Document:

Exhibit 4.32

 

[***] INDICATES CONFIDENTIAL PORTION HAS
BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION

 

 

SALE AND PURCHASE AGREEMENT

 

DATE:  October 2016, (the
“Agreement Date”)

 

PARTIES:

 

		(A)	Karo Pharma AB, Nybrokajen 7, 111 48 Stockholm, Sweden, a company incorporated in Sweden
with registered number 556309-3359, (the “Seller”); and

 

		(B)	Oasmia Pharmaceutical AB, Vallongatan 1, 752 28 Uppsala, Sweden, a company incorporated
in Sweden with registered number 556332-6676, (the “Buyer”),

 

(each a “Party”
and together, the “Parties”).

 

		1.	DEFINITIONS

 

“Affiliate”
means, with respect to a Party, any company or other entity that directly or indirectly controls, is controlled by, or is under
common control with that Party. For the purpose of this definition, “control” shall mean direct or indirect ownership
of fifty percent (50%) or more of the shares of stock entitled to vote for the election of directors, in the case of a corporation,
or fifty percent (50%) or more of the equity interest in the case of any other type of legal entity, or status as a general partner
in any partnership, or any other arrangement whereby the entity controls or has the right to control the board of directors or
equivalent governing body or the ability to cause the direction of the management or policies of such other entity.

 

“Assets”
means the Know How and the Transferring Intellectual Property;

 

“Closing”
means completion of the sale and purchase of the Assets in accordance with clause Fel! Hittar inte referenskälla.3.2;

 

“Consideration”
means the consideration set forth in clause 2.3;

 

“Encumbrance”
means any mortgage, charge, pledge, assignment, security interest, title retention or other security agreement or arrangement;

 

“Field” means
use for the treatment of Cancer.

 

“Know-How”
means all existing and available medical and technical information, know-how and data, including inventions (whether patentable
or not), discoveries, trade secrets, specifications, formulae and other technology and biological, chemical, pharmacological, biochemical,
toxicological, pharmaceutical, physical and preclinical and clinical data, to the extent exclusively relating to the use of the
Substance in the Field and owned by Seller on the Agreement Date.

 

“Revenues”
means any and all amounts payable to Buyer and its Affiliates by third parties to the extent attributable to sales of Substance
or Products or to licensing, sale, assignment, transfer or other disposition of any documentation, market authorization or right
for the manufacture, use, sale or other commercialization of the Substance or Products, directly or indirectly, such as, for instance,
lump-sum payments, option fees, sales revenues, milestone payments, royalties and purchase price payments, when applicable through
whatever legal structure Buyer and its Affiliates may choose, including without limitation selling or issuing shares in an Affiliate.
To the extent that such amounts payable to Buyer constitute other than monetary compensation, including but not limited to shares,
stock options, product rights and other remuneration in kind, then such non-monetary consideration shall be valued at fair market
value and be deemed to be Revenues.

 

     

     

    

 

“Products” means
any pharmaceutical product containing the Substance.

 

“Project” means
Seller ́s development of Products for use in the Field (Project KB9520 Cancer).

 

“Substance”
means KB9520 and any substance related thereto claimed by the Transferring Intellectual Property and any metabolite, prodrug, hydrate,
solvate, conjugate, salt, crystal form, ester, enantiomer, isomer or polymorph of the same and any derivative of any of these;

 

“Transferring Intellectual
Property” means the patents and patent applications listed in Appendix 1 and any other intellectual property pertaining
to the Know How to the extent exclusively relating to the use of the Substance in the Field and owned by Seller on the Agreement
Date.

 

		2.	Sale and Purchase

 

		2.1	Sale and purchase

 

Seller shall
sell and Buyer shall buy the Assets free from Encumbrances on the terms of this Agreement. Title to the Assets shall, subject to
due performance by Buyer of its obligations under clause 3.2, pass to Buyer at Closing.

 

		2.2	Excluded assets

 

Notwithstanding
anything to the contrary in this Agreement Seller does not sell and Buyer does not buy any trademarks or tradenames of Seller (whether
registered or not), any rights or assets outside of the Field or any right to, or right to use, any of the Assets outside of the
Field.

 

		2.3	Consideration

 

		2.3.1	For the acquisition of the Assets Buyer shall pay the following Consideration to Seller:

 

		(a)	MSEK 25, (twenty five million Swedish crowns) to be settled by an issue of shares to Seller as
further stipulated in clause 3.2, and

 

		(b)	royalties at the rate of 20 % (twenty per cent) of Revenues.

 

		2.3.2	VAT

 

If
VAT should be chargeable on payments to be made to Seller under this Agreement Buyer shall pay the amounts of such VAT to Seller
in addition, provided that Seller shall issue an appropriate VAT invoice for such purpose.

 

		3.	Closing

 

		3.1	Date and place of Closing

 

Closing shall take place on
the Agreement Date at the office premises of Seller immediately following signing of this Agreement.

 

		3.2	The Closing

 

		3.2.1	Buyer shall procure that, at Closing (a) the board of directors of
the Buyer, by utilizing the authorization given by the Buyer ́s annual general meeting, resolves to increase the Buyer’s
share capital by an issue of shares to the Seller of an aggregate value corresponding to the Consideration set forth in clause
2.3.1(a), (b) such resolution is filed for registration with the Swedish Companies Registration Office (Sw. Bolagsverket),
and (c) the Buyer's bank is instructed to transfer the shares so issued to a VP account to be indicated by Seller in writing as
soon as the new shares have been registered by the Swedish Companies Registration Office.

 

     

     

    

 

		3.2.2	At Closing, Seller shall, (subject to due performance by Buyer of
its obligations under clause 3.2.1) deliver to Buyer all Assets which are capable of transfer by delivery.

 

		3.2.3	The shares issued under clause 3.2.1 shall be paid by set-off against
Seller ́s claim on the Buyer for payment of the Consideration under clause 2.3.1(a) by means of a set-off agreement (Sw.
kvittningsavtal) in the form attached hereto as Appendix 2, which the Parties shall sign at Closing.

 

		3.2.4	In determining the number of shares to be issued under clause 3.2.1,
the value of each share shall be deemed to be the average closing market price of the Buyer's share quoted on Nasdaq Stockholm
over the ten (10) business day trading period prior to and including the Agreement Date.

 

		4.	Post-Closing Obligations

 

		4.1	Communications and further Documents

 

		4.1.1	For a period of one year Seller shall promptly pass to Buyer all
material notices, correspondence, inquiries and other communications relating to the Assets which are received by Seller after
the Agreement Date.

 

		4.1.2	At Buyer ́s request Seller shall execute and deliver such other
documents and instruments as are reasonably necessary to consummate the transactions contemplated hereby.

 

		5.	Royalties

 

		5.1	Reports and Payments

 

		5.1.1	Buyer shall pay royalties as set forth in clause 2.3.1(b) within
thirty (30) calendar days after the first day of January, April, July and October of each year.

 

		5.1.2	Simultaneously with the payments under clause 5.1 Buyer shall provide
Seller with a written report with respect to the preceding calendar quarter stating (a) the amount of Revenues, specified in such
detail as Seller shall require, (b) currency exchange rates used in determining the royalties, and (c) a calculation of the amount
due to Seller.

 

     

     

    

 

		5.1.3	Payments of royalties shall be made in immediately available funds
in SEK to a bank account to be designated in writing by Seller. To the extent Revenues are accrued in currencies other than SEK,
such Revenues shall be converted to SEK at the average daily rate of exchange for the applicable calendar quarter as published
by Financial Times Europe edition.

 

		5.1.4	All payments hereunder are exclusive of any taxes, fees or charges
imposed by any national or local authority. In the event that any tax, duty or other levy is required to be withheld on account
of royalties or other payments to be made to Seller hereunder, such amounts will be deducted from the amount of royalties or other
payments due. Buyer will secure and send to Seller proof of any such taxes, duties or other levies withheld or paid by Buyer for
the benefit of Seller, and cooperate with any request to ensure that amounts withheld or so paid are reduced to the fullest extent
permitted by the relevant jurisdiction.

 

		5.1.5	Any amount payable hereunder which is not paid on the due date shall
bear interest according to the Swedish Interest Act.

 

		5.2	Books and Records

 

Buyer shall, and shall cause
its Affiliates to, keep true and accurate books and records in sufficient detail so that the royalties payable hereunder can be
properly ascertained and, at the request of Seller, permit a recognized certified public accountant selected by Seller to have
access during ordinary business hours upon reasonable notice to such books and records as may be necessary to determine the correctness
of any report or payment made or to be made. Seller shall be responsible for the expenses for the certified public accountant,
except that Buyer shall reimburse Seller such expenses if the accountant determines that the royalties payable to Seller are less
than ninety-five percent of the amount actually owed for the period of the audit.

 

 

     

     

    

 

		6.	EXCLUSION OF Warranties

 

Buyer
confirms that it has undertaken such investigation, and has been provided with and evaluated such information, as Buyer deemed
necessary to be able to make an informed and intelligent decision with respect to entering into this Agreement. Except as otherwise
expressly stipulated herein, Buyer agrees to purchase the Assets "AS IS" and without relying on Section 19 of the Sale
of Goods Act (Sw. Köplagen (1990:931)), which section shall not apply to the transactions contemplated hereby. Buyer
accepts the Assets in the condition they are on the Agreement Date based upon its own examination and determination with respect
thereto, and without reliance upon any express or implied representation or warranty made by or imputed to Seller by operation
of the Sale of Goods Act (Sw. Köplagen (1990:931)), the International Sale of Goods Act (Sw. Lag (1987:822) om internationella
köp), or any other statute, law or legal principle, and no action or omission by Seller shall be construed as implying
any other representation or warranty. Without limiting the generality of the foregoing Seller makes no representation or warranty
with respect to (i) merchantability, non-infringement or fitness for a particular purpose, (ii) intellectual property rights in
and to recipes, formulas and manufacturing techniques (it being understood that such rights are held by third party manufacturers),
(iii) any financial statement, projection or budget, any estimate in respect of future business opportunities, timing of trials
and other activities, or (iv) safety, efficacy or other properties of the Substance, and Seller expressly disclaims any and all
liability or obligation in respect of any of the foregoing. 

 

 

 

 

 

		7.	MISCELLANEOUS

 

		7.1	Announcements

 

Neither Party shall issue any
press release or make any public announcement regarding this Agreement or the transaction contemplated hereby without first having
consulted the other Party.

 

		7.2	Confidentiality

 

Each
Party undertakes to keep confidential and not disclose any of the terms and conditions of this Agreement unless and to the extent
such disclosure is required pursuant to applicable law or applicable stock exchange or recognised market place rules or regulations.

 

		7.3	Assignment

 

Neither Party may assign its
rights or obligations under this Agreement, in whole or in part, without the prior written consent of the other Party.

 

		7.4	Whole agreement; Variations

 

This Agreement
constitutes the whole agreement between the Parties relating to its subject matter and supersedes and extinguishes any prior promises,
understandings and agreements, whether in writing or oral, relating to such subject matter. No variation of this Agreement shall
be effective unless made in writing and signed by each of the Parties.

 

     

     

    

 

		7.5	Costs

 

Except as otherwise
expressly provided herein, each Party shall bear its own costs and expenses arising out of or in connection with the preparation,
negotiation and implementation of this Agreement.

 

		7.6	Term

 

Clause 5.1, clause 5.2, this
clause 7 and clause 8 shall remain in full force and effect without limitation in time.

 

 

		8.	law; DISPUTE

 

		8.1	This Agreement shall
be governed by Swedish law, except that the Swedish Sale of Goods Act (SFS 1990:931) and the International Sale of Goods Act (SFS
1987:822) shall not apply to the transactions contemplated hereby.

 

		8.2	Any dispute, controversy
or claim arising out of or in connection with this Agreement shall be finally settled by arbitration in accordance with the Rules
of the Arbitration Institute of the Stockholm Chamber of Commerce. The place of arbitration shall be Stockholm, Sweden. The Parties
agree that all arbitral proceedings will be kept confidential.

 

[signature page to follow]

 

     

     

    

 

SIGNATORIES

 

This Sale and Purchase Agreement has been duly executed by the
Parties on the Agreement Date in two (2) copies of which the Parties have taken one each.

 

 

	Oasmia Pharmaceutical AB	 	Karo Pharma AB	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

 

     

     

    

 

Appendix 1

 

Transferring Intellectual Property

 

 

[***]Exhibit 4.33

 

[***] INDICATES CONFIDENTIAL PORTION HAS
BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION

 

 

SUPPLY AND DISTRIBUTION
AGREEMENT

 

This Agreement is made on this 9th
day of June 2017 entered into by and between:

 

		(1)	OASMIA
                                         PHARMACEUTICAL AB (“Oasmia”) a corporation under the laws of Sweden and having
                                         its principal office at Vallongatan 1, 752 28 Uppsala, Sweden;

and

		(2)	HETERO LABS
                                         LTD. (“Hetero”), an Indian corporation with its corporate address at 7-2-A2,
                                         Industrial Estates, Sanath Nagar, Hyderabad, 500 018, Telangana, India.

 

Oasmia and Hetero are hereinafter jointly referred
to as the Parties, and individually as a Party.

 

		1.	BACKGROUND

 

		1.1	Oasmia has
                                         certain worldwide rights to Licensed Technology (hereinafter defined) to the Product
                                         (hereinafter defined).

 

		1.2	Hetero
                                         is a company specializing in marketing and distribution of pharmaceutical products and
                                         has the competences and capabilities to sell and distribute the Product in the Territory
                                         (hereinafter defined).

 

		1.3	Oasmia is
                                         desirous of granting to Hetero, and Hetero is desirous of accepting from Oasmia, the
                                         exclusive rights to market, sell and distribute the Products under OASMIA’s Trademarks
                                         in the Territory.

 

		1.4	Oasmia is
                                         desirous of supplying Hetero’s requirements of the Product and Hetero is desirous
                                         of purchasing the same from Oasmia.

 

		2.	DEFINITIONS

 

		2.1	For the
                                         purpose of this Agreement the following expressions shall have the following meanings:

 

		2.1.1	“Affiliate”
                                         shall mean any entity that directly (or indirectly through one or more intermediaries)
                                         controls, is controlled by, or is under common control with a Party, and the term “control”
                                         means control of (i) more than half of the voting power or issued share capital, or (ii)
                                         the control directly or indirectly to direct or cause direction of the management and
                                         policies of an entity; and the terms “controls” and “controlled”
                                         shall be construed accordingly;

 

		2.1.2	“Agreed
                                         Quality” shall have the meaning given in clause 13;

 

		2.1.3	“Agreement”
                                         shall mean this Supply and Distribution Agreement;

 

    
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		2.1.4	“Binding
                                         Purchase Order” shall have the meaning given in clause 11;

 

		2.1.5	“Claim”
                                         shall mean any claim, action, demand, proceeding, complaint or other similar action (including,
                                         but not limited to, any such claim, action, demand, proceeding, complaint or other similar
                                         action by third party);

 

		2.1.6	“Competent
                                         Authorities” shall mean any and all competent and regulatory authorities in each
                                         of the countries in the Territory: (i) that are responsible for the regulation of medicinal
                                         products intended for human use and responsible for granting any Marketing Authorization,
                                         including but not limited to the European Medicinal Agency (EMA)/European Commission;

(ii) all local Medicinal Product Agencies; and (iii)
all pricing and reimbursement authorities;

 

		2.1.7	“Confidential
                                         Information” shall mean in relation to a Party any secret or proprietary information
                                         (whether written or oral and in whatever medium) relating to a Party’s business
                                         or of the business of their Affiliates, including Intellectual Property Rights, the Trademark,
                                         Know-how, the Improvements, the Product and related developments, other products, substances,
                                         customer lists, pricing policies, employment records and policies, operational methods,
                                         marketing and strategy plans and policies, product development techniques or plans, regulatory
                                         data, regulatory applications and dealings, methods of manufacture, technical processes,
                                         design projects, inventions and research programmes, trade secrets and other business
                                         affairs, and any other information of a confidential nature of the Party or its Affiliates;

 

		2.1.8	“Cost
                                         of Goods” shall have the meaning given in Appendix I;

 

		2.1.9	“Current
                                         Good Distribution Practice” or “cGDP” or “GDP” shall mean
                                         Good Distribution Practice as defined in all applicable legislations and guidelines;

 

		2.1.10	“Current
                                         Good Manufacturing Practice” or “cGMP” or “GMP” shall mean
                                         Good Manufacturing Practice for medicinal products as defined in all applicable legislation
                                         and guidelines;

 

		2.1.11	“Customer”
                                         shall mean any party to which Hetero delivers and invoices Product;

 

		2.1.12	“Data
                                         Market Exclusivity” shall mean any data protection, market and sales exclusivity
                                         (including but not limited to orphan and paediatric) or any similar protection granted
                                         to the Product according to the applicable rules and regulations in the Territory;

 

		2.1.13	“Delivery
                                         Date” shall mean the date of the Product receipt by Hetero under CIP, Sheremetyevo
                                         Airport Moscow, Russia (Incoterms 2010);

 

		2.1.14	“Effective
                                         Date” shall mean the date of signing of this Agreement by both Parties;

 

		2.1.15	“Fiscal
                                         Year” shall mean a period from the 1st January through 31st December in the same
                                         year;

 

    
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		2.1.16	“Field”
                                         shall mean human therapy;

 

		2.1.17	“Finished
                                         Product” shall mean the Product packaged labelled and released by Oasmia according
                                         to the specifications with the approval by Competent Authorities for distribution and
                                         sale specific for each country of the Territory;

 

		2.1.18	“Gross
                                         Sales” shall have the meaning given in Appendix I;

 

		2.1.19	“Oasmia’s
                                         Patents” shall mean Patents in the Territory that are owned or controlled by Oasmia
                                         and that relate to the Product, including its uses and processes for manufacture;

 

		2.1.20	“Information”
                                         means any information, communications or data, in any form, including oral, written,
                                         graphic, electro-magnetic, in machine readable form, computerized, or otherwise stored
                                         in any media;

 

		2.1.21	“Intellectual
                                         Property” shall mean all intellectual property including all patents, trademarks,
                                         service marks, registered designs, utility models, design right, database rights, copyright,
                                         trade secrets and other confidential information, know-how, and all other intellectual
                                         and industrial property and rights of a similar or corresponding nature in any part of
                                         the world, whether registered or not or capable of registration or not and including
                                         the right to apply for all and all applications for any of the foregoing rights, right
                                         to claim priority, the right to sue for past infringements and common law or equitable
                                         remedies in respect of any of the foregoing rights, and any renewals, extensions or restorations,
                                         and divisional, continuation and reissued applications of the foregoing rights (and “Intellectual
                                         Property Rights” mean rights, title and interest including all moral rights in
                                         such Intellectual Property;

 

		2.1.22	“Know-how”
                                         shall mean any and all relevant information, data and/or know-how, related to the Product;

 

		2.1.23	“Oasmia’s
                                         Technology” shall mean collectively the Know-how and the Regulatory or Clinical
                                         Data owned or controlled by Oasmia;

 

		2.1.24	“Losses”
                                         shall mean direct loss or lost profits caused to any of the Parties to this Agreement
                                         as result of the other Party’s actions, howsoever they might arise, whether as
                                         a result of a tort (including negligence), breach of contract, breach of statutory duty
                                         or misrepresentation;

 

		2.1.25	“Marketing
                                         Authorization” shall mean any and all marketing and other authorizations and approvals
                                         for use in the Field by Competent Authorities or governmental or similar body necessary
                                         for the lawful importation, use, marketing, promotion, distribution, and sale (whether
                                         to the public or the private sectors) of the Product in each country of the Territory
                                         including but not limited to regulatory approval and pricing and reimbursement. Distribution
                                         of the Product in the Territory on a Named Patient basis is not considered a Marketing
                                         Authorization;

 

    
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		2.1.26	“Marketing
                                         Authorization Holder” shall in all text refer to Oasmia or Hetero, as specifically
                                         agreed in writing by the Parties in a specific case;

 

		2.1.27	“Non-Conforming
                                         Product” shall have the meaning given in clause 13;

 

		2.1.28	“Patent
                                         Rights” shall mean all intellectual and industrial property rights, including the
                                         rights to claim priority, the right to sue for past infringements and common law or equitable
                                         remedies in respect of any of the rights, and any renewals, extensions or restorations,
                                         and divisional, continuation and reissued applications of the following rights: (a) (i)
                                         the right in patent applications shown in Appendix II (and patents issued thereon) and
                                         all inventions described therein; and (ii) rights in patents shown in Appendix II and
                                         all inventions described therein; and in each of (i) and (ii), including any substitutions,
                                         extensions, reissues, renewals, divisions, confirmations, continuations-in-part, registrations,
                                         and all foreign counterpart patent applications and patents; and (b) (i) rights in all
                                         patentable inventions made and patent applications which are filed for by Oasmia or any
                                         of its Affiliates during the Team (and patents issued thereon) and that relate to the
                                         Product; and (ii) rights in patentable inventions made and patent applications licensed
                                         to or acquired during the Term by Oasmia or any of its Affiliates from third parties
                                         and that relate to the Product; and which, in respect of (b)(i) and (ii), in the absence
                                         of a license, would constitute an infringement of the patents or patent applications
                                         listed in Appendix II;

 

		2.1.29	“Product”
                                         shall mean Paclical® a micellar paclitaxel lyophilized powder for injection and XR17;
                                         or any other brand name applicable in the Territory for the Paclical product;

 

		2.1.30	“Regulatory
                                         Data” shall mean data and Information arising from interactions with Competent
                                         Authorities, or drafted or prepared with the intention of being submitted, or which is
                                         actually submitted to any Competent Authority, and all preparatory data and Information
                                         that supports or are or might be used to support the foregoing submissions;

 

		2.1.31	“Regulatory
                                         Requirements” shall mean all laws, guidelines and notices applicable in the Territory
                                         to the manufacturing, provision, sale, promotion, marketing of the Product, including
                                         directive 2001/83/EC, directive 2003/94/EC, directive 2001/20/EC, directive 2005/28/EC,
                                         and including all obligations applicable to Oasmia as the holder of each Marketing Authorization;

 

		2.1.32	“Sales”
                                         shall mean invoiced amount for delivered Product by Hetero to Customer;

 

		2.1.33	“Supply
                                         Price” shall have the meaning given in Appendix I;

 

		2.1.34	“Term”
                                         shall mean the term of this Agreement, from the Effective Date until its termination
                                         or expiry;

 

		2.1.35	“Territory”
                                         shall med the countries of Azerbaijan, Armenia, Belarus, Georgia, Kazakhstan, Kyrgyzstan,
                                         Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan and Ukraine;

 

    
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		2.1.36	“Trademark”
                                         shall mean Paclical® or any other Oasmia trademark to be used for the Product in
                                         the Territory or in part of the Territory

 

		2.1.37	“Vial”
                                         shall mean a vial containing 60 mg of the Product;

 

		2.1.38	“Year”
                                         shall mean a calendar year;

 

		2.2	In the Agreement (except where the context otherwise requires):

 

		a)	any references
                                         to a Recital, Clause or Appendix is a reference to the relevant recital, clause or appendix
                                         of or to this Agreement;

 

		b)	the index
                                         and clause headings are included for convenience only and shall not affect the interpretation
                                         of this Agreement;

 

		c)	any reference
                                         to “persons” includes natural persons, firms, partnerships, companies, corporations,
                                         associations, organizations, governments, governmental agencies and departments, states,
                                         foundations and trusts in each case whether or not having separate legal personality);
                                         and

 

		d)	any phrase
                                         introduced by the terms “including”, “include”, “in particular”
                                         or any similar expression shall be construed as illustrative and shall not limit the
                                         sense of any other words;

 

		2.3	Unless
                                         otherwise specified, words importing the singular include the plural, words importing
                                         any gender include every gender, and (in each case) vice versa and words importing persons
                                         include all persons.

 

		2.4	References
                                         to any statute or statutory provision shall include (i) any subordinate legislation made
                                         under it, (ii) any provision which it has modified or re-enacted (whether with or without
                                         modification) and (iii) any provision which subsequently supersedes it or re-enacts it
                                         (whether with or without modification).

 

		3.	RIGHTS
                                         TO MARKET, PROMOTE, SELL AND DISTRIBUTE

 

		3.1	Oasmia shall
                                         be responsible for performing all the actions necessary to obtain a registration approval
                                         in each part of the Territory., Oasmia and HETERO shall jointly have a right, to initiate
                                         or not to initiate or proceed with a registration approval procedure in any part of the
                                         Territory if such registration efforts or actions may be deemed unreasonable in relation
                                         to the size and value of the relevant part of the Territory.

 

		3.2	Subject
                                         to clause 3.5 and As agreed between the Parties, Oasmia or Hetero shall apply for the
                                         Product Registration and other Regulatory Approvals with within [***]
                                         from the date when Oasmia is ready with or Oasmia hands over the complete Dossier
                                         to Hetero limited for the purpose of applying such Marketing Authorization. As agreed
                                         between the

 

    
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Parties Oasmia or Hetero
shall obtain the Marketing Authorization within 18 months from the date of application for such Marketing Authorization. In case
of any delay with regard to the grant of Marketing Authorization on account of the Regulatory Authorities the same shall by informed
by Oasmia or Hetero and the Parties shall agree on the new timelines for the receipt of Marketing Authorization. In the event
of any deficiencies in the Dossier or any queries posed by the Regulatory Authority Oasmia shall provide all such information
as required to cure such deficiencies, within the timelines as provided by the Regulatory Authority in this regard and enable
the grant of Marketing Authorization or enable Hetero to obtain the Marking Authorization on its name for the purpose of marketing
and distribution of the Products in each of the countries within the Territory. For avoidance of doubt it is clarified that Oasmia
shall bear all the expenses including Registration, Clinical Trials and all other incidental expenses and costs with regard to
Marketing Authorization. In the event Hetero is the holder of Marketing Authorization Hetero shall bear only the registration
charges. All other expenses including the cost of any clinical trails or Bio-Equivalence studies shall be borne by Oasmia itself.
In the event Oasmia or Hetero is unable to obtain the Marketing Authorization after the expiry of 36 months from the date of the
Application of Marketing Authorization, Oasmia shall refund the License Fee paid by Hetero and Parties may terminate this Agreement.

 

		3.3	In cases
                                         specified in separate agreements between the Parties, Oasmia or Hetero shall take steps
                                         to perform post marketing surveillance and studies of the Product in the Territory for
                                         marketing purposes, compile clinical files, prepare and submit the required documents
                                         to the Competent Authorities under the terms of the supplementary agreement. The Parties
                                         will negotiate the need, design and cost for potential further trials in good faith.

 

		3.4	Before any
                                         submissions to any relevant Competent Authority, the essential information in a Regulatory
                                         File will be shared with Hetero for any input before finally being submitted by Oasmia.

 

		3.5	Subject
                                         to the terms and conditions of this Agreement, Oasmia grants to Hetero the exclusive
                                         rights during the Term to promote, use, sell and distribute the Product (i) using Oasmia’s
                                         Dossier apply, obtain and maintain the Marketing Authorization in Oasmia’s name,
                                         unless agreed otherwise in writing (ii) use Oasmia’s Technology in the Territory,
                                         and for use in the Field, and, (ii) use Oasmia’s Trademark for the Product for
                                         use in the Field, in the Territory by giving an exclusive license to Hetero, on the terms
                                         and conditions set out in this Agreement. During the Term, as long as Hetero has exclusive
                                         rights, Oasmia will not supply the Product to any other person or on any other Trademark
                                         in the Territory than Hetero. Furthermore, Oasmia shall not knowingly supply the Product
                                         to any person outside the Territory for the subsequent sale of the Product in the Territory,
                                         except Hetero.

 

		3.6	In case
                                         after receipt of the Marketing Authorization, Hetero chooses not to place orders for
                                         a consecutive period [***],
                                         for the Product in a specific country/area within the Territory, all of Hetero’s
                                         exclusive rights under this Agreement, for that specific country/area,

 

    
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shall immediately expire
and Oasmia shall be free to supply, market and sell the Product in such country/area within the Territory, provides Oasmia has
effected timely supplies of the Product under this Agreement.

 

		4.	OASMIA
                                         RESPONSIBILITIES

 

		4.1	Oasmia
                                         will be responsible for all the research and development associated with the Product
                                         needed for obtaining regulatory approval in the Territory, which shall, inter-alia, include
                                         (i) transferring of technology from Oasmia’ research and development facility to
                                         a commercial manufacturing facility, (ii) manufacturing of scale up and optimization
                                         batches, (iii) obtaining change parts (e.g. tooling, etc.) that are required for manufacturing
                                         the Product for commercialization in the Territory, (iv) sourcing and qualifying at least
                                         one backup manufacturing site, (vii) performing stability studies (vii) perform all pre-clinical
                                         and clinical studies successfully as required by the applicable regulations.

 

		4.2	Any technology/process/dossier/technology
                                         so licensed under this Agreement should be non-infringing on any third party rights.
                                         Oasmia should keep Hetero indemnified from all intellectual property related claims in
                                         the Territory and in a country of manufacturing.

 

		5.	HETERO
                                         RESPONSIBILITIES

 

		5.1	Hetero
                                         will be responsible for the marketing, promotion, distribution and sale of the Product
                                         in the Territory including, all legal costs and expenses pursuant to the terms and limitations
                                         herein, relating to such marketing, distribution, and sale of the Product. However, Oasmia
                                         being the Marketing Authorization Holder, all costs relating to and in connection with
                                         the Marketing Authorization grant and renewal shall be borne by Oasmia itself.

 

		5.2	Upon Oasmia
                                         seeking all the regulatory approval and clearances, Hetero will use commercially reasonable
                                         efforts to bring the Product to market without any inordinate delay and market the Product
                                         in accordance with this Agreement, for the benefit of both Parties.

 

		6.	JOINT
                                         STEERING COMMITTEE

 

		6.1	Promptly after the Effective Date,
                                         but in any event within ninety (90) days from the Effective Date, the Parties shall establish
                                         a steering committee (the “Committee”) to oversee the Parties’ cooperation and
performance under the Agreement including but not limited to the development, manufacturing, marketing, sales and regulatory issues
of the Product to ensure timely supply, development and approval and successful marketing and sales of the Product. Any questions
relating thereto shall be resolved in English.

 

		6.2	The Committee
                                         shall include a minimum of two (2) representatives of each Party. The initial members
                                         of the Committee are specified in Appendix III. Each of the Parties may replace any or
                                         all of its representatives on the Committee at any time upon written notice to the other
                                         Party. Each Party may, in its sole discretion, but subject to the written objection of
                                         the other Party (with demonstrable reason for objection), invite to attend meetings or
                                         portions of such

 

    
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meetings of the Committee,
a reasonable number of non-member representatives of such Party who have a reasonable purpose for attending such meeting or portion
of such meeting. The Committee shall be co-chaired by a representative by each Party, as such representative may be changed by
the designating Party at the time. The co-chair persons shall appoint a secretary of the Committee, and such secretary shall serve
for such term as designated by the co-chair persons.

 

		6.3	The Committee
                                         shall meet at least every sixth calendar month, with the first meeting to be held within
                                         six calendar months following the Effective Date, unless otherwise agreed between the
                                         Parties. Such meetings shall alternate between Oasmia and Hetero’s locations (or
                                         be held by teleconference or videoconference or other suitable remote meeting system,
                                         if agreed by the Parties) and be held at such time as are mutually agreed upon by the
                                         Committee.

 

		6.4	The role
                                         of the Committee shall be to facilitate sharing information between the Parties and to
                                         permit discussion and recommendations, in particular in relation to;

 

		a)	Reviewing
                                         Hetero’s strategy and plans for supply, marketing and distribution of the Product
                                         in the Territory;

 

		b)	Review
                                         of Marketing and Sales performance and the financing in connection with the Marketing
                                         and Sales;

 

		c)	Reviewing
                                         regulatory data and regulatory documentation, and the progress and outcomes of applications
                                         to Competent Authorities in the Territory for Marketing Authorization and agreed written
                                         strategy in respect of the same to maximize the Product position and Sales in the Territory;

 

		d)	Considering what might be suitable as the Trademark;

 

		e)	Discussing
                                         manufacturing and supply and any issues of Improvements which might be made, and reconciling
                                         the quality systems of the Parties as needed.

 

		6.5	Steering
                                         Committee meetings shall always be minuted in writing. Minutes shall be signed by each
                                         Party within ten (10) days from the meeting to be valid.

 

		6.6	Agreements
                                         made and minuted at a Steering Committee Meeting is meant to have an impact on items
                                         and issues regulated in this Agreement, however any change will be specifically referred
                                         to the Signees for their final consideration.

 

		6.7	However,
                                         each Party shall be at liberty to make its own decisions, following discussion in the
                                         Committee, in relation to their respective obligations under this Agreement.

 

    
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		7.	REGISTRATIONS
                                         AND APPROVAL OF THE PRODUCT

 

		7.1	Oasmia
                                         shall be solely responsible for all communications with the Competent Authorities in
                                         relation to obtaining, renewing, and maintaining the Marketing Authorization, unless
                                         the Marketing Authorization is obtained by Hetero, as approved by Oasmia, in accordance
                                         with this Agreement.

 

		7.2	However,
                                         if separately agreed by the Parties, Hetero shall have the right to, on behalf of Oasmia,
                                         communicate with the Competent Authorities in the Territory in relation for Oasmia to
                                         obtaining, renewing, and maintaining the Marketing Authorization. Commitment on costs
                                         for Regulatory Approval shall be agreed in advance with Oasmia before Hetero makes any
                                         commitments to any Regulatory Authority.

 

		7.3	Hetero
                                         shall support Oasmia, if reasonably requested and on terms negotiated in good faith,
                                         where Hetero has in its possession or control or is more easily able to obtain, information
                                         reasonably necessary for the obtaining or maintenance by Oasmia of any Marketing Authorization
                                         for the Product inside the Territory. Such support may include Hetero being named as
                                         applicant for Marketing Authorization. However, Hetero may only be named as an applicant
                                         in those countries within the Territory where, due to Regulatory Requirements, it is
                                         not possible for Oasmia, as a manufacturer, to receive Marketing Authorization. For the
                                         avoidance of doubt, nothing in Hetero’s role as an applicant shall be construed
                                         as creating, granting or conveying to Hetero any license, right, title or other interest
                                         in or to the Product or any Intellectual Property Rights, including, but not limited
                                         to Patent Rights or Trademarks, owned or controlled by Oasmia.

 

		7.4	Hetero
                                         shall on Behalf of Oasmia, obtain and maintain pricing/reimbursement approvals for the
                                         Product in each country in the Territory, as well as Named Patient Sales or other means
                                         of sales channels pertinent in the Territory. Hetero shall in connection hereto provide
                                         to Oasmia any advice, assistance, information, data and/or material if required (to the
                                         extent in the possession or control of Hetero) regarding the above pricing/reimbursement
                                         mechanism. In cases where Marketing Authorization is obtained in the name of Hetero under
                                         this Agreement Hetero shall obtain and maintain pricing/reimbursement approvals in its
                                         own name.

 

		7.5	Hetero shall
                                         use best efforts to bid, win and place tender orders or similar requirements in use within
                                         the Territory and shall use all professional means applicable to make the Product a success
                                         in sales and marketing positions in the Territory.

 

		7.6	Each Party
                                         undertakes to notify the other Party within (ten) 10 business days of receipt of any
                                         correspondence received from any Competent Authority to the distribution of the Product
                                         in the Territory. In case of urgent matters, such notifications shall take place without
                                         inordinate delay.

 

		7.7	Hetero shall, if required by Oasmia, support Oasmia in contact
                                         with each Competent

 

    
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Authority with respect
to packaging and labelling of the Product, including design/artwork, material and text, as well as the form of packaging, the
appearance of the packaging, storage, and handling as required for the Product for each country in the Territory. Hetero shall,
in such case, provide to Oasmia on a regular basis the information and requirements necessary for manufacturing packaging and
labeling from time to time in each country of the Territory and on Oasmia’s request proof-read any packaging, labeling,
design/artwork, material and text.

 

		7.8	Hetero shall
                                         support Oasmia, if reasonably requested and on terms negotiated in good faith, where
                                         Hetero has in its possession or control or is more easily able to obtain, information
                                         reasonably necessary for the obtaining or maintenance by Oasmia of any Marketing Authorization
                                         for the Product inside the Territory.

 

		8.	PHARMACOVIGILANCE

 

		8.1	Oasmia
                                         shall be responsible for ensuring that the Product’s quality, its packaging complies
                                         with the Regulatory requirements of the Territory. If the Product or its individual components
                                         are manufactured by Oasmia’s subcontractors, Oasmia shall implement quality control
                                         requirements to his subcontractors. However, Oasmia shall be responsible for the errors
                                         or defects committed by their sub-contractors, further Oasmia shall indemnify Hetero
                                         to the fullest extent for all such defects.

 

		8.2	Hetero
                                         shall promptly notify Oasmia in writing of any adverse events of which Hetero becomes
                                         aware in relation to the Product, including, but not limited to, any complaints, whatever
                                         reason, from Customers.

 

		8.3	The role
                                         of Hetero in all the Pharmacovigilance matter shall be limited to that of a complaint
                                         forwarder only.

 

		8.4	Oasmia
                                         shall use its best efforts to assist Hetero in pharmacovigilance issues and shall make
                                         commercially reasonable efforts to promptly establish and adopt sufficient procedures
                                         concerning such cooperation and the exchange of pharmacovigilance information.

 

		8.5	Hetero
                                         shall promptly provide to Oasmia copies of all documents containing any negative comments
                                         or feedback, or details of, its sale, marketing or promotion that is received from or
                                         exchanged with any Competent Authority or other person.

 

		9.	MARKETING
                                         AND SALES

 

		9.1	Hetero shall
                                         use best efforts to distribute and sell the Product in the parts of the Territory where
                                         Marketing Authorization has been obtained and within [***]
                                         of receipt of notice that Oasmia has obtained a new Marketing Authorization, subject
                                         to a timely Product delivery by Oasmia and approval of the Product price by the Competent
                                         Authority (if so provided by the law in the Territory).

 

    
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		9.2	As consideration
                                         for entering into this Agreement, Hetero shall pay Oasmia a fee [***]
                                         USD (‘Fee’), The Fee so paid shall be applicable for all the Three
                                         (03) Products i.e. (a) Micellar paclitaxel lyophilized powder for injection (b) micellar
                                         doxorubicin lyophilized Product for injection, currently named Doxophos (c ) micellar
                                         docetaxel lyophilized product for injection, currently named Docecal. Further, the said
                                         fee shall be paid in a staggered manner as mutually agreed between the Parties. For the
                                         sake of clarity is further agreed by both the parties that the payments shall commence
                                         only after the Product/s are ready for commercialization.

 

		9.3	Upon grant
                                         of the Marketing Authorization by Oasmia or Hetero (if applicable) Hetero shall use its
                                         best efforts to market, offer for sale and maximise sales of the Product in the Field
                                         in the Territory for the complete Term of this Agreement.

 

		9.4	Hetero
                                         shall be liable for all the marketing and sales costs in the Territory. Hetero shall
                                         in due time before Marketing Authorization by Oasmia or Hetero (if applicable) is expected
                                         develop a marketing and sales strategy appropriate for the respective country of the
                                         Territory. These plans shall be presented to Oasmia and be approved formally. The intention
                                         with the strategy shall be to make the time gap from Marketing Authorization to launch
                                         of the Product as short as possible. The strategy shall include expected sales volumes
                                         for specified scenarios of market penetration and a product positioning plan and sales
                                         channels to be considered to maximize sales in price and volume.

 

		9.5	Hetero shall
                                         organize the marketing and sales plans and activities to fit any tender system applicable
                                         within the Territory.

 

		9.6	Beginning
                                         at the first calendar quarter following Oasmia or Hetero (if applicable) obtaining of
                                         the Marketing Approval and then at the first calendar quarter of the respective year,
                                         Hetero undertakes to send an order to Oasmia for the minimum quantities of Products in
                                         the below format.

 

Minimum Quota Year

 

	Fiscal
    Year	Minimum
    Quantities	Packing
	Year
    1	[Tobeagreed
    separately]	Vials
	Year
    2	[***]	Vials
	Year
    3	[***]	Vials
	Year
    4	[***]	Vials
	Year
    5	[***]	Vials

 

    
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		9.7	If the
                                         minimum quantities per year are not achieved by Hetero, Oasmia may, as its option, in
                                         whole or in part, convert Hetero’s right to distribute and sell the Product to
                                         a non-exclusive right. The MOQ’s to be provided in the above format shall not be
                                         greater than [***]
                                         forecasted values or as mutually agreed between the Parties from time to time,
                                         subject to timely supplies and deliveries from Oasmia.

 

		10.	PROFIT
                                         SHARING

 

		10.1	Oasmia
                                         and Hetero shall share the profit from any Sales of Product in the Territory. The Profit
                                         Sharing shall be calculated in accordance with Appendix I.

 

		10.2	Hetero shall
                                         present monthly sales statistics for all Sales in the Territory. The figures shall include:
                                         total Gross Sales in units sold and total amount in RUB or each country in the Territory.

 

		10.3	Hetero shall
                                         keep and maintain complete and accurate records of the sales and all necessary and supporting
                                         data for calculation of the Profit to be shared by the Parties. Such records shall be
                                         retained during the Term and for a period of three (3) years thereafter.

 

		10.4	To verify
                                         the accuracy of accounting for the Product sale in the preceding year, as reflected in
                                         the accounting Hetero’s documents, Oasmia shall have the right to once a year nominate
                                         a firm of independent certified public accountants; as mutually agreed by Oasmia and
                                         Hetero; to inspect respect of the Product Sales and take copies of such records during
                                         reasonable business hours, for the purpose of verifying, the Sales of the Product and
                                         any applicable Affiliates, provided that such accounting firm shall be first made subject
                                         to confidentiality obligations not more burdensome than those to which the Parties are
                                         subject to under this Agreement. In any case, Oasmia shall send a copy of the auditor's
                                         report to Hetero before a complaint (with reason), in case this is the results of the
                                         audit.

 

		10.5	Hetero or
                                         its Affiliate is required to reimburse Oasmia for an underpayment (in any amount) it
                                         shall do so (together with interest payable pursuant to clause 15) within thirty (30)
                                         days of its receipt of notice from Oasmia of the result of the accountant’s audit.
                                         In the event that the accountants’ audit finds that an underpayment of [***]
                                         or more has been made by Hetero or its Affiliate, Hetero shall reimburse Oasmia
                                         the cost of the audit (within thirty

(30) days of its receipt of notice of the results
of the audit).

 

		10.6	If Hetero
                                         does not agree with the results of the audit, Hetero shall send its written objection
                                         to Oasmia. The Parties shall, within ten (10) days from Oasmia’s receipt of Heteros
                                         written objection, discuss the audit results and negotiate in good faith to solve the
                                         issue in a reasonable manner. If the Parties cannot agree, the Parties shall nominate
                                         an independent auditing organization by mutual decision.

 

		10.7	If Hetero
                                         or its Affiliate sells Product in a currency other than RUB, then for purposes of calculating
                                         the payable Profit to be shared, such non-RUB Sales will be converted into RUB

 

    
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using Hetero’s standard
methodology, which shall be according to International Financial Reporting Standards (IFRS). Hetero shall provide Oasmia with
any documents or information reasonably requested by Oasmia in order to comply with any tax, foreign exchange or other laws relating
to this Agreement and payments hereunder. The Parties shall cooperate with each other for Oasmia’s applications and reports
to any governmental authorities.

 

		10.8	Hetero
                                         shall use its best efforts to support and protect Oasmia from any taxes, duties or other
                                         charges that might be a result of profit from Sales within the Territory.

 

		11.	FORECASTING
                                         AND ORDERING

 

		11.1	Hetero
                                         shall by the quarter in which Oasmia or Hetero (if applicable) has received the Marketing
                                         Authorization for the Product, and subsequently by 30 June each Year, provide to Oasmia
                                         in writing its forecast requirements of Finished Product for the next twelve (12) months
                                         (“Forecast”).

 

		11.2	Hetero shall
                                         keep Oasmia updated on a monthly basis with a twelve (12) month Rolling Forecast for
                                         Product tenders out for bids in the Territory (“Rolling Forecast”).

 

		11.3	The first
                                         three (3) months of such Rolling Forecast shall be considered a binding purchase and
                                         delivery order tied to specific tender orders within the Territory (“Binding Purchase
                                         Order”). The following nine (9) months shall be considered a non-binding estimate.

 

		11.4	Oasmia will
                                         notify Hetero following receipt of a forecast, if its manufacturing capacity is not likely
                                         to be sufficient to meet the anticipated volume requirements of Hetero (taking into account
                                         Oasmia’s own and other third parties’ requirements), as well as the volumes
                                         of Finished Product that Oasmia is likely to be able to supply during the period of the
                                         forecast, and Hetero’s Binding Purchase Order shall be automatically decreased
                                         by the volume of finished Product which exceeds volumes Oasmia is able to supply to Hetero.

 

		11.5	Hetero
                                         shall on a monthly basis provide Oasmia with Sales statistics and current vials in stock,
                                         in accordance with Appendix I.

 

		11.6	Binding
                                         Order shall be designed by Hetero for a specific volume of the Product for a specific
                                         delivery in order to Clause 9 herein.

 

		12.	SUPPLY
                                         OF PRODUCT

 

		12.1	Oasmia
                                         shall, during the Term, manufacture and deliver such quantities of Finished Product which
                                         are ordered by Hetero in writing from time to time within sixty (60) days from the date
                                         of Oasmia’s acceptance of Hetero’s Binding Purchase Order.

 

		12.2	Oasmia shall
                                         confirm in writing each Binding Purchase Order within ten (10) business days from the
                                         receipt of the same.

 

    
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		12.3	Without
                                         prejudice to any rights or remedies available to Hetero under law or this Agreement,
                                         Oasmia agrees to promptly notify Hetero after becoming aware of any actual or anticipated
                                         delay in any delivery of Finished Product.

 

		12.4	As part
                                         of the Supply Price, Oasmia shall package and label Products in compliance with the instructions
                                         provided by Hetero, provided that Oasmia shall have no obligation to implement new packaging
                                         or labelling requirements communicated by Hetero with a lead time of less than six (6)
                                         months, unless such requirements are mandatory by the law of the Territory. Oasmia shall
                                         be identified as the developer/manufacturer/packer/owner of the Finished Product distributed
                                         and sold in the Territory. The packaging of the Finished Product, approved by Oasmia
                                         using supporting documentation provided by Hetero, shall be: (a) sufficient to protect
                                         the Finished Product during shipment, (b) compliant with environmental regulations or
                                         other relevant rules or regulations of the Territory; and (c) contain the proper labelling
                                         as instructed by Hetero pursuant to this Agreement. Hetero shall not without the specific
                                         permission of Oasmia’s repackage any Finished Product units.

 

		12.5	Product
                                         traceability shall always be assured. cGMP and cGDP shall be applied and documented for
                                         the Product from Hetero. The integrity of the sealed immediate container has to be assured
                                         whatever action undertaken by Hetero. Oasmia shall use best endeavours to supply the
                                         Finished Product and to meet the delivery date.

 

		12.6	All Finished
                                         Product delivered by Oasmia shall be delivered CIP Sheremetyevo Airport Moscow, Russia
                                         or any other mutually agreed destination within the Territory. (CIP per Incoterms 2010,
                                         made part of this Agreement by reference) in accordance with the terms of this Agreement.

 

		12.7	Hetero shall
                                         use its best endeavours to retrieve the Finished Product in a prompt manner and any warehouse
                                         or storage costs incurred by Oasmia due to Finished Product being left at the point of
                                         delivery on Hetero’s instructions, or as a result of an act or omission of Hetero,
                                         shall be borne by Hetero.

 

		12.8	Subject
                                         to and during the Term/s of this Agreement, Hetero grants Oasmia, its agents and employees
                                         a licence at all reasonable time, with prior notification, to enter the premises where
                                         the Finished Product are or may be stored in order to inspect them.

 

		12.9	Product
                                         shipped to Hetero cannot be returned to Oasmia at any time except the cases of damage
                                         in-transit and noncompliance of the Product to the agreed quality and manufacturing standards,
                                         which Hetero shall not be bound to accept and shall reserve the right to return the same
                                         to Oasmia at the cost and expense of Oasmia, within 30 days from the date of receipt
                                         of the Product by Hetero. However if the Product has any latent defect which are noticed
                                         after the date of delivery to Hetero or during the period of inspection as stated above,
                                         Hetero shall notify Oasmia within 30 days from the date of discovery of such Latent Defect,
                                         any time during the shelf-life of the Product (‘Rejection Notice’).

 

    
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In the event OASMIA does
not accept the Rejection Notice, OASMIA shall submit a sample retained from the relevant batch of the product under dispute to
an independent competent laboratory, mutually selected by the Parties, whose adjudication as to whether the Product conforms to
the manufacturing standards, agreed quality and Specifications or not shall be final and binding on the Parties. The expenses
incurred for such third party determination will be borne by the Party against whom the findings are made. If the said laboratory
finds the Product does not conform to the Specifications, OASMIA shall replace Product free of cost to Hetero.

 

In the event, Oasmia accepts
the Rejection Notice, Oasmia shall arrange to replace; without any cost to Hetero; the Non-Confirming Product stock available
with Hetero, within 45 days from the date of complaint made by Hetero or rejection by Hetero.

 

		12.10	All costs for expired Products disposal shall be covered
                                         by Hetero.

 

		13.	QUALITY
                                         OF PRODUCT

 

		13.1	Oasmia
                                         represents and warrants that all amounts of the Product delivered and supplied to Hetero:

 

		a)	shall have
                                         been manufactured in accordance with the approved specifications in the Marketing Authorizations,
                                         all applicable regulatory requirements and/or commitments, cGMP and all applicable laws
                                         and regulations in force in the Territory;

 

		b)	shall comply with the approved
                                         specifications;

 

		c)	the manufacturing
                                         facilities utilized for the manufacture of Finished Product shall, at the time of manufacture,
                                         comply with applicable regulations, or other applicable regulations, including applicable
                                         cGMP.

 

		13.2	Clause 13.1(a), 13.1(b) and 13.1(c) shall together be the
                                         “Agreed Quality”.

 

		13.3	Oasmia
                                         shall with each batch of the Product delivered and supplied furnish Hetero with a certificate
                                         of analysis indicating the compliance of that batch of the Product with the Marketing
                                         Authorization, and such other information and documentation as may be required from time
                                         to time under applicable laws and regulations in the relevant country in the Territory.

 

		13.4	Expiry date
                                         must be at least [***]
                                         from Oasmia’s shipping date. After the delivery of the Product from Oasmia,
                                         Hetero shall promptly: (i) perform a visual inspection of the Finished Product so delivered
                                         without exposing the Product to direct sun light, to identify any visible signs of defect
                                         or transportation damage, and (ii) notify Oasmia should any such defect be found, and
                                         in that case place such Finished Product in quarantine until the claim is settled between
                                         the Parties.

 

    
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		13.5	If a Party
                                         becomes aware that a Finished Product delivered is defective, or is recalled by any governmental
                                         agency or authority or is not in conformance with the Agreed Quality (“Non- Conforming
                                         Finished Product”), such Party shall notify the other Party in writing without
                                         undue delay after becoming aware thereof.

 

		13.6	Hetero
                                         shall identify temperature loggers and ensure that temperature during transportation
                                         complies with appropriate storage conditions. The original temperature recording chart
                                         shall be returned to Oasmia in no case later than thirty (30) business days from Product
                                         receipt.

 

		13.7	As soon
                                         as possible, but in no case later than thirty (30) business days following delivery of
                                         Product from Oasmia, Hetero shall, without prejudice to its rights relating to Non-Conforming
                                         Product in this Agreement, perform an optical inspection of the goods so delivered without
                                         exposing the Product to direct sun light, to identify any visible signs of defect or
                                         transportation damage, notify Oasmia promptly should any such defect be found, and in
                                         that case place such Product in quarantine until the claim is settled between the parties.

 

		13.8	If Hetero
                                         finds out that a Product delivered is defective, does not comply with the agreed quality,
                                         was shipped in violation of any applicable statute, administrative order or regulation,
                                         is recalled by any governmental agency or authority, or is not in conformance with instructions
                                         agreed upon by the parties regarding packaging or transport, or is not suitable for use
                                         or sale (“Non-Conforming Product”), Hetero shall notify Oasmia in writing
                                         without undue delay after becoming aware thereof. Any claims by Hetero regarding Non-Conforming
                                         Finished Product delivered shall specify in reasonable detail the nature and basis for
                                         the claim and cite relevant Oasmia batch control numbers or other information to enable
                                         specific identification of Finished Product involved. Hetero shall enable Oasmia to perform
                                         an audit of all relevant cGMP and/or cGDP related activities performed by Hetero under
                                         this Agreement at Oasmia’s expense. The audit will be made not earlier than one
                                         (1) month before the reasonable notice provided, during ordinary business hours. The
                                         content and form of the audit shall be discussed in advance between the Parties.

 

		13.9	During the
                                         Term of this Agreement, Hetero may submit quality complaints regarding the Products to
                                         Oasmia. Oasmia must carefully investigate any such complaint, and notify Hetero, within
                                         reasonable time, on the results of the investigation and on any corrective or preventive
                                         actions taken following the complaint.

 

		13.10	PRODUCT RECALL; REGULATORY MATTERS

 

		13.10.1	In the
                                         event that (a) any governmental agency or authority or Competent Authority issues a recall
                                         or takes similar action, in connection with the Finished Product sold by Hetero in the
                                         Territory, or (b) a court of competent jurisdiction orders such a recall, or (c) Oasmia
                                         decides to cease distribution and/or sales of the Finished Product by reason of a possible
                                         safety risk (hereinafter “Recall”) then Oasmia shall promptly inform Hetero
                                         of such Recall, and Oasmia and Hetero shall agree on an appropriate course of action.

 

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

 

		13.12	Oasmia
                                         shall bear all direct costs and expenses of a Recall resulting from Finished Product
                                         failing to meet the Agreed Quality or suffers manufacturing defects or non-conformances
                                         with specifications at the date of delivery to Hetero. Hetero shall bear all direct costs
                                         and expenses of a recall resulting from Hetero’s failure to meet any storage conditions’
                                         from the date of delivery to Hetero; or if Hetero, without written approval from Oasmia,
                                         make any change of immediate package of Finished Product or makes any change of labels
                                         on package or change of package inserts. To establish the reasons why the Product does
                                         not comply with the agreed quality, description of the defect accompanied by relevant
                                         pictures and reports from the Regulatory Authority shall immediately be sent to Oasmia
                                         for examination. A procedure complying with EU GMP shall be in place by Oasmia and adhered
                                         to in investigating the case and the cause for non-compliance. Examination is not performed
                                         if the non-compliance to the agreed quality is established by the report from the Regulatory
                                         Authority. A defective unit shall only be returned in cases previously agreed in writing
                                         with Oasmia.

 

		14.	SUPPLY
                                         PRICE AND PAYMENTS

 

		14.1	Subject
                                         to the terms and conditions hereunder, Hetero shall pay the Supply Price set out in Appendix
                                         I and in the Contract.

 

		14.2	Any import
                                         customs fee or other taxes involved in the supply collected in the Territory shall be
                                         paid by Hetero. Oasmia shall invoice Hetero for the Supply Price in relation to Finished
                                         Product at the Delivery Date of the Finished Product. Invoices from Oasmia shall be made
                                         in EUR. The payment terms are to be specified in the Contract as well, in accordance
                                         with the Terms in this Agreement.

 

		14.3	All payments
                                         shall be made by bank transfer specified in the Contract, or by such other payment method
                                         as shall be stipulated by the relevant Party from time to time, to such bank account
                                         as that Party may from time to time notify in writing to the other Party.

 

		14.4	All sums
                                         payable under the Agreement shall be paid in full without any deductions or withholdings
                                         (including deductions or withholdings in respect of items such as income tax, corporation
                                         tax, or other taxes, charges or duties).

 

		14.5	FACILITY AUDIT

 

Anytime during the continuance
of this Agreement, but only once a year, on receipt of thirty (30) calendar days’ notice from HETERO, OASMIA shall permit
authorised representative(s) of

 

    
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HETERO or HETERO designated
third parties to enter during working hours with prior intimation to inspect OASMIA’s Facility or any such locations agreed
in the Purchase Order used for manufacturing and storage of the Products, in order to examine and supervise the process or method
of manufacturing and packing and storage of the said Product, storing of the Raw Materials, ingredients and other materials used
in relation to manufacture and packing of the said Products in compliance with terms and conditions of this Agreement. OASMIA
shall extend full co-operation to the authorised representative(s) for conducting such inspection or supervision. The objective
of such Audit shall be to ensure Manufacturer’s compliance with cGMP and FDA regulations with regards to the Manufacturing
Facility, Products and related process. OASMIA will, upon request, supply copies to HETERO of all standard operating procedures/
licenses/ permits of OASMIA relevant to the Manufacturing Facility and the Product including but not limited to manufacturing
processes, packing, QC, storage and release in order to verify compliance with cGMP.

 

		14.6	In event
                                         HETERO or its representative or designated third parties, identifies any deficiencies
                                         or non-compliance in Manufacturer’s Facility or processes related to the Product,
                                         which may include but is not limited to (i) case of any actual or suspected facility/material/
                                         processes lack of compliance with (including any breach of) the terms and conditions
                                         of this Agreement and/or of the applicable laws and/or regulations or (ii) risks or deficiencies
                                         are identified or anticipated by HETERO in OASMIA’s Facility/Processes, OASMIA
                                         within thirty (30) days of such identification shall provide corrective action plan,
                                         which should remedy the deficiency within sixty (60) days of delivery of such corrective
                                         action plan or within a timelines as agreed by HETERO. In the event OASMIA does not agree
                                         with the result of the audit reached by the representatives of HERETO, the Parties shall
                                         submit the dispute to an independent laboratory which decision shall be binding.

 

		14.7	The cost of the audits shall be assumed by defaulting Party.

 

		14.8	Any and
                                         all information compiled during the audit shall be subject to the confidentiality obligations
                                         envisaged in this Agreement and such information shall not be used for purposes other
                                         than those set out in this Agreement.

 

		15.	EXPORT
                                         CONTROLS

 

The Parties acknowledge
that this Agreement is subject to compliance with any applicable laws, regulations, or orders, including those that may relate
to the export of technical data, and the Parties agrees to comply with all such laws, regulations and orders.

 

		16.	REPRESENTATIONS
                                         AND WARRANTIES

 

		16.1	Oasmia warrants and represents:

 

		a)	that it shall at all times comply
                                         with the Regulatory Requirements; and

 

		b)	that the rights granted or
                                         to be granted to Hetero pursuant to this Agreement on Territory do not conflict with
                                         any rights granted to any third party.

 

    
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		17.	INTELLECTUAL
                                         PROPERTY

 

		17.1	Except for
                                         those rights expressly granted under this Agreement, nothing in this Agreement shall
                                         be construed as creating, granting or conveying to one Party any licence, right, title
                                         or other interest in or to any Intellectual Property Rights, including, but not limited
                                         to Patent Rights, owned or controlled by the other Party or its Affiliates (i) existing
                                         prior to the Effective Date; or (ii) independently discovered and developed during the
                                         Term by such other Party or its Affiliates other than in performance of its obligations
                                         under this Agreement and without use of such other Party’s Intellectual Property
                                         Rights or Confidential Information.

 

		17.2	Oasmia shall
                                         be responsible for and undertake, at its own cost, the filing, prosecution, maintenance
                                         and defence of any Patent Rights.

 

		17.3	Each Party
                                         shall notify the other in the event any third party shall commence or threaten to commence
                                         an action against Oasmia or Hetero alleging that the sales of the Finished Product infringes
                                         a patent or other Intellectual Property Right of such third party. Each Party shall keep
                                         the other reasonably informed with respect to the progress of any such action from time
                                         to time. Each Party shall be permitted to participate in any such infringement litigation
                                         on its own behalf, at its own expense, through counsel of its choice. By this Agreement
                                         becomes effective, Oasmia has no actual knowledge

 

		a)	of any third
                                         party patents, trademarks or other proprietary rights which are valid and which would
                                         be infringed by making, having made, using, selling, offering for sale or importing Product
                                         in the Territory in accordance with the terms of this Agreement; and

 

		b)	that as
                                         a result of the execution and delivery of this Agreement and the performance of Oasmia
                                         hereunder, of any violation of, or lose any rights pursuant to, any license, sublicense
                                         or agreement previously provided to a third party with respect to Oasmia’s intellectual
                                         property rights relating to the Product, including the Patent Rights.

 

		18.	INDEMNIFICATION
                                         AND LIABILITY

 

		18.1	Without
                                         prejudice to any other limitation (whether effective or not) of either Party’s
                                         liability, neither Party shall be liable (whether in contract, tort (including negligence)
                                         or for breach of statutory duty or otherwise) for any loss of profits, use, opportunity,
                                         goodwill, business or anticipated savings, for any indirect or consequential losses in
                                         connection with this Agreement or the Products (in each case irrespective of any negligence
                                         or other act, default or omission of a Party (or its employees or agents), and regardless
                                         of whether such loss or claim was foreseeable or not or whether the other has been informed
                                         of the possibility of such loss). Nothing in this Clause 19 shall however operate to
                                         limit or exclude any liability for fraud.

 

		18.2	Oasmia hereby
                                         indemnifies Hetero in full and on demand and shall keep Hetero so indemnified from and
                                         against all Losses incurred or suffered by Hetero whether or not

 

    
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foreseeable and howsoever
arising, as a result of any Claim by a third party which alleges that the Finished Product has caused death or personal injury
as a direct result of the Finished Product as delivered to Hetero proved not to meet the Agreed Quality or suffer any manufacturing
deficiency or non-conformance to the specifications. The indemnity in this Clause 19 shall not apply where the Losses or Claim
shall have resulted in storage following delivery to Hetero.

 

		19.	INSURANCE

During the Term, the Parties
agree to have insurance coverage for the general obligations to the extent sufficient to meet its obligations and commitments
expressed in this Agreement.

 

		20.	Technology
                                         Transfer by Oasmia:

 

		20.1	During the
                                         Term of this Agreement, Hetero shall have the right to require OASMIA agrees to transfer
                                         Technology/Know-How for the Product excluding Oasmia’s proprietary excipients,
                                         including but not limited to XR17 and process including supporting technical documentation
                                         in terms of technology transfer unconditionally and without any additional cost to HETERO
                                         on non-exclusive, sub-licensable, assignable, transferrable continuous basis to the extent
                                         sufficient for HETERO to manufacture the Product in any of its own facility or any third
                                         party facility and maintain the Marketing Authorization for the Territory in occurrence
                                         of following events -

 

		(i)	The compliance
                                         status of OASMIA’s Manufacturing Facility is revoked or substantial cGMP violations
                                         are reported by the Regulatory Authorities during any inspection and Oasmia fails to
                                         cure such failure within one-hundred-eighty (180) days or

		(ii)	If Oasmia stops the manufacturing of the Product or

		(iii)	OASMIA is unable to correct
                                         deficiencies identified by Regulatory Authorities during any Facility Audit during one-hundred-eighty
                                         (180) days or

		(iv)	OASMIA is unable to manufacture
                                         the Product for a continuous period of 180 days during term of this Agreement.

		(v)	Oasmia decides not to continue manufacturing of the Product.

		(vi)	Termination of the Agreement due to material breach of Oasmia.

 

		20.2	In case
                                         above mentioned events take place, OASMIA shall initiate Technology/Know-How transfer
                                         for manufacturing by HETERO’s facility or any third party facility designated by
                                         HETERO at HETERO’s cost. OASMIA shall be responsible for the transfer of technology
                                         including the Formula, Analytical Methods, Validation of process/batches, Manufacturing
                                         Process to the Manufacturing Site as discussed and determined between the Parties.

 

		20.3	Any such
                                         Tech transfer shall be initiated within 30 days of date of notice from HETERO and will
                                         be completed within a period of six (6) months from date of initiation.

 

		20.4	If deemed
                                         required by HETERO, OASMIA will depute technicians at a time for such technology transfer,
                                         for assisting and training HETERO’s technicians to operate the plant in respect
                                         to the manufacturing of PRODUCTs.

 

    
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		20.5	OASMIA shall
                                         provide all necessary supports and resolve all queries/ escalation with respect to manufacturing
                                         of the Product, till HETERO or its designated party is able to manufacture three (3)
                                         commercial batches of the Product.

 

		20.6	Warranty
                                         and Indemnity Oasmia shall not be responsible for any Finished Product manufactured
                                         by or for Hetero under such licenses. Accordingly, Oasmia shall not have any warranty
                                         or indemnity obligations under the Agreement in respect of such Finished Products and
                                         Hetero shall indemnify Oasmia from all liabilities arising out of the manufacture of
                                         such Finished Products by or for Hetero.

 

		21.	TERM
                                         AND TERMINATION

 

		21.1	This Agreement
                                         enters into force on the Effective Date and shall be valid for [***]
                                         from the Effective Date.

 

		21.2	Twelve (12)
                                         months before expiration of this Agreement the Parties have the opportunity to agree
                                         on a two (2) years prolongation of the Term of this Agreement.

 

		21.3	Notwithstanding
                                         the above, in addition to the termination provisions set forth elsewhere in this Agreement,
                                         the Agreement may be terminated:

 

		a)	by mutual agreement of the Parties;

 

		b)	by a Party
                                         by written notice having immediate if effect, if there is a material breach in the performance
                                         of the other Party’s duties and obligations under this Agreement, including but
                                         not limited to any non-payment hereunder, and the Party in default has not remedied the
                                         default within sixty (60) days after receipt of written notice (provided that if such
                                         default involves any matter relating to the public health or relates to a matter for
                                         which substantial harm shall accrue to the non-defaulting Party by such delay (including
                                         without limitation harm to the Marketing Authorization, registration or patents pertaining
                                         to the Product);

 

		c)	by a Party
                                         by written notice having immediate effect, in the event either Party receives a bona
                                         fide offer for the merger with or into a third party, the sale of all or substantially
                                         all of either Party’s assets or the line of business or Product to which this Agreement
                                         relates to a third party, or the exclusive licensing of all or substantially all of the
                                         Intellectual Property relating to the Product to a third party, or if a third party announces
                                         an offer to acquire, or has acquired, more than 50% of either Party’s outstanding
                                         voting securities; or

 

		d)	by a Party
                                         by written notice having immediate effect, in the event of the other Party’s bankruptcy
                                         or other similar enumerated circumstance;

 

		21.4	Save as
                                         otherwise provided in Clause 21, in the event of termination for any reason, the Parties
                                         shall fulfil orders which were accepted before the end of the Agreement. Hetero, after
                                         the execution of orders it has taken until the date of termination of this Agreement,
                                         shall

 

    
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cease to promote, market,
advertise or enter into negotiations for the sale of the Product in the Territory on non-exclusive terms and it shall return or,
if applicable, assign to Oasmia or a third party designated in writing by Oasmia all information, Know-how and Confidential Information
received from Oasmia and pertaining to the Product.

 

		22.	POST
                                         TERMINATION

 

		22.1	Upon termination
                                         or expiration of this Agreement for any reason, Hetero’s rights with respect to
                                         Product shall terminate save as otherwise provided in clause 21.

 

		22.2	Promptly following termination, Hetero shall:

 

		a)	transfer
                                         to Oasmia copies, including annotations, of all data, reports, records and materials
                                         containing Oasmia Confidential Information and that are in the possession or control
                                         of Hetero, its Affiliates or sublicenses;

 

		b)	transfer
                                         to Oasmia all marketing and sales data and Regulatory Data collected during the term
                                         of this Agreement to Oasmia and furthermore all marketing and sales data and Regulatory
                                         Data provided to Hetero by or through Oasmia and related to the Product;

 

		c)	transfer
                                         to Oasmia or its nominee all right, title and interest in and to every Marketing Authorization
                                         for the Product in the Territory (if any); and

 

		22.3	Hetero
                                         hereby covenants that it will at its own expense execute, promptly sign and do all such
                                         instruments, applications, documents, acts and things as may reasonably be required by
                                         Oasmia give full effect.

 

		22.4	Hetero shall,
                                         at its Oasmia expense, provide Oasmia with all reasonably necessary or useful assistance
                                         to enable Oasmia to coordinate and undertake the orderly continued development and commercialization
                                         of the Product in such country or countries as applicable (such assistance shall include,
                                         but not be limited to, providing access to, copies of and the right to use customer lists,
                                         marketing materials, marketing plans and marketing presentations solely to the extent
                                         related to the Product, as well as advice and recommendations on which sales representatives,
                                         sales organizations and sales methods would most likely prove most beneficial to promote
                                         sales of such Product) in the Territory.

 

		22.5	Upon termination
                                         or expiration of this Agreement, Hetero is obliged to transfer to Oasmia any Information
                                         and/or Intellectual Property relating to the Product and is obliged to take all necessary
                                         actions with relevant Regulatory Authorities to withdraw Hetero’s role as an applicant
                                         if any, including, but not limited to, transfer to Oasmia all licence, right, title or
                                         other interest in or to any Market Authorization in Hetero’s name if any. Further,
                                         upon termination or expiration of this Agreement, Hetero is obliged to stop using Oasmia’s
                                         Intellectual Property Rights, including, but not limited to, Oasmia trademarks. However,
                                         Hetero is obliged to take all necessary actions to market and sell the Products, upon
                                         Oasmia’s request, until Oasmia, within reasonable time, has contracted another
                                         distributor for the

 

    
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maintenance of Marketing
Authorization and continuation of supply of Product within the Territory.

 

		22.6	Termination
                                         or expiration of this Agreement, for whatever reason, will not affect any accrued rights
                                         or liabilities of either Party or payments due nor will it affect the coming into force
                                         or the continuance in force of relevant clauses and any other provision of this Agreement
                                         which is expressly or by implication intended to come into or continue in force on or
                                         after such termination, including all clauses relevant to the continuation of supply
                                         of Product.

 

		21.7.	In event
                                         of termination of this Agreement, at instance of OASMIA due to any reason other than
                                         reasons attributable to HETERO, OASMIA shall

 

		(i)	immediately
                                         and unconditionally refund the entire amount of license fee paid till date of termination
                                         by Hetero. Any delay in refund of the License Fee by Oasmia, shall make Oasmia liable
                                         to pay on the defaulting amount for delay.

 

		(ii)	OASMIA shall
                                         complete all the in-process Manufacturing corresponding to the orders placed by Hetero.

 

		(iii)	In event
                                         the Agreement is terminated at instance of HETERO due to material breach of Oasmia, Oasmia
                                         shall initiate Technology Transfer to Hetero or any of its nominee to enable Hetero continue
                                         the rights and licenses granted by Oasmia to HETERO under this Agreement and shall become
                                         fully paid up, irrevocable and for a period equal to what is left of the contract, and,
                                         HETERO shall be free to use the rights/license/technology in a manner HETERO deems fit
                                         for commercializing the Product in the Territory during the period which is equal to
                                         what is left of the contract.

 

		(iv)	Oasmia shall initiate Technology Transfer as contemplated
                                         under clause 20.

 

		21.8	Transition
                                         Support. OASMIA shall keep on Supplying the Products as per terms and conditions
                                         of this Agreement for a period of eighteen (18) months from date of expiry or termination
                                         of this Agreement or till the time HETERO or its designated parties are able to manufacture
                                         three (3) commercial batches of the Product, whichever is earlier.

 

		23.	FORCE
                                         MAJEURE

 

Neither Party shall be
under any liability to the other for failure or delay in the performance of any obligation hereunder or part thereof to the extent
and for the period that such performance is prevented by reason of a case of Force Majeure, provided that the Party affected thereby
shall give prompt notice to the other Party of the date of commencement of the Force Majeure, the nature thereof, and expected
duration; use its best efforts to avoid or remove the Force Majeure to the extent it is so able to do; and make up, continue on
and complete performance when such cause is removed to the extent it is able to do so. Either Party shall be entitled to terminate
this Agreement forthwith by giving written notice to the other Party if the performance of this Agreement shall be substantially
hindered or prevented for a period exceeding six (6) months due to an event of Force Majeure affecting

 

    
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either Party which cannot be removed or abated.

 

		24.	RELATIONSHIP
                                         BETWEEN THE PARTIES

 

		24.1	The relationship
                                         between the Parties under the Agreement is that of independent contractors. Neither Party
                                         has any right or authority to enter into any contracts in the name of or for the account
                                         of the other Party, nor to assume or create any obligation of liability of any kind,
                                         express or implied, on behalf of the other Party.

 

		24.2	Hetero shall
                                         purchase exclusively from Oasmia all Products to be offered in the Territory under this
                                         Agreement.

 

		24.3	Each Party
                                         shall have the right to perform its rights and obligations under this Agreement through
                                         a wholly owned subsidiary.

 

		24.4	Each Party
                                         shall be responsible for the performance of its subsidiary in the same way as if the
                                         performance had been executed by the Party itself.

 

		25.	CONFIDENTIAL
                                         INFORMATION

 

		25.1	Neither
                                         Party shall make copies of, disclose or use the Confidential Information of the other
                                         Party under any circumstances whether during or after the currency of this Agreement
                                         other than to employees, agents or sub-contractors of such Party who are reasonably required
                                         to know such Confidential Information for the purposes of this Agreement, in which case
                                         the Party concerned shall procure that such Persons undertake to keep such Confidential
                                         Information confidential. Each Party shall be responsible for any disclosure by its employees,
                                         agents or sub-contractors.

 

		25.2	Clause 25.1 shall not apply to information:

 

		a)	already
                                         in the public domain or which comes into the public domain other than through a breach
                                         hereof by a Party;

 

		b)	which is
                                         already in the possession of the other Party free from any obligation of confidentiality
                                         at the time it is/was disclosed to it;

 

		c)	which is developed by a Party independently of information
                                         provided by the other Party;

 

		d)	where the
                                         non-disclosing Party to whom the information relates has expressly approved its disclosure;

 

		e)	which the
                                         other Party is required by any Competent Authority or law to disclose but only to the
                                         extent of such required disclosure and provided prior notification of such disclosure
                                         has been given to the other Party.

 

		25.3	Upon termination of this Agreement for whatever reason, the
                                         Parties shall each within

 

    
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fourteen (14) days return
to the other all of the other Party’s Confidential Information. All obligations of confidentiality and non-use imposed upon
the Parties under this Agreement shall expire ten (10) years after the expiration or earlier termination of this Agreement.

 

		26.	STATEMENTS
                                         TO THE PUBLIC

 

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

 

		26.2	The wording
                                         and the timing of any press release or of any other announcement and/or statement to
                                         the public shall have to be agreed upon in advance between the Parties. The Parties agree
                                         that announcements and/or statements to the public shall be promptly reviewed by both
                                         Parties, and that any such announcements or statements deemed by Oasmia to be required
                                         to fulfil a commitment under the laws applicable to publicly listed companies in Sweden
                                         shall be reviewed within two business days by Hetero, and if Oasmia does not receive
                                         a response from Hetero within such period, it shall be deemed accepted by Hetero.

 

		27.	ENTIRE
                                         AGREEMENT

 

		27.1	This Agreement
                                         constitutes the whole agreement between the Parties and supersedes all previous agreements
                                         between the Parties relating to its subject matter.

 

		27.2	Each Party
                                         acknowledges that, in entering into this Agreement, it has not relied on, and shall have
                                         no right or remedy in respect of, any statement, representation, assurance or warranty
                                         (whether made negligently or innocently) other than as expressly set out in this Agreement.
                                         Nothing in this Clause 24 shall limit or exclude any liability for fraud.

 

		28.	AMENDMENTS

 

Except as otherwise provided
expressly herein, no modification, amendment or supplement to this Agreement or to the Appendices hereto shall be effective for
any purpose except by consent of both Parties and the proper execution of another written instrument by duly authorized officers
of the Parties hereto.

 

		29.	ASSIGNMENT

 

		29.1	Neither
                                         Party shall assign, charge or otherwise encumber the Agreement or any right hereunder
                                         without the prior written consent of the other.

 

		29.2	Any changes
                                         or modifications to this Agreement shall be valid if only drawn up in writing and signed
                                         by the authorized Parties’ representatives.

 

    
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		30.	NO
                                         WAIVER; REMEDIES

 

The failure of either Party
at any time to require performance by the other Party of any provision of this Agreement shall in no way affect the right of such
Party to require performance of that provision, and any waiver by either Party of any breach of any provision of this Agreement
shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself,
or a waiver of any right under this Agreement.

 

		31.	NOTICES

 

		31.1	Any communication,
                                         including any notice or demand, under or in connection with this Agreement must be in
                                         writing, in English, and will be deemed to be validly served if delivered personally
                                         (when delivered) or sent by confirmed fax (when confirmed), by reputable courier (after
                                         delivery) or as otherwise specified in this Agreement

 

		31.2	To Oasmia:

Oasmia Pharmaceutical
AB

Att: Chief Executive
Officer V

allongatan 1

SE-752 28 Uppsala, Sweden

Telephone: +46 (0) 18 50 54 40

Fax: +46 (0) 51 08 73

 

 

		31.3	and to Hetero: 

Hetero Labs
                                         Limited

Att: Murali Bhimreddy

# 7-2-A2, Hetero Corporate,

 

Industrial Estates, Sanath
Nagar,

Hyderabad – 500018, Telangana State,
India

Telephone: +91 (40) 23 70 49 23 / 24 /25

Fax: +91 (40) 23 70 49 26.

 

		31.4	A Party may change its designated
                                         address, telephone number or facsimile number by providing notice of such change to the
                                         other Party under this Section.

 

		32.	SEVERABILITY
                                         AND VALIDITY

 

Any provision of this Agreement
that is declared invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such invalidity or unenforceability without invalidating the remaining provisions hereof, to the extent that the purpose of this

 

    
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Agreement is not materially
altered, or without affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the
foregoing, if the purpose of the Agreement has been materially altered, a Party may terminate this Agreement.

 

		33.	GOVERNING
                                         LAW AND DISPUTE RESOLUTION

 

		33.1	This Agreement
                                         and the documents to be entered into pursuant to it, and any dispute or claim arising
                                         out of or in connection with it or its subject matter or formation, including any question
                                         regarding its existence, validity or termination, (including non-contractual disputes
                                         or claims) ("Dispute") shall be governed by and construed in accordance with
                                         the laws of Switzerland.

 

		33.2	A conciliation
                                         committee shall be installed by both Parties. The conciliation committee shall attempt
                                         to resolve any Dispute by mutual agreement. The conciliation committee shall consist
                                         of the Managing Directors (or equivalent) of the Parties as well as two additional authorised
                                         designees from each Party. In case the conciliation committee has not resolved the Dispute
                                         within thirty (30) days (fifteen (15) for Disputes relating to amounts owed) after the
                                         Dispute has been referred to it by either of the Parties, either of the Parties may resort
                                         to arbitrary court to resolve the Dispute.

 

		33.3	Any dispute,
                                         controversy or claim arising out of or in connection with this Agreement, or the breach,
                                         termination or invalidity thereof shall be referred to and finally resolved by arbitration
                                         under the Rules of Arbitration of the International Chamber of Commerce. The number of
                                         arbitrators shall be three. The seat or legal place of the arbitration shall be Zurich,
                                         Switzerland. The language to be used in the arbitral proceedings shall be English.

 

(Signature page follows)

 

    
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IN WITNESS WHEREOF, the Parties hereto have caused
this Agreement to be executed as a DEED and delivered by their respective, duly authorized officers, as of the day and year first
above written.

 

SIGNED as a DEED on behalf of Oasmia
Pharmaceutical AB, a company incorporated in Sweeden, by                                                           ,
in accordance with the laws of that territory, [is][are] acting under the authority of the company.

 

 

 

 

	Place and Date:                                                                        

         

         

                                                                                                             

        Name:

         

        Title:
	Place and Date:                                                                        

         

         

                                                                                                             

        Name:

         

        Title:

 

 

 

 

SIGNED as a DEED on behalf of Hetero Labs
Limited, a company incorporated in India, by                                                           ,
in accordance with the laws of that territory, [is][are] acting under the authority of the company.

 

 

	Place and Date:                                                                        

         

         

                                                                                                             

        Name: B.Murali Krishna Reddy

         

        Title: Authorized Signatory
	Place and Date:                                                                        

         

         

                                                                                                             

        Name: M.Jayapal Reddy

         

        Title: DGM Legal

 

 

    
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APPENDIX
I

 

 

 

Delivery, Supply Price, Profit Sharing and Invoicing

 

 

 

Definitions

 

“Supply Price” shall
be Oasmia’s All-In Cost of Goods;

 

“All-In Cost of Goods”
shall mean Oasmia’s [***]

 

“Allocable Overhead”
shall mean with respect to a Party’s activities, costs directly related to such activities and incremental costs actually
incurred by such Party or for its account, including but not limiting to, those which are attributable to such Party’s supervisory
services, quality control, occupancy costs, financial costs, depreciations and its payroll, information systems, delivery systems,
or purchasing functions and which are allocated to company departments based on space occupied or headcount or other activity-based
method consistently applied by such Party. Allocable Overhead shall not include any costs attributable to general corporate activities
including executive management, investor relations, business development and legal affairs.

 

“Gross Sales”
shall mean the total amounts invoiced by Hetero for any Sales, before any rebates, discounts or allowances, which are remuneration
for a delivery of Product to any customer in the Territory.

 

“Hetero’s Distribution
Cost” shall mean costs for transportation, insurance and storage from FCA (Free Carrier, Moscow, Russia) to Customer.

 

“Profit Sharing” shall have the
meaning given in this Appendix I Clause 2.

 

Delivery and Supply Price

 

The Product will be manufactured, packaged and supplied
by Oasmia to Hetero at Oasmia’ Cost of Goods Sold (“COGS”).

 

Oasmia’s Supply Price shall be equivalent to
Oasmia’s COGS.

 

Hetero shall have right to audit the books of
accounts for determining the validity of COGs provided by Oasmia.

 

		a.	Hetero receives Finished Product from Oasmia at Oasmia’s
                                         current Supply Price

 

    
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		b.	The Supply Price may be revised
                                         by Oasmia once per year, to be effective May 1 the following year, giving at least three
                                         month’s written notice.

 

		c.	Any change in Supply Price shall not affect the Supply Price
                                         for orders already submitted.

 

The Supply Price will be revisited once per year
and may be adjusted upward or downward based on actual costs increases or decreases.

 

Oasmia shall at all times with reasonable commercial
efforts keep the Supply Price to enable to keep Hetero competitive in the market.

 

Profit Sharing

 

		a.	Hetero sells the Product in the Territory on a country by
                                         country basis.

 

		b.	The Profit Sharing shall be calculated as follows:

 

= Profit to be shared [***]

 

“Net Profits”
means Net Sales minus the Supply Price of the Product and Hetero Distribution Expenses (includes warehouse & logistics) which
shall include but not limited to out-of-pocket distribution, freight/carrier, transit insurance, storage and shipping costs which
under no circumstances exceed more than [***] of
Net Sales.

 

“Net Sales” means the amount received
by Hetero from commercial sales of Products to fully reimbursed price parties in the Territory minus

 

		a.	credited returns,
                                         customer credits and refunds, cost of credit insurance, if applicable, trade discounts,
                                         promotional allowances, customer and government rebates, actual chargebacks (rebates,
                                         chargeback rebates, compulsory rebates, reimbursements or similar payments granted or
                                         given to wholesalers or other distributors, buying groups, health care insurance carriers
                                         or other institutions, and third party administrative fees granted, allowed or incurred;

 

		b.	price reductions and shelf stock adjustments;

 

		c.	sales, use,
                                         excise or similar taxes or other governmental charges and surcharges imposed on the sale
                                         of the Profit Share Product;

 

		d.	allowances
                                         or credits to customers on account of rejection, withdrawal, recall, or return of such
                                         Product or on account of retroactive price reductions or price protection charges or
                                         re- procurement/failure to supply charges affecting such Product, to the extent that
                                         such allowances, credits or charges are customary in the generic pharmaceutical industry
                                         in the Territory;

 

    
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		e.	allowances
                                         for uncollectable accounts and bad debts and refunds and credits for pricing errors and
                                         any penalties levied by the customer on account of late deliveries occasioned by delayed
                                         supply.

 

		f.	excess inventory
                                         or Profit Share Product with expired shelf life at cost, in each case to the extent separately
                                         invoiced and not reimbursed by any third party, and as incurred in the ordinary course
                                         of business in connection with the sale of the Profit Share Product

 

Invoicing and Payment

 

Oasmia will invoice the Profit Sharing bimonthly
in EUR. In order to do that Hetero shall, within ten days, on a monthly basis, provide Oasmia with;

 

		a.	Statistics showing Gross Sales in units (e.g. vials) and in
                                         RUB on a country by country basis.

 

		b.	Hetero’s Distribution Cost.

 

Except as otherwise set out in the Agreement,
all applicable payments will be paid by a Party sixty (60) days from the invoice date.

 

All Profit Share payments by Hetero will be made
on at the end of every two month periods, along with a report showing net profits, net sales, and the profit share allocations.

 

    
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APPENDIX
II

 

 

 

Patent rights

 

To be agreed upon between the parties.

 

 

 

 

    
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APPENDIX
III

 

 

 

Joint Steering Committee

 

To be agreed upon between the Parties

 

 

 

 

 

 

    
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