Document:

EX-10.7

 Exhibit 10.7 

EXECUTIVE EMPLOYMENT CONTRACT 

MADE this 23rd day of September, 2013, by and between CNB BANK, a state
banking institution organized under the laws of the Commonwealth of Pennsylvania, with principal office at One South Second Street, P.O. Box 42, Clearfield, Pennsylvania, 16830, (hereinafter collectively referred to as “CNB”): 

AND 
 JOSEPH E. DELL, JR.,
an adult individual, residing at 680D Oak Wood Avenue, State College, Pennsylvania, 16803, (hereinafter “MR. DELL”). 
 WHEREAS,
MR. DELL has been hired by CNB as a Senior Executive; and, 
 WHEREAS, the Parties wish to memorialize their contractual relationship. 

NOW WITNESSETH: 
 The
Parties for themselves, their heirs, successors and assigns, in consideration of their mutual promises contained herein, intending to be legally bound, hereby agree to the following terms and conditions. 

1. EMPLOYMENT: CNB will employ MR. DELL as a Senior Vice President, MR. DELL agrees to serve in that capacity. MR. DELL
promises that during the term of this Agreement he shall dedicate his full time, attention and energies to his employment with CNB. MR. DELL further promises that he will report to CNB’s President and CEO, carry out decisions and otherwise
abide by and enforce the policies of CNB. 
 MR. DELL shall also perform such other reasonable duties as may hereafter be assigned to him by
CNB consistent with his abilities and position, including but not limited to services to CNB’s parent CNB Financial Corporation and its other subsidiaries. 

 MR. DELL will not engage in any other employment during the term of this Agreement, nor shall he
engage in self-employed activities. 
 MR. DELL also recognizes that CNB’s success and recognition depend on his involvement with
charitable and social organizations. In this regard, MR. DELL agrees to engage in such social and charitable activities or organizations as are consistent with his personal responsibilities and with his position with CNB. 

MR. DELL shall also comply with all other CNB procedures and polices now or hereafter in effect. 

MR. DELL further agrees that he and the members of his family shall comport themselves at all times in a manner that reflects upon CNB in a
positive fashion. 
 2. TERM: The term of this Agreement shall be for three (3) years commencing on
January 1, 2014, and ending on December 31, 2017, unless terminated sooner pursuant to the other provisions of this Agreement. 

The Parties agree that this contract shall automatically renew itself for successive terms of one (1) year unless either party gives the
other ninety (90) days written notice of his or its intent not to renew the contract prior to the end of the then current term. 

However, the provisions of paragraphs 5 and 6 shall continue in Force and in accordance with the provisions therein and shall survive the
expiration or termination of the term of employment. 
 3. COMPENSATION: MR. DELL shall be paid a base salary to be
established annually by the Board of Directors. MR. DELL may also receive such annual increases, stock, stock rights and bonuses as may from time to time be awarded by the Board of Directors. 

 CNB will also provide MR. DELL with a family membership at the
                     Country Club. 

4. OTHER BENEFITS: MR. DELL shall participate in CNB’s retirement plan, health insurance plan, life insurance plan
and receive such other benefits as CNB from time to time may provide to its employees. 
 MR. DELL shall also be entitled to 24 days paid
vacation plus such sick leave as he may reasonable and actually require, both of which are upon condition that, consistent with the past practice of senior executives at CNB and upon condition that, in the opinion of the Board of Directors the
amount and timing of his vacation does not unreasonably interfere with or detract from the fulfillment of his duties under this agreement. 

MR. DELL shall be entitled to breavement and such other employee benefits as now or hereafter granted by CNB’s personnel policies. 

5. CONFIDENTIAL INFORMATION: MR. DELL acknowledges and agrees that as an inducement to CNB to employ him and enter this
written contract with him, that he shall not disclose, directly or indirectly, intentionally or unintentionally, during the term of this contract or at any time after its termination, any of CNB’s proprietary information, account information,
customer lists, customer information, policies, pricing, strategy, codes, strategic plan, plans for expansion or business development or other information of a confidential nature (hereinafter referred to as “Confidential Information”),
whatsoever regarding CNB without first obtaining the prior, written consent from CNB’s Chairperson of the Board that such disclosure is authorized. Communications with CNB’s employees, customers and business relations are excepted from the
foregoing prohibition during the term of this Agreement to the extent that such communications are consistent with MR. DELL’s duties. 

 Confidential Information shall include all information recorded, memorialized or communicated in
any form whether written, printed, verbal, video, photographic, electronic, magnetic, digital or otherwise. This shall also include such confidential information as MR. DELL may have memorized or remembered notwithstanding Pennsylvania or other law
to the contrary. 
 Upon termination of this contract for any reason, MR. DELL promises that he shall promptly return to CNB or its
designated representative any Confidential Information, automobile, insurance cards, owner’s cards, keys, credit cards, or other CNB property, in his possession. 

MR. DELL further promises that he will not take, keep, or record copies, duplications or reproductions of the Confidential Information or
other property subject to this Agreement after termination of this Agreement. 
 6. COVENANT NOT TO COMPETE: As additional
consideration to CNB for entering this Agreement, and for granting the severance benefits described in paragraph 7 below which are a new benefit, MR. DELL covenants that he shall not compete against CNB, its parent, affiliates or subsidiaries,
either directly or indirectly, by taking employment, gratuitously assisting or serving as an independent contractor, consultant, partner, director or officer with a competitor of CNB, or starting his own business which would compete directly or
indirectly with CNB, or have a material interest in any business, corporation, partnership, LLC, savings and loan, bank, financial institution, brokerage, or other venture which competes directly or indirectly with CNB while he is employed by CNB
and until the earlier of the following: (i) the expiration of a period of three (3) years following the date on which MR. DELL is last employed by CNB or (ii) the date of a change in control of CNB, as defined in Section 7. For
the purpose of defining and enforcing this covenant, CNB’s competitors will be identified at the time it seeks enforcement of this covenant. 

 This determination shall be based on CNB’s market area and CNB’s plans for expansion or acquisition
into other market areas at the time enforcement of this covenant is sought. 
 The Parties also agree that indirect competition shall
include the instances stated above but involving MR. DELL’s spouse or children. 
 The Parties further agree that MR. DELL’s
covenant not to compete shall apply in the event of his regular retirement or voluntary termination of his employment hereunder. MR. DELL agrees in this regard that the security provided by this Agreement is adequate consideration for his covenant
not to compete. 
 MR. DELL agrees that the relevant public policy and legal aspects of covenants not to compete have been discussed with
him and that every effort has been made to limit the restrictions placed upon MR. DELL to those that are reasonable and necessary to protect CNB’s legitimate interests. MR. DELL acknowledges that, based upon his education, experience, and
training, the non-compete and non-solicitation provisions of this Section 6 will not prevent MR. DELL from earning a livelihood and supporting MR. DELL and his family during the relevant time period. 

The existence of a claim, charge, or cause of action by MR. DELL against CNB or any of its affiliates shall not constitute a defense to the
enforcement by CNB of the foregoing restrictive covenants, but such claim, charge, or cause of action shall be litigated separately. 
 If
any restriction set forth in this Section 6 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of actitives or in too broad a geographic area, the court
is hereby expressly authorized to modify this Agreement or to interpret this Agreement to extend only over the maximum period of time, range of actitives, or geographic areas as to which it may be enforceable. 

 7. SEVERANCE PAY: If MR. DELL’s employment is terminated without cause,
whether or not a change in control of CNB has occurred. MR. DELL shall be entitled to severance benefits equal to 2.50 times his annualized base salary for the year in which his employment ends plus 2.50 times the average of MR. DELL’s
incentive pay bonuses for the three (3) years preceding the year in which his employment is terminated hereunder. This severance pay shall be tendered to MR. DELL in cash in lump sum following the end of his
employment with CNB. MR. DELL shall also be entitled to this severance pay if he voluntarily terminates his employment with CNB after a change in control for any of the following reasons after providing CNB notice within ninety (90) days of the
occurrence of the event and a thirty (30) day opportunity to cure: 
  

	 	A.	Reduction in title or responsibilities; 

  

	 	B.	Assignment of duties or responsibilities inconsistent with MR. DELL’S status as Executive Vice President; 

  

	 	C.	A reduction in salary or other benefits; and, or, 

  

	 	D.	Reassignment to a location greater than 25 miles from the location of MR. DELL’s office on the date of change and control. 

For the purposes of this Agreement, a “change in control” shall include but not be limited to the following: 

 

	 	1.	Sale of all or substantially all of CNB’s or CNB Financial Corporation’s stock; 

  

	 	2.	Sale of all or substantially all of CNB’s or CNB Financial Corporation’s assets; 

  

	 	3.	Acquisition by a third party or group acting in concert of stock sufficient to elect a majority of directors to the Board of CNB or CNB Financial Corporation; or, 

 

	 	4.	Ownership of more than 50% of CNB Financial Corporation stock by a single person or entity or more than one person or entity acting as a group. 

 Notwithstanding anything in this Agreement to the contrary, it will be a condition to MR.
DELL’s right to receive any severance benefits under this Section 7 that he execute and deliver to CNB no later than fifty-three (53) days following the date of termination and not revoke a release of claims in favor of CNB in the
form as may be reasonably prescribed by CNB. Severance payments and benefits will commence following the expiration of the sixty (60) day period following termination of employment, provided that MR. DELL has executed and delivered and not
revoked the release no later than fifty-three (53) days following the date of termination and such release is effective upon the sixtieth (60th) day following termination of employment.

 A form of the release which MR. DELL will be required to sign in order to receive the foregoing benefits is attached hereto incorporated
in this Agreement as Exhibit A, and MR. DELL hereby expressly approves it. 
 8. TERMINATION: This Agreement may be
terminated on the occurrence of any of the following events and if terminated under this paragraph, MR. DELL shall not be entitled to severance benefits under Paragraph 7: 
  

	 	A.	The execution of a written agreement between CNB and MR. DELL to terminate this Agreement; 

  

	 	B.	MR. DELL’s death; 

  

	 	C.	MR. DELL’s material breach of any term or condition of this Agreement; 

  

	 	D.	MR. DELL’s failure or refusal to comply with such reasonable policies, directions, standards and regulations that CNB may establish from time to time; 

 

	 	E.	MR. DELL’s inability to fully and competently perform his duties hereunder for a period of 180 continuous days due to physical, mental or psychological illness, injury or condition; or, 

	 	F.	MR. DELL ceases to qualify for his offices and responsibilities under this Agreement pursuant to any statute or regulation, now or hereafter issued by the United States of America, the Federal Reserve, the
Office of the Comptroller of Currency, the Pennsylvania Department of Banking or other regulatory agency or body duly invested with authority over CNB, its parent or affiliate(s). 

9. NOTICES: All notices or communications required by or bearing upon this Agreement or between the Parties shall be in writing
and sent by First Class Mail to the Parties as follows unless otherwise specified above: 
  

			
	CNB Financial Corporation	 	Joseph E. Dell. Jr.
	CNB Dank	 	680D Oak Wood Avenue
	Attention: Chairperson of the Board	 	State College, PA 16803
	 One South Second Street, P.O. Box 42

Clearfield., PA 16830
	 	

 10. NON-ASSIGNMENT: The Parties acknowledge the unique nature of services to be provided by MR. DELL
under this Agreement, the high degree of responsibility borne by him and the personal nature of his relationship to CNB’S Board of Directors and customers. Therefore, the Parties agree that MR. DELL may not assign this Agreement. 

11. ARBITRATION: The Parties agree that all disputes or questions arising under this Agreement or because of their employment
relationship shall be submitted to arbitration by three (3) arbitrators. Each Party shall select one (1) arbitrator, and then those two (2) arbitrators shall select a third (3) arbitrator. The arbitrators’ decision need not
be unanimous. Arbitration shall be conducted at a private location in Clearfield County convenient to the parties. The arbitrators must reach and give notice of their decision within five (5) days after completion of an arbitration. The Pennsylvania
Uniform Arbitration Act. 42 Pa.C.S.A. §57301 et sec. shall govern arbitrations hereunder. CNB shall compensate the arbitrators and stenographer if used. CNB shall also pay for the arbitration room. Each party shall pay their attorney fees and
other costs. 

 12. LIMITATION ON PAYMENTS: In the event that the severance and other benefits
provided for in this Agreement or otherwise payable to MR. DELL (i) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the ‘“Code”) and
(ii) but for this Section 12, would be subject to the excise tax imposed by Section 4999 of the Code, than MR. DELL’s severance benefits shall be either: 
  

	 	A.	delivered in full (the “Full Amount”), or 

  

	 	B.	delivered as to such lesser extent which would result in no portion of such severance benefits being subject to the excise tax under Section 4999 of the Code (the “Reduced Amount”). 

MR. DELL shall only be entitled to delivery of the Full Amount if, on an after-tax basis after taking into account the applicable federal,
state and local income taxes and the excise tax imposed by Section 4999, payment of the Full Amount would result in MR. DELL receiving an amount equal to or greater than 110% of the Reduced Amount. If MR. DELL is entitled to receive the Reduced
Amount, the payments and/or benefits to be provided under this Agreement shall be reduced, but not below zero, by first reducing or eliminating those payments or benefits which are not payable in cash and then by reducing or eliminating cash
payments. Unless CNB and MR. DELL otherwise agree in writing, any determination required under this Section 12 shall be made in writing by CNB’s independent public accountants, whose determination shall be conclusive and binding upon CNB
and MR. DELL for all purposes. For purposes of making the calculations required by this Section 12, the accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith
interpretations concerning the application of Sections 280G and 4999 of the Code. CNB and MR. DELL shall furnish such information and documents as the accountants may reasonably request in order to make a determination under this Section. CNB shall
bear all costs the accountants may reasonably incur in connection with any calculations contemplated by this Section 12. 

 13. COMPLIANCE WITH SECTION 409A OF THE CODE: MR. DELL and CNB
acknowledge that each of the payments and benefits promised to MR. DELL under this Agreement must either comply with the requirements of Section 409A of the Code (“Section 409A”), and the regulations thereunder or
qualify for an exception from compliance. To that end, MR. DELL and CNB agree that the payment described in section 7 is intended to be excepted from compliance with Section 409A as a short-term deferral pursuant to Treasury Regulation Section
1.409A-1(b)(4). 
 In the case of a payment that is not excepted from compliance with Section 409A, and that is not otherwise
designated to be paid immediately upon a permissible payment event within the meaning of Treasury Regulation Section 1.409A-3(a), the payment shall not be made prior to, and shall, if necessary, be deferred to and paid on the later of the date
sixty (60) days after MR. DELL’s earliest separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)) and, if MR. DELL is a specified employee (within the meaning of Treasury Regulation Section 1.409A-1(i))
on the date of his separation from service, the first day of the seventh month following MR. DELL’s separation from service. Furthermore, this Agreement shall be construed and administered in such manner as shall be necessary to effect
compliance with Section 409A. 
 14. INJUNCTIVE RELIEF: MR. DELL acknowledges and accepts that his compliance with his
Agreements in Sections 5.6 and/or 8 is an integral part of the consideration to be received by CNR and is necessary to protect the equity value, business and goodwill and other proprietary interests of CNB. MR. DELL acknowledges that a breach of his
Agreements in Sections 5.6 and/or 8 will result in irreparable and continuing damage to CNB and the business of CNB for which the remedies at law will be inadequate, and agrees that, in the event of any breach of the aforesaid Agreements. CNB and
its successors and assigns shall be entitled to seek injunctive relief and to any such other and further relief as may be proper. 

 15. ENFORCEABILITY: If any provision of this Agreement shall be found
by a court with proper jurisdiction to be invalid or unenforceable, in whole or in part, then such provision shall be deemed to be modified, narrowed, or restricted only to the limited extent and in the manner necessary to render the same valid and
enforceable, as the case may require, and this Agreement shall be construed and enforced to the maximum extent permitted by law as if such provision had been originally incorporated herein as so modified, narrowed, or restricted. 

16. GENERAL PROVISIONS: 
  

	 	A.	This Agreement shall be governed by the laws of Pennsylvania; 

  

	 	B.	In construing or interpreting this Agreement, “CNB” and “MR. DELL” shall mean, wherever applicable, the singular or plural, the masculine or the feminine, individual, individuals, partnership or
corporation, as the case may be; 

  

	 	C.	This Agreement represents the sole agreement of the parties on these subjects and supersedes all prior communications, representations and negotiations, whether oral or written; 

 

	 	D.	This Agreement can only be modified or amended by the prior written consent of both parties hereto; 

  

	 	E.	Jurisdiction and venue shall rest in the Court of Common Pleas of Clearfield, Pennsylvania, for all suits, claims and causes of action whatsoever; 

 

	 	F.	Failure by either Party to pursue remedies or assert rights under this Agreement shall not be construed as waiver of that party’s rights or remedies, nor shall a party’s failure to demand strict compliance
with the terms and conditions of this Agreement prohibit or estop that party from insisting upon strict compliance in the future; and 

  

	 	G.	The Parties deem that the terms of this Agreement are unique, and in addition to their other rights and remedies at law, and at equity, either Party shall have the right to specifically enforce the terms of this
Agreement. 

	 	H.	This Agreement shall bind the Parties’ heirs, successors, representatives, related corporations and assigns. 

  

	 	I.	Notwithstanding anything herein contained to the contrary, and payment to MR. DELL by CNB, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of
the Federal Deposit Insurance Act. 12 U.S.C. Section 1828(k), and any regulations promulgated thereunder. 

 IN WITNESS
WHEREOF, the parties have executed this Agreement on the date written above for the purposes herein contained. 
  

									
	CNB BANK	 		 	MR. DELL
					
	By:	 	 /s/ Joseph B. Bower, Jr.
	 		 	By:	 	 /s/ Joseph E. Dell, Jr.

		 	Joseph B. Bower, Jr.	 		 		 	Joseph E. Dell, Jr.
		 	    CEO & President	 		 		 	
					
	By:	 	 /s/ Richard L. Greslick, Jr.
	 		 		 	
		 	Richard L. Greslick, Jr.	 		 		 	
		 	    Senior ExecutiveEX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 STOCK PURCHASE
AGREEMENT 
 This STOCK PURCHASE AGREEMENT (this “Agreement”), is entered into as of March 6, 2014 by and between
Columbia Laboratories, Inc., a Delaware corporation (the “Company”), and Coventry Acquisition, LLC, a Delaware limited liability company corporation, as successor by conversion to Coventry Acquisition, Inc.
(“Coventry”, and together with the Company, the “Parties” and each a “Party”). 

WHEREAS, Coventry owns 1,400,000 shares of common stock of the Company (such 1,400,000 shares, the “Stock”); 

WHEREAS, Coventry desires to sell, and the Company desires to purchase, the Stock pursuant to the terms and conditions of this Agreement (the
“Repurchase”); 
 WHEREAS, the Parties are also parties to that certain Investor’s Rights Agreement, dated as of
July 2, 2010 (the “Investor’s Rights Agreement”); and 
 WHEREAS, the Parties intend that upon consummation of
the purchase and sale of the Stock pursuant to the terms and conditions of this Agreement (i) the Company shall own all the Stock currently owned by Coventry and (ii) Coventry will cease to own any stock or other securities of the Company.

 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 
 ARTICLE I
 
 SALE OF STOCK 

Section 1.1 Sale of Stock. Subject to the terms and conditions of this Agreement, Coventry hereby agrees to sell, assign, transfer
and convey to the Company on the Closing Date (as hereinafter defined) the Stock, and the Company hereby agrees to purchase from Coventry the Stock. The purchase price for the Stock shall be an amount equal to the product of (i) the per share
price of the Company’s common stock as of the close of trading on the NASDAQ Stock Market on the business day prior to the Closing Date, multiplied by (ii) 0.8925, multiplied by (iii) the number of shares of the Stock (the product of
(i), (ii) and (iii) the “Purchase Price” which is agreed to be $8,509,060). 
 Section 1.2 Closing.
The closing of the Repurchase (the “Closing”) shall take place at the offices of the Company, 4 Liberty Square, Boston, Massachusetts 02109, on March 7, 2014 (the “Closing Date”), or at such other time and
place as the Parties hereto shall mutually agree. In the event that the Company has not filed with the United States Securities and Exchange Commission its Annual Report on Form 10-K prior to the commencement of trading of the Stock on the NASDAQ
Stock Market on March 6, 2014, Coventry shall be entitled, at its sole option and discretion, to delay the Closing for up to two business days following the filing of such Annual Report on Form 10-K. 

 Section 1.3 Closing Deliverables. At the Closing: 

(a) Coventry shall deliver to the Company all stock certificates representing the Stock, endorsed to the Company or accompanied by duly
executed stock powers or such other instrument of assignment transferring the Stock to the Company as the Company shall reasonably request; and 

(b) The Company shall pay to Coventry the Purchase Price via wire transfer of immediately available funds to an account designated in writing
by Coventry, or by certified or official bank check. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company hereby makes the following representations and warranties to Coventry, each of which is true and correct on the date hereof and
shall survive the Closing Date. 
 Section 2.1 Existence and Power. The Company has been duly formed and is existing as a
corporation in good standing under the laws of the state of its formation and has the requisite power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions
contemplated hereby. 
 Section 2.2 Valid and Enforceable Agreement; Authorization. This Agreement has been duly executed and
delivered by the Company and, assuming the due execution and delivery of this Agreement by Coventry, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally and general principles of equity. The Company has duly taken
all necessary corporate action to authorize the execution, delivery and performance of this Agreement and the transactions contemplated hereby, including, without limitation, compliance with (i) the provisions of Section 160 of the
Delaware General Corporation Law and (ii) the Company’s related party transaction policies and procedures. The execution, delivery and performance of this Agreement and the transactions contemplated hereby have been approved by a fully
informed vote of the disinterested members of the Company’s board of directors (the “Board”). 
 Section 2.3
No Consents Required. No application, notice, order, registration, qualification, waiver, consent, approval or other action is required to be filed, given, obtained or taken by the Company by virtue of the execution, delivery and performance
of this Agreement or the consummation of the transactions contemplated hereby, other than the Company’s disclosure and reporting obligations under the Securities Exchange Act of 1934, as amended, with which the Company has complied or will
comply in a timely manner. 
 Section 2.4 Brokers and Finders. The Company has not otherwise entered into any arrangement
regarding the payment of any brokerage fees, commissions or finder’s fees in connection with the purchase of the Stock that will result in any liability on the part of Coventry. 

  
 2 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF COVENTRY 

Coventry hereby makes the following representations and warranties to the Company, each of which is true and correct on the date hereof and
shall survive the Closing Date. 
 Section 3.1 Existence and Power. Coventry has been duly formed and is existing as a limited
liability company in good standing under the laws of the state of its formation and has the requisite power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions
contemplated hereby. 
 Section 3.2 Title to Shares. Coventry has good and valid title to the Stock free and clear of any lien,
encumbrance, pledge, charge, security interest, mortgage, title retention agreement, option, equity or other adverse claim, and has not, in whole or in part, (a) assigned, transferred, hypothecated, pledged or otherwise disposed of the Stock or
its ownership rights in such Stock or (b) given any person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to such Stock. 

Section 3.3 Valid and Enforceable Agreement; Authorization. This Agreement has been duly executed and delivered by Coventry and,
assuming the due execution and delivery of this Agreement by the Company, constitutes a legal, valid and binding obligation of Coventry, enforceable against Coventry in accordance with its terms, except as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally and general principles of equity. Coventry has duly taken all necessary action to
authorize the execution, delivery and performance of this Agreement and the transactions contemplated hereby. 
 Section 3.4
Sophistication; Due Diligence. Coventry acknowledges and agrees that the Company is not making any express or implied representations or warranties about the Company or in connection with the Repurchase. Coventry has such knowledge and
experience in financial and business matters and in making investment decisions of this type that it is capable of evaluating the merits and risks of making its investment decision regarding the Repurchase and of making an informed investment
decision. Coventry and/or Coventry’ advisor(s) have had a reasonable opportunity to ask questions of and receive answers from a person or persons acting on behalf of the Company concerning the Stock and the Company and all such questions have
been answered to Coventry’s full satisfaction. Coventry is not relying on the Company with respect to the tax and other economic considerations of the Repurchase, and Coventry has relied on the advice of, or has consulted with, Coventry’s
own advisors. 

  
 3 

 Section 3.5 Certain Information. Coventry acknowledges and understands that the
Company may possess material non-public information not known to Coventry that may impact the value of the Stock that the Company has not disclosed to Coventry, including, without limitation (i) information received by principals and employees
of the Company in their capacities as directors, officers, significant stockholders and/or affiliates of the Company, (ii) information otherwise received on a confidential basis, and (iii) information received on a privileged basis from
the attorneys and financial advisers representing the Company and the Board. Coventry understands, based on its experience, the disadvantage to which Coventry is subject due to the disparity of information between the Company and Coventry, but
nevertheless acknowledges that Coventry has deemed it appropriate to engage in the Repurchase. Without limitation to the foregoing, Coventry acknowledges that pursuant to the Investor’s Rights Agreement, Coventry has designated a representative
to the Board, and therefore, in addition to any publicly available information and information available to it as a shareholder, Coventry has had access to the same information with respect to the Company as is generally available to the
Company’s directors. 
 Section 3.6 No Consents Required. No application, notice, order, registration, qualification,
waiver, consent, approval or other action is required to be filed, given, obtained or taken by Coventry by virtue of the execution, delivery and performance of this Agreement or the consummation of the transactions contemplated hereby, other than
Coventry’s disclosure and reporting obligations under the Securities Exchange Act of 1934, as amended, with which Coventry has complied or will comply in a timely manner. 

Section 3.7 Brokers and Finders. Coventry has not otherwise entered into any arrangement regarding the payment of any brokerage
fees, commissions or finder’s fees in connection with the purchase of the Stock that will result in any liability on the part of the Company. 

ARTICLE IV 

MUTUAL RELEASE 

Section 4.1 Company Release. Coventry, for itself and its affiliates, and their respective directors, officers, employees,
shareholders, agents, professionals, successors and assigns, hereby releases and forever discharges the Company and its officers, directors, agents, stockholders, successors, and assigns from any and all past, present, and future actions,
liabilities, and all other claims whatsoever, whether in contract or in tort or pursuant to statute, whether known now or at any other time, based in whole or in part on any matter occurring prior to the date hereof, and whether relating to claims
pending on, or asserted after, the date hereof, with respect to (i) the Stock, except as to its right to enforce the terms of this Agreement, or (ii) the Investor’s Rights Agreement and any of the rights or obligations thereunder.

 Section 4.2 Coventry Release. The Company, for itself and its affiliates, and their respective directors, officers,
employees, shareholders, agents, professionals, successors and assigns, hereby releases and forever discharges Coventry and its officers, directors, agents, 

  
 4 

 
stockholders, successors, and assigns from any and all past, present, and future actions, liabilities, and all other claims whatsoever, whether in contract or in tort or pursuant to statute,
whether known now or at any other time, based in whole or in part on any matter occurring prior to the date hereof, and whether relating to claims pending on, or asserted after, the date hereof, with respect to (i) the Stock, except as to its
right to enforce the terms of this Agreement, or (ii) the Investor’s Rights Agreement and any of the rights or obligations thereunder. 

ARTICLE V 

MISCELLANEOUS 

Section 5.1 Termination of Investor’s Rights Agreement. Except with respect to Section 3.7 thereof, the Parties hereby
confirm that the Investor’s Rights Agreement, and the rights and obligations of each Party thereunder (including, without limitation, the Company’s registration obligations pursuant to Section 2, Coventry’ right to designate a
member of the Company’s Board pursuant to Section 3, and Coventry’ agreement with respect to the transfer of the Stock pursuant to Section 4) will terminate upon the Closing; provided, however, that pursuant to
Section 3.5 of the Investor’s Rights Agreement, the current Investor Designee (as therein defined) may continue as a member of the Board until the Company’s next annual meeting of stockholders; provided, further, that
the confidentiality obligations of the Investor Designee pursuant to (i) the Investor’s Rights Agreement, (ii) that certain confidentiality agreement, dated as of July 2, 2010, by and between the Company and Fred Wilkinson (as
Investor Designee), and (iii) any other confidentiality obligations of the Investor Designee, including under applicable law (which obligations shall specifically include, among other things, maintaining the confidentiality of any and all
information that was received by the Investor Designee pursuant to his service on the Board), shall all survive termination of the Investor’s Rights Agreement. 

Section 5.2 Expenses. Each Party hereto shall pay its own expenses in connection with the transactions contemplated hereby,
whether or not such transactions shall be consummated, except as otherwise expressly provided in this Agreement or any other agreement entered into between the Parties. 

Section 5.3 Notices. All notices, requests, demands, waivers and other communications required or permitted to be given under this
Agreement and any other documents executed in connection herewith shall be in writing and shall be deemed to have been duly given if (i) delivered personally, (ii) mailed, certified or registered mail, with postage prepaid or
(iii) sent by next-day or overnight mail or delivery or sent by facsimile (upon written confirmation of receipt) as follows: 
 If
to Company: 
 Columbia Laboratories, Inc. 

4 Liberty Square 
 Boston,
Massachusetts 02109 
 Attention: Jonathan Lloyd Jones 

Fax: (617) 482-0618 

  
 5 

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

Reed Smith, LLP 
 599 Lexington
Avenue 
 New York, New York 10022 

Attention: Herbert Kozlov, Esq. 

Fax: (212) 521-5450 
 If
to Coventry: 
 Coventry Acquisition, LLC 

Actavis, Inc. 
 Morris Corporate
Center III 
 400 Interpace Parkway 

Parsippany, New Jersey 07054 

Attention: Sig Kirk 
 Senior
Vice President, Corporate Business Development 
 Fax: (862) 261-8043 

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

Chief Legal Officer – Global and Secretary 

Fax: (862) 261-8043 
 or to such other
Person or address as either Party shall specify by notice in writing in accordance with this Section 5.3 to the other Party hereto. All such notices, requests, demands, waivers and other communications shall be deemed to have been received
(i) if by personal delivery on the day after such delivery, (ii) if by certified or registered mail, on the fifth business day after the mailing thereof, (iii) if by next-day or overnight mail or delivery, on the day delivered and
(iv) if by fax, on the next day following the day on which such fax was sent. 
 Section 5.4 Governing Law; Consent to
Exclusive Jurisdiction. 
 (a) This Agreement shall be construed in accordance with and governed by the laws of the State of New York
applicable to agreements made and to be performed wholly within such jurisdiction. 
 (b) The state or federal courts located within the
State of New York shall have exclusive jurisdiction over any and all disputes between the Parties hereto, whether in law or equity, arising out of or relating to this Agreement and the agreements, instruments and documents contemplated hereby and
the Parties consent to and agree to submit to the exclusive 

  
 6 

 
jurisdiction of such courts. Each of the Parties hereby waives and agrees not to assert in any such dispute, to the fullest extent permitted by applicable law, any claim that (i) such Party
is not personally subject to the jurisdiction of such courts, (ii) such Party and such Party’s property is immune from any legal process issued by such courts or (iii) any litigation or other proceeding commenced in such courts is
brought in an inconvenient forum. The Parties hereby agree that the mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 5.3, or in such other manner as may be permitted by law,
shall be valid and sufficient service thereof and hereby waive any objections to service accomplished in the manner herein provided. 

Section 5.5 WAIVER OF JURY TRIAL. THE PARTIES TO THIS AGREEMENT IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY OF ANY
CAUSE OF ACTION, CLAIM, COUNTERCLAIM OR CROSS-COMPLAINT IN ANY ACTION OR OTHER PROCEEDING BROUGHT BY ANY PARTY TO THIS AGREEMENT AGAINST ANY OTHER PARTY TO THIS AGREEMENT WITH RESPECT TO ANY MATTER ARISING OUT OF, OR IN ANY WAY CONNECTED WITH OR
RELATED TO THIS AGREEMENT OR ANY PORTION OF THIS AGREEMENT, WHETHER BASED UPON CONTRACTUAL, STATUTORY, TORTIOUS OR OTHER THEORIES OF LIABILITY. EACH PARTY REPRESENTS THAT IT HAS CONSULTED WITH COUNSEL REGARDING THE MEANING AND EFFECT OF THE
FOREGOING WAIVER OF ITS RIGHT TO A JURY TRIAL. 
 Section 5.6 Binding Effect; Assignment. This Agreement shall be binding upon
and inure to the benefit of the Parties hereto and their respective successors, permitted assigns, representatives, heirs and beneficiaries, as applicable. 

Section 5.7 No Third Party Beneficiaries. Nothing in this Agreement shall confer any rights upon any person or entity other than
the Parties hereto and their respective successors. 
 Section 5.8 Further Assurances. Each Party agrees to execute such further
documents and instruments as shall be necessary to fully carry out the terms of this Agreement. Any consent or approval required of Coventry or the Company by this Agreement shall not be unreasonably withheld. Each Party agrees that for a reasonable
period of time after the date hereof, each will reasonably cooperate with the other Party by making available through its respective officers, agents, employees and counsel such information and other cooperation as is reasonably requested by the
other Party. 
 Section 5.9 Headings. Section headings are inserted herein for convenience only and do not form a part of this
Agreement. 
 Section 5.10 Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed
an original and all of which shall together constitute one and the same instrument. The reproduction of signatures by means of fax, portable document format (.pdf) or other electronic means shall be treated as though such reproductions are executed
originals. 

  
 7 

 Section 5.11 Entire Agreement. This Agreement constitutes the entire agreement
between Company and Coventry and supersedes all prior agreements and understandings, both written and oral, among the Parties with respect to the subject matter hereof. 

Section 5.12 Amendments. No amendment, modification or discharge of this Agreement, and no waiver hereunder, shall be valid or
binding unless set forth in writing and duly executed by the Party against whom enforcement of the amendment, modification, discharge or waiver is sought. Any such waiver shall constitute a waiver only with respect to the specific matter described
in such writing and shall in no way impair the rights of the Party granting such waiver in any other respect or at any other time. Neither the waiver by any of the Parties hereto of a breach of or a default under any of the provisions of this
Agreement, nor the failure by any of the Parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall be construed as a waiver of any other breach or default of a
similar nature, or as a waiver of any of such provisions, rights or privileges hereunder. 
 Section 5.13 Severability. If any
term, provision or restriction of this Agreement shall be held invalid, void, illegal or unenforceable, the remainder of the terms, provisions and restrictions of this Agreement will remain in full force and effect and will in no way be affected,
impaired or invalidated. 
 [Remainder of Page Intentionally Left Blank; Signature Page Follows] 

  
 8 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date
first written above. 
  

			
	COLUMBIA LABORATORIES, INC.
		
	By:	 	 /s/ Frank Condella

		
		 	    Name: Frank Condella
		
		 	    Title: President & CEO
	
	COVENTRY ACQUISITION, LLC
		
	By:	 	 /s/ David Buchen

		
		 	    Name: David Buchen
		
		 	    Title: Secretary

 [Signature Page to Stock Purchase Agreement]

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