Document:

Exhibit 4.13

 

FORM OF
WARRANT

 

NEITHER THESE SECURITIES NOR THE SECURITIES
FOR WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

ALLIQUA, INC.

 

WARRANT

 

	Warrant No.  [__]	Dated:  November 18, 2013

 

Alliqua, Inc., a Florida
corporation (the “Company”), hereby certifies that, for value received, [_____________] or its registered
assigns (the “Holder”), is entitled to purchase from the Company up to a total of [_________] shares
of common stock, $0.001 par value per share (the “Common Stock”) of the Company (each such share, a “Warrant
Share” and all such shares, the “Warrant Shares”) at an exercise price equal to $5.6875
per share (as adjusted from time to time as provided in Section 8, the “Exercise Price”),
at any time and on or after November 18, 2013 (the “Initial Exercise Date”) and through and including
the date that is five (5) years from the Initial Exercise Date, or if such day is not a Business Day (as defined in the Purchase
Agreement, as defined below), on the next preceding Business Day (the “Expiration Date”), and subject
to the following terms and conditions. This Warrant (this “Warrant”) is issued pursuant to that
certain Securities Purchase Agreement, dated as of November 18, 2013, by and among the Company and the investors signatory thereto
(the “Purchase Agreement”).

 

1.          Registration
of Warrant. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of record of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual notice to the contrary.

 

2.          Registration
of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender
of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company at its address specified
herein. Upon any such registration of transfer, a new warrant to purchase Common Stock, in substantially the Form of this
Warrant (any such new warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred
shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any,
shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance
by such transferee of all of the rights and obligations of a holder of this Warrant.

 

3.          Exercise
and Duration of Warrant.

 

(a)          This
Warrant shall be exercisable by the registered Holder at any time and from time to time on or after the Initial Exercise Date and
prior to 5:30 p.m., New York City time on the Expiration Date at which time the portion of this Warrant not exercised prior
thereto shall be and become void and of no value.

 

    	 

    	 

    

 

(b)          The
Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the Form attached hereto (the
“Exercise Notice”), appropriately completed and duly signed, and (ii) payment of the Exercise Price
for the number of Warrant Shares as to which this Warrant is being exercised, and the date such items are delivered to the Company
(as determined in accordance with the notice provisions hereof) is an “Exercise Date.” The Holder
shall not be required to deliver the original Warrant in order to effect an exercise hereunder; provided, however,
that in the event that this Warrant is exercised in full or for the remaining unexercised portion hereof, the Holder shall deliver
this Warrant to the Company for cancellation within a reasonable time after such exercise. In the event of a partial exercise of
this Warrant, execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original Warrant
and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.

 

4.          Delivery
of Warrant Shares.

 

(a)          Upon
exercise of this Warrant, the Company shall promptly following the Exercise Date (but in no event later than three Trading Days
after the Exercise Date) credit such aggregate number of Warrant Shares to which the Holder is entitled to receive pursuant
to such exercise of this Warrant to the Holder’s or its designee’s balance account with The Depository Trust Company
(“DTC”) through its Deposit Withdrawal Agent Commission system, or if the Company’s transfer
agent for the Common Stock (the “Transfer Agent”) is not participating in the Fast Automated Securities
Transfer Program or if the certificates are required to bear a legend regarding restriction on transferability, issue and dispatch
by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share
register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled to receive
pursuant to such exercise of this Warrant. The Holder, or any Person so designated by the Holder to receive Warrant Shares, shall
be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date, irrespective of the date such Warrant
Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares,
as the case may be. For purposes of this Warrant, “Person” shall mean an individual or corporation, partnership,
trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or
an agency or subdivision thereof) or other entity of any kind and “Trading Day” means a day on which
the Common Stock is traded on the principal securities exchange or securities market on which the Common Stock is then traded.

 

(b)          This
Warrant is exercisable, either in its entirety or, from time to time, for a portion of the number of Warrant Shares. Upon surrender
of this Warrant following one or more partial exercises, the Company shall issue or cause to be issued, at its expense, a New Warrant
evidencing the right to purchase the remaining number of Warrant Shares.

 

5.          Charges,
Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be
made without charge to the Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or
expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided,
however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved
in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall
be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant
Shares upon exercise hereof.

 

6.          Replacement
of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable bond
or indemnity, if requested. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable
regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe.

 

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7.          Reservation
of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized
but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise
of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this
entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (after giving
effect to the adjustments of Section 8, if any). The Company covenants that all Warrant Shares so issuable and deliverable
shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly
authorized, issued and fully paid and nonassessable. The Company will take all such action as may be necessary to assure that such
shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of any securities exchange or automated quotation system upon which the Common Stock may be listed.

 

8.          Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 8.

 

(a)          Stock
Dividends, Subdivisions or Combinations. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend
on its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock,
(ii) subdivides outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of
Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be adjusted by multiplying the Exercise
Price by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Simultaneously
with any adjustment to the Exercise Price pursuant to this subsection (a), the number of Warrant Shares that may be purchased upon
exercise of this Warrant shall be adjusted proportionately, so that after such adjustment the aggregate Exercise Price payable
hereunder for the increased or decreased number of Warrant Shares, as the case may be, shall be the same as the aggregate Exercise
Price in effect immediately prior to such adjustment to the Exercise Price and the number of Warrant Shares.

 

(b)          Adjustments
Upon Reorganization, Reclassification, Consolidation or Merger. In the event of any (i) capital reorganization of the
Company, (ii) reclassification of the Common Stock of the Company (other than as a result of a stock dividend or subdivision,
split-up or combination of shares), (iii) consolidation or merger of the Company with or into another Person, (iv) sale
of all or substantially all of the Company’s assets to another Person or (v) other similar transaction (other than a
transaction covered by Section 8(a)), in each case which entitles the holders of Common Stock to receive (either directly
or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Stock, this Warrant
shall, immediately after such reorganization, reclassification, consolidation, merger, sale or similar transaction, remain outstanding
and shall thereafter be exercisable for the kind and number of shares of stock or other securities or assets of the Company or
of the successor Person resulting from such transaction to which the Holder would have been entitled upon such reorganization,
reclassification, consolidation, merger, sale or similar transaction if the Holder had exercised this Warrant in full immediately
prior to the time of such transaction and acquired the applicable number of Warrant Shares then issuable hereunder as a result
of such exercise; and, in such case, appropriate adjustments (in form and substance reasonably satisfactory to the Holder) shall
be made with respect to the Holder’s rights hereunder to insure that the provisions of this Section 8 shall thereafter
be applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or assets thereafter acquirable
upon exercise of this Warrant. The provisions of this Section 8(b) shall similarly apply to all successive reorganizations,
reclassifications, consolidations, mergers, sales or similar transactions. The Company shall not effect any such reorganization,
reclassification, consolidation, merger, sale or similar transaction unless, prior to the consummation thereof, the successor Person
(if other than Company) resulting therefrom, shall assume, by written instrument substantially similar in Form and substance
to this Warrant and satisfactory to the Holder, the obligation to deliver to the Holder such shares of stock, securities or assets
which, in accordance with the foregoing provisions, the Holder shall be entitled to receive upon exercise of this Warrant. Notwithstanding
anything to the contrary contained herein, with respect to any corporate event or transaction contemplated by this Section 8(b),
the Holder shall have the right to elect prior to the consummation of such event or transaction, to exercise this Warrant in accordance
with Section 3(b) instead of giving effect to the provisions of this Section 8(b) with respect to this Warrant.

 

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(c)          [Reserved]

 

(d)          Calculations.
All calculations under this Section 8 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable.

 

(e)          Certificate
as to Adjustment. As promptly as reasonably practicable following any adjustment of the Exercise Price, but in no event later
than five (5) Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer of the
Company setting forth in reasonable detail such adjustment and the facts upon which it is based and certifying the calculation
thereof. No later than five (5) Business Days following the receipt by the Company of a written request by the Holder, the
Company shall furnish the Holder a certificate of an executive officer certifying the Exercise Price then in effect and the number
of Warrant Shares or the amount, if any, of other shares of stock, securities or assets then issuable upon exercise of the Warrant.

 

(f)          Notice
of Corporate Events. If (i) the Company shall declare a dividend (or any other distribution in whatever form) on
the Common Stock, (ii) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock
applicable to all holders thereof, (iii) the Company shall authorize the granting to all holders of the Common Stock rights
or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (iv) the approval of any
stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or
merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory
share exchange whereby the Common Stock is converted into other securities, cash or property, or (v) the Company shall authorize
the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company
shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least
20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on
which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is
not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger,
sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders
of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail
such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be
specified in such notice. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of
such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

9.          Fractional
Shares. The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise of this
Warrant. If any fraction of a Warrant Share would, except for the provisions of this Section, be issuable upon exercise of this
Warrant, the number of Warrant Shares to be issued will be rounded up to the nearest whole share.

 

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10.         Notices.
Any and all notices or other communications or deliveries hereunder (including without limitation any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in the Purchase Agreement prior to 6:30 p.m. (New York City time) on
a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number specified in the Purchase Agreement on a day that is not a Trading Day or later than 6:30 p.m. (New
York City time) on any Trading Day, (c) the Trading Day following the date of mailing, if sent by nationally recognized
overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address
for such notices or communications shall be as set forth in the Purchase Agreement.

 

11.         Warrant
Agent. The Company shall serve as warrant agent under this Warrant. Upon 30 days’ notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting
from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or
any new warrant agent transfers substantially all of its corporate trust or stockholder services business shall be a successor
warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession
as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown
on the Warrant Register.

 

12.         Miscellaneous

 

(a)          Subject
to compliance with applicable securities laws and Section 4.4 of the Purchase Agreement, this Warrant may be assigned by the Holder.
This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject
to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed
by the Company and the Holder and their successors and assigns.

 

(b)          The
Company will not, by amendment of its governing documents or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking
of all such action as may be necessary or appropriate in order to protect the rights of the Holder against impairment. Without
limiting the generality of the foregoing, the Company (i) will not increase the par value of any Warrant Shares above the
amount payable therefor on such exercise, (ii) will take all such action as may be reasonably necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares on the exercise of this Warrant,
and (iii) will not close its stockholder books or records in any manner which interferes with the timely exercise of this
Warrant.

 

(c)          ALL
QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND, BY ACCEPTING THIS WARRANT, THE HOLDER
HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH
OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY
OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF THIS WARRANT), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT
TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT,
THAT SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH OF THE COMPANY AND, BY ACCEPTING THIS WARRANT, THE HOLDER HEREBY IRREVOCABLY
WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY
THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN
EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS
AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED
BY LAW. THE COMPANY HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.

 

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(d)          The
headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

 

(e)          In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(f)          The
remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant, at law
or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right
of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges
that a breach by it of its obligations hereunder may cause irreparable harm to the Holder and that the remedy at law for any such
breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of
this Warrant shall be entitled, in addition to all other available remedies, to seek an injunction restraining any breach.

 

(g)          No
provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and
no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Warrant Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors
of the Company. Prior to the exercise of this Warrant, the Holder shall not have or exercise any rights as a stockholder of the
Company by virtue of its ownership of this Warrant.

 

SIGNATURE PAGE FOLLOWS

 

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IN WITNESS WHEREOF, the Company has caused
this Warrant to be duly executed by its authorized officer as of the date first indicated above.

 

	 	ALLIQUA, INC.
	 	 	 
	 	By:	 
	 	 	Name: Brian Posner
	 	 	Title: Chief Financial Officer

 

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FORM OF EXERCISE NOTICE

 

(To be executed by the Holder to exercise
the right to purchase shares of Common Stock under the foregoing Warrant)

 

To Alliqua, Inc.:

 

The undersigned is the Holder of Warrant
No. _______ (the “Warrant”) issued by Alliqua, Inc., a Florida corporation (the “Company”).
Capitalized terms used herein and not otherwise defined have the respective meanings set forth in the Warrant.

 

		1.	The Warrant is currently exercisable to purchase a total of ______________ Warrant Shares.

 

		2.	The undersigned Holder hereby exercises its right to purchase _________________ Warrant Shares
pursuant to the Warrant.

 

		3.	The holder shall pay the sum of $____________ to the Company in accordance with the terms of the
Warrant.

 

		4.	Pursuant to this exercise, the Company shall deliver to the holder _______________ Warrant Shares
in accordance with the terms of the Warrant.

 

		5.	Following this exercise, the Warrant shall be exercisable to purchase a total of ______________
Warrant Shares.

 

	Dated: ___________________	Name of Holder:
	 	 
	 	(Print)______________
	 	 
	 	By:________________
	 	Name:
	 	Title:

 

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	ACKNOWLEDGED AND AGREED TO this ___ day of
	___________, 20__
	 	 	 
	ALLIQUA, INC.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

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FORM OF ASSIGNMENT

 

[To be completed and signed only upon transfer
of Warrant]

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto ________________________________ the right represented by the within Warrant
to purchase ____________ shares of Common Stock of Alliqua, Inc. to which the within Warrant relates and appoints ________________
attorney to transfer said right on the books of Alliqua, Inc. with full power of substitution in the premises.

 

Dated:                   ,                    

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Address of Transferee	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

In the presence of:

 

    	10Exhibit 10.48

 

THE
COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2
OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL
PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED
IN THIS EXHIBIT WITH “*****”.

 

 

LICENSE,
MARKETING AND DEVELOPMENT AGREEMENT

 

BY AND BETWEEN

 

ANTHROGENESIS CORPORATION, D/B/A CCT

 

AND

 

ALLIQUA, INC.

 

NOVEMBER 14, 2013

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	Article 1 DEFINITIONS	1
	 	 
	Article 2 LICENSES	10
	 	 	 
	2.1	License to Alliqua.	10
	 	 	 
	2.2	Exclusivity.	10
	 	 	 
	2.3	Alliqua Sublicense Rights.	11
	 	 	 
	2.4	Third Party Licenses.	11
	 	 	 
	2.5	CCT Retained Rights	12
	 	 	 
	2.6	Right of First Offer. 	12
	 	 	 
	Article 3 GOVERNANCE	13
	 	 	 
	3.1	Joint Steering Committee.	13
	 	 	 
	3.2	Alliance Managers.	15
	 	 	 
	3.3	Commercial Launch Team	15
	 	 	 
	3.4	Promotional Materials.	15
	 	 	 
	Article 4 DEVELOPMENT	15
	 	 	 
	4.1	Joint Development Plan; Alliqua Activities.	15
	 	 	 
	4.2	Records and Reports.	16
	 	 	 
	4.3	Subcontracts	16
	 	 	 
	Article 5 REGULATORY MATTERS	18
	 	 	 
	5.1	Regulatory Activities.	18
	 	 	 
	5.2	Regulatory Reports; Meetings with Regulatory Authorities.	18
	 	 	 
	5.3	Regulatory Costs.	18
	 	 	 
	5.4	Notification of Threatened Action.	19
	 	 	 
	5.5	Adverse Event Reporting and Safety Data Exchange.	19
	 	 	 
	5.6	Remedial Actions.	19
	 	 	 
	5.7	Rebate Processing and Government Price Reporting.	20
	 	 	 
	Article 6 COMMERCIALIZATION	20
	 	 	 
	6.1	Commercialization Responsibilities.	20
	 	 	 
	6.2	Commercialization Plan.	20
	 	 	 
	6.3	Commercial Diligence.	21
	 	 	 
	6.4	Records and Reports.	21
	 	 	 
	6.5	Commercialization Outside the Territory.	21

 

    	 

    	 

    

 

	Article 7 COMPENSATION	21
	 	 	 
	7.1	Annual License Fee.	22
	 	 	 
	7.2	Milestone Payments.	22
	 	 	 
	7.3	Royalties.	22
	 	 	 
	7.4	Market Condition Change.	23
	 	 	 
	7.5	Payment Method; Late Payments.	23
	 	 	 
	7.6	Records	23
	 	 	 
	7.7	Audits.	23
	 	 	 
	7.8	Taxes.	24
	 	 	 
	7.9	Annual Fee on Medical Device Manufacturers and Importers.	24
	 	 	 
	Article 8 INTELLECTUAL PROPERTY MATTERS	24
	 	 	 
	8.1	Prosecution of Patents.	24
	 	 	 
	8.2	Inventions Generally.	25
	 	 	 
	8.3	Enforcement of CCT Patents.	25
	 	 	 
	8.4	Infringement of Third Party Rights in the Territory.	26
	 	 	 
	8.5	Patent Marking.	27
	 	 	 
	8.6	Trademarks.	27
	 	 	 
	Article 9 REPRESENTATIONS AND WARRANTIES; COVENANTS	28
	 	 	 
	9.1	Mutual Representations and Warranties	28
	 	 	 
	9.2	Additional Representations and Warranties of CCT	29
	 	 	 
	9.3	Mutual Covenants.	30
	 	 	 
	9.4	Disclaimer.	30
	 	 	 
	Article 10 INDEMNIFICATION	31
	 	 	 
	10.1	Indemnification by CCT	31
	 	 	 
	10.2	Indemnification by Alliqua	31
	 	 	 
	10.3	Indemnification Procedures.	31
	 	 	 
	10.4	Limitation of Liability	32
	 	 	 
	10.5	Insurance	32
	 	 	 
	Article 11 CONFIDENTIALITY	33
	 	 	 
	11.1	Confidentiality.	33
	 	 	 
	11.2	Authorized Disclosure	33
	 	 	 
	11.3	Return of Confidential Information	33
	 	 	 
	11.4	Publicity; Terms of the Agreement; Confidential Treatment.	34

 

    	 

    	 

    

 

	11.5	Technical Publication.	35
	 	 	 
	11.6	Equitable Relief.	35
	 	 	 
	Article 12 TERM AND TERMINATION	35
	 	 	 
	12.1	Term.	35
	 	 	 
	12.2	Termination by CCT.	35
	 	 	 
	12.3	Termination for Breach.	36
	 	 	 
	12.4	Termination for Bankruptcy Code.	37
	 	 	 
	12.5	Termination for Safety, Legal or Economic Risks.	37
	 	 	 
	12.6	Effect of Termination.	38
	 	 	 
	12.7	Survival	40
	 	 	 
	Article 13 DISPUTE RESOLUTION	40
	 	 	 
	13.1	Disputes.	40
	 	 	 
	13.2	Internal Resolution.	40
	 	 	 
	13.3	Patent and Trademark Disputes.	40
	 	 	 
	13.4	Equitable Relief	40
	 	 	 
	Article 14 MISCELLANEOUS	40
	 	 	 
	14.1	Entire Agreement; Amendment.	40
	 	 	 
	14.2	Force Majeure.	41
	 	 	 
	14.3	Notices.	41
	 	 	 
	14.4	No Strict Construction; Headings	42
	 	 	 
	14.5	Assignment	42
	 	 	 
	14.6	Performance by Affiliates.	43
	 	 	 
	14.7	Further Actions.	43
	 	 	 
	14.8	Severability.	43
	 	 	 
	14.9	No Waiver.	43
	 	 	 
	14.10	Independent Contractors.	43
	 	 	 
	14.11	Governing Law.	43
	 	 	 
	14.12	Counterparts.	44

 

    	 

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

  

LICENSE,
MARKETING AND DEVELOPMENT AGREEMENT

 

This License,
MARKETING AND DEVELOPMENT Agreement
(the “Agreement”) is entered into as of November 14, 2013 (the “Effective Date”)
by and between Anthrogenesis Corporation,
d/b/a CELGENE CELLULAR THERAPEUTICS (“CCT”),
a New Jersey corporation having a principal place of business at 33 Technology Drive, 2nd Floor, Warren, NJ 07059 (“CCT”),
and Alliqua, INC., a Florida
corporation having a principal place of business at 2150 Cabot Boulevard West, Langhorne, Pennsylvania (“Alliqua”).
Alliqua and CCT may each be referred to as a “Party” or collectively be referred to as the “Parties”.

 

RECITALS

 

Whereas,
CCT owns or has rights to placental based products, including intellectual property relating thereto, and is willing to license
such intellectual property to Alliqua, and Alliqua desires to accept such license;

 

Whereas,
CCT and Alliqua desire to establish a collaboration for the development and commercialization of Licensed Products in the Field
in the Territory (each, as defined below), in accordance with the terms and conditions set forth herein; and

 

Whereas,
concurrently with the signing of this Agreement, Celgene Corporation (“Investor”) and Alliqua are entering into
a Stock Purchase Agreement (the “Stock Purchase Agreement”) pursuant to which Investor intends to purchase certain
securities of Alliqua.

 

Now,
Therefore, in consideration of the foregoing premises and the mutual promises, covenants and conditions contained in
this Agreement, the Parties agree as follows:

 

Article
1

DEFINITIONS

 

The terms in this Agreement
with initial letters capitalized, whether used in the singular or the plural, shall have the meaning set forth below or, if not
listed below, the meaning designated elsewhere in this Agreement (and derivative forms of them shall be interpreted accordingly).
The terms “include,” “includes,” “including” and derivative forms of them shall be deemed followed
by the phrase “without limitation” regardless of whether such phrase appears there (and with no implication being drawn
from its inconsistent inclusion or non-inclusion).

 

“510(k)”
means a marketing authorization issued by the FDA pursuant to Section 510(k) of the Act, whereby the FDA clears a medical device
for sale in the United States, determining that the medical device is substantially equivalent to legally marketed predicate devices.

 

“Accounting
Standards” has the meaning set forth in the definition of Net Sales.

 

“Acquired
Entity” has the meaning set forth in Section 2.2(d).

 

    	 

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

“Acquiring
Entity” has the meaning set forth in Section 2.2(c).

 

“Act”
means the Federal Food, Drug, and Cosmetic Act, as amended, and the rules, regulations, guidelines and requirements of the FDA
as may be in effect from time to time.

 

“Additional
Territory Transaction” has the meaning set forth in Section 6.5.

 

“Affiliate”
means, with respect to a Person, any Person that controls, is controlled by or is under common control with such first Person.
For purposes of this definition only, “control” means (a) to possess, directly or indirectly, the power to direct
the management or policies of a Person, whether through ownership of voting securities, by contract relating to voting rights or
corporate governance or otherwise, or (b) to own, directly or indirectly, fifty percent (50%) or more of the outstanding securities
or other ownership interest of such Person. For the purposes of this Agreement, neither Party shall be considered an Affiliate
of the other, and the Affiliates of each Party shall not be considered Affiliates of the other Party or of any of such other Party’s
Affiliates.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Alliance
Manager” has the meaning set forth in Section 3.2.

 

“Alliqua”
has the meaning set forth in the Preamble.

 

“Alliqua Indemnitees”
has the meaning set forth in Section 10.1.

 

“Alliqua Permitted
Subcontractor” has the meaning set forth in Section 4.3(e).

 

“Alliqua Sublicense
Agreement” has the meaning set forth in Section 2.3(a).

 

“Annual License
Fee(s)” has the meaning set forth in Section 7.1.

 

“Audited Party”
has the meaning set forth in Section 7.7.

 

“Auditing
Party” has the meaning set forth in Section 7.7.

 

“Bankrupt
Party” has the meaning set forth in Section 12.4.

 

“Bankruptcy
Code” has the meaning set forth in Section 12.4.

 

“Base Purchase
Price” means, with respect to a Licensed Product, (i) the purchase price of such Licensed Product on a per unit
basis, as defined in the Supply Agreement, or (ii) if the Licensed Product is manufactured on Alliqua’s behalf by a Third
Party in accordance with the Supply Agreement, the amount paid to such Third Party on a per unit basis for such Licensed Product,
or (iii) if the Licensed Product is manufactured by Alliqua in accordance with the Supply Agreement, [****].

 

    	-2-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

“Biovance”
means decellularized, dehydrated human amniotic membrane, as produced according to the CCT Technology as of the Effective Date
or thereafter, which are marketed under the Biovance name.

 

“Business
Day” means any day (other than a Saturday, Sunday or a legal holiday) on which banks are open for general business in
New York, New York.

 

“CCT”
has the meaning set forth in the Preamble.

 

“CCT Indemnitees”
has the meaning set forth in Section 10.2.

 

“CCT Know-How”
means all Know-How Controlled by CCT as of the Effective Date or during the Term that is necessary or useful for the Development
or Commercialization of the Licensed Products.

 

“CCT Mark(s)”
has the meaning set forth in Section 8.6(b).

 

“CCT Patents”
means (i) the Patents listed in Exhibit A and (ii) any other Patents in the Territory that issue from, or that claim
the priority of, any of the Patents listed in Exhibit A in the Field in the Territory.

 

“CCT Technology”
means the CCT Know-How and the CCT Patents.

 

“Claims”
has the meaning set forth in Section 10.1.

 

“Cost of Goods
Sold” or “COGS” means, with respect to Licensed Products, the cost of goods sold as determined in
accordance with GAAP and as reflected on the published financial statements of Alliqua.

 

“Commercialization
Plan” has the meaning set forth in Section 6.2.

 

“Commercialize”
or “Commercialization” means to package (from bulk to finished form), label, market, promote, sell, offer for
sale and/or distribute (but not to manufacture or have manufactured, except to the extent packaging and labeling hereunder is considered
to be manufacturing).

 

“Commercially
Reasonable Best Efforts” means, with respect to Alliqua’s activities under this Agreement, the carrying out of
such activities with a level of effort and resources consistent with the commercially best reasonable practices of a similarly
situated company in the pharmaceutical device industry that would be applied to the research, development, packaging, labeling
or commercialization of a pharmaceutical product comparable to the Licensed Product at a similar stage of development or commercialization
(but explicitly ignoring the royalty, milestone and other payments due CCT under this Agreement), provided that Alliqua’s
effort with regard to the Development and Commercialization of each Licensed Product shall be no less strenuous than the effort
exerted by [****] in the development and commercialization of any other present or future product or compound.

 

    	-3-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

“Competing
Product” means any advanced biologic wound care biological skin substitute product [****] in the Field, other
than a Licensed Product.

 

“Confidential
Information” of a Party means any and all information of a confidential or proprietary nature disclosed by such Party
to the other Party under this Agreement or under the Prior CDA, whether in oral, written, graphic or electronic form.

 

“Control”
means, with respect to any particular Know-How or Patent, that a Party (a) owns or (b) has a license (other than a license
granted to such Party under this Agreement) to such Know-How or Patent and, in each case, has the ability to grant to the other
Party access, a license, or a sublicense (as applicable) to such Know-How or Patent on the terms and conditions set forth in this
Agreement without violating the terms of any then-existing agreement or other arrangement with any Third Party.

 

“Cover”
means, with respect to a particular item and a particular Patent, that such Patent claims or covers, in any of the countries of
manufacture, use, and/or sale, (a) the composition of such item, any of its ingredients or formulations or any product containing
or that is made using such item (by virtue of such product containing or being made using such item); (b) a method of making or
using any of the foregoing things referred to in (a); (c) an item used or present in the manufacture of any of the foregoing things
referred to in (a); and/or (d) the method by which such item was discovered or identified, or another item present during or used
in such method.

 

“Covered Opportunity”
has the meaning set forth in Section 2.6.

 

“Develop”
or “Development” means activities that relate to developing a Licensed Product or a Competing Product, including
clinical trials. Development (with respect to Licensed Products, but not Competing Products) shall exclude manufacturing, Commercialization,
and obtaining and supporting Regulatory Clearances and/or Approvals.

 

“Development
Costs” means the out-of-pocket and internal costs and expenses associated with particular Development activities for
which Alliqua is responsible under each Joint Development Plan.

 

“Development
Records” has the meaning set forth in Section 4.2.

 

“Dollar”
or “$” means a USA dollar.

 

“ECMs”
means extracellular matrix derived from the human placenta, as produced according to the CCT Technology as of the Effective Date
or thereafter, which may be (but is not necessarily) formulated into [****],[****], or [****].

 

“Event of
Bankruptcy” has the meaning set forth in Section 12.4.

 

“Executive
Officer” means, with respect to CCT, its Chief Executive Officer or such Chief Executive Officer’s designee, or
such other person holding a similar position designated by CCT from time to time, and with respect to Alliqua, its Chief Executive
Officer or such Chief Executive Officer’s designee, or such other person holding a similar position designated by Alliqua
from time to time.

 

    	-4-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

“FD&C
Act” means the USA Federal Food, Drug and Cosmetic Act, as amended.

 

“FDA”
means the USA Food and Drug Administration or any successor entity.

 

“Field”
means acute and chronic non-healing wounds: pressure ulcers, venous ulcers, diabetic ulcers, chronic vascular ulcers, tunnel/undermined
wounds, surgical wounds (donor sites/grafts, dehiscence), trauma wounds (abrasions, lacerations, second degree burns, and skin
tears), and draining wounds.

 

“First Commercial
Sale” means, with respect to a Licensed Product, the first sale, transfer or disposition for value or for end use to
a Third Party of such Licensed Product in a given regulatory jurisdiction after Regulatory Clearance and/or Approval has been obtained
in such jurisdiction.

 

“GAAP”
means generally accepted accounting principles in the United States, consistently applied.

 

“Governmental
Authority” means any multi-national, federal, state, local, municipal, provincial or other governmental authority of
any nature (including any governmental division, prefecture, subdivision, department, agency, bureau, branch, office, commission,
council, court or other tribunal).

 

“Government
Price Reporting” has the meaning set forth in Section 5.7.

 

“Gross Margin”
means Net Sales of a Licensed Product minus the Purchase Price, as determined in accordance with GAAP.

 

“Improvements”
means an invention, idea, concept, formula, design, technique or improvement (whether or not patentable or subject to any other
form of intellectual property right registration) to a Licensed Product developed, conceived or reduced to practice subsequent
to the date hereof in the Field.

 

“Indemnified
Party” has the meaning set forth in Section 10.3.

 

“Indemnifying
Party” has the meaning set forth in Section 10.3.

 

“Infringement”
has the meaning set forth in Section 8.3(a).

 

“Infringement
Dispute” has the meaning set forth in Section 8.4(b).

 

“Initial Term”
has the meaning set forth in Section 12.1.

 

“Investor”
has the meaning set forth in the Recitals.

 

    	-5-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

“Joint Development
Plan” means a plan established by the Parties as described in Section 4.1 setting forth the activities to be conducted
by or on behalf of Alliqua to Develop the Licensed Products in accordance with the terms of Article 4.

 

“Joint Steering
Committee” or “JSC” means the committee formed by the Parties as described in Section 3.1.

 

“JSC Dispute”
has the meaning set forth in Section 3.1(c)(i).

 

“JSC Selected
Subcontractor” has the meaning set forth in Section 4.3(b).

 

“JSC Selected
Subcontractor Agreement” has the meaning set forth in Section 4.3(b).

 

“Know-How”
means all technical information, data and know-how, including inventions, discoveries, trade secrets, specifications, instructions,
processes, formulae, expertise, materials, methods, protocols and other technology applicable to formulations, compositions or
products or to their manufacture, development, registration, use or marketing or processes for their manufacture, formulations
containing them or compositions incorporating or comprising them, and including all biological, chemical, pharmacological, biochemical,
toxicological, pharmaceutical, physical and analytical, safety, quality control, manufacturing, preclinical and clinical data,
instructions, processes, formula, and expertise.

 

“Launch Year”
means, for each of Biovance and ECMs, (i) with respect to the first Launch Year, the 12-month period beginning on the first day
of the calendar month immediately preceding the first anniversary of the First Commercial Sale of a Licensed Product and (ii) with
respect to any subsequent Launch Year, the 12-month period beginning on the first day of the relevant anniversary of the first
Launch Year. Solely by way of example, if the First Commercial Sale occurs on April 15, 2014, the first Launch Year shall commence
on April 1, 2014 and each subsequent Launch Year shall commence on April 1 of each subsequent year.

 

“Launch Year
Quarter” means the first three (3) calendar month period, second three (3) calendar month period, third three (3) calendar
month period and fourth three (3) calendar month period, in each case, commencing with the first day of each Launch Year. Solely
by way of example, if the Launch Year commences on April 1, 2014, the first Launch Year Quarter shall mean the period commencing
on April 1 and ending on June 30, the second Launch Year Quarter shall mean the period commencing on July 1 and
ending on September 30, the third Launch Year Quarter shall mean the period commencing on October 1 and ending on December 31
and the fourth Launch Year Quarter shall mean the period commencing January 1 and ending on March 31.

 

“Laws”
means all laws, statutes, rules, regulations, ordinances and other pronouncements having the effect of law of any federal, national,
multinational, state, provincial, county, city or other political subdivision, domestic or foreign.

 

“Liabilities”
has the meaning set forth in Section 10.1.

 

    	-6-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

“Licensed
Product” means each of Biovance and ECMs and any and all Improvements thereof; “Licensed Products”
shall mean Biovance and ECMs, collectively.

 

“Management
Change Transaction” has the meaning set forth in Section 2.2(c).

 

“Market Condition
Change” means, for Biovance, at any time during the [****] of this Agreement, and for ECMs, at any time during the [****]
after the First Commercial Sale thereof, factors outside the reasonable control of Alliqua, including supply shortages or outages,
changes in any Governmental Authority or Regulatory Authority regulation or reimbursement rate, and/or any Regulatory Authority
action which would adversely affect the Commercialization of such Licensed Product in any material respect.

 

“Market Condition
Financial Terms” has the meaning set forth in Section 7.4.

 

“Milestone
Event” has the meaning set forth in Section 7.2.

 

“Milestone
Payment” has the meaning set forth in Section 7.2.

 

“Minimum Sales
Threshold” has the meaning set forth in Section 12.2(b)(i).

 

“Negotiation
Period” has the meaning set forth in Section 2.6.

 

“Net Sales”
means, with respect to any Licensed Product, gross amounts invoiced by Alliqua or its Affiliates to Third Parties for the sale
or other commercial disposition of such Licensed Product anywhere within the Territory, including sales to wholesale distributors,
less deductions from such amounts calculated in accordance with the Accounting Standards so as to arrive at “net sales”
under the Accounting Standards, and further reduced by write-offs of accounts receivables or increased for collection of accounts
that were previously written off.

 

(a)          Net
Sales, and any and all set-offs against gross amounts invoiced, shall be determined from books and records maintained in accordance
with the Accounting Standards, consistently applied throughout the organization and across all products of the entity whose sales
of any Licensed Product are giving rise to Net Sales. Sales or other commercial dispositions of Licensed Products between Alliqua
and its Affiliates, and Licensed Products provided to Third Parties without charge, in connection with research and development,
clinical trials, compassionate use, humanitarian and charitable donations, or indigent programs or for use as samples shall be
excluded from the computation of Net Sales, and no payments will be payable on such sales or such other commercial dispositions,
except where such an Affiliate is an end user of the Licensed Product.

 

(b)          If
a Licensed Product is sold or otherwise commercially disposed of for consideration other than cash or in a transaction that is
not at arm’s length between the buyer and the seller, then the gross amount to be included in the calculation of Net Sales
shall be the amount that would have been invoiced had the transaction been conducted at arm’s length and for cash. Such amount
that would have been invoiced shall be determined, wherever possible, by reference to the average selling price of the relevant
Licensed Product in arm’s length transactions in the relevant country.

 

    	-7-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(c)          Notwithstanding
the foregoing, in the event a Licensed Product is sold as a Combination Product, Net Sales shall be calculated by multiplying the
Net Sales of the Combination Product by the fraction A/(A+B), where A is the gross invoice price of the royalty- bearing product
if sold separately in a country and B is the gross invoice price of the other product(s) included in the Combination Product if
sold separately in such country. If no such separate sales are made by Alliqua or its Affiliates in a country, Net Sales of the
Combination Product shall be calculated in a manner to be negotiated and agreed upon by the Parties, reasonably and in good faith,
prior to any sale of such Combination Product, which shall be based upon the relative value of the active components of such Combination
Product.

 

As used in this definition: (i) “Accounting
Standards” means GAAP (United States Generally Accepted Accounting Principles), and (ii) “Combination Product”
means any product that comprises a Licensed Product sold in conjunction with another active component so as to be a combination
product (whether packaged together or in the same therapeutic formulation).

 

“Non-Bankrupt
Party” has the meaning set forth in Section 12.4.

 

“Notice of
Interest” has the meaning set forth in Section 2.6.

 

“Party”
or “Parties” has the meaning set forth in the Preamble.

 

“Patents”
means, collectively, (a) pending patent applications (and patents issuing therefrom), issued patents, regional patents, utility
models and designs; and (b) reissues, divisions, substitutions, confirmations, renewals, extensions, provisionals, registrations,
validations, re-examinations, additions, continuations, continued prosecution applications, continuations-in-part, divisionals,
or any Supplementary Protection Certificates or restoration of patent terms of or to any patents, patent applications, utility
models or designs, in each case being enforceable within the applicable territory.

 

“Person”
means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited
liability company, business trust, joint stock company, trust, unincorporated association, joint venture or other similar entity
or organization, including a government or political subdivision, department or agency of a government.

 

“Prior CDA”
means that certain Mutual Confidentiality Agreement between the Parties dated March 19, 2013.

 

“Product Marks”
has the meaning set forth in Section 8.6(a).

 

“Promotional
Materials” has the meaning set forth in Section 3.4.

 

“Purchase
Price” means, with respect to a Licensed Product: (a) the Base Purchase Price; plus (b) to the extent not included
in amounts paid under the Supply Agreement or a Third Party manufacturer and incurred by Alliqua in connection with the manufacture
of such Licensed Product, any [****] and [****] incurred in connection with the procurement of such Licensed Product; plus
(c) any and all reasonable and documented costs actually incurred by Alliqua to [****]; plus (d) all amounts paid by Alliqua
in respect of [****] applied to the sale of such Licensed Product; in each case, as determined in accordance with GAAP.

 

    	-8-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

“Regulatory
Clearances and/or Approvals” means all approvals necessary for the commercial sale of a Licensed Product for any indication
in a given country or regulatory jurisdiction in the Territory, which shall include satisfaction of all applicable regulatory and
notification requirements, and shall be deemed to include any stockpiling by any Governmental Authority for civilian or military
use, but which shall exclude any pricing and reimbursement approvals.

 

“Regulatory
Authority” means the FDA or any corollary agency or Governmental Authority involved in granting Regulatory Clearances
and/or Approvals in any other country or jurisdiction in the Territory.

 

“Regulatory
Materials” means regulatory applications, submissions, notifications, communications, correspondence, registrations,
Regulatory Clearances and/or Approvals and/or other filings made to, received from or otherwise conducted with a Regulatory Authority
in order to Develop, manufacture, market, sell or otherwise Commercialize a Licensed Product in a particular country or jurisdiction.

 

“Remedial
Action” has the meaning set forth in Section 5.6.

 

“Renewal Term”
has the meaning set forth in Section 12.1.

 

“Revenue”
has the meaning set forth in Section 8.3(e).

 

“Royalty Term”
has the meaning set forth in Section 7.3(b).

 

“Safety Data
and Exchange Agreement” has the meaning set forth in Section 5.5.

 

“Sales Threshold
Default” has the meaning set forth in Section 12.2(b)(i).

 

“Sales Threshold
Default Notice” has the meaning set forth in Section 12.2(b)(i).

 

“Secretary
Designee” has the meaning set forth in Section 3.1(d).

 

“Selected
Subcontractor” has the meaning set forth in Section 4.3(a).

 

“Selected
Subcontractor Agreement” has the meaning set forth in Section 4.3(a).

 

“Sell-Off
Period” has the meaning set forth in Section 12.6(d).

 

“Stock Purchase
Agreement” has the meaning set forth in the Recitals.

 

“Subject Transaction”
has the meaning set forth in Section 2.2(d).

 

“Supply Agreement”
means that certain Supply Agreement entered into by the Parties, dated November 14, 2013.

 

    	-9-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

“Term”
has the meaning set forth in Section 12.1.

 

“Territory”
means USA.

 

“Third Party”
means any Person not including the Parties or the Parties’ respective Affiliates.

 

“USA”
or “United States” means the United States of America, including all possessions and territories thereof.

 

Article
2

LICENSES

 

2.1          License
to Alliqua.

 

(a)          Subject
to the terms and conditions of this Agreement, CCT hereby grants to Alliqua during the Term an exclusive, royalty-bearing license,
with the right to sublicense solely as provided in Section 2.3, under the CCT Technology, to Develop and Commercialize, including
to use, offer for sale and sell Licensed Products in the Field in the Territory. Alliqua shall not, and shall not permit any of
its Affiliates to, use or practice any CCT Technology outside the scope of the license granted to it under this Section 2.1(a).
CCT hereby expressly retains for itself and others exclusive rights under the CCT Technology to manufacture Licensed Products for
Alliqua (it being understood and agreed that the Parties have entered into a Supply Agreement as of the Effective Date to address
the supply of Licensed Products). For the avoidance of doubt, as of the Effective Date, the license grant set forth in this Section
2.1(a) is solely in connection with Alliqua’s right to Develop and Commercialize Licensed Products and is subject to CCT’s
right to Develop ECMs pursuant to Section 4.1 below.

 

(b)          Alliqua
may not enhance, decompile, disassemble, improve, modify, change, reverse assemble or reverse engineer Licensed Products or any
part thereof, except as: (i) set forth in the Supply Agreement; (ii) expressly set forth in the applicable Joint Development
Plan; or (iii) otherwise agreed to by the JSC.

 

2.2          Exclusivity.

 

(a)          As
partial consideration for the grant of rights set forth in Section 2.1(a), Alliqua agrees that during the Term of this Agreement,
it and its Affiliates shall not, directly or indirectly, Develop or Commercialize any Competing Product in the Territory.

 

(b)          Subject
to Section 2.2(c) and 2.2(d), as partial consideration for the services to be performed by Alliqua hereunder, CCT agrees that during
the Term of this Agreement, it shall not, directly or indirectly, Commercialize any Competing Product in the Territory.

 

(c)          Nothing
in this Section 2.2 shall prohibit any Acquiring Entity of CCT or any of its respective Affiliates or sublicensees from continuing,
furthering or performing (i) any activities in which it was engaged prior to the effective date of a Management Change Transaction
or (ii) any activities relating to products developed by an Acquiring Entity or CCT (or any other Third Party) without accessing
or practicing technology or information made available to Alliqua under this Agreement.  For purposes of this Section 2.2(c),
(x) “Management Change Transaction” shall mean a transfer to a Third Party of all or substantially all of CCT’s
assets to which this Agreement relates, or the merger or consolidation with, or acquisition of CCT by a Third Party and (y) “Acquiring
Entity” shall mean such Third Party described in clause (x).

 

    	-10-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(d)          Nothing
in this Section 2.2 shall prohibit CCT, Alliqua or any of their respective Acquired Entities from continuing, furthering or performing
(i) any activities in which an Acquired Entity was engaged prior to the effective date of a Subject Transaction or (ii) any activities
relating to products developed by an Acquired Entity, CCT or Alliqua (or any other Third Party) without accessing or practicing
technology or information made available to Alliqua under this Agreement. For purposes of this Section 2.2(d), (x) “Subject
Transaction” shall mean a transfer to CCT or Alliqua, as the case may be, by a Third Party of all or substantially all
of such Third Party’s assets, or the merger or consolidation with, or acquisition of, a Third Party by CCT or Alliqua, as
the case may be, and (y) “Acquired Entity” shall mean such Third Party described in clause (x).

 

2.3          Alliqua
Sublicense Rights.

 

(a)          Alliqua
shall have the right to grant sublicenses of the licenses granted in Section 2.1(a) to (i) its Affiliates without the consent of
CCT and (ii) any Third Party for the sole purpose of providing services directly to Alliqua, so that Alliqua may perform its rights
and/or obligations of Alliqua hereunder (but which, for the avoidance of doubt, shall not include a wholesale sublicense of the
licenses granted in Section 2.1(a) for purposes of transferring Alliqua’s rights and obligations hereunder in their entirety),
upon the prior written consent of CCT as determined by CCT in good faith, in each case, solely as set forth in this Section 2.3
(each such sublicense, a “Alliqua Sublicense Agreement”). Alliqua shall remain primarily responsible for all
of its Affiliates’ activities and any and all failures by its Affiliates to comply with the applicable terms of this Agreement.

 

(b)          Alliqua
shall, within thirty (30) days after granting any Alliqua Sublicense Agreement, notify CCT of the grant of such sublicense and
provide CCT with a true and complete copy of the Alliqua Sublicense Agreement. Each Alliqua Sublicense Agreement shall be consistent
with the terms and conditions of this Agreement and the Affiliate shall be bound by and subject to all applicable terms and conditions
of this Agreement in the same manner and to the same extent as Alliqua is bound thereby.

 

2.4          Third
Party Licenses.

 

(a)          For
the avoidance of doubt, CCT shall be responsible for payment obligations to Third Parties for Patents and Know-How within the CCT
Technology that are licensed to CCT by a Third Party prior to the Effective Date, if any. Alliqua hereby acknowledges and agrees
that its sublicense under such in-licensed CCT Technology (if any) is subject to the terms and conditions of the applicable license
agreement governing CCT’s license of such in-licensed CCT Technology.

 

    	-11-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(b)          The
responsibility, necessity and handling of any Third Party license required as a result of Improvements to a Licensed Product after
the Effective Date shall be agreed upon by the JSC, provided that Alliqua shall have the right to negotiate any third party license
agreement that is required as a result of any Improvement to the CCT Technology, subject to (i) information sharing with CCT,
including apprising CCT of any offers made by Third Parties, the substance of such offer, the status of any negotiations with Third
Parties and any other information regarding such Third Party license as reasonably requested by CCT and (ii) CCT’s prior
written consent of such Third Party license agreement. The costs associated with any Third Party license agreement shall be allocated
as follows: (x) if such Third Party license is required in order to Develop or Commercialize the CCT Technology existing on or
after the Effective Date, the costs of such Third Party license shall be [****], and (y) if such Third Party license is required
in order to Develop or Commercialize the CCT Technology made on or after the Effective Date, the costs of such Third Party license
shall be [****]. Alliqua may deduct up to [****] of the amount of royalties paid by Alliqua to a Third Party for such license against
amounts payable to CCT hereunder, but in no event shall Alliqua deduct an amount greater than [****] of any payment of the royalties
due and payable to CCT for the Licensed Products in accordance with Article 7 below. For the avoidance of doubt, Alliqua may not
carry over any amounts from any prior payment period.

 

2.5          CCT
Retained Rights. The licenses granted by CCT under this Agreement are limited to those grants specifically set forth in Section
2.1(a) and Section 8.6(b). Nothing in this Agreement will be construed to grant any rights or licenses to any other intellectual
property rights of CCT. All rights, licenses, benefits and privileges not expressly granted to Alliqua hereunder are reserved by
CCT. For the avoidance of doubt, CCT shall retain all rights in all CCT intellectual property (including the CCT Technology) (i)
outside the Field in the Territory and (ii) in any field (including the Field) outside the Territory. Further, CCT shall have the
right to research, Develop, manufacture and Commercialize any products other than Licensed Products in the Field in the Territory.

 

2.6          Right
of First Offer. CCT grants to Alliqua a right of first offer (on the terms and conditions set forth in this Section 2.6) with
respect to the Commercialization of any Competing Product in the Field in the Territory Developed by CCT (a “Covered Opportunity”).
CCT will promptly notify Alliqua in writing of each Covered Opportunity. If, within fifteen (15) Business Days of receiving such
notice from CCT, CCT receives a notice in writing from Alliqua that Alliqua wishes to enter into negotiations regarding the Covered
Opportunity (the “Notice of Interest”), then CCT shall negotiate exclusively with Alliqua in good faith for
a period of sixty (60) days from the date of CCT’s notice to Alliqua of the Covered Opportunity (or such longer period of
time as may be agreed to by the Parties in writing) (the “Negotiation Period”) with respect to a definitive
agreement for the Commercialization of the Covered Opportunity by Alliqua. If (a) Alliqua indicates in writing that it does not
wish to enter into negotiations regarding such Covered Opportunity, (b) CCT fails to receive a Notice of Interest within the fifteen
(15) Business Day period described above, or (c) the Parties have not entered into such a definitive agreement by the end of the
Negotiation Period, then (i) CCT shall be free to Commercialize the Covered Opportunity itself and/or enter into one or more agreements
regarding the Covered Opportunity with any Third Party and (ii) the restrictions set forth in Section 2.2(b) shall automatically
terminate solely with respect to CCT’s Commercialization of such Covered Opportunity.

 

    	-12-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

Article
3

GOVERNANCE

 

3.1          Joint
Steering Committee.

 

(a)          Within
30 days after the Effective Date, the Parties shall establish a joint steering committee (the “Joint Steering Committee”
or “JSC”). The JSC shall oversee the performance of the Parties’ activities under this Agreement and under
each Joint Development Plan, as set forth herein, and provide a forum for sharing advice, progress, and results relating to such
activities and shall attempt to facilitate the resolution of any disputes between the Parties. The JSC shall appoint and oversee
subcommittees as it deems appropriate for carrying out activities under this Agreement, and shall review the overall progress of
the Parties’ collaborative efforts under this Agreement.

 

(b)          Membership;
Meetings. The JSC shall be composed of three (3) members from each of CCT and Alliqua or such equal number of members as the
Parties may agree, and shall meet, in person, by teleconference, or by video-teleconference, at least one time per calendar quarter,
or more or less often as unanimously agreed by both Parties’ JSC members (provided that in any event, the Parties meet at
least one time per year in person). Either Party may reasonably call a meeting upon no less than fifteen (15) Business Days’
notice. In-person meetings shall alternate between CCT and Alliqua locations, or as mutually agreed upon by the Parties. Each Party
shall be responsible for all of its own personnel and travel costs and expenses relating to participation in JSC meetings. The
first such meeting shall be within sixty (60) days after the Effective Date. Any member of the JSC may designate a substitute to
attend with prior written notice to the other Party. Ad hoc guests who are subject to written confidentiality obligations commensurate
in scope to the provisions in Article 11 may be invited, upon prior joint consent of Alliqua and CCT, to the JSC meetings. Each
Party may replace its JSC members with other of its employees, at any time, upon written notice to the other Party.

 

(c)          Decision-Making;
Limitations on JSC; JSC Disputes. Decisions of the JSC shall be made by unanimous vote or written consent, with each Party
having collectively one vote in all decisions. The presence of at least one (1) JSC member representing each Party shall constitute
a quorum in order for decisions to be made. The JSC shall have only such powers as are specifically delegated to it in this Agreement,
and such powers shall be subject to the terms and conditions set forth herein. Amendments or changes to this Agreement shall be
valid and binding only upon mutual written agreement of the Parties in accordance with Section 14.1 and the JSC shall have no authority
to amend, change or modify the terms and conditions of this Agreement. The JSC shall use reasonable best efforts to resolve the
matters within its roles and functions or otherwise referred to it.

 

(i)          If,
with respect to a matter that is subject to the JSC’s decision-making authority: (i) the JSC cannot reach consensus within
five (5) Business Days after it has met and attempted to reach such consensus or (ii) the Parties cannot reach consensus on whether
the JSC has decision-making authority regarding a matter within three (3) Business Days after such matter was first raised by either
Party (each of the foregoing cases, a “JSC Dispute”); then in each such instance, the JSC Dispute in question
shall be referred to the Executive Officer of CCT and the Executive Officer of Alliqua for resolution. The Executive Officers shall
use reasonable efforts to resolve the JSC Dispute referred to them.

 

    	-13-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(ii)         If
the Executive Officers are unable to resolve the JSC Dispute within five (5) Business Days, the provisions of this Section 3.1(c)(ii)
shall control:

 

(1)         if
the JSC Dispute solely relates to the [****] of Licensed Products (in each case excluding any dispute to the extent relating to
[****] (including for the avoidance of doubt, [****]), any [****] in connection with any Licensed Product or any [****]), and the
Executive Officers cannot resolve the matter within five (5) Business Days, then the matter shall be decided by the Executive Officer
of Alliqua in good faith, giving appropriate consideration to the reasonable business and scientific concerns of CCT; and

 

(2)         if
the JSC Dispute solely relates to [****] (in each case excluding any dispute to the extent relating to any matters which are the
subject of [****]) and the Executive Officers cannot resolve the matters within five (5) Business Days, then the matter shall be
decided by the Executive Officer of CCT in good faith, giving appropriate consideration to the reasonable business and scientific
concerns of Alliqua.

 

(3)         Notwithstanding
Sections 3.1(c)(ii)(1) and 3.1(c)(ii)(2) above, any dispute relating to Article 7 or any financial term of this Agreement (including,
for the avoidance of doubt, any increase or purported increase in the Base Purchase Price for any Licensed Product as contemplated
by the Supply Agreement), shall be excluded from the provisions of this Section 3.1(c)(ii) and shall be conclusively settled in
accordance with Article 13 below.

 

(iii)        Any
JSC Dispute that is not covered by 3.1(c)(ii) or resolved pursuant to Section 3.1(c)(i) or Section 3.1(c)(ii) shall be conclusively
settled in accordance with Article 13 below. For all purposes under this Agreement, any decision made pursuant to this Section
3.1(c) shall be deemed to be the decision of the JSC.

 

(d)          Secretary;
Agenda; Minutes. The Chairperson shall be designated by CCT. The Chairperson (who shall be a CCT designee) shall designate
a secretary of the JSC (the “Secretary Designee”) who also will be a CCT designee and who will be responsible
for calling meetings and preparing and circulating an agenda in advance of each meeting. The Secretary Designee shall solicit agenda
items from JSC members and provide an agenda along with appropriate information for such agenda reasonably in advance of any meeting.
It is understood that such agenda will include all items reasonably requested by any JSC member for inclusion therein. Additionally,
the Secretary Designee shall be responsible for preparing and circulating minutes within 15 days after each meeting of the JSC
setting forth, among other things, a description, in reasonable detail, of the discussions at the meeting and a list of any actions,
decisions, or determinations approved by the JSC. Such minutes shall be effective only after being approved by both Parties. Definitive
minutes of all JSC meetings shall be finalized no later than 30 days after the meeting to which the minutes pertain.

 

    	-14-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

3.2           Alliance
Managers. Promptly after the Effective Date, each Party shall appoint an individual to act as the alliance manager for such
Party (each, an “Alliance Manager”) (who may be a member of the JSC). Each Alliance Manager shall thereafter
be permitted to attend meetings of the JSC as a nonvoting observer (if not a member), subject to the confidentiality provisions
of Article 11. The Alliance Managers shall be the primary point of contact for the Parties regarding the activities contemplated
by this Agreement and shall facilitate communication regarding all activities hereunder. The Alliance Managers shall lead the communications
between the Parties and shall be responsible for following-up on decisions made by the JSC. The name and contact information for
such Alliance Manager, as well as any replacement(s) chosen by CCT or Alliqua, in their sole discretion, from time to time, shall
be promptly provided to the other Party in accordance with Section 14.3.

 

3.3           Commercial
Launch Team. Within thirty (30) days of the Effective Date Alliqua shall establish a commercial launch team with respect to
the Commercialization of Licensed Products, and shall invite at least two (2) employees of CCT, or such number as the Parties may
agree, to participate in such commercial launch team and Alliqua shall consider in good faith, any advice, comments or recommendations
given by the CCT participants. The commercial launch team shall, among other things, provide the Parties with technical and other
related support with respect to Commercialization, as well as recommendations in connection therewith.

 

3.4           Promotional
Materials. Alliqua will not use any Promotional Materials in connection with the marketing, sale or distribution of the Licensed
Products until after such Promotional Materials have been reviewed by the JSC and by CCT, as needed, and Alliqua has considered
in good faith any comments of the JSC and CCT, except that Alliqua may use, without such review, in its introduction announcements
to the trade, bill sheets and product catalog Promotional Materials that incorporate only the Licensed Product’s name, launch
date, available packaging configurations, and the pricing and delivery terms. For purposes of clarity, CCT shall have final discretion
to approve the content of all Promotional Materials and will be solely responsible for all Promotional Materials. For purposes
of this Agreement, “Promotional Materials” means all labeling and advertising materials as defined in the Act
and the regulations of the FDA thereunder. For the purposes of clarity, Alliqua will be responsible for the filing of Promotional
Materials with the FDA as directed by CCT or as otherwise required by applicable Law.

 

Article
4

DEVELOPMENT

 

4.1           Joint
Development Plan; Alliqua Activities. A Joint Development Plan for Biovance, consistent with the material terms mutually agreed
upon by the Parties, attached hereto as Exhibit B, shall be prepared by Alliqua and presented to the JSC within ninety (90)
days of the Effective Date or such other time agreed to by the JSC. In addition, Alliqua shall submit a Joint Development Plan
for ECMs (similar in nature to the Joint Development Plan submitted for Biovance) to the JSC no later than ninety (90) days prior
to anticipated 510(k) or other Regulatory Clearance and/or Approval in each relevant jurisdiction within the Territory, such Joint
Development Plan to be discussed in good faith between the Parties prior to JSC submission, it being understood and agreed that
following the Effective Date, CCT shall have the right to continue to Develop ECMs. The Parties shall, and shall cause their respective
members of the JSC to, cooperate with each other in good faith to promptly finalize a mutually acceptable Joint Development Plan
for each Licensed Product. The Parties agree to cooperate with each other in carrying out each Joint Development Plan consistent
with the activities set forth therein. Alliqua shall use Commercially Reasonable Best Efforts to undertake the Development activities
for the Licensed Products (and conduct such related clinical studies and perform all such related activities) set forth in, and
in accordance with, each Joint Development Plan, subject to CCT’s right to continue to Develop ECMs. Alliqua shall be responsible
for, and shall bear all Development Costs, including any additional activities required by health authorities or following unexpected
events.

 

    	-15-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

4.2          Records
and Reports. Alliqua shall maintain complete, current and accurate records of (a) all work conducted by it or its Affiliates
under each Joint Development Plan; (b) all data, Know-How and Patents resulting from such work; and (c) all Development Costs incurred
in connection therewith (collectively, the “Development Records”). At each quarterly JSC meeting, to the extent
applicable, (i) CCT shall provide to Alliqua all written updates that CCT has provided to its management team during the previous
calendar quarter with respect to any pre-clinical development of ECMs and all other information reasonably requested by Alliqua,
including but not limited to, written updates on all work conducted by it or its Affiliates with respect to such development during
the previous calendar quarter and (ii) Alliqua shall provide to CCT all written updates that Alliqua has provided to its management
team during the previous calendar quarter with respect to Development and all other information reasonably requested by CCT, including
but not limited to, written updates on (1) all work conducted by it or its Affiliates under each Joint Development Plan during
the previous calendar quarter; (2) all data, Know-How and Patents resulting from such work during the previous calendar quarter;
and (3) all Development Costs incurred in connection therewith during the previous calendar quarter. CCT shall have the right to
audit the financial records relating to the Development Costs in accordance with Section 7.7, and shall have the right to review
Alliqua’s Development Records during regular business hours and not more often than once each calendar year.

 

4.3          Subcontracts.
Alliqua may perform any of its Development or Commercialization activities under this Agreement through its Affiliates and through
one or more subcontractors or consultants pursuant to a written subcontractor agreement without the prior written consent of CCT,
provided that with respect to each subcontractor agreement entered into on or after the Effective Date:

 

(a)          Alliqua
obtains CCT’s prior written consent to the selection of each such subcontractor (i) that will perform contract research services
or (ii) that will perform contract manufacturing services, in each case, such consent shall not be unreasonably withheld, conditioned
or delayed, and, if requested by CCT with respect to such a specific subcontractor (each, a “Selected Subcontractor”),
Alliqua shall provide to CCT such subcontractor’s subcontractor agreement for CCT’s review and comment (each, a “Selected
Subcontractor Agreement”), solely for the purpose of approving such Selected Subcontractor to perform Development and/or
Commercialization activities on behalf of Alliqua pursuant to this Agreement. CCT shall have a period of five (5) Business Days
(or such other period of time as mutually agreed to by the Parties in good faith) following receipt of a Selected Subcontractor
Agreement to review and comment upon such Selected Subcontractor Agreement, which comments Alliqua shall consider in good faith;
provided, however, that in the event CCT fails to provide or affirmatively deny consent to use such Selected Subcontractor within
such five (5) Business Day period, then Alliqua shall be free to enter into such Selected Subcontractor Agreement. For the avoidance
of doubt, CCT’s review and comment shall be solely limited to approval of such Selected Subcontractor as a subcontractor
who may perform Development and/or Commercialization activities on behalf of Alliqua under this Agreement. Any comments by CCT
to a Selected Subcontractor Agreement shall not be construed by Alliqua that CCT consents to any term or condition in such Selected
Subcontractor Agreement. Alliqua shall be solely responsible for the terms and substance of each Selected Subcontractor Agreement,
including without limitation, that each Selected Subcontractor Agreement conforms to the terms of this Agreement as required by
this Section 4.3.

 

    	-16-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(b)          Alliqua
obtains the JSC’s prior written consent to the selection of each such subcontractor if the aggregate payments to such subcontractor
for services rendered with respect to work performed by such subcontractor in connection with, or related to, any Licensed Product
exceed, or are expected to exceed, $[****] (each, a “JSC Selected Subcontractor”). If the JSC approves the selection
of a JSC Selected Subcontractor, Alliqua shall provide, at CCT’s request, such subcontractor’s subcontractor agreement
to CCT for CCT’s review and comment (each, a “JSC Selected Subcontractor Agreement”). CCT shall have a
period of five (5) Business Days (or such other period of time as mutually agreed to by the Parties in good faith) following receipt
of a JSC Selected Subcontractor Agreement to review and comment upon such JSC Selected Subcontractor Agreement, which comments
Alliqua shall consider in good faith. For the avoidance of doubt, any comments by CCT to a JSC Selected Subcontractor Agreement
shall not be construed by Alliqua that CCT consents to any term or condition in such JSC Selected Subcontractor Agreement. Alliqua
shall be solely responsible for the terms and substance of each JSC Selected Subcontractor Agreement, including without limitation,
that each JSC Selected Subcontractor Agreement conforms to the terms of this Agreement as required by this Section 4.3. If the
JSC does not agree on a selection of a subcontractor under Section 4.3(b), the Parties shall resolve the dispute under Section
3.1(c)(ii)(1).

 

(c)          Alliqua
remains responsible for the work allocated to such Affiliates, subcontractors and consultants to the same extent it would if it
had done such work itself.

 

(d)          The
Affiliate or subcontractor (as the case may be) undertakes in writing obligations of confidentiality and non-use regarding Confidential
Information, that are substantially the same as those undertaken by the Parties pursuant to Article 11 hereof.

 

(e)          If
such Affiliate or subcontractor will develop intellectual property related to any Licensed Product in the course of performing
any such work, the Affiliate or subcontractor (as the case may be) agrees in writing to assign to Alliqua all data, inventions,
other Know-How, Patents and other intellectual property developed in the course of performing any such work, in each case to the
extent related to such Licensed Product. Each subcontractor who performs any Development and/or Commercialization activities on
behalf of Alliqua under this Agreement is referred to herein as an “Alliqua Permitted Subcontractor.”

 

    	-17-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

Without limiting the
foregoing, each Alliqua Permitted Subcontractor shall be subject to the applicable terms and conditions of this Agreement and no
agreement with any Alliqua Permitted Subcontractor shall release Alliqua from any of its activities under this Agreement. For purposes
of determining Alliqua’s liability under this Agreement, any time the term “Alliqua” is used in this Agreement
it includes all subcontractors performing any part of this Agreement on behalf of Alliqua unless otherwise agreed to by CCT in
writing. Upon CCT’s reasonable written request, Alliqua shall remove or replace any Alliqua Permitted Subcontractor (subject
to compliance with the terms of any applicable agreement entered into by Alliqua with such Alliqua Permitted Subcontractor), if
CCT determines, in its reasonable and good faith judgment, that the continued use of such Alliqua Permitted Subcontractor is not
in the best interests of CCT.

 

Article
5

REGULATORY MATTERS

 

5.1           Regulatory
Activities. CCT shall be responsible for Regulatory Clearances and/or Approvals and shall use commercially reasonable efforts
to obtain and support Regulatory Clearances and/or Approvals in at least the United States for Licensed Products. CCT shall file
and own all right, title and interest in all Regulatory Materials designed to obtain or support such Regulatory Clearances and/or
Approvals. Upon CCT’s reasonable request and expense, Alliqua shall cooperate fully with, and provide assistance to, CCT
in connection with the activities set forth in this Article 5.

 

5.2           Regulatory
Reports; Meetings with Regulatory Authorities. Each Party shall keep the other Party informed of material regulatory developments
relating to Licensed Products in the Territory through regular reports at the JSC meetings. Each Party shall provide the other
Party, for review and comment, significant draft material regulatory filings at least twenty (20) Business Days in advance of their
intended date of submission to the extent possible and on a rolling basis as needed to any Regulatory Authority in any country
or jurisdiction and shall consider any comments thereto provided by such other Party. Each Party shall notify the other Party as
soon as practical of any Regulatory Materials (other than routine correspondence) submitted to or received from any Regulatory
Authority in any jurisdiction and shall provide such other Party with copies thereof within twenty (20) Business Days after submission
or receipt. Each Party shall provide the other Party with reasonable advance notice of all meetings scheduled with any Regulatory
Authority in any country or jurisdiction concerning a Licensed Product to the extent such meeting effects this Agreement and/or
such other Party’s obligations hereunder, and shall consider any input from such other Party in preparing for such meetings,
and in the Party's sole discretion and if permitted by the relevant Regulatory Authority, appropriate personnel from such other
Party may have the right to attend such meetings at its own expense.

 

5.3           Regulatory
Costs. [****] shall be solely responsible for all costs and expenses incurred by either Party in the maintenance of all Regulatory
Materials for Regulatory Clearances and/or Approvals for Licensed Products in the Territory. For the avoidance of doubt, except
as provided in the Development Plan, [****] shall be solely responsible for all costs and expenses incurred by either Party in
connection with all actions relating to insurance or federal or state health care program reimbursement, including but not limited
to clinical or other studies in furtherance of the foregoing.

 

    	-18-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

5.4           Notification
of Threatened Action. Each Party shall immediately notify the other Party of any information it receives regarding any threatened
or pending action, inspection or communication by or from any Third Party, including a Regulatory Authority, which may materially
affect the Development, Commercialization or regulatory status of a Licensed Product. Upon receipt of such information, the Parties
shall consult with each other in an effort to arrive at a mutually acceptable procedure for taking appropriate action.

 

5.5           Adverse
Event Reporting and Safety Data Exchange. As soon as practical, the Parties shall enter into a commercially reasonable pharmacovigilance
agreement (the “Safety Data and Exchange Agreement”). The Safety Data and Exchange Agreement shall include customary
guidelines and procedures for the receipt, investigation, recordation, communication, and exchange (as between the Parties) of
adverse event reports, pregnancy reports, and any other information concerning the safety of any Licensed Product. Such guidelines
and procedures shall be in accordance with, and enable the Parties to fulfill, local and national regulatory reporting activities
under applicable Laws. Furthermore, such agreed procedure shall be consistent with relevant guidelines of the International Conference
on Harmonisation, except where such guidelines may conflict with existing local regulatory reporting or safety reporting requirements,
in which case the local reporting requirements shall prevail. The Safety Data and Exchange Agreement shall provide for an adverse
event database for Licensed Products in the Territory to be maintained by CCT at [****] expense. CCT shall be responsible for reporting
quality complaints, adverse events and safety data related to Licensed Products to applicable Regulatory Authorities in the Territory,
as well as responding to safety issues and to all requests of Regulatory Authorities relating to Licensed Products in the Territory.
Each Party hereby agrees to comply with its respective activities under such Safety Data and Exchange Agreement and to cause its
Affiliates to comply with such activities.

 

5.6           Remedial
Actions. Each Party shall notify the other Party immediately, and promptly confirm such notice in writing, if it obtains information
indicating that any Licensed Product may be subject to any recall, corrective action or other regulatory action with respect to
a Licensed Product taken by virtue of applicable Laws (a “Remedial Action”). The Parties shall assist each other
in gathering and evaluating such information as is necessary to determine the necessity of conducting a Remedial Action. CCT shall,
and shall ensure that its Affiliates will, maintain adequate records to permit the Parties to trace the distribution and use of
the Licensed Products. CCT shall have the right to decide whether any Remedial Action with respect to any Licensed Product should
be commenced and CCT shall, at its expense, control and coordinate all efforts necessary to conduct such Remedial Action. Upon
CCT’s reasonable request, Alliqua shall reasonably cooperate with, and provide reasonable assistance to, CCT in connection
with any activities undertaken by CCT pursuant to the immediately preceding sentence, at [****] sole cost and expense.

 

    	-19-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

5.7           Rebate
Processing and Government Price Reporting. Alliqua will be solely responsible for all federal, state and local government and
private purchasing, pricing or reimbursement programs with respect to the Licensed Products, including taking all necessary and
proper steps to execute agreements and file other appropriate reports and other documents with Governmental Authorities and private
Persons and CCT shall provide reasonable assistance to Alliqua to effectuate the same. Alliqua shall be solely responsible for
payment and processing of all discounts, rebates, and fees, whether required by contract or Laws, for the Licensed Products. For
the avoidance of doubt, with respect to Licensed Products, Alliqua shall report all applicable data, including price, rebate and
discount data to the Centers for Medicare and Medicaid Services, data to the Department of Veterans Affairs and any other pricing
or reimbursement related data required by Governmental Authorities under applicable Laws (“Government Price Reporting”).
Alliqua’s Government Price Reporting shall comply with all applicable Laws and contracts. Alliqua shall pay the rebates,
chargebacks, discounts, and fees for the Licensed Products as required by applicable Laws and contracts. If CCT notifies Alliqua
that it is required to refer to Licensed Products sales made by Alliqua, or other reimbursement or Commercialization-related data
maintained by Alliqua under this Agreement, in CCT’s reports to Governmental Authorities, Alliqua shall provide CCT with
required sales figures or other data for Licensed Products sales made by Alliqua, and CCT shall be entitled to use such data or
information that Alliqua provides under this Section 5.7 or otherwise for complying with CCT’s required reports to Governmental
Authorities.

 

Article
6

COMMERCIALIZATION

 

6.1           Commercialization
Responsibilities. During the Term, Alliqua shall use Commercially Reasonable Best Efforts to, and shall be responsible for,
all aspects of, the Commercialization of Licensed Products for all indications throughout the Territory. Such Commercialization
responsibilities for each Licensed Product shall include: (a) developing and executing a Commercialization Plan for each Licensed
Product; (b) negotiating with applicable Governmental Authorities and private Third Party payers regarding the price and reimbursement
status of each Licensed Product; (c) marketing and promotion; (d) booking sales and distribution and performance of related
services; (e) handling all aspects of order processing, invoicing and collection, inventory and receivables; (f) providing
customer support, including handling medical queries, and performing other related functions; and (g) conforming its practices
and procedures to applicable Laws relating to the marketing, detailing and promotion of each Licensed Product in the Territory,
in each case, unless otherwise expressly provided in this Agreement, as determined by Alliqua in its sole discretion; provided,
however, that Alliqua shall promptly inform and provide CCT with any material developments, updates and documentation related to
Alliqua’s obligations set forth in this Section 6.1(a)-(g). Alliqua shall bear all of the costs and expenses incurred in
connection with such Commercialization activities.

 

6.2           Commercialization
Plan. The strategy for the Commercialization of each Licensed Product shall be described in a comprehensive plan that describes
the pre-launch, launch and subsequent Commercialization activities for such Licensed Product in the Territory, which shall include,
without limitation, (i) the annual anticipated number of details to be conducted in each country within the Territory, (ii) the
annual anticipated marketing expenses to be incurred in each of the countries within the Territory, (iii) the annual anticipated
number of FTEs to be assigned to Commercialize in each of the countries within the Territory, and (iv) a report on pricing, advertising,
education, planning, marketing, and sales force training (the “Commercialization Plan”). An initial Commercialization
Plan for Biovance shall be prepared by Alliqua and presented to the JSC as soon as practicable, but in any event, within ninety
(90) days of the Effective Date or such other time agreed to by the JSC. In addition, Alliqua shall submit an initial Commercialization
Plan for ECMs to the JSC no later than ninety (90) days prior to anticipated 510(k) or other Regulatory Clearance and/or Approval
in each relevant jurisdiction within the Territory. The Parties shall, and shall cause their respective members of the JSC to,
cooperate with each other in good faith to promptly finalize a mutually acceptable Commercialization Plan for each Licensed Product.
Alliqua shall deliver an updated Commercialization Plan for each Licensed Product, as applicable, at each meeting of the JSC or
at such times as agreed to by the JSC.

 

    	-20-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

6.3           Commercial
Diligence. During the Term, Alliqua shall use Commercially Reasonable Best Efforts to Commercialize each Licensed Product in
the Field throughout the Territory, in each case as contemplated by the applicable Commercialization Plan or as otherwise mutually
agreed upon by the Parties in writing.

 

6.4           Records
and Reports. Alliqua shall maintain complete, current and accurate records of all work conducted by it or its Affiliates
under each Commercialization Plan. At each quarterly JSC meeting, Alliqua shall provide all written updates that Alliqua
has provided to its management team during the previous calendar quarter with respect to the Commercialization of the Licensed
Products and all other information reasonably requested by CCT, including but not limited to, an update of all work conducted by
it or its Affiliates under each Commercialization Plan during the previous calendar quarter.

 

6.5           Commercialization
Outside the Territory. CCT hereby grants to Alliqua and Alliqua hereby accepts, the right of first negotiation, under mutually
acceptable terms between the Parties, to enter into an agreement to market and/or sell the Licensed Products (whether on an exclusive
or non-exclusive basis) in the Field in any jurisdictions outside the Territory, in the event that CCT intends to grant rights
to a Third Party to market and/or sell the Licensed Products in the Field in any such jurisdictions outside the Territory (an “Additional
Territory Transaction”). In the event that CCT desires to enter into an Additional Territory Transaction, CCT shall notify
Alliqua in writing of CCT’s desire to enter into discussions regarding such a transaction. Alliqua shall, within fifteen
(15) Business Days after receipt of such notice, indicate to CCT in writing whether it wishes to enter into discussions regarding
an Additional Territory Transaction and, if Alliqua indicates that it wishes to enter into such discussions, the Parties shall
in good faith negotiate a definitive agreement for such Additional Territory Transaction. If either (a) Alliqua indicates it does
not wish to enter into such discussions regarding an Additional Territory Transaction, (b) Alliqua fails to indicate its interest
within such fifteen (15) Business Day period or (c) Alliqua indicates it wishes to enter into such discussions but the Parties
fail to execute a definitive agreement with respect to such Additional Territory Transaction within sixty (60) calendar days after
Alliqua’s indication of interest, then CCT shall have no further obligation to Alliqua under this Agreement with respect
to an Additional Territory Transaction and CCT may, itself, or through an Affiliate or Third Party, market and/or sell the Licensed
Products, as the case may be, in the Field outside the Territory.

 

    	-21-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

Article
7

COMPENSATION

 

7.1          Annual
License Fee.

 

(a)          As
partial consideration for the rights granted to Alliqua herein, subject to Section 7.1(b), Alliqua shall pay to CCT the annual
license fees set forth on Schedule 7.1(a) hereto following the First Commercial Sale of each Licensed Product (each, an
“Annual License Fee,” and, collectively, the “Annual License Fees”), provided that on a Licensed
Product-by-Licensed Product basis, if a Market Condition Change occurs in a Launch Year that an Annual License Fee is due and payable,
the Parties shall negotiate and mutually agree upon an alternative Annual License Fee with respect to such Licensed Product in
accordance with Section 7.4 below. Alliqua shall pay to CCT each Annual License Fee for each Launch Year in arrears with each such
amount due and payable forty-five (45) days following the end of such Launch Year.

 

(b)          Notwithstanding
Section 7.1(a), on a Licensed Product-by-Licensed Product basis, in the event that for any Launch Year: (i) the product of the
number of units of the Licensed Product acquired by Alliqua multiplied by the Base Purchase Price of such Licensed Product is less
than the Annual License Fee due and payable to CCT for such Launch Year pursuant to Section 7.1(a), then Alliqua shall, in accordance
with Section 7.1(a), pay to CCT the Annual License Fee; or (ii) if the product of the number of units of the Licensed Product acquired
by Alliqua multiplied by the Base Purchase Price of such Licensed Product is equal to or greater than the Annual License Fee due
and payable for such Launch Year pursuant to Section 7.1(a), then Alliqua shall not be obligated to pay any Annual License Fee
to CCT for such Launch Year. Schedule 7.1(b) sets forth by way of example the terms of this Section 7.1(b).

 

7.2          Milestone
Payments. Alliqua shall make non-refundable, non-creditable milestone payments (each, a “Milestone Payment”)
to CCT upon the achievement of certain milestone events (each a “Milestone Event”) in connection with the sale
of a Licensed Product as set forth on Schedule 7.2 hereto, with the caveat that each individual Milestone Payment set forth
in rows numbered (1) through (9) of the table set forth on Schedule 7.2 shall be paid only once. Alliqua shall pay to CCT
each such amount within forty-five (45) days following the end of such Launch Year in which achievement of the applicable Milestone
Event occurred. If any Milestone Event is achieved and Alliqua has not yet made the prior Milestone Payment(s), all previous unpaid
Milestone Payments shall be due and payable together with the payment of the Milestone Payment for the first such subsequent Milestone
Event achieved.

 

7.3          Royalties.

 

(a)          Royalty
Rates. Alliqua shall pay to CCT royalties on aggregate annual Net Sales of all Licensed Products during the Royalty Term as
set forth on Schedule 7.3(a) hereto, such royalties to be calculated by multiplying the applicable royalty rate in the applicable
table for each Licensed Product on Schedule 7.3(a) by the corresponding Gross Margin of such Licensed Product in the Territory
in each Launch Year, provided that if a Market Condition Change occurs in a Launch Year that royalties are due and payable, the
Parties shall negotiate and mutually agree upon an alternative royalty rate in accordance with Section 7.4 below.

 

(b)          Royalty
Term. Royalties shall be due under this Section 7.3 during the period of time beginning, on a country-by-country basis, from
the First Commercial Sale of a Licensed Product in such country until the termination or expiration of this Agreement in accordance
with Article 12, below, including through any Sell-Off Period in accordance with Section 12.6(d) (the “Royalty Term”).

 

    	-22-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(c)          Royalty
Reports and Payments. Within sixty (60) days following the end of each Launch Year Quarter, commencing with the Launch Year
Quarter in which the First Commercial Sale of any Licensed Product is made anywhere in the Territory, Alliqua shall provide CCT
with a report containing the following information for the applicable Launch Year Quarter, on a country-by-country and Licensed
Product-by-Licensed Product basis: (i) the amount of gross sales of such Licensed Product in the Territory, (ii) an itemized calculation
of Net Sales in the Territory showing deductions provided for in the definition of Net Sales, (iii) a calculation of the royalty
payment due on such sales, and (iv) the exchange rate for such country. Contemporaneously with the delivery of the applicable quarterly
report, Alliqua shall pay in Dollars all amounts due to CCT pursuant to Section 7.3(a) with respect to Net Sales by Alliqua
and its Affiliates for such Launch Year Quarter.

 

7.4          Market
Condition Change. In the event of a Market Condition Change, the Parties shall negotiate in good faith and mutually agree upon
an alternative (i) Annual License Fee for a Launch Year and (ii) Minimum Sales Threshold (as defined below) to account for such
Market Condition Change (the “Market Condition Financial Terms”), provided that such Market Condition Financial
Terms shall not be reduced by more than [****] of the then-current financial terms set forth in this Article 7 and provided further
that, once such Market Condition Change is cured, the Market Condition Financial Terms shall automatically expire as of the end
of the calendar year in which the Market Condition Change occurred, and the terms and conditions set forth in this Article 7 shall
control.

 

7.5          Payment
Method; Late Payments. All payments due hereunder shall be made in Dollars by wire transfer of immediately available funds
into an account in the USA designated by the payee Party. If a Party does not receive payment of any sum due to it on or before
the due date, simple interest shall thereafter accrue on the sum due until the date of payment at the per annum rate of [****]
over the then-current prime rate reported in The Wall Street Journal or the maximum rate allowable by applicable Laws, whichever
is lower.

 

7.6          Records.
Alliqua and its Affiliates shall maintain complete and accurate records in reasonably sufficient detail to permit CCT to confirm
the accuracy of the calculation of royalty payments. CCT shall have the right to audit such records in accordance with Section
7.7.

 

7.7          Audits.
For a period of two (2) years from the end of the Launch Year in which a payment was due hereunder, upon thirty (30) days’
prior notice, Alliqua (the “Audited Party”) shall (and shall require that its Affiliates) make such records
relating to such payment available, during regular business hours and not more often than once each Launch Year, for examination
by an independent certified public accountant selected by CCT (the “Auditing Party”), for the purposes of verifying
compliance with this Agreement and the accuracy of the financial reports and/or invoices furnished pursuant to this Agreement.
The results of any such audit shall be shared by the auditor with both Parties and shall be considered Confidential Information
of both Parties. Any amounts shown to be owed to the other shall be paid within thirty (30) days from the auditor’s report,
plus interest (as set forth in Section 7.5) from the original due date. The Auditing Party shall bear the full cost of such audit
unless such audit discloses a deficiency in the Audited Party’s payments of greater than [****] (i.e., an under-payment by
Alliqua pursuant to Section 7.3, or an over-charge by CCT pursuant to Section 5.3), in which case the Audited Party shall
bear the full cost of such audit.

 

    	-23-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

7.8          Taxes.

 

(a)          Taxes
on Income. Each Party shall be solely responsible for the payment of all taxes imposed on its share of income arising directly
or indirectly from the efforts of the Parties under this Agreement.

 

(b)          Tax
Cooperation. The Parties agree to cooperate with one another and use reasonable efforts to reduce or eliminate tax withholding
or similar obligations in respect of royalties, Milestone Payments, and other payments made by Alliqua to CCT under this Agreement.
To the extent Alliqua is required to deduct and withhold taxes on any payment to CCT, Alliqua shall pay the amounts of such taxes
to the proper Governmental Authority in a timely manner and promptly transmit to CCT an official tax certificate or other evidence
of such withholding sufficient to enable CCT to claim such payment of taxes. CCT shall provide Alliqua any tax forms that may be
reasonably necessary in order for Alliqua not to withhold tax or to withhold tax at a reduced rate under an applicable bilateral
income tax treaty. Each Party shall provide the other with reasonable assistance to enable the recovery, as permitted by applicable
Laws, of withholding taxes, value added taxes, or similar obligations resulting from payments made under this Agreement, such recovery
to be for the benefit of the Party bearing such withholding tax or value added tax. Alliqua shall require its Affiliates in the
Territory to cooperate with CCT in a manner consistent with this Section 7.8(b).

 

7.9          Annual
Fee on Medical Device Manufacturers and Importers. The Parties acknowledge that the “Annual Fee on Medical Device Manufacturers
and Importers” was signed into United States law with the Patient Protection and Affordable Care Act (PPACA) in 2010. For
the avoidance of doubt, in the event the Annual Fee on Medical Device Manufacturers and Importers or any similar fee for a drug
or biological product is applied to the sale of any Licensed Product by Alliqua, the Parties hereby acknowledge and agree that
(a) Alliqua shall be solely responsible for full payment of such fee; and (b) Alliqua shall supply CCT with reasonable documentation
supporting the imposition of such fee, including, but not limited to, as applicable, the annual invoice for such fee received from
the United States Internal Revenue Service.

 

Article
8

INTELLECTUAL PROPERTY MATTERS

 

8.1          Prosecution
of Patents.

 

(a)          CCT
Prosecuted Patents.

 

(i)          Subject
to Section 8.1(a)(ii) below, as between the Parties, CCT shall have the first right to (and shall use reasonably diligent efforts
to) prepare, file, prosecute and maintain the CCT Patents in the Territory. The costs of preparation, filing, prosecution and maintenance
of CCT Patents shall be borne by [****].

 

    	-24-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(ii)         If
CCT decides to cease the prosecution or maintenance of any CCT Patent after the Effective Date, it shall notify Alliqua in writing
sufficiently in advance (but in no event less than twenty (20) Business Days prior to the date on which the CCT Patent would become
abandoned) so that Alliqua may, at its discretion, assume the responsibility for the prosecution or maintenance of such Patent,
at [****] cost and expense.

 

(b)          Cooperation.
Each Party shall provide the other Party all reasonable assistance and cooperation, at the other Party’s request and expense,
in the patent prosecution efforts provide above in this Section 8.1, including providing any necessary powers of attorney and executing
any other required documents or instruments for such prosecution.

 

8.2          Inventions
Generally. Inventions conceived or reduced to practice in the course of activities performed under or contemplated by this
Agreement (including those which are Improvements to CCT Know-How, CCT Patents or otherwise to CCT’s biomaterials-related
intellectual property, or which relate to a Licensed Product), by either CCT or Alliqua (or both, jointly) shall be owned by CCT.
Alliqua hereby makes all assignments to CCT in order to effect the foregoing, and agrees, at Alliqua’s cost and expense,
to take all further actions requested by CCT in order to perfect the foregoing assignment. All rights assigned to CCT by Alliqua
shall be deemed to be CCT Know-How or CCT Patents, as applicable.

 

8.3          Enforcement
of CCT Patents.

 

(a)          Notification.
If either Party becomes aware of any existing or threatened infringement of the CCT Patents (an “Infringement”),
which infringing activity involves the using, making, importing, offering for sale or selling of any Licensed Product or a competitive
product or otherwise adversely affects or is reasonably expected to adversely affect the Commercialization of any Licensed Product,
it shall promptly notify the other Party in writing to that effect and the Parties shall consult with each other regarding any
actions to be taken with respect to such Infringement.

 

(b)          Actions
Controlled by CCT; Alliqua’s Back-Up Enforcement Right. CCT shall have the first right to bring an appropriate suit or
take other action against any Third Party engaged in any Infringement, at CCT’s cost and expense. If, after its receipt or
delivery of notice thereof under Section 8.3(a), CCT (i) notifies Alliqua that it will not bring any claim, suit or action to prevent
or abate such Infringement or (ii) fails to commence a suit to prevent or abate such Infringement within one hundred and eighty
(180) days, Alliqua shall have the right, but not the obligation, to commence a suit or take action to prevent or abate such Infringement
under the CCT Patents at its own cost and expense. Expenses of, and recoveries on, suits under this Section 8.3(b) shall be handled
as provided in Section 8.3(e).

 

    	-25-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(c)          Collaboration.
Each Party shall provide to the enforcing Party reasonable assistance in such enforcement, at such enforcing Party’s request
and expense, including joining such action as a party plaintiff if required by applicable Laws to pursue such action. The enforcing
Party shall keep the other Party regularly informed of the status and progress of such enforcement efforts and shall reasonably
consider the other Party’s comments on any such efforts. The enforcing Party shall consult with the other Party as to any
important aspects of such enforcement, including determination of litigation strategy and filing of material papers to the competent
court. The non-enforcing Party shall be entitled to separate representation in such matter by counsel of its own choice and at
its own expense, but such Party shall at all times cooperate fully with the enforcing Party.

 

(d)          Settlement.
Neither Party shall settle any claim, suit or action that it brings under Section 8.3(b) in a manner that would negatively impact
the applicable CCT Patents (e.g., shorten the life of such Patents or narrow their scope) without the prior written consent of
the other Party.

 

(e)          Expenses
and Recoveries. The term “Revenue” includes all fees, minimum royalties, payments, compensation, or consideration
of any kind (including without limitation in-kind payments, forbearance in connection with settlement, equity amounts taken in
lieu of cash, or discounts below fair market value of equity) received by either Party or its Affiliates, without regard to which
entity pays, transfers or otherwise provides the Revenue, or how the Revenue is structured, denominated, or paid transferred or
provided. The enforcing Party bringing a claim, suit or action under Section 8.3(b) shall be solely responsible for any expenses
incurred by such Party as a result of such claim, suit or action. If such Party receives Revenue in such claim, suit or action,
such Revenue shall be allocated first to the reimbursement of any expenses incurred by the Parties in such litigation (including,
for this purpose, a reasonable allocation of expenses of internal counsel), and any remaining amounts shall be allocated as follows:
(i) if CCT is the Party bringing the suit, [****]; and (ii) if instead Alliqua exercised its back-up right to enforce, then the
[****].

 

8.4          Infringement
of Third Party Rights in the Territory.

 

(a)          If
any Licensed Product Commercialized by or on behalf of Alliqua becomes the subject of a Third Party claim or assertion of infringement
of such Third Party’s intellectual property, including any Patent, issued in the Territory, Alliqua shall promptly notify
CCT and the Parties shall negotiate in good faith and agree on and enter into a “common interest agreement” wherein
the Parties agree to their shared, mutual interest in the outcome of such potential dispute, and thereafter, the Parties shall
promptly meet to consider the claim or assertion and the appropriate course of action. Subject to Sections 2.4 and 12.5, CCT shall
have the right, but not the obligation, to defend any such infringement claim, [****] all costs and expenses relating to, and arising
from, the defense of any such infringement claim shall be [****]. Alliqua shall provide all reasonable assistance to CCT and reasonably
cooperate in the defense of any such action. At each quarterly JSC meeting, CCT shall provide to Alliqua an update on the status
and defense of such infringement claim during the previous calendar quarter and any other information with respect thereto as reasonably
requested by Alliqua.

 

    	-26-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(b)          CCT
shall not settle or consent to judgment of any infringement claim without the prior written consent of Alliqua, such consent not
to be unreasonably delayed, conditioned, or withheld; provided, however, that if such settlement or consent to judgment does not
impose any liability on, or materially affect the rights or obligations of, Alliqua, CCT shall have the right to settle such claim
or consent to judgment (e.g., a monetary liability that is fully satisfied by CCT on behalf of Alliqua). In the event the Parties
cannot reach consensus within five (5) Business Days after they have met and attempted to reach consensus regarding settlement
of any such infringement claim (an “Infringement Dispute”), the settlement of such Infringement Dispute shall
be referred to the JSC for resolution; provided, however, that the provisions of Section 3.1(c)(ii) shall not apply with respect
to that particular matter and the Parties’ resolution thereof.

 

8.5          Patent
Marking. Alliqua and its Affiliates shall mark each Licensed Product marketed and sold by Alliqua or its Affiliates hereunder
with appropriate patent numbers or indicia.

 

8.6          Trademarks.

 

(a)          Product
Marks. Alliqua shall have the right to brand the Licensed Products and create all Licensed Product labels using Alliqua-related
trademarks and any other trademarks and trade names it determines appropriate (including the CCT Marks as set forth in Section
8.6(b) below) for the Licensed Products, which may vary by country or within a country (collectively, the “Product Marks”).
The Parties acknowledge and agree that the Licensed Products shall be co-branded as mutually agreed upon in writing by the Parties
and that Alliqua shall give the proper attribution on each Licensed Product to CCT as provider of the CCT Technology or as otherwise
mutually agreed upon by the Parties. The Parties shall mutually agree upon the form and substance of such attribution rights. In
the event that Alliqua desires to brand a Licensed Product using an alternative name, Alliqua shall first propose such alternative
name to CCT, which name may be approved by CCT in its sole discretion. For the avoidance of doubt, in no event may Alliqua brand
a Licensed Product under an alternative name without the prior written consent of CCT.

 

    	-27-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(b)          CCT
Marks. Subject to the terms and conditions of this Agreement, CCT hereby grants to Alliqua an exclusive license to use and
display (with the right to grant sublicenses to any (i) sublicensees permitted under Section 2.3 and (ii) contract research organizations,
distributors and other Third Parties who perform activities directly on behalf of Alliqua, provided that such sublicense is incidental
to the activities performed by such Third Party), during the Term and in the Field in the Territory, to the Biovance and/or ECM
trademark, as applicable, as set forth in Exhibit C, to identify the Licensed Products (each, a “CCT Mark”
and collectively, the “CCT Marks”), (i) on the Licensed Product itself, (ii) as part of the Product Marks and
(iii) on any other labels, promotional materials or Regulatory Materials used in connection with any Licensed Product, provided
that if Alliqua, upon the consent of CCT, brings an enforcement action with respect to any CCT Mark, Alliqua shall reimburse CCT
fully for the expenses CCT incurs in connection therewith (including, without limitation, costs associated with hiring consultants,
attorneys’ fees and preparation and filing of any applications, renewals or other documentation with the United States Patent
and Trademark Office, foreign counterparts, or other relevant agency). Alliqua shall give reasonable prior advance notice to CCT
regarding any use or display of the CCT Marks and shall provide CCT with a sample embodying such use or display, for CCT’s
prior review and approval to ensure such use or display complies with CCT’s reasonable trademark guidelines, such approval
not to be unreasonably withheld, conditioned or delayed. Alliqua shall follow CCT’s reasonable trademark guidelines at all
times as to the use of the CCT Marks. If CCT changes such trademark guidelines: (x) CCT shall, if practical, provide Alliqua
with at least thirty (30) days prior written notice of such changes, (y) such changes shall not apply to any materials that
are in inventory or on order as of the effective date of such notice and (z) Alliqua shall be solely responsible for any expense
of implementing such changes, including on packaging, promotional materials and other items if such changes are required by Law,
and if such changes are not required by Law, each Party shall bear equal responsibility for any expense of implementing such changes.
Other than as expressly set forth herein, use of the CCT Marks shall not confer on Alliqua any right to or interest in such trademark,
and Alliqua acknowledges and agrees that all use of the CCT Marks and the goodwill generated thereby shall inure solely to the
benefit of CCT. Alliqua shall not use, adopt, file, register, seek to register or take any other action to use or establish rights
in any mark anywhere in the world which is comprised of, derivative of, a combination with, or otherwise confusingly similar to,
any CCT Mark or file any application to register any trademark or trade name that is confusingly similar to the CCT Marks.

 

(c)          Ownership;
No Challenge. Subject to Section 8.6(b), above, Alliqua shall own all right, title and interest in and to the Product Marks
(excluding the CCT Marks). All use of the Product Marks (excluding the CCT Marks) and the goodwill generated thereby shall inure
solely to the benefit of Alliqua. Other than in connection with the CCT Marks, CCT shall not use, adopt, file, register, seek to
register, or take any other action to use or establish rights in any mark anywhere in the world which is comprised of, derivative
of, a combination with, or otherwise confusingly similar to, any Product Mark. For the avoidance of doubt, this Section 8.6(c)
does not grant Alliqua any right to or interest in the CCT Marks, and Alliqua acknowledges and agrees that all use of the CCT Marks
and the goodwill generated thereby shall inure solely to the benefit of CCT.

 

Article
9

REPRESENTATIONS AND WARRANTIES; COVENANTS

 

9.1          Mutual
Representations and Warranties. Each Party hereby represents and warrants to the other Party as follows:

 

(a)          Organization.
As of the Effective Date, such Party is an entity duly organized, validly existing and in good standing under the laws of the state
of its incorporation or organization, with the requisite legal authority to own and use its properties and assets and to carry
on its business as currently conducted. Such Party not in violation of any of the provisions of its respective certificate or articles
of incorporation, formation, bylaws or other organizational or charter documents.

 

    	-28-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(b)          Authorization;
Enforcement. Such Party has the requisite corporate authority to enter into and to consummate the transactions contemplated
by this Agreement and each of and otherwise to carry out its obligations hereunder. The execution and delivery by it of this Agreement
and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action
and no further consent or action is required by it, its Board of Directors or its stockholders. This Agreement has been duly executed
by such Party and is the valid and binding obligation of such Party enforceable against such Party in accordance with its terms,
except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other
laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to
the availability of specific performance, injunctive relief or other equitable remedies.

 

(c)          No
Conflicts. The execution, delivery and performance by such Party of this Agreement and the consummation by such Party of the
transactions contemplated hereby does not, and will not, (i) conflict with or violate any provision of such Party’s certificate
or articles of incorporation, bylaws or other organizational or charter documents, (ii) in any material respect, conflict with,
or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement,
credit facility, debt or other instrument or other understanding to which such Party is a party or by which any property or asset
of such Party is bound, or affected, or (iii) in any material respect, result in a violation of any law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority to which such Party is subject, or by
which any property or asset of such Party is bound or affected.

 

9.2          Additional
Representations and Warranties of CCT. CCT represents and warrants to Alliqua as follows, as of the Effective Date:

 

(a)          It
has sufficient legal and/or beneficial title, ownership or license to the CCT Technology to grant the licenses to Alliqua as purported
to be granted pursuant to this Agreement;

 

(b)          CCT
has not licensed from any Third Party any intellectual property rights included in the CCT Technology, and, to CCT’s knowledge,
no such license is required.

 

(c)          CCT
has not received any written claim or notice from any Third Party asserting or alleging that the CCT Technology infringes any intellectual
property rights of such Third Party, and, to CCT’s knowledge, the CCT Technology does not infringe any intellectual property
rights of any Third Party;

 

(d)          It
has not received any written notice from any Third Party asserting or alleging that any research or development of any Licensed
Product by CCT prior to the Effective Date infringed or misappropriated the intellectual property rights of such Third Party;

 

(e)          There
are no pending, and to CCT’s knowledge, no threatened, adverse actions, suits or proceedings against CCT involving CCT Technology,
or any Licensed Product;

 

(f)          The
CCT Patents include all Patents that Cover the Licensed Products which are Controlled by CCT and/or its Affiliates on the Effective
Date;

 

(g)          Except
as set forth on Schedule 9.2(e), to CCT’s knowledge (i) the CCT Marks have been properly filed and registered with
the U.S. Patent and Trademark Office and is valid and in full force and effect, and (ii) CCT has the right to use and license the
CCT Marks, free and clear of any liens or encumbrances;

 

    	-29-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(h)          To
CCT’s knowledge, there are no pending legal suits or proceedings involving the CCT Technology or any Licensed Product; and
to there are no threatened legal suits or proceedings in the Territory involving the CCT Technology or any Licensed Product; and

 

(i)          There
are no current pending, or to CCT’s knowledge, threatened in writing, product liability, warranty or other similar claims
by any Third Party (whether based in contract or tort and whether relating to personal injury, including death, property damage
or economic loss) arising from the marketing or sale of any Licensed Product.

 

9.3          Mutual
Covenants.

 

(a)          No
Debarment. In the course of, and with respect, the Development and Commercialization of the Licensed Products, each Party shall
not use any employee or consultant who has been debarred , excluded or disqualified under applicable Law by any Governmental Authority,
or, to such Party’s knowledge, is the subject of debarment, exclusion or disqualification proceedings by any Governmental
Authority. Each Party shall notify the other Party promptly upon becoming aware that any of its employees or consultants has been
debarred, excluded or disqualified under applicable Law, or is the subject of debarment, exclusion or disqualification proceedings
by any Governmental Authority.

 

(b)          Compliance.
Each Party and its Affiliates shall comply in all material respects with all applicable Laws in the Development and Commercialization
of Licensed Products and performance of its obligations under this Agreement, including the statutes, regulations and written directives
of the FDA and any Regulatory Authority having jurisdiction in the Territory, the FD&C Act, the Prescription Drug Marketing
Act, the federal Anti-Kickback Law (42 U.S.C. 1320a-7b(b)), the statutes, regulations and written directives of Medicare, Medicaid
and all other federal health care programs (as defined in 42 U.S.C. § 1320a-7b(f)), the civil False Claims Act (31 U.S.C.
3729 et. seq.), the administrative False Claims Act (42 U.S.C. 1320a-7b(a)), the United States Public Health Service Act, the Physician
Payment Sunshine Act (42 U.S.C. 1320a-7h), the United States Health Insurance Portability and Accountability Act of 1996 and the
Foreign Corrupt Practices Act of 1977, and all regulations promulgated thereunder, each as may be amended from time to time.

 

9.4          Disclaimer.
Alliqua understands that the Licensed Products are the subject of ongoing clinical research and development and that CCT cannot
assure the safety or efficacy of any Licensed Product. In addition, CCT makes no warranties except as set forth in this Article
9 concerning the CCT Technology. EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, NO
REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, NON-INFRINGEMENT, OR NON-MISAPPROPRIATION OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS ARE MADE OR GIVEN BY OR ON BEHALF
OF A PARTY, AND ALL IMPLIED REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, ARE HEREBY EXPRESSLY
DISCLAIMED.

 

    	-30-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

Article
10

INDEMNIFICATION

 

10.1         Indemnification
by CCT. CCT shall indemnify and hold harmless Alliqua, and its directors, officers, employees, agents, Affiliates and contractors
(collectively, the “Alliqua Indemnitees”), from and against all losses, liabilities, damages and expenses,
including reasonable attorneys’ fees and costs (collectively, “Liabilities”), resulting from any claims,
demands, actions or other proceedings by any Third Party (including Claims based upon products liability) (“Claims”)
to the extent resulting from or relating to (a) the breach or inaccuracy of any representation or warranty made by CCT in this
Agreement; (b) the breach by CCT of any covenant or any of its obligations under this Agreement; (c) CCT’s failure to
comply with any applicable federal, state or local Laws in connection with the performance of its obligations hereunder; (d) any
design (latent, patent or inherent) defect of the Licensed Products, provided that the Licensed Products are Commercialized in
accordance with this Agreement and are used in the Field in the Territory; or (e) any gross negligence or willful misconduct of
CCT or any of its Affiliates. The foregoing indemnity obligation shall not apply to the extent that (i) the Alliqua Indemnitees
fail to comply with the indemnification procedures set forth in Section 10.3 and CCT’s defense of the relevant Claims is
prejudiced by such failure, or (ii) any Claim arises from, is based on, or results from any activity set forth in Sections
10.2(a), 10.2(b), 10.2(c), 10.2(d), 10.2(e) or 10(f) for which Alliqua is obligated to indemnify the CCT Indemnitees under Section
10.2.

 

10.2         Indemnification
by Alliqua. Alliqua shall indemnify and hold harmless CCT, and its directors, officers, employees, agents, Affiliates and contractors
(collectively, the “CCT Indemnitees”), from and against all Liabilities resulting from any Claims to
the extent resulting from or relating to (a) the breach or inaccuracy of any representation or warranty made by Alliqua in this
Agreement; (b) the breach by Alliqua of any covenant or any of its obligations under this Agreement; (c) Alliqua’s failure
to comply with any applicable federal, state or local Laws in connection with the performance of its obligations hereunder; (d)
improper Commercialization of the Licensed Products by or on behalf of Alliqua or any representations regarding the Licensed Products
made by Alliqua in breach of this Agreement; (e) any gross negligence or willful misconduct of Alliqua or any of its Affiliates;
or (f) any manufacturing defects of the Licensed Products manufactured by Alliqua or by a Third Party on behalf of Alliqua. The
foregoing indemnity obligation shall not apply to the extent that (i) the CCT Indemnitees fail to comply with the indemnification
procedures set forth in Section 10.3 and Alliqua’s defense of the relevant Claims is prejudiced by such failure, or (ii)
any Claim arises from, is based on, or results from any activity set forth in Sections 10.1(a), 10.1(b), 10.1(c), 10.1(d) or 10.1(e)
for which CCT is obligated to indemnify the Alliqua Indemnitees under Section 10.1.

 

10.3         Indemnification
Procedures. The Party claiming indemnity under this Article 10 (the “Indemnified Party”) shall give written
notice to the Party from whom indemnity is being sought (the “Indemnifying Party”) promptly after learning of
such Claim. The Indemnifying Party shall have the right to assume and conduct the defense of the Claim with counsel of its choice,
and the Indemnified Party may participate in and monitor such defense with counsel of its own choosing at its sole expense. The
Indemnified Party shall provide the Indemnifying Party with reasonable assistance, at the Indemnifying Party’s expense, in
connection with the defense of the Claim for which indemnity is being sought. Each Party shall not settle or compromise any Claim
without the prior written consent of the other Party, which consent shall not be unreasonably withheld, delayed or conditioned.
If the Parties cannot agree as to the application of the foregoing Sections 10.1 and 10.2, each may conduct separate defenses of
the Claim, and each Party reserves the right to claim indemnity from the other in accordance with this Article 10 upon the resolution
of the underlying Claim.

 

    	-31-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

10.4        Limitation
of Liability. NEITHER PARTY SHALL BE LIABLE FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, OR INDIRECT DAMAGES, INCLUDING
LOST PROFITS, ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT except for fraud
or willful misconduct, BREACH OF EITHER PARTY’S CONFIDENTIALITY OBLIGATIONS, A PARTY’S INDEMNIFICATION OBLIGATIONS,
A BREACH OF EACH PARTY’S EXCLUSIVITY OBLIGATIONS OR A BREACH OF THE LICENSE GRANTS, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY
OF SUCH DAMAGES; provided, however, that any damages claimed by or paid to a Third Party in a Third Party action shall not be considered
SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, OR INDIRECT Damages for purposes of this Agreement.

 

10.5        Insurance.
Each Party shall, at all times during the Term of this Agreement and for five (5) years thereafter, obtain and maintain at its
own expense the following types of insurance, with limits of liability not less than those specified below:

 

(a)          Commercial
general liability insurance against claims for bodily injury and property damage which shall include contractual coverage and product
liability coverage, with limits of not less than $[****] per occurrence and in the aggregate. The other Party, its officers, directors,
representatives and agents shall be named as additional insureds.

 

(b)          Workers
compensation and employers’ liability with limits to comply with the statutory requirements of the state(s) in which the
Agreement is to be performed. The policy shall include employers’ liability for not less than $[****] per accident.

 

All policies shall be
issued by insurance companies with an A.M. Best’s rating of Class A-:V (or its equivalent) or higher status. Each Party shall
deliver certificates of insurance evidencing coverage to the other Party promptly after the execution of this Agreement and annually
thereafter. All policies provided for herein shall expressly provide that such policies shall not be cancelled, terminated or altered
without at least thirty (30) days prior written notice to the insured Party, and each insuring Party shall immediately notify the
insured Party in the event that a policy provided for herein is cancelled, terminated or altered.

 

    	-32-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

Article
11

CONFIDENTIALITY

 

11.1        Confidentiality.
During the Term and for a period of five (5) years thereafter, each Party shall maintain all Confidential Information of the other
Party in trust and confidence and shall not, without the written consent of the other Party, disclose any Confidential Information
of the other Party to any Third Party or use any Confidential Information of the other Party for any purpose other than as necessary
in connection with the exercise of rights or discharge of obligations under this Agreement. The confidentiality obligations of
this Section 11.1 shall not apply to Confidential Information to the extent that the receiving Party can establish by competent
evidence that such Confidential Information: (a) is publicly known prior or subsequent to disclosure without breach of confidentiality
obligations by such Party or its employees, consultants or agents; (b) was in such Party’s possession at the time of disclosure
without any restrictions on further disclosure; (c) is received by such receiving Party, without any restrictions on further disclosure,
from a Third Party who has the lawful right to disclose it; or (d) is independently developed by employees or agents of the receiving
Party who had no access to the disclosing Party’s Confidential Information.

 

11.2        Authorized
Disclosure. Nothing herein shall preclude a Party from disclosing the Confidential Information of the other Party to the extent:

 

(a)          such
disclosure is reasonably necessary (i) for the filing or prosecuting of Patents as contemplated by this Agreement; (ii) to comply
with the requirement of Regulatory Authorities with respect to obtaining and maintaining Regulatory Clearance and/or Approval (or
any pricing and reimbursement approvals) of any Licensed Product; or (iii) for prosecuting or defending litigations as contemplated
by this Agreement;

 

(b)          such
disclosure is reasonably necessary to its employees, agents, consultants or contractors on a need-to-know basis for the sole purpose
of performing its obligations or exercising its rights under this Agreement; provided that in each case, the disclosees are bound
by written obligations of confidentiality and non-use consistent with those contained in this Agreement;

 

(c)          such
disclosure is reasonably necessary to any bona fide potential or actual investor, acquiror, merger partner, or other financial
or commercial partner for the sole purpose of evaluating an actual or potential investment, acquisition or other business relationship;
provided that in each case, the disclosees are bound by written obligations of confidentiality and non-use consistent with those
contained in this Agreement;

 

(d)          such
disclosure is reasonably necessary to comply with applicable Laws, including regulations promulgated by applicable security exchanges,
a valid order of a court of competent jurisdiction, administrative subpoena or order.

 

Notwithstanding the foregoing,
in the event a Party is required to make a disclosure of the other Party’s Confidential Information pursuant to any of Sections
11.2(a) through 11.2(d), such Party shall promptly notify the other Party of such required disclosure and shall use reasonable
efforts to obtain, or to assist the other Party in obtaining, a protective order preventing or limiting the required disclosure.

 

11.3        Return
of Confidential Information. Promptly after the termination or expiration of this Agreement for any reason, each Party shall
return to the other Party all tangible manifestations of such other Party’s Confidential Information at that time in the
possession of the receiving Party.

 

    	-33-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

11.4        Publicity;
Terms of the Agreement; Confidential Treatment.

 

(a)          The
Parties agree that the terms of this Agreement (including without limitation any exhibits and schedules hereto) shall be considered
Confidential Information of each Party, subject to the special authorized disclosure provisions set forth in Section 11.2 and this
Section 11.4.

 

(b)          If
either Party desires to make a public announcement concerning the material terms of this Agreement, such Party shall give reasonable
prior advance notice of the proposed text of such announcement to the other Party for its prior review and approval (except as
otherwise provided herein), such approval not to be unreasonably withheld, conditioned or delayed. A Party commenting on such a
proposed press release shall provide its comments, if any, within three (3) Business Days after receiving the press release for
review. In addition, to the extent required by applicable Laws, including regulations promulgated by applicable security exchanges,
each Party shall have the right to make a press release announcing the achievement of each milestone under this Agreement as it
is achieved, and the achievements of Regulatory Clearances and/or Approvals in the Territory as they occur, subject to the other
Party’s consent as to form and substance of such announcement, which shall not be unreasonably withheld, conditioned or delayed.
In relation to the other Party’s review and approval of such an announcement, such other Party may make specific, reasonable
comments on such proposed press release within the prescribed time for commentary, but shall not withhold its consent to disclosure
of the information that the relevant milestone has been achieved and triggered a payment hereunder. Neither Party shall be required
to seek the permission of the other Party to repeat any information regarding the terms of this Agreement that has already been
publicly disclosed by such Party, or by the other Party, in accordance with this Section 11.4, provided such information remains
accurate as of such time.

 

(c)          In
addition, the Parties acknowledge that either or both Parties may be obligated to file under applicable law and regulation a copy
of this Agreement with the USA Securities and Exchange Commission or similar stock exchange authorities or other governmental authorities.
Each Party shall be entitled to make such a required filing; provided, however, that it requests confidential treatment
of the commercial terms and sensitive technical terms hereof and thereof to the extent such confidential treatment is reasonably
available to such Party. In the event of any such filing, each Party shall provide the other Party with a copy of this Agreement
marked to show provisions for which such Party intends to seek confidential treatment and shall reasonably consider and incorporate
the other Party’s comments thereon to the extent consistent with the legal requirements, with respect to the filing Party,
governing disclosure of material agreements and material information that must be publicly filed.

 

    	-34-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

11.5        Technical
Publication. Neither Party may publish peer reviewed manuscripts or give other forms of public disclosure such as abstracts
and media presentations (such disclosure collectively, for purposes of this Section 11.5, “publication”), of
results of studies carried out under this Agreement, without the opportunity for prior review by the other Party, except to the
extent required by applicable Laws. A Party seeking publication shall provide the other Party the opportunity to review and comment
on any proposed publication that relates to the Licensed Product at least thirty (30) days (or at least ten (10) days in the case
of abstracts and media presentations) prior to its intended submission for publication. The other Party shall provide the Party
seeking publication with its comments in writing, if any, within twenty (20) days (or within five (5) days in the case of abstracts
and media presentations) after receipt of such proposed publication. The Party seeking publication shall consider in good faith
any comments thereto provided by the other Party and shall comply with the other Party’s reasonable request to remove any
and all of such other Party’s Confidential Information from the proposed publication. In addition, the Party seeking publication
shall delay the submission for a period up to sixty (60) days in the event that the other Party can demonstrate reasonable need
for such delay in order to accommodate the preparation and filing of a patent application. If the other Party fails to provide
its comments to the Party seeking publication within such twenty (20) day period (or five (5) day period, as the case may be),
such other Party shall be deemed not to have any comments, and the Party seeking publication shall be free to publish in accordance
with this Section 11.5 after the thirty (30) day period (or ten (10) day period, as the case may be) has elapsed. The Party seeking
publication shall provide the other Party a copy of the publication at the time of the submission. Each Party agrees to acknowledge
the contributions of the other Party and its employees in all publications as scientifically appropriate.

 

11.6        Equitable
Relief. Each Party acknowledges that its breach of Article 11 of this Agreement may cause irreparable injury to the other Party
for which monetary damages may not be an adequate remedy. Therefore, each Party shall be entitled to seek injunctive and other
appropriate equitable relief to prevent or curtail any actual or threatened breach of the obligations relating to Confidential
Information set forth in this Article 11 by the other Party. The rights and remedies provided to each Party in this Article 11
are cumulative and in addition to any other rights and remedies available to such Party at law or in equity.

 

Article
12

TERM AND TERMINATION

 

12.1        Term.
This Agreement shall commence on the Effective Date and, unless earlier terminated in accordance with the terms of this Article
12, shall continue for a period of ten (10) years (the “Initial Term”). Upon expiration of the Initial Term,
this Agreement will automatically renew for additional two (2) year periods unless either Party gives written notice of termination
at least ninety (90) days prior to the expiration of the then-current term, which shall cause this Agreement to terminate at the
end of the then-current term (each period, a “Renewal Term” and together with the Initial Term, the “Term”).

 

12.2        Termination
by CCT.

 

(a)          For
Patent Challenge. CCT may terminate this Agreement in its entirety immediately upon written notice to Alliqua if Alliqua or
its Affiliates (directly or indirectly, individually or in association with any other person or entity) challenges the validity,
enforceability or scope of any CCT Patent anywhere in the world.

 

    	-35-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(b)          For
Failure to Meet Thresholds.

 

(i)          In
the event that gross sales of a Licensed Product during the second Launch Year for such Licensed Product are less than (x) Five
Million Dollars ($5,000,000) or alternatively, (y) the new gross sales volume agreed to by the Parties pursuant to Section 7.4,
as the case may be (the “Minimum Sales Threshold”), CCT shall have the right to terminate solely with respect
to such Licensed Product, on a Licensed Product-by-Licensed Product basis (but not with respect to the Agreement in its entirety),
on sixty (60) days’ written notice to Alliqua (a “Sales Threshold Default”), which notice of such Sales
Threshold Default must be delivered to Alliqua within thirty (30) calendar days following the delivery of the royalty report for
the fourth Launch Year Quarter of the second Launch Year (a “Sales Threshold Default Notice”). Upon receipt
of a Sales Threshold Default Notice, Alliqua may cure the Sales Threshold Default solely for the second Launch Year by (i) paying
to CCT an amount equal to the difference between the Annual License Fee for the second Launch Year and the aggregate royalties
which would be due to CCT if gross annual sales of such Licensed Product for the second Launch Year were Five Million Dollars ($5,000,000)
(or the alternative Minimum Sales Threshold, as the case may be) or (ii) by demonstrating to the reasonable satisfaction of CCT
that the gross annual sales of such Licensed Product will reach an annualized run rate of Five Million Dollars ($5,000,000) (or
the alternative Minimum Sales Threshold) as of the second Launch Year Quarter of the third Launch Year.

 

(ii)         In
the event gross annual sales of any Licensed Product for the third Launch Year or any subsequent Launch Year thereafter are less
than Five Million Dollars ($5,000,000) (or the alternative Minimum Sales Threshold, as the case may be) each of CCT and Alliqua
shall have the right to terminate this Agreement solely with respect to such Licensed Product, on a Licensed Product-by-Licensed
Product basis (but not with respect to the Agreement in its entirety) upon six months’ prior written notice to the other
Party, which notice of such termination must be delivered to the other Party within sixty (60) calendar days following the delivery
of the royalty report for the fourth Launch Year Quarter of the applicable Launch Year. Notwithstanding the foregoing, in the event
that in the third Launch Year the gross annual sales of a Licensed Product are less than Five Million Dollars ($5,000,000) (or
the alternative Minimum Sales Threshold, as the case may be), the Parties may discuss alternative options to the termination of
this Agreement with respect to such Licensed Product, including, without limitation, the sale of all rights in and to such Licensed
Product to Alliqua.

 

(c)          Termination
by Either Party. This Agreement may be terminated by either Party in its entirety upon the issuance of a final order or decree
issued in a bona fide proceeding by or before a competent judicial authority that a Licensed Product infringed the intellectual
property rights of a Third Party, if, after receiving such issuance of a final order or decree of infringement, CCT or Alliqua,
as applicable, fails to or is unable to cure such infringement within sixty (60) days from the date of issuance.

 

12.3        Termination
for Breach.

 

(a)          Each
Party shall have the right to terminate this Agreement in its entirety immediately upon written notice to the other Party if the
other Party materially breaches its obligations under this Agreement (including, but not limited to, failure of Alliqua to exert
Commercially Reasonable Best Efforts in accordance with the terms set forth in this Agreement) and, after receiving written notice
identifying such material breach in reasonable detail, fails to cure such material breach within sixty (60) days from the date
of such notice.

 

    	-36-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(b)          If
the alleged breaching Party disputes in good faith the existence or materiality of a breach specified in a notice provided by the
other Party in accordance with Section 12.3(a), and such alleged breaching Party provides the other Party notice of such dispute
within the applicable cure period, then the non-breaching Party shall not have the right to terminate this Agreement under Section
12.3(a) unless and until an arbitrator, in accordance with Article 13, has determined that the alleged breaching Party has materially
breached the Agreement and such breaching Party fails to cure such breach within the applicable cure period (measured as commencing
after the arbitrator’s decision). It is understood and agreed that during the pendency of such dispute, all of the terms
and conditions of this Agreement shall remain in effect and the Parties shall continue to perform all of their respective obligations
hereunder.

 

12.4        Termination
for Bankruptcy. To the extent permitted under applicable Laws, if at any time during the Term of this Agreement, an Event of
Bankruptcy (as defined below) relating to either Party (the “Bankrupt Party”) occurs, the other Party (the “Non-Bankrupt
Party”) shall have, in addition to all other legal and equitable rights and remedies available hereunder, the option
to terminate this Agreement upon sixty (60) days written notice to the Bankrupt Party. It is agreed and understood that if the
Non-Bankrupt Party does not elect to terminate this Agreement upon the occurrence of an Event of Bankruptcy, except as may otherwise
be agreed with the trustee or receiver appointed to manage the affairs of the Bankrupt Party, the Non-Bankrupt Party shall continue
to make all payments required of it under this Agreement as if the Event of Bankruptcy had not occurred, and the Bankrupt Party
shall not have the right to terminate any license granted herein. The term “Event of Bankruptcy” means: (a)
filing, in any court or agency pursuant to any statute or regulation of any state or country, (i) a petition in bankruptcy or insolvency,
(ii) for reorganization or (iii) for the appointment of (or for an arrangement for the appointment of) a receiver or trustee of
the Bankrupt Party or of its assets; (b) with respect to the Bankrupt Party, being served with an involuntary petition filed in
any insolvency proceeding, which such petition is not dismissed within sixty (60) days after the filing thereof; (c) proposing
or being a party to any dissolution or liquidation when insolvent; or (d) making an assignment for the benefit of creditors. Without
limitation, the Bankrupt Party’s rights under this Agreement shall include those rights afforded by 11 USAC. § 365(n)
of the United States Bankruptcy Code (the “Bankruptcy Code”) and any successor thereto. If the bankruptcy trustee
of a Bankrupt Party as a debtor or debtor-in-possession rejects this Agreement under 11 USAC. § 365(o) of the Bankruptcy Code,
the Non-Bankrupt Party may elect to retain its rights licensed from the Bankrupt Party hereunder (and any other supplementary agreements
hereto) for the duration of this Agreement and avail itself of all rights and remedies to the full extent contemplated by this
Agreement and 11 USAC. § 365(n) of the Bankruptcy Code, and any other relevant Laws.

 

12.5        Termination
for Safety, Legal or Economic Risks. Either Party may terminate this Agreement on a Licensed Product-by-Licensed Product basis,
or in the entirety, immediately upon thirty (30) days prior written notice to the other Party if the terminating Party is advised
in writing by its outside legal counsel that it is not advisable for Alliqua to continue the Commercialization of such Licensed
Product in the Territory as a result of an actual, threatened or perceived significant safety, legal or economic risk regarding
such Licensed Product as the result of any Law, decree, resolution, Liabilities resulting from any Claim, or any decision of a
Governmental Authority or Regulatory Authority or change in the interpretation of any current Law, decree, resolution or decision
by a Governmental Authority or Regulatory Authority, provided that a Party may only terminate this Agreement in the entirety if
the actual, threatened or perceived significant safety, legal or economic risk relates to the Licensed Products as a whole. Notwithstanding
the foregoing, in the event that CCT purports to terminate this Agreement with respect to a Licensed Product pursuant to this Section
12.5, the Parties may discuss alternative options to the termination of this Agreement with respect to such Licensed Product, including,
without limitation, the sale of all rights in and to such Licensed Product to Alliqua.

 

    	-37-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

12.6        Effect
of Termination.

 

(a)          General.
Upon any termination (but not expiration) of this Agreement in whole or in part, (i) all licenses and rights granted to Alliqua
under this Agreement or with respect to each Licensed Product, as applicable, shall terminate, (ii) Alliqua shall immediately transfer
and assign to CCT or its designee all materials, Know-How, Regulatory Materials, licenses, Third Party agreements and other items
as are reasonably necessary for CCT to continue the Development and Commercialization of the Licensed Product(s) and (iii) Alliqua
shall immediately cease all sales, marketing and distribution of the Licensed Product(s), subject to Section 12.6(d), below.

 

(b)          Additional
Effects of Termination. Without limiting the generality of Section 12.6(a), the following rights and consequences shall apply
upon any termination of this Agreement, it being understood that if this Agreement terminates on a Licensed Product-by-Licensed
Product basis, that this Section 12.6(b) shall apply only with respect to the terminated Licensed Product, provided that if this
Agreement is terminated with respect to all License Products hereunder, that this Agreement shall automatically terminate without
any further action by the Parties:

 

(i)          Regulatory
Materials; Data. To the extent permitted by applicable Laws, Alliqua shall transfer and assign to CCT all Regulatory Materials
to extent such Regulatory Materials are not owned by CCT, and related data and Know-How relating to the Licensed Product(s) and
shall treat the foregoing as Confidential Information of CCT (and not of Alliqua) under Article 11; provided that Alliqua shall
be allowed to retain any such materials that a Regulatory Authority requires Alliqua to retain under applicable Laws.

 

(ii)         Alliqua
Assignment. Alliqua hereby irrevocably assigns to CCT, effective upon such termination, a non-exclusive, fully paid, worldwide,
fully transferrable, irrevocable license (with the right to grant sublicenses through multiple tiers) to all intellectual property,
including all Patents and Know-How (i) Controlled by Alliqua (or its Affiliates) as of the effective date of such termination and
(ii) related to or useful in connection with the Licensed Product(s).

 

(iii)        Trademarks.
Alliqua shall assign to CCT all right, title and interest in and to the Product Marks (excluding any such marks that include,
in whole or part, any corporate name or logo of Alliqua) throughout the Territory.

 

    	-38-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

(iv)        Transition
Assistance. Alliqua shall provide such assistance, at no cost to CCT, as may be reasonably necessary or useful for CCT to continue
Developing and/or Commercializing the Licensed Product(s) throughout the Territory, including assigning or amending as appropriate,
upon request of CCT, any agreements or arrangements with Third Party vendors and/or distributors to Develop and/or Commercialize
the Licensed Product(s). To the extent that any such contract between Alliqua and a Third Party is not assignable to CCT, Alliqua
shall reasonably cooperate with CCT to arrange to continue to provide such services for a reasonable time after termination. Alliqua
shall not, during such applicable notice period, take any action that could reasonably be expected to have a material adverse impact
on the further Development and Commercialization of any Licensed Product.

 

(c)          Inventories.
Subject to Section 12.6(d), below, in the event this Agreement terminates other than for CCT’s breach of the Agreement in
accordance with Section 12.3(a), then CCT shall have the right to purchase from Alliqua any and all of the inventory of the Licensed
Product(s) held by Alliqua as of the effective date of termination at a price equal to Alliqua’s actual cost to acquire or
manufacture such inventory. CCT shall notify Alliqua within thirty (30) days after the effective date of termination whether CCT
elects to exercise such right. Notwithstanding the foregoing, in the event this Agreement is terminated in accordance with Sections
12.3 and 12.4 due to an Event of Bankruptcy relating to Alliqua, Alliqua shall immediately transfer, at no cost to CCT, any and
all inventory of the Licensed Product(s) held by Alliqua as of the effective date of termination.

 

(d)          Alliqua’s
Right to Sell Off. In the event this Agreement terminates other than for Alliqua’s breach of the Agreement in accordance
with Section 12.3(a), then CCT, at its option, shall (i) have the right to purchase from Alliqua any and all of the inventory of
Licensed Products held by Alliqua as of the effective date of termination in accordance with the terms of Section 12.6(c), above,
or (ii) permit Alliqua, for a period of ninety days (90) from the effective date of termination, to market, distribute, offer to
sell and sell off then-existing inventory of Licensed Products then on hand (the period referred to in this Section 12.6(d)(ii),
the “Sell-Off Period”). If CCT elects to allow Alliqua to sell off its then-existing inventory of Licensed Products
in accordance with Section 12.6(d)(ii), following the expiration of the Sell Off Period, Alliqua shall immediately cease all sales,
marketing and distribution of the then-existing inventory Licensed Products on hand as of the end of such Sell-Off Period, and
CCT, at its option, shall (x) have the right to purchase from Alliqua any and all of the inventory of Licensed Products held
by Alliqua as of the last date of the Sell-Off Period at a price equal to Alliqua’s actual cost to acquire or manufacture
such inventory, or (y) instruct Alliqua to destroy or donate (to a recognized not-for-profit charitable organization, provided
however, that such inventory is not further re-sold or distributed for profit) such remaining inventory.

 

For clarity, Alliqua
shall continue to perform all of its obligations under this Agreement with respect to the Development and Commercialization of
Licensed Products until the effective date of termination and shall not modify in any material respects such activities from past
practices during such period.

 

    	-39-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

12.7         Survival.
Termination or expiration of this Agreement shall not affect any rights or obligations of the Parties under this Agreement that
have accrued prior to the date of termination or expiration. Notwithstanding anything to the contrary, the following provisions
shall survive any expiration or termination of this Agreement: 1, 7.3, 8, 9.4, 10, 11, 12.6, 13, 14 and this Section 12.7.

 

Article
13

DISPUTE RESOLUTION

 

13.1         Disputes.
The Parties recognize that disputes as to certain matters may from time to time arise that relate to either Party’s rights
and/or obligations hereunder. It is the objective of the Parties to establish procedures to facilitate the resolution of disputes
arising under this Agreement in an expedient manner by mutual cooperation and without resort to litigation. To accomplish this
objective, the Parties agree to follow the procedures set forth in this Article 13 to resolve any controversy or claim arising
out of, relating to or in connection with any provision of this Agreement, if and when a dispute arises under this Agreement.

 

13.2         Internal
Resolution. With respect to all disputes arising between the Parties under this Agreement, including any alleged breach under
this Agreement or any issue relating to the interpretation or application of this Agreement, if the Parties are unable to resolve
such dispute within thirty (30) days after such dispute is first identified by either Party in writing to the other, the Parties
shall refer such dispute to the Executive Officers of the Parties for attempted resolution by good faith negotiations within thirty
(30) days after such notice is received, including at least one (1) in-person meeting of the Executive Officers within twenty (20)
days after such notice is received. If the Executive Officers are not able to resolve such dispute referred to them within such
thirty (30) day period, then Section 14.11 shall control.

 

13.3         Patent
and Trademark Disputes.  Any dispute, controversy or claim relating to the scope, validity, enforceability or infringement
of any Patent Covering the manufacture, use, importation, offer for sale or sale of any Licensed Product or of any trademark rights
relating to any Licensed Product shall be submitted to a court of competent jurisdiction in the country in which such Patent or
trademark rights were granted or arose.

 

13.4         Equitable
Relief. Nothing in this Article 13 shall prevent either Party from seeking equitable or other relief in a court of competent
jurisdiction. All rights and remedies provided to each Party in this Agreement are cumulative and in addition to any other rights
and remedies available to such Party at law or in equity.

 

Article
14

MISCELLANEOUS

 

14.1         Entire
Agreement; Amendment. This Agreement, together with the exhibits and schedules attached hereto, which are hereby incorporated
herein, represents the entire agreement and understanding between the Parties with respect to its subject matter and supersedes
and terminates any prior and/or contemporaneous discussions, representations or agreements, whether written or oral, of the Parties
regarding the subject matter hereto, and supersedes, as of the Effective Date, all prior and contemporaneous agreements and understandings
between the Parties with respect to the subject matter hereof (including for the Prior CDA). There are no covenants, promises,
agreements, warranties, representations, conditions or understandings, either oral or written, between the Parties other than as
are set forth in this Agreement. Amendments or changes to this Agreement shall be valid and binding only if in writing and signed
by duly authorized representatives of the Parties.

 

    	-40-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

14.2         Force
Majeure. Both Parties shall be excused from the performance of their obligations under this Agreement to the extent that such
performance is prevented by force majeure and the nonperforming Party promptly provides notice of the prevention to the other Party.
Such excuse shall be continued so long as the condition constituting force majeure continues and the nonperforming Party takes
reasonable efforts to remove the condition. For purposes of this Agreement, force majeure shall mean conditions beyond the control
of the Parties, including an act of God, war, civil commotion, terrorist act, labor strike or lock-out, epidemic, failure or default
of public utilities or common carriers, destruction of production facilities or materials by fire, earthquake, storm or like catastrophe,
and failure of plant or machinery (provided that such failure could not have been prevented by the exercise of skill, diligence,
and prudence that would be reasonably and ordinarily expected from a skilled and experienced person engaged in the same type of
undertaking under the same or similar circumstances). If a force majeure persists for more than ninety (90) days, then the Parties
shall discuss in good faith the modification of the Parties’ obligations under this Agreement in order to mitigate the delays
caused by such force majeure, and if the force majeure prevents CCT from performing its obligations under either Joint Development
Plan for a period of more than one hundred and eighty (180) days, Alliqua shall have the right to terminate this Agreement pursuant
to Section 12.3.

 

14.3         Notices.
Any notice required or permitted to be given under this Agreement shall be in writing, shall specifically refer to this Agreement,
and shall be addressed to the appropriate Party at the address specified below or such other address as may be specified by such
Party in writing in accordance with this Section 14.3, and shall be deemed to have been given for all purposes (a) when received,
if hand-delivered or sent by confirmed facsimile or a reputable courier service, or (b) five (5) Business Days after mailing, if
mailed by first class certified or registered airmail, postage prepaid, return receipt requested.

 

		If to CCT:	Anthrogenesis Corporation, d/b/a Celgene Cellular Therapeutics

Attn.: Chief Executive Officer

33 Technology Drive

Warren, NJ  07059-5148 

Fax: [****]

 

			With a copy to (which shall not constitute notice):

 

Proskauer Rose LLP

Eleven Times Square

New York, NY 10036

Attn: Robert A. Cantone, Esq.

Fax No.: (212) 969-2900

 

    	-41-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

and

 

Celgene Corporation

86 Morris Avenue

Summit, NJ 07901

Attention: General Counsel

Fax: [****]

 

		If to Alliqua:	Alliqua,
Inc.

2150 Cabot Boulevard West

Langhorne, Pennsylvania 19047

Attention: Chief Executive
Officer

Fax No.: [****]

 

With a copy to (which shall
not constitute notice):

 

Lowenstein Sandler LLP

65 Livingston Avenue

Roseland, New Jersey 07068

Attention: Michael Lerner,
Esq.

Fax No.: (973) 597-6395

 

14.4         No
Strict Construction; Headings. This Agreement has been prepared jointly by the Parties and shall not be strictly construed
against either Party. Ambiguities, if any, in this Agreement shall not be construed against any Party, irrespective of which Party
may be deemed to have authored the ambiguous provision. The headings of each Article and Section in this Agreement have been inserted
for convenience of reference only and are not intended to limit or expand on the meaning of the language contained in the particular
Article or Section. Except where the context otherwise requires, the use of any gender shall be applicable to all genders, and
the word “or” is used in the inclusive sense (and/or). The term “including” as used herein means including,
without limiting the generality of any description preceding such term.

 

14.5         Assignment.
Neither Party may assign this Agreement without the prior written consent of the other Party, such consent not to be unreasonably
withheld, conditioned or delayed; provided, however, that either Party may assign this Agreement without the consent of the other
Party, effective upon written notice to the other Party thereof, to (i) an Affiliate of such Party, provided that the Party hereunder
who assigns this Agreement agrees in writing to continue to be bound by and subject to the terms and conditions of this Agreement
and (ii) any Person who acquires all or substantially all of such Party’s assets or that is the surviving entity in a merger,
recapitalization, combination or other similar transaction with such assigning Party and who agrees in writing to be bound by and
subject to the terms and conditions of this Agreement. Further, CCT may assign without Alliqua’s consent its rights to payments
received under this Agreement. Any permitted assignment shall be binding on the successors of the assigning Party. Any attempted
or purported assignment in violation of this Section 14.5 shall be null and void.

 

    	-42-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

14.6         Performance
by Affiliates. Each Party may discharge any obligations and exercise any right hereunder through any of its Affiliates. Each
Party hereby guarantees the performance by its Affiliates of such Party’s obligations under this Agreement, and shall cause
its Affiliates to comply with the provisions of this Agreement in connection with such performance. Any breach by a Party’s
Affiliate of any of such Party’s obligations under this Agreement shall be deemed a breach by such Party, and the other Party
may proceed directly against such Party without any obligation to first proceed against such Party’s Affiliate.

 

14.7         Further
Actions. Each Party agrees to execute, acknowledge and deliver such further instruments, and to do all such other acts, as
may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

14.8         Severability.
If any provision of this Agreement is found by a court of competent jurisdiction to be unenforceable, then such provision shall
be construed, to the extent feasible, so as to render the provision enforceable, and if no feasible interpretation would save such
provision, it shall be severed from the remainder of this Agreement. The remainder of this Agreement shall remain in full force
and effect, unless the severed provision is essential and material to the rights or benefits received by either Party. In such
event, the Parties shall negotiate, in good faith, and substitute a valid and enforceable provision or agreement that most nearly
implements the Parties’ intent in entering into this Agreement.

 

14.9         No
Waiver. No provision of this Agreement can be waived except by the express written consent of the Party waiving compliance.
Except as specifically provided for herein, the waiver from time to time by either Party of any of its rights or its failure to
exercise any remedy shall not operate or be construed as a continuing waiver of same or of any other of such Party’s rights
or remedies provided in this Agreement.

 

14.10         Independent
Contractors. For all purposes under this Agreement, Alliqua and CCT and their respective Affiliates are independent contractors
with respect to each other, and shall not be deemed to be an employee, agent, partner or legal representative of the other Party.
This Agreement does not grant any Party or its employees, consultants or agents any authority (express or implied) to do any of
the following without the prior express written consent of the other Party: create or assume any obligation; enter into any agreement;
make any representation or warranty; serve or accept legal process on behalf of the other Party; settle any claim by or against
the other Party; or bind or otherwise render the other liable in any way.

 

14.11         Governing
Law. This Agreement shall be governed by the laws of the state of New York, without regard to its choice of law provisions
that would require the application of the laws of a different jurisdiction. The Parties hereby irrevocably submit to the jurisdiction
of the state and federal courts sitting in the County and State of New York for the adjudication of disputes arising out of or
relating to this Agreement.

 

    	-43-

    	 

    

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

14.12         Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original but all of which together
shall constitute the same legal instrument. Facsimile or PDF execution and delivery of this Agreement by any Party shall constitute
a legal, valid and binding execution and delivery of this Agreement by such Party. The Parties to this document agree that a copy
of the original signature (including an electronic copy) may be used for any and all purposes for which the original signature
may have been used. The Parties agree they will have no rights to challenge the use or authenticity of this document based solely
on the absence of an original signature.

 

[Signature page follows]

 

    	-44-

    	 

    

 

In
Witness Whereof, the Parties have executed this Agreement by their
duly authorized officers as of the Effective Date.

 

	Alliqua, Inc.	 	Anthrogenesis Corporation (D/B/A CCT)
	 	 	 
	By: 	/s/ David Johnson	 	By:	/s/ Perry Karsen
	Name: David Johnson	 	Name: Perry Karsen 
	Title: Chief Executive Officer	 	Title:  Chief Executive Officer
	 	 	 	 	 

[Signature Page to License, Marketing and
Development Agreement]

 

    	 

    	 

    

 

Exhibit A

Patents

 

	Docket No.	 	Country	 	Case

Status	 	Application

No.	 	Application

Date	 	Registration

No.	 	Registration

Date
	009516-0148-999	 	United States of America	 	Abandoned	 	10/397,867	 	Mar-26-2003	 	 	 	 
	009516-0389-888	 	United States of America	 	Expired	 	60/699,441	 	Jul-13-2005	 	 	 	 
	009516-0389-999	 	United States of America	 	Issued	 	11/485,840	 	Jul-12-2006	 	7,928,280	 	Apr-19-2011
	012827-0102-999	 	United States of America	 	Abandoned	 	13/089,029	 	Apr-18-2011	 	 	 	 
	012827-0372-999	 	United States of America	 	Pending	 	13/711,331	 	Dec-11-2012	 	 	 	 

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

    	 

    	 

    

 

Exhibit B

Joint Development Plan

 

	
         

        [****]
        – [****] Study

         

	
        Study Design: 

         

        [****]

         
        

        

	
        Target Investigators:

         

        [****]

         

	
        Number of Patients: 

         

        [****]

         

	
        Key Endpoints: 

         

        [****]

         

	
        Timelines:

        [****]
        

        Contracts and Protocol:

        [****]

        Enrollment: 

        [****]

        Clinical Study Report:

        [****]

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

    	 

    	 

    

 

	
         

        [****]
        Study 

         

	
        Study Design: 

         

        [****]
        

         

        

	
        Target Investigators:

         

        [****]

         

	
        Number of Patients: 

         

        [****]

         

	
        Key Endpoints: 

         

        [****]

         

	
        Timelines:

        [****]

        Contracts and Protocol:

        [****]

        Enrollment: 

        [****]
        

        Post Study Evaluations: 

        [****]
        

         

 

Ongoing Additional Clinical Plans: 

[****]

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

    	 

    	 

    

 

Exhibit C

CCT Marks

 

BIOVANCE®

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

    	 

    	 

    

Schedule 7.1(a)

Annual License Fees

 

Annual License Fees for Biovance:

 

(a)          for
the first Launch Year, the greater of (i) [****] (subject to adjustment as provided in Section 7.4 of this Agreement); and

 

(b)          for
the second Launch Year and each Launch Year thereafter, the greater of (i) [****] or (ii) [****] (subject to adjustment as provided
in Section 7.4 of this Agreement).

 

Annual License Fees for ECMs:

 

(a)          for
the first Launch Year, the greater of (i) [****] or (ii) [****] (subject to adjustment as provided in Section 7.4 of this Agreement);
and

 

(b)          for
the second Launch Year and each Launch Year thereafter, the greater of (i) [****] or (ii) [****] (subject to adjustment as provided
in Section 7.4 of this Agreement).

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

    	 

    	 

    

 

Schedule 7.1(b)

Annual License Fees and Base Purchase
Price Examples

 

By way of example only for Biovance, assuming that the Base
Purchase Price is equal to [****]:

 

If the Annual License Fee due for a Launch Year is [****] and
the aggregate amount paid by Alliqua in that Launch Year for such Licensed Product is [****], Alliqua shall pay to CCT an Annual
License Fee for that Launch Year of [****].

 

If the Annual License Fee due for a Launch Year is [****] and
the aggregate amount paid by Alliqua in that Launch Year for such Licensed Product is [****], Alliqua shall pay to CCT an Annual
License Fee for that Launch Year of [****].

 

If the Annual License Fee due for a Launch Year is [****] and
the aggregate amount paid by Alliqua in that Launch Year for such Licensed Product is [****], Alliqua shall not be required pay
to CCT any Annual License Fee for that Launch Year.

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

    	 

    	 

    

 

Schedule 7.1(b) (cont’d)

Annual License Fees and Base Purchase
Price Examples

 

By way of example only for ECMs, assuming that the Base Purchase
Price is equal to [****]:

 

If the Annual License Fee due for a Launch Year is [****] and
the aggregate amount paid by Alliqua in that Launch Year for such Licensed Product is [****], Alliqua shall pay to CCT an Annual
License Fee for that Launch Year of [****].

 

If the Annual License Fee due for a Launch Year is [****] and
the aggregate amount paid by Alliqua in that Launch Year for such Licensed Product is [****], Alliqua shall pay to CCT an Annual
License Fee for that Launch Year of [****].

 

If the Annual License Fee due for a Launch Year is [****] and
the aggregate amount paid by Alliqua in that Launch Year for such Licensed Product is [****], Alliqua shall pay to CCT an Annual
License Fee for that Launch Year of [****].

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

    	 

    	 

    

Schedule 7.2

Milestone Payments

 

 

	 	Milestone Event for Biovance 	 	Milestone Payment
	1	At such time as aggregate annual Net Sales for any rolling twelve month period equal or exceed [****]	 	[****]
	2	At such time as aggregate annual Net Sales for any rolling twelve month period equal or exceed [****]	 	[****]
	3	At such time as aggregate annual Net Sales for any rolling twelve month period equal or exceed [****]	 	[****]
	4	At such time as aggregate annual Net Sales for any rolling twelve month period equal or exceed [****]	 	[****]

 

	 	Milestone Event for ECMs	 	Milestone Payment
	5	510(k) or other Regulatory Clearance and/or Approval	 	[****]
	6	At such time as aggregate annual Net Sales for any rolling twelve month period equal or exceed [****]	 	[****]
	7	At such time as aggregate annual Net Sales for any rolling twelve month period equal or exceed [****]	 	[****]
	8	At such time as aggregate annual Net Sales for any rolling twelve month period equal or exceed [****]	 	[****]
	9	At such time as aggregate annual Net Sales for any rolling twelve month period equal or exceed [****]	 	[****]

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

    	 

    	 

    

 

Schedule 7.3(a)

Royalties

 

	Annual Net Sales of Biovance in the Territory	 	Royalty Rate
	[****]	 	[****] Percent ([****]%)
	[****]	 	[****] Percent ([****]%)
	[****]	 	[****] Percent ([****]%)
	[****]	 	[****] Percent ([****]%)

 

	Annual Net Sales of ECMs in the Territory	 	Royalty Rate
	[****]	 	[****] Percent ([****]%)
	[****]	 	[****] Percent ([****]%)
	[****]	 	[****] Percent ([****]%)
	[****]	 	[****] Percent ([****]%)

 

THE COMPANY HAS REQUESTED AN ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION (THE “COMMISSION”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, GRANTING CONFIDENTIAL
TREATMENT TO SELECTED PORTIONS. ACCORDINGLY, THE CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS EXHIBIT, AND HAVE BEEN FILED
SEPARATELY WITH THE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS EXHIBIT WITH “*****”.

 

    	 

    	 

    

 

[****]

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