Document:

EX-10.3

 Exhibit 10.3 

EXECUTIVE EMPLOYMENT AGREEMENT 
 This
Executive Employment Agreement (the “Agreement”), dated July 15, 2015, is between Otic Pharma, Inc., a Delaware corporation in formation (the “Company”), and Gregory J. Flesher, an individual (the
“Executive”). 
  

	 	1.	POSITION AND RESPONSIBILITIES 

 a.    Position. The
Executive shall be employed by the Company to render services to the Company and its parent company, Otic Pharma Ltd. (the “Parent”) in the position of Chief Executive Officer of the Company and the Parent commencing July 30,
2015. The Executive shall report to the Company’s and the Parent’s Board of Directors (as applicable, the “Board”) and perform such duties and responsibilities as are normally related to such position in accordance with
the standards of the industry and any additional duties now or hereafter assigned to the Executive by the Board. The Executive shall abide by the rules, regulations, and practices as adopted or modified from time to time in the Company’s sole
discretion. Concurrent with Executive’s commencement of service hereunder, subject to the amendment of the Articles of Association of the Parent to provide a Board seat for the Executive, the Executive shall be elected to the Board. 

b.    Other Activities. Except upon the prior written consent of the Company, the Executive will not, during
the term of this Agreement, (i) accept any other employment, or (ii) engage, directly or indirectly, in any other business activity (whether or not pursued for pecuniary advantage) that could reasonably be expected to interfere with
Executive’s duties and responsibilities hereunder or create a conflict of interest with the Company. 

c.    No Conflict. Executive represents and warrants that the Executive’s execution of this Agreement,
the Executive’s employment with the Company, and the performance of the Executive’s proposed duties under this Agreement shall not violate any obligations the Executive may have to any other employer, person or entity, including any
obligations with respect to proprietary or confidential information of any other person or entity. 
  

	 	2.	COMPENSATION AND BENEFITS 

 a.    Base Salary. In
consideration of the services to be rendered under this Agreement, the Company shall pay the Executive a salary at the rate of $400,000 per year (“Base Salary”). The Base Salary shall be paid in accordance with the Company’s
regularly established payroll practice. Executive’s Base Salary will be reviewed from time to time in accordance with the established procedures of the Company for adjusting salaries and may be adjusted upward in the sole discretion of the
Board, or a designated committee thereof. 
 b.    Annual Performance Bonus. The Executive will be
eligible to receive an annual cash performance bonus (the “Performance Bonus”) for the achievement of the Performance Goals (as defined below). The amount of such Performance Bonus shall be determined at the discretion of the Board,
or a designated committee thereof, which amount shall be targeted at forty percent (40%) of Executive’s Base Salary in the event of achievement of the Performance Goals in full by the Executive. The Board, or such designated committee, shall
use as guidance 

  
  

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for the determination of the Performance Bonus certain corporate and individual goals (the “Performance Goals”), which shall be established annually on a calendar year basis by
Executive and the Board (or a designated committee thereof). Any Performance Bonus will be paid to Executive by March 15 of the year following the calendar year with respect to which a Performance Bonus is earned, so long as the Executive
remains employed as of such payment date. As agreed by the Parties, year 2015 performance will not entitle the Executive to a “Performance Bonus”. 

c.    Benefits. The Executive shall be eligible to participate in the benefits made generally available by
the Company to senior executives, in accordance with the benefit plans established by the Company, and as may be amended from time to time in the Company’s sole discretion. In the event that the Company does not have appropriate medical and
dental insurance in place on the date of this Agreement providing the Executive and his family with medical and dental coverage substantially equivalent to that provided by Executive’s most recent previous employer, then the Company shall
reimburse Executive, on a taxable basis, for the cost of COBRA premiums associated with his continued coverage under the plans of his prior employer until the earlier of such time as Executive and his family are (i) eligible to be covered under
a Company plan or (ii) no longer eligible for continued coverage under the plans of his prior employer, and thereafter shall have no further obligation to reimburse Executive for the cost of such COBRA premium. 

d.    Vacation. In addition to nationally recognized holidays, the Executive shall be eligible to receive up
to four (4) weeks of paid vacation per year and will receive paid Company holidays subject to the policies and procedures generally applicable to similarly situated executives for the Company as may be modified from time to time in the
Company’s sole discretion. 
 e.    Expenses. The Company shall reimburse the Executive for
reasonable business expenses incurred in the performance of the Executive’s duties hereunder in accordance with the Company’s expense reimbursement guidelines. 
  

	 	3.	EQUITY INCENTIVES 

 a.    Time-Based Grant. Subject to
the completion of a 409A valuation and the resolution of the Board and shareholders of the Parent (the “Option Grant Conditions”), the Parent shall grant, from the shares available for grant pursuant to the Parent’s Share
Option Plan (as amended, modified or restated from time to time, the “Share Incentive Plan”), to the Executive (so long as the Executive is employed as of the grant date), an option to purchase 378,539 ordinary shares of the Parent
(the “First Grant”). The First Grant shall be an incentive stock option (ISO) to the maximum extent permitted by applicable tax laws. The First Grant shall vest and become exercisable as follows: 25% of the shares subject to the
First Grant shall vest at the one year anniversary of the date of commencement of employment of the Executive and the remaining 75% of the shares subject to the First Grant shall vest quarterly over the next three years, provided that all vesting is
conditioned on the Executive continuing to provide full-time services to the Company or the Parent as of the applicable vesting date (unless otherwise approved by the Board), and shall be subject to the additional acceleration set forth in
Section 4.b. below. 

  
  

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 b.    Performance-Related Grant. Upon satisfaction of the
Option Grant Condition, Parent shall grant pursuant to the Share Incentive Plan, from the shares available for grant pursuant to the Share Incentive Plan, to the Executive (so long as the Executive is employed as of the grant date) an option to
purchase that number of ordinary shares of the Parent equal to 1.0% of the fully diluted capitalization (as defined below) of the Parent as of the grant date (the “Performance Related Grant”). The Performance Related Grant shall be
an ISO, to the maximum extent permitted by applicable tax laws. Such Performance Related Grant shall vest and become exercisable upon the achievement, between July 30, 2015 and October 31, 2016 of (a) the execution of a definitive
agreement that results in the acquisition or licensing of a material asset of the Parent and (b) the raising of at least $10 million at a pre-money Parent valuation of $85 million, all provided
that the Executive is employed upon the achievement of the foregoing. 
 c.    Other Agreements. The
Executive’s entitlement to any equity incentives that may be approved is conditioned upon the Executive’s signing of the applicable equity incentive award agreement and is subject to its terms and the terms of the Share Incentive Plan,
including the vesting requirements outlined above. 
 d.    Certain Terms. For purposes of this Agreement
“fully diluted capitalization” shall mean (A) the number of ordinary shares of the Parent actually outstanding plus (B) the number of ordinary shares of the Parent issuable upon conversion of all preferred shares of
the Parent outstanding at such time plus (C) the number of ordinary shares of the Parent issuable upon conversion or exercise, as the case may be, of all other securities of the Parent outstanding as of such time convertible into,
exercisable for, or exchangeable for, directly or indirectly, ordinary shares (including, without limitation, options and warrants), disregarding any vesting or similar provisions plus (D) the number of ordinary shares of the Parent
reserved for issuance at such time under any share option, equity incentive or similar plan (to the extent not subject to already issued but unexercised share options or other equity incentives). 

 

	 	4.	AT-WILL EMPLOYMENT; TERMINATION BY COMPANY 

a.    At-Will Termination by Company. The Executive’s employment
with the Company shall be “at-will” at all times. The Company may terminate the Executive’s employment with the Company at any time, without any advance notice, for any reason or no reason at
all, notwithstanding anything to the contrary contained in or arising from any statements, policies or practices of the Company relating to the employment, discipline or termination of its employees. Upon and after such termination, all obligations
of the Company under this Agreement shall cease, except as otherwise provided herein. 
 b.    Severance.
Except in situations where the employment of the Executive is terminated for Cause, by Death or by Complete Disability (as defined in Section 5 below), in the event that the Company terminates the Executive’s employment at any time or the
Executive terminates his employment for “Good Reason” as provided for in Section 6(b) below the Executive will be eligible to receive the following payments and severance benefits (collectively, “Severance”): 

 

	 	(i)	 after the first anniversary of the agreement date, an amount equal to six (6) months of the Executive’s
then-current Base Salary, payable in six (6) equal 

  
  

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monthly installments commencing within ten (10) days of the effective date of the Release, provided that concurrent with an S-1 registration
statement for the initial offering of the Parent’s ordinary shares becoming effective, the Severance shall automatically increase to twelve (12) months of the Executive’s then-current Base Salary, payable in twelve (12) equal
monthly installments commencing within ten (10) days of the effective date of the Release; 

  

	 	(ii)	if the Executive elects to continue his medical and/or dental coverage under COBRA, the Company shall pay the premiums for COBRA coverage for Executive and his qualified dependents (or, for such portion of the COBRA
Continuation Period (as defined below) that the Company continues to be obligated to reimburse the Executive for the cost of COBRA premiums under Section 2.c., to reimburse the Executive for the cost of COBRA premiums associated with his
continued coverage under the plans of his prior employer) until the earlier of (a) six (6) months following the date of the Executive’s termination (twelve (12) months following an IPO) or (b) the date the Executive becomes
eligible for comparable coverage under another employer’s plan(s) (such period, the “COBRA Continuation Period”); and 

  

	 	(iii)	if such termination is (x) by the Company within the period commencing upon a Deemed Liquidation (as defined in the Parent’s Articles of Association in effect from time to time) and ending six (6) months
following a Deemed Liquidation, the vesting of all unvested shares, options, or other equity incentive awards available to or held by the Executive shall be accelerated such that all such shares, options or other equity incentive awards shall be
deemed vested in full with respect to all service related vesting conditions (but subject to the achievement of any financial targets that may otherwise remain applicable) or (y) by the Executive for “Good Reason” additional vesting
only to the extent as provided for in Section 6(b) below. 

 The Executive’s eligibility for Severance is conditioned on the
Executive having first signed a release agreement in the form attached as Exhibit A (the “Release”) and such Release becoming effective pursuant to its terms no later than sixty (60) days following the date of
termination of the Executive’s employment (the “Release Deadline”). The Executive shall not be entitled to any Severance if Executive’s employment is terminated pursuant to Section 5 for Cause, by Death or by Complete
Disability or if the Executive’s employment is terminated by the Executive (except for a termination for Good Reason, as provided in Section 6.b below). Notwithstanding subsection (ii) above, if the Company determines, in its sole
discretion, that the Company cannot provide the COBRA premium benefits set forth in subsection (ii) above without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the
Public Health Service Act), the Company shall in lieu thereof pay the Executive a taxable cash amount, which payment shall be made regardless of whether the Executive or the Executive’s eligible family members elect group health insurance
coverage (the “Health Care Benefit Payment”). The Health Care Benefit Payment shall be paid in monthly installments on the same schedule that the COBRA premiums would otherwise have been paid to the insurer. The Health Care Benefit
Payment shall be equal to the amount that the Company would have otherwise paid for COBRA insurance premiums (which amount shall be calculated 

  
  

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based on the premium for the first month of coverage), and shall be paid until the expiration of the COBRA Continuation Period. 

 

	 	5.	OTHER TERMINATIONS BY COMPANY 

 a.    Termination for
Cause. For purposes of this Agreement, “Cause” shall mean: (i) the Executive commits a crime involving dishonesty or physical harm to any person; (ii) the Executive willfully engages in conduct that is in bad faith and
materially injurious to the Company and/or the Parent, including but not limited to, misappropriation of trade secrets, fraud or embezzlement; (iii) the Executive commits a material breach of this Agreement, which breach is not cured within
thirty (30) days after delivery of written notice to the Executive by the Company; (iv) the Executive willfully refuses to implement or follow a lawful policy or directive of the Company or the Parent, which breach is not cured within
thirty (30) days after delivery of written notice to Executive by the Company; or (v) the Executive engages in gross misfeasance or malfeasance demonstrated by a pattern of gross failure to perform job duties diligently and professionally.
The Company may terminate the Executive’s employment for Cause at any time, without any advance notice except as required by law. The Company shall pay the Executive all compensation to which the Executive is entitled up through the date of
termination, subject to any other rights or remedies of the Company under law; and thereafter all obligations of the Company under this Agreement shall cease. 

b.    Termination By Death. Executive’s employment shall terminate automatically upon the
Executive’s death. The Company shall pay to the Executive’s beneficiaries or estate, as appropriate, any compensation then due and owing. Thereafter, all obligations of the Company under this Agreement shall cease. Nothing in this Section
shall affect any entitlement of the Executive’s heirs or devisees to the benefits of any life insurance plan or other applicable benefits. 

c.    Termination By Complete Disability. If the Executive becomes Completely Disabled (as defined below),
the Company may terminate Executive’s employment. “Completely Disabled” shall mean the inability of the Executive to perform his duties under this Agreement, even with reasonable accommodation, because he has become permanently
disabled within the meaning of any policy of disability income insurance covering employees of the Company then in force, or, if the Company has no policy of disability income insurance covering employees of the Company in force when the Executive
becomes disabled, the inability of the Executive to perform the Executive’s duties under this Agreement, whether with or without reasonable accommodation, by reason of any incapacity, physical or mental, which the Board, based on medical advice
or an opinion provided by a licensed physician mutually acceptable to the Board and the Executive (or the Executive’s legal representative), determines to have incapacitated the Executive from satisfactorily performing all of his usual services
for the Company, with or without reasonable accommodation, for a period of at least 180 days during any 12-month period (whether or not consecutive). Based upon such medical advice or opinion, such
determination of the Board shall be final and binding. The Company shall pay to the Executive all compensation to which the Executive is entitled up through the date of termination, and thereafter all obligations of the Company under this Agreement
shall cease. Nothing in this Section shall affect the Executive’s rights under any disability plan in which the Executive is a participant. 

  
  

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	 	6.	TERMINATION BY EXECUTIVE 

 a.    At-Will Termination by Executive. The Executive may terminate employment with the Company at any time for any reason or no reason at all, upon four (4) weeks’ advance written notice. During such notice
period the Executive shall continue to diligently perform all of the Executive’s duties hereunder. The Company shall have the option, in its sole discretion, to make the Executive’s termination effective at any time prior to the end of
such notice period as long as the Company pays the Executive all compensation to which the Executive is entitled up through the last day of the four week notice period. 

b.    Termination for Good Reason. The Executive may terminate his employment for “Good Reason,”
subject to satisfaction of the conditions set forth below. For purposes of this Agreement, “Good Reason” means a resignation based on any of the following events occurring in each case without Executive’s consent: 

i.    a material diminution in Executive’s authority, duties, or responsibilities; 

ii.    a material diminution in Executive’s Base Salary; 

iii.    a change in the geographic location at which the Executive must perform the services to a location outside of the
greater Los Angeles area; or 
 iv.    any other action or inaction that constitutes a material breach of the terms of
this Agreement. 
 To constitute a resignation for Good Reason: (i) Executive must provide written notice to the Board within thirty (30) days of
the initial existence of the event constituting Good Reason, (ii) Executive may not terminate his or her employment unless the Company or Parent (as applicable and acting at the direction of the Board) fails to remedy the event constituting
Good Reason within sixty (60) days after such notice has been deemed given pursuant to this Agreement, and (iii) Executive must terminate employment with the Company and/or Parent (as applicable) no later than 30 days after the end of the 60-day period in which the Company and/or Parent (as applicable) fails to remedy the event constituting Good Reason. If the Executive terminates his employment for Good Reason, the Executive will be eligible to
receive payments and severance benefits pursuant to Section 4.b, with section 4.b(iii) limited to twelve (12) months accelerated vesting, but conditioned on the Executive’s execution, delivery and
non-revocation of the release set forth as Exhibit A. 
  

	 	7.	TERMINATION OBLIGATIONS 

 a.    Return of Property. The
Executive agrees that all property (including without limitation all equipment, tangible proprietary information, documents, records, notes, contracts and computer-generated materials) furnished to or created or prepared by the Executive incident to
the Executive’s employment belongs to the Company and shall be promptly returned to the Company upon termination of the Executive’s employment. 

b.    Resignation and Cooperation. Upon termination of the Executive’s employment, the Executive shall
be deemed to have resigned from all offices, committee memberships and 

  
  

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directorships then held with the Company, the Parent or any of their respective subsidiaries, except as may otherwise be agreed upon in writing by the Company, the Parent and the Executive in
connection with such termination. Following any termination of employment, the Executive shall cooperate with the Company and the Parent in the winding up of pending work on behalf of the Company and the Parent and the orderly transfer of work to
other employees. The Executive shall also cooperate with the Company and the Parent in the defense of any action brought by any third party against the Company or the Parent that relates to the period in which the Executive was employed by the
Company or with respect to any matters for which the Executive had knowledge or responsibility during his tenure and the Company will reimburse the Executive for all reasonable out of pocket expenses incurred by the Executive in so cooperating. 

c.    Continuing Obligations. The Executive understands and agrees that Executive’s obligations under
Sections 7, 8 and 9 herein (including Exhibit B) shall survive the termination of the Executive’s employment for any reason and the termination of this Agreement. 
  

	 	8.	INVENTIONS AND PROPRIETARY INFORMATION; PROHIBITION ON THIRD PARTY INFORMATION 

a.    Proprietary Information Agreement. The Executive agrees to sign and be bound by the terms of the
Company’s Proprietary Information and Inventions Agreement (“Proprietary Information Agreement”) which is attached as Exhibit B. 

b.    Non-Disclosure of Third Party Information. The Executive
represents and warrants and covenants that the Executive shall not disclose to the Company or the Parent, or use, or induce the Company or the Parent to use, any proprietary information or trade secrets of others at any time, including but not
limited to any proprietary information or trade secrets of any former employer, if any; and the Executive acknowledges and agrees that any violation of this provision shall be grounds for the Executive’s immediate termination and could subject
the Executive to substantial civil liabilities and criminal penalties. The Executive further specifically and expressly acknowledges that no officer or other employee or representative of the Company or the Parent has requested or instructed the
Executive to disclose or use any such third party proprietary information or trade secrets. 
  

	 	9.	ARBITRATION 

 Any dispute arising out of, or relating to, this Agreement or the breach thereof (excluding
any breach of the Employee Proprietary Information and Inventions Assignment Agreement), or regarding the interpretation thereof, shall be exclusively decided by binding arbitration conducted in California in the County where the Company’s
headquarters are then located in accordance with the rules of the JAMS Employment Arbitration Rules & Procedures then in effect before a single arbitrator appointed in accordance with such rules. Judgment upon any award rendered therein may
be entered and enforcement obtained thereon in any court having jurisdiction. The arbitrator shall have authority to grant any form of appropriate relief, whether legal or equitable in nature, including specific performance. Each of the parties
agrees that service of process in such arbitration proceedings shall be satisfactorily made upon it if sent by registered mail addressed to it at the address referred to in Section 12 below. The arbitrator shall have the authority to award
costs and fees to the prevailing party as provided by applicable law 

  
  

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to the same extent as a court. Otherwise, each party shall pay its own costs and attorney’s fees. The Company shall pay the costs and fees of the arbitrator and reimburse Employee for any
filing fees paid to initiate arbitration. Judgment on the arbitration award may be entered by any court of competent jurisdiction. 
  

	 	10.	AMENDMENTS; WAIVERS; REMEDIES 

 This Agreement may not be amended or waived except by a writing signed by
the Executive and by a duly authorized representative of the Company other than the Executive. Failure to exercise any right under this Agreement shall not constitute a waiver of such right. Any waiver of any breach of this Agreement shall not
operate as a waiver of any subsequent breaches. All rights or remedies specified for a party herein shall be cumulative and in addition to all other rights and remedies of the party hereunder or under applicable law. 

 

	 	11.	ASSIGNMENT; BINDING EFFECT 

 a.    Assignment. The
performance of the Executive is personal hereunder, and the Executive agrees that the Executive shall have no right to assign and shall not assign or purport to assign any rights or obligations under this Agreement. This Agreement may be assigned or
transferred by the Company; and nothing in this Agreement shall prevent the consolidation, merger or sale of the Company or a sale of any or all or substantially all of its assets. 

b.    Binding Effect. Subject to the foregoing restriction on assignment by the Executive, this Agreement
shall inure to the benefit of and be binding upon each of the parties; the affiliates, officers, directors, agents, successors and assigns of the Company; and the heirs, devisees, spouses, legal representatives and successors of the Executive. 

 

	 	12.	NOTICES 

 All notices or other communications required or permitted hereunder shall be made in writing
and shall be deemed to have been duly given if delivered: (a) by hand; (b) by e-mail, (c) by a nationally recognized overnight courier service; or (d) by United States first class
registered or certified mail, return receipt requested, to the principal address of the other party, as set forth below. The date of notice shall be deemed to be the earlier of (i) actual receipt of notice by any permitted means, or
(ii) five business days following dispatch by overnight delivery service or the United States Mail. The Executive shall be obligated to notify the Company in writing of any change in the Executive’s address. Notice of change of address by
the Company or the Executive shall be effective only when done in accordance with this paragraph. 
 Company’s Notice Address: 

[TO BE COMPLETED] 
 Executive’s Notice Address: 

Last known residential address of Executive on file with Company 
  

	 	13.	SEVERABILITY 

  
  

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 If any provision of this Agreement shall be held by a court or arbitrator to be invalid, unenforceable, or void,
such provision shall be enforced to the fullest extent permitted by law, and the remainder of this Agreement shall remain in full force and effect. In the event that the time period or scope of any provision is declared by a court or arbitrator of
competent jurisdiction to exceed the maximum time period or scope that such court or arbitrator deems enforceable, then such court or arbitrator shall reduce the time period or scope to the maximum time period or scope permitted by law. 

 

	 	14.	TAXES 

 a.    Withholding. All amounts paid under this
Agreement (including without limitation Base Salary and Severance) shall be paid less all applicable state and federal tax withholdings and any other withholdings required by any applicable jurisdiction or authorized by the Executive. 

b.    Section 409A. Notwithstanding anything to the contrary herein, the following provisions apply to the
extent benefits provided herein are subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and other guidance thereunder and any state law of similar effect (collectively
“Section 409A”). Severance benefits shall not commence until the Executive has a “separation from service” for purposes of Section 409A. Each payment of severance benefits is a separate
“payment” for purposes of Treas. Reg. Section 1.409A-2(b)(2)(i), and the severance benefits are intended to satisfy the exemptions from application of Section 409A provided under Treasury
Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if such exemptions are not available and the
Executive is, upon separation from service, a “specified employee” for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences under Section 409A, the timing of the severance
benefits payments shall be delayed until the earlier of (i) six (6) months and one day after the Executive’s separation from service, or (ii) Executive’s death. 

If the severance benefits are not covered by one or more exemptions from the application of Section 409A and the Release could become
effective in the calendar year following the calendar year in which the Executive separates from service, the Release will not be deemed effective any earlier than the Release Deadline, and the severance benefits will not be payable to the Executive
until the calendar year following the calendar year in which the Executive separates from service. Except to the minimum extent that payments must be delayed because the Executive is a “specified employee” or until the effectiveness or
deemed effectiveness of the Release, all amounts will be paid as soon as practicable in accordance with the other provisions of this Agreement. 

To the extent that any taxable reimbursements of expenses provided under this Agreement are subject to Section 409A, such reimbursements
will be administered as follows: (i) the amount of any such expense reimbursement or in-kind benefit provided during the Executive’s taxable year shall not affect any expenses eligible for
reimbursement in any other taxable year, (ii) the reimbursement of the eligible expense shall be made no later than the last day of the Executive’s taxable year that immediately follows the taxable year in which the expense was incurred,
and 

  
  

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(iii) the Executive’s right to any reimbursement shall not be subject to liquidation or exchange for another benefit or payment. 

The benefits provided under this Agreement are intended to qualify for an exemption from application of Section 409A or comply with its
requirements to the extent necessary to avoid adverse personal tax consequences under Section 409A, and any ambiguities herein shall be interpreted accordingly. 

c.    280G. Notwithstanding anything to the contrary, in the event that any of the payments or benefits
provided for in this Agreement or any other agreement or arrangement between the Executive and the Company (collectively, the “Payments”) constitute “parachute payments” within the meaning of Section 280G of the Code
and, but for this Section 14.c., would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payments shall be either (i) provided in full, or (ii) provided as to such
lesser extent which would result in no portion of such benefit being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt
by the Executive on an after-tax basis of the greatest amount of benefits notwithstanding that all or some portion of such benefits may be subject to the Excise Tax (the “Reduced Amount”). If
a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (i) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”)
that results in the greatest economic benefit for Executive. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”). If this
Section 14.c. is applied to reduce an amount payable to the Executive, and the Internal Revenue Service successfully asserts that, despite the reduction, the Executive has nonetheless received payments which are in excess of the maximum amount
that could have been paid to him without being subjected to any excise tax, then, unless it would be unlawful for the Company to make such a loan or similar extension of credit to the Executive, the Executive may repay such excess amount to the
Company as though such amount constitutes a loan to the Executive made at the date of payment of such excess amount, bearing interest at 120% of the applicable federal rate (as determined under section 1274(d) of the Code in respect of such loan).

 Notwithstanding any provision of this Section 14.c to the contrary, if the Reduction Method or the Pro Rata Reduction Method would
result in any portion of the Payment being subject to taxes pursuant to Section 409A of the Code that would not otherwise be subject to taxes pursuant to Section 409A of the Code, then the Reduction Method and/or the Pro Rata Reduction
Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A of the Code as follows: (i) as a first priority, the modification shall preserve to the greatest extent possible, the greatest
economic benefit for the Executive as determined on an after-tax basis; (ii) as a second priority, Payments that are contingent on future events (e.g., being terminated without Cause), shall be eliminated
before Payments that are not contingent on future events; and (iii) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A of the Code shall be reduced before Payments that are not
“deferred compensation” within the meaning of Section 409A of the Code. 
 Unless the Company and the Executive otherwise
agree in writing, any determination required under this paragraph shall be made by the Company’s independent public accountants (the 

  
  

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“Accountants”), whose determination shall be conclusive and binding upon all parties. For purposes of making the calculations required by this section, the Accountants may make
reasonable assumptions concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Executive shall furnish to the Accountants such
information and documents as the Accountants may reasonably request in order to make a determination under this section. The Company shall bear all costs of the Accountants in connection with any calculations contemplated by this section. 

If the Reduction Method or Pro Rata Reduction Method in Section 14.c. is applied to reduce an amount payable to the Executive, and the
Internal Revenue Service successfully asserts that, despite such reduction, the Executive has nonetheless received payments which are in excess of the maximum amount that could have been paid to him without being subjected to any Excise Tax, then
the Executive shall promptly repay such excess amount to the Company so that no portion of the remaining payment is subject to the Excise Tax. 
  

	 	15.	GOVERNING LAW 

 This Agreement shall be governed by and construed in accordance with the laws of the
State of California. 
  

	 	16.	INTERPRETATION 

 This Agreement shall be construed as a whole, according to its fair meaning, and not in
favor of or against any party. Sections and section headings contained in this Agreement are for reference purposes only, and shall not affect in any manner the meaning or interpretation of this Agreement. Whenever the context requires, references
to the singular shall include the plural and the plural the singular. 
  

	 	17.	COUNTERPARTS 

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

	 	18.	AUTHORITY 

 Each party represents and warrants that such party has the right, power and authority to
enter into and execute this Agreement and to perform and discharge all of the obligations hereunder; and that this Agreement constitutes the valid and legally binding agreement and obligation of such party and is enforceable in accordance with its
terms. 
  

	 	19.	ENTIRE AGREEMENT 

 This Agreement is intended to be the final, complete, and exclusive statement of the
terms of the Executive’s employment by the Company and may not be contradicted by evidence of any prior or contemporaneous statements or agreements, except for agreements specifically referenced herein, including without limitation the
Proprietary Information and Inventions Agreement 

  
  

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attached as Exhibit B. To the extent that the practices, policies or procedures of the Company, now or in the future, apply to the Executive and are inconsistent with the terms of this
Agreement, the provisions of this Agreement shall control. Any subsequent change in the Executive’s duties, position, or compensation will not affect the validity or scope of this Agreement. 

[Remainder of Page Left Intentionally Blank] 

  
  

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 IN WITNESS WHEREOF, THE PARTIES HAVE DULY EXECUTED THIS AGREEMENT AS OF THE DATE FIRST WRITTEN ABOVE. 

 

									
	OTIC PHARMA INC.	 		 	THE EXECUTIVE
					
	By:	 	/s/ Erez Chimovits	 		 	By:	 	/s/ Gregory J. Flesher
	Name:	 	Erez Chimovits	 		 	Name:	 	Gregory J. Flesher
	Title:	 	Chairman	 		 		 	

  
  

13 

 EXHIBIT A 

General Release Agreement 

SEPARATION AGREEMENT AND GENERAL RELEASE 

Gregory J. Flesher (“You”) and Otic Pharma Inc., a Delaware corporation (the “Company”), (collectively, the
“Parties”) have agreed to enter into this Separation Agreement and General Release (“Agreement”) on the following terms: 

Your employment with the Company terminated on             , 20
     (the “Separation Date”). 
 If you seek reimbursement of any business expenses, you agree to
submit your final expense reimbursement statement no later than the date you return the signed original of this Agreement to the Company, along with receipts or other supporting documentation. The Company will reimburse valid business expenses in
accordance with its standard expense reimbursement policies. 
 To bring a smooth closure to your relationship with the Company, the Company
would like to offer you severance benefits in exchange for a general release of claims. 
 Accordingly, you and the Company incorporate the
above recitals into this Agreement, and agree as follows: 
 1.    Subject to your compliance with your promises and
agreements contained in this Agreement and provided you do not revoke this Agreement, the Company agrees to provide you with the Severance Benefits set forth in Section 4.b. or Section 6.b., as applicable, of the Executive Employment
Agreement between you and the Company, dated as of [            ], 2015. 

2.    In exchange for the Severance Benefits and the Company’s other promises contained in this Agreement, you
completely release the Company, its affiliated, related, parent or subsidiary entities, and its present and former owners, directors, officers, investors, attorneys, and employees (the “Released Parties”) from any and all claims you
may now have or have ever had against the Company including all claims arising from your employment including, but not limited to, any claims arising under the Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the
Older Workers Benefits Protection Act, the WARN Act or any state counterpart, the California Fair Employment and Housing Act, the California Labor Code or any other claims for violation of any federal, state, or municipal statutes or common law,
including, without limitation, claims for alleged retaliation or wrongful termination of any kind, and any and all claims for attorneys’ fees and costs (the “Released Claims”); provided, however, that “Released
Claims” shall exclude in any event (a) any rights or claims for indemnification you may have pursuant to any indemnification agreement with the Company, any policy of insurance, the charter, bylaws, or operating agreements of the Company,
or under applicable law; (b) any rights under stock options, stock purchase agreements and equity plans of the Company, defined benefit, defined contribution or other plan by virtue of his employment

  
  

14 

 
with the Company, (c) any rights or claims to workers compensation or unemployment compensation; (d) any rights that are not waivable as a matter of law; and (e) any rights or
claims arising under or from this Agreement. The Parties intend for this release to be enforced to the fullest extent permitted by law. 

3.    You represent that you have not initiated, filed, or caused to be filed and agree not to initiate, file, cause to be
filed, or otherwise pursue any Released Claims against any of the Released Parties. You understand that this paragraph does not prevent you from filing a charge with or participating in an investigation by a governmental administrative agency;
provided, however, that you hereby waive any right to receive any monetary award resulting from such a charge or investigation and provided further that you agree not to encourage any person, including any current or former employee of the Company,
to file any kind of claim whatsoever against the Company. 
 4.    You agree that because this release specifically
covers known and unknown claims, you waive your rights under Section 1542 of the California Civil Code, or under any comparable law of any other jurisdiction. Section 1542 states: “A general release does not extend to claims which the
creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” 

5.    The Company and you also agree that this Agreement, and each of its terms, including the negotiations leading up to
it, are confidential and neither of you will discuss the Agreement, or any of its terms or the negotiations leading up to it, with anyone except as applicable our respective attorneys, spouse or advisors without the other party’s prior written
consent. Further, the Company and you agree that neither will make or publish, either orally or in writing, any disparaging statement regarding the other, the Released Parties, or the other’s employees, officers, directors, or customers, or in
any way wrongfully impede or interfere with the other’s customer relationships. The Company and you understand and agree that the terms of this Section 5 are material terms of this Agreement, without which neither of you would have entered
into this Agreement. 
 6.    Any requests for references regarding your employment by potential future employers or
other third-parties shall be referred to the then current Chief Executive Officer of the Company who shall respond only that consistent with the Company’s policy, the Company will confirm only dates of employment and last position held and
shall provide that information. 
 7.    You further acknowledge that this Agreement represents the entire agreement and
understanding between the Parties regarding its subject matter, supersedes and replaces any and all prior agreements and understandings regarding its subject matter, with the exception of the Employee Proprietary Information and Inventions
Assignment Agreement that you signed as a condition of your employment (“Proprietary Information Agreement”), and shall not be modified in any way except in writing executed by the you and the then current Chief Executive Officer of
the Company. This Agreement shall be governed by the laws of the State of California, excluding its laws relating to choice of law. You also agree that if any term or portion of this Agreement is found to be unenforceable under applicable law, such
finding shall not invalidate the whole Agreement, but the Agreement shall be construed as not containing the 

  
  

15 

 
particular term or portion held to be invalid and the rights and obligations of the parties shall be construed and enforced accordingly. This Agreement is severable. 

8.    You understand and agree that this Agreement provides you with consideration to which you are not otherwise entitled
under the Company’s policies and practices or otherwise. You acknowledge that you have 21 days to consider this Agreement and you are advised to consult an attorney before signing the Agreement. You may sign the Agreement in fewer than 21 days
if you choose to do so. You agree that even if there are any modifications made to the Agreement before you sign it, the 21 day period will not restart. You also acknowledge that you may revoke this Agreement within 7 days of signing it by
delivering notice to that effect to the then current Chief Executive Officer of the Company at the Company’s principal executive office in a manner calculated to be received by the Company by close of business on the seventh day after you sign
the Agreement. You understand and agree that this Agreement shall not become effective or enforceable until the 7-day revocation period has expired. 

9.    The payments made under this Agreement are intended to be exempt from application of section 409A of the Internal
Revenue Code of 1986, as amended, and applicable guidance issued thereunder (“Section 409A”), and structured to be distributed in the short-term deferral period, as defined under Treasury Regulation section 1.409A-1(b)(4), or the separation pay exemption, as provided in Treasury Regulation section 1.409A-1(b)(9). The timing of payments should be interpreted and construed
consistent with these exemptions to Section 409A, or to the extent such exemptions are not available, in compliance with the requirements of Section 409A. 

10.    You understand and agree that this Agreement is not an admission of guilt or wrongdoing by the Company and that the
Company does not believe or admit that they have done anything wrong. 
 11.    Except as provided in this Agreement you
will not receive any benefits or compensation. 
 12.    Finally, you acknowledge that you have been afforded every
opportunity to and have read this Agreement, are fully aware of its contents and legal effect, and have chosen to enter into this Agreement freely, without coercion, and based on your own judgment. 

[Remainder of Page Left Intentionally Blank] 

  
  

16 

 Date delivered to employee:             ,
20     
  

									
	YOU:	 		 	THE COMPANY:
					
	By:	 	                                     
                                         
      	 		 	By:	 	                                     
                                         
      
	Name:	 	Gregory J. Flesher	 		 	Name:	 	                                     
                                         
      
	Title:	 	                                     
                                         
      	 		 	Title:	 	                                     
                                         
      
					
	Date:	 	                                     
                                         
      	 		 	Date:	 	                                     
                                         
      

 EXHIBIT B 

PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT 

As a condition of my employment with Otic Pharma Inc. and its parents (including but not limited to Otic Pharma Ltd.), subsidiaries, affiliates, successors or
assigns (collectively, the “Company”), and in consideration of my employment with the Company and my receipt of the compensation now and hereafter paid to me by the Company, I agree to the following terms under this
Proprietary Information and Inventions Agreement (this “Intellectual Property Agreement”): 
  

	 	1.	EMPLOYMENT 

 a.    I understand and acknowledge that my
employment with the Company is for an unspecified duration and constitutes “at-will” employment. I acknowledge that this employment relationship may be terminated at any time, with or without good
cause or for any or no cause, at the option either of the Company or myself, with or without notice. 
 b.    I
agree that, during the term of my employment with the Company, I will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved during the
term of my employment, nor will I engage in any other activities that conflict with my obligations to the Company. 
  

	 	2.	Confidential Information 

 a.    Company Information. I
agree at all times during the term of my employment (my “Relationship with the Company”) and thereafter to hold in strictest confidence, and not to use except for the benefit of the Company or to disclose to any third party
without written authorization of the Board of Directors of the Company, any Confidential Information of the Company. I understand that “Confidential Information” means any Company proprietary information, technical data,
trade secrets or know-how, including, but not limited to, research, business plans, product plans, products, services, customer lists and customers (including, but not limited to, customers of the Company on
whom I called or with whom I became acquainted during the term of my Relationship with the Company), market research, works of original authorship, intellectual property (including, but not limited to, unpublished works and undisclosed patents),
photographs, negatives, digital images, software, computer programs, ideas, developments, inventions (whether or not patentable), processes, formulas, technology, designs, drawings and engineering, hardware configuration information, forecasts,
strategies, marketing, finances or other business information disclosed to me by the Company either directly or indirectly in writing, orally or by drawings or observation or inspection of parts or equipment. I further understand that Confidential
Information does not include any of the foregoing items that has become publicly known and made generally available through no wrongful act of mine or of others who were under confidentiality obligations as to the item or items involved. 

b.    Other Employer Information. I agree that I will not, during my Relationship with the Company,
improperly use or disclose any proprietary information or trade secrets of any 

  
  

1 

 
former or concurrent employer or other person or entity and that I will not bring onto the premises of the Company any unpublished document or proprietary information belonging to any such
employer, person or entity unless consented to in writing by such employer, person or entity. 
 c.    Third
Party Information. I recognize that the Company has received and in the future will receive from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such
information and to use it only for certain limited purposes. I agree to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in
carrying out my work for the Company consistent with the Company’s agreement with such third party. 
  

	 	3.	Intellectual Property 

 a.    Assignment of Intellectual
Property. I agree that I will promptly make full written disclosure to the Company, will hold in trust for the sole right and benefit of the Company, and hereby assign to the Company, or its designee, all my right, title and interest in and to
any original works of authorship, domain names, inventions, concepts, improvements, processes, methods or trade secrets, whether or not patentable or registrable under copyright or similar laws, that I may solely or jointly conceive or develop or
reduce to practice, or cause to be conceived or developed or reduced to practice, during the period of time I am in the service of the Company (collectively referred to as “Intellectual Property”) and that (i) are
developed using the equipment, supplies, facilities or Confidential Information of the Company, (ii) result from or are suggested by work performed by me for the Company, or (iii) relate to the Company business or to the actual or
demonstrably anticipated research or development of the Company. The Intellectual Property will be the sole and exclusive property of the Company. I further acknowledge that all original works of authorship that are made by me (solely or jointly
with others) within the scope of and during the period of my Relationship with the Company and that are protectable by copyright are “works made for hire,” as that term is defined in the United States Copyright Act. To the extent any
Intellectual Property is not deemed to be work made for hire, then I will and hereby do assign all my right, title and interest in such Intellectual Property to the Company, except as provided in Section 3(e). 

b.    Patent and Copyright Registrations. I agree to assist the Company, or its designee, at the
Company’s expense, in every proper way to secure the Company’s rights in the Intellectual Property and any copyrights, patents, trademarks, domain names or other intellectual property rights relating thereto in any and all countries,
including the disclosure to the Company of all pertinent information and data with respect thereto and the execution of all applications, specifications, oaths, assignments and other instruments that the Company shall deem necessary in order to
apply for and obtain such rights and in order to assign and convey to the Company and its successors, assigns and nominees the sole and exclusive right, title and interest in and to such Intellectual Property, and any copyrights, patents,
trademarks, domain names or other intellectual property rights relating thereto. I further agree that my obligation to execute or cause to be executed, when it is in my power to do so, any such instrument or papers shall continue after the
termination of this Intellectual Property Agreement. If the Company is unable because of my mental or physical incapacity or for any other reason to secure my assistance in perfecting 

  
  

2 

 
the rights transferred in this Intellectual Property Agreement, then I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in
fact, to act for and in my behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent and copyright, trademark or domain name registrations thereon
with the same legal force and effect as if executed by me. The designation and appointment of the Company and its duly authorized officers and agents as my agent and attorney in fact shall be deemed to be coupled with an interest and therefore
irrevocable. 
 c.    Maintenance of Records. I agree to keep and maintain adequate and current written
records of all Intellectual Property made by me (solely or jointly with others) during the term of my Relationship with the Company. The records will be in the form of notes, sketches, drawings, works of original authorship, photographs, negatives
or digital images or in any other format that may be specified by the Company. The records will be available to and remain the sole property of the Company at all times. 

d.    Intellectual Property Retained and Licensed. I provide below a list of all original works of
authorship, inventions, developments, improvements, trademarks, designs, domain names, processes, methods and trade secrets that were made by me prior to my Relationship with the Company (collectively referred to as “Prior Intellectual
Property”), that belong to me, that relate to the Company’s proposed business, products or research and development, and that are not assigned to the Company hereunder; or, if no such list is attached, I represent that there is no
such Prior Intellectual Property. If in the course of my Relationship with the Company, I incorporate into Company property any Prior Intellectual Property owned by me or in which I have an interest, the Company is hereby granted and shall have a
nonexclusive, royalty-free, irrevocable, perpetual, worldwide license to make, have made, modify, use and sell such Prior Intellectual Property as part of or in connection with such Company property. 

Prior Intellectual Property: 
  

					
	 Title
	 	 Date
	 	 Identifying number or

Brief Description

		 		 	
		 		 	
		 		 	

 e.    Exception to Assignments. I understand that the provisions of this
Intellectual Property Agreement requiring assignment of Intellectual Property to the Company are limited to Section 2870 of the California Labor Code, which is attached hereto as Appendix A, and do not apply to any intellectual
property that (i) I develop entirely on my own time; and (ii) I develop without using Company equipment, supplies, facilities or trade secret information; and (iii) does not result from any work performed by me for the Company; and
(iv) does not relate at the time of conception or reduction to practice to the Company’s current or anticipated business, or to its actual or demonstrably anticipated research or development. Any such intellectual property will be owned
entirely by me, even if developed by me during the time period in which I am employed by the Company. I will advise the Company promptly in writing of any intellectual property that I believe meets the criteria for exclusion set forth herein and is
not otherwise disclosed pursuant to Section 3(d) above. 

  
  

3 

 f.    Return of Company Documents. I agree that, at the time of
leaving the employ of the Company, I will deliver to the Company (and will not keep in my possession, recreate or deliver to anyone else) any and all works of original authorship, domain names, original registration certificates, photographs,
negatives, digital images, devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment or other documents or property, or reproductions of any aforementioned items,
developed by me pursuant to my Relationship with the Company or otherwise belonging to the Company or its successors or assigns. 
  

	 	4.	Notification of New Employer 

 In the event that I leave the employ of the Company, I
hereby grant consent to notification by the Company to my new employer or consulting client of my rights and obligations under this Intellectual Property Agreement. 
  

	 	5.	No Solicitation of Employees 

 In consideration for my Relationship with the Company and
other valuable consideration, receipt of which is hereby acknowledged, I agree that during the period of my Relationship with the Company as an employee, consultant, officer and/or director and for a period of twelve (12) months thereafter, I
shall not solicit the employment of any person who shall then be employed by the Company (as an employee or consultant) or who shall have been employed by the Company (as an employee or consultant) within the prior two (2) -month period, on behalf
of myself or any other person, firm, corporation, association or other entity, directly or indirectly. 
  

	 	6.	Representations 

 I represent that my performance of all the terms of this Intellectual
Property Agreement will not breach any agreement to keep in confidence proprietary information acquired by me in confidence or in trust prior to my Relationship with the Company. I have not entered into, and I agree I will not enter into, any oral
or written agreement in conflict herewith. I agree to execute any proper oath or verify any proper document required to carry out the terms of this Intellectual Property Agreement. 

 

	 	7.	Equitable Relief 

 The Company and I each agree that disputes relating to or arising out
of a breach of the covenants contained in this Intellectual Property Agreement may cause the Company or me, as applicable, to suffer irreparable harm and to have no adequate remedy at law. In the event of any such breach or default by a party, or
any threat of such breach or default, the other party will be entitled to injunctive relief, specific performance and other equitable relief. The parties further agree that no bond or other security shall be required in obtaining such equitable
relief and hereby consents to the issuance of such injunction and to the ordering of specific performance. 
  

	 	8.	General Provisions 

 a.    Governing Law; Consent to
Personal Jurisdiction. This Intellectual Property Agreement will be governed by the laws of the State of California as they apply to contracts 

  
  

4 

 
entered into and wholly to be performed within such state. I hereby expressly consent to the nonexclusive personal jurisdiction and venue of the state and federal for any lawsuit filed there by
either party arising from or relating to this Intellectual Property Agreement. 
 b.    Entire Agreement.
This Intellectual Property Agreement sets forth the entire agreement and understanding between the Company and me relating to the subject matter herein and merges all prior discussions between us. No modification of or amendment to this Intellectual
Property Agreement, or any waiver of any rights under this Intellectual Property Agreement, will be effective unless in writing signed by the party to be charged. Any subsequent change or changes in my duties, salary or compensation will not affect
the validity or scope of this Intellectual Property Agreement. 
 c.    Severability. If one or more of
the provisions in this Intellectual Property Agreement are deemed void by law, then the remaining provisions will continue in full force and effect. 

d.    Successors and Assigns. This Intellectual Property Agreement will be binding upon my heirs, executors,
administrators and other legal representatives and will be for the benefit of the Company and its successors and assigns. 
 [Signature Page
Follows] 

  
  

5 

 IN WITNESS WHEREOF, the undersigned has executed this Proprietary Information and Inventions Agreement as of
July 15, 2015. 
  

			
	By:	 	/s/ Gregory J. Flesher
	Name:	 	Gregory J. Flesher

  

			
	WITNESS:
	By:	 	
                     
                    

	Name:	 	
                     
                    

	Address:	 	
                     
                    

 APPENDIX A 

CALIFORNIA LABOR CODE SECTION 2870 

Application of provision that employee shall assign or offer to assign rights in invention to employer. 

1.    Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of
his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information
except for those inventions that either: 
 Relate at the time of conception or reduction to practice of the invention to the
employer’s business, or actual or demonstrably anticipated research or development of the employer. 
 Result from any work performed
by the employee for the employer. 
 2.    To the extent a provision in an employment agreement purports to require an
employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.EX-10.4

 Exhibit 10.4 

Pursuant to 17 CFR 20.24b-2, confidential information has been omitted in places marked “***”
and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission. 

EXCLUSIVE LICENSE AGREEMENT 

BETWEEN 

SCIENTIFIC DEVELOPMENT AND RESEARCH, INC. AND
OTODYNE, INC. 
 (COLLECTIVELY THE LICENSORS),
ON THE ONE HAND, 
 AND 

OTICPHARMA, INC. (AS THE LICENSEE), 

ON THE OTHER HAND 

NOVEMBER 1, 2015 

 Pursuant to 17 CFR 20.24b-2, confidential information has
been omitted in places marked “***” and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission. 

TABLE OF CONTENTS 

 

					
	 ARTICLE 1 DEFINITIONS
	  	 	2	 
		
	 ARTICLE 2 DEVELOPMENT, MANUFACTURING, REGULATORY
	  	 	2	 
		
	 ARTICLE 3 DILIGENCE AND EXCLUSIVITY
	  	 	4	 
		
	 ARTICLE 4 INTELLECTUAL PROPERTY MATTERS
	  	 	4	 
		
	 ARTICLE 5 LICENSE FEES AND PAYMENTS
	  	 	8	 
		
	 ARTICLE 6 CONFIDENTIALITY
	  	 	13	 
		
	 ARTICLE 7 REPRESENTATIONS AND WARRANTIES
	  	 	15	 
		
	 ARTICLE 8 TERM AND TERMINATION
	  	 	23	 
		
	 ARTICLE 9 INDEMNIFICATION
	  	 	27	 
		
	 ARTICLE 10 MISCELLANEOUS
	  	 	30	 

 SCHEDULES 

1:    DEFINITIONS 

2:    CERTAIN LICENSED TECHNOLOGY (AS OF EFFECTIVE DATE) 

3:    LICENSED PATENTS (AS OF EFFECTIVE DATE) 
  

 Pursuant to 17 CFR 20.24b-2, confidential information has been omitted in places marked
“***” and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission. 
  

EXCLUSIVE LICENSE AGREEMENT 

This Exclusive License Agreement (“Agreement”) dated November 1, 2015 (“Effective Date”),
is between Scientific Development and Research, Inc., a New Jersey corporation having offices located at 55 Alexandria Road, Morristown, NJ 07960 (“SDRI”) and Otodyne, Inc., a Delaware corporation also having offices located
at 55 Alexandria Road, Morristown, NJ 07960 (“Otodyne,” together with SDRI, the “Licensors” and each, a “Licensor”), on one hand, and OticPharma, Inc., a Delaware corporation
having offices at 19900 MacArthur Blvd, Suite 550, Irvine, CA 92612 (“OPI”), on the other hand. Each of SDRI, Otodyne and OPI may be referred to hereinafter individually as a “Party” and together as
the “Parties.” 
 Recitals 

A. SDRI is a corporation that owns patents and technology identified below developed by Alan Mautone, Ph.D. involving the use of combinations of surfactants
with lipids to treat human conditions in or through airways. 
 B. Otodyne is a corporation that was formed to further develop and commercialize a nasal
spray for the treatment of infections of the middle ear (otitis media), as well as for enhancement of Eustachian tube function, and other potential indications using the technology of SDRI and for which Otodyne has filed an IND. On July 11,
2010, an Assignment of Assets – Transfer of Stock Agreement (the “SDRI-Otodyne Agreement”) was executed between SDRI and Otodyne wherein, in exchange for 250,000 shares of Otodyne common stock, Otodyne was given the
exclusive right to assign/sell and or license SDRI’s “Otitis Media Technology” (as defined in the SDRI-Otodyne Agreement). 
 C. OPI is a
pharmaceutical company that, together with its Affiliates, has developed the FoamOticTM pharmaceutical delivery platform with many potential product applications and desires to further develop,
conduct clinical trials using, obtain regulatory approval for, manufacture, distribute, market and sell OPI products and the SDRI and Otodyne technologies. 

D. Contemporaneously with the execution and delivery of this Agreement, and as part of the consideration for the rights granted to OPI in this Agreement, SDRI
and Otodyne will each enter a Consulting Agreement with OPI (each, a “Consulting Agreement,” and the Consulting Agreements together with this Agreement, the “Transaction Documents”) pursuant which SDRI
and Otodyne shall provide consulting services to OPI using the personnel identified therein. 

  
 Page 1 

 Pursuant to 17 CFR 20.24b-2, confidential information has been omitted in places marked
“***” and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission. 
  

 Agreement 

The Parties agree as follows: 

ARTICLE 1 
 DEFINITIONS

 Capitalized terms, when used in this Agreement, will have the meanings ascribed to them or referenced on Schedule 1. 

ARTICLE 2 
 DEVELOPMENT,
MANUFACTURING, REGULATORY 
 2.1 Disclosures of Technology to OPI. 

2.1.1 Within 30 days after the Effective Date, Licensors will provide to OPI true, correct, and complete copies of all Licensed Technology that
exists as of the Effective Date and that was not previously disclosed to OPI, including all of the Licensed Technology and information about the Licensed Patents described or listed on Schedule 2. 

2.1.2 In addition, at least twice per calendar year (approximately in January or February and again in June or July), and promptly at any time
upon the reasonable request of OPI, Licensors will disclose to OPI all Licensor Improvement Technology and all information regarding Licensor Improvement Patents not previously disclosed. 

2.1.3 Unless otherwise specified on Schedule 2 or mutually agreed in writing by the applicable Licensor and OPI, all of the foregoing
that constitutes information or data will be disclosed to OPI electronically in both the native file format in which it is stored and used by the applicable Licensor and its Affiliates as well as .PDF format. 

2.2 Further Development and Manufacturing 

As between the Parties, OPI will have the exclusive right at its sole cost and expense, to conduct further Development of the Licensed
Technology to attempt to refine existing Licensed Products and to potentially create new Licensed Products, and to establish manufacturing capabilities (internally or by contract with others) for the Licensed Products. Except as provided in the
Consulting Agreements, as specified in this Agreement, or as otherwise mutually agreed in writing by a Licensor, the Licensors have no right or responsibility to assist in any such activities of OPI. 

2.3 Regulatory Affairs. 

2.3.1 Otodyne will, within 30 days after OPI’s notice (a) either close or inactivate IND No. 106778 (currently in the name of
Otodyne) for the Licensed Product or (b) transfer ownership of, and rights under, such IND to OPI or its Affiliate as directed by OPI in its notice, and, with OPI input and direction, complete all relevant activities related to such IND,
including the submission of relevant notices to the FDA in a form and substance satisfactory to OPI. If OPI elects to have the IND transferred to OPI, then promptly after such notice, if requested by OPI, Licensors will also (x) send letters
(in form and substance satisfactory to OPI) to the FDA and other Regulatory Authorities indicating that any other Regulatory 

  
 Page 2 

 Pursuant to 17 CFR 20.24b-2, confidential information has been omitted in places marked
“***” and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission. 
  

 
Documentation are transferred to OPI and that OPI is the new owner of the Regulatory Documentation as of the Effective Date, (y) send letters to all applicable IRBs or other relevant
entities and similar committees to direct product-related communications to OPI commencing on the Effective Date, and (z) provide to OPI a copy of such letters. 

2.3.2 As between the Parties, OPI will have the sole right at its sole cost and expense, for preparing, seeking, submitting and maintaining
all INDs, NDAs and other Regulatory Documentation, and Regulatory Approvals for each Licensed Product as required by any Regulatory Authority for Regulatory Approval, in each case in the name of OPI or its Affiliate or a Sublicensee. 

2.3.3 As between the Parties, OPI will have the sole right to apply for, secure and maintain Regulatory Approvals for the Licensed Products
that may be available under the Law of any jurisdiction, including any Regulatory Exclusivity, in each case in OPI’s or its Affiliates or Sublicensee’s own name. Licensors will in good faith cooperate with OPI and such Affiliates and
Sublicensee(s) and take reasonable actions to assist OPI and such Affiliate(s) and Sublicensee(s) in obtaining such Regulatory Approvals and Regulatory Exclusivity in each jurisdiction. To the extent not otherwise reimbursed under the Consulting
Agreements, any actual, reasonable and necessary out-of-pocket expenses actually incurred by Licensors or their Representatives in taking such actions requested by OPI
shall be reimbursed by OPI within 30 days of Licensor’s written notification thereof and presentation of appropriate supporting documentation of such expenses, including receipts or payment vouchers, to OPI. 

2.3.4 Licensors will cooperate with OPI as reasonably requested from time to time in connection with OPI seeking and obtaining Regulatory
Approval for Licensed Products, including providing existing data from within the Licensed Technology in the form as may be requested by OPI from time to time for disclosure to Regulatory Authorities. To the extent not otherwise reimbursed under the
Consulting Agreements, any actual, reasonable and necessary out-of-pocket expenses actually incurred by Licensors or their Representatives in taking such actions
requested by OPI shall be reimbursed by OPI within 30 days of Licensor’s written notification thereof and presentation of appropriate supporting documentation of such expenses, including receipts or payment vouchers, to OPI. 

2.4 Progress Reports. 

Until the first Net Sales for which a royalty is due under Section 5.4 occurs in the USA or the European Union, OPI will provide reports
to Licensors no less than twice per calendar year (by not later than the end of February and again not later than the end of July) regarding OPI’s and its Affiliates’ and Sublicensee’s progress towards Development, manufacturing,
Regulatory Approvals, and commercialization of Licensed Products. 

  
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 ARTICLE 3 

DILIGENCE AND EXCLUSIVITY 

3.1 Efforts of OPI. OPI will use Commercially Reasonable Efforts to seek and obtain Regulatory Approval in the USA and the Major
European Countries for, and thereafter commercialize, at least one Licensed Product for the treatment of otitis media in the USA and the Major European Countries. The foregoing obligation is conditioned upon (a) Licensors’ and their
Representatives’ compliance with the terms of this Agreement, (b) each of the Consultants performing their respective obligations under the Consulting Agreements, and (c) the continuing absence of any adverse condition relating to the
safety and efficacy or commercial feasibility of the Licensed Products. If at any time the Licensors have a reasonable basis to believe that OPI is in material breach of its obligations under this Section, then Licensors will so notify OPI,
specifying the basis for its belief, and the Parties shall meet within 30 days after such notice to discuss in good faith Licensors’ concerns and OPI’s plans with respect to such Licensed Product. Except as set forth in this
Section 3.1, OPI will not have any obligations with respect to the Development or commercialization of any Licensed Product, including any fiduciary obligations or implied duties. 

3.2 Exclusivity. 
 Except
as agreed in writing between the Parties or pursuant to the Consulting Agreements, each Licensor agrees that it will not, and will cause its Representatives not to, (a) further research, Develop, manufacture, seek or maintain Regulatory
Approval for, market, sell, distribute or otherwise commercialize any Licensed Product, or otherwise compete with any Licensed Product or own an interest in any entity that does so compete, (b) grant or offer to grant a license under any
Licensed Technology or Licensed Patents, or (c) attempt, or negotiate with any Person with respect to, any of the foregoing. 

ARTICLE 4 
 INTELLECTUAL
PROPERTY MATTERS 
 4.1 Ownership of Technology and Patents. 

4.1.1 Inventorship of all inventions and discoveries conceived, reduced to practice, discovered or made during the Term, whether or not
patentable, will be determined in accordance with U.S. patent laws. 
 4.1.2 Authorship of all copyrightable works created during the Term
will be determined in accordance with U.S. copyright laws. 
 4.1.3 As between the Parties, each of the Licensors retains ownership of its
respective Licensed Patents and Licensed Technology that exists as of the Effective Date (subject to the terms and conditions of this Agreement). 

4.1.4 As between the Parties, OPI will be and is the sole owner of all: (a) Improvement Technology (i) with respect to which at
least one of the Representatives of OPI are deemed the only inventors or authors, as applicable, pursuant to Section 4.1.1 and 4.1.2, (ii) with respect to which any combination of one or more of the Representatives of OPI together with one or
more of the Representatives of the Licensors are deemed co-inventors or co-authors, as applicable, pursuant to Section 4.1.1 and 4.1.2, or (iii) that
constitutes “Work Product” under the Consulting Agreements, as defined therein (all of the foregoing, collectively, the “OPI Improvement Technology”); and (b) all Improvement Patents claiming any of the OPI
Improvement Technology (“OPI Improvement Patents”). Each Licensor will assign, and hereby 

  
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does assign, to OPI immediately upon its existence all of such Licensor’s and its respective Representative’s(s’) right, title and interest in and to the OPI Improvement Technology
and OPI Improvement Patents. Each Licensor will (x) execute all further instruments to document, record or perfect OPI’s sole ownership consistent with this Section 4.1.1 and 4.1.2 as reasonably requested by OPI from time to time, and
will cause each of such Representative(s) to do the same, and (y) make each such Representative available to OPI and the OPI Representatives as reasonably requested in connection with OPI’s or its Affiliate’s protection thereof,
including filing, prosecuting, maintaining and enforcing Improvement Patents. 
 4.1.5 As between the Parties, except for OPI Improvement
Technology, a Licensor will be and is the sole owner of all Improvement Technology for which Representatives of the Licensors are deemed inventors or authors pursuant to Section 4.1.1 and 4.1.2 (“Licensor Improvement
Technology”). As between the Parties, except for OPI Improvement Patents, a Licensor also will be and is the sole owner of all Improvement Patents claiming any of the Licensor Improvement Technology (“Licensor Improvement
Patents”). 
 4.2 Prosecution of Patents. 

4.2.1 As between the Parties, OPI will be responsible for preparation, filing, prosecution, maintenance, and seeking extensions of all Licensed
Patents and OPI Improvement Patents at OPI’s cost and expense. OPI will provide the owner of the Licensed Patent with a reasonable opportunity to comment on the preparation, filing, prosecution and maintenance of the Licensed Patents, and OPI
will consider all comments received from such Licensor in a timely manner in good faith. OPI will not purposefully narrow the claims of any pending Licensed Patent simply to avoid paying royalties hereunder. OPI will not, without the owner’s
prior written consent, which may not be unreasonably withheld, conditioned or delayed, voluntarily narrow the claims of any Licensed Patents after they have been allowed or issued. 

4.2.2 If OPI intends to abandon any issued Licensed Patent, OPI shall notify SDRI of such intent at least 30 days in advance of any deadline
that would prejudice SDRI’s rights under this Agreement. SDRI then will have the opportunity to pay any issue, maintenance, or annuity fee due to maintain said Licensed Patent in its discretion and at the Licensor’s cost and expense. 

4.2.3 If OPI intends to abandon or otherwise cease prosecution of any pending application within the Licensed Patents without intent to file
any continuing or divisional patent application, OPI shall notify SDRI before expiration of one-half of the statutory time permitted to respond to the subject office action issued by the applicable Government
Authority for the application. SDRI then will have the opportunity to continue prosecution of the pending application in its discretion, but not to the detriment of any Licensed Patent(s), and at its sole cost and expense. If SDRI notifies OPI of
SDRI’s desire to continue prosecution, then OPI will: (a) promptly send all applicable prosecution file contents (including paper copies and electronic files thereof) to the Licensor and (b) in good faith cooperate with SDRI to assist
SDRI in executing any and all reasonable documents necessary for SDRI to continue prosecution of the pending application. 

  
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 4.2.4 Each Licensor will execute all further instruments to provide OPI with the ability to
control prosecution and maintenance activities consistent with this Section as reasonably requested by OPI from time to time, including by promptly executing powers of attorney, and will cause each of its Representative(s) to do the same. 

4.3 License Grants to OPI. 

4.3.1 Each Licensor grants to OPI an exclusive, worldwide, royalty-bearing license, including the right to sublicense (through multiple tiers),
under all rights in the Licensed Patents. Such rights include the right to make, have made, use, sell, offer for sale, import and otherwise exploit any products or services and to practice any methods or processes claimed therein for any and all
applications, purposes and fields of use that are the subject of the Licensed Patents. 
 4.3.2 Each Licensor grants to OPI an exclusive,
worldwide, royalty-bearing license, including the right to sublicense (through multiple tiers), under all rights in the Licensed Technology. Such rights include the rights to reproduce, use, create derivative works of, distribute, display publicly
and disclose the Licensed Technology and to make, use, sell, offer for sale, import, export, distribute and otherwise exploit any products or services and to practice any methods or processes for any and all applications, purposes and fields of use.

 4.3.3 The foregoing rights to sublicense in Sections 4.3.1 and 4.3.2 above and in Section 4.6.2 below may be exercised without
consent of either Licensor: (a) outside of the USA and Major European Countries, (b) within the USA and Major European Countries with respect to any Product after Regulatory Approval of the Product in such country, (c) within the USA
and Major European Countries with respect to any Product before Regulatory Approval of the Product in such country so long as (i) such sublicense does not grant all of the rights under Sections 4.3.1 and 4.3.2 to any single Person or a Person
and its Affiliates and (ii) Otic retains a reasonable level of control over Regulatory Approval of the Product and (d) to settle any litigation involving alleged infringement of any of the Licensed Patents or infringement, misappropriation
or other violation of any of the Licensed Technology initiated by OPI in accordance with Section 4.5.2. All other sublicenses not described in the preceding sentence require the written consent of the Licensors, such consent not to be
unreasonably withheld, conditioned or delayed. 
 4.4 OPI License Rights Upon Bankruptcy. 

All rights and licenses granted under or pursuant to any Section of this Agreement are and will otherwise be deemed to be for purposes of
Section 365(n) of the United States Bankruptcy Code (Title 11, U.S. Code), as amended (the “Bankruptcy Code”), licenses of rights to “intellectual property” as defined in Section 101(35A) of the Bankruptcy
Code. The Parties agree that when a Licensor is the debtor under the Bankruptcy Code, OPI, as licensee of such rights under this Agreement, will retain and may fully exercise all of its rights and elections under the Bankruptcy Code or any other
provisions of applicable Law outside the United States that provide similar protection for “intellectual property.” The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against a Licensor or any
of its Affiliates under the Bankruptcy Code or analogous provisions of applicable Law outside the 

  
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United States as the debtor, OPI will be entitled to a complete duplicate of (or complete access to, as appropriate) such intellectual property and all embodiments of such intellectual property,
which, if not already in OPI’s possession, will be promptly delivered to it upon OPI’s written request thereof. Any agreements supplemental to this Agreement will be deemed to be “agreements supplementary to” this Agreement for
purposes of Section 365(n) of the Bankruptcy Code. 
 4.5 Enforcement of Patents. 

4.5.1 Each Licensor will promptly notify OPI in the event of any actual, threatened or suspected infringement of any Licensed Patents or OPI
Improvement Patents in the event that Licensor(s) become aware of such actual, threatened or suspected infringement. 
 4.5.2 As between the
Parties, OPI will have the exclusive initial right, but not the obligation, to institute litigation to cease infringement of the Licensed Patents and OPI Improvement Patents. As between the Parties, any such litigation will be at OPI’s sole
cost and expense. If required in order to establish standing to sue under any applicable Laws, each Licensor, upon request of OPI, agrees to timely join in any such litigation, at OPI’s expense, and in any event to cooperate with OPI at
OPI’s expense. No settlement, stipulated judgment or other voluntary final disposition of a suit under this Section 4.5.2 may be undertaken without the consent of the applicable Licensor(s) if such settlement, stipulated judgment or other
voluntary final disposition (a) would require either Licensor to be subject to an injunction, admit wrong-doing, make a monetary payment or would otherwise materially adversely affect a Licensor’s rights under this Agreement or any of the
Licensed Patents or (b) is with a Person who has (before the settlement) a Contract with OPI or its Affiliate that provides for the sharing of revenues from the sale of Licensed Products. Any Governmental Authority awarded judgment for such
infringement will be allocated first to pay any and all of OPI’s and the Licensors’ reasonable costs and expenses relating to the litigation and the remainder, to the extent based on infringement of the Licensed Patents, will be deemed Net
Sales for purposes of Section 5.4. 
 4.5.3 If OPI should, upon notice by Licensors of infringement of the Licensed Patents and
Licensor Improvement Patents and the presentment of reasonable proof that such infringement is having a material adverse effect on the royalties payable to Licensors under this Agreement, decline to file an infringement action or obtain such
infringer’s agreement to cease its infringing activities within 6 months after OPI’s notice and proof, then Licensors shall have the right, at their sole expense, to pursue such litigation. In such instances, OPI shall cooperate with
Licensor in such litigation by providing documentation relevant to the litigation in accordance with applicable discovery rules and requirements. As between the Parties, any such litigation will be at Licensor’s sole cost and expense. If, under
those circumstances, Licensors should be successful in such suit and be awarded monetary damages, then the monetary damages will be retained by Licensors alone. No settlement, stipulated judgment or other voluntary final disposition of a suit under
this Section 4.5.3 may be undertaken without the consent of OPI if such settlement, stipulated judgment or other voluntary final disposition would require OPI or any of its Affiliates or Sublicensees to be subject to an injunction, admit
wrong-doing, make a monetary payment or would otherwise materially adversely affect OPI’s rights under this Agreement or any of the Licensed Patents or would purport to grant any license under any of the Licensed Technology or Licensed Patents.

  
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 4.6 Trademarks. 

4.6.1 As among the Parties, OPI has the sole right, at its sole cost and in its sole discretion, to (a) select the trademark(s), service
mark(s), logo(s), slogans, trade names or other indicia of the source or origin of goods or services (each an “OPI Trademark”) to be used on or in connection with each Licensed Product, Licensed Technology, or its labeling,
any registration or application for registration for any of the foregoing anywhere in the world and (b) apply for, prosecute, and maintain any registrations thereof. As among the Parties, OPI exclusively owns all OPI Trademarks. 

4.6.2 Each Licensor grants to OPI an exclusive, worldwide, royalty-free license, including the right to sublicense (subject to
Section 4.3.3) to use the Otodyne Trademarks in connection with Products in the USA until Regulatory Approval is obtained in such country. 

4.7 Reservation of Rights. 

Except as expressly stated in this Agreement, no rights or licenses are granted under this Agreement by any Party or any of its Affiliates
under any Intellectual Property of such Party or its Affiliates to the other Party or its Affiliates, whether by implication, estoppel or otherwise, and all such rights not expressly granted are hereby reserved by each Party and its Affiliates. 

ARTICLE 5 
 LICENSE FEES
AND PAYMENTS 
 5.1 License and Access Fee. 

Within 15 days after the Effective Date, OPI will pay to Otodyne a one-time, nonrefundable and non-creditable upfront license fee of $*** in cash. Shortly thereafter, OPI’s parent company will issue to Otodyne a stock certificate representing such number of restricted and unvested shares of OPI common
stock that have an aggregate total value of $*** at the time of issue (based upon a per share price equal to the most recently closed capital stock financing round of OPI’s parent company) (“OPI Parent Shares”). The OPI
Parent Shares will vest ***% on the *** anniversary of the Effective Date and ***% on the *** anniversary of the Effective Date. If this Agreement is terminated pursuant to Section 8.2.3, any unvested OPI Parent Shares will no longer be issued
or outstanding and will cease to exist. 
 5.2 Technology Transfer Fee. 

Within 30 days after Licensors have fulfilled their obligation under Section 2.1.1, including by delivery to OPI of all of the
information, data and materials required pursuant to Section 2.1.1, OPI will pay to Otodyne the sum of $*** in cash. 

  
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 5.3 Development Milestone Payments. 

5.3.1 OPI will notify Licensors within 30 days after the first occurrence of each of the following events indicated in Table 5.3.1 below
as a “Development Milestone” is achieved by OPI, its Affiliate or its Sublicensee for the first indication (for any Licensed Product): 
 Table
5.3.1 – First Indication 
  

			
	 Development Milestones
	  	Milestone Payment
(in USD millions)
	 ***
	  	***
	 ***
	  	***
	 ***
	  	***
	 ***
	  	***
	 ***
	  	***
	 ***
	  	***
		  	  

	 Subtotal – First Indication Development Milestones
	  	***
		  	  

 5.3.2 OPI will notify Licensors within 30 days after the first occurrence of each of the following events
indicated in Table 5.3.2 below as a “Development Milestone” is achieved by OPI, its Affiliate or its Sublicensee for any second indication, whether such second indication is for the same Licensed Product for which any amounts were
paid under Section 5.3.1 or is for the first indication for a different Licensed Product than that upon which any amounts were paid under Section 5.3.1: 

Table 5.3.2 – Second Indication 
  

			
	 Development Milestones
	  	Milestone Payment
(in USD millions)
	 ***
	  	***
	 ***
	  	***
	 ***
	  	***
	 ***
	  	***
	 ***
	  	***
	 ***
	  	***
		  	  

	 Subtotal – Second Indication Development Milestones
	  	***
		  	  

 5.3.3 OPI will notify Licensors within 30 days after the first occurrence of each of the following events
indicated in Table 5.3.3 below as a “Development Milestone” is achieved by OPI, its Affiliate or its Sublicensee for any third indication, whether such third indication is a second or third indication for the same Licensed Product
for which any amounts were paid under Sections 5.3.1 or 5.3.2 or is the first indication for a different Licensed Product than that upon which any amounts were paid under Sections 5.3.1 or 5.3.2: 

Table 5.3.3 – Third Indication 
  

			
	 Development Milestone
	  	Milestone Payment
(in USD millions)
	 ***
	  	***
		  	  

	 Subtotal – Third Indication Development Milestones
	  	***
		  	  

  
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 5.3.4 OPI will pay the amount of the “Milestone Payment” that corresponds to each
such “Development Milestone” as specified in Table 5.3.1, Table 5.3.2 or Table 5.3.3 contemporaneously with the notice that such milestone has been achieved to be provided under Sections 5.3.1 – 5.3.3, as
applicable. OPI will make all such payments to Otodyne. 
 5.3.5 In no event will a Milestone Payment in each of Table 5.3.1,
Table 5.3.2 or Table 5.3.3 become payable more than once and in no event will the total Milestone Payments that become payable in accordance with Section 5.3 exceed $42,100,000. 

5.4 Royalty Payments on Net Sales. 

5.4.1 OPI will pay royalties on Net Sales of each Licensed Product on a
country-by-country basis until the first to occur of: (i) eight (8) years after the first Net Sales for which a royalty is due under this Section 5.4 occurs in
such country and (ii) Generic Competition in such country (“Royalty Term”). Upon expiration of the applicable Royalty Term in a country for a Licensed Product, the license granted for such Licensed Product in such
country will be deemed irrevocable and non-terminable (and will survive termination of this Agreement for any reason), and upon payment of all royalties due based on Net Sales occurring during the Royalty Term
in such country for the Licensed Product, such license will be deemed fully paid-up and royalty-free. 

5.4.2 OPI will incur royalties on Net Sales (based on the cumulative Net Sales of all Licensed Products during all Royalty Terms worldwide in
a given calendar year) at the following rates: 
 (a) ***% for the portion of Net Sales that is less than or equal to *** in a calendar
year; plus 
 (b) ***% for the portion of Net Sales that is greater than *** and less than or equal to *** in a calendar year; plus 

(c) ***% for the portion of Net Sales that is greater than *** in a calendar year. 

5.4.3 If either (a) OPI, its Affiliate or its Sublicensee determines in good faith that in order to avoid potential infringement of any
Blocking Third Party Patent Rights it is advisable to obtain a license from any Third Party(ies) to exploit any Licensed Product(s) in one or more country(ies), or (b) OPI, its Affiliate or its Sublicensee of the Licensed Patents or Licensed
Technology is required by an order, judgment or similar action of a Governmental Authority to pay royalties or other amounts for the exploitation of any Licensed Product(s) in one or more country(ies) due to infringement of Blocking Third Party
Patent Rights, then (c) OPI may deduct from any of the amounts due from OPI under this Agreement, *** of such amounts actually paid by OPI, its Affiliate(s) or its Sublicensee(s) to such Third Party(ies) for the Blocking Third Party Product
Rights. The total amount to be deducted may be applied to any of the amounts due from OPI under this Agreement, provided, however, that no single amount due to Licensors under this Agreement (e.g., royalties for a calendar quarter or a
milestone payment) may be reduced by more than *** of the amount otherwise due to the Licensors. If needed, OPI may deduct the total amount to be deducted from multiple payments due to Licensors under this

  
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Agreement until the full amount to be deducted has been applied to payments otherwise due to Licensors. For example, if ***% of amount paid to a Third Party is $*** and royalties become payable
to Licensors during the following calendar quarter in the amount of $***, then Otic can offset $*** of the $*** paid to the Third Party against the $*** otherwise due to Licensors, and the remaining $*** of the $*** paid to the Third Party can be
offset against up to ***% of any subsequent milestone or royalty payment due to Licensors until the remaining $*** has been applied. 

5.4.4 Starting with the calendar quarter in which the first Net Sales occur for which a royalty is due under this Section 5.4, OPI will
provide a report to Licensors with the Net Sales of each Licensed Product in each country and will make the payment required pursuant to this Section 5.4 above within 60 days after the end of the each calendar quarter of the Term. Such royalty
reports will provide, on a Licensed Product-by-Licensed Product and country-by-country
basis, the Net Sales during the reporting period, the applicable royalty rate(s) from Sections 5.4.2, any deductions made pursuant to Section 5.4.3, and a calculation of the resulting royalty payment due through the end of the reporting period.

 5.4.5 OPI will pay the royalties due for a reporting period contemporaneously with the submission of the report due under
Section 5.4.6. OPI will tender all royalty payments to Otodyne. 
 5.4.6 Together with or promptly after the royalty report due for the
fourth quarter of each calendar year in which Net Sales occur, OPI shall provide Licensors with an annual summary that sets forth the cumulative amounts of the information reported in the quarterly royalty reports due under Section 5.4.4 for
such calendar year. 
 5.5 Sales Milestone Payments. 

5.5.1 OPI will notify Licensors of the occurrence of any “Sales Milestone” set forth in Table 5.5 below within 30 days after
the achievement of the corresponding “Threshold”. The “Threshold” for purposes of such payments is the cumulative Net Sales of all Licensed Products during all Royalty Terms worldwide in a given calendar year. 

 

					
	 Table 5.5: Sales Milestones

	 Sales Milestones
	  	Milestone Payment
(in millions)	 	Threshold
	 Sales Milestone #1
	  	***	 	$1.0 billion
	 Sales Milestone #2
	  	***	 	***
	 Sales Milestone #3
	  	***	 	***
		  	  
	 	
	 Subtotal—Sales Milestones
	  	$36.0	 	
		  	  
	 	

 5.5.2 OPI will only be required to pay each of Sales Milestones #1, #2 and #3 one time. Each Sales Milestone
payment will become payable based on the first occurrence of cumulative Net Sales in a calendar year that equals or exceeds the applicable “Threshold”, regardless of whether or not any other Sales Milestone is first achieved in the same
calendar year. OPI will pay the amount of the “Milestone Payment” that corresponds to each such “Sales Milestone” as specified in Table 5.5 contemporaneously with the notice that such milestone has been achieved to be
provided under 5.5.1. OPI will pay each such amount to Otodyne. 

  
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 5.6 Method of Payments. 

 
 Each payment hereunder will be made in United States Dollars by check or
electronic funds transfer in immediately available funds to such bank account as each Licensor will designate in writing to OPI. Such payments will be net of any withholding Taxes required by applicable Law as further provided in Section 5.8.
OPI may pay any amount due hereunder directly to Otodyne or cause any of OPI’s Affiliates organized under the laws of any State within the USA to pay such amount. 

5.7 Inspection of Records. 

For at least 3 years after the end of any calendar year in which Net Sales occurred in a country, OPI will keep accurate books and records
setting forth the Net Sales of each Licensed Product in each country for such calendar year. OPI will permit a Licensor, using independent certified public accountants engaged by such Licensor and approved by OPI, to examine such books and records
at any reasonable time, upon reasonable notice; provided, however, that OPI will not be required to produce for inspection any such records relating to any period other than the 3 most recently ended calendar years. The foregoing right of
examination (i) may be exercised only once during each calendar year and one additional time during the 3-year period after the Term and (ii) may not be exercised with respect to any period that was
previously subject to such inspection. OPI may require such accountants to enter into a reasonably acceptable confidentiality agreement, and in no event will such accountants disclose to Licensors or their Representatives any information, other than
such as relates to the accuracy of the corresponding payments required to be made under this Agreement. The opinion of said independent accountants regarding such reports and related payments will be binding on the Parties, other than in the case of
manifest error. If OPI alleges that such opinion is in error, then the Parties may have the independent accountants review the relevant books and records a second time to confirm whether or not such alleged error exists. The examining Licensor will
bear the cost of any such examination and review; provided, however, that if the examination shows an underpayment of any amounts due of more than both (i) ***% of the amount due for an applicable calendar year and (ii) ***, then OPI will
promptly reimburse the examining Licensor for its reasonable out-of-pocket expenses actually incurred in connection with such examination. OPI will promptly pay to
Licensors the amount of any underpayment of amounts due revealed by any such examination. 
 5.8 Tax Matters. 

5.8.1 “Tax” or “Taxes” means all taxes, charges, duties, fees, levies or other assessments,
including income, excise, property, sales, consumption, use, value added, profits, license, withholding (with respect to compensation or otherwise), payroll, employment, net worth, capital gains, transfer, stamp, social security, environmental,
occupation and franchise taxes, imposed by any Governmental Authority, and including any interest, penalties and additions attributable thereto, and all amounts payable pursuant to an agreement or arrangement with respect to taxes. 

  
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 5.8.2 The Parties agree to cooperate and produce on a timely basis any Tax forms or reports
reasonably requested by the other Party in connection with any payment made under this Agreement. Each Party further agrees to provide reasonable cooperation to the other Party, at the other Party’s expense, in connection with any official or
unofficial Tax audit or contest relating to payments made by the other Party under this Agreement. 
 5.8.3 Any payments made by a Party
pursuant to this Agreement will not be reduced on account of any Taxes unless required by applicable Law. Each Licensor will be responsible for paying any and all Taxes (other than withholding taxes required to be paid by OPI under applicable Law)
levied on account of, or measured in whole or in part by reference to, any payments it receives. OPI will deduct or withhold from the payments any Taxes that OPI is required to deduct or withhold under applicable Law. If, in accordance with the
foregoing, OPI withholds any amount from a payment to a Licensor, such withheld amount shall be deemed paid by OPI to the applicable Licensor pursuant to this Agreement, and OPI will (a) timely remit to the applicable Licensor the balance of
such payment; (b) timely remit the full amount withheld to the proper Governmental Authority; and (c) send to the applicable Licensor written proof of remittance of the full amount withheld within 30 days following remittance. 

ARTICLE 6 

CONFIDENTIALITY 
 6.1
Confidential Information. 
 6.1.1 “Confidential Information” means any information regarding the business and
operations of a Party or any of its Representatives, that is or has been disclosed (whether orally or in writing) by such Party or its Representatives (“Discloser”) to another Party or its Representatives
(“Recipient”), in each case, except to the extent that such information is either: 
 (a) as of the date of
disclosure to the Recipient, known to the Recipient (other than pursuant to an obligation of confidentiality to the Discloser); 
 (b) is or
becomes disclosed in published literature or otherwise generally known to the public through no breach by the Recipient of this Agreement; 

(c) obtained by the Recipient from a Third Party free from any obligation of confidentiality to the Discloser; or 

(d) independently developed by the Recipient without use of the information disclosed to the Recipient by the Discloser. 

Confidential Information includes such information exchanged between the Parties or their respective Representatives before the Effective Date pursuant to the
Confidentiality Agreement. 
 6.1.2 The Licensed Technology and unpublished Licensed Patents constitute the Confidential Information of the
applicable Licensor. All OPI Improvement Technology, unpublished OPI Improvement Patents, reports submitted to Licensors by OPI pursuant to Article 5 or information examined by Licensor’s(s’) auditors pursuant to Section 5.7, and
communications with Regulatory Authorities concerning any Licensed Product are, as between 

  
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the Parties, the Confidential Information of OPI. Moreover, notwithstanding that a Licensor or its Representative is the Discloser of any of the Licensed Technology or OPI Improvement Technology,
each of the Licensors will be deemed the Recipient of its Licensed Technology for purposes of this Article (but exceptions (a) and (d) of Section 6.1.1 will not apply to the Licensors in respect of Licensed Technology or OPI Improvement
Technology). 
 6.1.3 The terms of this Agreement are the Confidential Information of both Parties as a Discloser thereof (and for which
each Party is deemed a Recipient). 
 6.2 Obligations of Confidentiality; Permitted Disclosures. 

6.2.1 Except as otherwise provided in this Agreement, during the Term and for 10 years thereafter, Recipient (a) will keep confidential,
and will cause its Representatives to keep confidential, all of the Confidential Information of Discloser, and (b) will not disclose the Confidential Information of Discloser to any Third Party. Recipient agrees to take such action, and to
cause its Representatives to take such action, to preserve the confidentiality of the Confidential Information of Discloser as Recipient would customarily take to preserve the confidentiality of the Recipient’s own similar types of Confidential
Information, but in no case using less than a reasonable degree of care. 
 6.2.2 Notwithstanding anything to the contrary in this Article,
the Recipient and its Representatives may disclose the Confidential Information of a Discloser in connection with the exercise of rights granted to it hereunder to: 

(a) Governmental Authorities, including Regulatory Authorities, to the extent reasonably deemed desirable or necessary to apply for, obtain or
maintain INDs or Regulatory Approvals for Licensed Products or file applications for, prosecute, maintain or enforce Licensed Patents or OPI Improvement Patents; 

(b) other Representatives, advisory boards, managed care organizations, and non-clinical and clinical
investigators; provided, however, that the Recipient enters into a confidentiality agreement or otherwise has an enforceable obligation of confidentiality with such Person before disclosing any of the Discloser’s Confidential
Information; 
 (c) in connection with prosecuting or defending litigation; provided, however, that the Recipient or its
Representative uses reasonable efforts to limit the dissemination of such information, including by use of protective orders and the like, as such Recipient would use for its own similar types of Confidential Information; 

(d) in connection with the resolution of disputes under this Agreement; provided, however, that such Recipient will use reasonable
efforts to limit the dissemination of such information, including by use of protective orders and the like, as such Recipient would use for its own similar types of Confidential Information; 

  
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 (e) in connection with filings required by security regulations and the rules and
regulations of any securities exchanges upon which the Recipient’s securities are traded; provided, however, that such Recipient will use reasonable efforts to limit the dissemination of such information, including by use of protective
orders and the like, as such Recipient would use for its own similar types of Confidential Information; and 
 (f) in connection with a
potential Change of Control of a Receiving Party, to permitted assignees or existing and potential investors or lenders of the Receiving Party, or to potential Sublicensees, in each case under a written agreement to keep the terms of this Agreement
confidential and to use the Confidential Information solely for the purpose disclosed. 
 6.3 Transaction Publicity. 

The Parties will use their respective best efforts to mutually agree to an initial joint press release announcing the execution of this
Agreement as promptly as reasonably possible, but in any event not later than such time as a Party is required by applicable Law to make such an announcement publicly, and thereafter promptly disseminate such press release; provided, however,
that a Party may, if required by applicable Law, announce the execution of this Agreement in the absence of such mutual agreement over the content thereof. 

6.4 No Use of Names Without Consent. 

Neither Party may use of the name, professional accreditation, standing, licensure, office(s) or any other indicia of identity related to the
other Party or its Representatives within any publications, announcements or other public disclosures without said Person(s) advance, written consent. Notwithstanding the foregoing, OPI and its Representatives may continue to rely upon any such
disclosures made in the Licensed Technology in the form provided by Licensors or made by Licensors to any Regulatory Authority. 
 6.5
Publication of Clinical Trial Results. 
 Notwithstanding anything to the contrary in this Article, OPI may publish any data within the
Licensed Technology or otherwise resulting from Clinical Trials conducted on a Licensed Product without consent of either Licensor. 

ARTICLE 7 

REPRESENTATIONS AND WARRANTIES 

7.1 Licensors Representations and Warranties. 

Each Licensor, jointly and severally, hereby represents and warrants to OPI that, as of the Effective Date: 

  
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 7.1.1 SDRI is a corporation duly incorporated, validly existing, and in good standing under
the laws of the State of New Jersey and, Otodyne is a corporation duly incorporated, validly existing, and in good standing under the laws of the State of Delaware. Each Licensor has the corporate power and authority to execute and deliver the
Transaction Documents and to perform its obligations under the Transaction Documents and this Agreement. The execution, delivery and performance of the Transaction Documents by each Licensor have been duly and validly authorized and approved by
proper corporate action on the part of each Licensor, each Licensor has taken all other action required by Law, its certificate of incorporation, by-laws or other organizational documents to authorize such
execution, delivery and performance. Each of the Transaction Documents constitutes a legal, valid and binding obligation of each Licensor, enforceable against each Licensor in accordance within its terms, except as enforceability may be limited by
applicable equitable principles or bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally. No notice to or consent, approval, authorization, order, filing, registration or qualification of or
with any court, Governmental Authority or any Person(s) not a party to this Agreement or other Transaction Document is required to be made or obtained by a Licensor in connection with the execution and delivery of the Transaction Documents or the
consummation by the Licensors of the transactions contemplated thereby. 
 7.1.2 Neither the execution and delivery of this Agreement or any
other Transaction Document nor the consummation of the transactions contemplated hereby or thereby will (a) result in any breach of, constitute a default (or an event that, with notice or lapse of time or both, would become a default) under,
require any consent of or notice to any Person pursuant to, give to others any right of termination, amendment, modification, acceleration or cancellation of, allow the imposition of any fees or penalties, require the offering or making of any
payment or redemption, give rise to any increased, guaranteed, accelerated or additional rights or entitlements of any Person or otherwise adversely affect any rights of any Licensor under, or result in the creation of any Lien on any of the
Licensed Patents, Licensed Technology or Licensed Products pursuant to, any Contract or Governmental Authorization of a Licensor, (b) violate, conflict with or result in a breach of or constitute a default under any provision of the certificate
of incorporation or bylaws or other organizational documents of a Licensor, (c) violate, conflict with or result in a breach of or constitute a default under any judgment, order, decree, rule or regulation of any court or Governmental Authority
to which a Licensor or any of the Licensed Patents, Licensed Technology or Licensed Products is subject or may be bound or (d) violate, conflict with or result in a breach of any Laws or applicable regulations to which a Licensor or any of the
Licensed Patents, Licensed Technology or Licensed Products is subject or may be bound. 
 7.1.3 To the Knowledge of Licensors, there is no,
and within the past five years there has not been any, action, claim (including regarding infringement of Intellectual Property), complaint, demand, suit, proceeding, arbitration, grievance, citation, notice of
non-compliance, summons, subpoena, request for information by a Governmental Authority, inquiry or investigation of any nature, civil, criminal, regulatory or otherwise, in law or in equity, pending or, to the
Knowledge of Licensors, threatened against a Licensor or any of its Representatives relating to the Licensed Patents, Licensed Technology or Licensed Products, the exploitation of the foregoing, or the transactions contemplated by the Transaction
Documents. There are no, and there have not been any judicial orders, writs, injunctions, decrees, judgments or stipulations in force against a Licensor or its Representatives (in their capacity as such) with respect to the Licensed Patents,
Licensed Technology or Licensed Products. 

  
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 7.1.4 To the Knowledge of Licensors, the Licensors and their Representatives have disclosed
to OPI: 
 (a) all material scientific and technical information, including any publications, posters, CMC data, pharmacokinetics data, and
Regulatory Documentation relating to Licensed Products or their manufacture or use as such exists as of the Effective Date; 
 (b) correct
and complete copies of all submissions, if any, of Licensors to the FDA, or any other similar state or foreign Governmental Authority relating to any Licensed Product, and all amendments and supplements thereto, including all related pre-clinical and clinical data, and all related complaint information, adverse event information and safety information; 

(c) all material information relating to the Licensed Patents and Licensed Technology, including any invention disclosures, prior art search
results and related memoranda and patentability opinions or evaluations, validity and enforceability searches and opinions or evaluations, freedom to operate searches and opinions or evaluations, and correspondence with and interview notes or other
notes regarding communications with any of the inventor(s) and all other such material information in the possession of Licensor or their Representatives as of the Effective Date (including all material facts and publications that could constitute
prior art, whether discovered before or after filing of the subject patent application) that, in such attorney(s),’ agent(s),’ or employees’ reasonable judgment likely would be relevant to any Governmental Authority’s
consideration of whether any of the Licensed Patents are patentable/unpatentable, valid/invalid or enforceable/unenforceable. 
 7.1.5 The
scientific, technical and other information relating to the Licensed Patents, Licensed Technology and Licensed Products disclosed or made available by a Licensor or any of their Representatives to OPI has been, to the Knowledge of Licensors, true
and correct in all respects, experimental data therein is based upon actual experimentation conducted by or on behalf of Licensors or their Representatives, and includes any adverse information known to a Licensor or its Representatives relating to
the Licensed Patents, Licensed Technology or Licensed Products. 
 7.1.6 Except for the IND identified on Schedule 2, no IND has been
filed by Licensor or any of its Representatives with any Regulatory Authority in any country involving any Licensed Product or any of the Licensed Technology. Neither Licensors nor any of their Representatives is currently: 

(a) working to file on his/her/its or another Person’s behalf own behalf, 

(b) advising or consulting with any Person in preparation for or in connection with filing, 

(c) holding an investment in or providing debt financing to any Person that is preparing to file, or 

  
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 (d) assisting or encouraging any Person in connection with, 

any submission to a Regulatory Authority in any country involving any Licensed Product or any of the Licensed Technology. 

7.1.7 To the Knowledge of Licensors, the manufacture, use, sale, offer for sale, and import of any other Licensed Products based upon the
Licensed Technology as it exists on the Effective Date, including Licensed Products described in the IND identified on Schedule 2, does not, and if were the subject of Regulatory Approval, would not, infringe the Patent rights of any Person.
The use, reproduction or disclosure of the Licensed Technology to OPI pursuant to the terms of this Agreement, and OPI’s exercise of its rights hereunder in connection therewith, does not, and to the Knowledge of Licensors, after the Effective
Date will not, infringe, misappropriate or otherwise violate the trade secret rights or copyrights of any other Person. Neither Licensor nor any of its Representatives has received any allegation that the manufacture, use, sale, offer for sale, and
import of Licensed Products or Licensed Technology infringes or will infringe the Patents of any Third Party or infringes, misappropriates or otherwise violates or will infringe, misappropriate or otherwise violate the intellectual property rights
of any Person. 
 7.1.8 Except as specified within the SDRI-Otodyne Agreement, each Licensor has the unrestricted right to grant to OPI all
rights in the Licensed Patents and Licensed Technology that are being granted to OPI under this Agreement upon the terms set forth herein. Neither Licensor nor any of its Representatives has granted any license or sublicense to any rights in the
Licensed Patents or Licensed Technology to any Third Party that are in conflict with the rights granted to OPI in this Agreement. 
 7.1.9
Schedule 3 sets forth, with the owner, country(ies) or region, registration and application numbers and dates indicated, as applicable, all Licensed Patents that have issued or that have been applied for and are pending issuance with any
Governmental Authority. All fees, taxes, annuities and other payments associated with filing, prosecuting, issuing, recording, registering or maintaining Licensed Patents have been paid in full in a timely manner to the proper Governmental Authority
as of the Effective Date. Except as specified on Schedule 3 otherwise, each Licensed Patent listed or required to be listed thereon is owned solely by a Licensor, is active, is valid and enforceable (if granted), and the ownership of the
entire right, title and interest is recorded (through its entire chain of title beginning with and including each inventor) with the applicable Governmental Authority solely in the name of a Licensor. Each Licensor’s Representatives that have
been involved in prosecution of the Licensed Patents are not aware of any information that, in their reasonable judgment, would likely render any of the granted Licensed Patents invalid or unenforceable and that is not part of the publicly available
file history. Each Licensor and its Representatives have complied with all duties of candor owed to each Governmental Authority with respect to each of the Licensed Patents. 

7.1.10 Licensors and their Representatives have taken reasonable and customary measures to maintain and protect, as applicable, the
confidentiality of the Confidential Information within the Licensed Technology. 

  
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 7.1.11 All Representatives of Licensors who are or were involved in the design, creation,
conception, reduction to practice or development of Licensed Technology or Licensed Patents or who were provided the composition of the Licensed Products manufactured before the Effective Date using the Licensed Technology or claimed by the Licensed
Patents, have executed written Contracts (a) obligating them not to disclose the Confidential Information within the Licensed Technology, (b) specifying that all tangible materials that result from work performed by them on behalf of a
Licensor or its Affiliate is “work made for hire” under U.S. copyright laws or that they are otherwise obligated to assign to Licensor all copyrights in such works, and (c) specifying that Licensor solely owns and that such
Representative assigns, immediately upon conception or creation, all other Intellectual Property rights relating to the Licensed Technology and Licensed Patents. 

7.1.12 Except as described on Schedule 4, none of the Consultants or other Representatives of a Licensor is an inventor or author of
any Technology or Patent necessary for or reasonably useful to the Development, manufacturing, seeking or obtaining Regulatory Approval for, or commercialization of any Licensed Product that has not been assigned to a Licensor. Except as described
on Schedule 4, none of the Consultants or other Representatives of a Licensor owns, in whole or in part, or has been granted a licensed to, any Technology or Patent necessary for or reasonably useful to the Development or manufacturing of,
seeking or obtaining Regulatory Approval for, or marketing, distribution, sale or other commercialization of, any Licensed Product. Except as described on Schedule 4, no Person has alleged to Licensor or any of its Representatives that any
Third Party owns, in whole or in part, any of the Licensed Technology or Licensed Patents, and to the Knowledge of Licensors, there is no reasonable basis for any such allegation. Without limiting the foregoing, except as described on Schedule
4, neither Cirrus Pharmaceuticals, Inc., Pharmakey LLC, Marianne Mann, M.D. nor any of their respective Representatives are an inventor or author of, or otherwise own or claim to own, any Technology or Patent necessary for or reasonably useful
to the Development, manufacturing, seeking or obtaining Regulatory Approval for, or commercialization of any Licensed Product that has not been assigned to a Licensor as of the Effective Date. 

7.1.13 Except as specified in the SDRI-Otodyne Agreement, neither Licensor nor any of their Representatives has been granted a license,
covenant not to sue, immunity from suit or similar right from any Person under any Intellectual Property contained within, necessary for, or reasonably useful to the Development, manufacturing, seeking or obtaining Regulatory Approval for, or
commercialization of any Licensed Product or other exploitation of any of the Licensed Technology or Licensed Patents. 
 7.1.14 Except for
those Contracts listed in clauses a. – d. of item no. 17 on Schedule 2, neither Licensor nor any of their Representatives is (or was) a party to any Contract (whether or not in effect as of the Effective Date) relating to the
Development, manufacturing, seeking or maintaining Regulatory Approval for, or commercialization of any Licensed Product. All of the Contracts listed in clauses a. – c. of item no. 17 on Schedule 2 are terminated as of the Effective Date
and the Contract listed in clause d. of item no. 17 on Schedule 2 was only a quotation that was never accepted so never became a binding Contract. 

7.1.15 Licensors: (a) have not received any FDA Form 483, notice of adverse finding, warning letter, untitled letter or other
correspondence or notice from the FDA or any other Governmental Authority alleging or asserting material noncompliance with any Laws or any Governmental Authorizations in connection with the Licensed Products; (b) has not received

  
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notice of any proceeding from the FDA or any other Governmental Authority or Third Party alleging that any Licensed Product is in violation of any Laws or Governmental Authorizations and to the
Knowledge of Licensors neither the FDA nor any other Governmental Authority or Third Party is considering any such proceeding; (c) has not received notice that the FDA or any other Governmental Authority has taken, is taking or intends to take
action to limit, suspend, modify or revoke any Governmental Authorizations related to the Licensed Products; (d) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims,
submissions and supplements or amendments with respect to the Licensed Products as required by any Laws or Governmental Authorities; and (e) to the Knowledge of Licensors their manufacturers and suppliers have at all times manufactured all
products and compounds in compliance with current Good Manufacturing Practices for the manufacture of products as are required by applicable Governmental Authorities or applicable Law in the relevant jurisdiction, including the rules and regulations
of the FDA. 
 7.1.16 All preclinical investigations sponsored by Licensors relating to the Licensed Products have been and are being
conducted in material compliance with applicable Laws. Licensors have not received any notices or other correspondence from the FDA or any other Governmental Authority performing functions similar to those performed by the FDA with respect to any
ongoing clinical or pre-clinical studies or tests relating to Licensed Products requiring the termination, suspension or material modification of such studies or tests. 

7.1.17 Neither Licensor nor any of its Representatives has conducted any clinical investigation involving a Licensed Product anywhere in the
world nor collected any protected or individually identifiable health information from any Person. 
 7.1.18 Licensors have not
(a) made an untrue statement of a material fact or fraudulent statement to the FDA or any Governmental Authority, (b) failed to disclose a material fact required to be disclosed to the FDA or any Governmental Authority, (c) committed
any other act, made any statement or failed to make any statement, that (in any such case) establishes a reasonable basis for the FDA to invoke its Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities Policy or for any other
state or foreign Governmental Authority to invoke any similar policy. Licensors are not the subject of any pending or, to the Knowledge of Licensors, threatened investigation by the FDA pursuant to its Fraud, Untrue Statements of Material Facts,
Bribery, and Illegal Gratuities Final Policy. Neither Licensors, nor any of their Representatives or Affiliates or, to the Knowledge of Licensors, any of their respective collaboration partners, agents or subcontractors with respect to the Licensed
Products has been convicted of any crime or engaged in any conduct which has resulted or could result in debarment or disqualification by the FDA or any other Governmental Authority. 

7.2 Otodyne Representations 

7.2.1 Otodyne is a resident of, or is organized under the laws of, the State of Delaware. 

7.2.2 The Shares will be acquired for investment for Otodyne’s own account, not as a nominee or agent, and not with a view to the sale or
distribution of any part thereof, and Otodyne has no present intention of selling, granting participation in, or otherwise distributing the Shares. Otodyne does not have any contract, undertaking, agreement, or arrangement with any person to sell,
transfer or grant participations to any Third Party, with respect to any of the Shares. 

  
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 7.2.3 Otodyne understands that the Shares have not been registered under the Securities Act
of 1933, as amended (the “1933 Act”) Act on the grounds that the sale provided for in this Agreement and the issuance of securities hereunder is exempt from registration under the 1933 Act, and that OPI’s reliance on
such exemption is predicated in part on Otodyne’s representations set forth herein. Otodyne realizes that the basis for the exemption may not be present if, notwithstanding such representations, Otodyne has in mind merely acquiring the Shares
for a fixed or determined period in the future, or for a market rise, or for sale if the market does not rise. Otodyne does not have any such intention. 

7.2.4 Otodyne represents that Otodyne is experienced in evaluating early-stage companies such as OPI, is able to fend for Otodyne’s own
self in the transactions contemplated by this Agreement, has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of Otodyne’s investment, and has the ability to bear the economic
risks of Otodyne’s investment. Otodyne further represents that Otodyne has had access, during the course of the transactions and prior to Otodyne’s acquisition of the Shares, to all such information as Otodyne deemed necessary or
appropriate (to the extent OPI possessed such information or could acquire it without unreasonable effort or expense), and that Otodyne has had, during the course of the transactions and prior to Otodyne’s acquisition of the Shares, the
opportunity to ask questions of, and receive answers from, OPI concerning the terms and conditions of the offering and to obtain additional information (to the extent OPI possessed such information or could acquire it without unreasonable effort or
expense) necessary to verify the accuracy of any information furnished to Otodyne or to which Otodyne had access. 
 7.2.5 Otodyne
understands that the Shares may not be sold, transferred or otherwise disposed of without registration under the 1933 Act or an exemption therefrom, and that in the absence of an effective registration statement covering the Shares or an available
exemption from registration under the 1933 Act, the Shares must be held indefinitely. In particular, Otodyne is aware that the Shares may not be sold pursuant to Rule 144 promulgated under the 1933 Act unless all of the conditions of that Rule are
met. Among the conditions for use of Rule 144 is the availability of current information to the public about OPI. Such information is not now available and OPI has no present plans to make such information available. Otodyne represents that, in the
absence of an effective registration statement covering the Shares, Otodyne will sell, transfer, or otherwise dispose of the Shares only in a manner consistent with Otodyne’s representations set forth herein. 

7.2.6 Otodyne agrees that in no event will Otodyne make a transfer or disposition of any of the Shares (other than pursuant to an effective
registration statement under the 1933 Act or, to OPI’s reasonable satisfaction, pursuant to Rule 144), unless and until (i) Otodyne shall have notified OPI of the proposed disposition and shall have furnished OPI with a statement of the
circumstances surrounding the disposition and (ii) if requested by OPI, at the expense of Otodyne or transferee, Otodyne shall have furnished to OPI an opinion of counsel, reasonably satisfactory to OPI, to the effect that such transfer may be
made without registration under the 1933 Act. 

  
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 7.2.7 Otodyne understands that each certificate representing the Shares will be endorsed with
a legend substantially as follows: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933, AS
AMENDED, AND APPLICABLE STATE SECURITIES LAWS. 
 7.2.8 Otodyne represents that it is an “Accredited Investor” as such term is
defined in Rule 501 of Regulation D promulgated under the 1933 Act. 
 7.2.9 Otodyne understands that no public market now exists for any of
the securities issued by OPI and that there is no assurance that a public market will ever exist for the Shares. 
 7.3 OPI
Representations and Warranties. 
 OPI hereby represents and warrants to the Licensors that, as of the Effective Date: 

7.3.1 OPI is corporation duly formed and validly existing under the laws of the State of Delaware, has the corporate power and authority to
execute and deliver the Transaction Documents and to perform its obligations under the Transaction Documents, the execution, delivery and performance of the Transaction Documents by OPI has been duly and validly authorized and approved by proper
corporate action on the part of OPI, OPI has taken all other action required by Law, its certificate of incorporation, by-laws or other organizational documents to authorize such execution, delivery and
performance, and the Transaction Documents constitute a legal, valid and binding obligation of OPI, enforceable against OPI in accordance with their terms, except as enforceability may be limited by applicable equitable principles or bankruptcy,
insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally. 
 7.3.2 Neither the execution and
delivery of this Agreement or any other Transaction Document nor the consummation of the transactions contemplated hereby or thereby will (a) result in any breach of, constitute a default (or an event that, with notice or lapse of time or both,
would become a default) under, require any consent of or notice to any Person pursuant to, give to others any right of termination, amendment, modification, acceleration or cancellation of, allow the imposition of any fees or penalties, require the
offering or making of any payment or redemption, give rise to any increased, guaranteed, accelerated or additional rights or entitlements of any Person or otherwise adversely affect any rights of OPI under any Contract or Governmental Authorization
of OPI, (b) violate, conflict with or result in a breach of or 

  
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constitute a default under any provision of the organizational documents of OPI, (c) violate, conflict with or result in a breach of or constitute a default under any judgment, order,
decree, rule or regulation of any court or Governmental Authority to which OPI is subject or may be bound or (d) violate, conflict with or result in a breach of any Laws or applicable regulations to which OPI is subject or may be bound. 

7.3.3 There is no action, claim, complaint, demand, suit, proceeding, arbitration, grievance, citation, summons, subpoena, request for
information by a Governmental Authority, inquiry or investigation of any nature, civil, criminal, regulatory or otherwise, in law or in equity, pending or, to the knowledge of OPI, threatened against OPI or any of its Representatives relating to the
Licensed Technology, the Licensed Patents, the exploitation of the foregoing or Licensed Products, or the transactions contemplated by the Transaction Documents. 

7.3.4 OPI or it Representatives have experience in the regulatory and commercial Development of pharmaceutical products. OPI will have
sufficient financial resources at the applicable time in order for OPI to fulfil its obligations under this Agreement. OPI, including through its Representatives, has the know how to market and sell Licensed Products that receive final Regulatory
Approval pursuant to this Agreement. 
 7.4 DISCLAIMER. 

EXCEPT AS OTHERWISE EXPRESSLY STATED IN SECTIONS 7.1 AND 7.2, NO PARTY MAKES ANY REPRESENTATION OR WARRANTY OF ANY KIND WITH RESPECT TO ANY
PRODUCTS, TECHNOLOGY, INTELLECTUAL PROPERTY RIGHTS OR ANY OTHER SUBJECT MATTER UNDER THIS AGREEMENT. EXCEPT AS OTHERWISE PROVIDED IN SECTIONS 7.1 AND 7.2, EACH PARTY EXPRESSLY DISCLAIMS ALL SUCH OTHER REPRESENTATIONS AND WARRANTIES, EXPRESS OR
IMPLIED, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR AGAINST INFRINGEMENT. 
 ARTICLE 8

 TERM AND TERMINATION 

8.1 Term. 
 8.1.1 This
Agreement will be effective as of the Effective Date and, unless terminated sooner pursuant to Section 8.2, will remain in effect, on a Licensed Product-by-Licensed
Product and country-by-country basis, for the duration of the Royalty Term applicable to such Licensed Product in each country. This Agreement will terminate in its
entirety, unless terminated sooner pursuant to Section 8.2, upon expiration of the last Royalty Term. 
 8.1.2 The period from the
Effective Date until termination (for any reason) of this Agreement in its entirety is the “Term” of this Agreement. 

  
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 8.2 Termination Rights. 

8.2.1 If OPI materially breaches or materially defaults in the performance or observance of any of its respective obligations under a material
term of this Agreement, Licensors may terminate this Agreement as follows: 
 (a) if the breach was deliberate, then upon 60 days notice if
OPI has not cured the breach within such 60-day notice period; and 
 (b) if the breach was not
deliberate and can be cured within 60 days after notice thereof, then upon 60 days notice if OPI has not cured the breach within such 60-day notice period; and 

(c) if the breach was not deliberate but reasonably cannot be cured within 60 days after notice of breach, then upon 60 days notice unless
before the end of such 60 days, OPI has (i) discontinued the breaching act, used Commercially Reasonable Efforts to cure the breach to the extent possible within such 60-day period and has implemented all
commercially reasonable steps to further cure such breach to the extent possible and to prevent further occurrences of such breach. 

Notwithstanding the foregoing provisions of this Section 8.2.1, if OPI disputes that OPI materially breached any material term of this
Agreement within the relevant 60 day period this Agreement shall not terminate unless such dispute is finally resolved pursuant to Section 10.1 where such resolution is that OPI did materially breach a material term of this Agreement and OPI
fails to cure such material breach within 60 days after OPI’s receipt in writing of the final resolution of such dispute. 
 8.2.2 OPI
may terminate this Agreement in its entirety at any time for any or no reason, without consent of either Licensor by 90 days advance notice to the Licensors. 

8.2.3 If either Licensor materially breaches or materially defaults in the performance or observance of any of its respective obligations
under a material term of this Agreement, OPI may terminate this Agreement as follows: 
 (a) if the breach was deliberate, then upon 60 days
notice if such Licensor has not cured the breach within such 60-day notice period; and 
 (b) if the
breach was not deliberate and can be cured within 60 days after notice thereof, then upon 60 days notice if such Licensor has not cured the breach within such 60-day notice period; 

(c) if the breach was not deliberate but reasonably cannot be cured within 60 days after notice of breach, then upon 60 days notice unless
before the end of such 60 day notice period the Licensor has (i) discontinued the breaching act, used commercially reasonable efforts to cure the breach to the extent possible within such 60-day period
and has implemented all commercially reasonable steps to further cure such breach to the extent possible and to prevent further occurrences of such breach. 

  
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 Notwithstanding the foregoing provisions of this Section 8.2.3, if such Licensor
disputes that such Licensor materially breached any material term of this Agreement within the relevant 60 day period this Agreement shall not terminate unless such dispute is finally resolved pursuant to Section 10.1 where such resolution is
that such Licensor did materially breach a material term of this Agreement and such Licensor fails to cure such material breach within 60 days after such Licensor’s receipt in writing of the final resolution of such dispute. 

8.2.4 Neither Licensor may terminate this Agreement for any form of breach by the other Licensor. 

8.3 Effects of Termination. 

8.3.1 Upon expiration of the Royalty Term for a Licensed Product in a country, the rights and licenses granted to OPI under Article 4 with
respect to the Licensed Patents and Licensed Technology for such Licensed Product in such country will survive termination as further provided in Section 5.4.1 (along with OPI’s obligations to make all payments due for Net Sales on such
Licensed Product in such country occurring during the applicable Royalty Term) until no Intellectual Property rights of Licensors remain in such Licensed Product in such country. Upon termination of this Agreement pursuant to Section 8.1.1 as a
result of expiration of the last Royalty Term, the rights and licenses granted to OPI under Article 4 with respect to the Licensed Patents and Licensed Technology will survive termination until no Intellectual Property rights of Licensors remain in
the Licensed Patents and Licensed Technology. 
 8.3.2 Upon termination of this Agreement during any such time as any clinical trials
involving a Licensed Product are being conducted by OPI, its Affiliates, or their Representatives, OPI and any other such Person will be entitled to complete the clinical trials to the extent reasonably necessary to comply with applicable Law. 

8.3.3 Upon termination of this Agreement pursuant to Section 8.2, except as otherwise provided in Sections 8.3.1 and 8.3.2, the rights
and licenses granted to OPI under Article 4 with respect to the Licensed Patents and Licensed Technology terminate and revert to Licensors. 

8.3.4 If (a) OPI provides a notice of termination under Section 8.2.2 after one year after the Effective Date and before Regulatory
Approval of any Product in the USA or any of the Major European Countries, (b) none of the material representations made by either Licensor were inaccurate or untrue when made as of the Effective Date, (c) neither Licensor is in breach of
this Agreement at the time of notice, and (d) such termination is not based upon any adverse event or other event or combination of events that presents difficulties in obtaining Regulatory Approval or conducting activities, such as clinical
studies, required to obtain Regulatory Approval for Products, then OPI must pay to Otodyne the sum of $*** on or before the end of the 90-day notice period of termination. No such amount is due for termination
if each of the foregoing conditions in clauses (a) – (d) is not satisfied. 

  
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 8.3.5 If this Agreement is terminated either (i) by a Licensor pursuant to
Section 8.2.1 or (ii) by OPI pursuant to Section 8.2.2 before the first Regulatory Approval for any Licensed Product, OPI will: 

(a) within 90 days after termination, return to Otodyne the originals of all tangible embodiments of the Licensed Technology in the form
provided by a Licensor or any of its Representatives to OPI, its Affiliate or their respective Representatives under Section 2.1, including materials (to the extent not used up), data, and records; 

(b) use reasonable efforts to provide to Otodyne within 90 days after termination all of OPI’s and its Affiliates’ inventory of the
Licensed Products in possession of OPI or its Affiliates at the time of termination (ALL OF WHICH WILL BE PROVIDED ON AN AS-IS, WHERE-IS, WITH ALL FAULTS BASIS AND
WITHOUT ANY WARRANTY OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, ALL OF WHICH WARRANTIES ARE HEREBY DISCLAIMED); 
 (c) within 90 days after
termination, provide to Otodyne a copy of all data referred to or relied upon in generating the Regulatory Documentation submitted by OPI or its Affiliates to any Regulatory Authority related to any Licensed Products; 

(d) if requested by Otodyne in writing within 30 days after termination, promptly thereafter transfer ownership of, and rights under, all such
Regulatory Documentation related to Licensed Products, including each such IND, to Otodyne, and, with Otodyne’s input and direction, complete all relevant activities related to the transfer of such IND(s), including the submission of relevant
notices to the FDA in a form and substance satisfactory to Otodyne, and if requested by Otodyne, also (x) send letters (in form and substance satisfactory to Otodyne) to the FDA and other Regulatory Authorities indicating that any other
Regulatory Documentation are transferred to Otodyne and that Otodyne is the new owner of the Regulatory Documentation as of the Effective Date, (y) send letters to all applicable IRBs or other relevant entities and similar committees to direct
product-related communications to Otodyne commencing on the date of the transfer of ownership of the corresponding Regulatory Documentation, and (z) provide to Otodyne a copy of such letters; 

(e) not, and will cause its Affiliates not to, on a
country-by-country basis until the first to occur of (I) 8 years after the Effective Date and (II) Generic Competition in each country, either (A) further
research, Develop, manufacture, seek or maintain Regulatory Approval for, market, sell, distribute or otherwise commercialize any Licensed Product, or otherwise compete with any Licensed Product using a product based upon similar technology as the
Licensed Technology, or own an interest in any entity that does so compete or (B) grant or offer to grant a license under any OPI Improvement Technology or OPI Improvement Patents for any Licensed Product to any
non-Affiliate to compete with any Licensed Product using a product based upon similar technology as the Licensed Technology; and 

  
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 (f) will grant to Otodyne a worldwide, non-exclusive,
royalty-free license under the OPI Improvement Technology and OPI Improvement Patents to the extent necessary for Otodyne to exploit any and all versions of Licensed Products that exist as of the date of termination; provided, however, that
if OPI assigns or otherwise transfers its interest in this Agreement as permitted hereunder, then the Intellectual Property rights of the assignee or successor and any of its Affiliates that existed before such assignment or transfer or that are
conceived or created after such assignment or transfer and independently of the activities undertaken pursuant to this Agreement will not be deemed OPI Improvement Technology or OPI Improvement Patents licensed to Otodyne hereunder. 

8.3.6 If this Agreement is terminated by OPI pursuant to Section 8.2.2 after the first Regulatory Approval for any Licensed
Product, OPI will: 
 (a) have the obligations described in clauses (a) – (d) of Section 8.3.5 above; and 

(b) if requested by Licensors, for not less than 4 months after termination, negotiate in good faith with Licensors regarding an agreement
under which OPI would license or sell to either or both of the Licensors some or all of OPI’s and its Affiliates’ Regulatory Documentation for Licensed Products, Regulatory Approval(s) for Licensed Products, OPI Improvement Technology or
OPI Improvement Patents. 
 8.3.7 Termination of this Agreement for any reason (a) will be without prejudice to the Licensors’
right to receive all payments accrued before the effective date of such termination, including all payments on Net Sales for Licensed Products occurring during a Royalty Term, and (b) will not release a Party hereto from any indebtedness, right
to Losses or other obligation incurred hereunder by such Party before the date of termination. 
 8.3.8 The provisions of Articles 1, 6 and
10 and Sections 4.1, 4.6, 4.7, 5.6, 5.7, 5.8, 8.3, and 9.1-9.5, as well as any other provisions or defined terms referred to this Agreement or necessary to give them effect will survive termination or
expiration of this Agreement and remain in force until discharged in full. 
 ARTICLE 9 

INDEMNIFICATION 
 9.1
Indemnification. 
 9.1.1 Each of the Licensors will jointly and severally indemnify, defend and hold OPI and OPI’s Representatives,
harmless from any and all Losses incurred by any of them in connection with a claim by a Third Party as a result of: 
 (a) the breach of any
covenant of, or warranty or representation made by a Licensor under this Agreement; or 

  
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 (b) the negligence, recklessness, or wilful misconduct of a Licensor or any of its
Representatives; or 
 (c) the Development, manufacture, use, offer for sale, sale, importation or promotion of any Licensed Products by a
Licensor or any of its Representatives, licensees or sublicensees following termination of the exclusive right to do so granted to OPI under this Agreement. 

Notwithstanding the foregoing, Licensors will not be obligated to so indemnify, defend and hold OPI or its Representatives harmless to the extent that such
Losses are caused by (x) the breach of any covenant of, or warranty or representation made by OPI under this Agreement or (y) the gross negligence, recklessness or wilful misconduct of OPI or any of its Representatives. 

9.1.2 OPI will indemnify, defend and hold Licensors and their Representatives harmless from any and all Losses incurred by any of them in
connection with a claim by a Third Party as a result of: 
 (a) the breach of any covenant of, or warranty or representation made by OPI
under this Agreement; or 
 (b) the negligence, recklessness, or wilful misconduct of OPI or any of its Representatives; or 

(c) the Development, manufacture, use, offer for sale, sale, importation or promotion of Licensed Products by OPI or its Representatives under
this Agreement. 
 Notwithstanding the foregoing, OPI will not be obligated to so indemnify, defend and hold Licensors or its Representatives harmless to
the extent that such Losses are caused by (x) the breach of any covenant of, or warranty or representation made by a Licensor under this Agreement or (y) the gross negligence, recklessness or wilful misconduct of a Licensor or any of its
Representatives. 
 9.2 Indemnity Procedures. 

9.2.1 In the event that any Third Party asserts a claim with respect to any matter for which a Party or its Representative(s) (the
“Indemnified Party”) is entitled to indemnification under Section 9.1 (a “Third Party Claim”), then the Indemnified Party will promptly notify the Party obligated to indemnify the Indemnified
Party (the “Indemnifying Party”) thereof; provided that no delay on the part of the Indemnified Party in notifying the Indemnifying Party will relieve the Indemnifying Party from any obligation hereunder unless (and
then only to the extent that) the Indemnifying Party is prejudiced thereby. 
 9.2.2 The Indemnifying Party will have the right, exercisable
by notice to the Indemnified Party within 20 days after receipt of notice from the Indemnified Party of the commencement of or assertion of any Third Party Claim, to assume direction and control of the defense, litigation, settlement, appeal or
other disposition of the Third Party Claim (including the right to settle the claim solely for monetary consideration) with counsel selected by the 

  
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Indemnifying Party and reasonably acceptable to the Indemnified Party, and the Indemnifying Party may do so without prejudice to its right to dispute whether such claim involves a Third Party
Claim subject to valid indemnification obligation hereunder. During such time as the Indemnifying Party is controlling the defense of such Third Party Claim, the Indemnified Party will cooperate, and will cause its Representatives to cooperate upon
request of the Indemnifying Party and at Indemnifying Party’s cost, in the defense or prosecution of the Third Party Claim, including by furnishing such records, information and testimony and attending such conferences, discovery proceedings,
hearings, trials or appeals as may reasonably be requested by the Indemnifying Party. In the event that the Indemnifying Party does not notify the Indemnified Party of the Indemnifying Party’s intent to defend any Third Party Claim within 20
days after notice thereof (including by affirmatively denying responsibility to defend the Third Party Claim), the Indemnified Party may (without further notice to the Indemnifying Party) undertake the defense thereof with counsel of the Indemnified
Party’s choice and at the Indemnifying Party’s expense (including reasonable, out-of-pocket attorneys’ fees and costs and expenses of enforcement or
defense). The Indemnifying Party or the Indemnified Party, as the case may be, will have the right to join in (including the right to conduct discovery, interview and examine witnesses and participate in all settlement conferences), but not control,
at its own expense, the defense of any Third Party Claim that the other Party is defending as provided in this Agreement. 
 9.2.3 The
Indemnifying Party will not, without the prior written consent of the Indemnified Party which will not be unreasonably withheld, enter into any compromise or settlement that commits the Indemnified Party to take, or to forbear to take, any action.
The Indemnified Party will have the sole and exclusive right to settle any Third Party Claim, on such terms and conditions as it deems reasonably appropriate, to the extent such Third Party Claim involves equitable or other non-monetary relief, but will not have the right to settle such Third Party Claim to the extent such Third Party Claim involves monetary damages without the prior written consent of the Indemnifying Party. Each of
the Indemnifying Party and the Indemnified Party will not make any admission of liability in respect of any Third Party Claim without the prior written consent of the other Party, and the Indemnified Party will use reasonable efforts to mitigate
losses arising from the Third Party Claim. 
 9.3 Set Offs. 

If an amount has been claimed by OPI or its Representatives in good faith pursuant to this Agreement (whether or not finally determined to be
owed by the Licensors), and if any amount has not yet been fully paid pursuant to Article 5, OPI may set-off such amounts claimed from such payment, notwithstanding any objection by the Licensors and in
accordance with Section 5.4.3. The exercise of such right of set-off by Licensors in good faith, whether or not the claim is ultimately determined to be justified, will not constitute a breach of this
Agreement. If ultimately the amount alleged by Licensors is determined not to be so owed, then OPI will pay the amount set-off hereunder promptly after such determination. 

  
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 9.4 Limitation of Liability. 

IN NO EVENT WILL ANY PARTY BE LIABLE UNDER THIS AGREEMENT FOR SPECIAL, INDIRECT, OR INCIDENTAL OR CONSEQUENTIAL DAMAGES, WHETHER BASED IN
CONTRACT, WARRANTY, TORT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE, INCLUDING LOSS OF PROFITS OR REVENUE, SUFFERED BY A PARTY OR ANY OF ITS RESPECTIVE REPRESENTATIVES, EXCEPT (i) TO THE EXTENT OF ANY SUCH DAMAGES MUST BE PAID TO A THIRD PARTY
IN CONNECTION WITH A THIRD PARTY CLAIM, OR (ii) IN THE EVENT OF AN INTENTIONAL AND WILFUL BREACH IN BAD FAITH OF ANY REPRESENTATION, WARRANTY, COVENANT OR AGREEMENT CONTAINED IN THIS AGREEMENT BY ANOTHER PARTY. 

9.5 Insurance. 
 OPI shall
have and maintain such type and amounts of insurance covering its exploitation of the Licensed Products as is (a) normal and customary in the pharmaceutical industry generally for parties similarly situated and (b) otherwise required by
Applicable Law. 
 ARTICLE 10 

MISCELLANEOUS 
 10.1
Governing Law; Arbitration. 
 10.1.1 Except as provided in Section 4.1.1, this Agreement will be governed by and construed in
accordance with the laws of the State of New York, without reference to any rules of conflict of laws. 
 10.1.2 If any controversy or claim
arising out of or relating to this Agreement cannot first be resolved by the Parties within 30 days after written notice thereof, then except as provided in Section 5.7, absent a written agreement signed by the Parties to the contrary,
arbitration pursuant to the terms hereof will be the sole and exclusive method of resolution of such dispute. Any Party may submit the controversy or claim to confidential binding arbitration in accordance with the JAMS Comprehensive Arbitration
Rules and Procedures then in effect. The arbitration will be conducted by one arbitrator, mutually selected by the Parties; provided, however, that if the Parties fail to mutually select an arbitrator within 20 days after the claim is
submitted to arbitration, then the arbitrator will be selected by JAMS in accordance with its Comprehensive Arbitration Rules and Procedures then in effect. The Parties agree to use commercially reasonable efforts to cause the arbitration hearing to
be conducted within 75 days after the appointment of the arbitrator, and to use commercially reasonable efforts to cause the decision of the arbitrator to be furnished within 15 days after the conclusion of the arbitration hearing. The final
decision of the arbitrator will be provided in writing to the Parties and include (a) the dollar amount of any award or specific performance, if any, and (b) a determination as to whether a Party will be required to bear and pay all or a
portion of the other Party’s attorneys’ fees and other expenses relating to the arbitration. Judgment upon any award, judgment, decree or order rendered by the arbitrator may be entered in any court having competent jurisdiction. The place
of the arbitration hearing will be in the City of Irvine, California, if initiated by a Licensor, and will be in the City of New York, New York, if initiated by OPI. The language of the arbitration will be English. 

  
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 10.2 Force Majeure. 

No Party will be held liable to another Party nor be deemed to have defaulted under or breached the Agreement for failure or delay in
performing any obligation under the Agreement to the extent such failure or delay is caused by or results from causes beyond the reasonable control of the affected Party, including embargoes, war, acts of war (whether war be declared or not),
insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, fire, floods, or other acts of God, or acts, omissions or delays in acting by any governmental authority (including by a Regulatory Authority, for any reason
other than lack of due diligence, negligence or misconduct of the affected) or the other Party. The affected Party will notify the other Parties of such force majeure circumstances as soon as reasonably practical, and will promptly undertake all
reasonable efforts necessary to cure such force majeure circumstances. 
 10.3 Specific Performance. 

The Parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with
the terms hereof and that the Parties will be entitled to seek specific performance of the terms hereof, in addition to any other remedy at law or equity without the necessity of demonstrating the inadequacy of monetary damages. 

10.4 Waiver of Jury Trial. 

EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 10.5 Severability.

 If any one or more of the provisions contained in this Agreement is held invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby, unless the absence of the invalidated provision(s) adversely affects the substantive rights of the Parties. The
Parties will in such an instance use their best efforts to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) which, insofar as practical, implement the purposes of this Agreement. 

  
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 10.6 Waivers. 

Any term or condition of this Agreement may be waived at any time by the Party or Parties that is entitled to the benefit thereof, but no such
waiver will be effective unless set forth in a written instrument duly executed by or on behalf of the Party or Parties waiving such term or condition. Neither the waiver by any Party of any term or condition of this Agreement nor the failure on the
part of any Party, in one or more instances, to enforce any of the provisions of this Agreement or to exercise any right or privilege, will be deemed or construed to be a waiver of such term or condition for any similar instance in the future or of
any subsequent breach hereof. All rights, remedies, undertakings, obligations and agreements contained in this Agreement will be cumulative and none of them will be a limitation of any other remedy, right, undertaking, obligation or agreement. 

10.7 Entire Agreement; Amendments. 

This Agreement sets forth the entire agreement and understanding between the Parties as to the subject matter hereof and supersedes all
agreements or understandings, verbal or written, made between a Licensor, on the one hand, and OPI, on the other hand, before the date hereof with respect to the subject matter hereof, including the Confidentiality Agreement and that letter
agreement sent by OticPharma, Ltd. to Otodyne dated July 30, 2015. All information disclosed between Representatives of Otodyne and OPI before the Effective Date pursuant to the Confidentiality Agreement is deemed to have been disclosed under
the terms of this Agreement. None of the terms of this Agreement may be amended, supplemented or modified except in writing signed by the Parties. 

10.8 Construction. 

Except where expressly stated otherwise in this Agreement, the following rules of interpretation apply to this Agreement: (i)
“include”, “includes” and “including” are not limiting and mean include, includes and including, without limitation; (ii) definitions contained in this Agreement are applicable to the singular as well as the plural
forms of such terms; (iii) references to an agreement, statute or instrument mean such agreement, statute or instrument as from time to time amended, modified or supplemented; (iv) references to a Person are also to its permitted
successors and assigns; (v) references to an “Article”, “Section”, or “Exhibit” refer to an Article or Section of, or any Exhibit to, this Agreement unless otherwise indicated; (vi) the word “will”
will be construed to have the same meaning and effect as the word “shall” and vice versa; (vii) the word “any” will mean “any and all” unless otherwise indicated by context; (viii) the word “or”
means in the alternative or together, i.e., “and/or”; and (ix) the symbol $ means the lawful currency of the USA, i.e., US Dollars, unless otherwise specified. 

10.9 Assignment. 
 Any
Party may assign this Agreement, in whole or in part, without the consent of any of the other Parties, except that OPI may not, without the written consent of a Licensor, assign any of OPI’s rights in this Agreement to any company that
(a) has a market capitalization of less than $500 Million and (b) has not been in existence (either itself or through its predecessor entity(ies) for at least 10 years (before the effective date of the assignment). This Agreement will be
binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and permitted assigns. 

  
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 10.10 Independent Contractor. 

The relationship between either Licensor, on the one hand, and OPI, on the other hand, is that of independent contractors. Such Parties are not
joint venturers, partners, principal and agent, employer and employee, and have no other relationship other than independent contracting parties. Such Parties’ obligations and rights in connection with the subject matter of this Agreement are
solely and specifically as set forth in this Agreement, and such Parties acknowledge and agree that neither such Party owes the other any fiduciary or similar duties or obligations by virtue of the relationship created by Agreement. 

10.11 Notices. 
 All
notices which are required or permitted hereunder will be in writing and sufficient if delivered personally, sent by nationally-recognized overnight courier or sent by registered or certified mail, postage prepaid, return receipt requested, or sent
in .PDF file format electronically by email, addressed as follows: 
  

	 	If to SDRI:	Alan J. Mautone, President 

	 	  	55 Alexandria Road 

	 	  	Morristown, New Jersey 07960 

	 	  	Email: alan@mautone.us 

  

	 	and  copy  to:	Richard L. Strauss, Esq. 

  

	 	  	2492 Oceanside Road 

	 	  	Oceanside, New York 11572 

	 	  	Email: Rstra73004@gmail.com 

  

	 	If to Otodyne:	Alan J. Mautone, President 

	 	 	55 Alexandria Road 

	 	 	Morristown, New Jersey 07960 

	 	 	Email: alan@mautone.us 

  

	 	and copy to:	Richard L. Strauss, Esq. 

	 	 	2492 Oceanside Road 

	 	 	Oceanside, New York 11572 

	 	 	Email: Rstra73004@gmail.com 

  

	 	If to OPI:	Chief Executive Officer 

	 	 	OticPharma, Inc. 

	 	 	19900 MacArthur Blvd., Suite 550 

	 	 	Irvine, CA 92612 

	 	 	Email: legal@oticpharma.com 

  

	 	and copy to:	Thomas A. Briggs and Jonn R. Beeson 

	 	 	Jones Day 

	 	 	12265 El Camino Real, Suite 200 

	 	 	San Diego, California 92130 

	 	 	Email: tabriggs@jonesday.com 

	 	 	Email: jrbeeson@jonesday.com 

  
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 or to such other address as the Party to whom notice is to be given may have furnished to the other Parties
in writing in accordance herewith. Any such notice will be deemed to have been given: (a) when delivered if personally delivered on a business day; (b) on the business day after dispatch if sent by nationally recognized overnight courier;
or (c) when delivered if delivered by email on a business day or the first business day after delivery if not delivered on a business day. 

10.12 Third Party Beneficiaries 

None of the provisions of this Agreement will be for the benefit of or enforceable by any Third Party, including any creditor of a Party. No
Third Party will obtain any right under any provision of this Agreement or will by reason of any such provision make any claim in respect of any debt, liability or obligation (or otherwise) against a Party. 

10.12 Performance by Representatives 

To the extent that this Agreement imposes obligations on Representatives of a Party, such Party agrees to cause its Representatives to perform
such obligations. 
 10.13 Counterparts. 

This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute
one and the same instrument. This Agreement may be executed by delivery of duly authorized and executed signature pages by facsimile or electronically in .PDF format. 

<Signature page follows on next page.> 

  
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 IN WITNESS WHEREOF the Parties hereto have caused this Agreement to be executed by their duly
authorized officers to be effective as of the Effective Date. 
  

									
	Otodyne, Inc.	 		  	OticPharma, Inc.
					
	By:	 	 /s/ Alan J. Mautone
	 		  	By:	  	 /s/ Gregory J. Flesher

	Name: Alan J. Mautone, Ph.D	 		  	Name: Gregory J. Flesher
	Title: Founder & Chief Executive Officer	 		  	Title: Chief Executive Officer
	Date: November 1, 2015	 		  	Date: November 1, 2015
					
	By:	 	 /s/ Sujana S. Chandrasekhar
	 		  		  	
	Name: Sujana S. Chandrasekhar, MD	 		  	
	Title: Founder & Chief Medical Officer	 		  	
	Date: November 1, 2015	 		  		  	

  

			
	Scientific Development and Research, Inc.
		
	By:	 	 /s/ Alan J. Mautone

	 Name: Alan J. Mautone, Ph.D

	 Title: Chief Executive Officer

	 Date: November 1, 2015

  
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 Schedule 1 

Definitions 

“Affiliate” means, with respect to a first Person, any other Person that directly or indirectly Controls, is Controlled by, or is
under common Control with, such first Person. 
 “Agreement” is defined in the preamble to this Agreement and further includes this
Agreement as it may be amended or supplemented from time to time. 
 “Blocking Third Party Patent Rights” means, on a country-by-country basis, any Patent owned or controlled by a Third Party that, in the absence of a license thereunder, could reasonably be determined to be infringed by the
exploitation of any Licensed Technology, Licensed Patents, or Licensed Products in such country. 
 “CE Mark” means the marking of
conformity affixed on a medical device in the European Union in order to attest compliance of such medical device with applicable European Union Law for the purpose of selling the medical device in the European Union. 

“Change of Control” means, with respect to a first Person, a single transaction or series of related transactions pursuant to which
another Person or group of Persons who did not Control such first Person before the transaction(s) do Control such first Person after the transaction(s). A Change of Control will be presumed to occur to a first Person upon the occurrence of any of
the following: (i) any other Person becomes the beneficial owner, directly or indirectly, of more than fifty percent (50%) of the voting securities of the first Person; (ii) the sale or other disposition of all or substantially all of the
assets of the first Person; (iii) a consolidation or merger of the first Person with any other Person, other than a merger or consolidation which would result in the voting securities of the first Person outstanding immediately prior thereto
continuing to represent at least 50% of the total voting power represented by the voting securities of the Person or any of its parent entities outstanding immediately after such merger or consolidation. 

“Commercially Reasonable Efforts” means the carrying out of the subject activities using efforts and resources comparable to the
efforts and resources that OPI or other pharmaceutical companies of then similar size and capitalization to OPI would typically devote to pharmaceutical products of similar market potential at a similar stage in Development or product life, taking
into account, using OPI’s reasonable judgment, all scientific, commercial, and other conditions and factors that OPI or other such pharmaceutical companies would reasonably take into account, including issues of safety and efficacy, expected
and actual cost and time to Develop, medical and clinical considerations, expected and actual profitability, expected and actual competitiveness of alternative Third Party products (including generic or biosimilar products) in the marketplace, the
nature and extent of expected and actual market exclusivity (including patent coverage and regulatory exclusivity), the expected likelihood of Regulatory Approval, the expected and actual reimbursability and pricing, and the expected and actual
amounts of marketing and promotional expenditures required; provided, however, that such efforts shall include the right of OPI, using its reasonable judgment, to suspend, discontinue or decrease efforts in circumstances where such
suspension, discontinuation or decrease is consistent with the exercise of Commercially Reasonable Efforts. 

  
 Page 36 

 Pursuant to 17 CFR 20.24b-2, confidential information has been omitted in places marked
“***” and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission. 
  

 “Confidential Information” is defined in Section 6.1.1. 

“Confidentiality Agreement” means that Confidentiality and Non-disclosure Agreement between
Otodyne and OticPharma, Ltd, an Affiliate of OPI, dated February 10, 2014. 
 “Consultants” means Drs. Mautone and
Chandrasekhar, the individuals engaged to provide the services to OPI under the Consulting Agreements. 
 “Consulting Agreements” is
defined in Recital D. 
 “Contract” means any contract, agreement, lease, sublease, license, sales order, purchase order, loan,
credit agreement, bond, debenture, note, mortgage, indenture, guarantee, undertaking, instrument, arrangement, understanding or other commitment, whether written or oral, that is or was binding on any Person or any part of its property under
applicable Law, whether or not terminated as of the Effective Date, including all amendments, supplements and correspondence related to any of the foregoing. 

“Control” including, its correlative meanings, “Controls”, “Controlled by” and “under common Control
with” means the possession, directly or indirectly, of the power to direct or cause direction of the management or policies of another Person (whether through ownership of securities or other ownership interests, by contract or otherwise). A
first Person will be presumed to Control another Person if such first Person actually owns or has beneficial ownership of at least 50% of the voting securities or other comparable equity interests of such other Person (whether directly, indirectly
or pursuant to any option, warrant or other similar arrangement). 
 “Development” means, with respect to a product, any and all
activities directed to pre-clinical, non-clinical and clinical testing and development, design and development planning, test method development and stability testing,
toxicology, formulation, manufacturing process development, and manufacturing scale-up, qualification and validation, quality assurance/quality control, clinical trials, statistical analysis and report
writing, interacting with key opinion leaders and scientific advisory boards, the preparation, submission and active management and maintenance of Regulatory Documentation for such product and interacting with Governmental Authorities regarding any
of the foregoing, in each case whether before or after obtaining any Regulatory Approvals from a Governmental Authority. When used as a verb, “Develop” will mean to engage in Development. 

“Discloser” is defined in Section 6.1.1. 

“Effective Date” is defined in the preamble to this Agreement. 

“EMA” means the European Medicines Agency or any successor agency thereto. 

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

“FDCA” means the U.S. Federal Food, Drug, and Cosmetic Act, as amended, and the regulations promulgated thereunder. 

  
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“***” and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission. 
  

 “Generic Competition” means sales of a product in a country that is the same or
substantially the same as a Licensed Product sold in that country and that (a) is sold by a Third Party that is not an Affiliate or Sublicensee of OPI under a Regulatory Approval granted by a Regulatory Authority to a Third Party, (b) was
approved in reliance, in whole or in part, on the prior approval (or on safety or efficacy data submitted in support of the prior approval) of such Licensed Product as determined by the applicable Regulatory Authority, and (c) wherein the
quotient of the total volume (in units) of such product sold in such country divided by the total volume (in units) of Licensed Product sold in such country , based on independent market data, such as that published by IMS Health Inc or similar
services, equals at least 30%. 
 “Governmental Authority” means any national, federal, regional, state, provincial, local, foreign,
multinational, supra-national or other governmental authority or instrumentality, legislative body, court, administrative agency, commission or instrumentality, including any multinational authority having governmental or quasi-governmental powers,
or any other industry self-regulatory authority and shall include any Regulatory Authority. 
 “Governmental Authorization” means
any (a) permit, license, certificate, franchise, concession, approval, consent, ratification, permission, clearance, confirmation, endorsement, waiver, certification, designation, rating, registration, qualification or authorization that is,
has been or may in the future be issued, granted, given or otherwise made available by or under the authority of any Governmental Authority or pursuant to any Law, including an IND; or (b) right under any Contract with any Governmental
Authority. 
 “Improvement Technology” means any Technology that is (a) an improvement, modification or derivation of any of
the Licensed Technology and (b) conceived, reduced to practice, discovered, made or created by any Party or any of its Representatives, whether solely or jointly. 

“IND” means an Investigational New Drug Application submitted under the FDCA or an analogous application or filing with any analogous
Regulatory Authority outside of the USA under any analogous foreign Law for the purposes of obtaining permission to conduct human clinical trials in such jurisdiction. 

“Indemnified Party” is defined in Section 9.2. 

“Indemnifying Party” is defined in Section 9.2. 

“Intellectual Property” means, in any and all jurisdictions throughout the world, all (a) Patents, (b) any trademark, service
mark, trade dress, slogan, logo, symbol, trade name, brand name or other identifier of source or goodwill recognized by any Governmental Authority, including registrations and applications for registration thereof and including the goodwill
symbolized thereby or associated therewith, (c) Internet domain names and associated uniform resource locators and social media addresses and accounts, (d) copyrights, whether in published and unpublished works of authorship,
registrations, applications, renewals and extensions therefor, mask works, and any and all similar rights recognized in a work of authorship by a Governmental Authority, (e) any trade secret rights in any inventions, discoveries, improvements,
trade secrets and all other confidential or proprietary Information (including know-how, data, formulas, processes and procedures, research records, records of inventions,

  
 Page 38 

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“***” and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission. 
  

 
test information, and market surveys), and all rights to limit the use or disclosure thereof, (f) registered and unregistered design rights, (g) rights of privacy and publicity and
(h) any and all other Intellectual Property rights recognized by any Governmental Authority under the Laws of any country throughout the world. 

“IRB” an appropriately constituted group that has been formally designated to review and monitor biomedical research involving human
subjects in accordance with FDA regulations. 
 “Knowledge of Licensors” means the (a) actual knowledge of the Consultants or
any officer or director of a Licensor and such knowledge as would be imputed to such Persons upon due inquiry (including to their direct reports) and (b) actual knowledge of the patent attorneys and agents involved in the filing, prosecution or
maintenance of any of the Licensed Patents. 
 “Laws” means all laws, statutes, rules, regulations, orders, judgments or ordinances
of any Governmental Authority, as such may be revised from time to time. 
 “Licensed Patents” means all Patents that are owned by
or licensed to Otodyne, SDRI or any of their Affiliates as of the Effective Date or at any time during the Term, including the patents and applications listed on Schedule 3 and all Licensor Improvement Patents. 

“Licensed Product” means any product or composition that either (a) the manufacture, use, offer for sale, sale or importation of
which is covered by a Valid Claim of any Licensed Patent, (b) is manufactured, used or administered using a method or process covered by a Valid Claim of any Licensed Patent, or (c) is Developed, manufactured, used or administered using
any of the Licensed Technology. Licensed Product includes the product known by the Licensors as of the Effective Date as “OTO-101” for the treatment of acute otitis media. 

“Licensed Technology” means all Technology that is owned by or licensed to Otodyne, SDRI or any of their Affiliates as of the
Effective Date or at any time during the Term, including the Technology and Regulatory Documentation listed on Schedule 2 and all Licensor Improvement Technology. 

“Licensor Improvement Technology” is defined in Section 4.1.5. 

“Licensor Improvement Patents” is defined in Section 4.1.5. 

“Licensors” is defined in the preamble to this Agreement. 

“Losses” means any and all costs, expenses, claims, losses, liabilities, damages, fines, royalties, penalties, deficiencies, interest,
settlement amounts, awards, and judgments, including any and all reasonable, out-of-pocket costs and expenses properly incurred as a result of a claim (including
reasonable, out-of-pocket attorneys’ fees and all other expenses reasonably incurred in investigating, preparing or defending any litigation or proceeding,
commenced or threatened), in each case, net of any tax benefit or insurance recovery received in connection with any of the foregoing. 
 “Major
European Countries” means France, Germany, Italy, Spain, and the United Kingdom. 

  
 Page 39 

 Pursuant to 17 CFR 20.24b-2, confidential information has been omitted in places marked
“***” and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission. 
  

 “MHLW” means the Ministry of Health, Labour and Welfare of Japan and any successor
thereto. 
 “NDA” means a New Drug Application submitted under the FDCA or an analogous application or filing with any analogous
Regulatory Authority outside of the USA (including any filing with a supra-national agency, such as a Marketing Authorization Application with the EMA for the European Union) under any analogous foreign Law or a submission to a Notified Body in
connection with a CE Mark for the purpose of obtaining approval and/or markings required to market and sell a pharmaceutical product in such jurisdiction. 

“Net Sales” means, (a) with respect to sales of Licensed Products by OPI or its Affiliates, net sales as calculated by the
selling entity in preparing its financial statements so long as such statements are prepared in accordance with US GAAP, IFRS or other accounting standard applicable to such selling entity and (b) with respect to sales of Licensed Products
by Sublicensees, as reported to OPI or its Affiliates pursuant to the applicable agreement between OPI or its Affiliate and such Sublicensee. Net Sales will not include transfers or dispositions of Licensed Product for charitable, promotional, pre-clinical, clinical, regulatory, or governmental purposes. Net Sales will not include sales or other transfers between or among OPI, its Affiliates or its Sublicensees, but Net Sales will include any subsequent
resale or other transfer to any such Person that is not OPI, its Affiliate or its Sublicensee. For purposes of calculating Net Sales for sales that occur using a currency other than the US Dollar, all such Net Sales will be converted into US
Dollars using OANDA (http://www.oanda.com/) or another commonly accepted foreign exchange conversion tool. 
 “Notified Body” means
an organization accredited by a member state of the European Union to carry out certain tasks in connection with conformity assessment procedures relating to medical devices that are required in the European Union in order to affix the CE Mark under
the European Union applicable regulatory framework. 
 “OPI” is defined in the preamble to this Agreement. 

“OPI Improvement Technology” is defined in Section 4.1.4. 

“OPI Improvement Patents” is defined in Section 4.1.4. 

“OPI Parent Shares” is defined in Section 5.1. 

“OPI Trademark” is defined in Section 4.6.1. 

“Otodyne” has the meaning set forth in the preamble to this Agreement. 

“Otodyne Trademark” means any trademark, service mark, logo, slogan, trade name or other indicia of the source or origin of goods or
services used by Otodyne or any of its Affiliates in connection with Licensed Products or the Licensed Technology, including the mark OTODYNE and OTO-101, and any registration or application for registration
for any of the foregoing anywhere in the world. 
 “Party” and “Parties” are defined in the preamble to this
Agreement. 

  
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“***” and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission. 
  

 “Patent” means all classes and types of patents and patent applications (including
provisionals, non-provisionals, originals, priority, utility, design, divisionals, continuations, continuations-in-part, extensions,
re-examinations, reissues and all other pre-grant and post-grant forms), utility models and applications for utility models, inventor’s certificates and
applications for inventor’s certificates, and other indicia of exclusive rights to an invention or discovery issued by or applied for with any Governmental Authority. 

“Person” means any natural person, any form of for-profit or
non-profit business entity recognized by any Governmental Authority, including any corporation, partnership, limited liability company, association, trust or other legal entity, or any Governmental Authority.

 “Phase 2 Clinical Trial” means a human clinical trial of a Licensed Product, the principal purpose of which is a determination of
safety and efficacy in the target patient population and which is prospectively designed to generate sufficient data that may permit commencement of pivotal clinical trials using the Licensed Product, including the trials referred to in 21 C.F.R.
§312.21(b), as amended, under the FDCA or a corresponding trial required by the EMA. 
 “Phase 3 Clinical Trial” means a human
clinical trial of a Licensed Product on a sufficient number of subjects in an indicated patient population that is designed to establish that the Licensed Product is safe and efficacious for its intended use and to determine the benefit/risk
relationship, warnings, precautions, and adverse reactions that are associated with such product in the dosage range to be prescribed and that is intended to support Regulatory Approval of such Licensed Product, including all tests and studies that
are required by the FDA from time to time, pursuant to Applicable Law or otherwise, including the trials referred to in 21 C.F.R. §312.21(c), as amended, under the FDCA or a corresponding trial required by the EMA. 

“Recipient” is defined in Section 6.1.1. 

“Regulatory Approval” means, with respect to any jurisdiction, any and all approvals, licenses, registrations or authorizations of a
Regulatory Authority that are legally necessary for the manufacture, distribution, importation, use, marketing, offer for sale or sale of a pharmaceutical in such jurisdiction, including, as applicable, any pricing or reimbursement approval, pre- and post-approval marketing authorizations (including any prerequisite manufacturing approval or authorization related thereto), and approval of product labelling. 

“Regulatory Authority” means, with respect to any country or jurisdiction, the relevant Notified Body or Governmental Authority having
responsibility for granting Regulatory Approval in such country or jurisdiction, including the FDA in the U.S., the EMA in the European Union and the MHLW in Japan, or any of their respective successors. 

“Regulatory Documentation” means all (a) applications (including all INDs registrations, licenses, authorizations, and approvals
(including Regulatory Approvals), (b) correspondence and reports submitted to or received from Regulatory Authorities (including minutes and official contact reports relating to any communications with any Regulatory Authority) and all supporting
documents with respect thereto, including all regulatory drug lists, advertising and promotion documents, adverse event files, and complaint files, and (c) clinical data and other data contained or relied upon in any of the foregoing, in each
case ((a), (b), and (c)) relating to a Licensed Product. 

  
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“***” and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission. 
  

 “Regulatory Exclusivity” means, with respect to any country or other jurisdiction, an
additional market protection, other than Patent protection, granted by a Regulatory Authority in such country or other jurisdiction which confers an exclusive commercialization period during which OPI, its Affiliate or its Sublicensee has the
exclusive right to market and sell a Licensed Product in such country or other jurisdiction through a regulatory exclusivity right (e.g., new chemical entity exclusivity, new use or indication exclusivity, new formulation exclusivity, orphan drug
exclusivity, pediatric exclusivity, or any applicable data exclusivity). 
 “Representatives” means with respect to a Party,
Affiliates and Sublicensees of such Party, and each of such Party’s and its Affiliates’ and Sublicensees’ respective officers, directors, managers, employees, consultants, contractors, attorneys, bankers, accountants, agents and other
representatives. 
 “Royalty Term” is defined in Section 5.4.1. 

“SDRI” is defined in the preamble to this Agreement. 

“SDRI-Otodyne Agreement” is as defined in Recital B. 

“Sublicensee” means any Person to which OPI grants a sublicense, directly or indirectly through its Affiliate, under any of the rights
within the Licensed Technology or Licensed Patents. 
 “Tax” or “Taxes” is defined in Section 5.8.1.

 “Technology” means all means all knowledge of a technical, scientific, business and other nature, including information, know-how, technology, means, methods, processes, practices, formulae, instructions, skills, techniques, procedures, experiences, ideas, technical assistance, designs, drawings, assembly procedures, computer
programs, apparatuses, specifications, data, results and other material, and other biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, pre-clinical, clinical, safety,
manufacturing and quality control data and information, including study designs and protocols, reagents (e.g., plasmids, proteins, cell lines, assays and compounds) and biological methodology and Regulatory Documentation; in each case (whether or
not confidential, proprietary, patented or patentable, of commercial advantage or not) in written, electronic or any other form now known or hereafter developed. 

“Term” is defined in Section 8.1. 

“Third Party” means any person or entity other than a Party. 

“Third Party Claim” is defined in Section 9.2. 

“Transaction Documents” is defined in Recital D and further includes those agreements as they may be amended or supplemented from time
to time. 

  
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“***” and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission. 
  

 Schedule 2 

Certain Licensed Technology (as of the Effective Date) 

All of the following to the extent in the possession or control of a Licensor as of the Effective Date: 

 

	 	1.	IND # 106778 filed by a Licensor with the FDA for treatment of treatment of acute otitis media using the product identified as OTO-101. 

 

	 	2.	Correspondence to or from the FDA involving the foregoing IND or its application. 

  

	 	3.	The complete dossier for the foregoing IND and all books, records and materials referenced in it, including any literature, data, forms, meeting minutes, briefings, protocols, reports or investigator brochures.

  

	 	4.	Pre-clinical data, pharmacology data, medicinal chemistry data, CMC data, safety data or other data related to any Licensed Product, including all data that was or was not
included in, or did or did not serve as the basis for, the foregoing IND. 

  

	 	5.	Any submissions to, or correspondence with an IRB regarding the IND. 

  

	 	6.	Statistical analyses conducted by or for Licensor involving any of the foregoing data. 

  

	 	7.	Market research, analysis or reports prepared or acquired by or for a Licensor for any Licensed Product. 

  

	 	8.	Sales or need projections prepared or acquired by or for a Licensor for any Licensed Product. 

  

	 	9.	Inventory of each component (i.e., surfactants, lipids, sprayers, nozzles, packaging, etc.) and unit of finished goods of any Licensed Product or experimental model, prototype or sample of Licensed Product.

  

	 	10.	Drawings of any Licensed Product or its components or their respective packaging or labelling. 

  

	 	11.	Specifications or standard operating procedures prepared for or acquired by a Licensor or any of its Representatives of any components or finished goods of Licensed Products or their packaging or labelling.

  

	 	12.	Identification of all sources of supply or contract manufacturers used or considered by Licensors or their Representatives to obtain any Licensed Product or its components or its packaging or labelling.

  

	 	13.	Identification of any contract research organizations used or considered by Licensors or their Representatives regarding the IND or any pre-clinical or clinical research
and copies of any Contracts with or proposals from such entities. 

  

	 	14.	Quotations and purchase orders for the Development, supply or manufacture of any Licensed Product or its components or its packaging or labelling. 

 

	 	15.	Test specifications and test reports related to Licensed Products components or finished goods of Licensed Products or their packaging or labelling. 

 

	 	16.	Identification of all Representatives of the Licensors involved in the Development of Licensed Products or the preparation and filing of the IND identified above and the role and last known contact information
for each such Person. 

  
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“***” and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission. 
  

	 	17.	A copy of each Contract (including all amendments) to which any Licensor or any of its Representatives is a party relating to Licensed Products, including those relating to Development, manufacturing, seeking or
maintaining Regulatory Approval for, or commercialization of any Licensed Product, including: 

  

	 	a.	Consulting Services Agreement between Pharmakey, LLC and Otodyne dated January 11, 2011; 

  

	 	b.	Consulting Agreement between SDRI and Marianne Mann, M.D., dated June 7, 2010; 

  

	 	c.	SDRI-Otodyne Agreement 

  

	 	d.	Quotation of Project Work between Cirrus Pharmaceuticals, Inc. Nos. OTO-PW-001.00 dated July 25, 2011 (last signed July 28,
2011), OTO-PW-002.00 dated July 15, 2011 (last signed August 31, 2011, as amended by a Proposal Amendment Request dated November 16, 2011 (last signed on
such day) and Proposal Amendment Request #2 dated March 22, 2012 (last signed April 12, 2012). 

  

	 	18.	Devices used or contemplated to be used to assist in the administration of the Licensed Technology or Licensed Products, including models, mock-ups, prototypes, drawings and other
materials describing or depicting such devices, whether or not any such device was ever actually manufactured or used. 

  

	 	19.	Invention disclosures, prior art search results and related memoranda and patentability opinions or evaluations, validity and enforceability searches and opinions or evaluations relating to the Licensed Patents and
correspondence with and interview notes or other notes regarding communications with any of the inventor(s) of the Licensed Patents. 

  

	 	20.	Freedom to operate search results and related memoranda or opinions relating to the practice of the Licensed Technology, Licensed Patents or Licensed Products. 

 

	 	21.	A copy of the file history of each of the Licensed Patents as such file histories are maintained under the custody or control of each Representative of any Licensor. 

 

	 	22.	The identification (including complete contact information) of each Representative of a Licensor who has the power of attorney to act on behalf of a Licensor or its Affiliate with respect to any Licensed Patent.

  
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 Schedule 3 
  

																							
	 JURISDICTION
	  	 APP. NO./
FILING DATE/
INVENTOR
	  	STATUS	 	  	TITLE	 	  	PATENT NO.
ISSUE DATE	 	  	NEXT
ACTION/
PAYMENT
DUE	 	  	OWNER	 
	 ***
	  	***	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 
	 ***
	  	***	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 
	 ***
	  	***	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 
	 ***
	  	***	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 
	 ***
	  	***	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 
	 ***
	  	***	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 
	 ***
	  	***	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 
	 ***
	  	***	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 
	 ***
	  	***	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 
	 ***
	  	***	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 
	 ***
	  	***	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 
	 ***
	  	***	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 
	 ***
	  	***	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 
	 ***
	  	***	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 

  
 Page 45 

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“***” and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission. 
  

 Schedule 4 

Disclosure Against Section 7.1.12 re Inventions of Representatives of Licensors 

*** 

  
 Page 46

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