Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into effective as of May 2, 2018 (the “Effective
Date”) by and between Herm Cukier (“Executive”) and BioDelivery Sciences International, Inc. (the “Company”). 

WHEREAS, the Company desires to retain the services of Executive as the Company’s Chief Executive Officer, and Executive desires
to provide such services to the Company; and 
 WHEREAS, in light of the foregoing, the Company and Executive desire to memorialize
their employment relationship on the terms, conditions and covenants set forth in this Agreement. 
 NOW, THEREFORE, in consideration
of the foregoing, the mutual covenants contained herein and other good and valuable consideration, receipt of which Executive and the Company hereby acknowledge, Executive and the Company agree, as follows: 

1.    Position. Effective as of the Effective Date, Executive agrees to be employed by the Company in the position
of Chief Executive Officer. Executive’s first day of work will be May 8, 2018 (the “Start Date”). Executive shall report to the Board of Directors of the Company (including any designated committee thereof, the
“Board of Directors”). In his capacity as the Company’s Chief Executive Officer, Executive shall act as the Company’s principal executive officer, and in such capacity shall undertake the duties set forth on Schedule
A hereto, subject in all instances to the direction and oversight of the Board of Directors. Executive acknowledges Executive’s and the Company’s public reporting obligations associated with Executive’s status as the principal
executive officer of the Company under applicable securities laws, rules and regulations, and Executive shall use Executive’s best efforts to comply with all such reporting obligations that are his personal responsibility (including, without
limitation, filings related to beneficial ownership of the Company’s securities under Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). 

2.    Executive’s Effort; Location; Representations. 

(a)    Executive shall spend substantially all of his working time and best efforts, skill and attention to his position
and to the business and interests of the Company; provided, that nothing herein shall preclude Executive, (i) subject to prior approval of the Board, from serving on the boards of directors of other
for-profit companies, and (ii) from engaging in charitable activities including serving on the boards of directors of non-profit organizations, so long as, in each
case, and in the aggregate, such service and management does not conflict with the performance of Executive’s duties hereunder. Executive shall also serve as a member the Board of Directors and may be requested to serve on the boards of
directors of Company affiliates, in each case for no additional compensation. 
 (b)    Executive agrees that his
employment requires that he be based at the Company’s Raleigh, North Carolina headquarters. Travel between Raleigh and Executive’s family homes elsewhere shall be at Executive’s sole expense, except that the Company shall bear the
expense of one initial visit to Raleigh by Executive’s spouse to search for housing. 

 (c)    Executive hereby represents and warrants to the Company that
(i) upon execution and delivery of this Agreement, this Agreement will be the valid and binding obligation of Executive, enforceable against Executive in accordance with its terms and (ii) Executive is not now under any obligation of a
contractual nature to any person, business or other entity which is inconsistent or in conflict with this Agreement or which would prevent Executive from performing his obligations hereunder. Executive also agrees that he will inform the Company of
any such restrictions. Executive agrees that he will not use or disclose (or allow the Company to use or disclose) any confidential or proprietary information of any other person or entity (including any current or former employer) during the course
and scope of employment with the Company. 
 (d)    The Company hereby represents, warrants and covenants to Executive
that: (i) it will not direct or instruct Executive to take any action or engage in any activities that Executive has informed the Company in writing may violate any commitment or violate any confidentiality or trade secret duty between
Executive and any previous employer; and (ii) except for any matters that have been disclosed in filings with the U.S. Securities and Exchange Commission or otherwise in writing to Executive on or prior to the Effective Date, there is no
pending or, to the Company’s knowledge, threatened materially adverse civil (including administrative) or criminal litigation; material disciplinary or regulatory (including self-regulatory) proceeding or investigation; or material regulatory
(including self-regulatory) or congressional or governmental inquiry of any sort against or involving the Company or its affiliates, in whole or in part. 

3.    Base Salary; Bonus; Benefits. 

(a)    Base Salary. The Company shall pay Executive compensation for services rendered in the amount of no less than
Five Hundred Seventy Thousand Dollars ($570,000.00) per annum (the “Base Salary”), payable on a bi-weekly basis or otherwise in accordance with the Company’s standard policies. Beginning
on the first anniversary of the Start Date and in subsequent years, Executive’s Base Salary may be subject to annual increases (but no decreases), as determined by Board of Directors in its sole discretion. 

(b)    Bonuses. Executive’s target annual cash bonus shall be in an amount no less than fifty-five percent
(55%) of Executive’s Base Salary (the “Bonus”). Executive’s eligibility for any Bonus and the amount thereof shall be determined in the discretion of the Board of Directors on the basis of fulfillment of personal and
management objectives set in the reasonable discretion of the Board of Directors, after prior consultation with Executive, and shall be payable no later than two-and-a-half months following the calendar year with respect to which such Bonus relates, subject to Executive’s employment with the Company on the last day of such calendar year, except as
provided in Section 4 hereof. Executive’s Bonus for 2018 will be pro-rated from the Start Date through December 31, 2018 and will be based on the Company’s performance against current
objectives previously approved by the Board. In addition, Executive shall receive a signing bonus in the amount of Fifty Thousand Dollars ($50,000) payable on the first payroll date following the Start Date. 

(c)    Initial Equity Grants. Within ninety (90) days following execution of this Agreement, Executive will
receive an incentive stock option to purchase Eight Hundred Thousand (800,000) shares of the Company’s common stock (the “Initial Option”), which Initial Option will vest annually in
one-third (1/3) increments over three (3) years, beginning on the first anniversary of the Start Date, and shall be exercisable until the tenth (10th) anniversary of the date of grant. The Initial Option

 
shall be governed by the terms of the Company’s 2011 Equity Incentive Plan and any amendments thereto (the “Plan”) and a separate award agreement to be entered into under
the Plan in a form annexed hereto as Exhibit A (the “Initial Option Agreement”) as soon as practicable after the Initial Option is granted; provided, that the exercise price per share of the Initial Option will be the
volume-weighted average price of the Company’s publicly-traded common stock for the 30-day period immediately preceding the date of grant. In addition to the Initial Option, upon execution of this
Agreement, Executive will receive Two Hundred Thousand (200,000) restricted stock units under the Plan (the “Initial RSUs”), the vesting of which will be in 1/3 increments over three (3) years, beginning on the first
anniversary of the Start Date, subject to (i) continued employment or service to the Company through the applicable vesting date, and (ii) meeting annual financial or performance objectives that have been set by the Board of Directors with
respect to each such vesting date. The financial or performance objectives will be the same objectives for the Company’s other executive officers. The terms for the grant of the Initial RSUs shall be governed by the Plan and a separate award
agreement (in a form annexed hereto as Exhibit B, the “Initial RSU Award Agreement”) to be entered into concurrently with the Initial Option Agreement. The Company shall cooperate and assist Executive in connection
with Executive’s adoption of a “Rule 10b5-1 Sales Plan” to facilitate the sale by Executive of Company common stock from time to time as permitted under such plan and, all Company policies and
all applicable laws, rules, regulations. 
 (d)    Annual Equity Grants. For the Company’s 2019 fiscal year
and each fiscal year thereafter, Executive will be eligible to receive equity awards under the Plan consistent with the Company’s historic past practices regarding equity grants to the Company’s Chief Executive Officer as set forth in the
Company’s most recently filed Annual Report on Form 10-K (the “Annual Equity Grants”). The Annual Equity Grants may be comprised of different equity vehicles including stock options
and/or restricted stock units as determined by the Board of Directors. 
 (e)    Vacation and Other Leave.
Executive will be provided with five (5) weeks’ paid vacation according to the Company’s vacation policy in addition to eleven (11) Company-paid holidays each year. As a regular, full-time Company employee, Executive will earn up
to six (6) paid sick days per year due to illness in accordance with the Company’s sick leave policy, which may be modified from time to time, at the discretion of the Board of Directors. Executive acknowledges that under the
Company’s policies, paid vacation and sick days do not accrue from year to year and must be used (or else forfeited) each year. 

(f)    Other Benefits. In addition, Executive shall receive such additional compensation or other benefits as are
provided to Company employees generally and similarly-situated Company executives specifically, in accordance with prevailing Company policies as they may change from time to time, and after meeting the applicable eligibility requirement of 30 days
of continued employment (it being acknowledged by Executive that insurance benefits begin on the first of the month following the first 30 days of continued employment, except for 401(K) benefits, as indicated below), including: (i) health
insurance; (ii) dental insurance; (iii) basic life and long and short-term disability insurance; and (iv) 401(k) plan participation (commencing 60 days after the Start Date) with Company match. 

4.    Term; Termination. 

(a)    Term/Renewal. Unless earlier terminated under this Section 4, this Agreement and the status and
obligations of Executive thereunder as an employee of the Company (except as provided for below) shall be effective for a period ending two (2) years after the Effective Date (the “Initial Term”) and, after the expiration of
the Initial Term, this Agreement shall automatically renew for successive one (1) year terms (each a “Renewal Term” and, collectively with all Renewal Terms and the Initial Term, the “Term”) unless, either
party gives sixty (60) days advance written notice of its intention not to renew this Agreement at the conclusion of the Initial Term or the then-current Renewal Term, as applicable. 

 (b)    Rights after Termination. Termination of this Agreement shall
not, in any event, affect any rights that may have been specifically granted to Executive by the Board of Directors pursuant to any of the Company’s employee benefit plans sponsored by the Company, it being understood that no such rights are
granted hereunder. In addition, notwithstanding the expiry or termination of this Agreement pursuant to this Section 4 or otherwise, Executive’s and the Company’s rights and obligations under Sections 5 through 12 inclusive of this
Agreement shall survive the termination or expiration of this Agreement in accordance with the terms of such Sections. 

(c)    Severance Condition. It is agreed that an express condition to the payment of any severance amount or
post-termination benefit called for under this Agreement shall include the Company’s receipt of a general release of all claims against the Company and its affiliates by Executive substantially in the form annexed hereto as Exhibit C (the “Release”) within seven (7) days following the effective date of such termination; provided, that any such amounts or benefits which are subject to Section 409A of the
Internal Revenue Code of 1986, as amended, and all regulations promulgated thereunder (the “Code”), shall not be paid until the first payroll date that is at least thirty (30) days following the date of such termination,
subject to Section 26 below. 
 (d)    Death or Disability. This Agreement shall automatically terminate
upon the death or Disability of Executive and, thereafter all of his rights hereunder, including the rights to receive compensation and benefits, except as otherwise required by law, shall terminate; provided that, upon termination of this Agreement
as a result the death or Disability of Executive, Executive or his estate shall be entitled to a one-time pro rata share (through the termination date) of any target Bonus for the fiscal year in which such
termination occurred (the “Pro Rated Bonus”) and any earned but unpaid Bonus for the fiscal year prior to the fiscal year in which such termination occurred (the “Prior Year Bonus”). As used herein, the term
“Disability” means the physical or mental illness or incapacity (including, without limitation, as a result of abuse of alcohol or other drugs or controlled substances) of Executive which results in Executive being unable to
substantially perform the duties and services required to be performed under this Agreement for a period of: (i) one hundred twenty (120) consecutive days or longer or (ii) one hundred eighty (180) days in any three hundred sixty
(360) consecutive day period. 
 (e)    Termination with Notice by Either Party. The Company or Executive
may terminate this Agreement for any reason or no reason upon sixty (60) days prior written notice to the other. 

(f)    Termination for Cause. 

(i)    For purposes of this Agreement, “Cause” shall mean: 

A.    Executive’s willful failure to comply with any valid and legal directive of the Board of
Directors; 
 B.    Executive’s willful engagement in dishonesty, illegal conduct or gross
negligence, which is, in each case, materially injurious to the Company or its affiliates; 

C.    Actions by Executive consituting embezzlement, misappropriation or fraud under circumstances that
would materially and adversely affect: (i) the business reputation of the Company or (ii) the performance of the Executive’s duties hereunder; 

 D.    Executive’s conviction of or plea of guilty or
nolo contendere to a crime that constitutes a felony (or state law equivalent) or any crime that constitutes a misdemeanor involving moral turpitude; 

E.    Executive’s material breach of any material obligation under this Agreement or any other
written agreement (including, without limitation, the Confidentiality Agreement) between Executive and the Company; or 

F.    any material failure by Executive to comply with the Company’s written policies or rules, as
they may be in effect from time to time during the Term and have been previously provided to Executive or of which Executive has been informed. 

(ii)    Solely in the case of an event of Cause described in clauses (A), (E) and (F) of this Section 4(f)(i)
(each, a “Cause Capable of Cure”), the Company cannot terminate Executive for Cause unless the Company has provided written notice to Executive of the existence of the circumstances providing grounds for termination for a Cause
Capable of Cure, and Executive has had at least thirty (30) days from the date on which such notice is provided to cure such circumstances to the reasonable satisfaction of the Company. 

(iii)    Notwithstanding the foregoing provisions of this Section 4(f), any action or inaction taken by Executive
based upon Executive’s reasonable reliance on advice of counsel to the Company or the direction of the Board shall not form the basis for Cause. 

(g)    Executive Duties After Receipt of Notice of Termination for Cause. Subject to the Company affording
Executive a reasonable ability to cure a purported Cause Capable of Cure, after the Company gives Executive notice of termination for Cause and prior to termination of employment becoming effective, the Company may, in its sole discretion:
(i) require that Executive absent himself from the office; (ii) require that Executive perform no work; (iii) require that Executive abstain from taking any action as a director of the Company or of any affiliate, provided that
Executive shall continue to be paid his Base Salary during such period of time. 
 (h)    Resignation for Good
Reason. 
 (i)    For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of
the following, in each case during the Employment Term without Executive’s written consent: 

A.    a material reduction in Executive’s Base Salary; 

B.    a material reduction in Executive’s target bonus opportunity; 

C.    a relocation of Executive’s principal place of employment by more than thirty-five
(35) miles; 

 D.    any material breach by the Company of any material
provision of this Agreement or of any other agreement between the Company and Executive, including any representation, warranties or covenants set forth herein; 

E.    the Company’s failure to obtain an agreement from any successor to the Company following a
Change of Control to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption occurs by operation of law; 

F.    a material, adverse change in Executive’s title, authority, duties, or responsibilities (other
than temporarily while Executive is physically or mentally incapacitated or as required by applicable law); or 

G.    one or more persons, other than Incumbent Directors (as defined in Section 4(m)(ii) below),
become directors of the Company and their initial assumption of office is in connection with an actual or threatened election contest relating to the election of members of the Board or other actual or threatened solicitation of proxies or consents
by or on behalf of a “person” (as defined in Section 13(d) and 14(d) of the 1934 Exchange Act) other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation.

 (ii)    Executive cannot terminate his employment for Good Reason unless he has provided written notice to the
Company of the existence of the circumstances providing grounds for termination for Good Reason within sixty (60) days (thirty (30) days in the event of the grounds described in subsection (h)(i)(G) above) of the date Executive learns of
the initial existence of such grounds and the Company has had at least thirty (30) days from the date on which such notice is provided to cure such circumstances. If Executive does not terminate his employment for Good Reason within ninety
(90) days after the date Executive learns of the first occurrence of the applicable grounds, then Executive will be deemed to have waived his right to terminate for Good Reason with respect to such grounds. 

(i)    Payments Upon Termination for Cause or Resignation Without Good Reason. In the event of a termination by the
Company for Cause or Executive’s resignation without Good Reason, the Company will pay Executive (i) the Base Salary earned and expenses reimbursable under this Agreement incurred through the date of Executive’s termination,
(ii) the Prior Year Bonus (if applicable), and (iii) all amounts otherwise required to be paid or provided by law, and shall thereafter have no further responsibility for termination or other payments to Executive. 

(j)    Payments Upon Termination without Cause, Resignation for Good Reason or Company
Non-Renewal. In the event of a termination by the Company without Cause, resignation by Executive for Good Reason, or a non-renewal by the Company under
Section 4(a), subject to satisfaction of the condition set forth in Section 4(c): 
 (i)    the Company shall
pay Executive a one-time cash severance payment equal to two (2) times the amount of his then current annual Base Salary (or, in the event of a resignation by Executive for Good Reason as a result of a
reduction in Executive’s Base Salary, two (2) times the amount of his annual Base Salary prior to the reduction that gave rise to grounds for Good Reason) payable on or before the 5th
business day following the effective date of the Release (the “Payment Date”); 

 (ii)    the Company shall pay Executive on the Payment Date his Pro Rated
Bonus through the date of termination; 
 (iii)    the Company shall pay Executive on the Payment Date his Prior Year
Bonus (if applicable); 
 (iv)    (A) all unvested awards to acquire shares of Company common stock granted to
Executive under the Plan or any successor plan through an option (including, without limitation, the Initial Option) shall immediately become fully vested and exercisable and shall be exercisable over a period of three (3) years from the date
of termination (provided, that Executive acknowledges that any options which are issued and qualify as incentive stock options under the Plan and that are not exercised within the three (3) month period following the effective date of
termination will automatically convert to non-qualified stock options as of the end of such three-month period) and (B) any restricted stock units (including, without limitation, the Initial RSUs) or
other performance equity or equity-based awards (other than options) shall continue to vest and settle upon the achievement of the annual financial or performance objectives that have been set, and as are determined, by the Board of Directors; 

(v)    Executive shall be paid on the Payment Date for all accrued, unused paid time off (subject to the acknowledgement
contained in the last sentence of Section 3(d)); and 
 (vi)    Executive shall maintain any rights that Executive
may have been specifically granted to Executive upon or prior to termination pursuant to any of the Company’s or its successor’s retirement plans, supplementary retirement plans, profit sharing and savings plans, healthcare, 401(k) and any
other employee benefit plans sponsored by the Company. 
 (k)    Termination and Payments Upon a Change of
Control. In the event that this Agreement or Executive’s employment with the Company is terminated by the Company or its successor without Cause, or by Executive for Good Reason, in any case in anticipation of, upon, or within twelve
(12) months following the occurrence of a “Change of Control” (as defined below) of the Company (each, a “Severance Triggering Event”), then, subject to satisfaction of the condition set forth in
Section 4(c): 
 (i)    the Company shall pay Executive on the Payment Date a
one-time cash severance payment upon satisfaction of the condition set forth in Section 4(c) equal to the sum of two times (2x) his (A) then current annual Base Salary (or, in the event of a
resignation by Executive for Good Reason as a result of a reduction in Executive’s Base Salary, two time (2x) times the amount of his annual Base Salary prior to the reduction that gave rise to grounds for Good Reason), plus (B) his Bonus
(calculated at 100% of target); 
 (ii)    the Company shall pay Executive on the Payment Date his Pro Rated Bonus
through the Severance Triggering Event; 
 (iii)    the Company shall pay Executive on the Payment Date his Prior Year
Bonus (if applicable); 
 (iv)    Executive shall be paid on the Payment Date for all accrued, unused paid time off
(subject to the acknowledgement contained in the last sentence of Section 3(d)); 

 (v)    Executive shall maintain any rights that Executive may have been
specifically granted to Executive upon or prior to termination pursuant to any of the Company’s or its successor’s retirement plans, supplementary retirement plans, profit sharing and savings plans, healthcare, 401(k) and any other
employee benefit plans sponsored by the Company; and 
 (vi)    (A) all unvested awards to acquire shares of Company
common stock granted to Executive under the Plan or any successor plan through an option (including, without limitation, the Initial Option) shall immediately become fully vested and exercisable and shall be exercisable over a period of three
(3) years from the date of the Severance Triggering Event (provided, that Executive acknowledges that any options which are issued and qualify as incentive stock options under the Plan and that are not exercised within the three (3) month
period following the effective date of termination will automatically convert to non-qualified stock options as of the end of such three-month period) and (B) the continued service requirements and
performance objectives with respect to any restricted stock units (including, without limitation, the Initial RSUs) or other performance equity or equity-based awards (other than options) shall be deemed satisfied (in whole or in part) and such RSUs
shall be settled as of the Payment Date. 
 (l)    Except as provided in Section 4(j)(iv) and (vi) and
Section 4(k)(iv) and (v), following the payment to executive of any severance amounts hereunder, the Company shall have no further obligations to Executive, except as otherwise provided pursuant any other agreement between the Company and
Executive. 
 (m)    For purposes of this Agreement, the term “Change of Control” means the occurrence
of any one or more of the following events (it being agreed that, with respect to paragraphs (i) and (iii) of this definition below, a “Change of Control” shall not be deemed to have occurred if the applicable third party acquiring
party is an “affiliate” of the Company within the meaning of Rule 405 promulgated under the Securities Act of 1933, as amended): 

(i)    An acquisition (whether directly from the Company or otherwise) of any voting securities of the Company (the
“Voting Securities”) by any “Person” (as the term person is used for purposes of Section 13(d) or 14(d) of Exchange Act or more than one Person acting as a group, immediately after which such Person or group has
“Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of the combined voting power or fair market value of the Company’s
then outstanding Voting Securities. 
 (ii)     Individuals who, as of the Effective Date constitute the entire Board
of Directors (the “Incumbent Directors”) cease for any reason, including without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the entire Board of
Directors; provided that any individual becoming a director of the Company subsequent to the Effective Date shall be considered an Incumbent Director if such person’s election or nomination for election was approved by a vote of at least fifty
percent (50%) of the Incumbent Directors; but provided further, that any such individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of members of the Board of Directors
or other actual or threatened solicitation of proxies or consents by or on behalf of a “person” (as defined in Section 13(d) and 14(d) of the 1934 Exchange Act) other than the Board of Directors, including by reason of agreement
intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director. 

(iii)    Approval by the Board of Directors and, if required, stockholders of the Company of , or execution by the
Company of any definitive agreement with respect to, or the 

 
consummation of (it being understood that the mere execution of a term sheet, memorandum of understanding or other non-binding document shall not
constitute a Change of Control): 
 (A)    A merger, consolidation or reorganization involving the Company, where
either or both of the events described in clauses (i) or (ii) above would be the result; 
 (B)    A liquidation
or dissolution of or appointment of a receiver, rehabilitator, conservator or similar person for, or the filing by a third party of an involuntary bankruptcy against, the Company; or 

(C)    An agreement for the sale or other disposition of all or substantially all of the assets of the Company to any
Person or more than one Person acting as a group (other than a transfer to a subsidiary of the Company). 

(n)    Immediately upon the effective date any termination of Executive’s employment with the Company for any reason,
Executive shall resign from membership on the Board of Directors or the board of directors of any affiliate of the Company and from any and all offices Executive holds at the Company or any affiliate of the Company. 

5.    Confidentiality. Executive shall keep confidential, except as the Company may otherwise consent in writing,
and not disclose or make any use of except for the benefit of the Company, at any time during the term of this Agreement and for a period of five (5) years thereafter, any trade secrets, knowledge, data or other confidential, secret or
proprietary information of the Company relating to inventions, products, processes, knowledge, know how, technical or other data, designs, formulas, test data, customer lists, business plans, marketing or manufacturing plans and strategies, and
product pricing strategies or other subject matter pertaining to any business of the Company or any of its clients, customers, consultants, licensees, subsidiaries or affiliates which Executive may produce, obtain or otherwise learn of during the
course of Executive’s performance of services and after its termination (collectively “Confidential Information”), provided that the term “Confidential Information” shall not include information, technical data or know-how that is or becomes part of the public domain not as a result of any inaction or action of Executive. Executive shall not deliver, reproduce, or in any way allow any such Confidential Information to be
delivered to or used by any third parties without the specific direction or consent of a duly authorized representative of the Company. The terms of this paragraph shall survive termination of this Agreement. Executive hereby confirms and
acknowledges his obligations under that certain Confidentiality and Intellectual Property Agreement, dated May 2, 2018, between Executive and the Company (the “Confidentiality Agreement”). 

6.    Return of Confidential Material. Upon the termination of Executive’s services for the Company, Executive
shall promptly surrender and deliver to the Company all records, materials, equipment, drawings, documents, lab notes and books and data of any nature (electronic or otherwise) describing, including or pertaining to any Confidential Information, and
Executive will not take with him any description containing or pertaining to any Confidential Information which Executive may produce or obtain during the course of his services. The terms of this paragraph shall survive termination of this
Agreement. Notwithstanding the foregoing, Executive may retain his personal contacts, personal compensation data and, subject to prior approval by the Company, which approval shall not be unreasonably withheld, any documents reasonably needed for
tax return preparation purposes. 
 7.    Assignment and Disclosure of Inventions. Executive shall assign and
transfer to the Company his entire right, title and interest in and to all Inventions (as defined in the Confidentiality Agreement) and disclose to the Company all Inventions in accordance with the terms set forth in the Confidentiality Agreement.
The terms of this paragraph shall survive termination of this Agreement. 

 8.    Execution of Documents. During the term of this Agreement and
thereafter, Executive will execute, acknowledge and deliver to the Company or its nominee upon request and at its expense all such documents, including applications for patents and copyrights and assignments of inventions, patents and copyrights to
be issued therefore, as the Company may reasonably determine necessary or desirable to apply for and obtain letters, patents, and copyrights on Inventions in any and all countries and/or to protect the interest of the Company or its nominee in
Inventions, patents and copyrights and to vest title thereto in the Company or its nominee. The terms of this paragraph shall survive termination of this Agreement. 

9.    Maintenance of Records. Executive will keep and maintain adequate and current written records of all
Inventions made or conceived by Executive (in the form of notes, sketches, drawings and as may be specified by the Company), and shall deliver such records promptly to the Company at the Company’s request, whether made solely by Executive or
jointly with others, which records shall be available to and remain the sole property of the Company at all times. 

10.    Prior Inventions. It is understood that all Inventions, if any, patented or unpatented, which Executive made
prior to the date that the Company and Executive entered into this Agreement, are excluded from the scope of this Agreement. To preclude any possible uncertainty, Executive has set forth on Exhibit A to the Confidentiality Agreement a
complete list of all such prior inventions, including numbers of all patents and patent applications, and a brief description of all unpatented inventions which are not the property of another party (including, without limitation a current or
previous contracting party). If no items are included on Exhibit A to the Confidentiality Agreement, Executive has no such prior inventions. Executive will notify the Company in writing before Executive makes any disclosure or performs any
work on behalf of the Company which appears to threaten or conflict with proprietary rights Executive claims in any such invention or idea. In the event of Executive’s failure to give such notice, Executive will make no claim against the
Company with respect to any such inventions or ideas. The terms of this paragraph shall survive termination of this Agreement. 

11.    Competition. Executive will not do, or threaten to do, any of the following, either directly or indirectly,
during Executive’s employment with the Company and during the period of two (2) years after Executive’s cessation of employment with the Company, anywhere in the world (it being agreed that if this Agreement is terminated upon the
occurrence of a Severance Triggering Event only, the duration of Executive’s covenants set forth below shall be eighteen (18) months and not two (2) years). In the event that a court of competent jurisdiction determines that Executive
improperly competes with the Company in violation of this Section the period during which he engages in such competition shall not be counted in determining the duration of the two (2) year non-compete
restriction. 
 (a)    For purposes of this Agreement, “Competitive Activity” shall mean the
development, manufacture, sale, distribution, license, packaging or marketing of the following: (i) buccal delivery technology or products incorporating such technology relating to the delivery of drugs or therapeutics for human or non-human applications, (ii) any pharmaceutical product indicated for the treatment of pain or opioid abuse and (iii) any other technology or product which Executive was actively and directly participating
in on behalf of the Company or any subsidiary of the Company or joint venture in which the Company is participating at the time of termination. 

 (b)    Executive agrees that, during the time frames described herein, he
shall not, directly or indirectly, own, manage, operate, control, consult for, be an officer or director of, work for, or be employed in any capacity by any company, eleemosynary institution or any other business, entity, agency or organization (or
a discrete business unit within any such entity) whose primary business purpose is to engage in a Competitive Activity; provided, however, that Executive may serve as a director, consultant or advisor of such an entity that is either a
Company licensee, or, for non-licensees, in such capacity as the Board of Directors has granted him written permission, such permission not to be unreasonably withheld. 

(c)    Executive shall not solicit or perform services in connection with any Competitive Activity for any prior or
current customers of the Company or any entities with which the Company has undertaken joint studies or developmental activities. 

(d)    Executive will not, without the prior written consent of the Company, at any time during the term of Executive
employment with the Company or during the time frames described herein, either individually or through any entity controlled by Executive, and either on Executive’s behalf or on behalf of any other person or entity competing or endeavoring to
compete with the Company, directly or indirectly, knowingly solicit for employment or retention (or, following such solicitation, employ or retain) as an employee, independent contractor or agent, any person who is an employee of the Company as of
the date of the cessation or termination of Executive’s employment with the Company or was an employee of the Company at any time during the period Executive was employed by the Company. Executive further agrees that, should Executive be
approached by a person who Executive has actual knowledge was an employee of the Company or any subsidiary or joint venture thereof during the period while Executive was employed by the Company, Executive will not offer to nor employ or retain (or
refer to a third party) as an employee, independent contractor or agent any such person during the Restricted Period. Nothing in this Section 11(d) shall prohibit any general advertisement or general solicitation that is not specifically
targeted at service providers of the Company. 
 (e)    Executive and Company agree that the phrase
“Executive’s cessation of employment with the Company” as used in this Agreement, refers to any separation from his employment at the Company either voluntarily or involuntarily, either with cause or without cause, or whether the
separation is at the behest of the Company or Executive. 
 (f)    Notwithstanding the foregoing, (i) nothing in
this Agreement shall prohibit Executive from being a passive owner of not more than one percent (1%) of the equity securities of any business, and (ii) with the prior approval of the Company (not to be unreasonably withheld or delayed),
Executive may render services to a business that competes with the Company following termination of Executive’s employment provided that he works in or provides services to a subsidiary, affiliate, unit or division of the competitive entity
that does not compete directly with the Company. 
 12.    Other Obligations. 

(a)    Executive acknowledges that the Company from time to time may have agreements with other persons or with the U.S.
government, or agencies thereof, which impose obligations or restrictions on the Company regarding inventions made during the course of work thereunder or regarding the confidential nature of such work. Executive will be bound by all such
obligations and restrictions and will use best efforts to take all action necessary to discharge the obligations of the Company thereunder. 

 (b)    Executive acknowledges that all of Executive’s obligations under
this Agreement (but not including the restrictive covenants contained herein) shall be subject to any applicable agreements with, and policies issued by the Company to which Executive and all other similarly-situated employees are subject; provided,
however, in the event of any conflict between this Agreement any such other applicable agreements or policies, this Agreement shall control. 

13.    Indemnification. On or before the Start Date, the Company and Executive shall enter into an indemnification
agreement in the form of Exhibit D hereto. Executive shall be covered by directors and officers insurance that Company shall provide from time to time to its directors and executives (including former directors and executives), on terms no
less favorable than those provided to similarly situated directors and executives (or former directors and executives). 

14.    Injunctive Relief. Executive acknowledges that any breach or attempted breach by Executive of paragraphs 5
through 12 of this Agreement shall cause the Company irreparable harm for which any adequate monetary remedy does not exist. Accordingly, in the event of any such breach or threatened breach, the Company shall be entitled to obtain injunctive
relief, without the necessity of posting a bond or other surety, restraining such breach or threatened breach. 

15.    Reasonable Terms. Executive acknowledges and agrees that the restrictive covenants contained in this
Agreement have been reviewed by Executive with the benefit of counsel and that such covenants are reasonable in all of the circumstances for the protection of the legitimate interests of the Company. 

16.    Modification. This Agreement may not be changed, modified, released, discharged, abandoned, or otherwise
amended, in whole or in part, except by an instrument in writing, signed by Executive and by the Company. Any subsequent change or changes in Executive’s relationship with the Company or Executive’s compensation shall not affect the
validity or scope of this Agreement. 
 17.    Entire Agreement; Legal Counsel. Except as provided for in this
Section 17, Executive acknowledges receipt of this Agreement, and agrees that with respect to the subject matter thereof, it is (together with the exhibits hereto) Executive’s entire agreement with the Company, superseding any previous or
contemporaneous oral or written communications, representations, understandings with the Company or any office or representative thereof. In the event of any conflict or inconsistency between the terms and conditions of this Agreement (together with
the exhibits hereto) and any other agreements between Executive and the Company or its affiliates, the terms and conditions of this Agreement shall govern and prevail. Notwithingstanding the foregoing provisions of this Section 17 to the
contrary, the parties agree that, with respect to the Initial Option and the Initial RSUs, the terms and conditions of the Initial Option Agreement and the Initial RSU Agreement, together with the Plan, shall take precedence over the terms of this
Agreement. Executive acknowledges that, in executing this Agreement, he has sought and utilized the advice of independent legal counsel, and has read and understood all of the terms and provisions of the Agreement and its exhibits. 

18.    Severability. In the event that any provision of this Agreement shall be held to be illegal or
unenforceable, the entire Agreement shall not fail on account thereof. It is further agreed that if any one or more of such paragraphs or provisions shall be judged to be void as going beyond what is reasonable in all of the circumstances for the
protection of the interests of the Company, but would be valid if part of the wording thereof were deleted or the period thereof reduced or the range of activities covered thereby reduced in scope, the said reduction shall be deemed to apply with
such modifications as may be necessary to make them valid and effective and any such modification shall not thereby affect the validity of any other paragraph or provisions contained in this Agreement. 

 19.    Successors and Assigns. This Agreement shall be binding upon
Executive’s heirs, executors, administrators or other legal representatives and is for the benefit of the Company, its successors and assigns. 

20.    Governing Law. This Agreement shall be governed by the laws of the State of North Carolina, except for any
conflicts of law rules thereof that might direct the application of the substantive law of another state. 

21.    Counterparts. This Agreement may be signed in counterparts and delivered by facsimile or other electronic
transmission, and each such counterpart shall be deemed an original and all of which shall together constitute one agreement. 

22.    Arbitration. Except as provided for in Section 14 hereof, in the event that the Company or Executive
(or any person or entity claiming on behalf of or through Executive) has a dispute or claim based upon this Agreement including the interpretation or application of the terms and provisions of this Agreement, the sole and exclusive remedy is for
that party to submit the dispute to binding arbitration in accordance with the rules of arbitration of the American Arbitration Association (“AAA”) in Raleigh, North Carolina. Any arbitrator selected to arbitrate any such dispute
shall be independent and neutral and will have the power to interpret this Agreement. Any determination or decision by the arbitrator shall be binding upon the parties and may be enforced in any court of law. The expenses of the arbitrator will be
paid 50% by the Company and 50% by Executive (or any person or entity claiming on behalf of or through Executive). The parties agree that this arbitration provision does not apply to the right of Executive to file a charge, testify, assist or
participate in any manner in an investigation, hearing or proceeding before the Equal Employment Opportunity Commission or any other agency pertaining to any matters covered by this Agreement and within the jurisdiction of the agency. 

23.    No Waiver. No waiver by the Company of any breach of this Agreement by Executive shall constitute a waiver
of any subsequent breach. 
 24.    Notice. All notices, demands or other communications to be given or delivered
under or by reason of the provisions of this Agreement shall be in writing and will be deemed to have been given (a) on the date established by the sender as having been delivered personally, (b) on the date delivered by a courier or
delivery service with signature by the recipient as established by the sender by evidence obtained from such courier, or (c) on the date sent by facsimile or email transmission (with acknowledgement by recipient of complete transmission).
Notices, demands or communications to any party hereto will, unless another address is specified in writing pursuant to this Section 24, be sent to the addresses indicated below. 

 

			
	 If to Executive:
 At his principal
residence or email address, or to such other physical or email address as Executive may have furnished to the Company in writing and in accordance herewith, except that notices of changes of address will be effective only upon receipt.
	  	 If to the Company:
 BioDelivery
Sciences International, Inc.
 4131 ParkLake Avenue, Suite 225

Raleigh, NC 27612
  

Attn: Chairman of the Board
 Email:
feomdjr@gmail.com

			
	 With a copy to:
 James E. Gregory,
Esq.
 Lowenstein Sandler LLP
 1251 Avenue of the Americas

New York, New York, 10020
 Fax: (973) 597-6239
 Email: jgregory@lowenstein.com
	  	 With a copy to:
  

Barry I. Grossman, Esq.
  

Ellenoff Grossman & Schole LLP
  

1345 Avenue of the Americas, 11th Floor

 
 New York, New York, 10105

 
 Fax: (212) 370-7889

 
 Email: bigrossman@egsllp.com

 25.    Taxes. The Company may withhold from any payments made under this Agreement
(including severance payments) all applicable taxes, including but not limited to income, employment and social insurance taxes, as shall be required by law. Executive acknowledges and represents that the Company has not provided any tax advice
to him in connection with this Agreement and that he has been advised by the Company to seek tax advice from his own tax advisors regarding this Agreement and payments that may be made to him pursuant to this Agreement, including specifically, the
application of the provisions of Section 409A of the Code to such payments. 
 26.    Section 409A. 

(a)    To the extent (i) any payments to which Executive becomes entitled under this Agreement, or any agreement or
plan referenced herein, in connection with Executive’s termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code; (ii) Executive is deemed at the time of his separation from
service to be a “specified employee” under Section 409A of the Code; and (iii) at the time of Executive’s separation from service the Company is publicly traded (as defined in Section 409A of Code), then such payments
(other than any payments permitted by Section 409A of the Code to be paid within six (6) months of Executive’s separation from service) shall not be made until the earlier of (x) the first day of the seventh month following
Executive’s separation from service or (y) the date of Executive’s death following such separation from service. Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that
period (whether in a single sum or in installments) in the absence of this Section 26 shall be paid to Executive or Executive’s beneficiary in one lump sum. 

(b)    In the case of any amounts payable to Executive under this Agreement, or under any plan of the Company, that may be
treated as payable in the form of “a series of installment payments,” as defined in Treas. Reg. §1.409A-2(b)(2)(iii), Executive’s right to receive such payments shall be treated as a right
to receive a series of separate payments for purposes of Treas. Reg. §1.409A-2(b)(2)(iii). 

(c)    All reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of
Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount
of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other 

 
calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and
(iv) the right to reimbursement is not subject to liquidation or exchange for another benefit. 
 (d)    It is
intended that all payments under this Agreement comply with or be exempt from the provisions of Section 409A of the Code and the Treasury Regulations and guidance of general applicability issued thereunder so as to not subject Executive to the
payment of additional interest and taxes under Section 409A of the Code, and in furtherance of this intent, this Agreement shall be interpreted, operated and administered in a manner consistent with these intentions. In no event may Executive,
directly or indirectly, designate the calendar year of payment. Notwithstanding anything contained herein to the contrary, Executive shall not be considered to have terminated employment with the Company for purposes of this Agreement unless
Executive would be considered to have incurred a “termination of employment” from the Company within the meaning of Treasury Regulation §1.409A-1(h)(1)(ii). 

(e)    In no event shall the Company be liable for any additional tax, interest or penalty that may be imposed on
Executive under Section 409A of the Code. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first forth
above. 
  

					
	
BIODELIVERY SCIENCES INTERNATIONAL, 
INC.

 
					
		
	 By:
	 	 /s/ Francis E. O’Donnell

		 	 Name:
	 	 Francis E. O’Donnell, Jr MD

		 	 Title:
	 	 Chairman

	
	 /s/ Herm Cukier

	 Herm Cukier

 [Signature Page to Employment Agreement] 

 Exhibit A 

Initial Option Agreement 

STOCK OPTION AGREEMENT 

This Stock Option Agreement (the “Option Agreement”) is being entered into in connection with that certain Employment
Agreement, dated May 2, 2018, between BioDelivery Sciences International, Inc. (the “Company”) and the Participant named below (the “Employment Agreement”). Unless otherwise defined herein, the capitalized
terms used in this Option Agreement shall have the meanings ascribed to them in the BioDelivery Sciences International, Inc. 2011 Equity Incentive Plan (the “Plan”). This Option Agreement is an Award within the meaning of the Plan.

 The undersigned Participant has been granted an Option to purchase Common Shares, subject to the terms and conditions of the Plan and
this Option Agreement, as follows: 
  

	I.	NOTICE OF STOCK OPTION GRANT  

  

					
	Name:	 		 	Herm Cukier (“Participant”)
			
	Date of Grant:	 		 	June 4, 2018
			
	Vesting Commencement Date:	 		 	May 8, 2019
			
	Exercise Price per Share:	 		 	Volume-weighted average price of the Company’s common stock for the 30-day period ending on June 4, 2018
			
	Total Number of Option Shares Granted:	 		 	800,000
			
	Type of Option:	 	☒	 	Incentive Stock Option
			
	 	 	☐	 	Nonstatutory Stock Option
			
	Expiration Date:	 		 	June 4, 2028

 Vesting Schedule: 

Subject to accelerated vesting in accordance with Section 4 of the Employment Agreement, this Option shall vest in one-third (1/3) increments beginning on the Vesting Commencement Date, with 266,666 shares vesting on May 8, 2019, 266,666 shares vesting on May 8, 2020, and 266,668 shares vesting on May 8, 2021.

 Termination Period: 

This Option shall, if vested, be exercisable until the Expiration Date; provided, that the exercise period for this Option may be shortened as
provided for in Section 4 the Employment Agreement. 

	II.	AGREEMENT 

 (a)    Grant of Option. The Participant is
hereby granted an option (the “Option”) to purchase the number of Common Shares set forth in the Notice of Stock Option Grant contained herein, at the exercise price per share set forth in the Notice of Stock Option Grant (the
“Exercise Price”), and subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 18 of the Plan, in the event of a conflict between the terms and conditions of the Plan and
this Option Agreement, the terms and conditions of the Plan shall prevail. The Option is intended to qualify as an Incentive Stock Option (“ISO”) as defined in Section 422 of the Code. Nevertheless, to the extent that it
exceeds the $100,000 rule of Code Section 422(d), this Option shall be treated as a Nonstatutory Stock Option (“NSO”). Further, if for any reason this Option (or portion thereof) shall not qualify as an ISO, then, to the extent
of such nonqualification, the Option (or portion thereof) shall be regarded as a NSO granted under the Plan. In no event shall the Committee or the Company or any of their respective employees, directors or affiliates have any liability to
Participant (or any other person) due to the failure of the Option to qualify for any reason as an ISO. 

(b)    Exercise of Option. 

(i)    Right to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Schedule
set out in the Notice of Stock Option Grant and with the applicable provisions of the Plan and this Option Agreement. 

(ii)    Method of Exercise. This Option shall be exercisable by delivery of an exercise notice in the form
proscribed by the Committee (the “Exercise Notice”) or otherwise in a manner and pursuant to such procedures as the Committee may determine, which shall state the election to exercise the Option, the number of Common Shares with
respect to which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise
Price as to all Exercised Shares, together with any applicable tax withholding. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price, together with
any applicable tax withholding. 
 (iii)    No Shares shall be issued pursuant to the exercise of an Option unless such
issuance and such exercise comply with all applicable laws, rules and regulations. Assuming such compliance, for income tax purposes the Common Shares shall be considered transferred to Participant on the date on which the Option is exercised with
respect to such Common Shares. 
 (c)    Participant’s Representations. In the event the Common Shares
issuable upon exercise of the Option have not been registered under the Securities Act of 1933, as amended, at the time this Option is exercised, Participant shall, if required by the Company as a condition of Participant’s receipt of the
Common Shares, deliver to the Company customary investment representations in the form proscribed by the Committee. 

 (d)    Method of Payment. Payment of the aggregate Exercise Price
shall be by any of the following, or a combination thereof, at the election of the Participant: 
 (i)     cash (by wire
transfer of immediately available funds); 
 (ii)    check; 

(iii)    consideration received by the Company under a formal cashless exercise program adopted by the Company in
connection with the Plan (if at the time of exercise such a program has been adopted): or 
 (iv)    surrender of other
Common Shares which (i) shall be valued at its Fair Market Value on the date of exercise, and (ii) must be owned free and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of
the Committee, shall not result in any adverse accounting consequences to the Company. 
 (e)    Non-Transferability of Option. The Option may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant other than by will or by the laws of descent and
distribution or pursuant to a qualified domestic relations order. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Participant. 

(f)    Term of Option. This Option may be exercised only within the term set out in the Notice of Stock Option
Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option Agreement. 

(g)    Tax Obligations. 

(i)    Tax Withholding. The Participant acknowledges and agrees to be bound by Section 15(c) of the Plan. 

(ii)    Notice of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO,
and if Participant sells or otherwise disposes of any of the Common Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Date of Grant, or (ii) the date one (1) year after the date of
exercise, Participant shall immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income recognized by Participant. 

(iii)    Code Section 409A. Under Code Section 409A, an Option that vests after
December 31, 2004 (or that vested on or prior to such date but which was materially modified 

 
after October 3, 2004) that was granted with a per share exercise price that is determined by the Internal Revenue Service (the “IRS”) to be less than the Fair Market Value
of a share on the date of grant (a “discount option”) may be considered “deferred compensation.” An Option that is a “discount option” may result in (i) income recognition by Participant prior to the exercise of
the Option, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The “discount option” may also result in additional state income, penalty and interest tax to the
Participant. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per share exercise price of this Option equals or exceeds the Fair Market Value of a share on the date of grant in a later
examination. Participant agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a share on the date of grant, Participant shall be solely responsible for
Participant’s costs related to such a determination. 
 (h)    Entire Agreement; Governing Law. The Plan is
incorporated herein by reference. The Plan, this Option Agreement and the applicable provisions of Sections 4 (j) and (k) of the Employment Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed by
the Company and Participant. This Option Agreement is governed by the internal substantive laws but not the choice of law rules of North Carolina. 

(i)    No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT
TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER OF THE COMPANY AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING COMMON SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT
THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL,
AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER TO THE COMPANY AT ANY TIME, SUBJECT TO THE TERMS OF THE EMPLOYMENT AGREEMENT. 

(j)    Receipt of Plan. Participant acknowledges receipt of a copy of the Plan and represents that he is familiar
with the terms and provisions thereof, and hereby accepts this Option Agreement subject to all of the terms and provisions thereof. Participant has reviewed the Plan and this Option Agreement in their entirety, has had an opportunity to obtain the
advice of counsel prior to executing this Option Agreement and fully understands all provisions of the Option Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any
questions arising under the Plan or this Option. Participant further agrees to notify the Company upon any change in the residence address indicated below. 

 [Signature Page Follows] 

The Participant and the Company have executed this Stock Option Agreement as of the Date of Grant. 

 

			
	PARTICIPANT:
	
	Herm Cukier
	
	  
 Name

	
	  
 Signature

	
	  
 Address

	
	COMPANY:
	
	BIODELIVERY SCIENCES INTERNATIONAL, INC.

			
		
	By:	 	  

	 	 	Name:
	 	 	Title:

 [Signature Page to Stock Option Agreement] 

 Exhibit B 

Initial RSU Award Agreement 

RSU AWARD AGREEMENT 
 This
RSU Award Agreement (the “RSU Agreement”) is being entered into in connection with that certain Employment Agreement, dated May 2, 2018, between the BioDelivery Sciences International, Inc. (the “Company”) and
the Participant named below (the “Employment Agreement”). Unless otherwise defined herein, the capitalized terms used in this RSU Agreement shall have the meanings ascribed to them in the BioDelivery Sciences International, Inc.
2011 Equity Incentive Plan (the “Plan”). This RSU Agreement is an Award within the meaning of the Plan. 
 The undersigned
Participant has been granted Restricted Stock Unit for Common Shares, subject to the terms and conditions of the Plan and this RSU Agreement, as follow 

1.    Name of Participant: Herm Cukier 

2.    Number of Restricted Stock Units (“RSUs”): 200,000. 

3.    Date of Grant: May 2, 2018 (“Date of Grant”). The RSUs are 100% unvested on the Date of Grant. 

4.    Vesting: Subject to the Participant’s continued employment or service to the Company, and subject to accelerated vesting
in accordance with Section 4 of the Employment Agreement, one third will vest as follows: 66,666 on May 2, 2019, 66,666 on May 2, 2020 and 66,668 on May 2, 2021 (the final vesting date, the “Final Vesting Date”).
Subject to Section 4 of the Employment Agreement, the vesting of the RSUs is subject to the achievement by the Company annual financial or performance objectives that have been set by the Committee with respect to each such vesting date and
communicated to the Participant. The financial or performance objectives will be the same objectives for the Company’s other executive officers. 

5.    Settlement Terms: Subject to the Participant’s continued employment with the Company, the vested RSUs shall be settled
in Common Shares. If the Participant’s employment or service with the Company terminates prior to the Final Vesting Date (such earlier termination date, the “Separation Date”), the vested RSUs shall be settled on the Separation
Date in accordance with Section 4 of the Employment and all unvested RSUs shall terminate immediately. If the grantee is subject to Section 15(u) of the Plan, the settlement date shall be six months and one day after the Separation Date.

 6.     Miscellaneous: Prior to the settlement of the RSUs in Common Shares, the Participant shall not be deemed to be the
owner of the subject Common Shares. The grant and settlement of the RSUs shall be subject to all applicable U.S. federal, state and local laws rules and regulations, including without limitation any tax, securities or other laws. The Participant
shall be required to remit to the Company an amount sufficient to satisfy any required withholding taxes and the Participant acknowledges and agrees to be bound by Section 15(c) of the Plan. The RSUs may not be assigned, alienated, pledged,
attached, sold or otherwise transferred or encumbered by the Participant other than by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order. In the event the Common Shares receivable upon vesting of the
RSUs have not been registered under the Securities Act of 1933, as amended, at the time an RSU vests, Participant shall, if required by the Company as a condition of Participant’s receipt of the Common Shares, deliver to the Company customary
investment representations in the form proscribed by the Committee. 
 7.    Entire Agreement; Governing Law. The Plan is
incorporated herein by reference. The Plan, this RSU Agreement and the applicable provisions of Sections 4 (j) and (k) of the Employment Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the 

 
subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant. This RSU Agreement is governed by
the internal substantive laws but not the choice of law rules of Delaware. 
 8.    No Guarantee of Continued Service.
PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF RSUS PURSUANT TO THE VESTING SCHEDULE CONTAINED HEREIN IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER OF THE COMPANY AND THE PERFORMANCE OF CERTAIN OBJECTIVES AND NOT THROUGH THE ACT OF
BEING HIRED, BEING GRANTED THE RSUS OR ACQUIRING COMMON SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS RSU AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN
EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY TO TERMINATE PARTICIPANT’S
RELATIONSHIP AS A SERVICE PROVIDER TO THE COMPANY AT ANY TIME, SUBJECT TO THE TERMS OF THE EMPLOYMENT AGREEMENT. 
 9.    Receipt of
Plan. Participant acknowledges receipt of a copy of the Plan and represents that he is familiar with the terms and provisions thereof, and hereby accepts this RSU Agreement subject to all of the terms and provisions thereof. Participant has
reviewed the Plan and this RSU Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this RSU Agreement and fully understands all provisions of this RSU Agreement. Participant hereby agrees to accept
as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan or the RSUs. Participant further agrees to notify the Company upon any change in the residence address indicated below. 

[Signature Page Follows] 

 The Participant and the Company have executed this RSU Award Agreement as of the Date of Grant.

  

	
	PARTICIPANT:
	Herm Cukier
	
	  
 Name

	
	  
 Signature

	
	  
 Address

  

			
	COMPANY:
	
	BIODELIVERY SCIENCES INTERNATIONAL, INC.
		
	By:	 	
                     
                                        

	 	 	Name:
	 	 	Title:

 [Signature Page to RSU Award Agreement] 

 Exhibit C 

Post-Termination Release of Claims 

FORM OF GENERAL RELEASE AGREEMENT 

This FORM OF GENERAL RELEASE AGREEMENT (this “Agreement”) is hereby entered into by BioDelivery Sciences
International, Inc. (the “Company”), and Herm Cukier, an individual residing at
                                        , his
heirs, executors, administrators, successors, and assigns (collectively referred to throughout this Agreement as “Executive”). The Company and Executive are hereinafter collectively referred to as the “Parties.” 

WHEREAS, the Parties previously entered into an Employment Agreement, dated May 2, 2018 (the “Employment Agreement”); 

WHEREAS, this Agreement formed part of the Employment Agreement, was expressly incorporated therein, and was attached as Exhibit C
thereto; and 
 WHEREAS, pursuant to the Employment Agreement, Executive agreed to execute and deliver to the Company this Agreement
containing a release of claims. 
 NOW THEREFORE, for good and valuable consideration, including but not limited to the payments and
benefits detailed under the Employment Agreement, which shall be paid to Executive within fourteen (14) days of the Effective Date of this Agreement, the provision of which is conditioned on Executive’s signing, returning and not revoking
this Agreement, the Parties hereby agree to the following: 
 1.    Executive will maintain the terms of this Agreement
confidential to the extent practicable and as permitted by law; provided, however, that (a) Executive may disclose the terms of this Agreement to Executive’s immediate family members and to Executive’s attorneys, accountants,
financial or tax advisors, and (b) Nothing in this Agreement prohibits or restricts the Executive (or Executive’s attorney) from filing a charge or complaint with the Securities and Exchange Commission (“SEC”), the Financial
Industry Regulatory Authority, Inc. (“FINRA”), or any other securities regulatory agency or authority, the Occupational Safety and Health Administration (OSHA), any other self-regulatory organization or any other federal or state
regulatory authority, the National Labor Relations Board, or the U.S. Equal Employment Opportunity Commission “Government Agencies”). The Executive further understands that this Agreement does not limit the Executive’s ability to
communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency in connection with reporting a possible violation of law without notice to the Company. This
Agreement does not limit the Executive’s right to receive an award for information provided to any Government Agencies. 

2.    In consideration of the terms hereof, Executive, agrees to and does waive any and all claims Executive may have for
employment by Inspired, and agrees not to seek such employment or reemployment by the Company in the future. Executive knowingly and voluntarily releases and forever discharges the Company, its shareholders, managers, affiliates, divisions,
predecessors, insurers, successors and assigns, and their current and former partners, employees, attorneys, officers, directors and agents thereof, both individually and in their business capacities, and their employee benefit plans and programs
and their administrators and fiduciaries (collectively referred to throughout the remainder of this Agreement as “Releasees”), of and from any and all claims, known and unknown, asserted or unasserted, which Executive has or may have
against the Releasees as of the date of execution of this Agreement, including, but not limited to, any: (i) claims, whether statutory, common law, or otherwise, arising out of the terms or conditions of his employment at the Company, or his
status as an officer or 

 
director of the Company; (ii) any claims, whether statutory, common law, or otherwise, arising out of the facts and circumstances of his employment or the termination of his employment at
the Company; (iii) any claims for breach of contract, quantum meruit, unjust enrichment, breach of oral promise, tortious interference with business relations, injurious falsehood, defamation, negligent or intentional infliction of emotional
distress, invasion of privacy, and any other common law contract and tort claims; (iv) any claims for unpaid or lost benefits or salary, bonus, vacation pay, severance pay, or other compensation; (v) any claims for attorneys’ fees,
costs, disbursements, or other expenses; (vi) any claims for damages or personal injury; (vii) any claims of employment discrimination, harassment or retaliation, whether based on federal, state, or local law or judicial or administrative
decision; and (viii) any claims arising under the Fair Labor Standards Act, 29 U.S.C.§ 201, et seq.; Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e, et seq. (as amended); the Civil Rights Act of 1866, 42
U.S.C. § 1981; the Civil Rights Act of 1991, Pub. Law No. 102-166; the National Labor Relations Act, 29 U.S.C. § 151, et seq.; the New York Executive Law § 290, et seq.; the
New York City Administrative Code § 8-101, et seq.; the New York Labor Law § 190, et seq.; the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq.; the
Rehabilitation Act of 1973, 29 U.S.C. § 701, et seq.; the Age Discrimination in Employment Act; the Older Workers Benefit Protection Act; the Worker Adjustment and Retraining Notification Act; the Americans With Disabilities Act, 42
U.S.C. § 12101, et seq.; the Employee Retirement Income Security Act of 1974, 29 U.S.C. §1001, et seq., the Sarbanes-Oxley Act of 2002, 18 U.S.C. §1514A, et seq., the Dodd-Frank Wall Street Reform and Consumer
Protection Act, any federal and/or state securities laws or regulations (except as otherwise stated in this Agreement), the uniform commercial code of any state, and/or any other federal, state or local statute, law, ordinance, regulation or order,
or the common law, or any self-regulatory organization rule or regulation. Executive acknowledges that he has received any and all leaves (paid or unpaid) to which he may have been entitled during his employment. The enumeration of specific rights,
claims, and causes of action being released should not be construed to limit the general scope of this Release. It is the intent of Executive and the Company, and the Releasees, that, by this Release, Executive is giving up all rights, claims, and
causes of actions against the Releasees which accrued prior to the effective date hereof, whether or not he is aware of them and whether or not any damage or injury has yet occurred. 

3.    The foregoing release shall not extend to the following: (i) Executive’s rights to receive severance under
the terms of the Employment Agreement or any other agreement that would entitle him to severance or similar benefits; (ii) any rights Executive may have to receive vested amounts under any of the Company’s employee benefit plans and/or
pension plans or programs; (iii) Executive’s rights in and to any equity or ownership interest that Executive continues to hold following termination; (iv) Executive’s rights to medical benefit continuation coverage, on a self-pay basis, pursuant to federal law (COBRA); (v) any rights or claims that the law does not allow to be released and/or waived by private agreement; (vi) any rights or claims that are based on events
occurring after the date on which Executive signs this Agreement; (vii) any claims to indemnification, whether under the Company’s certificate of incorporation (as amended and/or restated from time to time), bylaws (as amended and/or
restated from time to time), applicable law or the Company Indemnification Agreement, or claims to insurance coverage, including but not limited to “D&O coverage”, that Executive may have with respect to any claims made or
threatened against Executive in his capacity as a director, officer or employee of the Company; and (viii) any claims for contribution in the event Executive and any of the Releasees are found to be jointly liable. Notwithstanding anything
herein or in the Employment Agreement to the contrary, in the event the Company fails to make a payment to Executive as required under the Employment Agreement, the foregoing release shall become void ab initio. 

4.    Except for the Employment Agreement (of which the terms are expressly incorporated herein), any and all prior
agreements or understandings between the Parties have been incorporated into this Agreement or, if not so incorporated, have been abandoned. No representations, oral or written, are being relied upon by any Party in executing this Agreement other
than such representations as are expressly set out in the Agreement. 

 5.    This Agreement may not be modified except in writing, signed by
Executive and by a duly authorized officer of the Company. This Agreement shall be binding upon Executive’s heirs and personal representatives, and the successors and assigns of the Company. 

6.    This Agreement will be governed by and construed in accordance with the laws of the State of North Carolina, without
regard to the principles of conflict of laws thereof. 
 7.    EACH PARTY
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
CLAIM, SUIT, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
ACTIONS OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND
ENFORCEMENT HEREOF. 
 8.    Executive acknowledges that before entering into this
Agreement, Executive has had the opportunity to consult with any attorney. Executive further acknowledges that he has entered into this Agreement of his own free will, and that no promises or representations have been made to him by any person to
induce him to enter into this Agreement other than the express terms set forth herein. Executive further acknowledges that he has read this Agreement and understands all of its terms, including the waiver and release of claims set forth in
Section 2 above. Executive further acknowledges that he has been afforded 21 days or more to consider this Agreement before signing and returning it. Moreover, Executive has seven (7) days to revoke this Agreement by declaring his
intention to revoke in writing and delivering that writing to the Chairman of Board of the Company or such other official as the Company may designate. 

[Signature page follows] 

 9.    The “Effective Date” of this Agreement shall be the eighth
day after Executive’s execution. 
  

	
	  

Herm Cukier

	
	  

Date
                    

  

			
	BIODELIVERY SCIENCE INTERNATIONAL, INC.

 
			
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:
	
	  

		 	DateEX-10.2

 Exhibit 10.2 

BIODELIVERY SCIENCES INTERNATIONAL, INC. 

DIRECTOR INDEMNIFICATION AGREEMENT 

INDEMNIFICATION AGREEMENT 

This INDEMNIFICATION AGREEMENT (“Agreement”) is made as of May 2, 2018 by and between BioDelivery Sciences
International, Inc., a Delaware corporation (the “Company”), and Herm Cukier (“Indemnitee”). 
 WHEREAS,
in order to induce Indemnitee to provide services to the Company as an officer of the Company and member of the Company’s Board of Directors (the “Board”) pursuant to the Employment Agreement (as defined in Section 1
below), the Company wishes to provide for the indemnification of, and advancement of expenses to, Indemnitee to the maximum extent permitted by law and the Company’s charter documents; 

WHEREAS, each of the Company’s Certificate of Incorporation, as amended on July 22, 2011 and July 24, 2008 (the
“Charter”) and Second Amended and Restated Bylaws, adopted effective as of November 17, 2017, as amended, modified or supplemented from time to time, (the “Bylaws”) require (subject to the provisions thereof)
indemnification of the officers and directors of the Company, and Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the “DGCL”); 

WHEREAS, the Charter and DGCL expressly provides that the indemnification provisions set forth therein are not exclusive, and thereby
contemplate that contracts may be entered into between the Company and members of the Board with respect to indemnification; and 
 WHEREAS,
this Agreement is a supplement to and in furtherance of the indemnification provided in the Bylaws and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee
thereunder. 
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby
covenant and agree as follows: 
 Section 1.    Services to the Company; Intention of Agreement. Indemnitee
has agreed to serve the Company as an officer and director pursuant to the terms of that certain Employment Agreement, dated of even date hereof (the “Employment Agreement”). This Agreement in and of itself shall not be deemed an
employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. 

Section 2.    Definitions. 

As used in this Agreement: 

(a)    “Corporate Status” describes the status of a person as a current or former director, officer,
employee, agent or trustee of the Company or of any other Enterprise which such person is or was serving at the request of the Company. 

 (b)    “Enforcement Expenses” shall include all reasonable
attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses
of the types customarily incurred in connection with an action to enforce indemnification or advancement rights, or an appeal from such action, including, without limitation, the premium, security for and other costs relating to any cost bond,
supersedes bond or other appeal bond or its equivalent. 
 (c)    “Enterprise” shall mean any
corporation (other than the Company), partnership, joint venture, trust, employee benefit plan or other legal entity of which Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or trustee. 

(d)    “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript
costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with
prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding or an appeal resulting from a Proceeding, including, without limitation, the premium,
security for and other costs relating to any cost bond, supersedes bond or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 (e)    “Independent Counsel” means a law firm, or a partner (or, if applicable, member) of such a
law firm, that is experienced in matters of Delaware corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company, any Enterprise or Indemnitee in any matter material to any such party
(other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or
Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel and to fully indemnify such counsel against any and all expenses, claims,
liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 
 (f)    The
term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, in which Indemnitee was, is or will be involved as a party or otherwise by reason of the fact that
Indemnitee is or was an officer or director of the Company or is or was serving at the request of the Company as a director, officer, employee, agent or trustee of any Enterprise or by reason of any action taken by him or of any action taken on his
part while acting as an officer or director of the Company or while serving at the request of the Company as a director, officer, employee, agent or trustee of any Enterprise, in each case whether or not serving in such capacity at the time any
liability or expense is incurred for which indemnification, reimbursement or advancement of expenses can be provided under this Agreement; provided, however, that the term “Proceeding” shall not include any action, suit or
arbitration, or part thereof, initiated by Indemnitee to enforce Indemnitee’s rights under this Agreement as provided for in Section 13(e) of this Agreement. 

Section 3.    Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with
the provisions of this Section 3 if Indemnitee is, or is threatened to be 

 
made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee
shall be indemnified against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted
in good faith and in a manner he reasonably believed to be in, or not opposed, to the best interests of the Company and, with respect to any criminal Proceeding, had no reasonable cause to believe that his conduct was unlawful. Indemnitee shall not
enter into any settlement in connection with a Proceeding without ten (10) days’ prior notice to the Company. 

Section 4.    Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify
Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this
Section 4, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner
he reasonably believed to be in, or not opposed to, the best interests of the Company. No indemnification for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally
adjudged by a court to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery (the “Delaware Court”) or any court in which the Proceeding was brought shall determine upon application that,
despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses as the Delaware Court or such other court shall deem proper. 

Section 5.    Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any
other provisions of this Agreement and except as provided in Section 8, to the extent that Indemnitee is a party to or a participant in and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter
therein, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one
or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue
or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 Section 6.    Indemnification For Expenses of a Witness. Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding to which Indemnitee is not a party and is not threatened to be made a party, he shall be indemnified against all Expenses actually and
reasonably incurred by him or on his behalf in connection therewith. 
 Section 7.    Additional
Indemnification. 
 (a)    Except as provided in Section 8, notwithstanding any limitation in Section 3, 4
or 5, the Company shall indemnify Indemnitee to the fullest extent permitted by law if Indemnitee is a party to or is threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in
its favor) against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee in connection with the Proceeding. 

 (b)    For purposes of Section 7(a), the meaning of the phrase “to
the fullest extent permitted by law” shall include, but not be limited to: 
 (i)    to the fullest extent
permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL or such provision thereof; and 

(ii)    to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the
date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. 

Section 8.    Exclusions. Notwithstanding any provision in this Agreement to the contrary, the Company shall
not be obligated under this Agreement: 
 (a)    to make any indemnity for amounts otherwise indemnifiable hereunder (or
for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received such amounts under any insurance policy, contract, agreement or otherwise; 

(b)    to make any indemnity for an accounting of profits made from the purchase and sale (or sale and purchase) by
Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law; or 

(c)    to make any indemnity or advancement that is prohibited by (i) the last sentence of the first paragraph of
Article EIGHTH of the Charter (provided that this Section 8(c)(i) shall have no effect in the case of an Indemnitee initiating an action, suit, proceeding, claim or counterclaim to enforce its rights under this Agreement) or
(ii) applicable law. 
 Section 9.    Advances of Expenses. Subject to Section 5 hereof, the
Company shall advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within twenty (20) days after the receipt by the Company of a statement or
statements requesting such advances (which shall include invoices received by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditures made
that would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice) from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free.
Advances shall be made without regard to Indemnitee’s ability to repay the expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. Indemnitee shall qualify for
advances upon the execution and delivery to the Company of this Agreement which shall constitute an undertaking providing that Indemnitee undertakes to the fullest extent required by law to repay the advance if and to the extent that it is
ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. The right to advances under this paragraph shall in all events continue until
final disposition of any Proceeding, including any appeal therein. Nothing in this Section 9 shall limit Indemnitee’s right to advancement pursuant to Section 13(e) of this Agreement. 

Section 10.    Procedure for Notification and Defense of Claim. 

(a)    To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor
and, if Indemnitee so chooses pursuant to Section 11 of this Agreement, such written request shall also include a request for Indemnitee to have the right to indemnification determined by Independent Counsel. 

(b)    The Company will be entitled to participate in the Proceeding at its own expense. 

 Section 11.    Procedure Upon Application for Indemnification.

 (a)    Upon written request by Indemnitee for indemnification pursuant to Section 10(a), a determination, if such
determination is required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) by Independent Counsel in a written opinion to the Board if Indemnitee so requests in such written
request for indemnification pursuant to Section 10(a), or (ii) by the majority of the disinterested members of Board in accordance with the Bylaws and applicable law if Indemnitee does not so request such determination be made by
Independent Counsel. In the case that such determination is made by Independent Counsel, a copy of Independent Counsel’s written opinion shall be delivered to Indemnitee and, if it is so determined that Indemnitee is entitled to
indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the Independent Counsel or the Board, as applicable, making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such counsel or the Company, upon reasonable advance request, any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to
Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the Independent Counsel or the Board shall be borne by the Company
(irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 

(b)    In the event that Indemnitee exercises his right to have his entitlement to indemnification determined by
Independent Counsel pursuant to Sections 10(a) and 11(a)(i), the Independent Counsel shall be selected by Indemnitee. The Company may, within ten (10) days after written notice of such selection and by a vote of the majority of the
disinterested members of Board, deliver to Indemnitee a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the
requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected
shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such
objection is without merit. If, within twenty (20) days after the later of (i) submission by Indemnitee of a written request for indemnification and Independent Counsel pursuant to Sections 10(a) and 11(a)(i) hereof, respectively, and
(ii) the final disposition of the Proceeding, including any appeal therein, no Independent Counsel shall have been selected without objection, Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall
have been made by the Company to the selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate. The person with respect to whom all
objections are so resolved or the person so appointed shall act as Independent Counsel under Section 11(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 13(a) of this Agreement, Independent
Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 

Section 12.    Presumptions and Effect of Certain Proceedings. 

(a)    In making a determination with respect to entitlement to indemnification hereunder, it shall be presumed that
Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the burden of proof to overcome that
presumption in connection with the making of any determination contrary to that presumption. Neither (i) the failure of the Company or of Independent Counsel to have made a determination prior to the commencement of any

 
action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the
Company or by Independent Counsel that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 

(b)    The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, or upon a plea of guilty, nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption
that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his
conduct was unlawful. 
 (c)    The knowledge and/or actions, or failure to act, of any director, officer, agent or
employee of the Company or any Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

Section 13.    Remedies of Indemnitee. 

(a)    Subject to Section 13(f), in the event that (i) a determination is made pursuant to Section 11 of
this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 9 of this Agreement, (iii) no determination of entitlement to indemnification
shall have been made pursuant to Section 11(a) of this Agreement within sixty (60) days after receipt by the Company of the request for indemnification that does not include a request for Independent Counsel, (iv) payment of
indemnification is not made pursuant to Section 5 or 6 or the last sentence of Section 11(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor or (v) payment of indemnification
pursuant to Section 3, 4 or 7 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication by a court of his
entitlement to such indemnification or advancement. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration
Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 13(a);
provided, however, that the foregoing time limitation shall not apply in respect of a proceeding brought by Indemnitee to enforce his rights under Section 5 of this Agreement. The Company shall not oppose Indemnitee’s right
to seek any such adjudication or award in arbitration. 
 (b)    In the event that a determination shall have been made
pursuant to Section 11(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 13 shall be conducted in all respects as a de novo trial, or
arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 13, the Company shall have the burden of proving Indemnitee
is not entitled to indemnification or advancement, as the case may be. 
 (c)    If a determination shall have been made
pursuant to Section 11(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 13, absent a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification. 

 (d)    The Company shall be precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Section 13 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company
is bound by all the provisions of this Agreement. 
 (e)    The Company shall indemnify Indemnitee against any and all
Enforcement Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law, such Enforcement Expenses to Indemnitee, which are
incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advancement from the Company under this Agreement or under the DGCL or the Charter or Bylaws or under any directors’ and officers’ liability
insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement or insurance recovery, as the case may be, in the suit for which indemnification or
advancement is being sought. 
 (f)    Notwithstanding anything in this Agreement to the contrary, no determination as
to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding, including any appeal therein. 

Section 14.    Non-exclusivity; Survival of Rights; Insurance;
Subrogation. 
 (a)    The rights of indemnification and to receive advancement as provided by this Agreement shall
not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or
repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or
repeal. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement than would be afforded currently under the Charter, Bylaws and this Agreement, it is the intent of the
parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other right or remedy. 
 (b)    To the extent that the Company maintains an insurance
policy or policies providing liability insurance for directors, officers, employees, agents or trustees of the Company or of any other Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the
maximum extent of the coverage available for any such director, officer, employee, agent or trustee under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and
officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all
necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 

(c)    In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to
all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such
rights. 

 (d)    The Company’s obligation to provide indemnification or
advancement hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, employee, agent or trustee of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or
advancement from such other Enterprise. 
 Section 15.    Duration of Agreement. This Agreement shall
continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as an officer and director of the Company or (b) one (1) year after the final termination of any Proceeding,
including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or advancement hereunder and of any proceeding, including any appeal, commenced by Indemnitee pursuant to Section 13 of this Agreement
relating thereto. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and his heirs, executors and administrators. The Company shall require and cause any successor, and any
direct or indirect parent of any successor, whether direct or indirect by purchase, merger, consolidation or otherwise, to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and
substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

Section 16.    Severability. If any provision or provisions of this Agreement shall be held to be invalid,
illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such
provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such
provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement
(including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect
to the intent manifested thereby. 
 Section 17.    Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto with respect to the specific subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof;
provided, however, that this Agreement is a supplement to and in furtherance of the Charter, the Bylaws and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 Section 18.    Modification and Waiver. No supplement, modification or amendment, or waiver of any
provision, of this Agreement shall be binding unless executed in writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall
any waiver constitute a continuing waiver. 
 Section 19.    Notice by Indemnitee. Indemnitee agrees
promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement as
provided hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise. 

 Section 20.    Notices. All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed to have been duly given if given in accordance with the terms of Section 24 of the Employment Agreement. 

Section 21.    Contribution. To the fullest extent permissible under applicable law, if the indemnification
provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes,
amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding in such proportion as is deemed fair and reasonable in light of all of the circumstances in order to reflect (i) the relative benefits received by
the Company and Indemnitee in connection with the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with
such event(s) and/or transactions. 
 Section 22.    Applicable Law and Consent to Jurisdiction. This
Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration
commenced by Indemnitee pursuant to Section 13(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be
brought only in the Delaware Court, and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any
action or proceeding arising out of or in connection with this Agreement, (iii) consent to service of process at the address set forth in Section 20 of this Agreement with the same legal force and validity as if served upon such party
personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding
brought in the Delaware Court has been brought in an improper or inconvenient forum. 
 Section 23.    Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by
the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. Such counterparts may be executed and delivered by electronic means, which shall not impair the validity of the execution or delivery
thereof. 
 Section 24.    Miscellaneous. The headings of the paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 IN WITNESS WHEREOF,
the parties have caused this Indemnification Agreement to be signed as of the day and year first above written. 
  

					
	BIODELIVERY SCIENCES INTERNATIONAL, INC.
		
	By:	 	 /s/ Francis E. O’Donnell

		 	Name:	 	Francis E. O’Donnell, Jr MD
		 	Title:	 	Chairman
	
	 /s/ Herm Cukier

Herm Cukier

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