Document:

Exhibit 10.3

 

QUOIN PHARMACEUTICALS LTD.

 

AMENDED AND RESTATED CHARTER OF

THE COMPENSATION COMMITTEE

OF THE BOARD OF DIRECTORS

 

Adopted: March 3, 2022

 

Capitalized terms contained but not defined in
this Charter shall have the meanings ascribed to such terms in the Amended and Restated Articles of Association (the "Articles")
of Quoin Pharmaceuticals Ltd., an Israeli company (the “Company”), unless and to the extent the context indicates otherwise.

 

Purpose

 

The Compensation Committee (the "Committee")
shall report to and assist the Board of Directors (the "Board") of the Company. The purpose of the Committee is to oversee
the discharge of the responsibilities of the Board relating to compensation of the Company’s Officers as provided for in the Israeli
Companies Law, 5759-1999 (the “Companies Law”), including recommendations to the Board regarding the establishment,
and periodic updating of a compensation policy pursuant to Section 267A(a) of the Companies Law (the "Compensation Policy")
and the implementation thereof, as well as other roles set forth in Section 118B of the Companies Law, all subject to the provisions of
the Companies Law.

 

The Committee shall seek to ensure that the Company
structures its compensation plans, policies and programs as to attract and retain the best available personnel for positions of substantial
responsibility with the Company, to provide incentives for such persons to perform to the best of their abilities for the Company and
to promote the success of the Company’s business. In reviewing and approving the Company’s overall executive compensation
program, if applicable, the Committee shall consider the results of the most recent stockholder advisory vote on executive compensation
required by Section 14A of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in addition to the parameters
of the Compensation Policy and/or provisions of the Companies Law allowing for a deviation from the Compensation Policy.

 

The Company has adopted the corporate governance
structure set forth in Regulation 5D of the Israeli Companies Regulations (Relief for Public Companies with Shares Listed for Trading
on a Stock Market Outside of Israel), 5760-2000 (the “Relief Regulations”), pursuant to which a public company whose
securities are not listed in Israel and are listed on certain foreign exchanges, including NASDAQ: (x) which satisfies the laws and regulations
(including listing standards) regarding the appointment of independent directors and the composition of audit and compensation committees,
which apply to companies that are organized in the country in which the qualified foreign exchange operates and listed on such foreign
exchange; and (y) regarding which, there is no person or group of persons acting together in control of the Company as the term "control"
is defined under the Companies Law (a "Controlling Shareholder"), is exempt from the Companies Law requirements in connection
with External Directors, as well as requirements thereunder regarding the composition of the audit committee and compensation committee,
provided that (z) if at the time of election or appointment of any Director the members of the Board are of one gender, a Director
of the opposite gender shall be elected or appointed. In accordance with such corporate governance structure as set forth in Regulation
5D of the Relief Regulations, for so long as the Company does not have a Controlling Shareholder, the Company shall satisfy the provisions
of law and the listing standards which apply to companies organized within the United States and listed on NASDAQ, in connection to the
appointment and number of independent directors on the Board, as well as and the composition of each of the audit and compensation committees,
in lieu of those requirements of the Companies Law which would otherwise apply.

 

     

     

    

 

At any point in time, should the Company no longer
operate pursuant to the corporate governance structure set forth in Regulation 5D of the Relief Regulations, whether by reason of ineligibility
or due to a Board resolution, and the Company appoints External Directors to the Board, then, notwithstanding anything herein to the contrary,
the Committee's composition shall be in accordance with the relevant provisions of the Companies Law and the Articles, including: (a)
the Committee will have at least three members; (b) all of the Company’s External Directors will be appointed to the Committee;
(c) the Chairman of the Committee shall be an External Director; (d) External Directors shall constitute a majority of the Committee's
members; and (e) the following persons shall not be members of the Committee: (i) the Chairman of the Board, (ii) any Director who is
employed by, or provides services (other than in his or her official capacity as a Director or Board committee member) on an ongoing basis
to, the Company, a Controlling Shareholder of the Company, or a company under the control of such Controlling Shareholder, (iii) a Director
whose main source of income is dependent on a Controlling Shareholder of the Company, and (iv) a Controlling Shareholder of the Company
or such Controlling Shareholder's "Relative" (as the term "Relative" is defined under the Companies Law).

 

At any point in time, should the Company no longer
operate pursuant to the corporate governance structure set forth in Regulation 5D of the Relief Regulations, whether by reason of ineligibility
or due to a Board resolution, and the Company appoints External Directors to the Board, then no member of the Committee may receive from
the Company, whether directly or indirectly, any fee or compensation except as provided in the Companies Law and Regulations promulgated
thereunder pertaining to the compensation of External Directors.

 

Committee Membership

 

The Committee shall consist of no fewer than two
members and each member of the Committee shall be an "independent director" as defined by Rule 5605(a)(2) of The Nasdaq Stock
Market LLC ("NASDAQ"); provided, however, that the Company may avail itself of any phase-in periods and other exemptions permitted
under applicable NASDAQ rules, regulations and standards. In addition, in affirmatively determining the independence of any director who
will serve on the Committee, the Board shall consider all factors specifically relevant to determining whether a director has a relationship
with the Company which is material to that director’s ability to be independent from management in connection with the duties of
a Committee member, including, but not limited to: (i) the source of compensation of the director, including any director, consulting,
advisory or other compensatory fee paid by the Company to the director; and (ii) whether the director is affiliated with the Company,
a subsidiary of the Company or an affiliate of a subsidiary of the Company.

 

At least two members of the Committee also shall
qualify as "outside" directors within the meaning of Section 162(m) of the Internal Revenue Code (the "Code") and
as "non-employee" directors within the meaning of Rule 16b-3 under the Exchange Act.

 

     

     

    

 

The members of the Committee shall be appointed
and may be replaced by the Board with or without cause. A member of the Committee may resign by delivering his or her written notice of
resignation to the chairperson of the Board, to take effect at a date specified therein, or upon delivery of such written notice if no
date is specified. Unless the Board elects a chairperson of the Committee, the Committee shall elect a chairperson by majority vote.

 

Meetings

 

The Committee shall meet as often as necessary
to carry out its responsibilities, generally not less frequently than quarterly. The Committee chairperson shall preside at each meeting.
In the event the Committee chairperson is not present at a meeting, the Committee members present at that meeting shall designate one
of its members as the acting chairperson of such meeting. Written minutes of Committee meetings shall be maintained. The Committee may
also act by unanimous written consent in lieu of a meeting. Subject to the provisions of the Companies Law, the procedures for the meetings
of the Committee shall be the same as the procedures for the meetings of the Board, as described in the Articles, mutatis mutandis,
insofar as they are appropriate and insofar as they do not replace instructions given by the Board.

 

Committee Authority and Responsibilities

 

The Committee shall have the following authority
and responsibilities:

 

General Compensation and Benefits

 

The Committee shall periodically review general
compensation and benefit programs of the Company.

 

Roles and Responsibilities under the Companies
Law

 

		1.	Make recommendations to the Board regarding the Compensation Policy for Directors and Officers, and, at
least once every three years, make a recommendation regarding the extension of the Compensation Policy, if such Compensation Policy was
approved for a period of more than three years;

 

		2.	Make recommendations to the Board regarding updates of the Compensation Policy, from time to time, and
examine its implementation;

 

		3.	Decide whether to approve the terms and conditions of service and/or employment of directors and officers,
when approval of the compensation committee is required in accordance with the Companies Law; and

 

		4.	Decide, in circumstances set forth under the Companies Law, whether to exempt the approval of terms and
conditions of service of a CEO from the requirement of shareholder approval, and make other determinations that Chapter 5 of the Companies
Law assigns to the Committee.

 

Executive Compensation

 

		1.	The Committee shall at least annually: (a) review and recommend for approval by the Board the corporate
goals and objectives relevant to the compensation of the CEO; (b) evaluate the CEO’s performance in light of those goals and objectives;
and (c) recommend for approval by the Board, the CEO’s compensation level, including the CEO’s base salary, bonus, incentive
compensation levels, equity compensation, special or supplemental benefits or payments and other forms of compensation and any employment
agreement, consulting arrangement, severance or retirement arrangement or change of control agreement or provision covering the CEO. The
CEO shall not be present during the voting or deliberations by the Committee on his/her compensation.

 

     

     

    

 

		2.	The Committee shall at least annually review, with input from the CEO, the performance of the other executive
officers of the Company and set their compensation levels, including base salary, bonus, incentive compensation levels, equity compensation,
special or supplemental benefits or payments and other forms of compensation and any employment agreement, consulting arrangement, severance
or retirement arrangement or change of control agreement or provision covering such officers. The Committee may, in its discretion, invite
the CEO to be present during the approval of, or deliberations with respect to, the compensation of other executive officers.

 

		3.	The Committee shall periodically review and make recommendations to the Board with respect to incentive-compensation
and equity-based plans.

 

		4.	Subject to the provisions of the Companies Law, including, without limitation, Section 288(b)(1) thereof
(but only to the extent the restrictions set out in such Section are in effect) and except as the Board may otherwise determine, the Committee
shall exercise all rights, authority and functions of the Board under all of the Company’s stock option, stock incentive, employee
stock purchase and other equity-based plans, including without limitation, the authority to interpret the terms thereof, to grant options
thereunder and to make stock awards thereunder; provided, however, that, except as otherwise expressly authorized to do so by this charter,
any such plan or a resolution of the Board, the Committee shall not be authorized to amend any such plan. The Committee, or a majority
of the independent directors serving on the Board, shall approve any inducement awards to be granted in reliance on the exemption from
stockholder approval contained in NASDAQ Rule 5635(c)(4).

 

		5.	Oversee the Company’s policies on structuring compensation programs for executive officers to, where
determined appropriate, preserve tax deductibility and, as and when required, establish and certify the attainment of performance goals
pursuant to Section 162(m) of the Code.

 

		6.	Review and recommend to the Board for approval the appropriate structure and amount of compensation of
the Company’s directors, including all forms of cash compensation paid to Board members and the grant of all forms of equity compensation
provided to Board members.

 

		7.	Oversee the Company’s compliance with the rules and regulations of the Securities and Exchange Commission
(the "SEC") and NASDAQ related to stockholder approval of certain executive compensation matters and equity compensation
plans.

 

     

     

    

 

		8.	Review and discuss with management the "Compensation Discussion and Analysis" section of the
Company’s proxy statement, Form 10-K or other document (as applicable and when required by the rules and regulations of the SEC
to be included therein) and based on that review, determine whether or not to recommend to the Board that the "Compensation Discussion
and Analysis" be included in the proxy statement, Form 10-K or other document, in accordance with applicable SEC rules and regulations.

 

		9.	Prepare and approve the "Compensation Committee Report" section of the Company’s proxy
statement, Form 10-K or other document (as applicable and when required by the rules and regulations of the SEC to be included therein).

 

		10.	Consider and implement policies with respect to oversight, assessment and management of risks associated
with the Company’s compensation policies.

 

		11.	Review and establish appropriate insurance coverage for the Company’s directors and officers.

 

Committee Performance

 

		1.	Conduct an annual evaluation of its performance in fulfilling its duties and responsibilities under this
Charter.

 

		2.	At least annually, review and assess the adequacy of this Charter and recommend any proposed modifications
to the Board.

 

Advisors

 

The Committee shall have the power, in its sole
discretion, to select, retain and terminate any compensation consultants, independent legal counsel and other advisors to the Committee,
including the sole authority to approve their fees and other retention terms. The Committee shall be directly responsible for the appointment,
compensation and oversight of the work of any compensation consultant, legal counsel and other adviser retained by the Committee. The
Committee shall not select or obtain advice from any such expert, outside consultant, external legal, accounting, compensation or other
advisor without first taking into consideration the factors relevant to such advisor’s independence specified in NASDAQ Rule 5605(d)(3)
and considering and addressing any conflicts of interest between the Company and such advisor, which would require disclosure pursuant
to Item 407(e)(3)(iv) of Regulation S-K (or any successor disclosure item). The fees, expenses or compensation owed to any person retained
by the Committee and any ordinary administrative expenses of the Committee incurred in carrying out its duties and responsibilities shall
be borne by the Company. Notwithstanding the foregoing, the Committee chairperson shall, unless the exigencies of a specific situation
require otherwise, first advise the Company's Chief Financial Officer of any such potential material expenditures.Exhibit 10.4

 

THE SYMBOL “[****]” DENOTES PLACES
WHERE CERTAIN IDENTIFIED

INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT
BECAUSE

IT IS BOTH (i) NOT MATERIAL, AND (ii) THE TYPE
THAT THE REGISTRANT

TREATS AS PRIVATE OR CONFIDENTIAL

 

LICENSE AND DISTRIBUTION
AGREEMENT

 

This License and Distribution
Agreement (this “Agreement”), dated as of February 1, 2022 (“Effective Date”), is by and between
by and between Quoin Pharmaceuticals, Ltd., a Delaware corporation located at 42127 Pleasant Forest Court, Ashburn, VA 20148 (“Quoin”)
and Er-Kim İlaç Sanayi ve Ticaret A.Ş, a company incorporated under the laws of Turkey located at Levazım Mahallesi
Koru Sokak No:2 Zorlu Center D Blok T-3 Kati D:344 (“Licensee”). Quoin and Licensee are sometimes referred to herein
individually as a “Party,” and together as the “Parties.”

 

Recitals

 

WHEREAS,
Quoin owns certain Product Technology with respect to the Product (as defined herein).

 

WHEREAS,
Quoin wishes to grant to Licensee, and Licensee desires to accept, an exclusive license under the Product Technology for Licensee to obtain
the Regulatory Approvals and Exploit the Product in the Territory, in accordance with the terms and conditions set forth herein.

 

Intending
To Be Legally Bound, in consideration of the foregoing and the mutual agreements contained herein and subject to the satisfaction
of the terms and conditions set forth herein, the parties hereto agree as follows:

 

Section
1.    Defined Terms

 

Capitalized terms used in
this Agreement and not specifically defined shall have their respective meanings set forth on Exhibit 1 attached hereto, which
Exhibit 1 is hereby incorporated into this Agreement and made a part hereof by reference.

 

Section
2.    license and exclusivity

 

2.1    License to Licensee. Subject to the terms and conditions of this Agreement, Quoin hereby grants to Licensee an exclusive (even
as to Quoin and its Affiliates) royalty-bearing license under the Product Technology to Exploit the Product in the Territory, which license
shall not be sublicensable except to subdistributors and only with Quoin’s prior written consent.

 

2.2    Retained Rights. Quoin retains all rights to the Product Technology that are not licensed to Licensee hereunder, including
the exclusive right to Exploit the Product outside the Territory.

 

2.3    Non-Competition. 

 

     

     

    

 

2.3.1.     During the Term, Quoin shall not, in any capacity, whether directly, indirectly or through Affiliates, for its own account
or for the benefit of any person or Entity, engage in the manufacture, promotion, sale or distribution of the Product for sale in the
Territory unless authorized in writing by Licensee; provided, however, that nothing herein shall restrict Quoin from performing its obligations
pursuant to this Agreement or the Supply Agreement or from Exploiting the Product outside the Territory.

 

2.3.2.     During the Term and for a period of [24] months after expiration or termination of the Term for any reason, Licensee shall
not, in any capacity, whether directly, indirectly or through Affiliates, for its own account or for the benefit of any person or Entity,
engage in the development, manufacture, supply, promotion, sale or distribution of a Competing Product for sale in the Territory unless
authorized in writing by Quoin.

 

2.3.3.     The Parties hereto agree that any breach by either Party of the covenants and agreements contained in this Section 2.3 may
result in irreparable injury to the other Party for which money damages could not adequately compensate it and, therefore, in the event
of any such breach, the non-breaching Party shall be entitled (in addition to any other rights and remedies which it or they may have
at law or in equity) to seek an injunction from any competent court of equity to enjoin and restrain the breaching Party and any other
person or entity involved therein from continuing such breach.

 

2.3.4.     If any portion of the covenants and agreements contained herein, or the application thereof, is construed to be invalid or
unenforceable, then the other portions of such covenant(s) or agreement(s) or the application thereof shall not be affected and shall
be given full force and effect without regard to the invalid or unenforceable portions. If any covenant or agreement herein is held to
be unenforceable because of the area covered, the duration thereof, or the scope thereof, then the court making such determination shall
have the power to reduce the area and/or duration and/or limit the scope thereof, and the covenant or agreement shall then be enforceable
in its reduced form.

 

Section
3.    Regulatory Approval in the
Territory

 

3.1    Licensee shall use Commercially Reasonable Efforts to obtain all required Regulatory Approvals for the Product for the Initial
Indication as soon as reasonably possible following the Effective Date.

 

3.2    Licensee shall be responsible for all aspects of preparing, obtaining, and maintaining throughout the Term, at Licensee’s
cost and expense, the Regulatory Approvals in Licensee’s name, including setting the overall regulatory strategy therefor and conducting
communications with Governmental Authorities. Licensee shall determine what information or documentation may be required to complete any
forms or applications necessary to file for the Regulatory Approvals for the Product. For the avoidance of doubt, Licensee shall be responsible
for the cost and expense associated with any further development which may be required in connection with securing the Regulatory Approvals,
including any supplemental clinical trials. Subject to the foregoing, upon request from Licensee, Quoin will provide to Licensee reasonable
assistance and information that is in the possession of Quoin as necessary for Licensee to obtain such Regulatory Approvals. Licensee
will deliver to Quoin any data or information related to the Product generated for purposes of submission of the Regulatory Approvals,
and a copy of the applications for Regulatory Approvals upon submission.

 

    	 	2	 

     

    

 

3.3    Licensee shall use Commercially Reasonable Efforts to file for the Regulatory Approvals for the Product for the Initial Indication
in the Territory within six (6) months following the date of Quoin receiving regulatory approval for such Initial Indication in either
the United States or European Union. In the event that Licensee determines that the Data Package is not sufficient to obtain the Regulatory
Approvals, and the additional information and documentation required makes it unlikely that the Licensee will be able to file for the
Regulatory Approvals within such six-month period, Licensee shall promptly notify Quoin and the Parties will discuss a reasonable timeline
for Licensee to compile the necessary information and documentation and submit the filings for the Regulatory Approvals.

 

3.4    If Licensee does not file for the Regulatory Approvals (in a form reasonably likely to be approved) for the Initial Indication
with applicable Governmental Authorities in the Territory within six (6) months following the date of Quoin receiving regulatory approval
in either the United States or the European Union, or such later date as agreed upon by Quoin, Quoin may terminate this Agreement in accordance
with Section 11.2.2 hereof. If the Regulatory Approvals for the Initial Indication have not been granted by the applicable Governmental
Authorities in the Territory on or before such date which is [24 months] after the date of filing such Regulatory Approvals or such later
date as agreed upon by Quoin, Quoin may terminate this Agreement in accordance with Section 11.2.2 hereof.

 

3.5    In the event that Quoin obtains regulatory approval for any Additional Indication for the Product in the United States or the
European Union, Licensee will use Commercially Reasonable Efforts to obtain, as promptly as practicable (but in any event within [6] months
following such approval in the United State or the European Union), any Regulatory Approvals required to permit the Commercialization
of the Product in the Territory for such Additional Indication. If the Regulatory Approvals for such Additional Indication have not been
granted by the applicable Governmental Authorities in the Territory on or before such date which is [24 months] after the date of filing
such Regulatory Approvals or such later date as agreed upon by Quoin, Quoin may terminate this Agreement in accordance with Section 11.2.2
hereof.

 

Section
4.    Commercialization

 

4.1    Launch. So long as the Launch Quantities are delivered in accordance with the terms of the Supply Agreement, Licensee shall
Launch the Product in the Territory within [6] months following receipt of approval of the Regulatory Approvals for the Initial Indication
from the Governmental Authorities in the Territory. In the event that Licensee does not Launch the Product within such time period, Quoin
may terminate this Agreement in accordance with Section 11.2.2.

 

4.2    Commercialization. Licensee shall market, promote, sell, and otherwise commercialize the Product in the Territory during the
Term. Licensee shall use Commercially Reasonable Efforts to maximize Net Sales in the Territory. Licensee shall not sell the Product bundled
or in combination with any other product without Quoin’s prior written consent.

 

    	 	3	 

     

    

 

4.3    Sales Efforts.

 

4.3.1.   If, within three years following Launch of the Product in the Territory, Quoin determines in its sole discretion that Licensee
is not using Commercially Reasonable Efforts to maximize Net Sales in the Territory (with respect to any criteria in Quoin’s discretion,
including, without limitation, maintaining Regulatory Approvals, placement of the Product in any formulary, Product treatment with respect
to reimbursements and distribution infrastructure), the Parties will meet promptly following notice thereof from Quoin to discuss and
approve a plan for Licensee to increase its efforts to market, promote, sell, and otherwise commercialize the Product in the Territory,
including sales targets. If the Parties are unable to reach an agreement with respect to the aforementioned plan in form satisfactory
to Quoin, Quoin may terminate this Agreement upon written notice to Licensee.

 

4.3.2.   If Licensee applies for Regulatory Approval for the Product for an indication other than for the treatment of a rare disease
or condition, Licensee will prepare and deliver to Quoin, for Quoin’s review, input, and approval, a commercialization plan, which
plan will describe the anticipated commercialization activities for such indication in the Territory, including key tactics and specific
resources for implementing those commercialization activities, a [three-year] sales forecast, and any other information necessary for
the successful commercial Launch and subsequent commercialization of the Product for such indication in the Territory. Quoin will give
Licensee the opportunity to consider and respond to Quoin’s comments on the commercialization plan. Quoin shall not unreasonably
withhold its approval of the commercialization plan. In the event that Quoin does not approve such commercialization plan, Quoin may terminate
this Agreement upon written notice to Licensee.

 

4.4   Supply. The parties shall negotiate in good faith the terms of a supply agreement (which shall include applicable quality and
pharmacovigilance provisions) pursuant to which Quoin will manufacture and supply, or have manufactured and supplied, to Licensee the
Product for sale in the Territory during the Term (the “Supply Agreement”). Licensee and its affiliates shall purchase
all of their requirements for the Product from Quoin. If the Parties have not entered into a Supply Agreement in form satisfactory to
Quoin by the time the Product is approved in the US or EU, Quoin may terminate this Agreement upon written notice to Licensee.

 

Section
5.    Financial Provisions

 

5.1   Royalty.

 

5.1.1.     Royalty. Commencing on the Launch of the Product in the Territory, Licensee shall pay to Quoin [****] of Net Sales (the “Royalty”).
For the avoidance of doubt, Quoin shall not be required to make any payments to Licensee to the extent Net Sales for any period is negative.

 

5.1.2.     Payment of Royalty; Audits; Records. Within thirty (30) days after the expiration of each calendar quarter during the Term
(including the first and last quarters during such period that may be of lesser duration), Licensee shall deliver to Quoin a statement
for such quarter showing (i) the calculation of Net Sales for the Product sold by Licensee during such quarter, on an indication by indication
basis, and (ii) the Royalty for the Product on such sales. Licensee shall pay any Royalty due to Quoin along with the delivery to Quoin
of the statement showing such calculation. In order to verify quarterly reports, Quoin or its authorized representative shall be entitled,
during normal business hours and upon reasonable prior written notice to Licensee, to have access to the books and records of Licensee
directly related to the calculation of the Royalty. If the inspection reveals that the Royalty has been incorrectly calculated, then any
underpayment shall be paid by Licensee and any overpayment shall be paid by Quoin within fifteen (15) calendar days of such determination.
The costs of any such inspection shall be borne by Quoin except when the inspection reveals an underpayment to Quoin of five percent (5%)
or more, in which case Licensee shall reimburse Quoin for the actual out-of-pocket costs of the inspection.

 

    	 	4	 

     

    

5.1.3.    Manner and Place of Payment. All payments owed by Licensee under this Agreement shall be made in United States Dollars ($US)
by wire transfer in immediately available funds to a bank and account in the United States designated in writing by Quoin.

 

5.1.4.    Late Payments. If Quoin does not receive payment of any sum due to it on or before the due date therefor, simple interest shall
thereafter accrue on the sum due to such Party from the due date until the date of payment at a per-annum rate of prime plus two (2) percentage
points or the maximum rate allowable by Applicable Laws, whichever is less.

 

5.2    Taxes. The amounts paid by Licensee to Quoin hereunder shall be paid without any reduction or setoff and without reduction
for any withholding taxes. Quoin shall be solely responsible for paying any and all of its own taxes.

 

5.3    Currency. All dollar amounts stated in this Agreement are stated in United States’ currency, and all payments required
under this Agreement shall be paid in United States’ currency.

 

Section
6.    Intellectual Property

 

6.1    Ownership. The Product Technology shall at all times be and remain the sole property of Quoin subject to the rights granted
herein. All Inventions generated, developed, conceived or reduced to practice by Licensee or on the behalf of Licensee related to [insert
the name of the active ingredient] are hereby assigned to Quoin. Licensee shall execute all documents necessary or reasonably
requested to effect the assignment of the entire right, title and interest to such Inventions to Quoin.

 

6.2    Product Patents. Quoin shall have the sole right to enforce the Product Patents in the Territory, and shall retain any damages
or other amounts collected in connection therewith. Licensee will not take any actions that would challenge Quoin’s ownership in
the Product Patents, or contest the validity of the Product Patents. Such actions would be considered a breach of the Agreement.

 

6.3    [Product Trademarks. Quoin shall maintain the Product Trademark registration in the Territory throughout the Term. All Product
sold by Licensee in the Territory shall bear the Product Trademark and Licensee will commercialize the Product in the Territory under
the Product Trademark. Furthermore, Licensee shall only use the Product Trademark in connection with Product supplied by Quoin. The nature
and quality of the Product advertised or sold by Licensee on which a Product Trademark appears shall conform to quality standards and
the specifications specified by Quoin in the Data Package. Licensee agrees to cooperate with Quoin to enable Quoin to verify the nature
and quality of the use of the Product Trademarks and that the use of the Product Trademarks is consistent with the agreed quality standards
and specifications. Licensee agrees that in using the Product Trademark in its activities under this Agreement, it will not represent
in any way that it has any right or title to the ownership of the Product Trademark or the registration therefor. Licensee shall not use
the Product Trademark in any way that would diminish, tarnish, disparage, or damage the goodwill in and to the Product Trademark. When
using the Product Trademark, Licensee shall comply with all Applicable Laws. Licensee will not take any actions that would challenge Quoin’s
ownership in the Product Trademark, or contest the validity of the Product Trademark. Such actions would be considered a breach of the
Agreement. All goodwill accruing to the Product Trademark as a result of the use of the Product Trademark shall belong solely to Quoin.
Licensee shall provide to Quoin prompt written notice of any actual or threatened infringement of the Product Trademark in the Territory
and of any actual or threatened claim that the use of the Product Trademark in the Territory violates the rights of any Third Party, of
which Licensee becomes aware. Quoin shall the sole right to such action as Quoin deems necessary against a Third Party based on any alleged,
threatened or actual infringement, dilution, misappropriation or other violation of or unfair trade practices or any other like offense
relating to, the Product Trademark by a Third Party in the Territory at its sole cost and expense and using counsel of its own choice.
Quoin shall retain any damages or other amounts collected in connection therewith.]

 

    	 	5	 

     

    

 

Section
7.    Regulatory

 

7.1   Throughout the Term, Licensee shall maintain at its sole cost and expense the Regulatory Approvals for the Product in full
force and effect. Licensee will be responsible for interacting with the relevant Governmental Authorities regarding the Regulatory Approvals.
Licensee will provide Quoin with copies of any material correspondence with any Governmental Authority regarding the Product or Regulatory
Approvals in the Territory within one (1) business day of receipt of such correspondence. Licensee shall notify Quoin in advance of any
meetings with or communications with any Governmental Authority related to the Product to the extent they may impact the Quoin’s
rights or obligations under this Agreement.

 

7.2   The Parties’ obligations with respect to exchanging and reporting adverse events and other safety information relating
to the Product will be set forth in a Pharmacovigilance Agreement, which will be executed by the Parties prior to Product launch in the
Territory.

 

7.3   Licensee will comply with all Applicable Laws in the Exploitation of the Product in the Territory and the performance of its
obligations under this Agreement. Licensee will maintain all Permits necessary to perform its obligations hereunder in compliance with
all Applicable Laws.

 

    	 	6	 

     

    

 

Section
8.    Representations and Warranties

 

8.1   Quoin Representation and Warranties. Quoin represents and warrants to Licensee that:

 

8.1.1.     
it is duly organized and validly existing under the Applicable Law of the jurisdiction of its incorporation, and has full corporate
power and authority to enter into this Agreement and to carry out the provisions hereof;

 

8.1.2.     
it is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the Person executing
this Agreement on its behalf has been duly authorized to do so by all requisite corporate action;

 

8.1.3.     
this Agreement is legally binding upon it and enforceable in accordance with its terms and the execution, delivery and performance
of this Agreement by it does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or
by which it may be bound, nor violate any Applicable Law; and

 

8.1.4.     
it has not granted, and shall not grant during the Term, any right to any Third Party which would conflict with the rights
granted to Licensee hereunder.

 

8.2    Licensee Representation and Warranties. Licensee represents and warrants to Quoin that:

 

8.2.1.     
it is duly organized and validly existing under the Applicable Law of the jurisdiction of its incorporation, and has full corporate
power and authority to enter into this Agreement and to carry out the provisions hereof;

 

8.2.2.     
it is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the Person executing
this Agreement on its behalf has been duly authorized to do so by all requisite corporate action;

 

8.2.3.     
this Agreement is legally binding upon it and enforceable in accordance with its terms and the execution, delivery and performance
of this Agreement by it does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or
by which it may be bound, nor violate any Applicable Law;

 

8.2.4.     
None of Licensee’s employees, consultants or contractors: (a) is debarred under Section 306(a) or 306(b) of the Food
Drug and Cosmetics Act or by the analogous applicable Laws of any Governmental Authority; (b) has, to Licensee’s knowledge, been
charged with, or convicted of, any felony or misdemeanor within the ambit of 42 U.S.C. §§ 1320a-7(a), 1320a-7(b)(l)-(3), or
pursuant to any analogous applicable Laws, or is proposed for exclusion, or is the subject of exclusion or debarment proceedings by a
Governmental Authority; or (c) is excluded, suspended or debarred from participation, or is otherwise ineligible to participate, in any
U.S. or non-U.S. healthcare programs, or is excluded, suspended or debarred by any Governmental Authority from participation, or is otherwise
ineligible to participate, in any procurement or nonprocurement programs. Without limiting the foregoing, Licensee hereby represents and
warrants, and covenants, as the case may be, that as of the Effective Date and throughout the Term of the Agreement, neither it nor any
of its officers, directors or Affiliates is or shall be prohibited by any law, rule or regulation or by any order, directive or policy
from manufacturing or selling (as the case may be) pharmaceutical products within the Territory.

 

    	 	7	 

     

    

 

8.3   No Other Representations and Warranties. EXCEPT FOR THE REPRESENTATIONS OR WARRANTIES EXPRESSLY
SET FORTH IN THIS AGREEMENT, EACH PARTY HEREBY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN.

 

Section
9.    Confidentiality

 

9.1   At all times during the Term and for a period of ten (10) years following termination or expiration hereof in its entirety,
each Party shall and shall cause its officers, directors, employees and agents and sublicensees to, keep confidential and not publish
or otherwise disclose to a third party and not use, directly or indirectly, for any purpose, any Proprietary Information furnished or
otherwise made known to it, directly or indirectly, by another Party, except to the extent such disclosure or use is expressly permitted
by the terms of this Agreement.

 

9.2   Each Party (the “Receiving Party”) may disclose Proprietary Information of either of the other Party (each,
a “Disclosing Party”) to the extent that such disclosure is:

 

9.2.1.     made in response to a valid order of a court of competent jurisdiction or other supra-national, federal, national, regional,
state, provincial and local governmental or regulatory body of competent jurisdiction or, if in the reasonable opinion of the Receiving
Party’s legal counsel, such disclosure is otherwise required by law, including by reason of filing with securities regulators; provided,
however, that the Receiving Party shall first have given notice to the Disclosing Party and given the Disclosing Party a reasonable
opportunity to quash such order or to obtain a protective order or confidential treatment requiring that the Proprietary Information and
documents that are the subject of such order be held in confidence by such court or agency or, if disclosed, be used only for the purposes
for which the order was issued; and provided, further, that the Proprietary Information disclosed in response to such court or
governmental order shall be limited to that information which is legally required to be disclosed in response to such court or governmental
order;

 

9.2.2.     made by or on behalf of the Receiving Party to the Governmental Authorities as required in connection with any filing, application
or request for approval of the Regulatory Approvals or other Permit related to the Exploitation of the Product; provided, however,
that reasonable measures shall be taken to assure confidential treatment of such information to the extent practicable and consistent
with Applicable Law; or

 

9.2.3.     made by or on behalf of the Receiving Party to potential or actual investors, acquirers, licensees or sublicensees as may be
necessary in connection with their evaluation of such potential or actual investment, acquisition, license or sublicense; provided,
however, that such persons shall be subject to obligations of confidentiality and non-use with respect to such Proprietary Information
substantially similar to the obligations of confidentiality and non-use of the receiving Party pursuant to this Section 9.2; provided,
further, that if either Party seeks to disclose the terms of this Agreement to potential investors, acquirers, licensees or sublicensees,
the Party seeking to disclose this Agreement must obtain the other Party’s prior written consent before disclosing this Agreement
(such consent not to be unreasonably withheld, delayed or conditioned).

 

    	 	8	 

     

    

 

9.3    No Party shall issue any general press release or make any public statement with respect to this Agreement without the consent
of the other Party, except as may be required by Applicable Law or the rules of any applicable stock exchange.

 

Section
10.   Indemnification

 

10.1   Quoin’s Indemnification. Quoin shall indemnify Licensee and its directors, officers, employees, and agents, and defend
and save each of them harmless, from and against any and all losses, damages, liabilities, costs, and expenses (including reasonable attorneys’
fees and expenses) (collectively, “Losses”) incurred in connection with any and all suits, investigations, claims or
demands of Third Parties (collectively, “Third Party Claims”) arising from, relating to, or occurring as a result of:
(a) the breach by Quoin of this Agreement; (b) the negligence, gross negligence, or willful misconduct on the part of Quoin
or its directors, officers, employees or agents in performing its or their obligations under this Agreement; or (c) any claim of
infringement or inducement of infringement of the intellectual property rights of any Third Party resulting from the use of the Product
Trademark in the Exploitation of the Product in the Territory; except, in each case ((a), (b) and (c)), for those Losses for which Licensee
has an obligation to indemnify Quoin pursuant to Section 10.2 hereof, as to which Losses each Party shall indemnify the other to the extent
of their respective liability.

 

10.2   Licensee’s Indemnification. Licensee shall indemnify Quoin and its directors, officers, employees, and agents, and defend
and save each of them harmless, from and against any and all Losses incurred in connection with any and all Third Party Claims arising
from, relating to, or occurring as a result of: (a) the breach by Licensee of this Agreement; (b) the negligence, gross negligence,
or willful misconduct on the part of Licensee or its directors, officers, employees or agents in performing its or their obligations under
this Agreement; or (c) the Exploitation of the Product by Licensee in the Territory; except, in each case ((a), (b) and (c)), for those
Losses for which Quoin has an obligation to indemnify Licensee pursuant to Section 10.1 hereof, as to which Losses each Party shall indemnify
the other to the extent of their respective liability.

 

10.3   Indemnification Procedures. With respect to each event, occurrence or matter (an “Indemnification Matter”)
as to which Quoin or Licensee, as the case may be (the “Indemnitee”) is entitled to indemnification from the other
Party (the “Indemnitor”) under this Section 10:

 

10.3.1.    Within ten (10) days after the Indemnitee receives written documents underlying the Indemnification Matter or, if the Indemnification
Matter does not involve a third party action, suit, claim or demand, promptly after the Indemnitee first has actual knowledge of the Indemnification
Matter, the Indemnitee shall give notice to the Indemnitor of the nature of the Indemnification Matter and the amount demanded or claimed
in connection therewith (“Indemnification Notice”), together with copies of any such written documents.

 

    	 	9	 

     

    

 

10.3.2.    If a third party action, suit, claim or demand is involved, then, upon receipt of the Indemnification Notice, the Indemnitor
shall, at its expense and through counsel of its choice, promptly assume and have sole control over the litigation, defense or settlement
(the “Defense”) of the Indemnification Matter, except that (i) the Indemnitee may, at its option and expense and
through counsel of its choice, participate in (but not control) the Defense; (ii) if the Indemnitee reasonably believes that the handling
of the Defense by the Indemnitor may have a material adverse effect on the Indemnitee, its business or financial condition, or its relationship
with any customer, prospect, supplier, employee, salesman, consultant, agent or representative, then the Indemnitee may, at its option
and expense and through counsel of its choice, assume control of the Defense, provided that the Indemnitor shall be entitled to participate
in the Defense at its expense and through counsel of its choice; (iii) the Indemnitor shall not consent to any Judgment, or agree to any
settlement, without the Indemnitee’s prior written consent; and (iv) if the Indemnitor does not promptly assume control over the
Defense or, after doing so, does not continue to prosecute the Defense in good faith, the Indemnitee may, at its option and through counsel
of its choice, but at the Indemnitor’s expense, assume control over the Defense. In any event, the Indemnitor and the Indemnitee
shall fully cooperate with each other in connection with the Defense including by furnishing all available documentary or other evidence
as is reasonably requested by the other.

 

10.3.3.    All amounts owed by the Indemnitor to the Indemnitee (if any) shall be paid in full within fifteen (15) business days after
a final Judgment (without further right of appeal) determining the amount owed is rendered, or after a final settlement or agreement as
to the amount owed is executed.

 

10.4   Disclaimer of Certain Losses10.5. EXCEPT (i) IN THE EVENT OF THE FRAUD OF A PARTY OR OF A PARTY’S BREACH OF ITS
OBLIGATIONS UNDER SECTION 9, (ii) TO THE EXTENT ANY SUCH DAMAGES ARE REQUIRED TO BE PAID TO A THIRD PARTY AS PART OF A CLAIM FOR WHICH
A PARTY PROVIDES INDEMNIFICATION UNDER THIS SECTION 10, NEITHER PARTY NOR ANY OF ITS AFFILIATES SHALL BE LIABLE IN CONTRACT, TORT, NEGLIGENCE,
BREACH OF STATUTORY DUTY OR OTHERWISE FOR ANY INDIRECT, INCIDENTAL, PUNITIVE, REMOTE OR SPECULATIVE DAMAGES OR OTHER DAMAGES (INCLUDING
LOST PROFITS) THAT ARE NOT PROBABLE AND REASONABLY FORESEEABLE.

 

10.6   Insurance. Licensee shall have and maintain such types and amounts of insurance covering its Exploitation of the Product in
the Territory as is (i) normal and customary in the pharmaceutical industry generally for parties similarly situated and (ii) otherwise
required by applicable Law. Upon request by Quoin, Licensee shall provide to Quoin evidence of its insurance coverage.

 

    	 	10	 

     

    

 

Section
11.  Term and Termination

 

11.1   Term. This Agreement shall commence on the Effective Date and shall continue in effect until the sixth (6th) anniversary
of the first indication approval in either the United States or the European Union, unless earlier terminated in accordance with this
Section 10. Following the expiry of the term, the Agreement shall automatically renew for a further period of two (2) years unless terminated
by either Party through a written notice of termination not less than six (6) months prior to the initiation of the automatic extension
period.

 

11.2   Early Termination.

 

11.2.1.     The Parties can terminate this Agreement upon mutual written agreement of the Parties.

 

11.2.2.     Quoin can terminate this Agreement pursuant to Section 3.4, Section 3.5, Section 4.1, or 4.3 hereof upon written notice to
Licensee.

 

11.2.3.     Each Party shall have the right to terminate this Agreement upon written notice to the other Party if the other Party has materially
breached this Agreement and, after receiving written notification from the terminating Party identifying such material breach in reasonable
detail, the breaching Party fails to cure such material breach within thirty (30) calendar days from the date of such notice.

 

11.2.4.     Each Party shall have the right to terminate this Agreement upon the filing or institution of any bankruptcy, reorganization,
liquidation or receivership proceedings by another Party, or upon the failure by such other Party for more than ninety (90) days to discharge
or obtain the dismissal of any such actions filed against it. Such termination shall be effective upon receipt of notice from the Party
not involved in such event.

 

11.3   Effects of Expiration or Termination.

 

11.3.1.     Upon expiration or termination of this Agreement, all rights granted by Quoin to Licensee shall revert to Quoin.

 

11.3.2.     Expiration or termination of this Agreement for any reason shall not release either Party of any obligation or liability which,
at the time of such expiration or termination, has already accrued to the other Party or which is attributable to a period prior to such
expiration or termination.

 

11.3.3.     Upon expiration or termination of this Agreement for any reason:

 

(a)     Licensee shall, as soon as possible following such termination or expiration, take all actions required and execute all documents
required (including any actions or documents requested by Quoin) to transfer the Regulatory Approvals for the Product in the Territory
to Quoin or Quoin’s designee free and clear of any liens or encumbrances at the earliest possible time following such termination
or expiration. Licensee shall promptly deliver to Quoin copies of all Regulatory Documentation related to the Product; and

 

    	 	11	 

     

    

 

(b)     At Quoin’s request and direction, Licensee will continue to perform under the terms of this Agreement until the transfer
of the Regulatory Approvals for the Product has been approved by the applicable Governmental Authorities.

 

11.4   Surviving Obligations. Sections 2, 5, 6, 9, and 10 of this Agreement shall survive the termination or expiration of this Agreement
for any reason.

 

Section
12.  Other Provisions

 

12.1   Fees and Expenses. Subject to the parties indemnification rights, Licensee shall pay all of the fees and expenses incurred
by it and Quoin shall pay all of the fees and expenses incurred by Quoin, in negotiating and preparing this Agreement and in consummating
the transactions contemplated hereby.

 

12.2   Notices. Any notices, requests, demands or other communications required or permitted to be sent hereunder shall be delivered
personally or by facsimile, sent by overnight or international courier or mailed by registered or certified mail, return receipt requested,
to the following addresses, and shall be deemed to have been received on the day of personal delivery or delivery by facsimile, one business
day after deposit with an overnight domestic courier or three business days after deposit in the mail:

 

	If to Licensee:
	
    Attention: Mert Zorlular

     

    With a copy to:

    Levazım Mahallesi Koru Sokak

    No: 2 Zorlu Center D Blok

    T-3 Katı D: 344 34340

    Beşiktaş/İstanbul, Turkey

    Facsimile: 0 212 211 75 25

    Email: m.zorlular@er-kim.com

 

	
    Attention:

    Michael Myers Ph.D.

    Chief Executive Officer

    42127 Pleasant Forest Court

    Ashburn, VA 20148

    Email: mmyers@quoinpharma.com 

  

12.3    Entire Understanding. This Agreement, together with the Exhibits and Schedules hereto, state the entire understanding among
the parties with respect to the subject matter hereof, and supersede all prior oral and written communications and agreements, and all
contemporaneous oral communications and agreements, with respect to the subject matter hereof including all confidentiality letter agreements
and letters of intent previously entered into among some or all of the parties hereto. No amendment or modification of this Agreement
shall be effective unless in writing and signed by the party against whom enforcement is sought.

 

    	 	12	 

     

    

 

12.4   Assignment. This Agreement shall bind, benefit, and be enforceable by and against Licensee, Quoin, and each of their respective
successors and consented-to assigns. No party shall in any manner assign any of such party’s rights or obligations under this Agreement
without the express prior written consent of the other parties unless to an affiliate.

 

12.5   Waivers. Except as otherwise expressly provided herein, no waiver with respect to this Agreement shall be enforceable unless
in writing and signed by the party against whom enforcement is sought. Except as otherwise expressly provided herein, no failure to exercise,
delay in exercising, or single or partial exercise of any right, power or remedy by any party, and no course of dealing between or among
any of the parties, shall constitute a waiver of, or shall preclude any other or further exercise of, any right, power or remedy.

 

12.6   Severability. If any provision of this Agreement is construed to be invalid, illegal or unenforceable, then the remaining provisions
hereof shall not be affected thereby and shall be enforceable without regard thereto.

 

12.7   Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall
be an original hereof, and it shall not be necessary in making proof of this Agreement to produce or account for more than one counterpart
hereof.

 

12.8   Section Headings. Section and subsection headings in this Agreement are for convenience of reference only, do not constitute
a part of this Agreement, and shall not affect its interpretation.

 

12.9   References. All words used in this Agreement shall be construed to be of such number and gender as the context requires or
permits.

 

12.10   Controlling Law. THIS AGREEMENT IS MADE UNDER, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF SWITZERLAND
UNITED STATES OF AMERICA, APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED SOLELY THEREIN, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS
OF LAW.

 

12.11   Arbitration. If a matter cannot be resolved by the Parties, any said dispute shall be submitted to binding arbitration for
final decision, and only through binding arbitration. Any such arbitration shall be held in Zurich, in the English language in accordance
with the then-existing Rules of Arbitration of the International Chamber of Commerce (the “ICC Rules”), except where
those rules conflict with this Section 12.11, in which case this Section 12.11 controls. Unless otherwise agreed by the Parties, the tribunal
shall be comprised of three (3) arbitrators; each Party shall nominate one arbitrator and the two Party-nominated arbitrators shall nominate
the third arbitrator. The arbitrators shall decide the merits of any dispute in accordance with the law governing this Agreement, without
application of any principle of conflict of laws that would result in reference to a different law. Judgment upon the award rendered by
the arbitrators may be entered or enforced in any court having jurisdiction thereof. The decision of the arbitrators shall be final and
binding on the Parties and shall be accompanied by a written opinion of the arbitrators explaining the arbitrators’ rationale for
their decision. Unless otherwise agreed by the Parties in writing, the Party losing the arbitration shall pay all fees and costs of the
arbitrators and the ICC, but each Party shall bear its own attorney and expert fees. The Parties agree that, notwithstanding any provision
of Applicable Law, they will not request, and the arbitrators shall have no authority to award, punitive or exemplary damages against
either Party. Pending the selection of the arbitrators or pending the arbitrators’ determination of the merits of any dispute, either
Party may seek appropriate interim or provisional relief from any court of competent jurisdiction as necessary to protect the rights or
property of that Party. The intent of the Parties is that except for seeking appropriate interim or provisional relief or the entering
of an arbitration order in a court of competent jurisdiction, disputes shall be resolved finally in arbitration as provided above, without
appeal, and without recourse to litigation in the courts. The Parties acknowledge that the 1958 United Nations Convention on the Recognition
and Enforcement of Foreign Arbitral Awards (the “New York Convention”) applies to this Agreement and to any arbitral
award or order resulting from any arbitration concluded hereunder.  The award may be made a judgment of a court of competent jurisdiction.

 

    	 	13	 

     

    

 

12.12   No Third-Party Beneficiaries. No provision of this Agreement is intended to or shall be construed to grant or confer any right
to enforce this Agreement, or any remedy for breach of this Agreement, to or upon any Person other than the parties hereto including any
customer, prospect, supplier, employee, contractor, salesman, agent or representative of the Quoin.

 

12.13   Neutral Construction. In view of the fact that each of the parties hereto have been represented by their own counsel and this
Agreement has been fully negotiated by all parties, the legal principle that ambiguities in a document are construed against the draftsperson
of that document shall not apply to this Agreement.

 

12.14   Costs in Event of Breach. In the event that either party hereto breaches this Agreement, the non-breaching party shall be entitled
to reimbursement of all costs and expenses associated with enforcing such non-breaching parties rights and remedies under this Agreement,
including but not limited to legal fees and costs of litigation.

 

[Signature page follows]

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF, the parties
have executed or caused to be executed this Agreement effective as of the day and year first above written.

 

 

Quoin Pharmaceuticals, Ltd.

 

By: /s/ Dr. Michael Myers

Name: Michael Myers Ph.D.

Title: Chief Executive Officer

 

 

Er-Kim İlaç Sanayi ve Ticaret Anonim
 Şirketi

By: /s/ Mert Zorlular

Name: Mert Zorlular

Title: Chief Financial Officer

 

 

 

[Signature page to License and Distribution Agreement]

 

    	 	15	 

     

    

 

EXHIBIT 1

 

DEFINED TERMS

 

 

“Additional Indication”
means any indication other than the Initial Indication.

 

“Applicable Law” means
all applicable Laws, rules, and regulations of any Governmental Authority pertaining to the development, manufacture, packaging, labeling,
storage, import, export, distribution, marketing, sale and/or intended use of the Product in the Territory and the activities of either
Party in performing any covenants under this Agreement.

 

“Commercially Reasonable Efforts”
means the carrying out of such obligations or tasks with a level of effort and resources consistent with commercially reasonable practices
normally devoted by a pharmaceutical company based on conditions then prevailing including issues of safety and efficacy, product profile,
competitiveness of alternative products in the market place, pricing and reimbursement for the Product, the likely timing of the Product’s
entry into the market and other relevant technical and commercial factors.

 

“Commercialize” or “Commercialization”
means the marketing, promotion, sale (and offer for sale or contract to sell), distribution, manufacturing or having manufactured, importation
or other commercial exploitation of the Product.

 

“Competing Product” means
any product that is approved as a drug for the treatment of the same indication for which the Product is approved and is directly competitive
with the Product.

 

“Control” means, with respect
to any particular Intangible, possession by the Party granting the applicable right, license, access or release to the other Party as
provided herein of the power and authority, whether arising by ownership, license, or other authorization, to disclose and deliver the
particular Intangible to the other Party, and to grant and authorize under such Intangible the right, license, access or release, as applicable,
of the scope granted to such other Party in this Agreement without giving rise to any violation of the terms of any written agreement
with any Third Party existing at the time such disclosure is first made or such right, license, access or release first comes into effect
hereunder. “Controlled” and “Controlling” have their correlative meanings.

 

“Data Package” means
the documentation containing information regarding the Product and the processes, techniques, studies, and data in connection with
the Product and documentation for the Product, as prepared for Quoin to obtain approval of the marketing authorization for the Product
in the United States and Europe.

 

“Entity” means any corporation
(including any non-profit corporation), general partnership, limited partnership, limited liability partnership, joint venture, estate,
trust, company (including any company limited by shares, limited liability company or joint stock company), firm, society or other enterprise,
association, organization or entity.

 

    	 	16	 

     

    

 

“Exploit”
means to develop, have developed, import, warehouse, release, distribute, sell, offer for sale, commercialize, register, manufacture,
have manufactured, hold or keep (whether for disposal or otherwise), use, have used, import, export, transport, distribute, or otherwise
dispose of. “Exploitation” means the act of Exploiting a product.

 

“Governmental Authority” means
any: (a) nation, principality, republic, state, commonwealth, province, territory, county, municipality, district or other jurisdiction
of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental or quasi-governmental authority of
any nature, and any governmental division, subdivision, department, agency, bureau, branch, office, commission, council, board, instrumentality,
officer, official, representative, organization, unit, body or Entity and any court or other tribunal); (d) multi-national organization
or body; or (e) individual, Entity or body exercising, or entitled to exercise, any executive, legislative, judicial, administrative,
regulatory, police, military or taxing authority or power of any nature.

 

“Including” means including
but not limited to.

 

“Initial Indication” means
the treatment of Netherton Syndrome in humans in the Territory.

 

“Intangible” means any
and all of the following and any and all rights and interests in, arising out of, or associated therewith, throughout the world: (a) all
Inventions (whether patentable or not), (b) all Know-How (c) all Product Patents; (d) the Product Trademark; (e) Proprietary Information,
(f) all logos, symbols, trade dress, and slogans, and all goodwill associated therewith and/or symbolized thereby; (g) all databases and
data collections and all rights therein; (h) all moral, integrity, paternity, and economic rights of authors and inventors, however denominated;
and (i) any similar or equivalent rights to any of the foregoing, including any intangible asset of any nature, whether or not in use,
under development or design, or inactive.

 

“Inventions” means any
inventions and/or discoveries, including information, processes, methods, assays, designs, protocols, and formulas, and improvements or
modifications thereof, patentable or otherwise, that are generated, developed, conceived or reduced to practice by or on behalf of a Party
or their respective sublicensees pursuant to activities conducted under this Agreement or otherwise with respect to the Product, in each
case including all rights, title and interest in and to the intellectual property rights therein and thereto.

 

“Judgment” means any order,
writ, injunction, citation, award, decree or other judgment of any nature of any Governmental Authority.

 

“Know-How” means with respect
to the Product all of the following: manufacturing protocols and methods, product specifications, analytical methods and assays, processes,
formulations, product designs, plans, trade secrets, ideas, concepts, manufacturing information, engineering and other manuals and drawings,
standard operating procedures, flow diagrams, chemical data, pharmacological data, pharmacokinetic data, toxicological data, pharmaceutical
data, physical and analytical data, safety data, quality assurance data, quality control and clinical data, technical information, other
data, and research records.

 

    	 	17	 

     

    

 

“Launch” means the date
of the first arms-length sale for monetary value of the Product for use or consumption by the end user following receipt of the Regulatory
Approvals.

 

“Law” means any provision
of any foreign, federal, state or local law, statute, ordinance, charter, constitution, treaty, code, rule, regulation or guideline, including
common law.

 

“Net Sales”
means the gross amounts invoiced for sales of the Product by or on behalf of Licensee and its affiliates or permitted transferees, licensees
and sublicensees (each a “Selling Party”) to Third Parties in the Territory, less the following deductions (the “Sales
Deductions”), to the extent accrued or actually taken in accordance with GAAP (as generally and consistently applied by Selling
Party):

 

(a)     normal and customary trade, quantity and prompt pay discounts accrued or actually allowed and taken with respect to sales of the
Product such discounts;

 

(b)     refunds, credits, allowances and other similar adjustments given or made for rejection or return of previously sold Product or
for retroactive price reductions and billing errors;

 

(c)     rebates, coupons, and chargeback payments actually granted to managed health care organizations, pharmacy benefit managers (or
equivalents thereof), national, state/provincial, local, and other governments, their agencies and reimbursers, or to trade customers;

 

(d)     costs of freight, insurance, and other transportation charges directly related to the distribution of such Product; and

 

(e)     Taxes, duties or other governmental charges (including any Tax such as a value added or similar Tax, but excluding any Taxes based
on income) levied on or measured by the billing amount for the Product, as adjusted for rebates and refunds.

 

In no event will any particular
amount identified above be deducted more than once in calculating Net Sales. Sales of Product between Licensee and its affiliates or any
other Selling Party for resale are excluded from the computation of Net Sales, but the subsequent resale of such Product to a Third Party
is included within the computation of Net Sales. For purposes of determining Net Sales, the Product shall be deemed sold when invoiced
and a “sale” shall not include transfers or dispositions of such Product for pre-clinical or non-commercial clinical purposes,
as samples or under named patient use, compassionate use, patient assistance, or test marketing programs or other similar programs or
studies.

 

“Patents”
means: (i) all national, regional and international patents and patent applications, including provisional patent applications; (ii) all
patent applications filed either from such patents, patent applications or provisional applications or from an application claiming priority
from either of the foregoing, including divisionals, continuations, continuations-in-part, provisionals, and converted provisionals; (iii) any
and all patents that have issued or in the future issue from the foregoing patent applications ((i) and (ii)), including utility models,
petty patents, innovation patents and design patents and certificates of invention; (iv) any and all extensions or restorations by
existing or future extension or restoration mechanisms, including revalidations, reissues, re-examinations and extensions (including any
supplementary protection certificates and the like) of the foregoing patents or patent applications ((i), (ii) and (iii)); and (v) any
similar rights, including so-called pipeline protection or any importation, revalidation, confirmation or introduction patent or registration
patent or patent of additions to any of such foregoing patent applications and patents.

 

    	 	18	 

     

    

 

 

“Permit” means any license,
permit, approval, certification, waiver, order, authorization, right or privilege of any nature, granted, issued, approved or allowed
by any Governmental Authority.

 

“Person” means any individual,
Entity or Governmental Authority.

 

“Pricing Approval” means
any and all pricing and Third Party reimbursement approvals necessary to commercialize the Product in the Territory.

 

“Product” means pharmaceutical
product QRX003 in finished dosage form for human use.

 

“Product Patents” means
any Patent Controlled or owned by Quoin in the Territory that, absent the license in Section 2.1, would be infringed by the importation,
sale, or use of the Product in the Territory by a third party.

 

“Product Trademark” means
[to be inserted if Product is to be sold globally under a trademark.]

 

“Product Technology” means
all Intangibles owned or Controlled by Quoin and necessary for the Exploitation of the Product in the Territory, including, without limitation,
the Data Package and the Product Trademark.

 

“Proprietary Information”
means all financial information, marketing information, sales information, customer information, raw materials, Know-How, drawings, compositions,
manufacturing and other specifications, analytical procedures, flow sheets, reports, market studies, preclinical and clinical test results,
regulatory submissions, software and other medical, research, technical, and marketing information disclosed, directly or indirectly,
by a Party to any other Party, information designated “Confidential,” “Proprietary” or the like, or information
that by its nature is information normally intended to be held in confidence. Proprietary will not include information (a) in the public
domain at the time of disclosure, (b) published or otherwise part of the public domain after disclosure other than by breach of this Agreement
by the receiving party, (c) already known by the receiving party at the time of disclosure and not acquired, directly or indirectly, from
the disclosing party or anyone on behalf of the disclosing party, provided that the source of such information was not known by the receiving
party or any of its representatives to be bound by a confidentiality agreement with respect to such information, and such prior knowledge
is properly demonstrated by the receiving party’s written records, or (d) lawfully provided to the receiving party by a third party
who did not require the receiving party to hold the same in confidence and who did not acquire such information, directly or indirectly,
from the disclosing party or anyone on behalf of the disclosing party as demonstrated by the receiving party’s written records.
For clarity, the Data Package and the Product Technology shall be considered Proprietary Information of Quoin.

 

    	 	19	 

     

    

 

“Regulatory Approvals”
shall mean the licenses, registrations, clearances, consents, authorizations, and approvals required to have manufactured, store, import,
transport, market, promote, sell, place on the market, and distribute the Product (including, without limitation, Pricing Approvals and
labeling approvals) in the Territory, and all amendments thereto or supplements thereof.

 

“Regulatory Documentation” means
all (a) regulatory filings and supporting documents, chemistry, manufacturing and controls data and documentation (including, but not
limited to, batch records, master batch production records, standard operating procedures relevant to the Product, testing logs, sample
logs, laboratory logs, and stability logs), preclinical and clinical studies and tests, (b) records maintained under record keeping or
reporting requirements of any Governmental Authority with respect to the Product, the Regulatory Approvals, or any other Permit related
to the Exploitation of the Product, (c) the complete complaint, adverse event and medical inquiry filings with respect to the Product,
(d) all documentation relating to any Governmental Authority inspections relating to the Product and any communication with any Governmental
Authority relating to the Product, the Regulatory Approvals, or any Permit related to the Exploitation of the Product, including correspondence
and minutes of telephone calls or meetings.

 

“Specifications” means
the standards, instructions, and specifications applicable to the manufacture and supply of the Product as set forth in the marketing
authorization for the Product.

 

“Tax” means (a) any foreign,
federal, state or local income, earnings, profits, gross receipts, franchise, capital stock, net worth, sales, use, value added, occupancy,
general property, real property, personal property, intangible property, transfer, fuel, excise, payroll, withholding, workers compensation,
unemployment compensation, social security, retirement, escheat, unclaimed property or other tax of any nature; (b) any foreign, federal,
state or local organization fee, qualification fee, annual report fee, filing fee, occupation fee, assessment, sewer rent or other fee
or charges of any nature; or (c) any deficiency, interest or penalty imposed with respect to any of the foregoing.

 

“Territory” means Albania,
Bosnia & Herzegovina, Bulgaria, Croatia, Czechia, Hungary, Kosovo, Moldova, Montenegro, North Macedonia, Poland, Romania, Serbia,
Slovakia, Slovenia

 

“Third Parties” means any
Person other than Licensee, Quoin, any of their respective affiliates or any of their respective successors or assigns.

 

 

    	 	20	 

     

    

  

 

	
     

    FIRST AMENDMENT TO THE 

     

    LICENSE AND DISTRIBUTION AGREEMENT 

     

    by and among

     

    ER-KIM Er-Kim İlaç Sanayi ve Ticaret
    Anonim Şirketi, 

     

    QUOIN PHARMACEUTICALS, INC.,

     

    Dated as of February 1, 2022

     

 

     

     

    

 

FIRST
AMENDMENT TO THE LICENSE AND DISTRIBUTION AGREEMENT 

 

THIS
AMENDMENT TO THE LICENSE AND DISTRIBUTION AGREMEMENT (this “Amendment”) is made and entered into as of February 17, 2022,
by and among ER-Kim Er-Kim İlaç Sanayi ve Ticaret Anonim Şirketi, (referred to as “LICENSEE”), and Quoin
Pharmaceuticals Inc., a Delaware corporation (“QUOIN”).

 

RECITALS

 

WHEREAS,
the Parties have entered into the LICENSE AND DISTRIBUTION Agreement dated February 1,
2022;

 

WHEREAS,
the Parties hereby amend the LICENSE AND DISTRIBUTION AGREEMENT as follows:

 

		1.	“Territory”
                                            means Albania, Bosnia & Herzegovina, Bulgaria, Croatia, Czechia, Hungary, Kosovo, Moldova,
                                            Montenegro, North Macedonia, Poland, Romania, Serbia, Slovakia, Slovenia, Turkey, Georgia,
                                            Azerbaijan, Greece, Cyprus, Malta.

 

		2.	All
                                            other terms and conditions of the License and Distribution Agreement shall remain unchanged.
                                            

 

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

 

	 	ER-KIM Er-Kim İlaç
    Sanayi ve Ticaret Anonim Şirketi
	 	 	 
	 	By:	 /s/ Mert Zorlular
	 	Name:	 Mert Zorlular
	 	Title:	 Chief Financial Officer
	 	 	 
	 	QUOIN PHARMACEUTICALS,
    INC.
	 	 	 
	 	By:	 /s/ Dr. Michael Myers
	 	Name: 	Michael Myers, Ph.D.
	 	Title: 	President & Chief Executive
    Officer

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