Document:

Exhibit 4.7

 

landmark
bancorp, inc.

 

2015
stock incentive Plan

 

Restricted
Stock Unit Award Agreement

 

The Participant specified
below has been granted a restricted stock unit award (the “Award”) by Landmark
Bancorp, Inc., a Delaware corporation (the “Company”),
under the Landmark Bancorp, Inc. 2015
Stock Incentive Plan (the
“Plan”). The Award shall be subject to the terms of the Plan and the terms set forth in this Restricted Stock
Unit Award Agreement (“Award Agreement”).

 

Section
1.           Award. The Company has granted to the
Participant the Award of restricted stock units (each such unit, an “RSU”), where each RSU represents the
right of the Participant to receive one (1) Share in the future once the Restricted Period ends, subject to the terms of this
Award Agreement and the Plan.

 

Section
2.           Terms of Restricted Stock Unit
Award.  The following words and phrases relating to the Award have the following meanings:

  

(a)          The
“Participant” is ______________________________.

 

(b)          The
“Grant Date” is ______________________________.

 

(c)          The
number of “RSUs” is ______________________________.

 

Except for words and
phrases otherwise defined in this Award Agreement, any capitalized word or phrase in this Award Agreement has the meaning set forth
in the Plan.

 

Section
3.            Restricted Period.

 

(a)         The
“Restricted Period” for each installment of RSUs set forth in the table immediately below (each, an “Installment”)
shall begin on the Grant Date and end as described in the schedule set forth in the table immediately below; provided that
the Participant’s Termination of Service has not occurred prior thereto:

 

	Installment	 	Restricted Period will end on:
	__% of RSUs	 	Date/Event/Other Condition

 

(b)          Notwithstanding
the foregoing provisions of this Section 3, the Restricted Period for all the RSUs shall cease immediately and such RSUs
shall become fully vested immediately upon the Participant’s Termination of Service due to the Participant’s Disability
or the Participant’s death.

 

(c)          Upon
a Change in Control, the Award shall be treated in accordance with Section 4.1 of the Plan.

 

(d)          Except
as set forth in Section 3(b) and Section 3(c) above, if the Participant’s Termination of Service occurs prior
to the expiration of one (1) or more Restricted Periods, the Participant shall forfeit all right, title, and interest in and to
any Installment(s) still subject to a Restricted Period as of such Termination of Service.

 

     

     

    

 

Section
4.           Settlement of RSUs. Delivery of
Shares or other amounts under this Award Agreement and the Plan shall be subject to the following:

 

(a)          Delivery
of Shares. The Company shall deliver to the Participant one (1) Share free and clear of any restrictions in settlement of each
of the vested and unrestricted RSUs within thirty (30) days following the end of the respective Restricted Period.

 

(b)          Compliance
with Applicable Laws.  Notwithstanding any other term of this Award Agreement or the Plan, the Company shall have no obligation
to deliver any Shares or make any other distribution of benefits under this Award Agreement or the Plan unless such delivery or
distribution complies with all applicable laws and the applicable rules of any securities exchange or similar entity.

 

(c)          Certificates
Not Required.  To the extent that this Award Agreement and the Plan provide for the issuance of Shares, such issuance
may be effected on a non-certificated basis, to the extent not prohibited by applicable law or the applicable rules of any securities
exchange or similar entity.

 

Section
5.           Withholding.  All deliveries of
Shares pursuant to the Award shall be subject to withholding of all applicable taxes. The Company shall have the right to
require the Participant (or if applicable, permitted assigns, heirs, and Designated Beneficiaries) to remit to the Company an
amount sufficient to satisfy any tax requirements prior to the delivery date of any Shares in connection with the
Award.  As permitted by the Committee from time to time, such withholding obligation may be satisfied at the election of
the Participant (a) through cash payment by the Participant, (b) through the surrender of Shares that the
Participant already owns, or (c) through the surrender of Shares to which the Participant is otherwise entitled under
the Plan; provided, however, that except as otherwise specifically provided by the Committee, such Shares under
clause (c) may not be used to satisfy more than the Company’s minimum statutory withholding obligation.

 

Section
6.           Non-Transferability of Award. The
Award, or any portion thereof, is not transferable except as designated by the Participant by will or by the laws of descent
and distribution or pursuant to a domestic relations order. Except as provided in the immediately preceding sentence, the
Award shall not be assigned, transferred, pledged, hypothecated, or otherwise disposed of by the Participant in any way
whether by operation of law or otherwise, and shall not be subject to execution, attachment, or similar process.  Any
attempt at assignment, transfer, pledge, hypothecation, or other disposition of the Award contrary to the provisions hereof,
or the levy of any attachment or similar process upon the Award, shall be null and void and without effect.

 

Section
7.           Dividend Equivalents. The Participant
shall be entitled to receive a payment equal in value to any dividends and distributions paid with respect to the RSUs (other
than dividends and distributions that may be issued with respect to Shares by virtue of any corporate transaction, to the
extent adjustment is made pursuant to Section 3.4 of the Plan) during the Restricted Period (“Dividend
Equivalents”); provided, however, that no Dividend Equivalents shall be payable to or for the benefit
of the Participant with respect to record dates for such dividends or distributions occurring before the Grant Date or on or
after the date, if any, on which the Participant has forfeited the RSUs. Dividend Equivalents shall be provided at the time
the respective dividends or distributions are paid and shall be subject to the same restrictions applicable to the underlying
RSUs.

 

    	 	2	 

     

    

 

Section
8.          No Stockholder Rights. The Participant shall
not have any rights of a Stockholder with respect to the RSUs, including but not limited to, voting rights, prior to settlement
of the RSUs pursuant to Section 4(a) above.

 

Section
9.          Heirs and Successors.  This Award Agreement
shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and any person acquiring all or
substantially all of the Company’s assets or business. If any rights of the Participant or benefits distributable to the
Participant under this Award Agreement have not been settled or distributed at the time of the Participant’s death, such
rights shall be settled for and such benefits shall be distributed to the Designated Beneficiary in accordance with the provisions
of this Award Agreement and the Plan. The “Designated Beneficiary” shall be the beneficiary or beneficiaries
designated by the Participant in a writing filed with the Committee in such form as the Committee may require. The Participant’s
designation of beneficiary may be amended or revoked by the Participant in accordance with any procedures established by the Committee.
If a Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any benefits
that would have been provided to the Participant shall be provided to the legal representative of the estate of the Participant.
If a Participant designates a beneficiary and the Designated Beneficiary survives the Participant but dies before the provision
of the Designated Beneficiary’s benefits under this Award Agreement, then any benefits that would have been provided to the
Designated Beneficiary shall be provided to the legal representative of the estate of the Designated Beneficiary.

 

Section
10.         Administration.  The authority to manage
and control the operation and administration of this Award Agreement and the Plan shall be vested in the Committee, and the Committee
shall have all powers with respect to this Award Agreement as it has with respect to the Plan. Any interpretation of this Award
Agreement or the Plan by the Committee and any decision made by the Committee with respect to this Award Agreement or the Plan
shall be final and binding on all persons.

 

Section
11.         Plan Governs. Notwithstanding any provision of
this Award Agreement to the contrary, this Award Agreement shall be subject to the terms of the Plan, a copy of which may be obtained
by the Participant from the Company. This Award Agreement shall be subject to all interpretations, amendments, rules, and regulations
promulgated by the Committee from time to time. Notwithstanding any provision of this Award Agreement to the contrary, in the event
of any discrepancy between the corporate records of the Company and this Award Agreement, the corporate records of the Company
shall control.

 

Section
12.         Not an Employment Contract. Neither the Award
nor this Award Agreement shall confer on the Participant any rights with respect to continuance of employment or other service
with the Company or a Subsidiary, nor shall they interfere in any way with any right the Company or a Subsidiary may otherwise
have to terminate or modify the terms of the Participant’s employment or other service at any time.

 

Section
13.         Amendment.  Without limitation of Section
16 and Section 17 below, this Award Agreement may be amended in accordance with the provisions of the Plan, and may
otherwise be amended in writing by the Participant and the Company without the consent of any other person.

 

Section
14.         Governing Law. This Award Agreement, the Plan,
and all actions taken in connection herewith and therewith shall be governed by and construed in accordance with the laws of the
State of Delaware, without reference to principles of conflict of laws, except as superseded by applicable federal law.

 

    	 	3	 

     

    

 

Section
15.         Validity. If any provision of this Award Agreement
is determined to be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof,
but this Award Agreement shall be construed and enforced as if such illegal or invalid provision had never been included herein.

 

Section
16.         Section 409A Amendment. The Award is intended
to be exempt from Code Section 409A and this Award Agreement shall be administered and interpreted in accordance with such intent.
The Committee reserves the right to unilaterally amend this Award Agreement without the consent of the Participant in order to
maintain an exclusion from the application of, or to maintain compliance with, Code Section 409A; and the Participant hereby acknowledges
and consents to such rights of the Committee.

 

Section
17.         Clawback. The Award and any amount or benefit
received under the Plan shall be subject to potential cancellation, recoupment, rescission, payback, or other action in accordance
with the terms of any applicable Company or Subsidiary clawback policy (the “Policy”) or any applicable law,
as may be in effect from time to time. The Participant hereby acknowledges and consents to the Company’s or a Subsidiary’s
application, implementation, and enforcement of (a) the Policy and any similar policy established by the Company or a Subsidiary
that may apply to the Participant together with all other similarly situated participants, whether adopted prior to or following
the date of this Award Agreement and (b) any provision of applicable law relating to cancellation, rescission, payback, or recoupment
of compensation, and agrees that the Company or a Subsidiary may take such actions as may be necessary to effectuate the Policy,
any similar policy, and applicable law, without further consideration or action.

 

*       *       *       *       *

 

    	 	4	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Award Agreement to be executed in its name and on its behalf, and the Participant acknowledges understanding
and acceptance of, and agrees to, the terms of this Award Agreement, all as of the Grant Date.

 

	 	Landmark Bancorp, Inc.
	 	 	 
	 	By:	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Participant
	 	 	 
	 	 	 
	 	 	 
	 	Print Name:Exhibit 10.3

 

License Option Agreement

 

 

This Agreement made this day of
May 15, 2016 by and between Immune Pharmaceuticals Inc. (“Immune”) with a principal place of business at 430 East 29th
Street, Suite 940, New York, NY 10016 and Novel Pain Therapeutics LLC (“NPT”), a newly formed limited liability
company with an office at 52 East End Avenue #12A New York, NY 10028

 

Whereas Immune has intellectual property
rights pertaining to its product AmiKetTM and AmiketTM Nano, which are proprietary combinations of amitriptyline and
ketamine in topical formulations to treat neuropathic pain, and related product formulations, technical information, clinical data,
know-how, patents and patent applications, and trademarks (“Product”).

 

Whereas, NPT wishes to obtain, and Immune
is willing to provide NPT with, an option to negotiate an exclusive license for rights to Product, during the Term set forth below;

 

		1.	License Option

 

		1.1	Immune hereby grants NPT an exclusive option to negotiate an exclusive worldwide royalty-bearing license (the “License”),
including the right to grant sublicenses, to make, use, sell, offer for sale and import products under all Immune’s right,
title and interest in Product. Such right shall apply during the “Term” beginning from the day of signing of this Agreement
by both Parties and extending for 60 days unless otherwise extended by the Parties in writing.

 

		1.2	Immune hereby represents and warrants that Immune has good title to all rights pertaining to the Product, free and clear of
all liens, encumbrances and adverse claims, subject to the terms of any license agreements pertaining thereto, which Immune represents
and warrants are in full force and effect and as to which there are no breaches or defaults thereunder.

 

		1.3	During the Term of the Agreement, beginning on May 15, 2016 and extending for 60 days unless otherwise extended in writing
by the Parties:

 

		1.3.1	Immune shall continue to conduct ongoing Product research and development;

.

		1.3.2	Immune shall not enter into any other contract that would affect NPT potential rights to the Product or take any action that
would interfere in any material respect with Immune’s ability to perform any of its obligations hereunder;

 

		1.3.3	NPT shall diligently pursue obtaining equity funding to be used to conduct initial Product development and commercialization
as described below; and

 

		1.3.4	The Parties shall negotiate in good faith a license agreement with material terms as outlined in Exhibit A (the “License
Agreement”). In the event the Parties have not executed a License Agreement by the end of the Option Period, the Agreement
shall terminate and the Parties shall have no further obligation to each other in connection with the negotiation and execution
of a License Agreement.

 

		1.3.5	Immune shall provide NPT with full access to all material information, documents and data pertaining to the Product, including
without limitation copies of all license agreements, patent applications and submissions to and responses from each patent office,
trademark registrations, clinical data and reports, submissions to and responses from each regulatory authority, including the
US Food and Drug Administration, and market studies and surveys, research reports, and a schedule of Product costs incurred,

 

		1.4	In consideration for Immune’s grant of the option to NPT, NPT shall within 15 days prior to the expiration of the Option
Period (the “Escrow Due Date”) establish a $500,000 escrow account to be held during the Term, unless terminated prior
to the Escrow Due Date by NPT. The escrow balance shall be paid to NPT should the Parties fail to execute a License Agreement during
the Term or to Immune at execution of the License Agreement as provided in the License Agreement.

 

    	 	1	 

     

    

 

		2.	General Terms and Conditions

 

		2.1	Any Immune information that is marked “Confidential” or, if oral, confirmed in writing within a reasonable period
of time following initial disclosure, shall not be disclosed by NPT and shall not be used for any purposes other than in connection
with and as contemplated by this Agreement and shall be subject to the same terms of confidentiality and nondisclosure as set forth
in the Confidentiality Agreement executed by NPT and Immune on May 10, 2016. Until the second anniversary of the date hereof, Immune,
without NPT’s consent, shall not solicit funds for Immune or any of its affiliates (other than NPT) from, or enter into any
agreement with, any potential investor in NPT introduced by the principals of NPT (and with whom Immune does not have a prior relationship).

 

		2.2	Any notices permitted or required pursuant to this Agreement shall be deemed effective if made in writing and sent, postage
prepaid, return receipt requested, or by overnight delivery, as follows:

 

	 	If to Immune:	Immune Pharmaceuticals
Inc.
	 	 	430 East 29th Street, Suite 940
	 	 	New York, NY 10016 
	 	 	Attn.:  Daniel Teper, CEO

 

	 	If to NPT :	Novel Pain Pharmaceuticals LLC
	 	 	c/o 52 East End Avenue #12A
	 	 	New York, NY 10028
	 	 	Attn.:  Mark S. Fawer

 

Or such other or additional address as may be notified
from time to time to the other Party. Notices shall be deemed given as of the date sent.

 

		2.3	This Agreement embodies the entire understanding of the Parties and supersedes any other agreement or understanding between
the Parties relating to its subject matter. No waiver, amendment or modification of this Agreement shall be valid or binding upon
the Parties unless made in writing and signed on behalf of each Party by its respective officers who are duly authorized to do
so.

 

		2.4	This Agreement shall in all respects be interpreted and construed in accordance with the laws of the State of New York.

 

		2.5	Either Party may terminate this Agreement in the event of a material breach by the other Party; provided only, that the offending
Party is given notice of the breach a reasonable time, not to exceed thirty (30) days, in which to cure such breach.

 

IN WITNESS WHEREOF, each of the Parties has caused this
Agreement to be executed by its duly authorized representative.

 

	Novel Pain Therapeutics LLC	 	Immune Pharmaceuticals, Inc.
	 	 	 	 	 
	 	 	 	 	 
	By:	Mark S. Fawer	 	By:	Daniel G. Teper
	 	 	 	 	 
	Title:	Authorized Signatory	 	Title:	CEO
	 	 	 	 	 
	Date:	May 15, 2016	 	Date:	May 15, 2016

 

    	 	2	 

     

    

 

EXHIBIT
A

 

License
agreement terms

 

	Parties	Immune Pharmaceuticals Inc. and/or its affiliates (“Immune”) and Novel Pain Therapeutics LLC (“NPT”), individually “Party” and together “Parties”).
	Licensed Product	AmiKetTM and AmiKetTM Nano, which are proprietary combinations of amitriptyline and ketamine in topical formulations to treat neuropathic pain, and related product formulations, technical information, clinical data, know-how, patents and patent applications, and trademarks (“Product”).
	License	Immune shall grant NPT an exclusive license to all patents, know-how, trademarks and other intellectual property owned by Immune necessary or useful to develop, make, have made, use, offer for sale, sell, import, export or otherwise commercialize Product in the Field and in the Territory with rights to sub-license as provided below. 
	Field of Use	Topical treatment of neuropathic pain.
	Territory 	Worldwide.
	Term 	· Perpetual

	Responsibilities of The Parties 	
        Both Parties: The Parties shall
        agree to use commercially reasonable efforts to perform their respective responsibilities under the Initial Product development
        plan that shall be attached as an exhibit to the License Agreement and shall reflect the commitment to initiate a clinical trial
        of Product within 12 months.

         

        NPT: NPT shall use reasonable commercial
        efforts to develop, obtain regulatory approval for, and market the Product in the Territory (including arranging for manufacturing
        and supply of Product) subject to the responsibilities of Immune outlined below.

         

        NPT will be responsible for raising at
        least $20M of capital in the first 12 months following the license agreement from its investor network as well a broader group
        of investors which will be secured through an investment bank to be selected by both parties. In addition, NPT shall use reasonable
        efforts to become publicly traded on a national stock exchange within 18 months of the effective date of the License Agreement.

         

        Immune: Immune shall have
responsibility for participating and/or completing but not financing all Product development activities as provided in the initial
development plan after execution of the License Agreement. Immune shall promptly provide documents and materials related to Product
and reasonable assistance in the transition of know-how to NPT and such other assistance as NPT may reasonably request. 

	Governance	
        The Parties
shall establish a joint steering committee comprised of senior executives of the Parties to oversee development and commercialization
efforts (“JSC”). Each Party shall be entitled to designate two representatives to the JSC, which shall meet at least
once every 6 months to review the development plan as it may be revised from time to time and NPT’s written report setting
forth material development and commercialization activities. 

  

    	 	3	 

     

    

 

	
        Governance 

        (Cont’d)

         
	
        NPT shall consult with
        the JSC regarding significant decisions but, for the avoidance of doubt, the JSC shall be a forum for the exchange of information
        between the Parties and shall act only in an advisory capacity and shall not have decision-making powers.

         

        Immune shall have the right to
nominate one board member to the board of directors of NPT and shall have veto rights on specific board decisions to be mutually
agreed by the Parties. 

	Sub-License Rights	NPT shall have the right to sub-license its rights under the License Agreement subject to Immune’s prior written approval which shall not be unreasonably withheld, provided the sublicensee agrees to assume all responsibilities of NPT and be bound by the terms of the License Agreement.  
	Termination	
        NPT shall have the right to terminate the
        License Agreement upon 180-days prior written notice plus other usual and reasonable termination provisions including material
        breach, and bankruptcy of either Party and failure to diligently pursue the product development plan as mutually agreed will be
        considered.

         

        Upon termination of the License Agreement,
        NPT’s right to Product and related intellectual property shall immediately terminate. NPT shall promptly provide Immune copies
        of any Product related intellectual property developed by NPT and shall execute documents, if any, necessary to perfect Immune’s
        ownership of any IND’s, NDA’s, patents and patent applications or other Product related intellectual property and,
        where applicable, insure orderly transition of sales of Product.

         

        NPT will be responsible for all payments
        due according to the Licensing Agreement until the effective termination date.

         

        In the event NPT does not raise
$20M within one year, Immune may take the leadership for further financing of NPT or alternatively elect to terminate the License
.. In the latter case, Immune will have to offer to other NPT investors registered Immune shares of stock in Immune at the then
market value deemed paid by the sum paid on account of the NPT shares purchased. 

	Immune Access to PainNewCo IP 	Immune shall have the right to use any Product related intellectual property developed by NPT during the term of the License Agreement including but not limited to pre-clinical and clinical data and regulatory filings, provided such use is not competitive with the Product.  

	Compensation	
        Compensation shall be in the form of reimbursement
        of Immune’s Product Research and Development (“R&D”) Costs, Equity, Development and Commercial Milestone
        Payments, Royalties, and Sublicense Fees as provided below.

         

        R&D Costs: NPT shall
make minimum payments for external Product R&D costs and for Immune Product R&D support costs (both external costs plus
internal administrative expenses equal to 150% of Immune’s cost of direct FTE personnel) incurred in accordance with the
initial development plan attached in appendix of the License Agreement as follows: 

         

        

        

	 	· At
Execution of License Agreement

 

· 60
days of Execution of License Agreement 

 

· Monthly
thereafter until $10M raised

 

· Once
the company has raised at least $10M

 

	$0.5 Million

                                                                                 

                                                                                no less than $0.5 Million

                                                                                 

                                                                                no
less than $0.5 Million  

                                                                                 

                                                                                according to development plan

	 	The initial $500,000 payment shall
result from the disbursement of funds from the escrow account established in connection with the Option Agreement. All funding
as described above will be made available according to the development plan to either NPT or Immune the first of each month. All
sums paid on account of R&D Costs in accordance with this paragraph shall be credited against the first $10 M to be raised. 

  

    	 	4	 

     

    

  

	
        Compensation 

        (cont’d)

         
	
        Equity: Immune
        will be granted shares of common stock in NPT equivalent to 33% of the common stock of NPT at a pre-money valuation of no less
        than $30 M, with no dilution in NPT for sums raised up to $15 M.

         

        Development
Milestone Payments: Upon achievement of development milestones by NPT payments shall be made in NPT shares valued at the then
market price as follows: 

        

        

         

        

	 	· Successful
completion of initial P3 clinical trial 

 

· NDA
Filing

 

· FDA
approval

 

	$5 Million

                                                                                 

                                                                                $10
Million

                                                                                 

                                                                                $10 Million

	 	Commercial Milestone Payments: Upon first achievement of trailing 12-month Net Sales of Product by NPT (and not any sublicensee(s)) as follows, payable in cash or equivalent shares of NPT valued at then then market price at election:

                                                                                 

	 	· $250
Million or more of Net Sales 

 

· $500
Million or more of Net Sales 

 

· $750
Million or more of Net Sales 

 

· $1
Billion or more of Net Sales  

 

	$10 Million  

                                                                                 

                                                                                $25 Million 

                                                                                 

                                                                                $35 Million 

                                                                                 

                                                                                $50
Million

	 	Royalties: Tiered royalties based on Net Sales of Product by NPT(and not any sub-licensee(s)) as follows:

                                                                                 

	 	· Annual
Net Sales up to and including $250 Million

                                                                                                               

· Annual
Net Sales over $250 Million

 

	7.5%

                                                                                 

                                                                                10%

	 	Sublicense
                                         Fees: Immune shall receive fees based on sub-license revenue received by NPT from
                                         one or more sublicensees, including but not limited to milestone payments and royalties
                                         on net sales of Product by the sublicensees, but excluding any direct equity financing
                                         at market value or reimbursement of R&D costs actually expended by NPT. The Sublicense
                                         Fee percentage shall be based on the level of equity raised by NPT as follows: 

                                                                                 

	 	· Equity
of less than $10 Million

 

· Equity of
$10 Million to less than $20 Million

 

· Equity of $20 Million or more 

 

	50%  

                                                                                 

                                                                                35% 

                                                                                 

                                                                                25%

	 	For the avoidance
of doubt, Immune shall only receive Development and Commercial Milestone Payments and Royalties to the extent that NPT (not its
sublicensee) achieves the applicable milestone and/or records the net sales. 

	Other	
        Other terms and conditions customary
for agreements of this nature negotiated between arm’s length parties, including, without limitation, clauses relating to
definitions, representations and warranties, indemnification and confidentiality. 

 

 

    	 	5

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