Document:

Exhibit 10.1

 

AMENDMENT #1 TO WARRANT AGREEMENT

 

OUTLOOK THERAPEUTICS, INC.

 

AND

 

AMERICAN STOCK TRANSFER & TRUST COMPANY,
LLC, AS WARRANT AGENT

 

THIS AMENDMENT #1,
dated June 11, 2019 (“Amendment #1”), to the Warrant Agreement, dated as of April 12, 2019 (the
“Warrant Agreement”), by and between Outlook Therapeutics, Inc., a Delaware corporation (the “Company”),
and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company, as Warrant Agent (the “Warrant
Agent”). Capitalized terms used but not defined in this Amendment #1 shall have the meaning ascribed to them in the
Warrant Agreement.

 

WHEREAS, the Company
and the Warrant Agent entered into that certain Warrant Agreement relating to, among other things, the issuance of 15-Month Warrants
and Five-Year Warrants to purchase shares of the Company’s common stock, $0.01 par value per share, each at an exercise price
of $2.90 per share ; and

 

WHEREAS, pursuant to
Section 8.8 of the Warrant Agreement, the Company and the Warrant Agent have agreed to further amend the Warrant Agreement to limit
the applicability of Section 3.3.10 to the Five-Year Warrants, and remove Section 1(f) from the Form of Certificated 15-Month Warrant
included in Exhibit D, following written consent of the holder of at least 67% of the Warrant Shares issuable upon exercise of
all currently outstanding 15-Month Warrants.

 

NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the Company and the Warrant Agent agree as follows:

 

		1.	Amendments.

 

		a.	Section 3.3.10 of the Warrant Agreement is amended and restated as follows:

 

     

     

    

 

“3.3.10       Limitations
on Exercise. Notwithstanding anything to the contrary contained herein, the Company shall not effect the exercise of any portion
of a Five-Year Warrant, and the Holder shall not have the right to exercise any portion of a Five-Year Warrant, pursuant to the
terms and conditions of the Five-Year Warrant and any such exercise shall be null and void and treated as if never made, to the
extent that after giving effect to such exercise, the Holder together with the other Attribution Parties collectively would beneficially
own in excess of [4.99][9.99%] (the “Maximum Percentage”) of the number of shares of Common Stock outstanding
immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common
Stock beneficially owned by the Holder and the other Attribution Parties shall include the number of shares of Common Stock held
by the Holder and all other Attribution Parties plus the number of shares of Common Stock issuable upon exercise of the Five-Year
Warrants with respect to which the determination of such sentence is being made, but shall exclude the number of shares of Common
Stock that would be issuable upon (A) exercise of the remaining, unexercised portion of the Five-Year Warrants beneficially owned
by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or unconverted portion
of any other securities of the Company (including, without limitation, any convertible notes or convertible preferred stock or
warrants) beneficially owned by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous
to the limitation contained in this Section 3.3.10. For purposes of this Section 3.3.10, beneficial ownership shall be calculated
in accordance with Section 13(d) of the 1934 Act. For purposes of the Five-Year Warrants, in determining the number of outstanding
shares of Common Stock the Holder may acquire upon the exercise of the Five-Year Warrants without exceeding the Maximum Percentage,
the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Annual
Report on Form 10-K, Quarterly Report on Form 10-Q and Current Reports on Form 8-K or other public filing with the Securities and
Exchange Commission (the “SEC”), as the case may be, (y) a more recent public announcement by the Company or
(z) any other written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding
(the “Reported Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a time
when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall
(i) notify the Holder in writing of the number of shares of Common Stock then outstanding and, to the extent that such Exercise
Notice would otherwise cause the Holder’s beneficial ownership, as determined pursuant to this Section 3.3.10, to exceed
the Maximum Percentage, the Holder must notify the Company of a reduced number of Five-Year Warrant Shares to be purchased pursuant
to such Exercise Notice (the number of shares by which such purchase is reduced, the “Reduction Shares”) and
(ii) as soon as reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction
Shares. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day
confirm orally and in writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any
case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of
securities of the Company, including the Five-Year Warrants, by the Holder and any other Attribution Party since the date as of
which the Reported Outstanding Share Number was reported. In the event that the issuance of Common Stock to the Holder upon exercise
of the Five-Year Warrants results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate,
more than the Maximum Percentage of the number of outstanding shares of Common Stock (as determined under Section 13(d) of the
1934 Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial
ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be deemed null and void and shall be cancelled
ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable
after the issuance of the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price
paid by the Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase
or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified in such notice; provided that (i)
any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice is delivered
to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to
any other holder of Five-Year Warrants that is not an Attribution Party of the Holder. For purposes of clarity, the shares of Common
Stock issuable pursuant to the terms of the Five-Year Warrants in excess of the Maximum Percentage shall not be deemed to be beneficially
owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability
to exercise the Five-Year Warrants pursuant to this paragraph shall have any effect on the applicability of the provisions of this
paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph shall be construed and
implemented in a manner otherwise than in strict conformity with the terms of this Section 3.3.10 to the extent necessary to correct
this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation
contained in this Section 3.3.10 or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitation contained in this paragraph may not be waived and shall apply to a successor holder of the Five-Year Warrants.”

 

    	 	2	 

     

    

 

		b.	Section 1(f) of the Form of Certificated Warrant Agreement included as Exhibit D is amended and restated as follows:

 

“[Reserved].”

 

		2.	Counterparts. This Amendment may be executed in any number of original or facsimile counterparts
and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument.

 

[Signature page
follows] 

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment #1 to be duly executed as of the date first above written.

 

	 	
        COMPANY:

         

        Outlook Therapeutics,
        Inc.

	 	 	 
	 	By:	 /s/ Lawrence A. Kenyon  
	 	 	Name: Lawrence A. Kenyon
	 	 	Title: President, CEO and CFO
	 	 	 
	
         

         
	
        WARRANT AGENT:

         

        American Stock Transfer
        & Trust Company, LLC

	 	 	 
	 	By:	 /s/ Jennifer Donovan  
	 	 	Name:  Jennifer Donovan  
	 	 	Title:    Senior Vice President  

 

[Signature Page to Amendment #1 to Warrant
Agreement]Exhibit (10)(a)

    

    

    

    

    

    

    Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm

    

    

    

    

    We consent to the reference to our firm under the caption “Independent Registered Public Accounting Firm” in Post-Effective Amendment
        No. 25 to the 1933 Act Registration Statement (Form N-4 No. 333-149434) and Amendment No. 678 to the 1940 Act Registration Statement (Form N-4 No. 811-08517), and to the use therein of our reports dated (a) March 13, 2019, with respect to the
        consolidated financial statements of The Lincoln National Life Insurance Company and (b) April 16, 2019, with respect to the financial statements of Lincoln Life Variable Annuity Account N for the registration of interests in a separate account
        under individual flexible payment deferred variable annuity contracts.

    

    

    /s/ Ernst & Young LLP

    

    

    

    

    Philadelphia, Pennsylvania

    June 14, 2019

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