Document:

Exhibit 4.20

    

    
       

       

      

      
        	
                 

              	
                
                  CERTAIN INFORMATION IDENTIFIED

                  BY BRACKETED ASTERISKS ([* * *])

                  HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE

                  IT IS BOTH NOT MATERIAL AND WOULD BE

                  COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

                

              

         

      

       

      

    

    
      Execution Copy

      

      LICENSE AGREEMENT

      

      

      BY AND BETWEEN

       

      GALDERMA HOLDING SA

       

      AND

       

      SOL-GEL TECHNOLOGIES LTD.

      
        

        

        
          
            

        

      

      TABLE OF CONTENTS

       

      Page

      

      

      
        	
                ARTICLE I DEFINITIONS

              	1

              
	 	

              
	
                ARTICLE II LICENSES

              	9

              
	 	

              
	
                ARTICLE III GOVERNANCE

              	11

              
	 	

              
	
                ARTICLE IV REGULATORY; TECHNOLOGY SHARING

              	13

              
	 	

              
	
                ARTICLE V COMMERCIALIZATION

              	15

              
	 	

              
	
                ARTICLE VI MANUFACTURE AND SUPPLY

              	16

              
	 	

              
	
                ARTICLE VII PAYMENTS

              	16

              
	 	

              
	
                ARTICLE VIII INTELLECTUAL PROPERTY

              	20

              
	 	

              
	
                ARTICLE IX ADVERSE DRUG EVENTS AND REPORTS

              	25

              
	 	

              
	
                ARTICLE X REPRESENTATIONS, WARRANTIES, AND COVENANTS

              	25

              
	 	

              
	
                ARTICLE XI CONFIDENTIALITY

              	30

              
	 	

              
	
                ARTICLE XII INDEMNIFICATION & INSURANCE

              	33

              
	 	

              
	
                ARTICLE XIII TERM AND TERMINATION

              	34

              
	 	

              
	
                ARTICLE XIV DISPUTE RESOLUTION; GOVERNING LAW

              	38

              
	 	

              
	
                ARTICLE XV ASSIGNMENT

              	40

              
	 	

              
	
                ARTICLE XVI MISCELLANEOUS

              	40

              
	 	

              
	
                SCHEDULE 1.02 − EXCLUDED AFFILIATES

              	

              
	 	

              
	
                SCHEDULE 1.29 − LICENSED PATENTS

              	

              
	 	

              
	
                SCHEDULE 1.32 – LICENSED TRADEMARK

              	

              
	 	

              
	
                SCHEDULE 5.01 − MINIMUM ORDER QUANTITIES

              	

              
	 	

              
	
                SCHEDULE 6.01 − DOUGLAS SUPPLY AGREEMENT

              	

              
	 	

              
	
                SCHEDULE 11.04 – PRESS RELEASE

              	

              

      

      

      

      
        
          

      

      LICENSE AGREEMENT

       

      THIS LICENSE AGREEMENT (this “Agreement”) is made and
        entered into as of June 21, 2021 (“Effective Date”) between Sol-Gel Technologies Ltd., with a principal place of business at 7 Golda Meir St., Ness Ziona 7403620, Israel (“Sol-Gel”),

        and Galderma Holding SA, with a principal place of business at Rue d'Entre-deux-Villes 10, 1814 La Tour-de-Peilz, Switzerland (“Galderma”). Sol-Gel and Galderma may be referred to herein individually as a “Party” and collectively as the “Parties.”

      

      

      RECITALS

       

      WHEREAS, Sol-Gel is the owner of, or Controls, the Licensed Technology in the Territory (each as defined below);

       

      WHEREAS, Galderma is interested in obtaining an exclusive license to Commercialize the Licensed Product in the Territory (each as defined
        below); and

       

      WHEREAS, the Parties desire for Sol-Gel to grant such license to Galderma to Manufacture and Commercialize the Licensed Product in the
        Territory, all under the terms and conditions as set forth in this Agreement.

       

      NOW THEREFORE, the Parties agree as follows:

       

      ARTICLE I

        

        DEFINITIONS

       

      Section 1.01          “Accounting Standards” means the then-current International Financial
        Reporting Standards, as consistently applied by the applicable Galderma Entity, as applicable.

       

      Section 1.02          “Affiliate” means, with respect to a
        Party, any corporation or other business entity that (directly or indirectly) is controlled by, controls, or is under common control with such entity for so long as such control exists, with “control” (including, with correlative meanings, the
        terms “controlled by” and “under common control with”) meaning (a) direct or indirect beneficial ownership of at least fifty percent (50%) of the voting stock of or other equity interests in, or at least a fifty percent (50%) interest in the income
        of, the applicable entity (or such lesser percentage that is the maximum allowed to be owned by a foreign entity in a particular jurisdiction and is sufficient to grant the holder of such voting stock or interest the power to direct the management
        and policies of such entity) or (b) possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity, whether through ownership of voting securities, by contract relating to voting rights
        or corporate governance, or otherwise.  Notwithstanding the foregoing, neither EQT Partners AB nor any other entity listed on Schedule 1.02 (Excluded Affiliates)
        shall be an Affiliate of Galderma for purposes of this Agreement or have any rights or obligations hereunder.

       

      
        
          

      

      
      Section 1.03          “Business Day” means a day other
        than (a) a Saturday or a Sunday or (b) a day on which banking institutions in New York City, USA, Zurich, Switzerland, or Tel Aviv, Israel are authorized or required by Law to remain closed.

       

      Section 1.04          “CMC” means the chemistry, Manufacturing and controls of Licensed Product.

       

      Section 1.05          “CMO” means [***].

       

      Section 1.06          “Commercialization” or “Commercialize” means, with respect to a pharmaceutical product, any and all activities directed to the pre-launch, launch, marketing, branding, promotion, advertising,
        importation, exportation, warehousing, distribution, shipping, handling, pricing, reimbursement approval, offering for sale, sale, or other commercial exploitation of such pharmaceutical product, and interactions with Regulatory Authorities
        following the Galderma Start Date for such pharmaceutical product regarding the foregoing, including (a) maintaining all Regulatory Approvals following receipt thereof, conducting communications with the applicable Regulatory Authorities following
        receipt of Regulatory Approval, and performing other regulatory activities following the Galderma Start Date, and (b) seeking any required reimbursement approval and all post-marketing surveillance.  Commercialization shall exclude Development,
        Manufacturing, and performance of Medical Affairs.

       

      Section 1.07          “Commercially Reasonable Efforts” means, with respect to Galderma’s
        performance of certain obligations under this Agreement, the carrying out of such obligations using efforts and resources that are [***] with respect to the Commercialization of products [***].

       

      Section 1.08          “Confidential Information” means,
        subject to Section 11.02(a)-(d) (Exceptions), (a) any Know-How and any technical, scientific, trade, research, manufacturing, business, financial, compliance,
        marketing, product, supplier, or other confidential or proprietary information that may be disclosed by or on behalf of one Party or any of its Affiliates to the other Party or any of its Affiliates under this Agreement, which information is
        specifically designated as confidential or would reasonably be understood or expected by the receiving Party to be confidential, regardless of whether such information is in written, oral, electronic, or other form, and (b) the terms of this
        Agreement.

       

      Section 1.09          “Controls,” or “Controlled” means,
        with respect to a Party or any of its Affiliates (as applicable) and any Know-How, Patent Right, Regulatory Documents, or other intellectual property right, such Party’s or such of its Affiliates’ ownership of or ability or right (other than
        pursuant to a license granted to such Party or Affiliate under this Agreement) to grant to the other Party or its Affiliates a license, sublicense, or other right with respect to, such Know-How, Patent Right, Regulatory Documents, or other
        intellectual property right without violating the terms of any pre-existing agreement with any Third Party or any applicable Law and without the need for any consent (or further consent) from such Third Party.  Notwithstanding the foregoing, a
        Party and its Affiliates will not be deemed to “Control” any Know-How, Patent Rights, Regulatory Documents, or other intellectual property rights that [***] or to which [***]
        did not otherwise [***]; unless, however, the Know-How, Patent Rights, Regulatory Documents, or other intellectual property rights [***] any such Know-How, Patent
        Rights, Regulatory Documents, or other intellectual property rights [***], in which case, such Know-How, Patent Rights, Regulatory Documents or other intellectual property rights are “Controlled” [***] for purposes of this Agreement.

       

      
        2

        
          

      

      Section 1.10          “Cover”, “Covering,” or “Covered” means, with respect to a product (or any component or ingredient thereof), composition, technology, invention, process or method and a Patent Right, that, in the absence of ownership of, or a license
        granted under, a claim in such Patent Right, the manufacture, use, offer for sale, sale or importation of such product (or component or ingredient thereof) or composition or the practice of such technology, invention, process or method would
        infringe such claim (directly, indirectly by contributory infringement or by inducement to infringe) or, in the case of a claim of a pending patent application, would infringe such claim if it were to issue as a claim of an issued patent.

       

      Section 1.11          “Develop” or “Development” means, with respect to a given product, internal and external pre-clinical and non-clinical research and clinical development activities reasonably related to the development and submission of
        information to a Regulatory Authority or otherwise to the research, identification, testing, and validation of an active ingredient, including (a) clinical trials of a pharmaceutical
        compound or product, investigator sponsored trials, and registry studies; (b) preparation, submission, review, and development of data or information for the purpose of submission to a Regulatory Authority to obtain authorization to conduct
        clinical trials or obtain Regulatory Approval of a pharmaceutical product in the Territory (and all activities related thereto); and (c) any activities relating to the development of chemistry, manufacturing, and control data.  Development shall
        include clinical trials and other regulatory activities initiated prior to the Galderma Start Date to the extent necessary to obtain Regulatory Approval (including preparing all Regulatory Filings) and to prepare, complete, and submit the
        Post-Approval Stability Data Filing, but shall exclude Manufacturing, performance of Medical Affairs, and Commercialization.

       

      Section 1.12          “Dollars” or “$” means the legal tender of the U.S.

       

      Section 1.13          “Douglas” means Douglas Manufacturing Limited.

       

      Section 1.14          “Drug Approval Application” means a New Drug Application as defined in the
        FD&C Act, or an equivalent application filed with any Regulatory Authority in any country other than the United States.

       

      Section 1.15          [***] means [***]

       

      Section 1.16          “FD&C Act” means the U.S.
        Federal Food, Drug, and Cosmetic Act, 21 U.S.C. § 301 et seq., as amended from time to time, together with any rules, regulations and requirements promulgated thereunder (including all additions, supplements, extensions, and modifications thereto).

       

      Section 1.17          “FDA” means the U.S. Food and Drug
        Administration or any successor agency thereto having essentially the same function.

       

      Section 1.18          “Field” means the treatment, prevention, cure, or amelioration of Acne
        vulgaris in humans.

       

      
        3

        
          

      

      Section 1.19          “First Commercial Sale” means, with
        respect to a Licensed Product, the first [***] sale of the Licensed Product in the Territory by [***] for [***] to a Third
        Party after [***]. Sales or other distributions for [***] shall not be deemed “First Commercial Sale.”

       

      Section 1.20          “Galderma Entity” means, as
        applicable, (a) Galderma, or (b) any of Galderma’s Affiliates.

       

      Section 1.21          “Galderma Regulatory Documents” means

        Regulatory Documents Controlled by a Galderma Entity [***].

       

      Section 1.22          “Galderma Start Date” means the date
        on which [***].

       

      Section 1.23          “Generic Product” means, with respect to a Licensed Product, any
        pharmaceutical product that (a) is an AB rated generic equivalent of the Licensed Product, (b) is approved by [***] in the [***] in reliance, in whole or in part, on
        [***], or (c) [***].

       

      Section 1.24          “Governmental Authority” means any federal, national, multinational, state,
        provincial, county, city, municipal, local or other government (including any governmental division, subdivision, department, agency, bureau, branch, office, council, court, arbitrational or other tribunal, commission or other government authority
        of any nature acting under the authority thereof). Governmental Authorities include all Regulatory Authorities.

       

      Section 1.25          “IND” means an Investigational New
        Drug application for submission to the FDA or any equivalent counterpart application in any country other than the United States, including all supplements and amendments thereto.

       

      Section 1.26          “Know-How” means proprietary trade secrets, information, know-how,
        practices, techniques, methods, processes, procedures, inventions, ideas, data (including pharmacological, biological, chemical, biochemical, clinical test data and data resulting from pre-clinical and non-clinical studies), technology, software,
        algorithms, drawings, developments, marketing reports, expertise, chemical and biological materials, other materials, formulations, formulae, documents, studies, results, regulatory approvals, regulatory filings and related correspondence
        (including DMFs), including biological, chemical, pharmacological, toxicological, pre-clinical, clinical and assay data, manufacturing processes and stability and other data, specifications, sourcing information, assays, quality control and testing
        procedures, formulations, samples, or compositions of matter of any type or kind, in each case of the foregoing whether or not patented or patentable.

       

      Section 1.27          “Law” means any law, statute, rule, regulation, order, judgment, standard,
        ordinance or other pronouncement of any Governmental Authority anywhere in the world.

       

      Section 1.28          “Licensed Know-How” means all
        Know-How owned or Controlled by Sol-Gel or any of its Affiliates at any time during the Term that is [***] for the Manufacturing, use, or Commercialization of, or performance of Medical Affairs with respect
        to, the Licensed Product (or its components or ingredients) in the Field in the Territory.

       

      
        4

        
          

      

      Section 1.29          “Licensed Patent Rights” means any Patent Rights owned or Controlled by
        Sol-Gel or any of Sol-Gel’s Affiliates at any time during the Term that Cover [***] with respect thereto, in the Territory, including those Patent Rights listed on Schedule

            1.29 (Licensed Patents).

       

      Section 1.30          “Licensed Product” means a topical prescription product containing an
        antibiotic-free, fixed dose combination of microencapsulated tretinoin 0.1% and microencapsulated benzoyl peroxide 3% as the main active ingredients, as of the Effective Date, known and intended to be marketed under the name “Twyneo®.”

       

      Section 1.31          “Licensed Technology” means the
        Licensed Patent Rights and the Licensed Know-How.

       

      Section 1.32          “Licensed Trademark” means the “Twyneo®” word trademark [***], as further described in Schedule 1.32 (Licensed Trademark).

       

      Section 1.33          “Manufacture” or “Manufacturing”
        means, as applicable, all activities associated with, related to or directed to the production, manufacture, formulation, processing, filling, finishing, packaging, labeling, shipping, handling, importing, exporting, holding or storage of
        pharmaceutical compounds or materials, or any intermediate thereof, including process and formulation development, process qualification and validation, stability testing, manufacturing scale-up, pre-clinical, clinical and commercial manufacture
        (including placebo and active controls) and analytical development, product characterization, quality assurance and quality control, testing and release. Manufacture shall exclude Development and Commercialization.

       

      Section 1.34          “Marketing Authorization Holder” means a Party that possesses in its name,
        or is designated as the holder of, all Regulatory Approvals for the Licensed Product in the Territory and that is responsible for managing interactions with Regulatory Authorities in the Territory regarding the Licensed Product.

       

      Section 1.35          “Medical Affairs” means any and all
        activities directed to the formulation and performance of (a) post-marketing clinical trials; (b) medical education; (c) communications and liaising with market and key opinion leaders and advisory boards to
        extent related to medical affairs or clinical guidance for the development of the Licensed Product, including plans to support continuing medical education; (d) publication plans for the Licensed Product; (e) plans to ensure appropriate medical
        information responses with respect to the Licensed Product; (f) activities performed in connection with patient registries; (g) safety monitoring plans for the Licensed Product; (h) plans and expected
        activities for field based medical affairs personnel of the Parties for the Licensed Product; (i) other medical programs and communications, including educational grants, research grants (including conducting investigator-initiated studies), and
        charitable donations to the extent related to medical affairs; and (j) other comparable medical affairs activities that do not involve the promotion, marketing, sale, or other Commercialization of the Licensed Product; in each case ((a)-(j)), with
        respect to the Licensed Product in the Territory.  Medical Affairs shall exclude Manufacturing, Development, and Commercialization.

       

      Section 1.36          “Net Sales” means the [***] from
        any sale [***] of Licensed Products in the Territory to [***] by Galderma or [***] for consideration thereof (“Gross Sales”), reduced by the following amounts actually incurred, allowed, accrued, or specifically allocated to or with respect to the Licensed Product, all as calculated in accordance with Accounting
        Standards, applied consistently with [***] standard accounting practices as applied with respect to [***]:

       

      (a)          [***];

       

      
        5

        
          

      

      (b)          [***]

       

      (c)          [***];

       

      (d)          [***]

       

      (e)          [***];

       

      (f)          any invoiced amounts from [***] that are [***]  and are [***] or its [***], including [***], not to [***], and provided
        that if any such amounts are later [***], then they will be [***] in the [***] in which they are [***]; and

       

      (g)          [***].

       

      If non-monetary consideration is received by a Galderma Entity for the Licensed Product in the Territory, Net Sales will be calculated based on [***],
        as applicable, during the [***], or in the absence of [***], the [***] of the [***],
        assuming an [***], as determined by [***].  For the avoidance of doubt, sales of Licensed Product to or among Galderma, its Affiliates, or its sublicensees shall not
        be included in Net Sales, but all sales of Licensed Product by Galderma, its Affiliates, and its sublicensees to Third Parties shall be included in Net Sales.

       

      Section 1.37          “Patent Right(s)” means all rights
        under any national, regional and international or other patent or patent application, provisional patent or patent application, certificate of inventions, application for certificate of invention or priority patent filing in any jurisdiction or
        under any international convention or treaty, including any patents issued or issuing in the future on such patent applications, and further including any substitution, extension or supplementary protection certificate, reissue, reexamination,
        revival, restoration, revalidation, renewal, registration, confirmation, division, continuation, or continuation-in-part of any of the foregoing.

       

      Section 1.38          “[***]” means the filing or submission of the [***] for [***], as such supplement is, will be, or is currently contemplated by [***] to be, required to be submitted to applicable Regulatory
        Authority in the Territory immediately following [***] for the Licensed Product in the Territory, subject to Section 4.01 (Sol-Gel
          Regulatory Responsibility).

       

      Section 1.39          “Regulatory Approval” means, with
        respect to a particular regulatory jurisdiction, an approval, license, registration or authorization granted by any Governmental Authority that provides marketing approval or authorization for the commercial sale or other Commercialization of a
        product in one or more specified indications in such regulatory jurisdiction, including pricing or reimbursement approval, pre- and post-approval marketing authorizations (including any prerequisite Manufacturing approval or authorization related
        thereto), and approval of product labeling.  For the avoidance of doubt, approval of a Drug Approval Application constitutes Regulatory Approval.

       

      
        6

        
          

      

      Section 1.40          “Regulatory Authority” means, in a
        particular country or jurisdiction, any applicable Governmental Authority involved in granting Regulatory Approval in such country or jurisdiction, including the United States FDA and any other applicable Governmental Authority in the Territory
        having jurisdiction over pharmaceutical products.

       

      Section 1.41          “Regulatory Documents” means all (a)
        Regulatory Filings and other applications for Regulatory Approval, registrations, licenses, authorizations, approvals (including Regulatory Approvals) and marketing or regulatory exclusivities made to, received from, or otherwise conducted with a
        Regulatory Authority for a Licensed Product in a particular country or jurisdiction; (b) correspondence, communications, notifications, reports, or other filings submitted to or received from Regulatory Authorities (including minutes and official
        contact reports relating to any communications with any Regulatory Authority) and all supporting documents with respect thereto, including all regulatory drug lists, advertising and promotion documents, adverse event files and complaint files; and
        (c) preclinical, clinical and other data, results, analyses, publications, and reports contained or referred to in any of the foregoing.

       

      Section 1.42          “Regulatory Filings” means all
        applications, filings, dossiers, Regulatory Documents, Regulatory Approvals, and the like submitted to a Regulatory Authority for the purpose of Developing, Manufacturing, or Commercializing the Licensed Product, including obtaining Regulatory
        Approval from that Regulatory Authority.  Regulatory Filings include all INDs, Drug Approval Applications, new drug submissions, clinical trial applications, and other Regulatory Approval and reimbursement approval applications.

       

      Section 1.43          “Sol-Gel Entity” means, as applicable, (a) Sol-Gel or (b) any of Sol-Gel’s
        Affiliates.

       

      Section 1.44          “Sol-Gel Regulatory Documents” means
        Regulatory Documents Controlled by a Sol-Gel Entity as of [***] that relate to a Licensed Product.

       

      Section 1.45          “Territory” means the United States.

       

      Section 1.46          “Third Party” means any person,
        individual, corporation, partnership, limited liability company, trust, unincorporated association, Governmental Authority or other entity or body other than the Parties and their Affiliates.

       

      Section 1.47          “Trademark” means any word, name, symbol, color, designation or device, or
        any combination thereof, that functions as a source identifier or indicia of origin or ownership, including any trademark, trade name, service mark, service name, brand, domain name, trade dress, logo, slogan, or other indicia of origin or
        ownership, and further including the goodwill and activities associated with each of the foregoing.

       

      
        7

        
          

      

      Section 1.48          “U.S.” or “United States” means the United States of America, including its districts, territories and possessions.

       

      The following table contains a list of additional terms defined in the corresponding Sections set forth below:

       

      	
              Additional Defined Terms

            	
              Section

            
	
              Additional Term

            	
              Section 13.01 (Term)

            
	
              Alliance Manager

            	
              Section 3.07 (Alliance Managers)

            
	
              Arbitration Request

            	
              Section 14.02(a) (Arbitration Request)

            
	
              [***]

            	
              Section 6.02 ([***])

            
	
              Bankrupt Party

            	
              Section 13.05(a) (Termination for Bankruptcy and Rights in Bankruptcy)

            
	
              Breaching Party

            	
              Section 13.04 (Termination for Breach)

            
	
              Breach Notice

            	
              Section 13.04 (Termination for Breach)

            
	
              Claims

            	
              Section 12.01 (Indemnification by Sol-Gel)

            
	
              Commercialization Plan

            	
              Section 5.02 (Commercialization Plan)

            
	
              [***]

            	
              Section 5.01 (General; Diligence)

            
	
              Douglas Supply Agreement

            	
              Section 6.01 (Manufacture and Supply)

            
	
              Event of Bankruptcy

            	
              Section 13.05(a) (Termination for Bankruptcy and Rights in Bankruptcy)

            
	
              Executive Officer

            	
              Section 14.01 (Executive Officers; Disputes)

            
	
              FCPA

            	
              Section 10.04(b)(i) (Anti-Corruption Compliance)

            
	
              Galderma Indemnitees

            	
              Section 12.01 (Indemnification by Sol-Gel)

            
	
              Galderma Product Data

            	
              Section 4.04 (Galderma Product Data)

            
	
              Government Official

            	
              Section 10.04(a) (Anti-Corruption Provisions)

            
	
              Gross Sales

            	
              Section 1.36 (Definition of “Net Sales”)

            
	
              ICC

            	
              Section 14.02 (Arbitration)

            
	
              Indemnified Party

            	
              Section 12.03 (Procedure)

            
	
              Indemnifying Party

            	
              Section 12.03 (Procedure)

            
	
              Infringement Activity

            	
              Section 8.03(a) (Enforcement)

            
	
              Initial Term

            	
              Section 13.01 (Term)

            
	
              Inventions

            	
              Section 8.01(b) (Ownership of Intellectual Property)

            
	
              Issuing Party

            	
              Section 11.04 (Publicity)

            
	
              JSC

            	
              Section 3.01 (General)

            
	
              Losses

            	
              Section 12.01 (Indemnification by Sol-Gel)

            
	
              Minimum Order Quantities

            	
              Section 5.01 (General; Diligence)

            
	
              Non-Breaching Party

            	
              Section 13.04 (Termination for Breach)

            
	
              Other Covered Party

            	
              Section 10.04(a) (Anti-Corruption Provisions)

            
	
              Other Party

            	
              Section 13.05(a) (Termination for Bankruptcy and Rights in Bankruptcy)

            
	
              Patent Challenge

            	
              Section 13.06 (Termination for Patent Challenge)

            
	
              Payment

            	
              Section 7.10(a) (General)

            
	
              Post-Generic Price

            	
              Section 5.01 (General; Diligence)

            
	
              Public Statement

            	
              Section 11.04 (Publicity)

            
	
              Quality Agreement

            	
              Section 6.03 (Quality Agreement)

            
	
              Recipient

            	
              Section 11.02 (Exceptions)

            
	
              Refund Date

            	
              Section 7.02 (Possible Refund of Upfront Payment)

            
	
              Renewal Discussion Period

            	
              Section 13.01 (Term)

            
	
              Representatives

            	
              Section 11.01 (Generally)

            
	
              Residual Knowledge

            	
              Section 11.02 (Exceptions)

            
	
              Right of Reference

            	
              Section 4.02(b) (Galderma Regulatory Responsibility)

            
	
              Rules

            	
              Section 14.02 (Arbitration)

            
	
              Safety Data Exchange Agreement

            	
              Section 9.02 (Safety Data Exchange Agreement)

            
	
              Sell-Off Period

            	
              Section 13.07(a)(iii) (Effect of Termination)

            
	
              Severed Clause

            	
              Section 16.03 (Severability)

            
	
              Shortfall Period

            	
              Section 5.01 (General; Diligence)

            
	
              Shortfall Quantity

            	
              Section 5.01 (General; Diligence)

            
	
              Sol-Gel Indemnitees

            	
              Section 12.02 (Indemnification by Galderma)

            
	
              Sol-Gel Inventions

            	
              Section 8.01(c) (Ownership of Intellectual Property)

            
	
              Sol-Gel Invention Patents

            	
              Section 8.01(d) (Ownership of Intellectual Property)

            
	
              Sol-Gel Product Data

            	
              Section 4.03 (Technology Sharing)

            
	
              Subcontractor

            	
              Section 2.03 (Subcontractors)

            
	
              [***]

            	
              [***]

            
	
              Term

            	
              Section 13.01 (Term)

            
	
              Withholding Tax Action

            	
              Section 7.10(b) (No Withholding Tax)

            

      

      

      
        8

        
          

      

      ARTICLE II

        

        LICENSES

       

      Section 2.01.          Grants of Licenses; Limitation.

       

      (a)          Subject to the terms and conditions of this Agreement, Sol-Gel and its Affiliates hereby grant to Galderma and Galderma’s Affiliates:

       

      (i)          [***], an exclusive (including as to Sol-Gel and its Affiliates), royalty-bearing, sublicenseable (solely pursuant to Section 2.02 (Sublicensing)), transferable (subject to Section 15.01 (Assignment)) license solely during the Term under the Licensed Technology solely to register, have
        registered (for clarity, only after the Galderma Start Date), use, have used, have made, import, have imported, export, have exported, market, have marketed, distribute, have distributed, sell, have sold, perform Medical Affairs with respect to,
        have Medical Affairs performed with respect to, Commercialize, have Commercialized, and otherwise exploit or have exploited the Licensed Product in the Field in the Territory and to import, have imported, export, have exported, have Manufactured
        the Licensed Product outside the Territory for Commercialization in the Field in the Territory; and

       

      (ii)          an exclusive (including as to Sol-Gel and its Affiliates), sublicenseable (solely pursuant to Section 2.02 (Sublicensing)),
        transferable (subject to Section 15.01 (Assignment)) license to use the Licensed Trademark for and in connection with the Licensed Product in the Territory.

       

      (b)          Sol-Gel shall not, and shall ensure that its Affiliates do not, either directly or indirectly, knowingly promote, market, distribute, import, sell, or have sold any
        Licensed Product, including via internet or mail order, into the Territory during the Term.  As to the Territory, Sol-Gel shall not, and shall ensure that its Affiliates do not: (i) establish or maintain any branch, warehouse, or distribution
        facility for any Licensed Product in the Territory for the sale of such Licensed Product in the Territory during the Term, (ii) engage in any advertising or promotional activities relating to any Licensed Product that are directed primarily to
        customers or other purchasers or users of such Licensed Product located in the Territory during the Term, (iii) solicit orders from any prospective purchaser located in the Territory during the Term, or (iv) sell or distribute Licensed Product to
        any person who it knows intends to sell such Licensed Product in the Territory during the Term.  Notwithstanding the foregoing, in the event that Galderma provides a termination notice to Sol-Gel under Section 13.03 (Termination for Failure to Receive Regulatory Approval), Sol-Gel shall be
        entitled to perform some or all of the activities set forth in (i) through (iii) above, as part of the transition of rights back to Sol-Gel, subject to the terms of Section 13.07 (Effect of Termination).  If Sol-Gel receives any order from a prospective purchaser located in the Territory during the Term, then Sol-Gel shall immediately refer that order to Galderma, and
        Sol-Gel shall not accept any such orders.  Sol-Gel shall not deliver or tender (or cause to be delivered or tendered) Licensed Product into the Territory during the Term.

       

      
        9

        
          

      

      (c)          Galderma shall not, and shall ensure that its Affiliates do not, either directly or indirectly, knowingly promote, market, distribute, sell, or have sold any
        Licensed Product, including via internet or mail order, outside the Territory during the Term.  Galderma shall not, and shall ensure that its Affiliates do not: (i) establish or maintain any branch, warehouse or distribution facility for any
        Licensed Product in any jurisdictions for the sale of such Licensed Product outside the Territory, (ii) engage in any advertising or promotional activities relating to any Licensed Product that are directed primarily to customers or other
        purchasers or users of such Licensed Product located outside the Territory, (iii) solicit orders from any prospective purchaser located outside the Territory, or (iv) sell or distribute Licensed Product to any person who it knows intends to sell
        such Licensed Product outside the Territory.  If Galderma receives any order from a prospective purchaser located outside the Territory during the Term, then Galderma shall immediately refer that order to Sol-Gel, and Galderma shall not accept any
        such orders.  Galderma shall not deliver or tender (or cause to be delivered or tendered) Licensed Product outside of the Territory during the Term.

       

      (d)          Galderma hereby grants to Sol-Gel a perpetual, irrevocable, non-exclusive, royalty-free, fully paid-up, worldwide license under Galderma’s interest in any and all
        Inventions developed by Galderma during the Term and prior to the effective date of termination of this Agreement in the performance of activities under this Agreement, and all Patent Rights Controlled by Galderma during the Term and prior to the
        effective date of termination of this Agreement that Cover any such Inventions, in each case, to Develop, Manufacture, perform Medical Affairs with respect to, and Commercialize the Licensed Products (i) outside of the Territory during and after
        the Term; and (ii) [***].

       

      (e)          As between the Parties, all rights not expressly licensed to Galderma and its Affiliates under the Licensed Technology in Section
          2.01(a) (Grants of Licenses; Limitation) or elsewhere in this Agreement shall be retained by Sol-Gel, including the right to Develop, perform Medical Affairs with respect to, Manufacture, and
        Commercialize the Licensed Product outside the Territory, and the right to Develop and Manufacture the Licensed Product anywhere in the world (including within the Territory) for use outside the Territory.

       

      Section 2.02.          Sublicensing.  Galderma and its Affiliates shall have the right to
        sublicense the rights and obligations granted to it under Section 2.01(a)(i) (Grants of Licenses; Limitation) [***] and (b) [***]. Notwithstanding the grant of any such sublicense, Galderma will remain responsible for the performance of its
        obligations hereunder.

       

      Section 2.03.          Subcontractors.  In performing its activities under this Agreement,
        Galderma may engage Third Party contractors to perform obligations or exercise rights, in each case, of Galderma under this Agreement (each, a “Subcontractor”) at its sole discretion. Any breach by a
        Subcontractor of the applicable terms of this Agreement relating to such portions of Galderma’s obligations will be deemed a breach by Galderma.  The engagement of any Subcontractor in compliance with this Section
          2.03 (Subcontractors) will not relieve Galderma of its obligations under this Agreement.

       

      
        10

        
          

      

      ARTICLE III

        

        GOVERNANCE

       

      Section 3.01.          General.          Within [***]
        days following the Effective Date, the Parties shall establish a Joint Steering Committee (“JSC”) to facilitate discussions, information exchange and coordination of the Parties under this Agreement to the
        extent relating specifically to matters for which the JSC is responsible pursuant to Section 3.03 (Joint Steering Committee).

       

      Section 3.02.          JSC Materials.  At least [***]
        weeks in advance of each meeting of the JSC held in accordance with Section 3.06 (Meetings), Galderma shall provide the JSC with (a) a summary of [***] by [***] with respect to the Licensed Product in the Territory since the previous JSC meeting, which summary shall include, for the period since the previous JSC meeting, (i) a reasonably detailed description of [***], (ii) estimates of the [***] in each [***] during such period, (iii) estimates of the [***]
        or [***] for such Licensed Product [***], and (iv) [***], and (b) [***]. Such
        summary [***] will be delivered by Galderma to Sol-Gel in a format reasonably determined by Galderma.

       

      Section 3.03.          Joint Steering Committee.

       

      (a)          The JSC shall:

       

      (i)            discuss [***] of the Licensed Product in the Field in the Territory in relation thereto;

       

      (ii)           discuss the summaries of [***] activities performed by Galderma hereunder, as such summaries are provided to the JSC
        pursuant to Section 3.02 (JSC Materials);

       

      (iii)          serve as a forum for exchanging information regarding the conduct of the [***] of the Licensed Product in the Field in the
        Territory;

       

      (iv)          determine whether to create any additional subcommittee(s) or working group(s) to whom the JSC’s responsibilities hereunder may be delegated; and

       

      (v)           perform such other duties as are specifically assigned to the JSC under this Agreement.

       

      
        11

        
          

      

      Section 3.04.          Membership.  The JSC shall be composed of [***] representatives from [***], each of which representatives shall be of the seniority and experience appropriate for service on the JSC in light of the functions, responsibilities, and
        authority of such committee and the status of activities within the scope of the authority and responsibility of such committee.  Each Party may replace any of its representatives on the JSC at any time with written notice to the other Party; provided that such replacement meets the standard described in the preceding sentence.  Each Party’s representatives on the JSC and any replacement of such representatives shall be bound by obligations of
        confidentiality and non-use applicable to the other Party’s Confidential Information that are at least as stringent as those set forth in ARTICLE XI (Confidentiality).  Each Party may invite [***] its or its Affiliates’ employees, consultants, or advisors as required or useful to discuss the applicable agenda items.  The JSC shall appoint a chairperson from among its members who will be responsible
        for preparing JSC meeting agendas and for presiding over JSC meetings, but who will [***].  The first chairperson of the JSC will be a representative of [***].  Each
        chairperson (whether initially appointed or any successor therefor) shall serve a term of no more than [***] consecutive [***], at which time, the JSC shall select a
        successor chairperson who is a representative of the Party other than the Party represented by the outgoing chairperson (e.g., the second chairperson of the JSC shall be a representative of [***], the third chairperson of the JSC shall be a representative of [***], etc.).  Within [***] days following each JSC meeting,
        the chairperson shall circulate to all committee members a draft of the minutes of such meeting.

       

      Section 3.05.          Meetings.  The JSC shall hold an initial meeting within [***] after its formation or as otherwise agreed by the Parties.  Thereafter, unless the Parties otherwise agree, the JSC shall meet at least [***]. Each such meeting may
        be in person, by video, by teleconference, or by any other agreed upon means. Each Party shall be responsible for all of its own personnel and travel costs and expenses relating to participation in JSC meetings.

       

      Section 3.06.          Limitations on JSC Authority.  Notwithstanding any provision to the
        contrary set forth in this Agreement, the [***] and shall not [***].  For the avoidance of doubt, [***], subject to the terms
        and conditions of this Agreement relating thereto.

       

      Section 3.07.          Alliance Managers.  Each of the Parties shall appoint a single
        individual to manage and be a single point of contact with respect to the Development, Medical Affairs, and Commercialization obligations between the Parties under this Agreement (each, an “Alliance Manager”).  The Alliance Managers may attend any JSC or JSC subcommittee meetings.  Each Alliance Manager shall be a non-voting participant in such JSC or JSC subcommittee meetings, unless s/he is also
        appointed a member of the JSC or such subcommittee; provided, however, that an Alliance Manager may bring any matter to the attention of the JSC if such Alliance
        Manager reasonably believes that such matter warrants such attention and is within the JSC’s responsibilities set forth in Section 3.03 (Joint Steering Committee) or otherwise expressly set forth herein. 
        Each Party may change its designated Alliance Manager at any time upon written notice to the other Party.  Any Alliance Manager may designate a substitute to temporarily perform the functions of that Alliance Manager by written notice to the other
        Party.  Each Party’s Alliance Manager and any substitute for an Alliance Manager shall be bound by obligations of confidentiality and non-use applicable to the other Party’s Confidential Information that are at least as stringent as those set forth
        in ARTICLE XI (Confidentiality).  Each Alliance Manager will also: (a) plan and coordinate cooperative efforts and internal and external communications; and (b)
        facilitate the governance activities hereunder and the fulfillment of action items resulting from JSC meetings.

       

      
        12

        
          

      

      ARTICLE IV

        

        REGULATORY; TECHNOLOGY SHARING

       

      Section 4.01.          Sol-Gel Regulatory Responsibility. Until [***], [***] shall have [***] with respect to, preparing all Regulatory Filings and conducting communications with the applicable Regulatory
        Authorities with respect to the Licensed Product, including as necessary to obtain Regulatory Approval for the Licensed Product in the Territory and to submit the [***], all at [***] cost and expense, except that [***].  Until [***], reasonably in advance of any decision, communication, or filing related to the Licensed
        Product in the Territory, [***].  During the Term, Sol-Gel shall give Galderma reasonable notice of any meeting (whether held in person, by video, by teleconference, or by any other means) with any
        Regulatory Authority relating to the Licensed Product in the Territory, and Galderma shall have the right to attend, or to have a representative attend on its behalf, any such meeting or any preparatory meeting therefor.

       

      Section 4.02.          Galderma Regulatory Responsibility.

       

      (a)          Promptly, but no later than [***], after the date on which [***],  Sol-Gel shall
        transfer and assign to Galderma, [***], all Regulatory Filings and other Regulatory Documents related to the Licensed Product in the Territory or otherwise necessary or reasonably useful to enable Galderma
        to perform its obligations under this Section 4.02 (Galderma Regulatory Responsibility), and immediately thereafter, Sol-Gel shall designate Galderma as the Marketing
        Authorization Holder for the Licensed Product in the Territory.  [***], Galderma shall thereafter have sole control over, and have decision-making authority with respect to, preparing, obtaining, and
        maintaining all Regulatory Filings and Regulatory Approvals, conducting communications with the applicable Regulatory Authorities, and performing other regulatory activities and Medical Affairs, in each case, as reasonably useful to perform or
        support the marketing and Commercialization of the Licensed Product in the Territory, [***]. Without limiting the foregoing, Galderma shall be responsible for [***].

       

      (b)          Upon the [***] and as Galderma may reasonably request from time to time thereafter, Sol-Gel shall, in support of Galderma’s
        preparation of any Regulatory Filing with respect to the Licensed Product in the Field in the Territory, provide Galderma access to a complete electronic copy of all (i) Sol-Gel Regulatory Documents, (ii) Regulatory Documents Controlled by any
        Sol-Gel Entity (including those generated by any of Sol-Gel’s sublicensees that are Controlled by Sol-Gel) that are related to the Licensed Product in the Field, and (iii) other information requested by, or reasonably necessary or useful for
        responding to requests by, Regulatory Authorities in the Territory in connection with Galderma’s Regulatory Filings, in each case ((i) – (iii)), solely to the extent Controlled by the Sol-Gel Entities or any of their Third Party sublicensees or
        licensees for the Licensed Product, and Sol-Gel will obtain the prior written consent of any of the Sol-Gel Entities’ Third Party sublicensees or Third Party licensees to the extent necessary to provide to Galderma and its Affiliates any such
        Sol-Gel Regulatory Documents, Regulatory Documents, or other information.  Without limiting the foregoing, Sol-Gel and its Affiliates hereby grant to Galderma a “Right of Reference,” as that term is defined
        in 21 C.F.R. § 314.3(b) (or any successor rule or analogous Law recognized outside of the United States), to, and a right to copy, access, and otherwise use, all information and data (including all CMC information as well as data made, collected or
        otherwise generated in the conduct of any clinical studies for the Licensed Product) included in any Sol-Gel Regulatory Document, or other Regulatory Filing, Regulatory Approval, drug master file, or other regulatory documentation owned or
        Controlled by Sol-Gel or its Affiliates that relates to the Licensed Product, and Sol-Gel shall provide a signed statement to this effect, if requested by Galderma, in accordance with 21 C.F.R. § 314.50(g)(3) (or any successor rule or analogous Law
        recognized outside of the United States).

       

      
        13

        
          

      

      (c)          Except as expressly otherwise provided herein, [***] in conducting its regulatory responsibilities and meeting the
        requirements of applicable Regulatory Authorities as set forth under this Section 4.02 (Galderma Regulatory Responsibility), and will [***] in transferring Regulatory
        Documentation to Galderma or otherwise assisting Galderma in conducting its regulatory responsibilities under this Section 4.02 (Galderma Regulatory Responsibility).

       

      (d)          Following the [***], reasonably in advance of any filing or submission of any application for label expansion related to the
        Licensed Product in the Territory during the Term, Galderma will submit the same to Sol-Gel for review and discussion, and Galderma will [***].  Galderma shall provide Sol-Gel with notice of any changes that
        Galderma determines to make to the specifications or manufacturing processes for the Licensed Product and shall [***] prior to implementing any such change[***]; provided that [***]. During the Term, Galderma shall give Sol-Gel reasonable notice of any meeting (whether held in person, by video, by teleconference, or by any other
        means) with any Regulatory Authority relating to such application, and Sol-Gel shall have the right to attend, or to have a representative attend on its behalf, any such meeting or any preparatory meeting therefor.

       

      Section 4.03.          Technology Sharing. Upon the Galderma Start Date, and thereafter at
        least [***] or more frequently upon Galderma’s request, Sol-Gel shall provide to Galderma all data and documents Controlled by any Sol-Gel Entities and related to the Licensed Product that are reasonably
        necessary or useful for Galderma to Commercialize and perform Medical Affairs with respect to Licensed Product in the Territory or to perform its obligations under Section 4.02 (Galderma

          Regulatory Responsibility), including Licensed Know-How, regulatory data, and clinical data. Throughout the Term, Sol-Gel shall provide Galderma with updates of any material regulatory developments (e.g.,
        NDA or NDS filed, meetings with Regulatory Authority, or Regulatory Approval) relating to a Licensed Product made by Sol-Gel, or Sol-Gel’s Affiliates or licensees. In addition, at least [***] or more
        frequently upon Galderma’s request, Sol-Gel shall make available to Galderma copies of Regulatory Documents, clinical and preclinical data, and efficacy, safety and pharmacovigilance data, in each case, that are related to Licensed Product in the
        Field and Controlled by the Sol-Gel Entities or any of their licensees or sublicensees (collectively, the “Sol-Gel Product Data”), to the extent (i) such Sol-Gel Product Data are necessary or reasonably
        useful for any Galderma Entity to Commercialize or perform Medical Affairs with respect to Licensed Product in the Field in the Territory in accordance with this Agreement, or (ii) such Sol-Gel Product Data are required by Regulatory Authority in
        the Territory in connection with the Commercialization of or performance of Medical Affairs with respect to Licensed Product in the Field in the Territory.

       

      Section 4.04.          Galderma Product Data.  After [***],
        upon Sol-Gel’s reasonable request, Galderma shall make available to Sol-Gel copies of Galderma Regulatory Documents, clinical and preclinical data, and efficacy, safety and pharmacovigilance data, in each case, that pertain to the Licensed Product
        and are Controlled by a Galderma Entity or its sub-contractor (collectively, the “Galderma Product Data”), to the extent such Galderma Product Data are reasonably necessary for Sol-Gel or its Affiliates or
        (sub)licensees to exercise Sol-Gel’s retained rights.  Galderma and its Affiliates hereby grant to Sol-Gel a Right of Reference to, and a right to copy, access, and otherwise use, all information and data included in any Regulatory Filing,
        Regulatory Approval, drug master file, or other regulatory documentation owned or Controlled by Galderma or its Affiliates that relates to the Licensed Product, and Galderma shall provide a signed statement to this effect, if requested by Sol-Gel,
        in accordance with 21 C.F.R. § 314.50(g)(3) (or any successor rule or analogous Law recognized outside of the United States).

       

      
        14

        
          

      

      Section 4.05.          Generic Products.

       

      (a)          Subject to Section 4.05(b) (Generic Products), Galderma will in no event during the
        Term, seek Regulatory Approval for or otherwise engage in the Development, Manufacture, or Commercialization of (i) any pharmaceutical product pursuant to Section 505(b)(2) of the U.S. Federal Food Drug and Cosmetic Act (21 U.S.C. § 355(b)(2)) that
        uses the Licensed Product as a reference listed drug for the same indication for which the Licensed Product is approved in the Territory; or (ii) subject to Section 2.02 (Sublicensing), any Generic Product,
        in each case, in the Territory.

       

      (b)          Subject to Section 4.05(a) (Generic Products), Sol-Gel and its Affiliates will in no
        event during the Term launch or Commercialize, or enter into any agreement for the launch or Commercialization by a Third Party of, (i) any pharmaceutical product pursuant to Section 505(b)(2) of the U.S. Federal Food Drug and Cosmetic Act (21
        U.S.C. § 355(b)(2)) that uses the Licensed Product as a reference listed drug for the same indication for which the Licensed Product is approved in the Territory; or (ii) any Generic Product, in each case, in the Territory. Notwithstanding the
        foregoing, upon Galderma’s written request during the Term that the Parties enter into an agreement for Galderma to Commercialize an authorized Generic Product in the Territory, the Parties will discuss such request in good faith and may agree to
        enter into such an agreement.

       

      ARTICLE V

        

        COMMERCIALIZATION

       

      Section 5.01.          General; Diligence.          [***],
        and otherwise subject to Sol-Gel’s satisfaction of its applicable obligations hereunder that by their nature are necessary for Galderma’s Commercialization of the Licensed Product in the Territory (including under Section

          6.01 (Manufacture and Supply) and Section 6.02 ([***])), Galderma shall use Commercially Reasonable Efforts to Commercialize Licensed Product in the Territory for use in the Field, which efforts
        shall include [***].  [***].  Notwithstanding any provision to the contrary set forth in this Agreement, any failure of
        Galderma to comply with its obligations under this Section 5.01 (General; Diligence) with respect to the Licensed Product will be excused to the extent that such failure results solely from (a) [***], or (b) [***].

       

      Section 5.02.          Commercialization Plan. On or before [***] (or at such other time as the Parties may otherwise agree, including if the Parties determine that [***]), Galderma shall submit to the JSC to review and discuss a Commercialization
        plan setting forth for the upcoming calendar year (a) a [***], (b) [***], and (c) [***] anticipated by Galderma to be
        undertaken, in each case ((a)-(c)), for the Licensed Products in the Territory (the “Commercialization Plan”).  During the Term following submission of the initial Commercialization Plan, Galderma will
        prepare and submit to the JSC [***] updates to the Commercialization Plan for review and discussion.

       

      
        15

        
          

      

      ARTICLE VI

        

        MANUFACTURE AND SUPPLY

       

      Section 6.01.          Manufacture and Supply.

       

      (a)          Galderma, [***], shall have sole control over, and decision-making authority with respect to, Manufacturing of the Licensed
        Products inside or outside the Territory for purposes of Commercialization in the Field in the Territory during the Term.  As of or prior to the Effective Date, the Parties have entered into a Third Party manufacturing and commercial supply
        agreement with Douglas, attached hereto as Schedule 6.01 (Douglas Supply Agreement), pursuant to which Douglas shall Manufacture and supply to Galderma Licensed
        Product during the Term of this Agreement (so long as Galderma is a party thereto, such agreement, together with any amendment or successor agreement thereto, the “Douglas Supply Agreement”).  Upon Galderma’s
        reasonable request, Sol-Gel shall assist and cooperate with Galderma’s efforts to [***], pursuant to which [***].  [***].

       

      (b)          Solely with respect to all orders of Licensed Product that Galderma submits to Douglas under the Douglas Supply Agreement prior to [***].

       

      Section 6.02.          [***]

       

      Section 6.03.          Quality Agreement.  Galderma and [***]
        CMO will enter into a quality agreement for Commercial supply of the Licensed Product to Galderma ([***], a “Quality Agreement”) concurrently with the entry into [***] Supply Agreement.

       

      ARTICLE VII

        

        PAYMENTS

       

      Section 7.01.          Upfront Payment.  Within [***]
        following the Effective Date and receipt of an invoice therefor, Galderma shall pay Sol-Gel a one-time, non-creditable, refundable (solely pursuant to Section 7.02 (Possible Refund of Upfront Payment))
        upfront payment of [***], by wire transfer in accordance with Section 7.09 (Methods of Payment).

       

      Section 7.02.          Possible Refund of Upfront Payment. Notwithstanding Section 7.01 (Upfront Payment), in the event that the Licensed Product does not receive Regulatory Approval from the FDA in the Territory on or before [***] (the “Refund Date”), Sol-Gel will refund to Galderma the upfront payment made under Section 7.01 (Upfront Payment) within [***] after such Refund Date.  For the avoidance of doubt, Galderma shall remain entitled to such refund even in the event that the Licensed Product subsequently
        receives Regulatory Approval in the Territory following the Refund Date.

       

      
        16

        
          

      

      Section 7.03.          Regulatory Milestone Payment.  Within [***] days following [***] in the Territory, and receipt of an invoice therefor, Galderma shall pay Sol-Gel a one-time, non-refundable, non-creditable payment of [***]; provided, however, that Galderma shall not be obligated to make such payment in the event that, following the Refund Date, Galderma has given
        Sol-Gel notice of termination of this Agreement pursuant to Section 13.02 (Termination at Will by Galderma) and Regulatory Approval of the Licensed Product from the FDA in the Territory is received
        thereafter.

       

      Section 7.04.          Sales Milestone Payments.  Galderma shall pay to Sol-Gel the
        following one-time payments after the first achievement of aggregate annual Net Sales of Licensed Product in the Territory by Galderma or its Affiliates or sublicensees that meet or exceed the minimum annual Net Sales thresholds set forth below in
        a given calendar year, which payment shall be made no later than [***] after the end of the calendar quarter in which the applicable threshold(s) is (are) met or exceeded:

       

      	
              Annual Net Sales of the Licensed Product in the Territory

               

            	
              Payment Amount

            
	
              Equal to or greater than $[***]

            	
              $[***]

            
	
              Equal to or greater than $[***]

            	
              $[***]

            
	
              Equal to or greater than $[***]

            	
              $[***]

            

       

      For clarity, each milestone payment in this Section 7.04 (Sales Milestone Payments) shall be payable no more than
        once, upon the first achievement of such milestone, and no amounts shall be due for subsequent or repeated achievements of such milestone in subsequent calendar years.  If more than one of the milestones set forth in the table above are first
        achieved in a single calendar year, then Galderma shall pay to Sol-Gel in such calendar year all of the payments corresponding to all of the milestones first achieved in such calendar year under this Section 7.04 (Sales Milestone Payments).

       

      Section 7.05.          Royalties.

       

      (a)          Subject to the remainder of this Section 7.05 (Royalties), Galderma shall pay
        Sol-Gel the following royalties on Net Sales of the Licensed Product in the Territory in each calendar quarter during the Term, [***] set forth below during the applicable period during the Term:

       

      	
              [***]

            	
              Royalty Rate for Net Sales of the Licensed Product in the Territory

            
	
              [***]

            	
              [***]

            
	
              [***]

            	
              [***]

            

      

      

      (b)          Notwithstanding the provisions of Section 7.05(a) (Royalties), after the [***] to [***], beginning upon the first to occur of (i) the [***] by a person that is not a [***] and did not [***], or a [***], in a [***] that included any [***]; and (ii) a [***]
        otherwise determined in accordance with Section 7.05(a) (Royalties).

       

      
        17

        
          

      

      (c)          In the event that [***] are) required in its (or their) reasonable judgement to obtain, after the [***], a license under Patent Rights from any Third Party(ies) that would be infringed by [***] (or its [***]) Commercialization of, or performance of
        Medical Affairs with respect to, the Licensed Product in the Territory and [***] obtains (or such of its [***] obtain) such a license, [***] may offset, on a calendar quarter-by-calendar quarter basis, [***] from the [***] otherwise due to [***].

       

      (d)          Notwithstanding the foregoing, in no event shall the royalty payments owed by Galderma under this Section 7.05 (Royalties) be reduced [***] to less than [***] of the royalty payment amounts otherwise due to Sol-Gel under Section 7.05(a) (Royalties) in any calendar quarter during the Term.

       

      Section 7.06.          Royalty Payments and Reports.

       

      (a)          On a Licensed Product-by-Licensed Product basis, commencing upon the First Commercial Sale of Licensed Product in the Territory and continuing until the expiration
        of the Term, Galderma agrees to provide [***], each such written report stating for the applicable period the [***]).  The Parties acknowledge and agree that the [***] provided by Galderma to Sol-Gel pursuant to this Section 7.06(a) (Royalty Payments and Reports) (a) are [***], (b) are
        provided to Sol-Gel [***], and (c) are [***] by Sol-Gel or to [***] in any manner whatsoever.  Sol-Gel shall not be permitted
        to request, and Galderma shall not be required to provide, make, or conduct, [***] following delivery thereof.

       

      (b)          On a Licensed Product-by-Licensed Product basis, commencing upon the First Commercial Sale of Licensed Product in the Territory and continuing until the expiration
        of the Term, Galderma agrees to provide quarterly written reports to Sol-Gel within [***] after the end of each [***], covering all [***]
        of such [***]in the [***] by any [***], each such written report stating for the period in question the [***] to Section 7.05 (Royalties).

       

      (c)          Following delivery of each [***] report by Galderma to Sol-Gel pursuant to Section 7.06(b)
          (Royalty Payments and Reports), Galderma shall make the applicable royalty payment due under Section 7.05 (Royalties) for each applicable [***] within [***] after receipt of an invoice therefor from Sol-Gel; provided, however,
        that, with respect to [***] pursuant to Section 6.01(b) (Manufacture and Supply). Notwithstanding any provision to the contrary set forth in this Agreement, in any
        applicable [***], Galderma may [***].

       

      (d)          Galderma shall provide written notice to Sol-Gel of the first occurrence of any of the milestones set forth in Section 7.04 (Sales
          Milestone Payments) of this Agreement within [***] after [***].

       

      Section 7.07.          Recordkeeping. Galderma shall keep accurate records as are required
        and in sufficient detail to determine the Payments due to Sol-Gel under this Agreement in accordance with the Accounting Standards.  Galderma shall retain all such books, records, and accounts for a period of at least [***] years after the end of the calendar year to which the records relate.  Galderma further agrees to permit such books and records to be examined, at [***] cost and expense, by an
        independent accounting firm selected by [***] and reasonably acceptable to [***] no more than [***] to verify any reports and
        payments delivered under this Agreement during the [***] most recently-ended calendar years, upon reasonable written notice (which shall be no less than [***] days’
        prior written notice) and during regular business hours and subject to a reasonable confidentiality agreement.  The Parties shall reconcile any underpayment or overpayment within [***] days after the
        accounting firm delivers the results of any audit. Such examination is to be made at the expense of [***] during the period being audited, in which case reasonable audit fees for such examination shall be
        paid by [***].

       

      
        18

        
          

      

      Section 7.08.          Currency Conversion.  Wherever it is necessary to convert currencies
        for the purpose of calculating any sums due under, or otherwise reimbursable pursuant to, this Agreement (including the calculation of Net Sales invoiced in a currency other than the Dollar), such conversion shall be made into Dollars at the
        conversion rate existing in the United States (as reported in the Wall Street Journal) on the last Business Day of the applicable calendar quarter or, if such rate is unavailable, a substitute therefor
        reasonably selected by Galderma.  All payments due to Sol-Gel under this Agreement shall be made without deduction of exchange, collection or other charges.  Once the amount of Net Sales in respect of a particular calendar quarter has been
        converted into Dollars, such amount of Dollars shall be used for the purpose of calculating the total amount of Net Sales during the calendar year that includes such calendar quarter.

       

      Section 7.09.          Methods of Payment.  All payments due to Sol-Gel under this
        Agreement shall be made by Galderma in Dollars by wire transfer to a bank account designated by Sol-Gel.  Any refund due to Galderma pursuant to Section 7.02 (Possible Refund of Upfront Payment) or other
        reimbursement of cost and expenses due to Galderma hereunder shall be made by Sol-Gel in Dollars by wire transfer to a bank account designated by Galderma.

       

      Section 7.10.          Taxes.

       

      (a)          General. The milestones, royalties and other amounts payable by Galderma to Sol-Gel pursuant to this Agreement (each, a “Payment”) will be paid free and clear of any and all taxes, except for any withholding taxes required by applicable Law.  Except as provided in this Section 7.10 (Taxes), [***] will be solely responsible for paying any and all taxes (other than [***]) levied on account of, or
        measured in whole or in part by reference to, any Payments it receives.  Galderma will deduct or withhold from the Payments any taxes that it is required by applicable Law to deduct or withhold.  Notwithstanding the foregoing, if Sol-Gel is
        entitled under any applicable tax treaty to a reduction of rate of, or the elimination of, applicable withholding tax, it will deliver to Galderma or the appropriate governmental authority (with the assistance of Galderma to the extent that this is
        reasonably required and is expressly requested in writing) the prescribed forms necessary to reduce the applicable rate of withholding or to relieve Galderma of its obligation to withhold such tax, and Galderma will apply the reduced rate of
        withholding or dispense with withholding, as the case may be; provided that Galderma has received evidence, in a form reasonably satisfactory to Galderma, of Sol-Gel’s delivery of all applicable forms (and,
        if necessary, its receipt of appropriate governmental authorization) at least [***] prior to the time that the Payments are due.  If, in accordance with the foregoing, Galderma withholds any amount, it will
        pay to Sol-Gel the balance when due, make timely payment to the proper taxing authority of the withheld amount and send to Sol-Gel proof of such payment within [***] following such payment.

       

      
        19

        
          

      

      (b)          No Withholding Tax.  Galderma agrees that all Payments will be made by a Galderma Entity with its tax residence in [***], and no withholding taxes shall be required in respect of such Payments.  In the event that any Payment is subject to a deduction or withholding of tax (each, a “Withholding
          Tax Action”), then notwithstanding Section 7.10(a) (General), the payment by Galderma (in respect of which such deduction or withholding of tax is required to be made) shall be increased by the
        amount necessary to ensure that Sol-Gel receives an amount equal to the same amount that it would have received had no Withholding Tax Action occurred, whereas such gross-up is limited to the net amount due for such Withholding Tax Action as per
        the Convention between the Swiss Confederation and the State of Israel for the avoidance of double taxation concerning income tax and wealth tax and on the basis that Sol-Gel is a tax resident of Israel.

       

      Section 7.11.          Invoices.  Any invoice that Sol-Gel delivers to Galderma under this
        Agreement may be delivered by email to [***] (which email address may be changed by Galderma from time to time upon written notice to Sol-Gel), with a hard copy confirmed by mailing to:

       

      Galderma SA

       

      

      [***]

       

      

      (which addresses may be changed by Galderma from time to time upon written notice to Sol-Gel).

       

      Section 7.12.          Late Payments. If a Party does not receive payment of any sum due to
        it on or before the due date therefor, simple interest shall thereafter accrue on the sum due to such Party from the due date until the date of payment at the [***], as reported by The Wall Street Journal
        from time to time, [***], or the maximum applicable legal rate, if less. The interest payment shall be due from the [***] until the day that the payment was received
        by such Party; provided that, with respect to any bona fide disputed payments, [***], calculated from [***] through the date [***].

       

      ARTICLE VIII

        

        INTELLECTUAL PROPERTY

       

      Section 8.01.          Ownership of Intellectual Property.

       

      (a)          Sol-Gel shall retain sole and exclusive ownership of all rights, title and interests in and to the Licensed Technology.

       

      (b)          Subject to Section 8.01(c) (Ownership of Intellectual Property), ownership of developments or discoveries, whether
        patentable or non-patentable, invented or otherwise developed or generated by or on behalf of either Party during the Term in the course of performing activities under this Agreement, and any and all intellectual property rights therein (“Inventions”) will be determined based on the principles of inventorship in accordance with United States patent laws.

       

      
        20

        
          

      

      (c)          Notwithstanding Section 8.01(b) (Ownership of Intellectual Property) and subject to
        Section 8.01(e) (Ownership of Intellectual Property), regardless of inventorship, any and all Inventions, Patent Rights and Know-How that are exclusively directed to the Licensed Product or the composition,
        use, administration, formulation, or other aspect thereof (and, in each case, not to any other product) and (i) are developed or generated by or on behalf of Sol-Gel or any of its Affiliates, [***], or (ii)
        improve upon or are derived from Sol-Gel’s Confidential Information, the Licensed Technology [***], and all intellectual property rights therein (“Sol-Gel Inventions”)
        shall be owned exclusively and solely by Sol-Gel.  [***]

       

      (d)          Any Patent Rights that Cover or otherwise claim any Sol-Gel Inventions (“Sol-Gel Invention Patents”) shall be treated for the
        purposes of this Agreement as part of the Licensed Patent Rights, and any Know-How that is part of the Sol-Gel Inventions shall be treated for the purposes of this Agreement as part of the Licensed Know-How.

       

      (e)          Sol-Gel hereby grants to Galderma a perpetual, irrevocable, non-exclusive, sublicenseable (through multiple tiers), royalty-free, transferable (subject to Section 15.01 (Assignment)) license under all Sol-Gel Inventions that are developed or generated by or on behalf of Galderma or any of its Affiliates or jointly developed
        or generated by or on behalf of both Parties (including any Patent Rights that Cover or otherwise claim any such Sol-Gel Inventions) to register, have registered, use, have used, make, have made, import, have imported, export, have exported,
        market, have marketed, distribute, have distributed, sell, have sold, and otherwise exploit or have exploited [***] (but, for clarity, not the [***]).

       

      Section 8.02.          Prosecution of Patent Rights.  Sol-Gel shall be responsible for and
        have the first right to control the preparation, filing, prosecution, and maintenance of all Licensed Patent Rights (including Sol-Gel Invention Patents) in the Territory in Sol-Gel’s name and at its sole cost and expense.  Sol-Gel will: (i)
        instruct such patent counsel to provide Galderma with copies of all proposed filings, submissions, and other substantive correspondences relating to such Licensed Patent Rights in the Territory for Galderma’s review and comment, (ii) give Galderma
        reasonable opportunity to provide, and consider in good faith and incorporate, comments on the preparation, filing, prosecution, and maintenance of the Licensed Patent Rights in the Territory prior to making any such filing, submission, or other
        substantive correspondence, and (iii) keep Galderma advised of the status of actual and prospective patent filings related to a Licensed Product in the Territory.  Subject to the foregoing, Sol-Gel reserves the sole right to make all final
        decisions regarding the preparation, filing, prosecution and maintenance of the Licensed Patent Rights. Each Party will treat any consultation regarding the preparation, filing, prosecution, and maintenance of such Licensed Patent Rights, along
        with any information disclosed by each Party in connection therewith (including any information concerning patent expenses), as part of Sol-Gel’s Confidential Information.  If Sol-Gel elects not to continue to seek or maintain, or elects to let
        lapse, any Licensed Patent Rights, then Sol-Gel will provide Galderma with timely notice and will provide Galderma with a reasonable opportunity to assume responsibility for the continued prosecution and maintenance of such Licensed Patent Rights
        at its own cost and expense and in the name of Sol-Gel.

       

      
        21

        
          

      

      Section 8.03.          Enforcement.

       

      (a)          If either Party becomes aware of any Third Party activity, including any Development activity (whether or not an exemption from infringement liability for such
        Development activity is available under applicable Law), that infringes (or that is directed to the Development of a product that would infringe) any of the Licensed Patent Rights, then the Party becoming aware of such activity shall give prompt
        written notice to the other Party regarding such alleged infringement or misappropriation (collectively, “Infringement Activity”).

       

      (b)          During the Term, until either Party provides a notice of termination of this Agreement pursuant to any of Section 13.02
          (Termination at Will by Galderma) through Section 13.06 (Termination for Patent Challenge), other than any notice of termination that Galderma disputes, Galderma shall have the first right, but not
        the obligation, to attempt to resolve any Infringement Activity related to the Licensed Patent Rights in the Territory at its own expense, including the filing of an infringement or misappropriation suit using counsel of its own choice. Galderma
        will (i) keep Sol-Gel reasonably informed regarding such infringement or misappropriation suit (including by providing Sol-Gel with drafts of each filing within a reasonable period before the deadline for such filing and promptly providing Sol-Gel
        with copies of all final filings and correspondence relating thereto), and (ii) reasonably consult with Sol-Gel on such infringement or misappropriation suit.  If Galderma notifies Sol-Gel that Galderma will not take steps to enforce the Licensed
        Patent Rights in the Territory against Infringement Activity, or fails to bring an action to resolve such Infringement Activity in the Territory or to initiate a suit with respect thereto by the date that is [***]
        days before any deadline for taking action to avoid any loss of material enforcement rights or remedies, then Sol-Gel will have the right, but not the obligation, to attempt to resolve such Infringement Activity by taking commercially appropriate
        steps at its own cost and expense, including the filing of an infringement or misappropriation suit using counsel of its own choice.  After the Term and during the Term beginning upon either Party’s provision of a notice of termination of this
        Agreement pursuant to any of Section 13.02 (Termination at Will by Galderma) through Section 13.06 (Termination for Patent Challenge), other than any notice of
        termination that Galderma disputes, and at all times thereafter during the period between a Party’s provision of such notice of termination and the effective date of such termination, Sol-Gel shall have the sole right, but not the obligation, to
        resolve any Infringement Activity related to the Licensed Patent Rights at its own expense, including the filing of an infringement or misappropriation suit using counsel of its own choice.

       

      (c)          Any amounts recovered as a result of an action pursuant to Section 8.03(b) (Enforcement), whether by settlement or judgment,
        shall first be applied to reimbursement of all costs and expenses incurred by each Party in connection with such infringement or misappropriation suit, and the remainder shall be allocated as follows (i) with respect to amounts recovered by
        Galderma as the enforcing party, [***]; and (ii) with respect to amounts recovered by Sol-Gel as the enforcing party, [***].

       

      (d)          In any event, at the request and the cost and expense of the Party bringing an infringement or misappropriation action under Section
          8.03(b) (Enforcement), the other Party shall provide reasonable assistance in any such action as requested (including entering into a common interest agreement if reasonably deemed necessary by any Party) and be joined as a party to the
        suit if necessary for the initiating or defending Party to bring or continue such suit.  Neither Party may settle any action or proceeding brought under Section 8.03(b) (Enforcement), or knowingly take any
        other action in the course thereof, in a manner that materially adversely affects the other Party’s interest in any Licensed Patent Rights without the written consent of such other Party.  Each Party shall always have the right to be represented by
        counsel of its own selection and at its own expense in any suit or other action instituted by the other Party pursuant to Section 8.03(b) (Enforcement).

       

      
        22

        
          

      

      Section 8.04.          Defense of Third Party Infringement and Misappropriation Claims.

       

      (a)          If a Third Party asserts that a Patent Right or other intellectual property right Controlled by it in the Territory is infringed or misappropriated by a Party’s
        activities under this Agreement or if a Party becomes aware of a Patent Right or other intellectual property right that might form the basis for such a claim, then the Party first obtaining knowledge of such a claim or such potential claim shall
        immediately provide the other Party with notice thereof and the related facts in reasonable detail.  At Galderma’s request, the Parties shall discuss what commercially appropriate steps, if any, to take to avoid infringement or misappropriation of
        said Third Party Patent Right or other intellectual property right controlled by such Third Party in the Territory.

       

      (b)          Subject to Section 8.06 (Trademark Enforcement and Defense), if a Third Party asserts that a Patent Right or other
        intellectual property right Controlled by it in the Territory is infringed or misappropriated by the Manufacture, use, importation, offer for sale or sale of Licensed Product in the Territory, then Galderma shall have the first right, but not the
        obligation, to resolve any such claim, whether by obtaining a license from such Third Party or by defending itself against such Third Party assertion. Galderma shall be solely responsible for its defense of such action. Galderma shall keep Sol-Gel
        reasonably informed regarding such assertion and such defense. Subject to Sol-Gel’s indemnification obligations under Section 12.01 (Indemnification by Sol-Gel),
        Galderma shall bear all costs and expenses incurred in connection with its defense of any such Third Party assertion.

       

      Section 8.05.          Notice of Actions; Settlement.  Galderma shall promptly inform
        Sol-Gel of any action or suit relating to Licensed Patent Rights and shall not enter into any settlement, consent judgment or other voluntary final disposition of any action relating to Licensed Patent Rights, including but not limited to appeals,
        without the prior written consent of Sol-Gel, such consent not to be unreasonably withheld or delayed.

       

      Section 8.06.          Trademark Enforcement and Defense.

       

      (a)          If either Party becomes aware of any Third Party activity that infringes any of the Licensed Trademark rights, then the Party becoming aware of such activity shall
        give prompt written notice to the other Party regarding such alleged infringement (collectively, “Trademark Infringement Activity”).

       

      (b)          During the Term, Sol-Gel shall resolve any Trademark Infringement Activity related to the Licensed Trademark anywhere in the world at its own cost and expense,
        including the filing of an infringement suit using counsel of its own choice; provided, however, [***].  Sol-Gel will (i)
        keep Galderma reasonably informed regarding any such infringement suit (including by providing Galderma with drafts of each filing within a reasonable period before the deadline for such filing and promptly providing Galderma with copies of all
        final filings and correspondence relating thereto), and (ii) reasonably consult with Galderma on any such infringement suit.  Without limiting Sol-Gel’s obligations under this Section 8.06(b) (Trademark Enforcement
          and Defense), if Sol-Gel notifies Galderma that Sol-Gel will not take steps to enforce the Licensed Trademark rights in the Territory against Trademark Infringement Activity, or fails to bring an action to resolve such Trademark
        Infringement Activity in the Territory or to initiate a suit with respect thereto by the date that is [***] days before any deadline for taking action to avoid any loss of material enforcement rights or
        remedies, then Galderma will have the right, but not the obligation, to attempt to resolve such Trademark Infringement Activity by taking commercially appropriate steps at Sol-Gel’s sole cost and expense, including the filing of an infringement
        suit using counsel of Galderma’s own choice.

       

      
        23

        
          

      

      (c)          Any amounts recovered by a Party as a result of an action pursuant to Section 8.06(b) (Trademark Enforcement and Defense),
        whether by settlement or judgment, shall be [***].

       

      (d)          In any event, at the request and the cost and expense of the Party bringing an infringement action under Section 8.06(b) (Trademark
          Enforcement and Defense), the other Party shall provide reasonable assistance in any such action as requested (including entering into a common interest agreement if reasonably deemed necessary by any Party) and be joined as a party to the
        suit if necessary for the initiating or defending Party to bring or continue such suit.  Neither Party may settle any action or proceeding brought under Section 8.06(b) (Trademark Enforcement and Defense),
        or knowingly take any other action in the course thereof, in a manner that materially adversely affects the other Party’s interest in the Licensed Trademark without the written consent of such other Party.  Each Party shall always have the right to
        be represented by counsel of its own selection and its own expense in any suit or other action instituted by the other Party pursuant to Section 8.06(b) (Trademark Enforcement and Defense).

       

      (e)          If a Third Party asserts that a Trademark Controlled by it in the Territory is infringed by the use of the Licensed Trademark, then Sol-Gel shall use commercially
        reasonable efforts to resolve any such claim, whether by obtaining a license from such Third Party or by defending itself and Galderma against such Third Party assertion, provided that Galderma shall always
        have the right to be represented by counsel of its own selection and its own expense in any such suit or other action. Galderma shall keep Sol-Gel reasonably informed regarding such assertion and such defense. Subject to Sol-Gel’s indemnification
        obligations under Section 12.01 (Indemnification by Sol-Gel), Galderma shall bear all costs and expenses incurred in connection with its defense of any such Third
        Party assertion.

       

      Section 8.07.          Orange Book Listings.  During the Term, [***], [***] shall have the right, at its sole discretion, to decide whether to list with the applicable regulatory authorities within the Territory any applicable patent of the Licensed
        Patent Rights covering any Licensed Product. Such listings may include so-called “Orange Book” listings required under the Hatch-Waxman Act or any similar statutory or regulatory requirement in the Territory. At least [***] days prior to any submission of a patent within the Licensed Patent Rights covering any Licensed Product in the Orange Book, [***] shall notify [***]
        of the Licensed Patent Rights that it intends to so list in the Orange Book. Upon [***] reasonable written request, [***] will list any additional Licensed Patent
        Rights with respect to the Licensed Products in the Orange Book at [***] cost and expense. [***], [***] shall have the right,
        at its sole discretion, to decide whether to list with the applicable Regulatory Authorities any applicable Patent Rights [***] Covering any Licensed Product.

       

      
        24

        
          

      

      ARTICLE IX

        

        ADVERSE DRUG EVENTS AND REPORTS

       

      Section 9.01.          Adverse Event Reporting.  Each Party shall maintain a record of all
        non-medical and medical product-related complaints it receives with respect to the Licensed Product.  Each Party shall notify the Alliance Managers of any Adverse Event (as such term will be defined in the Safety Data Exchange Agreement) received
        by it in sufficient detail, and shall provide the Alliance Managers with copies of any safety reports or other submissions to any Regulatory Authority in connection with the reporting of Adverse Events, in each case, in accordance with the
        timeframes and procedures for reporting established by the Parties within the Safety Data Exchange Agreement, and in any event in sufficient time to allow each Sol-Gel Entity and their respective sublicensees (with regards to Sol-Gel Entity’s
        sublicensees, solely to the extent such sublicensees are subject to similar obligations under this Section 9.01 (Adverse Event Reporting)) and each Galderma Entity to
        comply with any and all regulatory requirements imposed upon it.  The Party that holds the applicable Regulatory Filing(s) in the Territory shall be responsible for reporting Adverse Events related to the Licensed Product in the Territory as soon
        as reasonably practicable.  All such responses shall be made in accordance with the procedures established pursuant to applicable Law and all applicable guidelines.

       

      Section 9.02.          Safety Data Exchange Agreement.  Within [***] days after the Effective Date (unless otherwise agreed by the Parties), the Parties shall enter into an agreement setting forth worldwide safety and pharmacovigilance procedures for the Parties with respect to the Licensed
        Product, such as the receipt, investigation, sharing, exchange and reporting of safety data, product complaints, product recalls, adverse events and any other information related to the safety of the Licensed Product (the “Safety Data Exchange Agreement”).  Such agreement shall describe the coordination of collection, investigation, reporting, and exchange of information concerning adverse events or any other
        safety information, and Licensed Product quality and Licensed Product complaints involving adverse events, sufficient to permit each Party and its Affiliates and sublicensees to comply with their respective legal obligations.  The Parties shall
        promptly update the Safety Data Exchange Agreement if required by changes in applicable Law.  Each Party shall comply with its respective obligations under the Safety Data Exchange Agreement and shall cause its Affiliates and sublicensees to comply
        with such obligations.  In the event of any inconsistency between the provisions of the Safety Data Exchange Agreement and the provisions of this Agreement, the terms of the Safety Data Exchange Agreement shall govern with respect to patient safety
        matters.

       

      ARTICLE X

        

        REPRESENTATIONS, WARRANTIES, AND COVENANTS

       

      Section 10.01.          Mutual Representations and Warranties.  Each of Galderma and
        Sol-Gel hereby represents and warrants to the other Party as of the Effective Date that:

       

      (a)          it is a company or corporation duly organized, validly existing, and in good standing under the laws of the jurisdiction in which it is incorporated or organized,
        and has full corporate power and authority and the legal right to own and operate its property and assets and to carry on its business as it is now being conducted and as contemplated in this Agreement, including the right to grant the licenses
        granted by it hereunder;

       

      
        25

        
          

      

      (b)          (i) it has the corporate power and authority and the legal right to enter into this Agreement and perform its obligations hereunder; (ii) it has taken all necessary
        corporate action on its part required to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder; and (iii) this Agreement has been duly executed and delivered on behalf of such Party, and constitutes
        a legal, valid, and binding obligation of such Party that is enforceable against it in accordance with its terms;

       

      (c)          it is not a party to any agreement that would prevent it from granting the rights granted to the other Party under this Agreement or performing its obligations under
        this Agreement;

       

      (d)          no consent, approval or agreement of any person or Governmental Authority is required to be obtained in connection with the execution and delivery of this Agreement;

       

      (e)          none of such Party’s employees, consultants or contractors has been debarred by the FDA, is the subject of a conviction described in Section 306 of the FD&C Act,
        or is subject to any similar sanction of any other Governmental Authority outside of the U.S., and neither it nor any of its Affiliates has used, in any capacity, any person or entity who either has been debarred by the FDA, is the subject of a
        conviction described in Section 306 of the FD&C Act or is subject to any such similar sanction inside or outside of the U.S.; and

       

      (f)          it is not aware of any Government Official or Other Covered Party having any financial interest in the subject matter of this Agreement or in any way personally
        benefiting, directly or indirectly, from this Agreement.

       

      Section 10.02.          Mutual Covenants.  Each of Galderma and Sol-Gel hereby covenants to
        the other Party that:

       

      (a)          it will not knowingly engage, in any capacity in connection with this Agreement or any ancillary agreement, any person or entity who either has been debarred by the
        FDA, is the subject of a conviction described in Section 306 of the FD&C Act or is subject to any similar sanction inside or outside of the U.S., and such Party shall inform the other Party in writing promptly upon such Party’s becoming aware
        that any person or entity engaged by such Party who is performing services under this Agreement, or any ancillary agreement, is debarred or is the subject of a conviction described in Section 306 of the FD&C Act or any similar sanction inside
        or outside of the U.S., or that any action, suit, claim, investigation or legal or administrative proceeding is pending or, to such Party’s knowledge, is threatened, relating to any such debarment or conviction of a Party, any of its Affiliates or
        any such person or entity performing services hereunder or thereunder;

       

      (b)          during the Term, it will not make any commitment to any Third Party in conflict with the rights or licenses granted by it to the other Party hereunder; and

       

      (c)          it will comply with all applicable Laws in all material respects in performing its activities hereunder and shall ensure such compliance by its Affiliates.

       

      
        26

        
          

      

      Section 10.03.          Additional Sol-Gel Warranties.  Sol-Gel hereby represents and
        warrants to Galderma that as of the Effective Date:

       

      (a)          Sol-Gel solely owns or Controls the entire right, title, and interest in and to the Licensed Technology and the Licensed Trademark free and clear of any mortgages,
        pledges, liens, security interests, options, conditional and installment sale agreements, encumbrances, charges, or claims of any kind;

       

      (b)          neither Sol-Gel nor its Affiliates own or hold rights to any Patents Rights, Know-How, Regulatory Filings, or other Regulatory Documents related to the Licensed
        Product in the Territory or that are otherwise necessary, or reasonably useful, to enable Galderma to perform its obligations hereunder, in each case, that Sol-Gel or its Affiliates do not Control;

       

      (c)          Sol-Gel and its Affiliates have not, prior to the Effective Date, entered into any written agreement with a Third Party under which Sol-Gel and its Affiliates has
        granted any rights in or to its ownership interest in the Licensed Technology that are inconsistent with the rights or licenses granted to Galderma under this Agreement;

       

      (d)          there are no amounts that will be required to be paid to a Third Party as a result of Galderma’s Manufacture or Commercialization of, or performance of Medical
        Affairs with respect to, Licensed Product that arise out of any agreement to which Sol-Gel or any of its Affiliates is a party, except for any existing agreements between Sol-Gel and its CMOs, as applicable;

       

      (e)          Schedule 1.29 (Licensed Patents) contains a list of all Patent Rights owned, Controlled, or otherwise held for use by
        Sol-Gel as of the Effective Date that are necessary or reasonably useful to Manufacture, Commercialize, or perform Medical Affairs with respect to the Licensed Product in the Field in the Territory;

       

      (f)          all of the issued Patent Rights on Schedule 1.29 (Licensed Patents) are in full force and effect, and, to the best of
        Sol-Gel’s knowledge, are not invalid or unenforceable, in whole or in part;

       

      (g)          the Licensed Patent Rights are being diligently prosecuted in the respective patent offices in the Territory in accordance with applicable Law, and the Licensed
        Patent Rights have been filed and maintained properly and correctly and all applicable fees have been paid on or before the due date for payment;

       

      (h)          Sol-Gel and its Affiliates have complied in all material respects with all applicable Laws in connection with the prosecution of the Licensed Patent Rights,
        including the duty of candor owed to any patent office pursuant to such Laws;

       

      (i)          to Sol-Gel’s knowledge, there has been no past, and there currently is no pending, claim, action, or proceeding challenging the validity or enforceability of any of
        the Licensed Patent Rights listed in Schedule 1.29 (Licensed Patents) or the Licensed Trademark or alleging that the Development, Manufacture, or
        Commercialization of, or performance of Medical Affairs with respect to, the Licensed Product or its ingredients infringes or misappropriates any patent rights or other intellectual property rights of any Third Party;

       

      
        27

        
          

      

      (j)          neither Sol-Gel nor any of its Affiliates has received any written notification from a Third Party, and Sol-Gel has no knowledge, that the research, development,
        manufacture, use, sale, offer for sale, distribution, importation, exportation, commercialization, performance of medical affairs with respect to, or other exploitation of Licensed Product in the Territory has infringed or misappropriated, or would
        infringe or misappropriate, any Patent Right, Know-How or other intellectual property right owned or Controlled by such Third Party;

       

      (k)          to Sol-Gel’s knowledge, no Third Party has infringed or misappropriated, or is currently infringing or misappropriating or threatening to infringe or misappropriate,
        any of the Licensed Technology;

       

      (l)          Sol-Gel and its Affiliates have not received written notice of any investigations, inquiries, actions, or other proceedings pending before or threatened by any
        Regulatory Authority or other Governmental Authority in the Territory with respect to the Licensed Product in the Territory (except for any such notice that would not have a material effect on the Licensed Product in the Territory and that was
        delivered so recently before the Effective Date so as to not afford a reasonable opportunity for Sol-Gel’s management to have become aware of such notice before the Effective Date);

       

      (m)          Sol-Gel has furnished or made available to Galderma or its agents or representatives (i) all information requested by Galderma in writing, (ii) all [***] data existing as of the Effective Date that Sol-Gel deems in its reasonable discretion to be material, and (iii) all [***] that Sol-Gel deems in its reasonable
        discretion to be material, in each case ((i) through (iii)), concerning the Licensed Product or the Licensed Technology.  To Sol-Gel’s knowledge, all such information, data, [***] is accurate, complete, and
        true in all material respects at the time of disclosure to Galderma;

       

      (n)          to Sol-Gel’s knowledge, there is no existing scientific fact or circumstance that would materially adversely affect the safety, efficacy, or market performance of
        the Licensed Product and that Sol-Gel has not communicated to Galderma; and

       

      (o)          Sol-Gel has taken reasonable steps in accordance with normal industry practice to maintain the confidentiality of the Licensed Know-How, and to Sol-Gel’s knowledge,
        no Third Party has any Licensed Know-How in its possession or Control that is not subject to continuing obligations of confidentiality owed to Sol-Gel or any of its Affiliates, and to Sol-Gel’s knowledge, no breach of such confidentiality has been
        committed by any Third Party.

       

      Section 10.04.          Anti-Corruption.

       

      (a)          Anti-Corruption Provisions.  Each Party represents and warrants to the other Party that such Party has not, directly or
        indirectly, offered, promised, paid, authorized or given, and each Party agrees that such Party will not, in the future, offer, promise, pay, authorize, or give, money or anything else of value, directly or indirectly, to any Government Official
        (as defined below) or Other Covered Party (as defined below) for the purpose, pertaining to this Agreement, of: (i) influencing any act or decision of such Government Official or Other Covered Party; (ii) inducing such Government Official or Other
        Covered Party to do or omit to do an act in violation of a lawful duty; (iii) securing any improper advantage; or (iv) inducing such Government Official or Other Covered Party to influence the act or decision of a Governmental Authority, in order
        to obtain or retain business, or direct business to, any person or entity, in each case, in any way related to this Agreement.

       

      
        28

        
          

      

      For purposes of this Agreement: (A) “Government Official” means any official, officer, employee or representative of: (1) any Governmental Authority, (2) any
        public international organization or any department or agency thereof, or (3) any company or other entity owned or controlled by any Governmental Authority; and (B) “Other Covered Party” means any political
        party or party official, or any candidate for political office.

       

      (b)          Anti-Corruption Compliance.

       

      (i)          In performing under this Agreement, each Party, on behalf of itself, its respective Affiliates and (in the case of Sol-Gel) other Sol-Gel Entities and (in the case
        of Galderma) other Galderma Entities, agrees to comply with all applicable anti-corruption Laws, including the Foreign Corrupt Practices Act of 1977, as amended from time to time (“FCPA”) and all
        anti-corruption Laws of the Territory.

       

      (ii)          No Party, nor any Affiliate of any Party (and (in the case of Sol-Gel) no other Sol-Gel Entity and (in the case of Galderma) no other Galderma Entity), shall give,
        offer, promise or pay any political contribution or charitable donation at the request of any Government Official or Other Covered Party that is in any way related to this Agreement or any related activity.

       

      (iii)          Each Party shall, in all cases, refrain from engaging in any activities or conduct that would cause the other Party to be in violation of the FCPA or any
        applicable anti-bribery Laws.  To the extent allowed by applicable Law, if a Party proposes to provide any information, data, or documentation to any Governmental or Regulatory Authority in respect of the Licensed Product that relates to or may
        result in a violation of the FCPA or any applicable anti-bribery Law, then it shall first obtain the prior written approval of the other Party, which will not be unreasonably withheld, and to the extent approved, shall provide such information,
        data or documentation in accordance with such other Party’s written instructions.

       

      (iv)          Each Party agrees that should it learn or have reason to know of: (i) any payment, offer, or agreement to make a payment to a foreign official or political party
        for the purpose of obtaining or retaining business or securing any improper advantage for the other Party under this Agreement or otherwise, or (ii) any other development during the Term that in any way makes inaccurate or incomplete the
        representations, warranties, or certifications of such Party hereunder given or made as of the date hereof or at any time during the Term, relating to the FCPA, such Party will immediately advise such other Party in writing of such knowledge or
        suspicion and the entire basis known to such Party therefor.

       

      (v)          Notwithstanding any other provisions contained in this Agreement, each Party agrees that full disclosure of information relating to a possible violation of the FCPA
        or the existence and terms of this Agreement, including the compensation provisions hereof, may be made at any time and for any reason to the U.S. government and its agencies, and to whomsoever the other Party determines has a legitimate need to
        know.

       

      
        29

        
          

      

      Section 10.05.          Disclaimer.  EXCEPT AS EXPRESSLY SET FORTH HEREIN, THE INTELLECTUAL
        PROPERTY RIGHTS PROVIDED BY EITHER PARTY TO THE OTHER PARTY HEREIN ARE PROVIDED “AS IS” AND WITHOUT WARRANTY.  EXCEPT AS EXPRESSLY SET FORTH HEREIN, EACH OF THE PARTIES EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED,
        INCLUDING THE WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, VALIDITY, OR ENFORCEABILITY OF THEIR RESPECTIVE INTELLECTUAL PROPERTY RIGHTS, AND NON-INFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES.

       

      Section 10.06.          Limitation of Liability.  NEITHER PARTY SHALL BE ENTITLED TO
        RECOVER FROM THE OTHER PARTY ANY SPECIAL, INCIDENTAL, EXEMPLARY, INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES OR DAMAGES FOR LOSS OF PROFIT OR LOST OPPORTUNITY IN CONNECTION WITH THIS AGREEMENT, ITS PERFORMANCE OR LACK OF PERFORMANCE HEREUNDER, OR
        ANY LICENSE GRANTED HEREUNDER, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES.  THE FOREGOING SHALL NOT LIMIT (A) [***], (B) [***] OR (C) [***].

       

      ARTICLE XI

        

        CONFIDENTIALITY

       

      Section 11.01.          Generally.  During the Term and for a period of [***] thereafter, each Party (a) shall maintain in confidence all Confidential Information furnished to it by the other Party or any of the other Party’s Affiliates; (b) shall not use such Confidential
        Information for any purpose except to fulfill its obligations or exercise its rights under this Agreement; and (c) shall not disclose such Confidential Information to anyone other than those of its Affiliates, directors, investors, [***], subcontractors, prospective subcontractors, employees, consultants, financial or legal advisors, or other agents or contractors acting on its behalf in connection with this Agreement (collectively, “Representatives”) who are bound by written obligations of nondisclosure and non-use no less stringent than those set forth in this ARTICLE XI (Confidentiality) and to whom
        such disclosure, under this Agreement, is necessary in connection with the fulfillment of such Party’s obligations or exercise of such Party’s rights under this Agreement or in connection with bona fide financing or acquisition activities.  Each
        Party shall (i) ensure that such Party’s Representatives who receive any Confidential Information from the other Party (or any of such Party’s Affiliates) comply with the obligations set forth in this ARTICLE XI
          (Confidentiality) and (ii) be responsible for any breach of such obligations by any of its Representatives who receive from such Party (whether directly or indirectly through its Affiliates or other Representatives) any of the Confidential
        Information received from the other Party (or any of such Party’s Affiliates).  Without limiting the foregoing, Galderma shall not, during the Term or [***] thereafter, use Confidential Information of
        Sol-Gel in connection with [***].

       

      
        30

        
          

      

      Section 11.02.          Exceptions.  The obligations of confidentiality, non-disclosure,
        and non-use set forth in Section 11.01 (Generally) shall not apply to, and “Confidential Information” shall exclude, any information to the extent the receiving Party (the “Recipient”)

        can demonstrate that such information: (a) was in the public domain or publicly available at the time of disclosure to the Recipient or any of its Affiliates by the disclosing Party or any of its Affiliates pursuant to this Agreement, or thereafter
        enters the public domain or becomes publicly available, in each case, other than as a result of any disclosure by the Recipient or any of its Representatives in breach of this Agreement; (b) was lawfully known by the Recipient or any of its
        Representatives (as can be reasonably demonstrated) prior to the date of disclosure to the Recipient or any of its Representatives by the disclosing Party or any of its Affiliates pursuant to this Agreement; (c) is or was received by or made
        available to the Recipient or any of its Representatives on an unrestricted basis from a Third Party that the Recipient reasonably believed was rightfully in possession of such information and not under a duty of confidentiality to the disclosing
        Party or any of its Affiliates with respect to such information; or (d) is or was independently developed by or for the Recipient or any of its Representatives without reference to or reliance on the Confidential Information of the other Party or
        any of its Affiliates (as can be reasonably demonstrated).  Notwithstanding any provision to the contrary set forth in this Agreement, “Confidential Information” will not include any knowledge, technique, experience, or Know-How that is retained in
        the unaided memory of the Recipient or any of its authorized Representatives after having access to such Confidential Information (“Residual Knowledge”).  Any use made by the Recipient or its Representatives
        of any such Residual Knowledge is on an “as is, where is” basis, with all faults and all representations and warranties disclaimed and at its sole risk.

       

      Section 11.03.          Permitted Disclosures.  Notwithstanding any other provision to the
        contrary set forth in this Agreement, Recipient’s (or its Affiliates’) disclosure of the other Party’s (or any of such Party’s Affiliates’) Confidential Information shall not be prohibited if such disclosure: (a) is in response to a valid request
        or order of a court or other Governmental Authority, including the rules and regulations promulgated by the Securities and Exchange Commission (or similar foreign authority) or any other Governmental Authority; (b) is otherwise required by
        applicable Law or rules of a nationally or internationally recognized securities exchange or Nasdaq; (c) is made: (i) [***]; or (d) is made to patent offices in order to seek or obtain Patent Rights or to
        Regulatory Authorities in order to seek or obtain approval to conduct clinical trials or to gain Regulatory Approval with respect to the Licensed Product as contemplated by this Agreement, provided that
        such disclosure under this subsection (d) may be made only to the extent reasonably necessary to seek or obtain such Patent Rights or Regulatory Approvals, and the Recipient (or its applicable Affiliate(s)) shall use reasonable efforts to obtain
        confidential treatment of such information.  If a Recipient is required to disclose Confidential Information pursuant to Section 11.03(a) (Permitted Disclosures) or Section
          11.03(b) (Permitted Disclosures), then prior to any such disclosure, the Recipient shall, to the extent legally permitted and practicable, provide the disclosing Party with prior written notice of such disclosure in order to permit the
        disclosing Party to seek a protective order or other confidential treatment of such disclosing Party’s Confidential Information, and in the event of the disclosing Party’s failure to obtain such protective order, the Recipient shall only disclose
        that information which is legally required to be disclosed.

       

      Section 11.04.          Publicity.  The Parties will issue a joint press release in
        connection with this Agreement in substantially the form attached hereto as Schedule 11.04 (Press Release).  The Parties recognize that each Party may from time to time desire to issue other press
        releases and make other public statements or public disclosures in respect of this Agreement, including the Development or Commercialization of, or performance of Medical Affairs with respect to, Licensed Product in the Territory during the Term
        (each, a “Public Statement”).  If a Party desires to make a Public Statement (an “Issuing Party”), then it shall provide the other Party a copy of such Public Statement
        at least [***] prior to the date it desires to make such public disclosure. An Issuing Party shall not issue a Public Statement without the other Party’s prior written approval, which advance approval shall
        not be unreasonably withheld, conditioned or delayed.  Once the form of any Public Statement has been approved in accordance with this Section 11.04 (Publicity), then
        the Issuing Party may appropriately communicate information contained in such permitted Public Statement.  Notwithstanding anything to the contrary in this Section 11.04 (Publicity),
        nothing in this Section 11.04 (Publicity) shall be deemed to limit either Party’s rights under Section 11.03 (Permitted Disclosures)
        or either Party’s ability to issue press releases or make other public statements or public disclosures required by applicable Law or rules of a nationally or internationally recognized securities exchange or Nasdaq, provided that such statement or disclosure is made in accordance with Section 11.03 (Permitted Disclosures).

       

      
        31

        
          

      

      Section 11.05.          Publications.

       

      (a)          General.  Sol-Gel acknowledges Galderma’s interest in publishing certain key results of Galderma’s Commercialization of
        Licensed Product in the Field in the Territory.  Galderma recognizes the mutual interest in obtaining valid patent protection and Sol-Gel’s interest in protecting its proprietary information.  Consequently,
        except for disclosures permitted pursuant to Section 11.02 (Exceptions), Section 11.03 (Permitted

          Disclosures), Section 11.04 (Publicity), or Section 11.05(b) (Top-Level Data Subset Readouts), if Galderma wishes to
        make a publication or public presentation with respect to its Commercialization of Licensed Product in the Field in the Territory, then Galderma shall deliver to Sol-Gel a copy of the proposed written publication or presentation at least [***] prior to submission for publication or presentation. Galderma will redact all of Sol-Gel’s Confidential Information if requested by Sol-Gel.  If Sol-Gel requests a delay in publication or presentation in
        order to protect patentable information, then Galderma shall delay submission or presentation for a reasonable period of time (but no longer than [***], except as the Parties may otherwise agree) to enable
        Sol-Gel to file patent applications protecting Sol-Gel’s rights in such information.

       

      (b)          Top-Level Data Subset Readouts.  Notwithstanding any provision to the contrary set forth in this Agreement, Galderma may
        publish in its promotional materials readouts of the top-level results of any analysis by Galderma of various subsets of data from clinical study reports involving the Licensed Product [***]; provided that such publication does not, in Galderma’s good faith belief, [***] that would be (i) [***] or (ii) [***].  For the avoidance of doubt, this Section 11.05(b) (Top-Level Data Subset Readouts) shall not be construed to permit Galderma to publish the detailed clinical study
        report upon which such top-level results are based [***].

       

      Section 11.06.          Injunctive Relief.  Each Party acknowledges and agrees that there
        may be no adequate remedy at law for any breach of its obligations under this ARTICLE XI (Confidentiality), that any such breach may result in irreparable harm to the other Party and, therefore, that upon
        any such breach or any threat thereof, such other Party may seek appropriate equitable relief in addition to whatever remedies it might have at law, without the necessity of showing actual damages.

       

      
        32

        
          

      

      ARTICLE XII

        

        INDEMNIFICATION & INSURANCE

       

      Section 12.01.          Indemnification by Sol-Gel.  Sol-Gel shall indemnify, hold
        harmless, and defend any Galderma Entity, and their respective directors, officers, and employees (the “Galderma Indemnitees”) from and against any and all liabilities, expenses, costs, damages, deficiencies,
        obligations or losses (including reasonable attorneys’ fees, court costs, witness fees, damages, judgments, fines and amounts paid in settlement) (“Losses”) incurred in connection with any and all Third Party
        suits, claims, actions, or demands (“Claims”) to the extent that such Claims arise out of (a) any breach of this Agreement by Sol-Gel or its Affiliates, (b) the Development, Manufacture, or Commercialization
        of, or performance of Medical Affairs with respect to, the Licensed Product anywhere in the world by or on behalf of any Sol-Gel Entity or their sublicensees, including Licensed Product Manufactured by [***]
        under the [***] Supply Agreement to the extent that [***] Supply Agreement, or (c) the gross negligence, fraud, or willful misconduct of any Sol-Gel Indemnitee in
        connection with the performance of this Agreement.  Notwithstanding the foregoing, Sol-Gel shall not have any obligation to indemnify the Galderma Indemnitees to the extent that the applicable Claims or Losses arise out of any activities set forth
        in Section 12.02 (Indemnification by Galderma) for which Galderma is obligated to indemnify Sol-Gel or any other Sol-Gel Indemnitees.

       

      Section 12.02.          Indemnification by Galderma.  Galderma shall indemnify, hold
        harmless and defend any Sol-Gel Entity and any of their sublicensees, and their respective directors, officers, and employees (the “Sol-Gel Indemnitees”) from and against any and all Losses incurred in
        connection with any and all Claims to the extent that such Claims arise out of (a) any breach of this Agreement by Galderma or its Affiliates, (b) the Manufacture or Commercialization of, or performance of Medical Affairs with respect to, the
        Licensed Product in the Territory by or on behalf of any Galderma Entity, or (c) the gross negligence, fraud, or willful misconduct of any Galderma Indemnitee in connection with the performance of this Agreement.  Notwithstanding the foregoing,
        Galderma shall not have any obligation to indemnify the Sol-Gel Indemnitees to the extent that the applicable Claims or Losses arise out of any activities set forth in Section 12.01 (Indemnification by Sol-Gel)
        for which Sol-Gel is obligated to indemnify Galderma or any other Galderma Indemnitees.

       

      Section 12.03.          Procedure.  In the event of a claim by a Third Party against a
        Galderma Indemnitee or a Sol-Gel Indemnitee entitled to indemnification under this Agreement (“Indemnified Party”), the Indemnified Party shall promptly notify the Party obligated to provide such
        indemnification (“Indemnifying Party”) in writing of the claim, provided that no delay on the part of the Indemnified Party in giving such notice shall relieve the
        Indemnifying Party of any indemnification obligation unless (and then only to the extent that) the Indemnifying Party is prejudiced thereby, and the Indemnifying Party, without admission of the other Party’s fault, shall undertake and solely manage
        and control, at its sole expense and with counsel of its own choosing, the defense of the claim and its settlement.  The Indemnified Party shall reasonably cooperate with the Indemnifying Party with respect to such defense and settlement.  The
        Indemnified Party may, at its option and its sole cost and expense, be represented in any such action or proceeding by counsel of its choice.  The Indemnifying Party shall not be liable for any litigation costs or expenses incurred by the
        Indemnified Party without the Indemnifying Party’s written consent.  The Indemnifying Party shall not settle any such claim unless such settlement fully and unconditionally releases the Indemnified Party from all liability relating thereto and does
        not impose any obligations on the Indemnified Party, unless the Indemnified Party otherwise agrees in writing.  No Indemnified Party may settle any claim for which it is being indemnified under this Agreement without the Indemnifying Party’s prior
        written consent.

       

      
        33

        
          

      

      Section 12.04.          Insurance.  Galderma and Sol-Gel each represent and warrant that
        they currently have, and will maintain during the Term, adequate insurances at their own expense and in accordance with usual industry standards to support their respective liabilities and obligations assumed under, arising out of, and in
        connection with, this Agreement.  Galderma and Sol-Gel agree that such insurance may be provided by way of self-insurance to the same extent without violation or breach of the foregoing.

       

      ARTICLE XIII

        

        TERM AND TERMINATION

       

      Section 13.01.          Term.  The term of this Agreement shall begin on the Effective Date
        and, unless earlier terminated in accordance with the terms of this ARTICLE XIII (Term and Termination), will expire upon the fifth (5th) anniversary of
        the First Commercial Sale of Licensed Product in the Territory (the “Initial Term”).  Notwithstanding the foregoing, the Parties may renew the term by written agreement of the Parties. At Galderma’s request,
        during the [***] period immediately preceding the [***] anniversary of the First Commercial Sale of Licensed Product in the Territory (or at such other time, or for
        such longer period of time, as the Parties may otherwise agree) (the “Renewal Discussion Period”), the Parties will engage in exclusive, good faith discussions regarding the renewal of this Agreement for
        additional term(s) (each, an “Additional Term” and together with the Initial Term, the “Term”), and until the conclusion of such Renewal Discussion Period, Sol-Gel
        shall not discuss with any Third Party the terms on which Sol-Gel might grant rights to Commercialize the Licensed Product in the Field in the Territory.

       

      Section 13.02.          Termination at Will by Galderma.  At any time during the Term,
        Galderma may terminate this Agreement for any or no reason upon giving [***] notice to Sol-Gel.  Should Galderma exercise such termination right prior to the Refund Date, it will not be entitled to a refund
        of any amounts previously paid to Sol-Gel pursuant to Section 7.01 (Upfront Payment).

       

      Section 13.03.          Termination for Failure to Receive Regulatory Approval.  In the event that the Licensed Product does not receive Regulatory Approval from the FDA in the Territory on or before [***], Galderma may, in its sole discretion,
        terminate this Agreement immediately upon delivery of written notice to Sol-Gel no later than [***] after such date.

       

      Section 13.04.          Termination for Breach.  Subject to the terms and conditions of
        this Section 13.04 (Termination for Breach), a Party (the “Non-Breaching Party”) shall have the right, in addition to any other rights and remedies available to such
        Party at law or in equity, to terminate this Agreement in the event the other Party (the “Breaching Party”) is in material breach of this Agreement.  The Non-Breaching Party shall first provide written notice
        to the Breaching Party, which notice shall identify with particularity the alleged breach (the “Breach Notice”).  With respect to material breaches of any payment provision hereunder, the Breaching Party
        shall have a period of [***] days after such Breach Notice is provided to cure such breach.  With respect to all other material breaches, the Breaching Party shall have a period of [***] days after such Breach Notice is provided to cure such breach, provided that if the Breaching Party demonstrates good faith
        efforts to execute a plan reasonably calculated to cure such breach within [***] days thereafter, then such cure period shall be extended by an additional [***] days.  If a material breach for which a Breach Notice is provided is not cured within the applicable period set forth above, then the Non-Breaching Party may, at its election, terminate this
        Agreement upon written notice to the Breaching Party.  If a Non-Breaching Party provides a Breach Notice to the Breaching Party pursuant to this Section 13.04 (Termination
          for Breach) and the Breaching Party disputes the existence of a material breach in good faith, then the Breaching Party may refer such dispute to the dispute resolution process set forth in ARTICLE XIV
          (Dispute Resolution; Governing Law).  The [***] day cure period set forth in this Section 13.04 (Termination for Breach) shall be tolled during the pendency
        of such dispute, and all of the terms of this Agreement will remain in effect and the Parties will continue to perform all of their respective obligations hereunder during such pendency.

       

      
        34

        
          

      

      Section 13.05.          Termination for Bankruptcy and Rights in Bankruptcy.

       

      (a)          To the extent permitted under applicable Law, if, at any time during the Term, an Event of Bankruptcy (as defined below) relating to either Party (the “Bankrupt Party”) occurs, then the other Party (the “Other Party”) shall have, in addition to all other legal and equitable rights and remedies available to such Other
        Party, the option to terminate this Agreement upon written notice to the Bankrupt Party.  It is agreed and understood that, if the Other Party does not elect to terminate this Agreement upon the occurrence of an Event of Bankruptcy, then, except as
        may otherwise be agreed with the trustee or receiver appointed to manage the affairs of the Bankrupt Party, the Other 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: (i) filing, in any court or agency pursuant to any statute or regulation of any
        state or country, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of the Bankrupt Party or of its assets, (ii) making an assignment for the benefit of creditors,
        (iii) appointing or suffering appointment of a receiver or trustee over substantially all of a Party’s property that is not discharged within [***] days after such appointment, or (iv) being served with an
        involuntary petition against the Bankrupt Party, filed in any insolvency proceeding, where such petition is not dismissed within [***] days after the filing thereof.

       

      (b)          All rights and licenses granted under or pursuant to this Agreement by Galderma and Sol-Gel are and shall otherwise be deemed to be, for purposes of Section 365(n)
        of the U.S. Bankruptcy Code or any analogous provisions in any other country or jurisdiction, licenses of rights to “intellectual property” as defined under Section 101 of the U.S. Bankruptcy Code.  The Parties agree that the Parties, as
        sublicensees of such rights under this Agreement, shall retain and may fully exercise all of their rights and elections under the U.S. Bankruptcy Code or any analogous provisions in any other country or jurisdiction.

       

      
        35

        
          

      

      Section 13.06.          Termination for Patent Challenge.  Except to the extent the
        following is unenforceable under applicable Law, Sol-Gel shall have the right to terminate this Agreement in its entirety upon written notice to Galderma in the event that any Galderma Entity, individually or in association with any other person or
        entity, directly or indirectly, commences or continues to participate in a legal action challenging the validity, enforceability, or scope of any of the Licensed Patent Rights set forth on Schedule 1.29
          (Licensed Patents) (a “Patent Challenge”) [***].  Notwithstanding any provision to the contrary set forth herein, this Section 13.06
            (Termination for Patent Challenge) will not apply to, and Sol-Gel may not terminate this Agreement with respect to, (a) any affirmative defense or other validity, enforceability, or non-infringement challenge with respect to a
        Licensed Patent Right, whether in the same action or in any other agency or forum of competent jurisdiction, advanced by a Galderma Entity in response to any claim or action for patent infringement with respect to such Licensed Patent Right brought
        in the first instance by or on behalf of a Sol-Gel Entity or any Third Party designated by a Sol-Gel Entity to initiate such claim or action; (b) any claim or proceeding that would otherwise be a Patent Challenge hereunder to the extent commenced
        by a Third Party that after the Effective Date becomes an Affiliate of Galderma during the Term as a result of a change of control, merger, or acquisition of, with, or by Galderma, provided that such claim
        or proceeding commenced prior to the closing of such change of control, merger, or acquisition; (c) any Patent Challenge that is commenced by a sublicensee of Galderma hereunder if Galderma (i) causes such Patent Challenge to be withdrawn,
        terminated, or dismissed (or in the case of ex‐parte proceedings, multi‐party proceedings or other Patent Challenges in which Galderma does not have the power to unilaterally cause the Patent Challenge to
        be withdrawn, causes such sublicensee to withdraw as a party from such Patent Challenge and to cease actively assisting any other party to such Patent Challenge) or (ii) terminates such sublicensee’s sublicense to the Licensed Patent Right(s) being
        challenged by the sublicensee, in each case ((i) and (ii)) within ninety (90) days after Sol-Gel’s notice to Galderma under this Section 13.06 (Termination for Patent
          Challenge); (d) any Patent Challenge required to be commenced pursuant to a government order or applicable Law; or (e) the provision of documents or testimony in response to any court order in a valid legal process.

       

      Section 13.07.          Effect of Termination.

       

      (a)          In the event of expiration or termination of this Agreement for any reason:

       

      (i)           all license grants in this agreement from Sol-Gel to Galderma shall terminate, except to the extent necessary for Galderma to exercise its rights and perform its
        obligations under this Section 13.07 (Effect of Termination);

       

      (ii)          Galderma shall, in advance of and effective as of the effective date of termination, assign and transfer to Sol-Gel all Galderma Product Data, Regulatory Approvals,
        Regulatory Documents and Trademarks in its Control relating to the Licensed Product in the Territory, except to the extent necessary for Galderma to perform its continuing obligations under this Agreement until the effective date of such
        termination or to exercise its rights and perform its obligations under this Section 13.07 (Effect of Termination);

       

      (iii)          [***], any then-existing inventory of Licensed Product in Galderma’s (and its Affiliates’ and sublicensees’) possession, [***] of such Licensed Product; provided, however, that in case of termination of this
        Agreement by Galderma pursuant to Section 13.04 (Termination for Breach), [***], all then-existing inventory of the Licensed Product in Galderma’s (and its
        Affiliates’ and sublicensees’) possession [***], [***] of such Licensed Product inventory. Notwithstanding any provision to the contrary set forth in this Agreement,
        with respect to any inventory of the Licensed Product that [***] upon expiration or termination of this Agreement pursuant to this Section 13.07(a)(iii) (Effect of Termination), for a period [***] following any expiration or termination of this Agreement (as applicable) (“[***]
          Period”), Galderma shall be [***].  Upon the conclusion of such [***] Period, Sol-Gel shall, at its option, either (a) extend the [***] Period by [***] by providing prompt written notice to Galderma, or (b) [***], all then-existing inventory of the Licensed Product in Galderma’s
        (and its Affiliates’ and sublicensees’) possession [***] remaining at such time, [***]; provided that if, following the
        conclusion of such [***] Period, Sol-Gel has given notice to Galderma that it intends to [***] pursuant to the foregoing clause (b), then such [***] Period will be automatically further extended until [***];

       

      
        36

        
          

      

      (iv)          at Sol-Gel’s request, (a) any existing agreements between Galderma or its Affiliates and any Third Party [***], and (b) all
        of Galderma’s and its Affiliates’ rights, title and interests therein and thereto, shall at Sol-Gel’s option be terminated or assigned and transferred to Sol-Gel or its designee, in each case, to the extent freely terminable, assignable or
        transferable (as applicable) without liability or monetary damages pursuant to the terms thereof (and for any such agreement that by its terms cannot be so assigned, Galderma shall reasonably cooperate with Sol-Gel to seek the transfer of the
        benefits of such agreement to Sol-Gel);

       

      (v)           upon Sol-Gel’s written request, Galderma shall, where freely assignable, assign all contract manufacturing, research service, or other vendor agreements related
        solely to the Licensed Product to Sol-Gel, or, where such agreements are not freely assignable, reasonably cooperate with Sol-Gel to seek the transfer of the benefits of such agreements to Sol-Gel;

       

      (vi)          unless this Agreement is terminated by Galderma for Sol-Gel’s material breach of this Agreement pursuant to Section 13.04
          (Termination for Breach), Galderma shall remain responsible for all its non-cancellable Third Party obligations incurred with respect to the Licensed Product, except for any such obligations assigned to and assumed by Sol-Gel pursuant to Section 13.07(a)(iv) (Effect of Termination) or Section 13.07(a)(v) (Effect of Termination); and

       

      (vii)          Galderma shall cooperate with Sol-Gel and provide reasonable assistance in effecting the efficient transfer of regulatory and commercial responsibility for the
        Licensed Products in the Territory to Sol-Gel and to ensure a smooth transition while minimizing interruptions and delays in the conduct of such transition.

       

      Galderma shall perform its obligations under this Section 13.07 (Effect of Termination) at its own cost and expense, except in the event that this Agreement
        is terminated by Galderma pursuant to Section 13.04 (Termination for Breach), in which case Sol-Gel shall be responsible for such costs and expenses.

       

      Section 13.08.          Survival; Accrued Rights.  The following articles and sections of
        this Agreement shall survive expiration or early termination for any reason: ARTICLE I (Definitions), ARTICLE VII (Payments) (solely to the extent any payments became
        payable prior to the effective date of such expiration or termination), Section 8.01 (Ownership of Intellectual Property), Section 8.02 (Prosecution of Patent Rights),
          Section 8.03 (Enforcement), Section 8.04 (Defense of Third Party Infringement and Misappropriation Claims), Section 8.06 (Trademark Enforcement and Defense), Section 10.05 (Disclaimer), Section 10.06 (Limitation of Liability), ARTICLE XI (Confidentiality), Section 12.01 (Indemnification by
          Sol-Gel), Section 12.02 (Indemnification by Galderma), Section 12.03 (Procedure), Section 12.04 (Insurance), Section 13.07
          (Effect of Termination), Section 13.08 (Survival; Accrued Rights), Section 14.03 (Choice of Law), Section 14.04 (Language), and ARTICLE XVI (Miscellaneous). In any event, expiration or termination of this Agreement shall not
        relieve either Party of any liability which accrued hereunder prior to the effective date of such expiration or termination, nor preclude either Party from pursuing all rights and remedies it may have hereunder or at Law or in equity with respect
        to any breach of this Agreement occurring prior to such expiration or termination.

       

      
        37

        
          

      

      ARTICLE XIV

        

        DISPUTE RESOLUTION; GOVERNING LAW

       

      Section 14.01.          Executive Officers; Disputes. Each Party shall ensure that an
        executive officer is designated for such Party at all times during the Term for dispute resolution purposes (each such individual, such Party’s “Executive Officer”), and shall promptly notify the other Party
        of its initial, or any change in its, Executive Officer.  Unless otherwise set forth in this Agreement, if a dispute arises between the Parties under this Agreement, then the Parties shall refer such dispute to the Executive Officers, who shall
        attempt in good faith to resolve such dispute.  If the Executive Officers are unable to resolve such dispute within [***] days after such dispute has been referred to them under this Section 14.01 (Executive Officers; Disputes), then such dispute shall be referred to the dispute resolution process set forth in Section 14.02 (Arbitration).

       

      Section 14.02.          Arbitration. Subject to Section
          14.02(d) (Intellectual Property Disputes), any disputes, claims, or controversies in connection with this Agreement, including any questions regarding its formation, existence, validity, enforceability, performance, interpretation, breach
        or termination, that are not resolved in accordance with Section 14.01 (Executive Officers; Disputes) shall be referred to and finally resolved by binding arbitration administered by the ICC International
        Court of Arbitration (“ICC”), in accordance with the then-current rules of the ICC (the “Rules”), which rules are deemed to be incorporated by reference into this Section 14.02 (Arbitration), in the manner described below; provided that, prior to commencing arbitration or other legal proceedings with respect to any disputes, claims
        or controversies in connection with this Agreement, the Executive Officers of both Parties shall discuss in good faith such disputes, claims or controversies for at least [***] pursuant to Section 14.01 (Executive Officers; Disputes).

       

      (a)          Arbitration Request.  If a Party intends to begin an arbitration to resolve a dispute arising under this Agreement, then such
        Party shall provide written notice (the “Arbitration Request”) to the other Party of such intention and the issues for resolution.

       

      
        38

        
          

      

      (b)          Additional Issues.  Within [***] after the receipt of an Arbitration Request, the
        other Party may, by written notice, add additional issues for resolution by providing written notice thereof to the Party that originally issues the Arbitration Request.

       

      (c)          General Arbitration Procedure for Disputes.  The seat of arbitration will be in New York, New York, and the arbitration will
        be conducted in the English language.  No Party will challenge the jurisdiction or venue provisions as provided in this Agreement.  The arbitration will be conducted by a single arbitrator, who will be appointed according to the Rules or by mutual
        agreement of the Parties and who must be an attorney admitted to practice law in the State of New York.  The arbitral award shall be final, definitive and binding on the Parties and their successors and permitted assigns.  The Parties reserve the
        right to apply to a competent judicial court to obtain urgent remedies to protect rights before establishment of the arbitration panel, without such recourse being considered as a waiver of arbitration.  Except as otherwise determined by the
        arbitrator, the Parties shall each bear half of the fees and expenses of the arbitrator and the ICC, and each Party shall bear the costs and fees of its attorneys. Nothing in this Agreement shall be deemed as preventing either Party from seeking
        injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of the dispute as necessary to protect such Party’s name, Confidential Information, Know-How, intellectual property
        rights, or any other proprietary right or otherwise to avoid irreparable harm.  If the issues in dispute involve scientific or technical matters, then any arbitrator chosen hereunder shall have educational training or experience sufficient to
        demonstrate a reasonable level of knowledge in the field of biotechnology and pharmaceuticals.  Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  The Parties intend that each award rendered
        by an arbitrator hereunder shall be entitled to recognition and enforcement under the United Nations Convention on the Recognition and Enforcement of Arbitral Awards (New York, 1958).

       

      (d)          Intellectual Property Disputes.  Notwithstanding the other provision of Section 14.02
          (Arbitration), unless otherwise agreed by the Parties, a dispute between the Parties relating to the validity or enforceability of any Patent Right shall not be subject to arbitration and shall be
        submitted to a court or patent office of competent jurisdiction in the relevant country or jurisdiction in which such patent was issued or, if not issued, in which the underlying patent application was filed.

       

      Section 14.03.          Choice of Law.  This Agreement and all amendments, modifications,
        alterations, or supplements hereto, and the rights of the Parties hereunder, shall be construed under and governed by the laws of the State of New York, exclusive of and without regard to its conflicts of laws principles; provided, however, that any dispute between the Parties hereunder relating to inventorship shall be resolved based on an independent inventorship analysis under the United States patent
        law. This Agreement shall not be governed by the provisions of the United Nations Convention on Contracts for the International Sale of Goods.

       

      Section 14.04.          Language.  This Agreement has been prepared and executed in the
        English language, and the English language shall control its interpretation in all respects.  All consents, notices, reports and other written documents to be delivered or provided by a Party under this Agreement shall be in the English language,
        and, in the event of any conflict between the provisions of any document and the English language translation thereof, the terms of the English language translation shall control.

       

      
        39

        
          

      

      ARTICLE XV

        

        ASSIGNMENT

       

      Section 15.01.          Assignment.

       

      (a)          Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by either Party (and, for these purposes, a merger, sale of
        assets, operation of law or other similar transaction shall be deemed an assignment) without the prior written consent of the other Party.  Notwithstanding the foregoing, a Party may, without the other Party’s written consent, assign this Agreement
        and its rights and obligations hereunder in whole or in part to (i) an Affiliate or (ii) a Third Party that acquires, by or otherwise in connection with, a merger, sale of assets or otherwise, all or substantially all of the business of such
        assigning Party to which the subject matter of this Agreement relates; provided that the assignee agrees in writing to assume all of such assigning Party’s obligations under this Agreement.  A Party
        assigning this Agreement in accordance with this paragraph will remain responsible for the performance by its assignee of this Agreement or any obligations hereunder so assigned.

       

      (b)          The terms of this Agreement will be binding upon and will inure to the benefit of the successors, heirs, administrators and permitted assigns of the Parties.  Any
        purported assignment in violation of this Section 15.01 (Assignment) will be null and void ab initio.

       

      ARTICLE XVI

        

        MISCELLANEOUS

       

      Section 16.01.          Force Majeure.  If either Party shall be delayed in, interrupted in
        or prevented from the performance of any of its obligations hereunder by reason of force majeure, which may include any act of God, fire, flood, earthquake, storm, war (declared or undeclared), failure of plant or machinery, CMO Supply Failure,
        public disaster, epidemic, pandemic, spread of infectious disease, quarantine, state of emergency, act of terrorism, insurrection, riot, government act, order, ordinance, guideline or other similar action, or strike or labor differences (other than
        strikes or labor disturbances involving a Party’s own employees), in each case outside of such Party’s reasonable control (each a “Force Majeure”), then such Party shall not be liable to the other Party
        therefor nor be deemed to have defaulted under or breached this Agreement as a result thereof, and the time for performance of such obligation shall be extended for a period equal to the duration of the Force Majeure which occasioned the delay,
        interruption or prevention.  [***].  In addition, a Force Majeure may include reasonable measures affirmatively taken by a Party or its Affiliates to respond to [***],
        or cessation of activities in response to [***].  The Party invoking the force majeure rights of this Section 16.01 (Force Majeure)
        must notify the other Party of the Force Majeure by courier or overnight dispatch (e.g., Federal Express) promptly following both the first and last days of the Force Majeure unless the Force Majeure renders
        such notification impossible or commercially impracticable, in which case notification will be made as soon as commercially practicable.  While the Force Majeure circumstance continues, the affected Party will undertake reasonable efforts necessary
        to mitigate and overcome such Force Majeure circumstances and resume normal performance of its obligations hereunder as soon as reasonably practicable under the circumstances, and will provide to the other Party on a monthly basis, or more
        frequently if requested by the other Party, written summaries of its mitigation efforts and its estimates of when normal performance under this Agreement will be able to resume.  If the delay resulting from the Force Majeure exceeds [***], then the other Party may terminate this Agreement immediately upon written notice to the Party invoking the force majeure rights of this Section 16.01 (Force Majeure).

       

      
        40

        
          

      

      Section 16.02.          Entire Agreement; Amendments.  This Agreement, together with the
        Exhibits and Schedules attached hereto, constitutes the entire agreement between Sol-Gel or any of its Affiliates, on the one hand, and Galderma or any of its Affiliates, on the other hand, with respect to the subject matter hereof, supersedes all
        prior understandings and writings between Sol-Gel or any of its Affiliates, on the one hand, and Galderma or any of its Affiliates, on the other hand relating to such subject matter, and shall not be modified, amended or (subject to ARTICLE XIII (Term and Termination)) terminated, except by another agreement in writing executed by the Parties.

       

      Section 16.03.          Severability.  If, under applicable Law, any provision of this
        Agreement is held invalid or unenforceable, or otherwise directly or indirectly affects the validity of any other material provision of this Agreement (such invalid or unenforceable provision, a “Severed Clause”),

        then it is agreed that this Agreement shall endure except for the Severed Clause.  The Parties shall consult one another and use their reasonable efforts to agree upon a valid and enforceable provision that is a reasonable substitute for the
        Severed Clause in view of the intent of this Agreement.

       

      Section 16.04.          Interpretation.  (a) Whenever any provision of this Agreement uses
        the word “including,” “include,” “includes,” or “e.g.,” such word shall be deemed to mean “including without limitation” and “including but not limited to;” (b) “herein,” “hereby,” “hereunder,” “hereof” and
        other equivalent words shall refer to this Agreement in its entirety and not solely to the particular portion of this Agreement in which any such word is used; (c) a capitalized term not defined herein but reflecting a different part of speech from
        that of a capitalized term which is defined herein shall be interpreted in a correlative manner; (d) wherever used herein, any pronoun or pronouns shall be deemed to include both the singular and plural and to cover all genders; (e) the recitals
        set forth at the start of this Agreement, along with the Schedules and the Exhibits to this Agreement, and the terms and conditions incorporated in such recitals, Schedules and Exhibits, shall be deemed integral parts of this Agreement and all
        references in this Agreement to this Agreement shall encompass such recitals and Schedules and Exhibits and the terms and conditions incorporated in such recitals, Schedules and Exhibits; provided that, in
        the event of any conflict between the terms and conditions of the body of this Agreement and any terms and conditions set forth in such recitals, Schedules or Exhibits, the terms of the body of this Agreement shall control unless such recital,
        Schedule or Exhibit expressly states the intent of the Parties that such terms and conditions shall supersede the terms of the body of this Agreement; (f) in the event of any conflict between the terms and conditions of this Agreement and any terms
        and conditions that may be set forth on any order, invoice, verbal agreement or otherwise, the terms and conditions of this Agreement shall govern; (g) this Agreement shall be construed as if both Parties drafted it jointly, and shall not be
        construed against either Party as principal drafter; (h) unless otherwise provided, all references to Sections, Articles, Exhibits and Schedules in this Agreement are to Sections, Articles, Exhibits and Schedules of and to this Agreement; (i) any
        reference to any Law shall mean such Law as in effect as of the relevant time, including all rules and regulations thereunder and any successor Law in effect as of the relevant time, and including the then-current amendments thereto; (j) wherever
        used, the word “shall” and the word “will” are each understood to be imperative or mandatory in nature and are interchangeable with one another; (k) any reference herein to any person will be construed to include the person’s successors and
        assigns; (l) the captions and table of contents used herein are inserted for convenience of reference only and shall not be construed to create obligations, benefits or limitations; (m) the word “year” means any consecutive twelve (12) month
        period, unless otherwise specified; (n) the term “or” will be interpreted in the inclusive sense commonly associated with the term “and/or”; and (o) nothing in this Agreement shall require or be construed or interpreted to require a Party to
        violate any applicable Law.

       

      
        41

        
          

      

      Section 16.05.          Notices.  Except as expressly otherwise provided herein, any notice
        required or permitted to be given under this Agreement shall be in writing and shall be delivered by internationally recognized express courier or delivery service, or sent by facsimile or email and confirmed by registered or certified mailing,
        postage prepaid, return receipt requested, and in each case, addressed as follows (or to such other address as the Party to whom notice is to be given may have furnished to the other Party in writing in accordance herewith):

       

      If to Sol-Gel:

      

      

      Sol-Gel Technologies Ltd.

        7 Golda Meir St.

      Ness Ziona 7403620

      Israel

      Attn: [***]

      With a copy to (which shall not constitute notice for purposes of this Agreement):

      

      

      [***]

      

      

      If to Galderma:

      

      

      Galderma SA

      Rue d’Entre-deux-Villes 10

      1814 La Tour-de-Peilz

      Switzerland

      Attn: General Counsel

      

      

      With a copy to (which shall not constitute notice for purposes of this Agreement):

      

      

      [***]

       

      

      Any such notice shall be deemed to have been given (a) when delivered if personally delivered, (b) on receipt if sent by overnight courier, or (c) on receipt if sent by mail.

       

      
        42

        
          

      

      Section 16.06.          Agency.  Neither Party is, nor will be deemed to be, a partner,
        employee, agent or representative of the other Party for any purpose.  Each Party is an independent contractor of the other Party and the legal relationship between the Parties shall not constitute a partnership, joint venture or agency, including
        for all tax purposes.  Neither Party shall have the authority to speak for, represent or obligate the other Party in any way without prior written authority from the other Party.

       

      Section 16.07.          No Waiver.  No waiver of a term, condition, covenant or provision
        of this Agreement shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term, condition, covenant or provision.  Except as may be expressly set forth herein, any omission or delay by
        either Party at any time to enforce any right or remedy reserved to it, or to require performance of any of the terms, conditions, covenants or provisions hereof, by the other Party, shall not constitute a waiver of such Party’s rights to the
        enforcement of any of its rights under this Agreement.  Any waiver by a Party of a particular breach or default by the other Party shall not operate or be construed as a waiver of any subsequent or similar breach or default by the other Party, and
        any single or partial exercise of any particular right by a Party will not exhaust the same or constitute a waiver of any other right provided in this Agreement.

       

      Section 16.08.          Cumulative Remedies.  Except as may be expressly set forth herein,
        no remedy referred to in this Agreement is intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to in this Agreement or otherwise available under applicable Law or in equity.

       

      Section 16.09.          No Third Party Beneficiary Rights.  This Agreement is not intended
        to and shall not be construed to give any Third Party any interest, rights or remedies (including any third party beneficiary rights) with respect to or in connection with any agreement or provision contained herein or contemplated hereby, other
        than (a) to the extent provided in Section 12.01 (Indemnification by Sol-Gel), the Galderma Indemnitees and (b) to the extent provided in Section 12.02 (Indemnification by
          Galderma), the Sol-Gel Indemnitees.

       

      Section 16.10.          Performance by Affiliates. Subject to Section 7.09 (Methods of Payment), either Party may use one or more of its Affiliates to perform its obligations and duties and exercise its rights hereunder; provided that each Party shall
        cause such of its Affiliates to comply with the provisions of this Agreement in connection with such performance or exercise and shall remain liable hereunder for the prompt payment and performance of all of its obligations hereunder.

       

      Section 16.11.          Further Assurances and Actions.  The Parties agree to execute and
        deliver such other documents, certificates, agreements and other writings and to take such other actions as may be reasonably necessary to consummate or implement expeditiously the express purposes and intent contemplated by this Agreement.

       

      Section 16.12.          Counterparts.  This Agreement may be executed in one or more
        counterparts, all of which taken together shall be regarded as one and the same instrument.  Each Party may execute this Agreement in AdobeTM Portable Document Format (“PDF”) sent by electronic mail. In
        addition, PDF signatures of authorized signatories of any Party will be deemed to be original signatures and will be valid and binding, and delivery of a PDF signature by any Party will constitute due execution and delivery of this Agreement.

       

      [Signature page follows.]

       

      
        43

        
          

      

      IN WITNESS WHEREOF, the Parties have executed this Agreement through their duly authorized representatives to be effective as of the Effective Date.

      

      

      SOL-GEL TECHNOLOGIES LTD.

      

      

      By:

                  Name:

                  Title:

       

      GALDERMA HOLDING SA

      

      

      By:

                  Name:

                  Title:

      

      

      

      

      By:

                  Name:

                  Title:

       

      

      
        [Signature Page to Twyneo License Agreement]

      

      
        

        

        
          
            

        

      

      Schedule 1.02

      

      

      Excluded Affiliates

      

      

      [***]

      

      

    

    
      
        

    

    
      Schedule 1.29

      

      

      Licensed Patents

      

      

      [***]

      

      

      
        
          

      

      Schedule 1.32

       

        Licensed Trademark

      

      

      [***]

    

    
      
        

    

    

      Schedule 5.01

      

      

      Minimum Order Quantities

      

      

      [***]

      
        

        

        
          
            

        

      

      Schedule 6.01

      

      

      Douglas Supply Agreement

      

      

      [***]

      

      

      
        
          

      

      Schedule 11.04

      

      

      Press Release

      

      

      [***]Exhibit 4.21

    

    
       

        	
                 

              	
                
                  CERTAIN INFORMATION IDENTIFIED

                  BY BRACKETED ASTERISKS ([* * *])

                  HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE

                  IT IS BOTH NOT MATERIAL AND WOULD BE

                  COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

                

              

         

      

       

      

    

    
      
        

        

      

      Contract Manufacturing Agreement

       

      

      DOUGLAS MANUFACTURING LIMITED

       

      

      SOL-GEL TECHNOLOGIES LIMITED

        

      

      GALDERMA SA

       

      May 28, 2021

       

      
        
          

      

      
      	
              AGREEMENT DETAILS

            
	
              Parties

            	
              DOUGLAS MANUFACTURING LIMITED (“Douglas”)

              SOL-GEL TECHNOLOGIES LIMITED (“Sol-Gel”)

              GALDERMA SA (“Galderma”)

            
	
              Douglas contact details

            	
              Address

            	
              Corner of Central Park Drive and Te Pai Place, Lincoln, Auckland 0610, New Zealand

            
	
              Email address

            	
              [***]

            
	
              Contact number

            	
              +64 9 822 5510

            
	
              Contact person

            	
              Tony Clark, General Manager DML

            
	
              Sol-Gel contact details

            	
              Address

            	
              Golda Meir 7, Ness Ziona, Israel

            
	
              Email address

            	
              [***]

            
	
              Contact number

            	
              [***]

            
	
              Contact person

            	
              [***] CFO

            
	
              Galderma contact details

            	
              Address

            	
              Rue d'Entre-deux-Villes 10, 1814 La Tour-de-Peilz, Switzerland

            
	
              Email address

            	
              [***]

            
	
              Contact number

            	
              [***]

            
	
              Contact person

            	
              [***] VP Operations

            

      	
              Commencement Date

            	
              The date of the last signature of this agreement.

            
	
              Customer

            	
              Galderma, or following any termination of this Agreement by Galderma pursuant to clause 16 (Termination), Sol-Gel or its designated Affiliate or licensee, in accordance with clause 16.5  (Effect of
                  Termination as to Galderma).

            
	
              Products, Lead Time and Additional Services

            	
              As set out in Schedule 1.

            
	
              Components

            	
              All Materials (as set out in Schedule 3), ingredients, consumables, Secondary Packaging, and other components and materials that are incorporated into or used to produce Product.  The term Components includes
                Critical Components and Exclusive Components.

            
	
              Territory

            	
              The United States of America, including its districts, territories, possessions and protectorates, such as Puerto Rico.

            
	
              Manner of Delivery

            	
              Either [***] or [***] approved for the Product.

            
	
              Initial Term

            	
              The initial term of this Agreement shall commence on the Commencement Date and shall continue until the third (3rd) anniversary of the First Commercial Sale (unless sooner terminated under clause
                  16 (Termination)).

            
	
              Renewal Term (if any)

            	
              At Sol-Gel’s and the Customer’s option, Sol-Gel and the Customer may renew this Agreement for an additional period following the Initial Term so that the entire Term of the Agreement shall expire on the fifth
                (5th) anniversary of the First Commercial Sale, by providing Douglas written notice of its intent to renew no less than [***] prior to the end of the Initial Term, pursuant to clause
                  2.2 (Renewal Term). As between Sol-Gel and the Customer, Sol-Gel’s consent to renew the Agreement shall not be unreasonably withheld, delayed, or conditioned, and good faith discussions on the subject shall take place beginning no
                later than [***] prior to the end of the Initial Term, which discussions shall include the [***], taking into account the circumstances at the time of such
                renewal.

            
	
              Prices

            	
              The Prices for manufacturing and supplying the Products, as set out in Schedule 1 (subject the Price adjustment clauses contained in clause 8.1 (Price for Manufacturing Services)).

            
	
              Payment

            	
              Payments shall be made by the Customer within [***] after the date of an undisputed invoice issued by Douglas in accordance with clause 9.2 (Invoicing) and the
                other terms of this Agreement. Payment shall be made by way of electronic transfer to the bank account nominated by Douglas.

            
	
              Currency in which moneys  payable under this Agreement

            	
              USD

            

       

      

    

    
      2

      
        

    

    
       

      	
              DOUGLAS MANUFACTURING LIMITED by:

            	 	
              SOL-GEL TECHNOLOGIES LIMITED by:

            
	 	 	 
	
              Signature

            	 	
              Signature

            
	 	 	 
	
              Name

            	 	
              Name

            
	 	 	 
	
              Position

            	 	
              Position

            
	 	 	 
	
              Date

            	 	
              Date

            

      

      

      	
              GALDERMA SA by:

            	 	
              GALDERMA SA by:

            
	 	 	 
	
              Signature

            	 	
              Signature

            
	 	 	 
	
              Name

            	 	
              Name

            
	 	 	 
	
              Position

            	 	
              Position

            
	 	 	 
	
              Date

            	 	
              Date

            

      
        

        

        
          3

          
            

        

      

      Contents

       

      
        	
                1.

              	
                Interpretation

              	5

              
	 	 	

              
	
                2.

              	
                Term

              	10

              
	 	 	

              
	
                3.

              	
                Services

              	11

              
	 	 	

              
	
                4.

              	
                Obligations of the Customer

              	13

              
	 	 	

              
	
                5.

              	
                Documentation and registration

              	14

              
	 	 	

              
	
                6.

              	
                Orders

              	14

              
	 	 	

              
	
                7.

              	
                Procurement

              	15

              
	 	 	

              
	
                8.

              	
                Pricing

              	16

              
	 	 	

              
	
                9.

              	
                Payment

              	17

              
	 	 	

              
	
                10.

              	
                Delivery

              	17

              
	 	 	

              
	
                11.

              	
                Modifications to specifications

              	18

              
	 	 	

              
	
                12.

              	
                Update of Components

              	18

              
	 	 	

              
	
                13.

              	
                Warranties

              	20

              
	 	 	

              
	
                14.

              	
                Equipment

              	21

              
	 	 	

              
	
                15.

              	
                Intellectual property rights

              	21

              
	 	 	

              
	
                16.

              	
                Improvements

              	23

              
	 	 	

              
	
                17.

              	
                Termination

              	24

              
	 	 	

              
	
                18.

              	
                Effect of termination

              	25

              
	 	 	

              
	
                19.

              	
                Force majeure

              	25

              
	 	 	

              
	
                20.

              	
                Liability and Indemnity

              	27

              
	 	 	

              
	
                21.

              	
                Quality Agreement

              	27

              
	 	 	

              
	
                22.

              	
                General

              	28

              

      

       

      
        4

        
          

      

      TERMS AND CONDITIONS

       

      
        	 
                1.

              	
                Interpretation

              

      

       

      	

            	1.1.	
              Definitions: In this Agreement:

            

       

      “Additional Fee” shall mean the additional [***] due to Douglas from [***],
        and from [***], in the amount set forth in Schedule 1.

         
      “Additional Services” means the additional services listed at Schedule 1.

       

      “Additional Service Pricing” has the meaning given to that term at Schedule 1.          

         

      “Affiliate” means, in relation to a Party, any person who controls, or is controlled by, or is under common control with, that Party.

       

      “Agreement” means this Contract Manufacturing Agreement.

       

      “Applicable Laws” means all laws, regulations, statutes, codes of conduct and industry standards applicable to the Manufacture, supply, and/or sale of the
        Licensed Product or the Parties’ performance of other activities under this Agreement.

       

      “Approved Manufacturer” means the approved Material manufacturers set forth on Schedule 3.

       

      “Approved Manufacturer List” has the meaning given to that term in clause 3.1.2 (Components).

       

      “Authority” means any governmental authority, department, body or agency or any court, tribunal, bureau, commission or other similar body, whether
        international, supranational, federal, state, provincial, county or municipal.

       

      “Batch” means a defined quantity of Product, during a defined cycle of Manufacture, and which is identified by a unique
        production number.

       

      “Business Day” means Monday to Friday except for any day in either New Zealand, Switzerland or the United States that is a public or statutory holiday.

       

      “Claims” has the meaning given to that term in clause 19.1 (Indemnification by Douglas).

       

      “Commencement Date” has the meaning given to this term at the front of the agreement.

       

      “Commitment” has the meaning given to that term in clause 6.1 (Forecasts).

       

      “Components” has the meaning given to this term at the front of the agreement.

       

      “Confidential Information” shall mean all written information and data or verbal information or
        information obtained during on-site visits that is specifically designated as confidential or by its nature would reasonably be understood or expected by the receiving Party to be confidential, provided by the Parties to each other under this
        Agreement or with respect to the Products (including any information concerning the financial position of any Party and its business, sales and technical operations or any information concerning the customers or suppliers of any Party, and the
        terms of this Agreement and the Technical Quality Agreement), except any portion thereof that:

       

      	

            	(a)	
              is known to the receiving Party, as evidenced by the receiving Party’s written records, before receipt thereof under this Agreement;

            

       

      	

            	(b)	
              is independently developed by the receiving Party prior to receipt of the Confidential Information, either under this Agreement, the License Agreement or the Service Development Agreement, as evidenced by written records of the receiving
                Party;

            

       

      	

            	(c)	
              is disclosed to the receiving Party by a third person who has a right to make such disclosure; or

            

       

      	

            	(d)	
              is or becomes part of the public domain through no fault of the receiving Party.

            

       

      “Continuous Improvements” has the meaning given to it in clause 3.1.4 (Continuous Improvement).

       

      
        5

        
          

      

      “Critical Components” means any Components that are [***], as identified in Schedule 3.

       

      “Current Good Manufacturing Practices” or the letters “GMP” or “cGMP” means current good manufacturing practice and standards as provided for (and as amended from time to time) in European Community Directive 2003/94/EC (Principles and guidelines of good manufacturing
        practice for medicinal products for human use) and in the Current Good Manufacturing Practice Regulations of the U.S. Code of Federal Regulations Title 21 (21 C.F.R. Parts 210 and 211) or any similar laws, rules, or regulations or directives
        promulgated by any applicable Regulatory Authority as applicable to the activities contemplated under this Agreement, including as applicable in the country where the Product will be actually Manufactured by Douglas or the country in which any API
        or other Component is produced, marketed, distributed, made available, used or sold, for methods to be used in, and the facilities or controls to be used for, the Manufacture, processing, testing, packaging, labelling, handling or storage of a
        product to assure that it is safe, and has the identity and strength and meets the quality and purity characteristics that it purports, or is represented, to possess.  For clarity, in case of any contradictions between the governing laws and
        regulations applicable to different countries the principals adopted by the U.S. Code of Federal Regulations Title 21 (21 C.F.R. Parts 210 and 211) shall govern.

       

      “Customer” has the meaning given to this term at the front of the agreement.

       

      “Delivery Date” has the meaning given to that term in clause 6.2 (Purchase Orders).

       

      “Dispute” has the meaning given to that term in clause 22.2.1 (Dispute Resolution).

       

      “Douglas Indemnitees” has the meaning given to that term in clause 19.2 (Indemnification by Customer).

       

      “Equipment” means the equipment listed in Schedule 2.

       

      “Exclusive Components” means any Components that are unique to any Product (i.e. that Douglas does not procure for any other customer or drug product), as
        identified in Schedule 3, which may be amended from time to time to add to, delete from or alter the status of such Components as agreed. In the event that any such Components are no longer unique to the Products, such Components shall no longer be
        defined as Exclusive Components.

       

      “Exclusive Vendors” means any vendors that are unique to the Product such as exclusive storage providers and exclusive
        external testing laboratories.

       

      “[***]” means [***] (as amended from time to time).

       

      “Facility” means the facility operated by Douglas located at [***] as defined in the site master file, or any other
        facility approved by the Customer in writing from time to time.

       

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

       

      “Firm Order” has the meaning given to that term in clause 6.3 (Acceptance of Orders).

       

      “First Commercial Sale” means the first bona fide sale of a Product in the Territory by the Customer or its Affiliates or sublicensees for [***] to a Third Party [***] . Sales or other distribution for [***], or (e) similar purposes shall not be deemed “First
        Commercial Sale.”

       

      “Force Majeure Event” has the meaning given to that term in clause 18.1 (Force Majeure).

       

      “Generic Processes” has the meaning given to that term in clause 15.7 (Generic Improvements).

       

      “ICC” has the meaning given to that term in clause 22.2.1 (Dispute Resolution).

       

      “ICC Rules” has the meaning given to that term in clause 22.2.1 (Dispute Resolution).

       

      “Incremental Order Quantity” means the incremental order quantities relating to each Product as set out in Schedule 1.

       

      “Indemnified Party” has the meaning given to that term in clause 19.5 (Procedure).

       

      
        6

        
          

      

      “Indemnifying Party” has the meaning given to that term in clause 19.5 (Procedure).

       

      “Initial Term” has the meaning given to that term in clause 2.1 (Initial Term).

       

      “Intellectual Property” means all intellectual property rights and other proprietary rights in any jurisdiction
        throughout the world including: (i) inventions, trade secrets, know-how and other confidential or proprietary information, (ii) works of authorship and copyrights, (iii) trademarks, (iv) data, results and reports related to any clinical trial
        involving a Product, whether published or unpublished, (v) any additions, advances, changes, derivatives, improvements, enhancements, refinements or modifications made to any of the foregoing, and (vi) all other intellectual property; in each case,
        including any registrations, applications for registration, or other embodiments of any of the foregoing (e.g., patents, patent applications, patent disclosures, and any divisions, continuations, continuations-in-part, reissues, extensions, or
        re-examinations thereof), and including any and all rights, title, and interests therein and thereto.

       

      “Inventory” means all stocks and inventories of Components, Product and work-in-process Product that, at a particular time, have been purchased or produced and
        are held or maintained by Douglas in accordance with this Agreement, including any excess material purchased by reason of vendor minimum purchase requirements and any long lead time material.

       

      “Latent Defect” means any non-conformity that causes Product to be non-conforming with the Specifications and that could not reasonably be detected by visual
        inspection or the Methods of Analysis used to characterise the Product at the time of release.

       

      “Lead Time” means the minimum required period of time between the date when a Purchase Order is placed and the Delivery
        Date set out in the Purchase Order of the Products, as specified at Schedule 1.

       

      “License Agreement” has the meaning given to that term in clause 16.4 (Termination for Expiration or Termination of
          License Agreement).

       

      “Licensed Rights” means all rights in and to the formula, technology, techniques (both patented and non-patented),
        know-how, methods, Confidential Information, designs, and Intellectual Property owned or controlled by Sol-Gel or any of its Affiliates relating to the Products and the Methods of Analysis, or otherwise necessary or useful for the Manufacture of
        Products.

       

      “Long Term Forecast” has the meaning given to that term in clause 6.1 (Forecasts).

       

      “Losses” has the meaning given to that term in clause 19.1 (Indemnification by Douglas).

       

      “Manufacturing License” has the meaning ascribed to it in clause 3.3 (Use of Licensed Rights and Quality
          Information).

       

      “Manufacture” or “Manufacturing” means, as applicable, all activities associated with, related to, directed to, or involved in the production of the Product, including the purchase, receipt, and use of Materials and Components, the preparation,
        formulation, processing, production, manufacturing, filling, packaging (primary and secondary), component assembly, finishing, serialization, testing, analysis, as well as finished product or stability testing, labelling, holding, storage,
        handling, and release of the Product and the Materials or intermediate thereof, including process qualification and validation, and commercial manufacture and analytical development, quality assurance and quality control, and the handling, storage
        and disposal of any residues or wastes generated thereby. “Manufactured” has a correlative meaning.

       

      “Marketing Approval” means all approvals, licenses, registrations, authorizations or clearances of any Regulatory Authority necessary for the Manufacture,
        commercialization, distribution, marketing, offer for sale, use, importation into, storage, and commercial sale in the Territory of the Product Manufactured by Douglas at the Facility.

       

      “Materials” means all APIs, excipients, and primary packaging as set out in Schedule 3.

       

      “Methods of Analysis” means the methods of analysis for the Product as agreed in writing between the Parties.

       

      “Modifications” has the meaning given to that term in clause 11.1 (Changes by Douglas).

       

      
        7

        
          

      

      “Non-Conforming Materials” means the Materials that do not comply or conform with the Sol-Gel Specifications and [***].

       

      “Other Equipment” means equipment used in the performance of the Services, but that are not listed in Schedule 2.

       

      “Parties” has the meaning given to that term at the front of this Agreement.

       

      “Patent Infringement Termination” has the meaning given to that term in clause 16.3 (Termination for Regulatory
          Action or Claim of Infringement).

       

      “Patent Rights” means all patent and patent application rights throughout the world in respect of any technology or
        techniques relating to the Manufacture of the Products and any patent granted pursuant to such applications (including without limitation those patent applications and registrations specified at the front of this Agreement (if any), as amended from
        time to time in accordance with this Agreement), and any further patent applications made by, and patents granted to Sol-Gel at any time during the Term in respect of or relating to the Products.

       

      “Person” means any natural person, corporation, general partnership, limited partnership, limited liability company,
        limited liability partnership proprietorship, other business organization, trust, union, association or Authority.

       

      “Preferential Use” has the meaning given to that term in Schedule 2.

       

      “Preliminary Specifications” has the meaning given to this term in clause 4.2 (Specifications).

       

      “Prices” has the meaning given to that term at the front of this Agreement.

       

      “Products” means the products set out in Schedule 1, as amended from time to time in accordance with this Agreement.

       

      “Purchase Order” has the meaning given to that term in clause 6.2 (Purchase Orders).

       

      “Quality Information” means quality information relating in any way to the Manufacture of the Products, and to the use
        of any equipment and techniques relating to the Products, including any such information provided by Sol-Gel to Douglas prior to the Commencement Date and any such information that may be further provided by the Customer, or by Sol-Gel at the
        Customer’s request, to Douglas from time to time to enable Douglas to Manufacture the Products at the Facility.

       

      “Recall” means any action in the Territory (a) by the Customer to recover title to or possession of, or to issue a field alert or field correction with respect
        to, quantities of Product sold or shipped to Third Parties, including any voluntary withdrawal of Product from the market, or (b) by any Regulatory Authority to recall, withdraw from the market, order any corrective action, or otherwise detain or
        destroy any Product.

       

      “Regulatory Authorities” means any U.S. federal, state, local or other non-U.S. governmental or regulatory body, court or arbitrator, including FDA and
        authorities appointed under the Drugs and Cosmetics Act, 1940, for the time being in force, as well as any other health regulatory authorities having jurisdiction over any activities contemplated by the Parties in the Territory.

       

      “Regulatory Requirements” means any and all applicable U.S. federal, state, and local, or non-U.S. and New Zealand
        laws, legal and regulatory standards, procedures, protocols, guidelines, guidances, and requirements or requests of any Regulatory Authority having jurisdiction over the Product or the Manufacture thereof or any other activities contemplated by
        this Agreement.  Regulatory Requirements shall include the applicable provisions of the Federal Food, Drug, and Cosmetic Act and its implementing regulations, and Current Good Manufacturing Practices.

       

      “Renewal Term” has the meaning given to that term in clause 2.2 (Renewal Term).

       

      “Required Regulatory Change” has the meaning given to this term in clause 11.3 (Changes Required by Authority).

       

      “Rolling Forecast” has the meaning given to that term in clause 6.1 (Forecasts).

       

      “Secondary Packaging” means all secondary packaging for the Product, including labels, inserts, cartons, shippers, and
        dividers.

       

      “Service Development Agreement” has the meaning given to that term in clause 2.3 (Existing Relationship).

       

      
        8

        
          

      

      “Services” means the Manufacturing and supply of Products to the Customer. The term Services excludes any Additional Services.

       

      “Sol-Gel IP” has the meaning given to that term in clause 15.1 (Rights of Sol-Gel).

       

      “Sol-Gel Specifications” means specifications required by Sol-Gel in relation to [***], in addition to the
        specifications that [***], as set out in Schedule 3, which may be amended by the Customer and Sol-Gel upon agreement in writing from time to time, provided that as between Sol-Gel and Customer, if Customer
        requests Sol-Gel to approve a change in the Sol-Gel Specifications, then Sol-Gel's consent to such change shall not be unreasonably withheld, delayed, or conditioned.

       

      “Specifications” means the mastered specifications for the Products (document numbers [***]), including specifications
        relating to the raw materials ([***]), the formula, techniques and method of Manufacture (document numbers [***]). The Specifications may be amended by the Customer
        and Sol-Gel upon agreement in writing from time to time, provided that as between Sol-Gel and the Customer, if the Customer requests Sol-Gel to approve a change in the Specifications, then Sol-Gel’s consent to such change shall not be unreasonably
        withheld, delayed, or conditioned.

       

      “Subcontractor” has the meaning given to it in clause 3.4.2.1 (Subcontractors).

       

      “Technical Quality Agreement” means the quality agreement between Douglas and the Customer annexed to this Agreement as
        Annexure 1, as may be updated by Douglas and the Customer from time to time.

       

      “Term” has the meaning given to that term in clause 2.2 (Renewal Term).

       

      “Territory” has the meaning given to this term at the front of the agreement.

       

      “Third Party” means any Person that is not a Party to this Agreement or an Affiliate of a Party to this Agreement.

       

      “Third Party Claim” has the meaning given to it in clause 15.3 (Indemnity).

       

      All other capitalised terms shall have the meaning given to them at the front of this Agreement.

       

      	

            	1.2.	
              Interpretation: In this Agreement, unless the context otherwise requires:

            

       

      	

            	(a)	
              “control” includes where one or more Persons, directly or indirectly, whether by the legal or beneficial ownership of shares, securities or other equity, the possession of voting power, by contract, trust, or otherwise:

            

       

      	

            	(i)	
              has the power to appoint or remove the majority of the members of the governing body of the Person concerned;

            

       

      	

            	(ii)	
              controls or has the power to control the affairs or policies of the person concerned; or

            

       

      	

            	(iii)	
              is in a position to derive more than 50% of the benefit of the existence or activities of the Person concerned;

            

       

      	

            	(b)	
              the word “year” means any consecutive twelve (12) month period, unless otherwise specified;

            

       

      	

            	(c)	
              the singular includes the plural and vice versa and pronouns cover all genders;

            

       

      	

            	(d)	
              a capitalized term not defined herein but reflecting a different part of speech from that of a capitalized term which is defined herein shall be interpreted in a correlative manner;

            

       

      	

            	(e)	
              unless otherwise provided, references to clauses and Schedules are references to clauses and Schedules in this Agreement;

            

       

      	

            	(f)	
              the Schedules to this Agreement, and the terms and conditions incorporated in such Schedules, shall be deemed integral parts of this Agreement and all references in this Agreement to this Agreement shall encompass such Schedules and the
                terms and conditions incorporated in such Schedules, provided that, in the event of any conflict between the terms and conditions of the body of this Agreement and any terms and conditions set forth
                in the Schedules, the terms of the body of this Agreement shall control unless such Schedule expressly states the intent of the Parties that such terms and conditions shall supersede the terms of the body of this Agreement;

            

       

      
        9

        
          

      

      	

            	(g)	
              in the event of any conflict between the terms and conditions of this Agreement and any terms and conditions that may be set forth on any order, invoice, verbal agreement or otherwise, the terms and conditions of this Agreement shall
                govern;

            

       

      	

            	(h)	
              “herein,” “hereby,” “hereunder,” “hereof” and other equivalent words shall refer to this Agreement in its entirety and not solely to the particular portion of this Agreement in which any such word is used;

            

       

      	

            	(i)	
              headings are to be ignored in construing this Agreement;

            

       

      	

            	(j)	
              the term “or” will be interpreted in the inclusive sense commonly associated with the term “and/or”;

            

       

      	

            	(k)	
              wherever used, the word “shall” and the word “will” are each understood to be imperative or mandatory in nature and are interchangeable with one another;

            

       

      	

            	(l)	
              “including” and its derivatives (such as include and includes) means, whether or not capitalized in this Agreement, “including, but not limited to” and “including without limitation”;

            

       

      	

            	(m)	
              references to any law, statute, or Regulatory Requirement shall mean such law, statue, or Regulatory Requirement as in effect as of the relevant time, including any then-current modification of, amendment to, re-enactment of, or
                successor to, such law, statute, or Regulatory Requirement, and all legislation, orders, rules, and regulations issued under that statute or passed or made in substitution for the same;

            

       

      	

            	(n)	
              this Agreement shall be construed as if the Parties drafted it jointly, and shall not be construed against any Party as principal drafter; and

            

       

      	

            	(o)	
              nothing in this Agreement shall require or be construed or interpreted to require a Party to violate any Applicable Law or Regulatory Requirement.

            

       

      
        	 
                2.

              	
                Term

              

      

       

      	

            	2.1	
              Initial Term:  The initial term of this Agreement shall commence on the Commencement Date and shall continue until the third (3rd) anniversary of the First Commercial Sale (unless sooner
                terminated under clause 16 (Termination)) (the “Initial Term”).

            

       

      	

            	2.2	
              Renewal Term:  At Sol-Gel's and the Customer’s option, Sol-Gel and the Customer may renew this Agreement for an additional period following the Initial Term so that the entire Term of the Agreement
                shall expire on the fifth (5th) anniversary of the First Commercial Sale of Product  (as such option is exercised by the Customer, the “Renewal Term”) by providing Douglas written notice of
                its intent to renew no less than [***] prior to the end of the Initial Term. As between Sol-Gel and the Customer, Sol-Gel’s consent to renew the Agreement shall not be unreasonably withheld, delayed,
                or conditioned, and good faith discussions on the subject shall take place beginning no later than [***] prior to the end of the Initial Term, which discussions shall include the [***], taking into account the circumstances of such renewal. The “Term” of this Agreement shall include the Initial Term and, as applicable, the Renewal Term
                (unless sooner terminated under clause 16 (Termination).

            

       

      	

            	2.3	
              Existing Relationship: Douglas and Sol-Gel entered into a Service Development Agreement dated [***], as amended on [***],
                pursuant to which Douglas provided development services to Sol-Gel relating to the Products. This Agreement replaces the Service Development Agreement dated [***] (as amended) (the “Service Development Agreement”), except that any provisions of the Service Development Agreement that are intended to survive its expiry or termination shall do so and the entering into of this Agreement
                shall not preclude or override any liability of either Douglas or Sol-Gel that arose pursuant to the Service Development Agreement prior to the Commencement Date of this Agreement, including any obligation to make any payment.
                Notwithstanding any provision to the contrary set forth in this Agreement, Galderma, not having been party to the Service Development Agreement, shall not be bound by, or have any responsibility or liability with respect to, the Service
                Development Agreement in any manner whatsoever, including any surviving terms thereof.

            

       

      
        10

        
          

      

      
        	 
                3.

              	
                Services

              

      

       

      	

            	3.1	
              Manufacturing Services:

            

       

      	

            	3.1.1	
              Arrangement:  In consideration of the Customer's payment of the Prices due under, and the other terms and conditions of, this Agreement, Douglas shall perform the Services during the Term at the
                Facility in order to Manufacture and supply Product to the Customer for sale in the Territory pursuant to Purchase Orders issued by the Customer in accordance with clause 6.2 (Purchase Orders). Douglas shall perform the Services in
                accordance with the Specifications, the Sol-Gel Specifications, this Agreement, and the Technical Quality Agreement.

            

       

      	

            	3.1.2	
              Components:  Douglas shall purchase all Components as required by the Specifications.  A list of manufacturers and Materials approved by Sol-Gel and the Customer for the Materials to be used in
                Product Manufacturing is set forth at Schedule 3 (the “Approved Manufacturer List”), which list may be amended from time to time upon agreement of Sol-Gel and the Customer, provided that as between
                Sol-Gel and the Customer, if Customer requests Sol-Gel to approve an amendment to the Approved Manufacturer List, then Sol-Gel's approval of such amendment shall not be unreasonably withheld, delayed, or conditioned.  Douglas shall not use
                any Material or engage any manufacturer to supply a Material unless it is on the Approved Manufacturer List or approved in advance upon agreement of Sol-Gel and the Customer, provided that as between Sol-Gel and Customer, if Customer
                requests Sol-Gel to approve a Material or a manufacturer to supply a Material, then Sol-Gel's approval of such Material or manufacturer shall not be unreasonably withheld, delayed, or conditioned.  Douglas shall be responsible for
                conducting an assessment and quality qualification of any newly proposed Material manufacturer and shall provide to the Customer a good faith qualification report detailing such qualification findings (where such assessment and quality
                qualification shall be conducted, and such qualification report shall be prepared and provided, at Douglas’s sole cost, unless the newly proposed Material manufacturer would be an Exclusive Vendor, in which case Douglas shall invoice
                Customer in accordance with the rates set out in Schedule 1 for such audit).

            

       

      	

            	3.1.3	
              Technical Quality Agreement:  The parties shall enter into a Technical Quality Agreement on or about the date of this Agreement. 

            

       

      	

            	3.1.4	
              Non-Conforming Product: Douglas is not liable for any costs relating to (A) [***] or (B) [***]. As between the Parties, [***] shall bear the costs directly relating to the [***] other than as a
                result of the foregoing causes ((i)-(iv)), but will not be liable for any costs related to [***]. For the avoidance of doubt, [***] shall not be liable for
                the costs of [***] prior to or at the time of delivery by Douglas.

            

       

      	

            	3.1.5	
              Continuous Improvement: Douglas shall use commercially reasonable efforts to ensure continuous improvements of the processing performance regarding the Product at the Facility (“Continuous Improvements”) in order to ensure efficient production, thereby generating potential savings that could be shared with Sol-Gel through a reduction in Prices payable by the Customer pursuant to
                clause 8.1.5 (Adjustment of Price Due to Continuous Improvements).

            

       

      	

            	3.1.6	
              Facility Requirements: Douglas shall Manufacture the Product only at the Facility.

            

       

      	

            	3.1.7	
              Performance of Services and Other Obligations: Douglas, on behalf of itself and its Affiliates, covenants that:

            

       
      	

            	3.1.7.1	
              to Douglas’s knowledge, Douglas’s performance of its obligations under this Agreement, including its provision of the Services, shall not infringe or otherwise violate any Intellectual Property rights of any Third Party, except to the
                extent such infringement or violation is a result of Douglas’s [***];

            

       

      	

            	3.1.7.2	
              Douglas shall provide the Services and the Additional Services in strict accordance with this Agreement, the Technical Quality Agreement, the Specifications, Applicable Laws (including cGMPs), and the Regulatory Requirements;

            

       

      	

            	3.1.7.3	
              during the Term, the Facility shall remain cGMP-compliant;

            

       

      	

            	3.1.7.4	
              Douglas shall not allow any liens, charges, encumbrances and security interests to be registered against the Product;

            

       

      	

            	3.1.7.5	
              Douglas shall maintain throughout the Term all necessary approvals, licenses, authorizations, registrations, exemptions, consents, and permits from any Regulatory Authority or other Third Party in order to Manufacture the Product
                hereunder, except for the Marketing Approvals which is the responsibility of [***] and the responsibility of [***]; and

            

       

      
        11

        
          

      

      	

            	3.1.7.6	
              Douglas shall perform the Services and Additional Services with diligence, and in a professional manner, in accordance with the practices and professional standards used in well-managed operations performing services similar to the
                Services and Additional Services.

            

       

      	

            	3.1.8	
              Covenants of Sol-Gel and the Customer:

            

       

      	

            	3.1.8.1	
              Sol-Gel, on behalf of itself and its Affiliates, covenants that the Specifications, Sol-Gel Specifications, the Quality Information, and the manufacturing process or instructions that it provides to Douglas hereunder are currently and  [***]) (i) will be correct in all material respects ; and (ii) ,), contain sufficient information to enable Douglas to comply with its obligations under this Agreement, and do not and will not infringe or
                otherwise violate any Intellectual Property rights of any Third Party. For clarity this covenant under clause 3.1.8 shall not diminish or modify Douglas' and Customer's rights to receive the remedies set forth in clause 15.6 with respect to
                any Third Party Claim.

            

       

      	

            	3.1.8.2	
              The Customer, on behalf of itself and its Affiliates, covenants that at all times during the Term ([***]), the Specifications, Sol-Gel Specifications, the Quality Information and the manufacturing process or instructions that it provides
                to Douglas hereunder will be correct in all material respects and will not infringe or otherwise violate any Intellectual Property rights of any Third Party.

            

       

      	

            	3.2	
              Other Services:

            

       

      	

            	3.2.1	
              Additional Products and Territories:  Additional products and countries may be added to this Agreement upon the written agreement of Douglas, the Customer, and Sol-Gel.

            

       

      	

            	3.2.2	
              Product Related Services:  In addition to the Services, Douglas shall perform any Additional Services in connection with Product as Douglas and the Customer may agree in writing from time to time. 
                Such written agreement shall specify the scope, timing, parameters (including protocols, if applicable), fees payable by the Customer, and other matters pertinent to the Additional Services.  To the extent Douglas and the Customer have
                agreed any such matters as of the Commencement Date, they are set out in Schedule 1.  The terms and conditions of this Agreement shall govern the provision and receipt of any Additional Services.

            

       

      	

            	3.2.3	
              Storage: Excluding retains and/or stability samples, and unless otherwise agreed by the Parties:

            

       

      	

            	3.2.3.1	
              the Customer agrees to pay, according to the fees set out in Schedule 1, for (a) the storage of any bulk, in process, packaged Product (other than the process validation Batches) released by Douglas and stored by Douglas longer than [***] thereafter; and (b) any [***] stored by Douglas longer than [***] (other than [***]);

                and

            

       

      	

            	3.2.3.2	
              Sol-Gel agrees to pay, according to the fees set out in Schedule 1, for the storage of (a) any bulk, in process, packaged Product which is part of the [***] stored by Douglas longer than [***] days; (b) any Materials stored by Douglas longer [***] (which was [***]); and (c) Equipment owned by Sol-Gel that is
                unused by Douglas for longer than [***].

            

       

      	

            	3.3	
              Use of Licensed Rights and Quality Information: Sol-Gel hereby grants Douglas, a non-exclusive, time limited, non-sublicensable, non-transferable, royalty free right to use the Licensed Rights and
                any of its Quality Information for the sole purpose of providing the Services to the Customer and Sol-Gel with respect to the Products during the Term strictly in the manner permitted under this Agreement (the “Manufacturing License”). After the expiry or termination of this Agreement, the Manufacturing License shall terminate and all rights hereby granted to Douglas under the Licensed Rights and the Quality Information shall
                revert to Sol-Gel and Douglas shall not use, purport to use or permit to be used any of the Licensed Rights or Quality Information for any purpose whatsoever.

            

       

      	

            	3.4	
              Customer Relationship Management and Subcontractors:

            

       

      	

            	3.4.1	
              Customer Relationship Management: Douglas shall provide relationship management through its customer relationship management team. In order to continue to develop and foster the relationship
                between Douglas and the Customer, Douglas will sponsor [***] relationship meetings with the Customer during which the Douglas and the Customer will discuss, at the Customer’s request, such topics as
                market insights, forward forecasts, supply chain performance, quality and relationship management. The Parties agree that any issues arising during the Term that are not appropriate to be discussed at such relationship meetings will be
                escalated within the respective Parties for resolution.

            

       

      
        12

        
          

      

      	

            	3.4.2	
              Subcontractors:

            

       

      	

            	3.4.2.1	
              Except as set forth in this clause 3.4.2 (Subcontractors), Douglas shall not subcontract any of its manufacturing, packing, storage and testing obligations under this Agreement to any Affiliate, Third Party entity or other Person
                (a “Subcontractor”) without the Customer’s prior written consent, which consent shall not be unreasonably withheld or delayed.

            

       

      	

            	3.4.2.2	
              Notwithstanding any such prior written consent given by the Customer pursuant to clause 3.4.2.1 (Subcontractors), if Douglas subcontracts the performance of its obligations under this Agreement (as permitted), then (i) Douglas
                will be and remain primarily liable for any acts and omissions of any Subcontractors; (ii) such subcontracting will not relieve Douglas of its obligations or limit Sol-Gel’s or the Customer’s rights to pursue any remedies directly against
                Douglas under this Agreement, including for breaches committed by Subcontractors; and (iii) Douglas shall include in any such subcontract (to the extent applicable) terms relating to [***] that are
                no less protective of the Customer and Sol-Gel than the terms of this Agreement. Douglas shall ensure Subcontractors do not further subcontract obligations without prior approval from both the Customer and Douglas.

            

       

      
        	 
                4.

              	
                Obligations of the Parties

              

      

       

      	

            	4.1	
              Table of Responsibilities: During the Term, Sol-Gel, Douglas, and the Customer shall perform the obligations under this Agreement and in accordance with the allocated responsibilities that are set
                forth in the Table of Responsibilities in the Technical Quality Agreement. In order to facilitate such performance, Douglas shall communicate directly with Sol-Gel and the Customer (as applicable), and respond in a timely manner to
                Sol-Gel’s and the Customer’s queries and requests. 

            

       

      	

            	4.2	
              Specifications:  On or prior to the Commencement Date, Sol-Gel has provided Douglas with a preliminary copy of the Specifications pertaining to Product, including [***] with

                [***], which are attached hereto as Schedule 5 (the “Preliminary Specifications”). Prior to the Customer placing its first Purchase Order, Sol-Gel and the
                Customer will provide Douglas with originally executed copies of final Specifications and any other Product-related information reasonably requested by Douglas in connection with the Services or the Additional Services.  If such final
                Specifications are different from the Preliminary Specifications, clause 8.1.4 (Price Adjustments Due to Technical Changes) shall apply.  Thereafter, the Customer may revise the Specifications from time to time, subject to clause

                  8.1.4 (Price Adjustments Due to Technical Changes).

            

       

      	

            	4.3	
              Non-Conforming Materials: All costs associated with Non-Conforming Materials are the responsibility of [***], including but not limited to write-offs,
                disposal and resupply. For clarity [***] shall not be liable to [***] for [***] that is caused solely due to
                Non-Conforming Materials. Douglas shall not be liable to Sol-Gel or the Customer for [***] that is caused solely due to Non-Conforming Materials.

            

       

      	

            	4.4	
              Materials that do not conform: All costs associated with Materials that do not comply or conform with the [***] are the responsibility of [***].

            

       

      	

            	4.5	
              Packaging:  The Customer shall be solely responsible for the choice of packaging and the development of all artwork and labelling in connection with Product packaging, including all associated
                content and intellectual property matters.  Following receipt of Marketing Approval for the Product in the Territory, the Customer may, at its cost (including the destruction of obsolete packaging), make changes to Product packaging subject
                to clause 8.1.4 (Price Adjustments Due to Technical Changes). The Customer shall use commercially reasonable efforts to provide at least [***] notice to Douglas of any such change and Douglas
                shall use commercially reasonable efforts to implement such change within the required timeframe.

            

       

      	

            	4.6	
              Changes to Artwork after Firm Order: If agreed to in writing by Douglas (which agreement shall not be unreasonably withheld, delayed, or conditioned, and shall be granted if required by the FDA or
                any other applicable Regulatory Authority or Authority), the Customer may ([***])) change packaging artwork after the placement of a Firm Order. If [***] agrees

                to such change, the Delivery Date(s) for such Product (if less than [***] from the date that such change is agreed to by Douglas) will be revised to [***] from

                the date that such change is agreed to by Douglas.

            

       

      
        13

        
          

      

      	

            	4.7	
              Quality Control; Safety:  As between the Parties under this Agreement, the Customer shall have sole responsibility for the release of Product to the market and for collecting and responding to
                customer complaints.  Prior to the Commencement Date (or the commencement date of the applicable amendment to this agreement, in the case of Products added to this agreement after the Commencement Date), Sol-Gel shall have provided Douglas
                with all environmental, health and safety information relating to the Products, including safety data sheets.  Sol-Gel or the Customer, as appropriate, shall promptly provide Douglas any updates to such documentation that become available
                to them or, where relevant, at least within [***] from the date of revision or date first supplied to Douglas.

            

       

      	

            	4.8	
              Product Discontinuation:  The Customer and Sol-Gel shall use commercially reasonable efforts to provide at least [***] advance notice to Douglas if it
                intends to discontinue sale of, or otherwise withdraw from the market, any Product in all of the Territory. If Customer discontinues sale of, or otherwise withdraws from the market, a Product in all of the Territory under this clause
                  4.8 (Product Discontinuation), the provisions of clause 17.1 (Consequences Arising) shall apply in respect of the discontinued Product. If the result of such discontinuation or withdrawal is that there
                are no longer any Products covered by this Agreement then clause 16.6 (Termination for Discontinuation) shall apply.

            

       

      	

            	4.9	
              Access to Quality Information:  Subject to compliance by Douglas with its obligations relating to confidentiality set out in clause 21.1 (Confidentiality), Sol-Gel and the Customer shall
                each provide Douglas with such access to the Quality Information within its respective possession or control as is necessary to enable Douglas to Manufacture the Products in accordance with the terms of this Agreement.

            

       

      	

            	4.10	
              Other Information and Assistance: Subject to any obligations of confidentiality, Sol-Gel shall provide Douglas and Customer with such other information (including any know-how and other
                information contained in the Licensed Rights) and assistance as Douglas or Customer may reasonably request from time to time to enable Douglas to perform the Services, the Additional Services, and Douglas’s other obligations under this
                Agreement.

            

       

      
        	 
                5.

              	
                Registration:

              

      

       

      	

            	5.1	
              Registration: Sol-Gel shall register the Products with the appropriate Regulatory Authorities within the Territory, all such Product registrations to be at the cost of [***] and to be [***].  In such circumstances:

            

       

      	

            	5.1.1	
              Douglas shall provide Sol-Gel, the Customer, and any Regulatory Authorities directly involved in the registration of the Products with such reasonable assistance and information, as well as access to the Facility (upon reasonable notice
                during normal business hours), as is necessary to enable Sol-Gel to obtain and to enable the Customer to maintain registration of the Products. For the avoidance of doubt, the assistance provided by Douglas does not include [***]. Such assistance will be classed as Additional Services;

            

       

      	

            	5.1.2	
              Sol-Gel with respect to the registration of the Product, and the Customer with respect to the maintenance of the registration of the Product, agrees [***]; and

            

       

      	

            	5.1.3	
              Sol-Gel shall provide Douglas with copies of any registration certificates or other evidence received upon registration of any of the Products, as well as any other information and documentation relating to the registration of the
                Products that Douglas may reasonably request from time to time.

            

       

      
        	
                6.

              	
                Forecasting and Purchase Orders

              

      

       

      	

            	6.1	
              Forecasts:  On or before the Commencement Date (or at such other time as Douglas and the Customer may otherwise agree) the Customer shall provide Douglas with a written, non-binding [***] forecast of the volume of each Product that the Customer anticipates it will require Douglas to supply during each [***] (“Long

                  Term Forecast”) (updated quarterly). The Customer shall provide Douglas with an [***] forecast (“Rolling Forecast”) (a) on or before the [***] thereafter on a rolling basis and (b) [***] with respect to the quantities of Product specified therein [***].  The
                Customer shall place orders for Services against the Rolling Forecast as specified in clause 6.2 (Purchase Orders).

            

       

      
        14

        
          

      

      	

            	6.2	
              Purchase Orders:  From time to time as provided in this clause 6.2 (Purchase Orders), the Customer shall submit to Douglas a binding, non-cancellable purchase order for Services
                identifying:

            

       

      	

            	(a)	
              an order number;

            

       

      	

            	(b)	
              the Product(s) to be Manufactured;

            

       

      	

            	(c)	
              the number of Batches of such Product(s);

            

       

      	

            	(d)	
              the Customer’s requested delivery date for each Batch, which shall be at least [***] following the date on which the Purchase Order was placed (the “Delivery Date”);

            

       

      	

            	(e)	
              the approved Douglas printed packaging code for each Batch (if new printed packaging is required, the Purchase Order must clearly indicate that new packaging is to be used), provided that in the event that the Customer fails to identify
                such printed packaging code, the validity of such Purchase Order shall not be affected and Douglas shall package the ordered Product in accordance with the printed packaging code most recently identified in a prior Purchase Order submitted
                to Douglas by the Customer; and

            

       

      	

            	(f)	
              any other elements necessary to ensure the timely production and delivery of Product

            

       

      (each, a “Purchase Order”).  Concurrently with the submission of each Rolling Forecast, the Customer shall submit a Purchase Order for all portions of the
        Commitment not already ordered.

       

      	

            	6.3	
              Acceptance of Orders:  Any Purchase Order that is within the amounts of Product forecasted in the applicable [***] of the Rolling Forecast submitted by the
                Customer within the [***] (each, a “Firm Order”). [***].  Without limiting Douglas’s obligation to fill each Purchase Order in accordance with this Agreement,
                Douglas shall promptly notify the Customer if it is unable to fill a Purchase Order.  Any such notice shall indicate [***].

            

       

      	

            	6.4	
              Cancelation or Change of Orders: [***].

            

       

      	

            	6.5	
              Terms of Acceptance: If there is any inconsistency between the terms of this Agreement and any Purchase Order submitted by the Customer (whether in writing, verbally or by Electronic Data
                Interchange (EDI)) or any other arrangement between the Customer and Douglas, [***] prevail unless otherwise agreed in writing between the Customer and Douglas.

            

       

      	

            	6.6	
              Rejection; Excess Volume:  Douglas may reject any Purchase Order without penalty or liability to the Customer if and to the extent:

            

       

      	

            	(a)	
              [***]; or

            

       

      	

            	(b)	
              the Purchase Order is not given in accordance with this Agreement.

            

       

      Notwithstanding the foregoing, Douglas shall use commercially reasonable efforts to accept any Purchase Order for, and to supply the Customer with, [***].

       

      	

            	6.7	
              Partial Batches:

            

       

      Except as otherwise agreed by the Customer and Douglas, the Customer shall not submit to Douglas any Purchase Order that includes [***]) for such Product
        set forth Schedule 1. For the avoidance of doubt, the Customer shall be required to order [***].

       

      
        	 
                7.

              	
                Procurement

              

      

       

      	

            	7.1	
              Reliance on Forecast:  The Customer understands and acknowledges that Douglas will rely on the [***] to procure the Inventory necessary for Douglas to
                fulfil its obligations to supply Product under this agreement.  Accordingly, the Customer [***].

            

       

      	

            	7.2	
              Critical Components and Exclusive Components:  Set forth in Schedule 3 is a list of Critical Components and Exclusive Components that Douglas expects to be required to purchase in accordance with clause

                7.1 (Reliance on Forecast) and from Approved Manufacturers pursuant to clause 3.1.2 (Components).  The Customer shall [***].

            

       

      	

            	7.3	
              Audits: [***] shall be responsible for assessing and qualifying all vendors. [***] shall bear the costs of assessing
                and qualifying Exclusive Vendors.

            

       

      
        15

        
          

      

      	

            	7.4	
              Delays: Douglas shall not be liable for any delay in delivery of Product if [***]. In the event of any such delay, [***].

            

       

      
        	 
                8.

              	
                Pricing and Payment

              

      

       

      	

            	8.1	
              Price for Manufacturing Services

            

       

      	

            	8.1.1	
              Initial Price: The Prices set out in Schedule 1 are the Prices for the performance of the Services and are valid [***].

            

       

      	

            	8.1.2	
              [***] Price Adjustment: [***] the Prices shall be adjusted to reflect inflation or deflation based on the documented changes in [***] costs so as to pass on to the Customer the actual cost or savings of any increase or decrease in such costs.  Douglas shall provide in writing to the Customer at least [***] prior

                to the end of [***] its proposed updated Prices for [***], with appropriate supporting documentation. At the Customer’s request, Douglas and the Customer
                shall discuss the proposed Price adjustments in good faith [***]. If Douglas and the Customer are unable to agree to an appropriate Price adjustment within such [***] period,

                then Douglas and the Customer shall refer the matter to [***], who shall attempt in good faith to reach agreement on an appropriate Price adjustment within [***] after

                such matter is referred to [***] under this clause 8.1.2 (Renewal Term Price Adjustment).   Such revised Price shall be effective with respect to any Product delivered by Douglas following [***], as applicable.

            

       

      	

            	8.1.3	
              Hardship Price Adjustments:  During the Term, the Price shall be adjusted in accordance with this clause 8.1.3 (Hardship Price Adjustments) to reflect extraordinary increases or decreases
                in [***] costs due to market conditions.  An extraordinary change shall be deemed to have occurred if either:

            

       

      	

            	(g)	
              the cost of a given [***] increases or decreases by [***] or more of the cost for that [***] upon which the most
                recent Price was based; or

            

       

      	

            	(h)	
              such increase or decrease referred to in (a) above results in an increase or decrease in the [***].

            

       

      Douglas shall promptly notify the Customer and Sol-Gel of any such extraordinary increase or decrease and provide in writing to the Customer and Sol-Gel a proposal for the adjusted Prices, with
        appropriate supporting documentation.  At the Customer’s request, Douglas and the Customer shall discuss the proposed Price adjustments in good faith for up to [***]. If Douglas and the Customer are unable
        to agree to an appropriate Price adjustment within such [***] period, then Douglas and the Customer shall refer such matter to [***], who shall attempt in good faith
        to reach agreement on an appropriate Price adjustment within [***] after such matter is referred to [***] under this clause 8.1.3 (Hardship Price
          Adjustments).

       

      	

            	8.1.4	
              Price Adjustments Due to Technical Changes:  Amendments to [***] requested by a Party will be implemented only following [***],
                and are subject to the Customer and Douglas reaching agreement on appropriate revisions to the Prices and any other impacted fees under this Agreement and on a timeframe for implementation by Douglas.  If the Parties agree to proceed with
                such amendment and the Customer accepts a proposed Price revision, then: the Parties shall memorialise the amendment in writing (and where the amendment is to [***] shall provide Douglas with
                originally executed copies of such revised [***]), Douglas shall implement the proposed amendment on the agreed timeframe, and the revised Prices shall apply only to Products that are Manufactured
                under the amended [***], as applicable.  

            

       

      	

            	8.1.5	
              Adjustment of Price Due to Continuous Improvements:  The Prices of the Products shall be reduced on an equitable basis to reflect process savings resulting from initiatives implemented pursuant to
                clause 3.1.4 (Continuous Improvement).

            

       

      	

            	8.2	
              Supplemental Charges

            

       

      	

            	8.2.1	
              [***]: Sol-Gel shall pay [***], and either Sol-Gel or the Customer shall pay [***] set forth at Schedule 1.

            

       

      	

            	8.2.2	
              Taxes:  All payment amounts within this Agreement are [***] of any applicable GST, duties, levies, and other taxes.  If the Customer is required by or under
                any laws or regulations to make any withholding or deduction, [***], provided, however, that, in regard to [***]. Each Party shall comply with reasonable
                request of the other Party to take any proper actions that may minimise any withholding obligation.

            

       

      	

            	8.2.3	
              [***]:  Douglas shall have the right to charge [***].

            

       

      	

            	8.2.4	
              [***] Fees:  Douglas shall have the right to pass through [***]. Such pro rata share of the fees to be supported by appropriate documentation.

            

       

      
        16

        
          

      

      	

            	8.2.5	
              [***]:

            

       

      	

            	8.2.5.1	
              Douglas reserves the right to charge [***].

            

       

      	

            	8.2.5.2	
              [***] will be charged to the Customer at Douglas’s then-current standard rates.

            

       

      	

            	8.2.6	
              Pre-Validation Batches: [***] shall order by written request to Douglas, and Douglas shall Manufacture, any pre-validation Batches [***]. [***] shall be responsible for the cost of each pre-validation Batch produced under this Agreement and requested in writing by [***],
                and any Batch Manufactured following: [***]; provided, that the foregoing shall not apply to the extent [***].  Douglas and Sol-Gel shall cooperate in good
                faith to determine and resolve any problems [***].

            

       

      	

            	8.3	
              Liability for Additional Services: Douglas shall invoice the Customer for any Additional Services as have been pre-approved in writing by the Customer in accordance with clause 9.2 (Invoicing).
                Douglas shall, if requested by the Customer, provide evidence that such costs for Additional Services were incurred by Douglas.

            

       

      
        	 
                9.

              	
                Invoicing and Payment

              

      

       

      	

            	9.1	
              Payment by the Customer and Sol-Gel:  In consideration of Douglas’s performance of the Services, the Customer and Sol-Gel shall pay Douglas the Prices, fees for Additional Services, and all other
                amounts owing to Douglas by the Customer or Sol-Gel (as applicable) pursuant to this Agreement. For the avoidance of doubt, Additional Services shall be subject to prior written agreement in order to be payable. A Table of Financial
                Responsibilities is outlined in Schedule 4, such table is provided for convenience purposes only and is not intended to modify the obligations specifically set forth in the Agreement.

            

       

      	

            	9.2	
              Invoicing:  Douglas shall invoice the Customer for the Prices owing to Douglas by the Customer for each Batch following quality release and delivery of such Batch to the Customer in accordance with
                this Agreement. Douglas shall invoice the Customer or Sol-Gel (as applicable) for all other amounts owing to Douglas by the Customer or Sol-Gel (as applicable) pursuant to this Agreement as and when earned or accrued.

            

       

      	

            	9.3	
              Disputed Invoices: If the Customer or Sol-Gel in good faith disputes the accuracy of any invoice, the Customer shall, [***] after receipt of the invoice,
                give notice of that fact to Douglas. Such notice shall state the basis of the dispute and give relevant supporting details.  The Customer shall pay the undisputed portion of the invoice in accordance with clause 9.4 (Payment of
                  Invoices) and may withhold payment of the portion disputed. Douglas and the Customer shall discuss and attempt to resolve such dispute in good faith. If Douglas and the Customer do not resolve the dispute within [***] of the date of the notice, the dispute shall be determined in accordance with the dispute resolution process set forth in clause 22.2.1 (Dispute Resolution).

            

       

      	

            	9.4	
              Payment of Invoices: The Customer and Sol-Gel shall pay all amounts invoiced under clause 9.2 (Invoicing), to the extent not subject to a good faith dispute under clause 9.3 (Disputed
                  Invoices), within [***] of its receipt of such invoice from Douglas. Payment shall be made by way of electronic transfer to the bank account nominated by Douglas.

            

       

      	

            	9.5	
              Payments overdue:  Without prejudice to Douglas' rights and remedies in respect of any payment default, if the Customer or Sol-Gel (as applicable) fails to make any undisputed payment under this
                Agreement on the due date for payment, [***].

            

       

      
        	 
                10.

              	
                Delivery

              

      

       

      	

            	10.1	
              Terms of Delivery:  Delivery shall be made by Douglas in the manner specified, and to the destination nominated, at the front of this Agreement. As between Sol-Gel and the Customer, Customer shall
                be responsible for acceptance of Product delivered by Douglas.

            

       

      	

            	10.2	
              Late Delivery:

            

       

      	

            	10.2.1	
              If Douglas is unable or anticipates that it may not be able to meet the Delivery Date requested by the Customer for any Batch of Product, Douglas shall notify the Customer of such anticipated delay in writing as soon as reasonably
                practicable following its determination of such anticipated delay and shall provide the Customer an alternative delivery date, which alternative delivery date shall be as soon as practicable after the requested Delivery Date.

            

       

      	

            	10.2.2	
              In the event of delivery delayed after the Delivery Date in a Firm Order, [***] provided that, the delay is not caused by:

            

       

      [***].

       

      
        17

        
          

      

      	

            	10.3	
              Risk:  Risk of any loss or damage of or to the Products shall pass to the Customer on delivery to the nominated delivery destination in accordance with clause 10.1 (Terms of Delivery).

            

       

      

      
        	 
                11.

              	
                Manufacturing Modifications

              

      

       

      	

            	11.1	
              Changes by Douglas: Douglas shall not make any changes to [***] (“Modifications”), without requesting such change
                in writing and obtaining the prior written consent of each of Sol-Gel and the Customer; provided that as between Sol-Gel and Customer, if Customer requests Sol-Gel to approve such changes, then Sol-Gel's consent to such change shall not be
                unreasonably withheld, delayed, or conditioned.

            

       

      	

            	11.2	
              Changes Required by the Customer and Sol-Gel:  Either the Customer or Sol-Gel may request Modifications, on which the Customer and Sol-Gel have agreed in
                writing prior to such request being made, by submitting a request to Douglas setting out a full description of the changes proposed, provided that as between Sol-Gel and Customer, if Customer requests Sol-Gel to approve a Modification
                request, then Sol-Gel's consent to such request shall not be unreasonably withheld, delayed, or conditioned. Where such a request is made:

            

       

      	

            	(a)	
              if the requested Modifications would not affect [***]; or

            

       

      	

            	(b)	
              if the requested Modifications would affect [***] shall apply with respect to such Modifications.

            

       

      If any Modifications requested under this clause are [***].

       

      [***] shall purchase from Douglas any Inventory rendered obsolete as a result of such amendment, and that cannot reasonably be used by Douglas for any other
        products manufactured by Douglas.

       

      	

            	11.3	
              Changes Required by Authority.  If an Authority requests or requires, or takes any action that requires, any Modification or a change in the Facility or otherwise with respect to the Product (a “Required Regulatory Change”), then Douglas and the Customer shall meet and discuss an implementation plan for such Required Change and use all commercially reasonable efforts to accommodate such Required
                Regulatory Change to meet the Authority’s requirements. [***]. Without limiting any other obligation under this Agreement, Douglas agrees to promptly forward to Sol-Gel and the Customer copies of any
                written communication received by Douglas from the Authority that may affect the Manufacture or supply of the Product as contemplated herein. Additionally, Douglas will provide a reasonable summary of any potential consequences of such
                communication.

            

       

      	

            	11.4	
              Modifications:  Any Modification shall:

            

       

      	

            	(a)	
              be recorded in writing;

            

       

      	

            	(b)	
              be signed by all Parties (except to the extent Sol-Gel’s consent is expressly stated in this Agreement to not be required);

            

       

      	

            	(c)	
              take effect from such date as Douglas is reasonably able to implement the relevant Modifications [***]; and

            

       

      	

            	(d)	
              comply with the Technical Quality Agreement.

            

       

      
        	 
                12.

              	
                Warranties

              

      

       

      	

            	12.1	
              Warranties by Douglas:  Douglas on behalf of itself and its Affiliates, represents and warrants that:

            

       

      	

            	12.1.1	
              to Douglas’s knowledge, it or one of its Affiliates owns or has the right to use, any Intellectual Property rights used in the performance of the Services, except for any Intellectual Property rights that are the subject of the
                Manufacturing License;

            

       

      
        18

        
          

      

      	

            	12.1.2	
              to Douglas’s knowledge, its performance of its obligations under this Agreement, including its provision of the Services, shall not infringe or otherwise violate any Intellectual Property rights of any Third Party, except to the extent
                such infringement or violation is a result of Douglas’s adherence to the Specifications or the Sol-Gel Specifications or Douglas’s exercise of the rights granted to it under the Manufacturing License;

            

       

      	

            	12.1.3	
              the Facility is cGMP-compliant;

            

       

      	

            	12.1.4	
              Douglas has not had any facility, including the Facility, subject to a Regulatory Authority shutdown or import or export prohibition (including by the FDA), nor within the last three (3) years received any Warning Letters, Untitled
                Letters, or similar correspondence (that would affect its ability to comply with its obligations under this Agreement) from a Regulatory Authority alleging or asserting noncompliance with Regulatory Requirements;

            

       

      	

            	12.1.5	
              it is qualified and capable of performing the Services and the Additional Services in accordance with this Agreement and has the resources, know-how, and capabilities and the skill, experience, and reputation of its management and staff
                required to perform the Services and the Additional Services in accordance with this Agreement;

            

       

      	

            	12.1.6	
              Douglas has obtained prior to the Commencement Date, and currently maintains, all necessary approvals, licenses, authorizations, registrations, exemptions, consents, and permits from any Regulatory Authority or other Third Party in order
                to Manufacture the Product hereunder, except for the Marketing Approvals, which is the responsibility of Sol-Gel to obtain and the responsibility of the Customer to maintain; and

            

       

      	

            	12.1.7	
              Neither Douglas nor any of its employees or agents used to perform any of its obligations under this Agreement is or has been or are in the process of being, (i) debarred under 21 U.S.C. § 335a(a) or (ii) excluded from participation in
                the Medicare program, any state Medicaid program or any other health care program. Furthermore, neither Douglas nor any of its employees or agents used to perform any of its obligations under this Agreement has been convicted of an offense
                under (x) either a federal or state law that is cited in 21 U.S.C. § 335(a) as a ground for debarment, denial of approval or suspension, or (y) any other law cited in any comparable law as a ground for debarment, denial of approval or
                suspension.

            

       

      Douglas shall notify the Customer and Sol-Gel immediately upon learning of any circumstance that would render it in breach of this clause 12.1.7 (Warranties by Douglas) or any other
        representation or warranty made by it under this clause 12.1 (Warranties by Douglas).

       

      	

            	12.2	
              Warranties by Sol-Gel:  Sol-Gel on behalf of itself and its Affiliates, represents and warrants that:

            

       

      	

            	12.2.1	
              it or one of its Affiliates owns or has the right to use, all the Licensed Rights (and any Intellectual Property rights contained therein) and any other Intellectual Property rights that are the subject of the Manufacturing License; and

            

       

      	

            	12.2.2	
              the Specifications, Sol-Gel Specifications, the Quality Information, and the manufacturing process or instructions that it provides to Douglas hereunder are currently and will be  [***],  (i)
                correct in all material respects and; (ii) contain sufficient information to enable Douglas to comply with its obligations under this Agreement, and do not and will not infringe or otherwise violate any Intellectual Property rights of any
                Third Party. For clarity this warranty under clause 12.2.2 shall not diminish or modify Douglas' and Customer's rights to receive the remedies set forth in clause 15.6 with respect to any Third Party Claim.

            

       

      	

            	12.3	
              Warranties by Customer: The Customer, on behalf of itself and its Affiliates, represents and warrants that at all times during the Term [***] the
                Specifications, Sol-Gel Specifications, the Quality Information and the manufacturing process or instructions that it provides to Douglas hereunder will be correct in all material respects and will not infringe or otherwise violate any
                Intellectual Property rights of any Third Party.

            

       

      	

            	12.4	
              Warranties by Each Party:  Each Party hereby represents and warrants to the other Party on behalf of itself and its Affiliates as follows:

            

       

      	

            	12.4.1	
              it (i) is a corporation duly organized, validly existing and in good standing under the laws of the state or country in which it is incorporated or organized and duly qualified and in good standing under the laws of each jurisdiction
                where its ownership or lease of property or the conduct of its business requires such qualification, (ii) has the corporate power and authority and the legal right to own and operate its property and assets, to lease the property and assets
                it operates under lease, and to carry on its business as it is now being conducted, (iii) is in compliance with all requirements of Applicable Laws and regulations relevant to such Party’s ability to perform its obligations under this
                Agreement, and (iv) is in compliance with its certificate of incorporation and by-laws;

            

       

      
        19

        
          

      

      	

            	12.4.2	
              it (i) has the corporate power and authority and the legal right to enter into this Agreement and to perform its obligations hereunder, without any violation of its certificate of incorporation or by-laws, (ii) has taken all necessary
                corporate action on its part to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder, and (iii) has duly executed and delivered this Agreement on behalf of such Party, and constitutes a
                legal, valid, binding obligation, enforceable against such Party in accordance with its terms;

            

       

      	

            	12.4.3	
              all necessary consents, approvals and authorisations of all Authorities and other persons required to be obtained by such Party in connection with the execution and delivery of this Agreement and the consummation of the transactions
                contemplated hereby and the performance of its obligations hereunder have been obtained or shall be applied for at the appropriate time; and

            

       

      	

            	12.4.4	
              the execution and delivery of this Agreement and the performance of such Party’s obligations hereunder (i) do not conflict with or violate any requirement of Applicable Laws or regulations of any Authority or any contractual obligation
                of such Party, and (ii) do not conflict with, or constitute a default or require any consent under, any contractual obligation of such Party.

            

       

      	

            	12.5	
              Limitation on Warranties:  Except as expressly set forth in this Agreement, no Party accepts any liability for any representations, warranties or undertakings, whether express or implied, as to any
                matter relating to the Products or their Manufacture or as to the merchantability of the Products or otherwise.

            

       

      	

            	12.6	
              Breach of Warranty by Douglas: Following a [***], the Customer may test the Product delivered by Douglas in accordance with the Specifications using the
                Methods of Analysis. If the analysis of any Product performed by or for the Customer differs from Douglas’s analysis of the same Batch and indicates that the Product does not meet the Specifications, then the Customer shall advise Douglas
                within [***] of the analysis. In the case of a Latent Defect, then the Customer shall advise Douglas [***] of its discovery of such Latent Defect but in no
                event after [***]. The Parties agree that [***]. Douglas and the Customer agree to consult with each other in order to explain and resolve the discrepancy
                between each other’s determination regarding a Product’s conformity with the Specifications. If, after good faith attempts by Douglas and the Customer to do so, such consultation does not resolve the discrepancy, [***] shall repeat the applicable Methods of Analysis on representative samples from such Batch provided by or for the Customer. The costs of [***]. If Douglas and the Customer agree
                or [***] determines that the Products do not comply with the warranties contained in clause 12.1 (Warranties by Douglas) at the time of delivery to the Customer then, [***].  Except for remedies available to the Customer under clause 19.1 (Indemnification by Douglas), this shall constitute the sole remedy of the Customer in respect of such
                breach, with Douglas having no further liability to the Customer under this Agreement or otherwise.

            

       

      If notice of non-conforming Product is not given to Douglas within the times specified herein, then [***].

       

      	

            	12.7	
              Breach of Warranty by Sol-Gel or Customer:  If Sol-Gel or the Customer fails to comply with any of its obligations under clause 12.2 (Warranties by Sol-Gel) or clause 12.3 (Warranties
                  by Customer) then [***] as a result of Sol-Gel’s non-compliance, then Sol-Gel shall perform commercially reasonable efforts to cure such non-compliance with the cooperation of the Customer,
                provided that if Sol-Gel fails to perform commercially reasonable efforts to cure such non-compliance [***]. If Customer exercises its right set forth in the foregoing clause (i) [***]. For clarity the performance by Sol-Gel of any of the remedies set forth in clause 15.6 will be considered a commercially reasonable effort to cure a breach that is related to a Third Party Claim.

            

       

      
        	 
                13.

              	
                Equipment

              

      

       

      	

            	13.1	
              Ownership of Equipment: The ownership of the Equipment used in the performance of the Services is as specified in Schedule 2.

            

       

      	

            	13.2	
              Maintenance of Equipment: The Equipment shall be qualified and maintained at the cost of the Party specified at Schedule 2.

            

       

      
        20

        
          

      

      	

            	13.3	
              Other Equipment:  Except as specified below and as the Parties may agree in writing from time to time, [***] shall provide at its cost all Other Equipment
                needed to perform the Services. Any Other Equipment required to be dedicated to the Customer may be either:

            

       

      	

            	(a)	
              purchased by [***] at [***]’s actual cost (to be reimbursed by [***]) plus a [[***];
                or

            

       

      	

            	(b)	
              purchased [***].

            

       

      	

            	13.4	
              Replacement: Where any of the Equipment owned by Sol-Gel as set out in Schedule 2 requires replacing (as determined by [***] in its sole discretion), [***] shall be responsible for the replacement of such Equipment, the cost of procuring such replacement Equipment and any costs associated with transitioning to the replacement Equipment.

            

       

      	

            	13.5	
              Liability: Douglas shall not be liable for any loss of, or damage to, any Equipment owned by Sol-Gel, [***].

            

       

      
        	 
                14.

              	
                Insurance:

              

      

       

      	

            	14.1	
              Each Party shall, at its own cost and expense, obtain and maintain in full force insurance during the term of this Agreement (and if such insurance policy is on a claims made basis, then for additional [***]),

                necessary to cover its obligations under this Agreement.  In no event, however, shall any Party carry insurance in amounts less than the following for each type specified or as otherwise might be required by Applicable Law or regulation:

            

       

      	

            	14.1.1	
              ([***].

            

       

      	

            	14.2	
              [***] shall insure the Equipment and Products  while at the Douglas premises, against All-Risk including: theft and/or burglary and natural perils (including coverage for earth movement) and also
                for an extreme change of temperature in respect of Products held in controlled environment due to machinery breakdown and/or failure of electronic or electrical system or apparatus, (a) in an amount equal to [***] and; (b) in an amount equal to [***], subject to the following additional conditions:

            

       

      	

            	14.2.1	
              Douglas and the Customer shall coordinate in advance the [***].

            

       

      	

            	14.3	
              Each Party shall furnish upon request, certificates of insurance for the above noted insurance Policies to the other Party within [***] days after the request by the other Party. The above
                described insurance policies will be issued by insurer with an S&P Rating of at least [***], or equivalent internationally licensed insurer description, however [***] is

                anyway agreed.

            

       

      	

            	14.4	
              The issuance of any such insurance policy will not constitute an approval that the above insurance is in accordance with the provisions of this Agreement and will not impose any liability on either Party; nor will it be considered as
                reducing either Party’s liability under this Agreement and under any Applicable Law.

            

       

      	

            	14.5	
              The coverage of the insurance policies set forth above shall be by the prevailing legal system including but not limited to the law, custom and jurisdiction in the country/state where the claim is served, anywhere in the world.

            

       

      	

            	14.6	
              Product Recalls:  Douglas and the Customer shall promptly notify each other by telephone (confirmed by written notice) of any information of which it becomes aware that might affect the safety,
                efficacy or marketability of any Product or that could reasonably be expected to result in a Recall. The conduct of and regulatory filings for any Recall shall be controlled, implemented and made by [***],
                and [***] will cooperate in such Recall as reasonably requested by the [***], having regard to all Applicable Laws and Regulatory Requirements. [***] shall provide [***] with a reasonably detailed description of those portions of any proposed submission to any Authority in respect of any Recall that could
                reasonably be expected to [***], and shall consider in good faith any comments from [***]. [***] shall bear the cost
                of any Recall and reimburse [***] for the reasonable expenses incurred by [***] in connection with any Recall, unless such Recall [***]. In this case and subject to clause 19.6 (Consequential Damages), [***] will reimburse [***] reasonable, actual and documented
                out-of-pocket expenses of conducting such Recall and bear the expenses incurred by [***] in connection with such Recall. For clarity, [***].

            

       

      
        	 
                15.

              	
                Intellectual Property Rights

              

      

       

      	

            	15.1	
              Rights of Sol-Gel:  Douglas acknowledges and agrees that, as between Douglas and Sol-Gel, all right, title and interest in and to the Licensed Rights and the Quality Information including the
                formulation, manufacturing process of the Product, artwork and labelling, and the application or submission for Marketing Approval (including the Sol-Gel NDA), and the Marketing Approval, and any improvements to the foregoing (whether
                conceived, developed or reduced to practice by Douglas or Sol-Gel but subject to clause 15.7 (Generic Improvements)) (collectively, the “Sol-Gel IP”) shall belong to and remain with Sol-Gel as
                its absolute property.  Douglas hereby assigns to Sol-Gel, without additional consideration to Douglas, the entire right, title and interest in and to the Sol-Gel IP. Douglas waives all moral rights, to the maximum extent allowed by
                Applicable Laws, in all documents prepared by Douglas and provided to or for the benefit of Sol-Gel hereunder. Douglas shall not at any time challenge the validity of any of Sol-Gel's rights in respect of the same.

            

       

      
        21

        
          

      

      	

            	15.2	
              Rights of Douglas:  The Customer shall not at any time use the name "Douglas Pharmaceuticals" or “Douglas Manufacturing” or any trade marks or trade names owned by Douglas or its Affiliates or any
                trade marks or trade names similar thereto on or in connection with the Products or otherwise, except (a) as expressly permitted by this Agreement, (b) with the prior written consent of Douglas, or (c) as required to comply with Applicable
                Law or Regulatory Requirements (including, for example, if Douglas is required by Applicable Law or Regulatory Requirements to be identified as the manufacturer on Product packaging).

            

       

      	

            	15.3	
              Indemnity:  Without limiting anything contained in clause 15.1 (Rights of Sol-Gel), Sol-Gel shall indemnify Douglas and its Affiliates and hold it and its Affiliates harmless from and
                against all liability, claims, loss, damage, costs and expenses (whether direct or indirect, and including all reasonable legal, accounting and other professional fees) awarded against, suffered or incurred by Douglas or its Affiliates
                arising out of or in connection with any claim that the Manufacture of the Products according to the Specifications or the sale or use of the Products infringes the Intellectual Property rights of any Third Party (“Third Party Claim”).

            

       

      	

            	15.4	
              Indemnity Offered Regardless of Institution of Proceedings: The indemnity referred to in clause 15.3 (Indemnity) will be granted whether or not
                legal proceedings are instituted and, if such proceedings are instituted, irrespective of the means, manner or nature of any settlement, compromise or determination.

            

       

      	

            	15.5	
              Third Party Claim:  In relation to any Third Party Claim:

            

       

      	

            	(a)	
              if either Party becomes aware of a Third Party Claim, it shall immediately inform the other Party;

            

       

      	

            	(b)	
              Sol-Gel shall at its own cost and expense, conduct or settle all negotiations and litigation resulting from such claim; and

            

       

      	

            	(c)	
              Douglas shall afford all reasonable assistance with such negotiations and litigation, provided that Sol-Gel shall reimburse Douglas for its staff costs and all other expenses incurred in providing such assistance.

            

       

      	

            	15.6	
              Remedies:  If at any time Douglas is enjoined by a court of competent jurisdiction from Manufacturing, holding or selling any Products as a result of any Third Party Claim or if it is at any time
                established to Douglas’s satisfaction upon due investigation that the Manufacture of the Products infringes any Intellectual Property rights of any Third Party, Sol-Gel will at its discretion:

            

       

      	

            	(a)	
              obtain on behalf of Douglas the right to continue manufacturing, holding or selling those Products which are the subject of a third party claim;

            

       

      	

            	(b)	
              at Sol-Gel’s expense, modify the Specifications, Components or the Products, or any packaging of the Products, so that they become non-infringing (and make any consequent Modifications to this Agreement in accordance with clause 11
                  (Manufacturing Modifications) where so required), provided that any non-Material Component that is so modified shall thereafter be treated as a “Material” (as defined hereunder); or

            

       

      	

            	(c)	
              if (a) and (b) are not reasonably available and solely with the prior written consent of the Customer, terminate this Agreement.

            

       

      [***]

       

      	

            	15.7	
              Generic Improvements:  Where Douglas, in the course of exercising its obligations under this Agreement, develops any manufacturing processes which are generic in nature and not related specifically
                to the Product, the Licensed Rights or the Quality Information, Douglas shall be the absolute owner of all Intellectual Property in and to such improvements and modifications, with ownership to arise as from the time of creation or
                discovery of such improvements or modifications (the “Generic Processes”). Douglas hereby grants the Customer a non-exclusive, perpetual, irrevocable, worldwide, transferable, royalty free license
                (with the rights to grant sublicenses) to use the Generic Processes for the purposes of developing, manufacturing, and commercializing the Product.  Douglas shall provide written documentation of the Generic Processes to the Customer upon
                request.

            

       

      
        22

        
          

      

      	

            	15.8	
              Further Assurances:  Except as specifically set forth herein, the Parties expressly acknowledge and agree that neither intends to convey any rights, licenses, assignments or grants to the other, by
                implication, estoppel or otherwise, as a result of this Agreement.  Nothing in this Agreement shall be construed as conveying any rights, license, assignments, or grants (implied or mandated by law, equity or otherwise) in any Party’s
                Intellectual Property rights, the Quality Information or the Licensed Rights, including any know-how, statutory or non-statutory rights, and in any other drug or pharmaceutical product besides the Product. The Parties shall execute and
                deliver such further documents and take such further actions as may be necessary or appropriate to effectuate more fully this Agreement and to carry out the business contemplated by this Agreement, including any Intellectual Property
                licenses or assignments, grants or powers-of-attorney, as may be commercially reasonable and required.

            

       

      
        	 
                16.

              	
                Termination

              

      

       

      	

            	16.1	
              Termination by the Customer or Douglas:  The Customer and Douglas may each, without prejudice to any of its other rights or remedies, terminate this Agreement immediately in whole (or, in the case
                of subsection (a), in part insofar as it applies to those Products affected) if:

            

       

      	

            	(a)	
              another Party fails to comply with any of the material terms of this Agreement and does not remedy such breach (if the same is capable of remedy) within [***] of receipt of a written notice from
                the terminating Party requiring remedy;

            

       

      	

            	(b)	
              another Party enters into any composition or arrangement with its creditors (except a voluntary solvent restructure);

            

       

      	

            	(c)	
              a resolution is passed or an application is made for the liquidation of another Party;

            

       

      	

            	(d)	
              a receiver or statutory or official manager is appointed over all or any of another Party’s assets; or

            

       

      	

            	(e)	
              it has a right to do so pursuant to clause 18.3 (Termination for Continuing Force Majeure).

            

       

      	

            	16.2	
              Termination by Sol-Gel:  Subject to the Customer’s prior written consent, which shall not be unreasonably withheld, delayed, or conditioned, Sol-Gel may, without prejudice to any of its other
                rights or remedies, terminate this Agreement immediately upon written notice to Douglas and the Customer if Douglas breaches its obligations under clauses 3.3 (Use of Licensed Rights and Quality Information), 15 (Intellectual
                  Property Rights), or 21 (Confidentiality).

            

       

      	

            	16.3	
              Termination for Regulatory Action or Claim of Infringement: The Customer may terminate its rights, obligations, and interests in and under this Agreement immediately upon written notice to Sol-Gel
                and Douglas, if (a) any Regulatory Authority takes any action, or makes a statement, the result of which is to prohibit, inhibit, or restrict the Manufacture, storage, importation, sale, offer for sale, or use of the Product, or that
                otherwise prohibits, inhibits, or restricts Douglas’s use of the Facility, or (b) any claim is made that the Manufacture, storage, importation, sale, offer for sale, or use of the Product, infringes any patent or other Intellectual Property
                or any other proprietary or protected right of any Third Party (“Patent Infringement Termination”). [***].

            

       

      	

            	16.4	
              Termination for Expiration or Termination of License Agreement: Galderma’s rights, obligations, and interests in and under this Agreement shall immediately terminate upon the expiration or
                termination of that certain License Agreement, entered into by and between Sol-Gel and Galderma on or around the date of this Agreement (the “License Agreement”), in which case this Agreement shall
                remain in effect between Sol-Gel and Douglas and clause 16.5 (Effect of Termination as to Galderma) shall apply.

            

       

      	

            	16.5	
              Effect of Termination as to Galderma: If this Agreement is terminated under clause 16.4 (Termination for Expiration or Termination of License Agreement), then Galderma’s
                rights, obligations, and interests in and under this Agreement shall immediately terminate upon the effective date of such termination, and all rights and obligations of the Customer hereunder shall immediately and automatically vest in
                Sol-Gel or its designated Affiliate or licensee.

            

       

      
        23

        
          

      

      	

            	16.6	
              Termination for Discontinuation: This Agreement shall automatically terminate if, as a result of the Customer exercising its right to discontinue a Product under clause 4.8 (Product

                  Discontinuation), there are no other Products covered by this Agreement, and in such event clause 17 (Effect of Termination) shall apply.

            

       

      
        	 
                17.

              	
                Effect of Termination

              

      

       

      	

            	17.1	
              Consequences Arising:  Expiration or termination of this Agreement shall be without prejudice to any rights or obligations that accrued to any Party prior to such expiration or termination.

            

       

      	

            	17.1.1	
              Upon expiration or termination of this Agreement:

            

       

      	

            	(a)	
              Amounts Owing: No Party shall be released from liability for any of its payment obligations that have accrued under this Agreement as of the effective date of such expiration or termination;

            

       

      	

            	(b)	
              Work in Process:  At the Customer’s election, Douglas shall either (i) complete any Product that is a work in process, which Product shall be subject to clause 17.1(c) (Product), or (ii)
                cease such work and transfer such work in process into storage containers, which work in process shall be subject to clause 17.1(d) (Inventory); it being understood that if the Customer fails to timely make such an election or if
                termination is by Douglas under clause 16.1 (Termination by the Customer or Douglas), clause (ii) above shall automatically apply;

            

       

      	

            	(c)	
              Product: The Customer shall take delivery of and pay for, at the Price in effect at the time, all completed, undelivered Product that Douglas has produced
                pursuant to a Firm Order;

            

       

      	

            	(d)	
              Inventory:  Except in the event of termination of this Agreement [***], the Customer shall purchase all Inventory [***]
                then in stock or that is later delivered by a Third Party vendor pursuant to purchases of Inventory in accordance with clause 7.1 (Reliance on Forecast) and shall reimburse Douglas for [***]. Notwithstanding the foregoing, in the event that this Agreement is terminated [***].

            

       

      	

            	(e)	
              Returns:  Douglas shall return to the Customer all Inventory paid for by the Customer pursuant to clause 17.1(d) (Inventory) above in accordance with applicable instructions for storage
                and handling;

            

       

      	

            	(f)	
              Equipment: Douglas shall return to Sol-Gel all Equipment owned by Sol-Gel (as specified in Schedule 2);

            

       

      	

            	(g)	
              Stability:  At the Customer’s election, Douglas shall either (i) continue to perform any ongoing stability testing or (ii) ship the stability samples to the Customer, or any Third Party as the
                Customer informs in writing; it being understood that if the Customer fails to timely make such an election or if termination is by Douglas under clause 16.1 (Termination by the Customer or Douglas), clause (ii) (of this paragraph
                (g)) shall automatically apply;

            

       

      	

            	(h)	
              Records:  Douglas shall deliver to the Customer any and all copies (whether in digital form or hard copy) of any information and records held by it relating to the Products, the Specifications, the
                Licensed Rights or the Quality Information provided to Douglas by the Customer, except that Douglas may retain one copy for its records solely for the purposes of complying with Applicable Law or Regulatory Requirement or demonstrating its
                compliance with this Agreement or the Technical Quality Agreement; and

            

       

      	

            	(i)	
              Assistance: Douglas and Sol-Gel shall provide reasonable assistance and support necessary to transition the Manufacture and supply of Product to the Customer or a Third Party designated by the
                Customer, including the provision of reasonable services, information and instruction regarding such methods and production necessary to enable the Customer or such Third Party to perform the Manufacturing of the Product.

            

       

      	

            	17.1.2	
              Any costs reasonably incurred by Douglas to comply with its obligations under clause 17.1.1, including shipping and related expenses, shall be borne by [***]. Any Services performed by
                Douglas as referred to in this clause that are Additional Services shall be charged at the rate set out in Schedule 1.

            

       

      	

            	17.1.3	
              Any out-of-pocket costs reasonably incurred by Sol-Gel to comply with its obligations under clause 17.1(i) (Assistance), including shipping and related expenses, shall be borne by [***].

            

       

      
        24

        
          

      

      	

            	17.1.4	
              In lieu of taking possession of any of the materials described in this clause 17.1 (Consequences Arising), the Customer may direct Douglas to destroy such items, which Douglas shall cause to be done at [***].

            

       

      	

            	17.2	
              Survival: The expiry or termination of this Agreement shall not operate so as to affect any of clauses 13 (Equipment), 14 (Insurance), 15 (Intellectual Property Rights), 16
                  (Termination), 17 (Effect of Termination), 19 (Liability and Indemnity), 21 (Confidentiality) or 22 (General) or any other provision of this Agreement which is intended to continue after such expiry or
                termination.

            

       

      
        	 
                18.

              	
                Force Majeure

              

      

       

      	

            	18.1	
              Force Majeure:  The performance by either Party of any obligation on its part to be performed hereunder (other than an obligation to pay money or issue credit hereunder) shall be excused if and to
                the extent that such Party is unable to perform any of its obligations under this Agreement due to: flood, strike, or other labour disturbance, riot, fire, earthquake, volcanic activity, natural occurrence of any kind, accident, act of God
                or of public enemy, war, embargo, injunction, epidemic, pandemic or restraint of government (whether or not now or threatened, including the unexpected loss of regulatory approval or import bans), or any cause preventing such performance,
                whether similar or dissimilar to the foregoing, that is beyond the reasonable control of the Party bound by such covenant or obligation (“Force Majeure Event”).

            

       

      	

            	18.2	
              Endeavours to Cure: The Party affected by a Force Majeure Event referred to in clause 18.1 (Force Majeure) shall notify the other Parties of the Force Majeure Event in writing promptly
                following the commencement and conclusion of the Force Majeure Event and use all reasonable endeavours to eliminate, cure, or overcome any such causes and to resume performance of all of its obligations under this Agreement as soon as is
                reasonably practicable.

            

       

      	

            	18.3	
              Termination for Continuing Force Majeure: During the Force Majeure Event, the Parties shall in good faith discuss how to proceed, but if the Force Majeure
                Event continues to prevent the affected Party from performing its material obligations for more than [***], then the unaffected Party may immediately terminate this Agreement by giving written notice
                to the Party that has been prevented from performing; [***].

            

       

      
        	 
                19.

              	
                Liability and Indemnity

              

      

       

      	

            	19.1	
              Indemnification by Douglas:  Douglas shall defend, indemnify and hold harmless Sol-Gel, the Customer, and their respective Affiliates, licensees, sublicensees, directors, officers, employees, and
                agents from and against any and all damages, losses, liabilities, expenses, and costs (including reasonable attorneys’ fees and expenses) (excluding consequential loss or damage) (“Losses”) they may
                suffer as a result of any Third Party claims, demands, suits, judgments or administrative or judicial orders (“Claims”) to the extent arising out of (i) the negligence or wilful misconduct of Douglas
                Indemnitees or Subcontractors; (ii) any breach by Douglas of this Agreement, the Technical Quality Agreement, or the representations, warranties or covenants hereunder or thereunder; or (iii) any failure by Douglas Indemnitees or
                Subcontractors to comply with any Specifications, Regulatory Requirements, or Applicable Laws, regulation or order (including cGMPs, environmental laws, regulations and orders); provided that
                Douglas shall have no obligation under this clause 19.1 (Indemnification by Douglas) to the extent such Losses arise out of or are a result of any of the matters:

            

       

      	

            	19.1.1	
              in clauses 19.2.1(i) to (v); or

            

       

      	

            	19.1.2	
              in clauses 19.3(i) to (iii).

            

       

      	

            	19.2	
              Indemnity by Customer:  Customer shall defend, indemnify and hold harmless:

            

       

      	

            	19.2.1	
              Douglas, its Affiliates, directors, officers, employees and agents (“Douglas Indemnitees”) from and against any and all Losses they may suffer as a result of any Claims to the extent arising out of
                (i) any breach by the Customer of this Agreement, the Technical  Quality Agreement, or the representations, warranties or covenants hereunder or thereunder; (ii) the negligence or wilful misconduct of the Customer, its Affiliates,
                licensees, sublicensees, directors, officers, employees, agents (“Customer Indemnitees”); (iii) [***]; (iv) any sale, marketing, or distribution of the Product
                by the Customer in the Territory; or (v) any failure by Customer Indemnitees or distributors to comply with any Regulatory Requirements, or other Applicable Laws, regulations or orders (including environmental laws, regulations and orders),
                provided that Customer shall have no obligation under this clause 19.2.1 to the extent that such Losses arise out of or are a result of any of the matters in clauses 19.1(i) to (iii) (Indemnification by Douglas);

            

       

      
        25

        
          

      

      	

            	19.2.2	
              Sol-Gel and its Affiliates, directors, officers, employees and agents from and against any and all Losses they may suffer as a result of any Claims to the extent arising out of (i) the Customer’s breach of this Agreement, the Technical
                Quality Agreement, or the representations, warranties or covenants hereunder or thereunder; (ii) the negligence or willful misconduct of the Customer or its Affiliates, sublicensees or distributors; or (iii) any failure by the Customer to
                comply with any Applicable Laws, regulations or orders (including environmental laws, regulations and orders), provided that Customer shall have no obligation hereunder to the extent that such Losses circumstances due to which Douglas is
                obligated to indemnify in accordance with clause 19.1 (Indemnification by Douglas) or are a result of any acts or omissions of Sol-Gel or its Affiliates, including any such acts or omissions giving rise to circumstances due to which
                Sol-Gel is obligated to indemnify in accordance with clause 19.3 (Indemnity by Sol-Gel).

            

       

      	

            	19.3	
              Indemnity by Sol-Gel:  Sol-Gel shall defend, indemnify and hold harmless the Douglas Indemnitees from and against any and all Losses they may suffer as a result of any Claims to the extent arising
                out of (i) Sol-Gel’s breach of this Agreement, or the representations, warranties or covenants provided by Sol-Gel hereunder; (ii) the negligence or wilful misconduct of the Sol-Gel (or its Affiliates); or (iii) any failure by the Sol-Gel
                to comply with any Applicable Laws. Sol-Gel shall also defend, indemnify, and hold harmless the Customer Indemnitees and Douglas Indemnitees from and against any and all Losses they may suffer as a result of any Claims to the extent arising
                out of any injury or other harm to a Third Party that is caused by Product that is manufactured in accordance with the Specifications. Provided that Sol-Gel shall have no obligation hereunder to the extent that such Losses are a result of
                circumstances due to which Douglas is obligated to indemnify in accordance with clause 19.1 (Indemnification by Douglas), or a result of circumstances due to which Customer is obligated to indemnify in accordance with clause

                  19.2 (Indemnification by Customer).

            

       

      	

            	19.4	
              Mitigation:  Each of the Parties must take reasonable steps to mitigate any claim for any Losses (including those for which the parties are indemnified under this clause 19.

            

       

      	

            	19.5	
              Procedure: In the event that any claim is asserted against any Party hereto, or any Party hereto is made a Party defendant in any action or proceeding, and such claim, action or proceeding involves
                a matter which is subject to a claim for indemnification under this clause 19 (Liability and Indemnity), then such Party (an “Indemnified Party”) shall promptly give written notice to the
                other Party (the “Indemnifying Party”) of such claim, action or proceeding, provided that the failure to give such notice shall not excuse the Indemnifying Party from its indemnity obligations
                hereunder unless the Indemnifying Party is materially prejudiced by such failure.  The Indemnified Party shall cooperate fully with the Indemnifying Party throughout the pendency of the claim, lawsuit or liability, and the Indemnifying
                Party shall have complete  control over the conduct and disposition of the claim, lawsuit, or liability including the retention of legal counsel engaged to handle such matter provided, however, that, (a) the Indemnifying Party shall,
                without the written consent of the Indemnified Party, which shall not be unreasonably withheld, as part of any settlement (i) admit to liability on the part of the Indemnified Party; (ii) agree to an injunction against the Indemnified
                Party; or (iii) settle any matter in a manner that separately apportions fault to the Indemnified Party and (b) the Indemnified Party shall be entitled to participate in any such action, suit or proceeding with counsel of its own choice,
                but as its own expense.  If the Indemnifying Party fails to assume the defence within a reasonable time, the Indemnified Party may assume such defence and the reasonable fees and expenses of its attorneys will be covered by the Indemnifying
                Party pursuant to the indemnity provisions provided for herein. An Indemnified Party shall be liable for any costs resulting from any settlement made by an Indemnifying Party without the prior consent of the Indemnified Party to such
                settlement, which consent shall not be unreasonably withheld or delayed.

            

       

      	

            	19.6	
              Consequential Damages:  Except with respect to breaches of clause 21 (Confidentiality) or as otherwise expressly provided for in this Agreement, no Party shall be liable to
                another Party for any indirect or consequential loss or damages (whether in contract or in tort, including negligence), including loss or damages comprising, or resulting from, loss of business or loss of profit, however caused.

            

       

      
        26

        
          

      

      	

            	19.7	
              LIMITATION OF LIABILITY:  THE MAXIMUM AGGREGATE LIABILITY OF DOUGLAS TO CUSTOMER AND/OR SOL-GEL, EXCEPT WITH RESPECT TO [***], IN RESPECT OF CLAIMS UNDER OR
                IN CONNECTION WITH THIS AGREEMENT IN CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE SHALL BE LIMITED TO:

            

       

      [***],

       

      PROVIDED THAT THESE LIMITS DO NOT APPLY TO [***]

       

      	

            	19.8	
              LIMITATION OF LIABILITY RELATING TO INDEMNITY: DOUGLAS’ MAXIMUM AGGREGATE LIABILITY UNDER ANY AND ALL CLAIMS OF WHATEVER NATURE ARISING UNDER OR IN CONNECTION WITH CLAUSE 19.1 (INDEMNIFICATION
                  BY DOUGLAS) WILL NOT EXCEED [***].

            

       

      
        	 
                20.

              	
                Compliance, Quality and Environmental

              

      

       

      	

            	20.1	
              Technical Quality Agreement: Annexed to and forming part of this Agreement is a copy of the Technical Quality Agreement between Douglas and the Customer,
                pursuant to which various roles and responsibilities are designated as assigned to one or the other of the Parties.

            

       

      	

            	20.2	
              Prevailing Terms: Nothing in this clause 20 (Compliance, Quality and Environmental) or the Technical Quality Agreement shall be read or construed as limiting, restricting or modifying the
                other provisions of this Agreement. In the event of any conflict or contradiction between the terms of the Technical Quality Agreement and the terms of this Agreement, the terms of this Agreement shall prevail in relation to non-quality
                matters but the terms of the Technical Quality Agreement shall prevail in relation to any quality matters.

            

       

      	

            	20.3	
              Compliance with Law and Permits:  

            

       

      	

            	20.3.1	
              Douglas shall perform its obligations under this Agreement and conduct its Manufacturing operations hereunder in a safe and prudent manner, including in order to ensure the quality, safety and efficacy of the product in compliance with
                the Specifications, all applicable Regulatory Requirements (including, but not limited to, GMPs and all Applicable Laws and regulations regarding occupational safety and health, public safety and health, environmental protection, and
                disposal of wastes), and in compliance with all applicable provisions of this Agreement, and the Technical Quality Agreement. Douglas shall obtain and maintain all necessary permits, licenses, authorizations, registrations, exemptions, and
                approvals for its activities contemplated by this Agreement at its sole cost.

            

       

      	

            	20.3.2	
              Prior to receipt of Marketing Approval for the Products in the Territory, Sol-Gel shall have sole responsibility for communications with Regulatory Authorities relating to Marketing Approval for the Product to establish and maintain the
                Facility as an approved facility to Manufacture the Product.  Following receipt of Marketing Approval for the Products in the Territory, the Customer shall have such responsibility. Douglas agrees to cooperate with such efforts to the
                extent reasonably requested by Sol-Gel and the Customer, as applicable.

            

       

      	

            	20.4	
              Environmental, Occupational Health and Safety: Within [***] of the Commencement Date, Douglas shall, at the Customer’s cost, undergo a SEDEX audit. Douglas
                shall report to the Customer as soon as possible after any of the following incidents related to the Manufacturing operations hereunder occurs:

            

       

      	

            	20.4.1	
              any fatalities or prosecutions from Work Safe New Zealand;

            

       

      	

            	20.4.2	
              property damage that may hinder or impact supply of Products;

            

       

      	

            	20.4.3	
              any material observations from inspections by any environmental protection agency or Work Safe New Zealand; or

            

       

      	

            	20.4.4	
              requests for information, notices of violations or other significant governmental and safety agency communications relating to environmental, occupational health and safety compliance.

            

       

      DOUGLAS SHALL BE SOLELY RESPONSIBLE FOR COMPLIANCE WITH APPLICABLE LAWS IN RELATION TO ENVIRONMENTAL, OCCUPATIONAL HEALTH AND SAFETY MATTERS PERTAINING TO MANUFACTURING
        OPERATIONS PERFORMED HEREUNDER INCLUDING FOR DISPOSAL OF HAZARDOUS WASTE AND RESIDUES.

       

      
        	 
                21.

              	
                Confidentiality

              

      

       

      	

            	21.1	
              Confidentiality:  During the Term, each Party may discover, receive, or otherwise acquire, whether directly or indirectly, Confidential Information of the other Party or its Affiliates.  Each Party
                shall treat as confidential, and not use or disclose to any person or Third Party, Confidential Information of the other Party or its Affiliates except as set forth herein.

            

       

      
        27

        
          

      

      	

            	21.2	
              Non-Disclosure of Confidential Information:  The receiving Party shall (i) use the Confidential Information of the other Party or its Affiliates solely for purposes of this Agreement; and (ii)
                shall disclose Confidential Information of the other Party or its Affiliates only to those Persons and Third Parties who are required to know this information in order to perform such Party’s obligations under this Agreement, and provided
                that such Persons and Third Parties are subject to confidentiality undertakings at least as stringent as those contained in this Agreement.  Prior to disclosure of Confidential Information to a Person or Third Party as may be permitted
                under subpart (ii) hereof, the receiving Party shall obtain from any such Person or Third Party a legally enforceable written agreement not to disclose the other Party’s Confidential Information or use such Confidential Information for any
                purposes other than those contemplated by this Agreement. Each such confidentiality agreement shall be at least as protective of the disclosing Party’s rights as the terms and conditions of this clause 21 (Confidentiality).  Each
                Party shall take all commercially reasonable actions to protect the other Party’s or its Affiliates’ Confidential Information from disclosure or misappropriation (but in no event shall such Party use less than the degree of care is uses to
                protect its own Confidential Information).  Upon request, each Party shall provide to the other evidence of any confidentiality agreement required under this paragraph.

            

       

      	

            	21.3	
              Non-Disclosure of Agreement:  Each Party shall be permitted to disclose the terms and conditions of this Agreement [***] under written confidentiality
                agreements at least as protective of the disclosing Party’s rights as the terms and conditions of this clause 21 (Confidentiality).

            

       

      	

            	21.4	
              Exceptions:  The confidentiality obligations of the receiving Party under this clause 21 (Confidentiality) shall not apply solely to the extent that any information is required to be
                publicly disclosed pursuant to a governmental or judicial requirement or other requirement of law, but only after notifying the Party owning such Confidential Information of such requirement and, if requested by the owning Party, using
                reasonable efforts to minimise such disclosure and to obtain confidential treatment for all or relevant portions of the Confidential Information to be disclosed.

            

       

      	

            	21.5	
              Injunctive Relief; Specific Performance:  The Parties hereto acknowledge and agree that a breach of this clause 21 (Confidentiality) could give rise to irreparable harm for which money
                damages would not be an adequate remedy and accordingly the Parties agree that, in addition to any other remedies, each Party shall be entitled to seek preliminary or injunctive relief and to enforce the terms of this clause 21
                  (Confidentiality) by a decree of specific performance.

            

       

      
        	 
                22.

              	
                General

              

      

       

      	

            	22.1	
              Notices:  Every notice or other communication for the purposes of this Agreement shall be in writing and may be given by delivery to the physical address of the relevant Party or sending it by
                email to the email address of the relevant Party, set out at the front of this Agreement, or such other address or email address as one Party may have notified in writing to the other Party. A notice given by email, is not deemed received
                unless (if receipt is disputed) the Party giving notice produces a printed copy of the email which evidences that the email was sent to the email address of the Party given notice.

            

       

      	

            	22.2	
              Dispute Resolution:

            

       

      	

            	22.2.1	
              In the event of any controversy, dispute or difference arising out of this Agreement (“Dispute”), except as otherwise set forth in this Agreement, the Parties agree to submit any such Dispute to
                settlement proceedings under the Mediation Rules of the International Chamber of Commerce (“ICC”). If the Dispute has not been settled pursuant to the Mediation Rules within [***] days following the filing of a request for Mediation or within such other period as the Parties may agree in writing, such Dispute shall be finally settled under the Rules of Arbitration of the ICC (the “ICC Rules”) by one or more arbitrators appointed in accordance with such ICC Rules. The place for arbitration shall be New York City (assuming it is then reasonably feasible for both Parties to
                participate in New York in light of any applicable travel-related restrictions or, if not, then by video conference as mutually agreed or as consistent with applicable ICC procedures), and proceedings shall be conducted in the English
                language. The award shall be final and binding on both Parties, and the Parties hereby waive the right of appeal to any court for amendment or modification of the arbitrators’ award.

            

       

      
        28

        
          

      

      	

            	22.2.2	
              Notwithstanding anything to the contrary in this Agreement, each Party, at its option, may obtain in any court of competent jurisdiction any injunctive relief, including preliminary injunctions, against conduct or threatened conduct for
                which no adequate remedy at law may be available or which may cause such Party irreparable harm.

            

       

      	

            	22.2.3	
              Before either Party initiates any mediation or arbitration proceeding under clause 22.2.2 (Dispute Resolution), the Dispute will first be referred to the chief operations officers or other appropriate officers of the Parties.
                Such officers shall take all reasonable steps to attempt to resolve the matter within [***] of the date of referral.

            

       

      	

            	22.3	
              Counterparts:  This Agreement may be executed in two or more counterparts, each of which is deemed an original and all of which constitute one and the same agreement.  This Agreement will be
                effective upon the exchange (including electronic exchange of scanned copies) of executed signature pages.  Each Party consents to this Agreement (including any counterpart of it) being signed and delivered in electronic form in accordance
                with the Contract and Commercial Law Act 2017.

            

       

      	

            	22.4	
              Governing Law:  This Agreement is governed by the laws of New York and the Parties submit to the non-exclusive jurisdiction of the courts of New York. Each
                Party agrees that it will not object to the choice of New York law or arbitration in New York City in any proceeding to adjudicate a dispute under this Agreement.

            

       

      	

            	22.5	
              Waiver:  No delay, failure or forbearance by a Party in enforcing against the other any provision of this Agreement will be a waiver, or in any way prejudice any right, of that Party.

            

       

      	

            	22.6	
              Severance: If any provision of this Agreement is or becomes unenforceable, illegal or invalid for any reason it shall be deemed to be severed from this agreement without affecting the validity of
                the remainder of this Agreement and shall not affect the enforceability, legality, validity or application of any other provision of this Agreement.

            

       

      	

            	22.7	
              No Assignment: This Agreement is not assignable by any Party without obtaining the prior written consent of the other Parties, such consent not to be unreasonably withheld; provided, however, that
                Sol-Gel and the Customer may assign or delegate its rights or duties to any Affiliate or in connection with any merger, change of control, or transfer or sale (including by means of exclusive license) of all or substantially all of the
                assets to which this Agreement relates or other similar transaction. The terms and conditions of this Agreement shall be binding upon, and shall inure to the benefits of, the Parties hereto and their respective permitted successors and
                assigns. In the event of an assignment of this Agreement by Sol-Gel due to merger, change of control, or transfer or sale (including by means of exclusive license) of all or substantially all of the assets to which this Agreement relates or
                other similar transaction, [***]

            

       

      	

            	22.8	
              International Sale of Goods:  The Parties agree that the United Nations Convention on Contracts for the International Sale of Goods does not apply to the supply of any Products pursuant to this
                Agreement.

            

       

      	

            	22.9	
              Relationship of the Parties:  Douglas's relationship with Sol-Gel and the Customer during the Term shall be that of an independent contractor.  None of the Parties has the power to assume or create
                any obligation on behalf of the other Parties except as expressly provided in this Agreement.  Sol-Gel, Douglas, and the Customer are not partners or joint venturers.  No Party shall be responsible for the compensation, payroll-related
                taxes, workers’ compensation, accident or health insurance or other benefits of employees of the other Parties. All contracts and other obligations undertaken by a Party shall be undertaken by such Party on its own behalf and shall not
                involve any financial or other responsibility on the part of the other Parties.

            

       

      	

            	22.10	
              Cumulative Remedies.  Except as otherwise expressly provided herein, the remedies accorded the Parties under this Agreement are cumulative and in addition to those provided by law, in equity or
                elsewhere in this Agreement.

            

       

      
        29

        
          

      

      SCHEDULE 1 – PRODUCT LIST, BATCH SIZES, PRICING, LEAD TIME AND ADDITIONAL SERVICES

       

      [***]

       

      
        30

        
          

      

       SCHEDULE 2 – EQUIPMENT

       

      [***]

       

      
        31

        
          

      

      SCHEDULE 3 – MATERIALS

       

      [***]

      

      

      
        32

        
          

      

      SCHEDULE 4 – TABLE OF FINANCIAL RESPONSIBILITIES 1

      

      

      [***]

      

      

      1 This table is provided for convenience purposes only and is not intended to revise or add to any of the obligations set forth in Supply Agreement.

       

      
        33

        
          

      

      SCHEDULE 5 – PRELIMINARY SPECIFICATIONS

      

      

      
        34

        
          

      

      ANNEXURE 1 – TECHNICAL QUALITY AGREEMENT

       

      35

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}]]