Document:

Exhibit 10.15

 

SHARED SERVICES AGREEMENT

 

This SHARED SERVICES AGREEMENT
(this “Agreement”) is made and entered into by and between Fortress Biotech, Inc., a Delaware corporation (“FBIO”)
and Journey Medical Corporation, a Delaware corporation (“Journey”) as of [ ], 2021 (the “Effective Date”).
Each of FBIO and Journey may be referred to herein as a “Party,” or collectively as the “Parties.”

 

WHEREAS,
the Parties wish to realize cost efficiencies made available through sharing certain aspects of their operations, including particularly
shared employees and personnel, as well as other miscellaneous costs as may be agreed; and

 

WHEREAS,
the Parties wish to allocate costs generated by the Parties’ activities in accordance with the terms and conditions of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties to this Agreement hereby agree as follows:

 

SECTION 1.
Effective Date; Termination. The term of this Agreement will commence on the Effective Date and will continue until terminated
by either Party by providing fifteen (15) days’ prior written notice to the other Party (or sooner upon the Parties’ mutual
written consent). In addition, either Party may terminate this Agreement upon seven (7) days’ notice to the other Party based
upon the other Party’s material breach of this Agreement which is not cured within such notice period.

 

SECTION 2.
Relationship of the Parties. The Parties agree to share the costs of certain services which they individually require for the
operation of the respective companies. The arrangements made pursuant to this Agreement shall not be deemed to constitute a partnership,
joint venture, or agency relationship between the Parties. All arrangements contemplated by this Agreement, including the specific arrangements
set forth in Section 3, are subject to modification upon mutual agreement of the Parties so long as such arrangements, so modified,
continue to be consistent with the principles set forth in this Section 2.

 

SECTION 3.
Employee Sharing Arrangement. In furtherance of the general principles set forth in Section 2 above, the Parties have
agreed to allocate the costs for employees and other personnel of FBIO who may be assigned to provide services to Journey (the “Assigned
Employees”). The Assigned Employees will be identified and set forth on Schedule I hereto from time to time, together
with a percentage reflecting the Parties’ expectation of the amount of such Assigned Employee’s business time that will be
spent providing services for Journey (the “Applicable Percentage”). Following the conclusion of each month while this
Agreement is in effect, Journey will pay to FBIO an amount reflecting the compensation and benefits paid by FBIO (calculated using monthly
salary, or relevant prorated salary, plus FICA, plus benefits, less employee benefit contribution) to each Assigned Employee with respect
to such period, multiplied by the Applicable Percentage for each such Assigned Employee; provided, however, on an annual
basis a bonus recommendation shall be agreed upon by the Parties, which shall be split between FBIO and Journey based upon the Applicable
Percentage with respect to such period. The Parties shall review the work being performed hereunder at least quarterly and will work in
good faith to adjust the Applicable Percentage as may be necessary for any Assigned Employee. Notwithstanding the foregoing, Journey may
cease its use of any Assigned Employee upon written notice to FBIO, subject only to payment for all services rendered by such Assigned
Employee through the date of termination.

 

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SECTION 4.
Agreements Regarding Employees. The following provisions will apply with respect to the services provided to Journey by the
Assigned Employees.

 

(a)            The
Assigned Employees will remain employees of FBIO, and FBIO will be responsible for payment of all employment-related compensation, including
any wages, salary, overtime compensation, bonuses, or any other type of remuneration for employment. FBIO will also be responsible for
withholding taxes as required by applicable federal, state, or local law, and for payment of applicable employment taxes and unemployment
contributions. FBIO will provide workers compensation coverage as required by law for the Assigned Employees. FBIO will provide employee
benefits for the Assigned Employees (including but not limited to health, life, and disability insurance, vacation and holiday pay, and
retirement benefits) to the extent required by law and in accordance with its applicable policies.

 

(b)            Journey
will have the authority to supervise the Assigned Employees and direct and control the day-to-day activities of the Assigned Employees
while providing services to Journey hereunder. Without limiting the foregoing, Journey will have the right to control the Assigned Employees’
conduct as necessary to ensure safety and security and to prevent fraud, misconduct, conflict of interest, gross neglect of duty or other
unprofessional or unethical conduct in connection with the services provided hereunder.

 

(c)            Journey
will use reasonable efforts to provide the Assigned Employees with safe working conditions, and will require the Assigned Employees to
comply with reasonable safety rules and procedures applicable to Journey’s own employees. Journey will cooperate with FBIO’s
workers’ compensation carrier and liability insurance carrier with regard to any claims made with respect to the Assigned Employees.

 

(d)            The
Parties agree that all personnel services shall be performed: (i) in a prudent and efficient manner, (ii) in all material respects
in accordance with all applicable laws, regulations, codes, permits and licenses; and (iii) in accordance with the standard business
practices and procedures utilized by each Party in its own business.

 

SECTION 5. Confidentiality.

 

(a)            Confidential
Information. Each Party acknowledges and agrees that as a result of the performance of this Agreement, each Party may receive
confidential and/or proprietary information of the other Party, or such other Party’s representatives or clients, including, without
limitation, data, reports, research, test results or methods, formulae, analyses, designs, drawings, computer software, specifications,
proposals, plans, business plans, product information and developments, strategies, projections and forecasts, budgets, information of
or relating to representatives of a Party, information regarding patents, copyrights, trademarks, service marks, trade secrets or other
intellectual property rights (or the subject matter thereof) and other materials and information relating to the business of a Party or
its representatives (all of the foregoing materials and information, collectively, “Confidential Information”). Confidential
Information includes all forms in which information is preserved or delivered, including, without limitation, information received or
communicated in written, electronic, or oral form. Notwithstanding anything to the contrary contained in this Agreement, Confidential
Information shall not include (i) information in the public domain other than by reason of the improper disclosure thereof by a Party,
(ii) information that was in the possession of a Party at the time of its disclosure to such Party, and (iii) information independently
developed by a Party.

 

(b)            Non-disclosure.
Each Party acknowledges and agrees that the Confidential Information of the other Party is and shall be the sole and exclusive
property of such other Party or such other Party’s representatives. Each Party further agrees that it shall not directly or indirectly
communicate or disclose to any person or entity any Confidential Information of the other Party or such other Party’s representatives,
or use any such Confidential Information for any purpose, in either case without the prior written consent of such other Party; provided,
however, that Confidential Information may be disclosed by either Party to the extent required by law, if the disclosing
Party gives the other Party as much prior notice as is reasonably possible of any such disclosure. Each Party shall require its representatives
who have access to any Confidential Information of the other Party or the other Party’s representatives to comply with the provisions
of this Section and each Party agrees that a breach of this Agreement (including this Section) by a Party’s representatives
shall constitute a breach by such Party.

 

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SECTION 6.
Ownership of Intellectual Property. FBIO acknowledges that Journey owns all rights, title and interests (including, without
limitation, all intellectual property rights) in and to all: (a) documents, analysis, reports, information, data, graphics and other
materials and work product created, written, developed or delivered by the Assigned Employees in the performance of the services for Journey
hereunder, and (b) methods, processes and inventions first conceived by any of Assigned Employees in performance of the services
for Journey hereunder (collectively, “Inventions”). All works of authorship arising out of the Assigned Employees’
performance of the services for Journey hereunder shall be works made for hire as that term is defined under U.S. copyright laws, and
Journey is the sole author and owner thereof. In addition, FBIO hereby assigns, agrees to assign, and upon creation of all Inventions
automatically does assign to Journey, its successors and assigns, all rights, title and interests in and to the Inventions, including
but not limited to: (i) patents, patent applications and patent rights throughout the world; (ii) rights associated with works
of authorship throughout the world, including copyrights, copyright applications, copyright registrations, mask work rights, mask work
applications and mask work registrations; and (iii) rights analogous to those set forth herein and any other proprietary rights relating
to intangible property. With respect to works of authorship included in the Inventions, the foregoing assignment is undertaken in part
as a contingency against the possibility that any Invention may not, by operation of law, be considered a work made for hire by FBIO for
Journey. From time to time upon Journey’s request, FBIO agrees to confirm such assignments by execution and delivery of such written
instruments as Journey may request, without additional consideration. FBIO hereby irrevocably grants Journey power of attorney to execute
and deliver any such documents on FBIO’s behalf in its name and to do all other lawfully permitted acts to confirm, vest or transfer
rights in the Inventions to Journey and to further the transfer, issuance, prosecution and maintenance of all intellectual property rights
therein. Notwithstanding the foregoing, this Agreement does not grant a Party any right to Inventions created solely by the other Party
or its agents during the term of this Agreement, except as described above.

 

SECTION 7. Indemnification;
Limitation of Liability; Disclaimer of Warranty.

 

(a)            Indemnification.
FBIO will indemnify and hold Journey, its directors, officers, employees and agents harmless from and against any and all claims,
causes of action, suits, investigations, losses, penalties, liabilities, costs, damages and/or fees (including, without limitation, reasonable
attorneys’ fees) asserted against or incurred by any such persons or entities arising out of or relating to (1) FBIO’s
failure or alleged failure to comply with its obligations pursuant to this Agreement, and/or (2) any allegedly willful, intentional,
reckless, or negligent acts of FBIO (and/or its agents). Because Journey is directing, controlling and supervising the Assigned Employees
during their provision of services to Journey, Journey agrees to indemnify and hold FBIO, its directors, officers, employees and agents
harmless from and against any and all claims, causes of action, suits, investigations, losses, penalties, liabilities, costs, damages
and/or fees (including, without limitation, reasonable attorneys’ fees) asserted against or incurred by any such persons or entities
arising out of or related to (i) Journey’s failure or alleged failure to comply with its obligations pursuant to this Agreement,
(ii) any allegedly willful, intentional, reckless, or negligent acts of Journey (and/or its agents), and/or (iii) the Assigned
Employees’ performance of services for Journey.

 

(b)            Limitation
of Liability. Nothing in this Agreement shall be construed as allowing the recovery of incidental, consequential, punitive
or other exemplary damages by either Party for the breach of any obligation contained in this Agreement by the other Party, and the Parties
hereby waive any claim for incidental, consequential, punitive or other exemplary damages against the other Party under this Agreement.

 

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(c)            Disclaimer
of Warranty. FBIO is not delivering a product or supplying a specific service, and the Assigned Employees are providing services
to Journey under the direction, control and supervision of Journey. As such, FBIO makes no representations or warranties, express or implied,
with regard to the Assigned Employees or the services they perform, and all such representations and warranties are hereby expressly disclaimed.

 

SECTION 8.
Survival. The expiration or termination of this Agreement shall not affect either Party’s obligation to pay any fees
accrued, or to reimburse any cost or expense incurred, prior to the effective date of expiration or termination, it being acknowledged
and agreed that such covenant and obligation shall survive the expiration or termination of this Agreement. In addition and without limiting
the foregoing, the provisions of Sections 5, 6, 7, 8, 10, 11, 12, 14, 16 and 17 hereof will survive the termination of this Agreement
for any reason.

 

SECTION 9.
Force Majeure. Notwithstanding anything contained in this Agreement to the contrary, no Party shall be liable to any other
Party for a failure to perform any obligation under this Agreement if such Party shall be prevented from such performance by reason of
fires, strikes, labor unrest, embargoes, civil commotion, acts of civil or military authorities, acts of God, or other contingencies beyond
the reasonable control of the Parties, including equipment failures, and all provisions herein requiring performance within a specified
period shall be deemed to have been modified in order to extend the period in which such performance shall be required in order to accommodate
the period of the pendency of such contingency which shall prevent such performance.

 

SECTION 10.
Severability. If any provision of this Agreement or the application thereof to any person or circumstances shall be invalid
or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other persons or circumstances
shall not be affected thereby, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had not been
contained herein and shall be enforced to the greatest extent permitted by law, except that if such invalidity, illegality or unenforceability
should change the basic economic positions of the Parties, they shall negotiate in good faith such changes in other terms as shall be
practicable in order to restore them to their prior positions.

 

SECTION 11.
Notices. Any notice, payment, demand, or other communication required or permitted to be given by any provision of this Agreement
shall be deemed to have been delivered and given for all purposes (i) when delivered personally to the Party, (ii) when received,
if sent by registered or certified mail, return receipt requested, postage and charges prepaid, or (iii) when received, if sent by
Federal Express or similar overnight national courier, in any case addressed as follows (or to such other address as a Party may designate
by notice to the other):

 

To FBIO:

 

Fortress Biotech, Inc.

                                    2
Gansevoort, 9th Floor

                                    New
York, NY 10014 

Attention: General Counsel

 

To Journey:

 

Journey Medical Corporation 

9237 E Via De Ventura Blvd. Suite 105

                                    Scottsdale,
AZ 85258 

Attention: General Counsel

 

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SECTION 12.
Assignment; Binding Agreement. No Party may assign its rights and obligations, either in whole or in part, without the prior
written consent of the other Party. The covenants, conditions and provisions hereof are and shall be for the exclusive benefit of the
Parties and their permitted successors and assigns, and nothing herein, express or implied, is intended or shall be construed to confer
upon or to give any person or entity other than the Parties and their permitted successors and assigns any right, remedy or claim, legal
or equitable, under or by reason of this Agreement.

 

SECTION 13.
Authority. Each Party represents that it has the full power and authority to enter into and perform this Agreement.

 

SECTION 14.
Entire Agreement; Amendments. This Agreement constitutes the entire agreement of the Parties with respect to its subject matter
and supersedes all prior representations, negotiations, agreements, and understandings of the Parties, oral and written, with respect
to the subject matter hereof, all of which are deemed to have been merged herein. This Agreement may be modified only by an agreement
in writing executed by all of the Parties.

 

SECTION 15.
Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an original but all
of which together will constitute one and the same agreement. Facsimile or PDF reproductions of original signatures will be deemed binding
for the purpose of the execution of this Agreement.

 

SECTION 16.
Governing Law. This Agreement will be construed in accordance with the laws of the State of New York, without giving effect
to the choice of law provisions of any jurisdiction.

 

SECTION 17.
Other Definitional Provisions; Interpretation. The terms “hereof,” “herein” and “hereunder”
and terms of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement. Section references
contained in this Agreement are references to Sections in this Agreement, unless otherwise specified. Each defined term used in this Agreement
has a comparable meaning when used in its plural or singular form. Each gender-specific term used in this Agreement has a comparable meaning
whether used in a masculine, feminine or gender-neutral form. Whenever the term “including” is used in this Agreement (whether
or not that term is followed by the phrase “but not limited to” or “without limitation” or words of similar effect)
in connection with a listing of items within a particular classification, that listing shall be interpreted to be illustrative only and
shall not be interpreted as a limitation on, or an exclusive listing of, the items within that classification. The Parties have participated
jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof will arise favoring or disfavoring
any Party by virtue of the authorship of any of the provisions of this Agreement.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the Parties
have executed this Shared Services Agreement as of the date first written above.

 

	FORTRESS BIOTECH, INC.    	 	JOURNEY MEDICAL CORPORATION  
	 	 	 
	BY:	 	 	BY:	 
	 	 	 	 
	Name:	 Lindsay A. Rosenwald, M.D.	 	Name:	Claude Maraoui
	 	 	 	 
	Title:	 President & CEO	 	Title:	President & CEO

 

[Signature page to Shared Services Agreement]

 

    

     

    

 

SCHEDULE I

 

	Assigned Employee	Applicable Percentage	Services Commencement Date	Journey Commencement Initials	FBIO Commencement Initials	Services Termination Date	Journey Termination Initials	FBIO Termination InitialsExhibit 10.16

 

Journey Medical Corporation

 

FUTURE ADVANCE PROMISSORY NOTE

 

FOR AMOUNTS ADVANCED AS SHOWN

ON EXHIBIT A ATTACHED HERETO

 

1.              Principal
Amounts. Journey Medical Corporation (f/k/a Coronado Dermatology, Inc.) (the "Company"), for
value received, pursuant to this Future Advance Promissory Note (the "Note") hereby promises to pay to the
order of Fortress Biotech, Inc. ("Fortress"), in lawful money of the United States of America, the
principal amount as may be or have been advanced from time to time by Fortress as shown on Exhibit A attached hereto,
with zero interest payable on such principal amounts. All principal amounts shall be paid on or before December 31, 2024. Any
or all unpaid principal on this Note may be prepaid at any time without penalty. By its signature below, the Company acknowledges
the dates and amounts of all prior advances by Fortress as of the issuance of this Note.

 

2.              Advances.
Advances under this Note shall be subject to the following terms and conditions:

 

		(a)	draws may be made upon request by the Company with at least three (3) days advance notice to Fortress;

 

		(b)	in its sole and absolute discretion, Fortress may refuse to make any advance hereunder;

 

		(c)	all advances, at the time made, shall be noted on Exhibit A of this Note and shall be signed by an authorized officer
of the Company; and

 

		(d)	no advances will be made if the outstanding principal hereunder exceeds Twenty Million Dollars ($20,000,000)
at the time a request is made by the Company.

 

3.              Attorneys'
Fees. If the indebtedness represented by this Note or any part thereof is collected in bankruptcy, receivership or other
judicial proceedings or if this Note is placed in the hands of attorneys for collection after default, the Company agrees to pay, in
addition to the principal payable hereunder, reasonable attorneys' fees and costs incurred by Fortress.

 

4.              Notices.
Any notice, other communication or payment required or permitted hereunder shall be in writing and shall be deemed to have
been given upon receipt by the other party.

 

     

     

    

 

5.              Acceleration.
This Note shall become immediately due and payable if (i) the Company commences any proceeding in bankruptcy or for
dissolution, liquidation, winding-up, composition or other relief under state or federal bankruptcy laws; or (ii) such
proceedings are commenced against the Company, or a receiver or trustee is appointed for the Company or a substantial part of its
property; or (iii) there is any material breach of any material covenant, warranty, representation or other term or condition
of this Note at any time that is not cured within the time periods permitted therein, or if no cure period therein, within five
(5) days after the date on which such breach occurs.

 

6.              No
Dilution or Impairment. The Company will not, by amendment of its charter documents or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Note, but will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such action as may be necessary or appropriate in order to protect the rights of the holder of this Note.

 

7.              Waivers.
Company hereby waives presentment, demand for performance, notice of nonperformance, protest, notice of protest and notice of dishonor.
No delay on the part of Fortress in exercising any right hereunder shall operate as a waiver of such right or any other right. This Note
is being delivered in and shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts of
laws provisions thereof.

 

8.              Governing
Law. This Note is being delivered in and shall be construed in accordance with the laws of the State of New York, without regard
to the conflicts of laws provisions thereof.

 

ISSUED as of June 6, 2015.

 

	 	Journey Medical Corporation
	 	 
	 	 
	 	By: 	/s/ Claude Maraoui
	 	 	Claude Maraoui
	 	 	Chief Executive Officer

 

     

     

    

 

EXHIBIT A

 

SCHEDULE OF ADVANCES

 

	Date of Advance	 	Amount Advanced	 	Signature

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