Document:

TherapeuticsMD, Inc. 10-Q

Exhibit
10.3

 

INDEMNIFICATION
AGREEMENT

 

This
Indemnification Agreement (this “Agreement”), dated as of [●] [●], 20[__] (“Effective
Date”), is by and between TherapeuticsMD, Inc., a Nevada corporation (the “Company”),
and [NAME OF DIRECTOR/OFFICER] (the “Indemnitee”).

 

RECITALS

 

WHEREAS,
Indemnitee is a director or officer of the Company;

 

WHEREAS,
both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and
officers of public companies;

 

WHEREAS,
the board of directors of the Company (the “Board”) has determined that enhancing the ability of the
Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and its
stockholders and that the Company therefore should seek to assure such persons that indemnification and insurance coverage is
available; and

 

WHEREAS,
Chapter 78 of the Nevada Revised Statutes (the “NRS”) authorizes a Nevada corporation to indemnify directors,
officers, employees, and agents of such a corporation and the Amended and Restated Articles of Incorporation of the Company, as
amended (the “Articles”), provides that the Company will indemnify any and all persons whom it has power
to indemnify under the NRS.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing and Indemnitee’s agreement to continue to provide services to the Company,
the parties agree as follows:

 

1.                 
Definitions and Construction. For purposes of this Agreement:

 

(a)              
“Change in Control” means the occurrence of any one of the following events:

 

i.                       
any “person” (as such term is defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and
14(d)(2) of the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company’s
then outstanding securities eligible to vote for the election of the Board (the “Company Voting Securities”);
provided, however, that the event described in this paragraph (i) will not be deemed to be a Change in Control
by virtue of any of the following acquisitions: (A) by the Company or any subsidiary; (B) by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any subsidiary; (C) pursuant to a Non-Control Transaction (as defined
in paragraph (iii) below); or (D) a transaction (other than one described in paragraph (iii) below) in which Company Voting
Securities are acquired from the Company, if a majority of the Incumbent Board (as defined in paragraph (ii) below) approves a
resolution providing expressly that
the acquisition under this clause (D) does not constitute a Change in Control under this paragraph (i);

 

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ii.                       
individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any
reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the Effective Date,
whose election or nomination for election was approved by a vote of at least two-thirds of the directors comprising the Incumbent
Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee
for director, without objection to such nomination) will be considered a member of the Incumbent Board (other than any individual
designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 1(a)(i),
(iii), (iv) or (v));

 

iii.                       
the consummation of a merger, consolidation, share exchange or similar form of corporate transaction involving the Company or
any of its subsidiaries that requires the approval of the Company’s stockholders (whether for such transaction or the issuance
of securities in the transaction or otherwise) (a “Reorganization”), unless immediately following such
Reorganization more than 50% of the total combined voting power of the entity that controls, directly or indirectly, the entity
resulting from such Reorganization (the “Surviving Company”) is represented by Company Voting Securities
that were outstanding immediately prior to such Reorganization (or, if applicable, is represented by shares into which such Company
Voting Securities were converted pursuant to such Reorganization), and with the power to elect at least a majority of the board
of directors or other governing body of such Surviving Company (a “Non-Control Transaction”); or

 

iv.                       
the stockholders of the Company approve a plan of complete liquidation or dissolution; or the consummation of a sale (or
series of sales) of all or substantially all of the assets of the Company and its subsidiaries to an entity that is not an affiliate
of the Company.

 

Notwithstanding
the foregoing, a Change in Control will not be deemed to occur solely because any person acquires beneficial ownership of 30%
or more of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces
the number of Company Voting Securities outstanding; provided that, if, after such acquisition by the Company, such
person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company
Voting Securities beneficially owned by such person, a Change in Control will then be deemed to have occurred.

 

(b)              
“Corporate Status” means the fact that a person is or was a director, officer, employee, or agent of
the Company or is or was serving at the request of the Company as a director, officer, employee, or agent of another corporation,
partnership, joint venture, trust, or other enterprise.

 

(c)              
“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding
in respect of which indemnification is sought by Indemnitee.

 

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(d)              
 “Enterprise” will mean the Company and any other corporation, partnership, joint venture, trust, or
other enterprise that Indemnitee is or was serving at the request of the Company as a director, officer, employee, or agent.

 

(e)              
“Expenses” will include all reasonable attorneys’ fees, retainers, court costs, transcript costs,
fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees, ERISA excise taxes and penalties, and all other disbursements or expenses of the types
customarily incurred or actually incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide
discovery in a Proceeding. Expenses also will include Expenses incurred in connection with any appeal resulting from any Proceeding,
including, without limitation, the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other
appeal bond or its equivalent. Should any payments by the Company to or for the account of Indemnitee under this Agreement be
determined to be subject to any federal, state, or local income or excise tax, Expenses will also include such amounts as are
necessary to place Indemnitee in the same after-tax position (after giving effect to all applicable taxes) Indemnitee would have
been in had no such tax been determined to apply to those payments. The parties agree that for the purposes of any advancement
of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included
in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable in the good faith judgment of
such counsel will be presumed conclusively to be reasonable. Expenses, however, will not include amounts paid in settlement by
Indemnitee or the amount of judgments or fines against Indemnitee.

 

(f)               
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of
corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee
in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or
of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim
for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” will not include any
person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees
to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all
Expenses, claims, liabilities, and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(g)              
“Proceeding” includes any threatened, pending, or completed action, suit, claim, counterclaim, cross
claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, or any
other actual, threatened, or completed proceeding, whether brought by or in the right of the Company or otherwise and whether
civil, criminal, administrative, legislative, or investigative (formal or informal), in each case whether or not Indemnitee’s
Corporate Status existed at the time any liability or expense is incurred for which indemnification can be provided under this
Agreement, including one pending on or before the Effective
Date, but excluding one initiated by an Indemnitee under Section 8 to enforce Indemnitee’s rights under this Agreement.

 

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(h)              
Unless otherwise explicitly specified, this Agreement is to be interpreted such that (i) words denoting the singular will include
the plural and vice versa; (ii) the terms “include,” “including,” “comprise,” “comprises,”
and words of similar effect are used in the inclusive sense of “including, without limitation; (iii) “or” is
used in the inclusive sense of “and/or” unless used in connection with the word “either,” “unless,”
“alternatively,” and words of similar effect; (iv) “any” is used in the sense of “any and/or all”;
(v) “herein,” “hereof,” “hereunder,” and words of similar effect refer to the entirety of
this Agreement; and (vi) “days” refer to calendar days. The language of this Agreement will be construed according
to its fair meaning and not strictly against either Party. 

 

2.                 
Indemnity of Indemnitee. The Company will hold harmless and indemnify Indemnitee to the fullest extent permitted by law,
as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality
thereof:

 

(a)              
Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee will be entitled to the rights of indemnification
provided in this Section 2(a) if, by reason of Indemnitee’s Corporate Status, Indemnitee was or is a party, or is threatened
to be made a party, to any Proceeding other than a Proceeding by or in the right of the Company. Under this Section 2(a), the
Company will indemnify Indemnitee against all Expenses, judgments, fines, and amounts paid in settlement actually and reasonably
incurred by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding or any claim, issue, or matter therein,
if Indemnitee either (i) is not liable under NRS 78.138, or (ii) acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause
to believe Indemnitee’s conduct was unlawful.

 

(b)              
Proceedings by or in the Right of the Company. Indemnitee will be entitled to the rights of indemnification provided in
this Section 2(b) if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to
or participant in any Proceeding brought by or in the right of the Company to procure a judgment in its favor. Under this Section
2(b), the Company will indemnify Indemnitee against all Expenses and amounts paid in settlement actually and reasonably incurred
by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding or any claim, issue, or matters therein, if
Indemnitee either (i) is not liable under NRS 78.138, or (ii) acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company; provided, however, if applicable law so provides, no indemnification
against such Expenses or other amounts will be made in respect of any claim, issue, or matter as to which Indemnitee will have
been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the Company or
for amounts paid in settlement to the Company, unless and only to the extent that the court in which the Proceeding was brought
or other court of competent jurisdiction will determine that in view of all the circumstances in the case, Indemnitee is fairly
and reasonably entitled to indemnity for such expenses as the court deems proper.

 

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(c)              
Termination of Proceeding. The termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea
of nolo contendere or its equivalent, will not, of itself, create a presumption that the Indemnitee is liable under NRS 78.138
or did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests
of the corporation, or that, with respect to any criminal action or proceeding, Indemnitee had reasonable cause to believe that
the conduct was unlawful.

 

(d)              
Indemnification for Expenses of a Successful Party. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is successful on the merits or otherwise
in any Proceeding, the Company will indemnify Indemnitee to the maximum extent permitted by law, as such may be amended from time
to time, against all Expenses actually and reasonably incurred by Indemnitee in connection with the defense of the Proceeding.
If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues, or matters in such Proceeding, the Company will indemnify Indemnitee against all Expenses actually
and reasonably incurred Indemnitee, or on Indemnitee’s behalf, in connection with each successfully resolved claim, issue,
or matter. For purposes of this Section 2(d) and without limitation, the termination of any claim, issue, or matter in such a
Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result as to such claim, issue, or matter.

 

3.                 
Additional Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section
1, the Company will and hereby does indemnify and hold harmless Indemnitee, to the fullest extent permitted by law, as may be
amended from time to time, against all Expenses, judgments, fines, and amounts paid in settlement actually and reasonably incurred
by Indemnitee, or on Indemnitee’s behalf, if, by reason of Indemnitee’s Corporate Status, Indemnitee was or is a party,
or is threatened to be made a party, to any Proceeding (including a Proceeding by or in the right of the Company). The only limitation
that will exist upon the Company’s obligations under this Agreement will be that the Company will not be obligated to make
any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Section
7 and Section 8) to be unlawful.

 

4.                 
Contribution.

 

(a)              
Whether or not the indemnification provided herein is available, in respect of any Proceeding in which the Company is jointly
liable with Indemnitee (or would be if joined in such Proceeding), the Company will pay the entire amount of any judgment or settlement
of such Proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any
right of contribution it may have against Indemnitee. The Company will not enter into any settlement of any Proceeding in which
the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a
full and final release of all claims asserted against Indemnitee.

 

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(b)              
Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee
elects to or be required to pay all or any portion of any judgment or settlement in any Proceeding in which the Company is jointly
liable with Indemnitee (or would be if joined in such Proceeding), the Company will contribute to the amount of Expenses, judgments,
fines, and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the
relative benefits received by the Company and all officers, directors, or employees of the Company, other than Indemnitee, who
are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand,
from the transaction from which such Proceeding arose; provided, however, that the proportion determined on the basis of
relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the
Company and all officers, directors, or employees of the Company other than Indemnitee who are jointly liable with Indemnitee
(or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events
that resulted in such expenses, judgments, fines, or settlement amounts, as well as any other equitable considerations which applicable
law may require to be considered. The relative fault of the Company and all officers, directors, or employees of the Company,
other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and
Indemnitee, on the other hand, will be determined by reference to, among other things, the degree to which their actions were
motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the
degree to which their conduct is active or passive.

 

(c)              
The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought
by officers, directors, or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)              
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to
Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred
by Indemnitee, whether for judgments, fines, amounts paid or to be paid in settlement, or for Expenses, in connection with any
claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of
all of the circumstances of such Proceeding to reflect (i) the relative benefits received by the Company and Indemnitee as a result
of the event(s) or transaction(s) giving cause to such Proceeding; or (ii) the relative fault of the Company (and its directors,
officers, employees and agents) and Indemnitee in connection with such event(s) or transaction(s).

 

(e)              
The Company hereby acknowledges that Indemnitee may have rights to indemnification for payment of the judgment or settlement amount,
or the advancement of Expenses provided by another entity (“Other Indemnitor(s)”). The Company agrees
with Indemnitee that the Company is the indemnitor of first resort of Indemnitee with respect to matters for which indemnification
or advancement of Expenses is provided under this Agreement and that the Company will be obligated to make all payments due to
or for the benefit of Indemnitee under this agreement without regard to any rights that Indemnitee may have against the Other
Indemnitor(s). The Company hereby waives any equitable rights to contribution or indemnification from the Other Indemnitor in
respect of any amounts paid or advanced to Indemnitee hereunder. The Company further agrees that no payment of Expenses or losses
by the Other Indemnitor(s) to or for the benefit of Indemnitee will affect the obligations of the Company hereunder,
and that the Company will be obligated to repay the Other Indemnitor(s) for all amounts so paid or reimbursed to the extent that
the Company has an obligation to indemnify Indemnitee for such Expenses or losses hereunder.

 

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5.                 
Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee,
by reason of Indemnitee’s Corporate Status, is a witness, or is made (or asked) to respond to discovery requests or otherwise
asked to participate in any Proceeding to which Indemnitee is not a party, the Company will indemnify Indemnitee against all Expenses
actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection therewith.

 

6.                 
Advancement of Expenses. Notwithstanding any other provision of this Agreement, the Company will advance all Expenses incurred
by or on behalf of Indemnitee in connection with defending any Proceeding within thirty (30) days after the receipt by the Company
of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after
final disposition of such Proceeding. Such statement or statements will reasonably evidence the Expenses incurred by Indemnitee
and, if required by law, at the time of such advance. Indemnitee will also submit an undertaking by or on behalf of Indemnitee
to repay any Expenses advanced if it is ultimately be determined by a court of competent jurisdiction that Indemnitee is not entitled
to be indemnified by the Company against such Expenses. Any advances and undertakings to repay under this Section 6 will be unsecured
and interest free. In furtherance of the foregoing, Indemnitee hereby undertakes to repay such amounts advanced only if, and to
the extent that, it will ultimately be determined by a court of competent jurisdiction that Indemnitee is not entitled to be indemnified
by the Company as authorized by this Agreement.

 

7.                 
Procedures and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to
secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the NRS and public policy of the State
of Nevada. Accordingly, the parties agree that the following procedures and presumptions will apply if of any question as to whether
Indemnitee is entitled to indemnification under this Agreement:

 

(a)              
To obtain indemnification under this Agreement, Indemnitee will submit to the Company a written request, including therein or
therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification. The General Counsel will, promptly upon receipt of such
a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the
foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion,
will not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, the Company is actually
and materially prejudiced as a direct result of such failure.

 

(b)              
Upon written request by Indemnitee for indemnification under the first sentence of Section 7(a), a determination with respect
to Indemnitee’s entitlement thereto will be made in the specific case by one of the following three methods, which will
be at the election of
the Board: (i) by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), (ii) if a majority
vote of a quorum consisting of Disinterested Directors so orders, or if a quorum of Disinterested Directors cannot be obtained,
by Independent Counsel (as hereinafter defined) in a written opinion to the Board, a copy of which will be delivered to Indemnitee,
or (iii) by the stockholders of the Company.

 

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(c)              
Notwithstanding anything to the contrary set forth in this Agreement, if a request for indemnification is made after a Change
in Control, at the election of Indemnitee made in writing to the Company, and if the Board by a majority vote of a quorum consisting
of Disinterested Directors orders the determination of Indemnitee’s entitlement to indemnification to be made by an Independent
Counsel, or if a quorum of Disinterested Directors cannot be obtained, any determination required to be made under Section 7(b)
as to whether Indemnitee is entitled to indemnification will be made by Independent Counsel selected as provided in this Section
7(c). The Independent Counsel will be selected by Indemnitee, unless Indemnitee requests that such selection be made by the Board.
The party making the selection will give written notice to the other party advising it of the identity of the Independent Counsel
so selected. The party receiving such notice may, within seven (7) days after such written notice of selection is received, deliver
to the other party a written objection to such selection. Such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 1, and the objection
sets forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected
will act as Independent Counsel. If a written objection is made, the Independent Counsel so selected may not serve as Independent
Counsel unless and until a court has determined that such objection is without merit. If, within twenty (20) days after submission
by Indemnitee of a written request for indemnification under Section 7(a), no Independent Counsel has been selected (or, if selected,
such selection has been objected to) in accordance with this paragraph, then either the Company or Indemnitee may petition the
courts of the State of Nevada or other court of competent jurisdiction for resolution of any objection which shall have been made
by the Company or Indemnitee to the other’s selection of Independent Counsel or for the appointment as Independent Counsel
of a person selected by the court or by such other person as the court designates, and the person with respect to whom an objection
is favorably resolved or the person so appointed will act as Independent Counsel under this Section. The Company will pay any
and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting under
Section 7(b). The Company will pay any and all reasonable and necessary fees and expenses incident to the procedures of this Section
7(c), regardless of the manner in which such Independent Counsel was selected or appointed.

 

(d)              
Except as set forth in Section 7(c), if the determination of entitlement to indemnification is to be made by Independent Counsel
under Section 7(b), the Independent Counsel will be selected by the Board. Indemnitee may, within ten (10) days after such written
notice of selection is given, deliver to the Company a written objection to such selection; provided, however, that such
objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent
Counsel” as defined in Section 1, and the objection will set forth with particularity the factual basis of such assertion.
Absent a proper and timely objection, the person so selected will act as Independent Counsel. If a written objection is made and
substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn
or a court has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of
a written request for indemnification under Section 7(a), no Independent Counsel has been selected (or, if selected, such selection
has been objected to) in accordance with this paragraph, then either the Company or Indemnitee may petition the appropriate courts
of the State of Nevada or other court of competent jurisdiction for resolution of any objection made by Indemnitee to the Company’s
selection of Independent Counsel or for the appointment as Independent Counsel of a person selected by the court or by such other
person as the court will designate, and the person with respect to whom an objection is favorably resolved or the person so appointed
will act as Independent Counsel under Section 7(b). The Company will pay any and all reasonable fees and expenses of Independent
Counsel incurred by such Independent Counsel in connection with acting under Section 7(b), and the Company will pay any and all
reasonable fees and expenses incident to the procedures of this Section 7(d), regardless of the manner in which such Independent
Counsel was selected or appointed.

 

(e)              
In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination will presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this
presumption will have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of
the Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement of
any action under this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel) that
Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that Indemnitee
has not met the applicable standard of conduct.

 

(f)               
Indemnitee will be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account
of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise
in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports
made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable
care by the Enterprise. In addition, the knowledge or actions, or failure to act, of any director, officer, agent, or employee
of the Enterprise will not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
Whether or not the foregoing provisions of this Section 7(f) are satisfied, Indemnitee will be presumed to have at all times acted
in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. Anyone
seeking to overcome this presumption will have the burden of proof and the burden of persuasion by clear and convincing evidence.
The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled
to indemnification, including a description of any reason or basis for which indemnification has been denied.

 

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(g)              
 Notwithstanding anything to the contrary set forth in this Agreement, if the person, persons, or entity empowered or selected
under Section 7 to determine whether Indemnitee is entitled to indemnification will not have been appointed or will not have made
a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of entitlement
to indemnification will be deemed to have been made and Indemnitee will be entitled to such indemnification, unless the Company
establishes by written opinion of Independent Counsel that (i) a misstatement by Indemnitee of a material fact, or an omission
of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for
indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such sixty (60)-day
period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons, or entity
making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain
or evaluate documentation or information relating thereto; and provided, further, that the foregoing provisions of this Section
7(g) will not apply if the determination of entitlement to indemnification is to be made by the stockholders under Section 7(b)
and if (A) within fifteen (15) days after receipt by the Company of the request for such determination, the Disinterested Directors
resolve as required by Section 7(b)(iii) to submit such determination to the stockholders for their consideration at an annual
meeting thereof to be held within ninety (90) days after such receipt and such determination is made thereat, or (B) a special
meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such
meeting is held for such purpose within ninety (90) days after having been so called and such determination is made thereat.

 

(h)              
Indemnitee will cooperate with the person, persons, or entity making such determination with respect to Indemnitee’s entitlement
to indemnification, including providing to such person, persons, or entity upon reasonable advance request any documentation or
information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and
reasonably necessary to such determination. Any Independent Counsel or member of the Board or stockholder of the Company will
act reasonably and in good faith in making a determination regarding Indemnitee’s entitlement to indemnification under this
Agreement. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating
with the person, persons, or entity making such determination will be borne by the Company (irrespective of the determination
as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless
therefrom.

 

(i)                
The Company acknowledges that a settlement or other disposition, including a conviction or a plea of nolo contendere short of
final judgment, may be successful if it permits a party to avoid expense, delay, distraction, disruption, or uncertainty. If any
Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including,
without limitation, settlement of such Proceeding with or without payment of money or other consideration) it will be presumed
that Indemnitee has been successful on the merits or otherwise in such Proceeding and will not create a presumption that (i) Indemnitee
did not act in good faith or in a manner reasonably believed to be in or not opposed to the best interests of the Company or (ii)
that, with respect to any criminal Proceeding, Indemnitee did not have reasonable cause to believe that Indemnitee’s conduct
was unlawful.
Anyone seeking to overcome this presumption will have the burden of proof and the burden of persuasion by clear and convincing
evidence.

 

    	9 

    	 

    

 

(j)                
The termination of any Proceeding or of any claim, issue, or matter therein, by judgment, order, settlement, or conviction, or
upon a plea of nolo contendere or its equivalent, will not of itself adversely affect the right of Indemnitee to indemnification
or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in
or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable
cause to believe that Indemnitee’s conduct was unlawful.

 

8.                 
Remedies of Indemnitee.

 

(a)              
If (i) a determination is made under Section 7 that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement
of Expenses is not timely made under Section 6, (iii) no determination of entitlement to indemnification is made under Sections
7(b) or 7(c) within sixty (60) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made under this Agreement within ten (10) days after receipt by the Company of a written request therefor, or (v) payment
of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification
or such determination is deemed to have been made under Section 6, Indemnitee will be entitled to an adjudication of Indemnitee’s
entitlement thereto, at Indemnitee’s sole option, in (1) an appropriate court of the State of Nevada, or any other court
of competent jurisdiction, or (2) an arbitration to be conducted by a single arbitrator, selected by mutual agreement of the Company
and Indemnitee, under the rules of the American Arbitration Association. The Company will not oppose Indemnitee’s right
to seek any such adjudication.

 

(b)              
If a determination has been made under Sections 7(b) or 7(c) that Indemnitee is not entitled to indemnification, (i) any judicial
proceeding or arbitration commenced under this Section 8 will be conducted in all respects de novo on the merits, and Indemnitee
will not be prejudiced by reason of the adverse determination under Sections 7(b) or 7(c); and (ii) in any such judicial
proceeding or arbitration, the Company will have the burden of proving that Indemnitee is not entitled to indemnification under
this Agreement.

 

(c)              
If a determination is made under Sections 7(b) or 7(c), or deemed to have been made pursuant to Section 7(g), that Indemnitee
is legally entitled to indemnification, the Company will be obligated to pay the amounts constituting such indemnification within
five (5) days after such determination has been made or has been deemed to have been made and will be conclusively bound by such
determination in any judicial proceeding commenced under this Section 8.

    	10 

    	 

    

 

(d)              
If Indemnitee, under this Section 8, seeks a judicial adjudication of or arbitration to enforce Indemnitee’s rights under,
or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance
policies maintained by the Company, the Company will pay to Indemnitee, or on Indemnitee’s behalf, in advance, and will
indemnify Indemnitee against any and all Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication
or arbitration, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement
of expenses, or insurance recovery. The Company will indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee,
will (within ten (10) days after receipt by the Company of a written request therefore) advance, to the extent not prohibited
by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for
indemnification or advancement of Expenses from the Company under this Agreement or under any directors’ and officers’
liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled
to such indemnification, advancement of Expenses, or insurance recovery, as the case may be.

 

(e)              
The Company will be precluded from asserting in any judicial proceeding or arbitration commenced under Section 8 that the procedures
and presumptions of this Agreement are not valid, binding, or enforceable and will stipulate in any such court or before any such
arbitrator that the Company is bound by all the provisions of this Agreement. 

 

9.                 
Non-Exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a)              
The rights of indemnification and advancement of Expenses as provided by this Agreement will not be deemed exclusive of and will
be in addition to any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles, or the
Bylaws of the Company, as amended (the “Bylaws”), any agreement, a vote of stockholders, a resolution
of directors, or otherwise, and nothing in this Agreement will diminish or otherwise restrict Indemnitee’s rights to indemnification
or advancement of expenses under any of the foregoing. No amendment, alteration, or repeal of this Agreement or of any provision
hereof will limit or restrict any right of Indemnitee with respect to any action taken or omitted by such Indemnitee in Indemnitee’s
Corporate Status prior to such amendment, alteration, or repeal. To the extent that a change in the NRS, whether by statute or
judicial decision, permits greater indemnification than would be afforded currently under the Articles, the Bylaws, or this Agreement,
it is the intent of the parties hereto that Indemnitee will be entitled to the greater benefits so afforded by such change and
Indemnitee will be deemed to have such greater benefits hereunder. No right or remedy herein conferred is intended to be exclusive
of any other right or remedy, and every other right and remedy will be cumulative and in addition to every other right and remedy
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise,
will not prevent the concurrent assertion or employment of any other right or remedy. The Company will not adopt any amendments
to its Articles or Bylaws, the effect of which would be to deny, diminish, or encumber Indemnitee’s right to indemnification
or advancement of expenses under this Agreement, any other agreement or otherwise.

    	11 

    	 

    

 

(b)              
To the extent that the Company maintains insurance providing liability insurance for directors, officers, employees, agents, or
fiduciaries of the Company, or of any other corporation, partnership, joint venture, or other enterprise that such person serves
at the request of the Company, Indemnitee will be covered by such policy or policies in accordance with its or their terms to
the maximum extent of the coverage available for any director, officer, employee, agent, or fiduciary under such policy or policies.
The Company will use commercially reasonable efforts (taking into account the scope and amount of coverage available relative
to the cost thereof) to maintain in effect for the duration of the Indemnitee’s service to the Company (and thereafter for
so long as Indemnitee will be subject to any pending Proceeding) such insurance policy or policies providing coverage that is
at least substantially comparable in scope and amount to that provided by the Company’s current such policies. If, at the
time of the receipt of a notice of a claim under the terms hereof, the Company has or had director and officer liability insurance
in effect, the Company will give prompt notice of the commencement of such Proceeding to the relevant insurers in accordance with
the procedures set forth in the respective policies. The Company will thereafter take all necessary or desirable action to cause
such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms
of such policies.

 

(c)              
If the Company makes any payment under this Agreement, the Company will be subrogated to the extent of such payment to all of
the rights of recovery of Indemnitee, who will execute all papers required and take all action necessary to secure such rights,
including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights (with all of
Indemnitee’s Expenses related thereto reimbursed by or, at the option of Indemnitee, advanced by the Company).

 

(d)              
The Company will not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to
the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement, or otherwise.

 

(e)              
The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of
the Company as a director, officer, employee, or agent of any other corporation, partnership, joint venture, trust, or other enterprise
will be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other corporation,
partnership, joint venture, trust, or other enterprise.

 

10.             
Exception to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company will not be obligated
under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)              
for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision,
except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision;

 

(b)              
on account of Indemnitee’s conduct that is established by a final, non-appealable judgment of a court of competent jurisdiction
as intentional misconduct, fraud, or a knowing violation of law, provided such misconduct, fraud, or violation was or is material
to the cause of action;

 

    	12 

    	 

    

 

(c)              
for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or similar provisions of state statutory law or common law;

 

(d)              
if and to the extent indemnification is contrary to law, including specifically the provisions of the Securities Act of 1933,
as amended, or the Exchange Act, the NRS;

 

(e)              
for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any
profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including
any such reimbursements that arise from an accounting restatement of the Company under Section 304 of the Sarbanes-Oxley Act of
2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase
and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act);

 

(f)               
for any reimbursement of the Company by Indemnitee of any compensation under any compensation recoupment or clawback policy adopted
by the Board or the compensation committee of the Board, including but not limited to any such policy adopted to comply with stock
exchange listing requirements implementing Section 10D of the Exchange Act; or

 

(g)              
in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part
of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees, or other indemnitees, unless
(i) the Board authorized the Proceeding (or such part of the Proceeding) prior to its initiation, or (ii) the Company indemnifies
Indemnitee, in its sole discretion, independently of this Agreement under the powers vested in the Company under applicable law.

 

The
Company will have the burden of proof by clear and convincing evidence to set forth facts supporting an assertion that the Company
is not obligated under this Agreement to make any indemnity as a result of any of Sections 10(a) to 10(g).

 

11.              Retroactive
Effect; Duration of Agreement; Successors and Binding Agreement. All agreements and obligations of the Company
contained herein will be deemed to have become effective upon the date Indemnitee first had Corporate Status, will continue
during the period Indemnitee has Corporate Status, and will continue thereafter so long as Indemnitee may be subject to any
Proceeding (or any action commenced under Section 8) by reason of Indemnitee’s Corporate Status, whether or not
Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred for which
indemnification can be provided under this Agreement. This Agreement will be binding upon and inure to the benefit of and be
enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase,
merger, consolidation, reorganization, or otherwise to all or substantially all of the business or assets of the Company),
assigns, spouses, heirs, executors, and personal and legal representatives. The Company will require any such successor to
all or substantially all of the business or assets of the Company, by agreement in form and substance satisfactory to
Indemnitee and Indemnitee’s counsel, to expressly assume and agree to perform this Agreement in the same manner and to
the same extent the Company would be required to perform if no such
succession had taken place. Except as otherwise set forth in this Section 11, this Agreement will not be assignable or delegable
by the Company.

 

    	13 

    	 

    

 

12.             
Security. To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to
time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit,
funded trust, or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the
prior written consent of Indemnitee.

 

13.             
Enforcement. The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations
imposed on it hereby to induce Indemnitee to serve, or continue to serve, as an officer or a director of the Company. The Company
acknowledges that Indemnitee is relying upon this Agreement in serving or continuing to serve as an officer or a director of the
Company.

 

14.             
Severability. The invalidity or unenforceability of any provision hereof will in no way affect the validity or enforceability
of any other provision. Without limiting the generality of the foregoing, this Agreement intends to confer upon Indemnitee indemnification
rights to the fullest extent permitted by applicable laws. If any provision hereof conflicts with any applicable law, such provision
will be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

15.             
Modification and Waiver. No supplement, modification, termination, or amendment of this Agreement will be binding unless
executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement will be deemed or will
constitute a waiver of any other provisions hereof (whether or not similar) nor will such waiver constitute a continuing waiver.

 

16.             
Notice by Indemnitee; Defense of Claims. Indemnitee agrees promptly to notify the Company in writing upon being served
with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information, or other document relating to
any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company will
not relieve the Company of any obligation which it may have to Indemnitee under this Agreement unless, and only to the extent
that, the Company is actually and materially prejudiced as a direct result of such delay or failure. The Company will be entitled
to participate in the defense of any Proceeding giving rise to a claim for indemnification hereunder at its own expense and, except
as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory
to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Proceeding, the Company
will not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee
in connection with Indemnitee’s defense of such Proceeding other than reasonable costs of investigation or as otherwise
provided below. Indemnitee will have the right to employ Indemnitee’s own legal counsel in such Proceeding, but all Expenses
related to such counsel incurred after notice from the Company of its assumption of the defense will be at Indemnitee’s
own expense; provided, however, that if (a) Indemnitee’s employment of its own legal counsel has been authorized by the
Company, (b) Indemnitee has reasonably
determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Proceeding, (c)
after a Change in Control, Indemnitee’s employment of Indemnitee’s own counsel has been approved by the Independent
Counsel, or (d) the Company will not in fact have employed counsel to assume the defense of such Proceeding, then Indemnitee will
be entitled to retain Indemnitee’s own separate counsel and all Expenses related to such separate counsel will be borne
by the Company.

 

    	14 

    	 

    

 

17.             
Notices. All notices and other communications given or made under this Agreement will be in writing and will be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b) when confirmed by a non-automated reply if sent
by electronic mail, or (c) when received or delivery is refused by the recipient when sent by registered or certified mail, return
receipt requested, postage prepaid, or via a nationally recognized overnight courier. All communications will be sent:

 

(a)              
To Indemnitee at the address set forth below Indemnitee’s signature hereto.

 

(b)              
To the Company at:

TherapeuticsMD,
Inc.

951
Yamato Road, Suite 220

Boca
Raton, Florida 33431

Attention:
General Counsel

 

or
to such other address as may have been provided to Indemnitee by the Company or to the Company by Indemnitee.

 

18.             
Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but
all of which together will constitute one and the same Agreement. Executed counterparts may be delivered by electronic transmission
and will be deemed an original, but all of such counterparts together will constitute the same instrument.

 

19.             
Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and will not be deemed to
constitute part of this Agreement or to affect the construction thereof.

 

20.             
Successors and Assigns. The terms of this Agreement will be binding upon the Company and its successors and assigns and
will inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors, administrators, and
other legal representatives.

 

    	15 

    	 

    

 

21.             
Governing Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties will be governed by,
and construed and enforced in accordance with, the laws of the State of Nevada, without regard to its conflict of laws rules.
The Company and Indemnitee hereby irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in
connection with this Agreement (other than an arbitration under Section 8) will be brought in the appropriate court of the State
of Nevada (the “Nevada Court”), and not in any other state or federal court in the United States of
America or any court in any other country, (b) consent to submit to the exclusive jurisdiction of the Nevada Court for purposes
of such action or proceeding, (c) waive any objection to the laying of venue of any such action or proceeding in the Nevada Court,
(d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Nevada Court has been
brought in an improper or inconvenient forum, and (e) appoint, to the extent such party is not otherwise subject to service of
process in the State of Nevada, Paracorp Incorporated, 318 N. Carson St., Ste. 208, Carson City, Nevada 87901, as its agent in
the State of Nevada for acceptance of legal process in connection with any such action or proceeding against such party with the
same legal force and validity as if served upon such party personally within the State of Nevada.

 

22.             
Entire Agreement. This Agreement, and any exhibits or schedules attached hereto, constitutes the full and entire understanding
and agreement between the parties with regard to the subjects hereof and supersedes all prior agreements and understandings, oral,
written and implied, between the parties with regard to the subjects hereof. No party hereto will be liable or bound to any other
party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as specifically
set forth herein.

 

(Signature
page to follow)

 

    	16 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.

	 	THERAPEUTICSMD,
                    INC.

	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	INDEMNITEE

        

	 	 	 
	 	Name:	 

  

 
    	[Signature Page to Indemnification Agreement]TherapeuticsMD,
Inc. 10-Q

Exhibit
10.4

 

AMENDMENT NO. 6

TO FINANCING AGREEMENT

 

AMENDMENT NO. 6
TO FINANCING AGREEMENT, dated as of November 8, 2020 (this “Amendment”), to the Financing Agreement, dated
as of April 24, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Financing Agreement”),
by and among THERAPEUTICSMD, INC., a Nevada corporation (“Company” or “Borrower”), certain
Subsidiaries of Borrower, as Guarantors, the Lenders from time to time party thereto, and SIXTH STREET SPECIALTY LENDING, INC.,
a Delaware corporation (“Sixth Street”), as administrative agent for the Lenders (in such capacity, together
with its successors and assigns in such capacity, the “Administrative Agent”).

WHEREAS, the
Loan Parties have requested that the Administrative Agent and the Lenders amend certain terms and conditions of the Financing Agreement;
and

WHEREAS, the Administrative
Agent and the Lenders are willing to amend such terms and conditions of the Financing Agreement on the terms and conditions set
forth herein.

 

NOW THEREFORE,
in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

1.
Definitions. All terms used herein that are defined in the Financing Agreement and not otherwise defined herein shall
have the meanings assigned to them in the Financing Agreement.

2.
Amendments.

(a)         
New Definitions. Section 1.01 of the Financing Agreement is hereby amended by adding the following definitions,
in appropriate alphabetical order:

(i)                
““Amendment No. 6” means Amendment No. 6 to Financing Agreement, dated as of November 8, 2020,
by and among the Loan Parties, the Administrative Agent and the Lenders.”

(ii)             
““Amendment No. 6 Effective Date” means the “Amendment Effective Date” as set forth
in Amendment No. 6.”

(b)
         Section
6.8(a) (Minimum Qualified Cash). Section 6.8(a) of the Financing Agreement is hereby amended and restated in its entirety
to read as follows:

“(b)Minimum
Qualified Cash. At all times, Borrower shall not permit Qualified Cash to be less than $60,000,000; provided, that,
Borrower shall not permit Qualified Cash to be less than $45,000,000 from and after the Amendment No. 6 Effective Date through
and including December 31, 2020.”

3.
Conditions to Effectiveness. This Amendment shall become effective only upon satisfaction in full, in a manner satisfactory
to the Administrative Agent, of the following conditions precedent (the first date
upon which all such conditions shall have been satisfied being hereinafter referred to as the “Amendment Effective Date”):

    	 

    	 

    

(a)         
Payment of Fees, Etc. The Borrowers shall have paid on or before the Amendment Effective Date all fees, costs, expenses
and taxes then payable, if any, pursuant to Section 2.7 or 10.2
of the Financing Agreement.

(b)         
Representations and Warranties. The representations and warranties contained
in this Amendment and in Article IV of the Financing Agreement and in each other Loan Document shall be true
and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations or
warranties that already are qualified or modified as to “materiality” or “Material Adverse Effect” in the
text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification) on
and as the Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations
and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and
correct in all material respects (except that such materiality qualifier shall not be applicable to any representations or warranties
that already are qualified or modified as to “materiality” or “Material Adverse Effect” in the text thereof,
which representations and warranties shall be true and correct in all respects subject to such qualification) on and as of such
earlier date.

(c)         
No Default; Event of Default. No Default or Event of Default shall have occurred and be continuing on the Amendment
Effective Date or result from this Amendment becoming effective in accordance with its terms.

(d)         
Delivery of Documents. The Administrative Agent shall have received on or before the Amendment Effective Date:

(i)                
this Amendment, duly executed by the Loan Parties, the Administrative Agent and the Lenders; and

(ii)             
an amendment to each Warrant to Purchase Common Stock dated August 5, 2020 issued by the Borrower to Sixth Street, Redwood
IV Finance 1, LLC and TAO Finance 1, LLC, in each case in form and substance satisfactory to the Administrative Agent and duly
executed by the Borrower.

(e)         
Material Adverse Effect. The Administrative Agent shall have determined, in its reasonable judgment, that no event
or development shall have occurred since December 31, 2019, which could reasonably be expected to have a Material Adverse Effect.

(f)
         
Liens; Priority. The Administrative Agent shall be satisfied that the Administrative Agent has been granted, and
holds, for the benefit of the Administrative Agent and the Lenders, a perfected, first priority Lien on and security interest in
all of the Collateral, subject only to Permitted Liens, to the extent such Liens and security interests are required pursuant to
the Loan Documents to be granted or perfected on or before the Amendment Effective Date.

    	 

    	 

    

(g)         
 Approvals. All consents, authorizations and approvals of, and filings and registrations with, and all other actions
in respect of, any Governmental Authority or other Person required in connection with any Loan Document or the transactions contemplated
thereby or the conduct of the Loan Parties’ business shall have been obtained or made and shall be in full force and effect.
There shall exist no claim, action, suit, investigation, litigation or proceeding (including, without limitation, shareholder or
derivative litigation) pending or, to the knowledge of any Loan Party, threatened in any court or before any arbitrator or Governmental
Authority which (i) relates to the Loan Documents or the transactions contemplated thereby or (ii) could reasonably be
expected to have a Material Adverse Effect.

4.
Continued Effectiveness of the Financing Agreement and Other Loan Documents. Each Loan Party hereby (a) acknowledges
and consents to this Amendment, (b) confirms and agrees that the Financing Agreement and each other Loan Document to which
it is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except
that on and after the Amendment Effective Date, all references in any such Loan Document to “the Financing Agreement”,
the “Agreement”, “thereto”, “thereof”, “thereunder” or words of like import referring
to the Financing Agreement shall mean the Financing Agreement as amended by this Amendment, and (c) confirms and agrees that,
to the extent that any such Loan Document purports to assign or pledge to the Administrative Agent, for the benefit of the Administrative
Agent and the Lenders, or to grant to the Administrative Agent, for the benefit of the Administrative Agent and the Lenders, a
security interest in or Lien on any Collateral as security for the Obligations of the Loan Parties from time to time existing in
respect of the Financing Agreement (as amended hereby) and the other Loan Documents, such pledge, assignment and/or grant of the
security interest or Lien is hereby ratified and confirmed in all respects. This Amendment does not and shall not affect any of
the obligations of the Loan Parties, other than as expressly provided herein, including, without limitation, the Loan Parties’
obligations to repay the Loans in accordance with the terms of Financing Agreement or the obligations of the Loan Parties under
any Loan Document to which they are a party, all of which obligations shall remain in full force and effect. Except as expressly
provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power
or remedy of Administrative Agent or any Lender under the Financing Agreement or any other Loan Document nor constitute a waiver
of any provision of the Financing Agreement or any other Loan Document.

5.
No Novation. Nothing herein contained shall be construed as a substitution or novation of the Obligations outstanding
under the Financing Agreement or instruments securing the same, which shall remain in full force and effect, except as modified
hereby.

6.
No Representations by Administrative Agent or Lenders. Each Loan Party hereby acknowledges that it has not relied
on any representation, written or oral, express or implied, by Administrative Agent or any Lender, other than those expressly contained
herein, in entering into this Amendment.

    	 

    	 

    

 

7.
Release. Each Loan Party hereby acknowledges and agrees that: (a) neither it nor any of its Subsidiaries has any
claim or cause of action against Administrative Agent or any Lender (or any of the directors, officers, employees, agents, attorneys
or consultants of any of the foregoing) and (b) the Administrative Agent and the Lenders have heretofore properly performed and
satisfied in a timely manner all of their obligations to the Loan Parties, and all of their Subsidiaries and Affiliates. Notwithstanding
the foregoing, the Administrative Agent and the Lenders wish (and the Loan Parties agree) to eliminate any possibility that any
past conditions, acts, omissions, events or circumstances would impair or otherwise adversely affect any of their rights, interests,
security and/or remedies. Accordingly, for and in consideration of the agreements contained in this Amendment and other good and
valuable consideration, each Loan Party (for itself and its Subsidiaries and Affiliates and the successors, assigns, heirs and
representatives of each of the foregoing) (collectively, the “Releasors”) does hereby fully, finally, unconditionally
and irrevocably release, waive and forever discharge the Administrative Agent and the Lenders, together with their respective
Affiliates and Related Funds, and each of the directors, officers, employees, agents, attorneys and consultants of each of the
foregoing (collectively, the “Released Parties”), from any and all debts, claims, allegations, obligations,
damages, costs, attorneys’ fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether
known or unknown, contingent or fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity,
under contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have against
any Released Party by reason of any act, omission or thing whatsoever done or omitted to be done, in each case, on or prior to
the Amendment Effective Date directly arising out of, connected with or related to this Amendment, the Financing Agreement or
any other Loan Document, or any act, event or transaction related or attendant thereto, or the agreements of Administrative Agent
or any Lender contained therein, or the possession, use, operation or control of any of the assets of any Loan Party, or the making
of any Loans or other advances, or the management of such Loans or other advances or the Collateral. Each Loan Party represents
and warrants that it has no knowledge of any claim by any Releasor against any Released Party or of any facts or acts or omissions
of any Released Party which on the date hereof would be the basis of a claim by any Releasor against any Released Party which
would not be released hereby.

8.
Further Assurances. The Loan Parties shall execute any and all further documents, agreements and instruments, and
take all further actions, as may be required under applicable law or as Administrative Agent may reasonably request, in order to
effect the purposes of this Amendment.

9.
Miscellaneous.

(a)         
This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each
of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery
of an executed counterpart of this Amendment by facsimile or electronic mail shall be equally effective as delivery of an original
executed counterpart of this Amendment.

(b)         
Section and paragraph headings herein are included for convenience of reference only and shall not constitute a part of
this Amendment for any other purpose.

(c)         
This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

    	 

    	 

    

 

(d)         
 Each Loan Party hereby acknowledges and agrees that this Amendment constitutes a “Loan Document” under the
Financing Agreement. Accordingly, it shall be an immediate Event of Default under the Financing Agreement if (i) any representation
or warranty made by any Loan Party under or in connection with this Amendment shall have been incorrect in any respect when made
or deemed made, or (ii) any Loan Party shall fail to perform or observe any term, covenant or agreement contained in this Amendment.

 

(e)         
Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting
the validity or enforceability of such provision in any other jurisdiction.

[Remainder of page intentionally left
blank.]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed and delivered as of the date set forth on the first page hereof.

	 	
        BORROWER:

         

        THERAPEUTICSMD, INC.

	 	 
	 	 
	 	By:	/s/ James D’Arecca
	 	Name: 	James D’Arecca
	 	Title:  	Chief Financial Officer
	 	 
	 	 
	 	GUARANTORS:
	 	 
	 	VITAMEDMD, LLC
	 	 
	 	 
	 	By:	/s/ James D’Arecca
	 	Name:	James D’Arecca
	 	Title:	Chief Financial Officer
	 	 	 
	 	 	 
	 	BOCAGREENMD, INC.
	 	 	 
	 	 	 
	 	By:	/s/ James D’Arecca
	 	Name:	James D’Arecca
	 	Title:	Chief Financial Officer
	 	 	 
	 	 	 
	 	 	 
	 	VITACARE PRESCRIPTION SERVICES, INC.
	 	 	 
	 	 	 
	 	By:	/s/ John Milligan
	 	Name:	John Milligan
	 	Title:	President
	 	

         

        

        

        

	 	 
	 	 

    	[Signature Page to Amendment No. 6]

    	 

    

	 	
        SIXTH STREET
SPECIALTY LENDING, INC., 

as Administrative Agent and Lender
	 	 
	 	 
	 	By:	/s/ Joshua
Easterly
	 	Name: 	Joshua Easterly
	 	Title:  	Chief Executive Officer
	 	 
	 	 
	 	 
	 	TOP IV TALENTS, LLC, as Lender
	 	 
	 	 
	 	By:	/s/ Joshua
Peck
	 	Name:	Joshua Peck
	 	Title:	Vice President
	 	 	 
	 	 	 
	 	 	 
	 	TAO TALENTS, LLC, as Lender
	 	 	 
	 	 	 
	 	By:	/s/ Joshua
Peck
	 	Name:	Joshua Peck
	 	Title:	Vice President
	 	 	 
	 	 	 
	 	 

 

    	[Signature Page to Amendment No. 6]

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