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  Exhibit 10.1    
    

 
    CLARUS THERAPEUTICS, INC.
  2004 STOCK INCENTIVE PLAN    
    

        Section 1.    PURPOSE.    

        The
Plan is intended as an incentive to improve the performance, encourage the continued employment and increase the proprietary interest of certain directors, officers, advisors,
employees and independent consultants of the Company, participating in the Plan. The Plan is designed to grant such directors, officers, advisors, employees and independent consultants the opportunity
to share in the Company's long-term success through stock ownership and to afford them the opportunity for additional compensation related to the value of Stock of the Company. It is
intended that certain options granted under this Plan may qualify as "incentive stock options" under Section 422 of the Code. 

        Section 2.    DEFINITIONS.    

        (a)   "Affiliate" means any parent corporation or subsidiary corporation of the Company, whether now or hereafter existing, as
those terms are defined in Sections 424(e) and (f), respectively, of the Code. 

        (b)   "Award" means any right granted under the Plan, including any Incentive Stock Option, Nonqualified Stock Option or
Restricted Stock award. 

        (c)   "Board" means the Board of Directors of the Company. 

        (d)   "Code" means the Internal Revenue Code of 1986, as amended. 

        (e)   "Committee" means the Board or such other committee of at least two persons as the Board may appoint to administer the
Plan; provided, however, upon and after the time that the director, officer or stockholder of the Company first becomes subject to Section 16(b) of the Exchange Act, each member of the
Committee shall, if practicable, be a "nonemployee director" within the meaning of the rules promulgated under Section 16(b) and an "outside director" within the meaning of U.S. Treas. Regs.
§1.162-27(e)(3). 

        (f)    "Company" means Clarus Therapeutics, Inc., a Delaware corporation. 

        (g)   "Consultant" means any person, including any advisor, engaged by the Company or an Affiliate to render consulting,
advisory or other services and who is compensated for such services. The term Consultant shall not include any Director. 

        (h)   "Director" means any non-employee director of either the Board or the board of directors of an Affiliate. 

        (i)    "Disability" means the permanent and total disability of a person within the meaning of Section 22(e)(3) of the
Code. 

        (j)    "Disqualifying Disposition" means any disposition (including any sale) of Stock acquired by exercise of an Incentive
Stock Option made within the period which is (a) two years after the date the Participant was granted the Incentive Stock Option or (b) one year after the date the Participant acquired
Stock by exercising the Incentive Stock Option. 

        (k)   "Eligible Persons" means any (i) Employee, (ii) Director or (iii) Consultant. 

        (l)    "Employee" means any person employed by the Company or an Affiliate. 

        (m)  "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        (n)   "Fair Market Value" means (i) prior to an IPO, the fair market value per share of Stock, on a fully diluted basis,
determined by the Board in good faith, (ii) at the time of an IPO, the per share price to the public in such IPO less any per share underwriting discount, and (iii) after an IPO,
(A) if the Stock is listed on a national securities exchange, the mean between the highest and lowest sale 

 

prices
reported as having occurred on the primary exchange with which the Stock is listed and traded on the date prior to such date, or, if there is no such sale on that date, then on the last
preceding date on which such a sale was reported, or (B) if the Stock is not listed on any national securities exchange but is quoted in the National Market System of the National Association
of Securities Dealers Automated Quotation System on a last sale basis, the average between the high bid price and low ask price reported on the date prior to such date, or, if there is no such sale on
that date then on the last preceding date on which such a sale was reported. If, after an IPO, the Stock is not quoted on NASDAQ-NMS or listed on an exchange, or representative quotes are
not otherwise available, the Fair Market Value shall mean the amount determined by the Board in good faith to be the fair market value per share of Stock, on a fully diluted basis. 

        (o)   "Form S-8" means a Form S-8 Registration Statement filed under the Securities Act. 

        (p)   "IPO" means a "qualified public offering" as defined in the Amended and Restated Certificate of Incorporation of the
Company. 

        (q)   "IPO Date" means the effective date of the IPO. 

        (r)   "Incentive Stock Option" means an Option intended to qualify as an incentive stock option within the meaning of
Section 422 of the Code and the regulations promulgated thereunder. 

        (s)   "Nonqualified Stock Option" means an Option not intended to qualify as an Incentive Stock Option. 

        (t)    "Option" means an Incentive Stock Option or a Nonqualified Stock Option granted pursuant to the Plan. 

        (u)   "Option Agreement" means a written agreement between the Company and a Participant evidencing the terms and conditions of
an individual Option grant. 

        (v)   "Participant" means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who
holds an outstanding Award. 

        (w)  "Plan" means the Clarus Therapeutics, Inc. 2004 Stock Incentive Plan. 

        (x)   "Restricted Stock" means shares of Stock issued or transferred to a Participant subject to forfeiture and the other
restrictions set forth in Section 7 hereof. 

        (y)   "Restricted Stock Agreement" means a written agreement between the Company and a Participant evidencing the terms and
conditions of an individual Restricted Stock grant. 

        (z)   "Rule 701" means Rule 701 promulgated under the Securities Act. 

        (aa) "Securities Act" means the Securities Act of 1933, as amended. 

        (bb) "Stock" means the common stock of the Company, par value $0.001 per share. 

        Section 3.    ADMINISTRATION.    

        (a)    General.    The Plan shall be administered by the Committee. 

        (b)    Powers of the Committee.    Subject to the provisions of the Plan, the Committee shall have sole authority, in
its absolute discretion: 

          (i)  To
determine from time to time which of the Eligible Persons shall be granted Awards, when and how each Award shall be granted, what type or combination of types of
Award shall be granted, the provisions of each Award granted (which need not be identical), including the time or times when a person shall be permitted to receive Stock pursuant to an Award, and the
number of shares of Stock with respect to which an Award shall be granted to each such person; 

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         (ii)  To
construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration; 

        (iii)  To
amend the Plan or an Award as provided in Section 15; and 

        (iv)  To
exercise such powers and to perform such acts as the Committee deems necessary or expedient to promote the best interests of the Company which are not in conflict
with the provisions of the Plan. 

        (c)    Delegation of Authority.    The Committee may delegate to one or more of its members, or to one or more agents,
such administrative duties under this Section 3 as it may deem advisable. 

        (d)    Committee Determinations.    All determinations, interpretations and constructions made by the Committee in
good faith shall not be subject to review by any person and shall be final, binding and conclusive on all persons. 

        Section 4.    STOCK SUBJECT TO THE PLAN.    

        (a)    Share Reserve.    Subject to Section 9 hereof relating to adjustments, the total number of shares of
Stock which may be granted pursuant to Awards hereunder shall not exceed, in the aggregate, 833,333 shares of Stock. 

        (b)    Source.    The stock to be granted or optioned under the Plan shall be shares of authorized but unissued Stock
or previously issued shares of Stock reacquired by the Company on the open market or by private purchase. 

        (c)    Reversion of Shares.    If any Award shall for any reason expire, be forfeited or otherwise terminate, in whole
or in part, the shares of Stock not acquired under such Award shall revert to and again become available for issuance under the Plan. 

        Section 5.    ELIGIBILITY.    

        (a)    General.    Participation shall be limited to Eligible Persons who have received written notification from the
Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan. Except in the case of Incentive Stock Options, Awards may be granted to Employees,
Directors and Consultants. 

        (b)    Incentive Stock Option Limitation.    Incentive Stock Options may be granted only to Employees. 

        (c)    Consultant Limitation.    

          (i)  Prior
to the IPO Date, a Consultant shall not be eligible for the grant of an Award if, at the time of grant, either the offer or the sale of the Company's securities
to such Consultant is not exempt under Rule 701 because of the nature of the services that the Consultant is providing to the Company, or because the Consultant is not a natural person, or as
otherwise provided by Rule 701, unless the Company determines that such grant need not comply with the requirements of Rule 701 and will satisfy another exemption under the Securities
Act as well as comply with the securities laws of all other relevant jurisdictions. 

         (ii)  From
and after the IPO Date, a Consultant shall not be eligible for the grant of an Award if, at the time of grant, a Form S-8 is not available to
register either the offer or the sale of the Company's securities to such Consultant because of the nature of the services that the Consultant is providing to the Company, or because the Consultant is
not a natural person, or as otherwise provided by the rules governing the use of Form S-8, unless the Company determines both (A) that such grant (1) shall be
registered in another manner under the Securities Act (e.g., on a Form S-3 Registration Statement) or (2) does not
require registration under the Securities Act in order to comply with the requirements of the Securities Act, if applicable, and (B) that such grant complies with the securities laws of all
other relevant jurisdictions. 

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        Section 6.    OPTIONS.    

        (a)    General.    Options granted hereunder shall be in such form and shall contain such terms and conditions as the
Committee shall deem appropriate. All Options shall be separately designated Incentive Stock Options or Nonqualified Stock Options at the time of grant, and, if certificates are issued, a separate
certificate or certificates will be issued for shares of Stock purchased on exercise of each type of Option. The provisions of separate Options shall be set forth in an Option Agreement, which
agreements need not be identical, and, except as otherwise provided by the Committee in the Option Agreement, each Option shall include (through incorporation of provisions hereof by reference in the
Option or otherwise) the substance of each of the following provisions: 

        (i)    Term.    Subject to Section 6(b) hereof in the case of Incentive Stock Options, no Option granted
hereunder shall be exercisable after the expiration of ten (10) years from the date it was granted. 

        (ii)    Exercise Price.    Subject to Section 6(b) hereof in the case of Incentive Stock Options, the exercise
price per share of Stock for each Option shall be set by the Committee at the time of grant but shall not be less than the par value per share of Stock. 

        (iii)    Payment for Stock.    Payment for shares of Stock acquired pursuant to Options granted hereunder shall be
made in full, upon exercise of the Options (i) in immediately available funds in United States dollars, by certified or bank cashier's check, (ii) by surrender to the Company of shares
of Stock which have either (a) have been held by the Participant for at least six-months, or (b) were acquired from a person other than the Company, (iii) by a
combination of (i) and (ii), or (iv) by any other means approved by the Committee. 

        (iv)    Vesting.    Options shall vest and become exercisable in such manner and on such date or dates set forth in
the Option Agreement, as may be determined by the Committee; provided, however, that notwithstanding any vesting dates set by the Committee, the Committee may in its sole discretion accelerate the
vesting of any Option, which acceleration shall not affect the terms and conditions of any such Option other than with respect to vesting. Unless otherwise specifically determined by the Committee,
the vesting of an Option shall occur only while the Participant is employed or rendering services to the Company or its Affiliates and all vesting shall cease upon a Participant's termination of
employment or services for any reason. If an Option is exercisable in installments, such installments or portions thereof which become exercisable shall remain exercisable until the Option expires. 

        (v)    Transferability of Options.    An Option shall not be transferable except by will or by the laws of descent and
distribution and shall be exercisable during the lifetime of the Participant only by the Participant; provided, however, that the Participant may, by delivering written notice to the Company, in a
form satisfactory to the Company, designate a third party who, in the event of the death of the Participant, shall thereafter be entitled to exercise the Option. Notwithstanding the foregoing, a
Nonqualified Stock Option shall be transferable to the extent provided in the Option Agreement. 

        (vi)    Early Exercise.    The Option may, but need not, include a provision whereby the Participant may elect at any
time before the Participant's employment or service terminates to exercise the Option as to any part or all of the shares of Stock subject to the Option prior to the full vesting of the Option. Any
unvested shares of Stock so purchased shall be subject to a repurchase option in favor of the Company and to any other restriction the Committee determines to be appropriate. 

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        (b)    Special Provisions Applicable to Incentive Stock Options.    

        (i)    Exercise Price of Incentive Stock Options.    Subject to the provisions of subsection (ii) hereof, the
exercise price of each Incentive Stock Option shall be not less than one hundred percent (100%) of the Fair Market Value of the Stock subject to the Option on the date the Option is granted. 

        (ii)    Ten Percent (10%) Shareholders.    No Incentive Stock Option may be granted to an Employee who, at the time
the option is granted, owns directly, or indirectly within the meaning of Section 424(d) of the Code, stock possessing more than ten percent (10%) of the total combined voting power of all
classes of stock of the Company or of any parent or subsidiary thereof, unless such option (A) has an exercise price of at least one hundred ten percent (110%) of the Fair Market Value on the
date of the grant of such option; and (B) cannot be exercised more than five years after the date it is granted. 

        (iii)    $100,000 Limitation.    To the extent the aggregate Fair Market Value (determined as of the date of grant) of
Stock for which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, such excess
Incentive Stock Options shall be treated as Nonqualified Stock Options. 

        (iv)    Disqualifying Dispositions.    Each Participant who receives an Incentive Stock Option must agree to notify
the Company in writing immediately after the Participant makes a Disqualifying Disposition of any Stock acquired pursuant to the exercise of an Incentive Stock Option. 

        Section 7.    RESTRICTED STOCK.    

        (a)    General.    Restricted Stock granted hereunder shall be in such form and shall contain such terms and
conditions as the Committee shall deem appropriate. The terms and conditions of each Restricted Stock grant shall be evidenced by a Restricted Stock Agreement. Subject to the restrictions set forth in
Section 7(b), the Participant shall generally have the rights and privileges of a stockholder as to such Restricted Stock, including the right to vote such Restricted Stock. At the discretion
of the Committee, cash dividends and stock dividends, if any, with respect to the Restricted Stock may be either currently paid to the Participant or withheld by the Company for the Participant's
account. Unless otherwise determined by the Committee, cash dividends or stock dividends so withheld by the Committee shall be subject to forfeiture to the same degree as the shares of Restricted
Stock to which they relate. No interest will accrue or be paid on the amount of any cash dividends withheld. 

        (b)    Restrictions.    In addition to any other restrictions set forth in a Participant's Restricted Stock Agreement,
until such time that the Restricted Stock has vested pursuant to the terms of the Restricted Stock Agreement, the Participant shall not be permitted to sell, transfer, pledge, or otherwise encumber
the Restricted Stock. The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock whenever it may determine that, by reason of changes in applicable laws or
other changes in circumstances arising after the date of the Restricted Stock Award, such action is appropriate. 

        (c)    Certificates.    Stock certificates for Restricted Stock shall be registered in the name of the Participant but
shall be appropriately legended and returned to the Company by the Participant, together with a stock power, endorsed in blank by the Participant. Notwithstanding the foregoing, the Committee may
determine, in its sole discretion, that the Restricted Stock shall be held in book entry form rather than delivered to the Participant pending the release of the applicable restrictions, and for such
additional time that the Committee determines appropriate. 

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        (d)    Legends.    Each certificate representing Restricted Stock awarded under the Plan shall bear a legend in the
following form until the end of the applicable restricted period with respect to such Stock: 

        "Transfer
of this certificate and the shares represented hereby is restricted pursuant to the terms of a Restricted Stock Agreement, dated as
of                        , between Clarus
Therapeutics, Inc. and                                    . A
copy of such Agreement is on file at the offices of Clarus Therapeutics, Inc." 

        Stop
transfer orders shall be entered with the Company's transfer agent and registrar against the transfer of legended securities. 

        Section 8.    REPURCHASE OF STOCK.    

        At
any time prior to the IPO Date, upon any termination of a Participant's employment or service, the Committee may, in its discretion, and on terms it considers appropriate, require a
Participant, or the executors or administrators of a Participant's estate, to sell back to the Company all of the shares of Stock acquired through any Award at a price equal to the Fair Market Value
at the time of such repurchase; provided, however, that except due to unforeseen circumstances, the Committee shall not exercise its repurchase right prior to the six-month anniversary of
the date of grant, in the case of Restricted Stock, or the date of exercise, in the case of an Option. 

        Section 9.    ADJUSTMENT FOR RECAPITALIZATION, MERGER, ETC.    

        (a)    Capitalization Adjustments.    The aggregate number of shares of Stock which may be granted or purchased
pursuant to Awards granted hereunder, the number of shares of Stock covered by each outstanding Award, the maximum number of shares of Stock with respect to which any one person may be granted Options
in any calendar year, and the price per share thereof in each such Award may be subject to adjustment or substitution, as determined by the Committee in its sole discretion, as to the number, price or
kind of a share of Stock or other consideration subject to such Awards or as otherwise determined by the Committee to be equitable (i) in the event of changes in the outstanding Stock or in the
capital structure of Company by reason of stock dividends, stock splits, reverse stock splits, recapitalizations, reorganizations, mergers, consolidations, combinations, exchanges, or other relevant
changes in capitalization occurring after the date of grant of any such Award, (ii) in the event of any change in applicable laws or any change in circumstances which results in or would result
in any substantial dilution or enlargement of the rights granted to, or available for, Participants in the Plan, or (iii) for any other reason which the Committee, in its sole discretion,
determines otherwise warrants equitable adjustment because it interferes with the intended operation of the Plan. Any adjustment shall be conclusively determined by the Committee. 

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        (b)    Corporate Events.    Notwithstanding subsection (a) above, in the event of (i) a merger or
consolidation such that after such merger or consolidation the Company is not the surviving entity or the ultimate parent of the surviving entity, (ii) the sale of all or substantially all of
the assets of the Company, or (iii) the reorganization or liquidation of the Company (a "Corporate Event"), the Company shall require the
successor entity or parent thereof to assume all outstanding Awards; provided, however, the Committee
may, in its discretion and in lieu of requiring such assumption, provide that all outstanding Awards shall terminate as of the consummation of such Corporate Event, and (x) accelerate the
exercisability of, or cause all vesting restrictions to lapse on, all outstanding Awards to a date at least ten days prior to the date of such Corporate Event and/or (y) provide that holders of
Awards will
receive a payment in respect of cancellation of their Awards based on the amount (if any) by which the per share consideration being paid for the Stock in connection with such Corporate Event exceeds
the applicable exercise price (if any), such payment to be made in cash, or, in the sole discretion of the Committee, in such other consideration necessary for a holder of an Award to receive
property, cash or securities as such holder would have been entitled to receive upon the occurrence of the transaction if the holder had been, immediately prior to such transaction, the holder of the
number of shares of Stock covered by the Award at such time. 

        (c)    Assumption.    For purposes of Section 9(b) above, an Award shall be considered assumed, without
limitation, if, at the time of issuance of the stock or other consideration upon a Corporate Event, each holder of an Award would be entitled to receive upon exercise of the award the same number and
kind of shares of stock or the same amount of property, cash or securities as such holder would have been entitled to receive upon the occurrence of the transaction if the holder had been, immediately
prior to such transaction, the holder of the number of shares of Stock covered by the Award at such time; provided, that if such consideration received in the transaction is not solely equity
securities of the successor entity, the Committee may, with the consent of the successor entity, provide for the consideration to be received upon exercise of the Award to be solely equity securities
of the successor entity equal to the Fair Market Value of the per share consideration received by holders of Stock in the Corporate Event. 

        (d)    Fractional Shares.    Any such adjustment may provide for the elimination of any fractional share which might
otherwise become subject to an Option. 

        Section 10.    USE OF PROCEEDS.    

        The
proceeds received from the sale of Stock pursuant to the Plan shall be used for general corporate purposes. 

        Section 11.    RIGHTS AND PRIVILEGES AS A STOCKHOLDER.    

        Except
as otherwise specifically provided in the Plan, no person shall be entitled to the rights and privileges of stock ownership in respect of shares of Stock which are subject to
Awards hereunder until such shares have been issued to that person. 

        Section 12.    EMPLOYMENT OR SERVICE RIGHTS.    

        No
individual shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award.
Neither the Plan nor
any action taken hereunder shall be construed as giving any individual any right to be retained in the employ or service of the Company or an Affiliate. 

        Section 13.    COMPLIANCE WITH LAWS.    

        The
obligation of the Company to make payment of Awards in Stock or otherwise shall be subject to all applicable laws, rules, and regulations, and to such approvals by governmental
agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell and shall be prohibited from
offering to sell or selling any 

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shares
of Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has
received an opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions
of such exemption have been fully complied with. The Company shall be under no obligation to register for sale or resale under the Securities Act any of the shares of Stock to be offered or sold under
the Plan or any shares of Stock issued upon exercise of Options. If the shares of Stock offered for sale or sold under the Plan are offered or sold pursuant to an exemption from registration under the
Securities Act, the Company may restrict the transfer of such shares and may legend the Stock certificates representing such shares in such manner as it deems advisable to ensure the availability of
any such exemption. 

        Section 14.    WITHHOLDING OBLIGATIONS.    

        As
a condition to the exercise or vesting, as applicable, of any Award, the Committee may require that a Participant satisfy, through deduction or withholding from any payment of any
kind otherwise due to the Holder, or through such other arrangements as are satisfactory to the Committee, the minimum amount of all Federal, state and local income and other taxes of any kind
required or permitted to be withheld in connection with such vesting or exercise. The Committee, in its discretion, may permit shares of Stock to be used to satisfy tax withholding requirements and
such shares shall be valued at their Fair Market Value as of the settlement date of the Award. For purposes of this Section 14, the term "Company" shall be deemed to mean any Affiliate that may
have a tax withholding obligation due to its relationship with a Participant. 

        Section 15.    AMENDMENT OF THE PLAN OR AWARDS.    

        (a)    Amendment of Plan.    The Board at any time, and from time to time, may amend the Plan; provided, however, that
without further stockholder approval the Board shall not make any amendment to the Plan which would increase the maximum number of shares of Stock which may be issued pursuant to Awards under the
Plan, except as contemplated by Section 9 hereof. 

        (b)    No Impairment of Rights.    Rights under any Award granted before amendment of the Plan shall not be impaired
by any amendment of the Plan unless the Participant consents in writing. 

        (c)    Amendment of Stock Awards.    The Committee, at any time, and from time to time, may amend the terms of any one
or more Awards; provided, however, that the rights under any Award shall not be impaired by any such amendment unless the Participant consents in writing. 

        Section 16.    TERMINATION OR SUSPENSION OF THE PLAN.    

        The
Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on the day before the tenth (10th) anniversary of the date the
Plan is adopted by the Board or approved by the stockholders of the Company, whichever is earlier. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated. 

        Section 17.    EFFECTIVE DATE OF THE PLAN.    

        The
Plan is effective as of February 13, 2004, the date upon which the Board approved the Plan. 

        Section 18.    MISCELLANEOUS.    

        (a)    No Liability of Committee Members.    No member of the Committee shall be personally liable by reason of any
contract or other instrument executed by such member or on his behalf in his capacity as a member of the Committee nor for any mistake of judgment made in good faith, and the Company shall indemnify
and hold harmless each member of the Committee and each other employee, officer or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be
allocated or delegated, against any cost or expense (including counsel fees) or liability 

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(including
any sum paid in settlement of a claim) arising out of any act or omission to act in connection with the Plan unless arising out of such person's own fraud or willful bad faith;  provided, however, that approval of the Board shall be required for the payment of any amount in
settlement of a claim against any such person. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the
Company's Articles of Incorporation or By-Laws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

        (b)    Stockholders Agreement.    Prior to the IPO Date, the Committee may, in its sole discretion, require that as a
condition to the grant of any Award, or to the exercise of any Option, a Participant execute a stockholders agreement (the "Stockholders Agreement"),
which may include, without limitation, drag along rights, rights of repurchase, rights of first refusal and other similar restrictions. If required, the Company shall deliver a copy of the
Stockholders Agreement to a Participant prior to the time such Participant's execution is required. In the event there is a conflict or inconsistency between the terms of an Award agreement and the
Stockholders Agreement, the Stockholders Agreement shall govern and control. 

        (c)    Payments Following Accidents or Illness.    If the Committee shall find that any person to whom any amount is
payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or his estate (unless a prior claim therefor
has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of such
person, or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of
the Committee and the Company therefor. 

        (d)    Governing Law.    The Plan shall be governed by and construed in accordance with the internal laws of the State
of New York without reference to the principles of conflicts of laws thereof. 

        (e)    Funding.    No provision of the Plan shall require the Company, for the purpose of satisfying any obligations
under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain separate bank
accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan
other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the
same rights as other employees under general law. 

        (f)    Reliance on Reports.    Each member of the Committee and each member of the Board shall be fully justified in
relying, acting or failing to act, and shall not be liable for having so relied, acted or failed to act in good faith, upon any report made by the independent public accountant of the Company and its
Affiliates and upon any other information furnished in connection with the Plan by any person or persons other than himself. 

        (g)    Titles and Headings.    The titles and headings of the sections in the Plan are for convenience of reference
only, and in the event of any conflict, the text of the Plan, rather than such titles or headings shall control. 

*    *    *

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  OPTION GRANT NOTICE    
    

        Clarus Therapeutics, Inc. (the "Company"), pursuant to its 2004 Stock Incentive Plan (the "Plan"), hereby grants to Holder
Options to purchase the number of shares of the Company's Stock set forth below. The Options are subject to all of the terms and conditions as set forth herein and in the Option Agreement (attached
hereto), and in the Plan, all of which are incorporated herein in their entirety. 

 

 

			
	Holder:	 	  

 
	
Date of Grant:	
 	
  

 
	
Number of Shares Subject to Option:	
 	
 

 
	
Exercise Price per share:	
 	
  

 
	
Expiration Date:	
 	
Ten Years From the Date of Grant

 

 

  

 

 

			
	Type of Grant:	 	o Incentive Stock Option (within the meaning of Section 422 of the Code.)
	

 	
 	
o Nonqualified Stock Option
	
Vesting Schedule:	
 	
Options shall vest and become exercisable in accordance with the following schedule:
	

 	
 	
On the first anniversary of the Date of Grant, Options covering one-quarter (1/4th) of the total underlying shares shall vest and become exercisable; and
	

 	
 	
On the first day of each calendar month following the calendar month in which the first anniversary of the Date of Grant falls, Options covering an additional one-forty eighth
(1/48th) of the total underlying shares shall vest and become exercisable.

 

 THE UNDERSIGNED HOLDER ACKNOWLEDGES RECEIPT OF THIS GRANT NOTICE, THE OPTION AGREEMENT AND THE PLAN, AND, AS AN EXPRESS CONDITION TO THE GRANT OF OPTIONS HEREUNDER, AGREES TO
BE BOUND BY THE TERMS THIS GRANT NOTICE, THE OPTION AGREEMENT AND THE PLAN.

 

 

							
	CLARUS THERAPEUTICS, INC.	 	HOLDER
	
 By:	
 	
  

 	
 	
    

 
	Signature	 	Signature
	
 Title:	
 	
  

 	
 	
Date:	
 	
    

 
	
 Date:	
 	
  

 	
 	

 	
 	

 

 

 

 
 

  OPTION AGREEMENT
  UNDER THE
  CLARUS THERAPEUTICS, INC. 2004 STOCK INCENTIVE PLAN    
    

        Pursuant to the Grant Notice (the "Grant Notice"), and subject to the terms of this
Option Agreement and the Company's 2004 Stock Incentive Plan (the "Plan"), the Company and the Holder agree as follows. Capitalized terms not otherwise
defined herein shall have the same meaning as set forth in the Plan. 

        1.    Grant of Option.    Subject to the terms and conditions set forth herein and in the
Plan, the Company hereby grants to the Holder Options to purchase up to the number of shares of Stock provided in the Grant Notice, at an exercise price per share as provided in the Grant Notice.
Subject to the same terms and conditions set forth herein and in the Plan, the Company may make one or more additional grants of options to the Holder by providing Holder with a new Grant Notice,
which shall include any differing terms and conditions. The Company reserves all rights with respect to the granting of additional options hereunder and makes no implied promise to grant additional
options. 

        2.    Vesting.    Subject to the limitations contained herein, the Options shall vest as
provided in the Grant Notice, provided that vesting will cease upon the Holder's termination as an Employee, Director or Consultant (a "Service
Provider"). 

        3.    Termination as a Service Provider.    (a) If prior to the Expiration Date, the Holder
shall cease to be a Service Provider of the Company or its Affiliates for any reason other than by reason of the Holder's death or Disability, then (i) all vesting with respect to the Options
shall cease, (ii) any unvested Options shall expire as of the date of such termination, and (iii) any vested Options shall remain exercisable until the earlier of the Expiration Date or
the date that is ninety (90) days after the date of such termination as a Service Provider. 

        (b)   If
prior to the Expiration Date, the Holder ceases to be a Service Provider by reason of death or Disability, (i) all vesting with respect to the Options shall
cease, (ii) any unvested Options shall expire as of the date of such termination, and (iii) any vested Options shall expire on the earlier of the Expiration Date or the date that is
twelve (12) months after the date of such termination due to death or Disability of the Holder. In such events, the Options shall remain exercisable by the person or persons to whom the
Holder's rights under the Options pass by will or the applicable laws of descent and distribution until its expiration, but only to the extent the Options were vested by the Holder at the time of such
termination due to death or Disability. 

        4.    Method of Exercising Options.    The Options may be exercised by the delivery to the
Company at its principal office or at such other address as may be established by the Committee of written notice of the number of shares of Stock with respect to which the Options are being exercised
accompanied by payment in full of the purchase price of such shares. Payment for such shares may be made (a) in immediately available funds in United States dollars, by certified or bank
cashier's check, (b) by surrender to the Company of shares of Stock which either (i) have been held by the Holder for at least six-months, or (ii) were acquired from a
person other than the Company, (c) by any combination of (a) and (b), or (d) by any other means approved by the Committee. 

        5.    Issuance of Shares.    As promptly as practical after receipt of such written
notification and full payment of such purchase price and any required income tax withholding amount (as provided in Section 11 hereof), the Company shall issue or transfer to the Holder the
number of shares with respect to which the Options have been so exercised, and shall deliver to the Holder a certificate or certificates therefor, registered in the Holder's name. 

        6.    Repurchase Right; Stock Transfer Restrictions; Right of First Refusal.    

        (a)   If,
prior to the IPO Date, the Holder ceases to be a Service Provider for any reason, at any time thereafter, the Company shall have the right to repurchase the shares
of Stock received by the Holder upon exercise of the Option, provided such shares of Stock have been held by the Holder for at least six months (the "Repurchase
Right"). The Repurchase Right shall be exercisable 

 

upon
written notice to the Holder indicating the number of shares of Stock to be repurchased and the date on which the repurchase is to be effected, such date to be not more than thirty
(30) days after the date of such notice. The certificates representing the shares of Stock to be repurchased shall be delivered to the Company prior to the close of business on the date
specified for the repurchase. Repurchase under this Section 6(a) shall be at a price equal to the Fair Market Value of the Stock as of the date of such repurchase. 

        (b)   Prior
to the IPO Date, except as otherwise approved by the Committee, shares of Stock acquired by the Holder upon the exercise of the Options may not be sold,
transferred or otherwise disposed of for a period of six months from the date of acquisition other than pursuant to a Permitted Transfer (as defined below). If, after the expiration of such period and
prior to the IPO Date, the Holder wishes to transfer to a third party (other than a Permitted Transfer) the shares of Stock acquired by the Holder upon the exercise of the Options, prior to such
transfer, the Holder shall give the Company advanced written notice of such proposed sale. The Company shall have thirty (30) days following its receipt of such notice from the Holder to elect
to repurchase any or all of the shares of Stock proposed to be transferred from the Holder, at the purchase price equal to the bona fide offer price of the third party transferee. Should the purchase
price specified in the Holder's notice be payable in property other than cash or evidences of indebtedness, the Company shall have the right to pay the purchase price in the form provided in
subsection (d) below equal in amount to the value of such property. If the Holder and the Company cannot agree on such cash value of such property within thirty (30) days after the
Company's receipt of the Holder's notice, the valuation shall be made by the Company's independent accounting firm. The cost of such valuation shall be shared equally by the Holder and the Company.
For purposes of this Agreement, the term "Permitted Transfer" shall mean any transfer by the Holder of all or any portion of his shares of Stock
(i) to the Company, (ii) to or for the benefit of any spouse, child or grandchild of the Holder, or (iii) to a trust or partnership for the benefit of any of the foregoing,
including transfers by will or the laws of descent and distribution; provided, however, that, it shall be a condition of each such transfer, that (x) the transferee agrees to be bound by the
terms of this Agreement as though no such transfer had taken place, and that (y) the Holder has complied with all applicable law in connection with such transfer. 

        (c)   Except
as otherwise provided in subsection (d) below, to the extent the Company repurchases shares of the Stock underlying the Option pursuant to
subsections (a) or (b) above, the repurchase price shall be payable in a single lump sum. 

        (d)   In
the event that the purchase price specified in the Holder's notice be payable in property other than cash or evidences of indebtedness, in the sole discretion of the
Committee, the repurchase price may be paid pursuant to a promissory note issued in a form prescribed by the parties hereto, with a term no greater than three (3) years, bearing the "prime"
rate of interest as published in The Wall Street Journal and otherwise containing commercially reasonable terms. 

        7.    Special Provisions Applicable to Incentive Stock Options.    In the event the Options
are designated Incentive Stock Options in the Grant Notice, the following provisions shall apply: 

        (a)    $100,000 Limitation.    To the extent the aggregate Fair Market Value of Stock on the Date of Grant for which
the Options are exercisable for the first time by the Holder during any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, such excess Options shall be treated as
Nonqualified Stock Options. 

        (b)    Disqualifying Dispositions.    The Holder agrees to notify the Company in writing immediately after the Holder
makes a disposition (including any sale) of Stock acquired by exercise of the Options made within the period which is (a) two years after the Date of Grant or (b) one year after the date
the Holder exercises the Options. 

3

 

        8.    Company; Holder.    

        (a)   The
term "Company" as used in this Agreement with reference to employment shall include the Company and its Affiliates. 

        (b)   Whenever
the word "Holder" is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the executors,
the administrators, or the person or persons to whom the Options may be transferred by will or by the laws of descent and distribution, the word "Holder" shall be deemed to include such person or
persons. 

        9.    Non-Transferability.    The Options are not transferable by the Holder
otherwise than by will or the laws of descent and distribution and are exercisable during the Holder's lifetime only by Holder; provided, however, if the Options granted hereunder are designated as
Nonqualified Stock Options under the Grant Notice, the Holder may transfer the Option to any person or entity that would be allowable as a Permitted Transfer, provided no consideration is received for
such transfer. Except as otherwise provided herein, no assignment or transfer of the Options, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise
(except by will or the laws of descent and distribution), shall vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the Options
shall terminate and become of no further effect. 

        10.    Rights as Stockholder.    The Holder or a transferee of the Options shall have no
rights as a stockholder with respect to any share covered by the Options until Holder shall have become the holder of record of such share, and no adjustment shall be made for dividends or
distributions or other rights in respect of such share for which the record date is prior to the date upon which Holder shall become the holder or record thereof. 

        11.    Tax Withholding.    As a condition of this Agreement, the Holder agrees that at the
time of exercise the Holder shall pay to the Company in cash, or make such other arrangements satisfactory to the Committee regarding payment to the Company of, the aggregate amount of federal, state
and local
income and payroll taxes that the Company is required to withhold in connection with the exercise of the Options. 

        12.    Market Standoff Agreement.    As a condition of receiving the Options, the Holder
agrees that in connection with any registration of the Company's Stock and upon the request of the Committee or the underwriters managing any public offering of the Company's Stock, the Holder will
not sell or otherwise dispose of any Stock without prior written consent of the Committee or such underwriters, as the case may be, for a period of time (not to exceed 180 days) from the
effective date of such registration as the Committee or the underwriters may specify for employee-shareholders generally. 

        13.    Securities Law Compliance.    

        (a)   The
shares of Stock underlying the Options have not been registered under Securities Act and are being issued to the Holder in reliance upon the exemption from such
registration provided by Rule 701 for stock issuances under compensatory benefit plans such as the Plan. The Holder hereby confirms that the Holder has been informed that the shares of Stock
underlying the Options are restricted securities under the Securities Act and may not be resold or transferred unless the shares of Stock underlying the Options are first registered under the Federal
securities laws or unless an exemption from such registration is available. Accordingly, the Holder hereby acknowledges that the Holder is prepared to hold the shares of Stock for an indefinite period
and that the Holder is aware that Rule 144 as promulgated under the Securities Act ("Rule 144"), which exempts certain resales of
unrestricted securities, is not presently available to exempt the resale of the shares of Stock underlying the Options from the registration requirements of the Securities Act. 

4

 

        (b)   Notwithstanding
any other provision of this Agreement, the Holder shall make no disposition of the shares of Stock underlying the Options unless and until there is
compliance with all of the following requirements: 

          (i)  The
Holder shall have provided the Company with a written summary of the terms and conditions of the proposed disposition; 

         (ii)  The
Holder shall have complied with all requirements of this Agreement applicable to the disposition of the shares of Stock underlying the Options; 

        (iii)  If
requested by the Company, the Holder shall have provided the Company with written assurances, in form and substance satisfactory to the Company, that (A) the
proposed disposition does not require registration of the Stock under the Securities Act or (B) all appropriate action necessary for compliance with the registration requirements of the
Securities Act or any exemption from registration available under the Securities Act (including Rule 144) has been taken; and 

        (iv)  The
Company shall not be required (i) to transfer on its books any shares of Stock which have been sold or
transferred in violation of the provisions of this Agreement or (ii) to treat as the owner of the shares of Stock, or otherwise to accord voting,
dividend or liquidation rights to, any transferee to whom the shares of Stock underlying the Options have been transferred in contravention of this Agreement. 

        14.    Notice.    Every notice or other communication relating to this Agreement shall be in
writing, and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as
herein provided, provided that, unless and until some other address be so designated, all notices or communications by the Holder to the Company shall be mailed or delivered to the Company at its
principal executive office, and all notices or communications by the Company to the Holder may be given to the Holder personally or may be mailed to Holder at the Holder's last known address, as
reflected in the Company's records. 

        15.    No Right to Continued Service.    This Agreement does not confer upon the Holder any
right to continue as a Service Provider. 

        16.    Binding Effect.    Subject to Section 9 hereof, this Agreement shall be binding
upon the heirs, executors, administrators and successors of the parties hereto. 

        17.    Waiver and Amendments.    Any waiver, alteration, amendment or modification of any of
the terms of this Agreement shall be valid only if made in writing and signed by the parties hereto; provided,  however, that any such waiver, alteration,
amendment or modification is consented to on the Company's behalf by the Committee. No waiver by either of
the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it
is to be construed as a continuing waiver. 

        18.    Governing Law.    This Agreement shall be construed and interpreted in accordance with
the laws of the State of Delaware, without regard to the principles of conflicts of law thereof. 

        19.    Plan.    The terms and provisions of the Plan are incorporated herein by reference.
Capitalized terms used herein which are not defined herein shall have the meanings attributable thereto in the Plan. In
the event of a conflict or inconsistency between the terms and provisions of the Plan and the provisions of this Agreement, the Plan shall govern and control. 

5

QuickLinks

Exhibit 10.1

CLARUS THERAPEUTICS, INC. 2004 STOCK INCENTIVE PLAN

OPTION GRANT NOTICE

OPTION AGREEMENT UNDER THE CLARUS THERAPEUTICS, INC. 2004 STOCK INCENTIVE PLANQuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

  Exhibit 10.6    
    

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 

 
 

  SOFTGEL COMMERCIAL MANUFACTURING AGREEMENT    
    

        This Softgel Commercial Manufacturing Agreement ("Agreement") is made this
23rd day of July, 2009, by and between Catalent Pharma Solutions, LLC, a Delaware limited liability company, having a place of business at 2725 Scherer Drive,
St. Petersburg, Florida 33716 ("Catalent") and Clarus Therapeutics, Inc., a corporation, having its principal place of business at 500
Skokie Blvd., #250, Northbrook, IL 60062 ("Client"). 

 
 

  RECITALS    
    

        A.    Catalent
provides pharmaceutical development, manufacturing, packaging, and analytical services to the pharmaceutical industry; 

        B.    Client
has certain technology relating to the certain pharmaceutical products and wants Catalent to assist in the formulation, filling, packaging and testing of such
products as provided in this Agreement and the attachments hereto; and 

        C.    Client
desires to engage Catalent to provide certain services to Client in connection with the processing of Client's Product (defined below); and Catalent desires to
provide such services pursuant to the terms and conditions set forth in this Agreement. 

        THEREFORE, in consideration of the mutual covenants, terms and conditions set forth below, the parties agree as follows: 

 
 

  ARTICLE 1
  DEFINITIONS    
    

        The following terms have the following meanings in this Agreement: 

        1.1   "Affiliate(s)" means, with respect to Client or any third party, any corporation, firm, partnership or other entity that
controls, is controlled by or is under common control with such entity; and with respect to Catalent, any corporation, firm, partnership or other entity controlled by Catalent Pharma
Solutions, Inc. For purposes of this definition, "control" shall mean the ownership of at least 50% of the voting share capital of entity or any other comparable equity or ownership interest. 

        1.2   "API" means the pharmaceutically active ingredient testosterone undecanoate set forth in Exhibit A that has been
released by Client and provided to Catalent, along with a certificate of analysis, as provided in this Agreement. 

        1.3   "Applicable Laws" means all laws, ordinances, rules and regulations of the United States applicable to the Processing of
the Product or any aspect thereof and the obligations of Catalent or Client, as the context requires under this Agreement, including, without limitation, (A) all applicable federal, state and
local laws and regulations of each Territory; (B) the U.S. Federal Food, Drug and Cosmetic Act, and (C) the Good Manufacturing Practices
("GMPs") or Good Laboratory Practices ("GLPs") promulgated by the Regulatory Authorities, as amended
from time to time. 

        1.4   "Batch" means defined quantity of finished Product that has been or is in the process of being Processed in accordance
with the Specifications. 

        1.5   "Calendar Quarter" means a period of three (3) consecutive months commencing on January 1, April 1,
July 1 or October 1 of any calendar year. 

 

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

        1.6   "Catalent Technology" shall have the meaning set forth in Article 11. 

        1.7   "Change Order" shall have the meaning set forth in Section 4.5(A). 

        1.8   "Commencement Date" means the first date upon which a Regulatory Authority approves Catalent as a manufacturer of one of
the Products. 

        1.9   "Commercial Occupancy Fee" shall have the meaning set forth in Section 7.2. 

        1.10 "Confidential Information" shall have the meaning set forth in Section 10.2. 

        1.11 "Contract Year" means each consecutive twelve (12) month period beginning on the Commencement Date. 

        1.12 "Client-Supplied Materials" shall have the meaning set forth in Section 12.2(A) 

        1.13 "Client Technology" shall have the meaning set forth in Article 11. 

        1.14 "Defective Product" shall have the meaning set forth in Section 5.2. 

        1.15 "Dispute" shall have the meaning set forth in Section 18.9. 

        1.16 "DMF" or "Drug Master File" means a master file that provides a full set
of data on the manufacturing of a drug product containing an API. 

        1.17 "Dosage Container" means any final dosage form container(s) the parties may agree upon in writing from time to time. 

        1.18 "Effective Date" means the date first written above. 

        1.19 "Facility" means Catalent's facility located in St. Petersburg, Florida or such other Catalent facility as agreed
by the parties. 

        1.20 "FDA" means the United States Food and Drug Administration. 

        1.21 "Firm Commitment" shall have the meaning set forth in Section 4.2. 

        1.22 "Initial Term" shall have the meaning set forth in Section 16.1. 

        1.23 "Minimum Requirement" shall have the meaning set forth in Section 4.1. 

        1.24 "Process" or "Processing" means the compounding, filling, encapsulation,
producing and/or packaging of the API and Raw Materials into Product in accordance with the Specifications and the terms and conditions set forth in this Agreement. 

        1.25 "Process Invention" shall have the meaning set forth in Article 11. 

        1.26 "Processing Date" means the day on which the Product is to be compounded by Catalent. 

        1.27 "Product" means a softgel formulation containing the API and Client's fill formulation containing the API, as more fully
described in the Specifications. 

        1.28 "Product Maintenance Fee" shall have the meaning set forth in Section 7.3. 

        1.29 "Purchase Order" shall have the meaning set forth in Section 4.3. 

2

 

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

        1.30 "Raw Materials" means all raw materials, supplies, components and packaging necessary to manufacture and ship the
Product in accordance with the Specifications, as provided in Exhibit A, but not including the API. 

        1.31 "Recall" shall have the meaning set forth in Section 9.6. 

        1.32 "Regulatory Approval" shall have the meaning set forth in Section 7.6. 

        1.33 "Regulatory Authority" means any governmental regulatory authority within a Territory involved in regulating any aspect
of the development, manufacture, market approval, sale, distribution, packaging or use of the Product. 

        1.34 "Renewal Term" shall have the meaning set forth in Section 16.1. 

        1.35 "Review Period" shall have the meaning set forth in Section 5.1. 

        1.36 "Rolling Forecast" shall have the meaning set forth in Section 4.2. 

        1.37 "Softgel Technology" means Catalent's proprietary technology, whether or not patented or patentable, for the manufacture
of softgels for various uses, including the oral administration of pharmaceutically active ingredients (including health and nutritional substances). The Softgel Technology includes proprietary
know-how relating to (i) the development of fill and shell formulations, (ii) the design and use of the encapsulation process to enhance stability, solubility,
bioavailability and manufacturability of active ingredient chemical entities in softgels, (iii) the selection and preparation of solvents, vehicles, excipients, surfactants, stabilizers,
gelatin and gelatin substitutes, plasticizers and other components of the liquid fill and the shell and (iv) certain encapsulation, drying and related manufacturing techniques and machinery for
making experimental, clinical, or commercial quantities of softgels. 

        1.38 "Specifications" means the procedures, requirements, standards, quality control testing and other data and the scope of
services as set forth in Exhibit A, which are hereby incorporated by reference into this Agreement, along with any valid amendments or
modifications thereto, subject to the terms and conditions set forth in Article 8. 

        1.39 "Supply Failure" means a failure by Catalent to supply the quantities of Product meeting the Specifications ordered by
Client for [***] consecutive days, other than where such failure is due to the failure of Client to supply sufficient quantities of API or other Client-Supplied Materials that
meet applicable specifications to Catalent by the Processing Date for a particular Batch to allow for Processing of Product to occur by the agreed delivery date. 

        1.40 "Term" shall have the meaning set forth in Section 16.1. 

        1.41 "Territory" means the United States of America and any other country that the parties agree in writing to add to this
definition of Territory in an amendment to this Agreement. 

        1.42 "Unit Pricing" shall have the meaning set forth in Section 7.1. 

        1.43 "Validation Batches" shall mean each Batch of Product manufactured by Catalent that is necessary to support the
validation portion of Client's NDA or ANDA submission to the FDA. 

3

 

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

 
 

  ARTICLE 2
  VALIDATION, PROCESSING & RELATED SERVICES    
    

        2.1    Validation Services.    Catalent shall process validation batches and perform validation services at prices to
be agreed in writing between the parties. 

        2.2    Supply and Purchase of Product.    Except only as set forth in Section 4.7, Client will purchase
exclusively from Catalent, and Catalent will be the exclusive, worldwide supplier to Client for all of Client's and its Affiliates' requirements of Product for the Term of this Agreement. Sales of
Product by Affiliates of Client shall be deemed to be made by Client for this purpose, and each party may assign to its Affiliates, as appropriate, responsibilities for compliance or partial
compliance with its responsibilities hereunder. 

        2.3    Product Maintenance and Other Related Services.    During the Term and subject to Client's payment of the
Product Maintenance Fee as set forth in Section 7.3, Client shall be entitled to the following product maintenance services: one annual audit; annual Product review; access to document library
over and above the Quality Agreement, including additional copies of batch paperwork or other batch documentation; Annual Drug Master File update; preparation of Product licenses or permits under
United States local, state or Federal regulations (in each case as more fully set forth in Article 10); Product document and sample storage relating to GMP requirements; vendor
re-qualification; and maintenance and storage of audit reports. Catalent shall provide other services upon terms and conditions agreed to by the parties in writing from time to time. 

 
 

  ARTICLE 3
  MATERIALS    
    

        3.1    API.    

        A.    Client
shall supply to Catalent for Processing, at Client's sole cost, the API and applicable reference standards in quantities sufficient to meet Client's requirements
for each Product as further set forth in Article 4. Catalent shall serve as the importer of record and import the API on Client's behalf and at Client's expense. Prior to importation of any of
the API by Catalent for Processing and delivery to Catalent by Client of any of the reference standard, Client shall provide to Catalent a copy of the API Certificate of Analysis and the API Material
Safety Data Sheet, as amended, and any subsequent revisions thereto. Client shall be responsible for qualification of the API supplier and associated API testing. Client shall supply the reference
standards, and Certificate of Analysis FOB the Facility no later than sixty (60) days before the scheduled Processing Date upon which such API will be used by Catalent. Upon receipt of the API,
Catalent shall conduct identification testing of the API. Unless otherwise expressly required by the Specifications, Catalent shall have no obligation to test the API to confirm that it meets the
associated specifications or Certificate of Analysis, or otherwise test the API. Catalent shall use the API solely and exclusively for Processing under this Agreement. 

        B.    All
API provided by Client shall meet applicable Specifications that apply thereto, and shall be produced in accordance with all Applicable Laws. 

        C.    Catalent
shall inspect API as received to verify its identity and, if expressly required to do so by the Specifications, shall give Client oral and written notice of any
nonconformity with Specifications within thirty (30) calendar days of receipt of API by Catalent. Client shall provide a 

4

 

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

Certificate
of Analysis with each delivery of API and such certificate shall be the basis for drug potency. 

        D.    Client
shall retain title to API and all Client-Supplied Materials at all times, and Client shall bear the risk of loss thereof until the time API and/or Client-Supplied
Materials are delivered to Catalent's loading dock at its Facility, provided that Catalent's risk of loss of API and other Client-supplied Materials shall be subject to Section 3.1(E),
Section 5.3 and Article 14. 

        E.    If
Catalent becomes liable to Client for loss of API or Client-Supplied Materials under the preceding paragraph, the measure of damages shall be limited to (1) the
internal, actual total cost of all of Client's materials, direct labor and services required to produce and inspect the replacement of such Drug; and (2) the internal, actual total cost to
package and deliver replacement API to Catalent's Facility. 

        3.2    Raw Materials.    Catalent shall be responsible for procuring, inspecting and releasing adequate Raw Materials
as necessary to meet the Firm Commitment, unless otherwise agreed to by the parties in writing. Unless a particular Raw Material can be replaced with the same raw material from another supplier,
Catalent shall not be liable for any delay in delivery of Product if (1) Catalent is unable to obtain, in a timely manner, a particular Raw Material necessary to Process the Product, and
(2) Catalent placed orders for such Raw Materials promptly following receipt of Client's Firm Commitment. 

        3.3    Artwork and Packaging.    Client shall provide or approve, prior to the procurement of applicable components,
all artwork, advertising and packaging information necessary to Process the Product. Such artwork, advertising and packaging information is and shall remain the exclusive property of Client, and
Client shall be solely responsible for the content thereof. Such artwork, advertising and packaging information or any reproduction thereof may not be used by Catalent following the termination of
this Agreement, or during the Term of this Agreement in any manner other than solely for the purpose of performing its obligations hereunder. 

        3.4    Reimbursement for Materials.    In the event of (A) a Specification change for any reason,
(B) termination or expiration of this Agreement; or (C) obsolescence of any Raw Material, Client shall bear the cost of any unused Raw Materials, provided that Catalent purchased such
Raw Materials in quantities consistent with Client's most recent Firm Commitment and the supplier's minimum purchase obligations. 

 
 

  ARTICLE 4
  MINIMUM COMMITMENT, PURCHASE ORDERS & FORECASTS    
    

        4.1    Minimum Requirement.    During each Contract Year, Client shall purchase the minimum number of units of Product
("Minimum Requirement") set forth on Exhibit B. If Client does not purchase such Minimum
Requirement during any Contract Year, within thirty (30) days after the end of such Contract Year, Client shall pay Catalent the difference between (A) the total amount Client would have
paid to Catalent during the just-concluded Contract Year if the Minimum Requirement had been fulfilled for the Product and (B) the sum of all purchases from Catalent for the Product
during the just-concluded Contract Year. 

        4.2    Forecast.    On or before the first (1st) day of each calendar month, beginning at least four (4) months
prior to the anticipated Commencement Date, Client shall furnish to Catalent (A) during 

5

 

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

the
first two (2) Contract Years a written twelve (12) month rolling forecast and (B) thereafter during the Term, a written eighteen (18) month rolling forecast of the
quantities of Product that Client intends to order from Catalent during such period (each a "Rolling Forecast"). The first three (3) months of
each Rolling Forecast shall constitute a binding order for the quantities of Product specified therein ("Firm Commitment") and the following nine
(9) months or fifteen (15) months, as applicable, of the Rolling Forecast shall be non-binding, good faith estimates. 

        4.3    Purchase Orders.    On or before the first (1st) day of each Calendar Quarter, Client shall submit a purchase
order for the Firm Commitment portion of the Processing, which specifies the actual number of Batches to be Processed, the approximate number of Dosage Containers in each Batch, and the requested
delivery dates for each Batch ("Purchase Order"). Client shall submit each Purchase Order to Catalent at least one hundred and fifty (150) days
in advance of the delivery date requested in the Purchase Order. If Catalent accepts a Purchase Order, Catalent shall promptly issue an order acknowledgement, including the Processing Date and the
expected delivery date. In the event of a conflict between the terms of any Purchase Order and this Agreement, this Agreement shall control. Notwithstanding the foregoing, Catalent shall use
commercially reasonable efforts to supply Client with quantities of Product which are in excess of the quantities specified in the Firm Commitment, subject to Catalent's other supply commitments and
manufacturing and equipment capacity; provided, however, that Catalent's failure to supply Client with quantities in excess of the quantities specified in the Firm Commitment shall not constitute a
breach of this Agreement by Catalent. 

        4.4    Catalent's Cancellation of Purchase Orders.    Notwithstanding the terms and conditions set forth in
Section 4.5 below, Catalent reserves the right to cancel all, or any part of, a Purchase Order upon written notice to Client, and Catalent shall have no further obligations or liability with
respect to such Purchase Order if Client refuses or fails to make scheduled deliveries of the API within 30 days of the scheduled delivery date. 

        4.5    Client's Modification or Cancellation.    

        A.    Client
may modify the delivery date, Specifications or quantity of Product in such Purchase Order only by submitting a written change order
("Change Order") to Catalent at least thirty (30) business days in advance of the earliest scheduled Processing Date for the Processing covered
by the Change Order. Such Change Order shall be effective and binding against Catalent only upon the written approval of Catalent, and notwithstanding the foregoing, Client shall remain responsible
for the Firm Commitment portion of the Rolling Forecast. 

        B.    Notwithstanding
any amounts due to Catalent under Section 4.4, if Client fails to place Purchase Orders sufficient to satisfy the Firm Commitment, Client shall,
within thirty (30) days of receipt of invoice, pay to Catalent the Unit Price for all Units that would have been Processed if Client has placed Purchase Orders sufficient to satisfy the Firm
Commitment. 

        C.    Neither
changes nor postponement of any Batch of Product will reduce or in any way effect Client's Minimum Requirement obligations set forth in Section 4.1. 

        4.6    Unplanned Delay or Elimination of Processing.    Catalent shall use commercially reasonable efforts to meet the
Purchase Orders, subject to the terms and conditions of this Agreement. Catalent shall provide Client with as much advance notice as possible (and will use its best efforts to provide at least fifteen
(15) days' advance notice where possible) if Catalent determines that any Processing will be delayed or eliminated for any reason. 

6

 

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

        4.7    Supply Failure.    In the event of any Supply Failure that remains uncured for forty-five
(45) days following Catalent's receipt of written notice of such Supply Failure, the parties agree that Client shall have the right (upon written notice to Catalent) to Process and have the
Product Processed by another supplier, and thereafter Catalent shall supply the Product to Client on a nonexclusive basis. 

 
 

  ARTICLE 5
  TESTING; SAMPLES; RELEASE    
    

        5.1    Samples; Testing; Release.    Within seven (7) days after Catalent's completion of Processing of each
Batch, Catalent shall provide Client or its designee with Catalent's Certificate of Analysis for such Batch certifying that the Product conforms to the Specifications. Catalent will make available to
Client copies of all documentation and test results that are reasonably necessary to demonstrate conformity to the Specifications for the first five (5) post-validation commercial
Batches. Client shall be solely responsible for final release of the Product, at its cost. No later than thirty (30) days after Product delivery ("Review
Period"), Client or its designee shall notify Catalent of any rejection of the Product. Client's failure to reject Product for non-conformity to Specifications
during the Review Period shall constitute acceptance of the Product. 

        5.2    Discrepant Test Results.    In the event of a disagreement between the parties regarding whether the Product
meets Specifications or the reason for non-conformity, which cannot be resolved within thirty (30) days after Client notifies Catalent of rejection, the parties shall cause a
mutually agreeable independent third party to review records and test data and to perform comparative tests and/or analyses on samples of the Product alleged to be non-conforming
("Defective Product") and its components. The independent party's results shall be final and binding. Unless otherwise agreed to by the parties in
writing, the costs associated with such testing and review shall be borne by the party found responsible. 

        5.3    Defective Product.    Catalent will, at its option, either reprocess any Batch of Defective Product or credit
any payments made by Client for such Batch of Defective Product provided that Client is responsible for Product defects due to API and Client-Supplied Materials other than to the extent attributable,
in whole or in part, to Catalent's negligence or willful misconduct or omission. THE OBLIGATION OF CATALENT TO (A) REPLACE DEFECTIVE PROCESSING IN ACCORDANCE WITH THE SPECIFICATIONS OR CREDIT
PAYMENTS MADE BY CLIENT FOR DEFECTIVE PRODUCT AND (B) REIMBURSE CLIENT FOR API LOST IN THE DEFECTIVE BATCH, SUBJECT TO THE LIMITATIONS IN ARTICLE 14, SHALL BE CLIENT'S SOLE AND EXCLUSIVE REMEDY
UNDER THIS ARTICLE FOR DEFECTIVE PRODUCT AND IS IN LIEU OF ANY OTHER WARRANTY, EXPRESS OR IMPLIED. 

        5.4    Supply of Material for Defective Product.    In the event Catalent reprocesses Product pursuant to
Section 5.3, above, Client shall supply Catalent with sufficient quantities of the API in order for Catalent to complete such reprocessing. 

 
 

  ARTICLE 6
  DELIVERY    
    

        6.1    Delivery.    Catalent shall segregate and store all Product until tender of delivery in accordance with this
Section. Catalent shall tender the Product for delivery, Ex Works (Incoterms 2000) the Facility. Client shall be responsible for all costs and risk of loss associated with shipment of the 

7

 

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OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

Product.
Client shall qualify at least three (3) carriers to ship the Product and then designate the priority of such qualified carriers to Catalent. 

        6.2    Failure to Take Delivery.    If Client fails to take delivery on any scheduled delivery date, Client shall be
invoiced on the first day of each month for the stored Product and a commercially reasonable administration fee. For each such batch of undelivered Product, Client agrees that: (A) Client has
made a fixed commitment to purchase such Product, (B) title and risk of loss for such Product passes to Client, (C) such Product shall be on a bill and hold basis for legitimate business
purposes, (D) if no delivery date is determined at the time of billing, Catalent shall have the right to ship the Product to Client within four months after billing, and (E) Client will
be responsible for any decrease in market value of such Product that relates to factors and circumstances outside of Catalent's control. Within ten (10) days following a written request from
Catalent, Client shall provide Catalent with a letter confirming items (A) through (E) of this Section for each Batch of undelivered Product. 

 
 

  ARTICLE 7
  PRICING AND PAYMENT    
    

        7.1    Unit Pricing.    The parties shall negotiate in good faith the unit pricing ("Unit
Pricing") for all Product after tender of delivery of the final two (2) registration Batches. Unit pricing shall assume manufacturing and storage processes for a
controlled CIII-N DEA substance that is classified as a hormone. In the event Client requests services other than Processing Product, Catalent shall provide a written quote of the fee for
such additional services and Client shall advise Catalent whether it wishes to have such additional services performed by Catalent. 

        7.2    Commercial Occupancy Fee.    In consideration of Catalent's agreement to make available the hormone suite in
the Facility to manufacture Product, Client shall pay to Catalent an annual fee of [***] ("Commercial Occupancy Fee"). The
Commercial Occupancy Fee is payable commencing on January 1st of the year that commercial manufacture of the Product occurs (including manufacture of Validation Batches for commercial
sale) and each subsequent January 1st during the term of this Agreement. In the event that this Agreement begins on a date other than January 1 or is terminated prior to the
expiration of the term, then the Commercial Occupancy Fee shall be prorated based on the Effective Date of this Agreement or the effective date of termination for the applicable year unless such
termination occurs based on Client's breach of this Agreement for which no such pro-ration shall occur. 

        7.3    Product Maintenance Fee.    In partial consideration of the product maintenance services set forth in
Section 2.3, Client shall pay Catalent an annual "Product Maintenance Fee" of [***]. The Product Maintenance Fee is
payable commencing on January 1st of the year that commercial manufacture of the Product occurs (including manufacture of Validation Batches for commercial sale) and each subsequent
January 1st during the Term of this Agreement. 

        7.4    Price Increase.    The Unit Pricing shall be adjusted on an annual basis, effective on each
July 1st of the Term, based on the Producer's Price Index (PPI) [***] as published by the U.S. Department of Labor, Bureau of Statistics, upon sixty
(60) days' written notice from Catalent to Client. 

        7.5    Taxes; Duty.    All taxes, duties and other amounts assessed on API or the Product prior to or upon sale to
Client are the responsibility of Client, and Client shall reimburse Catalent for any such taxes, duties or other expenses paid by Catalent. 

8

 

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OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

        7.6    Product Approval.    Notwithstanding the terms set forth above, Client shall use its commercially reasonable
efforts to expedite and obtain all regulatory approvals necessary for Catalent to commence production at the Facility ("Regulatory Approvals"). 

        7.7    Payment Terms.    Catalent shall invoice Client upon tender of delivery pursuant to Section 6.1 for all
Product as provided in Section 7.1 and for any amounts due pursuant to Section 4.1, and payment for such invoices shall be due within thirty (30) days after the date of such
invoice. In the event payment is not received by Catalent on or before the thirtieth (30th) day after the date of the invoice, then such unpaid amount shall accrue interest at the rate
of 1.5% per month until paid in full. 

 
 

  ARTICLE 8
  CHANGES TO SPECIFICATIONS    
    

        All Specifications and any changes thereto agreed to by the parties from time to time shall be in writing, dated and signed by the
parties. No change in the Specifications shall be implemented by Catalent, whether requested by Client or requested or required by any Regulatory Authority, until the parties have agreed in writing to
such change, the implementation date of such change, and any increase or decrease in costs, expenses or fees associated with such change. Catalent shall respond promptly, and in any event within
thirty (30) business days, to any request made by Client for a change in the Specifications, and both parties shall use commercially reasonable, good faith efforts to agree to the terms of such
change in a timely manner. As soon as possible after a request is made for any change in Specifications, Catalent shall notify Client of the costs associated with such change and shall provide such
supporting documentation as Client may reasonably require. Client shall pay all costs associated with such agreed upon changes. If there is a conflict between the terms of this Agreement and the terms
of the Specifications, this Agreement shall control. 

 
 

  ARTICLE 9
  RECORDS; REGULATORY MATTERS    
    

        9.1    Batch Records and Data.    Within thirty (30) days following the completion of Processing of each batch,
Catalent shall provide Client with properly completed copies of Batch records prepared in accordance with the Specifications; provided, however, that if testing reveals an
out-of-Specification result, Catalent shall provide such Batch records within twenty-one (21) days following resolution of the out-of
Specification result. 

        9.2    Recordkeeping.    Catalent shall maintain true and accurate books, records, test and laboratory data, reports
and all other information relating to Processing under this Agreement according to Catalent standard operating procedures, including all information required to be maintained by all Applicable Laws.
Such information shall be maintained in forms, notebooks and records for a period of at least five (5) years from the relevant finished Product expiration date or longer if required under
Applicable Laws. 

        9.3    Regulatory Compliance.    Client shall be solely responsible for all permits and licenses required by any
Regulatory Authority with respect to the Product and the Processing under this Agreement, including any product licenses, applications and amendments in connection therewith. Catalent will be
responsible to maintain all permits and licenses required by any Regulatory Authority with respect to the Facility including, without limitation, the Product's DMF to support Client's regulatory
filings. During the Term, Catalent will assist Client with all regulatory matters (beyond 

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OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

covered
Product maintenance services) relating to Processing under this Agreement, at Client's request and at Client's expense. Each party intends and commits to cooperate to satisfy all Applicable
Laws relating to Processing under this Agreement. 

        9.4    Governmental Inspections and Requests.    Catalent will promptly advise Client if it is aware that any
Regulatory Authority intends to inspect Catalent's Facility with respect to the Processing of the Product. Client will have the right to have its representatives present at the Facility (but not as
part of the inspection unless specifically requested to answer questions) for such inspection relating to the Product. Catalent will also promptly provide a report of the result of any such inspection
to Client and will promptly notify Client of any notice of any deficiencies regarding the Processing of the Product by any Regulatory Authority, including, in each case, a copy of redacted copies of
any inspection reports regarding the Processing of the Product (excluding any third party confidential information or Catalent
Confidential Information) issued as a result of such inspections and any follow-up written communications between Catalent and the relevant Regulatory Authority or other governmental
agency regarding the Processing of the Product. Catalent will use commercially reasonable efforts to correct all deficiencies identified in such written communications in a timely manner and advise
Client periodically of progress being made, as well as when all deficiencies are corrected. 

        9.5    Client Inspections and Audits.    

        A.    During
the term of this Agreement, duly authorized employees, agents and representatives of Client shall be granted access upon at least twenty-four
(24) hours' prior notice and at reasonable times during Catalent's regular business hours to only the portion of the Facilities where Catalent Processes Product for the purpose of inspecting
and verifying that Catalent is Processing Product in accordance with the Specifications and Applicable Laws. For purposes of this Section 9.5, duly-authorized agents and
representatives shall be required to sign Catalent's standard confidential disclosure agreement prior to being allowed access to Catalent's Facilities. Client shall indemnify and hold Catalent
harmless for any action or activity of Client's duly authorized employees and agents while on Catalent's premises. 

        B.    With
due regard to information and operations which constitute Proprietary Information of Catalent, duly-authorized employees, agents and representatives of
Client shall have the right to inspect Catalent Batch Records relating to Product and those portions of Catalent's Facilities used for Processing Product. Client's Quality Assurance Manager will
arrange audit visits with Catalent Quality Management. 

        9.6    Recall.    In the event Catalent believes a recall, field alert, Product withdrawal or field correction
("Recall") may be necessary with respect to any Product provided under this Agreement, Catalent shall immediately notify Client in writing. Catalent
will not act to initiate a Recall without the express prior written approval of Client, unless otherwise required by Applicable Laws. In the event Client believes a Recall may be necessary with
respect to any Product provided under this Agreement, Client shall immediately notify Catalent in writing and Catalent shall provide all necessary cooperation and assistance to Client. The cost of any
Recall shall be borne by Client unless such Recall is caused in whole or in part by Catalent's breach of its obligations under this Agreement or Applicable Laws or its negligence or willful
misconduct, then such cost, if wholly attributable to Catalent shall be borne by Catalent, or if partially attributable to Catalent, such pro rata cost shall be borne by Catalent. For purposes hereof,
such cost shall be limited to actual and documented costs incurred by Client for such Recall and replacement of the Defective Product to be Recalled, in accordance with Article 5; 

10

 

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OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

provided,
however that NEITHER PARTY SHALL BE LIABLE IN ANY EVENT FOR SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES, INCLUDING, WITHOUT LIMITATION, LOST REVENUES OR PROFITS OR DAMAGES TO
BUSINESS REPUTATION RESULTING FROM SUCH RECALL. 

        9.7    Quality Agreements.    Within six (6) months following the execution of this Agreement and in any event
prior to commencing Processing of the Product, the parties shall execute a Quality Agreement. In the event of a conflict between any of the provisions of this Agreement and the Quality Agreement with
respect to quality-related activities, including compliance with Good Manufacturing Practices or Good Laboratory Practices, the provisions of the Quality Agreement shall govern. In the event of a
conflict between any of the provisions of this Agreement and the Quality Agreement with respect to any commercial matters, including allocation of risk, liability and financial responsibility, the
provisions of this Agreement shall govern. 

 
 

  ARTICLE 10
  CONFIDENTIAL INFORMATION    
    

        10.1    Mutual Obligation.    Catalent and Client agree that they will not disclose the other party's Confidential
Information (defined below) to any third party without the prior written consent of the other party except as required by law or regulation; provided, however, that prior to making any such legally
required disclosure, the party making such disclosure shall give the other party as much prior notice of the requirement for and contents of such disclosure as is practicable under the circumstances.
Notwithstanding the foregoing, each party may disclose the other party's Confidential Information to any of its Affiliates which (A) need to know such Confidential Information for the purpose
of performing under this Agreement, (B) are advised of the contents of this Section, and (C) agree to be bound by the terms of this Section, provided, however, that only an Affiliate to
which such Confidential Information is actually disclosed and received will be bound by the terms of this Section. 

        10.2    Definition.    As used in this Agreement, the term "Confidential
Information" includes all such information furnished by Catalent or Client, or any of their respective representatives or Affiliates, to the other or its representatives or
Affiliates, whether furnished before, on or after the date of this agreement and furnished in any form, including but not limited to written, verbal, visual, electronic or in any other media or
manner. Confidential Information includes all proprietary technologies, know-how, trade secrets, discoveries, inventions and any other intellectual property (whether or not patented),
analyses, compilations, business or technical information and other materials prepared by either party, or any of their respective representatives, containing or based in whole or in part on any such
information furnished by the other party or its representatives. Confidential Information also includes the existence of this agreement and its terms. 

        10.3    Exclusions.    Confidential Information does not include, however, information concerning Catalent or Client
that (A) is or becomes generally available to the public or within the industry to which such information relates other than as a result of a breach of this agreement, (B) is already
known by the receiving party at the time of disclosure as evidenced by the receiving party's written records, (C) becomes available to the receiving party on a non-confidential
basis from a source that is entitled to disclose it on a non-confidential basis, or (D) was or is independently
developed by or for the receiving party without reference to the Confidential Information, as evidenced by the receiving party's written records. 

11

 

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

        10.4    Survival.    The obligations of this Article 10 will terminate five (5) years from the
expiration of this Agreement; provided that for any Confidential Information that is protected as a trade secret under Applicable Laws, the obligations of this Article 10 shall survive as to
such Confidential Information for so long as such information continues to be protected as a trade secret under Applicable Laws. 

        10.5    No Implied License.    Except as otherwise set forth herein, the party receiving Confidential Information will
obtain no right of any kind or license under any patent application or patent by reason of this Agreement. All Confidential Information will remain the sole property of the party disclosing such
information or data. 

        10.6    Return of Confidential Information.    Upon termination of this Agreement, the party to which Confidential
Information has been disclosed will, upon request, promptly return within thirty (30) days all such information, including any copies thereof, and cease its use or, at the request of the party
transmitting such Confidential Information, will promptly destroy the same and certify such destruction to the transmitting party; except for a single copy thereof which may be retained for the sole
purpose of determining the scope of the obligations incurred under this Agreement. 

        10.7    Injunctive Relief.    Catalent and Client each acknowledge and agree that any breach of its confidentiality
obligations under this Agreement may result in irreparable injury to the other party and that, in such instance, monetary damages may not constitute an adequate remedy. Accordingly, the
non-breaching party may be entitled (without prejudice to its right to other remedies, including monetary damages, and without the posting of a bond or other security) to injunctive and
other equitable relief to prevent or restrain the breach or threatened breach of the confidentiality provisions of this Agreement. In such event, the breaching party waives the requirement of any bond
for such injunction. 

 
 

  ARTICLE 11
  INTELLECTUAL PROPERTY    
    

        All Catalent Technology, including, without limitation, all improvements, developments, derivatives or modifications to the Catalent
Technology, shall be owned exclusively by Catalent and, except as set forth herein, no right or license in Catalent Technology is transferred or granted to Client. All Client Technology, including,
without limitation, all improvements, developments, derivatives or modifications to the Client Technology shall be owned exclusively by Client. For purposes hereof, "Catalent
Technology" means all Softgel Technology, Catalent Confidential Information, intellectual property, and developments (including, all patents, patent applications,
know-how, inventions, designs, concepts, improvements, technical information, manuals, instructions or specifications), owned, licensed or used by Catalent in developing, formulating,
manufacturing, filling, processing or packaging of pharmaceuticals and the packaging equipment, processes or methods of packaging, or any improvements to any of the foregoing, including any container,
pouch, vial, ampoule, blister pack or other form of container developed by Catalent or any other intellectual property owned or controlled by Catalent that is directly or indirectly necessary for
Catalent to manufacture or Client to use, market, distribute, sell and offer for sale the Product during the Term. During the Term, for as long as Catalent is Client's exclusive manufacturer of the
Product, Catalent will grant a non-exclusive, non-assignable, non-transferable, royalty-free license to Client to use Catalent Technology and Process
Inventions relating to developing, formulating, manufacturing, filling, processing, packaging, analyzing or testing pharmaceutical products generally arising from the performance of the services that
are necessary for 

12

 

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OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

Catalent
to manufacture and Client to use, market, distribute, sell and offer for sale the Product during the Term of this Agreement, but not to manufacture the Product or have the Product
manufactured by a third party. "Process Inventions" means any invention that relates exclusively to the Catalent Technology or relates to developing,
formulating, manufacturing, filling, processing, packaging, analyzing or testing pharmaceutical products generally. For purposes hereof, "Client
Technology" means all proprietary information, intellectual property and developments owned, developed or licensed by Client relating to the API and the fill formulation
containing the API, including, without limitation, patents, patent applications, know-how, inventions, designs, concepts, improvements, technical information, trademarks or trade names.
Client hereby grants to Catalent a non-exclusive, non-transferable, royalty-free license to use any and all right, title and interest in the Client Technology that
is directly or indirectly necessary for the manufacturing and sale of Product during the Term and as may be necessary for Catalent to perform its obligations under this Agreement. 

 
 

  ARTICLE 12
  REPRESENTATIONS AND WARRANTIES    
    

        12.1    Catalent.    Catalent represents and warrants to Client that: 

        A.    at
the time of delivery, Product will have been manufactured in accordance with all Applicable Laws and the Specifications, and will not be adulterated, misbranded or
mislabeled according to Applicable Laws; excluding any defects attributable to API or other materials supplied by Client; 

        B.    Catalent's
use and application of any intellectual property, other than that provided to Catalent by Client, in the manufacturing of the Product and the performance of
this Agreement does not violate or infringe on any third-party intellectual property rights; 

        C.    Catalent
has obtained (or will obtain prior to manufacturing the Product), and will remain in material compliance with all authorizations which are required under
Applicable Laws; and 

        D.    Catalent
and its employees, affiliates, contractors, and agents have never been (i) debarred or (ii) convicted of a crime for which a person can be
debarred, under Section 335(a) or 335(b) of the Federal Food, Drug, and Cosmetic Act. 

        12.2    Client.    Client represents, warrants and covenants to Catalent that: 

        A.    the
API and any other materials supplied by Client to Catalent ("Client-Supplied Materials") will have been manufactured
in compliance with the Applicable Laws (including GMP) and applicable Specifications, will not be adulterated, misbranded or mislabeled and will be provided in accordance with the terms and conditions
of this Agreement; 

        B.    it
has all necessary authority to use and permit Catalent to use the Client Technology; 

        C.    Client
has provided to Catalent, as of the Effective Date, all relevant safety materials for Product and API and no specific safe handling instructions are applicable to
any Client-Supplied materials, except as disclosed to Catalent in writing by the Client in sufficient time for review and training by Catalent prior to delivery; 

        D.    all
Product delivered to Client by Catalent will be held, used and/or disposed of by the Client in accordance with all Applicable Laws; 

13

 

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OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

        E.    Client
will comply with all Applicable Laws and guidelines applicable to Client's performance under this Agreement and its use of Products provided by Catalent under this
Agreement; 

        F.     Client
will not release any Batch of Product if the required Certificates of Analysis indicate that the Product does not comply with the Specifications and will use
reasonable efforts to ensure that the Product is safe and effective; 

        G.    the
content of all artwork provided to Catalent complies with all Applicable Laws; 

        H.    Client
has all necessary authority to use and permit Catalent to use the Client Technology; and 

        I.     the
work to be performed by Catalent in accordance with Client's written instructions does not violate or infringe upon any third-party intellectual property rights. 

        12.3 THE
LIMITED WARRANTIES SET FORTH IN THIS ARTICLE 12 ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY AND ANY WARRANTY
OF FITNESS FOR A PARTICULAR PURPOSE. EXCEPT FOR THE WARRANTIES EXPRESSED IN THIS ARTICLE 12, NEITHER PARTY MAKES ANY OTHER WARRANTY, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE PROCESSING OR THE
PRODUCT. IN ADDITION, THE PARTIES HEREBY DISCLAIMS LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES FOR BREACH OF ANY EXPRESS OR IMPLIED WARRANTY, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY
AND ANY IMPLIED WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO PRODUCT. 

 
 

  ARTICLE 13
  INDEMNIFICATION    
    

        13.1    Indemnification by Catalent.    Catalent shall indemnify and hold harmless Client, its Affiliates, directors,
officers, employees and agents from and against any suits, claims, losses, demands, liabilities, damages, costs and expenses (including costs, reasonable attorney's fees and reasonable investigative
costs) in connection with any suit, demand or action by any third party arising out of or resulting from: (i) any breach of its representations, warranties or obligations under this Agreement;
or (ii) any actual or alleged infringement of any third-party patent, trade secret, copyright, trademark or other intellectual property by Catalent's use of Catalent Technology in connection
with the performance of the services under this Agreement; or (iii) any negligence or willful misconduct by Catalent; except to the extent that any of the foregoing arises out of or results
from the breach of this Agreement by Client or the negligence or willful misconduct of Client or its Affiliates. 

        13.2    Indemnification by Client.    Client shall indemnify and hold harmless Catalent, its Affiliates, directors,
officers employees and agents from and against all suits, claims, losses, demands, liabilities, damages, costs and expenses (including costs, reasonable attorney's fees and reasonable investigative
costs) in connection with any suit, demand or action by any third party arising out of or resulting from (A) any breach of its representations, warranties or obligations set forth in this
Agreement; (B) any use, manufacture, packaging, sale, promotion or distribution of Product by Client, or use of, or exposure to, the API, Client-Supplied Materials or Product, including,
without limitation, product liability or strict liability; (C) Client's exercise of control over the Processing under this Agreement, to 

14

 

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OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

the
extent that Client's instructions or directions violate Applicable Laws; (D) any actual or alleged infringement or violation of any third party patent, trade secret, copyright, trademark or
other intellectual property by Confidential Information or other information provided by Client, including Client-Supplied Materials; (E) the conduct of any clinical trials utilizing Product or
API; or (F) any negligence or willful misconduct by Client, except to the extent that any of the foregoing arises out of or results from the breach by Catalent of this Agreement, or the
negligence or willful misconduct of Catalent or its Affiliates. 

        13.3    Indemnification Procedures.    All indemnification obligations in this Agreement are conditioned upon the
party seeking indemnification promptly notifying the indemnifying party of any claim or liability of which the party seeking indemnification becomes aware (including a copy of any related complaint,
summons, notice or other instrument), cooperating with the indemnifying party in the defense of any such claim or liability (at the indemnifying party's expense), and not compromising or settling any
claim or liability without prior written consent of the indemnifying party. 

 
 

  ARTICLE 14
  LIMITATIONS OF LIABILITY    
    

        14.1 CATALENT'S
TOTAL LIABILITY UNDER THIS AGREEMENT FOR ANY AND ALL CLAIMS FOR LOST, DAMAGED OR DESTROYED API OR OTHER CLIENT-SUPPLIED MATERIALS, WHETHER OR NOT SUCH API OR
CLIENT-SUPPLIED MATERIALS ARE INCORPORATED INTO PRODUCT, SHALL NOT EXCEED [***] PER INCIDENT GIVING RISE TO THE CLAIM, EXCEPT IN THE EVENT THAT CATALENT'S GROSS NEGLIGENCE OR
WILLFUL MISCONDUCT CAUSES THE LOSS OR DAMAGE, IN WHICH CASE CATALENT'S TOTAL LIABILITY SHALL NOT EXCEED [***] PER INCIDENT GIVING RISE TO THE CLAIM. 

        14.2 CATALENT'S
TOTAL LIABILITY UNDER THIS AGREEMENT SHALL IN NO EVENT EXCEED THE LESSER OF (A) [***] OR
(B) [***] BY CLIENT UNDER THIS AGREEMENT DURING THE CONTRACT YEAR IN WHICH THE BATCH GIVING RISE TO THE CLAIM WAS MANUFACTURED, PROVIDED, HOWEVER, THAT CATALENT'S TOTAL
LIABILITY FOR GROSS NEGLIGENCE OR WILLFUL MISCONDUCT SHALL IN NO EVENT EXCEED [***]. 

        14.3 NEITHER
PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF PERFORMANCE UNDER THIS AGREEMENT, INCLUDING
LOSS OF REVENUES, REPUTATION, PROFITS OR DATA, WHETHER IN CONTRACT OR IN TORT, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

 
 

  ARTICLE 15
  INSURANCE    
    

        15.1    Catalent.    Catalent shall, at its own cost and expense, obtain and maintain in full force and effect the
following insurance during the term of this Agreement: 

        (A)  Commercial
General Liability insurance with a per-occurrence limit of not less than $1,000,000; 

15

 

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

        (B)  Products
and Completed Operations Liability Insurance with per-occurrence limit of not less than $5,000,000; 

        (C)  Workers'
Compensation and Employer's Liability Insurance with statutory limits for Workers' Compensation and Employer's Liability insurance limits of not less than
$1,000,000 per accident; and 

        (D)  Professional
Services Errors & Omissions Liability Insurance with per claim and aggregate limits of not less than $1,000,000. 

        The
parties hereby acknowledge and agree that Catalent may self-insure all or any portion of the above-required insurance. In the event that any of the required policies of
insurance are written on a claims made basis, then such policies shall be maintained during the entire term of this Agreement and for a period of not less than three (3) years following the
termination or expiration of this Agreement. Catalent shall obtain a waiver from any insurance carrier with whom Catalent carries Workers' Compensation insurance releasing its subrogation rights
against Client. Catalent shall furnish to Customer a certificate of insurance or other evidence of the required insurance and additional insured status as soon as practicable after the Effective Date
and within thirty (30) days after renewal of such policies. Each insurance policy which is required under this Agreement, other than self-insurance, shall be obtained from an
insurance carrier with an A.M. Best rating of at least A- VII. 

        15.2    Client Insurance.    Prior to commercial launch of the Product, Client shall, at its own cost and expense,
obtain and maintain in full force and effect the following insurance during the term of this Agreement: 

        (A)  Commercial
General Liability insurance with per-occurrence limit of not less than $1,000,000; 

        (B)  Products
and Completed Operations Liability Insurance with per-occurrence limit of not less than $5,000,000; 

        (C)  Workers'
Compensation and Employer's Liability Insurance with statutory limits for Workers' Compensation and Employer's Liability insurance limits of not less than
$1,000,000 per accident; and 

        (D)  All
Risk Property Insurance, including transit coverage, in an amount equal to full replacement value covering Client's property while it is at the Facility or in
transit to, from, or between Catalent's facilities. 

        The
parties hereby acknowledge and agree that Client may self-insure all or any portion of the above-required insurance. Client shall maintain levels of insurance sufficient
to meet its obligations under this Agreement. In the event that any of the required policies of insurance are written on a claims made basis, then such policies shall be maintained during the entire
term of this Agreement and for a period of not less than three (3) years following the termination or expiration of this Agreement. Client shall obtain a waiver from any insurance carrier with
whom Client carries Property Insurance releasing its subrogation rights against Catalent. Client shall not seek reimbursement for any property claim or portion thereof that is not fully recovered from
Client's Property Insurance policy. Client shall obtain a waiver from any insurance carrier with whom Client carries Workers' Compensation insurance releasing its subrogation rights against Catalent.
Catalent Pharma Solutions, Inc., and its subsidiaries and Affiliates shall be named as additional insureds under the Products and Completed Operations 

16

 

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

Liability
insurance policies with respect to the products and completed operations outlined in this Agreement. Client shall furnish certificates of insurance evidencing the required insurance policies
and additional insured status to Catalent as soon as practicable after the effective date of this Agreement and within thirty (30) days after renewal of such policies. Each insurance policy
that is required under this Agreement, other than self-insurance, shall be obtained from an insurance carrier with an A.M. Best rating of at least A- VII. 

 
 

  ARTICLE 16
  TERM AND TERMINATION    
    

        16.1    Term.    This Agreement shall commence on the Effective Date and shall continue for a period of six
(6) years, unless earlier terminated under this Section or Section 16.2 (the "Initial Term"). After the
Initial Term, this Agreement shall automatically renew for further periods of two (2) years (each, a "Renewal Term"); provided, however, that
either party may terminate this Agreement upon twelve (12) months written notice prior to the end of the Initial Term or any Renewal Term. The Initial Term and any Renewal Term shall constitute
the "Term." 

        16.2    Termination by Either Party.    

        A.    Material Breach.    Either party may terminate this Agreement effective upon sixty (60) days' prior
written notice to the other party, if the other party commits a material breach of this Agreement and fails to cure such breach by the end of such sixty (60) day period; provided, however, that
failure to pay amounts due under this Agreement within ten (10) days after notice thereof shall constitute cause for immediate termination of this Agreement, or at Catalent's discretion,
Catalent shall be relieved of any further obligation to perform under this Agreement until all outstanding payments are brought current. 

        B.    Bankruptcy.    Either party may terminate this Agreement effective thirty (30) days after the undismissed
bankruptcy of the other party. 

        C.    Termination Without Cause.    Either party may terminate this Agreement upon twenty-four
(24) months' prior written notice to the other party. 

        16.3    Effect of Termination.    

        A.    Expiration
or termination of this Agreement shall be without prejudice to any rights or obligations that accrued to the benefit of either party prior to such expiration
or termination. 

        B.    In
the event of any termination, Catalent shall promptly return (1) any remaining inventory of Client-Supplied Materials, and (2) all remaining inventories
of API and Product to Client at Client's expense and direction. Catalent shall have no obligation to return the foregoing until all outstanding invoices sent by Catalent to Client have been paid in
full. Client shall also be required to pay Catalent for all inventory and work in process and non-cancelable commitments made consistent with Client's forecasts. In the event Client
breaches or terminates this Agreement (other than as a result of a breach of this Agreement by Catalent) or if Catalent terminates this Agreement under Section 16.2 hereof, Client will also be
required to pay Catalent for its direct cost of all materials purchased by Catalent for Processing. Client shall specify the location in the continental United States to which delivery, at Client's
expense, of the foregoing is to be made. 

17

 

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

 
 

  ARTICLE 17
  NOTICE    
    

        All notices and other communications hereunder shall be in writing and shall be deemed given: (A) when delivered personally;
(B) when delivered by facsimile transmission (receipt verified); (C) when received or refused, if mailed by registered or certified mail (return receipt requested), postage prepaid; or
(D) when delivered if sent by express courier service, to the parties at the following addresses (or at such other address for a party as shall be specified by like notice; provided, that
notices of a change of address shall be effective only upon receipt thereof): 

 

 

			
	To Client:	 	Clarus Therapeutics, Inc.

500 Skokie Blvd., #250

Northbrook, IL 60062

Attn: President and Chief Executive Officer

Facsimile: (847) 562-4306
	
 With a copy to:	
 	
Goodwin Procter LLP

Exchange Place

Boston, MA 02109

Attn: Mitchell S. Bloom, Esq.

Facsimile: (617) 523-1231
	
 To Catalent:	
 	
Catalent Pharma Solutions, LLC

2725 Scherer Drive

St. Petersburg, FL 33716

Attn: General Manager

Facsimile: (727) 803-1632
	
 With a copy to:	
 	
Catalent Pharma Solutions, LLC

14 Schoolhouse Road

Somerset, NJ 08873

Attn: Associate General Counsel

Facsimile: (732) 537-6491

 

  
 

  ARTICLE 18
  MISCELLANEOUS    
    

        18.1    Entire Agreement: Amendments.    This Agreement is the entire understanding between the parties and supersedes
any contracts, agreements or understanding (oral or written) of the parties with respect to the subject matter hereof. No term of this Agreement may be amended except upon written agreement of both
parties, unless otherwise provided in this Agreement. 

        18.2    Captions.    The captions in this Agreement are for convenience only and are not to be interpreted or
construed as a substantive part of this Agreement 

        18.3    Further Assurances.    The parties agree to execute, acknowledge and deliver such further instruments and to
take all such other incidental acts as may be reasonably necessary or appropriate to carry out the purpose and intent of this Agreement. 

18

 

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

        18.4    No Waiver.    Failure by either party to insist upon strict compliance with any term of this Agreement in any
one or more instances will not be deemed to be a waiver of its rights to insist upon such strict compliance with respect to any subsequent failure. 

        18.5    Severability.    If any term of this Agreement is declared invalid or unenforceable by a court or other body
of competent jurisdiction, the remaining terms of this Agreement will continue in full force and effect. 

        18.6    Independent Contractors.    The relationship of the parties is that of independent contractors, and neither
party will incur any debts or make any commitments for the other party except to the extent expressly provided in this Agreement.            Nothing in this Agreement is intended to create
or
will be construed as creating between the parties the relationship of joint ventures, co-partners, employer/employee or principal and agent. 

        18.7    Successors and Assigns.    This Agreement will be binding upon and inure to the benefit of the parties, their
successors and permitted assigns. Neither party may assign this Agreement, in whole or in part, without the prior written consent of the other party, except that either party may, without the other
party's consent, assign this Agreement to an Affiliate or to a successor to substantially all of the business or assets of the assigning company or the assigning company's business unit responsible
for performance under this Agreement. 

        18.8    Governing Law.    This Agreement shall be governed by and construed under the laws of the State of New Jersey,
excluding its conflicts-of-law provisions. The United Nations Convention on Contracts for the International Sale of Goods shall not apply to this Agreement. 

        18.9    Alternative Dispute Resolution.    If a dispute, controversy or disagreement
("Dispute") arises between the parties in connection with this Agreement, then the Dispute shall be presented to the respective presidents or senior
executives of Catalent and Client for their consideration and resolution. If such parties cannot reach a resolution of the Dispute, then such Dispute shall be resolved by binding alternative dispute
resolution in accordance with the then existing commercial arbitration rules of The CPR Institute for Dispute Resolution, 366 Madison Avenue, New York, NY 10017. Arbitration shall be conducted in the
English language, in New York, New York. 

        18.10    Prevailing Party.    In any dispute resolution proceeding between the parties in connection with this
Agreement, the prevailing party will be entitled to its reasonable attorney's fees and costs in such proceeding. 

        18.11    Counterparts.    This Agreement may be executed in one or more counterparts, each of which will be deemed an
original but all of which together will constitute one and the same instrument. 

        18.12    Publicity.    Neither party will make any press release or other public disclosure regarding this Agreement
or the transactions contemplated hereby without the other party's express prior written consent, except as required under Applicable Laws or by any governmental agency or by the rules of any stock
exchange on which the securities of the disclosing party are listed, in which case the party required to make the press release or public disclosure shall use commercially reasonable efforts to obtain
the approval of the other party as to the form, nature and extent of the press release or public disclosure prior to issuing the press release or making the public disclosure. 

        18.13    Setoff.    Without limiting Catalent's rights under law or in equity, Catalent and its Affiliates, parent or
related entities, collectively or individually, may exercise a right of set-off against any and all 

19

 

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

amounts
due to Catalent from Client. For purposes of this Section, Catalent, its Affiliates, parent or related entities shall be deemed to be a single creditor. 

        18.14    Survival.    The rights and obligations of the parties shall continue under Articles 10 (Confidential
Information), 11 (Intellectual Property), 13 (Indemnification), 14 (Limitations of Liability), 15 (Insurance) to the extent expressly stated therein, 16.3 (Effects of Termination), 17 (Notice), and 18
(Miscellaneous), notwithstanding expiration or termination of this Agreement. 

        18.15    Force Majeure.    Except as to payments required under this Agreement, neither party will be liable for, nor
shall this Agreement be terminable or cancelable by reason of, any delay or default in such party's performance hereunder if such default or delay is caused by events beyond such party's
reasonable control, including but not limited to, acts of God, raw material shortage, regulation or law or other action or failure to act of any government or agency thereof, war or insurrection,
civil commotion, destruction of production facilities or materials by earthquake, fire, flood, or weather, labor disturbances, failure of suppliers, public utilities or common carriers; provided,
however, that the party seeking relief hereunder shall immediately notify the other party of such cause beyond such party's reasonable control. The party invoking this section shall use all reasonable
endeavors to reinstate its ongoing obligation to the other party. If the cause shall continue beyond one-hundred and eighty (180) days, then both parties shall meet to discuss and
negotiate in good faith what modifications to this Agreement should result from this force majeure. 

 
 

  Execution Version    
    

        IN WITNESS WHEREOF, the parties have caused their duly-authorized
representative to execute this Agreement effective as of the date first written above. 

 

			
	CATALENT PHARMA SOLUTIONS, LLC	 	CLARUS THERAPEUTICS, INC.
	
 By: /s/ Aris Gennadios, Ph.D.	
 	
By: /s/ Robert E. Dudley
	
 Name: Aris Gennadios, Ph.D.	
 	
Name: Robert E. Dudley
	
 Title: VP and General Manager

           Pharmaceutical Softgel	
 	
Title: President & CEO

 

 20

 

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 

 
 

EXHIBIT A    
    
    SPECIFICATIONS
  To be finalized and attached before process validation    

 API Specifications  

 Product Specifications  

 Packaging Specifications  

A-1

 

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406
OF THE SECURITIES ACT; [***] DENOTES OMISSIONS. 

 
 

EXHIBIT B    
    
    UNIT PRICING, FEES AND MINIMUM REQUIREMENT    
    

 

 

					
	UNIT PRICING 
	Product 	 	Dosage Form 	 	Initial Unit Price 
	100 mg testosterone undecanoate	 	Bulk softgels	 	[***]
	150 mg testosterone undeanoate	 	Bulk softgels	 	[***]

 

  

 

 

					
	MINIMUM REQUIREMENT PER CONTRACT YEAR 
	Product

 
	 	Dosage Form 	 	Minimum Requirement 
	100 mg testosterone undecanoate	 	Bulk softgels	 	[***] softgels
	150 mg testosterone undecanoate	 	Bulk softgels	 	[***] softgels

 

  

 

 

					
	ADDITIONAL FEES 
	Product Maintenance Fee	 	[***]	 	Annually
	Commercial Occupancy Fee	 	[***]	 	Annually

 

 B-1

QuickLinks

Exhibit 10.6

SOFTGEL COMMERCIAL MANUFACTURING AGREEMENT

RECITALS

ARTICLE 1 DEFINITIONS

ARTICLE 2 VALIDATION, PROCESSING & RELATED SERVICES

ARTICLE 3 MATERIALS

ARTICLE 4 MINIMUM COMMITMENT, PURCHASE ORDERS & FORECASTS

ARTICLE 5 TESTING; SAMPLES; RELEASE

ARTICLE 6 DELIVERY

ARTICLE 7 PRICING AND PAYMENT

ARTICLE 8 CHANGES TO SPECIFICATIONS

ARTICLE 9 RECORDS; REGULATORY MATTERS

ARTICLE 10 CONFIDENTIAL INFORMATION

ARTICLE 11 INTELLECTUAL PROPERTY

ARTICLE 12 REPRESENTATIONS AND WARRANTIES

ARTICLE 13 INDEMNIFICATION

ARTICLE 14 LIMITATIONS OF LIABILITY

ARTICLE 15 INSURANCE

ARTICLE 16 TERM AND TERMINATION

ARTICLE 17 NOTICE

ARTICLE 18 MISCELLANEOUS

Execution Version

EXHIBIT A SPECIFICATIONS To be finalized and attached before process validation

EXHIBIT B UNIT PRICING, FEES AND MINIMUM REQUIREMENT

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