Document:

Exhibit 10.31

 

AMENDED AND RESTATED INTEREST AGREEMENT

 

This
Amended and Restated Interest Agreement (this “Agreement”) is entered into on October 24, 2016 (the
“Execution Date”), and made effective as of September 22, 2015 (the “Effective Date”),
by and between LIGHTLAKE THERAPEUTICS INC., a Nevada corporation (the “Company”), and Valour Fund, LLC, a
Delaware limited liability company and successor in interest to this Agreement (“Valour”).

 

WHEREAS, on the Effective Date, the Company
entered into that certain interest agreement (the “Initial Agreement”), whereby the third party invested One
Million Six Hundred Thousand Dollars ($1,600,000) (the “Cumulative Investment”) during a period commencing on
October 6, 2015 (the “Initial Investment Date”) through May 20, 2016, which funds have been and are being used
for the Company’s development of opioid antagonist treatments for addictions and related disorders that materially rely,
as determined in good faith by the Company, on certain studies agreed upon by the Company and the third party, and which treatments
do not include treatments for reversing opioid overdoses (the “Products”);

 

WHEREAS, the Cumulative
Investment has been used for research, development, any other activities connected to the Products, operating expenses (excluding
investor relations, bonuses, and renting an office), and any other purpose consistent with the goals of the third party (each,
a “Purpose”);

 

WHEREAS, pursuant to the Initial Agreement,
the Company, in exchange for the Cumulative Investment, assigned the third party the right to receive a certain amount of the financial
return produced by the Products; and

 

WHEREAS, the third
party has since assigned its rights and obligations under the Initial Agreement to Valour, and Valour and the Company now desire
to amend and restate the Initial Agreement to (i) reflect the occurrence of events since the Effective Date and (ii) add Valour,
and remove the third party, as a party to this Agreement.

 

NOW THEREFORE, with
reference to the foregoing facts, the Company and Valour agree as follows:

 

		1.	Capital Calls and Interest.

 

1.1         The third party
has previously provided the Cumulative Investment to the Company, which funds may be used for any Purpose.

 

1.2         The Company hereby
agrees to assign to Valour, as the transferee of the third party, the right to receive a total of two and two fifteenths percent
(2.1333)% of the Net Profit (as defined below) generated from the Products in perpetuity from the Effective Date (the “Interest”).
The Interest shall not be transferrable or assignable to an unrelated third party. “Net Profit” shall be defined
as any pre-tax revenue received by the Company that was derived from the sale of the Products less any and all expenses incurred
by and payments made by the Company in connection with the Products, including but not limited to an allocation of Company overhead
based on the proportionate time, expenses and resources devoted by Company to Products-related activities, which allocation shall
be determined in good faith by the Company.

 

1.3         Notwithstanding
any other provisions of this Agreement, at all times after the Effective Date the Company shall have the right to buy back the
Interest or any portion of the Interest from Valour by providing written or electronic notice to Valour or one of its representatives
(each, an “Authorized Party”). Any such notice shall include the percentage amount of the Interest to be bought
back by the Company, and such notice shall also include the dollar amount invested by the third party that equals the percentage
amount of the Interest to be bought back by the Company based on the one percent (1%) per each Seven Hundred Fifty Thousand Dollars
(US$750,000.00) of Cumulative Investment exchange (the “Buyback Amount”). In the event that such notice is provided
within two and one half (21⁄2) years of the Initial Investment Date, then the Company shall pay Valour two (2) times the Buyback
Amount within ten (10) business days of providing such notice. In the event that such notice is provided after two and one half
(21⁄2) years from the Initial Investment Date, then the Company shall pay Valour three and one half (31⁄2) times the Buyback
Amount within ten (10) business days of providing such notice. Upon the Company’s paying to Valour the Buyback Amount with
respect to the Interest or any portion of the Interest, such Interest or portion of the Interest, as appropriate, shall be deemed
either extinguished or transferred or sold back to the Company, at the Company’s direction, and have no further legal effect
and Valour shall have no rights with respect to such amount of Interest bought back by the Company. For illustrative purposes,
if such a notice is delivered three (3) years after the Initial Investment Date and provides for a Buyback Amount of Seven Hundred
Fifty Thousand Dollars (US$750,000.00), which represents a one percent (1.0%) amount of Interest, then the Company shall pay Valour
Two Million Six Hundred Twenty Five Dollars (US$2,625,000.00), which is equal to three and one half (31⁄2) times the Buyback
Amount within ten (10) business days of such notice and upon such payment all of the Valour’s rights related to such one percent
(1.0%) amount of Interest shall cease as Valour shall only own one and two fifteenths percent (1.1333)% of Interest.

 

    	 	 	 

     

    

 

		2.	Net Profit Audits, Updates, Distributions and Other Transactions.

 

2.1         The Company shall
provide Valour with an annual audit of Net Profits (the “Audit”), which Audit shall be completed after the end
of each calendar year.  Notwithstanding the foregoing, this Paragraph 2.1 shall not be applicable until the Products generate
Net Profit.

 

2.2         After the end of
each quarter of the calendar year, the Company shall provide Valour with a written or electronic update with respect to the status
of the Products. If the Products generate Net Profit, then the Company shall also provide Valour with a written or electronic statement
of the estimated Net Profit represented by the Interest.

 

2.3         After the end of
each of the first three quarters of the calendar year, the Company shall distribute to Valour eighty percent (80%) of such calendar
quarter’s Net Profit represented by the Interest, which amount shall be estimated in good faith by the Company. Upon the
completion of the Audit for such calendar year, the Company shall distribute to Valour the Net Profit represented by the Interest
for the fourth quarter of the calendar year. In the event that the Audit for such calendar year determines the Net Profit represented
by the Interest for the first three quarters of the calendar year (the “Audited NP”) to be greater than the
estimated Net Profit represented by the Interest actually paid to Valour for the first three calendar quarters (the “Estimated
NP”), then the Company shall distribute to Valour the difference between the Audited NP and the Estimated NP. In the event
that the Audit for such calendar year determines the Audited NP to be less than the Estimated NP, then the Company shall deduct
the difference between the Estimated NP and the Audited NP from the distribution for the fourth quarter of such calendar year and,
if required, each following distribution until such amount is fully deducted.

 

2.4         In the event that
any of the Products are sold by the Company, then Valour shall receive the percentage Interest that it holds of the net proceeds
of such sale, pro rata, and in the form of such net proceeds, after the deduction of all expenses and costs related to such sale.
In the event that the Company is sold, then the Company shall engage an independent financial or accounting firm to determine the
fair value of the Company which is directly attributable to the Products and Valour shall receive the percentage Interest that it
owns of such amount after the deduction of all expenses and costs related to such sale. All other material transactions involving
the Products not addressed herein shall be addressed in good faith by the Company and Valour. For illustrative purposes, with
a Cumulative Investment equal to One Million Six Hundred Thousand Dollars (US$1,600,000.00) , which represents two and two fifteenths
percent (2.1333)% amount of Interest, then in the event that one of the Products is sold by the Company, Valour shall receive two
and two fifteenths percent (2.1333%) of the net proceeds of such sale, pro rata, and in the form of such net proceeds, after the
deduction of all expenses and costs related to such sale. 

 

		3.	Option to Exchange Interest for Common Stock.

 

3.1         If none of the Products
are introduced to the market within thirty-six (36) months after the Effective Date, then Valour shall have the option to receive
a number of shares of common stock at a rate equal to Fifty Thousand (50,000) shares of the Company’s common stock, par value
$0.001 per share, per each Five Hundred Thousand Dollars (US$500,000.00) of Cumulative Investment, up to a total maximum of One
Hundred Sixty Thousand (160,000) shares of the Company’s common stock for One Million Six Hundred Thousand Dollars (US$1,600,000.00)
of Cumulative Investment (the “Shares”) in lieu of the Interest (the “Option”). Shares shall
be adjusted for stock splits and standard adjustments.

 

    	 	 	 

     

    

 

3.2         In the event that
none of the Products are approved by the U.S. Food and Drug Administration or an equivalent body in Europe for marketing and none
of the Products are actually marketed within thirty-six (36) months after the Effective Date, then Valour shall have sixty (60)
calendar days to provide written notice to the Company that Valour intends to exercise the Option. Valour shall waive their rights
to the Option if it fails to provide sixty (60) calendar days written notice to the Company of its intent to exercise the Option
within such sixty (60) calendar days. If Valour exercises the Option, then it shall waive all rights to the Interest and receive
fully paid and non-assessable Shares.

 

		4.	Representations and Warranties of the Company.

 

The Company represents
and warrants to Valour that:

 

4.1         The Company is a public
company duly organized, validly existing and in good standing under the laws of Nevada and has all requisite power and authority
to carry on its business as now being conducted and as proposed to be conducted.

 

4.2         This Agreement has
been duly executed and delivered by the Company and constitutes a valid and legally binding obligation of the Company enforceable
against the Company in accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance and other similar laws relating to or affecting creditors' rights generally, or the availability of
equitable remedies.

  

		5.	Representations, Warranties and Agreements of Valour.

 

Valour represents and warrants
to, and agrees with, the Company as follows:

 

5.1         No Guarantee of
Success. Valour acknowledges that this is a speculative investment involving a high degree of risk and that there is no guarantee
of success or that Valour will realize any gain from the Cumulative Investment, and it could lose the total amount of its Cumulative
Investment.

 

5.2         Legends. Valour
hereby agrees with the Company that the Shares will bear the following legend or one that is substantially similar to the following
legend:

 

THE SHARES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SHARES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SHARES LAWS AND NEITHER
SUCH SHARES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SHARES ACT AND APPLICABLE STATE SHARES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SHARES ACT AND APPLICABLE STATE SHARES LAWS, IN WHICH CASE THE INVESTOR MUST, PRIOR TO
SUCH TRANSFER, FURNISH TO THE COMPANY AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY,
THAT SUCH SHARES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SHARES ACT AND APPLICABLE STATE SHARES LAWS.

 

		6.	Miscellaneous.

 

6.1         Notices.  All
notices, requests, demands and other communications (collectively, “Notices”) given pursuant to this Agreement
shall be electronic or in writing, and shall be delivered by email or by personal service, courier, facsimile transmission or by
United States first class, registered or certified mail, postage prepaid, addressed to the party at the address set forth on the
signature page to this Agreement.  Any Notice, other than a Notice sent by registered or certified mail, shall be effective
when received; a Notice sent by registered or certified mail, postage prepaid return receipt requested, shall be effective on the
earlier of when received or the fifth day following deposit in the United States mails.  Any party may from time to time
change its address for further Notices hereunder by giving notice to the other party in the manner prescribed in this Paragraph.
Notwithstanding the foregoing, the Company may send the information set forth in Paragraphs 2.1 and 2.2 via email. Notwithstanding
the foregoing, any Notice may be provided to an Authorized Party as per the terms of this Agreement.

 

    	 	 	 

     

    

 

6.2         Entire Agreement.  This
Agreement contains the sole and entire agreement and understanding of the parties with respect to the entire subject matter of
this Agreement, and any and all prior discussions, negotiations, commitments and understandings, whether oral or otherwise, related
to the subject matter of this Agreement are hereby merged herein.

 

6.3         Successors.  This
Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their respective successors, heirs
and personal representatives.

 

6.4         Waiver and Amendment.  No
provision of this Agreement may be waived unless in writing signed by all the parties to this Agreement, and waiver of any one
provision of this Agreement shall not be deemed to be a waiver of any other provision.  This Agreement may be amended
only by a written agreement executed by all of the parties to this Agreement.

 

6.5         Governing Law.  This
Agreement shall be construed in accordance with the laws of the State of Nevada without giving effect to the principles of conflicts
of law thereof.

 

6.6         Captions.  The
various captions of this Agreement are for reference only and shall not be considered or referred to in resolving questions of
interpretation of this Agreement.

 

6.7         Execution.  This
Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission
or by email delivery of a “pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “pdf”
signature page were an original thereof.

 

[Signature Page Follows]

    	 	 	 

     

    

  

IN WITNESS WHEREOF, the
Company and Valour have duly executed this Agreement in duplicate as of the day and year first above written.

 

OPIANT PHARMACEUTICALS, INC.

 

	By:	/s/ Dr. Roger Crystal	 
	 	 	 
	Name:	Dr. Roger Crystal	 
	 	 	 
	Its: 	Chief Executive Officer	 

 

Address: 401 Wilshire Blvd., 12th Floor,

Santa Monica, CA 90401

 

Attn: Dr. Roger Crystal

 

Tel.: (424) 252-4756

 

Email: rcrystal@opiant.com

 

VALOUR FUND, LLC

 

	By:	/s/ Thomas W. Richardson	 
	 	 	 
	Name:	Thomas W. Richardson	 
	 	 	 
	Its: 	Manager	 

 

Address:

 

Attn:

 

Tel.:

 

Email:Exhibit 10.32

 

REGULATORY AND STRATEGIC ADVISOR CONSULTANCY
AGREEMENT

 

THIS Consultancy Agreement
(the “Agreement”) is entered into by and between Lightlake Therapeutics Inc., a Nevada corporation (the “Company”),
and Mary Pendergast (the “Advisor”), effective as of September 1, 2015 (the “Effective Date”).

 

WHEREAS, the Company
desires to compensate the Advisor for past services rendered to the Company;

 

WHEREAS, the Company
desires to secure the experience, abilities, and services of the Advisor by engaging the Advisor, upon the terms and conditions
specified herein; and

 

WHEREAS, the Advisor
desires to (i) accept such engagement and provide the Services (as defined below) as an independent contractor, and (ii) enter
into this Agreement.

 

NOW, THEREFORE, in
consideration of the premises, terms and provisions set forth herein, the mutual benefits to be gained by the performance thereof
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
as follows:

 

		1.	COMPENSATION FOR PAST SERVICES RENDERED

 

(a)          The Company
acknowledges that the Advisor has played an important role in progressing the Company, including the Company’s opioid overdose
reversal product (the “Product”).

 

(b)          In addition
to any prior compensation previously received by the Advisor from the Company, the Company hereby agrees to provide the Advisor
with the following additional compensation for the services already rendered:

 

		(1)	$50,000 (the “Current Cash Compensation”);

 

		(2)	10,000 shares of common stock of the Company (the “Current Stock Compensation”);

 

		(3)	$285,000 to be paid in accordance and subject to the terms and conditions herein related to Milestone
Event #1 (as defined below);

 

		(4)	$250,000 to be paid in accordance and subject to the terms and conditions herein related to Milestone
Event #2 (as defined below); and

 

		(5)	A total of one percent (1%) of the Net Profit (as defined below) that the Company receives from
Adapt Pharma Operations Limited (“Adapt”) with respect to the Product, excluding any amounts received by the Company
from Adapt with respect to Milestone Event #1 and Milestone Event #2 referenced in this Agreement (the “Past Services Net
Profit Compensation”).

 

    	 	 	 

     

    

 

All cash compensation
that is or will be due to the Advisor shall be wired by the Company to the Advisor pursuant to the following wire instructions:

 

Capital One Bank

 

ABA:  25507181

 

Swift code: HIBKUS44

 

Account number: 1574304780

 

The Current Cash
Compensation shall be paid by the Company to the Advisor within thirty (30) business days of the Effective Date.

 

The Company shall
provide its transfer agent with instructions to issue such amount of common stock comprising the Current Stock Compensation to
the Advisor within forty (40) business days of the Effective Date.

 

Milestone Event #1
shall occur upon the occurrence of both: (A) the first receipt of notice by Adapt of approval of the Product by the U.S. Food and
Drug Administration (“FDA”), and (B) the receipt by the Company from Adapt of the maximum milestone payment with respect
to Adapt’s first receipt of notice of approval of the Product by the FDA set forth in its license agreement with Adapt (the
“License Agreement”). Notwithstanding the foregoing, in the event such milestone payment made by Adapt to the Company
is less than the maximum milestone payment set forth in the License Agreement, such $285,000 amount to be paid by the Company to
the Advisor shall be reduced pro rata based on the proportion of the maximum milestone payment paid to the Company by Adapt. Upon
the occurrence of Milestone Event #1, $285,000 or such relevant pro rata amount, if applicable, shall be paid by the Company to
the Advisor within fifteen (15) business days of receipt by the Company of the aforementioned milestone payment from Adapt.

 

Milestone Event #2
shall occur upon the occurrence of both: (A) the First Commercial Sale of a Product in the United States (as defined in the License
Agreement), and (B) the receipt by the Company from Adapt of the maximum milestone payment with respect to Adapt’s First
Commercial Sale of a Product in the United States (as defined in the License Agreement) set forth in the License Agreement with
Adapt. Notwithstanding the foregoing, in the event such milestone payment made by Adapt to the Company is less than the maximum
milestone payment set forth in the License Agreement, such $250,000 amount to be paid to the Advisor shall be reduced pro rata
based on the proportion of the maximum milestone payment paid to the Company by Adapt. Upon the occurrence of Milestone Event #2,
$250,000 or such relevant pro rata amount, if applicable, shall be paid by the Company to the Advisor within eighty (80) business
days of receipt by the Company of the aforementioned milestone payment from Adapt.

 

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The Past Services Net Profit Compensation,
to the extent there is Past Services Net Profit Compensation, shall be paid by the Company to the Advisor subsequent to the end
of each calendar quarter and subsequent to the date upon which calculations of net profits are determined for the investors in
interests in the Product.

 

(c)          It is
hereby agreed by the Company and the Advisor that, other than as set forth above, no other amounts of compensation for services
rendered are due from the Company to the Advisor or will be due from the Company to the Advisor based on any past agreements or
understandings, and the Advisor is confirming this to be the case.

 

		2.	services TO BE RENDERED

 

(a)          Subject
to the terms and conditions set forth in this Agreement, the Company agrees to engage the Advisor and the Advisor agrees to be
engaged by the Company.

 

Services. The Advisor
shall be responsible for focusing on the Company’s addiction and treatment platform by using her FDA and pharmaceutical industry
expertise, insight, and experience, and leveraging her investor network if deemed appropriate for capital raising, The Advisor
also shall be responsible for engaging and introducing to the Company appropriate professionals to assist in accelerating the Company’s
development program, clarifying the relevant endpoints and study designs, and support communications with the FDA and other governmental
and regulatory groups and agencies, and the Advisor shall perform any other relevant work reasonably requested by the Company (the
“Services”). The Advisor shall provide the Company with an average of approximately one (1) day of time per month to
perform the Services, unless the Company reasonably requests additional time per month, in which case additional time shall be
provided by the Advisor to the Company (the “Monthly Services”). During the Term (as defined below) and during the
Advisor’s providing of the Services, the Advisor shall comply with all Company policies and procedures, and all requirements,
recommendations or regulations, as amended from time to time, of the Securities and Exchange Commission, the Financial Industry
Regulatory Authority, and any other regulatory authorities

 

		3.	COMPENSATION FOR SERVICES TO BE RENDERED

 

During the Term (as defined
below) of this Agreement, so long as the Advisor is providing the Services and the Monthly Services to the Company, the Advisor
shall receive the following compensation (collectively, the “Monthly Services Compensation”):

 

		(1)	$3,000 per month (the “Monthly Cash Compensation”);

 

		(2)	A total of one-half of one percent (0.5%) of the Net Profit (as defined below) that the Company
receives from Adapt with respect to the Product, excluding any amounts received by the Company from Adapt with respect to Milestone
Event #1 and Milestone Event #2 referenced in this Agreement (the “Monthly Services Net Profit Compensation”); and

 

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		(3)	So long as the Advisor does not terminate this Agreement, a total of one percent (1%) of any amounts
received by the Company from Adapt with respect to first milestone payments for achieving Regulatory Milestones (as defined in
the License Agreement and as may be adjusted pursuant to the License Agreement), including Milestone Event #1 and Milestone Event
#2 referenced in this Agreement, received by the Company from Adapt pursuant to the License Agreement (the “Monthly Services
Milestone Payment Compensation”).

 

“Net Profit”
shall mean any pre-tax revenue received by the Company from Adapt that was derived from the sale of the Product less any and all
expenses incurred by and payments made by the Company in connection with the Product, including but not limited to an allocation
of Company overhead based on the proportionate time, expenses and resources devoted by the Company to Product-related activities,
which allocation shall be determined in good faith by the Company. The Company shall provide the Advisor with financial information
similar to or the same as the information provided to the investors in interests in the Product. The Company shall not be required.to
provide the Advisor with any audits related to Net Profit.

 

During the Term (as defined below)
of this Agreement, so long as the Advisor is providing the Services to the Company the Monthly Services Net Profit Compensation,
to the extent there is Monthly Net Profit Compensation for the relevant month during which the Services are provided, shall be
paid by the Company to the Advisor subsequent to the end of each calendar quarter and subsequent to the date upon which calculations
of net profits are determined for the investors in interests in the Product.

 

During the Term (as defined below)
of this Agreement, so long as the Advisor is providing the Services and the Monthly Services to the Company the Monthly Cash Compensation
shall be paid by the Company to the Advisor within ten (10) business of the first calendar day of each month during which Monthly
Services are to be provided. The Company may prepay multiple months of Monthly Cash Compensation. If the Company prepays multiple
months of Monthly Cash Compensation, then in the event of termination of this Agreement the Advisor shall reimburse the Company
any such prepaid amounts for months subsequent to the month during which such termination occurred.

 

So long as the Advisor does not terminate
this Agreement, the Monthly Services Milestone Payment Compensation shall be paid within thirty (30) business days of receipt by
the Company from Adapt of the relevant first milestone payment with respect to Regulatory Milestones (as defined in the License
Agreement and as may be adjusted pursuant to the License Agreement).

 

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(c)          Expenses.
The Company shall reimburse the Advisor for all reasonable expenses actually incurred or paid by the Advisor in the Advisor’s
performance of services hereunder upon the presentation of expense statements, receipts, and/or such other supporting information
as the Company may reasonably require of the Advisor. Advisor must receive prior email approval before incurring any single expense
of greater than $500.00 or multiple expenses greater than $1,000.00 incurred over a twenty four (24) hour period. For requested
air travel, the Company will reimburse the Advisor in respect of expenditure class in “Business Class” so long as the
cost of such class is reasonable.

 

(d)          Taxes
and Regulations. The Company will not be responsible for withholding or paying any income, VAT, payroll, Social Security, or
other federal, state, or local taxes in the U.S. or any other jurisdiction, making any insurance contributions, including unemployment
or disability, or obtaining worker’s compensation insurance on the Advisor’s behalf. The Advisor shall be responsible
for, and shall indemnify the Company against, all such taxes or contributions, including penalties and interest.

 

(e)          Insurance.
The Advisor accepts the risks associated with being in business on her own account and will maintain adequate business insurances
at her own cost.

 

		4.	TERM

 

(a)          The term
will commence on September 1, 2015 and run on a month-to-month basis, until terminated pursuant to this Section 4 (the “Term”).

 

(b)          This Agreement
may be terminated at any time by the Company effective immediately by written or email notice by the Company, if the Advisor:

 

(1)         Commits
any serious breach, or repeat (after previous written warning, which warning may be provided via email) of any breach, or is guilty
of a continuing breach of any of the terms of this Agreement; or

 

(2)         Is guilty
of any serious misconduct or willful neglect in the discharge of the Advisor’s obligations under this Agreement; or

 

(3)         Is declared
bankrupt; or

 

(4)         Is convicted
of any criminal offense (except minor traffic violations), which the Board of Directors of the Company (the “Board”)
reasonably believes materially and/or adversely affects the Advisor’s ability to continue; or

 

(5)         Is convicted
of any offense relating to insider dealing or any serious breach of any of the laws or regulations, as determined by the Board;
or

 

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(6)         Is the subject
of, or cause the Company to be the subject of, a serious penalty or reprimand imposed by any regulatory authority by which the
Company is governed or to which its activities are subject; or

 

(7)         Engages
in any act of moral turpitude, including, but not limited to, an act of dishonesty, theft, or misappropriation of Company property,
insubordination, or any act injuring, abusing, or endangering others, as determined by the Board.

 

(c)          In the
event that the Advisor seeks to terminate this Agreement for any reason, the Advisor shall provide the Company with email or written
notice thirty (30) days in advance of such termination and such termination shall be effective at the end of the following calendar
month and the Services and Monthly Services obligations under this Agreement shall terminate on the last day of such calendar month.

 

(d)          In the
event that the Company seeks to terminate this Agreement for any reason not set forth above in (b), the Company shall provide the
Advisor with email or written notice thirty (30) days in advance of such termination and such termination shall be effective at
the end of the following calendar month and the Services and Monthly Services obligations under this Agreement shall terminate
on the last day of such calendar month.

 

(e)          In the
event of termination pursuant to this Section, the Company shall not be obligated to pay any further compensation to the Advisor
except such cash compensation to which the Advisor is entitled through the date of such relevant termination and any payments due
based on prior services that have been performed by the Advisor.

 

		5.	CONFIDENTIAL INFORMATION

 

(a) During the
course of the Advisor’s engagement, from time to time, the Advisor is likely to obtain knowledge of trade secrets and other
confidential information with regard to the business and financial affairs of the Company and its subsidiaries, whether currently
existing or not, (together the “Group”) and its customers’ and suppliers’ details, and the Advisor has
obtained such information while rendering past services to the Company (collectively, the “Confidential Information”).
Accordingly, the Advisor shall not (except in the proper course of her duties hereunder) during the Term, and at any time thereafter
(such obligation continuing indefinitely), divulge any Confidential Information to any person, firm, corporation, or entity whomsoever
other than as required by law or legal or similar proceedings, or as required to conduct the duties and responsibilities set forth
in this Agreement. The Advisor shall use her best endeavors to prevent the unauthorized publication or disclosure of Confidential
Information, and shall not use for her own purposes, or for any purposes other than those of the Company Confidential Information
(which have come to the Advisor’s knowledge while rendering past services to the Company and that may come to the Advisor’s
knowledge during or in the course of the engagement hereunder or the Advisor’s engagement with any subsidiary of the Company).
Such Confidential Information shall, without limitation, be deemed to include the following:

 

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(1)         Any knowledge
or information relating to any trade secret, process, invention, or concerning the business or finances of the Group or any dealings
relating thereto;

 

(2)         Transactions
or affairs of any of the Group, or of any officers, directors, shareholders, or employees of the Group, or any other information
of a confidential character (including such information belonging to or relating to any third party);

 

(3)         Any information
concerning the structure and format of the Group’s products, promotions, and services;

 

(4)         Any confidential
business methods of the Group;

 

(5)         Any confidential
pricing information or any information relating to prospective or actual tenders for contracts with prospective or actual suppliers
or customers of the Group;

 

(6)         Any confidential
client or customer lists of the Group; and

 

(7)         Any document
or data of the Group marked confidential or which the Advisor might reasonably expect to be of a confidential nature.

 

(b)          All articles,
notes, sketches, computer programs, plans, memoranda, records, and any other documents (whether in hard or electronic form) or
copies thereof provided to, created or used by the Advisor in relation to any Confidential Information shall be and remain the
property of the Company, or the relevant subsidiary of the Company, and shall be delivered together with all copies thereof, to
the Company or as it shall direct from time-to-time, on demand or immediately when this Agreement is terminated.

 

(c)          The obligations
in this Section 5 shall not apply to information that is in the public domain other than by reason of breach of this Section 5.

 

(d)          The Advisor’s
obligations under this Section 5 shall, with respect to each subsidiary of the Company, whether currently existing or not, constitute
a separate and distinct covenant in respect of which the Advisor hereby covenant with the Company as trustee for each such other
company.

 

(e)          Each of
the sub-paragraphs of this Section 5 shall be separate, distinct, and severable from each other. In the event that any of the sub-paragraphs
is held void but would be valid if any part of the wording thereof were deleted, such restriction shall apply with such deletions
as may be necessary to make it valid and effective.

 

     7

    	 

    

 

		6.	Indemnification and Choice of Law

 

(a)          The Company
and the Advisor each agrees to release, indemnify and hold harmless the other party from and against any third party claims for
any loss, damages, liability, costs, or expenses, including reasonable attorney fees, arising from or relating to any negligence,
wrongful acts or omissions by the other party or their respective officers, directors or employees.

 

(b)          This Agreement
shall be governed by and construed in accordance with the laws of the U.S., and specifically the laws of the state of New York.
Should a dispute arise, both parties shall subject themselves to exclusive jurisdiction of the courts of the state of New York.

 

(c)          This Agreement
may be executed in counterparts, each of which shall constitute an original but together shall constitute one and the same Agreement.
The Company and the Advisor further agree that such counterparts may be executed in multiple counterparts and by facsimile signature
or by email of a PDF document, each of which shall be deemed an original and all of which together shall constitute one instrument.
The Company and the Advisor agree that it shall not be necessary for any such party to provide original signature pages of the
other as a condition of enforcing this Agreement.

 

This Agreement constitutes the entire understanding
between the Company and the Advisor relating to its subject matter, superseding all negotiations, prior discussions, preliminary
agreements and agreements relating to the subject matter hereof made prior to the date hereof. No waiver by the Company or the
Advisor of any breach by the other party of any term, provision or condition of this Agreement, to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at the same time or at any prior or subsequent time.
This Agreement may not be modified or amended except in writing signed by the Company and the Advisor. Both the Company and the
Advisor agree that this Agreement has been jointly prepared, and that no claim may be asserted by any party that any ambiguity
in this Agreement may be construed against any one party. All written and email notices, consents, and communications shall be
provided by one party to the other using the contact information set forth under each party’s signature line. A party may
change such information by providing email or written notice to the other party of any such change.

  

     8

    	 

    

 

IN WITNESS WHEREOF, the
Company and the Advisor have executed this Agreement in multiple originals to be effective as set out above.

 

	Lightlake Therapeutics Inc.	 	Mary Pendergast
	 	 	 	 	 
	By:	/s/ Kevin Pollack	 	By:	/s/ Mary Pendergast

 

	Name: Kevin Pollack	 	Address:
	Title: CFO and Director	 	
	Address: 445 Park Avenue, New York, NY 10022	 	
        Email: 

        

	
        Email:

        roger.crystal@lightlaketherapeutics.com
        and kevin.pollack@lightlaketherapeutics.com
	 	Tax ID: 

                                                   Phone:

	Phone: 212-829-5546	 	 

 

     9

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