Document:

EX-4.5

 Exhibit 4.5 
 NUVERRA 2013 EMPLOYEE STOCK PURCHASE PLAN 
  

	1.	Purpose. 

 The
Nuverra 2013 Employee Stock Purchase Plan (the “Plan”), established by Nuverra Environmental Solutions, Inc. (the “Company”), is effective as of August 1, 2013. The purpose of the Plan is to encourage stock ownership by
employees of the Company and its Subsidiaries, to increase such employees’ identification with the Company’s goals and secure a proprietary interest for those employees in the Company’s success. The Plan is intended to provide those
employees who wish to become stockholders with a convenient method for purchasing common stock at below-market prices, through voluntary, regular payroll deductions. 
 The Company will seek shareholder approval of the Plan in order to qualify the Plan as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code of 1986, as amended
(the “Code”). Accordingly, the provisions of the Plan shall be administered, interpreted and construed in a manner consistent with the requirements of Code Section 423 and its underlying regulations. 

 

	2.	Administration of the Plan. 

 The Plan shall be administered by the Plan Administrator. The Plan Administrator shall have all authority that may be necessary or helpful to enable it to discharge its responsibilities with respect to
the Plan. Without limiting the generality of the foregoing, the Plan Administrator shall have the full power and discretionary authority to: (a) interpret and construe any provision of the Plan and any instrument, form or agreement entered into
under the Plan; (b) prescribe the forms and manner of any agreements, forms, and instruments, and all online enrollment, designation or communication, relating to the Plan; (c) determine eligibility to participate in the Plan;
(d) adopt such rules and regulations and appoint such agents for administering the Plan as it may deem necessary or helpful for the proper administration of the Plan; (e) adjudicate and determine all disputes arising under or in connection
with the Plan; and (f) make any other determination and take any other action that the Plan Administrator deems necessary or desirable for administration of the Plan. Decisions of the Plan Administrator shall be final, binding and conclusive on
all parties having an interest in the Plan. 
 Subject to applicable laws, rules, and regulations, the Plan Administrator may, in
its discretion, from time to time, delegate all or any part of its responsibilities and powers under the Plan to any employee or group of employees of the Company, and revoke any such delegation. Notwithstanding the foregoing, the Board, in its
absolute discretion, may at any time and from time to time exercise any and all rights, duties and responsibilities of the Plan Administrator under the Plan, including, but not limited to, establishing procedures to be followed by the Plan
Administrator. 

 Notwithstanding any provision to the contrary, the Plan shall be administered so as to
ensure that all Participants have the same rights and privileges as are provided by Section 423(b)(5) of the Code. 
  

	3.	Stock Subject to the Plan. 

  

	 	(a)	Number of Shares. The maximum number of shares of Common Stock reserved for issuance over the term of the Plan is three million (3,000,000) shares, subject
to adjustment as provided in Section 3(b) below. The stock purchasable under the Plan may be treasury shares, shares of authorized but unissued Common Stock, shares of Common Stock purchased on the open market, or any combination thereof.

  

	 	(b)	Adjustments upon Changes in Capitalization; Company Transactions. 

  

	 	(i)	Subject to any required shareholder action, in the event of any increase or decrease in the number of issued shares of Common Stock resulting from a stock split,
reverse stock split, stock dividend, recapitalization, combination of shares, exchange of shares, or other similar change affecting the outstanding Common Stock, or an acquisition of property or shares, spin-off, other distribution of stock or
property (including any extraordinary cash or stock dividend), or other similar event affecting the Company, the Plan Administrator shall make such equitable adjustments as it deems appropriate to prevent the dilution or enlargement of benefits
under the Plan, in the number, kind, and/or price of shares available for purchase under the Plan, and in the number, kind and/or price of shares which a Participant is entitled to purchase including, without limitation, closing an offering early
and permitting purchase on the last business day of the reduced offering period, or terminating an offering and refunding Participants’ account balances. The adjustments shall be final, binding and conclusive on the holders of those rights.

  

	 	(ii)	In the event of any proposed dissolution or liquidation of the Company, immediately prior to the consummation of such proposed action, any outstanding Offering Period
will terminate, and any shares of Common Stock held in brokerage accounts pursuant to Section 8(j), and all Plan contributions credited to Participant Plan accounts and not used to purchase shares, shall be distributed to each applicable
Participant, unless otherwise provided by the Plan Administrator. 

  

	 	(iii)	 In the event of a proposed sale of all or substantially all of the assets of the Company, or the merger of the Company with or into another
corporation, each purchase right under the Plan shall be assumed or an equivalent purchase right shall be substituted by such successor corporation or a parent or subsidiary of such successor corporation, unless the Plan Administrator determines, in
the exercise of 

	 	
its sole discretion and in lieu of such assumption or substitution, to either (i) shorten the Offering Period then in progress or (ii) terminate the Plan and distribute the amounts
credited to each participant’s Payroll Account. If the Plan Administrator shortens the Offering Period then in progress, the Plan Administrator shall notify each participant in writing that the Offering Period has been shortened, and that
shares will be purchased at the end of such shortened Offering Period. 

  

	4.	Eligibility. 

  

	 	(a)	Participation in the Plan is voluntary. Subject to Section 4(b) below, each Employee who has been employed by the Company or its Subsidiaries for at least sixty
(60) days and whose customary employment is more than 20 hours per week will be eligible to participate in the Plan. 

  

	 	(b)	Notwithstanding any provisions of the Plan to the contrary, no Employee shall be eligible to purchase Common Stock under the Plan: (i) to the extent that,
immediately after such purchase, such Employee (or any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company or of any Subsidiary and/or hold outstanding
options to purchase such stock possessing five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any Subsidiary, or (ii) if such Employee is both a highly compensated
employee (within the meaning of section 414(q) of the Code) and an officer of the Company subject to the disclosure requirements of section 16(a) of the Securities Exchange Act of 1934. 

 

	5.	Participation. 

  

	 	(a)	An eligible Employee may participate in the Plan by completing the Enrollment Application and submitting it to the Company or such other entity designated by the Plan
Administrator for this purpose. Participation in the Plan shall commence as soon as administratively practicable after the Enrollment Application has been processed by the Company. Payroll deductions shall commence immediately after the
Participant’s enrollment in the Plan, and shall continue through subsequent offerings until modified, withdrawn or suspended by the Participant. 

  

	 	(b)	Payroll deductions shall be the sole means of accumulating funds in a Participant’s account. 

 

	 	(c)	The Plan Administrator may require current Participants to complete a new Enrollment Application at any time it deems necessary or desirable to facilitate Plan
administration or for any other reason. 

  

	 	(d)	Subject to Sections 8(b) and 8(h) hereof, a Participant’s enrollment in the Plan and any Payroll Deduction shall terminate as of the date the Participant
terminates from employment with the Company and its Subsidiaries, or otherwise no longer meets the eligibility requirements of Section 4. 

	6.	Offering Periods. 

  

	 	(a)	Shares of Common Stock shall be offered for purchase under the Plan through a series of Offering Periods until such time as (i) the maximum number of shares of
Common Stock available for issuance under the Plan shall have been purchased or (ii) the Plan shall have been terminated. Each offering shall be in such form and shall contain such terms and conditions as the Plan Administrator shall deem
appropriate. The terms of separate offerings need not be identical; provided, however, that each offering shall comply with the provisions of the Plan, and the participants in each offering shall have equal rights and privileges under that offering
in accordance with the requirements of section 423(b)(5) of the Code and the applicable Treasury Regulations thereunder. 

  

	 	(b)	The Plan shall be implemented through consecutive Offering Periods. Unless otherwise determined by the Plan Administrator prior to the start date of any Offering Period
or in accordance with Sections 3(b) or 14(a), each Offering Period shall extend for three-month periods beginning on each January 1, April 1, July 1 and October 1 on or after the Effective Date of the Plan; provided,
however, that the initial Offering Period shall extend for a two-month period beginning on August 1, 2013 and ending on September 30, 2013. Notwithstanding any provision in this Plan to the contrary, an Offering Period shall not be of a
duration which exceeds twenty-four (24) months. 

  

	7.	Payroll Deductions. 

  

	 	(a)	Except as otherwise provided by the Plan Administrator, at the time a Participant enrolls in the Plan (or at any subsequent time while the Participant is still an
eligible Employee), the Participant shall elect to have Payroll Deductions made with respect to the Payroll Salary paid during any Payroll Period. A Payroll Deduction may not be less than $20 or more than $950 for any Payroll Period. Payroll
Deductions for a Participant shall be effective as soon as administratively possible following receipt by the Company or its designee of the Participant’s election. 

 

	 	(b)	 Notwithstanding the foregoing, the Participant’s Payroll Deduction shall not exceed the Participant’s Payroll Salary as reduced, either by
application of applicable law or otherwise, by any deductions including, without limitation, (i) any income or employment tax withholdings, (ii) any contributions made by the Participant to any Code Section 401(k) salary deferral plan
or any Code Section 125 cafeteria benefit program now or hereafter established by the Company or any Subsidiary, (iii) and child or spousal support 

	 	
obligations, or (iv) wage garnishments. In addition, no Participant shall be permitted to accrue the rights to purchase shares under all “employee stock purchase plans” of the
Company and its parent or subsidiary corporations at a rate that exceeds $25,000 of the Fair Market Value of such shares (determined at the time such right to subscribe is granted) for each calendar year in which the right to subscribe is
outstanding at any time. 

  

	 	(c)	Except as otherwise provided by the Plan Administrator or the terms of this Plan, a Participant’s Payroll Deduction will remain in effect for each subsequent
Payroll Period throughout the current and subsequent Offering Periods, except to the extent such Payroll Deduction is modified or terminated in accordance with the terms of this Plan. 

 

	 	(d)	Except as otherwise provided by the Plan Administrator or the terms of this Plan, a Participant may, at any time discontinue, increase or decrease his or her rate of
Payroll Deduction to become effective as soon as administratively possible after filing the appropriate form with the Plan Administrator or its designee. 

  

	 	(e)	All Payroll Deductions made for a Participant shall be credited to his or her Payroll Account. A Participant may not make any additional payments or contributions to
his or her Payroll Account unless otherwise provided for by the Plan Administrator. 

  

	 	(f)	Notwithstanding the foregoing, to the extent necessary to comply with the terms of this Plan or applicable law or regulation, a Participant’s Payroll Deductions
may be decreased by the Plan Administrator to zero at any time. Payroll deductions shall recommence at the rate provided in such Participant’s Payroll Deduction elections when first permitted under this Plan, unless terminated by the
Participant. 

  

	 	(g)	No interest shall accrue on Payroll Deductions of a Participant in the Plan. 

 

	8.	Purchase Rights. 

  

	 	(a)	Grant of Purchase Right. A Participant shall be granted a separate purchase right for each Offering Period in which he or she is enrolled. The purchase right
shall be granted on the start date of the Offering Period or, if later, immediately after the Participant’s enrollment in the Plan and shall provide the Participant with the right to purchase shares of Common Stock, on the Purchase Date of such
Offering Period, upon the terms set forth below. A Participant shall execute any forms or documents in connection with his or her purchase rights (not inconsistent with the Plan) as the Plan Administrator may deem advisable.

  

	 	(b)	 Purchase of Common Stock. Each purchase right shall be automatically exercised on the Purchase Date. The purchase shall be effected by applying
the funds in the Participant’s Payroll Account on the Purchase Date to the purchase shares of Common Stock by 

	 	
dividing the amount of money in such Participant’s Payroll Account in the Plan by the applicable Purchase Price; provided that such purchase shall be subject to the limitations set forth in
Sections 3, 4, 7, 8 and 9 hereof. At the discretion of the Plan Administrator, fractional shares may be purchased. 

  

	 	(c)	Purchase Price. Unless otherwise determined by the Plan Administrator prior to the beginning of an Offering Period, the purchase price per share at which Common
Stock will be purchased on the Participant’s behalf on each Purchase Date within a particular Offering Period shall be equal to ninety-five percent (95%) of the Fair Market Value per share of Common Stock on such Purchase Date.
Notwithstanding any other provisions of this Plan, in no event shall the Purchase Price be less than eighty-five percent (85%) of the Fair Market Value of the Common Stock on the applicable Purchase Date. 

 

	 	(d)	Maximum Number of Purchasable Shares. The maximum number of shares of Common Stock purchasable per Participant on any one Purchase Date shall not exceed One
Thousand Five Hundred (1,500) shares, subject to periodic adjustments in the event of certain changes in the Company’s capitalization. In addition, the maximum number of shares of Common Stock purchasable in total by all Participants in
the Plan on any one Purchase Date shall not exceed Eighty-Five Thousand (85,000) shares, subject to periodic adjustments in the event of certain changes in the Company’s capitalization. Notwithstanding the above, the Plan Administrator
shall have the discretionary authority, exercisable prior to the start of any Offering Period under the Plan, to increase or decrease the limitations to be in effect for the number of shares purchasable per Participant and in total by all
Participants enrolled in that particular Offering Period on the Purchase Date which occurs during that Offering Period. 

  

	 	(e)	Excess Payroll Deductions. Except as provided below, any Payroll Deductions not applied to the purchase of shares of Common Stock on any Purchase Date, by reason
of the limitation on the maximum number of shares purchasable per Participant or in total by all Participants on the Purchase Date or any other reason, shall be promptly refunded. 

 

	 	(f)	Suspension of Payroll Deductions. In the event that a Participant is, by reason of Section 423(b)(8) of the Code or the accrual limitations in
Section 9, precluded from purchasing additional shares of Common Stock on the Purchase Date during the Offering Period in which he or she is enrolled, then no further Payroll Deductions shall be collected from such Participant with respect to
such Purchase Date. The suspension of such deductions shall not terminate the Participant’s purchase right for the Offering Period in which he or she is enrolled, and Payroll Deductions shall automatically resume on behalf of such Participant
once he or she is again able to purchase shares during that Offering Period in compliance with the accrual limitations of Section 9. 

	 	(g)	Withdrawal from Offering Period. Except as otherwise provided for by the Plan Administrator or pursuant to the terms of this Plan, a Participant may not withdraw
from any Offering Period in which he or she is enrolled or has Payroll Deductions in his or her Payroll Account. To the extent the Plan Administrator permits a Participant to withdraw from the next following Offering Period after receipt of the
Participant’s election to withdraw, all the funds in such Participant’s Payroll Account shall be distributed to the Participant, no further Payroll Deductions shall be collected from the Participant with respect to that next following
Offering Period and such withdrawal shall be irrevocable with respect to such Offering Period. 

  

	 	(h)	Termination of Purchase Right. In the event a Participant ceases to remain eligible to participate in the Plan for any reason while his or her purchase right
remains outstanding, then that purchase right shall immediately terminate, and all of the Participant’s Payroll Deductions for the Offering Period in which the purchase right so terminates shall be refunded as soon as administratively possible.

  

	 	(i)	Proration of Purchase Rights. Should the total number of shares of Common Stock to be purchased pursuant to outstanding purchase rights on any particular date
exceed the number of shares then available for issuance under the Plan or the limit on the maximum number of shares of Common Stock purchasable in total by all Participants on any one Purchase Date, the Plan Administrator shall make a pro-rata
allocation of the shares available or purchasable on a uniform and nondiscriminatory basis, and the Payroll Deductions of each Participant, to the extent in excess of the aggregate purchase price payable for the Common Stock pro-rated to such
individual, shall be refunded. 

  

	 	(j)	Delivery of Stock. As promptly as practicable after each Purchase, the Company shall arrange the delivery to each Participant the shares of Common Stock
purchased by such Participant. At the Company’s sole election, the Company may deliver such shares in certificated or book entry form, and shall be considered to be issued and outstanding to such Participant’s credit as of the end of the
last day of the Offering Period. Alternatively, the Plan Administrator may permit or require that shares be deposited directly with one or more brokers designated by the Plan Administrator or to one or more designated agents of the Company, which
shares shall be maintained by such firm in a separate brokerage account for each Participant, and the Plan Administrator may use electronic or automated methods of share transfer. The Plan Administrator may require that shares be retained with such
brokers or agents for a designated period of time and/or may establish other procedures to permit tracking of disqualifying dispositions of such shares, and may also impose a transaction fee with respect to a sale of shares of Common Stock issued to
a participant’s credit and held by such a broker or agent. The Plan Administrator may permit shares purchased under the Plan to participate in a dividend reinvestment plan or program maintained by the Company, and establish a default method for
the payment of dividends. 

	 	(k)	Disqualifying Disposition. A Participant shall be required to report in writing to the Company (or a person or firm designated by the Plan Administrator) any
disposition of shares of Common Stock purchased under the Plan prior to the expiration of the holding periods specified by Section 423(a)(1) of the Code. 

 

	 	(l)	Stockholder Rights. A Participant shall have no shareholder rights with respect to the shares subject to his or her outstanding purchase right until the shares
are purchased on the Participant’s behalf in accordance with the provisions of the Plan and the Participant has become a holder of record of the purchased shares. 

 

	9.	Accrual Limitations. 

  

	 	(a)	No Participant shall be entitled to accrue rights to acquire Common Stock pursuant to any purchase right outstanding under this Plan if and to the extent such accrual,
when aggregated with (i) rights to purchase Common Stock accrued under any other purchase right granted under this Plan and (ii) similar rights accrued under other employee stock purchase plans (within the meaning of Code Section 423)
of the Company or any Subsidiary, would otherwise permit such Participant to purchase more than Twenty Five Thousand Dollars ($25,000.00) worth of stock of the Company or any Subsidiary (determined on the basis of the Fair Market Value per share on
the date or dates such rights are granted) for each calendar year such rights are at any time outstanding. 

  

	 	(b)	For purposes of applying such accrual limitations to the purchase rights granted under the Plan, the right to acquire Common Stock under each outstanding purchase right
shall accrue on the Purchase Date during the Offering Period. 

  

	 	(c)	If by reason of such accrual limitations, any purchase right of a Participant does not accrue for a particular Offering Period, then the Payroll Deductions that the
Participant made during that Offering Period shall be promptly refunded. 

  

	 	(d)	In the event there is any conflict between the provisions of this Section and one or more provisions of the Plan or any instrument issued thereunder, the provisions of
this Section shall be controlling. 

  

	10.	Transferability And Limitations On Transfer Of Common Stock.  

 Neither Payroll Deductions credited to a Participant’s Payroll Account nor any rights with regard to the purchase of Common Stock under this Plan may be assigned, transferred, pledged or otherwise
disposed. Any such attempted assignment, transfer, pledge or other disposition shall be without effect, except that the Plan Administrator may treat such act as an election to withdraw in accordance with Section 8. 

	11.	Conditions upon Issuance of Shares.  

 Shares of Common Stock shall not be purchased or issued under this Plan unless the purchase, issuance and delivery of such shares will comply with all applicable provisions of law, domestic or foreign,
including, without limitation, the United States Securities Act of 1933, as amended, the United States Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon
which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. As a condition to purchase Common Stock, the Plan Administrator may require the Participant who is making
such purchase to represent and warrant that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by
any of the aforementioned applicable provisions of law. Additionally, the Plan Administrator may require that shares acquired through the Plan be held by the Participant for a minimum period of time before such shares may be transferred. The Plan
Administrator may require a legend setting forth any applicable transfer restrictions to be stamped or otherwise written on the certificates of shares purchased through the Plan. 

 

	12.	Use of Funds.  

All Payroll Deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the
Company shall not be obligated to segregate such Payroll Deductions. 
  

	13.	Term of Plan.  

Subject to the Plan being approved by the affirmative vote of the holders of a majority of the shares of Common Stock which are present or
represented and entitled to vote and voted at a meeting on or before the date which is no later than twelve (12) months after the date the Plan is adopted by the Board, the Plan shall become effective August 1, 2013. Unless sooner
terminated by the Board, the Plan shall terminate upon the earliest of (a) the last Purchase Date immediately preceding the tenth anniversary of the effective date of the Plan, (b) the date on which all shares available for issuance under
the Plan shall have been sold pursuant to purchase rights exercised under the Plan, and (c) the date twelve (12) months after the date that the Plan is adopted by the Board, if shareholder approval of the Plan is not obtained by such date.
No further purchase rights shall be granted or exercised and no further Payroll Deductions shall be made after Plan termination. 

	14.	Amendment or Termination. 

  

	 	(a)	The Plan Administrator may at any time and for any reason amend or terminate the Plan; provided, that except as permitted under the terms of the Plan or as is
necessary to comply with applicable laws or regulations, no such amendment shall materially adversely affect any purchase rights outstanding under the Plan without the consent of the affected Participant(s). 

 

	 	(b)	Notwithstanding the foregoing, to the extent necessary to comply with the requirements of Section 423 of the Code or any other applicable law, regulation or stock
exchange rule, a Plan amendment or termination shall be conditioned on the approval by the shareholders of the Company in such a manner and to such a degree as is required, including, but not limited to, any amendment to: (i) increase the
number of shares of Common Stock issuable under the Plan, except for permissible adjustments in the event of certain changes in capitalization, (ii) alter the purchase price formula so as to reduce the purchase price payable for the shares of
Common Stock purchasable under the Plan, or (iii) modify the eligibility requirements for participation in the Plan. 

  

	15.	Miscellaneous.  

  

	 	(a)	Purchase Rights Carry Same Rights and Privileges. To the extent required to comply with the requirements of Section 423 of the Code, all Employees eligible
to participate in the Plan shall have the same rights and privileges hereunder. 

  

	 	(b)	Administrative Costs. All costs and expenses incurred in the administration of the Plan, including purchase of shares under the Plan, shall be paid by the
Company; provided, that each Plan Participant shall bear all costs and expenses incurred by such individual in the sale or other disposition of any shares of Common Stock purchased under the Plan. 

 

	 	(c)	Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly given when
received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

  

	 	(d)	No Employment Rights. The Plan does not, directly or indirectly, create in any person any right with respect to continuation of employment by the Company or any
Subsidiary, and it shall not be deemed to interfere in any way with the Company’s or any Subsidiary’s right to terminate, or otherwise modify, any employee’s employment at any time, with or without cause. 

 

	 	(e)	Headings. Any headings or subheadings in the Plan are inserted for convenience of reference only and are to be ignored in the construction or interpretation of
any provisions hereof. 

	 	(f)	Gender and Tense. Any words herein used in the masculine shall be read and construed in the feminine when appropriate. Words in the singular shall be read and
construed as though in the plural, and vice-versa, when appropriate. 

  

	 	(g)	Governing Law. The Plan shall be governed and construed in accordance with the laws of the State of Delaware, excluding any conflicts or choice of law provisions
thereof. Participants are deemed to submit to the exclusive jurisdiction of the federal or state courts of the State of Delaware to resolve any and all issues that may arise out of or relate to the Plan or any related agreement.

  

	 	(h)	Regulatory Approvals and Compliance. The Company’s obligation to sell and deliver Common Stock under the Plan is at all times subject to all approvals of
and compliance with the (i) regulations of any applicable stock exchanges and (ii) any governmental authorities required in connection with the authorization, issuance, sale or delivery of such Common Stock, as well as federal, state and
foreign securities laws. 

  

	 	(i)	Severability. In the event that any provision of the Plan shall be held illegal, invalid, or unenforceable for any reason, such provision shall be fully
severable, but shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if the illegal, invalid, or unenforceable provision had not been included herein. 

 

	 	(j)	Withholding. To the extent that the Company has any federal, state, or other tax withholding obligations, the Company may, but shall not be obligated to,
withhold from the Participant’s compensation the amount necessary for the Company to meet applicable withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to
sale or early disposition of Common Stock by the Participant. 

  

	 	(k)	No Guarantee of Tax Consequences. The Company does not make any commitment or guarantee that any particular tax treatment shall apply or be available to any
person participating or eligible to participate in the Plan, including, without limitation, any tax imposed by the United States or any state thereof, any estate tax, or any tax imposed by a foreign government. 

 

	 	(l)	Electronic or Telephonic Elections. The Company may, in its discretion, permit Participants to make electronic elections or telephonic elections in lieu of any
written enrollment agreement. 

  

	16.	Definitions. 

  

	 	(a)	“Board” shall mean the Board of Directors of the Company. 

	 	(b)	“Code” shall mean the United States Internal Revenue Code of 1986, as amended. 

 

	 	(c)	“Common Stock” shall mean the common stock of the Company, par value $0.001 per share. 

 

	 	(d)	“Company” shall mean Nuverra Environmental Solutions, Inc., a Delaware corporation. 

 

	 	(e)	“Employee” shall mean any individual designated as an employee of the Company or any Subsidiary on the payroll records thereof. Employee status
shall be determined in a manner consistent with the requirements of U.S. Treas. Reg. Section 1.421-1(h) or its successor provision. 

  

	 	(f)	“Enrollment Application” shall mean any enrollment forms or procedures, including payroll deduction authorizations, effectuated by any means
prescribed by the Plan Administrator or its designee, including by means of internet or telephone based communications. 

  

	 	(g)	“Fair Market Value” means, if the Common Stock is listed or quoted on a national or regional securities exchange or quotation system, the
closing price of a share of Common Stock as quoted on such national or regional securities exchange or quotation system constituting the primary market for the Common Stock, as reported in The Wall Street Journal or such other source as the
Plan Administrator deems reliable. If the relevant date does not fall on a day on which the Common Stock has traded on such securities exchange or quotation system, the date on which the Fair Market Value shall be established shall be the last day
on which the Common Stock was so traded or quoted prior to the relevant date, or such other appropriate day as shall be determined by the Plan Administrator, in its discretion. If, on such date, the Common Stock is not listed or quoted on a national
or regional securities exchange or quotation system, the Fair Market Value of a share of Stock shall be as determined by the Plan Administrator in good faith and in a manner consistent with the requirements of Section 423 of the Code.

  

	 	(h)	“Offering Period” shall mean a period of time during which Common Stock is offered to Participants to purchase with payroll deductions
accumulated at the end of the period, as set forth in Section 6 of the Plan. 

  

	 	(i)	“Participant” shall mean an Employee who is eligible to participate in the Plan under Section 4 and who has elected to participate in the
Plan by enrolling in accordance with Section 5. 

  

	 	(j)	“Payroll Account” shall mean a bookkeeping entry that shows the amount of Payroll Deductions available for the purchase of Common Stock for a
Participant under this Plan. 

	 	(k)	“Payroll Deduction” shall mean the amount a Participant elects to have deducted from his Payroll Salary during any Payroll Period in accordance
with Section 7 of the Plan. 

  

	 	(l)	“Payroll Period” shall mean the period of time for which each Employee is paid according to the schedule determined by the Company, such that
immediately after the last day of such period no base compensation is owed by the Company to the Employee. 

  

	 	(m)	“Payroll Salary” shall mean the full base salary or wages (including overtime) paid to a Participant by the Company during a Payroll Period.
Except as otherwise determined by the Plan Administrator, Payroll Salary shall not include bonuses or commissions. Payroll Salary shall be calculated before deduction of (i) any income or employment tax withholdings, or (ii) any
contributions made by the Participant to any Code Section 401(k) salary deferral plan or any Code Section 125 cafeteria benefit program now or hereafter established by the Company or any Subsidiary. However, Payroll Salary shall not
include any non-cash items, severance or notice pay, expense allowances or reimbursements, income attributable to stock options or other stock-based compensation or contributions, or any other forms of extraordinary compensation.

  

	 	(n)	“Plan” shall mean this Nuverra 2013 Employee Stock Purchase Plan. 

 

	 	(o)	“Plan Administrator” shall mean the Employee Benefits Administrative Committee of the Board, or the persons acting within the scope of their
authority to administer the Plan pursuant to a delegation of authority from the Board or the Compensation Committee as provided in Section 2 above. 

  

	 	(p)	“Purchase Date” shall mean the last business day of each Offering Period, unless otherwise provided in the Plan or determined in writing by the
Plan Administrator. 

  

	 	(q)	“Purchase Price” shall mean an amount equal to ninety-five percent (95%) of the Fair Market Value of a share of Common Stock on the
Purchase Date, unless otherwise provided in the Plan or determined in writing by the Plan Administrator. 

  

	 	(r)	“Subsidiary” shall mean any domestic corporation other than the Company which, pursuant to Section 424(f) of the Code, is included in an
unbroken chain of corporations beginning with the Company if, each of the corporations other than the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of
capital stock in one of the other corporations in such chain. 

  

	 	(s)	“Trading Day” shall mean a day on which the New York Stock Exchange (or other national securities exchange or interdealer quotation system as
may at the applicable time be the primary market for the Common Stock) is open for trading.Contribution Agreement

 Exhibit 10.1 
 CONTRIBUTION AGREEMENT 
 This CONTRIBUTION AGREEMENT (the
“Agreement”) is entered into as of August 13, 2013 (the “Effective Date”), by and between Hedgepath, LLC, a Florida limited liability company (formerly known as Hedgepath Pharmaceuticals, Inc., a Florida
corporation, “Hedgepath”), and HedgePath Pharmaceuticals, Inc., a Delaware corporation (as successor to Commonwealth Biotechnologies, Inc., a Virginia corporation, the “Company,” and together with Hedgepath, each, a
“Party” and collectively, the “Parties”). 
 WHEREAS, Hedgepath is engaged in the field
of pharmaceutical development and the conduct of such other activities as may be incidental or related thereto, including, and specifically as of the Effective Date, the acquisition of technology rights and to conduct activities related to the
research and development of the currently-marketed drug itraconazole for oncology applications (the entirety of such business opportunity, including without limitation as more particularly described on Schedule A hereto, the
“Business”); 
 WHEREAS, in order to carry out the purposes and intent of that certain Amended Plan of
Reorganization, dated January 4, 2013 (the “Plan”), filed by Commonwealth Biotechnologies, Inc. and approved by the court in connection with its voluntary petition in the United States Bankruptcy Court for the Eastern District
of Virginia seeking relief under the provisions of Chapter 11 of Title 11 of the United States Code (Case No. 11-30381-KRH), Hedgepath wishes to transfer to the Company all of its rights, title and interest in the Business, including without
limitation, the assets listed on Schedule B hereto, which are related to and are necessary for the Company to conduct the Business following the Effective Date (but, for the avoidance of doubt, no other assets or liabilities of Hedgepath
which are not directly related to or associated with the Business, the “Assets”); 
 WHEREAS, as of the
Effective Date, Hedgepath is the owner of a claim against the Company in the amount of $52,500 (the “T&B Claim”), which T&B Claim was owed by the Company to Travenner & Beran, PLC (“T&B”), and
Hedgepath desires to contribute the T&B Claim to the Company; 
 WHEREAS, in order to carry out the purposes and
intent of the Plan, in consideration of the contribution of the Assets and the T&B Claim by Hedgepath to the Company, the Company desires to issue to Hedgepath shares of newly designated Series A Convertible Preferred Stock, no par value per
share (with the rights and preferences thereto set forth in the form of Certificate of Designations set forth on Exhibit A hereto, the “Series A Preferred”) representing ninety percent (90%) of the voting securities of
the Company as of the Effective Date; and 
 WHEREAS, Hedgepath and the Company desire such transfer of the Assets and
the T&B Claim to qualify as a tax free contribution of capital under Section 351 of the Internal Revenue Code of 1986, as amended (the “Code”). 
 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements, provisions and covenants contained herein, and for other good and valuable consideration, the receipt and legal
sufficiency whereof are hereby acknowledged, the Parties hereto agree as follows: 

 ARTICLE I 
 CONTRIBUTION OF ASSETS 
 Section 1.1 Contribution of Assets.
Upon and subject to the terms and conditions of this Agreement, as of the Effective Date, Hedgepath hereby assigns (and, from and after the Effective Date, agrees to assign, as applicable), transfers, contributes, conveys and delivers to the Company
all of Hedgepath’s right, title, and interest in all of the Business and the Assets and the T&B Claim. Hedgepath represents that the Assets represent all of the assets which are necessary for the Company to begin to conduct the Business
following the Effective Date. The closing of the transactions contemplated hereby shall occur contemporaneously with the signing of this Agreement 
 Section 1.2 No Liabilities. It is acknowledged and agreement that Hedgepath shall not contribute any liabilities of Hedgepath to the Company. 

Section 1.3 Assumption of Assets; Satisfaction of T&B Claim. The Company hereby agrees to and accepts irrevocably,
unconditionally and without reservation all of the Assets and the T&B Claim, subject to the terms and conditions of this Agreement. The Company agrees that it will satisfy the T&B Claim as follows: the Company will issue to T&B a number
of restricted shares of common stock, no par value, of the Company (the “Common Stock”), with the number of shares of Common Stock to be determined based on the valuation of the shares to be issued to purchasers in connection with
the Company’s planned $5 million offering of securities as described in the Plan. Such shares of Common Stock shall be issued to T&B within five (5) business days of the final determination of such valuation (as memorialized in the
final transaction documentation for such offering). 
 Section 1.4 Consideration for the Contribution. As
consideration for the contribution described in Section 1.1 above, concurrently with the contribution to the Company of the Assets and the T&B Claim, the Company will issue to Hedgepath 170,000.739 shares of Series A Preferred Stock,
constituting 100% of the outstanding shares of Series A Preferred Stock as of the Effective Date. The Parties intend that the contribution of the Assets and T&B Claim in consideration of the issuance of the Series A Preferred Stock be a tax free
contribution of capital under Section 351 of the Code. 
 Section 1.5 Cooperation. Hedgepath shall take all
actions necessary to execute any and all documents as may be reasonably requested by the Company from time to time to transfer the Assets and the T&B Claim and otherwise fully vest or perfect in the Company all right, title and interest in and
to the Assets and the T&B Claim assigned and assumed pursuant to this Agreement. 

 ARTICLE II 
 ADDITIONAL COVENANTS AND MISCELLANEOUS PROVISIONS 
 Section 2.1
Compliance with Bulk Sales Laws. The Parties hereby waive compliance with the bulk sales law and any other similar laws in any applicable jurisdiction in respect of the transactions contemplated by this Agreement, including, without
limitation, any applicable state tax law that may require notification of state taxing authorities and related actions in respect of bulk sales of assets outside of the ordinary course of business. 

Section 2.2 Further Assurances. Each party hereto shall execute, deliver, file and record, or cause to be executed,
delivered, filed and recorded, such further agreements, instruments and other documents, and take, or cause to be taken, such further actions, as the other party hereto may reasonably request as being necessary or advisable to effect or evidence the
transactions contemplated by this Agreement. 
 Section 2.3 Governing Law. This Agreement shall be governed by and
construed in accordance with federal law as it applied to patents, copyrights and trademarks and otherwise in accordance with the laws of the State of Florida, and without regard to the conflicts of laws principles of such state. 

Section 2.4 No Third Party Beneficiaries. Nothing in this Agreement is intended, nor shall it be constructed, to confer any
rights or benefits upon any person or entity (including, but not limited to, any officer, director, employee or creditor or former officer, director, employee or creditor of the Company) other than the Parties hereto. 

Section 2.5 Entire Agreement. This Agreement contains the entire agreement between the Parties with respect to the
contribution of the Assets to the Company, and constitutes the complete, final and exclusive embodiment of the agreement between the Parties with respect to that subject matter and supersedes all prior agreements whether written or oral which may
have been entered into by the Parties on the subject matter. 
 Section 2.6 Successors and Assigns. This Agreement
shall be binding upon and inure to the Parties hereto and their respective successors and assigns. 
 Section 2.7
Amendment. No change, modification or amendment of this agreement shall be valid or binding on the Parties unless such change or modification shall be in writing signed by the party or Parties against whom the same is sought to be enforced.

 Section 2.8 Severability. If any provision of this Agreement is held to be invalid or unenforceable in any
respect (including, without limitation, with respect to any particular Asset or groups of Assets or the T&B Claims), the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or
impaired thereby and the Parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 

 Section 2.9 Execution. This Agreement may be executed in two (2) or more
counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both Parties need
not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or other electronic transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such facsimile or other electronic signature page were an original thereof. 
 IN WITNESS WHEREOF, the Parties hereto have caused this Contribution Agreement to be signed and delivered by their respective duly authorized officers as of the date first above written.

  

					
	HEDGEPATH, LLC
		
	By:	 	 /s/ Frank E. O’Donnell, Jr.

		 	Name:	 	Frank E. O’Donnell, Jr.
		 	Title:	 	Manager
	
	HEDGEPATH PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Nicholas J. Virca

		 	Name:	 	Nicholas J. Virca
		 	Title:	 	President and Chief Executive Officer

 Schedule A 
 Description of Business 
 Hedgepath’s proposed anti-cancer therapies are based upon
new indications and formulations of the Food and Drug Administration (“FDA”) approved drug itraconazole, which is approved for and extensively used to treat anti-fungal infections. Itraconazole has a significant history of safe and
effective use in humans. 
 Hedgepath has implemented a strategy to acquire technology rights and to contract for research, manufacturing and
regulatory expertise to solidify its commercial position for use of itraconazole for oncology applications. Hedgepath intends to move itraconazole through clinical trials and toward regulatory approvals for multiple anti-cancer indications with
a newly patented formulation of itraconazole and additional intellectual property protection. Thus, Hedgepath plans to offer a new and promising opportunity for repurposing an existing drug to significantly reduce the risk and time to FDA
approvals for marketing in the United States. Key proposed applications include prostate, lung and skin cancers. 

 Schedule B 
 Contributed Assets 
  

	1.	U.S. Provisional Patent 61-813,122, “Prostate-Specific Antigen as Biomarker for Hedgehog Pathway Inhibitor Treatment and Prognostic Monitoring of Prostate
Cancer” (previously assigned to Hedgepath by Francis E. O’Donnell, Jr. and Nicolas J. Virca, as inventors). 

  

	2.	U.S. Provisional Patent 61-813,823, “Treatment and Prognostic Monitoring of Cancer Using Hedgehog Pathway Inhibitors” (previously assigned to Hedgepath by
Francis E. O’Donnell, Jr. and Nicolas J. Virca, as inventors). 

  

	3.	Assignment of Patents, dated November 1, 2012, by Francis E. O’Donnell, Jr. in favor of Hedgepath. 

 

	4.	Assignment of Patents, dated November 1, 2012, by Nicolas J. Virca in favor of Hedgepath. 

 

	5.	Consulting Agreement, dated and effective as of September 1, 2012, by and between Hedgepath Pharmaceuticals, Inc. (the predecessor of Hedgepath) and Emmanuel
Antonarakis, MD (“Antonarakis”). 

  

	6.	Confidentiality and Intellectual Property Assignment Agreement, dated and effective September 1, 2012, between Antonarakis and Hedgepath Pharmaceuticals, Inc. (a
predecessor to Hedgepath). Includes all intellectual property, know-how and other assets assigned to Hedgepath by Antonarakis under such agreement. 

  

	7.	Consulting Agreement, effective as of April 11, 2013, by a between Hedgepath and Arianne Consulting, Inc. (“Arianne”). 

 

	8.	Confidentiality and Intellectual Property Assignment Agreement, dated and effective April, 2013, between Arianne and Hedgepath. Includes all intellectual property,
know-how and other assets assigned to Hedgepath by Arianne under such agreement. 

 Exhibit A 
 FORM OF CERTIFICATE OF DESIGNATION 
 OF 

SERIES A CONVERTIBLE PREFERRED STOCK 
 OF 
 HEDGEPATH PHARMACEUTICALS, INC. 

Pursuant to Section 151 of the 
 Delaware General Corporation Law 
 HedgePath Pharmaceuticals, Inc.,
a Delaware corporation (the “Corporation”), in accordance with the provisions of Section 103 of the Delaware General Corporation Law (the “DGCL”) does hereby certify that, in accordance with Sections 141(c) and
151 of the DGCL, the following resolution was duly adopted by the Board of Directors of the Corporation by unanimous written consent to action on August     , 2013:  

RESOLVED, that pursuant to the authority granted to and vested in the Board of Directors of the Corporation in accordance with the
provisions of the Certificate of Incorporation of the Corporation (the “Certificate of Incorporation”), there is hereby established a series of the Corporation’s authorized preferred stock, par value $0.0001 per share (the
“Preferred Stock”), which series shall be designated as the Series A Convertible Preferred Stock, par value $0.0001 per share, of the Corporation, with the designation, number of shares, powers, preferences, rights, qualifications,
limitations and restrictions thereof (in addition to any provisions set forth in the Certificate of Incorporation which are applicable to the Preferred Stock of all classes and series) as follows:  

SERIES A CONVERTIBLE PREFERRED STOCK 
 SECTION 1. DEFINITIONS. For the purposes hereof, the following capitalized terms shall have the following meanings, with other capitalized terms being defined elsewhere herein: 

“Business Day” means any day except Saturday, Sunday, any day which shall be a federal legal holiday in the United
States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close. 
 “Common Stock” means the Corporation’s common stock, par value $0.0001 per share, and stock of any other class of securities into which such securities may hereafter be reclassified
or changed into. 
 “Conversion Shares” means, collectively, the shares of Common Stock issuable upon
conversion of the shares of Series A Preferred Stock in accordance with the terms hereof. 
 “DGCL” means the
Delaware General Corporation Law. 
 “Effective Date” means August     , 2013. 

“Holder” means any holder of Series A Preferred Stock. 

 “Person” means any individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 SECTION 2. DESIGNATION, AMOUNT AND PAR VALUE; ASSIGNMENT 

(a) The series of preferred stock designated by this Certificate shall be designated as the Corporation’s “Series A Convertible
Preferred Stock” (the “Series A Preferred Stock”) and the number of shares so designated shall be 500,000. Each share of Series A Preferred Stock shall have a par value of $0.0001 per share. 

(b) The Corporation shall register shares of the Series A Preferred Stock, upon records to be maintained by the Corporation for that
purpose (the “Series A Preferred Stock Register”), in the name of the Holders thereof from time to time. The Corporation may deem and treat the registered Holder of shares of Series A Preferred Stock as the absolute owner thereof
for the purpose of any conversion thereof and for all other purposes. The Corporation shall register the transfer of any shares of Series A Preferred Stock in the Series A Preferred Stock Register, upon surrender of the certificates evidencing such
shares to be transferred, duly endorsed by the Holder thereof, to the Corporation at its principal place of business or such other office of the Corporation as may be designated by the Corporation. Upon any such registration or transfer, a new
certificate evidencing the shares of Series A Preferred Stock so transferred shall be issued to the transferee and a new certificate evidencing the remaining portion of the shares not so transferred, if any, shall be issued to the transferring
Holder, in each case, within three (3) Business Days. The provisions of this Certificate are intended to be for the benefit of all Holders from time to time and shall be enforceable by any such Holder. 

SECTION 3. DIVIDENDS. Holders shall be entitled to receive, and the Corporation shall pay, dividends on shares of the Series A
Preferred Stock equal (on an as-if-converted-to-Common-Stock basis) to and in the same form as dividends (other than dividends in the form of Common Stock) actually paid on shares of the Common Stock when, as and if such dividends (other than
dividends in the form of Common Stock) are paid on shares of the Common Stock. 
 SECTION 4. VOTING RIGHTS. Each issued
and outstanding share of Series A Preferred Stock shall be entitled to the number of votes equal to the number of shares of Common Stock into which each such share of Series A Preferred Stock is convertible (as adjusted from time to time pursuant to
Section 6 hereof), at each meeting of stockholders of the Corporation (or pursuant to any action by written consent) with respect to any and all matters presented to the stockholders of the Corporation for their action or consideration. Except
as provided by law, or by the provisions establishing any other series of Preferred Stock, holders of Series A Preferred Stock shall vote together with the holders of Common Stock as a single class. 

SECTION 5. RANK; LIQUIDATION. 
 (a) The Series A Preferred Stock shall rank: (i) senior to all of the Common Stock; (ii) senior to any class or series of capital stock of the Corporation hereafter created specifically

 
ranking by its terms junior to any Series A Preferred Stock (“Junior Securities”); (iii) on parity with any class or series of capital stock of the Corporation hereafter
created specifically ranking by its terms on parity with the Series A Preferred Stock (“Parity Securities”); and (iv) junior to any class or series of capital stock of the Corporation hereafter created specifically ranking by
its terms senior to any Series A Preferred Stock (“Senior Securities”), in each case, as to dividends, distributions of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntarily or involuntarily. The
foregoing shall not preclude the Corporation from designating or issuing any Junior Securities, Parity Securities or Senior Securities. 
 (b) Subject to the prior and superior rights of the holders of any Senior Securities of the Corporation, upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary
(each, a “Liquidation Event”), each holder of shares of Series A Preferred Stock shall be entitled to receive, in preference to any distributions of any of the assets or surplus funds of the Corporation to the holders of the Common
Stock and Junior Securities and pari passu with any distribution to the holders of Parity Securities, an amount equal to $0.0001 per share of Series A Preferred Stock, plus an additional amount equal to any dividends declared but unpaid on such
shares, before any payments shall be made or any assets distributed to holders of any class of Common Stock or Junior Securities. If, upon any such Liquidation Event, the assets of the Corporation shall be insufficient to pay the holders of shares
of the Series A Preferred Stock the amount required under the preceding sentence, then all remaining assets of the Corporation shall be distributed ratably to holders of the shares of the Series A Preferred Stock and Parity Securities. 

(c) After payment to the holders of shares of the Series A Preferred Stock of the amount required under Section 5(b) and subject to
the prior and superior rights of the holders of any Senior Securities of the Corporation, the remaining assets or surplus funds of the Corporation, if any, available for distribution to stockholders shall be distributed ratably among the holders of
the Series A Preferred Stock, any other class or series of capital stock that participates with the Common Stock in the distribution of assets upon any Liquidation Event and the Common Stock, with the holders of the Series A Preferred Stock deemed
to hold that number of shares of Common Stock into which such shares of Series A Preferred Stock are then convertible. 

SECTION 6. CONVERSION. 
 (a) Conversions at Option of Holder. Following the one (1) year anniversary of the Effective Date, all of the shares of Series A Preferred Stock (the “Total Series A Shares”)
shall be convertible on any Business Day in the aggregate into a number of Conversion Shares that equals ninety percent (90%) of the total issued and outstanding shares of the Common Stock (on a fully-diluted basis) of the Corporation as of the
Effective Date, after giving effect to a hypothetical issuance of such Conversion Shares (the “Conversion Rate”) without any additional consideration by the holder to effectuate the conversion, in the manner provided for herein. As
of the Effective Date, there are 18,888,971 shares of Common Stock outstanding on a fully-diluted basis; therefore, the Total Series A Shares are convertible into 170,000,739 shares of Common Stock (the “Total Series A Conversion
Shares”), and each share of Series A Preferred Stock is convertible into its pro rata portion of such the Total Series A Conversion Shares. The Conversion Rate shall not be subject to dilution, modification or any other change, regardless
of any action undertaken by the Board of Directors or stockholders of the Corporation. 

 (b) Mechanics of Conversion. 

(i) Generally. Each Holder who converts the Series A Preferred Stock held by such Holder into shares of Common Stock pursuant to
this Section 6 shall surrender the certificate or certificates therefor, duly endorsed, at the office of the Corporation, and shall give written notice (a “Notice of Conversion”) to the Corporation at such office that such
holder elects to convert the same. Such Notice of Conversion, to be given on any Business Day, shall state the number of shares of Series A Preferred Stock being converted and shall contain instructions as to where Conversions Shares should be
delivered. Thereupon, the Corporation shall promptly issue and deliver to such Holder a certificate or certificates for the number of shares of Common Stock to which such Holder is entitled (which certificate or certificates shall bear appropriate
restrictive legends as may be required by the Securities Act) and shall promptly pay in Common Stock any declared and unpaid dividends on the shares of Series A Preferred Stock being converted. Such conversion shall be deemed to have been made at
the close of business on the date of which both certificates representing the shares of Series A Preferred Stock to be converted are surrendered to the Corporation and the Holder has delivered a Notice of Conversion to the Corporation (the
“Conversion Date”), and the Person entitled to receive the shares of Common Stock issuable upon such conversion shall be treated for all purposes as the record holder of such shares of Common Stock on the Conversion Date.

 (ii) Reservation of Shares Issuable Upon Conversion. The Corporation covenants that it will at all times reserve and
keep available out of its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion of the Series A Preferred Stock, free from preemptive rights or any other actual contingent purchase rights of Persons other
than the Holders of the Series A Preferred Stock, not less than such aggregate number of shares of the Common Stock as shall be issuable (taking into account the adjustments of Section 7) upon the conversion of the Total Series A Shares. The
Corporation covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable. 
 (iii) Fractional Shares. No fractional shares or scrip representing fractional shares of Common Stock shall be issued upon the conversion of the Series A Preferred Stock. As to any fraction of a
share which a Holder would otherwise be entitled to receive upon such conversion, the Corporation shall round up to the next whole share. 
 (iv) Transfer Taxes. The issuance of certificates for Conversion Shares shall be made without charge to any Holder for any documentary stamp or similar taxes that may be payable in respect of the
issue or delivery of such certificates, provided that the Corporation shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such certificate upon conversion in a name other
than that of the registered Holder(s) of such shares of Series A Preferred Stock and the Corporation shall not be required to issue or deliver such certificates unless or until the Person or Persons requesting the issuance thereof shall have paid to
the Corporation the amount of such tax or shall have established to the satisfaction of the Corporation that such tax has been paid. 

 (e) Status as Stockholder. Upon each Conversion Date: (i) the shares of Series A
Preferred Stock being converted shall be deemed converted into shares of Common Stock and (ii) the Holder’s rights as a holder of such converted shares of Series A Preferred Stock shall cease and terminate, excepting only the right to
receive certificates for or (if applicable and permitted under the Securities Act) electronic delivery of such shares of Common Stock and to any remedies provided herein or otherwise available at law or in equity to such Holder because of a failure
by the Corporation to comply with the terms of this Certificate of Designation. In all cases, the Holder shall retain all of its rights and remedies for the Corporation’s failure to convert Series A Preferred Stock. 

SECTION 7. CERTAIN ADJUSTMENTS. 
 (a) Stock Dividends and Stock Splits. If the Corporation, at any time while the Series A Preferred Stock is outstanding: (i) pays a stock dividend or otherwise makes a distribution or
distributions payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Corporation upon conversion of shares of Series A Preferred Stock) with respect to the then outstanding shares
of Common Stock; (ii) subdivides outstanding shares of Common Stock into a larger number of shares; or (iii) combines (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares, then the
Total Series A Conversion Shares shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding any treasury shares of the Corporation) outstanding immediately before such event and of which the
denominator shall be the number of shares of Common Stock outstanding immediately after such event (excluding any treasury shares of the Corporation). Any adjustment made pursuant to this Section 7(a) shall become effective immediately after
the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision or combination. 

(b) Rights Upon Distribution of Assets. If the Corporation shall declare or make any dividend or other distribution of its assets
(or rights to acquire its assets) other than cash to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a
dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), a Holder shall be entitled to receive the dividend or distribution of assets that would have been
payable to such Holder pursuant to the Distribution had such Holder converted his or her shares of Series A Preferred Stock (or, if such Holder had partially converted such shares prior to the Distribution, any unconverted portion thereof)
immediately prior to such record date. 
 (c) Fundamental Transaction. If, at any time while the Series A Preferred Stock
is outstanding: (i) the Corporation effects any merger or consolidation of the Corporation with or into another Person (other than a merger in which the Corporation is the surviving or continuing entity and its Common Stock is not exchanged for
or converted into other securities, cash or property), (ii) the Corporation effects any sale of all or substantially all of its assets in one transaction or a series of related transactions, (iii) any tender offer or exchange offer
(whether by the Corporation or another Person) is completed pursuant to which all of the Common Stock is exchanged for or converted into other securities, cash or property, or (iv) the Corporation effects

 
any reclassification of the Common Stock or any compulsory share exchange pursuant (other than as a result of a dividend, subdivision or combination covered by Section 7(a) above) to which
the Common Stock is effectively converted into or exchanged for other securities, cash or property (in any such case, a “Fundamental Transaction”), then, upon any subsequent conversion of this Series A Preferred Stock, the Holders
shall have the right to receive, in lieu of the right to receive Conversion Shares, for each Conversion Share that would have been issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction, the same kind and
amount of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of one share of Common Stock (the
“Alternate Consideration”). For purposes of any such subsequent conversion, the determination of the Conversion Rate shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Corporation shall adjust the Conversion Rate in a reasonable manner reflecting the relative value of any different components of the Alternate
Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holders shall be given the same choice as to the Alternate Consideration it receives upon any
conversion of this Series A Preferred Stock following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Corporation or surviving entity in such Fundamental Transaction shall file a new
Certificate of Designation with the same terms and conditions and issue to the Holders new preferred stock consistent with the foregoing provisions and evidencing the Holders’ right to convert such preferred stock into Alternate Consideration.
The terms of any agreement to which the Corporation is a party and pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this Section 7(b)
and ensuring that the Series A Preferred Stock (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. The Corporation shall cause to be delivered (via overnight courier,
facsimile or email) to each Holder who does not have a representative or affiliate of such Holder serving on the Board of Directors of the Corporation, at its last address as it shall appear upon the books and records of the Corporation, written
notice of any Fundamental Transaction at least ten (10) calendar days prior to the date on which such Fundamental Transaction is expected to become effective or close. 
 (d) Calculations. All calculations under this Section 7 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 7, the number
of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding any treasury shares of the Corporation) issued and outstanding. 

 SECTION 8. MISCELLANEOUS. 

(a) Notices. Any and all notices or other communications or deliveries to be provided by the Holders
hereunder including, without limitation, any Notice of Conversion, shall be in writing and delivered personally, by email, facsimile, or sent by a nationally recognized overnight courier service, addressed to the Corporation, at 324 South Hyde Park
Avenue, Suite 350, Tampa FL 33606, Fax Number: (813) 831-2372, or such other facsimile number or address or email address as the Corporation may specify for such purposes by notice to the Holders delivered in accordance with this Section. Any
and all notices or other communications or deliveries to be provided by the Corporation hereunder shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized overnight courier service or email addressed to each
Holder at the facsimile number or address of such Holder appearing on the books of the Corporation, or if no such facsimile number or address appears on the books of the Corporation, at the principal place of business of such Holder. Any notice or
other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or email at the facsimile number or email address
specified in or pursuant to this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the date immediately following the date of transmission, if such notice or communication is delivered via facsimile or mail at the facsimile
number or email address specified in or pursuant to this Section between 5:30 p.m. and 11:59 p.m. (New York City time) on any date, (iii) the second (2nd) Business Day following the date of mailing, if sent by nationally recognized overnight courier service, or
(iv) upon actual receipt by the party to whom such notice is required to be given. 
 (b) No Impairment. For so long
as any shares of Series A Preferred Stock are outstanding, the terms of this Certificate of Designation may not be amended, modified, repealed or waived without the affirmative vote or written consent of the holders of at least seventy-five percent
(75%) of the then outstanding shares of Series A Preferred Stock. In addition, except as authorized by the affirmative vote or written consent of the holders of not less than seventy-five percent (75%) of the then outstanding shares of
Series A Preferred Stock, the Corporation will not, by amendment of this Certificate of Designation or its Certificate of Incorporation or through any reorganization, recapitalization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, fail to observe, or avoid or seek to avoid the observance or performance of, any of the terms contained herein, and will at all times in good faith take all actions as may be necessary to carry out
of all the provisions hereof and to take all such actions as may be necessary or appropriate in order to protect the rights of the holders of Series A Preferred Stock against any impairment. 

(c) Lost or Mutilated Series A Preferred Stock Certificate. If a Holder’s Series A Preferred Stock certificate shall be
mutilated, lost, stolen or destroyed, the Corporation shall execute and deliver, in exchange and substitution for and upon cancellation of a mutilated certificate, or in lieu of or in substitution for a lost, stolen or destroyed certificate, a new
certificate for the shares of Series A Preferred Stock so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of such loss, theft or destruction of such certificate, and of the ownership thereof, reasonably satisfactory to the
Corporation and, in each case, customary and reasonable indemnity, if requested. Applicants for a new certificate under such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable
third-party costs as the Corporation may prescribe. 

 (d) Waiver. Any waiver by the Corporation or a Holder of a breach of any provision of
this Certificate of Designation shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Certificate of Designation or a waiver by any other Holders. The failure of the
Corporation or a Holder to insist upon strict adherence to any term of this Certificate of Designation on one or more occasions shall not be considered a waiver or deprive that party (or any other Holder) of the right thereafter to insist upon
strict adherence to that term or any other term of this Certificate of Designation. Any waiver by the Corporation or a Holder must be in writing. 
 (e) Severability. If any provision of this Certificate of Designation is invalid, illegal or unenforceable, the balance of this Certificate of Designation shall remain in effect, and if any
provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law
governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law. 
 (f) Next Business Day. Whenever any obligation hereunder shall be due on a day other than a Business Day, such obligation shall be made or fulfilled on the next succeeding Business Day. 

(g) Headings. The headings contained herein are for convenience only, do not constitute a part of this Certificate of Designation
and shall not be deemed to limit or affect any of the provisions hereof. 
 (h) Status of Converted Series A Preferred
Stock. If any shares of Series A Preferred Stock shall be converted or reacquired by the Corporation, such shares shall resume the status of authorized but unissued shares of Preferred Stock and shall no longer be designated as Series A
Preferred Stock. 
 IN WITNESS WHEREOF, the Corporation has caused this Certificate of Designation to be signed by its
duly authorized officer this      day of August, 2013. 
  

			
	HEDGEPATH PHARMACEUTICALS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

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