Document:

Exhibit
4.7

 

THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THEY MAY NOT
BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES
UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT
TO RULE 144 OF SUCH ACT.

 

RITTER
PHARMACEUTICALS, INC.

 

COMMON
STOCK PURCHASE WARRANT

 

This
Common Stock Purchase Warrant (the “Warrant”) is issued as of December __, 2014, by RITTER PHARMACEUTICALS,
INC., a Delaware corporation (the Company”), to ________________, or [his/its] assigns (the “Holder”).
This Warrant is one of a series of Warrants being issued in connection with the sale of shares of the Series C Preferred Stock
of the Company (the “Shares”) being sold pursuant to the terms of that certain Series C Preferred Stock
and Warrant Purchase Agreement dated as of December 4, 2014 among the Company, the Holder and the other Investors listed on Exhibit
A thereto (the “Purchase Agreement”). Any capitalized terms used, but not defined, herein shall
have the meaning therefor set forth in the Purchase Agreement.

 

1.
 Issuance of Warrant; Number of Shares; Term;
Price

 

1.1Issuance.
The Company, for value received, hereby certifies that the Holder is entitled, subject to the terms set forth below, to purchase
from the Company, during the Term (as defined below), __________ shares of the Common Stock, par value $0.001 per share, of the
Company (“Common Stock”) at an exercise price per share equal to One Dollar Thirty Cents ($1.30)( the
“Exercise Price”), subject to adjustment from time to time pursuant to the provisions of this Warrant.

 

1.2Term.
This Warrant shall be exercisable at any time and from time to time in whole or in part from the date hereof until the earliest
to occur of (a) the date that is seven (7) years from the issue date of this Warrant referenced above or (b) immediately prior
to the consummation of a Change of Control Transaction in which the consideration to the Company (or its stockholders) consists
of cash or freely and immediately tradable securities. The period during which this Warrant shall be exercisable is herein referred
to as the “Term.” For purposes of this Warrant, a “Change of Control Transaction”
shall mean (i) the sale, conveyance or other disposal of all or substantially all of the Company’s property or business
or the Company’s merger with or into or consolidation with any other corporation, limited liability company or other entity
(other than a wholly-owned subsidiary of the Company), (ii) the grant by the Company of an exclusive license to all or substantially
all of the Company’s intellectual property, or (iii) any tender offer or other transaction or series of related transactions
in which more than fifty percent (50%) of the voting power of the Company is disposed of; provided that none of the following
shall be considered a “Change of Control Transaction”: (i) a merger effected exclusively for the purpose of changing
the domicile of the Company, or (ii) an equity financing effected for capital raising purposes in which the Company is the surviving
corporation.

 

    	 	 	 

    	 	 	 

    

1.3Notice
of Events. If the Company proposes to conduct a Change of Control Transaction, the Company shall give the Holder at least
thirty (30) days prior written notice of the date on which such Change of Control Transaction is to be consummated; provided,
however, the Company shall not be required to provide any written notice of a Change of Control Transaction to the Holder
if the provision thereof would violate any then applicable law, including without limitation Regulation FD (17 CFR §243.100,
et seq.) or any successor law or regulation thereto. Subject to the provisions of Section 6.3 below, to the extent this
Warrant is not exercised on or before the consummation of a Change of Control Transaction, this Warrant shall terminate and be
of no further force or effect as of the consummation of such Change of Control Transaction.

 

2.Reservation
of Shares. The Company hereby covenants and agrees that, at all times during the period this Warrant is exercisable, the Company
shall reserve from its authorized and unissued shares such number of shares of its Common Stock as shall be required for issuance
and delivery upon the exercise of this Warrant. The Company agrees that its issuance of this Warrant shall constitute full authority
to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates
for Shares upon the exercise of this Warrant.

 

3.No
Fractional Shares. No fractional shares of Common Stock will be issued in connection with any subscription hereunder. In lieu
of any fractional shares that would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied
by the Market Price of one share of Common Stock on the date of exercise, as determined pursuant to Section 6.3 hereof.

 

4.No
Stockholder Rights. This Warrant as such shall not entitle its holder to any of the rights of a stockholder of the Company
unless and until the holder has exercised this Warrant in accordance with Section 5 or Section 6 hereof.

 

5.Exercise
of Warrant. This Warrant may be exercised in whole or in part by the Holder at any time by the surrender of this Warrant,
together with the Notice of Exercise and Investment Representation Statement attached hereto as Exhibit A and Exhibit
B, respectively, duly completed and executed at the principal office of the Company, accompanied by payment in full in
an amount equal to the Exercise Price multiplied by the number of Shares being purchased upon such exercise of this Warrant, such
payment to be paid it to the Company in cash or by check made payable to the Company. This Warrant shall be deemed to have been
exercised immediately prior to the close of business on the date of its surrender for exercise as provided above, and the person
entitled to receive the Shares issuable upon such exercise shall be treated for all purposes as the holder of such Shares of record
as of the close of business on such date. As promptly as practicable after such date, the Company shall issue and deliver to the
person or persons entitled to receive the same a certificate or certificates for the number of full shares of Common Stock issuable
upon such exercise, together with cash in lieu of any fraction of a share as provided above. The shares of Common Stock issuable
upon exercise hereof shall, upon their issuance in accordance with this Warrant, be fully paid and nonassessable. If this Warrant
shall be exercised in part only, the Company shall, at the time of delivery of the certificate representing the Shares or other
securities in respect of which this Warrant has been exercised, deliver to the Holder a new Warrant evidencing the right to purchase
the remaining Shares or other securities purchasable under this Warrant, which new warrant shall, in all other respects, be identical
to this Warrant.

 

    	 	 - 2 -	 

    	 	 	 

    

6.
Net Issue.

 

6.1In
lieu of exercising this Warrant or any portion thereof and paying the exercise price by cash or check, the Holder shall have the
right to convert this Warrant or any portion thereof into the number of Shares to be computed using the following formula:

 

	X
    =	(P)(Y)(A-B)
	 	A

  

	where
    X =	the
    number of shares of Common Stock to be issued to the Holder for the portion of this Warrant being converted, 
	 	 
	P
    =	the
    percentage of this Warrant being converted,
	 	 
	Y
    =	the
    number of shares of Common Stock issuable upon exercise of this Warrant in full,
	 	 
	A
    =	the
    fair market value of one share of Common Stock (valued as of the date of exercise of this Warrant) as determined in good faith
    by the Company’s Board of Directors (“Market Value”), and
	 	 
	B
    =	the
    exercise price of the Shares on the date of receipt by the Company of the notice of conversion.

 

6.2Conversion
Mechanics. To so convert this Warrant, the Holder shall surrender this Warrant, together with the Notice of Exercise and Investment
Representation Statement attached hereto as Exhibit A and Exhibit B, respectively, duly completed
and executed, at the principal office of the Company. Upon such conversion, the portion of this Warrant represented by the variable
“P” above shall be cancelled.

 

6.3Net
Issue upon Change of Control Transaction. Notwithstanding anything herein to the contrary, if the Company consummates a Change
of Control Transaction in which the consideration to the Company (or its stockholders) consists of cash or freely and immediately
tradable securities, and the Market Price is greater than the Exercise Price upon the consummation of such Change of Control Transaction,
then this Warrant shall be and shall automatically be deemed to have been fully exercised pursuant to this Section 6 immediately
prior to the consummation of such Change of Control transaction.

 

    	 	 - 3 -	 

    	 	 	 

    

7.Adjustment
of Exercise Price and Number of Shares. The number of and kind of securities purchasable upon exercise of this Warrant and
the Exercise Price shall be subject to adjustment from time to time as follows:

 

7.1Subdivisions,
Combinations and Other Issuances. If the Company shall at any time prior to the expiration of this Warrant subdivide the Common
Stock, by split-up or otherwise, or combine the Common Stock, or issue additional shares of the Common Stock as a dividend, the
number of Common Stock issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a
subdivision or stock dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be
made to the purchase price payable per share, but the aggregate purchase price payable for the total number of shares of Common
Stock purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 7.1 shall become effective
at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend,
or in the event that no record date is fixed, upon the making of such dividend.

 

7.2Reclassification,
Reorganization and Consolidation. In case of any reclassification, capital reorganization, or change in the capital stock
of the Company (other than as a result of a subdivision, combination, or stock dividend provided for in Section 7.1 above), then
the Company shall make appropriate provision so that the Holder shall have the right at any time prior to the expiration of this
Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of
stock and other securities and property receivable in connection with such reclassification, reorganization, or change by a holder
of the same number of Shares as were purchasable by the Holder immediately prior to such reclassification, reorganization, or
change. In any such case appropriate provisions shall be made with respect to the rights and interest of the Holder so that the
provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities and property deliverable
upon exercise hereof, and appropriate adjustments shall be made to the purchase price per share payable hereunder, provided the
aggregate purchase price shall remain the same.

 

7.3Notice
of Adjustment. When any adjustment is required to be made in the number or kind of shares purchasable upon exercise of the
Warrant, or in the Exercise Price, the Company shall promptly notify the Holder of such event and of the number of Shares or other
securities or property thereafter purchasable upon exercise of this Warrant.

 

7.4Non-Assignable.
Any transfer or assignment of this Warrant, in whole or in part, must be in compliance with applicable federal and state securities
laws, except (assuming compliance with applicable federal and state securities laws) in connection with an assignment in whole
or in part to a successor corporation to the Holder resulting from a merger or consolidation of the Holder with or into another
corporation or the sale of all or substantially all of the Holder’s properties and assets. No interest in this Warrant or
the shares issuable upon exercise hereof shall be pledged or otherwise encumbered by the Holder without the prior written consent
of the Company. Any attempted transfer, assignment or disposition of this Warrant (or any of the Shares) or any portion hereof
not in compliance herewith shall be of no force or effect. Effective upon any permitted assignment, each person or entity to whom
this Warrant was assigned shall have and exercise the Holder’s rights, interest and obligations hereunder to the extent
assigned to such person or entity by the Holder as if such person or entity were the original Holder of such portion of this Warrant
as is permitted to be assigned to such person or entity. Subject to the foregoing, this Warrant shall be binding upon any successors
or assigns of the Company.

 

    	 	 - 4 -	 

    	 	 	 

    

8.Replacement
of Warrants. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of the Warrant, and in the case of any such loss, theft or destruction of the Warrant, on delivery of an indemnity
agreement reasonably satisfactory in form to the Company, and upon surrender and cancellation of the Warrant if mutilated, the
Company will execute and deliver, in lieu thereof, a new Warrant of like tenor.

 

9.Miscellaneous.
This Warrant shall be governed by and construed under the laws of the State of Delaware. The headings in this Warrant are for
purposes of convenience of reference only, and shall not be deemed to constitute a part hereof. The invalidity or unenforceability
of any provision hereof shall in no way affect the validity or enforceability of any other provisions. All notices and other communications
from the Company to the holder of this Warrant shall be given in writing and shall be deemed effectively given as provided in
the Purchase Agreement.

 

10.Amendment.
As long as any shares of the Preferred Stock of the Company remain outstanding, any term of this Warrant may be amended or waived
only with the written consent of the Company and the holders of a majority of the Preferred Stock who are Investors under the
Purchase Agreement. The Holder further acknowledges and agrees that any determinations hereunder made by the consent specified
in the preceding sentence shall be binding upon the Holder and all other holders of the Warrants.

 

11.Remedies.
In the event of any default by the Company in the performance of or observance with any of the terms of this Warrant, it is agreed
that remedies at law are not and will not be adequate for the Holder and that such terms may be specifically enforced by a decree
for the specific performance of any agreement contained herein or by an injunction against a violation of any of the terms hereof
or otherwise.

 

12.Facsimile
Signature; Counterparts. This Warrant may be executed by the Company and/or the Holder in facsimile or other electronic form
and upon receipt by the other party of such faxed or electronic executed copy of this Warrant, this Warrant shall be binding upon
and enforceable against such other party in accordance with its terms. This Warrant may be executed in any number of counterparts,
each of which shall be deemed an original and all of which together shall constitute a single agreement.

 

[Signatures
follow on the next page]

 

    	 	 - 5 -	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, the undersigned officer of the Company has set his hand as of the date first above written.

 

	 	COMPANY:
	 	 
	 	RITTER
    PHARMACEUTICALS, INC.
	 	 	 
	 	By:	 
	 	 	Michael
    D. Step,
	 	 	Chief
    Executive Officer

 

	ACCEPTED, ACKNOWLEDGED 	 
	AND AGREED TO THIS 

    ___________ DAY OF DECEMBER, 2014.	 
	 	 
	HOLDER:	 
	 	 
	[NAME]	 

 

	By:	 	 

  

Signature
Page to Common Stock Purchase Warrant

 

    	 	 	 

    	 	 	 

    

 

Exhibit
A

 

NOTICE
OF EXERCISE

 

TO:
Ritter Pharmaceuticals, Inc.

 

1.The
undersigned hereby (check one):

 

[  ]elects
to purchase _____________ shares of Common Stock of Ritter Pharmaceuticals, Inc., pursuant to the terms of the attached Warrant,
and tenders herewith payment of the purchase price in full, together with all applicable transfer taxes, if any, or

 

[  ]elects
to exercise its net issuance rights pursuant to Section 6 of the attached Warrant with respect to shares of Common Stock.

 

2.Please
issue a certificate or certificates representing said shares of Common Stock in the name of the undersigned or in such other name
as is specified below:

  

	 	 	 
	 	 (Name)	 
	 	 	 
	 	 	 
	 	 (Address)	 

 

		 	[Name
    of Holder]
	(Date)	 	 	 
		 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Title:	 

  

    	 	 	 

    	 	 	 

    

 

Exhibit
B

 

INVESTMENT
REPRESENTATION STATEMENT

 

	 	____
    Shares of Common Stock 

    of Ritter Pharmaceuticals, Inc.

 

In
connection with the purchase of the above-listed securities the undersigned hereby represents to Ritter Pharmaceuticals, Inc.
(the “Company”) as follows:

 

1.Receipt
of Information. The undersigned has received all the information it considers necessary or appropriate for deciding whether
to purchase the Common Stock issuable upon exercise of the Warrant dated __________ __, 201_ (the “Warrant”) issued
by the Company to the undersigned, and it has examined the information furnished to it by the Company.

 

2.Investment
Representation.

 

(a)The
shares of stock to be received upon the exercise of the Warrant (the “Securities”) will be acquired for investment
for its own account, not as a nominee or agent, and not with a view to the sale or distribution of any part thereof, and the undersigned
has no present intention of selling, granting participation in or otherwise distributing the same, but subject, nevertheless,
to any requirement of law that the disposition of its property shall at all times be within its control. By executing this Statement,
the undersigned further represents that it does not have any contract, undertaking, agreement or arrangement with any person to
sell, transfer, or grant participations to such person or to any third person, with respect to any Securities issuable upon exercise
of the Warrant.

 

(b)The
undersigned understands that the Securities issuable upon exercise of the Warrant at the time of issuance may not be registered
under the Securities Act of 1933, as amended (the “Act”), and applicable state securities laws, on the ground that
the issuance of such securities is exempt pursuant to Section 4(a)(2) of the Act and state law exemptions relating to offers and
sales not by means of a public offering, and that the Company’s reliance on such exemptions is predicated on the undersigned’s
representations set forth herein. The undersigned is an “accredited investor” as that term is defined in Rule 501(a)
of Regulation D promulgated under the Act.

 

(c)The
undersigned acknowledges that the transfer of the Securities may be subject to restrictions and agrees that in no event will it
make a disposition of any Securities unless and until (i) it shall have notified the Company of the proposed disposition and shall
have furnished the Company with a statement of the circumstances surrounding the proposed disposition, and (ii) it shall have
furnished the Company with an opinion of counsel satisfactory to the Company and the Company’s counsel to the effect that
(A) appropriate action necessary for compliance with the Act and any applicable state securities laws has been taken or an exemption
from the registration requirements of the Act and such laws is available, and (B) that the proposed transfer will not violate
any of said laws.

 

Exhibit B

 

    	 	 	 

    	 	 	 

    

 

(d)The
undersigned represents that it is able to fend for itself in the transactions contemplated by this Statement, has such knowledge
and experience in financial and business matters as to be capable of evaluating the merits and risks of its investments, and has
the ability to bear the economic risks (including the risk of a total loss) of its investment. The undersigned represents that
it has had the opportunity to ask questions of the Company concerning the Company’s business and assets and to obtain any
additional information which it considered necessary to verify the accuracy of or to amplify the Company’s disclosures,
and has had all questions which have been asked by it satisfactorily answered by the Company.

 

(e)The
undersigned acknowledges that the Securities must be held indefinitely unless subsequently registered under the Act or an exemption
from such registration is available. The undersigned is aware of the provisions of Rule 144 promulgated under the Act which permit
limited resale of shares purchased in a private placement subject to the satisfaction of certain conditions, including, among
other things, the existence of a public market for the shares, the availability of certain current public information about the
Company, the resale occurring not less than two years after a party has purchased and paid for the security to be sold, the sale
being through a “broker’s transaction” or in transactions directly with a “market maker” (as provided
by Rule 144(f)) and the number of shares being sold during any three-month period not exceeding specified limitations.

 

	Dated:	 	 
	 	 	 
	 	 	 
	 	 	(Signature)
	 	 	 
	 	 	 
	 	 	(Typed
    or Printed Name)
	 	 	 
	 	 	 
	 	 	(Title)

  

Exhibit
BExhibit
10.42

 

MASTER
SERVICE AGREEMENT

 

THIS
MASTER SERVICE AGREEMENT (“Agreement”) is effective as of December 29, 2015 (the “Effective Date”),
by and between Covance Inc., having its principal place of business at 210 Carnegie Center, Princeton, New Jersey 08540 (“Covance”
or “Company”) and Ritter Pharmaceuticals, Inc., having its principal place of business at 1880 Century Park E, Suite
1000, Los Angeles, California 90067 (“Sponsor”).

 

WHEREAS,
Sponsor develops drugs and/or medical devices; and

 

WHEREAS,
Company, through itself and its affiliates, provides a wide range of product development and testing services on a worldwide basis
to the biotechnology, pharmaceutical and medical device industries, including, without limitation, preclinical efficacy and safety
laboratory services, Phase I, II, III and IV clinical services, periapproval services, central laboratory services, health economics
services and biotechnology services; and

 

WHEREAS,
Sponsor desires to contract with Company and/or its affiliates for the purpose of providing services to assist Sponsor in the
execution of various projects.

 

NOW,
THEREFORE, in consideration of the foregoing premises, and other valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereby agree as follows:

 

1.
DEFINITIONS

 

Definitions
- The following terms have the meanings set forth below unless a clear contrary interpretation otherwise applies.

 

‘Budget”
has the meaning set forth in Section 2 A.

 

“Change
Order” has the meaning set forth in Section 4.

 

“Claims”
has the meaning set forth in Section 11 A.

 

“Confidential
Information” has the meaning set forth in Section 7 A.

 

“Covance
Entity” means Company and each affiliate of Company which signs Exhibit A and thereby becomes a party to this Agreement.

 

“Covance
Group” has the meaning set forth in Section 11 B.

 

“Covance
Property” has the meaning set forth in Section 5.

 

“Drug”
means a new or existing compound, device or other product which is the subject of a Study under this Agreement or any IPA.

 

“Exhibit
A” means the additional terms and conditions of each Covance Entity which is executed by the Sponsor and a Covance Entity
and attached to this Agreement. If more than one Covance Entity is a party to this Agreement, Exhibit A shall be numbered sequentially
beginning with Exhibit A-1 and continuing as necessary.

 

“Indemnified
Party” has the meaning set forth in Section 11 C.

 

“Indemnifying
Party” has the meaning set forth in Section 11 C.

 

    	Page 1 of 24

    	 	 	 

    

 

“IPA”
means an individual project agreement in the form of Exhibit B between Sponsor and a Covance Entity specifying the parameters
of a project and providing for the conduct of services by a Covance Entity related to a specific Study by Sponsor.

 

“Losses”
has the meaning set forth in Section 11 A.

 

“Project”
means a project or assignment between the applicable Covance Entity and Sponsor as set forth in an IPA.

 

“Protocol”
means the document which specifies the testing procedures as written by Sponsor as applicable for the performance of a Study and
is provided to the applicable Covance Entity.

 

“Services”
has the meaning set forth in Section 2 A.

 

“SOW”
has the meaning set forth in Section 2 A.

 

“Sponsor
Group” has the meaning set forth in Section 11 A.

 

“Study”
means a clinical trial or scientific evaluation of a Drug on the terms and conditions of the Protocol.

 

2.
SERVICES

 

A.COVANCE,
through COVANCE and its affiliates, will provide Phase I/II/III/IV clinical services (“Services”) for a clinical study
or studies (“Study”) for SPONSOR in accordance with the terms of separate individual project agreements (each an “IPA”
which shall be substantially in the form annexed hereto as Exhibit B) which will set forth the basic parameters of the Study.
Each IPA will have the following documentation attached: (a) as Attachment A, a Description of Services or Statement of Work (“SOW”)
(substantially in the form attached to Exhibit B), (b) as Attachment B, a budget and the price and payment schedule (the “Budget”
and “Price Schedule”) that will set forth the pricing for the Study. Each IPA may include other pertinent attachment
or information concerning the Project. Each IPA and its attachments shall be deemed a part of this Agreement and is incorporated
herein by reference.

 

B.Each
Covance Entity which enters into a fully executed IPA shall provide services pursuant to the terms and conditions contained in
this Agreement and the IPA (“Services”), as more clearly defined in Section 2 A above.

 

C.The
Services, obligations and financial terms for the Project shall be specified in the applicable IPA; provided, however,
that if any direct conflict exists between the provisions of this Agreement, Exhibit A and the provisions of an IPA and its attachments,
the conflict shall be resolved by interpreting the provisions in the following order of priority: this Agreement, Exhibit A and
the provisions of the IPA and its attachments unless a provision with a lower priority expressly states otherwise, in which case
such provision shall have a higher priority.

 

D.The
applicable Covance Entity will, at Sponsor’s request, consult with Sponsor to assist Sponsor in developing the Study design
in a manner consistent with current regulatory guidelines. The applicable Covance Entity does not warrant that the Study design
and/or the Study results will satisfy the requirements of any regulatory agencies at the time of submission of Study results to
such agencies. The applicable Covance Entity makes no representation, warranty or guarantee regarding the value, prospects, performance,
clinical or commercial success of any Drug that is the subject of the Services, including, without limitation, the likelihood
of such Drug reaching any particular phase of development, obtaining any regulatory approval, or obtaining any level of sales
or market acceptance.

 

    	Page 2 of 24

    	 	 	 

    

 

3.
OBLIGATIONS OF COVANCE.

 

A.COVANCE
hereby agrees to conduct Services in connection with the Drug (as hereinafter defined) in accordance with agreed upon protocols
and as outlined in the SOW (Attachment A) of the applicable IPA. The Services will be conducted in accordance with all applicable
Federal, state, and local laws, statutes, ordinances, and regulations.

 

B.COVANCE
acknowledges and agrees that the responsibility for Services performed under this Agreement and applicable IPA, as identified
in Attachment A to the IPA, will be transferred to COVANCE in accordance with 21 CFR §312.52 and/or applicable regulations
outside the USA. SPONSOR shall retain responsibility for all other activities related to the study. Except for those responsibilities
specifically transferred from SPONSOR to COVANCE, SPONSOR shall at all times be considered the “SPONSOR”
of the study pursuant to the terms of the Federal Food, Drug, and Cosmetic Act, as amended, the regulations of the U.S. Food and
Drug Administration, as promulgated in Title 21 of the U.S. Code of Federal Regulations, applicable regulations outside the USA,
and the International Conference on Harmonization Good Clinical Practices. Obligations transferred should be included in Form
FDA 1571, Section #14, or equivalents outside the USA. The parties acknowledge and agree that although COVANCE may recommend investigative
sites be closed (i.e. due to site nonperformance), SPONSOR shall retain responsibility for formally approving the closing of such
investigative sites.

 

C.COVANCE
will accept no liability for the accuracy of the data, specification or other materials or information supplied by the SPONSOR
in connection with the study or for any error or defect in the study consequent upon any inaccuracies in such items, material
or information nor for any consequences of such errors or defects. SPONSOR undertakes and agrees that the use of any such items,
material or information by COVANCE in carrying out the Services will not infringe the intellectual property rights of any third
party.

 

D.COVANCE
shall use its commercially reasonable efforts to perform the Services within the time frame as estimated in Attachment A of the
applicable IPA. Such time estimate assumes, however, the full cooperation of SPONSOR, regulatory authorities, ethics committees
and investigators and other third parties not under COVANCE’s control, and shall be subject to adjustment (including costs)
if the work for the Services is delayed due to circumstances not attributable to COVANCE, in particular:

 

	 	●	failure
    of SPONSOR to deliver the clinical supplies in due time, or
	 	 	 
	 	●	amendments
    to previously agreed upon protocols, procedures or documents required for the Services at the request of SPONSOR, or
	 	 	 
	 	●	significant
    delays in pre-study meetings or in other tasks to be performed by COVANCE caused by SPONSOR, or
	 	 	 
	 	●	delays
    in obtaining or subsequent withdrawal of regulatory or ethical review approvals concerning the Services, or
	 	 	 
	 	●	death
    or disability of any non-Covance investigator or other research specialist to continue his work for the study, or
	 	 	 
	 	●	higher
    ratio of drop-outs among trial subjects than anticipated in Attachment A of the applicable IPA, or
	 	 	 
	 	●	lower
    enrollment rates than expected and agreed by COVANCE and SPONSOR, or
	 	 	 
	 	●	unforeseen
    change in the relevant medical practice.

 

In
the event that a study is delayed or placed on-hold for more than 30 calendar days SPONSOR shall have the right to retain, at
their expense, all core team members as the defined in Exhibit A, on a full time equivalent basis for the duration of the delay
or on-hold period. If SPONSOR does not wish to retain any core team members for the duration of the delay or on-hold period COVANCE
shall have the right to reallocate any and all such staff after a 30 calendar day period. If the delay or on-hold period continues
for 90 days either party may, by provision of written notice, terminate the applicable IPA.

 

    	Page 3 of 24

    	 	 	 

    

 

4.
BUDGET AND CHANGE ORDERS

 

A.Fees
for each Project are set forth in each IPA. The Budget, Protocol and SOW shall contain all timelines, expense estimates and assumptions
which apply to the Project. If any of the assumptions is determined to be incorrect or if Sponsor requests a material change to
the Project, the parties shall negotiate, in good faith, and attempt to agree, in writing, on a change order (“Change Order”)
setting forth revised terms. The applicable Covance Entity shall not be obligated to implement all or any part of the changes
without written agreement with respect thereto. Sponsor shall compensate the applicable Covance Entity within forty-five (45)
days of Sponsor’s receipt of the applicable Covance Entity’s invoice. Fees payable under this Agreement shall not,
and shall not be construed to include local, state, federal or foreign sales or use taxes, excise taxes, goods and services tax,
value added tax, country-specific business or professional services tax or similar tax on international services or foreign entities
providing services (e.g., Chinese Business Tax, Brazilian professional services taxes), or consumption taxes. Such taxes will
be assumed by Sponsor without deduction to amounts owed to the applicable Covance Entity, provided however, such taxes are evidenced
clearly in each individual invoice for such tax amounts.

 

B.In
the event that any of the assumptions described above or as set forth in the applicable SOW are not complied with or are invalid,
then the timeline, fee and expense estimates for such Services shall be modified in accordance with the terms of this Section
4 hereof. COVANCE shall be responsible for providing SPONSOR with a written estimate of the consequences arising from a modification,
if any. The estimate may be provided to SPONSOR on the change order form attached hereto as Appendix B. SPONSOR will forward to
COVANCE an executed and approved change order and, upon receipt thereof, COVANCE will implement the modification. COVANCE shall
continue to provide Services pending approval of the change order by SPONSOR to the extent reasonably practicable but will not
implement all or any part of the changes without written agreement with respect thereto and if the parties cannot agree on such
changes Covance shall not be obliged to provide further Services.

 

5.
PROPERTY OWNERSHIP

 

All
materials, documents, data, information and suggestions of every kind and description supplied to COVANCE by SPONSOR or prepared
or developed by COVANCE pursuant to this Agreement or any IPA (except for COVANCE procedural manuals, development processes and
data, personnel data, and COVANCE-developed know-how, computer software or technology collectively referred to as “Covance
Property”) shall be the sole and exclusive property of SPONSOR, and SPONSOR shall have the right to make whatever use it
deems desirable of any such materials, documents and information; provided that COVANCE may retain copies of such materials as
set forth in the Agreement as required by applicable laws, rules and regulations.

 

    	Page 4 of 24

    	 	 	 

    

 

6.
INTELLECTUAL PROPERTY

 

A.Disclosure
of Inventions. Each Covance Entity shall disclose promptly to Sponsor or its nominee any and all patentable inventions, discoveries
and improvements, conceived or made by the Covance Entity in the course of the Study and/or while providing Services to Sponsor
pursuant to this Agreement or an IPA and relating exclusively to such Services. The applicable Covance Entity agrees to assign
all its interests therein to Sponsor or its nominee; provided Sponsor requests such assignment within two (2) years of notification
of such invention; provided, further, that the applicable Covance Entity shall retain all rights to any development
processes, software (including codes) technology, means, know-how developed by COVANCE, including, but not limited to, that which
relate to data collection or data management. Whenever requested to do so by Sponsor, the applicable Covance Entity will execute
any and all applications, assignments or other instruments and give testimony which Sponsor shall deem reasonably necessary to
apply for and obtain any Letters of Patent of the United States of America or of any foreign country or to otherwise protect Sponsor’s
interest therein, and Sponsor shall compensate the applicable Covance Entity for the time devoted to said activities and reimburse
it for expenses incurred. COVANCE agrees to include in agreements with third-party Investigators and Sites participating in the
Study, to the extent that COVANCE is the party entering into such agreements with third-party Investigators and Sites participating
in the Study, a provision requiring such Investigators and Sites to assign to SPONSOR on terms substantially similar to this Section
6 intellectual property, discoveries and improvements made by such Investigators and Sites as a result of the Study. These obligations
of COVANCE shall continue beyond the termination of this Agreement and shall be binding upon COVANCE’s assignees, administrators
and other legal representatives.

 

B.Obtaining
Intellectual Property Protection. During the Term, Covance agrees to assist Sponsor in every commercially reasonable way to
obtain and enforce United States and foreign proprietary rights relating exclusively to the Services in any and all countries.
To that end, Covance agrees to execute, verify and deliver such documents and perform such other acts (including appearing as
a witness) as the Sponsor may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing
such proprietary rights and the assignment thereof, at the Sponsor’s expense. In addition, Covance agrees to execute, verify
and deliver assignments of such proprietary rights to the Sponsor or its designee. Covance’s obligation to assist Sponsor
with respect to proprietary rights in any and all countries shall continue beyond the termination of this engagement, but Sponsor
shall compensate Covance at a mutually agreed upon rate, after such termination, for the time actually spent by Covance at Sponsor’s
request on such assistance.

 

7.
CONFIDENTIAL INFORMATION

 

A.The
parties acknowledge and agree that in the course of performing the Services hereunder, either party may be exposed to or be given
or be provided confidential or proprietary information of the other party or licensed by the other party (“Confidential
Information”). The parties agree to hold all Confidential Information confidential for a period of five (5) years from the
date of completion or termination, whichever may be earlier, and shall disclose Confidential Information to its respective agents,
employees, officers and directors, and representatives and to third parties, including hospital authorities, Institutional Review
Board (the “IRB”), Investigators, and Sites only on a need-to-know basis (including fulfilling corporate reporting
obligations) and only if the foregoing parties (other than hospital authorities and IRBs) are bound and obligated by provisions
of confidentiality substantially similar to those herein. Confidential Information shall be deemed to be all such information
given by the disclosing party to the receiving party except for information which is:

 

	 	1.	publicly
    available through no fault of the receiving party;
	 	 	 
	 	2.	obtained
    from a third party entitled to disclose it;
	 	 	 
	 	3.	already
    in the receiving party’s possession prior to disclosure, as indicated in its written records; or
	 	 	 
	 	4.	independently
    developed by the receiving party without use of the Confidential Information, as indicated in its written records.

 

B.Upon
written request, the receiving party will promptly return to the disclosing party or otherwise destroy all Confidential Information,
except that the receiving party may retain one copy of Confidential Information as may be required by law or to demonstrate compliance
herewith, subject to continued obligations of confidentiality. All obligations of confidentiality and non-disclosure set forth
in this Agreement will survive, without limitation, the expiration or earlier termination, for any reason, of this Agreement.

 

    	Page 5 of 24

    	 	 	 

    

 

C.All
rights and obligations set forth in the Mutual Non-Disclosure Agreement dated and signed by both parties on October 5,
2015 applies and supersedes confidential information/legal proceedings set forth in Section 6 herein.

 

D.Where
applicable, COVANCE shall include in its contracts with Sites and Investigators, confidentiality undertakings consistent with
those herein.

 

E.Each
party shall be entitled to disclose Confidential Information to the extent that disclosure is required by any law, rule, regulation,
order, decree or subpoena, in which event the party obligated to disclose the Confidential Information shall, unless restricted
by law or not practicable, provide advance written notice to the other party to permit such party to seek a protective order or
other similar order with respect to such Confidential Information.

 

F.Nothing
contained in this Section 7 shall be interpreted to limit the rights and obligations of the parties under Section 5 hereof and
to the extent that any conflict arises in applying the provisions of Sections 5 and 7, the provisions of Section 5 shall control.

 

G.Licensed
Technology. With respect to the technology, if any, licensed by a party to the other party or licensed by a party from a third
party and disclosed to the other party in connection with a Study, the party to whom such technology is licensed or disclosed
agrees not to (1) modify, copy or create derivative works based on it, (2) reverse engineer, disassemble or decompile it in any
manner, (3) resell, sublicense, lease, or time-share it, (4) publish the results of any benchmark tests run on it, or (5) use
it to build a competitive product or service or for the purpose of copying its features or user interface. To the extent that
the Confidential Information includes technology licensed under authorization from third parties (such as, for example, licensors
of electronic data capture software), such third parties are intended third-party beneficiaries of this Section with the right
to enforce the limitations herein.

 

8.
COMPLIANCE

 

A.Each
party to this Agreement and each IPA will comply with all applicable laws, rules and regulations in carrying out its obligations
hereunder and under each IPA to which it is a party. This Agreement and the IPAs shall contain all the conditions under which
any Covance Entity will provide Services and no other express or implied commitments or warranties are made by any Covance Entity.

 

B.Should
such government laws, rules or regulations be changed, each affected Covance Entity will make every reasonable effort to satisfy
such new requirements. In the event that compliance with such new requirements necessitates a change in this Agreement or an IPA,
the parties will agree in writing on a Change Order prior to performing any new or revised Services.

 

C.In
the event of a conflict in government laws, rules or regulations, Sponsor will designate the applicable regulations to be followed
by the applicable Covance Entity in the performance of its Services and the applicable Covance Entity’s performance of Services
pursuant to such designation or its good faith performance in the event of Sponsor’s failure to provide such designations
shall be deemed performance in compliance with the applicable laws, rules and regulations for purposes of this Agreement.

 

    	Page 6 of 24

    	 	 	 

    

 

9.
DEBARMENT CERTIFICATION

 

Covance
hereby certifies that neither it nor, to the best of their knowledge, any employee, agent or person, performing the Services have
been excluded from any federal health care program including, but not limited to, Medicare, Medicaid and the Civilian Health and
Medical Program of the Uniformed Services (“CHAMPUS”). If Covance or any employee, agent or person performing the
Services is excluded during the Term, Covance shall promptly notify Sponsor in writing. Covance acknowledges that any such exclusion
may result in immediate termination of this Agreement.

 

Covance
hereby certifies that neither Covance nor, to the best of their knowledge, any employee, agent or person, performing the Services
is a person debarred, voluntarily excluded or convicted of a crime for which a person can be debarred, under the Generic Drug
Enforcement Act of 1992 (21 United States Code §335(a)). In the event Covance or any such employee, agent or person performing
the Services becomes debarred or receives notice or immediate threat of debarment, Covance shall promptly notify Sponsor in writing.
Covance acknowledges that any such debarment or exclusion may result in immediate termination of this Agreement.

 

10.
FACILITY VISITS

 

Sponsor’s
representatives may visit each applicable Covance Entity’s facility with reasonable frequency during normal business hours
to observe the progress of Studies. All such visits shall be scheduled in advance by Sponsor. Sponsor agrees that all confidential
and proprietary information of the applicable Covance Entity obtained or observed by Sponsor during such visits shall be treated
as Confidential Information subject to the restrictions on use and disclosure set forth in Section 7.

 

With
respect to any Study, Covance will permit regulatory authorities to examine, (i) the facilities where the Services are being conducted;
(ii) Study documentation; and (iii) other Study relevant information, including information that may be designated by one or both
of the parties as confidential, reasonably necessary for regulatory authorities to confirm that the services with respect to such
Study are being conducted in compliance with applicable laws, rules and regulations. To the extent not prohibited by law, Covance
will promptly notify Sponsor if any regulatory authority schedules, or without scheduling, begins an inspection that relates to
the Services under an IPA. To the extent not prohibited by law, Sponsor will be given the opportunity to have a representative
present during any regulatory authority inspection relating to a Study at any Covance or contracted investigational Site.

 

11.
INDEMNIFICATION

 

A.COVANCE
and/or the applicable Covance entity shall indemnify, defend, and hold harmless SPONSOR, its affiliates, and their officers, directors,
employees and agents (the “SPONSOR GROUP”) from any loss, damage, cost or expense (including reasonable attorney’s
fees) (a “Loss”) arising from any third-party claim, demand, assessment, action, suit or proceeding (a “Claim”)
for personal injury to Study subject or personal injury to any employee of SPONSOR or property damage arising or occurring during
the conduct of the STUDY as a result of COVANCE’s negligence or intentional misconduct in connection with this Agreement
or IPA; provided that if such Loss or Claim arises in whole or in part from the SPONSOR GROUP’s negligence or intentional
misconduct, then the amount of the Loss that COVANCE shall indemnify the SPONSOR GROUP for pursuant to this Section 11 shall be
reduced by an amount in proportion to the percentage of the SPONSOR GROUP’s responsibilities for such Loss as determined
by a court of competent jurisdiction in a final and non-appealable decision or in a binding settlement between the parties.

 

    	Page 7
                                                                                                                                                                                                                               of 24

    	 	 	 

    

 

B.SPONSOR
shall indemnify, defend, and hold harmless COVANCE, its affiliates, and their respective officers, directors, employees and agents
(the “COVANCE GROUP”) from any Loss from a Claim arising from or related to (i) personal injury to a subject in the
Study or personal injury to any employee of the COVANCE GROUP during the conduct of the Study or as a result of participation
in the Study, (ii) COVANCE’s performance of or involvement with the Study or its obligations under this Agreement, IPA,
or any protocol related thereto, (iii) the Study or any aspect thereof set forth in the protocol or any Study that violates any
applicable law, rule, regulation or ordinance, (iv) the Drug’s harmful or otherwise unsafe effect, (v) the negligence or
intentional misconduct of SPONSOR in connection with the Drug, this Agreement, IPA, or the protocol related thereto, or (vi) SPONSOR’s
violation, non-conformance or non-performance of any of the terms of this Agreement, applicable IPA, or the protocol related to
such Study; provided that if such Loss or Claim arises in whole or in part from the COVANCE GROUP’s negligence or intentional
misconduct, then the amount of such Loss that SPONSOR shall indemnify the COVANCE GROUP for pursuant to this Section 11 shall
be reduced by an amount in proportion to the percentage of the COVANCE GROUP’s responsibilities for such Loss as determined
by a court of competent jurisdiction in a final and non-appealable decision or in a binding settlement between the parties.

 

C.Upon
receipt of notice of any Claim that may give rise to a right of indemnity from a party, a person or entity entitled to seek indemnification
pursuant to the foregoing provisions (the “Indemnified Party”) shall give written notice thereof to the other party
(the “Indemnifying Party”) with a Claim for indemnity. Such notice shall indicate the nature of the Claim and the
basis therefore. Promptly after a Claim is made for which the Indemnified Party seeks indemnity, the Indemnified Party shall permit
the Indemnifying Party, at its option and expense, to assume the complete defense of such Claim, provided, however,
that (a) the Indemnified Party will have the right to participate in the defense of any such Claim at its own cost and expense,
(b) the Indemnifying Party will conduct the defense of such Claim, with due regard for the business interest and potential related
liability of the Indemnified Party and (c) the Indemnifying Party will, prior to making any settlement, consult with the Indemnified
Party as to the terms of such settlement, with the Indemnified Party having the right, at its election, to release and hold harmless
the Indemnifying Party from its obligations hereunder with respect to such Claim and assume a complete defense of the same in
return for payment by the Indemnifying Party to the Indemnified Party of the amount of the Indemnifying Party’s settlement
offer. The Indemnifying Party will not, in defense of such Claim, except with the consent of the Indemnified Party, consent to
the entry of any judgment or enter into any settlement which does not include, as an unconditional term thereof, the giving by
the claimant or plaintiff to the Indemnified Party of a release from all liability in respect thereof. After notice to the Indemnified
Party of the Indemnifying Party’s election to assume the defense of such Claim, the Indemnifying Party shall be liable to
the Indemnified Party for such legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense
thereof at the request of the Indemnifying Party. As to those Claims with respect to those which the Indemnifying Party does not
elect to assume control of the defense, the Indemnified Party will afford the Indemnifying Party an opportunity to participate
in such defense, at the Indemnifying Party’s own cost and expense, and will not settle or otherwise dispose of any of the
same without the consent of the Indemnifying Party, which may not be unreasonably withheld or delayed.

 

D.The
obligations of the parties under this Section survive the termination of this Agreement. Further, a breach by the Indemnified
Party of its obligations under this Agreement shall not relieve the Indemnifying Party of its obligations under this Section unless
such breach was solely responsible for the Loss or Claim as determined by a court of competent jurisdiction in a final and non-appealable
decision or in a binding settlement between the parties.

 

12.
LIMITATION OF LIABILITY

 

In
no event shall the liability of any Covance Entity for a breach or default under this Agreement or relevant IPA exceed the amount
of fees paid by Sponsor to the applicable Covance Entity with respect to the relevant IPA. UNDER NO CIRCUMSTANCES SHALL SPONSOR
BE ENTITLED TO, NOR SHALL ANY COVANCE ENTITY BE RESPONSIBLE FOR, ANY INCIDENTAL, INDIRECT, CONSEQUENTIAL, PUNITIVE, EXEMPLARY,
OR SPECIAL DAMAGES, OR LOST SALES, REVENUE OR PROFITS (WHETHER DIRECT OR INDIRECT) ARISING IN CONNECTION WITH ANY DEFAULT OR BREACH
BY ANY COVANCE ENTITY OF ITS OBLIGATIONS UNDER THIS AGREEMENT, ANY IPA OR ANY DOCUMENTS RELATED THERETO.

 

    	Page 8 of 24

    	 	 	 

    

 

13.
INSURANCE

 

Each
party shall secure and maintain in full force and effect through the performance of the Services the necessary insurance coverage
in amounts appropriate to the conduct of its business. Certificates evidencing such insurance will be made available for examination
upon written request by Sponsor or any applicable Covance Entity.

 

14.
FORCE MAJEURE

 

No
party shall be liable for a delay in performance or failure to perform its obligations under this Agreement or an IPA if such
delay or failure is due to acts of God or any other event beyond the control of the parties, including, without limitation, fire,
explosion, weather, disease, war, insurrection, acts of terrorism, civil strife, riots, government action or power failure, provided,
however, that the party which is unable to perform shall be excused only to the extent of and during the event causing delay or
failure. Any deadline or time for performance specified in any IPA which falls due during or subsequent to the occurrence of any
of the events referred to above shall be automatically extended for a period of time equal to the period of delay caused by any
such event.

 

15.
TERM; TERMINATION; and DEFAULT

 

A.The
term of this Agreement shall be for three (3) years commencing on the date hereof and shall renew automatically for successive
one year periods unless the Project, Services, and/or Study has been completed or terminated by either party upon written notice.
The parties may also terminate, as applicable, this Agreement and all relevant IPAs pursuant to the following conditions:

 

1.
Sponsor may terminate any IPA prior to the Study’s completion at any time for any reason upon thirty (30) days written
notice to Covance, except when the reason for termination is the safety of subjects, then it can be terminated immediately. Covance
may not terminate any IPA without cause, except when the reason for the termination is the safety of subjects and then Covance
can terminate immediately. In the event of such termination by a party, the applicable Covance Entity shall be entitled to full
payment for (i) work performed on the Project up through the date work on such Project is concluded by the applicable Covance
Entity and (ii) reimbursement for all non-cancellable and non-refundable expenses and financial obligations which the applicable
Covance Entity has incurred or undertaken on Sponsor’s behalf (e.g., purchase of external databases). Further, the applicable
Covance Entity and Sponsor shall cooperate with each other during such Project termination to safeguard patient safety, continuity
of patient treatment and to comply with applicable laws, rules and regulations.

 

2.Default

 

(a)If
any party is in default of its material obligations under, as applicable, this Agreement or an IPA, then the non-defaulting party
shall promptly notify the defaulting party in writing of any such default. The defaulting party shall have a period of forty-five
(45) days from the date of receipt of such notice within which to cause the cure of such default; provided that, if the defaulting
party fails to cure such breach within the specified cure period, then the applicable IPA and this Agreement may be terminated
immediately at the option of the non-defaulting party by providing written notice of termination to the defaulting party.

 

    	Page 9 of 24

    	 	 	 

    

 

(b)In
the event of a breach or default by COVANCE under this Agreement or any IPA, COVANCE agrees, at its option to either repeat the
Services at issue or refund the portion of consideration attributable thereto.

 

B.The
termination of an IPA and/or this Agreement shall not relieve any party of its obligations with respect to (a) maintaining the
confidentiality of Confidential Information, (b) assignment of inventions and assistance with respect thereto, (c) indemnification,
(d) limitation on liability, (e) compensation for Services performed, (f) retention of records, (g) reimbursement and payment
for legal proceedings and (h) no solicitation of employees, as well as all other obligations which by their terms would reasonably
survive.

 

16.
CARRIER LIABILITY

 

The
applicable Covance Entity strictly limits its liability to Sponsor for loss, damage, delay or non-delivery/non-collection of any
samples or shipment dispatched by Covance to Sponsor or to any third party designated by Sponsor in connection with the Services
where Covance shall pay to Sponsor such sums as are recoverable from the carriers under any applicable national/international
convention or rules.

 

17.
SUBCONTRACTORS/VENDORS

 

The
applicable Covance Entity shall be responsible for subcontractors qualified and contracted by the applicable Covance Entity for
services within the applicable Covance Entity’s core business (“Subcontractors”). For example, for clinical
development services, services within Covance’s core business would include clinical monitoring, site management, regulatory
affair services, project management, clinical safety monitoring and reporting, data management, biostatistics, medical writing,
and clinical quality assurance.

 

Other
third-party vendors and service providers where the applicable Covance Entity may hold the contract with such vendor or service
provider for the convenience or benefit of Sponsor in connection with Services under an IPA (“Vendors”) are
not considered Subcontractors for the purpose of this Agreement and applicable IPA. Such Vendors include, but are not limited
to, vendors/service providers of electronic data capture/bedside data capture services, electrocardiogram services, interactive
response technology/voice response services, drug depot and drug supply services, translation services, providers of equipment
or medical devices, and vendors/service providers that Sponsor requires the applicable Covance Entity to use.

 

Liability
of the applicable Covance Entity to Sponsor with respect to Vendors shall be limited to the extent the applicable Covance
Entity is negligent in the performance of the applicable Covance Entity’s obligations under the applicable IPA. However,
the applicable Covance Entity shall provide to Sponsor any amounts that the applicable Covance Entity may recover from
such Vendor(s) as a result of any error or service failure on the part of such Vendor(s) in connection with Services under an
IPA.

 

18.ANTI-BRIBERY

 

Pursuant
to this Agreement, both Parties agree that each has not and will not, either directly or indirectly, engage in bribery, or offer,
or promise, or make any “improper payment”, including, but not limited to, cash, loan, gift, travel, entertainment,
hospitality, facilitation payment, kickback, political or philanthropic contribution, anything of value, or any other perceived
benefit in order to improperly obtain or retain a business advantage. If a Party violates the prohibitions described herein, the
other Party shall have the right to immediately terminate this Agreement upon written notice.

 

    	Page 10 of 24

    	 	 	 

    

 

19.TRADE
CONTROL

 

Notwithstanding
any other provision of this Agreement to the contrary, each Party shall comply with, and retain responsibility for its compliance
with, all applicable export control laws (e.g., the U.S. Export Administration Regulations) and economic sanctions programs (e.g.,
economic sanctions maintained by the U.S. Treasury Department against Belarus, Burma (Myanmar), Cuba, Democratic Republic of Congo,
Iran, Ivory Coast, Lebanon, Liberia, Libya, North Korea, Russia/Ukraine, Somalia, Sudan, Syria, Yemen and Zimbabwe, as well as
Specially Designated Nationals and Blocked Persons (“SDNs”)) relating to its respective business, facilities, and
the provision of services to third parties (collectively, “Trade Control Laws”). It shall be in the sole discretion
of the Covance Entity to refrain from being directly or indirectly involved in the provision of goods, software, services and/or
technical data that may be prohibited by applicable Trade Control Laws, including sanctions currently in place against Cuba, Iran,
North Korea, Sudan, Syria, Central African Republic, Iraq, Venezuela and SDNs.

 

20.
MISCELLANEOUS

 

A.Independent
Contractor. It is understood and agreed that each Covance Entity shall perform its duties as an independent contractor
and not as an agent, employee, partner or joint venture of Sponsor. Neither Sponsor nor any Covance Entity will have the authority
to bind or commit the other party in any manner whatsoever and will not, at any time, hold itself out to third parties as having
authority to enter into or incur any commitments, expenses, liabilities or obligations of any nature on behalf of the other party
except as permitted in this Agreement or an IPA.

 

B.
Advertising. Sponsor and each Covance Entity agree not to use the name of the other party or the names of the other
party’s employees in any advertising or sales promotional material or in any publication without the prior written permission
of such party.

 

C.Legal
Proceedings. If any applicable Covance Entity is required by law to provide testimony or records regarding any Drug, Project
or Services, in any legal or administrative proceeding, for any reason, other than improper performance by a Covance Entity, of
its obligations under this Agreement or an IPA, then Sponsor shall reimburse the applicable Covance Entity for its out-of-pocket
costs therefore plus an hourly fee for its employees or representatives equal to the internal fully burdened cost of such employees
or representatives.

 

D.No
Solicitation. Sponsor agrees that it will not solicit or otherwise encourage any employee of any Covance Entity with whom
it has contact pursuant to this Agreement to seek employment with Sponsor throughout the course of this Agreement and for a period
of twelve (12) months thereafter.

 

E.
Modifications and Assignment. No amendments or modifications may be made to this Agreement or any IPA without the
mutual written agreement of the parties to this Agreement and any affected IPA. Except in connection with the merger or sale of
substantially all assets of a party, a party may not assign this Agreement without the prior written consent of the other party.

 

F.
Governing Law and Venue. This Agreement and the IPAs shall be governed and construed and interpreted in accordance
with the laws of Delaware with the express exclusion of the United Nations Convention on Contracts for the International Sale
of Goods, without giving effect to its choice of law principles. It is the intention of the parties that in the event disputes
should arise over the interpretation and application of this Agreement, the parties will first attempt to settle such disputes
by negotiation and consultation between the senior executives of Sponsor and the applicable Covance Entity and other parties familiar
with this Agreement, any IPA, Study, or Protocol.

 

    	Page 11 of 24

    	 	 	 

    

 

G.Dispute
Resolution.

 

Arbitration.
In the event that SPONSOR and COVANCE are unable to satisfactorily resolve the dispute(s) as specified in paragraph F above, then
such disputes shall be finally settled by an arbitrator in accordance with this Section 20. The arbitration shall be held in or
around Los Angeles, CA and, except as noted below, shall be conducted in accordance with the rules of the American Arbitration
Association by two arbitrators appointed, one by each party to this Agreement. If the arbitrators appointed cannot agree on the
resolution of the dispute within sixty (60) days after the dispute is submitted to them, they shall thereupon appoint a third
arbitrator, and if they fail to agree upon a third arbitrator within thirty (30) days after a deadlock is declared by either arbitrator,
a third arbitrator will be appointed by the American Arbitration Association upon the request of either such arbitrator. The arbitrators
shall respect the governing law clause of this Agreement and apply the substantive law (including, without limitation, the contract
law) of the State of Delaware in making their determination. Further, punitive damages shall not be awarded to any of the parties.
Finally, the parties may seek judicial intervention for emergency relief, such as restraining orders and injunctions where appropriate.

 

Any
decision by the third arbitrator and either one of the other arbitrators shall be binding upon the parties and may be entered
as a final judgment in any court having jurisdiction. The arbitration shall be conducted completely in the English language. The
cost of any arbitration proceeding shall be borne by the parties as the arbitrators shall determine if the parties have not otherwise
agreed. The arbitrators shall render their final decision in writing in English to the parties, which decision shall explain the
reasons therefore.

 

H.
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their successors
and assigns; provided, however, that neither party shall have the right to assign this Agreement or any of the rights set forth
herein or delegate any of the obligations hereunder without the prior written consent of the other party.

 

I.Entire
Agreement. This Agreement, together with the attached Exhibit(s) attached hereto, the IPAs, Mutual Non-Disclosure Agreement
dated and signed on October 5, 2015 and protocols are the entire and complete understanding between the parties in regard
to the covered subject matter. Such documents replace, supersede and render void any and all predecessor agreements between the
parties whether written or oral, including, without limitation, any letters of intent. In the event of any inconsistency between
this Agreement and the Exhibits, the terms of this Agreement shall govern, except that as to matters of medicine, science and
subject safety, the applicable protocol shall govern.

 

J.Waiver.
No waiver of any term, provision, or condition of this Agreement whether by conduct or otherwise in any one or more instances
shall be deemed to be or construed as a further or continuing waiver or estoppel of any such term, provision, or condition or
of any other term, provision, or condition of this Agreement. The failure of a party to enforce any provision of this Agreement
shall not be construed to be a waiver of the right of such party to thereafter enforce that provision or any other provision or
right.

 

K.Severability.
If any term or provision of this Agreement or IPA shall be determined by a court of competent jurisdiction to be invalid
or unenforceable, the validity and effect of the other provisions of this Agreement or relevant IPA shall not be affected thereby.

 

L.
Notices. All notices required to be given under this Agreement shall be in writing and shall be deemed to have
been duly given if delivered personally, sent by overnight courier or mailed first class, registered or certified mail, return
receipt requested, postage paid:

 

	If
    to Sponsor to:	Ritter
    Pharmaceuticals, Inc.
	 	1880
    Century Park East, Suite 1000
	 	Los
    Angeles, CA 90067
	 	Attention:
    Andrew J. Ritter

 

    	Page 12 of 24

    	 	 	 

    

 

If
to any Covance Entity, the address set forth in Exhibit A executed by such Covance Entity, with a copy to Covance Inc. at
the address set forth below:

 

	 	Covance
    Inc.
	 	210
    Carnegie Center
	 	Princeton,
    New Jersey 08540-6233
	 	United
    States
	 	Attention:
    Legal Department

 

or
at such other place as a party shall hereafter furnish to the other party in writing. Notices shall be deemed given on the date
of personal delivery or deposit in the mail as specified above.

 

M.
Captions. Any caption used in this Agreement is inserted for convenience and reference only and is to be ignored
in the construction and interpretation of the provisions hereof.

 

IN
WITNESS WHEREOF, the parties by their duly authorized officers have executed this Agreement on the dates set forth below, to be
effective on the Effective Date set forth on the first page of this Agreement.

 

	Ritter
    Pharmaceuticals, Inc.	 	Covance
    Inc. 
	 	 	 	 	 
	By:	/s/ Andrew
    Ritter 	 	By:	/s/
    James S. Sauer 
	 	 	 	 	 
	Name:	Andrew
    Ritter 	 	Name:	James
    S. Sauer
	 	 	 	 	 
	Title:	President	 	Title:	Sr.
    Director & Controller 
	 	 	 	 	 
	Date:	December
    30, 2015	 	Date:	December
    30, 2015 

 

	 	Covance
    Inc.
	 	 	 
	 	By:	/s/
    Anne Marie Kestel
	 	 	 
	 	Name:
    	Ann Marie Kestel
	 	 	 
	 	Title:
    	Associate
    Director Contract Management 
	 	 	 
	 	Date:	December
    30, 2015

 

    	Page 13 of 24

    	 	 	 

    

 

EXHIBIT
A-1

 

ADDITIONAL
TERMS AND CONDITIONS OF 

COVANCE
CLINICAL RESEARCH UNIT INC. (“CRU”)

 

WHEREAS,
Covance Inc. and Ritter Pharmaceuticals, Inc. (“Sponsor”) are parties to a Master Service Agreement (“Agreement”)
effective as of [Date]; and

 

WHEREAS,
this exhibit is Exhibit A-1 to the Agreement; and

 

WHEREAS,
CRU shall be considered a Covance Entity under the Agreement;

 

WHEREAS,
Sponsor and CRU agree on the terms of the Agreement and this Exhibit A-1.

 

NOW,
THEREFORE, in consideration of the foregoing premises, and other valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereby agree as follows:

 

1.
DEFINITIONS

 

Each
capitalized term used herein, but not defined, has the meaning specified in the Agreement unless a clear contrary interpretation
otherwise applies.

 

2.
TIMELINES

 

CRU
shall use its commercially reasonable efforts to perform the Phase I Services within the time frame as estimated in Attachment
A of the applicable IPA. Such time estimate assumes, however, the full cooperation of Sponsor, regulatory authorities, ethics
committees and other third parties not under CRU’s control, and shall be subject to adjustment (including costs) if the
work for the Services is delayed due to circumstances not attributable to CRU, in particular:

 

	 	●	failure
    of Sponsor to deliver the clinical supplies in due time, or
	 	 	 
	 	●	amendments
    to previously agreed upon protocols, procedures or documents required for the Services at the request of Sponsor, or
	 	 	 
	 	●	significant
    delays in pre-study meetings or in other tasks to be performed by CRU caused by Sponsor, or
	 	 	 
	 	●	delays
    in obtaining or subsequent withdrawal of regulatory or ethical review approvals concerning the Services

 

3.
TRANSFER OF OBLIGATIONS

 

If
applicable for the IPA, pursuant to 21 CFR 312.52 and/or the EC-GCP-Note for Guidance on Good Clinical Practice, as applicable,
CRU acknowledges and agrees that the responsibility for Services performed under the applicable IPA, as identified in Attachment
A to the IPA, will be transferred to CRU in accordance with 21 CFR §312.52 and/or applicable regulations outside the USA.
Sponsor shall retain responsibility for all other activities related to the Study. Except for those responsibilities specifically
transferred from Sponsor to CRU, Sponsor shall at all times be considered the “Sponsor” of the Study pursuant to the
terms of the Federal Food, Drug, and Cosmetic Act, as amended, the regulations of the U.S. Food and Drug Administration, as promulgated
in Title 21 of the U.S. Code of Federal Regulations, applicable regulations outside the USA, and the International Conference
on Harmonization Good Clinical Practices. Obligations transferred should be included in Form FDA 1571, Section #14, or equivalents
outside the USA.

 

    	Page 14 of 24

    	 	 	 

    

 

4.
STATUS REPORTING

 

All
of the Studies shall be performed in close cooperation with Sponsor, and designated Sponsor personnel will be kept informed of
the progress of the Study. CRU shall also provide Sponsor status reports on the Study in accordance with the IPA. The status reports
may include, but not be limited to, the number of subjects entered, dropped, and completed in the Study.

 

5.
CLINICAL SUPPLIES

 

At
Sponsor’s expense, Sponsor (or CRU if so designated), will supply CRU sites with the Drug or compound to which the Study
relates and other clinical supplies as are agreed upon by CRU and Sponsor for the timely completion of the Study, and will direct
the shipment of any such supplies to each location indicated by CRU. Sponsor will supply sufficient and comprehensive data as
may be required by CRU concerning the stability of the test material and storage and safety requirements.

 

6.
STUDY POSTPONEMENT OR CANCELLATION

 

(a)In
the event of Study cancellation, CRU shall be promptly paid in full for all work and services performed in connection with such
Study, as of the date work on such Study is actually concluded inclusive of all wind-down costs, Site fees, out of pocket expenses,
administrative Study set up fees, prorated fees for bed nights reserved as well as associated staffing fees irrevocably obligated
regardless of the achievement of any milestones or any whole/partial units used as payment triggers in the applicable IPA. CRU
shall use reasonable efforts to conclude or transfer the Study as expeditiously as practicable and in accordance with all applicable
laws, rules and regulations, including those of the FDA. Further, CRU and Sponsor shall cooperate with each other during such
Study termination to safeguard subject safety, continuity of subject treatment and to comply with applicable laws, rules and regulations.

 

(b)In
the event of Study delay, CRU shall be promptly paid in full for all work and services performed in connection with such Study,
as of the date of notification of the delay by Sponsor, inclusive of all wind-down costs, Site fees, out of pocket expenses, administrative
Study set up fees, prorated fees for bed nights reserved as well as associated staffing fees irrevocably obligated.

 

7.
ASSUMPTIONS AND DEVIATIONS

 

The
budget estimates specified in any Budget and Price and Payment Schedule with respect to a Study are subject to a number of general
and Study specific assumptions. The general assumptions (collectively, the “General Assumptions”) are as follows:

 

	 	(i)	The
    scope of the Study remains constant;
	 	 	 
	 	(ii)	Sponsor
    timely executes all of its obligations under this Agreement and applicable IPAs;
	 	 	 
	 	(iii)	Sponsor
    fully cooperates with CRU and applicable third-parties in the performance of CRU’s obligations under this Agreement
    and applicable IPAs and refrains from any actions or inactions which prevent CRU from timely or properly performing its obligations
    hereunder and thereunder, respectively;

 

    	Page 15 of 24

    	 	 	 

    

 

	 	(iv)	Third
    parties outside of the control of CRU timely and properly perform all appropriate tasks relevant to the Services; and
	 	 	 
	 	(v)	No
    other event outside of CRU’s control, including, without limitation, the events described in Section 14 (Force Majeure)
    of this Agreement occur.

 

The
Study specific assumptions (the “Study Specific Assumptions”) are set forth in the applicable IPA, Attachment A, Description
of Services.

 

8.
CHANGE ORDERS

 

The
following language applies to change orders applicable to the CRU. To whatever extent the following language may differ in the
procedural handling of change orders from the Section 4 of the Agreement, the language in this Exhibit A shall govern.

 

In
the event that any of the Assumptions (as hereinafter defined) are not complied with by Sponsor or Sponsor desires to modify or
deviate from them, or CRU determines that the Study objectives cannot be fulfilled based on the Assumptions, (each a “Deviation”)
then the budget estimates for such Study as specified in the corresponding IPA shall be modified in accordance with the terms
of this Section 8 hereof. For purposes of this Agreement, “Assumptions’ means any of the General Assumptions and the
Study Specific Assumptions. CRU shall be responsible for providing Sponsor with a written estimate of the consequences arising
from a Deviation, if any. The estimate will be provided to Sponsor on a change order form. Sponsor will forward to CRU an executed
and approved change order and, upon receipt thereof, CRU will implement the modification. CRU shall continue to provide Services
pending approval of the change order by Sponsor to the extent reasonably practicable but will not implement all or any part of
the changes without written agreement with respect thereto.

 

9.
NOTICES to CRU

 

All
notices to CRU shall be sent to Covance Clinical Research Unit Inc. 3402 Kinsman Boulevard, Madison, Wisconsin 53704, Attention:
General Manager.

 

10.
INSURANCE

 

A.COVANCE
shall have sufficient insurance to cover losses which may occur relating to the provision of Services and or failure to comply
with its obligations under this Agreement or any IPA including comprehensive general liability insurance with limits of at least
ten million United States Dollars (US $10,000,000) per occurrence. Upon written request, COVANCE shall provide SPONSOR with a
copy of COVANCE’s effective certificate of insurance. Such insurance shall be with a carrier of A- rating by A.M. Best’s
rating service or higher.

 

B.Sponsor
hereby represents and warrants that it maintains adequate clinical trial and product liability insurance coverage consistent with
industry standards and in compliance with all applicable laws, rules and regulations, to cover all patients screened or treated
as part of the Study for personal injury suffered as a result of the participation in the trial or the trial screening process,
with minimum coverage of five million United States Dollars (US $5,000,000) per occurrence; however, for any Study that is a first-in-human
study, SPONSOR represents and warrants that minimum coverage of such insurance shall be ten million United States Dollars (US
$10,000,000) per occurrence. SPONSOR represents and warrants that COVANCE shall be an additional insured with respect to such
insurance and that such insurance contains no additional exclusions clauses not normally found in insurance of such type whereby
such insurance coverage would not extend to the Study. Sponsor shall provide CRU with a copy of Sponsor’s effective certificate
of insurance or such other documented evidence to confirm that it has such coverage. Such insurance shall be with a carrier of
A- rating by A.M. Best’s rating service or higher and shall have a minimum extended discovery period of three (3) years.
Sponsor shall be required to maintain such insurance through the life of the study and for three (3) years thereafter and shall
notify CRU of any changes in coverage which impact the coverage requirements set forth above.

 

    	Page 16 of 24

    	 	 	 

    

 

11.
Cru Data Management Services

 

According
to Covance’s Northrop Grumman/MSSO and Uppsala Monitoring Center (UMC) Subscription Licensing Agreements, CRU is prohibited
from sharing dictionary terminology or data with any non-subscribing company. Thus, in offering our coding services, CRU assumes
that Sponsor has a current license subscription with the Northrop Grumman/MSSO for MedDRA and/or Uppsala Monitoring Center for
WHO DRUG, ICD-9 or WHO ART. CRU is required to verify Sponsor’s subscription status prior to work being started. Should
it be determined that Sponsor does not have an appropriate subscription, CRU shall have the right to (a) inform Northrop Grumman/MSSO
or UMC, (b) cease provision of any of the terminology or data, and (c) be reimbursed all costs, expenses and damages associated
with Sponsor’s failure to be properly licensed.

 

12.
COMPENSATION

 

(a)
Subject to the terms and conditions hereof, in consideration for the Services to be provided by CRU under the terms of this Agreement
and any IPA, CRU will not exceed the total amount of fees or the pass through budget set forth in the budget and price and payment
schedule for the Services without the prior written approval of Sponsor, unless specifically authorized in a change order. All
out of pocket expenses will be invoiced on a pass-through basis. Documentation for out of pocket expenses will be provided
via a summary report.

 

(b)
Any amounts paid by Sponsor to Covance under a Letter of Intent will be reconciled and applied against initial invoices due under
this Agreement and the respective IPA.

 

(c)
Should Sponsor disagree with the accuracy of an invoice, Sponsor shall notify CRU of such inaccuracy within twenty (20) days of
receipt of invoice. Sponsor agrees to pay the amount for any items not in dispute. Sponsor reserves the right to withhold payment
of the invoice items in dispute until the dispute is resolved by Sponsor and CRU. Sponsor agrees not to unreasonably withhold
payment.

 

(d)
All CRU invoices shall be payable in United States Dollars within 45 days of receipt by Sponsor. Payments received after 50 days
of receipt may be subject to a 1.5% per month late fee which may be applied to the next invoice on past due accounts. Payments
should be mailed to the following address:

 

If
by check:

Covance

P.O
Box 820511

Philadelphia,
PA 19182

 

If
by wire:

PNC
Bank, NA

Acct.
No. 8005497809

ABA
No. 0312-07607

 

    	Page 17 of 24

    	 	 	 

    

 

Invoices
should be sent to SPONSOR to the attention of:

Ellen
Mochizuki/Vice President of Finance

1880
Century Park East, Suite 1000

Los
Angeles, CA 90067

Phone:
310-203-1000

Fax:
310-919-1600

 

13.
RECORDS AND SAMPLES

 

(a)
Unless otherwise required by law or by the terms of this Agreement or the relevant IPA, all such Sponsor property, including but
not limited to written records pertaining to a Study, which CRU shall have in its possessions shall be maintained by CRU for a
period of not less than five (5) years from commencement of archiving and shall be organized in such manner that it will be ready
for prompt reference. After five (5) years or such longer period as may be required by applicable laws or regulations, CRU may
dispose of such property in accordance with Sponsor’s instructions and at Sponsor’s expense, and in any event, additional
storage of Sponsor property after five (5) years shall be at Sponsor’s expense. If Sponsor fails to give said instructions,
CRU shall so notify Sponsor; and if said instructions are still not forthcoming within thirty (30) days of said notification,
then CRU may destroy such property as it determines.

 

(b)
Primary pharmacokinetic samples will be shipped to the appropriate analytical laboratory according to Sponsor/protocol
requirements. Secondary samples will be stored with CRU according to the Sponsor/protocol
requirements for six (6) months following last subject clinical visit at which time the samples will be shipped to the archive
facility of the Sponsor’s choice at Sponsor’s expense. The Sponsor shall maintain written records of any disposition
of the samples in accordance with applicable laws and regulations. In the event the Sponsor fails to indicate archive facility,
secondary pharmacokinetic samples will be disposed of by CRU. The return or destruction of Active Pharmaceutical Ingredient (API)
will be specified within the Study Protocol.

 

14.
SAFETY DATA AND CLINICAL HOLDS

 

As
and when Sponsor becomes aware of any safety data from any source which are applicable to the Study and which may indicate a negative
impact on subject safety or well-being or in the event that there is a clinical hold on the Study by the applicable regulatory
agency, Sponsor shall promptly inform CRU in writing.

 

IN
WITNESS WHEREOF, the parties by their duly authorized officers have executed this Exhibit A-1 on the dates set forth below.

 

	Ritter
    Pharmaceuticals, Inc.	 	Covance
    Clinical Research Unit Inc.
	 	 	 	 	 
	By:	/s/ Andrew J. Ritter	 	By:
    	/s/
    Ann Marie Kestel
	 	 	 	 	 
	Name:
    	Andrew
    J. Ritter	 	Name:
    	Ann
    Marie Kestel
	 	 	 	 	 
	Title:
    	President 	 	Title:
    	Associate
    Director Contract Management 
	 	 	 	 	 
	Date:	December
    30, 2015	 	Date:
    	December
    30, 2015

  

    	Page 18 of 24

    	 	 	 

    

 

EXHIBIT
A-3

 

ADDITIONAL
TERMS AND CONDITIONS OF COVANCE INC.

(“COVANCE
CLINICAL”)

 

WHEREAS,
Covance Inc. and Ritter Pharmaceuticals, Inc. (“Sponsor”) are parties to a Master Service Agreement (“Agreement”)
effective as of [Date]; and

 

WHEREAS,
this exhibit is Exhibit A-3 to the Agreement; and

 

WHEREAS,
Covance Clinical shall be considered a Covance Entity under the Agreement;

 

WHEREAS,
Sponsor and Covance Clinical agree on the terms of the Agreement and this Exhibit A-3. 

 

NOW,
THEREFORE, in consideration of the foregoing premises, and other valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereby agree as follows:

 

1.
DEFINITIONS

 

Each
capitalized term used herein, but not defined, has the meaning specified in the Agreement unless a clear contrary interpretation
otherwise applies.

 

2.
STUDY DELAYS

 

Covance
Clinical shall use its commercially reasonable efforts to perform the Services within the time frame as estimated in the SOW of
the applicable IPA. Such time estimate assumes, however, the full cooperation of Sponsor, regulatory authorities, ethics committees
and investigators and other third parties not under Covance Clinical’s control, and shall be subject to adjustment (including
costs) if the work for the Services is delayed due to circumstances not attributable to Covance Clinical, in particular:

 

	 	●	failure
    of Sponsor to deliver the clinical supplies in due time, or
	 	 	 
	 	●	amendments
    to previously agreed upon Protocols, procedures or documents required for the Services at the request of Sponsor, or
	 	 	 
	 	●	significant
    delays in pre-study meetings or in other tasks to be performed by Covance Clinical caused by Sponsor, or
	 	 	 
	 	●	changes
    to the key Study assumptions, or
	 	 	 
	 	●	delays
    in obtaining or subsequent withdrawal of regulatory or ethical review approvals concerning the Services, or
	 	 	 
	 	●	death
    or disability of any investigator or other research specialist to continue his work for the Study, or
	 	 	 
	 	●	higher
    ratio of drop-outs among trial subjects than anticipated in the SOW of the applicable IPA, or
	 	 	 
	 	●	lower
    enrollment rates than expected and agreed by Covance Clinical and Sponsor, or
	 	 	 
	 	●	unforeseen
    change in the relevant medical practice.

 

In
the event that a Study is delayed or placed on-hold for more than thirty (30) calendar days Sponsor shall have the right to retain
at their expense all core team members as defined in the applicable IPA on a full time equivalent basis for the duration of the
delay or on-hold period. If Sponsor does not wish to retain any core team members for the duration of the on-hold or delay period,
Covance Clinical shall have the right to reallocate any and all such staff after a thirty (30) calendar day period. If the delay
or on-hold period continues for ninety (90) days either party may, by provision of written notice, terminate the applicable IPA.

 

    	Page 19 of 24

    	 	 	 

    

 

3.
EARLY TERMINATION

 

In
the event of early termination of an IPA pursuant to Section 15A of the Agreement, Sponsor may terminate any IPA prior to the
Study’s completion at any time for any reason upon thirty (30) days written notice to Covance, except when the reason for
termination is the safety of subjects, then it can be terminated immediately. Covance Clinical may not terminate any IPA without
cause, except when the reason for the termination is the safety of subjects and then Covance Clinical can terminate immediately.
In the event of such termination by a party, Covance Clinical shall be entitled to full payment for (i) work performed on the
Project up through the date work on such Project is concluded, including all investigator grant expenses and other out of pocket
expenses and all Covance Clinical fees, as of the date work on such services is actually concluded (inclusive of all wind down
costs) and (ii) reimbursement for all non-cancellable and non-refundable expenses and financial obligations which Covance Clinical
has incurred or undertaken on Sponsor’s behalf (e.g., purchase of external databases).

 

4.
INDEPENDENT CONTRACTOR

 

With
respect to agreements with investigators and/or institutions pursuant to this IPA, Sponsor hereby authorizes Covance Clinical
to enter into such agreements with investigators and/or institutions on behalf of Sponsor, using a form of agreement to be agreed
upon by Sponsor and Covance Clinical with modifications subject to approval by Sponsor. Covance Clinical shall provide copies
of such agreements to Sponsor. Any investigators or institutions used in connection with the clinical investigation to which the
IPA relates shall be independent contractors exercising independent judgment and shall not be deemed employees, subcontractors
or agents of Covance Clinical.

 

5.
COMPENSATION

 

Subject
to the terms and conditions hereof, in consideration for the Services to be provided by Covance Clinical under the terms of this
Agreement and any applicable IPA, Sponsor hereby agrees to pay to Covance Clinical the overall budget, including, without limitation,
fees associated with the performance of the Services, investigator fees and other out of pocket expenses, as specified in the
applicable IPA.

 

Should
Sponsor disagree with the accuracy of an invoice, Sponsor shall notify Covance Clinical of such inaccuracy within ten twenty (20)
days of receipt of invoice. Sponsor agrees to pay the amount for any items not in dispute. Sponsor reserves the right to withhold
payment of the invoice items in dispute until the dispute is resolved by Sponsor and Covance Clinical. Sponsor agrees not to unreasonably
withhold payment.

 

All
Covance Clinical invoices shall be payable within forty-five (45) days of receipt by Sponsor. Invoices for out of pocket expenses
will be invoiced on a pass through basis. Documentation for out of pocket expenses will be provided via a summary report. Detailed
back up to include actual expense reports and/or expense receipts will not be provided. Payments received after fifty (50) days
of receipt of the invoice will be subject to a 1.5% per month late fee which may be applied to the next invoice. Payments should
be mailed to the following address:

 

If
by check:

Covance
Inc.

PNC
Bank

Courier
only

Attn:
Lockbox 820805

Rte
38 & East Gate Drive

Moorestown,
NJ 08057

Federal
Tax I.D. Number 22-3265977

 

    	Page 20 of 24

    	 	 	 

    

 

If
by wire:

Covance
Inc.

PNC
Bank

Account
No. 8005497833

ABA
No. 0312-07607

 

6.
CHANGES

 

It
is understood and agreed that the applicable IPA shall be deemed to be either a Fixed Price IPA or a Fixed Unit Price IPA. “Fixed
Price” shall mean that, the fixed set of Services outlined in the SOW shall be delivered in accordance with the fixed budget
outlined in the Budget. For the avoidance of doubt the parties agree that any changes, additions, or omissions to the Services,
or the underlying assumptions, shall result in corresponding adjustments to such exhibits and shall be processed in accordance
with Section 4 of the Agreement. “Fixed Unit Price” shall mean that, the fixed set of Services outlined in the SOW
shall be delivered in accordance with the fixed unit budget outlined in the Budget. For the avoidance of doubt the parties agree
that any changes, additions, or omissions to the Services, or the underlying assumptions, may result in corresponding adjustments
to the Fixed Unit Prices or the development of a new unit, as the case may be. Further, it is understood and agreed that the units
outlined in the Budget shall be used for pricing purposes only. The Fixed Unit Prices listed reflect the average Unit Price to
perform the task and are not illustrative of the actual effort associated with the unit. Therefore, should the scope of an individual
unit change or the projected number of units not be achieved, the unit prices shall be re-evaluated to reflect the actual effort
associated with the unit and processed in accordance with Section 4 of the Agreement.

 

The
timeline, fee and expense estimates specified in the applicable IPA with respect to Services are subject to the assumptions outlined
therein. In addition, the timeline, fee and expense estimates assume that: (i) the scope of the Services remains constant; (ii)
Sponsor timely executes all of its obligations under the Agreement and the applicable IPA; (iii) Sponsor fully cooperates with
Covance Clinical and applicable third-parties in the performance of Covance Clinical’s obligations under the Agreement and
the applicable IPA; (iv) third parties outside of the control of Covance Clinical timely and properly perform all appropriate
tasks relevant to the Services and (v) no other event outside of Covance Clinical’s control occurs, including, without limitation,
the events described in Section 14 of the Agreement or any change in applicable laws, rules and regulations which affects the
Project.

 

In
the event that any of the assumptions described above or as set forth in the applicable IPA are not complied with or are invalid,
then the timeline, fee and expense estimates for such Services shall be modified in accordance with the terms of Section 4 of
the Agreement. Covance shall continue to provide Services pending approval of the Change Order by Sponsor to the extent reasonably
practicable but if the parties cannot agree on such changes, Covance shall not be obliged to provide further Services.

 

7.
PROJECT OVERSIGHT AND FINANCIAL MANAGEMENT

 

Covance
Clinical agrees to provide suitably qualified and experienced personnel to deliver the Services in line with industry standards
and the assumptions outlined in the applicable IPA.

 

Covance
Clinical and Sponsor shall conduct financial reviews of each Study, periodically, as set forth in the applicable IPA. The parties
will discuss the progress of the Study and review the Study budget against the Services and, where appropriate, propose any appropriate
adjustments to the Budget, Study or Services.

 

    	Page 21 of 24

    	 	 	 

    

 

8.
COVANCE CLINICAL ADDRESS FOR NOTICES

 

All
notices to Covance Clinical shall be sent to Covance Inc., 210 Carnegie Center, Princeton, NJ 08540-6233, Attention: General Manager.

 

9.
INSURANCE

 

A.
Covance Clinical shall have sufficient insurance to cover losses which may occur relating to the provision of Services and
or failure to comply with its obligations under this Agreement or any IPA including comprehensive general liability insurance
with limits of at least ten million United States Dollars (US $10,000,000) per occurrence. Upon written request, Covance Clinical
shall provide Sponsor with a copy of Covance Clinical’s effective certificate of insurance. Such insurance shall be with
a carrier of A- rating by A.M. Best’s rating service or higher.

 

B.
Sponsor hereby represents and warrants that it maintains adequate clinical trial and product liability insurance coverage
consistent with industry standards and in compliance with all applicable laws, rules and regulations, to cover all subjects screened
or treated as part of the Study for personal injury suffered as a result of the participation in the trial or the trial screening
process, with minimum coverage of five million United States Dollars (US $5,000,000) per occurrence; however, for
any Study that is a first-in-human study, Sponsor represents and warrants that minimum coverage of such insurance shall be ten
million United States Dollars (US $10,000,000) per occurrence. Sponsor represents and warrants that Covance Clinical
shall be an additional insured with respect to such insurance and that such insurance contains no additional exclusions clauses
not normally found in insurance of such type whereby such insurance coverage would not extend to the Study. Upon written request,
Sponsor shall provide Covance with a copy of Sponsor’s effective certificate of insurance or such other documented evidence
to confirm that it has such coverage. Such insurance shall be with a carrier of A- rating by A.M. Best’s rating service
or higher and shall have a minimum extended discovery period of three (3) years. Sponsor shall be required to maintain such insurance
through the life of the Study and for three (3) years thereafter and shall notify Covance Clinical of any changes in coverage
which impact the coverage requirements set forth above.

 

10.
TRANSFER OF OBLIGATIONS

 

Covance
Clinical acknowledges and agrees that the responsibility for Services performed under the applicable IPA, as outlined in the applicable
SOW, are being transferred to Covance Clinical in accordance with 21 CFR §312.52 and applicable regulations outside the U.S.A.
Sponsor shall retain responsibility for all other activities related to the Study. Except for those responsibilities specifically
transferred from Sponsor to Covance, Sponsor shall at all times be considered the “Sponsor” of the study pursuant
to the terms of the Federal Food, Drug, and Cosmetic Act, as amended, the regulations of the U.S. Food and Drug Administration,
as promulgated in Title 21 of the U.S. Code of Federal Regulations, applicable regulations outside the U.S.A., and the International
Conference on Harmonization Good Clinical Practices. Obligations transferred should be included in Form FDA 1571, Section #14
or equivalents outside the U.S.A. The parties acknowledge and agree that although Covance Clinical may recommend investigative
sites be closed (i.e., due to site non-performance), Sponsor shall retain responsibility for formally approving the closing of
such investigative sites.

IN
WITNESS WHEREOF, the parties by their duly authorized officers have executed this Exhibit A-3 on the dates set forth below.

 

	Ritter
    Pharmaceuticals, Inc.	 	Covance
    Inc.
	 	 	 	 	 
	By:	/s/ Andrew J. Ritter	 	By:
    	/s/
    Ann Marie Kestel
	 	 	 	 	 
	Name:
    	Andrew
    J. Ritter	 	Name:
    	Ann
    Marie Kestel
	 	 	 	 	 
	Title:
    	President 	 	Title:
    	Associate
    Director Contract Management 
	 	 	 	 	 
	Date:	December
    30, 2015	 	Date:
    	December
    30, 2015

 

    	Page 22 of 24

    	 	 	 

    

 

EXHIBIT
B

 

SAMPLE
INDIVIDUAL PROJECT AGREEMENT

 

	Sponsor
    Protocol: _________	 	Covance
    Project: ____________

 

THIS
INDIVIDUAL PROJECT AGREEMENT, made as of __________________ by and between [Name and address of Covance Entity] (“Covance”),
and Ritter Pharmaceuticals, Inc., (“Sponsor”) (this Individual Project Agreement, as amended, modified or supplemented
from time to time being, this “IPA”).

 

WITNESSETH:

 

WHEREAS,
Sponsor and Covance Inc. entered into a Master Service Agreement dated _____________ (as amended, supplemented or modified from
time to time, the “Agreement”);

 

WHEREAS,
Covance would like to perform Projects from time to time on the terms of the Agreement, the additional terms and conditions set
forth on Exhibit A[- #] this IPA, the Protocol, and related documents;

 

WHEREAS,
this IPA is referenced in the Agreement.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt of which are hereby acknowledged; and subject to the terms and conditions
of the Agreement, Exhibit A[- #] and this IPA, Sponsor and Covance hereby agree as follows:

 

1.
DEFINITIONS

 

Each
capitalized term used herein, but not defined, has the meaning specified in the Agreement unless a clear contrary interpretation
otherwise applies.

 

2.
OBLIGATIONS OF COVANCE

 

Covance
agrees to perform the services (“Services”) for Sponsor’s Protocol _______________ as set forth in the SOW,
attached hereto.

 

3.
COMPENSATION

 

The
estimated budget, fees, and expenses in connection with the Project are as set forth in the Budget, attached hereto. Invoices
are due within forty-five (45) days of invoice receipt by Sponsor.

 

4.
AGREEMENT

 

This
IPA is subject to all of the terms, limitations, conditions and provisions of the Agreement and Exhibit A[- #] and shall be construed
in accordance therewith.

 

    	Page 23 of 24

    	 	 	 

    

 

5.
INSURANCE [FOR COVANCE CLINICAL, CRU, CRU LTD]

 

[Sponsor
hereby represents that insurance referred to in section 9 of Exhibit A-3 (Covance Clinical) of the Agreement is applicable to
and valid for the duration of this Study.]

 

[Sponsor
hereby represents that insurance referred to in section 10 of Exhibit A-1 (CRU) of the Agreement is applicable to and valid for
the duration of this Study.]

 

[Sponsor
hereby represents that insurance referred to in section 7 of Exhibit A-2 (CRU Ltd) of the Agreement is applicable to and valid
for the duration of this Study.]

 

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

 

	Ritter
    Pharmaceuticals, Inc.	 	[Name of Covance Entity]
	 	 	 	 	 
	By:	 	 	By:
    	 
	 	 	 	 	 
	Name:
    	 	 	Name:
    	 
	 	 	 	 	 
	Title:
    	 	 	Title:
    	 
	 	 	 	 	 
	Date:	 	 	Date:
    	 

 

    	Page 24 of 24

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