Document:

EX-10.3

 Exhibit 10.3 

INVESTMENT MANAGEMENT TRUST AGREEMENT 

This INVESTMENT MANAGEMENT TRUST AGREEMENT (this “Agreement”) is made and entered into effective as of
[●], 2022, by and between Noble Education Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, LLC, a New York corporation (the
“Trustee”). 
 WHEREAS, the Company’s registration statement on Form
S-1, No. 333-265146 (the “Registration Statement”) and prospectus (the “Prospectus”) for the initial public offering
of the Company’s units (the “Units”), each of which consists of one share of the Company’s Class A common stock, having a par value of $0.0001 per share (the “Class A
Common Stock”), one right, with each right entitling the holder thereof to receive one-tenth of one share of Class A Common Stock, and one redeemable warrant, with each warrant entitling the
holder thereof to purchase one share of Class A Common Stock (such initial public offering hereinafter referred to as the “Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange
Commission; 
 WHEREAS, the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”)
with EF Hutton, division of Benchmark Investments, LLC formerly known as Kingswood Capital Markets, division of Benchmark Investments, LLC, as representative (the “Representative”) of the several underwriters (the
“Underwriters”); 
 WHEREAS, as described in the Prospectus, $101,500,000 of the gross proceeds of the
Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement) (or ($116,725,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a
segregated trust account located at all times in the United States (the “Trust Account”) for the benefit of the Company and the holders of the Class A Common Stock included in the Units issued in the Offering as
hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the shareholders for whose benefit the Trustee shall hold the Property
will be referred to as the “Public Shareholders,” and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); 

WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to $3,500,000 or $4,025,000 if the Underwriters’
over-allotment option is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon and concurrently with the consummation of the Business Combination (as
defined below) (the “Deferred Discount”); and 
 WHEREAS, the Company and the Trustee desire to enter into
this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property. 
 NOW THEREFORE, IT IS
AGREED: 
 1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: 

(a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the
Trustee in the United States J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more) in the United States, maintained by the Trustee and at a brokerage institution selected by
the Trustee that is reasonably satisfactory to the Company; 
 (b) Manage, supervise and administer the Trust Account subject to the terms
and conditions set forth herein; 
 (c) In a timely manner, upon the written instruction of the Company, invest and reinvest the Property in
United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2),
(d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined by the
Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; and while the account
funds are invested or uninvested, the Trustee may earn bank credits or other consideration; 

  
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 (d) Collect and receive, when due, all interest or other income arising from the Property,
which shall become part of the “Property,” as such term is used herein; 
 (e) Promptly notify the Company and the Representative
of all communications received by the Trustee with respect to any Property requiring action by the Company;
 (f) Supply any necessary
information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s preparation of the tax returns relating to assets held in the Trust Account; 

(g) Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when
instructed by the Company to do so; 
 (h) Render to the Company monthly written statements of the activities of, and amounts in, the Trust
Account reflecting all receipts and disbursements of the Trust Account; 
 (i) Commence liquidation of the Trust Account only after and
promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit
A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, Secretary or Co-Chairmen of the board of directors of the Company
(the “Board”) or other authorized officer of the Company, and, in the case of Exhibit A, acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the
Property in the Trust Account, including interest not previously released to the Company to pay its taxes, only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is the later of (i) 18
months after the closing of the offering or (ii) such later date as may be approved by the Company’s shareholders in accordance with the Company’s amended and restated certificate of incorporation, if a Termination Letter has not been
received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account,
including interest not previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed to the Public Shareholders of record as of such date.

 (j) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the Company to cover any tax obligation owed by the Company as a result of assets of the Company or
interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing
authority; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the
Company in writing to make such distribution so long as there is no reduction in the principal amount per share initially deposited in the Trust Account. The written request of the Company in the form of Exhibit C referenced above
shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request (it being acknowledged and agreed that any such amount in excess of interest income earned on
the Property shall not be payable from the Trust Account); 
 (k) Upon written request from the Company, which may be given from time to
time in a form substantially similar to that attached hereto as Exhibit D, the Trustee shall distribute to the Public Shareholders of record as of such date the amount requested by the Company to be used to redeem Class A Common
Stock from Public Shareholders properly submitted in connection with a shareholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (a) to modify the substance or timing of the Company’s
obligation to redeem 100% of the Class A Common Stock included in the Units sold in the Offering if the Company has not consummated an initial Business Combination within such time as is described in the Company’s amended and restated
certificate of incorporation or (b) with respect to any other provisions relating to shareholders’ rights or pre-initial Business Combination activity. The written request of the Company referenced
above shall constitute presumptive evidence that the Company is entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request; and

  
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 (l) Not make any withdrawals or distributions from the Trust Account other than pursuant to
Section 1(i), (j) or (k) above. 
 2. Agreements and Covenants of the Company. The
Company hereby agrees and covenants to: 
 (a) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Co-Chairmen of the Board, Chief Executive Officer, Chief Financial Officer or Secretary. In addition, except with respect to its duties under Sections 1(i), 1(j) and 1(k) hereof, the Trustee
shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized above to give written
instructions, provided that the Company shall promptly confirm such instructions in writing; 
 (b) Subject to Section
4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder
and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee
hereunder, or the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim
or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the
“Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect to the selection of
counsel, which consent shall not be unreasonably withheld or delayed. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld or delayed. The
Company may participate in such action with its own counsel; 
 (c) Pay the Trustee the fees set forth on Schedule
A hereto, including an initial acceptance fee, annual administration fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be
used to pay such fees unless and until the consummation of the Business Combination (as defined below). The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The
Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof; 

(d) In connection with any vote of the Company’s shareholders regarding a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination involving the Company and one or more businesses (the “Business Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the
shareholder meeting verifying the vote of such shareholders regarding such Business Combination; 
 (e) Provide the Representative with a
copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same; 

(f) Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee to
make any distributions that are not permitted under this Agreement;
 (g) Within four (4) business days after the Underwriters exercise
the over-allotment option (or any unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which shall in no event be less than $3,500,000; and

  
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 (h) Unless otherwise agreed between the Company and the Representative, ensure that any
Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid directly to the account or accounts directed
by the Representative on behalf of the Underwriters prior to any transfer of the funds held in the Trust Account to the Company or any other person. 

3. Limitations of Liability. The Trustee shall have no responsibility or liability to: 

(a) Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement
and that which is expressly set forth herein; 
 (b) Take any action with respect to the Property, other than as directed in
Section 1 hereof, and the Trustee shall have no liability to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct; 

(c) Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses
incident thereto; 
 (d) Refund any depreciation in principal of any Property; 

(e) Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee; 
 (f) The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the Trustee’s reasonable best judgment, except for the Trustee’s gross negligence,
fraud or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee, which counsel may be the
Company’s counsel), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein
contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification,
termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it
shall give its prior written consent thereto; 
 (g) Verify the accuracy of the information contained in the Registration Statement; 

(h) Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as
contemplated by the Registration Statement; 
 (i) File information returns with respect to the Trust Account with any local, state or
federal taxing authority or provide periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property; 

(j) Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and
activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof;
or
 (k) Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant
to Sections 1(i), 1(j) and 1(k) hereof. 
 4. Trust Account Waiver. The Trustee
has no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any
monies in, the Trust Account that it may have now or in the future. In the event the Trustee has any Claim against the Company 

  
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under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company
and its assets outside the Trust Account and not against the Property or any monies in the Trust Account. 
 5. Termination.
This Agreement shall terminate as follows: 
 (a) If the Trustee gives written notice to the Company that it desires to resign under this
Agreement, the Company shall use its reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the Company notifies the Trustee that a successor trustee has
been appointed and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and
statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the
Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune
from any liability whatsoever; or 
 (b) At such time that the Trustee has completed the liquidation of the Trust Account and its
obligations in accordance with the provisions of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section
2(b). 
 6. Miscellaneous. 

(a) The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to
believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including,
account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct,
the Trustee shall not be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds. 

(b) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and
together shall constitute but one instrument. 
 (c) This Agreement contains the entire agreement and understanding of the parties hereto
with respect to the subject matter hereof. This Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed by each of the parties hereto. 

(d) Except for Section 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended
or deleted without the affirmative vote of sixty-five percent (65%) of the then outstanding shares of Class A Common Stock and Class B common stock, having a nominal or par value of $0.0001 per share, of the Company (the
“Class B Common Stock”), voting together as a single class; provided that no such amendment will affect any Public Shareholder who has properly elected to redeem his or her
Class A Common Stock in connection with a shareholder vote to amend this Agreement to modify the substance or timing of the Company’s obligation to provide for the redemption of the Class A Common Stock in connection with an initial
Business Combination or an amendment or to redeem 100% of its Class A Common Stock if the Company does not complete its initial Business Combination within the time frame specified in the Company’s amended and restated certificate of
incorporation), this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed by each of the parties hereto.

(e) The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New York,
for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY. 

  
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 (f) Any notice, consent or request to be given in connection with any of the terms or
provisions of this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile or email transmission: 

if to the Trustee, to: 
 Continental Stock
Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, NY 10004 
 Attn: Francis
Wolf and Celeste Gonzalez 
 Email: fwolf@continentalstock.com 

Email: cgonzalez@continentalstock.com 
 if to the
Company, to: 
 Noble Education Acquisition Corp. 

1000 Brickell Plaza, Unit 3005 

Miami, FL 33131 
 Email:
david@neatacquisition.com 
 Attn.: David Noble, Chief Executive Officer and Co-Chairman 

in each case, with copies to: 
 Goodwin Procter
LLP 
 The New York Times Building 

620 Eight Avenue 
 New York, NY
10018 
 Attn.: Thomas Levato, Esq. 

Telephone No.: (212) 813-8800 

Email: tlevato@goodwinlaw.com 
 and 

EF Hutton, division of Benchmark Investments, LLC 

590 Madison Avenue 
 39th Floor 
 New York, NY 10022 

Attn.: Legal Department 
 and 

McDermott Will & Emery LLP 

One Vanderbilt Avenue 
 New York,
NY 10017 
 Attention: Robert H. Cohen, Esq. 

Telephone No.: (212) 547-5400 

Email: rcohen@mwe.com
 (g) Each
of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees
that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. 

  
 6 

 (h) This Agreement is the joint product of the Trustee and the Company and each provision
hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto. 

(i) This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid and sufficient delivery thereof. 

(j) Each of the Company and the Trustee hereby acknowledges and agrees that the Representative, on behalf of the Underwriters, is a
third-party beneficiary of this Agreement. 
 (k) Except as specified herein, no party to this Agreement may assign its rights or delegate
its obligations hereunder to any other person or entity. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust
Agreement as of the date first written above. 
  

			
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
		
	By:	 	  

	Name:	 	Francis Wolf
	Title:	 	Vice President
	
	NOBLE EDUCATION ACQUISITION CORP.
		
	By:	 	  

	Name:	 	David Noble
	Title:	 	Chief Executive Officer and Co-Chairman

 [Signature Page to Investment Management Trust Agreement] 

 SCHEDULE A 

 

							
	 Fee Item
	  	 Time and method of payment
	  	Amount	 
	 Initial set-up fee.
	  	 Initial closing of Offering by wire transfer.
	  	$	 3,500.00	 
			
	 Trustee administration fee
	  	 Payable annually. First year fee payable at initial closing of Offering by wire transfer
thereafter by wire transfer or check.
	  	$	 10,000.00	 
			
	 Transaction processing fee for disbursements to Company under Sections 1(i), 1(j)
and 1(k)
	  	 Billed to Company following disbursement made to Company under Section 1
	  	$	 250.00	 
			
	 Paying Agent services as required pursuant to Section 1(i) and 1(k)
	  	 Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)
	  	 	Prevailing rates	 

 EXHIBIT A 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, New York 10004 
 Attn: Francis Wolf and Celeste Gonzalez

 Re: Trust Account - Termination Letter 
 Dear
Mr. Wolf and Ms. Gonzalez: 
 Pursuant to Section 1(i) of the Investment Management Trust Agreement, by and
between Noble Education Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2022 (the “Trust
Agreement”), this is to advise you that the Company has entered into an agreement with [                    ] (the “Target
Business”) to consummate a business combination with Target Business (the “Business Combination”) on or about [insert date]. The Company shall notify you at least
seventy-two (72) hours in advance of the actual date of the consummation of the Business Combination (or such shorter time period as you may agree) (the “Consummation Date”).
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 
 In accordance with the terms of
the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account and to transfer the proceeds into a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation
Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation Date (including as directed to it by the Representative on behalf of the
Underwriters (with respect to the Deferred Discount)). It is acknowledged and agreed that while the funds are on deposit in the trust operating account at J.P. Morgan Chase Bank, N.A., awaiting distribution, the Company will not earn any interest or
dividends. 
 On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business
Combination has been consummated, or will be consummated concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”) and (ii) the Company shall deliver to you a certification
by the Chief Executive Officer of the vote with an affidavit which verifies that the Business Combination has been approved by a vote of the Company’s shareholders, if a vote is held and (b) a written instruction signed by the Company and
the Representative with respect to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount to the Representative from the Trust Account (the “Instruction Letter”). You are hereby
directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in
the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed
after the Consummation Date to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be
terminated. 
 In the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we
have not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust Account shall be reinvested as provided
in Section 1(c) of the Trust Agreement on the business day immediately following the Consummation Date as set forth in such written instruction as soon thereafter as possible. 

 
			
	Very truly yours,
	
	Noble Education Acquisition Corp.
		
	By:	 	          

	Name:	 	
	Title:	 	

  

			
	EF Hutton, division of Benchmark Investments, LLC
		
	By:	 	          

	Name:	 	
	Title:	 	

 EXHIBIT B 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, New York 10004 
 Attn: Francis Wolf and Celeste Gonzalez

 Re: Trust Account - Termination Letter 
 Dear
Mr. Wolf and Ms. Gonzalez: 
 Pursuant to Section 1(i) of the Investment Management Trust Agreement, by and between
Noble Education Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2022 (the “Trust Agreement”),
this is to advise you that the Company has been unable to effect a business combination with a Target Business within the time frame specified in the Company’s amended and restated certificate of incorporation, as described in the
Company’s Prospectus relating to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

In accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to
transfer the total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Shareholders. The Company has selected
[                    ](1) as the effective date for the purpose of determining when the Public
Shareholders will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public
Shareholders in accordance with the terms of the Trust Agreement and the amended and restated certificate of incorporation of the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses
related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement. 

 

	(1) 	 18 months from the closing of the Offering or at a later date, if extended. 

 

			
	Very truly yours,
	
	Noble Education Acquisition Corp.
		
	By:	 	          

	Name:	 	
	Title:	 	

 EXHIBIT C 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, New York 10004 
 Attn: Francis Wolf and Celeste Gonzalez

 Re: Trust Account - Tax Payment Withdrawal Instruction 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(j) of the Investment Management Trust Agreement, by and between Noble Education Acquisition Corp. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2022 (the “Trust Agreement”), the Company hereby requests that you
deliver to the Company $[            ] of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth
in the Trust Agreement. 
 The Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax
statement. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at: 

 

			
	[WIRE INSTRUCTION INFORMATION]
	
	Very truly yours,
	
	Noble Education Acquisition Corp.
		
	By:	 	          

	Name:	 	
	Title:	 	

 EXHIBIT D 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, New York 10004 
 Attn: Francis Wolf and Celeste
Gonzalez: 
 Re: Trust Account - Shareholder Redemption Withdrawal Instruction 

Dear Mr. Wolf and Ms. Gonzalez 

Pursuant to Section 1(k) of the Investment Management Trust Agreement, by and between Noble Education Acquisition Corp. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2022 (the “Trust Agreement”), the Company hereby requests that you
deliver to the redeeming Public Shareholders $[            ] of the principal and interest income earned on the Property as of the date hereof into a segregated account held by you on
behalf of the Beneficiaries. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

Pursuant to Section 1(k) of the Trust Agreement, this is to advise you that the Company has sought an amendment. Accordingly,
in accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer $[            ] of the proceeds of the
Trust Account to the trust operating account at J.P. Morgan Chase Bank, N.A. for distribution to the shareholders that have requested redemption of their shares in connection with such amendment. 

 

			
	Very truly yours,
	
	Noble Education Acquisition Corp.
		
	By:	 	          

	Name:	 	
	Title:Exhibit
10.1

 

CONFIDENTIAL

 

Note:
Certain identified information has been excluded from this Exhibit because it is both not material and is the type that the registrant
treats as private or confidential.

 

Omitted
information is indicated with the following: [*]

 

ASSET
PURCHASE AGREEMENT

 

THIS
ASSET PURCHASE AGREEMENT (this “Agreement”) dated as of June 24, 2022 (the “Effective Date”), is
entered into between Eton Pharmaceuticals, Inc., a Delaware corporation (“Eton”), with a place of business at 21925
Field Pkwy, Suite 235, Deer Park, Illinois 60010, USA and Dr. Reddy’s Laboratories S.A., a Swiss company (“Dr. Reddy’s”),
with a place of business at Elisabethenanlage 11, CH - 4051, Basel, Switzerland.

 

RECITAL

 

A.
Eton owns, licenses, or otherwise holds certain rights to manufacture, package, promote, market, sell, distribute, commercialize and/or
otherwise exploit the Products (as defined below) and other assets related thereto; and

 

B.
Eton desires to sell, convey, transfer, assign and deliver the Assets (as defined below) and transfer certain liabilities associated
with Assets, and Dr. Reddy’s desires to purchase the Assets and assume such liabilities upon the terms and subject to the conditions
set forth herein.

 

NOW,
THEREFORE, in consideration of the foregoing and the representations, warranties, covenants, agreements and provisions set forth herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally
bound hereby, the parties hereby agree as follows:

 

1.
Definitions. For the purposes of this Agreement,
the following terms shall have the respective meanings set forth below, and grammatical variations of such terms shall have corresponding
meanings:

 

1.1
[*]

 

1.2
“Action” means any action, cause of action, claim, complaint, charge, suit, examination, demand, inquiry, investigation,
audit, indictment, litigation, hearing, mediation, arbitration or other proceeding, whether civil, criminal, administrative, judicial
or investigative, formal or informal, whether at Law or in equity and whether private or public, including by or before any Governmental
Entity.

 

1.3
“Affiliate” means, with respect to any Person, any other Person which directly or indirectly controls, is controlled
by, or is under common control with, such Person. A Person shall be regarded as in control of another Person if it owns, or directly
or indirectly controls, fifty percent (50%) or more of the voting stock or other ownership interest of the other Person, or if it directly
or indirectly possesses the power to direct or cause the direction of the management and policies of the other Person by any means whatsoever.

 

1.4
“Agreement” has the meaning set forth in the introductory paragraph.

 

    	1 

    	 

    

 

1.5
[*]

 

1.6
[*]

 

1.7
“Assets” means, collectively, (a) the Purchased Contracts (including all rights arising thereunder), (b) the Purchased
Domain Names, (c) the Purchased Regulatory Documents, (d) the Purchased IP Rights, (e) Purchased Records, (f) Purchased Causes of Action,
(g) the goodwill symbolized by the Purchased Trademark Rights, (h) except for the Excluded Assets set forth in (a)-(e) of Section 2.2,
any and all proceeds, recoveries, refunds, counterclaims and rights, with respect to any matters, whether arising prior to, on or after
the Effective Date that relate to any other Assets and (i) all goodwill and other intangible assets related to the Products or the Assets.

 

1.8
“Assignment of Domains” shall mean the certain Assignment of Domains Agreement to be entered into on the Effective
Date by and between the Dr. Reddy’s and Eton in the form attached hereto as Exhibit B-1.

 

1.9
“Assignment of Patents” shall mean the certain Assignment of Patents Agreement to be entered into on the Effective
Date by and between the Dr. Reddy’s and Eton in the form attached hereto as Exhibit B-2.

 

1.10
“Assignment of Trademarks” shall mean the certain Assignment of Trademarks Agreement to be entered into on the Effective
Date by and between the Dr. Reddy’s and Eton in the form attached hereto as Exhibit B-3.

 

1.11
“Assumed Liabilities” has the meaning set forth in Section 2.3.

 

1.12
“Audit Arbitrator” has the meaning set forth in Section 5.4.3.

 

1.13
“Bill of Sale and Assignment and Assumption Agreement” means the certain Bill of Sale and Assignment and Assumption
Agreement to be entered into on the Effective Date by and between Dr. Reddy’s and Eton in the form attached hereto as Exhibit B-4.

 

1.14
“Biorphen Product” means any phenylephrine hydrochloride product (including those covered by NDA No. N212909 or any
other Registrations).

 

1.15
“Business” means the development, manufacture, marketing, promotion, distribution or sale of the Products as of the
Effective Date.

 

1.16
“Charter Documents” means, with respect to any corporation or other legal entity, those instruments that, among other
things, (a) define its existence, as filed or recorded with the applicable Governmental Entity, including, such corporation’s or
other legal entity’s articles or certificate of incorporation, formation, organization or association, and (b) otherwise govern
its internal affairs, including, such corporation’s or legal entity’s bylaws or operating agreement.

 

1.17
“Claim” has the meaning set forth in Section 7.1.

 

    	2 

    	 

    

 

1.18
“Commercially Reasonable Efforts” means the level of diligence and effort that a [*] customarily devotes to
developing and/or commercializing, prosecuting, enforcing and defending intellectual property rights related to, and conducting related
activities, as applicable, a similar generic pharmaceutical product that such Person owns or controls which such product has similar
characteristics as the Product, is at a similar stage in its development or product life as the Product, taking into account all relevant
factors, including relative safety and efficacy, product profile, the proprietary position, the competitiveness of the marketplace and
the market potential of such products, the nature and extent of market exclusivity, including patent coverage and regulatory data protection,
price and reimbursement status and other relevant scientific, technical and commercial factors.

 

1.19
[*]

 

1.20
“Confidential Business Information” has the meaning set forth in Section 6.2.

 

1.21
“Contract” means any written or oral contract, covenant, arrangement, agreement, instrument, indenture, note, bond,
lease, conditional sales contract, mortgage, obligation, franchise, warranty, guaranty, undertaking, arrangement, understanding or other
binding commitment or purchase order, and all amendments thereto.

 

1.22
“Cysteine Product” means Product 6 (as referenced in Schedule 1.77) covered by ANDA No. 214082).

 

1.23
“Data Room” means that certain data room hosted on Box.com made available to Dr. Reddy’s prior to the Effective
Date.

 

1.24
“Devlin” means Devlin Law Firm LLC.

 

1.25
[*]

 

1.26
“Dr. Reddy’s” has the meaning set forth in the introductory paragraph.

 

1.27
“Dr. Reddy’s Indemnitees” has the meaning set forth in Section 7.1.

 

1.28
“Effective Date” has the meaning set forth in the introductory paragraph.

 

1.29
“Encumbrance” means any encumbrance, lien, charge, hypothecation, charge, claim, license, covenant not to sue, title
retentions, restriction on transfer of title, pledge, obligation to pay royalties, mortgage, adverse claim, option, preemptive right,
or other security interest of any nature, or any Contract to create any of the foregoing.

 

1.30
“Escrow Agent” means Citibank N.A.

 

1.31
“Escrow Agreement” means that certain Escrow Agreement by and among Eton, Dr. Reddy’s and the Escrow Agent governing
the administration of the Escrow Amount, in substantially the form attached hereto as Exhibit A.

 

    	3 

    	 

    

 

1.32
“Escrow Amount” means [*]

 

1.33
“Escrow Release Date” has the meaning set forth in Section 6.14.1.

 

1.34
“Eton” has the meaning set forth in the introductory paragraph.

 

1.35
“Eton Indemnitees” has the meaning set forth in Section 7.2.

 

1.36
“European Union” means, at any particular time, all countries that are then officially recognized as member states
of the European Union or members of the European Economic Area

 

1.37
“Excluded Assets” has the meaning set forth in Section 2.2.

 

1.38
“Excluded Liabilities” has the meaning set forth in Section 2.4.

 

1.39
“Exela Case” means Exela Pharma Sciences, LLC v. Eton Pharmaceuticals, Inc., No. 1:20-cv-00365 (D. Del.).

 

1.40
“FDA” means the Food and Drug Administration of the United States, or any successor thereto.

 

1.41
“FDCA” means the federal Food, Drug, and Cosmetic Act, as amended.

 

1.42
“Federal Health Care Programs” has the meaning set forth in Section 3.12.1(a).

 

1.43
“Financial Statements” has the meaning set forth in Section 3.3.

 

1.44
“First Commercial Sale” means, with respect to any Product, the first sale of such Product by Dr. Reddy’s, its
Licensees, or its or their respective Affiliates to a Third Party, after all applicable marketing and pricing approvals (if any) have
been granted by the applicable governing health authority. For the avoidance of doubt, sales prior to receipt of regulatory approvals
necessary to commence regular commercial sales, such as samples, promotional-use, so-called “treatment IND sales”, “named
patient sales” or “compassionate use sales”, shall not be construed as a First Commercial Sale.

 

1.45
“Fundamental Representations” means the representations and warranties in [*].

 

1.46
“GAAP” means United States generally accepted accounting principles, as in effect from time to time.

 

    	4 

    	 

    

 

1.47
                                            “Governmental Entity” means any government, any agency, bureau, board,
                                            commission, court, department, official, political subdivision, tribunal or other instrumentality
                                            of any government, whether multinational, national, foreign, domestic, territorial, federal,
                                            state, municipal or local, governmental entity, quasi-governmental entity, self-regulatory
                                            organization (including any securities exchange) or any judicial or public or private arbitrational
                                            body or tribunal, court, commission, board, bureau, agency or instrumentality or any regulatory,
                                            administrative or other department, political or other subdivision or branch of any of the
                                            foregoing.

 

1.48
“Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered
by or with any Governmental Entity.

 

1.49
[*] 

 

1.50
“Healthcare Regulatory Laws” means Laws relating to healthcare regulatory matters applicable to Eton, which may include:
(a) 42 U.S.C. §§ 1320a-7, 7a, and 7b, which are commonly referred to as the “Federal Fraud Statutes;” (b) Titles
XVIII and XIX of the Social Security Act (42 U.S.C. §§ 1395 et seq. and 1396 et seq.), respectively, the “Medicare Laws”
and the “Medicaid Laws;” (c) 42 U.S.C. § 263a, which is commonly referred to as the “Clinical Laboratory Improvement
Amendments of 1988” or “CLIA;” (d) 42 U.S.C. § 1395nn, which is commonly referred to as the “Stark Statute;”
(e) 31 U.S.C. §§ 3729-3733, which is commonly referred to as the “Federal False Claims Act;” (f) 42 U.S.C. §§
1320d through 1320d-8 and 42 C.F.R. §§ 160, 162 and 164, which are commonly referred to as the “Health Insurance Portability
and Accountability Act of 1996” or “HIPAA;” (g) 21 U.S.C. § 301-399i, which is commonly referred to as the “Food,
Drug, and Cosmetic Act;” (h) any federal, state or local applicable Law that regulates either the approval, clinical development,
manufacturing, promotion or distribution of products; (i) any federal or state law regulating the interactions with health care professionals
and reporting thereof, including Section 112G of the Social Security Act and its implementing regulations and state transparency and
disclosure laws; (j) Section 340B of the Public Health Service Act (42 U.S.C. § 256B); (k) Section 603 of the Veterans Health Care
Act (38 U.S.C. § 8126); (l) any federal, state or local statute or regulation requiring pharmaceutical manufacturers to report information
to Governmental Entities relating to Product price changes; or (m) any federal, state or local statute or regulation relevant to false
statements or claims including knowingly and willfully making or causing to be made any false statement or representation of a material
fact for use in determining rights to any benefit, payment or registration.

 

1.51
“Indebtedness” means, without duplication: (a) any monetary obligations of Eton for borrowed money (including all
obligations for principal, interest premiums, penalties, fees, expenses and breakage costs); (b) any monetary obligations of Eton evidenced
by any note, bond, debenture, agreement or other debt security (whether or not secured by an Encumbrance against the Assets or any other
properties and assets of Eton); (c) any monetary obligations of Eton under leases for personal property required by GAAP to be capitalized;
(d) any monetary obligations of a Person, other than Eton, secured by an Encumbrance against the Assets or any other properties and assets
of Eton; (e) any monetary obligations of Eton for the reimbursement of letters of credit, bankers’ acceptance, bankers’ guarantee
or similar credit transactions, but only to the extent actually drawn; (f) the net amount, which may be positive or negative, of any
obligations of Eton under any currency or interest rate swap, hedge or similar protection device; (g) liens for Taxes of Eton to the
extent related to the Assets; (h) all outstanding payment obligations for the deferred purchase price of property, goods or services;
(i) all accounts receivable that are more than ninety (90) days beyond the applicable due date, notwithstanding the terms and conditions
of the applicable Contract, (j) Liabilities in respect of any earned but unpaid bonuses, severance, change of control payments, unfunded
compensated leave or leave encashment, unfunded gratuity Liabilities, pension or any other retirement Liabilities, or other deferred
compensation; (k) any of the foregoing to the extent guaranteed by Eton, and (l) any interest, penalties or other similar fees incurred
in connection with any Liabilities described in clauses (a) through (k).

 

    	5 

    	 

    

 

1.52
“Indemnifying Party” has the meaning set forth in Section 7.3.1.

 

1.53
“Indemnitee” has the meaning set forth in Section 7.3.1.

 

1.54
“Information Privacy and Security Laws” means all Laws relating to privacy, data privacy, data protection, data security,
anti-spam, and consumer protection, and all regulations promulgated by any Governmental Entity thereunder, in each case that are applicable
to Eton or the Assets, which may include the Health Insurance Portability and Accountability Act, the Gramm-Leach-Bliley Act, the Federal
Information Security Management Act, the Fair Credit Reporting Act, the Fair and Accurate Credit Transaction Act, the Federal Trade Commission
Act, the Privacy Act of 1974, the CAN-SPAM Act, the Telephone Consumer Protection Act, the Telemarketing and Consumer Fraud and Abuse
Prevention Act, Children’s Online Privacy Protection Act, state consumer privacy laws, including the California Consumer Privacy
Act, state data security Laws, state data breach notification Laws, and Laws concerning requirements for website and mobile application
privacy policies and practices, call or electronic monitoring or recording or any outbound communications (including outbound calling
and text messaging, telemarketing, and e-mail marketing) and all equivalent Laws of any other jurisdiction.

 

1.55
“Intellectual Property” means any and all of the following in any jurisdiction throughout the world: (a) trademarks,
service marks, trade dress, trade names, logos, corporate names (including “doing business as” or “d/b/a” registrations),
and all other indicia or identifiers of source or origin (and all goodwill associated therewith and all registrations and applications
therefor); (b) copyrights and works of authorship, whether or not copyrightable; (c) Trade Secrets; (d) patents, patent applications,
and inventions whether or not patentable, along with any improvements, ideas, data, concepts, formulas, techniques, methods, prototypes,
protocols, processes associated with the foregoing (“Patents”); (e) domain names and social media account names or
identifiers; (f) Software; (g) hardware; and (h) all other intellectual and related proprietary rights, whether protected, created, or
arising by operation of law, in each case whether (i) granted under common law or by statute; (ii) registered or unregistered; (iii)
published or unpublished; and (iv) including, without limitation, (A) all registrations, recordings, applications, rights to obtain renewals,
derivations, continuations, reissues, extensions thereof; (B) all income, fees, royalties, damages, claims, payments and proceeds at
any time due or payable or asserted under or with respect to any of the foregoing, and (C) all rights to sue for past, present or future
misuses, misappropriations, or infringements thereof.

 

1.56
“Inventory” means all inventory that relates to a Product or is held for sale to customers of a Product, including
finished Product and any active pharmaceutical ingredients, spare parts, raw materials, containers, packaging and packaging supplies
and work-in-process related to a Product.

 

    	6 

    	 

    

 

1.57
“Knowledge of Eton” or “Eton’s Knowledge” (or similar phrases) means the actual knowledge,
after due and reasonable inquiry of (a) each officers of Eton, and (b) Sean Brynjelsen (Chief Executive Officer), David Krempa (Head
of Business Development), Bharathi Devarakonda, PhD (Senior Vice President, Regulatory Affairs & Technical Services), Ingrid Hoos
(Senior Vice President, Regulatory Affairs), Scott Grossenbach (Vice President, Sales Operations), Danka Radosavljevic (Vice President,
Quality), and Kevin Guthrie (Executive Vice-President, Commercial Operations). For the purposes of this definition, “reasonable
inquiry” shall not require Eton to obtain any new freedom to operate opinion from external counsel with respect to the representation
or warranty set forth in Section 3.7.2, provided, however, that shall not include any such freedom to operate opinion already
received by Eton prior to the Effective Date.

 

1.58
“Law” means any federal, national, territorial, state, municipal or local, foreign, multi-national or domestic statute,
act, law (including common law), treaty, ordinance, rule, regulation, order, writ, injunction, directive, judgment, award, code, Governmental
Order, approval, permit, decree, ruling or other legally-binding requirement, in each case, having the force and effect of law, or any
similar form of decision or approval of, or determination by, or binding interpretation or administration of, any of the foregoing issued,
enacted, adopted, promulgated, implemented or otherwise put in effect by or under the authority of a Governmental Entity.

 

1.59
“Liability” or “Liabilities” means any direct or indirect obligation, Indebtedness, liability,
claim, Loss, endorsement, cost, expense, damage (including punitive or exemplary damages and fines or penalties or interest thereon),
Taxes, deficiency, obligation or responsibility, whether known or unknown, fixed or unfixed, choate or inchoate, liquidated or unliquidated,
due or due to become due, secured or unsecured, accrued, absolute, contingent or otherwise.

 

1.60
“Licensed Intellectual Property” means any Intellectual Property that relates to the Product and is in-licensed by
Eton, but for which such license agreement is not being assigned to Dr. Reddy’s hereunder.

 

1.61
“Licensee” means a Third Party to whom Dr. Reddy’s or its Affiliate has granted a (sub)license, immunity or
other right under the Assets to offer to sell, sell or otherwise commercialize one or more Products, provided such license has not expired
or been terminated.

 

1.62
“Losses” shall mean all losses, costs, interest, Taxes, charges, expenses (including reasonable attorneys’ fees
or other professional fees and expenses), obligations, Liabilities, settlements, awards, judgments, fines, penalties, damages, assessments
or deficiencies, whether or not involving a Claim.

 

1.63
“Material Contracts” has the meaning set forth in Section 3.14.1.

 

1.64
“Material Customers” has the meaning set forth in Section 3.15.1.

 

1.65
“Material Suppliers” has the meaning set forth in Section 3.15.1.

 

1.66
“Milestone Information” has the meaning set forth in Section 5.4.1.

 

1.67
“Milestone Payments” has the meaning set forth in Section 5.2.

 

    	7 

    	 

    

 

1.68
“Milestone Period” means [*]

 

1.69
“Occurrences” means any individual or set of existences, events, developments, omissions, situations, occurrences,
circumstances, facts or takings.

 

1.70
“OFAC” has the meaning set forth in Section 3.12.3.

 

1.71
“Patent” has the meaning set forth in Section 1.56.

 

1.72
“Payor” has the meaning set forth in Section 3.15.2.

 

1.73
“Permits” has the meaning set forth in Section 3.11.2.

 

1.74
“Permitted Encumbrances” means (a) Encumbrances for Taxes not yet due and payable for which adequate reserves have
been established in accordance with GAAP; (b) mechanics’, carriers’, workers’, repairers’ and similar Encumbrances
arising or incurred in the ordinary course of business that are not yet due and payable and which are not, individually or in the aggregate,
material to the business, operations, financial condition of the assets of Eton; and (c) non-exclusive licenses pursuant to any Purchased
Contracts and granted in the ordinary course of business.

 

1.75
“Person” means any individual, partnership, firm, corporation, association, trust, unincorporated organization or
other entity, as well as any syndicate or group of any of the foregoing.

 

1.76
“Product” means the pharmaceutical products set forth on Schedule 1.77, including without limitation Rezipres
Product, Biorphen Product, Cysteine Product.

 

1.77
“Product Intellectual Property” has the meaning set forth in Section 3.7.1.

 

1.78
“Product Net Sales” means, with respect to a Biorphen Product, the gross sales price of such Product invoiced by Dr.
Reddy’s, its Licensees, or its or their respective Affiliates to customers in the United States who are not Affiliates (or are
Affiliates but are the end users of such Product) less the following deductions to the extent included in the gross invoiced sales price
for such Product or otherwise directly paid or incurred by or on behalf of Dr. Reddy’s with respect to the sale or other disposition
of such Product:

 

1.78.1
normal and customary trade and quantity discounts actually allowed and properly taken directly with respect to sales of a Products;

 

1.78.2
credits, bad debt, price adjustments or allowances given or made for rejection or return of previously sold Products or for retroactive
price reductions or failure to supply claims, recalls and billing errors, to the extent that such credits, price adjustments or allowances
are customary in the generic pharmaceutical industry and are actually allowed or accrued;

 

1.78.3
rebates, compulsory rebates, reimbursements, co-pay card discounts and chargeback payments granted to wholesalers or other distributors,
buying groups, managed health care organizations, pharmacy benefit managers (or equivalent thereof), national, state/provincial, local
and other governments, their agencies and purchasers and reimbursers, or to trade customers;

 

    	8 

    	 

    

 

1.78.4
costs of freight, shipping, special packaging, insurance and other transportation charges directly related to the distribution of a Product,
as well as distribution service fees and any fees for services provided by wholesalers and warehousing chains related to the distribution
of such Products; and

 

1.78.5
the portion of administrative fees paid during the relevant time period to group purchasing organizations, pharmaceutical benefit managers
or Medicare prescription drug plans;

 

1.78.6
that portion of the annual fee on prescription drug manufacturers imposed by Section 9000 et seq. of the Patient Protection and
Affordance Care Act, Pub. L. No. 111-148 (as amended) and reasonably allocable to sales of a Product (such amount to the extent paid
or becoming due); and

 

1.78.7
sales and excise taxes, value added taxes, and duties which fall due and are paid by the purchaser as a direct consequence of such sales
and any other governmental charges imposed upon the importation, use or sale of a Product, but only to the extent that such taxes and
duties are actually included and itemized in the gross sales amounts invoiced to and specifically paid by the purchaser over and above
the usual selling price of the Product;

 

Such
amounts shall be determined in accordance with IFRS, consistently applied.

 

In
no event will any particular amount identified above be deducted more than once in calculating Product Net Sales. Any free of charge
disposal or use of a Product for regulatory or marketing purposes, including sales in connection with a compulsory license, for clinical
studies purposes or compassionate, named patient, charitable, humanitarian program or similar use, will not be deemed a sale or disposition
for calculating Product Net Sales.

 

1.79
“Purchase Price” has the meaning set forth in Section 2.7.

 

1.80
“Purchased Causes of Action” means all present and future Actions (including the Exela Case), rights of set-off and
credits against Third Parties, in each case, that relate to any Asset.

 

1.81
“Purchased Contracts” means the Contracts set forth on Schedule 1.82.

 

1.82
“Purchased Domain Names” means the Internet domain names and social media account names or identifiers set forth on
Schedule 1.83.

 

1.83
“Purchased IP Rights” means the Purchased Patent Rights, the Purchased Know-How Rights, and the Purchased Trademark
Rights.

 

    	9 

    	 

    

 

1.84
“Purchased Know-How Rights” means all of Eton’s or its Affiliate’s Trade Secret and other know-how rights
or confidential information related to a Product or its use or manufacture as of the Effective Date.

 

1.85
“Purchased Patent Rights” means (a) all patents and patent applications (including provisional patent applications)
owned or purported to be owned by Eton or its Affiliates that claim a Product or its use as of the Effective Date (including those patents
and patent applications listed on Schedule 1.86), together with all divisionals, continuations and continuations-in-part that
claim priority to, or common priority with, the foregoing; (b) all patents issuing therefrom (including utility models and design patents
and certificates of invention); (c) all reissues, reexaminations, inter partes reviews, renewals, restorations, extensions and
supplementary protection certificates of any of the foregoing patent applications or patents; (d) all confirmation patents, registration
patents or patents of addition based on any of the foregoing patents; and (e) all foreign counterparts of any of the foregoing, or as
applicable portions thereof.

 

1.86
“Purchased Records” means all books, records and files, including customer and vendor lists, warranty details, marketing
and promotional materials, credit records maintained by Eton and related to a Product, other than the Purchased Regulatory Documents,
which includes all documents, if any, relating to the calculation of baseline AMP (“Baseline AMP Information”).

 

1.87
“Purchased Regulatory Documents” means all (a) Regulatory Filings and Registrations for the Products, (b) all adverse
event reports and other data, information and materials relating to adverse experiences and other safety issues submitted to any Governmental
Entity with respect to the Products and safety databases, and (c) all material correspondence with any Governmental Entity relating to
the Product, in each case, existing as of the Effective Date.

 

1.88
“Purchased Trademark Rights” means all trademarks, service marks, logos, slogans and trade names (whether or not registered)
owned or purported to be owned by Eton or its Affiliates that exist as of the Effective Date and are related to a Product, together with
all registrations, applications for registration, or renewals of the foregoing and all goodwill associated therewith, including those
listed on Schedule 1.89.

 

1.89
“Registration” means any registration, license, permit or governmental approval or clearance from the FDA or any other
regulatory authority necessary for the development, manufacture, marketing, use or sale of a human pharmaceutical product in the Territory.

 

1.90
“Regulatory Filing” means any New Drug Application or Abbreviated New Drug Application, or any other application,
notification or submission made to or with the FDA or any other regulatory authority for Registration of a human pharmaceutical product,
together with all amendments and supplements to any of the foregoing.

 

1.91
“Representatives” means with respect to any Person, any of such Person’s officers, directors, managers, employees,
shareholders, members, partners, controlling Persons, agents, consultants, advisors, and other representatives, including legal counsel,
accountants and financial advisors.

 

    	10 

    	 

    

 

1.92
“Restricted Business” means the research, development, manufacture, submission of Regulatory Filings for, offering
to sell, sale, marketing, solicitation of orders for, distribution, commercialization, exploitation or disposal of any Competitive Product.

 

1.93
“Restricted Period” has the meaning set forth in Section 6.10.1.

 

1.94
“Retained Sintetica Purchase Order” means that certain purchase order (PO No. 1466) dated May 12, 2022 issued to Sintetica
by Eton.

 

1.95
“Rezipres Product” means any ephedrine hydrochloride product covered by NDA No. N213536.

 

1.96
“Sintetica” means Sintetica SA, a Swiss company.

 

1.97
[*]

 

1.98
“Sintetica Letter” means that certain letter agreement among Eton, Sintetica and Dr. Reddy’s entered into on
or around the Effective Date.

 

1.99
“Sintetica Purchase Order” means that certain purchase order (PO No. 1465) dated May 12, 2022 issued to Sintetica
by Eton, a copy of which is attached hereto on Schedule 1.100.

 

1.100
“Software” means computer software, programs, data, and databases in any form, including internet web sites, and all
versions, updates, corrections, enhancements, replacements, and modifications thereof, and all documentation related thereto.

 

1.101
“Successful Court Outcome for Cysteine Injection” means, [*]

 

1.102
“Tax” or “Taxes” means any and all federal, state, local and foreign taxes, assessments and other
governmental charges, duties, impositions and liabilities, including taxes based upon or measured by gross receipts, income, profits,
sales, use and occupation, and value added, ad valorem, transfer, franchise, withholding, payroll, recapture, employment, excise and
property taxes as well as public imposts, fees and social security charges (including but not limited to health, unemployment and pension
insurance), together with all interest, penalties and additions imposed with respect to such amounts and any obligation under any agreement
or arrangement with any other Person with respect to such amounts and including any liability for taxes of a predecessor entity.

 

1.103
“Tax Return” means any return, report, declaration, form, claim for refund, information return or other document,
including any schedules or attachments thereto, filed or required to be filed with any Governmental Entity with respect to Taxes, including
any amendments thereof.

 

1.104
“Taxing Authority” means any Governmental Entity responsible for the administration or the imposition of any Tax.

 

1.105
“Territory” means the entire world.

 

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1.106
“Third Party” means any Person other than Eton, Dr. Reddy’s or their respective Affiliates.

 

1.107
“Trade Secrets” means any information protectable as a trade secret under applicable Law, which may include know-how,
inventions and invention disclosures (whether or not patentable), rights in inventions (including, discoveries, improvements, ideas,
data, pricing, cost-information, concepts, creative works, drawings formulas, formulations, patterns, techniques, prototypes, specifications,
protocols, and processes), technology, and business and technical information (including business and marketing plans, databases, data
compilations and collections, tools, methods, processes, techniques, and customer and supplier information).

 

1.108
“Upfront Payment” has the meaning set forth in Section 5.1.

 

1.109
“Xellia” means Xellia Pharmaceuticals USA, LLC, a Delaware limited liability company.

 

1.110
“Xellia Agreement” means that certain Co-Promotion Agreement dated January 6, 2020 by and between Eton and Xellia.

 

1.111
“XGen” means XGen Pharmaceuticals DJB, Inc., a New York corporation.

 

1.112
“XGen Agreement” means that certain Commercialization and Supply Agreement dated July 8, 2021 by and between Eton
and XGen.

 

2.
Purchase and Sale of the Assets.

 

2.1
Assets. Subject to the terms and conditions of this Agreement, Dr. Reddy’s hereby purchases from Eton, and Eton hereby sells,
conveys, transfers, assigns and delivers to Dr. Reddy’s, on the Effective Date, all of Eton’s right, title and interest in
and to the Assets, free and clear of any Encumbrances other than Permitted Encumbrances.

 

2.2
Excluded Assets. Notwithstanding anything to the contrary herein, except for the Assets, Dr. Reddy’s is not acquiring any
assets, properties or rights of Eton (collectively, the “Excluded Assets”), including without limitation (a) the Devlin
Law Agreement, the Xellia Agreement, the AL Pharma Agreement, the XGen Agreement, and the Contracts listed on Schedule 3.14.1(g) and/or
3.14.2, together with all rights under the foregoing, (b) the Licensed Intellectual Property, (c) all insurance policies of Eton and
all rights to applicable claims and proceeds thereunder, (d) the Retained Inventory, and (e) the Retained Sintetica Purchase Order and
all rights thereunder.

 

2.3
Assumed Liabilities. Subject to the terms and conditions of this Agreement, Dr. Reddy’s hereby agrees to assume, pay, perform,
and discharge any and all Liabilities or obligations to the extent arising out of or relating to any period, or any portion of any period,
on or after the Effective Date solely related to the Assets (the “Assumed Liabilities”), including: (i) all
Liabilities and/or obligations that first arose on or after the Effective Date under the Purchased Contracts; and (ii) all product liability
claims relating to a Product to the extent first brought or initiated on or after the Effective Date solely with respect to Product manufactured
on or after the Effective Date and sold by Dr. Reddy’s, its Affiliates or Licensees. For the avoidance of doubt, the Excluded Liabilities
set forth in (t) – (x) of Section 2.4 shall not be Assumed Liabilities.

 

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2.4
Excluded Liabilities. Notwithstanding anything to the contrary herein, except for the Assumed Liabilities, Dr. Reddy’s shall
not be obligated to assume, pay, perform, or discharge, and is not assuming, paying, performing or discharging (a) any Liabilities of
Eton or any of its Affiliates arising out of, relating to or otherwise in respect of the Assets to the extent arising out of or relating
to any period, or any portion of any period, prior to the Effective Date, (b) any Liabilities of Eton or any of its Affiliates that are
not Assumed Liabilities (whether arising prior to, on or after the Effective Date), (collectively, the “Excluded Liabilities”),
including without limitation, (t) any Liabilities under the Retained Sintetica Purchase Order, (v) all Liabilities relating to the Excluded
Assets, (w) all Liabilities arising under the Xellia Agreement and XGen Agreement, (x) any Liabilities related to any chargebacks, rebates
or returns for Product sold by or on behalf of Eton, which, for clarity, includes any Product sold by or on behalf of Xellia and/or XGen,
(y) all Liabilities in connection with the [*] arising from or in connection with events occurring prior to or on the Effective Date
(which shall include all expert fees, consultant fees, attorney fees), and (z) any attorney’s fees and expenses awarded in favor
of any counterparty of Eton (or its successor, including Dr. Reddy’s) to the Exela Case.

 

2.5
Transfer Documents. On or prior to the Effective Date, the parties will enter into (a) the Assignment of Patents, (b) the Assignment
of Trademark, (c) the Assignment of Domains, and (d) the Bill of Sale and Assignment and Assumption Agreement. In addition to the foregoing,
at such time as reasonably requested by a party on or after the Effective Date, the other party shall duly execute and deliver to such
party such bills of sale, assignment or other title transfer documents and instruments reasonably requested by such party evidencing
the sale, conveyance, transfer and assignment of the Assets in accordance with this Agreement, including without limitation assignment
agreement(s) for the Purchased IP Rights. Following the Effective Date, upon request from Dr. Reddy’s, Eton shall provide any Baseline
Amp Information in its possession or control.

 

2.6
License Grant. Subject to the terms and conditions of this Agreement, Eton hereby grants to Dr. Reddy’s a worldwide, royalty-free,
fully-paid up, irrevocable, non-exclusive, non-transferable (except as may be assignable pursuant to Section 8.6) and sublicensable
license under any Licensed Intellectual Property solely to research, develop, and commercialize one or more Products.

 

2.7
Consideration. The consideration for the sale to Dr. Reddy’s of the Assets and assumption of the Assumed Liabilities by
Dr. Reddy’s under this Agreement shall consist of the following (collectively, the “Purchase Price”):

 

2.7.1
The Upfront Payment; and

 

2.7.2
The Milestone Payments.

 

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2.8
Closing Deliverables of Dr. Reddy’s. Except as set forth below, on the Effective Date, Dr. Reddy’s shall pay or deliver
(as applicable):

 

2.8.1
to Eton, the Upfront Payment less the Escrow Amount, by wire transfer of immediately available funds to a bank account designated
in writing by Eton, which shall be provided to Dr. Reddy’s at least two (2) business days prior to the Effective Date; and

 

2.8.2
to the Escrow Agent, the Escrow Amount, by wire transfer of immediately available funds in accordance with the terms of the Escrow Agreement;

 

2.8.3
Assignment of Patents, the Assignment of Trademarks, the Assignment of Domains, and the Bill of Sale and Assignment and Assumption Agreement,
all duly executed by Dr. Reddy’s;

 

2.8.4
to Eton, the Escrow Agreement, duly executed by Dr. Reddy’s and the Escrow Agent; and

 

2.8.5
the Sintetica Letter, duly executed by Dr. Reddy’s.

 

2.9
Closing Deliverables of Eton. Except as set forth below, on or prior to the Effective Date, Eton shall deliver or cause to be
delivered to Dr. Reddy’s, as applicable:

 

2.9.1
a copy of the resolutions approving this Agreement and the transactions contemplated hereby on behalf of Eton;

 

2.9.2
the Escrow Agreement, duly executed by Eton;

 

2.9.3
the Assignment of Patents, the Assignment of Trademarks, the Assignment of Domains, and the Bill of Sale and Assignment and Assumption
Agreement, all duly executed by Eton;

 

2.9.4
evidence that all Encumbrances other than Permitted Encumbrances have been released with respect to the Assets to Dr. Reddy’s satisfaction;

 

2.9.5
evidence [*];

 

2.9.6
evidence that (a) the AL Pharma Agreement has been terminated, and (b) all of AL Pharma Inc.’s right, title and interest in the
AL Pharma IP (as defined in the AL Pharma Agreement) has been assigned to Eton, in each case (a) and (b), to Dr. Reddy’s satisfaction;

 

2.9.7
the Sintetica Letter, duly executed by Eton and Sintetica;

 

2.9.8
evidence that the Sintetica Purchase Order has been amended to have the Product ordered by Sintetica be manufactured with Dr. Reddy’s
trade dress to Dr. Reddy’s satisfaction;

 

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2.9.9
any assignment or other title transfer documents and instruments reasonably requested by Dr. Reddy’s, evidencing the sale, conveyance,
transfer and assignment of the Assets;

 

2.9.10
a written consent, in form and substance reasonably acceptable to Dr. Reddy’s, from each of the Persons set forth on Schedule
3.8(b)(i);

 

2.9.11
the [*]; and

 

2.9.12
such other agreements, consents, documents, instruments and writings as are reasonably requested by Dr. Reddy’s to be delivered
by Eton pursuant to this Agreement or otherwise reasonably required to consummate the transactions contemplated hereby.

 

Dr.
Reddy’s and Eton acknowledge that as of the Effective Date, the Escrow Agreement has not been executed and the escrow account has
not yet been opened. As soon as practicable following the Effective Date, Dr. Reddy’s and Eton each agree to enter into the Escrow
Agreement and provide all reasonable information and documents as reasonably requested by the Escrow Agent in order to establish the
escrow account. Dr. Reddy’s and Eton agree, that notwithstanding anything in the agreement to the contrary set forth in Section
2.8 or Section 2.9, within two (2) business days of the Effective Date, Dr. Reddy’s shall wire the Upfront Amount less the Escrow
Amount to Eton, and Dr. Reddy’s shall hold the Escrow Amount. Thereafter, upon the opening of the escrow account, Dr. Reddy’s
shall deliver to the Escrow Agent, the Escrow Amount, by wire transfer of immediately available funds in accordance with the terms of
the Escrow Agreement.

 

2.10
Allocation of Purchase Price. The Purchase Price shall be allocated, if an allocation is required, as set forth on Schedule
2.10. After the Effective Date, Eton and Dr. Reddy’s shall make consistent use of any allocation required under Section 1060
of the Internal Revenue Code for all Tax purposes and in all filings, declarations and reports with the Internal Revenue Service or any
other applicable Taxing Authority in respect thereof. In any and all actions, suits, proceedings, arbitration, or governmental or regulatory
investigations or audits related to the determination of any Tax, neither Eton nor Dr. Reddy’s shall contend or represent that
such allocation is not a correct allocation.

 

3.
Representations and Warranties of Eton. Eton
hereby represents and warrants to Dr. Reddy’s, as of the Effective Date, except as indicated on the disclosure schedules, if any,
attached to this Agreement, as follows:

 

3.1
Authority and Binding Effect. Eton has all requisite power and authority to execute and deliver this Agreement and other documents
and instruments contemplated hereby and thereby, and to consummate the transactions contemplated hereby and thereby. This Agreement and
other documents and instruments contemplated hereby, and the consummation by Eton of its obligations contained herein, have been duly
authorized by all necessary corporate actions of Eton and no other actions on the part of Eton is necessary to authorize this Agreement
and other documents and instruments contemplated hereby or to consummate the transactions contemplated hereby or thereby. This Agreement
and other documents and instruments contemplated hereby have been duly executed and delivered by Eton. This Agreement and other documents
and instruments contemplated hereby are valid and binding agreements of Eton, enforceable against Eton in accordance with their respective
terms.

 

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3.2
Organization and Standing. Eton is duly organized, validly existing and in good standing under the laws of the State of Delaware.
Eton is qualified to do business in each jurisdiction where such qualification is necessary and is in good standing in each such jurisdiction.
Eton has the requisite corporate power and authority necessary to enable it to own, lease, use, hold or otherwise conduct its business
as now owned, leased, used held or otherwise conducted.

 

3.3
Financial Statements. Except as would not have a material adverse effect on the Assets:

 

3.3.1
Complete copies of Eton’s audited financial statements consisting of the balance sheet of Eton as at December 31, 2021 and as at
December 31, 2020 and the related statements of income and retained earnings, stockholders’ equity and cash flow for the 12 month
periods then ended (the “Audited Financial Statements”), and unaudited financial statements consisting of the balance
sheet of Eton as at March 31, 2022 and the related statements of income and retained earnings and cash flow for the three-month period
then ended (the “Interim Financial Statements” and together with the Audited Financial Statements, the “Financial
Statements”) have been filed with the SEC and are publicly available. The Audited Financial Statements have been prepared in
accordance with GAAP and the Interim Financial Statements have been prepared in accordance with GAAP, both as applied on a consistent
basis throughout the period involved, subject, in the case of the Interim Financial Statements, to normal and recurring year-end adjustments
(the effect of which will not be materially adverse) and the absence of notes (that, if presented, would not differ materially from those
presented in the Audited Financial Statements). The Financial Statements are based on the books and records of Eton, and fairly present
the financial condition of Eton as of the respective dates they were prepared and the results of the operations of Eton for the periods
indicated. Eton maintains a standard system of accounting established and administered in accordance with GAAP, as the case may be.

 

3.4
No Undisclosed Liabilities. Except as incurred in the ordinary course of business (none of which are material (individually or
in the aggregate) or relate to breach of Contract, breach of warranty, tort, infringement, violation of Law, order or Permit, or any
Action), neither Eton nor the Business has any Liabilities of any kind and there is no Occurrence that would reasonably be expected to
result in any Liabilities except for (a) Liabilities reflected on and reserved against in on the face of the Financial Statements, and
(b) Liabilities that have arisen since January 1, 2021.

 

3.5
Title. Eton has good, valid and marketable title to each of the Assets, and each of the Assets is owned solely by Eton, free and
clear of any Encumbrances other than Permitted Encumbrances. The Assets constitute all of the rights, properties and assets that are
necessary to exploit the Products as they are exploited by Eton as of immediately prior to the Effective Date. To the Knowledge of Eton,
the Assets as of the Effective Date are all the rights, properties and assets of Eton that are necessary and sufficient to exploit, the
Products immediately following the Effective Date as they are exploited by Eton as of immediately prior to the Effective Date. The tangible
assets included in the Assets are (i) maintained in accordance with normal industry practice and (ii) are in good operating condition
and repair (subject to normal wear and tear).

 

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3.6
Inventory. Schedule 3.6 sets forth a true, complete and accurate list of Inventory in the possession or control of each
of Eton, Xellia, and XGen [*] existing as of the Effective Date. Schedule 3.6 further sets forth any Inventory that will
be received by Eton following the Effective Date that is not in its possession or control on the Effective Date. Eton has not introduced
or sold Product into the market in the Territory in a manner inconsistent with the actual demand of the market for Product in the Territory
(i.e., “channel stuffing” or “trade loading”).

 

3.7
Intellectual Property.

 

3.7.1
Schedule 3.7.1 sets forth all of the Intellectual Property that is (a) owned or purported to be owned by Eton, (b) registered
with a Governmental Entity or subject to an application for such a registration, and (c) related to the Products (together with
collectively, “Owned Intellectual Property”). Eton owns or controls all of the Owned Intellectual Property, free and
clear of all Encumbrances other than Permitted Encumbrances.

 

3.7.2
The (i) Owned Intellectual Property, and (ii) the Intellectual Property licensed to Eton pursuant to one or more Purchased Contracts
(the “In-Licensed IP,” and (i) and (ii), together with the Purchased Know-How Rights, collectively, the “Product
Intellectual Property”), includes all of the Intellectual Property used or purported to be used by Eton, its Affiliates or
its agents to design, develop, manufacture, license, market, distribute, maintain, repair, offer for sale, sell, or use the Products.
To Eton’s Knowledge, there are no other Intellectual Property that are necessary to design, develop, manufacture, license, market,
distribute, maintain, repair, offer for sale, sell, or use the Products. The consummation of the transactions contemplated hereby will
not result in the loss or impairment of Eton’s right to use any In-Licensed IP granted to it under the applicable license agreement
(other than the rights granted to Dr. Reddy’s hereunder).

 

3.7.3
All registered Product Intellectual Property is subsisting, valid and enforceable. All fees have been timely paid and all required communications
and responses timely filed with regard to all Product Intellectual Property subject to registration with a Governmental Entity or other
registrar, and Eton and their respective Representatives have complied with the duty of candor and disclosure, and have not made any
material misrepresentations in connection with the prosecution and maintenance of any patents and patent applications. No grants, funding,
facilities, or personnel of any Governmental Entity or university, research institution or similar entity was used to develop or create
(in whole or in part) any Product Intellectual Property. No Patent that is part of the Product Intellectual Property has been the subject
of or is now involved in any interference, reissue, reexamination, or inter partes proceeding (other than normal course proceedings regarding
the prosecution of patents). No Patent that is part of the Product Intellectual Property is subject to any compulsory license.

 

3.7.4
Neither the validity, enforceability nor scope of, nor Eton’s title or other rights to, any Product Intellectual Property, or to
the Knowledge of Eton, any other Product Intellectual Property, is currently being, or has been, challenged in any Action or threatened
to be challenged in any Action.

 

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3.7.5
There have been no Actions, and there are no Actions pending or, to the Knowledge of Eton, threatened against Eton, alleging that Eton
or any Person, is infringing, misappropriating or otherwise violating, or has infringed, misappropriated or otherwise violated, any of
the Intellectual Property rights of any Person in connection with the design, development, manufacture, licensing, marketing, distribution,
maintenance, repair, offering for sale, sale, or use the Products. There have been no Actions, and there are no Actions pending or threatened
by or on behalf of Eton, against any Person alleging infringement, misappropriation or other violation of any Product Intellectual Property.

 

3.7.6
All Product Intellectual Property are currently in compliance with applicable legal requirements and are not subject to any unpaid maintenance
or actions fees or Taxes or actions falling due within ninety (90) days after the Effective Date.

 

3.7.7
To the extent that any Assets were originally owned or created by or for any Person other than Eton, (a) Eton has obtained the complete,
unencumbered and unrestricted right to effect the transfer of the Assets from Eton to Dr. Reddy’s and confirms that such transfer
does not violate any such right to transfer; (b) no Person has retained or otherwise has any rights or licenses with respect to the Assets;
and (c) to the Knowledge of Eton, no valid basis exists for any such Person to challenge or object to this Agreement or the transactions
contemplated herein.

 

3.7.8
Eton has not transferred ownership of, or granted any license of or right to use, or authorized the retention of any rights to use, to
any Person any Assets, whether by settlement, coexistence agreement, covenant not to sue, waiver, release or other express grants or
right to use.

 

3.7.9
Eton is not required to make or accrue any royalty, milestone or other similar payment (excluding, for the avoidance of doubt, customary
payment obligations in exchange for the performance of services or purchase of goods) to any Person in connection with any of the Assets.

 

3.7.10
Eton is not using any Intellectual Property supplied by any Governmental Entity or any other Person for any purpose or in any manner
that is outside the scope of the rights provided in the applicable Contract with such Governmental Entity or any other Person.

 

3.7.11
Eton has (a) taken commercially reasonable measures, consistent with customary practices in the industry in which it operates, to protect
the confidentiality of all material Trade Secrets used in connection with the Business, and (b) executed either written confidentiality
and invention assignment agreements or written agreements incorporating confidentiality and invention assignment agreements or provisions
with all of its past and present employees, contractors, officers and consultants who have been employed or engaged to develop Intellectual
Property for Eton and pursuant to which such employees, contractors and consultants have (i) acknowledged that all Intellectual Property
they developed in the course of their engagement with Eton is Eton’s property and assigned all Intellectual Property that is developed
or discovered to Eton, and (ii) agreed to hold all Trade Secrets and proprietary information of Eton in confidence both during and after
their employment or engagement. Eton has not disclosed or delivered to any Person, or permitted the disclosure or delivery to any Person,
other than the authorized employees, which are subject to strict confidentiality provisions any material Trade Secrets used in connection
with the Business. No manager, director, officer, employee, consultant, or other representative of Eton owns or, to the Knowledge of
Eton, claims any rights in the Product Intellectual Property.

 

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3.7.12
Except as set forth on Schedule 3.7.12, (a) no Person has excluded the Product Intellectual Property from their respective confidentiality
and invention assignment agreement, (b) no Person is in breach, in any material respects, of their respective confidentiality and invention
assignment agreement, and (c) to Eton’s Knowledge, there has not been any disclosure of or access to any material Trade Secret
of the Business to any Person in a manner that has resulted or is reasonably likely to result in the loss of such Trade Secret and to
such information.

 

3.7.13
Eton has complied in all material respects with all Information Privacy and Security Laws. Eton has not been notified of (i) any Action
related to a data security or privacy event that was not authorized by Eton; (ii) an Action alleging a violation of any of Eton’s
privacy policies; or (iii) an Action alleging a violation of any Information Privacy and Security Law, nor has any such Action been threatened.

 

3.8
Conflicts; Consents. The execution and delivery by Eton of this Agreement and any agreements contemplated thereby, and the consummation
of the transactions contemplated hereby and thereby, and performance of the obligations hereunder and thereunder, (a) do not and will
not result in the violation of any provision of the Charter Documents of Eton, each as amended to date; (b) do not and will not (i) except
as set forth on Schedule 3.8(b)(i), require the consent, notice or other action by any Person under, (ii) conflict with, (iii)
result in a violation or breach of, or constitute a default or an Occurrence that, with or without notice or lapse of time or both, would
constitute a default under, (iv) result in the acceleration of, or (v) create any right to accelerate, terminate, modify or cancel, in
each case (i) through (v), any Contract that is related to the Products to which Eton or any of its properties or assets (including intangible
assets) is subject; (c) do not and will not violate any existing Law applicable to Eton or any of its properties or assets (tangible
and intangible), and (d) do not and will not result in the creation or imposition of any Encumbrance on any Assets. To Eton’s Knowledge,
no consent, authorization, Permit or approval or other action by, and no notice to or filing with, any Governmental Entity is or will
be required to be obtained or made by Eton in connection with the execution, delivery and performance by Eton of this Agreement and the
consummation by Eton of the transactions contemplated hereby.

 

3.9
Tax Matters.

 

3.9.1
Eton has timely filed all income and other Tax Returns with the appropriate Governmental Entity that it was required to file under applicable
Law that is in any way related to the Business or the Assets, and all such Tax Returns are true, correct, and complete in all material
respects.

 

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3.9.2
Eton has timely paid all income and other Taxes related to the Assets and the Business that are due and payable, except for Taxes being
contested in good faith through appropriate proceedings and for which adequate reserves have been established in the Financial Statements.

 

3.9.3
No audits or administrative or judicial proceedings are currently being conducted or have been threatened in writing with respect to
a material amount of Taxes of Eton.

 

3.10
Litigation and Proceedings. Except as set forth on Schedule 3.10, there is no Action (or any counter or cross-claim in
an Action brought by or on behalf of Eton) or, to Eton’s Knowledge, investigation, whether at law or in equity, or before or by
any Governmental Entity of any kind, that is pending or, to Eton’s Knowledge, threatened, against Eton. Eton is not subject to
any Governmental Order that relates to the Assets.

 

3.11
Compliance with Law/Permits.

 

3.11.1
Eton is in compliance with all, and is not in violation of any Law relating to the Assets or the exploitation of the Assets. No unresolved
(a) charges of violations of Laws relating to the Assets have been made or threatened; (b) proceedings or investigations relating to
the Assets are pending or have been threatened; and (c) citations or notices of deficiency relating to the Assets have been issued or
have been threatened, by any Governmental Entity.

 

3.11.2
Eton has all required licenses, franchises, permits, concessions, exemptions, orders, certificates, registrations, re-registrations,
applications, consents, approvals, qualifications or other similar authorizations and has complied with all directives issued by applicable
Governmental Entities, including all Registrations, to operate the Business (the “Permits”). Schedule 3.11.2
sets forth a list of the Registrations related to the Assets and, for each Registration, the name of the Registration, the Registration
number, and whether such Registration can be transferred or newly issued to Dr. Reddy’s on or prior to the Effective Date. True,
correct and complete copies of the Registrations have been provided to Dr. Reddy’s. The Registrations are valid and in full force
and effect, and none of the Registrations will be terminated as a result of the transactions contemplated by this Agreement. Eton is
in compliance in all material respects with all requirements, conditions, and upkeep for all Registrations. There has not occurred any
violation of, default (with or without notice or lapse of time or both) under, or event giving to others any right of termination, adverse
modification, suspension, revocation, or cancellation of, with or without notice or lapse of time or both, any Registration, including
any fee requirements. No event has occurred that would reasonably be expected to require or result in the termination, material adverse
modification, suspension, revocation, or cancellation of any Registration. No Action is pending or, to the Knowledge of Eton, threatened
regarding the termination, material adverse modification, suspension, revocation, or cancellation of any such Registration. As of the
date hereof, Eton has not received any written communication from any Governmental Entity threatening to withdraw, materially adversely
modify or suspend any Registration. All Regulatory Filings used in connection with any and all requests for a Registration, when submitted
to the FDA or any other Governmental Entity, were true, correct, and complete as of the date of submission, and any updates, changes,
corrections or modification with respect to such Registrations or Regulatory Filings, required under applicable Laws have been submitted
to the FDA or other relevant Governmental Entity.

 

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3.11.3
The Products are not and have not been adulterated or misbranded as defined by the FDCA and its implementing regulations, and complies
and has complied with all Registrations, as well as applicable Law and policies and guidance documents (e.g., Guidance to Industry) issued
by the FDA and any other Governmental Entity with respect to labeling, processing, storing, developing, manufacturing, packaging, distributing,
marketing, advertising, promoting, and selling of the Products.

 

3.11.4
(i) There have been no recalls, field corrections, market withdrawals, or suspensions conducted by or on behalf of Eton concerning a
Product, whether voluntary or otherwise; (ii) there are no pending Actions seeking a recall, field correction, market withdrawal, or
suspension of a Product or otherwise relating to the alleged lack of safety, efficacy, or regulatory compliance of a Product; and (iii)
there is not, and has not been, any notice of any adverse inspection, finding of deficiency, finding of non-compliance, 483 observation,
Action, penalty, untitled letter, warning letter, seizure, import alert, injunction or other compliance or enforcement action from or
by any Governmental Entity relating to a Product or any Product facility that is subject to the FDA’s registration requirements
under 21 C.F.R. Part 207, and that is owned (whether fully or partially), operated, or leased by Eton. Eton has provided true, correct
and complete copies of all applications, approvals, written notices of inspectional observations, establishment inspection reports, and
any other material correspondence received from any Governmental Entity, including the FDA, with respect to a Product, including any
correspondence that imposes any obligation on Eton with respect to post-marketing clinical studies for a Product or that allege, indicate,
imply, or suggest lack of compliance with a Permit or regulatory requirement of the FDA or any other Governmental Entity.

 

3.11.5
To Eton’s Knowledge, the Products have been in compliance in all respects with applicable Law, including (without limitation) current
Good Manufacturing Practices, establishment registration, product listing, adverse event reporting obligations, and any other applicable
requirements under the FDCA and its implementing regulations.

 

3.11.6
Eton has not received any claim, complaint, or communication, whether written or oral, (i) alleging that a Product failed to meet its
specifications set forth in applicable Registration, or (ii) alleging that a Product received by such Person was of poor or substandard
quality or incomplete upon receipt.

 

3.11.7
Eton is not party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders or similar material
agreements with or imposed by any Governmental Entity. Eton has not committed any act, made any statement or failed to make any statement
that would reasonably be expected to provide a basis for the FDA to invoke its policy with respect to “Fraud, Untrue Statements
of Material Facts, Bribery, and Illegal Gratuities,” as set forth in 56 Fed. Reg. 46191 (Sept. 10, 1991) and any amendments thereto,
or a similar policy enforced by any other Governmental Entity. Neither Eton nor any director, officer, employee, or agent thereof has
been convicted of any crime or engaged in any conduct for which debarment is mandated by 21 U.S.C. § 335a(a) or any similar Law.

 

    	21 

    	 

    

 

3.11.8
(i) Eton has not engaged in any speech, conduct, actions, or inactions, or failed to comply with any requirements under the FDCA and
its implementing regulations to render a Product adulterated or misbranded; (ii) Eton has not engaged in any off-label promotion, or
promotion of a Product without Permits; and (iii) Eton is in compliance with the written procedures, record-keeping and FDA reporting
requirements for adverse event reporting requirements set forth in 21 C.F.R. Part 314.

 

3.11.9
To the Knowledge of the Eton, the Products are being and have been developed in material compliance with applicable Law, including those
requirements relating to Good Manufacturing Practice, good laboratory practice and good clinical practice. Neither the Eton nor any of
its Affiliates have received (and, to the Knowledge of Eton, no agent developing any Product on its behalf) any (i) written notice from
the FDA or any other Governmental Entity, including the Office of Inspector General, any United States Attorney, the Department of Justice
or any attorney general of any jurisdiction, alleging that the Eton, such agent or any of their respective Affiliates has been or is
in violation of any Applicable Healthcare Regulatory Laws or other applicable Laws, or commencing or indicating an intention to conduct
an investigation, audit, or review, in each case, in connection with the conduct of the Business or the Assets; (ii) written notice of
inspectional observation (including those recorded on form FDA 483), warning letter, penalty, fine, sanction, request for recall or other
remedial action in connection with the conduct of the Business or the Assets; or (iii) other written documents issued by the FDA or any
other Governmental Entity alleging lack of compliance with any Applicable Healthcare Industry Laws or other applicable Laws by Eton,
its agents or any of their respective Affiliates, or any Person engaged by Eton, its agents or any of their respective Affiliates, to
provide any service with respect to any Product or otherwise in connection with the conduct of the Business or the Assets.

 

3.12
Anti-Corruption.

 

3.12.1
Eton has not been:

 

(a)
convicted of or charged or threatened in writing with prosecution or, to Knowledge of Eton, has been under investigation, by a Governmental
Entity (including, for purposes of this Section 3.12.1(a) only, a qui tam relator or similar whistleblower acting in the name of any
Governmental Entity) for any violation of a Healthcare Regulatory Law including any law applicable to a health care program defined in
42 U.S.C. § 1320a-7b(f) (“Federal Health Care Programs”);

 

(b)
convicted of, charged with, or, to the Knowledge of Eton, is under investigation for, any violation of applicable Law related to fraud,
theft, embezzlement, breach of fiduciary responsibility, financial misconduct, obstruction of an investigation, or manufacture, storage,
distribution or sale of controlled substances;

 

(c)
suspended, debarred or excluded from participation pursuant to the Healthcare Regulatory Laws;

 

(d)
excluded, suspended or debarred from participation, or is otherwise ineligible to participate, in any Federal Health Care Program, any
federal, state, or local governmental procurement or non-procurement program, or any other federal or state government program or activity,
or has otherwise received notice of a proposed exclusion, suspension, debarment, or ineligibility determination from any Governmental
Entity; or

 

    	22 

    	 

    

 

(e)
found to have committed any violation of Law that is reasonably expected to serve as the basis for any such exclusion, suspension, debarment
or other ineligibility.

 

3.12.2
Neither Eton nor, to the Knowledge of Eton, any of its directors, officers, employees, representatives or authorized agents, has (i)
made any payment of cash or other consideration (including payments or discounts to customers or clients or employees of customers or
clients) for purposes of doing business with such Persons, or taken any action, or failed to take any action, in violation of any Laws
prohibiting the payment of undisclosed commissions or bonuses; (ii) violated, or been investigated or made any voluntary disclosures
to any Governmental Entity with respect to any violation or potential violation of, any Healthcare Regulatory Law, the U.S. Foreign Corrupt
Practices Act of 1977, as amended, or the Anti-Kickback Act of 1986, as amended; (iii) made any illegal contribution, gift, bribe, rebate,
payoff, commission, promotional allowance, influence payment, kickback, or other payment or economic benefit or anything of value to
any person, in any country, private or public, regardless of what form, whether in money, property, or services; or (iv) paid, established
or maintained any funds or assets that have not been recorded in the books and records of Eton; or aided, abetted, caused (directly or
indirectly), participated in, or otherwise conspired with, any person or entity to violate the terms of any judgment, sentence, order
or decree of any court or Governmental Entity applicable to Eton or its Affiliates.

 

3.12.3
Except for transactions that have been authorized pursuant to specific licenses issued by the U.S. Office of Foreign Assets Control (“OFAC”),
since January 1 2021, neither the Eton nor, to the Knowledge of Eton, any of its directors, officers, employees, representatives or authorized
agents, has participated in any transaction in or involving (i) a party designated on the OFAC Specially Designated Nationals and Blocked
Persons List or other similar list, or owned fifty percent (50%) or more by one or more such parties, (ii) a country with which such
transactions by Eton or its Affiliates are prohibited pursuant to applicable Laws including U.S. economic sanctions administered by OFAC
(“sanctioned country”), or (iii) a government or national of a sanctioned country where prohibited by applicable Laws including
U.S. economic sanctions administered by OFAC.

 

3.12.4
Eton promptly and duly investigates any reports of alleged compliance violations, conducts internal audits and takes corrective action,
and to the Knowledge of Eton, there are no compliance problems.

 

3.13
Absence of Changes. Since January 1, 2021 to the date hereof, Eton has not mortgaged or pledged any material Assets or In-Licensed
IP.

 

3.14
Contracts.

 

3.14.1
Schedule 3.14 set forth a true, complete and correct list of the following Contracts to which Eton is a party as of the date hereof
and which relate to a Product (collectively, whether or not listed on Schedule 3.14, the “Material Contracts”):

 

    	23 

    	 

    

 

(a)
all Contracts pursuant to which Eton (i) made payments related to the Product or the Business to any third party in the twelve (12) month
period ended March 31, 2022 in excess of $25,000, or (ii) received payments related to the Product or the Business from any third party
in the twelve-month period ended March 31, 2022 in excess of $25,000;

 

(b)
any Contracts containing (i) any right of any exclusivity in favor of the other parties thereto, (ii) any covenant limiting, in any respect,
the ability of Eton to engage in any line of business or in any geographic area, to compete with any Person, to solicit, hire or engage
in transactions with the employees, suppliers or customers of another Person, or (iii) any “most favored nation” or similar
rights or any provision requiring Eton to purchase all or substantially all of its requirements of a particular product or good from
a particular supplier or containing minimum purchase obligations of Eton;

 

(c)
all Contracts relating to any joint venture or any collaboration, development, co-development, joint development, partnership, strategic
alliance, profit sharing or similar arrangement;

 

(d)
all Contracts pursuant to which any earn-out, deferred or contingent payment or other indemnification or material other obligations remain
outstanding, in each case, that relates to the acquisition or disposition of any business (whether by merger, sale of stock, sale of
assets or otherwise);

 

(e)
all Contracts entered into by Eton, on the one hand, and any of its Affiliates, on the other hand;

 

(f)
each settlement, conciliation, litigation “standstill” or similar Contract that imposes continuing obligations or restrictions
on Eton;

 

(g)
each Contract with a Governmental Entity; and

 

(h)
each Contract with a Material Customer or Material Supplier.

 

3.14.2
True, correct and complete copies of each Material Contract (in each case, including all amendments and supplements thereto) have been
made available to Dr. Reddy’s. Eton is not in violation of or in default under (nor are there existing conditions which with either
the passage of time or giving of notice or both would cause such a violation or default under) any such Material Contract. Each such
Material Contract is in full force and effect, and is a legal, valid and binding obligation of Eton, and, to the Knowledge of Eton, of
each of the other parties thereto, and is enforceable in accordance with its terms. Eton has not received notice that it is in violation
or breach of or in default under any such Material Contract.

    	24 

    	 

    

 

3.15
Customers and Suppliers; Payors.

 

3.15.1
Schedule 3.15.1 contains a true, complete and correct list of (a) the top ten (10) customers of Eton with respect to the Products
(determined by and setting forth the revenue) for the 2021 fiscal year and the period from January 1, 2022 through April 30, 2022 (the
“Material Customers”), and (b) the top ten (10) suppliers and/or vendors with respect to the Products (determined
by and setting forth the cost of items or services purchased) for the 2021 fiscal year and the period from January 1, 2022 through April
30, 2022 (the “Material Suppliers”). No Material Customer or Material Supplier has, during the twelve (12)-month period
prior to the date hereof, expressed to Eton its intention to cancel or otherwise terminate or materially adversely modify its relationship
with Eton or, with respect to the Business. Eton has not, during the twelve (12)-month period prior to the date hereof, canceled or otherwise
terminated or materially and adversely modified its relationship with any Material Customer or Material Supplier, including as it relates
to the Business.

 

3.15.2
Schedule 3.15.2 sets forth a true and complete list of all payors with which Eton had or has a contract for or that includes a
Product at any time during the calendar year ended December 31, 2021 or the three (3)-month period ended March 31, 2022 (each, a “Payor”)
and, for each Payor, a description of all rebates, reimbursements, discounts and price protection provisions set forth in the contract
with, or otherwise applicable to, such Payor. Schedule 3.15.2 shall indicate if any of the contracts with the Payors has terminated
or expired as of the date hereof. Eton has not received any notice that any of the Payors intends to modify or amend the payment terms
in its contract with Eton with respect to the Products.

 

3.16
Brokers and Finders. No agent, broker, investment banker, financial advisor or other Person is entitled to any broker’s,
finder’s or financial advisor’s fee or commission in connection with the transactions contemplated by this Agreement based
upon arrangements made by or on behalf of Eton.

 

3.17
Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS ARTICLE 3, ETON EXPRESSLY DISCLAIMS ANY REPRESENTATIONS OR WARRANTIES
OF ANY KIND OR NATURE, WHETHER STATUTORY, EXPRESS, OR IMPLIED, INCLUDING AS TO THE FUTURE CONDITION, FUTURE PROSPECTS, FORWARD LOOKING
STATEMENTS, OR VALUE OF THE ASSETS AND/OR ANY PRODUCT; AND EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS ARTICLE 3, ETON SPECIFICALLY
DISCLAIMS ANY REPRESENTATION OR WARRANTY OF MERCHANTABILITY, SUITABILITY, OR FITNESS FOR ANY PARTICULAR PURPOSE, NON-INFRINGEMENT OF
THIRD PARTY RIGHTS, AND ANY REPRESENTATION OR WARRANTY ARISING FROM ANY COURSE OF DEALING, USAGE, OR TRADE PRACTICES.

 

4.
Representations and Warranties of Dr. Reddy’s. Dr. Reddy’s
represents and warrants to Eton as follows:

 

4.1
Authority and Binding Effect. Dr. Reddy’s has the full corporate power and authority to execute and deliver this Agreement
and other documents and instruments contemplated hereby. This Agreement and other documents and instruments contemplated hereby, and
the consummation by Dr. Reddy’s of its obligations contained herein, have been duly authorized by all necessary corporate actions
of Dr. Reddy’s, and this Agreement and other documents and instruments contemplated hereby have been duly executed and delivered
by Dr. Reddy’s. This Agreement and other documents and instruments contemplated hereby are valid and binding agreements of Dr.
Reddy’s, enforceable against Dr. Reddy’s in accordance with its terms.

 

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4.2
Organization and Standing. Dr. Reddy’s is a corporation duly organized, validly existing and in good standing under the
laws of Switzerland, and Dr. Reddy’s is qualified to do business in each jurisdiction where such qualification is necessary. Dr.
Reddy’s has the requisite corporate power and authority to conduct its business as now conducted.

 

4.3
Conflicts; Consents. The execution and delivery by Dr. Reddy’s of this Agreement, and the consummation of the transactions
contemplated hereby, will not conflict with (a) any provision of the certificate of incorporation or bylaws of Dr. Reddy’s, each
as amended to date; (b) Contracts to which Dr. Reddy’s or any of its properties or assets (including intangible assets) is subject;
or (c) any judgment, order, decree, statute, law, ordinance, rule or regulation applicable to Dr. Reddy’s or any of its properties
or assets (tangible and intangible). It is not necessary for Dr. Reddy’s to take any action or to obtain any approval, consent,
or release by or from any Third Party, governmental or other, to enable Dr. Reddy’s to enter into or perform its obligations under
this Agreement.

 

4.4
Litigation and Proceedings. There is no claim, action, suit, proceeding or, to Dr. Reddy’s’s knowledge, investigation
(or any counter or cross-claim in an action brought by or on behalf of Dr. Reddy’s), whether at law or in equity, or before or
by any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, or before any arbitrator of
any kind, that is pending or, to Dr. Reddy’s’s knowledge, threatened, against Dr. Reddy’s, which (a) could reasonably
be expected to adversely affect Dr. Reddy’s’s ability to perform its obligations under this Agreement or complete any of
the transactions contemplated hereby; or (b) involves the possibility of any judgment or liability, or which may become a claim, against
Dr. Reddy’s or its business. Dr. Reddy’s is not subject to any judgment, order, writ, injunction, decree or award of any
court, arbitrator or governmental department, commission, board, bureau, agency or instrumentality having jurisdiction over Dr. Reddy’s
or its ability to consummate the transactions contemplated hereby.

 

4.5
No Broker. Dr. Reddy’s has not retained or used the services of an agent, finder, or broker in connection with the transactions
contemplated by this Agreement.

 

4.6
No Other Cysteine Product. As of the Effective Date, neither Dr. Reddy’s nor any of its Affiliates are engaged in the development,
offering to sell, sale, marketing, distribution, or commercialization of any injectable pharmaceutical product containing cysteine hydrochloride
as the sole active ingredient for use in the United States.

 

4.7
Independent Investigation. Dr. Reddy’s has conducted its own independent investigation, review and analysis of the Assets.
Dr. Reddy’s acknowledges and agrees that: (a) in making its decision to enter into this Agreement and to consummate the transactions
contemplated hereby, Dr. Reddy’s has relied solely upon its own investigation and the express representations and warranties of
Eton set forth in Section 3 of this Agreement (including related portions of the disclosure schedules); and (b) neither Eton nor any
other Person has made any representation or warranty as to Eton, the Assets or this Agreement, except as expressly set forth in Section
3 of this Agreement (including the related portions of the disclosure schedules).

 

4.8
Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS ARTICLE 4, DR. REDDY’S EXPRESSLY DISCLAIMS ANY REPRESENTATIONS
OR WARRANTIES OF ANY KIND OR NATURE, WHETHER STATUTORY, EXPRESS, OR IMPLIED.

 

    	26 

    	 

    

 

5.
Financial Terms.

 

5.1
Upfront Payment. On the Effective Date, Dr. Reddy’s shall pay to Eton an upfront fee of five million dollars ($5,000,000)
(the “Upfront Payment”) less the Escrow Amount.

 

5.2
Milestone Payments. Within [*] days of Dr. Reddy’s becoming aware that an applicable milestone event has been achieved,
Dr. Reddy’s shall provide Eton with written notice thereof. Thereafter, Eton shall issue an invoice to Dr. Reddy’s and Dr.
Reddy’s shall pay (a) to Eton, within [*] days of receipt of such invoice, the corresponding one-time milestone payment
(the “Milestone Payments”) less ten percent (10%)[*] of the milestone payment amount (the “Escrow
Portion”) and pay to the Escrow Agent, the Escrow Portion:

 

	No.	 	Milestone
    Event	 	Milestone
    Payment
	1.	 	The
    earlier to occur of (i) Successful Court Outcome for Cysteine Injection or (ii) First Commercial Sale of the Cysteine Product (ANDA
    214082) by Dr. Reddy’s occurring on or before [*] anniversary of the Effective Date.	 	$20,000,000
	2.	 	On
    the six (6)-month anniversary of the First Commercial Sale of the Cysteine Product (ANDA 214082) by Dr. Reddy’s, provided that
    as of the date of the six (6)-month anniversary of the First Commercial Sale, no other versions of the product Cysteine hydrochloride
    injection 50MG/ML (including authorized generics) [*] have been commercially launched, other than the innovator product [*].	 	$5,000,000
	3.	 	Upon
    receipt of approval of the Registration by the FDA for Product 7 (as referenced in Schedule 1.77) in the United States occurring
    on or before March 1, 2023 (the “End Date”) (subject to adjustment as set forth below).	 	$1,000,000
    (subject to adjustment as set forth below)
	4.	 	Upon
    receipt of approval of the Registration by the FDA for Product 8 (as referenced in Schedule 1.77) in the United States occurring
    on or before July 1, 2023.	 	$2,500,000
	5.	 	Upon
    receipt of approval of the Registration by the FDA for Product 9 (as referenced in Schedule 1.77) in the United States occurring
    on or before the End Date (subject to adjustment as set forth below).	 	$1,500,000
    (subject to adjustment as set forth below)
	6.	 	 [*]	 	[*]
	7.	 	 [*]	 	[*]
	8.	 	 [*]	 	[*]
	9.	 	 [*]	 	[*]
	10.	 	 [*]	 	[*]

 

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Each
Milestone Payment shall be payable only once after its first achievement of the corresponding milestone event. No amounts shall be due
for subsequent or repeated achievement of such milestone event. The maximum aggregate amount payable by Dr. Reddy’s pursuant to
this Section 5.2 is [*]. Following the Escrow Release Date, milestone payments that become payable shall not be reduced
by the Escrow Portion.

 

Notwithstanding
the applicable date set in each of [*]

 

5.3
Payment Provisions.

 

5.3.1
Payment Method. All payments by Dr. Reddy’s to Eton hereunder shall be in United States dollars in immediately available
funds and shall be made by wire transfer from a United States bank located in the United States to such bank account as designated from
time to time by Eton to Dr. Reddy’s.

 

5.3.2
Late Payments. Amounts not paid when due shall accrue interest calculated at the [*] (but in no event greater than the
maximum rate permitted by applicable Law) in effect on the date that the payment should have been made, as published by Bloomberg.

 

5.3.3
Withholding Taxes. Dr. Reddy’s shall be entitled to deduct the amount of any withholding taxes, value-added taxes or other
taxes, levies or charges with respect to such amounts, other than United States taxes, payable by Dr. Reddy’s, or any taxes required
to be withheld by Dr. Reddy’s, to the extent Dr. Reddy’s pays to the appropriate governmental authority on behalf of Eton
such taxes, levies or charges. Dr. Reddy’s shall use reasonable efforts to minimize any such taxes, levies or charges required
to be withheld on behalf of Eton by Dr. Reddy’s. Dr. Reddy’s promptly shall deliver to Eton proof of payment of all such
taxes, levies and other charges, together with copies of all communications from or with such governmental authority with respect thereto.
Eton shall promptly provide to Dr. Reddy’s any Tax forms or other Tax-related documentation reasonably requested by Dr. Reddy’s.

 

5.4
Audits.

 

5.4.1
Dr. Reddy’s shall keep, and shall use commercially reasonable efforts to cause its Licensees, its Affiliates, and its Licensees’
Affiliates, to keep, complete and accurate books and records (whether in hardcopy, electronic or other form) in sufficient detail to
substantiate the achievement (or nonachievement) of each milestone event (the “Milestone Information”) and shall maintain
(or cause to be maintained) such Milestone Information until the fifth (5th) anniversary of the end of the calendar quarter to which
such Milestone Information relates.

 

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5.4.2
Upon the written request of Eton and not more than once in each calendar year, Dr. Reddy’s shall permit (and shall use commercially
reasonable efforts to cause its Licensees, its Affiliates, and its Licensees’ Affiliates to permit) an independent certified public
accounting firm of nationally recognized standing selected by Eton and reasonably acceptable to Dr. Reddy’s, at Eton’s expense,
to have access during normal business hours to Milestone Information not previously audited by Eton as may be reasonably necessary to
verify the accuracy of any reports or other records of any amounts owed hereunder for the four (4) calendar quarters immediately prior
to the date of such request (other than records for which the Eton has already conducted an audit under this Section). If such accounting
firm concludes that additional amounts were owed during the audited period, then Dr. Reddy’s shall pay such additional amounts,
to the extent not disputed by Dr. Reddy’s in good faith, within thirty (30) days after the date Eton delivers to Dr. Reddy’s
such accounting firm’s written report so concluding. The fees charged by such accounting firm shall be paid by Eton; provided,
however,[*]. Eton shall cause its accounting firm to retain all financial information subject to review under this Section 5.4
in strict confidence; provided, however, that Dr. Reddy’s (or its Licensee or an Affiliate, as applicable) shall have the right
to require that such accounting firm, prior to conducting such audit, enter into an appropriate and reasonable non-disclosure agreement
with Dr. Reddy’s (or its Licensee or an Affiliate, as applicable) regarding such financial information. The accounting firm shall
disclose to Eton only whether the amounts are correct or not and the amount of any discrepancy. No other information shall be shared.
Eton shall treat all such financial information as Confidential Business Information, and shall not disclose such financial information
to any Third Party or use it for any purpose other than to enforce its rights hereunder or as specified in this Section 5.4.

 

5.4.3
In the event of a good faith dispute with respect to any audit under Section 5.4.2, Eton and Dr. Reddy’s shall work in good faith
to resolve the disagreement. If the parties are unable to reach a mutually acceptable resolution of any such dispute within thirty (30)
days, the dispute shall be submitted for resolution to a certified public accounting firm jointly selected by each party’s certified
public accountants or to such other Person as the parties shall mutually agree (the “Audit Arbitrator”). The decision
of the Audit Arbitrator shall be final and the costs of such arbitration as well as the initial audit shall be borne between the parties
in such manner as the Audit Arbitrator shall determine. Not later than thirty (30) days after such decision and in accordance with such
decision, the audited party shall pay the additional amounts, or the auditing party shall reimburse the excess payments, as applicable.

 

5.5
Transfer Taxes. All transfer, sales, use, registration, documentary, stamp, value added and other such Taxes and fees (including
any penalties and interest) incurred in connection with this Agreement and the other documents and instruments contemplated hereby, if
any, shall be borne and paid by Dr. Reddy’s when due. Dr. Reddy’s shall, at its own expense, timely file any Tax return or
other document with respect to such Taxes or fees (and Eton shall cooperate with respect thereto as necessary).

 

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6.
Post-Effective Date Covenants.

 

6.1
Publicity. No party to this Agreement will make or issue or cause to be made or issued any public announcement, statement or filing
concerning this Agreement or any other agreement contemplated hereby or the transactions contemplated hereby or thereby or any other
aspect of the dealings between the parties as contemplated hereby without the prior written consent of the other party (which consent
may not be unreasonably withheld, conditioned or delayed); provided, however, that each party and its Affiliates shall be permitted to
make public announcements, statements and filings regarding this Agreement and any other agreements contemplated hereby and the terms
of the transactions contemplated hereby and thereby to the extent required by applicable Law or by the rule of any securities exchange
or automated quotation system. The parties acknowledge that either or both parties may be obligated to file under applicable Laws a copy
of this Agreement with the United States Securities and Exchange Commission or other Governmental Entity and that either party may be
required to disclose information concerning this Agreement or portions of this Agreement with Governmental Entities involved in the examination
or enforcement of Patent rights or regulatory authorities in connection with the rights granted under this Agreement. Each party may
make such a required filing and shall use reasonable efforts to request confidential treatment of the commercial terms and sensitive
technical terms hereof and thereof to the extent such confidential treatment is reasonably available to such party under applicable Law.
In the event of any such filing, each party shall provide the other party with a copy of this Agreement marked to show provisions for
which such party intends to seek confidential treatment and shall reasonably consider and incorporate the other party’s comments
thereon to the extent consistent with the legal requirements and provided within ten (10) business days after provision of such copy
(or such shorter period of time as may be required to comply with applicable Law), with respect to the filing party, governing disclosure
of material agreements and material information that must be publicly filed and/or otherwise recorded.

 

6.2
Confidentiality. On and after the Effective Date, Eton shall, and shall cause its Affiliates to, treat and hold as confidential,
and shall not use or disclose (a) any documents and information concerning Dr. Reddy’s, or any of its Affiliates, furnished to
it by Dr. Reddy’s or its Representatives in connection with this Agreement or any other agreements contemplated hereby or the transactions
contemplated hereby or thereby, and (b) any information regarding the Assets or Assumed Liabilities, including Trade Secrets, know-how
or confidential information of the related to the Assets (such information in clause (b), the “Confidential Business Information”)
except to perform its obligations or exercise its rights set forth in Agreement. In the event that Eton or its Affiliates is requested
or required (by oral question or request for information or documents in any Action, interrogatory, subpoena, civil investigative demand
or similar process) to disclose any Confidential Business Information, Eton shall use commercially reasonable efforts to promptly notify
Dr. Reddy’s of the request or requirement so that Dr. Reddy’s may seek, at its sole cost and expense, an appropriate protective
order or waive compliance with the provisions of this Section 6.2. If, in the absence of a protective order or the receipt of
a waiver hereunder, Eton is, on the advice of counsel, legally required to disclose any such Confidential Business Information, then
Eton may disclose such information to the requesting authority; provided, however, that Eton shall use commercially reasonable efforts
to obtain, at the reasonable request of Dr. Reddy’s and at Dr. Reddy’s sole cost, an order or other assurance that confidential
treatment will be accorded to such portion of the information required to be disclosed as Dr. Reddy’s shall designate in good faith.

 

    	30 

    	 

    

 

6.3
Preservation of Records. Eton shall preserve and keep the records held by it relating to the Assets and the Assumed Liabilities
for a period of seven (7) years following the Effective Date (or longer if required by applicable Law) and shall make such records (or
copies) and reasonably appropriate personnel available, at reasonable times and upon reasonable advance notice, to Dr. Reddy’s
as may be reasonably required in connection with any insurance claims by or against, Actions by or against, Tax audits against, governmental
investigations of, or compliance with applicable Laws by, Dr. Reddy’s, in each case, at Dr. Reddy’s sole cost and expense.

 

6.4
Regulatory Transfer. Promptly after the Effective Date (but in no event more than two (2) business days thereafter), Eton shall
electronically submit through the FDA’s electronic gateway a letter notifying the FDA of the transfer of the Regulatory Filings
and Registrations that comprise the Purchased Regulatory Documents, in the form as mutually agreed by the parties prior to the Effective
Date, and Eton shall provide a copy of such letter to the Dr. Reddy’s. Promptly after Eton has submitted such letter (but in no
event more than five (5) business days thereafter), Dr. Reddy’s shall submit through the FDA’s electronic gateway a letter
notifying the FDA of its acceptance of the transfer of the Regulatory Filings and Registrations that comprise the Purchased Regulatory
Documents, in the form as mutually agreed by the parties prior to the Effective Date.

 

6.5
Transfer of Assets. Subject to Section 6.7,

 

6.5.1
as soon as practicable on or following the Effective Date (but in no event more than five (5) business days following the Effective Date),
Eton shall make available to Dr. Reddy’s electronically all Assets held electronically.

 

6.5.2
within five (5) business days after the Effective Date, Eton shall deliver to Dr. Reddy’s all tangible Assets in its possession
or control, including all items described on Schedule 6.5, provided, that if Eton finds, locates, discovers or otherwise
becomes aware that it possesses any Assets after the Effective Date, Eton shall reasonably promptly notify Dr. Reddy’s and deliver
such Assets to Dr. Reddy’s.

 

6.5.3
Eton shall have the right to retain copies of all books and relating to the Assets relating to periods ending on or prior to the Effective
Date, provided that such books and records are kept confidential in accordance with Section 6.2 Eton’s normal confidentiality procedures.

 

6.6
Dr. Reddy’s Commercialization.

 

6.6.1
Dr. Reddy’s shall use Commercially Reasonable Efforts to research, develop, and commercialize the Biorphen Products in the United
States and shall do so at its own expense. For the purposes of determining whether Dr. Reddy’s has applied efforts consistent with
its obligation to use Commercially Reasonable Efforts in accordance with the foregoing sentence, [*].

 

6.6.2
Within thirty (30) days following each calendar quarter in which a Product Net Sale occurs with respect to a Biorphen Product or Cysteine
Product, Dr. Reddy’s shall provide Eton with [*]Within forty-five (45) days following each calendar quarter in which a Product
Net Sale occurs with respect to a [*], Dr. Reddy’s shall deliver to Eton a report that sets forth, in reasonable detail,
the Product Net Sales for the preceding calendar quarter. [*].

 

    	31 

    	 

    

 

6.6.3
Dr. Reddy’s shall have sole discretion with regard to the research, development, manufacturing, commercialization and other exploitation
of the Products from and after the Effective Date.

 

6.7
Sell-off Rights.

 

6.7.1
Eton, Xellia and XGen shall have the limited right to sell-off any Inventory set forth or estimated on Schedule 3.6 (the “Retained
Inventory”) as follows:

 

(a)
Xellia and XGen shall have the limited right to sell-off Retained Inventory through [*] (the “Sell-off Period”)
in accordance with the terms of the Xellia Agreement and the XGen Agreement, respectively. Within forty (40) days of the end of each
calendar quarter, Eton shall provide to Dr. Reddy’s a sales report with respect to the Products sold by or on behalf Eton, Xellia
and XGen. Eton shall not complete any deliveries of any Products to Xellia or XGen on or after the Effective Date. Eton shall ensure
that Xellia and XGen comply with the Xellia Agreement and XGen Agreement, respectively. Eton shall be responsible for any breach by Xellia
or XGen of the Xellia Agreement or XGen Agreement, respectively. During the Sell-off Period and thereafter, Eton shall enable Dr. Reddy’s
to benefit from any rights of Eton that exist under the Xellia Agreement and XGen Agreement, including any audit rights.

 

(b)
Eton shall have the right to sell-off or otherwise dispose of any and all Retained Inventory of Biorphen Product set forth or estimated
on Schedule 3.6 through the end of the Sell-Off Period.

 

6.7.2
Within thirty (30) days of the end of the Sell-Off Period, without further action or request of Dr. Reddy’s, Eton shall destroy
all remaining Retained Inventory (whether in the control of Eton, Xellia, XGen, their agents or otherwise) wherever located, at its sole
cost, and certify such destruction to Dr. Reddy’s.

 

6.7.3
As soon as reasonably practicable, but no more than fifteen (15) days following the Effective Date, the parties shall negotiate and enter
into a written, commercially reasonable pharmacovigilance agreement for relating to the Products, as applicable. Additionally, upon the
request of either party, the parties shall negotiate and enter into a written, commercially reasonable quality assurance agreement.

 

6.8
Milestone Reimbursements.

 

6.8.1
Within ten (10) business days following an invoice received by Eton from Dr. Reddy’s indicating the achievement of a milestone
event which triggers milestone(s) payment set forth on Schedule 6.8, Eton shall pay to Dr. Reddy’s an amount equal to such
milestone payments payable by Dr. Reddy’s to Sintetica by wire transfer of immediately available funds to a bank account designated
in writing by Dr. Reddy’s.

 

6.8.2
Following the achievement of the milestone (the “Rezipres Vial Milestone”) set forth in Section 6.1(b) of the Rezipres
Vial Contract and proof from Eton and acknowledgement from Sintetica that Eton has paid such [*] milestone payment to Sintetica
in full, Eton shall provide an invoice to Dr. Reddy’s for such [*] amount, and Dr. Reddy’s shall reimburse Eton by
wire transfer of immediately available funds to a bank account designated in writing by Eton.

 

    	32 

    	 

    

 

6.9
Net Sales Reimbursement. With respect to sales of Product by and on behalf of Eton, Xellia, XGen and each of their Affiliates,
licensees and sublicensees (collectively, the “Eton Parties”) prior to the Effective Date or during the Sell-Off Period
(“Eton Party Sales”), Eton shall, be responsible for Sintetica Net-Profit Payments (defined below) attributable to
Eton Party Sales (the “Eton Portion”). Following the end of each calendar quarter through the end of the Sell-Off
Period, within forty (40) days of the end of such calendar quarter, Eton shall report to Dr. Reddy’s the applicable Eton Party
Sales and shall calculate the Eton Portion. Eton shall share such information that is reasonably requested by Dr. Reddy’s in order
to calculate the Eton Portion and Sintetica Net-Profit Payments. Dr. Reddy’s shall calculate the total Sintetica Net-Profit Payments,
and shall confirm Eton’s calculation of the Eton Portion. Upon demand (and in no event more than five (5) business days following
receipt of an invoice from Dr. Reddy’s), Eton shall reimburse Dr. Reddy’s for the Eton Portion.

 

The
term “Sintetica Net-Profit Payments” means any amounts owed to Sintetica pursuant to Section 6.3 of each of the 2019
Agreements.

 

6.10
Non-Competition.

 

6.10.1
During the period commencing on the Effective Date and ending [*] (the “Restricted Period”), to the greatest
extent permissible under applicable Law, neither Eton nor its Affiliates shall, directly or indirectly, whether by itself or through
any other Person, engage in or assist others in engaging in the Restricted Business within [*]. Notwithstanding the foregoing,
Eton may own, directly or indirectly, solely as a passive investment, securities of any Person traded on any national securities exchange
if Eton is not a controlling Person of, or a member of a group which controls, such Person and does not, directly or indirectly, own
three percent (3%) or more of any class of securities of such Person.

 

6.10.2
Eton hereby acknowledges that a breach or threatened breach of this Section 6.10 would give rise to irreparable harm to Dr. Reddy’s
and/or its Affiliates, for which monetary damages would not be an adequate remedy, and hereby agrees that in the event of a breach or
a threatened breach by Eton of any such obligations, Dr. Reddy’s shall, in addition to any and all other rights and remedies that
may be available to it in respect of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction,
specific performance and any other relief that may be available from a court of competent jurisdiction (without any requirement to post
bond). In the event of a violation or breach by Eton or any of its Affiliates, of any agreement set forth in this Section 6.10,
the term of the Restricted Period shall be extended by a period equal to the duration of such violation or breach.

 

    	33 

    	 

    

 

6.10.3
Eton hereby acknowledges that the geographic boundaries, scope of prohibited activities and the duration of the provisions of this Section
6.10 are reasonable and are no broader than are necessary to protect the legitimate business interests of Dr. Reddy’s, including
the ability of Dr. Reddy’s to realize the benefit of its bargain under this Agreement and to enjoy the goodwill of the business
related to the Products, and that such restrictions constitute a material inducement to Dr. Reddy’s to enter into this Agreement
and consummate the transactions contemplated by this Agreement. In the event that any covenant contained in this Section 6.10
should ever be adjudicated to exceed the time, geographic, product or service, or other limitations permitted by applicable Law in any
jurisdiction, then any court is expressly empowered to reform such covenant, and such covenant shall be deemed reformed, in such jurisdiction
to the maximum time, geographic, product or service, or other limitations permitted by applicable Law. The covenants contained in this
Section 6.10 and each provision hereof are severable and distinct covenants and provisions. The invalidity or unenforceability
of any such covenant or provision as written shall not invalidate or render unenforceable the remaining covenants or provisions hereof,
and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenant or provision
in any other jurisdiction.

 

6.11
Further Assistance. From time to time, as and when reasonably requested by the other party, each party hereto will execute and
deliver, or cause to be executed and delivered, all such documents and instruments and will take, or cause to be taken, all such further
or other actions, as the requesting party may reasonably deem necessary or desirable to consummate the transactions contemplated by this
Agreement, in any such case, at the requesting party’s sole cost and expense.

 

6.12
Wrong Pockets.

 

6.12.1
If, following the Effective Date, Eton or Dr. Reddy’s identifies any Asset that was not delivered to Dr. Reddy’s as of the
Effective Date or otherwise in accordance with Section 6.5, then Eton shall transfer such Asset to Dr. Reddy’s as soon as reasonably
practicable and for no further consideration.

 

6.12.2
If, following the Effective Date, Eton or Dr. Reddy’s identifies any Excluded Asset that was delivered to Dr. Reddy’s pursuant
to this Agreement, then Dr. Reddy’s shall transfer such Excluded Asset to Eton as soon as reasonably practicable and for no further
consideration.

 

6.12.3
Each of Dr. Reddy’s and Eton shall notify the other party as soon as reasonably practicable upon becoming aware that an Asset or
an Excluded Asset, respectively, is in its control.

 

6.13
Litigation Cooperation. In the event that Dr. Reddy’s is involved in any Actions related to Intellectual Property:

 

6.13.1
relating to [*] on or subsequent to the Effective Date, at Dr. Reddy’s reasonable request, Eton shall, at Eton’s sole
cost and expense, provide reasonable cooperation to Dr. Reddy’s and its attorneys in the prosecution or defense of any such Action,
including participation in interviews with Dr. Reddy’s attorneys, appearing for depositions, participation in written discovery,
testifying in administrative, judicial or arbitration proceedings, or any other participation necessary for the prosecution or defense
of any such Action.

 

    	34 

    	 

    

 

6.13.2
following the Effective Date, [*], at Dr. Reddy’s reasonable request, Eton shall, at Dr. Reddy’s sole cost and expense,
provide reasonable cooperation to Dr. Reddy’s and its attorneys in the prosecution or defense of any such Action, including participation
in interviews with Dr. Reddy’s attorneys, appearing for depositions, participation in written discovery, testifying in administrative,
judicial or arbitration proceedings, or any other participation necessary for the prosecution or defense of any such Action

 

6.14
Escrow.

 

6.14.1
All Losses payable by Eton to any Dr. Reddy’s Indemnitees under this Agreement may be paid by the Escrow Agent from the Escrow
Amount. Subject to the limitations set forth in Section 8.4, any Losses that are in excess of the Escrow Amount shall be paid by Eton;
provided that, Dr. Reddy’s may, in its sole discretion, elect to offset such Losses against any Milestone Payments due and owing
but not yet paid. Promptly following the date that is [*] (the “Escrow Release Date”), Dr. Reddy’s and
Eton shall execute and deliver a joint written instruction to the Escrow Agent directing the Escrow Agent to release to Eton any remaining
portion of the Escrow Amount, less any pending amounts that are subject to pending Claims made by any Dr. Reddy’s Indemnitees under
this Agreement prior to 11:59 p.m. Eastern Time on the Escrow Release Date. If any Claim made by any Dr. Reddy’s Indemnitees under
this Agreement is still pending as of the Escrow Release Date, the Escrow Agent, pursuant to the terms of the Escrow Agreement, will
retain a portion of the Indemnity Escrow Amount in an amount equal to such Losses identified in any unresolved notice delivered pursuant
to the Escrow Agreement until such Claim has been satisfied or otherwise resolved, at which point Dr. Reddy’s and Eton shall execute
and deliver a joint written instruction to the Escrow Agent directing the Escrow Agent to release to Eton any remaining balance of the
Escrow Amount not used to satisfy such indemnification rights of Dr. Reddy’s Indemnitees under this Agreement.

 

6.14.2
The parties shall split equally any costs and expenses incurred in connection with the Escrow Agreement, subject to the terms and conditions
thereof. If one party pays any portion of the other party’s costs and expense, the other party shall reimburse the paying party
on demand.

 

6.14.3
In the event that (i) Dr. Reddy’s provides written notice (a “Request Notice”) to Eton requesting Eton to issue
(along with Dr. Reddy’s) a joint written instruction to release any portion of the Escrow Amount with respect to any uncontested
amounts that Dr. Reddy’s asserts are payable to Dr. Reddy’s, and (ii) Eton does not, within twenty (20) days of receipt Request
Notice, either (A) join Dr. Reddy’s in issuing such instructions or (B) object to Dr. Reddy’s Request Notice in writing by
providing notice to Dr. Reddy’s hereunder, then Dr. Reddy’s shall be permitted to issue unilateral written instruction to
the Escrow Agent to disperse the Escrow Amounts in accordance with Dr. Reddy’s instructions.

 

    	35 

    	 

    

 

7.
Indemnification.

 

7.1
Indemnification by Eton. Subject to the provisions of this Section 7, Eton shall indemnify, defend and hold harmless Dr. Reddy’s,
its officers, directors, affiliates, agents, stockholders and representatives (collectively, the “Dr. Reddy’s Indemnitees”),
from and against any and all Losses incurred as a result of any claim, demand, action or proceeding incurred or suffered by an Dr. Reddy’s
Indemnitee to the extent arising out of:

 

7.1.1
any breach of the representations and warranties of Eton set forth in this Agreement;

 

7.1.2
any of the Excluded Liabilities;

 

7.1.3
any breach of any covenant or agreement of Eton set forth in this Agreement or in any certificate, instrument, or other document delivered
pursuant to this Agreement;

 

7.1.4
the ownership or exploitation or the Assets (or rights therein) prior to the Effective Date or the manufacture, use, sale or other exploitation
of any Product for or by Eton, its licensees, sublicensees (other than Dr. Reddy’s, if applicable) or their respective Affiliates
or the use of any Product by their customers; or

 

7.1.5
any use, sale or other exploitation of any Product whether before or after the Effective Date, by or on behalf of Eton, XGen or Xellia.

 

7.2
Indemnification by Dr. Reddy’s. Subject to the provisions of this Section 7, Dr. Reddy’s shall indemnify, defend and
hold harmless Eton, its officers, directors, affiliates, agents, stockholders and representatives (collectively, the “Eton Indemnitees”),
from and against any and all Losses incurred any claim, demand, action or proceeding incurred or suffered by an Eton Indemnitee to the
extent arising out of:

 

7.2.1
any breach of the representations and warranties of Dr. Reddy’s set forth in this Agreement;

 

7.2.2
any of the Assumed Liabilities;

 

7.2.3
any breach of any covenant or agreement of Dr. Reddy’s set forth in this Agreement or in any certificate, instrument, or other
document delivered pursuant to this Agreement; or

 

7.2.4
except for Product used, sold, manufactured for or otherwise exploited by or on behalf of Eton, XGen or Xellia, the ownership or exploitation
of the Assets (or rights therein) after the Effective Date or the manufacture, use, sale or other exploitation of any Product solely
by Dr. Reddy’s, its Licensees or their respective Affiliates or the use of any Product by their customers.

 

    	36 

    	 

    

 

7.3
Procedure.

 

7.3.1
A party seeking a claim (a “Claim”) for indemnification (the “Indemnitee”) pursuant to Section
7 shall promptly notify the other party (the “Indemnifying Party”) in writing of a Claim after the Indemnitee becomes
aware of any fact, condition or event that may give rise to Losses for which indemnification may be sought under Section 7.1 or 7.2 or
receipt by the Indemnitee of notice of a claim involving the assertion of a claim by a Third Party that may give rise to Losses for which
indemnification may be sought under Section 7.1 or 7.2 (whether pursuant to a lawsuit, other legal action or otherwise, a “Third
Party Claim”); provided that an Indemnitee’s failure to give such notice or delay in giving such notice shall not affect
such Indemnitee’s right to indemnification under this Section 7 except to the extent that the Indemnifying Party has been prejudiced
by such failure or delay. The Indemnifying Party shall have the right to control the defense of all indemnification Claims hereunder.
The Indemnitee shall have the right to participate at its own expense in the Third Party Claim with counsel of its own choosing. The
Indemnifying Party shall consult with the Indemnitee in good faith with respect to all non-privileged aspects of the defense strategy.
The Indemnitee shall cooperate with the Indemnifying Party as reasonably requested, at the Indemnifying Party’s sole cost and expense.
The Indemnifying Party shall not settle any Third Party Claim without the Indemnitee’s prior written consent, which consent shall
not be unreasonably withheld, conditioned or delayed.

 

7.4
Notwithstanding anything to the contrary herein, if the Indemnifying Party does not assume such defense and investigation or does not
acknowledge in writing within a reasonable period, but no later than thirty (30) days, after receipt of a notice of a Third Party Claim
and its obligation to indemnify the Indemnitee against any Losses arising from such Third Party Claim, then the Indemnitee shall have
the right to retain separate counsel of its choosing, defend such Third Party Claim and have the sole power to direct and control such
defense (all at the cost and expense of the Indemnifying Party if it is ultimately determined that the Indemnitee is entitled to indemnification
hereunder); it being understood that the Indemnitee’s right to indemnification for a Third Party Claim shall not be adversely affected
by assuming the defense of such Third Party Claim. Notwithstanding anything herein to the contrary, whether or not the Indemnitee shall
have assumed the defense of such Third Party Claim, the Indemnitee shall not settle, compromise or pay such Third Party Claim for which
it seeks indemnification hereunder without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably
withheld, conditioned or delayed.

 

7.5
With respect to Claims other than Third Party Claims, after the giving of any notice of a Claim pursuant to Section 7.3.1 (a “Direct
Claim Notice”), the amount of indemnification to which an Indemnitee shall be entitled under Section 7 shall be determined
(i) by written agreement between the Indemnitee and the Indemnifying Party expressly stating that it is an agreement pursuant to this
Section 7.5, or (ii) by a final, non-appealable judicial judgment, award (judicial arbitration or otherwise) or decree. If the applicable
Indemnifying Party notifies the Indemnitee that they do not dispute such Claim described in such Direct Claim Notice within thirty (30)
days following receipt of such Direct Claim Notice, the Losses identified in the Direct Claim Notice will be conclusively deemed a Liability
of the Indemnifying Party under Section 7.1 or Section 7.2 as applicable. If the Indemnifying Party rejects such Claim or fails to respond
during such thirty (30) day period (in which case the Indemnifying Party shall be deemed to have rejected such Claim), the Indemnifying
Party and the Indemnitee shall negotiate in good faith for a period of thirty (30) days to solve such matter. If the Indemnifying Party
and Indemnitee cannot resolve the dispute during such thirty (30) day period they shall have all rights and remedies available to them
under applicable Law.

 

7.6
Each Indemnitee shall take, and cause its Affiliates to take, all reasonable steps to reasonably mitigate any Loss upon becoming aware
of any event or circumstance that would be reasonably expected to, or does, give rise thereto, including incurring costs only to the
extent necessary to remedy the breach that gives rise to such Loss.

 

    	37 

    	 

    

 

7.7
Effect of Investigation. Eton shall not be liable for any Losses based upon or arising out of any inaccuracy in or breach of any
of the representations or warranties of Eton contained in this Agreement if Dr. Reddy’s had actual knowledge of such inaccuracy
or breach prior to the Effective Date.

 

7.8
Exclusive Remedy. Except (a) in the case where a party seeks to obtain specific performance, injunctive relief or other equitable
relief, (b) in the case of any dispute with regard to the payment of Milestone Payments triggered by Product Net Sales, which shall be
resolved in accordance with Section 5.4.2, and (c) in the case of fraud, the sole and exclusive remedies of the parties for any
Losses based upon, arising out of or otherwise in respect of the matters set forth in this Agreement (including representations, warranties,
covenants and agreements) and the transactions contemplated hereby, whether based in contract or tort, or whether at Law or in equity,
are the indemnification and reimbursement obligations of the parties set forth in this Section 7.

 

7.9
Payments. The Indemnifying Party shall pay or cause to be paid to the Indemnitee any Losses subject to indemnification hereunder
within five (5) business days following the determination that such payment is due to such Indemnitee.

 

8.
Miscellaneous.

 

8.1
Further Actions. Each party shall execute, acknowledge and deliver such further documents and instruments and to perform all such
other acts as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

8.2
Bulk Sales Laws. The parties hereby waive compliance with the provisions of any bulk sales, bulk transfer or similar laws of any
jurisdiction that may otherwise be applicable with respect to the sale of any or all of the Assets to Dr. Reddy’s.

 

8.3
Set-off. Dr. Reddy’s shall have the right to and may at any time set-off and reduce any amounts otherwise payable to Eton
under this Agreement by any amounts owed to Dr. Reddy’s or a Dr. Reddy’s Indemnitee under this Agreement.

 

8.4
LIMITATION OF LIABILITY.

 

8.4.1
EXCEPT WITH RESPECT TO CLAIMS ARISING OUT OF (A) FRAUD, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, OR (B) BREACH OF SECTION 6.2 (CONFIDENTIALITY)
OR 6.10 (NON-COMPETITION) BY ETON OR ITS AFFILIATES, IN NO EVENT SHALL A PARTY BE LIABLE FOR SPECIAL, INCIDENTAL OR CONSEQUENTIAL
DAMAGES ARISING OUT OF THIS AGREEMENT OR THE EXERCISE OF ITS RIGHTS HEREUNDER, INCLUDING LOST PROFITS ARISING FROM OR RELATING TO ANY
BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF SUCH DAMAGES.

 

    	38 

    	 

    

 

8.4.2
EXCEPT WITH RESPECT TO LOSSES ARISING OUT OF (A) FRAUD, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, OR (B) BREACH BY OF SECTION 6.2
(CONFIDENTIALITY) OR 6.10 (NON-COMPETITION) BY ETON OR ITS AFFILIATES, IN NO EVENT SHALL ETON’S LIABILITY ARISING OUT OF
CLAIMS ARISING FROM, OR IN CONNECTION WITH, OR RELATED TO (I) SECTION 7.1.1 (OTHER THAN WITH RESPECT TO CLAIMS ARISING FROM, OR IN CONNECTION
WITH, OR RELATED TO A BREACH OF A FUNDAMENTAL REPRESENTATION) EXCEED [*] AND (II) A BREACH OF A FUNDAMENTAL REPRESENTATION EXCEED
THE GREATER OF [*]. SOLELY FOR THE PURPOSES OF THIS SECTION 8.4.2, THE AMOUNT “PAID TO ETON” SHALL BE DEEMED TO INCLUDE
ANY AMOUNTS OF THE ESCROW AMOUNT THAT ARE PAID TO THE ESCROW AGENT IN ACCORDANCE WITH THE TERMS HEREIN AND AMOUNTS “PAYABLE TO
ETON” SHALL INCLUDE MILESTONES ACHIEVED AS OF THE DATE OF A NOTICE OF CLAIM BUT NOT YET PAID TO ETON.

 

8.4.3
Subject to the limitations and other provisions of this Agreement, the representations and warranties
made by eton and dr. reddy’s in this Agreement (other than with respect to any Claims arising from, in connection with or related
to Fraud) shall survive the effective date and shall remain in full force and effect until the date that is [*] following the
effective Date; provided, however, that the Fundamental Representations shall survive the effective date until the longer of (a) Three
(3) years from the effective Date, and (b) expiration of the applicable statute of limitations.

 

8.5
Residuals. Notwithstanding anything to the contrary in this Agreement, Eton shall have the right to use any general knowledge,
skills and experience and any information retained in the unaided memory of an individual employed or otherwise engaged by Eton.

 

8.6
Assignment. Neither party shall assign or transfer this Agreement, or any of its rights or obligations hereunder, without the
prior written consent of the other party (not to be unreasonably withheld, conditioned or delayed); provided, however, that (a) Dr. Reddy’s
may, without such consent, assign this Agreement and its rights and obligations hereunder, in whole or in part, to any (i) Affiliate,
or (ii) successor to any Asset to which this Agreement relates, whether by merger, sale of assets, sale of stock, reorganization or otherwise
and (b) Eton may, without such consent, (i) assign its rights to receive payment hereunder to any Affiliate or Third Party hereunder
(provided that such assignee of rights agrees in writing to be bound (jointly and severally with Eton) by the obligations of Eton hereunder)
or (ii) assign this Agreement and its rights and obligations hereunder to any successor to all or substantially all of Eton’s assets
or business. Any permitted assignee shall assume all obligations of its assignor under this Agreement in writing and the assignor shall
remain liable for all obligations under this Agreement. Any purported assignment in violation of this Section 8.6 shall be void.

 

8.7
Severability. Each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
laws, but if any provision of this Agreement is found to be unenforceable or invalid under applicable laws, such provision will be ineffective
only to the extent of such unenforceability or invalidity, and the parties shall negotiate in good faith to modify this Agreement so
that the unenforceable or invalid provision is replaced by such valid and enforceable provision which the parties consider, in good faith,
to match as closely as possible the invalid or unenforceable provision and to achieve the same or a similar economic effect and to give
effect to the parties’ original intent. The remaining provisions of this Agreement will continue to be binding and in full force
and effect.

 

    	39 

    	 

    

 

8.8
Governing Law; Exclusive Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without regard to the conflicts of law principles thereof. Each of the parties hereto irrevocably consents to the exclusive
jurisdiction and venue of any federal court located in Wilmington, Delaware, having jurisdiction, in connection with any matter based
upon or arising out of this Agreement or the matters contemplated herein, agrees that process may be served upon them in any manner authorized
by laws of the State of Delaware for such persons and waives and covenants not to assert or plead any objection which they might otherwise
have to such jurisdiction, venue and such process.

 

8.9
Entire Agreement; Amendment. This Agreement, together with the Schedules and exhibits hereto, and each additional document, instrument
or other agreement to be executed and delivered pursuant hereto, constitute all of the agreements of the parties with respect to, and
supersede all prior agreements and understandings relating to the subject matter of, this Agreement or the transactions contemplated
by this Agreement. This Agreement may not be modified or amended except by a written instrument specifically referring to this Agreement
signed by the parties hereto.

 

8.10
Waiver. No waiver by one party of the other party’s obligations, or of any breach or default hereunder by any other party,
shall be valid or effective, unless such waiver is set forth in writing and is signed by the party giving such waiver; and no such waiver
shall be deemed a waiver of any subsequent breach or default of the same or similar nature or any other breach or default by such other
party.

 

8.11
Notices. Any consent, notice or report required or permitted to be given or made under this Agreement by a party to the other
party shall be in writing, delivered by any lawful means to such other party at its address indicated below, or to such other address
as the addressee shall have last furnished in writing to the addressor and (except as otherwise provided in this Agreement) shall be
effective upon receipt by the addressee.

 

	 	If
    to Eton:	Eton
    Pharmaceuticals, Inc.
	 	 	21925
    Field Pkwy, Suite 235
	 	 	Deer
    Park, Illinois 60010 
	 	 	Attention:
    Chief Executive Officer
	 	 	 
	 	If
    to Dr. Reddy’s:	Dr.
    Reddy’s Laboratories SA
	 	 	Elisabethenanlage
    11, 
	 	 	CH
    - 4051, 
	 	 	Basel,
    Switzerland
	 	 	Attention:
    [*]

 

    	40 

    	 

    

 

	with
    copy to (which shall not constitute notice):
	 
	 	Dr.
    Reddy’s Laboratories, Inc.
	 	107
    College Road East
	 	Princeton,
    NJ 08540
	 	Attention:
    [*]
	 	E-mail:
    [*]
	 	 
	 	Dr.
    Reddy’s Laboratories, Inc.
	 	107
    College Road East
	 	Princeton,
    NJ 08540
	 	Attention:
    US Legal Affairs
	 	Facsimile
    No.: [*]
	 	E-mail:
    [*]

 

8.12
Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

8.13
Construction. The section headings of this Agreement are for convenience only and have no interpretive value. Whenever the singular
number is used in this Agreement and when required by the context, the same will include the plural and vice versa, and the masculine
gender will include the feminine and neuter genders and vice versa. The words “include,” “includes” and “including”
will be deemed to be followed by “without limitation.” Each party signing this Agreement acknowledges that it has had the
opportunity to review this Agreement with legal counsel of its choice, and there will be no presumption that ambiguities will be construed
or interpreted against the drafter. The word “will” shall be construed to have the same meaning and effect as the word “shall.”
The word “or” shall not be exclusive. The phrase “to the extent” shall mean the degree to which a subject or
other matter extends, and such phrase shall not simply mean “if.” Where a word is defined herein, references to the singular
shall include references to the plural and vice versa. All references to “$” and dollars shall be deemed to refer to United
States currency unless otherwise specifically provided. All references to a day or days shall be deemed to refer to a calendar day or
calendar days, as applicable, unless otherwise specifically provided.

 

[SIGNATURE
PAGE FOLLOWS.]

 

    	41 

    	 

    

 

IN
WITNESS WHEREOF, each party has caused a duly authorized representative to execute and deliver this Asset Purchase Agreement as of the
Effective Date.

Eton Pharmaceuticals,
Inc.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

Dr. Reddy’s
Laboratories S.A.

 

	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

[Signature
Page to Asset Purchase Agreement]

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