Document:

Exhibit 10.24

 

Confidential materials have been omitted
pursuant to Rule 601 under the Securities Act of 1933, as amended. Such information is both not material and would likely
cause competitive harm to ANI Pharmaceuticals, Inc. if publically disclosed. Confidential portions are marked: [***]

 

EXECUTION VERSION

 

 

 

 

ASSET PURCHASE AGREEMENT

 

by and between

 

AMERIGEN PHARMACEUTICALS LTD.

 

and

 

ANI PHARMACEUTICALS, INC.

 

dated as of January 8, 2020

 

 

 

    

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	Article I Purchase and Sale of Transferred Assets	1
	Section 1.01.      Purchase and Sale	1
	Section 1.02.      Transferred Assets and Excluded Assets	1
	Section 1.03.      Assumed Liabilities and Retained Liabilities	2
	Section 1.04.      Consents to Certain Assignments	3
	 	 
	Article II Closing; Closing Consideration; Purchase Price Adjustment	4
	Section 2.01.      Closing	4
	Section 2.02.      Closing Consideration	4
	Section 2.03.      Transactions to be Effected at the Closing	4
	Section 2.04.      Purchase Price Adjustments	4
	Section 2.05.      Earn-Out Payments	10
	Section 2.06.      Withholding	13
	 	 
	Article III Representations and Warranties of Seller	13
	Section 3.01.      Organization and Standing	13
	Section 3.02.      Authority, Execution and Delivery; Enforceability	14
	Section 3.03.      No Conflicts or Violations, No Consents or Approvals Required	14
	Section 3.04.      Good and Valid Title	14
	Section 3.05.      Intellectual Property	15
	Section 3.06.      Contracts	15
	Section 3.07.      Regulatory Matters	15
	Section 3.08.      Proceedings	16
	Section 3.09.      Compliance with Applicable Law	16
	Section 3.10.      Transferred Assets	16
	Section 3.11.      Transferred Inventory	17
	Section 3.12.      Brokers or Finders	17
	Section 3.13.      Profit and Loss Statement	17
	Section 3.14.      Taxes	17
	Section 3.15.      Employment and Employee Benefits	18
	 	 
	Article IV Representations and Warranties of Purchaser	18
	Section 4.01.      Organization and Standing	18
	Section 4.02.      Authority; Execution and Delivery, Enforceability	19
	Section 4.03.      No Conflicts or Violations, No Consents or Approvals Required	19
	Section 4.04.      Proceedings	19
	Section 4.05.      Availability of Funds	19
	Section 4.06.      Brokers or Finders	19
	 	 
	Article V RESERVED	20
	 	 
	Article VI RESERVED	20
	 	 
	Article VII RESERVED	20
	 	 
	Article VIII Indemnification	20
	Section 8.01.      Survival of Representations, Warranties and Covenants	20
	Section 8.02.      Indemnification by Seller	20
	Section 8.03.      Indemnification by Purchaser	20
	Section 8.04.      Indemnification Procedures	21
	Section 8.05.      Limits on Indemnification	22
	Section 8.06.      Tax Treatment of Indemnification	24
	Section 8.07.      Exclusive Remedy	24

 

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TABLE OF CONTENTS (cont’d)

 

	 	Page
	 	 
	Article IX Tax Matters	25
	Section 9.01.      Tax Matters	25
	 	 
	Article X Additional Agreements	26
	Section 10.01.      Publicity; Confidentiality; Non-Compete	26
	Section 10.02.      Bulk Transfer Laws	28
	Section 10.03.      Post-Closing Information	28
	Section 10.04.      Technology Transfer; FDA Approval	29
	Section 10.05.      Insurance	30
	Section 10.06.      Adverse Experience and Field Alert Reporting; Recalls and Withdrawals	30
	Section 10.07.      Misdirected Payments	31
	Section 10.08.      Cross License; Excluded Inventory	31
	Section 10.09.      Agreements Regarding Transition Product ANDAs; Transition Reference Products; and GDUFA Escrow Account	31
	Section 10.10.      Government Rebates	33
	Section 10.11.      WARN; COBRA	39
	Section 10.12.      Customer Letters	39
	Section 10.13.      Services	39
	Section 10.14.      Further Assurances	40
	 	 
	Article XI Miscellaneous	40
	Section 11.01.      Certain Definitions	40
	Section 11.02.      Assignment	45
	Section 11.03.      Amendments	46
	Section 11.04.      No Third-Party Beneficiaries	46
	Section 11.05.      Expenses	46
	Section 11.06.      Governing Law	46
	Section 11.07.      Jurisdiction	46
	Section 11.08.      Waiver of Jury Trial	46
	Section 11.09.      Specific Performance	46
	Section 11.10.      Notices	47
	Section 11.11.      Headings; Interpretation	48
	Section 11.12.      Counterparts	48
	Section 11.13.      Integrated Contract, Schedules, Exhibits and Disclosure Letter	48
	Section 11.14.      Severability; Enforcement	49
	Section 11.15.      Mutual Drafting	49
	Section 11.16.      Time of Essence	49

 

    ii

     

    

 

Exhibits

 

	Exhibit A	Notice of Destruction – EVERSANA
	Exhibit B	Escrow Agreement
	Exhibit C	Purchaser FDA Letter
	Exhibit D	R&W Policy
	Exhibit E	Seller FDA Letter
	Exhibit F	Supply Agreement
	Exhibit G	Bill of Sale
	Exhibit H	Assignment and Assumption Agreement
	Exhibit I	US Agent Appointment Letter
	Exhibit J	Form of Notice to Transferred Contract counterparties
	Exhibit K	Estimated Closing Inventory Statement
	Exhibit L	Estimated Closing Trade Deductions Statement
	Exhibit M	TriCare Retail Refund Request Program Form

 

Schedules

 

	Schedule I-1	Inventory Principles
	Schedule I-2	Trade Deductions Principles
	Schedule I-3	Returns Principles
	Schedule II	Earn-Out Products
	Schedule III	Product List
	Schedule IV	Purchaser Knowledge Parties
	Schedule V	Seller Knowledge Parties
	Schedule VI	Seller Subsidiaries
	Schedule VII	Transferred Contracts; Transferred Product FDA Materials
	Schedule VIII	Transferred Inventory
	Schedule VIII-2	Transferred Current Inventory
	Schedule VIII-3	Transferred Future Inventory
	Schedule IX	Transferred Contracts to Partially Assign
	Schedule X	Transferred Contracts & Counterparties to Receive Notice
	Schedule XI	Excluded Items under the R&W Policy
	Schedule XII	Certain Seller Expenses

 

    iii

     

    

 

Index of Defined Terms

 

	Acquisition	1
	affiliate	40
	Agreement	1
	Allocation Statement	25
	AMP	34
	Ancillary Agreements	40
	ANDA	40
	Applicable Law	14
	Approved Products	40
	Articles of Association	40
	ASP	34
	Assumed Liabilities	2
	Average Manufacturer Price	34
	Average Selling Price	34
	Best Price	34
	business day	40
	Claim Notice	40
	Closing	3
	Closing Consideration	4
	Closing Date	4
	Closing Debt	4
	Closing Inventory	4
	Closing Trade Deductions	5
	CMS	41
	Code	40
	Confidential Information	27
	Confidentiality Agreement	26
	Consent	14
	Contracts	40
	Costs	10
	DDR	37
	Development Products	40
	Disclosure Letter	40
	Earn-Out Notice of Objection	11
	Earn-Out Payment	12
	Earn-Out Period	10
	Earn-Out Products	11
	Earn-Out Statement	10
	Earn-Out Threshold	12
	ERISA	40
	Escrow Agent	40
	Escrow Agreement	41
	Estimated Closing Inventory	4
	Estimated Closing Inventory Statement	4
	Estimated Closing Trade Deductions	5
	Estimated Closing Trade Deductions Statement	5
	Excluded Assets	1
	Excluded Inventory	2
	Excluded Taxes	41

 

 

	Expiration Date	20
	FCP	34
	FCPA	16
	FDA	41
	Federal Ceiling Price	34
	Final Closing Inventory	7
	Final Closing Inventory Statement	4
	Final Closing Statement	6
	Final Closing Trade Deductions	7
	Final Closing Trade Deductions Statement	5
	Final Quarterly Returns	8
	Final Seller Rebate Amount	9
	Financial Statements	17
	Fiscal Year	10
	GAAP	41
	GDUFA Escrow Account	41
	GDUFA Escrow Amount	41
	GDUFA Fee	41
	Government Programs Transition Period	33
	Government Rebates	5
	Government Rebates Escrow Account	41
	Government Rebates Escrow Amount	41
	Government Rebates Statement	6
	Governmental Entity	14
	Governmental Rebate Authorities	41
	HRSA	41
	Improper Payment Laws	16
	Indemnified Party	21
	Indemnifying Party	21
	Independent Expert	7
	Intellectual Property Rights	41
	Inventory	41
	Inventory Principles	4
	Inventory Shortfall Amount	7
	Inventory Surplus Amount	7
	Judgment	14
	knowledge of Purchaser	42
	knowledge of Seller	42
	Labeler Code	1
	Labeler Code Reporting Period	36
	Law	42
	Liabilities	2
	Liens	42
	Losses	20
	Marathon Agreement	42
	Medicaid Delegation of Signature Authority for Certification	37
	NDRA	33
	Net Profits	10

 

 

 

    iv

     

    

 

 

	Net Revenues	10
	Non-FAMP	34
	Non-Federal Average Manufacturer Price	34
	Notice of Objection	6
	Objecting Party	6
	Objection Period	6
	Pending Products	42
	Permitted Deductions	10
	Permitted Liens	42
	person	42
	PHS Program	35
	Pre-Closing Tax Period	42
	Proceeding	3
	Product Technology	42
	Products	42
	Prohibited Fund	16
	Prohibited Payment	16
	Property Taxes	42
	Purchase Price	42
	Purchaser	1
	Purchaser Fundamental Representations	43
	Purchaser Group	43
	Purchaser Indemnitees	20
	Purchaser Information	36
	Purchaser Material Adverse Effect	43
	Quarterly Returns	5
	Quarterly Returns Statement	5
	Receiving Party	6
	Records Review	39
	Reference Product	43
	Relevant Records	38
	Restricted Business	28
	Retained Liabilities	3
	Return Period	5
	Returns Escrow Account	43
	Returns Escrow Amount	43
	Returns Principles	5
	Seller	1
	Seller Benefit Plan	43

 

 

 

	Seller Fundamental Representations	43
	Seller Group	43
	Seller Indemnitees	20
	Seller Material Adverse Effect	43
	Seller Rebate Amount	6
	Seller Subsidiaries	44
	Straddle Period	44
	subsidiary	44
	Supply Agreement	44
	Tax Return	44
	Taxes	44
	Taxing Authority	44
	Territory	44
	Third Party Claim	21
	Trade Deductions	44
	Trade Deductions Escrow Account	44
	Trade Deductions Escrow Amount	44
	Trade Deductions Principles	5
	Trade Deductions Shortfall Amount	8
	Trade Deductions Surplus Amount	8
	Transfer Documents	44
	Transfer Taxes	45
	Transferred Assets	1
	Transferred Contracts	45
	Transferred Current Inventory	45
	Transferred Future Inventory	45
	Transferred Product ANDA	45
	Transferred Product FDA Materials	45
	Transferred Product Scientific and Regulatory Material	42
	Transition End Date	45
	Transition Lot	18
	Transition Period	45
	Transition Product ANDA	45
	Transition Reference Products	45
	VA	41
	VA Master Agreement	34
	WARN	45

 

 

 

    v

     

    

 

This ASSET PURCHASE
AGREEMENT, dated as of January 8, 2020 (this “Agreement”), is by and between Amerigen Pharmaceuticals
Ltd., a Cayman Islands exempt company (“Seller”) and ANI Pharmaceuticals, Inc., a Delaware corporation
(“Purchaser”). Capitalized terms are defined on the pages of this Agreement set forth opposite the capitalized
terms listed in the Index of Defined Terms.

 

WHEREAS, Seller desires
to sell (and to cause the other members of Seller Group to sell) to Purchaser, and Purchaser desires to purchase, acquire and
accept from Seller Group, the Transferred Assets and assume the Assumed Liabilities, in each case, upon the terms and subject
to the conditions of this Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing premises, the mutual covenants, promises, and agreements set forth in this Agreement, the mutual
benefits to be gained by the performance thereof, and for other good and valuable consideration, the receipt and sufficiency of
which is acknowledged and accepted, the parties, intending to be legally bound, agree as follows:

 

Article I

Purchase and Sale of Transferred Assets

 

Section 1.01.          Purchase
and Sale. Upon the terms and subject to the conditions of this Agreement, at the Closing, Seller agrees to, and agrees to
cause the other members of Seller Group to, sell, transfer, assign and deliver to Purchaser, and Purchaser agrees to purchase,
acquire and accept from Seller Group, the Transferred Assets for (a) an aggregate purchase price equal to the Purchase Price
and (b) the assumption, as of the Closing, by Purchaser from Seller Group of the Assumed Liabilities. The purchase and sale
of the Transferred Assets and the assumption of the Assumed Liabilities are collectively referred to in this Agreement as the
 “Acquisition.”

 

Section 1.02.           Transferred
Assets and Excluded Assets.

 

(a)            The
term “Transferred Assets” means all of Seller Group’s right, title and interest in, to and under all
of the following assets, properties, privileges, claims, and rights of the Seller Group as they exist as of the Closing:

 

(i)            the
Transferred Product ANDAs (expressly excluding all Transition Product ANDAs);

 

(ii)           all
Transferred Product FDA Materials;

 

(iii)          all
Product Scientific and Regulatory Materials;

 

(iv)          all
Product Technology;

 

(v)           Seller’s
labeler code of 43975 (the “Labeler Code”)

 

(vi)          the
Transferred Contracts; and

 

(vii)         Transferred
Inventory.

 

(b)            Seller
Group shall not sell, transfer, assign or deliver to Purchaser, and Purchaser shall not purchase, acquire or accept from Seller
Group, any Excluded Assets. The term “Excluded Assets” means all assets and right, title and interest of Seller
Group (or any member thereof), other than the assets and right, title and interest expressly identified in Section 1.02(a),
including:

 

(i)            any
cash or cash equivalents of Seller Group (or any member thereof);

 

(ii)           any
accounts receivable of Seller Group (or any member thereof);

 

    	 	1	 

     

    

 

(iii)          any
Inventory other than the Transferred Inventory (the “Excluded Inventory”);

 

(iv)          any
refunds or credits, or rights to receive refunds or credits, from any Taxing Authority with respect to Taxes arising out of, relating
to, resulting from or in connection with the Transferred Assets for Pre-Closing Tax Periods;

 

(v)           any
records (including accounting records) related to Taxes paid or payable by any member of Seller Group or any affiliate thereof
and any financial and Tax records relating to the Transferred Assets that form part of the general ledger of any member of Seller
Group or any affiliate thereof;

 

(vi)          all
books, documents, records and files prepared in connection with or relating to the transactions contemplated under this Agreement,
including any strategic, valuation, financial and/or Tax analyses relating to the divestiture of the Transferred Assets and the
Assumed Liabilities;

 

(vii)         all
corporate seals and all of the minute books and stock transfer books of any member of the Seller Group;

 

(viii)        all
Seller Benefit Plans and assets (including any related insurance proceeds) of, and any rights of any member of the Seller Group
in, any Seller Benefit Plan and any contracts that constitute (or provide for services under) such benefit plans;

 

(ix)           all
insurance policies; and

 

(x)            any
attorney work product, attorney-client communications and other items protected by established legal privilege.

 

Section 1.03.          Assumed
Liabilities and Retained Liabilities.

 

(a)            The
term “Assumed Liabilities” means, subject to Section 1.03(b), all obligations, liabilities and
commitments of any nature, whether known or unknown, express or implied, primary or secondary, direct or indirect, liquidated
or unliquidated, absolute or contingent, accrued or unaccrued or due or to become due (collectively, “Liabilities”),
arising out of, relating to, resulting from or in connection with (x) the development, manufacturing, marketing, commercialization,
distribution or sale of the Products, and/or (y) the ownership or use of the Transferred Assets, in the case of each of clauses
(x) and (y) by Purchaser Group from and after the Closing Date, including:

 

(i)             all
Liabilities arising out of, relating to, resulting from or in connection with the performance by Purchaser Group under the Transferred
Contracts from and after the Closing Date;

 

(ii)            all
Liabilities for patent infringement, product liability, breach of warranty and similar claims (including all Proceedings in respect
of such Liabilities) arising out of, relating to, resulting from or in connection with any Products manufactured, marketed, commercialized,
distributed or sold by Purchaser Group from and after the Closing Date;

 

(iii)           all
Liabilities arising out of, relating to, resulting from or in connection with any returns, rebates or chargebacks (including the
processing thereof) that occur after the Closing Date to the extent attributable to Products distributed or sold by Purchaser
Group from and after the Closing Date;

 

(iv)           all
Liabilities arising out of, relating to, resulting from or in connection with any recalls or market withdrawals (whether voluntary
or involuntary) that occur after the Closing Date to the extent attributable to Products distributed or sold by Purchaser Group
from and after the Closing Date;

 

    	 	2	 

     

    

 

(v)            all
Taxes arising out of, relating to, resulting from or in connection with the Transferred Assets (other than Excluded Taxes);

 

(vi)          the
portion of Transfer Taxes for which Purchaser is responsible pursuant to Section 9.01(d); and

 

(vii)         the
portion of Government Rebates for which Purchaser is responsible pursuant to Section 2.04(d).

 

(b)            Purchaser
shall not assume any Retained Liabilities and Seller shall pay, perform and discharge all Retained Liabilities when due by Seller
and each member of Seller Group. The term “Retained Liabilities” means all Liabilities of Seller Group (including
Excluded Taxes) other than the Assumed Liabilities.

 

Section 1.04.           Consents
to Certain Assignments.

 

(a)            Notwithstanding
anything in this Agreement to the contrary, this Agreement shall not constitute an agreement to assign any Transferred Asset if
an attempted assignment thereof, without the consent of a third party, would constitute a violation of any Applicable Law or Judgment
or a breach, default, violation or other contravention of the rights of such third party. If any assignment by any member of Seller
Group to, or any assumption by Purchaser of, any interest in, or Liability under, any Transferred Asset requires the consent of
a third party, then such assignment or assumption shall be made subject to such consent being obtained. Except for Seller’s
obligations to obtain such consents under Section 5.04 and Section 1.04(b), Purchaser agrees that no member
of Seller Group shall have any Liability whatsoever to Purchaser relating to the failure to obtain any such consent that may be
required in connection with the transactions contemplated by this Agreement or any circumstances resulting therefrom. Purchaser
further agrees that no representation, warranty, covenant or agreement of Seller herein shall be breached or deemed breached,
and no condition shall be deemed not satisfied, as a result of (A) the failure to obtain any such consent, or (B) any
suit, action or proceeding (a “Proceeding”) or investigation commenced or threatened by or on behalf of any
person relating to the failure to obtain any such consent or any circumstances resulting therefrom.

 

(b)            If
any such consent is not obtained prior to the Closing, the Closing shall nonetheless take place on the terms set forth in this
Agreement and, thereafter, Purchaser and Seller shall use their respective commercially reasonable efforts to secure such consent
as promptly as practicable after the Closing and, if and to the extent that any such Consent is not so obtained, Seller shall
cooperate in any lawful and commercially reasonable arrangement proposed by Purchaser under which (A) Purchaser shall obtain
(without payment of any additional consideration therefor to Purchaser and without infringing upon the legal rights of such third
party or violating any Applicable Law or Judgment) the economic claims, rights and benefits under the Transferred Asset with respect
to which the consent has not been obtained in accordance with this Agreement and (B) Purchaser shall assume any related economic
burden with respect to such Transferred Asset.

 

    	 	3	 

     

    

 

Article II

Closing; Closing Consideration; Purchase Price Adjustment

 

Section 2.01.           Closing.
The closing of the Acquisition (the “Closing”) shall occur concurrently with the execution of this Agreement
and take place remotely by electronic exchange of documents or at such other place as may be agreed by Seller and Purchaser. The
date on which the Closing occurs is referred to in this Agreement as the “Closing Date”. The Closing shall
be deemed to be effective as of 12:00:01 a.m. eastern time on the Closing Date.

 

Section 2.02.           Closing
Consideration. At the Closing, Purchaser shall pay (a) the Closing Consideration to Seller by wire transfer of immediately
available funds to an account or accounts designated in writing by Seller to Purchaser prior to the Closing, and (b) $30,703,341.43
to Wilmington Trust, National Association, which amount represents the total outstanding amount of debt due and payable by Seller
under the Marathon Agreement (the “Closing Debt”), by wire transfer of immediately available funds to
an account designated in writing by Seller to Purchaser prior to the Closing. The term “Closing Consideration”
means (a) $52,500,000, plus (b) the Estimated Closing Inventory, less (c) the Estimated Closing Trade
Deductions, less (d) the Escrow Amounts, less (e) the Closing Debt.

 

Section 2.03.           Transactions
to be Effected at the Closing.

 

(a)            Concurrently
with the execution of this Agreement, Seller shall deliver or cause to be delivered to:

 

(i)            Purchaser
duly executed counterparts of the Transfer Documents and the other Ancillary Agreements.

 

(ii)           Purchaser
a payoff letter executed by Wilmington Trust, National Association, together with any and all applicable UCC termination statements
and other documentation required to evidence the termination and repayment of the Closing Debt and the release of all Liens related
thereto, which payoff letter shall provide for, among other things, the repayment of all such Closing Debt.

 

(iii)          each
counterparty listed on Schedule X in respect of the corresponding Transferred Contract listed on such Schedule X,
a notice in the form attached as Exhibit J.

 

(b)            Concurrently
with the execution of this Agreement, Purchaser shall deliver or cause to be delivered to Seller (i) duly executed counterparts
of the Transfer Documents and the other Ancillary Agreements and (ii) the Closing Consideration in accordance with Section 2.02.

 

(c)            Concurrently
with the execution of this Agreement, Purchaser shall pay the Escrow Amounts to the Escrow Agent by wire transfer of immediately
available funds in accordance with the terms and conditions of the Escrow Agreement.

 

Section 2.04.           Purchase
Price Adjustments.

 

(a)            Transferred
Inventory.

 

(i)            Estimated
Closing Inventory. Seller has prepared and delivered to Purchaser the statement attached as Exhibit K (the “Estimated
Closing Inventory Statement”), setting forth Seller’s reasonable, good faith estimate of the book value of the
Transferred Inventory as of 12:00:01 a.m. eastern time on the Closing Date (“Estimated Closing Inventory”)
calculated in accordance with the principles set forth on Schedule I-1 (the “Inventory Principles”).

 

(ii)           Final
Closing Inventory Statement. Within 60 days after the Closing Date, Purchaser shall prepare and deliver to Seller a statement
(the “Final Closing Inventory Statement”), setting forth Purchaser’s determination of book value of the
Transferred Inventory as of 12:00:01 a.m. eastern time on the Closing Date (“Closing Inventory”) calculated
in accordance with the Inventory Principles. During such 60-day period, Seller shall, and shall cause the other members of Seller
Group to, afford to Purchaser and its accountants, counsel and other representatives reasonable access, upon reasonable prior
written notice during normal business hours during the period prior to the Closing, to the books and records, Contracts and other
properties and assets of Seller Group to the extent relating to the Estimated Closing Inventory and the Inventory Principles,
if such access does not unreasonably disrupt the normal operations of Seller Group.

 

    	 	4	 

     

    

 

(b)            Trade
Deductions.

 

(i)            Estimated
Closing Trade Deductions. Seller has prepared and delivered to Purchaser the statement attached as Exhibit L (the “Estimated
Closing Trade Deductions Statement”), setting forth Seller’s reasonable, good faith estimate of the book value
of the Trade Deductions (“Estimated Closing Trade Deductions”) calculated in accordance with the principles
set forth on Schedule I-2 (the “Trade Deductions Principles”).

 

(ii)           Final
Trade Deductions Statement. Within one hundred and fifty (150) days after the Closing Date, Purchaser shall prepare and
deliver to Seller a statement (the “Final Closing Trade Deductions Statement”), setting forth Purchaser’s
determination of book value of the Trade Deductions calculated in accordance with the Trade Deductions Principles (the “Closing
Trade Deductions”). During such 150-day period, Seller shall, and shall cause the other members of Seller Group to,
afford to Purchaser and its accountants, counsel and other representatives reasonable access, upon reasonable prior written notice
during normal business hours, to the books and records, Contracts and other properties and assets of Seller Group to the extent
relating to the Estimated Closing Trade Deductions and the Trade Deductions Principles, if such access does not unreasonably disrupt
the normal operations of Seller Group.

 

(c)            Returns.
For each calendar quarter during the period beginning on the Closing Date and ending thirty six (36) months after the Closing
Date (the “Return Period”), Purchaser shall prepare and deliver to Seller, no later than sixty (60) days
after the end of each calendar quarter during the Return Period, a statement (each, a “Quarterly Returns Statement”),
setting forth Purchaser’s reasonable, good faith calculation of the book value of the Product returns during such calendar
quarter then ended (each such determination, the “Quarterly Returns”), in each case, calculated in accordance
with the principles set forth on Schedule I-3 (the “Returns Principles”). During the 30-day
period following Purchaser’s delivery of a Quarterly Returns Statement, Purchaser shall afford Seller and its accountants,
counsel and other representatives reasonable access, upon reasonable prior written notice during normal business hours, to the
books and records of Purchaser solely to the extent relating to the Quarterly Returns and the Returns Principles, if such access
does not unreasonably disrupt the normal operations of Purchaser.

 

(d)            Government
Rebates.

 

(i)            Purchaser
and Seller shall (A) cooperate reasonably in the analysis of dispensing data relating to rebates pursuant to any government
rebate programs with respect to state or federal government claims for Approved Products sold on or prior to the Closing Date
(“Government Rebates”), and (B) agree upon a reasonable allocation to assist the parties in calculating
rebates in accordance with this Section 2.04(d)(i). Purchaser and Seller agree that the responsibility for Government
Rebates shall be allocated between Purchaser and Seller as follows: (I) Seller shall be responsible for payment of (A) 100%
of the amount of Government Rebates invoiced by the applicable Governmental Rebate Authority, where such invoice relates to Approved
Product reimbursements paid by the Governmental Rebate Authority during the period ending March 30, 2020 and all prior
calendar quarters, and (B) 8.8% of the amount of Government Rebates invoiced by the applicable Governmental Rebate Authority,
where such invoice relates to Approved Product reimbursements paid by the Governmental Rebate Authority during the period beginning
on April 1, 2020 and ending on June 30, 2020 (Seller’s aggregate responsibility, the “Seller
Rebate Amount”) and (II) Purchaser shall be responsible for the remaining amount of Government Rebates not otherwise
covered under clause (I) of this sentence. With respect to Government Rebates, Purchaser shall have the right to request
through Seller any claims level data (dispensing data) contained in any report from a Government Rebate program which shall be
used for purposes of determining the date of such claim or for state rebate dispute purposes. In the event Purchaser determines
an invoice or claim for a Government Rebate should be disputed, Seller shall reasonably cooperate with Purchaser to dispute such
claim or invoice.

 

    	 	5	 

     

    

 

(ii)           Purchaser
shall prepare and deliver to Seller, no later than September 30, 2020 (a “Government Rebates Statement”,
and the Government Rebates Statement, together with the Final Closing Inventory Statement, the Final Closing Trade Deductions
Statement, and each Quarterly Returns Statements, a “Final Closing Statement”), setting forth Purchaser’s
reasonable, good faith calculation of (A) the amount of the Government Rebates for the calendar quarter ending March 31, 2020
and the calendar quarter ending June 30, 2020, and (B) the Seller Rebate Amount. During the 30-day period following
Purchaser’s delivery of the Government Rebates Statement, Purchaser shall afford Seller and its accountants, counsel and
other representatives reasonable access, upon reasonable prior written notice during normal business hours, to the books and records
of Purchaser solely to the extent relating to the Government Rebates Statement, if such access does not unreasonably disrupt the
normal operations of Purchaser.

 

(e)            Objections;
Resolution of Disputes.

 

(i)            Unless
Seller notifies Purchaser in writing (A) within 30 days after Seller’s receipt of (I) the Final Closing Inventory
Statement of any objection to the computation of Closing Inventory set forth therein, or (II) the Final Closing Trade Deduction
Statement of any objection to the computation of Closing Trade Deductions set forth therein, or (B) within 15 days after
Seller’s receipt of (I) a Quarterly Returns Statement of any objection to the computation of Quarterly Returns set
forth therein, or (II) the Government Rebates Statement of any objection to the computation of the Seller Rebate Amount (in
each case, as applicable, (x) a “Notice of Objection”, (y) such 30-day or 15-day period, the “Objection
Period”), and (z) as the context so requires, the party sending the Notice of Objection, the “Objecting
Party”, and the party receiving the Notice of Objection, the “Receiving Party”), the applicable Final
Closing Statement shall become final and binding at the end of such Objection Period. During such Objection Period, the Objecting
Party and its representatives shall be permitted to review the working papers of the Receiving Party relating to the applicable
Final Closing Statement. Any Notice of Objection shall specify in reasonable detail the basis for the objections set forth therein
and shall be executed by a duly authorized officer of the Objecting Party.

 

(ii)           If
the Objecting Party provides the applicable Notice of Objection to the Receiving Party during the applicable Objection Period,
Purchaser and Seller shall, during the 30-day period following the Receiving Party’s receipt of the Notice of Objection,
attempt in good faith to resolve the Objecting Party’s objections. During such 30-day period, the Receiving Party and its
representatives shall be permitted to review the working papers of the Objecting Party and its accountants relating to the Notice
of Objection and the basis therefor. If Seller and Purchaser are unable to resolve all such objections with respect to the disputed
matters within such 30 day period, the matters remaining in dispute shall be submitted to Ernst & Young (or, if
such firm declines to act, to another nationally recognized public accounting firm mutually agreed upon by Purchaser and Seller
and, if Purchaser and Seller are unable to so agree within 10 days after the end of such 30 day period, then Purchaser
and Seller shall each select such a firm and such firms shall jointly select a third nationally recognized firm (such selected
firm being the “Independent Expert”)) to resolve such disputed matters.

 

    	 	6	 

     

    

 

(iii)          Within
25 days of the submission of the dispute to the Independent Expert, Purchaser and Seller shall each provide the Independent Expert
and each other with a written report detailing such party’s position with respect to the disputed matters. The parties shall
instruct the Independent Expert to render its reasoned written decision as promptly as practicable but in no event later than
30 days after its engagement, and to render such decision based on the written submissions of the parties and the terms set
forth in this Agreement and not upon independent review. The Independent Expert will determine each disputed matter (the amount
of which may not be more favorable to the Receiving Party than the related amount reflected in the applicable Final Closing Statement
or more favorable to the Objecting Party than the related amount set forth in the applicable Notice of Objection). The resolution
of disputed items by the Independent Expert shall be final and binding, and the determination of the Independent Expert shall
constitute an arbitral award that is final, binding and non-appealable and upon which a Judgment may be entered by a court having
jurisdiction thereover. The fees and expenses of the Independent Expert shall be borne equally by Purchaser and Seller. After
any Final Closing Statement shall have become final and binding, no party shall have any further rights to make any claims against
the other party in respect of (i) any element that such party raised, or could have raised, in its Notice of Objection or
(ii) any payment made hereunder with respect to the applicable Purchase Price adjustments under this Section 2.04.

 

(f)            Payments.

 

(i)            Final
Closing Inventory.

 

(A)            For
purposes of this agreement, the “Final Closing Inventory” shall be an amount equal to Closing Inventory as
finally determined pursuant to Sections 2.04(a) and (e).

 

(B)             If
the Final Closing Inventory is less than the Estimated Closing Inventory (such shortfall amount, the “Inventory Shortfall
Amount”), Seller shall pay the Inventory Shortfall Amount to Purchaser.

 

(C)             If
the Final Closing Inventory is greater than the Estimated Closing Inventory (such excess amount, the “Inventory Surplus
Amount”), Purchaser shall pay the Inventory Surplus Amount to Seller.

 

(D)             If the Final Closing Inventory equals the Estimated Closing Inventory, neither any Inventory Shortfall Amount nor any
Inventory Surplus Amount shall be paid.

 

(ii)           Final
Closing Trade Deductions.

 

(A)            For
purposes of this agreement, the “Final Closing Trade Deductions” shall be an amount equal to Closing Trade
Deductions as finally determined pursuant to Sections 2.04(b) and (e).

 

    	 	7	 

     

    

 

(B)             If
the Final Closing Trade Deductions is less than the Estimated Closing Trade Deductions (such shortfall amount, the “Trade
Deductions Shortfall Amount”), then (I) Purchaser shall pay the Trade Deductions Shortfall Amount to Seller, and
(II) within five (5) business days after such determination, Purchaser, on the one hand, and Seller, on the other hand,
shall jointly instruct the Escrow Agent to pay to Seller the balance of the Trade Deductions Escrow Account.

 

(C)             If
the Final Closing Trade Deductions is greater than the Estimated Closing Trade Deductions (such excess amount, the “Trade
Deductions Surplus Amount”), then payments shall be made subject to the following, to be satisfied exclusively
from and asserted against, in order:

 

(I)            first,
if the Trade Deductions Escrow Account has not been exhausted or released, then, to the extent of the Trade Deductions Escrow
Account, within five (5) business days after such determination, Purchaser, on the one hand, and Seller, on the other hand,
shall jointly instruct the Escrow Agent to pay (x) to Purchaser, from the Trade Deductions Escrow Account, an amount equal
to the Trade Deductions Surplus Amount, and (y) to Seller, from the Trade Deductions Escrow Account, an amount, if any, equal
to the balance of the Trade Deductions Escrow Account after payment pursuant to the preceding clause (x);

 

(II)           second,
if (x) the Trade Deductions Surplus Amount exceeds the amount satisfied in accordance with Section 2.04(f)(ii)(C)(I)(x),
and (y) the Returns Escrow Account has not been exhausted or released, then, to the extent of the Returns Escrow Account,
within five (5) business days after such determination, Purchaser, on the one hand, and Seller, on the other hand, shall
jointly instruct the Escrow Agent to pay to Purchaser, from the Returns Escrow Account, an amount equal to such excess; and

 

(III)          third,
if the Trade Deductions Surplus Amount exceeds the amount satisfied in accordance with Section 2.04(f)(ii)(C)(I)(x) and
Section 2.04(f)(ii)(C)(II), then, at Purchaser’s option, Purchaser shall either (x) withhold and set off
such excess against any amount of any Earn-Out Payment otherwise due to be paid under Section 2.05, or (y) recover
directly against Seller an amount equal to such excess.

 

(D)             If
the Final Closing Trade Deductions equals the Estimated Closing Trade Deductions, then (I) neither any Trade Deductions Shortfall
Amount nor any Trade Deductions Surplus Amount shall be paid, and (II) within five (5) business days, Purchaser, on
the one hand, and Seller, on the other hand, shall jointly instruct the Escrow Agent to pay to Seller the balance of the Trade
Deductions Escrow Account.

 

(iii)          Final
Quarterly Returns.

 

(A)            For
purposes of this agreement, “Final Quarterly Returns” for any calendar quarter then ended during the Return
Period shall be an amount equal to the Quarterly Returns for such calendar quarter, in each case as finally determined pursuant
to Sections 2.04(c) and (e).

 

    	 	8	 

     

    

 

(B)             For
each calendar quarter during the Return Period, within five (5) business days after determining the corresponding Final
Quarterly Returns, (I) Purchaser, on the one hand, and Seller, on the other hand, shall jointly instruct the Escrow Agent
to pay to Purchaser, from the Returns Escrow Account, an amount equal to the Final Quarterly Returns for such calendar quarter
then ended, and (II) if the amount of such Final Quarterly Returns for such calendar quarter then ended exceeds the amount
satisfied in accordance with Section 2.04(f)(iii)(B)(I), then, at Purchaser’s option, Purchaser shall either
(x) withhold and set off such excess against any amount of any Earn-Out Payment otherwise due to be paid under Section 2.05,
or (y) recover directly against Seller an amount equal to such excess.

 

(C)            Within
five (5) business days after the determination of the Final Quarterly Return for the final calendar quarter during the Return
Period, after giving effect to all payments to Purchaser from the Returns Escrow Account under the preceding clause (B), solely
to the extent there is any remaining balance in the Returns Escrow Account, then Purchaser, on the one hand, and Seller, on the
other hand, shall jointly instruct the Escrow Agent to pay to Seller the balance of the Returns Escrow Account.

 

(iv)          Final
Seller Rebate Amount.

 

(A)            For
purposes of this agreement, the “Final Seller Rebate Amount” shall be an amount equal to (I) the Seller
Rebate Amount as finally determined pursuant to Sections 2.04(d) and (e), plus (II) any Losses
to the extent arising or resulting from (x) any Prior Quarter Adjustments (PQAs), or (y) any pricing audit by any Governmental
Rebate Authority, in each case, as clause (x) or (y) relates to any Government Rebates invoiced by the applicable Governmental
Rebate Authority for which Seller is responsible for payment of under clause (I) of the second sentence of Section 2.04(d).

 

(B)            Within
five (5) business days after determining the Final Seller Rebate Amount, payments shall be made subject to the following,
to be satisfied exclusively from and asserted against, in order:

 

(I)             first,
to the extent of the Government Rebates Escrow Account, Purchaser, on the one hand, and Seller, on the other hand, shall jointly
instruct the Escrow Agent to pay (x) to Purchaser, from the Government Rebates Escrow Account, an amount equal to the Final
Seller Rebate Amount, and (y) to Seller, from the Government Rebates Escrow Account, an amount, if any, equal to the balance
of the Government Rebates Escrow Account after payment pursuant to the preceding clause (x);

 

(II)            second,
if (x) the Final Seller Rebate Amount exceeds the amount satisfied in accordance with Section 2.04(f)(iv)(B)(I)(x),
and (y) the Returns Escrow Account has not been exhausted or released, then, to the extent of the Returns Escrow Account,
Purchaser, on the one hand, and Seller, on the other hand, shall jointly instruct the Escrow Agent to pay to Purchaser, from the
Returns Escrow Account, an amount equal to such excess; and

 

(III)          third,
if (x) the amount of such Final Seller Rebate Amount exceeds the amount satisfied in accordance with Section 2.04(f)(iv)(B)(II),
and (y) such excess amount solely is attributable to Losses arising or resulting from any pricing audit by any Governmental
Rebate Authority for any period prior to the Closing Date, then, at Purchaser’s option, Purchaser shall either (1) withhold
and set off such excess against any amount of any Earn-Out Payment otherwise due to be paid under Section 2.05, or
(2) recover directly against Seller an amount equal to such excess.

 

    	 	9	 

     

    

 

(v)           Payments.
Payment of any amounts due under this Section 2.04, if any, shall be made by wire transfer of immediately available
funds within five (5) business days of the date on which the final amount due and payable is finally determined.

 

(g)            Post-Closing
Books and Records. Following the Closing, Purchaser shall maintain the accounting books and records on which the Final Closing
Inventory Statement is to be based consistent with the Inventory Principles.

 

Section 2.05.          Earn-Out
Payments.

 

(a)            Estimated
Earn-Out Statement. During the period beginning with Purchaser’s fiscal year ending December 31, 2020 and
ending with Purchaser’s fiscal year ending December 31, 2023 (each such fiscal year, a “Fiscal Year”,
and such entire period, the “Earn-Out Period”), with respect to each Fiscal Year, within 30 calendar
days after the date on which Purchaser’s audited annual financial statements are filed, published, or otherwise generally
made available to Purchaser’s investors for such Fiscal Year (but no later than 90 calendar days following the end of the
applicable Fiscal Year), Purchaser shall prepare and deliver to Seller a written statement (the “Earn-Out Statement”)
setting forth Purchaser’s reasonable, good faith calculation of such preceding Fiscal Year’s Net Profits and Earn-Out
Amount, each as calculated in accordance with GAAP. For purposes of this Agreement:

 

(i)            “Net
Profits” means, with respect to each Fiscal Year during the Earn-Out Period, (A) Net Revenues minus (B) Costs,
in each case, with respect to such applicable Fiscal Year.

 

(ii)           “Net
Revenues” means an amount equal to (A) the gross amount invoiced by or on behalf of Purchaser (or any other member
of the Purchaser Group) or any licensee thereof for sales of the Earn-Out Products minus (B) the Permitted Deductions. For
clarity, Net Revenues shall not include the sale of Earn-Out Products between or among Purchaser, any of its subsidiaries, and/or
their licensees for resale purposes, provided such resale is included in Net Revenues.

 

(iii)          “Permitted
Deductions” means the sum of (A) all chargebacks, rebates, quantity and cash discounts, and other customary discounts
to customers, wholesalers, resellers, or distributors, (B) all costs and expenses incurred by Purchaser that are reasonably
related to recalls of the Earn-Out Products (less any amounts recovered by Purchaser from any third-party in connection with any
such recall), (C) allowances and credits for spoiled, damaged, outdated, rejected, or returned Earn-Out Products or price
adjustments, billing errors, failure to supply payments, retroactive price reductions, or shelf stock adjustments, (D) uncollectible
amounts on prior commercial sales, and (E) nonrefundable, unreimbursed or un-reimbursable taxes, duties, surcharges, tariffs,
or other government charges (including, for the avoidance of doubt, government rebates and other amounts due to Governmental Entities)
directly related to the commercial sale of Earn-Out Products.

 

(iv)          “Costs”
mean the sum of all direct manufacturing costs associated with generating such Net Revenues, including (A) cost of materials,
components, supplies, and other resources consumed, (B) labor, including salaries, wages, and employee benefits but excluding
equity-based or deferred compensation, (C) net cost or credit of unreimbursed or un-reimbursable value-added taxes or duties
actually paid or utilized, (D) out-of-pocket expenses paid to third parties for the manufacture of Earn-Out Products, and
(E) manufacturing variances to the extent in line with reasonable industry standards and incurred in the manufacture of Earn-Out
Products, excluding any manufacturing variances attributable to negligence or misconduct. For the avoidance of doubt, “Costs”
excludes any general or administrative costs or expenses or other indirect costs or expenses not generally included under GAAP.

 

    	 	10	 

     

    

 

(v)           “Earn-Out
Products” means the Products set forth on Schedule II.

 

(b)            Objections;
Resolution of Disputes.

 

(i)            Unless
Seller notifies Purchaser in writing within 45 days after Seller’s receipt of the Earn-Out Statement of any objection
to the computation of such preceding Fiscal Year’s Net Profits and Earn-Out Amount set forth therein (the “Earn-Out
Notice of Objection”), such Earn-Out Statement shall become final and binding at the end of such 45-day period. During
such 45-day period, Seller and its representatives shall be permitted to review the working papers (and other applicable books
and records) of Purchaser and, to the extent applicable, its subsidiaries, in each case, relating to the Earn-Out Statement (and
the components thereof). Any Earn-Out Notice of Objection shall specify in reasonable detail the basis for the objections set
forth therein and shall be executed by a duly authorized officer of Seller.

 

(ii)           If
Seller provides the Earn-Out Notice of Objection to Purchaser within such 45-day period, Seller and Purchaser shall, during the
30-day period following Purchaser’s receipt of the Earn-Out Notice of Objection, attempt in good faith to resolve Seller’s
objections. During such 30-day period, Purchaser and its representatives shall be permitted to review the working papers (and
other applicable books and records) of Seller relating to the Earn-Out Notice of Objection and the basis therefor. If Purchaser
and Seller are unable to resolve all such objections with respect to the disputed matters within such 30-day period, the matters
remaining in dispute shall be submitted to the Independent Expert to resolve such disputed matters.

 

(iii)          Within
30 days of the submission of the dispute to the Independent Expert, Purchaser and Seller shall each provide the Independent Expert
and each other with a written report detailing such party’s position with respect to the disputed matters. The parties shall
instruct the Independent Expert to render its reasoned written decision as promptly as practicable but in no event later than
30 days after its engagement, and to render such decision based on the written submissions of the parties and the terms set forth
in this Agreement and not upon independent review. The Independent Expert will determine each disputed matter (the amount of which
may not be more favorable to Seller than the related amount reflected in such Earn-Out Notice of Objection or more favorable to
Purchaser than the related amount set forth in such Earn-Out Statement). With respect to such Fiscal Year and its corresponding
Earn-Out Payment (if any), the resolution of disputed items by the Independent Expert for such Fiscal Year shall be final and
binding, and the determination of the Independent Expert shall constitute an arbitral award that is final, binding and non-appealable
and upon which a Judgment may be entered by a court having jurisdiction thereover. The fees and expenses of the Independent Expert
shall be borne equally by Purchaser and Seller. After the Earn-Out Statement for any individual Fiscal Year shall have become
final and binding, Seller shall have no further right to make any claims against Purchaser in respect of any element of such Earn-Out
Payment or payment of such Earn-Out Payment (if any).

 

(c)            Payments.

 

(i)            Subject
to Section 2.05(c)(iv), for each Fiscal Year during the Earn-Out Period, if the Net Profits for such Fiscal Year exceed
such Fiscal Year’s Earn-Out Threshold, Purchaser shall pay to Seller the Earn-Out Payment for such Fiscal Year.

 

    	 	11	 

     

    

 

(ii)           For
purposes this Agreement, the “Earn-Out Threshold” means the following for each individual Fiscal Year during
the Earn-Out Period:

 

(A)            $16,000,000
for the Fiscal Year ending December 31, 2020;

 

(B)            $14,000,000
for the Fiscal Year ending December 31, 2021;

 

(C)            $12,000,000
for the Fiscal Year ending December 31, 2022; and

 

(D)            $11,000,000
for the Fiscal Year ending December 31, 2023.

 

(iii)          “Earn-Out
Payment” means, with respect to each individual Fiscal Year during the Earn-Out Period, an amount equal to the product
of (A) 50%, multiplied by (B) the amount by which the Net Profits for such Fiscal Year exceed such Fiscal Year’s
Earn-Out Threshold; provided, however, that notwithstanding the foregoing, (x) the maximum aggregate amount
of all Earn-Out Payments for all Fiscal Years during the Earn-Out Period to be paid by Purchaser to Seller shall not exceed $25,000,000,
and (y) all Earn-Out Payments shall be subject to Section 2.05(c)(iv). For the avoidance of doubt, in no event
shall an Earn-Out Payment for an individual, preceding Fiscal Year be due and payable to Seller if the Net Profits for any such
Fiscal Year do not exceed the corresponding Earn-Out Threshold for such Fiscal Year.

 

(iv)          Seller
acknowledges and agrees that (A) Purchaser shall pay the first $670,000 of the aggregate amount of all Earn-Out Payments
to be paid under this Section 2.05 to the Escrow Agent for deposit into the Returns Escrow Account, (B) Purchaser
shall make each such payment within five (5) business days of the date on which such applicable amounts are finally
determined pursuant to Section 2.05(b), and (C) the payment of such $670,000 by Purchaser to the Escrow Agent
shall constitute Earn-Out Payments due and payable by Purchaser to Seller under this Section 2.05.

 

(d)            Except
as set forth in Section 2.05(c)(iv), payment of any Earn-Out Payment, if any, shall be made by wire transfer (in accordance
with wire transfer instructions to be provided by Seller at least two (2) business days prior to the applicable payment date)
of immediately available funds within five (5) business days of the date on which such amount is finally determined pursuant
to Section 2.05(b); provided that, if the parties are unable to resolve a disputed matter set forth in the Earn-Out
Notice of Objection in the 30-day period described in Section 2.05(b)(ii), Purchaser will pay to Seller all undisputed
amounts of the Earn-Out Payment by wire transfer (in accordance with wire transfer instructions to be provided by Seller at least
two (2) business days prior to the applicable payment date) of immediately available funds within five (5) business
days of the end of such 30-day period, and Purchaser will pay to Seller any remaining amounts determined by the Independent Expert
in accordance with Section 2.05(b)(iii) within five (5) business days of receipt of the Independent Expert’s
final written decision.

 

(e)            Notwithstanding
anything contained herein to the contrary, Purchaser agrees that it will, and will cause its subsidiaries to, (i) use
commercially reasonable efforts to sell the Earn-Out Products during the Earn-Out Period, and (ii) not take any action (or
omit to take any action) with the intent or purpose of reducing or avoiding any Earn-Out Payment. Without limiting the generality
of the foregoing, Seller acknowledges and agrees that Purchaser presently intends to base its decisions regarding the operations
of Purchaser’s businesses, including the pricing of services and the investment and allocation of resources (including as
relates to the Earn-Out Products), on the basis of strategic objectives of Purchaser and its Subsidiaries and their respective
affiliates, and certain situations could arise where such decisions taken without the intent or purpose of reducing or avoiding
any Earn-Out Payment may nevertheless adversely affect the Earn-Out Payments.

 

    	 	12	 

     

    

 

(f)            Notwithstanding
anything contained herein to the contrary, except as provided below in this subsection 2.05(f), neither Purchaser nor any of its
subsidiaries may transfer, sell, license or assign, to any Person who is not an affiliate of Purchaser, all or substantially all
of the rights pertaining to the Earn-Out Products (including as a part of a sale that includes all or substantially all of the
assets of Purchaser or all or substantially all of the equity interests of Purchaser, including by way of a merger or consolidation),
unless the transferee, licensee or assignee, as applicable, of such transfer, sale, license or assignment (i) expressly assumes
in writing the obligations of Purchaser under this Section 2.05, including payment of the Earn-Out Payments (except
to the extent previously paid), and (ii) (A) has the capabilities to commercialize products that are substantially similar
to the Earn-Out Products, or (B) Purchaser remains responsible for the obligations under this Section 2.05; provided
that this subsection 2.05(f)(ii) shall not apply in the event of a sale of Purchaser, including all or substantially
all of the assets of Purchaser or all or substantially all of the equity interests of Purchaser, including by way of merger or
consolidation.

 

(g)            Seller
understands and agrees that the right to receive the Earn-Out Payments (i) is solely a contractual right and will not be
evidenced by a certificate or other instrument, (ii) may not be sold, assigned, transferred, pledged, encumbered, or in any
other manner transferred or disposed of, in whole or in part, and (iii) does not give Seller any dividend rights or voting
rights and does not represent any equity or ownership interest in (A) Purchaser or in any constituent company to this Agreement
or any of their respective affiliates, or (B) the Transferred Assets.

 

Section 2.06.           Withholding.
Purchaser shall be entitled to deduct and withhold from any consideration otherwise payable or deliverable to Seller such amounts
as may be required to be deducted or withheld therefrom under the Code or other applicable Law; provided, however
that if Purchaser becomes aware of any such required deduction or withholding, Purchaser shall give advance notice to and
consult with Seller prior to any such deduction or withholding and shall provide Seller with an opportunity to furnish any form,
certification, or information that would reduce or eliminate such deduction or withholding or to update or supplement any form,
certification, or information previously provided. To the extent such amounts are so deducted or withheld, such amounts shall
be treated for all purposes as having been paid to the Person to whom such amounts would otherwise have been paid absent such
deduction or withholding.

 

Article III

Representations and Warranties of Seller

 

Except as set forth
in the Disclosure Letter, Seller hereby represents and warrants to Purchaser as follows (and, solely for purposes of this Article III,
the Transition Product ANDAs shall be deemed to constitute Transferred Assets):

 

Section 3.01.           Organization
and Standing. Seller is an exempted limited liability company incorporated and validly existing under the laws of the Cayman
Islands and has full corporate power and authority to enable it to own, lease or otherwise hold the Transferred Assets owned,
leased or otherwise held by it and to conduct its business as presently conducted by it. Except as would not reasonably be expected
to have a Seller Material Adverse Effect, each of Seller Subsidiaries is validly existing under the laws of its jurisdiction of
organization and has full corporate or other power and authority to enable it to own, lease or otherwise hold the Transferred
Assets owned, leased or otherwise held by it and to conduct its business as presently conducted by it.

 

    	 	13	 

     

    

 

Section 3.02.           Authority,
Execution and Delivery; Enforceability. Seller has full corporate power and authority to execute this Agreement and the Ancillary
Agreements to which it is, or is specified to be, a party and to consummate the transactions contemplated to be consummated by
it by this Agreement and such Ancillary Agreements. Each of Seller Subsidiaries has or, prior to the Closing, will have full corporate
or other power and authority to execute the Ancillary Agreements to which it is, or is specified to be, a party and to consummate
the transactions contemplated to be consummated by it by such Ancillary Agreements. Seller has taken all corporate action required
by its Articles of Association to authorize the execution and delivery of this Agreement and the Ancillary Agreements to which
it is, or is specified to be, a party and to authorize the consummation of the transactions contemplated to be consummated by
it by this Agreement and such Ancillary Agreements. Each of Seller Subsidiaries has or, prior to the Closing, will have taken
all corporate or other action required by its organizational documents to authorize the execution and delivery of the Ancillary
Agreements to which it is, or is specified to be, a party and to authorize the consummation of the transactions contemplated to
be consummated by it by such Ancillary Agreements. Seller has duly executed and delivered this Agreement and prior to the Closing
will have duly executed and delivered each Ancillary Agreement to which it is, or is specified to be, a party and, assuming due
authorization, execution and delivery by the members of Purchaser Group party thereto, this Agreement constitutes, and each Ancillary
Agreement to which it is, or is specified to be, a party will after the Closing constitute, its legal, valid and binding obligation,
enforceable against it in accordance with its terms subject, as to enforcement, to applicable bankruptcy, insolvency, moratorium,
reorganization or similar laws affecting creditors’ rights generally and to general equitable principles. Each of Seller
Subsidiaries prior to the Closing will have duly executed and delivered each Ancillary Agreement to which it is, or is specified
to be, a party, and, assuming due authorization, execution and delivery by the members of Purchaser Group party thereto, each
Ancillary Agreement to which it is, or is specified to be, a party will after the Closing constitute its legal, valid and binding
obligation, enforceable against it in accordance with its terms subject, as to enforcement, to applicable bankruptcy, insolvency,
moratorium, reorganization or similar laws affecting creditors’ rights generally and to general equitable principles.

 

Section 3.03.           No
Conflicts or Violations, No Consents or Approvals Required. The execution and delivery by Seller of this Agreement do not
and the consummation of the transactions contemplated to be consummated by it by this Agreement will not, and the execution and
delivery by each member of Seller Group of each Ancillary Agreement to which it is, or is specified to be, a party will not and
the consummation of the transactions contemplated to be consummated by it by such Ancillary Agreement will not, conflict with,
or result in any breach of or constitute a default under, or result in the creation of any Lien (other than Permitted Liens or
Liens caused by Purchaser Group) upon any of the Transferred Assets under, any provision of (a) in the case of Seller, its
Articles of Association and, in the case of each of the other members of Seller Group, its organizational documents, (b) any
Transferred Contract to which any member of Seller Group is a party or by which any of the Transferred Assets is bound, (c) any
contract, agreement, commitment, indenture, mortgage, lease, pledge, note, bond, license, permit, or other instrument or obligation
of any member of the Seller Group or any of the Transferred Assets, (d) any judgment, order or decree of a Governmental Entity
(“Judgment”) or Law applicable to any member of Seller Group or any of the Transferred Assets (“Applicable
Law”), other than, in the case of clauses (b), (c) and (d) above, any such conflicts, breaches, defaults or
Liens that would not reasonably be expected to have a Seller Material Adverse Effect. No consent, approval or authorization (“Consent”)
of, or registration, declaration or filing with, any Federal, state, local or foreign court or arbitral body of competent jurisdiction,
governmental agency, authority, commission, instrumentality or regulatory body (each, a “Governmental Entity”)
is required to be obtained or made by or with respect to any member of Seller Group in connection with the execution, delivery
and performance of this Agreement or the consummation of the transactions contemplated to be consummated by it by this Agreement.

 

Section 3.04.           Good
and Valid Title. A member of Seller Group has, and as of the Closing will have, good and valid title to each of the Transferred
Assets, in each case, free and clear of all Liens (other than Permitted Liens).

 

    	 	14	 

     

    

 

Section 3.05.           Intellectual
Property. The marketing, commercialization, distribution and sale of the Approved Products and the development and manufacturing
of the Products in the Territory in the manner conducted by Seller Group immediately prior to the Closing Date, does not, in any
material respect, conflict with, infringe upon or otherwise misappropriate any Intellectual Property Rights of any person. Except
as set forth in the Disclosure Letter, all Transferred Product Technology is solely owned by either Seller or another member of
Seller Group, and no license fees in respect of any Transferred Product Technology are paid or payable to any third parties for
the use by Seller or another member of Seller Group of the Transferred Product Technology.

 

Section 3.06.           Contracts.
Each Transferred Contract is valid, binding, and in full force and effect, and is enforceable by the applicable member of Seller
Group in accordance with its terms subject, as to enforcement, to applicable bankruptcy, insolvency, moratorium, reorganization
or similar laws affecting creditors’ rights generally. The applicable member of Seller Group has performed all obligations,
in all material respects, required to be performed by it under each Transferred Contract, and such member of Seller Group is not
in material breach or default thereunder and, to the knowledge of Seller, no other party to such Transferred Contract is in material
breach or default thereunder. As of the date of this Agreement, no counterparty to any Transferred Contract has notified the Company
that such counterparty (a) ceased, or intends to cease after the Closing Date, its goods or services under such Transferred
Contract, or (b) terminated or materially reduced, or intends to terminate or materially reduce after the Closing Date, its
relationship with the Company under such Transferred Contract (including by sending a notice of a right of first refusal or similar
correspondence regarding a reduction in price or quantity of the Products under such Transferred Contract).

 

Section 3.07.           Regulatory
Matters.

 

(a)            Since
January 1, 2017, (i) no member of Seller Group has received (A) any FDA Form 483 Notice of Observation with
respect to any Product or any facility in which any Product is manufactured, (B) any FDA Notice of Adverse Finding with respect
to any Product or (C) any “warning letter” or similar written correspondence from the FDA with respect to any
Product and (ii) there has not been a recall or market withdrawal of any Product by any member of Seller Group, whether voluntary
or involuntary. No recall or market withdrawal of any Product by any member of Seller Group is pending or, to the knowledge of
Seller, threatened in connection with any Product.

 

(b)            All
Transferred Product ANDAs and Transferred Product FDA Materials filed with the FDA were, at the time of filing, true and complete
in all material respects. To the knowledge of Seller, since January 1, 2017, no member of Seller Group or officer, employee
or agent thereof has (i) made an untrue statement of a material fact to the FDA with respect to any Product, (ii) failed
to disclose a material fact required to be disclosed to the FDA with respect to any Product or (iii) committed an act with
respect to any Product that would reasonably be expected to provide a basis for the FDA to invoke its policy in respect of “Fraud,
Untrue Statements of Material Facts, Bribery, and Illegal Gratuities” set forth in 56 Fed. Reg. 46191, as amended. Seller
has made available to Purchaser true and complete copies of all material correspondence with the FDA in Seller’s possession
or control with respect to the Transferred Product ANDA.

 

(c)            Except
as would not reasonably be expected to be material to the Transferred Assets, the Transferred Product ANDAs are valid and in full
force and effect and not subject to any Proceeding for suspension or revocation.

 

    	 	15	 

     

    

 

Section 3.08.           Proceedings.
There is no (a) outstanding Judgment against any member of Seller Group, (b) Proceeding pending or, to the knowledge
of Seller, threatened against any member of Seller Group or (c) investigation by any Governmental Entity pending or, to the
knowledge of Seller, threatened against any member of Seller Group, in the case of each of clauses (a), (b) and (c),
in respect of the Products or the Transferred Assets, including, without limitation, any Proceeding to place a clinical hold order
on, or otherwise terminate, delay, or suspend, any proposed or ongoing pre-clinical or clinical studies, trials, investigational
new drug applications, or investigations conducted or proposed to be conducted in connection with the Transferred Assets.

 

Section 3.09.           Compliance
with Applicable Law.

 

(a)            The
development, manufacturing, marketing, commercialization, distribution and sale of the Products by Seller Group, to the
knowledge of Seller, is in material compliance with, and since January 1, 2017, has been in material compliance with, all
Applicable Law.

 

(b)            Since
January 1, 2017, no member of Seller Group has received any written notice from any Governmental Entity alleging any failure
of the development, manufacturing, marketing, commercialization, distribution and sale of the Products to comply with any Applicable
Law.

 

(c)            Anti-Bribery.
Within the past six (6) years, no member of the Seller Group or any of their directors, officers, or to the knowledge of
Seller, any employees, agents or consultants, or any other Person acting for, or on behalf of, the Seller Group, directly or indirectly:

 

(i)            has
violated or is in violation of the U.S. Foreign Corrupt Practices Act (the “FCPA”) or any other laws regarding
corruption or illegal payments applicable to the Seller Group (collectively with the FCPA, the “Improper Payment Laws”);

 

(ii)           has
made, undertaken, offered to make, promised to make or authorized the payment or giving of any bribe, rebate, payoff, influence
payment, kickback or other payment, gift or other transfer of money or anything of value (including meals or entertainment) to
(A) any officer, employee or ceremonial office holder of any government, instrumentality thereof, government-controlled legal
entity or supra-national organization (such as the United Nations), (B) any political party, (C) any political candidate,
or (D) any royal family member, that is prohibited under any Improper Payment Law or otherwise for the purpose of influencing
any act or decision of such payee in his or her official capacity, inducing such payee to do or omit to do any act in violation
of his or her lawful duty, securing any improper advantage or inducing such payee to use his or her influence with a government
or instrumentality thereof to affect or influence any act or decision of such government or instrumentality in violation of his
or her lawful duty (any of the foregoing a “Prohibited Payment”);

 

(iii)          has
used funds or other assets, or made any promise or undertaking, for establishment or maintenance of a secret, unrecorded or improperly
recorded fund (a “Prohibited Fund”); or

 

(iv)          has
made any false or fictitious entries in any books or records of the Seller Group relating to any Prohibited Payment or Prohibited
Fund.

 

Section 3.10.           Transferred
Assets. The Transferred Assets comprise all of the assets of Seller Group (excluding all employees, independent contractors,
real estate and general administrative overhead assets) that are necessary and useful to develop, manufacture, market, commercialize,
distribute and/or sell, as applicable, the Products in a manner substantially consistent with the manner in which the Products
were developed, manufactured, marketed, commercialized, distributed and/or sold, as applicable, by Seller Group immediately prior
to the Closing Date. Upon the Closing, no member of the Seller Group will hold any assets that are of the same kind of assets
as the Transferred Assets that are reasonably necessary to enable Purchaser to develop, manufacture, market, commercialize, distribute
and/or sell the Products in a manner substantially consistent with the manner in which the Products were developed, manufactured,
marketed, commercialized, distributed and/or sold by the Seller Group immediately prior to the Closing Date.

 

    	 	16	 

     

    

 

Section 3.11.           Transferred
Inventory. The Transferred Inventory will be of quality and quantity usable and saleable in the ordinary course of business
consistent with past practice, except in each case for excess, obsolete items and items of below-standard quality in the Estimated
Closing Inventory (which, for the avoidance of doubt, are deemed Excluded Assets). Since December 31, 2018, Seller has sold
Products in quantities that are materially consistent with the demand and ordinary shipment and sales practices of Seller, and
Seller has not engaged in “channel stuffing” of any of the Products.

 

Section 3.12.           Brokers
or Finders. Except as set forth in the Disclosure Letter, no member of Seller Group has entered into any Contract pursuant
to which any agent, broker, investment banker or other firm or person is or will be entitled to any broker’s or finder’s
fee or any other commission or similar fee in connection with any of the transactions contemplated by this Agreement.

 

Section 3.13.           Profit
and Loss Statement. Attached to Section 3.13 of the Disclosure Letter is a true and complete copy of the profit
and loss statements of the Transferred Assets for the eleven-month period ended November 30, 2019 (the “Financial
Statement”). The Financial Statement (i) was derived from and are in accordance with the books and records of the
Seller Group, and (ii) fairly presents the results of operations of the Transferred Assets as of the date thereof and for
the period indicated.

 

Section 3.14.           Taxes.

 

(a)            All
Tax Returns required to be filed by Seller or otherwise related to the Transferred Assets have been duly and timely filed. All
such Tax Returns are true and complete in all respects.

 

(b)            No
claim has been made by a Taxing Authority in a jurisdiction where Seller does not file a Tax Return such that Seller may have
been subject to taxation in that jurisdiction.

 

(c)            All
Taxes owed by Seller or otherwise related to the Transferred Assets that are or have become due have been timely paid in full.

 

(d)            There
are no Liens other than Permitted Liens on any of the Transferred Assets related to any Taxes.

 

(e)            All
Taxes which Seller is (or was) required by Law to withhold, collect, or deposit in connection with amounts paid or owing to any
employee, independent contractor, creditor, stockholder, or other third party have been duly withheld, collected, deposited, or
paid over to the proper Taxing Authority.

 

(f)             Seller
has not been the subject of any audits, inquiries, or other proceedings with respect to Taxes, and there are no pending or active
audits or legal proceedings involving Tax matters or, to knowledge of Seller, threatened audits, inquiries or proposed deficiencies
or other claims for unpaid Taxes of Seller or Taxes otherwise relating to the Transferred Assets.

 

(g)            Purchaser
will not be held liable for any Taxes that are or have become due on or prior to the Closing Date as a successor or transferee,
by statute, contract or otherwise, as a result of the transfer of any Transferred Assets under this Agreement.

 

(h)            Seller
has not (i) granted a power-of-attorney relating to Tax matters in connection with the Transferred Assets to any person,
or (ii) applied for and/or received a ruling or determination from a Taxing Authority regarding a past or prospective transaction
relating to the Transferred Assets.

 

    	 	17	 

     

    

 

(i)            
Seller has not participated in a reportable transaction (as defined in U.S. Treasury Regulations Section 1.6011-4(b)),
or a transaction without economic substance (within the meaning of Section 7701(o) of the Code).

 

(j)             There
are no outstanding agreements extending or waiving the statutory period of limitation applicable to any claim for, or the period
for the collection or assessment of Taxes with respect to the Transferred Assets.

 

(k)            None
of the Transferred Assets is subject to any tax partnership agreement or is otherwise treated, or required to be treated, as held
in an arrangement requiring a partnership income Tax Return to be filed under Subchapter K of Chapter 1 of Subtitle A of the Code.

 

(l)             Each
of the representations and warranties set forth in this Section 3.14 are made with respect to any predecessors of
Seller.

 

Section 3.15.           Employment
and Employee Benefits. Neither Seller nor any other member of the Seller Group is a party to a collective bargaining or other
labor agreement and, to the knowledge of Seller, no organizational activities by a union or other labor representative have occurred
during the prior 12 month period with respect to employees of Seller or any member of the Seller Group. Neither Seller nor
any member of the Seller Group maintains or contributes to, or has any obligation to contribute to or otherwise has any liability
with respect to, any Seller Benefit Plan. Seller and each member of the Seller Group has complied in all material respects with
the requirements of Section 4980B with respect to continuation of health benefits. Neither Seller nor any member of the Seller
Group has any liability under WARN.

 

Article IV

Representations and Warranties of Purchaser

 

Purchaser hereby represents
and warrants to Seller as follows:

 

Section 4.01.          Organization
and Standing. Purchaser is a validly existing corporation and in good standing under the laws of the State of Delaware and
has full corporate power and authority to enable it to conduct its business as presently conducted by it. Except as would not
reasonably be expected to have a Purchaser Material Adverse Effect, each of Purchaser’s subsidiaries is validly existing
under the laws of its jurisdiction of organization and has full corporate or other power and authority to enable it to conduct
its business as presently conducted by it.

 

    	 	18	 

     

    

 

Section 4.02.          Authority;
Execution and Delivery, Enforceability. Purchaser has full corporate power and authority to execute this Agreement and the
Ancillary Agreements to which it is, or is specified to be, a party and to consummate the transactions contemplated to be consummated
by it by this Agreement and such Ancillary Agreements. Each of Purchaser’s subsidiaries has or, prior to the Closing, will
have full corporate or other power and authority to execute the Ancillary Agreements to which it is, or is specified to be, a
party and to consummate the transactions contemplated to be consummated by it by such Ancillary Agreements. Purchaser has taken
all corporate action required by its organizational documents to authorize the execution and delivery of this Agreement and the
Ancillary Agreements to which it is, or is specified to be, a party and to authorize the consummation of the transactions contemplated
to be consummated by it by this Agreement and such Ancillary Agreements. Each of Purchaser’s subsidiaries has or, prior
to the Closing, will have taken all corporate or other action required by its organizational documents to authorize the execution
and delivery of the Ancillary Agreements to which it is, or is specified to be, a party and to authorize the consummation of the
transactions contemplated to be consummated by it by such Ancillary Agreements. Purchaser has duly executed and delivered this
Agreement and prior to the Closing will have duly executed and delivered each Ancillary Agreement to which it is, or is specified
to be, a party and, assuming due authorization, execution and delivery by the members of Seller Group party thereto, this Agreement
constitutes, and each Ancillary Agreement to which it is, or is specified to be, a party will after the Closing constitute, its
legal, valid and binding obligation, enforceable against it in accordance with its terms subject, as to enforcement, to applicable
bankruptcy, insolvency, moratorium, reorganization or similar laws affecting creditors’ rights generally and to general
equitable principles. Each of Purchaser’s subsidiaries prior to the Closing will have duly executed and delivered each Ancillary
Agreement to which it is, or is specified to be, a party, if any, and, assuming due authorization, execution and delivery by the
members of Seller Group party thereto, each Ancillary Agreement to which it is, or is specified to be, a party will after the
Closing constitute its legal, valid and binding obligation, enforceable against it in accordance with its terms subject, as to
enforcement, to applicable bankruptcy, insolvency, moratorium, reorganization or similar laws affecting creditors’ rights
generally and to general equitable principles.

 

Section 4.03.          No
Conflicts or Violations, No Consents or Approvals Required. The execution and delivery by Purchaser of this Agreement do not
and the consummation of the transactions contemplated to be consummated by it by this Agreement will not, and the execution and
delivery by each member of Purchaser Group of each Ancillary Agreement to which it is, or is specified to be, a party will not
and the consummation of the transactions contemplated to be consummated by it by such Ancillary Agreement will not, conflict with,
or result in any breach of or constitute a default under, or result in the creation of any Lien upon any of the properties or
assets of any member of Purchaser Group under, any provision of (a) the organizational documents of any member of Purchaser
Group, (b) any Contract to which any member of Purchaser Group is a party or by which any of their respective properties
or assets is bound, (c) any contract, agreement, commitment, indenture, mortgage, lease, pledge, note, bond, license, permit,
or other instrument or obligation of any member of the Purchaser Group, or (d) any Judgment or Applicable Law applicable
to any member of Purchaser Group or any of their respective properties or assets, other than, in the case of clauses (b), (c) and
(d) above, any such conflicts, breaches, defaults or Liens that would not reasonably be expected to have a Purchaser Material
Adverse Effect. No Consent of, or registration, declaration or filing with, any Governmental Entity is required to be obtained
or made by or with respect to any member of Purchaser Group in connection with the execution, delivery and performance of this
Agreement or the consummation of the transactions contemplated to be consummated by it by this Agreement.

 

Section 4.04.          Proceedings.
There is no (a) outstanding Judgment against any member of Purchaser Group, (b) Proceeding pending or, to the knowledge
of Purchaser, threatened against any member of Purchaser Group or (c) investigation by any Governmental Entity pending or,
to the knowledge of Purchaser, threatened against any member of Purchaser Group that, in the case of each of clauses (a),
(b) and (c), would reasonably be expected to have a Purchaser Material Adverse Effect.

 

Section 4.05.          Availability
of Funds. Purchaser has, and at the Closing will have, available cash and capacity under existing borrowing facilities
which together are sufficient to enable it to consummate the Acquisition and the other transactions contemplated by this
Agreement and the Ancillary Agreements.

 

Section 4.06.          Brokers
or Finders. No member of Purchaser Group has entered into any Contract pursuant to which any agent, broker, investment banker
or other firm or person is or will be entitled to any broker’s or finder’s fee or any other commission or similar
fee in connection with any of the transactions contemplated by this Agreement.

 

    	 	19	 

     

    

 

Article V

RESERVED

 

Article VI

RESERVED

 

Article VII

RESERVED

 

Article VIII

Indemnification

 

Section 8.01.          Survival
of Representations, Warranties and Covenants. All representations, warranties and covenants contained in this Agreement or
any Ancillary Agreement shall survive the Closing and remain in full force and effect as follows: (a) for a period of 15 months
following the Closing Date, with respect to all representations and warranties, other than with respect to (i) Seller Fundamental
Representations and Purchaser Fundamental Representations which shall survive the Closing and remain in full force and effect
for a period of 24 months following the Closing Date, and (ii) the representations and warranties of Seller set forth
in Section 3.14 (Taxes) and the covenant to indemnify for any Excluded Tax that is a Retained Liability pursuant to
Section 8.02(c), which shall survive for a period of sixty (60) days following the expiration of the applicable statute
of limitations (including any extensions thereof), or (b) with respect to each other covenant or agreement contained in this
Agreement or any Ancillary Agreement, for a period following the Closing in accordance with its terms (the respective expiration
dates for the survival of the representations and warranties and covenants and agreements shall be referred to herein as the “Expiration
Date”), except that any representation, warranty, covenant or agreement that would otherwise terminate in accordance
with clause (a) or (b) will continue to survive if a Claim Notice shall have been timely given to the Indemnifying Party
by the Indemnified Party on or prior to such applicable Expiration Date, until the related claim for indemnification has been
satisfied or otherwise resolved as provided in this Article VIII.

 

Section 8.02.          Indemnification
by Seller. Subject to the limitations set forth in Section 8.05, from and after the Closing, Seller shall indemnify,
defend and hold harmless each member of Purchaser Group and each of their respective officers, directors, employees, stockholders,
agents and representatives (the “Purchaser Indemnitees”) from and against any and all claims, losses, damages,
liabilities, obligations or expenses, including reasonable third party legal fees and expenses (collectively, “Losses”),
to the extent arising or resulting from any of the following:

 

(a)            any inaccuracy or breach as of the date of this Agreement and as of the Closing Date of
any representation or warranty of Seller contained in this Agreement;

 

(b)            any
breach of or failure to perform any covenant or agreement of Seller contained in this Agreement;

 

(c)            any Retained Liability; and

 

(d)            any items specifically excluded from coverage under the R&W Policy and set forth on
Schedule XI attached hereto.

 

Section 8.03.          Indemnification by Purchaser. Subject to the limitations set forth in Section 8.05,
from and after the Closing, Purchaser shall indemnify, defend and hold harmless each member of Seller Group and each of their respective
officers, directors, employees, stockholders, agents and representatives (the “Seller Indemnitees”) from and
against any and all Losses, to the extent arising or resulting from any of the following:

 

    	 	20	 

     

    

 

 

(a)            any
inaccuracy or breach as of the date of this Agreement and as of the Closing Date of any representation or warranty of Purchaser
contained in this Agreement;

 

(b)            any
breach of or failure to perform any covenant or agreement of Purchaser contained in this Agreement; and

 

(c)            any
Assumed Liability.

 

Section 8.04.          Indemnification
Procedures.

 

(a)            Procedures
Relating to Indemnification of Third Party Claims. If any Purchaser Indemnitee or Seller Indemnitee, as applicable (the “Indemnified
Party”), receives written notice of the commencement of any Proceeding or the assertion of any claim by a third party
or the imposition of any penalty or assessment for which indemnity may be sought under Section 8.02 or 8.03
(a “Third Party Claim”), and such Indemnified Party intends to seek indemnity pursuant to this Article VIII,
the Indemnified Party shall promptly provide Purchaser (if a Seller Indemnitee is the Indemnified Party) or Seller (if a Purchaser
Indemnitee is the Indemnified Party), as applicable (the “Indemnifying Party”), with written notice of such
Third Party Claim, stating the nature, basis and the amount thereof, to the extent known, along with copies of the relevant documents
evidencing such Third Party Claim and the basis for indemnification sought. Failure of the Indemnified Party to give such notice
will not relieve the Indemnifying Party from liability on account of this indemnification, except if and to the extent that the
Indemnifying Party is actually materially prejudiced thereby. The Indemnifying Party will have 30 days from receipt of any such
notice of a Third Party Claim to give notice to assume the defense thereof. If notice to the effect set forth in the immediately
preceding sentence is given by the Indemnifying Party, the Indemnifying Party will have the right to assume the defense of the
Indemnified Party against the Third Party Claim with counsel of its choice. So long as the Indemnifying Party has assumed the defense
of the Third Party Claim in accordance herewith, (i) the Indemnified Party may retain separate co-counsel at its sole cost
and expense and participate in the defense of the Third Party Claim, and (ii) the Indemnifying Party will not consent to the
entry of any Judgment or enter into any settlement with respect to the Third Party Claim unless (A) the Indemnified Party
has consented in writing (such prior written consent not to be unreasonably withheld or delayed) or (B) (i) the Indemnifying
Party pays the full amount of the Liability in connection with such Third Party Claim, (ii) there is an unconditional release
of all Indemnified Parties from all Liability arising out of such Third Party Claim or Action, and (iii) no Indemnified Party
admits to any wrongdoing. The parties will cooperate in good faith in responding to, defending against, or settling Third Party
Claims; provided that the foregoing will not require any person to take any action that would violate Law. Whether or not
the Indemnifying Party has assumed the defense of a Third Party Claim, the Indemnifying Party will not be obligated to indemnify
the Indemnified Party hereunder for any settlement entered into or any Judgment consented to with respect to such Third Party Claim
without the Indemnifying Party’s prior written consent (such written consent will not be unreasonably withheld or delayed).

 

(b)            Procedures
for Non-Third Party Claims. Upon the discovery of any matter giving rise to a claim of indemnity under Section 8.02
or 8.03 (but not involving a Third Party Claim), the Indemnified Party shall promptly provide the Indemnifying Party with
written notice of such claim, stating the nature, basis and the amount thereof, if known, along with copies of the relevant documents
evidencing such claim and the basis for indemnification sought. Failure of the Indemnified Party to give such notice will not relieve
the Indemnifying Party from liability on account of this indemnification, except to the extent that the Indemnifying Party is actually
materially prejudiced thereby. The Indemnifying Party will have 30 days from receipt of any such notice to dispute a claim of the
Indemnified Party. If the Indemnifying Party has timely disputed such a claim, the Indemnified Party and the Indemnifying Party
shall attempt to resolve in good faith such dispute within 30 days of the Indemnifying Party providing notice to the Indemnified
Party of the dispute of such claim (it being understood that such good faith attempt shall not require either party to submit the
dispute to arbitration). If such dispute is not so resolved within such 30-day period, then either party may initiate a lawsuit
with respect to the subject matter of such dispute in accordance with, and subject to the limitations of, Article XI.

 

    21

     

    

 

(c)            Cooperation.
The parties shall reasonably cooperate in resolving any claim of indemnity under Section 8.02 or 8.03 (including
any Third Party Claim). Such cooperation will include, upon reasonable advance written notice, during normal business hours and
so long as it does not unreasonably disrupt the normal operations of the business, providing reasonable access to and copies of
information, records and documents relating to such claim and furnishing employees to assist in the investigation, defense and
resolution of such claim. Notwithstanding the immediately foregoing sentence, this Section 8.04(c) shall not obligate
the providing party to (a) adversely affect the ability of such party to assert attorney-client or attorney work product privilege
or a similar privilege, (b) furnish information, documents, or records if the parties are in an adversarial relationship in
litigation or arbitration, in which case the applicable rules relating to discovery shall govern, (c) violate any Applicable
Law or Judgment, or (d) breach any duty of confidentiality owed to any person whether such duty arises contractually, statutorily
or otherwise.

  

Section 8.05.          Limits
on Indemnification.

 

(a)            Notwithstanding
anything contained herein to the contrary:

 

(i)         Seller
Limits:

 

(A)            Seller
shall not be liable, pursuant to Section 8.02(a) and Section 8.02(d) for any Losses suffered
by any Purchaser Indemnitee unless the aggregate amount of all such Losses suffered by Purchaser Indemnitees exceeds, on
a cumulative basis, an amount equal to $262,500, and then only to the extent that such Losses exceed such amount; provided,
that, the foregoing indemnification limitations shall not apply to indemnity claims made by Purchaser Indemnitees pursuant to Section 8.02(a) and
Section 8.02(d) with respect to Seller Fundamental Representations, the representations and warranties set forth
in Section 3.14 (Taxes), or fraud;

 

(B)            except
in the case of fraud, the R&W Policy and the Indemnity Escrow Account shall be the sole and exclusive recourse for claims made
by Purchaser Indemnitees pursuant to Section 8.02(a);

 

(C)            except
in the case of fraud, the aggregate liability of Seller for Losses pursuant to Section 8.02(d) shall in no event
exceed $7,875,000; and

 

(D)            the
aggregate liability of Seller hereunder shall in no event exceed the Purchase Price received by Seller under this Agreement.

 

(ii)        Purchaser
Limits:

 

(A)            Purchaser
shall not be liable, pursuant to Section 8.03(a) for any Losses suffered by any Seller Indemnitee unless
the aggregate amount of all such Losses suffered by Seller Indemnitees exceeds, on a cumulative basis, an amount equal to $262,500,
and then only to the extent that such Losses exceed such amount; provided, that, the foregoing indemnification limitations
shall not apply to indemnity claims made by Seller Indemnitees pursuant to Section 8.03(a) with respect to Purchaser
Fundamental Representations or fraud;

 

(B)            the
aggregate liability of Purchaser for any Losses pursuant to Section 8.03(a) shall, in no event, exceed $7,875,000;
provided, that, the foregoing indemnification limitations shall not apply to indemnity claims made by Seller Indemnitees
pursuant to Section 8.03(a) with respect to Purchaser Fundamental Representations or fraud; and

 

    22

     

    

 

(C)            the
aggregate liability of Purchaser hereunder shall in no event exceed the Purchase Price payable to Seller under this Agreement.

 

(b)          Order
of Recovery; Set-Off Against Earn-Out Payments. Notwithstanding anything contained herein to the contrary, Purchaser Indemnitees’
right to indemnification for Losses under Section 8.02 that are finally determined to be owed in accordance with Section 8.04
shall be subject to the following, to be satisfied exclusively from and asserted against, in order, in each case, subject to the
terms, conditions and limitations of this Agreement:

 

(i)            first,
if the Indemnity Escrow Account has not been exhausted or released, to the extent of the remaining funds in the Indemnity Escrow
Account, then Purchaser, on the one hand, and Seller, on the other hand, shall jointly instruct the Escrow Agent to disburse from
the Escrow Account to such Purchaser Indemnitees an amount equal to the lesser of (A) the amount of Losses to which such Purchaser
Indemnitees is entitled to be indemnified, and (B) the then remaining balance of the Indemnity Escrow Account;

 

(ii)           second,
if the amount of Losses to which such Purchaser Indemnitee is entitled to be indemnified exceeds the amounts satisfied under Section 8.05(b)(i),
and solely in the case of claims made by Purchaser Indemnitees pursuant to Section 8.02(a), against the R&W Policy,
to the extent then available and Losses are recoverable thereunder; and

 

(iii)          third,
if the amount of Losses to which such Purchaser Indemnitee is entitled to be indemnified exceeds the amount satisfied in
accordance with Section 8.05(b)(i) and (ii), either, at Purchaser’s option, (A) by withholding
and setting off against any amount of an Earn-Out Payment otherwise due to be paid under Section 2.05 or (B) directly
against Seller.

 

(c)           Neither
party hereto shall be liable hereunder to the other party hereto for any indirect, special, incidental, consequential or punitive
damages (whether for loss of current or future revenues or profits, loss in value or otherwise) and no “multiple of revenues”
or “multiple of profits” or similar valuation methodology shall be used in calculating the amount of any Losses.

 

(d)           The
amount of any Loss for which indemnification is provided under this Article VIII shall be determined after deducting
therefrom any amounts actually recovered by the Indemnified Party from any third party (including insurance proceeds) as a result
of the facts or circumstances giving rise to the Losses.

 

(e)           Each
Indemnified Party shall mitigate any Losses for which it is entitled to indemnification under this Article VIII, including
by using its commercially reasonable efforts to pursue recovering any proceeds reasonably available under insurance policies; provided
that no such Indemnified Party shall be required to take any action or refrain from taking any action that is contrary to any applicable
Contract or Applicable Laws binding on such Indemnified Party or any affiliate thereof.

 

(f)            For
the purposes of determining the amount of any Losses arising out of, relating to or resulting from any inaccuracy or breach of
any representation or warranty to be true and correct, and for purposes of determining whether or not such inaccuracy or breach
has occurred, such representations and warranties shall be considered without giving effect to any limitation or qualifications
as to “materiality,” “Seller Material Adverse Effect”, “Purchaser Material Adverse Effect”
or any other derivation of the word “material.”

 

    23

     

    

 

(g)            Purchaser
acknowledges that it and its representatives have received or been afforded the opportunity to review prior to the date of this
Agreement all written materials which Seller Group was required to make available to Purchaser pursuant to this Agreement on or
prior to the date of this Agreement. Purchaser acknowledges that it and its representatives (i) have been permitted access
to the books and records, Contracts and other properties and assets of Seller Group to the extent relating to the Products, the
Transferred Assets or the Assumed Liabilities and (ii) have had an opportunity to discuss with employees of Seller Group the
Products, the Transferred Assets and the Assumed Liabilities, in the case of each clauses (i) and (ii) that Purchaser
and its representatives have desired or requested to see, review or discuss, as applicable. Purchaser further acknowledges and
agrees that (A) other than the representations and warranties of Seller specifically contained in Article III,
no member of Seller Group or any other person has made or makes any representation or warranty either expressed or implied (1) with
respect to the Products, the Transferred Assets, the Assumed Liabilities or the transactions contemplated by this Agreement or
the Ancillary Agreements or (2) as to the accuracy or completeness of any information regarding the Products, the Transferred
Assets, the Assumed Liabilities or the transactions contemplated by this Agreement or by the Ancillary Agreements made available
to Purchaser and its representatives and (B) Purchaser Indemnitees shall have no claim or right to indemnification pursuant
to this Article VIII and no member of Seller Group or any other person shall have or be subject to any liability to
any Purchaser Indemnitee or any other person with respect to any information, documents or materials made available by Seller Group
or any of its representatives to Purchaser and its representatives, including any information, documents or materials made available
to Purchaser and its representatives in any “data room” (whether electronic or otherwise) or in any other form (it
being understood that this clause (B) does not supersede or otherwise affect the representations and warranties of Seller
specifically contained in Article III). Without limiting the generality of the foregoing, except as provided under
this Agreement, Purchaser acknowledges and agrees that no member of Seller Group or any other person has made or makes any representation
or warranty relating to the maintenance, repair, condition, design, performance or marketability of any Transferred Asset, including
merchantability or fitness for a particular purpose.

 

Section 8.06.          Tax
Treatment of Indemnification.  For all Tax purposes, Purchaser and Seller agree to treat (and shall cause each other
member of Purchaser Group or Seller Group, respectively, to treat) any indemnity payment under this Agreement as an adjustment
to the Purchase Price unless otherwise required by a final determination by the IRS or other applicable Taxing Authority (which
shall include, in the case of the IRS, the execution of an IRS Form 870-AD or successor form), a final judgment of a court
of competent jurisdiction, or a change in Applicable Law occurring after the date hereof.

 

Section 8.07.          Exclusive
Remedy. Except for fraud or any non-monetary equitable relief to which any party hereto may be entitled from and after
the Closing, the indemnification provisions contained in this Article VIII are intended to provide the sole and exclusive
remedy following the Closing as to all Losses any party hereto (and any other Seller Indemnitee or Purchaser Indemnitee) may incur
arising from or relating to the Agreement and the Ancillary Agreements and the transactions contemplated hereunder and thereunder,
and each party hereby waives, to the full extent they may do so, any other rights or remedies that may arise under any applicable
statute, rule or regulation.

 

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Article IX

Tax Matters

 

Section 9.01.         Tax
Matters.

 

(a)           Allocation
of Taxes. In the case of any Straddle Period, (i) income Taxes, sales and use Taxes, value added Taxes and withholding
Taxes shall be computed as if such taxable period ended on (and included) the Closing Date and (ii) all other Taxes (including
Property Taxes) for the Pre-Closing Tax Period shall be equal to the amount of such Taxes for the entire Straddle Period multiplied
by a fraction, the numerator of which is the number of days during the Straddle Period that are in the Pre-Closing Tax Period and
the denominator of which is the number of days in the entire Straddle Period.

 

(b)           Filing
of Tax Returns and Payment and Refunds of Taxes. The party required by Applicable Law to file any Tax Return with respect to
any Taxes applicable to the Transferred Assets for any Straddle Period shall timely file such Tax Return and pay such Taxes to
the applicable Taxing Authority. To the extent Purchaser so pays any Taxes that are Retained Liabilities or Seller so pays any
Taxes that are Assumed Liabilities, Seller or Purchaser (as applicable) shall reimburse the other party for the amount of such
Taxes. To the extent Purchaser receives a refund of any such Taxes that are Retained Liabilities or Seller receives a refund of
any such Taxes that are Assumed Liabilities, Purchaser or Seller (as applicable) shall pay over to the other party the amount of
such refund, net of any reasonable out-of-pocket costs and expenses.

 

(c)           Purchase
Price Allocation.

  

(i)            No
later than 90 days after the Closing Date, Seller shall deliver to Purchaser a statement (the “Allocation Statement”)
allocating the Purchase Price (increased by the Assumed Liabilities and any other items to the extent properly taken into account
under Section 1060 of the Code) among the Transferred Assets and any other assets to the extent properly treated as acquired
for Tax purposes pursuant to this Agreement in accordance with Section 1060 of the Code. If, within 30 days after the delivery
of the Allocation Statement, Purchaser has not notified Seller in writing that Purchaser objects to the allocation set forth in
the Allocation Statement, the Allocation Statement shall become final and binding on the parties. If, within such 30-day period,
Purchaser has so notified Seller, Purchaser and Seller shall use commercially reasonable efforts to resolve such dispute within
30 days. In the event that Purchaser and Seller are able to resolve such dispute within such 30-day period, the allocation reflected
on the Allocation Statement shall be adjusted to reflect such resolution and the Allocation Statement (as so adjusted) shall become
final and binding on the parties. In the event that Purchaser and Seller are unable to resolve such dispute within such 30-day
period, the parties shall (A) refer the matter to the Independent Expert and (B) instruct Independent Expert to, no later
than 30 days after its acceptance of the matter, resolve the dispute in a manner consistent with the principles set forth in this
Section 9.01(c)(i) and furnish to each party notice of such resolution. The Allocation Statement shall then be
adjusted to reflect such resolution and the Allocation Statement (as so adjusted) shall become final and binding on the parties.
All fees and expenses of the Independent Expert shall be shared equally by the parties.

 

(ii)           Once
the Allocation Statement becomes final and binding pursuant to Section 9.01(c)(i), the parties agree to (A) be
bound by the Allocation Statement for all Tax purposes and (B) act in accordance with the Allocation Statement in the preparation,
filing and audit of any Tax Return, in each case, unless otherwise required by a closing agreement with an applicable Taxing Authority
or a final judgment of a court of competent jurisdiction.

 

    25

     

    

 

(d)          Transfer
Taxes.

 

(i)            All
Transfer Taxes shall be borne fifty percent (50%) by Seller and fifty percent (50%) by Purchaser. If either Seller or Purchaser
receives any refund, credit or recovery of any Transfer Tax that was borne by both parties, the party receiving such refund, credit
or recovery shall promptly pay to the other party fifty percent (50%) of the amount of such refund, credit or recovery, net of
any reasonable out-of-pocket costs and expenses.

 

(ii)           Each
member of Seller Group, on the one hand, and Purchaser and its affiliates, on the other hand, shall use commercially reasonable
efforts to obtain any available exemption from any Transfer Taxes and shall cooperate with the other parties in providing any information
and documentation that may be necessary to obtain any such exemption, including any applicable resale or exemption certificate.

 

(iii)          Seller
and Purchaser shall file all Tax Returns and other documentation required to be filed with respect to all Transfer Taxes and, if
required by Applicable Law, Seller and Purchaser will, and will cause the other members of Seller Group or Purchaser Group, respectively,
to, join in the execution of any such Tax Returns and other documentation.

 

(e)           Purchaser
and Seller agree to provide each other with such information and assistance as is reasonably necessary, including access to records
and personnel, for the preparation of any Tax Return or for the defense of any Tax claim or assessment related to the Transferred
Assets or the Assumed Liabilities, whether in connection with an audit or otherwise.

  

(f)           Seller
shall deliver to Purchaser at the Closing certificates, duly executed and acknowledged, certifying that any payments made pursuant
to this Agreement are exempt from withholding pursuant to Section 1445 of the Code.

 

Article X

Additional Agreements

 

Section 10.01.       Publicity;
Confidentiality; Non-Compete.

 

(a)           Publicity.
No public release or announcement concerning the transactions contemplated by this Agreement or the Ancillary Agreements shall
be issued by either party without the prior written consent of the other party (which consent shall not be unreasonably withheld
or delayed), except as such release or announcement may be required by Applicable Law or the rules or regulations of any United
States or foreign securities exchange, in which case the party required to make such release or announcement shall allow the other
party reasonable time to comment on such release or announcement in advance of such issuance.

 

(b)           Confidentiality.

 

(i)            Each
of Purchaser and Seller acknowledges that the information provided to it in connection with the Acquisition and the other transactions
contemplated by this Agreement and the Ancillary Agreements is subject to the terms of the confidentiality agreement between Purchaser
and Seller (the “Confidentiality Agreement”). The terms of the Confidentiality Agreement are incorporated herein
by reference. Effective upon, and only upon, the Closing, the Confidentiality Agreement shall terminate with respect to information
relating solely to the Products and the Transferred Assets (other than information relating to the Excluded Assets and the personnel
of Seller Group). For the avoidance of doubt, Purchaser acknowledges that any and all other information provided to it by Seller
Group or any of its representatives concerning Seller Group shall remain subject to the terms and conditions of the Confidentiality
Agreement from and after the Closing.

 

    26

     

    

 

(ii)          Seller
recognizes that it possesses information of a confidential or secret nature in both written and unwritten form, which has unique
commercial value as related to the Transferred Assets (hereinafter referred to as “Confidential Information”).
For purposes of this Agreement, the foregoing, “Confidential Information”:

 

(A)            shall
include each of the following, to the extent constituting a Transferred Asset: (I) any pre-clinical, clinical, pharmaceutical
development, prescription, or sales and marketing data for a Product; (II) trade secrets, processes, methods, data, know-how,
prototypes, improvements, inventions, techniques, product plans, strategies and forecasts, including any development plans for
the use of a Product; (III) forms, Contracts or promotional materials created for or used solely in relation to a Product;
(IV) any correspondence, memoranda or files related solely to a Product which contain Confidential Information; and (V) any
information, knowledge and data solely related to the Transferred Assets; and

 

(B)            shall
not include (I) any information which is or becomes generally available to and known by the general public (other than as
a result of a disclosure through the actions of Seller Group or any of its representatives in violation of this Section or
any other obligation of confidentiality owed to Purchaser or any of Purchaser’s subsidiaries), or (II) any information,
forms, Contracts or other items relating to the Excluded Assets.

  

(iii)         Seller
agrees that, following the Closing, all Confidential Information shall be the sole property of Purchaser Group and its assigns.

 

(iv)         Through
the expiration of the Earn-Out Period, Seller will, and will cause Seller Subsidiaries and representatives to, keep in strict confidence
all Confidential Information and will not use or disclose any Confidential Information or anything relating to it, in whole or
in part, or permit others to use or disclose Confidential Information in any way, without the prior written consent of Purchaser.
Seller agrees to inform Purchaser as promptly as practicable in writing in the event of any breach of this obligation of confidentiality
that becomes known to Seller.

 

(v)          Notwithstanding
anything contained in this Agreement to the contrary, Seller is permitted to disclose the Confidential Information pursuant to
a Judgment; provided that, in each instance, Seller (A) promptly notifies Purchaser of the Judgment after Seller becomes
aware of the Judgment, (B) cooperates with Purchaser in seeking a protective order or similar relief to protect the confidentiality
of the information to be disclosed, and (C) limits the disclosure to what is requested by the Judgment.

 

(vi)         Notwithstanding
anything contained in this Agreement to the contrary, for the avoidance of doubt, Seller shall expressly have the right to disclose
and use Confidential Information relating to the Transition Product ANDAs for the sole purpose of, and to the extent reasonably
necessary for, obtaining marketing approval for the applicable Transition Reference Products in China.

 

(c)          Non-Compete.

 

(i)            If
the Closing occurs, for a period of 48 months beginning on the Closing Date, Seller will not (and will cause the other members
of the Seller Group not to), directly or indirectly, engage or participate in, or render services to (whether as an owner, operator,
member, shareholder, trustee, manager, consultant, strategic partner, employee or otherwise, with or without compensation) any
Restricted Business (as defined below) in the Territory. For the purposes of the foregoing, Seller will not be in breach of this
Section 10.01(c): (A) by reason of its (and/or any other member(s) of the Seller Group’s) beneficial
ownership, of two percent (2%) or less of the equity of a person that engages in any Restricted Business so long as Seller
and the other members of the Seller Group do not control the operation or management of such person that engages in any Restricted
Business or (B) for exercising its rights with respect to the Transition Product ANDAs and the Transition Reference Products
in accordance with the terms and conditions hereunder.

 

    27

     

    

 

(ii)           The
parties acknowledge and agree that the restrictions contained in this Section are a reasonable and necessary protection of
the immediate interests of Purchaser, and any violation of these restrictions would cause substantial harm to Purchaser and that
Purchaser would not have entered into this Agreement and the other Ancillary Agreements without receiving the additional consideration
offered by Seller in binding itself to these restrictions. In the event of a breach or a threatened breach by Seller or any Seller
Subsidiaries of these restrictions, Purchaser may be entitled to an injunction restraining Seller or Seller Subsidiaries, as applicable,
from such breach or threatened breach (without the necessity of proving the inadequacy as a remedy of money damages or the posting
of a bond); provided, however, that the right to injunctive relief will not be construed as prohibiting Purchaser
from pursuing any other available remedies, whether at Law or in equity, for such breach or threatened breach.

  

(iii)           The
term “Restricted Business” means the development, manufacturing, marketing, commercialization, distribution
and sale of a pharmaceutical generic product that has the same indication as (x) any approved indication for the Approved
Products, (y) any filed indication for the Pending Products and (z) any targeted indication for the Development Products,
in each case, (x), (y) and (z), as of the Closing.

 

Section 10.02.       Bulk
Transfer Laws. Purchaser hereby waives compliance by Seller Group with the provisions of any so-called “bulk transfer
laws” of any jurisdiction in connection with the sale of the Transferred Assets to Purchaser.

 

Section 10.03.       Post-Closing
Information.

 

(a)           For
a period of two years following the Closing, Purchaser shall, and shall cause the other members of Purchaser Group to, afford to
Seller and its accountants, counsel and other representatives reasonable access, upon reasonable prior written notice during normal
business hours, to the books and records, Contracts and other properties and assets of Purchaser Group solely to the extent relating
to the Products, the Transferred Assets or the Assumed Liabilities for any reasonable business purpose in respect of Proceedings
that are not adversarial to the Purchaser Group, insurance matters and financial reporting of Seller Group, if such access does
not unreasonably disrupt the normal operations of Purchaser Group. Notwithstanding the immediately foregoing sentence, this Section 10.03(a) shall
not obligate any member of Purchaser Group to (a) adversely affect the ability of any member of Purchaser Group to assert
attorney-client or attorney work product privilege or a similar privilege, (b) furnish information, documents, or records
if the parties are in an adversarial relationship in litigation or arbitration, in which case the applicable rules relating
to discovery shall govern, (c) violate any Applicable Law or Judgment, or (d) breach any duty of confidentiality owed
to any person whether such duty arises contractually, statutorily or otherwise.

 

    28

     

    

 

(b)            For
a period of two years following the Closing, Seller shall, and shall cause the other members of Seller Group to, afford to Purchaser
and its accountants, counsel and other representatives reasonable access, upon reasonable prior written notice during normal business
hours, to the books and records, Contracts and other properties and assets of Seller Group solely to the extent relating to the
Products, the Transferred Assets or the Assumed Liabilities for any reasonable business purpose in respect of Proceedings that
are not adversarial to the Seller Group, insurance matters and financial reporting of Purchaser Group, if such access does not
unreasonably disrupt the normal operations of Seller Group. Notwithstanding the immediately foregoing sentence, this Section 10.03(b) shall
not obligate any member of Seller Group to (a) adversely affect the ability of any member of Seller Group to assert attorney-client
or attorney work product privilege or a similar privilege, (b) furnish information, documents, or records if the parties are
in an adversarial relationship in litigation or arbitration, in which case the applicable rules relating to discovery shall
govern, (c) violate any Applicable Law or Judgment or (d) breach any duty of confidentiality owed to any person whether
such duty arises contractually, statutorily or otherwise.

 

Section 10.04.       Technology
Transfer; FDA Approval.

 

(a)           Seller
and Purchaser shall use commercially reasonable efforts to effect an orderly transfer of the Product Scientific and Regulatory
Material and the Product Technology from Seller Group to Purchaser Group pursuant to the terms of this Agreement as promptly as
practicable after the Closing.

 

(b)           Seller
and Purchaser shall cooperate in good faith to prepare and submit on or after the Closing Date all required notices to the FDA
regarding the transfer of the Transferred Product ANDAs (expressly excluding all Transition Product ANDAs) from Seller Group to
Purchaser Group. In connection with, and without limiting, the foregoing:

  

(i)           within
five (5) business days of the Closing Date, Seller shall deliver one or more flash drives to Purchaser containing one eCTD
sequence for each Transferred Product ANDA and each Transition Product ANDA;

 

(ii)          within
ten (10) business days of the Closing Date, (A) with respect to each Transferred Product ANDA, Seller shall deliver,
or cause to be delivered, to the FDA a Seller FDA Letter, and (B) with respect to each Transition Product ANDA, Seller shall
deliver, or cause to be delivered, to the FDA a US Agent Appointment Letter;

 

(iii)         within
fifteen (15) business days of the Closing Date, (A) with respect to each Transferred Product ANDA and each Transition Product
ANDA, Seller shall deliver one or more flash drives to Purchaser containing all applicable electronic RA files (except in
the case of the Transferred Product ANDA for Indapamide, which files shall be delivered in both electronic/eCTD and paper files),
and (B) with respect to each Transferred Product ANDA, Purchaser shall deliver, or cause to be delivered, to the FDA a Purchaser
FDA Letters; provided, that any and all flash drives required to be delivered to Purchaser pursuant to Section 10.04(i) and
(iii) shall be delivered to the following recipient at the physical address listed below, and Seller shall provide tracking
numbers for such deliveries to the email account listed below:

 

Justin Uthup, Associate Director
Regulatory Affairs

ANI Pharmaceuticals, Inc. 

3757 Willow Stone Lane, Wake Forest,
NC 27587 

Phone: 919-647-9794 

Email: justin.uthup@anipharmaceuticals.com

 

    29

     

    

 

(iv)          following
the Closing, Seller will notify Purchaser of any FDA communications related to the Transferred Product ANDAs and the Transition
Product ANDAs within one (1) business day;

 

(v)           if,
following the Closing, Seller is unable to update or recertify drug listings for any of the Transferred Product ANDAs or the Transition
Product ANDAs that exist in Seller’s labels, Purchaser shall have authority to update or recertify such drug listings on
Seller’s behalf for the purposes of maintaining FDA compliance;

 

(vi)          Seller
shall provide Medwatch forms for all individual adverse event cases to Purchaser received on or prior to the Closing Date relating
to Products with applicable reporting periods closing in January or February of 2020, in each case to be provided to
Purchaser no later than January 15, 2020;

 

(vii)         Seller
shall process and submit to the FDA all adverse drug experience cases related to the Products, to the extent received by Seller
on or prior to the Closing Date, in compliance with FDA regulations (for the avoidance of doubt, such obligation may require Seller
to continue to process and submit such cases after the Closing Date);

 

(viii)        Seller
shall forward all adverse drug experience cases related to the Products that are received by Seller (whether by phone, email, or
other communication) following the Closing Date, within one Business Day of such receipt, to Purchaser at the following contact:
phone: 1-800-308-6755, email: PVsupport@safetycall.com;

 

(ix)           Within
sixty (60) days following the Closing Date, Seller shall migrate its electronic safety database, including all historical adverse
drug experience cases related to the Products prior to the Closing Date, to Purchaser’s electronic safety database; and

  

(x)            within
fifteen (15) business days of the Closing Date, Seller shall notify Purchaser that the annual report for the Product Indapamide
has been properly submitted to the FDA.

 

(c)           Seller
shall take all actions necessary to transition the website https://www.penicillaminesavings.com to Purchaser’s webmaster
within five (5) business days of the Closing Date.

 

(d)           In
connection with activities undertaken pursuant to this Section 10.04, Seller shall bear the costs incurred by Seller
Group and Purchaser shall bear the costs incurred by Purchaser Group.

 

Section 10.05.        Insurance.
At all times from the Closing Date through the date which is three (3) years after the Closing Date, Purchaser shall
maintain product liability and other insurance for Purchaser Group that is reasonable and customary in the pharmaceutical industry
in the Territory for companies of comparable size. Purchaser shall provide Seller with written proof of such product liability
and other insurance upon reasonable advance written request by Seller.

 

Section 10.06.        Adverse
Experience and Field Alert Reporting; Recalls and Withdrawals.

 

(a)            Prior
to the Closing Date, Seller Group shall be responsible for adverse experience and field alert reporting to the FDA in respect
of the Products. From and after the Closing Date, Purchaser Group shall be responsible for adverse experience and field alert
reporting to the FDA in respect of the Products. For the avoidance of doubt, Purchaser Group shall be responsible for adverse
experience and field alert reporting to the FDA in respect of the Transition Reference Products in accordance with Section 10.09
of this Agreement. From and after the Closing Date, Seller shall promptly notify Purchaser of any adverse drug experience
information (including any new adverse experience reports or any follow-up adverse experience reports per Section 10.04(b)(viii))
received by Seller or any field alert reportable events that become known to Seller, in each case in respect of the Products.

 

    30

     

    

 

(b)            Prior
to the Closing Date, Seller Group shall be responsible for investigating and managing any recall or market withdrawal (whether
voluntary or involuntary) of any Product. From and after the Closing Date, (i) Purchaser Group shall be responsible for investigating
and managing any recall or market withdrawal (whether voluntary or involuntary) of any Product, and (ii) Seller shall provide
assistance as Purchaser may reasonably request in connection with any such recall or market withdrawal.

 

Section 10.07.        Misdirected
Payments. From and after the Closing Date, if any member of Seller Group receives any amount which is a Transferred Asset
or is otherwise properly due and owing to Purchaser Group in accordance with the terms of this Agreement (including in respect
of any Products sold by Purchaser Group from and after the Closing Date), Seller promptly shall remit, or shall cause to be remitted,
such amount (net of any Taxes) to Purchaser at the address set forth in Section 11.10. From and after the Closing
Date, if any member of Purchaser Group receives any amount which is an Excluded Asset or is otherwise properly due and owing to
Seller Group in accordance with the terms of this Agreement (including in respect of any Products sold by Seller Group prior to
the Closing Date), Purchaser promptly shall remit, or shall cause to be remitted, such amount (net of any Taxes) to Seller at
the address set forth in Section 11.10. In the event of any conflict between this Section 10.07 and Article VIII,
Article VIII shall prevail.

 

Section 10.08.        Cross
License; Excluded Inventory.

 

(a)            Seller
grants to Purchaser an irrevocable, exclusive, royalty-free, fully paid-up, sublicensable, transferrable license under Seller’s
rights in any labeler code, imprints, logos, debossings, and other names or marks made on the Transferred Inventory and on any
open or future orders of Products, to sell, distribute and otherwise commercialize or exploit such Transferred Inventory and Products
in the Territory.

 

(b)            Purchaser
hereby agrees to, as applicable, sublicense or partially assign to Seller the Transferred Contracts listed on Schedule IX,
solely to the extent permitted under such Transferred Contracts and necessary for Seller to commercialize or otherwise exploit
the Transition Reference Products outside of the Territory. Purchaser agrees to use commercially reasonable efforts to execute
and deliver such other documents and to cooperate with Seller, in each case at Seller’s expense and request, to effect the
terms of the preceding sentence.

 

(c)            Concurrently
with the execution of this Agreement, Seller shall deliver a notice of destruction to EVERSANA in the form attached as Exhibit A.

 

Section 10.09.        Agreements
Regarding Transition Product ANDAs; Transition Reference Products; and GDUFA Escrow Account.

 

(a)            General.
With respect to each Transition Product ANDA, during the applicable Transition Period, Seller will continue to hold, and be the
 “in-name-only” owner, of the Transition Product ANDA for the sole purpose of obtaining marketing approval for the
applicable Transition Reference Product in China.

 

(b)            Exclusive
License. With respect to each Transition Product ANDA, during the applicable Transition Period, Seller hereby grants to Purchaser
an irrevocable, exclusive, royalty-free, fully paid-up, sublicensable, transferrable license under Seller’s rights in the
applicable Transition Product ANDA to sell, distribute and otherwise commercialize or exploit the applicable Transition Reference
Product in the Territory. For the avoidance of doubt, following the Closing, Purchaser will (i) have full and exclusive rights
to commercialize the Transition Reference Products for sale in the Territory and (ii) retain all profits with respect thereto,
subject to its obligations to Seller with respect to the Earn-out Payments.

 

    31

     

    

 

(c)           Transfer.
Seller and Purchaser shall take all actions necessary for Seller to transfer full right and ownership of such applicable Transition
Product ANDA to Purchaser at no cost and to terminate the applicable license from Section 10.09(b), including, without
limitation, the delivery of a (i) Seller FDA Letter by Seller to the FDA with respect to the applicable Transition Product
ANDA within five (5) business days following the Transition End Date for each Transition Product ANDA, and (ii) Purchaser
FDA Letter by Purchaser to the FDA with respect to the applicable Transition Product ANDA within ten (10) business days following
delivery of such Seller FDA Letter by Seller under clause (i) above.

 

(d)           Other.

 

(i)            With
respect to each Transition Reference Product, during the Transition Period for such Transition Reference Product, Purchaser agrees
and covenants to market, sell, and distribute the applicable Transition Reference Product under Seller’s name as the manufacturer
of such Transition Reference Product. For clarity, Purchaser may indicate that such Transition Reference Product is distributed
by Purchaser on the label or promotional materials therefor.

 

(ii)           With
respect to each Transition Product ANDA, during the applicable Transition Period, Seller hereby delegates all other rights, liabilities,
obligations, and regulatory responsibilities with respect to such Transition Product ANDA (e.g., recall rights, adverse
event reporting obligations, annual reporting obligations, interacting with the FDA, etc.) to Purchaser, and Purchaser hereby
assumes all such rights and responsibilities. Purchaser shall perform and satisfy such rights and responsibilities on behalf of
Seller and in compliance with all applicable Laws, including those Laws enforced by the FDA; provided, that Seller shall
be responsible, and promptly reimburse Purchaser, for all reasonable and documented fees, costs, and expenses incurred by Purchaser
or its affiliates in connection with assisting Seller or Seller’s affiliates to obtain regulatory approval for any Transition
Reference Products in China. For the avoidance of doubt, except for the rights expressly retained by Seller pursuant to this Section 10.09,
all other rights, liabilities, and obligations associated with the Transition Product ANDAs shall be transferred to Purchaser
at the Closing. With respect to each Transition Product ANDA, during the applicable Transition Period, Seller shall designate
one official (the “Seller Regulatory Contact”) to serve as the primary point of contact for Purchaser
and the FDA for all regulatory matters concerning the Transition Product ANDAs. The initial Seller Regulatory Contact shall be
Tamara Elder, whose contact information is as follows: email: telder@amerigenpharma.com, telephone number 951-966-5749. Seller
may replace the Seller Regulatory Contract at anytime subject to the prior written consent of Purchaser, not to be unreasonably
delayed, conditioned, or withheld. In the event a Governmental Entity inquiry, investigation, or similar process arises in connection
with a Transition Product, or the signature, consent, or approval of an authorized representative of Seller is required for reporting
or compliance purposes in connection with a Transition Product, Seller shall cause the Seller Regulatory Contact to be made available
to the FDA and Purchaser during normal business hours, and to take, on behalf of Seller, all actions reasonably necessary to cause
the Transition Product ANDAs, and Purchaser’s commercialization thereof, to be in compliance with all applicable Laws, including
those Laws enforced by the FDA.

 

    32

     

    

 

(iii)          Purchaser
shall not be required to receive prior authorization or approval from Seller for any changes, variations, supplemental filings,
or any other regulatory changes to the extent required to be made to the Transition Product ANDAs; provided, that
Purchaser shall communicate all changes that have received regulatory approval to Seller upon approval (for changes that require
specific approval) or otherwise at the end of the applicable annual report period for each of the Transition Product ANDAs within
60 calendar days after the close of such applicable annual report period.

 

(e)          GDUFA
Fees; GDUFA Escrow Account.

 

(i)            In
accordance with Section 2.03(c), at the Closing, Purchaser will deposit an amount equal to the GDUFA Escrow Amount
with the Escrow Agent.

 

(ii)           To
the extent (A) the Transition Period ends on or prior to September 1, 2020, and (B) Seller and Purchaser have
taken all actions necessary for Seller to transfer full right and ownership of the Transition Product ANDAs to Purchaser in accordance
with Section 10.09(c) on or prior to September 1, 2020, then, promptly following the Transition Period,
and in any event within five (5) business days thereafter, Purchaser, on the one hand, and Seller, on the other hand, shall
jointly instruct the Escrow Agent to pay to Seller, from the GDUFA Escrow Account, an amount equal to the balance of the GDUFA
Escrow Account.

 

(iii)          To
the extent the (A) the Transition Period ends after September 1, 2020, or (B) Seller and Purchaser have not
taken all actions necessary for Seller to transfer full right and ownership of the Transition Product ANDAs to Purchaser in accordance
with Section 10.09(c) on or prior to September 1, 2020, then, promptly following September 1, 2020,
and in any event within five (5) business days thereafter, Purchaser, on the one hand, and Seller, on the other hand, shall
jointly instruct the Escrow Agent to pay (x) to Purchaser, from the GDUFA Escrow Account, an amount equal to the GDUFA Fee,
and (y) to Seller, from the GDUFA Escrow Account, an amount equal to the balance of the GDUFA Escrow Account after payment
pursuant to clause (x).

  

Section 10.10.      Government
Rebates.

 

(a)          Government
Programs Transition Period.

 

(i)            Seller
and Purchaser shall use commercially reasonable efforts to terminate Seller’s ownership of the Labeler Code with CMS on
or before June 30, 2020 and to effect Purchaser as the registered owner of the Labeler Code with an effective date as
promptly as practicable but in no event later than July 1, 2020.

 

(ii)           Within
thirty (30) days following the Closing Date, Seller shall submit a Medicaid National Drug Rebate Agreement (“NDRA”)
with the appropriate Governmental Rebate Authorities (the period beginning on the Closing Date and ending on the effective date
of the NDRA codifying Purchaser’s ownership of the Labeler Code, the “Government Programs Transition Period”).

 

(iii)          As
promptly as administratively possible following Seller’s submission to CMS of all applicable data required for each
of the month of December 2019 and the fourth calendar quarter of 2019, but in no event later than January 31, 2020,
Seller shall submit to CMS a Medicaid Drug Rebate Agreement Form 367(d) appointing Sharon Feldman (email: sharon.feldman@anipharmaceuticals.com;
phone: (218) 634-3568; fax: (218) 634-3606) as the Technical Contact for the Labeler Code.

 

(iv)          As
promptly as practicable following Seller’s receipt of all Government Rebate invoices relating to Product reimbursements
paid by the applicable Governmental Rebate Authorities during the calendar quarter ending December 31, 2019, Seller
and Purchaser shall cooperate in good faith to register Purchaser as the designated party to be invoiced by the applicable Governmental
Rebate Authorities, including by preparing and submitting as promptly as administratively possible following the Closing Date
(but no later than April 1, 2020) the Medicaid Drug Rebate Agreement Form 367(d) appointing Sharon Feldman (email: sharon.feldman@anipharmaceuticals.com;
phone: phone: (218) 634-3568; fax: (218) 634-3606) as the Invoice Contact for the Labeler Code.

 

    33

     

    

 

(v)          As
promptly as administratively possible following the Closing Date, Seller shall make all notifications and submissions necessary
under each of Seller’s hrsa.gov (Health Resources & Services Administration) and sam.gov (System for Award Management)
registrations, in each case, to notify the applicable administrative authority of the Transaction and the date the Transaction
was consummated, to transfer such website registrations to Purchaser, and to appoint Sharon Feldman (email: sharon.feldman@anipharmaceuticals.com;
phone: phone: (218) 634-3568; fax: (218) 634-3606) as the authorized official and primary contact of each such registration.

 

(vi)         Seller
will continue to list the Products on all agreements with Governmental Rebate Authorities after the Closing Date. With respect
to the Medicaid program, Purchaser will discuss its acquisition of the Labeler Code with CMS promptly following the Closing Date.
Seller will coordinate termination of its NDRA for the Labeler Code with Purchaser to ensure there is no disruption in Medicaid
coverage for the Products under state Medicaid programs. During the Government Programs Transition Period, Purchaser will calculate
AMP and Best Price and submit to Seller to submit and certify to CMS in the Medicaid Drug Data Reporting System.

 

(vii)        During
the Government Programs Transition Period, (A) Mike Fortier and Forrest Lamm shall serve as the primary point of contact
for Purchaser, CMS, and all other relevant government pricing authorities for all regulatory matters concerning this Section 10.10(a),
and (B) Seller shall use commercially reasonable efforts to preserve substantially intact its relationships with EVERSANA
to the extent related to, or necessary for Seller to comply with, the post-Closing obligations of Seller under this Agreement
..

 

(b)          Certain
Operational Matters.

 

(i)           Price
Reporting Information. Seller will deliver to Purchaser the following government price reporting information for Products
sold in the Territory within ten (10) business days of the Closing Date, transactional detail for the period beginning October 1, 2018
through the Closing Date that is necessary to perform post-Closing government price calculations such as the “Average
Manufacturer Price” or “AMP” (as defined in 42 U.S.C. § 1396r-8(k)(1) and 42 C.F.R. §
447.500 et seq., as may be amended from time to time), “Average Selling Price” or “ASP”
(as defined in 42 U.S.C. 1395w–3a(c), as may be amended from time to time), “Best Price” (as defined
in 42 U.S.C. § 1396r-8(c)(1)(C) (relating to the definition of Best Price) and 42 C.F.R. § 447.500 et seq.,
as may be amended from time to time), the “Non-Federal Average Manufacturer Price” or “Non-FAMP”
and “Federal Ceiling Price” or “FCP” (as such terms are defined in 38 U.S.C. § 8126(h)(5) and
any applicable agreement between a pharmaceutical manufacturer and the U.S. Department of Veterans Affairs to implement the provisions
of the Veterans Health Care Act of 1992, 38 U.S.C. § 8126, or the “VA Master Agreement”), including:

 

(A)            with
respect to AMP, ASP, and Best Price, (I) calendar quarter in which baseline AMP was established, (II) baseline AMP,
(III) all other baseline Product information submitted by Seller to the CMS in connection with the Medicaid drug rebate program
(including units per package size, market start date, etc.), and (IV) transactional data reasonably necessary for Purchaser
to calculate AMP, ASP, and Best Price for the quarters and months (as applicable) beginning with the AMP, ASP, and Best Price
submissions due on or after the Closing Date;

 

    34

     

    

 

(B)            with
respect to the U.S. Public Health Service 340B Drug Pricing Program created under Section 340B of the Public Health
Service Act and Section 602 of the Veterans Health Care Act of 1992 (the “PHS Program”), the PHS
Program price for the calendar quarter in which the Closing Date occurs and one subsequent calendar quarter; and

 

(C)            with
respect to the Veterans Health Care Act of 1992, (I) the applicable “Federal Ceiling Price” or “FCP”
(as such figure is calculated pursuant to 38 U.S.C. § 8126(a) and the VA Master Agreement), (II) the Non-FAMP
calculations for each calendar quarter of 2019, (III) any commercial sales data reasonably necessary to perform quarterly
and annual Non-FAMP calculations, and (IV) any price lists applicable for purposes of sales under any applicable contract
with the U.S. Department of Veterans Affairs under Federal Supply Schedule 65IB for Drugs, Pharmaceuticals, & Hematology
Related Products.

 

(ii)         During
the Government Programs Transition Period:

 

(A)            if
Seller receives a request for an agreement proposal or a similar rebate agreement proposal from any Governmental Rebate Authority
assistance program relating to any Product, Seller will provide Purchaser with such request or proposal. Purchaser may request
that Seller propose a rebate with respect to such Product bearing Seller’s NDC Number on financial terms specified by Purchaser;
provided, however, that (I) any such proposal will be accompanied by a statement to the Governmental Rebate
Authority assistance program explaining Purchaser’s ownership of or license to (as applicable) and responsibility for the
Product, (II) Purchaser will submit a comparable proposal with respect to the Product bearing Purchaser’s NDC Number,
and (III) Seller will retain the discretion to terminate any such agreement in accordance with its terms.

 

(B)            Seller
will process and pay all undisputed Government Rebates received after the Closing Date that are payable pursuant to the Governmental
Rebate Authority assistance programs for all Products bearing Seller’s NDC Number. Seller will provide Purchaser with data
detailing all disputed and undisputed Government Rebates invoiced by such programs relating to periods following the Closing Date,
and Purchaser may reasonably request that Seller dispute additional utilization on such invoices for a calendar quarter as designated
by Purchaser, including through use of a CMS Form 304.

 

(C)            Seller
will provide Purchaser with quarterly corresponding utilization summaries and payment reports within one hundred twenty (120)
days after the end of the applicable calendar quarter that describe the requested Government Rebate payments in reasonable detail.

 

(D)            with
respect to the Products sold by or on behalf of Purchaser on or after the Closing Date that bear Seller’s NDC Number, Seller
will continue to be responsible for reporting pricing information required under the applicable statutes, rules, and regulatory
guidance relating to programs of the applicable Governmental Rebate Authorities, including the Medicaid Rebate Program, the PHS 340B
Program, any program administered by the Veterans’ Administration and the like until Seller has formally completed the ownership
transfer and received confirmation from the applicable programs that the ownership transfer has been completed; provided,
however, that Purchaser will be responsible for reporting such pricing information required under the VA Master Agreement
and the Federal Supply Schedule contract as of the date of the addition of the Products to Purchaser’s VA contracts.

 

    35

     

    

 

(iii)          Purchaser
Information. Until such time as Seller no longer has any reporting obligations with respect to the Products, Purchaser will
deliver to Seller by the twenty fourth (24th) day following the applicable month and quarter end (A) the monthly
and quarterly AMP and ASP, as applicable, (B) the quarterly Best Price, and (C) any other government price reporting
information for the Products necessary for Seller to satisfy its federal and state reporting obligations (the “Purchaser
Information”). All Purchaser Information provided by Purchaser to Seller will, to Purchaser’s knowledge, be complete
and accurate at the time of submission, prepared in accordance with Purchaser’s good faith reasonable efforts, and consistent
with Purchaser’s reasonable assumptions interpreting applicable laws, assuming that all information provided by Seller to
Purchaser and used in providing such Purchaser Information to Seller, to Purchaser’s knowledge, is complete and accurate.
Purchaser will provide Seller with a certification at the time of each delivery of Purchaser Information by Purchaser to Seller
as to the completeness and accuracy of such Purchaser Information in a form reasonably acceptable to Seller. Purchaser will deliver
to Seller a report of all recalculations of Purchaser Information including those due to corrections of errors or other routine
corrections, such as Best Price true-ups, made by Purchaser or any other related information as soon as practicable after determination
by Purchaser and in any case no later than five (5) business days prior to any applicable timelines required by the relevant
governmental pricing laws and guidance. When providing such additional information, Purchaser will certify the completeness and
accuracy of such information in a form reasonably acceptable to Seller. Purchaser will indemnify and hold harmless Seller, its
affiliates, and their respective representatives, successors, and assigns for and against any and all Losses resulting from, based
on, or arising out of the provision of incomplete or inaccurate Purchaser Information or Purchaser Information provided in an
untimely manner or not in accordance with the timeframes set forth in this Agreement, except to the extent that such incomplete
or inaccurate Purchaser Information is incomplete or inaccurate as a result of inaccurate or incomplete information provided by
Seller to Purchaser.

 

(iv)          Seller
shall submit, in a timely manner, all government price reporting filings (including AMP, ASP, Best Price, non-FAMP, and FCP) to
the Governmental Rebate Authorities for any Product.

 

(v)           For
the month ending January 31, 2020, within ten (10) days of the last day of such month, for Product bearing Seller’s
NDC Number, Seller will provide to Purchaser, Best Price, sales at nominal prices as defined in 42 U.S.C. § 1396r-8,
customary prompt pay discounts, and pricing data necessary to calculate AMP and ASP on a monthly and quarterly basis. Seller will
deliver to Purchaser within fifteen (15) days following its receipt of such report the applicable AMP, ASP, Best Price, PHS 340B
Program price, nonFAMP, and any adjustments to Federal Supply Schedule prices, determined in accordance with Seller’s applicable
methodologies and procedures.

 

(vi)          For
so long as Medicaid price reporting is required under healthcare laws relating to Governmental Rebate Authority programs for any
Product manufactured under the Labeler Code (the “Labeler Code Reporting Period”), no later than the twenty-four
(24th) day following the applicable month, beginning with the first month of the Government Programs Transition Period,
Purchaser shall calculate and submit to Seller the Monthly Drug Data Reporting (“DDR”) Submission with respect
to each Product, in the format required for submission into the CMS DDR system until such time as Seller updates the technical
contact in the CMS DDR system to Sharon Feldman in accordance with Section 10.10(a)(ii).

 

    36

     

    

 

(vii)         No
later than ten (10) business days prior to the applicable CMS reporting deadline, beginning with the first month following
the Closing Date, Seller shall, with respect to each Product, delegate signing authority to Purchaser for purposes of DDR submissions,
(the “Medicaid Delegation of Signature Authority for Certification”).

 

(viii)        Upon
the timely receipt of a monthly DDR submission, a quarterly DDR submission or a revision thereto, in each case as described above,
Seller shall enter the information contained in the submission into the CMS DDR system by the deadline specified under applicable
healthcare Laws until such time as Seller updates the technical contact in the CMS DDR system to Sharon Feldman in accordance with
Section 10.10(a)(ii).

 

(ix)          TriCare
Rebate Program.

 

(A)        Purchaser
will work with Seller to coordinate the addition of the Products to Purchaser’s Federal Supply Schedule contract and TriCare
Rebate Program agreement to coincide with Seller removing the Products from their Federal Supply Schedule contracts and TriCare
Rebate Program agreements, as applicable. As promptly as administratively possible following the Closing Date, Seller shall
submit the form attached as Exhibit M via email to UFVARR_Requests@mail.mil. Seller and Purchaser will coordinate the
addition and removal of the Products from the Federal Supply Schedule contracts and TriCare Rebate Program agreements, as applicable,
such that the transition occurs as close to the Closing Date as possible, in conjunction with applicable regulations. Purchaser
agrees to submit a Request For Modification to the VA National Acquisition Center to add the Products to Purchaser’s Federal
Supply Schedule contract within thirty (30) days following the Closing Date.

  

(I)            Seller
shall process and pay (with ultimate financial responsibility being determined as set forth in clause (II) below) all Government
Rebates under the TriCare Rebate Program owed based on TriCare retail pharmacy dispensing data of all Products bearing an NDC Number
of Seller for which utilization data are available or have been made available electronically or in writing on or prior to the
Closing Date and until the Products have been deleted from Seller’s Pricing Agreement with TriCare and added to Purchaser’s
Pricing Agreement with TriCare (even if the due date for rebate payment falls after the Closing Date). Purchaser shall process
and pay (with financial responsibility being determined as set forth in clause (II) below) any and all Government Rebates
under the TriCare Rebate Program relating to the Products for which utilization data are first made available electronically or
in writing after the Closing Date, provided the Products have been added to Purchaser’s Pricing Agreement with TriCare.

 

(II)            Seller
shall be financially responsible for Government Rebates under the TriCare Retail Pharmacy Rebate Program owed based on TriCare
retail pharmacy dispensing data of Products bearing an NDC Number of Seller as set forth in Section 2.04(d)(i).

 

    37

     

    

 

(c)          Revisions
of Reported Information.

 

(i)           To
the extent Seller calculates, submits, and certifies to CMS any necessary revisions of monthly DDR submissions or quarterly DDR
submissions previously calculated by Seller relating to periods prior to and including the Closing Date, provided that in each
case as soon as reasonably practicable after Seller determines that submission of such revisions is necessary but in any event
not later than ten (10) Business Days prior to any submission by Seller to CMS of any restatement of AMP, ASP, or Base Price,
Seller shall (A) notify Purchaser of its intention to revise any such submissions, and (B) provide Purchaser with its
calculations supporting such restatement.

 

(ii)           Purchaser
shall calculate, submit, and certify to Seller any necessary revisions of monthly DDR submissions or quarterly DDR submissions
previously submitted by Purchaser to Seller in each case as soon as reasonably practicable after Purchaser determines that submission
of such revisions is necessary.

 

(iii)          Upon
and after the Closing Date, with respect to the parties’ reporting responsibilities designated in this Section, the parties
agree to cooperate and use commercially reasonable efforts to provide on a timely basis all such documentation as may reasonably
be requested by each party of the other to report required pricing information.

 

(iv)          The
parties agree to cooperate and provide any other data and documentation as each party may reasonably request from time to time
to assist in the matters described in this Section.

 

(v)           Each
party may use all information provided to it pursuant to this Section in reporting to CMS and other Governmental Rebate Authorities.
The parties further agree that all data, including Medicaid Rebate Program pricing data, and data to be used for the programs described
in this Section ‎ that are included in any report to the other party provided pursuant to this Section, will be calculated
utilizing systems, processes, policies, practices, and pricing methodologies that comply with the requirements of such programs.

 

(vi)          Each
party shall treat the information received from the other party under this Section as Confidential Information of the other
party and agrees that such disclosure is solely for the purpose of enabling such party to comply with its regulatory reporting
obligations relating to Governmental Rebate Authority programs. Each party agrees to use commercially reasonable efforts to limit
access to such information to employees, officers, or directors of such party responsible for reporting such information to Governmental
Rebate Authority programs or who otherwise have a need to know such information.

 

(d)          Additional
Matters.

 

(i)           Unless
otherwise stated, all payments under this Section will be due thirty (30) calendar days after the date that the party obligated
to make such payment receives the invoice for such payment.

 

(ii)           Each
party will:

 

(A)            following
the Closing Date, maintain accurate books and records related to the performance of its obligations to process Government Rebates
(the “Relevant Records”) under this Section until such books and records are no longer required to
be maintained under Applicable Law;

 

(B)            maintain
such Relevant Records in sufficient detail to enable the calculation of the amounts for which reimbursements are required under
this Section;

 

    38

     

    

 

(C)            be
entitled, once a year, to hire at its own expense the Independent Expert to examine the relevant books and records of the other
party for the purpose of verifying the accuracy of the reimbursement calculations under this Section (“Records Review”).
Such review will be conducted upon reasonable prior written notice to such other party and the other party will permit the Independent
Expert to conduct such Records Review. The Independent Expert shall provide a report regarding the reimbursement calculations and
any amounts payable under this Section, and such report will, absent a clear error, be final and binding on the parties. If a Records
Review uncovers an overpayment or underpayment has been made under this Section, then the full amount of such overpayment or underpayment
will be paid by the party who incorrectly benefited from such underpayment or overpayment; and

 

(D)            reasonably
cooperate with the other party in processing Government Rebates and use commercially reasonable efforts to minimize the Government
Rebates for which it seeks reimbursement.

 

Section 10.11.        WARN;
COBRA.

 

(a)            WARN.
Seller and the Seller Group shall have sole liability, if any, and Purchaser shall not have any liability, under WARN with respect
to termination of employment of any employees of Seller or any member of the Seller Group, including without limitation any employee
of Seller or any member of the Seller Group whose termination occurs on or prior to the Closing Date. Purchaser shall not take
action with respect to former employees of Seller or any member of the Seller Group that would result in imposition of WARN liability
on Seller or any such member.

 

(b)            COBRA.
Seller shall, or shall cause the members of the Seller Group, to take all actions necessary so that a group health plan of Seller,
a member of the Seller Group or any of their affiliates continues to provide group health benefits to all employees and former
employees of Seller or members of the Seller Group and their “qualified beneficiaries” (within the meaning of Section 4980B
of the Code) for a period of time such that neither Purchaser nor any of Purchaser’s affiliates has any liability under,
or any obligation to comply with the requirements of, Section 4980B of the Code with respect to such individuals for any “qualifying
event” that occurs in connection with the Acquisition.

  

Section 10.12.        Customer
Letters. It is acknowledged and agreed that one or more of Seller and Purchaser have delivered or intend to deliver a
joint instruction letter to Seller’s existing customers of the Products and that such letter may contain instructions or
other terms that conflict with the terms of this Agreement. Each of the parties agrees that in the event of any such conflict
between the terms or instructions set forth in any correspondence by the parties with their customers and this Agreement, as between
the parties, the terms of this Agreement shall supersede such correspondence and govern the course of conduct, rights, and obligations
of the parties.

 

Section 10.13.        Services. 
Seller shall use commercially reasonable efforts (a) to retain the services (as employees or consultants) of (i) John
Lowry or such other qualified replacement that is agreed to by Purchaser in writing, until March 31, 2020, (ii) Forrest
Lamm or such other qualified replacement that is agreed to by Purchaser in writing, until May 31, 2020, and (iii) and
Tamara Elder or such other qualified replacement that is agreed to by Purchaser in writing, until the latest Transition End Date
for the Transition Product ANDAs, and, in each case, to cause the applicable person in clauses (i), (ii), and (iii) to reasonably
cooperate with Purchaser to satisfy Seller’s applicable obligations under this Agreement, and (b) upon any such individual
in clause (i) no longer being retained, to designate (and promptly notify Purchaser of such designation) an individual or
entity (which may be a shareholder of Seller or an affiliate thereof) to reasonably cooperate with Purchaser to satisfy Seller’s
applicable obligations under this Agreement.

 

    39

     

    

 

Section 10.14.         Further
Assurances. Each party agrees (a) to furnish upon request to each other party such further information, (b) to
execute and deliver to each other party such other documents and (c) to do such other acts and things, all as another party
may reasonably request for the purpose of carrying out the intent of this Agreement and the other Ancillary Agreements and the
Acquisition.

 

Article XI

Miscellaneous

 

Section 11.01.         Certain
Definitions. For all purposes of this Agreement, the following defined terms shall have the following meanings:

 

(a)            “affiliate”
of any party means any person or entity controlling, controlled by or under common control with such party.

 

(b)            “Ancillary
Agreements” means, collectively, the Transfer Documents, the Escrow Agreement, and the Supply Agreement.

 

(c)            “ANDA”
means an Abbreviated New Drug Application (including any amendments and supplements thereto) filed with the FDA in accordance
with Section 505(j) of the Federal Food, Drug and Cosmetic Act of 1938, as amended.

 

(d)            “Approved
Products” mean each and every generic drug product set forth on Schedule III for which the ANDA under the drug
application number set forth on Schedule III has been submitted to and filed by the FDA and for which approval has been
given by the FDA to manufacture, package, ship and sell such product in the Territory.

 

(e)            “Articles
of Association” means the Third Amended and Restated Articles of Association of Seller.

 

(f)             “business
day” means a day, other than a Saturday or a Sunday, on which commercial banks are not required or authorized to close
in New York City, New York.

 

(g)            “Claim
Notice” means a notice provided by the Indemnified Party to the Indemnifying Party pursuant to Section 8.04(a) or
(b).

  

(h)            “Code”
means the U.S. Internal Revenue Code of 1986, as amended.

 

(i)             “Contracts”
means all written or oral contracts, leases, subleases, licenses, indentures, agreements, commitments and other legally binding
instruments.

 

(j)             “Development
Products” means each and every generic drug product set forth on Schedule III for which an ANDA has not been
filed with the FDA.

 

(k)            “Disclosure
Letter” means the disclosure letter in respect of this Agreement delivered by Seller to Purchaser concurrently with
the execution and delivery of this Agreement.

 

(l)             “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

(m)            “Escrow
Account” means, collectively, the Indemnity Escrow Account, the GDUFA Escrow Account, the Trade Deductions Escrow
Account, the Returns Escrow Account, and the Government Rebates Escrow Account.

 

(n)            “Escrow
Agent” means Citibank, N.A.

 

    40

     

    

 

(o)            “Escrow
Agreement” means the Escrow Agreement, by and among Seller, Purchaser, and the Escrow Agent, in the form attached as
Exhibit B hereto.

 

(p)            “Escrow
Amounts” means, collectively, the Indemnity Escrow Amount, the GDUFA Escrow Amount, the Trade Deductions Escrow Amount,
the Returns Escrow Amount, and the Government Rebates Escrow Amount.

 

(q)            “Excluded
Taxes” means, without duplication, the following: (i) Taxes imposed by any Applicable Law on Seller, Seller Group,
or any combined, unitary, or consolidated group of which any of the foregoing is or was a member, (ii) Taxes imposed on or
with respect to the ownership or operation of the Excluded Assets or Retained Liabilities, (iii) Taxes imposed on or with
respect to the acquisition, ownership or operation of the Transferred Assets for any Pre-Closing Tax Period, (iv) withholding
Taxes attributable to the Transactions contemplated by this Agreement, (v) Taxes of any Person imposed on Purchaser or any
of its affiliates as a transferee or successor, by contract or pursuant to any Law, which Taxes relate to (A) the Transferred
Assets, and (B) an event or transaction occurring before the Closing, and (vi) the portion of Transfer Taxes for which
Seller is responsible pursuant to Section 9.01(d).

 

(r)            “FDA”
means the United States Food and Drug Administration.

 

(s)            “GAAP”
means United States generally accepted accounting principles.

 

(t)            “GDUFA
Escrow Account” means the “GDUFA Escrow Account” as defined in the Escrow Agreement.

 

(u)            “GDUFA
Escrow Amount” means [***].

 

(v)            “GDUFA
Fee” means the Generic Drug Applicant Program Fee - small company fee (by definition owning 5 or fewer approved ANDAs)
payable by Seller under the Generic Drug User Fee Amendments Act of 2017 (GDUFA II) in respect of the Transition Product ANDAs
during the period beginning on October 1, 2020 and ending on September 30, 2021.

 

(w)            “Governmental
Rebate Authorities” includes, but is not limited to, (i) the Centers for Medicare and Medicaid Services (“CMS”)
and the Health Resources and Services Administration (“HRSA”), each within the United States Department of Health
and Human Services, or any successor organization or agency, (ii) the Veterans’ Administration (“VA”)
within the United States Department of Defense, or any successor organization or agency, and (iii) state pharmacy assistance
programs.

 

(x)            “Government
Rebates Escrow Account” means the “Government Rebates Escrow Account” as defined in the Escrow Agreement.

 

(y)            “Government
Rebates Escrow Amount” means [***].

 

(z)            “Indemnity
Escrow Account” means the “Indemnity Escrow Account” as defined in the Escrow Agreement.

 

(aa)          “Indemnity
Escrow Amount” means [***].

 

(bb)          “Intellectual
Property Rights” means all issued patents and patent applications, all trademarks, tradenames, business names, and service
marks and applications, registrations and renewals with respect thereto and goodwill associated therewith, all domain names and
URLs, all copyrights and applications, registrations, and renewals with respect thereto, and all trade secrets, in each case, to
the extent protectable under applicable law.

 

    	 	41	 

     

    

 

(cc)         “Inventory”
means all inventories of Seller Group of any Product that, as of the Closing, exists and is not already sold to a third party,
including all drug substances, drug product, clinical inventory lots, reference standards, reserve samples, patient samples, inventories
of active pharmaceutical ingredients, intermediates, raw materials, components, consumables, work-in- process, finished goods,
supplies, parts, labels, and packaging materials (including rights and interests in goods in transit, consigned inventory, inventory
sold on approval, and rental inventory).

 

(dd)         “knowledge
of Purchaser” means the actual knowledge of the individuals set forth on Schedule IV, after reasonable due inquiry.

 

(ee)         “knowledge
of Seller” means the actual knowledge of the individuals set forth on Schedule V, after reasonable due inquiry.

 

(ff)          “Law”
means U.S. or foreign statute, law, ordinance, rule or regulation.

 

(gg)         “Liens”
means all mortgages, liens, charges, claims, pledges or other encumbrances of any kind.

 

(hh)         “Licensed
Products” mean each and every generic and authorized generic drug product set forth on Schedule III for which
Seller has rights to manufacture, package, ship and sell such product in the Territory.

 

(ii)          “Marathon
Agreement” has the meaning set forth in the Disclosure Letter.

 

(jj)          “Pending
Products” means each and every generic drug product set forth on Schedule III for which the ANDA under the drug
application number set forth on Schedule III has been submitted to and filed by the FDA, and is pending authorization and
approval to manufacture, package, ship and sell such product in the Territory.

 

(kk)         “Permitted
Liens” means (i) mechanics’, carriers’, workmen’s, repairmen’s or other similar Liens arising
or incurred in the ordinary course of business, (ii) Liens arising under original purchase price conditional sales agreements
or other similar Contracts entered into in the ordinary course of business, and (iii) Liens for Taxes and other governmental
charges that are not due and payable, or that are being contested in good faith through appropriate proceedings.

 

(ll)          “person”
means any individual, firm, corporation, partnership, limited liability company, trust, joint venture, Governmental Entity or other
entity.

 

(mm)        “Pre-Closing
Tax Period” means any taxable period (or portion thereof) ending on or before the Closing Date.

 

(nn)         “Product
Scientific and Regulatory Material” means all technological, scientific, chemical, biological, pharmacological, toxicological,
regulatory and clinical trial material and information (including adverse drug experience information) owned by and in the possession
or control of Seller Group, that is necessary to market, commercialize, distribute, sell, develop and manufacture the Products
in accordance with the Transferred Product ANDAs.

 

(oo)         “Product
Technology” means all technology, trade secrets, know-how and proprietary information that is necessary to manufacture
the Products in accordance with the Transferred Product ANDAs, including processes, specifications, test methods, instructions,
master formulas, validation reports, stability data, analytical methods, records of complaints and annual product reviews, owned
by and in the possession or control of Seller Group.

 

(pp)         “Products”
means, collectively, the Approved Products, the Licensed Products, the Pending Products and the Development Products.

 

(qq)         “Property
Taxes” means real, personal and intangible property Taxes.

 

(rr)          “Purchase
Price” means (i) the Closing Consideration, plus (ii) any Escrow Amounts paid to Seller, plus
(iii) any Inventory Surplus Amount paid to Seller, plus (iv) any Trade Deductions Shortfall Amount paid to Seller,
plus (v) any Earn-Out Payments paid to Seller.

 

    	 	42	 

     

    

 

(ss)          “Purchaser
FDA Letter” means a letter substantially in the form attached as Exhibit C hereto.

 

(tt)           “Purchaser
Fundamental Representations” means each of the following representations and warranties made by Purchaser: Section 4.02
(Authority, Execution and Delivery; Enforceability), Section 4.05 (Availability of Funds) and Section 4.06
(Brokers or Finders).

 

(uu)         “Purchaser
Group” means, collectively, Purchaser and Purchaser’s subsidiaries.

 

(vv)         “Purchaser
Material Adverse Effect” means a change, event or effect that is or is reasonably likely to, individually or in the aggregate,
have a material adverse effect on the ability of Purchaser to consummate the transactions contemplated by this Agreement.

 

(ww)        “Reference
Product” means, for each Product, the reference listed drug product for such Product.

 

(xx)         “Returns
Escrow Account” means the “Returns Escrow Account” as defined in the Escrow Agreement.

 

(yy)         “Returns
Escrow Amount” means [***].

 

(zz)          “R&W
Policy” means the representations and warranties insurance policy set forth on Exhibit D.

 

(aaa)        “Seller
Benefit Plan” means any employee benefit plan subject to Title IV of ERISA that is maintained by Seller or any member
of the Seller Group, or with respect to which Seller or any member of the Seller Group contributes or has an obligation to contribute
or has any liability.

 

(bbb)        “Seller
FDA Letter” means a letter substantially in the form attached as Exhibit E hereto.

 

(ccc)        “Seller
Fundamental Representations” means each of the following representations and warranties made by Seller: Section 3.02
(Authority, Execution and Delivery; Enforceability), Section 3.04 (Good and Valid Title), and Section 3.12 (Brokers
or Finders).

 

(ddd)        “Seller
Group” means, collectively, Seller and Seller Subsidiaries.

 

(eee)        “Seller
Material Adverse Effect” means a change, event or effect that is or is reasonably likely to, individually or in the aggregate,
have a material adverse effect on (i) on the Transferred Assets, taken as a whole, or (ii) the ability of Seller (or
any member of Seller Group) to consummate the transactions contemplated by this Agreement, in either case, other than any effect
arising out of, relating to, resulting from or in connection with (A) any change in the United States or foreign economies
in general or securities or financial markets in general (to the extent that such change does not have a materially disproportionate
effect on the Transferred Assets as compared to other similar assets), (B) any change that affects the generic pharmaceutical
industry (to the extent that such change does not have a materially disproportionate effect on the Transferred Assets as compared
to other similar assets), (C) any natural disaster or act of nature or any hostility, act of war, sabotage, terrorism, military
action or any escalation or worsening thereof, (D) any action taken by Purchaser with respect to the Acquisition, (E) any
change in Applicable Law or accounting rules or the interpretation thereof, (F) the failure of the Products to meet any
projections (it being understood that the underlying causes of such failure may, if they are not otherwise excluded from the definition
of Seller Material Adverse Effect, be taken into account in determining whether a Seller Material Adverse Effect has occurred),
(G) the compliance with the terms of, or the taking any action required by, this Agreement or (H) the public announcement
of this Agreement and the Ancillary Agreements or the consummation of the transactions contemplated by this Agreement and the Ancillary
Agreements.

 

    	 	43	 

     

    

 

(fff)        “Seller
Subsidiaries” means the applicable subsidiaries of Seller who own the Transferred Assets, each of which subsidiaries
is listed on Schedule VI.

 

(ggg)       “Straddle
Period” means any taxable period beginning on or prior to and ending after the Closing Date.

 

(hhh)       “subsidiary”
of any person means another person, an amount of the voting securities, other voting ownership or voting partnership interests
of which sufficient to elect at least a majority of its board of directors or other governing body (or, if there are no such voting
interests, 50% or more of the equity interests of which) is owned, directly or indirectly, by such first person.

 

(iii)         “Supply
Agreement” means the Supply Agreement, by and between Suzhou Amerigen Pharmaceuticals Co., Ltd. and Purchaser in
the form attached as Exhibit F hereto.

 

(jjj)         “Tax
Return” means any return, declaration, statement, disclosure, report, form, estimate or information return relating to
Taxes, including any amendments thereto and any related or supporting information, required or permitted to be filed with any Taxing
Authority.

 

(kkk)         “Taxes”
means (i) any and all federal, state, local and foreign taxes, assessments and other governmental charges, duties, impositions,
levies, customs, tariffs and fees in the nature of a tax, including taxes based upon or measured by gross receipts, income, profits,
gain, sales, use and occupation, and value added, ad valorem, transfer, franchise, withholding, payroll, employment, alternative
minimum, estimated, stamp, excise and property taxes as well as public imposts, fees and social security charges (including health,
unemployment, workers’ compensation and pension insurance), together with all interest, penalties and additions imposed with
respect to such amounts or such interest, penalties, or additions, and (ii) any liability for the payment of any amounts of
the type described in clause (i) as a result of any express or implied obligation to indemnify any other person or as a result
of any obligation under any agreement or arrangement to make any payment determined by reference to the Tax liability of a third
party.

 

(lll)         “Taxing
Authority” means any federal, state, local or foreign government, any subdivision, agency, commission or authority thereof
or any quasi-governmental body exercising Tax regulatory authority or otherwise responsible for the imposition, collection or administration
of any Tax.

 

(mmm)     “Territory”
means the United States.

 

(nnn)       “Trade
Deductions” means all chargebacks (including the processing thereof), rebates, per unit rebates, shelf-stock adjustments
related to pricing actions taken before the Closing Date, and any other customary deductions that customers take or report in the
ordinary course of business after the Closing Date related to sales of Approved Products that occurred prior to or on the Closing
Date, in each case as calculated in accordance with the Trade Deductions Principles.

 

(ooo)       “Trade
Deductions Escrow Account” means the “Trade Deductions Escrow Account” as defined in the Escrow Agreement.

 

(ppp)       “Trade
Deductions Escrow Amount” means [***].

 

(qqq)       “Transfer
Documents” means (i) a bill of sale providing for the transfer of the Transferred Assets in substantially the form
attached hereto as Exhibit G and (ii) an assignment and assumption agreement for the assumption of the Assumed
Liabilities in substantially the form attached hereto as Exhibit H.

 

    	 	44	 

     

    

 

(rrr)        “Transfer
Taxes” means all sales (including bulk sales and VAT), use, transfer, recording, ad valorem, privilege, documentary,
gross receipts, registration, conveyance, excise, license, stamp or similar Taxes and fees arising out of, in connection with or
attributable to the transactions effectuated pursuant to this Agreement.

 

(sss)        “Transferred
Contracts” means the Contracts set forth on Schedule VII-A.

 

(ttt)        “Transferred
Current Inventory” means all Inventory exclusively with respect to the Products, in each case, owned by and in the possession
or control of Seller Group as of the Closing set forth on Schedule VIII-2.

 

(uuu)        “Transferred
Future Inventory” means all Inventory exclusively with respect to the Products, in each case, to be delivered to Seller
Group in connection with any open orders set forth on Schedule VIII-3.

 

(vvv)        “Transferred
Inventory” means all Transferred Current Inventory and all Transferred Future Inventory. For the avoidance of doubt,
Transferred Inventory shall expressly exclude the Excluded Inventory.

 

(www)       “Transferred
Product ANDA” means, for each Approved Product and Pending Product, the ANDA under the applicable drug application number
on Schedule III.

 

(xxx)        “Transferred
Product FDA Materials” means all reports filed with and submissions to, and all other written correspondence with, the
FDA primarily related to the Products, in each case, owned by and in the possession or control of Seller Group, including, without
limitation, the materials set forth on Schedule VII-B, to the extent necessary to sell and manufacture the Products in accordance
with the Transferred Product ANDAs.

 

(yyy)        “Transition
Period” means, with respect to the Transition Product ANDAs, the period from the Closing Date until the earlier of (A) September 30,
2021 or (B) the date that all Transition Reference Products obtain marketing approval in China (such end date, the “Transition
End Date”).

 

(zzz)        “Transition
Product ANDA” means, for each Transition Reference Product, the applicable ANDA under the drug application number set
forth on Schedule III.

 

(aaaa)      “Transition
Reference Products” means, collectively, Miglustat, Nebivolol, and Temozolomide, and each, a “Transition Reference
Product.”

 

(bbbb)      “US
Agent Appointment Letter” means a letter substantially in the form attached as Exhibit I hereto.

 

(cccc)      “WARN”
means the Worker Adjustment and Retraining Notification Act of 1988, and any similar state statute.

 

Section 11.02.      Assignment.
Neither this Agreement nor any of the rights and obligations of the parties hereunder may be assigned by either party hereto without
the prior written consent of the other party hereto, except that (a) Purchaser may assign this Agreement and its rights and
obligations hereunder to any successor-in-interest to Purchaser or Purchaser’s business by way of merger, acquisition, consolidation
or similar transaction, (b) Purchaser may assign its right to purchase the Transferred Assets hereunder to any of its wholly
owned subsidiaries or affiliates, without the prior written consent of Seller (so long as Purchaser remains liable for all obligations
of Purchaser arising hereunder), (c) Seller may assign this Agreement and its rights and obligations hereunder to any successor-in-interest
to Seller or Seller’s business by way of merger, acquisition, consolidation or similar transaction and (d) Seller may
assign this Agreement and its rights and obligations hereunder to any affiliate so long as Seller remains liable for all obligations
of Seller arising hereunder. Subject to the first sentence of this Section 11.02, this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns. Any attempted assignment or transfer
in violation of this Section 11.02 shall be void.

 

    	 	45	 

     

    

 

Section 11.03.     Amendments.
This Agreement may be amended, modified, superseded or canceled only by an instrument in writing signed by an officer of each
of the parties hereto and any of the representations, warranties, covenants, agreements, conditions or other terms hereof may
be waived only by an instrument in writing signed by an officer of the party waiving compliance.

 

Section 11.04.     No
Third-Party Beneficiaries. Except as provided in Article VIII, this Agreement is for the sole benefit of the parties
hereto and nothing herein expressed or implied shall give or be construed to give to any person, other than the parties hereto,
any legal or equitable rights hereunder.

 

Section 11.05.     Expenses.
Whether or not the transactions contemplated by this Agreement and the Ancillary Agreements are consummated, except as otherwise
expressly provided herein or therein, each of the parties hereto shall be responsible for the payment of its own respective costs
and expenses incurred in connection with the negotiations leading up to and the performance of its respective obligations pursuant
to this Agreement and the Ancillary Agreements, including the fees of any attorneys, accountants, brokers or advisors employed
or retained by or on behalf of such party. Purchaser shall reimburse Seller for any reasonable costs and expenses incurred by
Seller in connection with the matters set forth on Schedule XII attached hereto.

 

Section 11.06.     Governing
Law. This Agreement and any disputes relating hereto shall be governed and construed in accordance with the laws of the State
of New York, without reference to the conflicts of law principles thereunder (other than Section 5-1401 of the General Obligations
Law of the State of New York).

 

Section 11.07.     Jurisdiction.
Each party irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the courts of the State of New
York located in the City of New York for any Proceeding arising out of, under or in connection with this Agreement, the transactions
contemplated hereby or any disputes relating hereto (and such party agrees not to commence any such Proceeding except in such
courts). Each party further agrees that service of any process, summons, notice or document pursuant to Section 11.10
shall be effective service of process for any such Proceeding brought against such party in any such court. Each party irrevocably
and unconditionally waives any objection to the laying of venue of any such Proceeding in the courts of the State of New York
located in the City of New York and further irrevocably and unconditionally waives and agrees not to plead or claim in any such
court that any such Proceeding brought in any such court has been brought in an inconvenient forum.

 

Section 11.08.     Waiver
of Jury Trial. Each party waives to the fullest extent permitted by Applicable Law, any right it may have to a trial by jury
in respect of any Proceeding arising out of, under or in connection with this Agreement, the transactions contemplated hereby
or any disputes relating hereto. Each party (a) certifies that no representative, agent or attorney of the other party has
represented, expressly or otherwise, that such other party would not, in the event of any Proceeding, seek to enforce the foregoing
waiver and (b) acknowledges that it and the other party have been induced to enter into this Agreement by, among other things,
the mutual waiver and certifications in this Section 11.08.

 

Section 11.09.     Specific
Performance. Each party agrees that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each party
shall be entitled to an injunction or other equitable relief (without the proof of actual damages) to prevent breaches of this
Agreement and to enforce specifically the provisions of this Agreement, this being in addition to any other remedy to which such
party is entitled at law or in equity. Neither party shall oppose the granting of any such injunction or other equitable relief
on the basis that (a) there is an adequate remedy at law or (b) an award of specific performance is not an appropriate
remedy for any reason at law or in equity. Each party shall waive any requirement for the posting of any bond or the provision
of any other security in connection with any such injunction or other equitable relief. If, prior to the End Date, either party
brings any Proceeding to prevent breaches of this Agreement and to enforce specifically the provisions of the Agreement, the End
Date shall automatically be extended by such time period established by the court presiding over such Proceeding.

 

    	 	46	 

     

    

 

Section 11.10.     Notices.
All notices, requests, permissions, waivers and other communications hereunder shall be in writing and shall be deemed to have
been duly given (a) when received, if sent via overnight delivery via a national courier service or by registered or certified
mail, postage prepaid, (b) when sent, if sent by facsimile with automatic confirmation or (c) when delivered, if delivered
personally, in each case addressed to the applicable party at the following address for such party:

 

(a)          if
to Seller,

 

Amerigen Pharmaceuticals, Ltd.

c/o Amerigen Pharmaceuticals, Inc.

9 Polito Ave #900

Lyndhurst, NJ 07071

Attention: John Lowry –
Chief Executive Officer

 

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

 

Wilson Sonsini Goodrich &
Rosati

Professional Corporation

12235 El Camino Real

San Diego, California 92103-3002

Attention: Martin Waters and
Jason Skolnik

Facsimile: (858) 350-2399

 

(b)          if
to Purchaser,

 

ANI Pharmaceuticals, Inc.

210 W Main St

Baudette, MN 56623

Facsimile: (218) 634-3540

Email:stephen.carey@anipharmaceuticals.com,
rob.schrepfer@anipharmaceuticals.com 

Attention: Stephen Carey and
Rob Schrepfer

 

    	 	47	 

     

    

 

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

 

Orrick, Herrington and Sutcliffe
LLP

51 West 52nd Street

New York, NY 10019-6142

Facsimile: (212) 506-5151

Email: kmilling@orrick.com,
dschwartz@orrick.com

Attention: R. King Milling and
David Schwartz

 

or to such other address(es) as shall be
furnished in writing by any such party to the other party to this Agreement in accordance with the provisions of this Section 11.10.

 

Section 11.11.     Headings;
Interpretation.

 

(a)            The
descriptive headings of the several Articles and Sections of this Agreement and the Table of Contents to this Agreement are inserted
for convenience only, do not constitute a part of this Agreement and shall not affect in any way the meaning or interpretation
of this Agreement. All references herein to “Articles”, “Sections”, “Exhibits” or “Schedules”
shall be deemed to be references to Articles or Sections hereof or Exhibits or Schedules hereto unless otherwise indicated.

 

(b)            Whenever
the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed
to be followed by the words “without limitation”. The words “hereof”, “herein” and “hereunder”
and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement. The word “will” shall be construed to have the same meaning as the word “shall”. The word
 “extent” in the phrase “to the extent” shall mean the degree to which a subject or thing extends, and such
phrase shall not mean simply “if”. The word “or” shall not be exclusive. The definitions in this Agreement
are applicable to the singular as well as the plural of such terms and to the masculine as well as to the feminine and neuter genders
of such terms, and a defined term has its defined meaning throughout this Agreement, regardless of whether it appears before or
after the place in this Agreement where it is defined, including in any Schedule or Exhibit. Unless otherwise specifically indicated,
references to any Contract or statute are to such Contract or statute as from time to time amended, modified or supplemented, including
(in the case of Contracts) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes. All
references to “dollars” and “$” shall be deemed to be references to the lawful money of the United States.

 

Section 11.12.     Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall
become effective when one or more counterparts have been signed by each of the parties hereto and delivered, in person or by facsimile
or electronic image scan, receipt acknowledged in each case, to the other party to this Agreement.

 

Section 11.13.     Integrated
Contract, Schedules, Exhibits and Disclosure Letter.

 

(a)            This
Agreement (including any Schedules and Exhibits hereto), the Disclosure Letter, the Confidentiality Agreement and the Ancillary
Agreements (including the schedules and exhibits thereto) constitute the entire agreement between the parties with respect to the
subject matter hereof and thereof and supersede any previous agreements and understandings between the parties with respect to
such matters. Any term used in any Schedule or Exhibit or the Disclosure Letter but not defined therein shall have the meaning
assigned to it in this Agreement.

 

    	 	48	 

     

    

 

(b)            The
items contained in the Disclosure Letter are intended to qualify the representations, warranties, covenants and agreements of Seller
contained in this Agreement and shall not be construed to broaden in any way the scope or effect of any such representations, warranties,
covenants or agreements. The items contained in the Disclosure Letter are qualified in their entirety by reference to the specific
provisions of this Agreement and are not intended to constitute, and shall not be construed as constituting, any representation,
warranty, covenant or agreement of Seller. Any item contained in a particular section or subsection of the Disclosure Letter shall
be deemed to be an exception to, response to or disclosure for purposes of (in each case, as applicable) (i) the representations,
warranties, covenants and agreements of Seller that are contained in the corresponding Section or subsection of this Agreement
and (ii) any other representations, warranties, covenants and agreements of Seller that are contained in this Agreement to
the extent the relevance of such item as an exception to, response to or disclosure for purposes of (in each case, as applicable)
such other representations, warranties, covenants and agreements is reasonably apparent on its face. Inclusion of an item in the
Disclosure Letter shall not be deemed or construed (A) as an admission that such item represents a material fact, event or
circumstance or a material exception to, response to or disclosure for purposes of (in each case, as applicable) a representation,
warranty, covenant or agreement of Seller or that such item would reasonably be expected to have a Seller Material Adverse Effect
or (B) to establish any standard of materiality or Seller Material Adverse Effect. No item in the Disclosure Letter relating
to any possible breach or violation of any Contract, Applicable Law or Judgment shall be construed as an admission or indication
that any such breach or violation exists, has occurred, is likely to occur or is possible to occur. Nothing in the Disclosure Letter
shall be deemed by any person to be (1) an admission of liability of any person (including any member of Seller Group), (2) an
admission of the existence of an obligation of any person (including any member of Seller Group) to any other person or (3) an
admission against the interests of any person (including any member of Seller Group). Items reflected in the Disclosure Letter
are not necessarily limited to items required by this Agreement to be reflected in the Disclosure Letter. Such additional items
are set forth in the Disclosure Letter for information purposes and do not necessarily include other items of a similar nature.
In disclosing the items in the Disclosure Letter, no member of Seller Group waives any attorney-client or attorney work product
privilege or a similar privilege. The items contained in the Disclosure Letter are in all events subject to the Confidentiality
Agreement.

 

Section 11.14.     Severability;
Enforcement. The invalidity of any portion of this Agreement shall not affect the validity, force or effect of the remaining
portions hereof. If it is ever held that any restriction hereunder is too broad to permit enforcement of such restriction to its
fullest extent, each party agrees that a court of competent jurisdiction may enforce such restriction to the maximum extent permitted
by Applicable Law, and each party hereby consents and agrees that such scope may be judicially modified accordingly in any Proceeding
brought to enforce such restriction.

 

Section 11.15.     Mutual
Drafting. The parties hereto are sophisticated and have been represented by counsel who have carefully negotiated the provisions
hereof. As a consequence, the parties do not intend that the presumptions of any laws or other rules relating to the interpretation
of contracts against the drafter of any particular clause should be applied to this Agreement and therefore waive their effects.

 

Section 11.16.     Time
of Essence. Time is of the essence with regard to all dates and time periods set forth or referred to in this Agreement.

 

[Remainder of Page Intentionally
Left Blank]

 

    	 	49	 

     

    

 

IN WITNESS WHEREOF,
Seller and Purchaser have duly executed this Agreement as of the date first written above.

 

	 	AMERIGEN PHARMACEUTICALS LTD.
	 	 
	 	 
	 	By: 	/s/ John Walter Lowry III
	 	Name: John Walter Lowry III
	 	Title: Chief Executive Officer
	 	 
	 	 
	 	ANI PHARMACEUTICALS, INC.
	 	 
	 	 
	 	By: 	/s/ Stephen Carey
	 	Name: Stephen Carey
	 	Title: Vice President & Chief Financial OfficerExhibit 10.25

 

RESTRICTED STOCK GRANT AGREEMENT

 

This
Restricted Stock Grant Agreement (this “Agreement”) is entered into as of [●], by and between
ANI Pharmaceuticals, Inc., a Delaware corporation (the “Company”) and [●] (“Recipient”).
The parties hereby agree as follows:

 

1.                 
Grant of Shares. The Company
hereby grants to Recipient [●] ([●]) shares (the “Shares”) of the Company’s Common Stock,
$0.0001 par value. Upon the Recipient’s execution of this Agreement (or as soon thereafter as practicable), the Company
shall deliver a certificate or certificates in Recipient’s name representing the Shares to Recipient. Each certificate issued
pursuant to this Section 1 shall bear the legends described in Section 9 below and shall be held by the
Company for the Recipient. The Recipient agrees to sign and deliver to the Company a stock power, in the form attached hereto
as Exhibit A, relating to the Shares. Upon vesting of any of the Shares hereunder in accordance with Section 3(b)
below, the Company shall cancel the stock power with respect to such vested Shares and the Company shall return the certificate
representing the Shares to its transfer agent and direct the transfer agent to deliver a certificate to (i) the Recipient for
the number of Shares then vested and (ii) the Company for the number of Shares that remain subject to the Repurchase Option (as
defined below).

 

2.                 
Grant of Shares. The grant
of Shares contemplated hereby is made pursuant to the Company’s Fifth Amended and Restated 2008 Stock Incentive Plan (the
 “Plan”), which Plan is incorporated herein by reference. This Agreement constitutes a “Restricted Stock
Award” within the meaning of the Plan. Capitalized terms used herein and not otherwise defined have the meanings set forth
in the Plan.

 

3.                 
Repurchase Option.

 

(a)              
Upon the termination of Recipient’s employment with the Company and all Subsidiaries for any reason (including,
subject to Section 3(b), as a result of Recipient’s death or disability), the Company or its assignee shall have an irrevocable
option (the “Repurchase Option”) to repurchase any and all unvested Shares from Recipient, at a price of $0.01
per share (the “Option Price”), as more particularly set forth in this Section 3; provided, however, that
if such termination is (i) by the Company or any Subsidiary for any reason other than “cause” (as defined in the Recipient’s
employment agreement with the Company) or (ii) by the Recipient for “good reason” (as defined in such Recipient’s
employment agreement with the Company), then all of the Shares shall be deemed to be vested and not subject to the Repurchase Option.

 

(b)              On
the first anniversary of the date hereof 25% of the Shares shall vest and be released from the Repurchase Option, on the
second anniversary of the date hereof an additional 25% of the Shares shall vest and be released from the Repurchase Option,
on the third anniversary of the date hereof an additional 25% of the Shares shall vest and be released from the Repurchase
Option and on the fourth anniversary of the date hereof all of the remaining Shares shall vest and be released from the
Repurchase Option (each such anniversary of the date hereof, a "Vesting Date"); provided, however,
that (i) if a Change in Control (as defined in the Plan) of the Company occurs, all the Shares shall immediately vest and be
released from the Repurchase Option and (ii) upon the termination of Recipient's employment with the Company and all
Subsidiaries as a result of the Recipient's death or disability, any Shares scheduled to vest on the first Vesting Date
following such termination shall immediately vest and be released from the Repurchase Option.

 

    1

    

    

 

(c)              
The Repurchase Option shall be exercised by written notice signed by an officer of the Company or by any assignee or
assignees of the Company and delivered in accordance with Section 13(a). Such notice shall identify the number of Shares
to be purchased and shall notify Recipient of the time, place and date for settlement of such purchase. The Company shall be entitled
to pay for any Shares purchased pursuant to its Repurchase Option at the Company’s option in cash or by offset against any
indebtedness owing to the Company by Recipient, or by a combination of both. Upon delivery of such notice and payment of the purchase
price in any of the ways described above, the Company shall become the legal and beneficial owner of the Shares being repurchased
and all rights and interest therein or related thereto, and the Company shall have the right to transfer to its own name the Shares
being repurchased by the Company, without further action by Recipient.

 

4.                 
Adjustments to the Shares.
If, from time to time, during the term of the Repurchase Option there is any change affecting the Company’s outstanding
Common Stock as a class that is effected without the receipt of consideration by the Company (through merger, consolidation, reorganization,
reincorporation, stock dividend, dividend in property other than cash, stock split, liquidating dividend, combination of shares,
change in corporation structure or other transaction not involving the receipt of consideration by the Company), then any and
all new, substituted or additional securities or other property to which Recipient is entitled by reason of Recipient’s
ownership of the Shares shall be immediately subject to the Repurchase Option and be included in the word “Shares”
for all purposes of the Repurchase Option with the same force and effect as the Shares presently subject to the Repurchase Option,
but only to the extent the Shares are covered, at the time, by such Repurchase Option. While the total Option Price shall remain
the same after each such event, the Option Price per share of the Shares upon exercise of the Repurchase Option shall be appropriately
adjusted.

 

5.                 
Breach of Consulting, Confidentiality or Non-Compete Agreements. Notwithstanding
anything in this Agreement to the contrary and in addition to the rights of the Committee under Section 12.4 of the Plan, in the
event that the Recipient materially breaches the terms of any employment, consulting, confidentiality or non-compete agreement
entered into with the Company or any Subsidiary (including an employment, consulting, confidentiality or non-compete agreement
made in connection with the grant of the Shares), whether such breach occurs before or after termination of the Recipient’s
employment with the Company or any Subsidiary, the Committee in its sole discretion may require the Recipient to surrender shares
of Common Stock received, and to disgorge any profits (however defined by the Committee), made or realized by the Recipient in
connection with this Agreement or the Shares granted hereunder.

 

6.                 
Termination of Repurchase Option.
Sections 3 and 4 of this Agreement shall terminate upon the exercise in full or expiration of the Repurchase
Option, whichever occurs first.

 

7.                 
Rights of Recipient. Subject
to the provisions of this Agreement, Recipient (but not any unapproved transferee) shall, during the term of this Agreement, exercise
all rights and privileges of a stockholder of the Company with respect to the Shares. Recipient shall be deemed to be the holder
for purposes of receiving any dividends that may be paid with respect to such Shares and for the purpose of exercising any voting
rights relating to such Shares, even if some or all of such Shares have not yet vested and been released from the Repurchase Option.

 

    2

    

    

 

8.                 
Limitations on Transfer.
In addition to any other limitation on transfer created by applicable securities laws, Recipient shall not assign, hypothecate,
donate, encumber or otherwise dispose of any interest in any of the Shares that remain subject to the Repurchase Option. After
the Shares have been released from the Repurchase Option, Recipient shall not assign, hypothecate, donate, encumber or otherwise
dispose of any interest in such Shares unless and until:

 

(a)              
There is then in effect a registration statement under the Securities Act of 1933, as amended (the “Act”),
covering such proposed disposition and such disposition is made in accordance with said registration statement; or

 

(b)             
Recipient shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed
statement of the circumstances surrounding the proposed disposition, and, if requested by the Company, the Recipient shall have
furnished the Company with an opinion of his own counsel, reasonably acceptable to the Company, to the effect that such disposition
will not require registration of such shares under the Act.

 

9.                 
Restrictive Legends. All
certificates representing Shares that have not yet been released from the Repurchase Option shall have endorsed thereon a legend
in substantially the following form:

 

“The shares represented
by this certificate are subject to a repurchase option set forth in an agreement between the Company and the registered holder,
or such holder’s predecessor in interest, a copy of which is on file at the principal office of the Company. Any transfer
or attempted transfer of any shares subject to such repurchase option is void without the prior express written consent of the
Company.”

 

10.             
Section 83(b) Election.
Recipient understands that Section 83(a) of the Internal Revenue Code of 1986, as amended (the “Code”),
taxes as ordinary income the difference between the amount paid for the Shares and the fair market value of the Shares as of the
date any restrictions on the Shares lapse. In this context, “restriction” includes the right of the Company to buy
back the Shares pursuant to the Repurchase Option set forth in Section 3(a) above. Recipient understands that Recipient
may elect to be taxed at the time the Shares are awarded, rather than when and as the Repurchase Option expires, by filing an
election under Section 83(b) of the Code (an “83(b) Election”) with the Internal Revenue Service within
thirty (30) days from the date of purchase. A copy of the 83(b) Election form is attached hereto as Exhibit B. Even if
the fair market value of the Shares at the time of the execution of this Agreement equals the amount paid for the Shares, the
83(b) Election must be made to avoid income under Section 83(a) in the future. Recipient understands that failure to file
such an 83(b) Election in a timely manner may result in adverse tax consequences for Recipient. Recipient further understands
that an additional copy of such 83(b) Election is required to be filed with his or her federal income tax return for the calendar
year in which the date of this Agreement falls. Recipient further acknowledges and understands that it is Recipient’s
sole obligation and responsibility to timely file such 83(b) Election, and neither the Company nor the Company’s legal or
financial advisors shall have any obligation or responsibility with respect to such filing. Recipient
acknowledges that the foregoing is only a summary of the effect of United States federal income taxation with respect to purchase
of the Shares hereunder, and does not purport to be complete. Recipient further acknowledges that the Company has directed Recipient
to seek independent advice regarding the applicable provisions of the Code, the income tax laws of any municipality, state or
foreign country in which Recipient may reside, and the tax consequences of Recipient’s death. Recipient assumes all responsibility
for filing an 83(b) Election and paying all taxes resulting from such election or the lapse of the restrictions on the Shares.

 

    3

    

    

 

11.             
Refusal to Transfer. The
Company or its transfer agent shall not be required (a) to transfer on its books any Shares that shall have been transferred
in violation of any of the provisions set forth in this Agreement or (b) to treat as owner of such shares or to accord the
right to vote as such owner or to pay dividends to any transferee to whom such Shares shall have been so transferred.

 

12.             
No Employment Rights. This
Agreement is not an employment contract and nothing in this Agreement shall affect in any manner whatsoever the right or power
of the Company (or any parent or subsidiary of the Company) to terminate Recipient’s relationship with the Company for any
reason at any time, with or without cause and with or without notice.

 

13.             
Miscellaneous.

 

(a)              
Notices. Any notice or other communication required or permitted to be delivered to any party under this Agreement shall
be in writing and shall be deemed properly delivered, given and received when delivered (by hand, by registered mail, or by courier
or express delivery service) to the address or facsimile number set forth beneath the name of such party on the signature page
hereto (or to such other address or facsimile number as such party shall have specified in a written notice given to the other
parties hereto).

 

(b)             
Successors and Assigns.  This Agreement shall bind and inure to the benefit of the successors and assigns of the Company
and, subject to the restrictions on transfer herein set forth, inure to the benefit of and be binding upon Recipient and Recipient’s
heirs, executors, administrators, successors, and assigns. Without limiting the generality of the foregoing, the Repurchase Option
of the Company hereunder shall be assignable by the Company at any time or from time to time, in whole or in part.

 

(c)              
Attorneys’ Fees; Specific Performance. It is the intention of the parties that the Company, upon exercise of the
Repurchase Option and payment of the Option Price, pursuant to the terms of this Agreement, shall be entitled to receive the Shares,
in specie, in order to have such Shares available for future issuance without dilution of the holdings of other shareholders. Furthermore,
it is expressly agreed between the parties that money damages are inadequate to compensate for the Shares and that (i) the
Company shall, upon proper exercise of the Repurchase Option, be entitled to specific enforcement of its rights to purchase and
receive said Shares, and (ii) Recipient shall, upon release of any of the Shares from the Repurchase Option, be entitled to
specific enforcement of its rights to receive said Shares.

 

    4

    

    

 

(d)             
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State
of Delaware.

 

(e)              
Further Assurances. The parties agree to execute all such further instruments and to take all such further action as
may reasonably be necessary to carry out the intent of this Agreement.

 

(f)               
Amendment. This Agreement may not be amended, modified or revoked, in whole or in part, except by an agreement in writing
signed by each of the parties hereto.

 

(g)              
Severability. In the event that any provision of this Agreement, or the application of any such provision to any person
or set of circumstances, shall be determined to be invalid, unlawful, void or unenforceable to any extent, the remainder of this
Agreement, and the application of such provision to persons or circumstances other than those as to which it is determined to be
invalid, unlawful, void or unenforceable, shall not be impaired or otherwise affected and shall continue to be valid and enforceable
to the fullest extent permitted by law.

 

(h)             
Counterparts. This Agreement may be executed in two or more counterparts and signature pages may be delivered via facsimile,
each of which shall be deemed an original and all of which together shall constitute one instrument.

 

    5

    

    

 

In
Witness Whereof, the parties hereto have executed this Agreement as of the date first above written.

 

	Company:	ANI PHARMACEUTICALS, INC. 
	 	 
	 	By: 	           	     
	 	 
	 	Name:
	 	 
	 	Title:
	                                        	 
	 	Recipient:  	                                           
	 	 
	 	
        Name:

	 	 
	 	Address:	 
	 	 
	 	 

 

SIGNATURE PAGE TO RESTRICTED STOCK GRANT
AGREEMENT

 

    6

    

    

 

EXHIBIT A

 

STOCK POWER

 

FOR VALUE RECEIVED and pursuant to that
certain Restricted Stock Grant Agreement between ANI Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
and _______________ (the “Recipient”) dated as of March 28, 2019, and the Company’s Fifth Amended and Restated
2008 Stock Incentive Plan (the "Plan"), the Recipient hereby sells, assigns and transfers to the Company, an aggregate
_____ shares of Common Stock of the Company, standing in the Recipient's name on the books of the Company and represented by stock
certificate number(s) _____________________________________________ to which this instrument is attached, and hereby irrevocably
constitutes and appoints _____________________________________________________ as his or her attorney in fact and agent to transfer
such shares on the books of the Corporation, with full power of substitution in the premises.

 

Dated ____________, 2019

 

		 
	 	Signature
	 	 
	 	 
	 	Print Name

 

(Instruction: Please do not fill in
any blanks other than the signature line. The purpose of the assignment is to enable the Company to exercise certain rights set
forth in the Restricted Stock Grant Agreement and the Plan without requiring additional signatures on the part of the Recipient.)

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