Document:

Exhibit 10.01

 

AMENDMENT

TO

ASSET PURCHASE AGREEMENT

 

This AMENDMENT TO THE
ASSET PURCHASE AGREEMENT (this “Amendment”) dated as of June 30, 2015, is by and between MGT Sports, Inc. (the
“Seller”), and Random Outcome USA Inc. (the “Purchaser”).

 

WHEREAS, the Seller
and the Purchaser are party to that certain Asset Purchase Agreement, dated as of June 11, 2015 (the “Asset Purchase Agreement”);

 

WHEREAS the Asset Purchase
Agreement may be amended by a writing signed by the Seller and the Purchaser pursuant to Section 9.6 of the Asset Purchase Agreement;
and

 

WHEREAS, the Seller
and the Purchaser desire to amend the Asset Purchase Agreement as set forth below:

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual promises of the parties, and other good and valuable consideration, the undersigned agree as follows:

 

1.           The Asset Purchase Agreement shall
be amended as follows:

 

		a.	The first sentence in Section 4.1 of the Asset Purchase Agreement (Closing) is hereby amended to replace the words “June
30, 2015” with “July 15, 2015.”

 

		b.	The title of section 3.3 is hereby changed to “Cash Payment; Issuance of Note, Common Stock and Warrants.

 

		c.	The Cash Payment amount in Section 3.3(i) is hereby amended to replace “Four Million USD ($4,000,000)” with “Two
Million USD ($2,000,000).

 

		d.	The number of Warrants to be issued to Seller in Section 3.3(iv) is hereby amended to replace “One Million (1,000,000)”
with “One Million Two Hundred Fifty Thousand (1,250,000).

 

		e.	Section 3.3 is hereby amended to add these two sentences: “In addition to the foregoing, at the Closing, in connection
with the Asset Purchase described in Section 3.1 above, the Purchaser shall issue to Seller a promissory note in the amount of
Two Million USD ($2,000,000) and a maturity not to exceed ninety (90) days. Such note shall be secured with the Purchased Assets
and shall rank in seniority no lower than parri passu with any other debt obligations of Purchaser.”

 

2.           Except as herein provided, the terms
of the Asset Purchase Agreement shall remain in full force and effect.

 

3.           Capitalized terms used but not defined
herein shall have the meaning ascribed to such terms in the Asset Purchase Agreement.

 

 

    	 

    	 

    

 

4.           This Amendment may be executed in
counterparts (including by facsimile or pdf signature pages or other means of electronic transmission) each of which shall be deemed
an original but all of which together will constitute one and the same instrument.

 

5.           Should any provision of this Amendment
be declared illegal, invalid or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from
this Amendment as to such jurisdiction (but, to the extent permitted by law, not elsewhere) and in any event such illegality, invalidity
or unenforceability shall not affect the remainder hereof.

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed as of the date first above written.

 

 

	 	MGT SPORTS, INC.
	 	 
	 	 
	 	By:	/s/ Robert Ladd

	 
	 	 	Name: Robert Ladd	 
	 	 	Title:   President

 

 

	 	RANDOM
    OUTCOME USA INC.
	 	 	 
	 	 	 
	 	By:	/s/
                                         Curtiss Wm. Krawetz

	 
	 	 	Name:
    Curtiss Wm. Krawetz
	 	 	Title:
    CEOExhibit 10.7

 

DISTRIBUTION AGREEMENT

 

This Distribution Agreement

executed and entered into as of this 8th
day of July, 2009

(hereinafter referred to as "Date
of Agreement")

 

by and between

 

Oasmia Pharmaceutical AB

a company duly organised under the laws
of Sweden,

(Business Identity Code 556332-6676)

Vallongatan 1

SE-752 28 Uppsala, Sweden,

(hereinafter referred to as "Oasmia"),

 

and

Abbott Laboratories

a corporation organized
under the laws of Illinois, United States

100 Abbott Park Road, Abbott Park, Illinois
60064, USA

(hereinafter referred to as “Abbott”),

 

(Abbott and Oasmia also individually referred
to as “Party”, and collectively as “Parties”)

 

WITNESSETH

 

		WHEREAS,	Abbott is engaged, directly and through its Affiliates in
                                         the business of developing, producing and selling, among other things, veterinary pharmaceutical
                                         products;

 

		WHEREAS,	Oasmia is developing a proprietary
                                         pharmaceutical Product (as herein below defined) for veterinary use and Oasmia wishes
                                         to appoint Abbott as its future distributor for the Product in the Territory (as herein
                                         below defined); and

 

		WHEREAS,	Abbott desires to obtain the right to distribute the Product
                                         (as defined herein below) and Oasmia desires to appoint Abbott as its distributor of
                                         the Product on the terms and conditions of this Agreement.

 

NOW, THEREFORE, Abbott and
Oasmia, in consideration of the premises and of the mutual agreement, covenants and conditions hereinafter set forth, agree and
convene as follows:

 

		1	DEFINITIONS

 

		1.1	“Abbott
                                         Trademarks” shall be those trademarks set forth on Appendix 1.1.

 

    	 

    	 

    

 

Confidential and Subject to Contract

 

		1.2	“Act”
                                         shall mean the United States Food, Drug & Cosmetic Act, as amended, and all regulations
                                         and rules promulgated thereunder.

 

		1.3	“Affiliate(s)”
                                         shall mean any entity controlling, controlled by or in common control with a Party hereto,
                                         as applicable. For purposes of this definition, "control" shall mean ownership
                                         or control, directly or indirectly, of more than fifty percent (50%) of the voting stock,
                                         equity share capital or other ownership interest. In the case of non-stock organisations,
                                         the term "control" shall mean the power to control the distribution of profits.

 

		1.4	"Agreement"
                                         shall mean this distribution agreement together with all appendices attached hereto,
                                         as may be amended from time to time in accordance with the terms and conditions contained
                                         herein.

 

		1.5	“Approved
                                         Facility” shall mean Oasmia's manufacturing facility for the Product which is approved
                                         by competent authorities having jurisdiction thereover as an approved site of manufacture
                                         for pharmaceutical products, and which is referenced in the Marketing Authorization (as
                                         defined herein below) or applications therefor, and, as the case may be, approved by
                                         the Regulatory Authority (as defined herein below) as an approved site for the manufacture
                                         of the Product. The term “Approved Facility” also includes all of the approved
                                         equipment, machinery and other facilities at such approved facility used in the manufacturing,
                                         handling, packaging, testing and storage of the Products.

 

		1.6	“Calendar
                                         Quarter” shall mean (a) with respect to the activities of Abbott and its Affiliates
                                         in the United States, each three month period commencing January 1, April 1, July 1,
                                         or October 1 of each year during the Term and (b) with respect to the activities of Abbott
                                         and its Affiliates outside of the United States, each three month period commencing December
                                         1, March 1, June 1, or September 1 of each year during the Term.

 

		1.7	“Current
                                         Good Manufacturing Practice” or “cGMP” shall mean current good manufacturing
                                         practices for the manufacture of the Product, which shall be conducted in accordance
                                         with all applicable laws, regulations or guidance issued by the relevant Regulatory Authority
                                         (as hereinafter defined).

 

		1.8	“Compounds”
                                         shall mean all Taxanes other than docetaxel, including without limitation paclitaxel,
                                         larotaxel, ortataxel and tesetaxel, and any revised, improved, derivative, replacement
                                         or successor compounds thereto.

 

		1.9	“Conditional
                                         Approval” shall mean conditional approval of the Product by the FDA under the Minor
                                         Use and Minor Species Animal Health Act.

 

		1.10	“Development”
                                         or “Develop” shall mean pre-clinical and clinical drug development activities
                                         of the Product, including without limitation pharmacology, pharmaceutical development,
                                         toxicology, statistical analysis, report writing and clinical studies, independent pre-clinical
                                         and clinical quality assurance and audit activities, product approval and registration
                                         and regulatory affairs activities, related to the foregoing. 

 

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Confidential and Subject to Contract

 

		1.11	“Development
                                         Plan” shall mean the pre-clinical, clinical and pharmaceutical development plan
                                         for the Product, which sets forth the activities, timetable and budget for the Development
                                         of Product in the Field attached to this Agreement at Appendix 1.11, as such plan may
                                         be amended from time to time in accordance with the terms of this Agreement.

 

		1.12	“FDA”
                                         shall mean the United States Food and Drug Administration or any successor agency thereto.

 

		1.13	“Field”
                                         shall mean the field of veterinary medicine.

 

		1.14	“Final
                                         Approval” shall mean FDA approval of the new animal drug application for the Product
                                         filed by Oasmia, specifically excluding Conditional Approval.

 

		1.15	"Improvements"
                                         shall mean any and all additions, extensions, discoveries, developments, improvements,
                                         modifications, enhancements or adaptations not included as of the Date of this Agreement
                                         in the scope of this Agreement, whether or not patented or patentable, which relate to
                                         the Product, which are invented or otherwise come into existence during the Term and/or
                                         which relate to or are derived from the research, development and commercialization of
                                         the Product.

 

		1.16	"Marketing
                                         Authorization" shall mean all marketing and other authorizations and approvals by
                                         the Regulatory Authority necessary for the lawful importation, promotion, distribution,
                                         use, marketing and sale of the Product in the
                                         Territory, including Final Approval.

 

		1.17	"Net
                                         Sales" shall mean the sales value of the Product invoiced by Abbott or its Affiliates
                                         on all sales of the Product to its wholesalers, sub-distributors or any third parties
                                         in the Territory, less: (a) credits and allowances or adjustments (consistent with generally
                                         accepted accounting principles), granted to such customers on account of rejections,
                                         recalls or returns of the Product; (b) any trade and cash discounts, rebates, including
                                         government rebates, granted in connection with sale of Product to such customers; (c)
                                         sales, tariff duties and/or use taxes directly imposed and with reference to particular
                                         sales; (d) outbound transportation prepaid or allowed, amounts allowed or credited on
                                         returns, distribution costs, export licenses, import duties, value added tax, and prepaid
                                         freight; and (e) cost of samples of the Product purchased by Abbott or its Affiliates.
                                         

 

		1.18	"Oasmia
                                         Patent Rights" shall mean:

 

(a)  the patent applications and/or granted
patents which are set out in Appendix 1.18;

 

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Confidential and Subject to Contract

 

(b)  all patent applications that may
hereafter be filed in Territory by or on behalf of Oasmia in relation to the Compounds and/or the Product and/or their use;

 

(c)  any continuation applications, continuation-in-part
applications, divisional applications and reissue applications relating to the patent applications referred to in (a) and (b)
and any national or international patent applications anywhere in the world claiming priority from such patent applications and/or
their priority filings;

 

(d)  all patents which may be granted
or have already been granted pursuant to any of the foregoing patent applications; and

 

(e)  any Supplementary Protection Certificates
or other patent extensions.

 

		1.19	"Oasmia
                                         Proprietary Rights" means the Oasmia Patent Rights, and Oasmia’s know-how,
                                         clinical and pre-clinical data, stability data, manufacturing processes, formulations,
                                         experience, product specifications, methods of product delivery, test procedures, product
                                         samples and/or any other technical information that is owned by Oasmia relating to design,
                                         development, use or sale, whether patentable or not, in any form whether recorded or
                                         unrecorded, copyrights, design right (whether registered or not), trademarks (whether
                                         registered or not) and any other intellectual and industrial property of any kind that
                                         is owned by Oasmia, whether registerable or unregisterable, relating to the Compounds
                                         and/or the Product or relating to Improvements to the Product and all applications including
                                         without limitation applications for relevant registration or other statutory protection
                                         for any of the foregoing, whensoever and howsoever arising for the full term thereof
                                         and including all renewals, revivals and extensions thereof.

 

		1.20	“Oasmia
                                         Trademark” shall mean Oasmia's trademark Paccal Vet.

 

		1.21	"Product"
                                         shall mean Paccal Vet in final sellable form, as further described in Appendix 1.21,
                                         and any revised, improved, derivative, replacement or successor products thereto for
                                         use in the Field, or any pharmaceutical preparations that contain or comprise the Compounds
                                         as the active ingredient. Abbott acknowledges and agrees that Carbomex, Docecal and Doxophos
                                         are examples of products that would not fall within the definition of "Product"
                                         because they are not revised, improved, derivative, replacement or successor products
                                         to Paccal Vet, nor do they contain or comprise any of the Compounds as the active ingredient.
                                         

 

		1.22	"Registration
                                         Dossier" shall mean all documents, information,
                                         processes, techniques and data relating to the Product, including without limitation
                                         the specifications therefor, which are required to obtain and maintain the Marketing
                                         Authorization in the Territory, (i) compiled according to the requirements of applicable
                                         laws and regulations in the Territory, in force from time to time, and (ii) in such form
                                         and of such content as required by the Regulatory Authority, in order for them to accept
                                         application for, grant and maintain Marketing Authorization. 

 

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Confidential and Subject to Contract

 

		1.23	“Regulatory
                                         Authority” shall mean each and any competent governmental body/authority responsible
                                         for granting Marketing Authorization for the Product in the Territory.

 

		1.24	“Specifications”
                                         shall mean Oasmia’s manufacturing specifications which are comprised of a list
                                         of tests and acceptance criterions for such tests and Oasmia's test protocols relating
                                         to analytical tests and performance characteristics of the Product. The Specifications
                                         are attached hereto as Appendix 1.24.

 

		1.25	“Supply
                                         Price” shall mean the price extended for the Product by Oasmia to Abbott as set
                                         forth in Appendix 1.25.

 

		1.26	“Territory”
                                         shall mean The United States of America, its territories, and possessions, and Canada.

 

		1.27	“Doxophos”
                                         shall be defined as Doxophos
                                         Vet, a formulation of doxorubicin based on Oasmia ́s micellar platform XR-17, for
                                         the treatment of cancer, and any revised, improved, derivative, replacement or successor
                                         products thereto for use in the Field.

 

		2	RIGHTS GRANTED

 

		2.1	Oasmia
                                         hereby appoints Abbott and Abbott hereby accepts the appointment as the exclusive distributor
                                         with the right to import, promote, market, distribute, offer for sale, sell, and have
                                         sold the Product, and Doxophos subject to Clause 2.8, in the Territory for the Field
                                         during the Term, using Oasmia Patent Rights, Oasmia Proprietary Rights, Improvements
                                         and the Oasmia Trademark. Abbott shall refrain from active marketing and/or active selling
                                         of the Product and Doxophos outside the Territory.

 

		2.2	Except
                                         in the event that this Agreement is terminated or such exclusivity becomes illegal due
                                         to a change in the law of the Territory to the extent the same is applicable to this
                                         Agreement, Oasmia shall not during the Term:

 

		2.2.1	appoint
                                         any third party as a distributor of Product or Doxophos in the Territory for the Field
                                         or otherwise grant any third party the right to use, import, offer for sale and/or sell
                                         any Product in the Territory; and

 

		2.2.2	make
                                         or sell, or permit or license any third party to make or sell, Product or Doxophos in
                                         the Territory for the Field.

 

		2.3	The
                                         Parties acknowledge that Abbott is, and shall at all times remain free to set its resale
                                         price for the Product and Doxophos.

 

		2.4	Abbott
                                         shall have the right to appoint its Affiliates and sub-distributors or co-marketing partners
                                         for purposes of promoting, marketing, selling and/or distributing the Product and Doxophos
                                         in the Territory, provided that Abbott shall remain responsible for its commitments and
                                         obligations pursuant to the terms and conditions of this Agreement despite such use.

 

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Confidential
and Subject to Contract

 

		2.5	Improvements
                                         shall vest in and be owned by the Party that developed such improvement, and that Party
                                         shall notify the other Party within twenty-one (21) days from the date of development
                                         of any such Improvements. However, to the extent any Improvements are made or developed
                                         by the Parties jointly or otherwise than solely by either Party, such Improvements shall
                                         be jointly owned in equal and undivided shares by the Parties. Abbott shall grant an
                                         irrevocable, non-exclusive, worldwide, royalty-free licence to use its Improvements and
                                         its rights in any joint Improvements to Oasmia. Oasmia shall make available to Abbott
                                         Products which incorporate any Improvements developed by Oasmia in accordance with the
                                         terms of this Agreement and Abbott shall be granted a non-exclusive, paid up license
                                         to use such Improvements in the Territory after the termination or date of expiration
                                         of this Agreement.

 

		2.6	Each
                                         Party represents and warrants to the other Party as of the date of this Agreement, as
                                         follows:

 

(a)  It
is a corporation duly organized and validly existing under the laws of its state and/or country of incorporation;

 

(b)  It
has the power and authority to execute and deliver this Agreement and to perform its obligations hereunder and
grant the rights and licenses described herein; and

 

(c)  It
has not granted, and shall not grant during the Term, any right to any third party which would conflict with the rights granted
to the other Party hereunder nor does either Party have any third party obligations that would conflict with such rights.

 

		2.7	The
                                         Parties acknowledge that Oasmia may develop products other than the Product and Doxophos
                                         for use in the Field in the Territory (each such product an “Additional Release”).
                                         Abbott shall have exclusive rights for the duration of the Term to market or offer for
                                         sale any Additional Release, provided however, if Abbott, after a sixty (60) day notice
                                         period, elects not to negotiate an agreement for any commercially viable Additional Release,
                                         Oasmia will be free to enter into an agreement with third parties for such Additional
                                         Release. Before Oasmia seeks a third party to market or offer for sale any Additional
                                         Release, it shall first advise Abbott in writing (an “Option Notice”). Abbott
                                         shall advise Oasmia within sixty (60) days of receipt of the Option Notice if it wishes
                                         to negotiate an agreement for such Additional Release for which an Option Notice has
                                         been provided. In the event Abbott accepts the opportunity within such period, the Parties
                                         shall engage in exclusive, good faith negotiations for a period (“Exclusive Negotiation
                                         Period”) of ninety (90) days for such Additional Release and if Oasmia and Abbott
                                         enter into a nonbinding term sheet for such Additional Release, then the Exclusive Negotiation
                                         Period shall be extended by an additional ninety (90) days; provided, however, in the
                                         event Abbott formally terminates in writing active negotiations during the Exclusive
                                         Negotiation Period, Oasmia will be free to enter into an agreement with third parties
                                         for such Additional Release. For purposes of clarity, neither Party is obligated to enter
                                         into any agreement with the other Party with respect to any of the Additional Releases.

 

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Confidential and Subject to Contract

 

		2.8	Provided
                                         that it has fully complied with its obligations pursuant to Clauses 12.1-12.4, Abbott
                                         shall have exclusive rights, even as to Oasmia, for the duration of the Term to import,
                                         promote, market, distribute, offer for sale, sell, and have sold (together, "Distribution")
                                         Doxophos, and the parties shall negotiate in good faith the commercial terms, including
                                         additional milestone payments, of the Distribution by Abbott of Doxophos.

 

		3	OVERSIGHT COMMITTEE

 

		3.1	Promptly after Date of Agreement, but
                                         in any event within thirty (30) days from Date of this Agreement, the Parties shall establish
                                         a steering committee (the “Oversight Committee”) to oversee the Development,
                                         marketing and regulatory issues of the Product to ensure timely Development and approval
                                         and successful marketing of the Product. The Oversight Committee shall include between
                                         two and four (2-4) representatives of each Party.

 

		3.2	The Oversight Committee shall meet
                                         at least every six calendar months, with the first meeting to be held within six calendar
                                         months following the Date of Agreement, unless otherwise agreed between the Parties.
                                         Such meetings shall alternate between Oasmia and Abbott locations (or be held by teleconference
                                         or other suitable remote meeting system, if agreed by the Parties) and be held at such
                                         times as are mutually agreed upon by the Oversight Committee.

 

		3.3	The role of the Oversight Committee
                                         shall be to facilitate a sharing of information between the Parties and to permit discussion
                                         and recommendations, but each Party shall be free to take its own decisions in relation
                                         to its Development activities.

 

		4	PRODUCT DEVELOPMENT AND REGISTRATION

 

		4.1	Oasmia
                                         shall use commercially reasonable efforts to achieve timely completion of the Development
                                         Plan. 

 

		4.2	Oasmia
                                         shall provide Abbott with a written quarterly report concerning its Development process
                                         and Development Plan of the Product, including correspondence with any Regulatory Authority.

 

		4.3	Oasmia
                                         shall file the Marketing Authorization applications for the Product in the Territory
                                         as soon as reasonably possible and shall use commercially reasonable efforts to ensure
                                         that the Registration Dossier and the application for the Marketing Authorization in
                                         the Territory (a) have been compiled and filed for according to the requirements of applicable
                                         laws and regulations, (b) and have been compiled in such a way and in such form as is
                                         required by the Regulatory Authority, in order for them to accept such application and
                                         to grant Marketing Authorization thereon.

 

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Confidential and Subject to Contract

 

		4.4	Oasmia
                                         shall keep Abbott fully informed of the progress of the regulatory process in the Territory
                                         in relation to the Product, and shall answer any and all reasonable questions by Abbott
                                         in relation to same.

 

		4.5	Within
                                         thirty (30) days from the submission of the Marketing Authorization application to a
                                         relevant Regulatory Authority in the Territory, Oasmia shall send a copy of the Registration
                                         Dossier and any other necessary documents relating to the Marketing Authorization application
                                         to Abbott. 

 

		4.6	Whereas
                                         Oasmia has developed the Product and possesses extensive knowledge and expertise on the
                                         same, therefore the Parties agree that should the Regulatory Authority in the Territory
                                         require any additional data, documentation or information relating to the Product or
                                         the Marketing Authorization or application therefor, then such additional data, information
                                         and documentation shall be the responsibility of Oasmia and Oasmia shall, at its cost
                                         and expense and without undue delay use its reasonable efforts to provide the Regulatory
                                         Authority with such data, documentation and/or information as is required by the Regulatory
                                         Authority. Abbott shall log all complaints relating to Product (each a “Customer
                                         Complaint”), communicate such Customer Complaints to Oasmia and engage in any communications
                                         regarding a Customer Complaint with customers. Oasmia shall complete at its sole cost
                                         any product evaluation, investigation and corrective measures necessitated by a Customer
                                         Complaint, promptly provide Abbott with copies of all records relating thereto and otherwise
                                         keep Abbott well apprised of its progress towards closure of each Customer Complaint.
                                         Oasmia shall also complete all follow-up and correction communications directly with
                                         the Regulatory Authority regarding a Customer Complaint.

 

		4.7	In
                                         addition to the responsibilities set forth in the Development Plan and elsewhere in this
                                         Agreement, Oasmia shall have the following responsibilities:

 

(a)    Manufacture
or have manufactured the Product in accordance with all regulatory requirements in the Territory, including requirements pertaining
to Marketing Authorization;

 

(b)    Permit
Abbott to conduct any necessary cGMP and quality assurance reviews;

 

(c)    Provide
adequate secondary technical support at levels to be mutually agreed upon; and

 

(d)    Supply
the Product to Abbott in accordance with the terms and conditions herein.

 

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Confidential and Subject to Contract

 

		5	MILESTONE PAYMENTS; OTHER CONSEQUENCES

 

		5.1	As
                                         consideration to Oasmia for the rights granted to Abbott hereunder and for Oasmia’s
                                         compliance with the terms and conditions hereof, Abbott shall make milestone payments
                                         to Oasmia as follows:

 

		(a)	The
                                         sum of Five Million Dollars ($5,000,000) shall be paid by Abbott to Oasmia within thirty
                                         (30) days from the Date of Agreement.

 

		(b)	The
                                         sum of Three Million Dollars ($3,000,000) shall become payable by Abbott to Oasmia when
                                         the rolling four Calendar Quarter Net Sales of Abbott and its Affiliates for Product
                                         in the Territory reach Twenty-Five Million Dollars ($25,000,000) for the first time and
                                         shall be paid by Abbott within thirty (30) days from receipt of Oasmia' s invoice.

 

		(c)	The
                                         sum of Three Million Dollars ($3,000,000) shall become payable by Abbott to Oasmia when
                                         the rolling four Calendar Quarter Net Sales of Abbott and its Affiliates for Product
                                         in the Territory reach Fifty Million Dollars ($50,000,000) for the first time and shall
                                         be paid by Abbott within thirty (30) days from receipt of Oasmia' s invoice.

 

		(d)	The
                                         sum of Three Million Dollars ($3,000,000) shall become payable by Abbott to Oasmia when
                                         the rolling four Calendar Quarter Net Sales of Abbott and its Affiliates for Product
                                         in the Territory reach Seventy-Five Million Dollars ($75,000,000) for the first time
                                         and shall be paid by Abbott within thirty (30) days from receipt of Oasmia' s invoice.

 

		5.2	Subject
                                         to the terms and conditions below, an additional milestone payment shall become payable
                                         by Abbott to Oasmia after Oasmia obtains the Marketing Authorization (“Marketing
                                         Authorization Milestone”), and shall be paid by Abbott within thirty (30) days
                                         from receipt of Oasmia's invoice and documentation evidencing the Marketing Authorization
                                         grant. The amount of the Marketing Authorization Milestone payment will be calculated
                                         as follows: if Oasmia achieves the Marketing Authorization Milestone on or before November
                                         1, 2011 the Marketing Authorization Milestone payment will equal Five Million Dollars
                                         ($5,000,000); after such date the Marketing Authorization Milestone payment will be reduced
                                         by One Million Dollars ($1,000,000) and will be reduced by an additional One Million
                                         Dollars ($1,000,000) every six (6) months until Oasmia achieves the Marketing Authorization
                                         Milestone. Accordingly, in the event that Oasmia fails to achieve the Marketing Authorization
                                         Milestone on or before November 1, 2013, it will not be entitled to receive a Marketing
                                         Authorization Milestone payment. 

 

		5.3	In
                                         the event that Oasmia fails to achieve the Marketing Authorization Milestone on or before
                                         May 1, 2014, then (i) Oasmia shall immediately pay to Abbott a Two Million Dollar ($2,000,000)
                                         partial refund of the milestone payment of Five Million Dollars ($5,000,000) described
                                         in clause 5.1(a) above and Abbott shall have the right to terminate this Agreement, effective
                                         upon thirty (30) days written notice; and (ii) Abbott will automatically have, without
                                         prejudice to any other rights or remedies available to Abbott under law or this Agreement,
                                         (x) an exclusive, irrevocable, paid up royalty-free license and right to the Product
                                         and any Improvements, owned by or licensed to Oasmia in the Field in the Territory, with
                                         the right to sublicense, to manufacture, have manufactured, use, import, offer for sale,
                                         have sold, and/or sell the Product in the Field in the Territory, and (y) a non-exclusive,
                                         irrevocable, paid up royalty-free license and right to any patents pertaining to the
                                         Products and any Improvements, owned by or licensed to Oasmia in the Field in the Territory,
                                         with the right to sublicense, in the Field in the Territory.

 

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Confidential and Subject to Contract

 

		6	FORECASTING AND ORDERING

 

		6.1	Abbott
                                         shall by the end of each Calendar Quarter provide to Oasmia in writing its forecast requirements
                                         of Product for the twelve (12) calendar months following the end of that Calendar Quarter,
                                         where the first three (3) calendar months of such forecast shall be considered a binding
                                         purchase order (a “Binding Purchase Order”) and the remaining nine (9) months
                                         forecast shall be considered a non-binding estimate (a “Non-Binding Estimate”).

 

		6.2	A
                                         Non-Binding Estimate shall be used by Oasmia solely for production planning purposes.
                                         Abbott makes no representation and gives no warranty, express or implied, regarding the
                                         accuracy of Non-Binding Estimates or that Abbott will actually order the amount of Product
                                         indicated in any such estimate.

 

		7	SUPPLY OF PRODUCT

 

		7.1	Oasmia
                                         shall, during the Term, manufacture and deliver such quantities of Product which are
                                         ordered by Abbott in writing from time to time within sixty (60) days from the date of
                                         Abbott's Binding Purchase Order pursuant to Clause 6.1. Without prejudice to the foregoing:

 

		(a)	in
                                         the event, and to the extent that Abbott orders
                                         quantities of Product that exceed the amounts indicated in the most recent Non-Binding
                                         Estimate relating to the same period by not more than twenty percent (20%), then Oasmia
                                         shall deliver such part of the order so exceeding that Non-Binding Estimate also within
                                         sixty (60) days from the date of Abbott's Binding Purchase Order;

 

		(b)	in the event, and to the extent that Abbott orders quantities
                                         of Product that exceed the amounts indicated in the most recent Non-Binding Estimate
                                         relating to the same period by more than twenty percent (20%) but not by more than forty
                                         percent (40%), Oasmia agrees to exercise its reasonable efforts to fulfil also the part
                                         of the Binding Purchase Order so exceeding that Non-Binding Estimate;

 

		(c)	in the event, and to the extent that Abbott orders quantities
                                         of Product that exceed the amounts indicated in the most recent Non-Binding Estimate
                                         relating to the same period by more than forty percent (40%), Oasmia shall be under no
                                         obligation to accept orders and deliver Product to the extent that Abbott’s Binding
                                         Purchase Order for the Product so exceed that Non-Binding Estimate.

 

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Subject
to the foregoing, Oasmia shall confirm in writing each purchase order within ten (10) business days from the receipt of the same.

 

Without
prejudice to any rights or remedies available to Abbott under law or this Agreement, Oasmia agrees upon first knowledge thereof
to notify Abbott of any actual or anticipated delay in any delivery of Product.

 

		7.2	Product
                                         manufactured by Oasmia according to Clause 7.1 above for distribution by Abbott shall
                                         include Abbott branding and both the Oasmia Trademark and the Abbott Trademarks. As part
                                         of the Supply Price, Oasmia shall package and label Products according to instructions
                                         provided by Abbott, provided that Oasmia shall have no obligation to implement new packaging
                                         or labelling requirements communicated by Abbott with a lead time of less than two (2)
                                         months. Abbott shall grant to Oasmia the right to use Abbott Trademarks for the limited
                                         purposes of this Agreement. Oasmia shall grant to Abbott the right to use Oasmia Trademarks
                                         for the limited purposes of this Agreement. If required by certain Regulatory Authorities
                                         in a country in which Product shall be distributed, Oasmia shall be identified as the
                                         developer/manufacturer of the Product distributed in such country. The packaging of the
                                         Product, approved by Abbott using supporting documentation provided by Oasmia, shall
                                         be: (a) sufficient to protect the Products during shipment, (b) compliant with environmental
                                         regulations; and (c) contain the proper labelling as instructed by Abbott pursuant to
                                         this Agreement. Abbott may repackage any Product units. Oasmia shall sell Product units
                                         identified by an Abbott Trademark only to Abbott and its Affiliates. Oasmia shall manufacture
                                         Product units identified by an Abbott Trademark only for Abbott. Upon termination of
                                         this Agreement Oasmia shall, at Abbott’s request, send to Abbott any unused Product
                                         packaging or labelling materials, without any charge other than reasonable out-of-pocket
                                         transportation costs.

 

		7.3	All
                                         Products delivered by Oasmia shall be delivered DDU (per Incoterms 2000, made part of
                                         this Agreement by reference) to any location specified by Abbott from time to time within
                                         the Territory. Title to the Product shall pass to Abbott at the time of delivery.

 

		7.4	In
                                         order to secure the availability and timely delivery of the Product to Abbott, Oasmia
                                         undertakes to keep at all times, at its sole cost, expense and responsibility, in its
                                         premises a sufficient safety stock of Product (the “Safety Stock”). Such
                                         Safety Stock shall correspond to at least two (2) months of Abbott’s average monthly
                                         orders for Product over the previous twelve (12) calendar months to be assessed and updated
                                         at the end of each Calendar Quarter, and shall be rotated with Oasmia’s regular
                                         inventory of Product to maintain shelf life. For the avoidance of doubt, the Parties
                                         expressly agree that the costs and expenses incurred by Oasmia as result of keeping such
                                         Safety Stock shall be deemed already included in the Supply Price.

 

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		7.5	Oasmia
                                         may not deliver Product which is not manufactured at the Approved Facility and may not
                                         change the manufacturing site and/or the regulatory commitments (which are defined in
                                         the Marketing Authorization documentation and shall include without limitation manufacturing
                                         method and specification) for the Product without obtaining prior written approval therefor
                                         from Abbott and the Regulatory Authority.

 

		7.6	During
                                         the Term and the time which Abbott uses its stock of Product delivered by Oasmia, Oasmia
                                         shall provide Abbott, and at Abbott’s request also the Regulatory Authority, with
                                         letter(s) of authorization as well as any documentation relating to the Product required
                                         by Abbott, or such authorities, for Marketing Authorization or other purposes. 

 

		7.7	During
                                         the Term Abbott shall be entitled upon prior written notice to visit, inspect and carry
                                         out audits relating to the Product at the other Party’s facilities, including without
                                         limitation the Approved Facility, to verify the other Party’s compliance with this
                                         Agreement. Such visits shall be arranged during normal working hours within four (4)
                                         weeks from the date of the other Party’s notice. For purposes of such audits, the
                                         Parties undertake to co-operate in good faith with each other and provide the other Party
                                         with such information and documentation relating to the Product and the manufacture thereof,
                                         which it may reasonably request. 

 

		7.8	In
                                         the event that Oasmia does not deliver conforming Product within the agreed delivery
                                         time, as specified in Clause 7.1 hereinabove, due to reasons other than Force Majeure
                                         (as defined in Clause 16.1 herein below), Oasmia shall be liable for liquidated damages
                                         for delay towards Abbott. The amount of such liquidated damages for delay shall be two
                                         and one half percent (2.5%) of the projected Net Sales of the delayed part of the delivery
                                         for each completed week of delay. The liquidated damages shall not exceed twenty percent
                                         (20%) of the Net Sales for the Products delayed. Abbott shall have the right to deduct
                                         the amount of such liquidated damages from payments to Oasmia hereunder. The remedies
                                         set forth in this Clause 7.8 shall be without prejudice to any other rights or remedies
                                         available to Abbott under law or this Agreement. 

 

		8	THIRD PARTY MANUFACTURING;
                                         SITE CHANGES

 

		8.1	Oasmia
                                         shall for this Agreement reserve for itself the manufacturing rights and know-how in
                                         relation to the Product, but hereby agrees at any time at Abbott’s request to appoint
                                         a second source manufacturer in accordance with Clause 8.2 (the “Second Source
                                         Manufacturer”).

 

		8.2	The
                                         Second Source Manufacturer will be appointed as follows:

 

		8.2.1	Abbott shall in its request specify
                                         one or more preferred second source manufacturers and shall provide, as far as reasonably
                                         practical at the time, a non-binding estimate of the likely cost to Abbott of purchasing
                                         Product from each such manufacturer. Oasmia shall appoint one of Abbott’s preferred
                                         second source manufacturers as the Second Source Manufacturer, unless Oasmia provides
                                         in writing to Abbott within twenty-one (21) days of the date of Abbott’s request:

 

		(i)	reasonable objections to each
                                         of the preferred second source manufacturers specified by Abbott; and

 

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		(ii)	two alternative manufacturers
                                         that are acceptable to Oasmia and have confirmed to Oasmia their willingness to be appointed
                                         as a Second Source Manufacturer.

 

		8.2.2	If Abbott agrees to one of the
                                         alternative manufacturers suggested by Oasmia, Oasmia shall appoint that manufacturer
                                         as the Second Source Manufacturer.

 

		8.2.3	If Abbott does not agree to the
                                         alternative manufacturers suggested by Oasmia, the Parties shall repeat the procedure
                                         in this Clause 8.2 until a Second Source Manufacturer is appointed, except that in each
                                         successive iteration of the procedure, at least one of the preferred second source manufacturers
                                         specified by Abbott, and at least one of the alternative manufacturers suggested by Oasmia,
                                         shall be a manufacturer not previously named by either Party.

 

		8.2.4	In the event that the reasonableness
                                         of Oasmia’s objections are referred to arbitration under Clause 8.7, the appointment
                                         process set out in Clauses 8.2.1-8.2.3 shall cease, unless and until the arbitrator determines
                                         that Oasmia’s objections are reasonable.

 

		8.3	Promptly following the appointment
                                         of a Second Source Manufacturer, Oasmia shall:

 

		8.3.1	deposit with and transfer to the
                                         Second Source Manufacturer all instructions, technology, documentation and materials
                                         relating to the manufacture and test of the Product and all other information necessary
                                         for the Second Source Manufacturer to manufacture and test the Product and incorporate
                                         any Improvements; and

 

		8.3.2	grant the Second Source Manufacturer
                                         a non-transferable, non-exclusive licence from the date of appointment until either the
                                         termination or expiry of this Agreement or the replacement of the Second Source Manufacturer
                                         pursuant to Clause 8.5 below, whichever is the sooner, to use the Oasmia Proprietary
                                         Rights and Improvements to manufacture and supply Product to Abbott solely for the purpose
                                         of fulfilling orders from Abbott pursuant to Clause 8.4 below.

 

		8.4	Oasmia shall promptly notify Abbott
                                         in the event that Oasmia is for any reason at any time during the Term unable to supply
                                         Abbott with the Product as ordered by Abbott according to the ordering procedures identified
                                         in Clause 7, including without limitation to deliver Product on time or of Agreed Quality
                                         (as defined in Clause 11.1), or because Oasmia is not technically capable of delivering
                                         Product to the Specifications. If such inability to supply continues for a period exceeding
                                         one (1) month, Abbott shall have the right to order the Product from the Second Source
                                         Manufacturer. The Parties agree that Abbott may continue to order Product from the Second
                                         Source Manufacturer until such time that Oasmia remedies its failure to supply conforming
                                         Products to the reasonable satisfaction of Abbott. For the avoidance of doubt, Abbott
                                         may not exercise its rights under this Clause 8.4 while the Parties await an award to
                                         be rendered in proceedings referred by either Party under Clause 8.6. However, in the
                                         event that proceedings are referred by either Party under Clause 8.6 and an award is
                                         not rendered in such proceedings within 30 days for whatever reason, Abbott may exercise
                                         its rights under this Clause 8.4 while the Parties await such an award to be rendered.

 

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Confidential and Subject to Contract

 

		8.5	Oasmia agrees at Abbott’s request
                                         to appoint a replacement second source manufacturer in the place of the existing Second
                                         Source Manufacturer in accordance with the procedure set out in Clause 8.2, save that
                                         Oasmia shall not be obliged to appoint a replacement Second Source Manufacturer more
                                         than once per calendar year.

 

		8.6	Any dispute between the Parties as
                                         to (a) the reasonableness of Oasmia’s objections to one or more of the preferred
                                         second source manufacturers specified by Abbott under Clause 8.2.1(i) or (b) whether
                                         the prerequisites for executing Abbott’s rights under Clause 8.4 to order the Product
                                         from the Second Source Manufacturer are met, shall be resolved using the process described
                                         in Clause 24.1.

 

		8.7	Oasmia shall provide Abbott with at
                                         least one hundred twenty (120) days’ prior written notice of its intention to change
                                         the manufacturer for the Product from itself to a third party manufacturer, or, thereafter,
                                         from one third party manufacturer to another. Oasmia shall use commercially reasonable
                                         efforts to ensure that Abbott shall have the right to perform manufacturing and quality
                                         audits at the third party manufacturer’s manufacturing site. Oasmia shall remain
                                         responsible for compliance of any such Product or component thereof with the Specifications
                                         and all regulatory requirements in the Territory, including requirements pertaining to
                                         Marketing Authorization. Without limitation to the foregoing, Oasmia shall not use any
                                         third party to manufacture any Product without prior written approval by Abbott.

 

		8.8	Oasmia shall be solely responsible
                                         for any costs associated with or resulting from any manufacturing site change, including
                                         any related regulatory costs.

 

		8.9	The transfer price paid by Abbott to
                                         a Second Source Manufacturer in accordance with the terms and conditions hereunder shall
                                         serve as the Base Price, as such term is hereinafter defined, for the purposes of Appendix
                                         1.25 in lieu of payment of a Base Price by Abbott to Oasmia.

 

		9	SUPPLY PRICE, ROYALTY AND
                                         PAYMENT

 

		9.1	Subject
                                         to the terms and conditions hereunder, Abbott shall pay the Supply Price and Royalty
                                         as set out in Appendix 1.25. All payments and prices including the Supply Price and Royalty
                                         shall be in U.S. Dollars.

 

		9.2	Oasmia
                                         shall invoice Abbott for the Supply Price in relation to Products at the time of shipment
                                         of the Products to Abbott.

 

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Confidential and Subject to Contract

 

		9.3	Abbott
                                         shall pay the Supply Price in accordance with Oasmia’s valid invoice within the
                                         later of (i) forty-five (45) days from the date of receipt of such invoice, or (ii) thirty
                                         (30) days from the date the invoiced Products have been safely delivered to the destination
                                         specified by Abbott (or such other destination as subsequently agreed by the Parties
                                         in writing), provided that such invoice shall only reference Products that have been
                                         shipped by Oasmia at the time of issuance in accordance with a Binding Purchase Order
                                         from Abbott.

 

		9.4	Royalties
                                         accruing to Oasmia under this Agreement shall be paid by Abbott to Oasmia in accordance
                                         with Appendix 1.25.

 

		9.5	All
                                         sums payable under this Agreement shall be paid in full without any deductions or withholdings
                                         (including deductions or withholdings in respect of items such as income tax, corporation
                                         tax, or other taxes, charges or duties) except insofar as Abbott is required by law to
                                         deduct withholding tax from sums payable to Oasmia in which case Abbott shall:

 

		(i)	ensure
                                         that the deduction or withholding does not exceed the minimum amount legally required;
                                         and

 

		(ii)	provide
                                         to Oasmia within the period for payment permitted by the relevant law either an official
                                         receipt of the relevant taxation authorities involved in respect of all amounts so deducted
                                         or withheld or if such receipts are not issued by the taxation authorities concerned
                                         a certificate of deduction or equivalent evidence of the relevant deduction or withholding.
                                         

 

		9.6	The
                                         Parties shall cooperate to ensure that all sums payable under this Agreement can be lawfully
                                         paid without deduction of withholding tax, where this is possible under the laws of the
                                         relevant jurisdiction.

 

		9.7	For sales made in a currency other than United States Dollars,
                                         payments shall be determined using Abbott defined standard conversion methodology, which
                                         is consistent with generally accepted accounting principles. The standard conversion
                                         methodology for sales is based on the monthly average (the spot rate for the end of the
                                         month immediately prior to that in which sales are recorded plus the spot rate for the
                                         month ending when sales are recorded divided by two).

 

		10	SAMPLES

 

		10.1	In order to support marketing and
                                         promotion efforts for Product in the Territory, Oasmia will promptly supply a reasonable
                                         quantity of samples of the Product to Abbott or its Affiliates, for use in the Territory.

 

		10.2	Sample price to Abbott or its Affiliates shall be the Base Price,
                                         payable to Oasmia in accordance with the payment terms set forth in Clause 9.3. For the
                                         avoidance of doubt, neither a Royalty nor a Price Floor Multiplier shall be payable in
                                         respect of any supply of samples by Oasmia pursuant to Clause 10.1.

 

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		11	QUALITY
                                         OF PRODUCT

 

		11.1	Oasmia
                                         represents and warrants that all amounts of Product delivered and supplied to Abbott:

 

		(a)	shall have been manufactured and
                                         where relevant packed only in the Approved Facility and in accordance with the Specifications,
                                         the Packaging Requirements, the Marketing Authorization, all applicable regulatory requirements
                                         and/or commitments, cGMPs and all applicable laws and regulations in force from time
                                         to time;

 

		(b)	shall be free and clear of any
                                         third party security interest, lien or encumbrance;

 

		(c)	shall have a shelf life of at least
                                         fifteen (15) months from the date of manufacture and shall have at minimum eighty percent
                                         (80%) of its validated shelf life time left at the time of delivery, provided further
                                         that Oasmia shall use commercially reasonable efforts to achieve a shelf life of at least
                                         18 months from the date of manufacture as soon as practicable;

 

		(d)	shall at the time of delivery and
                                         throughout its validated shelf life be free from defects in material and workmanship
                                         and comply with the requirements of the Marketing Authorization and the approved Specifications
                                         thereof, including without limitation the approved labelling and packaging requirements,
                                         the certificate of analysis and all applicable laws and regulations in force from time
                                         to time;

 

		(e)	at the time of delivery, each unit
                                         of Product supplied to Abbott hereunder shall not be adulterated or misbranded within
                                         the meaning of the Act or within the meaning of any applicable state or municipal law
                                         in which the definitions of adulteration and misbranding are substantially the same as
                                         those contained in the Act, as such Act and laws are constituted and effective at the
                                         time of such delivery, and no Product unit will be an article (under the provisions of
                                         the Act) which may not be introduced into interstate commerce; and

 

		(f)	the manufacturing facilities utilized
                                         for the manufacture of Product shall, at the time of manufacture, comply with applicable
                                         FDA regulations, or other applicable regulations, including applicable cGMPs.

 

(items (a) - (f) hereinafter
collectively referred to as "Agreed Quality"). During the warranty period, Oasmia shall promptly deliver at no cost
to Abbott (shipping to Abbott’s consignee, paid by Oasmia) sufficient Products to replace the defective Products. Oasmia
further represents and warrants that at no time prior to the termination of this Agreement, shall Oasmia enter into any transaction
that would prohibit or materially impair Oasmia from fulfilling its obligations under this Agreement.

 

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		11.2	Oasmia shall with each batch of Product
                                         delivered and supplied furnish Abbott with a certificate of analysis indicating the compliance
                                         of that batch of Product with the Marketing Authorization and the Agreed Quality, and
                                         such other information and documentation as may be required from time to time under applicable
                                         laws and regulations.

 

		11.3	To the extent required under applicable
                                         laws and regulations, the Parties shall enter into a separate quality assurance agreement,
                                         such agreement to be entered into prior to the first delivery of Product under this Agreement.

 

		11.4	Oasmia
                                         acknowledges and agrees that Abbott may, subject to applicable mandatory legislation,
                                         from time to time and at its option rely on the certificate of analysis issued by Oasmia
                                         pursuant to Clause 11.2 herein above and sell Product delivered by Oasmia without testing
                                         or inspecting the compliance of Product with the Agreed Quality. Lack of such testing
                                         or inspection by Abbott shall in no way be, or be deemed to be, an acceptance, express
                                         or implied, by Abbott of possible non-conforming or defective Product, and shall be without
                                         prejudice to Oasmia’s warranty pursuant to Clause 11.1 herein above and any remedy
                                         available to Abbott under law or this Agreement.

 

		11.5	If
                                         Abbott finds out that a Product delivered is defective, does not comply with the Agreed
                                         Quality, was shipped in violation of any applicable statute, administrative order or
                                         regulation, is recalled by any governmental agency or authority or by Oasmia, is not
                                         in conformance with instructions agreed upon by the Parties regarding packaging or transport,
                                         or is not suitable for use or sale (“Non-Conforming Product”), Abbott shall
                                         notify Oasmia promptly in writing thereof. Any claims by Abbott regarding Non-Conforming
                                         Product delivered shall specify in reasonable detail the nature and basis for the claim
                                         and cite relevant Oasmia batch control numbers or other information to enable specific
                                         identification of Product involved.

 

Oasmia
agrees to review any written claim made by Abbott regarding Non-Conforming Product and provide Abbott with the results of its
review within thirty (30) days after Oasmia's receipt of such written claim. At Oasmia’s request and expense, Abbott shall
return to Oasmia for testing the Product at issue or a representative sample thereof. If Oasmia’s test results reasonably
confirm the Product as Non-Conforming Product, Abbott shall return all Non-Conforming Product to Oasmia at Oasmia’s expense,
and Oasmia shall, at Abbott's option, either make a replacement delivery of conforming Products within thirty (30) days from the
receipt of Abbott’s notice or reimburse Abbott for any payments made for such Non-Conforming Products. 

 

If
Oasmia’s test results do not confirm the Product’s non-conformance, and if the Parties cannot resolve the issue of
non-conformance of such Product, Oasmia shall submit to a mutually acceptable independent laboratory such Product or a representative
sample thereof, along with a reference sample of Product which has previously been confirmed by Abbott as conforming to the Specifications,
the test protocols described in the Specifications and mutually agreeable interrogatories to be answered by such laboratory. The
determination of the Product’s conformance or non-conformance to the Specifications shall be binding upon the Parties. If
the laboratory determines that the Product is conforming, Abbott shall pay all independent laboratory and shipping costs incurred
by Oasmia. If such laboratory confirms the Product tested as Non-Conforming Product, Oasmia shall pay all independent laboratory
costs and shall, at Abbott's option, either make a replacement delivery of conforming Products free of charge within fourteen
(14) days from the date of such laboratory confirmation or reimburse Abbott for any payments made for such Non-Conforming Products.

 

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		11.6	At
                                         any time during review of any claim made by Abbott under Clause 11.5 above regarding
                                         Product delivered, Oasmia shall, at Abbott’s request, within fourteen (14) days
                                         deliver to Abbott such quantities of Safety Stock that are requested by Abbott to replace
                                         all or part of the Product referred to in that claim. Without prejudice to any other
                                         rights or remedies available to Abbott under law or this Agreement, Abbott shall pay
                                         Oasmia the Supply Price for any replacement Product provided under this Clause 11.6 in
                                         accordance with Clause 9.3.

 

		11.7	Oasmia
                                         shall maintain an inspection procedure and quality assurance program for the Product
                                         and its production process, which Oasmia shall follow for the manufacture of Product
                                         units under this Agreement. Abbott shall have the right to review complete records of
                                         all quality system documentation which includes but is not limited to inspection, corrective
                                         action, and quality assurance work performed by Oasmia at its place of business, upon
                                         Abbott’s request at reasonable times during the Term. Details of such inspection
                                         procedures, quality assurance program and record retention shall be set forth in the
                                         quality agreement executed between the Parties.

 

		12	MARKETING
                                         AND SALES

 

		12.1	Abbott
                                         shall use commercially reasonable efforts to proceed with marketing and sales of the
                                         Product in the Field in the Territory after Oasmia obtains the Marketing Authorization
                                         in accordance with Clause 12.2 below.

 

		12.2	Abbott
                                         shall use its commercially reasonable efforts to launch the Product within ten (10) months
                                         of receipt of notice and documentation from Oasmia that it has obtained the Marketing
                                         Authorization.

 

		12.3	Upon grant of the Marketing Authorization
                                         to Oasmia and Abbott’s launch of the Product in accordance with Clause 12.2 above,
                                         Abbott shall use its commercially reasonable efforts to market, offer for sale and sell
                                         the Product in the Field in the Territory for the remainder of the Term.

 

		12.4	Abbott shall be solely responsible
                                         for the marketing costs in the Territory.

 

		12.5	Oasmia shall make available to Abbott
                                         within ninety (90) days of the Date of Agreement all data, results, information, development
                                         and documentation of Oasmia, including without limitation raw data that is a part of
                                         Oasmia Proprietary Rights and necessary in connection with Abbott’s performance
                                         and exploitation of rights under this Agreement as exists at the Date of Agreement. Each
                                         Party agrees to share with the other all pre-clinical, Chemistry, Manufacturing and Control
                                         (‘CMC’) and clinical data and results involving Product, including without
                                         limitation raw data, which it has developed, develops, or obtains from a third party
                                         (including each Party’s licensees and/or distributors) during the Term. Such sharing
                                         by each Party shall take place as soon as reasonably practicable after such data or results
                                         become available.

 

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		13	STATEMENTS
                                         TO PUBLIC

 

		13.1	Neither
                                         Abbott nor Oasmia shall make or procure or permit the making of any announcement or statement
                                         to the public with respect to this Agreement without the prior consent of the other Party,
                                         which consent shall not be unreasonably withheld, subject to any applicable regulatory
                                         and/or stock exchange requirements.

 

The wording and the timing of any press release or
of any other announcement and/or statement to the public shall have to be agreed upon in advance between the Parties.

 

		14	PHARMACOVIGILANCE

 

		14.1	Oasmia shall be solely responsible
                                         for any and all pharmacovigilance related obligations in connection with this Agreement
                                         under applicable laws, regulations and guidelines in the Territory, including without
                                         limitation any undertaking necessary to maintain the Marketing Authorization, and shall
                                         fulfill all such obligations at its sole expense. The Parties shall cooperate on pharmacovigilance
                                         issues and shall make commercially reasonable efforts to promptly establish and adopt
                                         sufficient procedures concerning such cooperation and the exchange of pharmacovigilance
                                         information. These procedures shall be documented in writing and attached to this Agreement
                                         as Appendix 14.1 within six (6) months from the Date of Agreement.

 

		15	PRODUCT
                                         RECALL; REGULATORY MATTERS

 

		15.1	In the event that (a) any governmental
                                         agency or authority or the Regulatory Authority issues a recall or takes similar action,
                                         in connection with the Product sold or distributed by Abbott in the Territory, or (b)
                                         a court of competent jurisdiction orders such a recall, or (c) Abbott decides to cease
                                         distribution and/or sales of the Product by reason of a possible safety risk (hereinafter
                                         "Recall") then Abbott shall promptly inform Oasmia of such Recall, and, subject
                                         to Clause 15.3 below, Abbott and Oasmia shall agree on an appropriate course of action.

 

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		15.2	Oasmia shall promptly inform Abbott
                                         of any notification of any action by, or notification or other information which it receives
                                         (directly or indirectly) from any regulatory or other authority, which (a) raises any
                                         material concerns regarding the safety or efficacy of the Product, or (b) which indicates
                                         a reasonable potential for a recall or market withdrawal of the Product.

 

		15.3	Oasmia shall bear all direct costs
                                         and expenses of a Recall, including the expenses of notification and destruction or return
                                         of the Product recalled, save for such recalls in the Territory resulting from the negligence
                                         or breach of this Agreement by Abbott.

 

		15.4	In the event that Abbott permanently
                                         withdraws the Product from the market in the Territory, Abbott shall have the right to
                                         terminate this Agreement upon thirty (30) days prior written notice to Oasmia.

 

		15.5	Oasmia represents and warrants that
                                         neither it, nor any of its employees or agents working on the subject matter of this
                                         Agreement, has ever been, is currently, or is the subject of a proceeding that could
                                         lead to that party becoming, as applicable, a Debarred Entity or Individual, an Excluded
                                         Entity or Individual or a Convicted Entity or Individual. Oasmia further covenants, represents
                                         and warrants that if, during the term of this Agreement, it, or any of its employees
                                         or agents working on Abbott’s behalf, becomes or is the subject of a proceeding
                                         that could lead to that party becoming, as applicable, a Debarred Entity or Individual,
                                         an Excluded Entity or Individual or a Convicted Entity or Individual, Oasmia shall immediately
                                         notify Abbott, and Abbott shall have the right to immediately terminate this Agreement.
                                         This provision shall survive termination or expiration of this Agreement. For purposes
                                         of this provision, the following definitions shall apply:

 

(a)       A
“Debarred Individual” is an individual who has been debarred by the FDA pursuant to 21 U.S.C. §335a (a) or (b)
from providing services in any capacity to a person that has an approved or pending drug product application.

 

(b)       A
“Debarred Entity” is a corporation, partnership or association that has been debarred by the FDA pursuant to 21 U.S.C.
§335a (a) or (b) from submitting or assisting in the submission of any abbreviated drug application, or a subsidiary or affiliate
of a Debarred Entity.

 

(c)       An
“Excluded Individual” or “Excluded Entity” is (i) an individual or entity, as applicable, who has been
excluded, debarred, suspended or is otherwise ineligible to participate in federal health care programs such as Medicare or Medicaid
by the Office of the Inspector General (OIG/HHS) of the U.S. Department of Health and Human Services, or (ii) is an individual
or entity, as applicable, who has been excluded, debarred, suspended or is otherwise ineligible to participate in federal procurement
and non-procurement programs, including those produced by the U.S. General Services Administration (GSA).

 

(d)       A
“Convicted Individual” or “Convicted Entity” is an individual or entity, as applicable, who has been convicted
of a criminal offense that falls within the ambit of 42 U.S.C. §1320a – 7(a), but has not yet been excluded, debarred,
suspended or otherwise declared ineligible.

 

    	20 (47)

    	 

    

 

Confidential and Subject to Contract

 

		15.6	Oasmia and Abbott hereby agree that
                                         the terms of this Agreement fully define all consideration, compensation and benefits,
                                         monetary or otherwise, to be paid, granted or delivered by Oasmia to Abbott and by Abbott
                                         to Oasmia in connection with the transactions contemplated herein. Neither Abbott nor
                                         Oasmia have previously paid nor entered into any other commitment to pay, whether orally
                                         or in writing, any Abbott or Oasmia employee, directly or indirectly, any consideration,
                                         compensation or benefits, monetary or otherwise, in connection with the transaction contemplated
                                         herein.

 

		16	FORCE MAJEURE

 

		16.1	Neither
                                         Party shall be held in breach of this Agreement for failure to perform any of its obligations
                                         hereunder and, other than as to Clause 5, the time required for performance shall be
                                         extended for a period equal to the period of such delay, provided that such delay has
                                         been caused by or is a result of any acts of God; acts of the public enemy; civil strife;
                                         wars declared or undeclared; embargoes; fires; explosions; floods; energy outages; events
                                         caused by reason of laws or regulations or orders by any government, governmental entity
                                         or instrumentality or by any other supervening unforeseeable circumstances beyond the
                                         reasonable control of the Party so affected (“Force Majeure”). The Party
                                         so affected shall: (a) give prompt written notice to the other Party of the nature and
                                         date of commencement of the Force Majeure event and its expected duration; and (b) use
                                         its commercially reasonable efforts to relieve the effect of such cause as rapidly as
                                         possible.

 

		16.2	If an event of Force Majeure continues
                                         for more than three (3) consecutive months, Abbott shall have the right to terminate
                                         this Agreement with immediate effect by written notice thereof to Oasmia. If Abbott is
                                         affected by an event of Force Majeure and such event continues for more than six (6)
                                         consecutive months, Oasmia shall have the right to terminate this Agreement with immediate
                                         effect by serving written notice thereof together with a payment in full to Abbott of
                                         a refund of the milestone payments paid by Abbott in accordance with Clauses 5.1(a) and
                                         5.2 hereunder.

 

		17	TERM AND
                                         TERMINATION

 

		17.1	This Agreement shall become effective
                                         upon the Date of Agreement and, except as hereinafter provided for in this Clause 17
                                         or stipulated for elsewhere in this Agreement, shall continue in effect fifteen (15)
                                         years from the date Oasmia achieves the Marketing Authorization Milestone or expiration
                                         of all Oasmia Patent Rights, whichever is earlier (hereinafter referred to as "Initial
                                         Period"). THEREAFTER THIS AGREEMENT SHALL BE AUTOMATICALLY RENEWED AND CONTINUE
                                         IN EFFECT FOR SUCCESSIVE RENEWAL TERMS OF ONE (1) YEAR EACH (EACH, A “RENEWAL PERIOD”)
                                         UNLESS SIX (6) MONTHS PRIOR TO THE TERMINATION OF THE INITIAL PERIOD OF THE AGREEMENT
                                         OR ANY RENEWAL PERIOD THEREOF, EITHER PARTY PROVIDES WRITTEN NOTICE TO THE OTHER THAT
                                         IT IS TERMINATING THIS AGREEMENT AT THE END OF SAID INITIAL PERIOD OR RENEWAL PERIOD.
                                         The Initial Period and each Renewal Period shall together be defined as the “Term”
                                         of the Agreement.

 

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Confidential and Subject to Contract

 

		17.2	In the event a Party commits a material
                                         breach of the terms or conditions of this Agreement (the “Defaulting Party”),
                                         the other Party (the “Non-Defaulting Party”) may give written notice of such
                                         breach to the Defaulting Party, specifying the nature of the breach and requesting a
                                         cure. If the Defaulting Party fails to fully cure or to take appropriate action reasonably
                                         acceptable to the Non-Defaulting Party to cure such breach within ninety (90) days of
                                         receipt of written notice from the Non-Defaulting Party, then the Non-Defaulting Party
                                         shall be entitled to terminate this Agreement upon written notice
                                         to the Defaulting Party, such termination to be effective upon the Defaulting Party’s
                                         receipt of such notice. 

 

		17.3	Either of the Parties shall have the
                                         right, without prejudice to any other rights or remedies or other relief available to
                                         it under the governing law and this Agreement, to terminate this Agreement forthwith
                                         if the other Party becomes insolvent, is adjudged bankrupt, applies for judicial or extra-judicial
                                         settlement with its creditors, makes an assignment for the benefit of its creditors,
                                         voluntarily files for bankruptcy or has a receiver or trustee or the like in bankruptcy
                                         appointed by reason of its insolvency, or in the event an involuntary bankruptcy action
                                         is filed against the other Party and not dismissed within ninety (90) days, or if the
                                         other Party becomes the subject of liquidation or dissolution proceedings or otherwise
                                         discontinues business.

 

		17.4	Abbott shall have the right to terminate
                                         this Agreement at any time with at least three (3) months prior written notice to Oasmia
                                         if Abbott determines, in its sole and absolute discretion, that it is no longer feasible
                                         for Abbott to continue the Agreement.

 

		17.5	Upon the effective date of expiration
                                         or termination of this Agreement pursuant to any provision in this Agreement, Abbott
                                         or its assignee(s) shall have the right to sell its remaining stock of the Product supplied
                                         by Oasmia and the terms and conditions of this Agreement shall apply, as applicable to
                                         such Products so sold.

 

		17.6	The termination or expiration of this
                                         Agreement for any reason shall not entitle a Party to any post termination compensation
                                         for prospective loss of business, sales, or profits of whatever nature resulting from
                                         or incident to such termination or expiration.

 

		17.7	The termination or expiration of this
                                         Agreement, for whatever reason, shall be without prejudice to any rights, claims or obligations
                                         of either Party which may have accrued prior to, or become due at the date of such termination.

 

		17.8	In the event of termination of this
                                         Agreement by Abbott for Oasmia's breach pursuant to clause 17.2 or for Oasmia's insolvency
                                         or other enumerated circumstance pursuant to Clause 17.3, Abbott shall have the fully
                                         paid-up, perpetual non-exclusive right to use the Oasmia Proprietary Rights and the Oasmia
                                         Trademark in the Field in the Territory, and Oasmia shall refund to Abbott any milestone
                                         payments paid by Abbott hereunder as of the date of such termination. In the event of
                                         termination of this Agreement by Oasmia for Abbott's breach pursuant to clause 17.2 or
                                         for Abbott's insolvency or other enumerated circumstance pursuant to Clause 17.3, Oasmia
                                         shall have no obligation to refund to Abbott any milestone payments paid by Abbott hereunder
                                         as of the date of such termination.

 

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Confidential and Subject to Contract

 

		17.9	Clauses 1, 13, 18, 19, 21, 23, and
                                         24 (in their entirety) and 2.5, 5.3, 11.1, 11.4, 15.1, 15.2, 15.3, 17.5, 17.6, 17.7,
                                         17.8, 17.9 shall continue in full force and effect in accordance with their terms, notwithstanding
                                         any termination or expiration of this Agreement.

 

		18	INDEMNIFICATION
                                         AND LIABILITY

 

		18.1	In no event shall a Party hereto be
                                         liable for or have any obligation to compensate the other Party or any third party, for
                                         any indirect or consequential damages claimed by the other Party, including, but not
                                         limited to the loss of opportunity or anticipated savings, in connection with or arising
                                         out of this Agreement or breach thereof.

 

		18.2	Other than to the extent of Abbott’s
                                         negligent acts or omissions or willful misconduct, Oasmia shall indemnify, defend and
                                         hold harmless Abbott and its Affiliates and their respective employees, officers, directors,
                                         agents and customers (“Abbott Indemnitees”) from and against any suit, proceeding,
                                         claim, liability, loss, damage, costs or expense (including reasonable attorneys' fees),
                                         which such Abbott Indemnitees may hereinafter incur, suffer, or be required to pay, arising
                                         out of or resulting from any claim arising out of or attributable to any: (a) breach
                                         by Oasmia of the terms of this Agreement; (b) Oasmia’s negligent acts or omissions
                                         or willful misconduct; (c) breach of a warranty, representation or covenant made by Oasmia
                                         hereunder; or (d) the Product or the use thereof to the extent that same were not caused
                                         by the willful misconduct, or negligent act or omission or breach of this Agreement by
                                         Abbott.

 

		18.3	Other than to the extent of Oasmia’s
                                         negligent acts or omissions or willful misconduct, Abbott shall indemnify, defend, and
                                         hold harmless Oasmia and its employees, officers, directors, agents and customers (“Oasmia
                                         Indemnitees”) from and against any suit, proceeding, claim, liability, loss, damage,
                                         costs or expense (including reasonable attorneys' fees), which such Oasmia Indemnitees
                                         may hereinafter incur, suffer or be required to pay arising out of or resulting from
                                         any claim to the extent arising out of or attributable to: (a) breach by Abbott of the
                                         terms of this Agreement; (b) Abbott’s negligent acts or omissions or willful misconduct;
                                         (c) breach of a warranty, representation or covenant made by Abbott hereunder.

 

		18.4	Oasmia shall defend, indemnify and
                                         hold harmless Abbott, its officers, directors, employees, agents and distributors from
                                         and against all liabilities, damages, judgments, costs and expenses (including reasonable
                                         attorneys’ fees) arising out of any suit, proceeding or claim made or brought against
                                         Abbott alleging that any Product infringes any third party patent or other third party
                                         intellectual property right. If an additional third party license is necessary in order
                                         for Oasmia to manufacture Product, then: (a) Oasmia shall provide a design around of
                                         the affected Product; or (b) Oasmia shall obtain a license from the third party, at its
                                         sole expense, as needed to enable Oasmia to manufacture, and Abbott to distribute the
                                         Product.

 

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Confidential and Subject to Contract

 

		18.5	With respect to any indemnification
                                         obligations of either Party to the other Party under this Agreement, the following conditions
                                         must be met for such indemnification obligations to become applicable:

 

		(a)	the indemnified Party shall
                                         notify the indemnifying Party promptly in writing of any claim which may give rise to
                                         an obligation on the part of the indemnifying Party hereunder;

 

		(b)	the indemnifying Party shall
                                         be allowed to timely undertake the sole control of the defence of any such action and
                                         claim, including all negotiations for the settlement, or compromise of such claim or
                                         action at its sole expense; and

 

		(c)	the indemnified Party shall
                                         at the expense of the indemnifying Party render reasonable assistance, information, co-operation
                                         and authority to permit the indemnifying Party to defend such action.

 

		19	CONFIDENTIALITY

 

		19.1	Each Party shall keep in confidence
                                         all material and information received from the other Party and marked as confidential
                                         or which should reasonably be understood to be confidential (“Confidential Information”),
                                         and may not use such material or information for any other purposes than those set forth
                                         in this Agreement. The confidentiality obligation shall, however, not be applied to material
                                         and information, (a) which is or becomes generally available or otherwise public, or
                                         (b) which the Party has received from a third party without any obligation of confidentiality,
                                         or (c) which was in the possession of the receiving Party prior to receipt of same from
                                         the other Party without any obligation of confidentiality related thereto, (d) which
                                         a Party has independently developed without using material or information received from
                                         the other Party, or (e) which is required to be disclosed by law.

 

		19.2	Each Party shall promptly upon termination
                                         of this Agreement cease using confidential material and information received from the
                                         other Party and, unless the Parties separately agree on destruction of such material
                                         and information, return the material and information in question including all copies
                                         thereof.

 

		20	INDEPENDENT
                                         CONTRACTORS

 

		20.1	The status of Abbott and Oasmia under
                                         the business arrangement established by this Agreement is that of independent contractors.
                                         It is expressly agreed that for tax, legal or other purposes (i) this Agreement or any
                                         portion of this Agreement shall not be considered to be a partnership agreement, and
                                         (ii) the relationship between the two Parties shall not constitute a partnership, joint
                                         venture or agency. Neither Party has any authority whatsoever to act as an agent or representative
                                         of the other, nor has either any authority or power to contract for, or create or assume
                                         any obligation or liability in the other’s name or on behalf of the other or otherwise
                                         bind the other in any way for any purpose, nor shall either Party hereto represent to
                                         any third parties it possesses any such authority to bind the other Party.

 

    	24 (47)

    	 

    

 

Confidential and Subject to Contract

 

		21	NON-WAIVER

 

		21.1	The failure by either Party at any
                                         time to enforce any of the terms, provisions or conditions of this Agreement or to exercise
                                         any right hereunder shall not constitute or be construed to constitute a waiver of the
                                         same or affect that Party's rights thereafter to enforce or exercise the same. No waiver
                                         of any term, provision or condition of this Agreement shall be effective unless it is
                                         in writing and signed by a duly authorised person on behalf of the waiving.

 

		22	ASSIGNMENT

 

		22.1	Neither this Agreement nor any obligation,
                                         commitment or liability hereunder may be assigned by either Party without the other Party's
                                         express written consent, except that both Parties shall have the right, to assign this
                                         Agreement without the other Party's consent to its Affiliate, or to a third party to
                                         whom the business operations relating to the Product are sold or otherwise transferred.

 

		23	GOVERNING
                                         LAW

 

		23.1	This Agreement shall be governed by
                                         and construed in accordance with the laws of the State of New York, without regard to
                                         the application of principles of conflicts of law. Any claim or controversy arising out
                                         of or related to this Agreement or any breach hereof shall be submitted to a federal
                                         or state court of competent jurisdiction. It is specifically agreed that the United Nations
                                         Convention on Contracts for the International Sale of Goods is not applicable to this
                                         Agreement.

 

		24	DISPUTE
                                         RESOLUTION

 

		24.1	Any dispute that arises in
                                         connection with this Agreement shall be binding on the Parties and resolved by binding
                                         Alternative Dispute Resolution (“ADR”) in the manner described in Appendix
                                         24.1.

 

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Confidential and Subject to Contract

 

		25	INTELLECTUAL PROPERTY

 

		25.1	Oasmia shall have the right to timely
                                         restrain any third party infringement of any Oasmia patent in Oasmia’s name and
                                         at its expense, and shall be solely entitled to any recovery that results from such enforcement.
                                         At Oasmia’s reasonable request and expense, Abbott may be, but shall not be obligated
                                         to be, joined as a party plaintiff. In such event, Abbott shall cooperate in such proceeding.
                                         Oasmia shall have the right to control prosecution of such action, and shall keep Abbott
                                         reasonably informed in writing as to the status of such proceedings. Abbott further reserves
                                         the right, in the event that Oasmia elects not to directly pursue enforcement of the
                                         third party infringement of any Oasmia patent, to directly pursue enforcement of such
                                         third party infringement at Abbott’s sole cost and expense. In such event, Oasmia
                                         shall cooperate in such proceeding. Abbott shall have the right to control prosecution
                                         of such action, and shall keep Oasmia reasonably informed in writing as to the status
                                         of such proceedings. Should Abbott be successful in enforcing any Oasmia patents in the
                                         event that Oasmia elects not to directly pursue enforcement of such third party infringement,
                                         Abbott shall be solely entitled to any recovery that results from such enforcement. If,
                                         in the course of such proceedings, Abbott determines that it would be advisable to grant
                                         a sublicense to a third party infringer of any Oasmia patent, in the Field in the Territory,
                                         to make, have made, use, offer for sale, sell, have sold and import Products in the Field
                                         in the Territory, Oasmia shall cooperate with Abbott to grant a sublicense to such third
                                         party infringer; provided that Oasmia and Abbott shall share equally in any revenues
                                         received from such sublicense, less Abbott’s enforcement costs, in accordance with
                                         this Clause 25.1.

 

		25.2	If Oasmia or Abbott receives any information,
                                         knowledge, or notice from a third party alleging, that the Product infringes the intellectual
                                         property rights of such third party, the Party receiving the notice shall promptly inform
                                         the other Party as soon as possible and no later than fifteen (15) days from receipt
                                         of such notice.

 

		25.3	Oasmia
                                         is the sole and exclusive owner of all rights, title and interests in and to Oasmia Trademarks.
                                         Other than as explicitly set forth herein, nothing contained in this Agreement shall
                                         be construed as an assignment to Abbott of any right, license, title or interests in
                                         Oasmia Trademarks.

 

		25.4	Abbott is the sole and exclusive owner
                                         of all rights, title and interest in and to Abbott Trademarks. Nothing contained in this Agreement
shall be construed as an assignment to Oasmia of any right, license, title or interests in Abbott Trademarks.

 

		25.5	During the Term, Abbott grants Oasmia
                                         the limited right to use Abbott Trademarks only for labelling purposes in accordance
with the terms and conditions hereunder. During the Term, Oasmia grants Abbott the limited right to use Oasmia Trademarks in accordance
with the terms and conditions hereunder.

 

		25.6	Each Party shall notify the other
                                         Party of any suspected infringements by third parties of the other Party’s trademarks that
may come to a Party’s attention. The owner of the trademarks shall have the initial right to determine whether any action
shall be taken on account of any such infringement, and shall have the right to employ counsel of its choosing and to direct the
handling of the litigation and any settlements thereof, at its own expense.

 

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Confidential and Subject to Contract

 

		25.7	Each Party shall notify the other
                                         Party of any notice of alleged infringement of a third party trademark by any Party’s
trademark used with a Product. The Party owning the alleged infringing trademark shall have the initial right to defend such action,
to employ counsel of its choosing and to direct the handling of the litigation and any settlements thereof, at its own expense.

 

		25.8	Oasmia hereby covenants that it shall
                                         not, solely in connection with Abbott’s rights and obligations hereunder, sue nor otherwise
attempt to enforce against Abbott, any patent or other proprietary rights which Oasmia now holds, has rights to or which Oasmia
may acquire hereafter under any patent encompassing Product for so long as such Product remains subject to the terms of this Agreement.

 

		25.9	Representations and Warranties. Oasmia
                                         represents and warrants to Abbott as of the date of this Agreement:

 

(a)      To
the best of Oasmia’s knowledge, after reasonable investigation and due inquiry, there have been no claims or assertions,
written or oral, that the making, using, offering for sale, use, or importing of the Product infringes the patents, trademarks,
or other intellectual property rights of any third party;

 

(b)      Oasmia
has no knowledge, after reasonable investigation and due inquiry, of any third party patents, trademarks or other proprietary
rights which are valid and which would be infringed by making, having made, using, selling, offering for sale or importing Product
in the Territory in accordance with the terms of this Agreement; and

 

(c)      To
the best of Oasmia’s knowledge, after reasonable investigation and due inquiry, Oasmia is not, and as a result of the execution
and delivery of this Agreement and the performance of Oasmia hereunder will not, be in violation of, or lose any rights pursuant
to, any license, sublicense or agreement previously provided to a third party with respect to Oasmia’s intellectual property
rights relating to the Product, including the Oasmia Patent Rights.

 

		26	ENTIRE AGREEMENT

 

		26.1	This Agreement, together with all
                                         Appendices hereof, represents the full and complete understanding and agreement of the
                                         Parties pertaining to the subject matter hereof and prevails over all statements, clauses
                                         or conditions which may be contained in any other form or document.

 

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Confidential and Subject to Contract

 

		27	SEVERABILITY

 

		27.1	In case one or more of the provisions
                                         contained in this Agreement shall, for any reason, be held invalid, illegal or unenforceable
                                         in any respect, such invalidity, illegality or unenforceability shall not affect any
                                         other provision of this Agreement, but this Agreement shall be construed by limiting
                                         such invalid, illegal or unenforceable provision, or if such is not possible, by deleting
                                         such invalid, illegal or unenforceable provision from this Agreement; provided that should
                                         this Agreement as a result of any such deleting not any more reasonably correspond to
                                         the good faith intent of the Parties, either Party may propose to the other Party amendments
                                         also to the other provisions of this Agreement in order to have the Agreement correspond
                                         to such good faith intent and negotiate in good faith on such amendment(s).

 

		28	AMENDMENTS

 

		28.1	No modifications and amendments to
                                         this Agreement shall be valid unless made in writing and signed by duly authorised representatives
                                         of both Parties.

 

		29	NOTICES

 

		29.1	Notices provided hereunder to be given
                                         by either Party to the other shall be in writing and shall be sent by telefax or email,
                                         or delivered by recognised overnight delivery service or sent by government mail service
                                         (certified or registered air mail) to the following respective addresses or to such other
                                         addresses as the Parties may hereafter communicate to each other in writing:

 

If to Abbott:

 

Divisional Vice President

Animal Health Division

Abbott Laboratories

100 Abbott Park Road

Abbott Park, Illinois 60064

Facsimile Number: (847) 938-2741

 

With a copy to:

 

Abbott Laboratories

Legal Division, Commercial Legal
Operations

Building AP6A-2100

Abbott Park Road

Abbott Park, Illinois 60064-6049

Facsimile Number: (847) 938-1206

 

If to Oasmia:

 

Oasmia Pharmaceutical AB

 

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Confidential and Subject to Contract

 

Attn: President

Vallongatan 1

SE-752 28 Uppsala, Sweden

Tel. +46 18 50 54 40

Fax. +46 18 51 08 73

 

The notices shall be deemed
to have been received as follows: (a) telefaxes, on the day following the day of transmission provided a confirmatory copy is
sent by pre-paid first-class post or by personal delivery before the end of day following the day of transmission; (b) registered
air-mail, on the fifth (5) day after mailing; (c) notices delivered in any other form, on the day when delivered at the address
of the recipient.

 

		29.2	Nothing contained herein shall justify
                                         or excuse failure to give oral notice for the purpose of informing the other Party hereto
                                         when prompt notification is required, but, it is understood that such oral notice shall
                                         in no way satisfy the requirement of a written notice.

 

		30	APPENDICES

 

		30.1	The following
                                         appendices are attached to this Agreement:

 

	 	Appendix 1.1 	Trademarks
	 	Appendix 1.11	Development Plan
	 	Appendix 1.18	Oasmia Patent Rights
	 	Appendix 1.21	Product
	 	Appendix 1.24	Manufacturing Specifications
	 	Appendix 1.25	Supply Price and Royalty
	 	Appendix 14.1	Pharmacovigilance
	 	Appendix 24.1 	Alternate Dispute Resolution

 

The Appendices constitute an
integral part of this Agreement. In case of discrepancies between this Agreement and the Appendix the provisions of this Agreement
shall prevail.

 

		31	HEADINGS

 

		31.1	All section headings in this Agreement
                                         are for convenience only and shall not in any way affect the meaning or interpretation
                                         of the Agreement.

 

		32	INSURANCE

 

		32.1	During the Term, Oasmia and Abbott
                                         shall each maintain general business liability insurance coverage in the minimum aggregate
                                         amount of Two Million Dollars ($2,000,000), including product liability coverage, provided
                                         that Abbott may maintain self-insurance. Upon request by Abbott, Oasmia shall furnish
                                         to Abbott a certificate of insurance signed by an authorized representative of Oasmia’s
                                         insurance underwriter evidencing the insurance coverage required by this Agreement and
                                         providing for at least thirty (30) days prior written notice to Abbott of any cancellation,
                                         termination, material change or reduction of such insurance coverage.

 

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Confidential and Subject to Contract

 

IN WITNESS WHEREOF, the Parties hereto
have caused this Agreement to be executed in duplicate, as of the day and year first above written, by their duly authorised representatives.

 

	SIGNATURES	 	 
	 	 	 
	Abbott Laboratories	 	Oasmia Pharmaceutical AB
	 	 	   	 	 
	By: 	 	 	By:	 
	 	 	 	 	 
	Name: 	 	 	Name: 	 
	 	 	 	 	 
	Title: 	 	 	Title: 	 

 

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Confidential and Subject to Contract

 

APPENDIX 1.1

 

Abbott Trademarks

 

To the Distribution
Agreement between Oasmia Pharmaceutical AB and

Abbott.

 

ABBOTT; ABBOTT with Corporate Logo; ABBOTT ANIMAL HEALTH;
A PROMISE FOR LIFE.

 

    	31 (47)

    	 

    

 

Confidential and Subject to Contract

 

APPENDIX 1.11

 

Development Plan

 

To the Distribution
Agreement between Oasmia Pharmaceutical AB and

Abbott

  

	Phase	 	Actions	 	Current Status	 	Expected start date	 	Expected completion date
	NA	 	Conducting of
 Pivotal Field Study  
 (OAS-07-MCT-INT)	 	Accrual ongoing	 	First patient in (FPI)
 October 2008	 	Last Patient Out (LPO) 
Sept 2009
	NA	 	Clinical Report 
 Pivotal Field study 
 (OAS-07-MCT-INT)	 	NA	 	 	 	Q4 2009
	NA	 	CVM Review 
 Technical Section 
 Efficacy (Pivotal Field Study CSR etc)	 	NA	 	Q1 2010	 	Q3-4 2010* 
	NA	 	CVM Review
 Technical Section
 CMC	 	NA	 	Q1 2010	 	Q3-4 2010* 
	NA	 	CVM Review
 Technical Section 
Safety/TAS	 	NA	 	Q1 2010	 	Q3-4 2010*
	NA	 	CVM review of AOI/Labeling	 	NA	 	Q3 2010	 	Q4 2010*
	NA	 	CVM/FDA Marketing Approval	 	NA	 	 	 	December 2010

 

*Dependent on stop
clock/questions from CVM

 

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Confidential and Subject to Contract

 

 

 

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Confidential and Subject to Contract

 

APPENDIX 1.18

 

Oasmia Patent Rights (US and Canada)

 

To the Distribution Agreement between
Oasmia Pharmaceutical AB and

Abbott

 

Part 1 - Granted Patents

 

	Application #	Patent #	B&L Ref #
	 	 	 
	“Taxol containing compositions” (Patent entitled “Potentiating
    Compounds”)
	US 10/098,873	US Patent no. 6,642,271	45815
	 	 	 
	“Anticancer compositions”	(Patent entitled “Therapeutic Compounds”)	 
	US 10/295,139	US Patent no. 7,030,158	49785

 

Part 2 - Patent Applications

 

“Taxol containing compositions” (Patent Application
entitled, "Retinol derivatives potentiation of Active Substances by Micellar Preparations")

 

	CA 2,445,478	Canadian Patent Application	51297
	 	 	 
	“Water insolubles”	 	 
	PCT/SE2008/051515	International patent application	57571PC

 

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Confidential and Subject to Contract

 

APPENDIX 1.21

 

Product

 

To the Distribution Agreement between
Oasmia Pharmaceutical AB and

Abbott.

 

Paccal Vet is a preparation consisting of the Compounds and
XR17 (including all salts of XR17) for the treatment of cancer. XR17 is a proprietary mixture of the sodium salts of N-all-trans-retinoyl
cysteic acid methyl ester and N-13-cis-retinoyl cysteic acid methyl ester. The product can be in the form of a water soluble lyophilisate
or as a solution for injection. The Compounds can be of natural, semi-synthetic or synthetic origin.

 

Product shall be Paccal Vet in final sellable form, furnished
hereunder in the packaging and with the materials set forth below at no additional cost:

 

	1.	Vial Glass type I, with rubber stopper and aluminum
    cap containing 60mg of Paccal Vet
	2.	Box carton;
	3.	Label;
	4.	Client information sheet;
	5.	Package insert; and
	6.	Material Safety Data Sheet.

 

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Confidential and Subject to Contract

 

APPENDIX 1.24

 

Manufacturing Specifications

 

To the Distribution Agreement between
Oasmia Pharmaceutical AB and

Abbott.

 

	Title:

        Paccal Vet, powder for infusion, 60 mg (release and
        shelf life specification)
	Document no:

        FPS-002-03
	Page:

        37 (of 49)

	Valid from:

        2008-11-25
	Replaces doc no:

        FPS-002-02

	Issued by:	Reviewed by:	Reviewed by:	Approved by:	Approved by:
	 	 	 	 	 
	2008-11-10	2008-11-10	2008-11-10	2008-11-11	2008-11-11
	 	 	 	 	 
	Sofia Rendón
    Rapp	Mari Kadi	Maria Nylander	Marie Wallén	Gudmund Hedenskog
	Regulatory
    Affairs	Quality
    Control 	Production	Quality
    Assurance	Qualified
    Person
	 ̈
    Replaced	 ̈
    Withdrawn	Date/signature:	Checked
by QA, date/signature:

	 	 	 	 	 	 	 	 	 

 

DESCRIPTION

 

	Designated name 	 	Paccal Vet
	 	 	 
	Description of pharmaceutical form	 	Powder for solution for infusion
	 	 	 
	Strength (API) 	 	60 mg paclitaxel
	 	 	 
	Strength (Excipients) 	 	80 mg XR17 (40 mg of XMeNa, 40 mg of 13XMeNa)
	 	 	 
	Solubility  	 	Soluble in water, water solutions of salts, in methanol, ethanol and DMSO

 

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Confidential and Subject to Contract

 

SPECIFICATION

 

 

	No	 	TEST	 	REQUIREMENT	 	METHOD
	1.	 	CHARACTERS	 	 	 	 
	1.1.	 	Colour of freeze-dried Paccal Vet	 	Greenish-yellow to yellow freeze-dried cake	 	Visual inspection 
AN-018
	2.	 	IDENTIFICATION	 	 	 	 
	2.1.	 	Paclitaxel (API)	 	The retention time is within 99-101% of the retention time of the reference sample.	 	HPLC 
AN-019
	2.2.	 	XMeNa	 	The retention time is within 99-101% of the retention time of the reference sample.	 	HPLC 
AN-006
	2.3.	 	13XMeNa	 	The retention time is within 99-101% of the retention time of the reference sample.	 	HPLC 
AN-006
	3.	 	ASSAY	 	 	 	 
	3.1.	 	Paclitaxel (API)	 	57 mg to 63 mg (95 – 105 % of 60 mg)	 	HPLC 
AN-019
	3.2.	 	XR17 (Excipient)	 	72 mg to 88 mg (90 – 110 % of 80 mg)	 	HPLC 
AN-006
	4.	 	RELATED SUBSTANCES	 	 	 	 
	4.1.	 	Paclitaxel degradation products	 	 	 	HPLC AN-019 
HPLC AN-020
	 	 	Any single degradation product by AN-019 and AN-020*	 	NMT 1.0% each	 	 
	 	 	Total amount of degradation products by AN-019 and AN-020*	 	NMT 2.0%	 	 
	4.2.	 	XR17 related substances 
	 	 	 	HPLC AN-006
	 	 	Individual related substances	 	 	 	 
	 	 	Unidentified B	 	NMT 1.4 %	 	 
	 	 	Other related substances	 	NMT 1.0 % each	 	 
	 	 	Total related substances	 	NMT 4.0 % 	 	 
	5.0	 	Residual Organic Solvents
 Ethanol
 Ethyl acetate
 Methanol
 Tetrahydrofuran
 Total
	 	 
≤ 5000 ppm 
≤ 5000 ppm 
≤ 3000 ppm 
≤ 720 ppm 
≤ 5000 ppm	 	GC 
MK 2298, based on 
Ph.Eur. 2.4.24.

 

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Confidential and Subject to Contract

 

	No	 	TEST	 	REQUIREMENT	 	METHOD
	6.	 	SPECIFIC TESTS	 	 	 	 
	6.1.	 	Reconstitution time	 	Completely soluble in Ringer Acetate within 30 min	 	Visual inspection 
AN-018
	6.2.	 	Colour of reconstituted solution	 	Greenish – yellow 
In accordance with Ph.Eur. standard solution GY1	 	Visual inspection 
AN-018, according to 
Ph.Eur. 2.2.2.
	6.3.	 	pH of reconstituted solution	 	5.0 – 6.0	 	Potentiometric determination 
AN-018, according to 
Ph.Eur. 2.2.3.
	6.4.	 	Particulate contamination: Visible particles.	 	No visible particles	 	Visual control 
AN-018, according to 
Ph.Eur. 2.9.20.
	6.5.	 	Particulate contamination: Sub-visible particles. 
	 	Average number of particles per vial (60mL): 
Size ≥ 10μm: ≤ 6000 particles per vial 
Size ≥ 25μm: ≤ 600 particles per vial	 	Ph.Eur. 2.9.19. 
Method 1
	6.6.	 	Water content (KF)	 	≤ 3%	 	Karl Fischer 
MK 2299, based on Ph.Eur. 2.5.32.
	6.7.	 	Sterility	 	Sterile	 	Ph.Eur. 2.6.1.
	6.8.	 	Bacterial endotoxins	 	≤ 0.7 EU/mg	 	Ph.Eur. 2.6.14.

* As described in the method description for HPLC methods
AN-019 and AN-020 the “Other degradation products” eluting prior to Imp N in AN-019, and after Imp N in AN-020 are
reported. The “Total amount of degradation products” is defined as all degradation products, eluting prior to Imp
N in AN-019, and after Imp N in AN-020, found above the reporting threshold.

 

STORAGE

 

	Shelf life	Fifteen (15) months.
	 	 
	Storage conditions	Store in a refrigerator (2oC - 8oC). Store in outer carton in order to protect
    from light.
	 	 
	Handling precautions	Avoid inhalation, skin contact, eye contact and ingestion. Avoid prolonged or repeated exposure.

 

    	38 (47)

    	 

    

 

Confidential and Subject to Contract

 

ASSAYS AND TESTS

 

AN-018

 

This method consists of 5 parts;

 

For freeze-dried Paccal
Vet: the colour and solubility in Ringer-Acetate.

 

For Paccal Vet solution for infusion:
the colour, visible particles and pH.

 

For visible particles reference is made
to Ph.Eur. 2.9.20., for the colour of the solution for infusion referEnce is made to Ph.Eur. 2.2.2. and for the pH determination
reference is made to Ph Eur 2.2.3.

 

AN-019 

 

Assay and identity of paclitaxel and two possible degradation
products from paclitaxel in Paccal Vet by HPLC analysis.

 

AN-020 

 

Assay and identity of three possible degradation products from
paclitaxel in Paccal Vet by HPLC analysis.

 

AN-006 

 

Assay, identity and related substances
of XR17 in Paccal Vet by HPLC analysis. This method is also used for the determination of
assay, identity and related substances in the XMeNa and 13XMeNa stock solutions.

 

MK 2298

 

The residual organic solvents are determined
with this GC method using the headspace technique with a FID detector. The quantification is made using external ethanol standards.

 

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Confidential and Subject to Contract

 

MK 2299

 

Determination of water content by Karl Fisher Micro coulometer,
a method based on the Ph.Eur. 2.5.32.

 

Particulate contamination: subvisible
particles Ph.Eur.2.9.19.

 

Reference is made to the Ph.Eur.

 

Sterility Ph.Eur.2.6.1.

 

Reference is made to the Ph.Eur.

 

Bacterial endotoxins
Ph.Eur.2.6.14.

 

Reference is made to the Ph.Eur.

 

    	40 (47)

    	 

    

 

Confidential and Subject to Contract

 

APPENDIX 1.25

 

Supply Price and Royalty

 

To the Distribution Agreement between
Oasmia Pharmaceutical AB and

Abbott 

 

Supply Price

 

The Supply Price shall be the base price
of $1.08 per one (1) mg of the Product (“Base Price”) multiplied by 1.2 (“Price Floor Multiplier”).

 

The Base Price shall remain firm until
two (2) years from receipt of notice and documentation from Oasmia that it has obtained the Marketing Authorization. Thereafter,
Oasmia may adjust the Base Price not more than once per calendar year, provided such increase may not exceed the lesser of (i)
four fifths (4/5) of the documented actual manufacturing cost percentage annual increase for the Product, or (ii) the percentage
increase in: (a) the Producer Price Index (Sweden) as of the last day of the most recently ended month prior to the notice of
Base Price increase (“Measurement Date”) over (b) the Producer Price Index (Sweden) as of the date twelve (12) months
prior to the Measurement Date. Any adjustment permitted in accordance with this paragraph shall not reflect currency value variation
but instead shall be calculated by applying the relevant percentage increase to the Base Price. The Price Floor Multiplier shall
only be adjusted by written mutual agreement of the Parties.

 

Currency Risk Sharing

 

As to the Supply Price only, the Parties
shall equally share the risk of currency value variation. As of the last business day of December of each year (“Measurement
Date”), the Parties shall determine the Adjustment Exchange Rate and the Base Exchange Rate (both as defined below). If
the Adjustment Exchange Rate deviates from the Base Exchange Rate by five percent (5%) or more in any given year, the Base Price
in the subsequent year will be adjusted so that the percentage difference between the new adjusted Base Price and the prior Base
Price is equal to 50% of the percentage difference between the Adjustment Exchange Rate and the Base Exchange Rate. If the Adjustment
Exchange Rate deviates from the Base Exchange Rate by five percent (5%) or more in any given year, then the Adjustment Exchange
Rate calculated for such year shall become the Base Exchange Rate for purposes of applying this paragraph in the following year.
If the Adjustment Exchange Rate deviates from the Base Exchange Rate by less than five percent (5%) in any given year, then no
Base Price adjustment shall be made under this paragraph for such year and the Base Exchange Rate for such year shall remain the
Base Exchange Rate for purposes of applying this paragraph in the immediately subsequent year. The initial “Base Exchange
Rate” is 1.40 USD / 1.00 EUR. The “Adjustment Exchange Rate” is the average of the USD/EUR exchange rates published
by OANDA Corporation (or any other mutually acceptable entity) on the last business day of each month during the preceding twelve
(12) months prior to and including the Measurement Date.

 

    	41 (47)

    	 

    

 

Confidential and Subject to Contract

 

Royalty

 

In consideration of the rights granted
to Abbott and set forth in this Agreement and for Oasmia’s compliance with the terms and conditions hereunder, Abbott shall
pay royalties to Oasmia as set forth below (“Royalties”).

 

In each calendar year, Royalties
shall equal:

 

(a) 34 percent (34%) of Net
Sales less the Supply Price paid for underlying Products, until Forty Million Dollars ($40,000,000) of Net Sales have been
achieved in such calendar year; and

 

(b) 40 percent (40%) of Net
Sales less the Supply Price paid for underlying Products, for Net Sales in excess of Forty Million Dollars ($40,000,000) in such
calendar year.

 

With respect to Products sold in Canada,
Royalties shall be calculated for each calendar year based on Net Sales in the Calendar Quarter commencing on December 1 of the
prior calendar year and the Calendar Quarters commencing on March 1, June 1 and September 1 of such Calendar Year.

 

Following the commencement of Product
sale in the Territory, Abbott shall, within forty-five (45) days of the end of every Calendar Quarter (but within seventy-five
(75) days of the end of every Calendar Quarter for Products sold in Canada) provide Oasmia with a signed statement in a mutually
agreed format specifying the quantity and value of Products invoiced during such Calendar Quarter and setting forth the relevant
Supply Price paid, Net Sales achieved and Royalties owed by Abbott to Oasmia for such Calendar Quarter in accordance with this
Agreement. Following its review of Abbott’s statement, Oasmia shall invoice Abbott for Royalties owed by Abbott. Undisputed
invoices for Royalties shall be paid in full within forty-five (45) days of the date such invoice is received by Abbott.

 

Payments by Sub-Distributor or Co-Marketing
Partner

 

In addition to any amount payable to Oasmia
hereunder, Abbott shall pay Oasmia thirty-seven percent (37%) of all other amounts received by Abbott from sub-distributors or
co-marketing partners appointed by Abbott according to the terms of this Agreement and paid to Abbott for such rights to sub-distribution
or co-marketing of the Product as down payment, royalty or in any other form.

 

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Confidential and Subject to Contract

 

Taxes

 

All sums payable under this Agreement
are exclusive of any Value Added Tax or any other sales tax or duties, which where applicable, shall be payable by the payer in
addition to any sum in respect of which they are calculated.

 

Interest

 

All payments due hereunder that are not
paid when due and payable shall bear interest on annual rate equal to LIBOR plus two percent (2%) from the due date until paid.

 

Abbott Records and Control

 

Abbott (together with its Affiliates,
agents, representatives, sub-distributors, co-marketing partners and successors) shall keep and maintain complete and accurate
records of the sales and all necessary data for calculation of the Net Selling Price for the Product for each year and shall retain
such records for a period of five (5) years thereafter. Oasmia shall have the right to nominate a firm of independent certified
public accountants acceptable to Abbott to inspect such records for the purpose of verifying, at Oasmia's expense and during reasonable
business hours, Net Sales, provided that this right may not be exercised more than once in any calendar year, and provided further
that such accounting firm shall be first made subject to confidentiality obligations not more burdensome than those to which the
Parties are subject to under this Agreement. If Abbott is required to reimburse Oasmia for an underpayment (in any amount) it
shall do so within thirty (30) days of its receipt of notice from Oasmia of the result of the accountants' audit. In the event
that the accountants' audit find that an underpayment of five per cent (5%) or more has been made by Abbott, Abbott shall reimburse
Oasmia the cost of the audit (within thirty (30) days of its receipt of notice of the results of the audit).

 

Oasmia Records and Control

 

Oasmia shall maintain, and require its Affiliates and any third
party manufacturers to maintain, accurate records of all manufacturing, packaging and material costs of the Products as well as
relevant invoicing or other documentation relating thereto. Upon reasonable prior written notice from Abbott, Oasmia shall allow
such records to be made open to audit by Abbott or on Abbott’s behalf by an independent certified public accountant of Abbott’s
selection, to verify Oasmia’s manufacturing, packaging and material costs and reasonableness of any changes to such costs
that are requested by Oasmia. Such accountant, if any, shall be first made subject to confidentiality obligations not more burdensome
than those to which Abbott and Oasmia are subject to under this Agreement. Oasmia’s records which are the object of this
audit clause shall be maintained and be made available for audit for a period of at least six (6) years from the end of each then
current year. In the event that such audit finds that an overcharge of five per cent (5%) or more has been made by Oasmia, Oasmia
shall reimburse Abbott the cost of the audit (within thirty (30) days of its receipt of notice of the results of the audit).

 

    	43 (47)

    	 

    

 

Confidential and Subject to Contract

 

APPENDIX 14.1

 

Pharmacovigilance

 

To the Distribution Agreement between
Oasmia Pharmaceutical AB and

Abbott

 

To be inserted within 6 months of date of agreement

 

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Confidential and Subject to Contract

 

APPENDIX 24.1

 

Alternate Dispute Resolution (ADR)

 

To the Distribution Agreement between
Oasmia Pharmaceutical AB and

Abbott.

 

The Parties recognize that from time to
time a dispute may arise relating to either Party’s rights or obligations under this Agreement. The Parties agree that any
such dispute shall be resolved by the Alternative Dispute Resolution (“ADR”) provisions set forth in this Exhibit,
the result of which shall be binding upon the Parties.

 

To begin the ADR process, a Party first
must send written notice of the dispute to the other Party for attempted resolution by good faith negotiations between their respective
presidents (or their designees) of the affected subsidiaries, divisions, or business units within twenty-eight (28) days after
such notice is received (all references to “days” in this ADR provision are to calendar days). If the matter has not
been resolved within twenty-eight (28) days of the notice of dispute, or if the Parties fail to meet within such twenty-eight
(28) days, either Party may initiate an ADR proceeding as provided herein. The Parties shall have the right to be represented
by counsel in such a proceeding.

 

1.         To
begin an ADR proceeding, a Party shall provide written notice to the other Party of the issues to be resolved by ADR. Within fourteen
(14) days after its receipt of such notice, the other Party may, by written notice to the Party initiating the ADR, add additional
issues to be resolved within the same ADR.

 

2.         Within
twenty-one (21) days following the initiation of an ADR proceeding, the Parties shall select a mutually acceptable independent,
impartial and conflicts-free neutral to preside in the resolution of any disputes in this ADR proceeding; if the Parties are unable
to agree on a mutually acceptable neutral, each Party will select one independent, impartial and conflicts-free neutral within
such period, and those two neutrals will select a third independent, impartial and conflicts-free neutral within ten (10) days
thereafter. None of the neutrals selected may be current or former employees, officers or directors of either Party, its subsidiaries
or affiliates.

 

3.         No
earlier than twenty-eight (28) days or later than fifty-six (56) days after selection, the neutral(s) shall hold a hearing to
resolve each of the issues identified by the Parties. The ADR proceeding shall take place at a location agreed upon by the Parties.
If the Parties cannot agree, the neutral(s) shall designate a location other than the principal place of business of either Party
or any of their subsidiaries or affiliates.

 

    	45 (47)

    	 

    

 

Confidential and Subject to Contract

 

4.           At
least seven (7) days prior to the hearing, each Party shall submit the following to the other Party and the neutral(s):

 

(a)       a
copy of all exhibits on which such Party intends to rely in any oral or written presentation to the neutral;

 

(b)       a
list of any witnesses such Party intends to call at the hearing, and a short summary of the anticipated testimony of each witness;

 

(c)       a
proposed ruling on each issue to be resolved, together with a request for a specific damage award or other remedy for each issue.
The proposed rulings and remedies shall not contain any recitation of the facts or any legal arguments and shall not exceed one
(1) page per issue. The Parties agree that neither side shall seek as part of its remedy any punitive damages.

 

(d)       a
brief in support of such Party’s proposed rulings and remedies, provided that the brief shall not exceed twenty (20) pages.
This page limitation shall apply regardless of the number of issues raised in the ADR proceeding.

 

Except as expressly set forth in subparagraphs
4(a) - 4(d), no discovery shall be required or permitted by any means, including depositions, interrogatories, requests for admissions,
or production of documents.

 

5.           The
hearing shall be conducted on two (2) consecutive days and shall be governed by the following rules:

 

(a)       Each
Party shall be entitled to five (5) hours of hearing time to present its case. The neutral shall determine whether each Party
has had the five (5) hours to which it is entitled.

 

(b)       Each
Party shall be entitled, but not required, to make an opening statement, to present regular and rebuttal testimony, documents
or other evidence, to cross-examine witnesses, and to make a closing argument. Cross-examination of witnesses shall occur immediately
after their direct testimony, and cross-examination time shall be charged against the Party conducting the cross-examination.

 

(c)       The
Party initiating the ADR shall begin the hearing and, if it chooses to make an opening statement, shall address not only issues
it raised but also any issues raised by the responding Party. The responding Party, if it chooses to make an opening statement,
also shall address all issues raised in the ADR. Thereafter, the presentation of regular and rebuttal testimony and documents,
other evidence, and closing arguments shall proceed in the same sequence.

 

    	46 (47)

    	 

    

 

Confidential and Subject to Contract

 

(d)       Except
when testifying, witnesses shall be excluded from the hearing until closing arguments.

 

(e)       Settlement
negotiations, including any statements made therein, shall not be admissible under any circumstances. Affidavits prepared for
purposes of the ADR hearing also shall not be admissible. As to all other matters, the neutral(s) shall have sole discretion regarding
the admissibility of any evidence.

 

6.          Within
seven (7) days following completion of the hearing, each Party may submit to the other Party and the neutral(s) a post-hearing
brief in support of its proposed rulings and remedies, provided that such brief shall not contain or discuss any new evidence
and shall not exceed ten (10) pages. This page limitation shall apply regardless of the number of issues raised in the ADR proceeding.

 

7.          The
neutral(s) shall rule on each disputed issue within fourteen (14) days following completion of the hearing. Such ruling shall
adopt in its entirety the proposed ruling and remedy of one of the Parties on each disputed issue but may adopt one Party’s
proposed rulings and remedies on some issues and the other Party’s proposed rulings and remedies on other issues. The neutral(s)
shall not issue any written opinion or otherwise explain the basis of the ruling.

 

8.          The
neutral(s) shall be paid a reasonable fee plus expenses. These fees and expenses, along with the reasonable legal fees and expenses
of the prevailing Party (including all expert witness fees and expenses), the fees and expenses of a court reporter, and any expenses
for a hearing room, shall be paid as follows:

 

(a)       If
the neutral(s) rule(s) in favor of one Party on all disputed issues in the ADR, the losing Party shall pay 100% of such fees and
expenses.

 

(b)       If
the neutral(s) rule(s) in favor of one Party on some issues and the other Party on other issues, the neutral(s) shall issue with
the rulings a written determination as to how such fees and expenses shall be allocated between the Parties. The neutral(s) shall
allocate fees and expenses in a way that bears a reasonable relationship to the outcome of the ADR, with the Party prevailing
on more issues, or on issues of greater value or gravity, recovering a relatively larger share of its legal fees and expenses.

 

9.          The
rulings of the neutral(s) and the allocation of fees and expenses shall be binding, non-reviewable, and non-appealable, and may
be entered as a final judgment in any court having jurisdiction. 

 

10.          Except
as provided in paragraph 9 or as required by law, the existence of the dispute, any settlement negotiations, the ADR hearing,
any submissions (including exhibits, testimony, proposed rulings, and briefs), and the rulings shall be deemed Confidential Information.
The neutral(s) shall have the authority to impose sanctions for unauthorized disclosure of Confidential Information.

 

11.          All
ADR hearings shall be conducted in the English language.

 

    	47 (47)

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