Document:

Exhibit 10.14

 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR
ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION
IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING,
THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE
SECURITIES.

 

	Principal Amount: $60,000.00	Issue Date: February 11, 2016

 

10% CONVERTIBLE NOTE

 

FOR VALUE RECEIVED, InCapta,
Inc., a Nevada corporation (“Borrower” or “Company”), hereby promises to pay to the order of EMA Financial,
LLC, a Delaware limited liability company, or its registered assigns (the “Holder”), on February 11, 2017, (subject
to extension as set forth below, the “Maturity Date”), the sum of $60,000.00 as set forth herein, together with interest
on the unpaid principal balance hereof at the rate of ten (10%) per annum (the “Interest Rate”) from the date of issuance
hereof until this Note plus any and all amounts due hereunder are paid in full, and any additional amounts set forth herein, including
without limitation any Additional Principal (as defined herein). Interest shall be computed on the basis of a 365-day year and
the actual number of days elapsed. Any amount of principal or interest on this Note which is not paid when due shall bear interest
at the rate of twenty-four (24%) per annum from the due date thereof until the same is paid (“Default Interest”). All
payments due hereunder shall be made in lawful money of the United States of America. All payments shall be made at such address
as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of this Note. Whenever
any amount expressed to be due by the terms of this Note is due on any day which is not a business day, the same shall instead
be due on the next succeeding day which is a business day and, in the case of any interest payment date which is not the date on
which this Note is paid in full, the extension of the due date thereof shall not be taken into account for purposes of determining
the amount of interest due on such date. As used in this Note, the term “business day” shall mean any day other than
a Saturday, Sunday or a day on which commercial banks in the city of New York, New York are authorized or required by law or executive
order to remain closed. Each capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in
that certain Securities Purchase Agreement entered into by and between the Company and Holder dated on or about the date hereof,
pursuant to which this Note was originally issued (the “Purchase Agreement”). The Holder may, by written notice to
the Borrower at least five (5) days before the Maturity Date (as may have been previously extended), extend the Maturity Date to
up to one (1) year following the date of the original Maturity Date hereunder.

 

This Note is free from
all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other
similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

    1 

     

    

 

The following terms shall apply to this Note:

 

ARTICLE I. CONVERSION RIGHTS

 

1.2          Conversion Right.
The Holder shall have the right, in its sole and absolute discretion, at any time from time to time, to convert all or any part
of the outstanding amount due under this Note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists
on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter
be changed or reclassified at the conversion price (the “Conversion Price”) determined as provided herein (a “Conversion”);
provided, however, that in no event shall the Holder be entitled to convert any portion of this Note in excess of
that portion of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the
Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the
unconverted portion of the Notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation
on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable
upon the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result
in beneficial ownership by the Holder and its affiliates of more than 4.9% of the outstanding shares of Common Stock. For purposes
of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulation 13D-G thereunder, except as
otherwise provided in clause (1) of such proviso, provided, further, however, that the limitations on conversion
may be waived by the Holder upon, at the election of the Holder, not less than 61 days’ prior notice to the Borrower, and
the provisions of the conversion limitation shall continue to apply until such 61st day (or such later date, as determined by the
Holder, as may be specified in such notice of waiver). The number of shares of Common Stock to be issued upon each Conversion of
this Note (“Conversion Shares”) shall be determined by dividing the Conversion Amount (as defined below) by the applicable
Conversion Price then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the
“Notice of Conversion”), delivered to the Borrower by the Holder in accordance with Section 1.4 below; provided that
the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably expected to result
in, notice) to the Borrower before 11:59 p.m., New York, New York time on such conversion date (the “Conversion Date”).
The term “Conversion Amount” means, with respect to any Conversion of this Note, the sum of (1) the principal amount
of this Note to be converted in such Conversion, plus (2) accrued and unpaid interest, if any, on such principal amount
being converted at the interest rates provided in this Note to the Conversion Date, plus (3) at the Holder’s option,
Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2), plus (4) any Additional
Principal for such Conversion, plus (5) at the Holder’s option, any amounts owed to the Holder pursuant to Sections
1.2(c) and 1.4(g) hereof.

 

    2 

     

    

 

1.2          Conversion Price.

 

(a)          Calculation of
Conversion Price. The conversion price hereunder (the “Conversion Price”) shall equal the lower of: (i) the closing
sale price of the Common Stock on the Principal Market on the Trading Day immediately preceding the Closing Date, and (ii) 50%
of the lowest sale price for the Common Stock on the Principal Market during the twenty-five (25) consecutive Trading Days immediately
preceding the Conversion Date, provided, however, if the Company’s share price at any time loses the bid (ex: 0.0001
on the ask with zero market makers on the bid on level 2), then the Conversion Price may, in the Holder’s sole and absolute
discretion, be reduced to a fixed conversion price of 0.00001 (if lower than the conversion price otherwise), and provided,
further, that the Conversion Price shall be subject to Section 1.2(b) below. If such Common Stock is not traded on the OTCBB,
OTCQB, OTC Pink, NASDAQ or NYSE, then such sale price shall be the sale price of such security on the principal securities exchange
or trading market where such security is listed or traded or, if no sale price of such security is available in any of the foregoing
manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets”
by the National Quotation Bureau, Inc. If such sale price cannot be calculated for such security on such date in the manner provided
above, such price shall be the fair market value as mutually determined by the Borrower and the Holder. If the Borrower’s
Common stock is chilled for deposit at DTC, becomes chilled at any point while this Note remains outstanding or deposit or other
additional fees are payable due to a Yield Sign, Stop Sign or other trading restrictions, or if the closing sale price at any time
falls below 0.051 (as appropriately and equitably adjusted for stock splits, stock dividends, stock contributions and similar events),
then such 50% figure specified in clause 1.2(a)(ii) above shall be reduced to 35%. Additionally, the Borrower acknowledges that
it will take all reasonable steps necessary or appropriate, including providing a board of directors resolution authorizing the
issuance of common stock and an opinion of counsel confirming the rights of Holder to sell shares of Common Stock issuable or issued
to Holder on conversion of this Note pursuant to Rule 144 as promulgated by the SEC (“Rule 144"), as such Rule may be
in effect from time to time. If the Borrower does not promptly provide a board of directors’ resolution and an opinion from
Company counsel, and so long as the requested sale may be made pursuant to Rule 144, the Company agrees to accept an opinion of
counsel to the Holder which opinion will be issued at the Company’s expense and the conversion dollar amount will be reduced
by $750.00 to cover the cost of such legal opinion. “Trading Day” shall mean any day on which the Common Stock is tradable
for any period on the OTC Pink, or on the principal securities exchange or other securities market on which the Common Stock is
then being traded. Additionally, if the Company ceases to be a reporting company pursuant to the 1934 Act or if the Note cannot
be converted into free trading shares after 181 days from the issuance date, an additional 15% discount will be attributed to the
Conversion Price.

 

(b)         If at any time the
Conversion Price as determined hereunder for any Conversion would be less than the par value of the Common Stock, then the Conversion
Price hereunder shall equal such par value for such Conversion and the Conversion Amount for such Conversion shall be increased
to include Additional Principal, where “Additional Principal” means such additional amount to be added to the Conversion
Amount to the extent necessary to cause the number of Conversion Shares issuable upon such Conversion to equal the same number
of Conversion Shares as would have been issued had the Conversion Price not been subject to the minimum price set forth in this
Section 1.2(b).

 

(c)          Without in any way
limiting the Holder’s right to pursue other remedies, including actual damages and/or equitable relief, the parties agree
that if delivery of the Common Stock issuable upon conversion of this Note is not delivered by the Deadline (as defined below)
the Borrower shall pay to the Holder $1,000.00 per day in cash, for each day beyond the Deadline that the Borrower fails to deliver
such Common Stock. Such cash amount shall be paid to Holder by the fifth day of the month following the month in which it has accrued
or, at the option of the Holder, shall be added to the principal amount of this Note, in which event interest shall accrue thereon
in accordance with the terms of this Note and such additional principal amount shall be convertible into Common Stock in accordance
with the terms of this Note. The Borrower agrees that the right to convert this Note is a valuable right to the Holder. The damages
resulting from a failure, attempt to frustrate, or interference with such conversion right are difficult if not impossible to quantify.
Accordingly the parties acknowledge that the liquidated damages provision contained in this Section are justified.

 

    3 

     

    

 

1.3          Authorized Shares.
The Borrower covenants that the Borrower will at all times while this Note is outstanding reserve from its authorized and unissued
Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common Stock upon the full
conversion of this Note. The Borrower is required at all times to have authorized and reserved five (5) times the number of shares
that is actually issuable upon full conversion of this Note (based on the Conversion Price of the Notes in effect from time to
time)(the “Reserved Amount”). Initially, the Company will instruct the Transfer Agent to reserve ten million nine hundred
and ten thousand (10,910,000) shares of common stock in the name of the Holder for issuance upon conversion hereof. The Borrower
represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable. In addition, if the
Borrower shall issue any securities or make any change to its capital structure which would change the number of shares of Common
Stock into which this Note shall be convertible at the then current Conversion Price, the Borrower shall at the same time make
proper provision so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved, free
from preemptive rights, for conversion of this Note in full. The Borrower (i) acknowledges that it has irrevocably instructed its
transfer agent to issue certificates for the Common Stock issuable upon conversion of this Note, and

(ii) agrees that its issuance of this Note
shall constitute full authority to its officers and agents who are charged with the duty of executing stock certificates to execute
and issue the necessary certificates for shares of Common Stock in accordance with the terms and conditions of this Note.

 

If, at any time the Borrower
does not maintain the Reserved Amount it will be considered an Event of Default under Section 3.2 of the Note.

 

1.4          Method of Conversion.

 

(a)         Mechanics of Conversion.
Subject to Section 1.1, this Note may be converted by the Holder in whole or in part at any time and from time to time after the
Issue Date, by submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of communication
dispatched on the Conversion Date prior to 11:59 p.m., New York, New York time).

 

(b)         Book Entry upon
Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in accordance with the
terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire unpaid principal
amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount so converted
and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower, so as
not to require physical surrender of this Note upon each such conversion. In the event of any dispute or discrepancy, such records
of the Borrower shall, prima facie, be controlling and determinative in the absence of manifest error. Notwithstanding the
foregoing, if any portion of this Note is converted as aforesaid, the Holder may not transfer this Note unless the Holder first
physically surrenders this Note to the Borrower, whereupon the Borrower will forthwith issue and deliver upon the order of the
Holder a new Note of like tenor, registered as the Holder (upon payment by the Holder of any applicable transfer taxes) may request,
representing in the aggregate the remaining unpaid principal amount of this Note. The Holder and any assignee, by acceptance of
this Note, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a portion of this
Note, the unpaid and unconverted principal amount of this Note represented by this Note may be less than the amount stated on the
face hereof.

 

    4 

     

    

 

(c)         Payment of Taxes.
The Borrower shall not be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery
of shares of Common Stock or other securities or property on conversion of this Note in a name other than that of the Holder (or
in street name), and the Borrower shall not be required to issue or deliver any such shares or other securities or property unless
and until the person or persons (other than the Holder or the custodian in whose street name such shares are to be held for the
Holder’s account) requesting the issuance thereof shall have paid to the Borrower the amount of any such tax or shall have
established to the satisfaction of the Borrower that such tax has been paid.

 

(d)         Delivery of Common
Stock upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or other reasonable
means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section 1.4, the
Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates for the Common
Stock issuable upon such conversion within three (3) business days after such receipt (the “Deadline”) (and, solely
in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with the terms hereof
and the Purchase Agreement.

 

(e)         Obligation of Borrower
to Deliver Common Stock. Upon receipt by the Borrower of a duly and properly executed Notice of Conversion, the Holder shall
be deemed to be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the
amount of accrued and unpaid interest on this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults
on its obligations under this Article I, all rights with respect to the portion of this Note being so converted shall forthwith
terminate except the right to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion.
If the Holder shall have given a Notice of Conversion as provided herein, the Borrower’s obligation to issue and deliver
the certificates for Common Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder
to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person
or any action to enforce the same, any failure or delay in the enforcement of any other obligation of the Borrower to the holder
of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of
any obligation to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower
to the Holder in connection with such conversion. The Conversion Date specified in the Notice of Conversion shall be the Conversion
Date so long as the Notice of Conversion is received by the Borrower before 11:59 p.m., New York, New York time, on such date.

 

    5 

     

    

 

(f)          Delivery of Common
Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock issuable upon conversion,
provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”)
program, upon request of the Holder and its compliance with the provisions contained in Section 1.1 and in this Section 1.4, the
Borrower shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion
to the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent Commission
(“DWAC”) system.

 

(g)         Failure to Deliver
Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other remedies, including actual
damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion of this Note is
not delivered by the Deadline, the Borrower shall pay to the Holder $1,000.00 per day in cash, for each day beyond the Deadline
that the Borrower fails to deliver such Common Stock to the Holder. Such cash amount shall be paid to Holder by the fifth day of
the month following the month in which it has accrued or, at the option of the Holder, shall be added to the principal amount of
this Note, in which event interest shall accrue thereon in accordance with the terms of this Note and such additional principal
amount shall be convertible into Common Stock in accordance with the terms of this Note. The Borrower agrees that the right to
convert is a valuable right to the Holder. The damages resulting from a failure, attempt to frustrate, or interference with such
conversion right are difficult if not impossible to qualify. Accordingly the parties acknowledge that the liquidated damages provision
contained in this Section 1.4(g) are justified.

 

(h)          The Borrower acknowledges
that it will take all reasonable steps necessary or appropriate, including providing an opinion of counsel confirming the rights
of Holder to sell shares of Common Stock issued to Holder on conversion of the Note pursuant to Rule 144 as promulgated by the
SEC (“Rule 144"), as such Rule may be in effect from time to time. If the Borrower does not promptly provide an opinion
from Borrower counsel, and so long as the requested sale may be made pursuant to Rule 144, the Borrower agrees to accept an opinion
of counsel to the Holder which opinion will be issued at the Borrower’s expense.

 

1.5          Restricted Securities.
The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred unless (i) such shares are sold
pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer agent shall have been furnished
with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable
transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption from
such registration or (iii) such shares are sold or transferred pursuant to Rule 144 under the Act (or a successor rule) (“Rule
144”) or (iv) such shares are transferred to an “affiliate” (as defined in Rule 144) of the Borrower who agrees
to sell or otherwise transfer the shares only in accordance with this Section 1.5 and who is an Accredited Investor (as defined
in the Purchase Agreement). Any legend set forth on any stock certificate evidencing any Conversion Shares shall be removed and
the Borrower shall issue to the Holder a new certificate therefore free of any transfer legend if (i) the Borrower or its transfer
agent shall have received an opinion of counsel form, substance and scope customary for opinions of counsel in comparable transactions,
to the effect that a public sale or transfer of such Common Stock may be made without registration under the Act, which opinion
shall be reasonably acceptable to the Company, or (ii) in the case of the Common Stock issued or issuable upon conversion of this
Note, such security is registered for sale by the Holder under an effective registration statement filed under the Act or otherwise
may be sold pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then be
immediately sold.

 

    6 

     

    

 

1.6          Effect of Certain
Events.

 

(a)          Effect of Merger,
Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially all of the assets
of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which more than 50% of
the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of the Borrower with
or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall either: (i) be deemed to be
an Event of Default (as defined in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon the
consummation of and as a condition to such transaction an amount equal to the Default Amount (as defined in Article III) or (ii)
be treated pursuant to Section 1.6(b) hereof. “Person” shall mean any individual, corporation, limited liability company,
partnership, association, trust or other entity or organization.

 

(b)          Adjustment Due
to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion of all of the
Notes, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar event,
as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares of another
class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of all or substantially
all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower, then the Holder
of this Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon the terms and conditions
specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such stock, securities
or assets which the Holder would have been entitled to receive in such transaction had this Note been converted in full immediately
prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such case appropriate
provisions shall be made with respect to the rights and interests of the Holder of this Note to the end that the provisions hereof
(including, without limitation, provisions for adjustment of the Conversion Price and of the number of shares issuable upon conversion
of the Note) shall thereafter be applicable, as nearly as may be practicable in relation to any securities or assets thereafter
deliverable upon the conversion hereof. The Borrower shall not affect any transaction described in this Section 1.6(b) unless (a)
it first gives, to the extent practicable, thirty (30) days prior written notice (but in any event at least fifteen (15) days prior
written notice) of the record date of the special meeting of shareholders to approve, or if there is no such record date, the consummation
of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other similar event or sale of assets (during
which time, for clarification, the Holder shall be entitled to convert this Note) and (b) the resulting successor or acquiring
entity assumes by written instrument the obligations of this Section 1.6(b). The above provisions shall similarly apply to successive
consolidations, mergers, sales, transfers or share exchanges.

 

    7 

     

    

 

(c)         Adjustment Due
to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire its assets) to
holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend or distribution
to the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary (i.e., a
spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion of this Note after
the date of record for determining shareholders entitled to such Distribution, to receive the amount of such assets which would
have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had such Holder been the
holder of such shares of Common Stock on the record date for the determination of shareholders entitled to such Distribution. Such
assets shall be held in escrow by the Company pending any such conversion

 

(d)         Purchase Rights.
If, at any time when any Notes are issued and outstanding, the Borrower issues any convertible securities or rights to purchase
stock, warrants, securities or other property (the “Purchase Rights”) pro rata to the record holders of any class of
Common Stock, then the Holder of this Note will be entitled to acquire, upon the terms applicable to such Purchase Rights, the
aggregate Purchase Rights which such Holder could have acquired if such Holder had held the number of shares of Common Stock acquirable
upon complete conversion of this Note (without regard to any limitations on conversion contained herein) immediately before the
date on which a record is taken for the grant, issuance or sale of such Purchase Rights or, if no such record is taken, the date
as of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.

 

(e)         Stock Dividends
and Stock Splits. If the Company, at any time while this Note is outstanding: (A) pays a stock dividend or otherwise makes
a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any securities convertible into
or exercisable for Common Stock; (B) subdivides outstanding shares of Common Stock into a larger number of shares; (C) combines
(including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares; or (D) issues,
in the event of a reclassification of shares of the Common Stock, any shares of capital stock of the Company, then the Conversion
Price (and each sale or bid price used in determining the Conversion Price) shall be multiplied by a fraction, of which the numerator
shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the
number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

(f)          Notice of Adjustments.
Upon the occurrence of each adjustment or readjustment of the Conversion Price as a result of the events described in this Section
1.6, the Borrower, at its expense, shall promptly compute such adjustment or readjustment and prepare and furnish to the Holder
a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment
is based. The Borrower shall, upon the written request at any time of the Holder, furnish to such Holder a like certificate setting
forth (i) such adjustment or readjustment, (ii) the Conversion Price at the time in effect and (iii) the number of shares of Common
Stock and the amount, if any, of other securities or property which at the time would be received upon conversion of the Note.

 

    8 

     

    

 

1.7          Revocation.
If any Conversion Shares are not received by the Deadline, the Holder may revoke the applicable Conversion pursuant to which such
Conversion Shares were issuable. This Note shall remain convertible after the Maturity Date hereof until this Note is repaid or
converted in full.

 

1.8          Prepayment.
Notwithstanding anything to the contrary contained in this Note, subject to the terms of this Section, at any time during the period
beginning on the Issue Date and ending on the date which is six (6) months following the Issue Date (“Prepayment Termination
Date”), Borrower shall have the right, exercisable on not less than five (5) Trading Days prior written notice to the Holder
of this Note, to prepay the outstanding balance on this Note (principal and accrued interest), in full, in accordance with this
Section. Any notice of prepayment hereunder (an “Optional Prepayment Notice”) shall be delivered to the Holder of the
Note at its registered addresses and shall state: (1) that the Borrower is exercising its right to prepay the Note, and (2) the
date of prepayment which shall be not more than ten (10) Trading Days from the date of the Optional Prepayment Notice. On the date
fixed for prepayment (the “Optional Prepayment Date”), the Borrower shall make payment of the Optional Prepayment Amount
(as defined below) to or upon the order of the Holder as specified by the Holder in writing to the Borrower at least one (1) business
day prior to the Optional Prepayment Date. If the Borrower exercises its right to prepay the Note, the Borrower shall make payment
to the Holder of an amount in cash (the “Optional Prepayment Amount”) equal to the Prepayment Factor (as defined below),
multiplied by the sum of:

 

(w) the then outstanding principal amount of
this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the Optional Prepayment Date plus
(y) Default Interest, if any, on the amounts referred to in clauses (w) and (x) plus (z) any amounts owed to the Holder pursuant
to Sections 1.3 and 1.4(g) hereof. If the Borrower delivers an Optional Prepayment Notice and fails to pay the Optional Prepayment
Amount due to the Holder of the Note within two (2) business days following the Optional Prepayment Date, the Borrower shall forever
forfeit its right to prepay the Note pursuant to this Section. After the Prepayment Termination Date, the Borrower shall have no
right to prepay this Note For purposes hereof, the “Prepayment Factor” shall equal one hundred and fifty percent (150%),
provided that such Prepayment factor shall equal one hundred and thirty five percent (135%) if the Optional Prepayment Date occurs
on or before the date which is ninety (90) days following the Issue Date hereof.

 

ARTICLE II. CERTAIN COVENANTS

 

2.1          Distributions
on Capital Stock. So long as the Borrower shall have any obligation under this Note, the Borrower shall not without the Holder’s
written consent (a) pay, declare or set apart for such payment, any dividend or other distribution (whether in cash, property or
other securities) on shares of capital stock other than dividends on shares of Common Stock solely in the form of additional shares
of Common Stock or (b) directly or indirectly or through any subsidiary make any other payment or distribution in respect of its
capital stock except for distributions pursuant to any shareholders’ rights plan which is approved by a majority of the Borrower’s
disinterested directors.

 

    9 

     

    

 

2.2          Restriction on
Stock Repurchases. So long as the Borrower shall have any obligation under this Note, the Borrower shall not without the Holder’s
written consent redeem, repurchase or otherwise acquire (whether for cash or in exchange for property or other securities or otherwise)
in any one transaction or series of related transactions any shares of capital stock of the Borrower or any warrants, rights or
options to purchase or acquire any such shares.

 

2.3          Borrowings; Liens.
Notwithstanding section 4(m) of the Purchase Agreement, so long as the Borrower shall have any obligation under this Note, the
Borrower shall not (i) create, incur, assume guarantee, endorse, contingently agree to purchase or otherwise become liable upon
the obligation of any person, firm, partnership, joint venture or corporation, except by the endorsement of negotiable instruments
for deposit or collection, or suffer to exist any liability for borrowed money, except (a) borrowings in existence or committed
on the date hereof and of which the Borrower has informed Holder in writing prior to the date hereof, or (b) indebtedness to trade
creditors or financial institutions incurred in the ordinary course of business, or (ii) enter into, create or incur any liens,
claims or encumbrances of any kind, on or with respect to any of its property or assets now owned or hereafter acquired or any
interest therein or any income or profits therefrom, securing any indebtedness occurring after the date hereof.

 

2.4          Sale of Assets.
So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s written consent,
sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business. Any consent
to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

2.5          Advances and
Loans. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s
written consent, lend money, give credit or make advances to any person, firm, joint venture or corporation, including, without
limitation, officers, directors, employees, subsidiaries and affiliates of the Borrower, except loans, credits or advances in existence
or committed on the date hereof and which the Borrower has informed Holder in writing prior to the date hereof.

 

2.6          Charter.
So long as the Borrower shall have any obligations under this Note, the Borrower shall not amend its charter documents, including
without limitation its certificate of incorporation and bylaws, in any manner that materially and adversely affects any rights
of the Holder.

 

    10 

     

    

 

ARTICLE III. EVENTS OF DEFAULT

 

Any one or more of the
following events which shall occur and/or be continuing shall constitute an event of default (each, an “Event of Default”):

 

3.1          Failure to Pay
Principal or Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this Note, whether at
maturity, upon acceleration or otherwise.

 

3.2          Conversion and
the Shares. The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens in writing that it
will not honor its obligation to do so at any time following the execution hereof or) upon exercise by the Holder of the conversion
rights of the Holder in accordance with the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue)
(electronically or in certificated form) any certificate for shares of Common Stock issued to the Holder upon conversion of or
otherwise pursuant to this Note as and when required by this Note, the Borrower directs its transfer agent not to transfer or delays,
impairs, and/or hinders its transfer agent in transferring (or issuing) (electronically or in certificated form) any certificate
for shares of Common Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required
by this Note, or fails to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent
from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for
any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this
Note (or makes any written announcement, statement or threat that it does not intend to honor the obligations described in this
paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat not to honor its obligations
shall not be rescinded in writing) for five (5) business days after the Holder shall have delivered a Notice of Conversion. It
is an obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of default of
this Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer
agent. If at the option of the Holder, the Holder advances any funds to the Borrower’s transfer agent in order to process
a conversion, such advanced funds shall be paid by the Borrower to the Holder within forty eight (48) hours of a demand from the
Holder.

 

3.3          Breach of Covenants.
The Borrower breaches any material covenant or other material term or condition contained in this Note and any collateral documents
including but not limited to the Purchase Agreement and such breach continues for a period of seven (7) days after written notice
thereof to the Borrower from the Holder.

 

3.4          Breach of Representations
and Warranties. Any representation or warranty of the Borrower made herein or in any agreement, statement or certificate given
in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement), shall be false or
misleading in any material respect when made and the breach of which has (or with the passage of time will have) a material adverse
effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.5          Receiver or Trustee.
The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors, or apply for or consent to
the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such a receiver or trustee
shall otherwise be appointed.

 

    11 

     

    

 

3.6          Judgments.
Any money judgment, writ or similar process shall be entered or filed against the Borrower or any subsidiary of the Borrower or
any of its property or other assets for more than $50,000.00, and shall remain unvacated, unbonded or unstayed for a period of
twenty

(20) days unless otherwise consented to by
the Holder, which consent will not be unreasonably withheld.

 

3.7          Bankruptcy.
Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under
any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any subsidiary of the
Borrower.

 

3.8          Delisting of
Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTCBB, or OTCQB, OTC
Pink or an equivalent replacement exchange, NASDAQ, the NYSE or AMEX.

 

3.9          Failure to Comply
with the Exchange Act. The Borrower shall fail to comply in any material respect with the reporting requirements of the Exchange
Act; and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

 

3.10        Liquidation.
Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.11        Cessation of
Operations. Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as
such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern”
shall not be an admission that the Borrower cannot pay its debts as they become due.

 

3.12        Maintenance
of Assets. The failure by Borrower, during the term of this Note, to maintain any material intellectual property rights, personal,
real property or other assets which are necessary to conduct its business (whether now or in the future).

 

3.13        Financial Statement
Restatement. The restatement of any financial statements filed by the Borrower with the SEC for any date or period from two
years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result of such restatement would,
by comparison to the unrestated financial statement, have constituted a material adverse effect on the rights of the Holder with
respect to this Note or the Purchase Agreement.

 

3.14        Reverse Splits.
The Borrower effectuates a reverse split of its Common Stock without twenty (20) days prior written notice to the Holder.

 

3.15        Replacement
of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide, prior
to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered
pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in
the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

    12 

     

    

 

3.16           Cross-Default.
Notwithstanding anything to the contrary contained in this Note or the other related or companion documents, a breach or default
by the Borrower of any covenant or other term or condition contained in any of the Other Agreements, after the passage of all applicable
notice and cure or grace periods, shall, at the option of the Holder, be considered a default under this Note and the Other Agreements,
in which event the Holder shall be entitled (but in no event required) to apply all rights and remedies of the Holder under the
terms of this Note and the Other Agreements by reason of a default under said Other Agreement or hereunder. “Other Agreements”
means, collectively, all agreements and instruments between, among or by: (1) the Borrower, and, or for the benefit of, (2) the
Holder and any affiliate of the Holder, including, without limitation, promissory notes; provided, however, the term “Other
Agreements” shall not include the related or companion documents to this Note. Each of the loan transactions will be cross-defaulted
with each other loan transaction and with all other existing and future debt of Borrower to the Holder.

 

Upon the occurrence and
during the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to pay the principal hereof
or interest thereon when due at the Maturity Date), the Note shall become immediately due and payable and the Borrower shall pay
to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the Default Sum (as defined herein). UPON
THE OCCURRENCE AND DURING THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE NOTE SHALL BECOME IMMEDIATELY
DUE AND PAYABLE AND THE BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER, AN AMOUNT EQUAL TO:
(Y) THE DEFAULT SUM (AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the occurrence and during the continuation of any Event
of Default specified in Sections 3.1 (solely with respect to failure to pay the principal hereof or interest thereon when due on
this Note upon a Trading Market Prepayment Event pursuant to Section 1.7 or upon acceleration), 3.3, 3.4, 3.6, 3.8, 3.9, 3.11,
3.12, 3.13, 3.14, and/or 3. 15 exercisable through the delivery of written notice to the Borrower by such Holders (the “Default
Notice”), and upon the occurrence of an Event of Default specified in the remaining sections of Articles III (other than
failure to pay the principal hereof or interest thereon at the Maturity Date specified in Section 3,1 hereof), the Note shall become
immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount
equal to the greater of (i) 150% times the sum of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid
interest on the unpaid principal amount of this Note to the date of payment (the “Mandatory Prepayment Date”) plus
(y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to the Holder pursuant
to Sections 1.3 and 1.4(g) hereof (the then outstanding principal amount of this Note to the date of payment plus the amounts referred
to in clauses (x), (y) and (z) shall collectively be known as the “Default Sum”) or (ii) the “parity value”
of the Default Sum to be prepaid, where parity value means (a) the highest number of shares of Common Stock issuable upon conversion
of or otherwise pursuant to such Default Sum in accordance with Article I, treating the Trading Day immediately preceding the Mandatory
Prepayment Date as the “Conversion Date” for purposes of determining the lowest applicable Conversion Price, unless
the Default Event arises as a result of a breach in respect of a specific Conversion Date in which case such Conversion Date shall
be the Conversion Date), multiplied by (b) the highest Closing Price for the Common Stock during the period beginning on the date
of first occurrence of the Event of Default and ending one day prior to the Mandatory Prepayment Date (the “Default Amount”)
and all other amounts payable hereunder shall immediately become due and payable, all without demand, presentment or notice, all
of which hereby are expressly waived, together with all costs, including, without limitation, legal fees and expenses, of collection,
and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity.

 

    13 

     

    

 

If the Borrower fails to
pay the Default Amount within five (5) business days of written notice that such amount is due and payable, then the Holder shall
have the right at any time, so long as the Borrower remains in default (and so long and to the extent that there are sufficient
authorized shares), to require the Borrower, upon written notice, to immediately issue, in lieu of the Default Amount, the number
of shares of Common Stock of the Borrower equal to the Default Amount divided by the Conversion Price then in effect. The Holder
may still convert any amounts due hereunder, including without limitation the Default Sum, until such time as this Note has been
repaid in full.

 

ARTICLE IV. MISCELLANEOUS

 

4.1          Failure or Indulgence
Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder are cumulative to, and
not exclusive of, any rights or remedies otherwise available.

 

4.2          Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, email or facsimile, addressed as set forth below or to such other address as such party shall have
specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall
be deemed effective (a) upon hand delivery or delivery by facsimile or email, with accurate confirmation generated by the transmitting
facsimile machine or computer, at the address, email or number designated in the Purchase Agreement (if delivered on a business
day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day
following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such
mailing, whichever shall first occur.

 

    14 

     

    

 

4.3          Amendments.
This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the Holder. The term
“Note” and all reference thereto, as used throughout this instrument, shall mean this instrument (and the other Notes
issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then as so amended or supplemented.

 

4.4          Assignability.
This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit of the Holder and
its successors and assigns. Each transferee of this Note must be an “accredited investor” (as defined in Rule 501(a)
of the 1933 Act). Notwithstanding anything in this Note to the contrary, this Note may be pledged as collateral in connection with
a bona fide margin account or other lending arrangement.

 

4.5          Cost of Collection.
If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection, including reasonable
attorneys’ fees.

 

4.6          Governing Law.
This Note shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of
laws principles that would result in the application of the substantive laws of another jurisdiction. Any action brought by either
party against the other concerning the transactions contemplated by this Agreement must be brought only in the civil or state courts
of New York or in the federal courts located in the State and county of New York. Both parties and the individual signing this
Agreement on behalf of the Borrower agree to submit to the jurisdiction of such courts. The prevailing party shall be entitled
to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision of this Note is
invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent
that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which
may prove invalid or unenforceable under any law shall not affect the validity or unenforceability of any other provision of this
Note. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action
against the Borrower in any other jurisdiction to collect on the Borrower’s obligations to Holder, to realize on any collateral
or any other security for such obligations, or to enforce a judgment or other decision in favor of the Holder. This Note shall
be deemed an unconditional obligation of Borrower for the payment of money and, without limitation to any other remedies of Holder,
may be enforced against Borrower by summary proceeding pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar
rule or statute in the jurisdiction where enforcement is sought. For purposes of such rule or statute, any other document or agreement
to which Holder and Borrower are parties or which Borrower delivered to Holder, which may be convenient or necessary to determine
Holder’s rights hereunder or Borrower’s obligations to Holder are deemed a part of this Note, whether or not such other
document or agreement was delivered together herewith or was executed apart from this Note.

 

    15 

     

    

 

4.7          Certain Amounts.
Whenever pursuant to this Note the Borrower is required to pay an amount in excess of the outstanding principal amount (or the
portion thereof required to be paid at that time) plus accrued and unpaid interest plus Default Interest on such interest, the
Borrower and the Holder agree that the actual damages to the Holder from the receipt of cash payment on this Note may be difficult
to determine and the amount to be so paid by the Borrower represents stipulated damages and not a penalty and is intended to compensate
the Holder in part for loss of the opportunity to convert this Note and to earn a return from the sale of shares of Common Stock
acquired upon conversion of this Note at a price in excess of the price paid for such shares pursuant to this Note. The Borrower
and the Holder hereby agree that such amount of stipulated damages is not plainly disproportionate to the possible loss to the
Holder from the receipt of a cash payment without the opportunity to convert this Note into shares of Common Stock.

 

4.8          Disclosure.
Upon receipt or delivery by the Company of any notice in accordance with the terms of this Note, unless the Company has in good
faith determined that the matters relating to such notice do not constitute material, non-public information relating to the Company
or any of its Subsidiaries, the Company shall within one (1) Trading Day after any such receipt or delivery, publicly disclose
such material, non-public information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that
a notice contains material, non- public information relating to the Company or any of its Subsidiaries, the Company so shall indicate
to such Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed
to presume that all matters relating to such notice do not constitute material, non-public information relating to the Company
or its Subsidiaries.

 

4.9          Notice of Corporate
Events. Except as otherwise provided below, the Holder of this Note shall have no rights as a Holder of Common Stock unless
and only to the extent that it converts this Note into Common Stock. The Borrower shall provide the Holder with prior notification
of any meeting of the Borrower’s shareholders (and copies of proxy materials and other information sent to shareholders).
In the event of any taking by the Borrower of a record of its shareholders for the purpose of determining shareholders who are
entitled to receive payment of any dividend or other distribution, any right to subscribe for, purchase or otherwise acquire (including
by way of merger, consolidation, reclassification or recapitalization) any share of any class or any other securities or property,
or to receive any other right, or for the purpose of determining shareholders who are entitled to vote in connection with any proposed
sale, lease or conveyance of all or substantially all of the assets of the Borrower or any proposed liquidation, dissolution or
winding up of the Borrower, the Borrower shall mail a notice to the Holder, at least twenty (20) days prior to the record date
specified therein (or thirty (30) days prior to the consummation of the transaction or event, whichever is earlier), of the date
on which any such record is to be taken for the purpose of such dividend, distribution, right or other event, and a brief statement
regarding the amount and character of such dividend, distribution, right or other event to the extent known at such time. The Borrower
shall make a public announcement of any event requiring notification to the Holder hereunder substantially simultaneously with
the notification to the Holder in accordance with the terms of this Section 4.9.

 

4.10        Remedies.
The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at law for
a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the
Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law
or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing
any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic
loss and without any bond or other security being required.

 

    16 

     

    

 

4.11        Usury. This
Note shall be subject to the anti-usury limitations contained in the Purchase Agreement.

 

IN WITNESS WHEREOF, Borrower
has caused this Note to be signed in its name by its duly authorized officer as of the Issue Date first set forth above.

 

	INCAPTA, INC.:	 
	 	 	 
	By:	John Fleming	 
	John Fleming, Chief Executive Officer	 
	 	 
	EMA FINANCIAL, LLC :	 
	 	 	 
	By:	Felicia Preston	 
	Felicia Preston, Director	 

 

    17Exhibit 10.1

 

Confidential Treatment has
been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request.
Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities
and Exchange Commission.

 

Confidential

 

AMENDED AND RESTATED

 

MATERIAL TRANSFER, OPTION AND RESEARCH
LICENSE AGREEMENT

between

OPIANT PHARMACEUTICALS, INC. 

 

and

AEGIS THERAPEUTICS, LLC

 

Execution Date                      April 26, 2016

Original Effective
Date         December 1, 2014

 

**** = REDACTED

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

MATERIAL TRANSFER, OPTION AND RESEARCH
LICENSE AGREEMENT

 

This Amended and Restated
Material Transfer, Option and Research License Agreement (the “Agreement”) as executed on April 26, 2016 and
effective as of December 1st, 2014 (the “Effective Date”), is entered into between Aegis
Therapeutics, LLC (“Aegis”), having a place of business at 11770 Bernardo Plaza Court, Suite 353,
San Diego, CA 92128, and Opiant Pharmaceuticals, Inc. (f/k/a Lightlake Therapeutics Inc.)
(“Opiant”), having a place of business at 401 Wilshire Blvd., 12th Floor, Santa Monica, CA 90401.

 

WHEREAS, the Parties entered into a Material
Transfer, Option and Research License Agreement effective as of December 1, 2014 as amended on December 16, 2014 and May 19, 2015
(the “Original Agreement”); and

 

WHEREAS, the Parties wish to amend and restate
in its entirety the Original Agreement as set forth herein as of October 27, 2015 (the “Amendment Date”).

 

NOW THEREFORE, for this and other valuable
consideration, the receipt of which is hereby acknowledged, and intending to be legally bound, the Parties agree as follows:

 

Recitals

 

WHEREAS, Aegis
is the owner of certain Technology; and

 

WHEREAS, Opiant
has requested that Aegis transfer and Aegis wishes to transfer to Opiant the Technology for the purpose of enabling Opiant to conduct
a feasibility study of the Compound and, potentially, the Additional Compounds, used with the Technology.

 

Now,
therefore, in consideration of the mutual benefits in furthering the interests of the parties, it is hereby agreed as
follows:

 

		A.	DEFINITIONS

 

“Additional Compounds”
mean naltrexone and nalmephene/ nalmefene.

 

“Compound”
means naloxone or Additional Compounds and any metabolite, salt, ester, hydrate, anhydride, solvate, isomer, enantiomer, free
acid form, free base form, crystalline form, co-crystalline form, complexes, amorphous form, pro-drug (including ester pro-drug)
form, racemate, polymorph, chelate, isomer, tautomer, or optically active form of the foregoing.

 

“Field” means
treatment, diagnosis, prediction, detection or prevention of any disease, disorder, state, condition or malady in humans.

 

“Intellectual Property”
means all discoveries, inventions, improvements, developments, procedures, processes, formulations, know-how, trade secrets, formulae,
trademarks, service marks, trade dress, designs, logos, packaging, proprietary information, technical information, techniques,
works of authorship, drawings, models, manuals and systems, whether or not patentable or copyrightable or otherwise registerable,
and all rights and applications or registrations derived or derivable therefrom.

 

“****” means
****.

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

“Representatives”
means, for a party, its directors, officers, employees, advisors or agents.

 

“Study” means
(a) the feasibility study to be performed by Opiant as described in Attachment A and (b) the ****.

 

“Technology”
means all drug delivery and stabilization technologies and associated Intellectual Property owned or controlled by Aegis, including
without limitation (a) Aegis’ drug delivery technology known as Intravail® delivery enhancement agents (alkylsaccharide
surfactants and formulations thereof as described in US Patent No. 5,661,130) and ProTek® stabilization technologies (alkylsaccharide
surfactants and formulations thereof as described in US Patent 8,226,949 and US Patent Application numbers 11/474,055, 11/937,966,
12/050,038 and US06/024577); (b) any substances or formulations, which constitute an unmodified form or functional sub-unit of
the technology set forth in sub-clause (a) above, for example but not by way of limitation, formulations at concentrations not
specifically disclosed in US Patent No. 5,661,130 or mixtures of different alkylglycosides; or (c) any substances or formulations
which constitute a modified form of the technology set forth in sub-clause (a) above but still contains/incorporates alkylglycosides
having chemical compositions or concentrations that may differ from those disclosed in US Patent No. 5,661,130 and 8,226,949 or
US Patent Application numbers 11/474,055, 11/937,966, 12/050,038 and US06/024577 or which may be used individually or in combination,
or in combination with other materials not specified in US Patent No. 5,661,130 and 8,226,949 or US Patent Application numbers
11/474,055, 11/937,966, 12/050,038 and US06/024577.

 

		B.	GENERAL TERMS, TECHNOLOGY TRANSFER and RESEARCH LICENSE

 

		B.1	In partial consideration for Aegis entering into this Agreement, Opiant has paid Aegis a one-time
upfront, noncreditable fee of $150,000 (the “Study Fee”). Opiant may elect to pay up to 50% of the Study Fee,
or Extension Fee, by issuing to Aegis shares of Opiant’s common stock subject to the following:

 

		a.	There must be a public market for Opiant's shares and Opiant must be current with all statutory
filings

 

		b.	The shares shall be issued pursuant to Rule 144 of the Securities Act of 1933;

 

		c.	The number of shares to be issued shall be calculated to 75% of the average closing price for the
previous 20 trading days;

 

		d.	After the statutory holding period has been satisfied, Opiant’s legal counsel shall provide
a legal opinion so that the shares can be sold in accordance with Rule 144 of the Securities Act of 1933.

 

All cash payments shall be wired
to the following Aegis bank account within 15 days of execution of this Agreement:

 

	 	Bank Name:	****
	 	Account Name:	Aegis Therapeutics, LLC
	 	Routing Number:	****
	 	Account Number:	****

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

		B.2	In partial consideration for the fee specified in Section B.1 above, Aegis agrees to:

 

		a.	provide Intravail® and/or ProTek® excipients (individually and collectively “Aegis
Material”) to Opiant to conduct the Study on the Compound and Additional Compounds in accordance with Attachment A;

 

		b.	provide Opiant with technical support in accordance with Attachment A in connection with the Study
on the Compound and Additional Compounds; and

 

		c.	perform the other activities delegated to it in Attachment A.

 

		B.3	In partial consideration for the fee specified in Section B.1 above:

 

		a.	Aegis hereby grants to Opiant an exclusive royalty-free research license to the Technology for
a period beginning on the Effective Date and ending August 17, 2015 (the “Compound Research Period”) for the
sole purpose of (i) conducting the Study with the Compound and such other activities as described herein and (ii) evaluating Opiant’s
interest in licensing the Technology in the Field for the Compound (the “Compound Purpose”). The Technology
may not be used in clinical trials involving human subjects without the written permission of Aegis. During the Compound Research
Term, Opiant may provide the Technology to contract research or service organizations to perform the Studies or activities contemplated
in Attachment A, provided that such organizations have confidentiality obligations at least as protective as those set forth in
this Agreement. As of the date hereof, Opiant has extended the Compound Research Period through making a first extension non-refundable
payment of $150,000 (the “First Extension Fee”) prior to October 13, 2015, and through exercising a second extension
of the Contract Research Period through December 31, 2016 (the “Second Extension”) through making another non-refundable
payment of $150,000 (the “Second Extension Fee”) prior to February 13, 2016. Opiant may elect to pay up to 50%
of both Study Fee extensions by issuing to Aegis shares of Opiant’s common stock subject to the provisions of Section B.1
of this Agreement with the measurement date for determining the number of shares to be issued set as August 17, 2015 for the First
Extension. In the event that Opiant exercises the Opiant Option prior to the Second Extension, then First Extension Fee shall be
fully creditable against the Upfront License Fee provided that the definitive License Agreement has been executed during the 120
day period following exercise of the Opiant Option. In the event that Opiant exercises the Opiant Option subsequent to the Second
Extension, then only the Second Extension Fee shall be fully creditable against the Upfront License Fee provided that the definitive
License Agreement has been executed during the 120 day period following exercise of the Opiant Option.

 

		b.	During the Term of this Agreement Aegis hereby grants to Opiant a right of first refusal and option
to add any, or all, of the compounds included under Additional Compounds to the Agreement (the “Additional Compound Option”).
Except as permitted by this section, Aegis shall not sell, license, offer for sale, offer for license or agree to sell or license
any Aegis Technology relating to the Additional Compound to any third party during the Term of this Agreement. The following sets
forth the procedure whereby Opiant may exercise the Additional Compound Option.

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

		i.	In the event that Aegis is approached by a third party interested in licensing the Additional Compound(s),
Aegis shall provide a written notice to Opiant specifying the specific compound(s) (the “Aegis Notice”).

 

		ii.	Opiant shall as soon as possible, but in no event longer than twenty (20) business days of receipt
of the Aegis Notice, provide a written notice to Aegis whether Opiant intends to exercise the Additional Compound Option. In the
event that Opiant does not does exercise the Additional Compound Option or fails to deliver to Aegis its intent to exercise such
option within the twenty (20) business day period, then Aegis shall be free to grant such licenses to any other third party covering
such Additional Compound(s) and such compound(s) shall be removed for the definition of Additional Compound.

 

		iii.	In the event Opiant exercises the Additional Compound Option, then Opiant must pursue Commercially
Reasonable Efforts within sixty (60) business days to pursue development of such Additional Compound(s) as contemplated in Attachment
A. “Commercially Reasonable Efforts” shall mean that level of effort that a biotechnology or pharmaceutical
company of comparable size and capabilities would normally apply in the United States and the EU, as applicable, in pursuing the
development of a pharmaceutical product with a similar efficacy and safety profile to the Product (taking into account at all times
the relevant patent, medical/scientific, technical, regulatory, development cost, market potential, or commercial profile of same),
subject to intervening Regulatory Authority actions or requests, new legislation, any breach of the Aegis’ obligations under
this Agreement or any other third-party action not within the reasonable control of Opiant.

 

		iv.	Without limiting the foregoing right of first refusal, Opiant may in its sole discretion elect
to affirmatively exercise the Additional Compound Option with respect to any available Additional Compound at any time by written
notice to Aegis.

 

		c.	Aegis hereby grants Opiant the right and license to use, and to grant **** the right and
license to use, the Technology in a ****, provided that:

 

i. ****; and

 

ii. ****.

 

		B.4	In consideration of Aegis providing the Technology to Opiant under the terms described under B.2
above, Opiant shall provide copies of the test results from the Study to Aegis in accordance with Attachment A. Such results shall
be deemed Opiant Confidential Information and Opiant hereby grants to Aegis a co-exclusive license with Opiant, to use such data
for the purposes of this Agreement. Notwithstanding the foregoing, nothing in this Agreement requires Opiant to complete the Study.

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

		B.5	Notwithstanding Section B.4 or any other provision in this Agreement, the grant of rights and licenses
to Aegis and disclosure of information resulting from the **** shall be subject to the terms set forth in the agreement
by and between Opiant and ****, as set forth in Attachment B.

 

			

		C.	NON-DISCLOSURE RESTRICTIONS

 

		C.1	All non-public information belonging to Aegis or Opiant disclosed during the course of the Study
or arising out of the Study will be deemed Confidential Information subject to the Mutual Confidentiality Agreement dated November
13, 2013 between Aegis and Opiant (the “NDA”); provided however, that (a) in addition to the right to use the
Confidential Information as permitted under the NDA, the party receiving the Confidential Information shall have the right to use
same for the purposes of performing its obligations under this Agreement, and (b) the term of the NDA therein shall be deemed amended
and extended to coincide with the term of this Agreement (Section F.1, Term and Termination) plus ten (10) years.

 

		C.2	For greater clarity, Opiant and Aegis Confidential Information shall include information, trade
secret, know how, formulations, methods and results generated in its conduct of the Study The existence of, and the terms and conditions
of, this Agreement are Confidential Information of both parties.

 

		C.3	Either Party shall be free to disclose, without the other Party’s prior written consent,
any information that was publicly disclosed on or prior to the Amendment Date, including without the requirement to seek a confidential
treatment request of any such information. To the extent practicable, the disclosing Party shall be given advance notice of any
legally required disclosure of Confidential Information by the other Party, and the disclosing Party shall provide any comments
on the proposed disclosure within five (5) business days. To the extent that either Party determines that it or the other Party
is required to file or register this Amendment or information arising from the Agreement, including this Amendment, or a notification
thereof to comply with the requirements of an applicable stock exchange or NASDAQ regulation or any governmental authority, including
without limitation the U.S. Securities and Exchange Commission, the Competition Directorate of the Commission of the European Communities
or the U.S. Federal Trade Commission, such Party shall promptly inform the other Party thereof. Prior to making any such filing,
registration or notification, the Parties shall agree on the provisions of this Amendment or the Agreement for which the Parties
shall seek confidential treatment, which provisions shall be reasonable and in accordance with information that such agency would
reasonably agree to redact under a confidential treatment request, provided that a confidential treatment request will not be required
for information previously disclosed. The Parties shall cooperate, each at its own expense, in such filing, registration or notification,
including without limitation such confidential treatment request, and shall execute all documents reasonably required in connection
therewith. Notwithstanding the foregoing, in the event that the disclosing Party does not provide comments within the five (5)
business day period from notification by the other Party, then the other Party shall be free to publicly disclose such Confidential
Information in accordance with the terms herewith.

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

		C.4	The Parties agree that neither they, nor any of their agents or attorneys, shall disclose, divulge
or furnish to any person or entity Confidential Information of the other party, except to the extent required by law or rules applicable
to public financial filings as set forth in Section C.3; provided, however, that the Parties may disclose,
if necessary, information to their accountants, attorneys, bankers, financial advisors, actual or potential investors, actual or
potential collaborators or business partners, and/or business consultants (collectively “Permitted Recipients”),
provided, however, that any such Permitted Recipient shall also agree in writing to, and shall keep such information
confidential.

 

		C.5	Nothing contained herein shall prohibit the Parties from making known the terms and conditions
of the Agreement or this Amendment if the production of same is required by a subpoena issued by a lawfully constituted judicial
body having jurisdiction over the Party; however, the Party receiving any such subpoena agrees to provide prompt written notice
to the other Parties prior to producing the subpoenaed information to afford the other Parties the opportunity to move to quash
the subpoena.

 

		D.	INTELLECTUAL PROPERTY, LIMITED PERMITTED USE, OPTION

 

		D.1	Intellectual Property Related To Compound and Additional
Compounds

 

		D.1.a.	As between Aegis and Opiant, the Compound and Additional Compounds, and any Intellectual Property
related thereto, is the property of Opiant and:

 

		i.	Aegis shall not (and shall not attempt or purport to) file or prosecute in any country any patent
application which claims or uses or purports to claim or use solely the Compound or Additional Compounds, or any information or
other materials directly or indirectly derived therefrom, without the prior express written consent of Opiant;

 

		ii.	if the Study results in an invention related solely to Compound, regardless of whether it may be
commercially useful, Aegis agrees to promptly disclose such invention to Opiant. Inventorship of any such invention shall be determined
in accordance with the U.S. Patent Law. Aegis shall promptly supply Opiant with a copy of the disclosure for Opiant evaluation
purposes. Opiant shall have the sole right to determine what, if any, patent applications should be filed.

 

		D.1.b.	This Agreement shall not be construed to grant any license or other rights to Aegis in any Intellectual
Property or Confidential Information of Opiant. No rights are provided to Aegis under any patents, patent applications, trade secrets
or other proprietary rights of Opiant. In particular, no rights are provided to use the Compound and any patents or intellectual
property of any kind to Opiant for profit-making, commercial or research purposes, including but not limited to sale of the Compound,
use in manufacturing, provision of a service to a third party in exchange for consideration, or use in research or consulting by
a commercial or not for-profit entity.

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

		D.2	Intellectual Property Related To Technology 

 

		D.2.a.	As between Aegis and Opiant, the Technology is the property of Aegis and, unless otherwise agreed
to in writing by Aegis, is to be used by Opiant only as authorized under this Agreement. Opiant shall use the Technology, and any
information and other materials directly or indirectly derived therefrom, solely for the Purpose, and they shall not be used for
any other purpose whatsoever. Opiant shall not (and shall not attempt or purport to) file or prosecute in any country any patent
application which claims or uses or purports to claim or use the Technology, or any information or other materials directly or
indirectly derived therefrom, without the prior express written consent of Aegis.

 

		D.2.b.	Except for contract research or service organizations performing work under the direction of Opiant,
provided such work is conducted under a confidentiality agreement with the terms and conditions consistent with those described
under Section C of this Agreement, Opiant shall not transfer the Technology to anyone who does not work under its direct supervision
without the prior written consent of Aegis, which shall not be unreasonably withheld.

 

		D.2.c.	Except for the Opiant Option under Section D.4, (i) this Agreement shall not be construed
to grant any license or other rights to Opiant in any Intellectual Property or Confidential Information of Aegis other than the
license set forth above, (ii) no other rights are provided to Opiant under any patents, patent applications, trade secrets
or other proprietary rights of Aegis, and (iii) in particular, no rights are provided, other than the right to use same for
the sole Purpose set forth above, to use the Technology and any related patents or intellectual property of any kind of Aegis for
profit-making, commercial or research purposes, including but not limited to sale of the Technology, use in manufacturing, provision
of a service to a third party in exchange for consideration, or use in research or consulting by a commercial or not for-profit
entity.

 

		D.2.d.	If the Study results in an invention related solely to Technology, regardless of whether it may
be commercially useful, Opiant agrees to promptly disclose such invention to Aegis. Inventorship of any such invention shall be
determined in accordance with the U.S. Patent Law. Opiant shall promptly supply Aegis with a copy of the disclosure for Aegis’
evaluation purposes. Aegis shall have the right to determine what, if any, patent applications should be filed. Aegis also retains
full ownership of the Technology as defined above and sole licensing rights.

 

		D.2.e.	The provision of the Technology to Opiant shall not alter any preexisting right of Aegis in the
Technology.

 

		D.2.f.	Opiant shall use the Technology in compliance with all applicable statutes and regulations including,
for example, those relating to research involving the use of animals.

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

		D.2.g.	Notwithstanding the preceding limitations on Opiant’s use and ownership of the Technology,
nothing in this Agreement shall be construed as limiting Opiant’s right to own and use technology related to delivery of
the Compound that is developed independently by Opiant and without reliance on any Aegis Technology.

 

		D.3	Intellectual Property Created Under this Agreement

 

		D.3.a.	In the event that an invention arises from the conduct of the Study hereunder, that embodies the
Compound and Technology, including without limitation any invention relating to the use of Technology for administering or stabilizing
the Compound (the “Joint Invention”), regardless of whether it may be commercially useful, Opiant agrees to promptly
disclose such invention to Aegis. Inventorship of any such Joint Invention shall be determined in accordance with the U.S. Patent
Law. Ownership of any such Joint Invention shall be deemed to be solely that of Aegis.

 

		D.3.b.	In the event that the Joint Inventions have applications for compounds other than the Compound
(“Dual Inventions”), regardless of whether it may be commercially useful, Aegis shall have the sole right to determine
what, if any, patent applications should be filed. Inventorship for Dual Inventions shall be determined in accordance with the
patent laws of the United States (Title 35, United States Code). Aegis retains full ownership of the Dual Invention as defined
above and sole licensing rights.

 

		D.4	License Option

 

		D.4.a.	Aegis hereby grants to Opiant an exclusive option (the “Opiant Option”), to
obtain an exclusive (even as to Aegis), worldwide, royalty-bearing license (with the right to grant sublicenses through multiple
tiers) under Aegis’s interests in the Technology and any Joint Invention (including under any resulting patents) (the “Subject
Invention”) to the Technology to research, develop, make, have made, use, sell, offer for sale, and import products containing
the Compound or an Additional Compound in the Field (the “License Agreement”). Opiant may exercise such Opiant
Option with respect to the Compounds by written notice to Aegis within 90 days of the completion of the Study for the Compounds.
Opiant may also separately exercise such Opiant Option with respect to the Additional Compounds by written notice to Aegis within
90 days the completion of the Study for the Additional Compounds. The License Agreement shall include terms and conditions to be
negotiated in good faith by the Parties and shall supersede any restrictions on use of the Technology contained in this Agreement.
The parties shall use commercially reasonable efforts and shall work in good faith to negotiate and execute the definitive License
Agreement during the 120 day periods following exercise of the Opiant Option with respect to the Compound and the Additional Compounds
(the “Negotiation Periods”). Such Negotiation Periods may be extended by mutual agreement of the Parties.

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

		D.4.b.	If such option or license is not concluded within the Negotiation Period, except as set forth below,
neither party will have any further obligations to the other with respect to such Subject Invention. In the event that the parties
are unable to finalize the License Agreement despite good faith negotiations in accordance with Section D.4.a during the Term,
then Aegis shall be free to offer exclusive or non-exclusive licenses to the Joint Invention provided that for a period of twelve
(12) months after the termination of the negotiations, Aegis shall not offer such a license to any third party under financial
terms materially different from those offered to Opiant without first offering those same terms to Opiant.

 

		E.	WARRANTIES

 

		E.1.a	Each party represents and warrants to the other party that such party (i) is duly organized, validly
existing and in good standing under the laws of the jurisdiction in which it is organized; (ii) has the requisite power and authority
and the legal right to enter into this Agreement and to perform its obligations hereunder; and (iii) has obtained all necessary
consents, approvals and authorizations of all governmental authorities and other persons or entities required to be obtained by
such party in connection with this Agreement. Each party represents that this Agreement does not conflict with any other right
or obligation provided under any other agreement or obligation that such party has with any third party.

 

		E.1.b	Any Technology, Compound or Additional Compound delivered pursuant to this Agreement is understood
to be experimental in nature and may have hazardous properties. EXCEPT AS SET FORTH IN SECTION E.1.a, NEITHER AEGIS NOR Opiant
MAKES ANY REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESSED OR IMPLIED. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

		F.	TERM AND TERMINATION

 

		F.1	This Agreement will begin on the Effective Date and terminate on the earliest of the following
dates: (a) expiration of the Opiant Negotiation Periods, or (b) on 30 days written notice by Opiant (the “Term”).

 

		F.2	If a party has materially breached any of its obligations hereunder, and such material breach shall
continue for 30 days after written notice of such breach was provided to the breaching party by the nonbreaching party, the nonbreaching
party shall have the right at its option to terminate this Agreement effective at the end of such 30 day period.

 

		F.3	On termination of this Agreement, Opiant will discontinue its use of the Technology as defined
in this Agreement and will, upon direction of Aegis, return or destroy any remaining Technology.

 

		F.4	The rights and obligations of the parties, which by intent or meaning have validity beyond termination
(including, but not limited to, rights with respect to intellectual property, confidentiality, exclusivity, indemnification and
liability limitations) shall survive the termination of this Agreement.

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

		G.	MISCELLANEOUS.

 

		G.1	In consideration of the covenants, promises and agreements set forth in this Amendment, Aegis for
itself and for each of its respective past, present and future Aegis affiliate or subsidiary, predecessors, successors, assigns,
directors, officers, employees, contractors, and agents (each, an “Aegis Releasing Party”) hereby fully releases,
acquits, and forever discharges Opiant and each of its respective past, present, and future parents, subsidiaries, affiliates,
predecessors, successors, assigns, directors, officers, employees, contractors and agents (each, a “Opiant Released Party”)
from any and all claims or liability in connection with the disclosure of information, including Aegis Confidential Information,
by Opiant as of the Amendment Date, including any and all actions, causes of action, claims, suits, debts, dues, losses, sums of
money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses,
damages, injuries, judgments, executions, demands, costs (including, without limitation, the cost of investigation, the cost of
litigation and attorney’s fees), obligations and/or liabilities of any kind whatsoever, direct or consequential, whether
in law or equity, whether arising out of tort or agreement, or imposed by statute, regulation, ordinance, common law, or otherwise,
whether or not now known or anticipated, unanticipated, suspected, or claimed, whether fixed or contingent, whether or not yet
accrued, and whether or not damage has yet resulted from such, that any Aegis Releasing Party ever had, now has, or hereafter can,
shall, or may have against any Opiant Released Party for, based upon, or by reason of any act, omission, matter, thing, or event
occurring on or before the Effective Date that relates in any way to the disclosure of information by a Opiant Released Party.
Explicitly excepted from the releases of this Section are claims of Aegis arising out of the performance or breach of the Agreement
after the Amendment Date by Opiant. In consideration of the foregoing, Opiant agrees to issue to Aegis as of the Amendment Date
50,000 shares of common stock of Opiant, which shares shall be issued in accordance with the terms of Section B.1 of the Agreement.

 

		G.2	Neither party may assign or otherwise transfer this Agreement, whether voluntarily, by operation
of law or otherwise, without the prior written consent of the other party; provided, however, that a party may, without such consent,
assign this Agreement and its rights and obligations hereunder in connection with the transfer or sale of all or substantially
all of its business to which this Agreement relates, or in the event of its merger or consolidation or change in control or similar
transaction. Any permitted assignee shall assume all obligations of its assignor under this Agreement. Any purported assignment
or transfer of this Agreement in violation of this section shall be void.

 

		G.3	This Agreement represents the entire agreement between the parties regarding the subject matter
hereof and, with the exception of the NDA, shall supersede all previous communications, representations, understandings and agreements,
whether oral or written, by or between the parties with respect to the subject matter hereof.

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

		G.4	No change, modification, extension, termination or waiver of this Agreement, or any of the provisions
herein contained, shall be valid unless made in writing and signed by duly authorized representatives of the parties.

 

		G.5	Opiant use of Technology shall be at its own risk. Opiant shall hold harmless and indemnify Aegis
against any and all losses, liabilities, damages and expenses (including reasonable attorneys’ fees and costs) of every kind
to the extent resulting from claims or demands brought by third parties (“Claims”) against Aegis arising from
the use by Opiant of the Technology, except to the extent due to the negligence, gross negligence, bad faith or intentional or
willful misconduct by Aegis or its Representatives.

 

		G.6	Aegis agrees to defend, indemnify and hold harmless Opiant and its Representatives from and against
any and Claims arising out of or resulting from (a) the negligence, gross negligence, bad faith or intentional or willful misconduct
of Aegis or Representatives, (b) breach of any of Aegis’ representations, warranties, covenants or agreements contained
herein, and (c) the actual or alleged infringement, misappropriation or violation of a third party’s Intellectual Property
by Opiant’s use, practice or other exploitation of the Technology.

 

		G.7	NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY OR ANY THIRD PARTY IN ANY MANNER, UNDER ANY THEORY
OF LIABILITY, WHETHER IN CONTRACT, TORT (INCLUDING WITHOUT LIMITATION NEGLIGENCE), INDEMNITY, BREACH OF WARRANTY OR OTHER THEORY,
FOR ANY INDIRECT, CONSEQUENTIAL, INCIDENTAL, EXEMPLARY, PUNITIVE, STATUTORY OR SPECIAL DAMAGES, INCLUDING LOST PROFITS AND LOSS
OF DATA, REGARDLESS OF WHETHER SUCH PARTY WAS ADVISED OF OR WAS AWARE OF THE POSSIBILITY OF SUCH DAMAGES.

 

		G.8	This Agreement shall be governed by and construed in accordance with the laws of the State of New
York, U.S.A., without regard to the conflicts of law principles thereof.

 

		G.9	The waiver by any party hereto of a breach of any provision of this Agreement shall not operate
or be construed as a waiver of any subsequent breach. In the event that individual provisions of this Agreement become wholly or
partially invalid as evidenced by a ruling of a court of competent jurisdiction, the effectiveness of the remaining provisions
shall not be affected, to the extent severable. The parties undertake in good faith to replace an invalid provision by a valid
one which most closely corresponds with the economic intention of the invalid provision.

 

		G.10	Nothing in this Agreement shall operate to or be construed or interpreted as to render the parties
as other than independent contractors, nor shall anything in this Agreement operate or be construed or interpreted as to render
any party, or any of such party’s Representatives, to be employees, agents, associates, joint ventures or partners of the
other party.

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

		G.11	Any notice, requests, delivery, approval or consent required or permitted to be given under this
Agreement shall be in writing and shall be deemed to have been sufficiently given if delivered in person or sent by overnight courier
or registered mail to the party to whom it is directed at its address shown below or such other address as such party shall have
last given by notice to the other party. Any such notice, requests, delivery, approval or consent shall be deemed received on the
date of facsimile or hand delivery, two (2) business days after deposit with an overnight courier or five (5) business days after
the date of the registration receipt provided by the applicable postal authority.

 

If to Aegis:

 

Aegis Therapeutics, LLC

11770 Bernardo Plaza Court, Suite
353

San Diego, CA 92128

Attn: Chief Executive Officer

 

If to Opiant:

 

Opiant Pharmaceuticals, Inc.,

401 Wilshire Blvd., 12th Floor

Santa Monica, CA 90401

Attn: Chief Executive Officer

 

		G.12	The headings contained in this Agreement do not form a substantive part of this Agreement and shall
not be construed to limit or otherwise modify its provisions.

 

		G.13	This Agreement may be executed in counterparts, including via facsimile or .PDF file, each of which
shall be deemed an original and both of which together shall constitute one and the same instrument.

 

[Signature Page Follows]

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

IN WITNESS WHEREOF,
the parties have entered into this Agreement as of the Effective Date.

 

	AGREED:	 
	 	 
	Aegis Therapeutics, LLC	 
	 	 
	 	Name:  Ralph R. Barry	 
	 	 	 
	 	Title:  Chief Business Officer	 
	 	 	 
	 	Signature:	/s/ Ralph R. Barry	 
	 	 
	Opiant Pharmaceuticals, Inc.	 
	 	 
	 	Authorized Official:  Kevin Pollack	 
	 	 	 
	 	Title:  CFO & Director	 
	 	 	 
	 	Signature:	/s/ Kevin Pollack	 

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

Attachment A – The Study

 

One or more Intravail® delivery enhancement
and/or ProTek® stabilization agents will be used solely for testing of Compound or Additional Compounds, as the case may be,
as follows:

 

List of Aegis Activities

		1.	Aegis will supply sufficient quantities of Intravail® or ProTek® to Opiant in order to conduct the Study for both the
Compounds and the Additional Compounds as reasonably requested by Opiant.

		2.	Aegis will provide such reasonable and necessary technical support including formulation advice as may be requested by Opiant.

		3.	****

		4.	****

 

List of Opiant Activities

		1.	****

		2.	Opiant or Opiant designated contract research organization will formulate Compound or Additional Compounds, as the case may
be, with excipients comprising but not limited to those defined as Technology.

		3.	****

		4.	****

 

		Ø	****

		Ø	****

		Ø	****

		Ø	****

		Ø	****

		Ø	****

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

Initial Study Outline.

Further studies potentially to be added

 

Objective

****

 

Drug

****

 

Study Design

****

Subjects

****

 

Output Data

****

 

     

    CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO THE CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED AS “****”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

 

Attachment B - ****

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}]]