain    
Name:    Jay T. Sartain
Title:    Authorized Signatory

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Lender 

By:    /s/ Trudy Nelson    
Name:    Trudy Nelson
Title:    Authorized Signatory

By:    /s/ Megan Larson    
Name:    Megan Larson
Title:    Authorized Signatory

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

CAPITAL ONE, NATIONAL ASSOCIATION, as a New Lender 

By:    /s/ Nancy Mak    
Name:    Nancy Mak
Title:    Sr. Vice President

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

COMPASS BANK, as a Lender

By:    /s/ Mark H. Wolf    
Name:    Mark H. Wolf
Title:    Senior Vice President

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

CITIZENS BANK, N.A., as a Lender 

By:    /s/ Scott Donaldson    
Name:    Scott Donaldson
Title:    Senior Vice President

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

ING CAPITAL LLC, as a New Lender 

By:    /s/ Hans Brekmans    
Name:    Hans Brekmans
Title:    Director

By:    /s/ Tanja van der Woude    
Name:    Tanja van der Woude
Title:    Director

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

U.S. BANK NATIONAL ASSOCIATION, as a Lender

By:    /s/ John C. Lozano    
Name:    John C. Lozano
Title:    Senior Vice President

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

BOKF, NA dba BANK OF TEXAS,
as a New Lender

By:    /s/ Mari Salazar    
Name:    Mari Salazar
Title:    Senior Vice President

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

BRANCH BANK & TRUST, as a New Lender 

By:    /s/ Kelly Graham    
Name:    Kelly Graham
Title:    Vice President

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

COMERICA BANK, as a Lender 

By:    /s/ William B. Robinson    
Name:    William B. Robinson
Title:    Senior Vice President

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender

By:    /s/ Nupur Kumar    
Name:    Nupur Kumar
Title:    Authorized Signatory

By:    /s/ Christopher Zybrick    
Name:    Christopher Zybrick
Title:    Authorized Signatory

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

GOLDMAN SACHS BANK USA, as a Lender 

By:    /s/ Annie Carr    
Name:    Annie Carr
Title:    Authorized Signatory

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

IBERIA BANK, as a New Lender 

By:    /s/ Stacy Goldstein    
Name:    Stacy Goldstein
Title:    Senior Vice President

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

MORGAN STANLEY BANK, N.A., as a Lender

By:    /s/ Michael King    
Name:    Michael King
Title:    Authorized Signatory

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

REGIONS BANK, 
as a New Lender

By:    /s/ Iris Zhang    
Name:    Iris Zhang
Title:    Director

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

 ZB, N.A. dba AMEGY BANK, as a Lender

By:    /s/ John Moffitt    
Name:    John Moffitt
Title:    Vice President

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

Deutsche Bank AG New York Branch, as an Exiting Lender

By:    /s/ Alicia Schug    
Name:    Alicia Schug
Title:    Vice President

Deutsche Bank AG New York Branch, as an Exiting Lender

By:    /s/ Marguerite Sutton    
Name:    Marguerite Sutton
Title:    Vice President

Signature Page to First Amendment to Credit Agreement
(OMP Operating LLC) 

ACKNOWLEDGEMENT AND RATIFICATION: Each DevCo hereby (a) acknowledges the terms of this First Amendment; (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document (including each DevCo Guaranty) to which it is a party and agrees that each Loan Document (including each DevCo Guaranty) to which it is a party remains in full force and effect as expressly amended hereby and (c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this First Amendment:  (i) all of the representations and warranties contained in each Loan Document (including each DevCo Guaranty) to which it is a party are true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects) as of such specified earlier date, (ii) no Default or Event of Default has occurred and is continuing and (iii) no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

ACKNOWLEDGED AND RATIFIED:

BEARTOOTH DEVCO LLC

By:  /s/ Richard Robuck                             
Name:    Richard Robuck
Title:   Senior Vice President and Chief 
            Financial Officer

BOBCAT DEVCO LLC

By:  /s/ Richard Robuck                         
Name:    Richard Robuck
Title:   Senior Vice President and Chief 
            Financial Officer

Acknowledgement and Ratification of First Amendment to Credit Agreement
(OMP Operating LLC) 

ANNEX I 
LIST OF COMMITMENTS

Part A – First Amendment Effective Date Commitments

	
			
	Name of Lender
	Applicable Percentage
	Commitments

	Wells Fargo Bank, N.A.
	11.275000000%
	$28,187,500.00

	Citibank, N.A.
	10.168750000%
	$25,421,875.00

	JPMorgan Chase Bank, N.A.
	10.168750000%
	$25,421,875.00

	Royal Bank of Canada
	9.418750000%
	$23,546,875.00

	Canadian Imperial Bank of Commerce, New York Branch
	5.992187500%
	$14,980,468.75

	Capital One, National Association
	2.242187500%
	$5,605,468.75

	Compass Bank
	5.992187500%
	$14,980,468.75

	Citizens Bank, N.A.
	5.992187500%
	$14,980,468.75

	ING Capital LLC
	2.242187500%
	$5,605,468.75

	U.S. Bank National Association
	5.992187500%
	$14,980,468.75

	BOKF, NA dba Bank of Texas
	1.640625000%
	$4,101,562.50

	Branch Bank & Trust
	1.640625000%
	$4,101,562.50

	Comerica Bank
	5.390625000%
	$13,476,562.50

	Credit Suisse AG, Cayman Islands Branch
	4.640625000%
	$11,601,562.50

	Goldman Sachs Bank USA
	4.640625000%
	$11,601,562.50

	Iberia Bank
	1.640625000%
	$4,101,562.50

	Morgan Stanley Bank, N.A.
	4.640625000%
	$11,601,562.50

	Regions Bank
	1.640625000%
	$4,101,562.50

	ZB, N.A. dba Amegy Bank
	4.640625000%
	$11,601,562.50

	         TOTAL
	100.000000000%
	$250,000,000.00

 

Part B – Scheduled Dropdown Commitments

	
			
	Name of Lender
	Applicable Percentage
	Commitments

	Wells Fargo Bank, N.A.
	10.000000000%
	$40,000,000.00

	Citibank, N.A.
	8.500000000%
	$34,000,000.00

	JPMorgan Chase Bank, N.A.
	8.500000000%
	$34,000,000.00

	Royal Bank of Canada
	8.500000000%
	$34,000,000.00

	Canadian Imperial Bank of Commerce, New York Branch
	5.125000000%
	$20,500,000.00

	Capital One, National Association
	5.125000000%
	$20,500,000.00

	Compass Bank
	5.125000000%
	$20,500,000.00

	Citizens Bank, N.A.
	5.125000000%
	$20,500,000.00

	ING Capital LLC
	5.125000000%
	$20,500,000.00

	U.S. Bank National Association
	5.125000000%
	$20,500,000.00

	BOKF, NA dba Bank of Texas
	3.750000000%
	$15,000,000.00

	Branch Bank & Trust
	3.750000000%
	$15,000,000.00

	Comerica Bank
	3.750000000%
	$15,000,000.00

	Credit Suisse AG, Cayman Islands Branch
	3.750000000%
	$15,000,000.00

	Goldman Sachs Bank USA
	3.750000000%
	$15,000,000.00

	Iberia Bank
	3.750000000%
	$15,000,000.00

	Morgan Stanley Bank, N.A.
	3.750000000%
	$15,000,000.00

	Regions Bank
	3.750000000%
	$15,000,000.00

	ZB, N.A. dba Amegy Bank
	3.750000000%
	$15,000,000.00

	         TOTAL
	100.000000000%
	$400,000,000.00Exhibit 10.1

 

EMPLOYMENT AGREEMENT

This EMPLOYMENT
AGREEMENT (the “Agreement”) is made and entered into as of August 29, 2018, by and between Efthymios Deliargyris,
MD, FACC, FESC, FSCAI (the “Executive”) and PLx Pharma Inc., a Delaware corporation (the “Company”).

WHEREAS,
the Company desires to employ the Executive on the terms and conditions set forth herein; and

WHEREAS,
the Executive desires to be employed by the Company on such terms and conditions; and

NOW, THEREFORE,
in consideration of the mutual covenants, promises and obligations set forth herein, the parties agree as follows:

1.
Term. The Executive’s employment hereunder shall be effective as of as of August 29, 2018 (the “Effective
Date”) and shall continue until the first anniversary thereof, unless terminated earlier pursuant to Section 5
of this Agreement; provided that, on such first anniversary of the Effective Date and each annual anniversary thereafter (such
date and each annual anniversary thereof, a “Renewal Date”), the Agreement shall be deemed to be automatically
extended, upon the same terms and conditions, for successive periods of one year, unless either party provides written notice of
its intention not to extend the term of the Agreement at least 60 days’ prior to the applicable Renewal Date. The period
during which the Executive is employed by the Company hereunder is hereinafter referred to as the “Employment Term.”

2.
Position and Duties.

2.1
Position. During the Employment Term, the Executive shall serve as Chief Medical Officer, reporting directly to the
Chief Executive Officer of the Company (the “CEO”) and the Board of Directors of the Company (the “Board”).
For purposes of this Agreement, it is expressly recognized that the Board may delegate its authority in a particular matter to
one or more committees of the Board, including but not limited to the Compensation Committee, as provided by the governing documents
of the Company. In such position, the Executive shall have such duties, authority and responsibility as are consistent with the
Executive’s position.

2.2
Duties. During the Employment Term, the Executive shall devote substantially all of his business time and attention
to the performance of the Executive’s duties hereunder and will not engage in any other business, profession, occupation,
duties, or activities, for compensation or otherwise, which would conflict or interfere with the performance of such services to
the Company, either directly or indirectly, without the prior written consent of the CEO. Notwithstanding the foregoing, the Executive
will be permitted to (a) act or serve as a director, trustee, or committee member of a civic or charitable organization (but not
of any business or any other type of organization, without prior written consent of the CEO), and (b) purchase or own less than
three percent (3%) of the publicly traded securities of any corporation; provided that such ownership represents a passive investment
and that the Executive is not a controlling person of, or a member of a group that controls, such corporation; provided further
that the activities described in clauses (a) and (b) do not interfere in any material way with the performance of the Executive’s
duties and responsibilities to the Company as provided hereunder, including, but not limited to, the obligations set forth in Section
2 hereof.

    	 

     

    

3.
Compensation.

3.1
Base Salary. The Company shall pay the Executive an annual rate of base salary of Three Hundred Thirty-Five Thousand
Dollars ($335,000). Such base salary shall be paid consistently with the Company’s then current pay practices. The Executive’s
base salary shall be reviewed at least annually by the Board and the Board may, but shall not be required to, increase (but not
decrease) the base salary during the Employment Term. The Executive’s annual base salary, as in effect from time to time,
is hereinafter referred to as “Base Salary.”

3.2
Annual Bonus. The Executive shall be eligible to receive a bonus pursuant to any bonus plan established by the Board
with a target annual bonus of fifty percent (50%) of Base Salary. The Board in its sole discretion shall determine the actual amount
of any such bonus and the date upon which it is payable by the Company. Any such bonuses shall be subject to all applicable withholding
requirements.

3.3
Equity Awards. During the Employment Term, the Executive shall be eligible to participate in the Company’s
2015 Omnibus Incentive Plan or any successor plan, subject to the terms of the 2015 Omnibus Incentive Plan or successor plan, as
determined by the Board or the Compensation Committee, in its discretion. In conjunction with Executive’s entrance into this
Agreement, Executive has been granted certain equity awards pursuant to the terms of the Award Agreement attached hereto as Exhibit
A.

3.4
Benefits and Perquisites. During the Employment Term, the Executive shall be entitled to (i) a vehicle allowance
in the amount of Twelve Thousand Five Hundred Dollars ($12,500) per year, and (ii) benefits and perquisites consistent with the
practices of the Company, and to the extent the Company provides similar benefits or perquisites (or both) to similarly situated
executives of the Company.

3.5
Employee Benefits. During the Employment Term, the Executive shall be entitled to participate in all employee benefit
plans, practices and programs maintained by the Company and generally available to senior executives of the Company, as in effect
from time to time (collectively, “Employee Benefit Plans”), to the extent consistent with applicable law and
the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or cancel any Employee Benefit Plans
at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

3.6
Vacation. During the Employment Term, the Executive shall be entitled to twenty five (25) paid vacation days per
calendar year (prorated for partial years) in accordance with the Company’s vacation policies, as in effect from time to
time.

3.7
Business Expenses. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket
business, entertainment and travel expenses incurred by the Executive in connection with the performance of the Executive’s
duties hereunder, specifically including first-class air travel, subject to compliance with the Company’s expense reimbursement
policies and procedures.

    	2

     

    

3.8
Indemnification.  The Executive shall be indemnified and advancement of expenses by the Company as provided
in Company’s Bylaws and Certificate of Incorporation. The obligations under this paragraph shall survive any termination
of the Employment Term.

3.9
Clawback Provisions. Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based
compensation, or any other compensation, paid to the Executive pursuant to this Agreement or any other agreement or arrangement
with the Company which is subject to recovery under any law, government regulation or stock exchange listing requirement (including,
without limitation, any changes required to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act), will be
subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange
listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing
requirement).

4.
Termination of Employment. The Employment Term and the Executive’s employment hereunder may be terminated
by either the Company or the Executive at any time and for any reason; provided that, unless otherwise provided herein, either
party shall be required to give the other party at least 15 days advance written notice of any termination of the Executive’s
employment. Upon termination of the Executive’s employment during the Employment Term, the Executive shall be entitled to
the compensation and benefits described in this Section 4 and shall have no further rights to any compensation or any other
benefits from the Company or any of its affiliates.

4.1
Termination For Cause or Without Good Reason.  

(a)
The Executive’s employment hereunder may be terminated by the Company for Cause or by the Executive without Good Reason.
If the Executive’s employment is terminated by the Company for Cause or by the Executive without Good Reason, the Executive
shall be entitled to receive:

		(i)	any accrued but unpaid Base Salary and accrued but unused vacation, which shall be paid in accordance
with the Company’s customary payroll procedures;

		(ii)	any earned but unpaid Annual Bonus with respect to any completed fiscal year immediately preceding
the Termination Date, which shall be paid on the otherwise applicable payment date; provided that, if the Executive’s employment
is terminated by the Company for Cause, then any such accrued but unpaid Annual Bonus shall be forfeited;

		(iii)	reimbursement for unreimbursed business expenses properly incurred by the Executive, which shall
be subject to and paid in accordance with the Company’s expense reimbursement policy; and

		(iv)	such employee benefits (including equity compensation), if any, as to which the Executive may be
entitled under the Company’s employee benefit plans as of the Termination Date; provided that, in no event shall the Executive
be entitled to any payments in the nature of severance or termination payments except as specifically provided herein.

    	3

     

    

Items 4.1(a)(i) through 4.1(a)(iv)
are referred to herein collectively as the “Accrued Amounts”.

(b)
For purposes of this Agreement, “Cause” shall mean:

		(i)	the Executive’s wilful failure to perform his duties (other than any such failure resulting
from incapacity due to physical or mental illness), and such failure has not been cured after a period of thirty (30) days’
notice from the Company;

		(ii)	the Executive’s wilful failure to comply with any valid and legal directive of the Board;

		(iii)	the Executive’s wilful engagement in dishonesty, illegal conduct or gross misconduct, which
is, in each case, materially injurious to the Company or its affiliates;

		(iv)	the Executive’s embezzlement, misappropriation or fraud, whether or not related to the Executive’s
employment with the Company;

		(v)	the Executive’s conviction of or plea of guilty or nolo contendere to a crime that
constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude;

		(vi)	the Executive’s wilful malfeasance or wilful misconduct in connection with the Executive’s
duties hereunder or any act or omission which is materially injurious to the financial condition or business reputation of the
Company;

		(vii)	the Executive’s wilful unauthorized disclosure of Confidential Information (as defined below);

		(viii)	the Executive’s material breach of any material obligation under this Agreement or any other
written agreement between the Executive and the Company, which breach, if curable, remains uncured for a period of thirty (30) days
after receipt by the Executive of written notice from the Company of such breach, which notice shall contain the specific reasonable
cure requested by the Company.

For purposes of this provision,
no act or failure to act on the part of the Executive shall be considered “wilful” unless it is done, or omitted to
be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best
interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board
or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive
in good faith and in the best interests of the Company.

    	4

     

    

(c)
For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in each
case during the Employment Term without the Executive’s written consent:

		(i)	a material reduction in the Executive’s Base Salary;

		(ii)	a relocation of the Company’s corporate offices outside of the Sparta, New Jersey area with
a requirement that the Executive perform his duties in the new location; or

		(iii)	any material breach by the Company of any material provision of this Agreement, which breach, if
curable, remains uncured for a period of thirty (30) days after receipt by the Company of written notice from the Executive
of such breach, which notice shall contain the specific reasonable cure requested by the Executive;

		(iv)	a material, adverse change in the Executive’s title, authority, duties or responsibilities
(other than temporarily while the Executive is physically or mentally incapacitated or as required by applicable law) taking into
account the Company’s size, status as a public company and capitalization as of the date of this Agreement; or

		(v)	a Change in Control of the Company in which this Agreement is not assumed.

(d)
“Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement
of any of the effective date of any following events:

		(i)	Acquisition of Stock by Third Party. Any Person is or becomes the Beneficial Owner (as such
term is defined in Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and any rules and regulations promulgated thereunder), directly or indirectly, of securities of the Company representing twenty
percent (20%) or more of the combined voting power of the Company’s then outstanding shares of capital stock;

		(ii)	Change in Board. During any period of one year (not including any period prior to the execution
of this Agreement), individuals who at the beginning of such period constitute the Board of Directors of Company (the “Board”),
and any new director (other than a director designated by a person who has effected a transaction described in subparagraph (i)
of this definition without the consent of the Board) whose election by the Board or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the
beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute
a least a majority of the members of the Board;

    	5

     

    

		(iii)	Corporate Transactions. The effective date of a merger or consolidation of the Company with
any other entity, other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately
prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than a majority of the combined voting power of the voting securities of the surviving
entity outstanding immediately after such merger or consolidation which such shares give the holder(s) thereof the power to elect
at least a majority of the board or other governing body of such surviving entity;

		(iv)	Liquidation. The approval by the stockholders of the Company of a complete liquidation of
the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets;
or

		(v)	Other Events. There occurs any other event of a nature that would be required to be reported
in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form)
promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement.

The Executive cannot terminate
his employment for Good Reason unless he has provided written notice to the Company of the existence of the circumstances providing
grounds for termination for Good Reason within sixty (60) days of the initial existence of such grounds and the Company has had
at least thirty (30) days from the date on which such notice is provided to cure such circumstances. If the Executive does not
terminate his employment for Good Reason within one hundred twenty (120) days after the first occurrence of the applicable grounds,
then the Executive will be deemed to have waived his right to terminate for Good Reason with respect to such grounds.

4.2
Termination Without Cause or for Good Reason. The Employment Term and the Executive’s employment hereunder
may be terminated by the Executive for Good Reason or by the Company without Cause. In the event of such termination, the Executive
shall be entitled to receive the Accrued Amounts and subject to the Executive’s compliance with Sections 5, 6,
7, and 8 of this Agreement and his execution of a release of claims in favor of the Company, its affiliates and their
respective officers and directors in a form provided by the Company (the “Release”) and such Release becoming
effective within thirty (30) days following the Termination Date (such 30-day period, the “Release Execution Period”),
the Executive shall be entitled to receive the following:

(a)
continued Base Salary for one (1) year following the Termination Date payable in a single lump sum within thirty (30) days
following the Termination Date;

(b)
any Annual Bonus earned for a previously completed fiscal year but unpaid as of the Termination Date;

    	6

     

    

(c)
a payment equal to the product of (i) the Annual Bonus, if any, that the Executive would have earned for the fiscal year
in which the Date of Termination occurs based on achievement of the applicable performance goals for such year and (ii) a fraction,
the numerator of which is the number of days the Executive was employed by the Company during the year of termination and the denominator
of which is the number of days in such year (the “Pro-Rata Bonus”). This amount shall be paid on the date that
annual bonuses are paid to similarly situated executives;

(d)
such employee benefits (including equity compensation), if any, as to which the Executive may be entitled under the Company’s
employee benefit plans as of the Termination Date and, if Executive elects to continue health insurance benefits pursuant to COBRA,
the Company will, for a period of twelve (12) months from the Termination Date, reimburse Executive for the premiums payable by
Executive for such coverage in the same proportion as the Company paid for Executive’s health insurance coverage immediately
prior to the Termination Date;

(e)
any personal computer owned by the Company which was used primarily by the Executive prior to the Termination Date.

4.3
Death or Disability.  

(a)
The Executive’s employment hereunder shall terminate automatically upon the Executive’s death during the Employment
Term, and the Company may terminate the Executive’s employment on account of the Executive’s Disability.

(b)
If the Executive’s employment is terminated during the Employment Term on account of the Executive’s death or
Disability, the Executive (or the Executive’s estate and/or beneficiaries, as the case may be) shall be entitled to receive
the following:

		(i)	the Accrued Amounts; and

		(ii)	a lump sum payment equal to the Pro-Rata Bonus/Annual Bonus, if any, that the Executive would have
earned for the fiscal year in which the Termination Date occurs based on the achievement of applicable performance goals for such
year, which shall be payable on the date that annual bonuses are paid to the Company’s similarly situated executives, but
in no event later than two-and-a-half (2 1/2) months following the end of the fiscal year in which the Termination Date occurs.

Notwithstanding any other provision
contained herein, all payments made in connection with the Executive’s Disability shall be provided in a manner which is
consistent with federal and state law.

(c)
For purposes of this Agreement, Disability shall mean the Executive’s inability, due to physical or mental incapacity,
to substantially perform his duties and responsibilities under this Agreement for one hundred eighty (180) days out of any three
hundred sixty-five (365) day period or one hundred twenty (120) consecutive days. Any question as to the existence of the Executive’s
Disability as to which the Executive and the Company cannot agree shall be determined in writing by a qualified independent physician
mutually acceptable to the Executive and the Company. If the Executive and the Company cannot agree as to a qualified independent
physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination
in writing. The determination of Disability made in writing to the Company and the Executive shall be final and conclusive for
all purposes of this Agreement.

    	7

     

    

4.4
Notice of Termination. Any termination of the Executive’s employment hereunder by the Company or by the Executive
during the Employment Term (other than termination pursuant to Section 4.3(a) on account of the Executive’s death)
shall be communicated by written notice of termination (“Notice of Termination”) to the other party hereto in
accordance with Section 25. The Notice of Termination shall specify:

(a)
The termination provision of this Agreement relied upon;

(b)
To the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive’s
employment under the provision so indicated; and

(c)
The applicable Termination Date.

4.5
Termination Date. The Executive’s Termination Date shall be:

(a)
If the Executive’s employment hereunder terminates on account of the Executive’s death, the date of the Executive’s
death;

(b)
If the Executive’s employment hereunder is terminated on account of the Executive’s Disability, the date that
it is determined that the Executive has a Disability;

(c)
If the Company terminates the Executive’s employment hereunder for Cause, the date the Notice of Termination is delivered
to the Executive;

(d)
If the Company terminates the Executive’s employment hereunder without Cause, the date specified in the Notice of
Termination, which shall be no less than fifteen (15) days following the date on which the Notice of Termination is delivered;
provided that, the Company shall have the option to provide the Executive with a lump sum payment equal to fifteen (15) days’
Base Salary in lieu of such notice, which shall be paid in a lump sum on the Executive’s Termination Date and for all purposes
of this Agreement, the Executive’s Termination Date shall be the date on which such Notice of Termination is delivered;

(e)
If the Executive terminates his employment hereunder with or without Good Reason, the date specified in the Executive’s
Notice of Termination, which shall be no less than fifteen (15) days following the date on which the Notice of Termination is delivered;
provided that, the Company may waive all or any part of the fifteen (15) day notice period for no consideration by giving written
notice to the Executive and for all purposes of this Agreement, the Executive’s Termination Date shall be the date determined
by the Company; and

(f)
If the Executive’s employment hereunder terminates because either party provides notice of non-renewal pursuant to
Section 1, the Renewal Date immediately following the date on which the applicable party delivers notice of non-renewal.

    	8

     

    

Notwithstanding
anything contained herein, the Termination Date shall not occur until the date on which the Executive incurs a “separation
from service” within the meaning of Section 409A.

4.6
Resignation of All Other Positions. Upon termination of the Executive’s employment hereunder for any reason,
the Executive shall be deemed to have resigned from all positions that the Executive holds as an officer or member of the board
of directors (or a committee thereof) of the Company or any of its affiliates or any position that Executive holds with any other
entity at the request or designation of the Company. To the extent appropriate, Executive shall execute and deliver such notices
or other instruments as shall be required by give effect to the foregoing as may reasonably be requested by the Company.

4.7
Section 280G .  

(a)
If any of the payments or benefits received or to be received by the Executive (including, without limitation, any payment
or benefits received in connection with the Executive’s termination of employment, whether pursuant to the terms of this
Agreement or any other plan, arrangement or agreement, or otherwise) (all such payments collectively referred to herein as the
“280G Payments”) constitute “parachute payments” within the meaning of Section 280G of the Code
and will be subject to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), the Company
shall pay to the Executive, no later than the time such Excise Tax is required to be paid by the Executive or withheld by the Company,
an additional amount (the “280G Gross-Up Payment”) equal to the sum of the Excise Tax payable by the Executive,
plus the amount necessary to put the Executive in the same after-tax position (taking into account any and all applicable federal,
state and local excise, income or other taxes at the highest applicable rates on such 280G Payments and on any payments under this
Section 5.7 or otherwise as if no Excise Tax had been imposed).

(b)
All calculations and determinations under this Section 5.7 shall be made by an independent accounting firm or independent
tax counsel appointed by the Company (the “Tax Counsel”) whose determinations shall be conclusive and binding
on the Company and the Executive for all purposes. For purposes of making the calculations and determinations required by this
Section 5.7, the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application
of Section 280G and Section 4999 of the Code. The Company and the Executive shall furnish the Tax Counsel with such information
and documents as the Tax Counsel may reasonably request in order to make its determinations under this Section 5.7. The
Company shall bear all costs the Tax Counsel may reasonably incur in connection with its services.

5.
Cooperation. To facilitate the orderly conduct of the Company, the Executive agrees to cooperate, at no charge,
with the Company’s reasonable requests for information or assistance related to (i) the time of his employment, (ii) any
investigations (including internal investigations) and audits of the Company’s management’s current and past conduct
and business and accounting practices and (iii) the Company’s defence of, or other participation in, any administrative,
judicial, or other proceeding arising from any charge, complaint or other action which has been or may be filed relating to the
period during which Executive was employed by the Company. The Company will promptly reimburse Executive for his reasonable, customary
and documented out-of-pocket business expenses in connection with the performance of his duties under this Section 5.

    	9

     

    

6.
Confidential Information. The Executive understands and acknowledges that during the Employment Term, he will
have access to and learn about Confidential Information, as defined below.

6.1
Confidential Information Defined.  

(a)
Definition.

For purposes
of this Agreement, “Confidential Information” includes, but is not limited to, all information not generally
known to the public, in spoken, printed, electronic or any other form or medium, relating directly or indirectly to: business processes,
practices, methods, policies, plans, publications, documents, research, operations, services, strategies, techniques, agreements,
contracts, terms of agreements, transactions, potential transactions, negotiations, pending negotiations, know-how, trade secrets,
work-in-process, databases, manuals, records, articles, systems, material, sources of material, supplier information, vendor information,
financial information, results, accounting information, accounting records, legal information, marketing information, advertising
information, pricing information, credit information, design information, payroll information, staffing information, personnel
information, employee lists, supplier lists, vendor lists, developments, reports, internal controls, security procedures, graphics,
drawings, sketches, market studies, sales information, revenue, costs, formulae, notes, communications, algorithms, product plans,
designs, styles, models, ideas, audiovisual programs, inventions, unpublished patent applications, original works of authorship,
discoveries, experimental processes, experimental results, specifications, customer information, customer lists, client information,
client lists, manufacturing information, factory lists, distributor lists, and buyer lists of the Company or its businesses or
any existing or prospective customer, supplier, investor or other associated third party, or of any other person or entity that
has entrusted information to the Company in confidence.

The Executive
understands that the above list is not exhaustive, and that Confidential Information also includes other information that is marked
or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential
or proprietary in the context and circumstances in which the information is known or used.

The Executive
understands and agrees that Confidential Information includes information developed by him in the course of his employment by the
Company as if the Company furnished the same Confidential Information to the Executive in the first instance. Confidential Information
shall not include information that is generally available to and known by the public at the time of disclosure to the Executive;
provided that, such disclosure is through no direct or indirect fault of the Executive or person(s) acting on the Executive’s
behalf.

    	10

     

    

(b)
Company Creation and Use of Confidential Information.

The Executive
understands and acknowledges that the Company has invested, and continues to invest, substantial time, money and specialized knowledge
into developing its resources, creating a customer base, generating customer and potential customer lists, training its employees,
and improving its offerings in the pharmaceutical industry. The Executive understands and acknowledges that as a result of these
efforts, the Company has created, and continues to use and create Confidential Information. This Confidential Information provides
the Company with a competitive advantage over others in the marketplace.

(c)
Disclosure and Use Restrictions.

The Executive
agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose,
publish, communicate or make available Confidential Information, or allow it to be disclosed, published, communicated or made available,
in whole or part, to any entity or person whatsoever (including other employees of the Company) not having a need to know and authority
to know and use the Confidential Information in connection with the business of the Company and, in any event, not to anyone outside
of the direct employ of the Company except as required in the performance of the Executive’s authorized employment duties
to the Company or with the prior consent of the Board acting on behalf of the Company in each instance (and then, such disclosure
shall be made only within the limits and to the extent of such duties or consent); and (iii) not to access or use any Confidential
Information, and not to copy any documents, records, files, media or other resources containing any Confidential Information, or
remove any such documents, records, files, media or other resources from the premises or control of the Company, except as required
in the performance of the Executive’s authorized employment duties to the Company or with the prior consent of the Board
acting on behalf of the Company in each instance (and then, such disclosure shall be made only within the limits and to the extent
of such duties or consent). Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required
by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government
agency. The Executive shall, to the extent permitted by applicable law, promptly provide written notice of any such order to the
Board.

The Executive
understands and acknowledges that his obligations under this Agreement with regard to any particular Confidential Information shall
commence immediately upon the Executive first having access to such Confidential Information (whether before or after he begins
employment by the Company) and shall continue during and after his employment by the Company until such time as such Confidential
Information has become public knowledge other than as a result of the Executive’s breach of this Agreement or breach by those
acting in concert with the Executive or on the Executive’s behalf.

7.
Restrictive Covenants.

7.1
Acknowledgment. The Executive understands that the nature of the Executive’s position gives him access to and
knowledge of Confidential Information and places him in a position of trust and confidence with the Company. The Executive understands
and acknowledges that the intellectual or artistic services he provides to the Company are unique, special or extraordinary.

    	11

     

    

The Executive
further understands and acknowledges that the Company’s ability to reserve these for the exclusive knowledge and use of the
Company is of great competitive importance and commercial value to the Company, and that improper use or disclosure by the Executive
is likely to result in unfair or unlawful competitive activity.

7.2
Non-competition. Because of the Company’s legitimate business interest as described herein and the good and
valuable consideration offered to the Executive, during the Employment Term and for the two (2) years, to run consecutively, beginning
on the last day of the Executive’s employment with the Company, for any reason or no reason and whether employment is terminated
at the option of the Executive or the Company, the Executive agrees and covenants not to engage in Prohibited Activity.

For purposes
of this Section 7, “Prohibited Activity” is activity in which the Executive participates, directly or
indirectly, as an employee, employer, owner, operator, manager, advisor, consultant, agent, employee, partner, director, or officer,
or any other similar capacity to an entity (i) providing goods or services competitive with aspirin or other NSAIDS, or (ii) developing
or using controlled or modified release drug delivery systems and technologies.

Nothing herein
shall prohibit the Executive from purchasing or owning less than five percent (5%) of the publicly traded securities of any corporation,
provided that such ownership represents a passive investment and that the Executive is not a controlling person of, or a member
of a group that controls, such corporation.

This Section
7 does not, in any way, restrict or impede the Executive from exercising protected rights to the extent that such rights cannot
be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction
or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation or order.
The Executive shall, to the extent permitted by applicable law, promptly provide written notice of any such order to the Board.

7.3
Non-solicitation of Employees. The Executive agrees and covenants not to directly or indirectly solicit, hire, recruit,
attempt to hire or recruit, or induce the termination of employment of any employee of the Company during two (2) years, to run
consecutively, beginning on the last day of the Executive’s employment with the Company.

7.4
Non-solicitation of Customers. The Executive understands and acknowledges that because of the Executive’s experience
with and relationship to the Company, he will have access to and learn about much or all of the Company’s customer information.
 “Customer Information” includes, but is not limited to, names, phone numbers, addresses, e-mail addresses, order
history, order preferences, chain of command, pricing information and other information identifying facts and circumstances specific
to the customer and relevant to sales.

The Executive
understands and acknowledges that loss of this customer relationship and/or goodwill will cause significant and irreparable harm.

The Executive
agrees and covenants, during two (2) years, to run consecutively, beginning on the last day of the Executive’s employment
with the Company, not to directly or indirectly solicit, contact (including but not limited to e-mail, regular mail, express mail,
telephone, fax, and instant message), attempt to contact or meet with the Company’s current, former or prospective customers
for purposes of offering or accepting goods or services competitive with those offered by the Company.

    	12

     

    

8.
Non-disparagement. The Executive agrees and covenants that he will not at any time make, publish or communicate
to any person or entity or in any public forum any defamatory or disparaging remarks, comments or statements concerning the Company
or its businesses, or any of its employees, officers, and existing and prospective customers, suppliers, investors and other associated
third parties.

This Section
8 does not, in any way, restrict or impede the Executive from exercising protected rights to the extent that such rights cannot
be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction
or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation or order.
The Executive shall, to the extent permitted by applicable law, promptly provide written notice of any such order to the Board.

9.
Acknowledgement. The Executive acknowledges and agrees that the services to be rendered by him to the Company
are of a special and unique character; that the Executive will obtain knowledge and skill relevant to the Company’s industry,
methods of doing business and marketing strategies by virtue of the Executive’s employment; and that the restrictive covenants
and other terms and conditions of this Agreement are reasonable and reasonably necessary to protect the legitimate business interest
of the Company.

The Executive
further acknowledges that the amount of his compensation reflects, in part, his obligations and the Company’s rights under
Sections 6, 7, and 8 of this Agreement; that he has no expectation of any additional compensation, royalties
or other payment of any kind not otherwise referenced herein in connection herewith; that he will not be subject to undue hardship
by reason of his full compliance with the terms and conditions of Sections 6, 7, and 8 of this Agreement or
the Company’s enforcement thereof.

10.
Remedies. In the event of a breach or threatened breach by the Executive of Sections 6, 7, and
8 of this Agreement, the Executive hereby consents and agrees that the Company shall be entitled to seek, in addition to
other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach
from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford
an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall
be in addition to, not in lieu of, legal remedies, monetary damages or other available forms of relief.

11.
Arbitration. Any dispute, controversy or claim arising out of or related to this Agreement or any breach of
this Agreement shall be submitted to and decided by binding arbitration. Arbitration shall be administered exclusively by American
Arbitration Association and shall be conducted consistent with the rules, regulations and requirements thereof as well as any requirements
imposed by state law. The arbitration shall be held in the City of Houston, Texas, or such other place as may be agreed upon at
the time by the parties to the arbitration. The arbitrator(s) shall, in their award, allocate between the parties the costs of
arbitration, which shall include reasonable attorneys’ fees of the parties, as well as the arbitrators’ fees and expenses,
in such proportions as the arbitrator(s) deem just. Any arbitral award determination shall be final and binding upon the Parties.

    	13

     

    

12.
Proprietary Rights.

12.1
Work Product. The Executive acknowledges and agrees that all writings, works of authorship, technology, inventions,
discoveries, ideas and other work product of any nature whatsoever, that are created, prepared, produced, authored, edited, amended,
conceived or reduced to practice by the Executive individually or jointly with others during the period of, and related to, his
employment by the Company (regardless of when or where the Work Product is prepared or whose equipment or other resources is used
in preparing the same) and all printed, physical and electronic copies, all improvements, rights and claims related to the foregoing,
and other tangible embodiments thereof (collectively, “Work Product”), as well as any and all rights in and
to copyrights, trade secrets, trademarks (and related goodwill), patents and other intellectual property rights therein arising
in any jurisdiction throughout the world and all related rights of priority under international conventions with respect thereto,
including all pending and future applications and registrations therefor, and continuations, divisions, continuations-in-part,
reissues, extensions and renewals thereof (collectively, “Intellectual Property Rights”), shall be the sole
and exclusive property of the Company.

For purposes
of this Agreement, Work Product includes, but is not limited to, Company information, including plans, publications, research,
strategies, techniques, agreements, documents, contracts, terms of agreements, negotiations, know-how, work in process, databases,
manuals, results, developments, reports, graphics, drawings, sketches, market studies, formulae, notes, communications, algorithms,
product plans, product designs, styles, models, audiovisual programs, inventions, unpublished patent applications, original works
of authorship, discoveries, experimental processes, experimental results, specifications, customer information, client information,
customer lists, client lists, manufacturing information, marketing information, advertising information and sales information.

12.2
Work Made for Hire; Assignment. The Executive acknowledges that, by reason of being employed by the Company at the
relevant times, to the extent permitted by law, all of the Work Product consisting of copyrightable subject matter is “work
made for hire” as defined in 17 U.S.C. § 101 and such copyrights are therefore owned by the Company. To the extent that
the foregoing does not apply, the Executive hereby irrevocably assigns to the Company, for no additional consideration, the Executive’s
entire right, title and interest in and to all Work Product and Intellectual Property Rights therein, including the right to sue,
counterclaim and recover for all past, present and future infringement, misappropriation or dilution thereof, and all rights corresponding
thereto throughout the world. Nothing contained in this Agreement shall be construed to reduce or limit the Company’s rights,
title or interest in any Work Product or Intellectual Property Rights so as to be less in any respect than that the Company would
have had in the absence of this Agreement.

    	14

     

    

12.3
Further Assurances; Power of Attorney. During and after his employment, the Executive agrees to reasonably cooperate
with the Company to (a) apply for, obtain, perfect and transfer to the Company the Work Product as well as an Intellectual Property
Right in the Work Product in any jurisdiction in the world; and (b) maintain, protect and enforce the same, including, without
limitation, executing and delivering to the Company any and all applications, oaths, declarations, affidavits, waivers, assignments
and other documents and instruments as shall be requested by the Company. The Executive hereby irrevocably grants the Company power
of attorney to execute and deliver any such documents on the Executive’s behalf in his name and to do all other lawfully
permitted acts to transfer the Work Product to the Company and further the transfer, issuance, prosecution and maintenance of all
Intellectual Property Rights therein, to the full extent permitted by law, if the Executive does not promptly cooperate with the
Company’s request (without limiting the rights the Company shall have in such circumstances by operation of law). The power
of attorney is coupled with an interest and shall not be effected by the Executive’s subsequent incapacity.

12.4
No License. The Executive understands that this Agreement does not, and shall not be construed to, grant the Executive
any license or right of any nature with respect to any Work Product or Intellectual Property Rights or any Confidential Information,
materials, software or other tools made available to him by the Company.

13.
Security.

13.1
Security and Access. The Executive agrees and covenants (a) to comply with all Company security policies and procedures
as in force from time to time including without limitation those regarding computer equipment, telephone systems, voicemail systems,
facilities access, monitoring, key cards, access codes, Company intranet, internet, social media and instant messaging systems,
computer systems, e-mail systems, computer networks, document storage systems, software, data security, encryption, firewalls,
passwords and any and all other Company facilities, IT resources and communication technologies (“Facilities Information
Technology and Access Resources”); (b) not to access or use any Facilities and Information Technology Resources except
as authorized by the Company; and (iii) not to access or use any Facilities and Information Technology Resources in any manner
after the termination of the Executive’s employment by the Company, whether termination is voluntary or involuntary. The
Executive agrees to notify the Company promptly in the event he learns of any violation of the foregoing by others, or of any other
misappropriation or unauthorized access, use, reproduction or reverse engineering of, or tampering with any Facilities and Information
Technology Access Resources or other Company property or materials by others.

13.2
Exit Obligations. Upon (a) voluntary or involuntary termination of the Executive’s employment or (b) the Company’s
request at any time during the Executive’s employment, the Executive shall (i) provide or return to the Company any and all
Company property, including keys, key cards, access cards, identification cards, security devices, employer credit cards, network
access devices, computers, cell phones, smartphones, PDAs, fax machines, equipment, speakers, webcams, manuals, reports, files,
books, compilations, work product, e-mail messages, recordings, thumb drives or other removable information storage devices, hard
drives, and data and all Company documents and materials belonging to the Company and stored in any fashion, including but not
limited to those that constitute or contain any Confidential Information or Work Product, that are in the possession or control
of the Executive, whether they were provided to the Executive by the Company or any of its business associates or created by the
Executive in connection with his employment by the Company; and (ii) delete or destroy all copies of any such documents and materials
not returned to the Company that remain in the Executive’s possession or control, including those stored on any non-Company
devices, networks, storage locations and media in the Executive’s possession or control. For clarification, regardless of
the circumstances of the termination, the Executive shall be entitled to retain, free and clear of any obligation to the Company,
the cell phone, laptop computer, and desktop computer used by the Executive while employed by the Company.

    	15

     

    

14.
Publicity. The Executive hereby irrevocably consents to any and all uses and displays, by the Company and
its agents, representatives and licensees, of the Executive’s name, voice, likeness, image, appearance and biographical information
in, on or in connection with any pictures, photographs, audio and video recordings, digital images, websites, television programs
and advertising, other advertising and publicity, sales and marketing brochures, books, magazines, other publications, CDs, DVDs,
tapes and all other printed and electronic forms and media throughout the world, at any time during or after the period of his
employment by the Company, for all legitimate commercial and business purposes of the Company (“Permitted Uses”).
without further consent from or royalty, payment or other compensation to the Executive. The Executive hereby forever waives and
releases the Company and its directors, officers, employees and agents from any and all claims, actions, damages, losses, costs,
expenses and liability of any kind, arising under any legal or equitable theory whatsoever at any time during or after the period
of his employment by the Company, arising directly or indirectly from the Company’s and its agents’, representatives’
and licensees’ exercise of their rights in connection with any Permitted Uses.

15.
Governing Law: Jurisdiction and Venue. This Agreement, for all purposes, shall be construed in accordance
with the laws of the state of Texas without regard to conflicts of law principles. Any action or proceeding by either of the parties
to enforce this Agreement shall be brought only in a state or federal court located in the City of Houston, Texas. The parties
hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance
of any such action or proceeding in such venue.

16.
Entire Agreement. Unless specifically provided herein, this Agreement contains all of the understandings and
representations between the Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous
understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter. The parties
mutually agree that the Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging
breach of the Agreement.

17.
Modification and Waiver. No provision of this Agreement may be amended or modified unless such amendment or
modification is agreed to in writing and signed by the Executive and the Company. No waiver by either of the parties of any breach
by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed
a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure
of or delay by either of the parties in exercising any right, power or privilege hereunder operate as a waiver thereof to preclude
any other or further exercise thereof or the exercise of any other such right, power or privilege.

    	16

     

    

18.
Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable
only if modified, or if any portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not
affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties with
any such modification to become a part hereof and treated as though originally set forth in this Agreement.

The parties
further agree that any such court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu
of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting
any or all of the offending provision, adding additional language to this Agreement or by making such other modifications as it
deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law.

The parties
expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In
any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and if such provision or provisions
are not modified as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had
not been set forth herein.

19.
Captions. Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience
and no provision of this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

20.
Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed an original,
but all of which taken together shall constitute one and the same instrument.

21.
Tolling. Should the Executive violate any of the terms of the restrictive covenant obligations articulated
herein, the obligation at issue will run from the first date on which the Executive ceases to be in violation of such obligation.

22.
Section 409A. This Agreement is intended to comply with Section 409A or an exemption thereunder and shall
be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments
provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption.
Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation
from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section
409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under
this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A.
Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement
comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or
other expenses that may be incurred by the Executive on account of non-compliance with Section 409A.

    	17

     

    

Notwithstanding
any other provision of this Agreement, if any payment or benefit provided to the Executive in connection with his termination of
employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A and
the Executive is determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i), then such payment
or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Termination Date
(the “Specified Employee Payment Date”). The aggregate of any payments that would otherwise have been paid before
the Specified Employee Payment Date shall be paid to the Executive in a lump sum on the Specified Employee Payment Date and thereafter,
any remaining payments shall be paid without delay in accordance with their original schedule.

23.
Notification to Subsequent Employer. When the Executive’s employment with the Company terminates, the
Executive agrees to notify any subsequent employer of the restrictive covenants section contained in this Agreement. In addition,
the Executive authorizes the Company to provide a copy of the restrictive covenants section of this Agreement to third parties,
including but not limited to, the Executive’s subsequent, anticipated or possible future employer.

24.
Successors and Assigns. This Agreement is personal to the Executive and shall not be assigned by the Executive.
Any purported assignment by the Executive shall be null and void from the initial date of the purported assignment. The Company
may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company
and permitted successors and assigns.

25.
Notice. Notices and all other communications provided for in this Agreement shall be in writing and shall
be delivered personally or sent by registered or certified mail, return receipt requested, or by overnight carrier to the parties
at the addresses set forth below (or such other addresses as specified by the parties by like notice):

If to the
Company:

PLx Pharma Inc.

8285 El Rio, Suite
130

Houston,
TX 77054

If to the
Executive:

Efthymios Deliargyris,
MD

29 Pacer Court

Basking Ridge,
NJ 07920

 

26.
Representations of the Executive. The Executive represents and warrants to the Company that:

26.1
The Executive’s acceptance of employment with the Company and the performance of his duties hereunder will not conflict
with or result in a violation of, a breach of, or a default under any contract, agreement or understanding to which he is a party
or is otherwise bound.

    	18

     

    

26.2
The Executive’s acceptance of employment with the Company and the performance of his duties hereunder will not violate
any non-solicitation, non-competition or other similar covenant or agreement of a prior employer.

27.
Withholding. The Company shall have the right to withhold from any amount payable hereunder any Federal, state
and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

28.
Survival. Upon the expiration or other termination of this Agreement, the respective rights and obligations
of the parties hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of
the parties under this Agreement.

29.
Acknowledgment of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS
AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS
AND CONSULT WITH AN ATTORNEY OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT.

30.
Termination of CMA Agreement. The Executive has been providing services to the Company pursuant to the terms
of that one certain Chief Medical Advisor Agreement, dated, August 24, 2017, by and between the Company and Science and Strategy
Consulting Group LLC (the “CMA Agreement”). By execution of this Agreement, all parties to the CMA Agreement agree
to the termination of the CMA Agreement, effective as of the Effective Date.

 

 

[SIGNATURE PAGE FOLLOWS]

    	19

     

    

 

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

 

	 	PLX PHARMA INC.
	 	 
	 	By:	
        /s/ Natasha Giordano

	 	 	Natasha Giordano
	 	 	President

 

	EXECUTIVE	 	 
	 	 	 
	 	 	 
	Signature:	
        /s/ Efthymios Deliargyris
	 	 
	 	Efthymios Deliargyris,	 	 
	 	MD, FACC, FESC, FSCAI	 	 

 

 

	Executed below solely for the purpose set forth in	 	 
	Section 30 above:	 	 
	 	 	 
	Science and Strategy Consulting Group LLC	 	 
	 	 	 
	By:	
        /s/ Efthymios Deliargyris
	 	 
	Efthymios Deliargyris, MD, FACC, FESC, FSCAI,	 	 
	Principal & Executive Consultant

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