Document:

Exhibit 10.2

 

ATOSSA GENETICS
INC.

 

2010 STOCK OPTION
AND INCENTIVE PLAN

 

(as amended)

 

	SECTION 1.	GENERAL PURPOSE OF THE PLAN; DEFINITIONS

 

The name of the
plan is the Atossa Genetics Inc. 2010 Stock Option and Incentive Plan (the “Plan”).  The purpose of the Plan is
to encourage and enable the officers, employees, Non-Employee Directors and other key persons (including Consultants and prospective
employees) of Atossa Genetics Inc. (the “Company”) and its Subsidiaries upon whose judgment, initiative and efforts
the Company largely depends for the successful conduct of its business to acquire a proprietary interest in the Company. 
It is anticipated that providing such persons with a direct stake in the Company’s welfare will assure a closer identification
of their interests with those of the Company and its stockholders, thereby stimulating their efforts on the Company’s behalf
and strengthening their desire to remain with the Company.

 

The following terms
shall be defined as set forth below:

 

“Act” means
the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

“Administrator” means
either the Board or the compensation committee of the Board or a similar committee performing the functions of the compensation
committee and which is comprised of not less than two Non-Employee Directors who are independent.

 

“Award” or “Awards,” except
where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock Options,
Stock Appreciation Rights, Restricted Stock Units, Restricted Stock Awards, Unrestricted Stock Awards, Cash-Based Awards, Performance
Share Awards and Dividend Equivalent Rights.

 

“Award
Certificate” means a written or electronic document setting forth the terms and provisions applicable to an Award
granted under the Plan.  Each Award Certificate is subject to the terms and conditions of the Plan.

 

“Board” means
the Board of Directors of the Company.

 

“Cash-Based
Award” means an Award entitling the recipient to receive a cash-denominated payment.

 

“Code” means
the Internal Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and interpretations.

 

“Consultant” means
any natural person that provides bona fide services to the Company, and such services are not in connection with the offer or sale
of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s
securities.

 

“Covered
Employee” means an employee who is a “Covered Employee” within the meaning of Section 162(m) of
the Code.

 

“Dividend
Equivalent Right” means an Award entitling the grantee to receive credits based on cash dividends that would have
been paid on the shares of Stock specified in the Dividend Equivalent Right (or other award to which it relates) if such shares
had been issued to and held by the grantee.

 

     

     

    

 

“Effective
Date” means the date on which the Plan is approved by stockholders as set forth in Section 21.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

“Fair
Market Value” of the Stock on any given date means the fair market value of the Stock determined in good faith by
the Administrator; provided, however, that if the Stock is admitted to quotation on the National Association of Securities Dealers
Automated Quotation System (“NASDAQ”), NASDAQ Global Market or another national securities exchange, the determination
shall be made by reference to market quotations.  If there are no market quotations for such date, the determination shall
be made by reference to the last date preceding such date for which there are market quotations; provided further, however, that
if the date for which Fair Market Value is determined is the first day when trading prices for the Stock are reported on a national
securities exchange, the Fair Market Value shall be the “Price to the Public” (or equivalent) set forth on the cover
page for the final prospectus relating to the Company’s Initial Public Offering.

 

“Incentive
Stock Option” means any Stock Option designated and qualified as an “incentive stock option” as defined
in Section 422 of the Code.

 

“Initial
Public Offering” means the consummation of the first fully underwritten, firm commitment public offering pursuant
to an effective registration statement under the Act covering the offer and sale by the Company of its equity securities, or such
other event as a result of or following which the Stock shall be publicly held.

 

“Non-Employee
Director” means a member of the Board who is not also an employee of the Company or any Subsidiary.

 

“Non-Qualified
Stock Option” means any Stock Option that is not an Incentive Stock Option.

 

“Option” or “Stock
Option” means any option to purchase shares of Stock granted pursuant to Section 5.

 

“Performance-Based
Award” means any Restricted Stock Award, Restricted Stock Units, Performance Share Award or Cash-Based Award granted
to a Covered Employee that is intended to qualify as “performance-based compensation” under Section 162(m) of the Code
and the regulations promulgated thereunder.

 

“Performance
Criteria” means the criteria that the Administrator selects for purposes of establishing the Performance Goal or
Performance Goals for an individual for a Performance Cycle.  The Performance Criteria (which shall be applicable to the organizational
level specified by the Administrator, including, but not limited to, the Company or a unit, division, group, or Subsidiary of the
Company) that will be used to establish Performance Goals are limited to the following:  earnings before interest, taxes,
depreciation and amortization, net income (loss) (either before or after interest, taxes, depreciation and/or amortization), changes
in the market price of the Stock, economic value-added, funds from operations or similar measure, sales or revenue, acquisitions
or strategic transactions, operating income (loss), cash flow (including, but not limited to, operating cash flow and free cash
flow), return on capital, assets, equity, or investment, stockholder returns, return on sales, gross or net profit levels, productivity,
expense, margins, operating efficiency, customer satisfaction, working capital, earnings (loss) per share of Stock, sales or market
shares and number of customers, any of which may be measured either in absolute terms or as compared to any incremental increase
or as compared to results of a peer group.

 

“Performance
Cycle” means one or more periods of time, which may be of varying and overlapping durations, as the Administrator
may select, over which the attainment of one or more Performance Criteria will be measured for the purpose of determining a grantee’s
right to and the payment of a Restricted Stock Award, Restricted Stock Units, Performance Share Award or Cash-Based Award. 
Each such period shall not be less than 12 months.

 

     

     

    

 

“Performance
Goals” means, for a Performance Cycle, the specific goals established in writing by the Administrator for a Performance
Cycle based upon the Performance Criteria.

 

“Performance
Share Award” means an Award entitling the recipient to acquire shares of Stock upon the attainment of specified
Performance Goals.

 

“Restricted
Stock Award” means an Award entitling the recipient to acquire, at such purchase price (which may be zero) as determined
by the Administrator, shares of Stock subject to such restrictions and conditions as the Administrator may determine at the time
of grant.

 

“Restricted
Stock Units” means an Award of phantom stock units to a grantee.

 

“Sale
Event” shall mean (i) the sale of all or substantially all of the assets of the Company on a consolidated basis
to an unrelated person or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders of the Company’s
outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the resulting
or successor entity (or its ultimate parent, if applicable) immediately upon completion of such transaction, (iii) the sale of
all of the Stock of the Company to an unrelated person or entity, or (iv) any other transaction in which the owners of the Company’s
outstanding voting power prior to such transaction do not own at least a majority of the outstanding voting power of the Company
or any successor entity immediately upon completion of the transaction other than as a result of the acquisition of securities
directly from the Company.

 

“Sale
Price” means the value as determined by the Administrator of the consideration payable, or otherwise to be received by
stockholders, per share of Stock pursuant to a Sale Event.

 

“Section
409A” means Section 409A of the Code and the regulations and other guidance promulgated thereunder.

 

“Stock” means
the Common Stock, par value $0.015 per share, of the Company, subject to adjustments pursuant to Section 3.

 

“Stock
Appreciation Right” means an Award entitling the recipient to receive shares of Stock having a value equal to the
excess of the Fair Market Value of the Stock on the date of exercise over the exercise price of the Stock Appreciation Right multiplied
by the number of shares of Stock with respect to which the Stock Appreciation Right shall have been exercised.

 

“Subsidiary” means
any corporation or other entity (other than the Company) in which the Company has at least a 50 percent interest, either directly
or indirectly.

 

“Ten Percent
Owner” means an employee who owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the
Code) more than 10 percent of the combined voting power of all classes of stock of the Company or any parent or subsidiary corporation.

 

“Unrestricted
Stock Award” means an Award of shares of Stock free of any restrictions.

 

	SECTION 2.	
        ADMINISTRATION OF PLAN; ADMINISTRATOR AUTHORITY

        TO SELECT GRANTEES AND DETERMINE AWARDS

 

(a)          Administration
of Plan.  The Plan shall be administered by the Administrator.

 

     

     

    

 

(b)          Powers
of Administrator.  The Administrator shall have the power and authority to grant Awards consistent with the terms of the
Plan, including the power and authority:

 

(i)           to
select the individuals to whom Awards may from time to time be granted;

 

(ii)          to
determine the time or times of grant, and the extent, if any, of Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation
Rights, Restricted Stock Awards, Restricted Stock Units, Unrestricted Stock Awards, Cash-Based Awards, Performance Share Awards
and Dividend Equivalent Rights, or any combination of the foregoing, granted to any one or more grantees;

 

(iii)         to
determine the number of shares of Stock to be covered by any Award;

 

(iv)        to
determine and modify from time to time the terms and conditions, including restrictions, not inconsistent with the terms of the
Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve the forms of Award
Certificates;

 

(v)         to
accelerate at any time the exercisability or vesting of all or any portion of any Award;

 

(vi)        subject
to the provisions of Section 5(b), to extend at any time the period in which Stock Options may be exercised; and

 

(vii)       at
any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own acts and
proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including related written
instruments); to make all determinations it deems advisable for the administration of the Plan; to decide all disputes arising
in connection with the Plan; and to otherwise supervise the administration of the Plan.

 

All decisions and
interpretations of the Administrator shall be binding on all persons, including the Company and Plan grantees.

 

(c)          Award
Certificate.  Awards under the Plan shall be evidenced by Award Certificates that set forth the terms, conditions and
limitations for each Award which may include, without limitation, the term of an Award and the provisions applicable in the event
employment or service terminates.

 

(d)          Indemnification. 
Neither the Board nor the Administrator, nor any member of either or any delegate thereof, shall be liable for any act, omission,
interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and
the Administrator (and any delegate thereof) shall be entitled in all cases to indemnification and reimbursement by the Company
in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting
therefrom to the fullest extent permitted by law and/or under the Company’s articles or bylaws or any directors’ and
officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between
such individual and the Company.

 

(e)          Foreign
Award Recipients.  Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other
countries in which the Company and its Subsidiaries operate or have employees or other individuals eligible for Awards, the Administrator,
in its sole discretion, shall have the power and authority to:  (i) determine which Subsidiaries shall be covered by
the Plan; (ii) determine which individuals outside the United States are eligible to participate in the Plan; (iii) modify the
terms and conditions of any Award granted to individuals outside the United States to comply with applicable foreign laws; (iv)
establish subplans and modify exercise procedures and other terms and procedures, to the extent the Administrator determines such
actions to be necessary or advisable (and such subplans and/or modifications shall be attached to this Plan as appendices); provided,
however, that no such subplans and/or modifications shall increase the share limitations contained in Section 3(a) hereof; and
(v) take any action, before or after an Award is made, that the Administrator determines to be necessary or advisable
to obtain approval or comply with any local governmental regulatory exemptions or approvals.  Notwithstanding the foregoing,
the Administrator may not take any actions hereunder, and no Awards shall be granted, that would violate the Exchange Act or any
other applicable United States securities law, the Code, or any other applicable United States governing statute or law.

 

     

     

    

 

	SECTION 3.	STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION

 

(a)          Stock
Issuable.  The maximum number of shares of Stock reserved and available for issuance under the Plan shall be 1,700,000
shares (as adjusted to reflect the reverse stock split in August 2016 and the addition of additional shares approved by the stockholders
in May 2016 and May 2017; the “Initial Limit”), subject to adjustment as provided in Section 3(b), plus on January
1, 2013 and each January 1 thereafter, the number of shares of Stock reserved and available for issuance under the Plan shall be
cumulatively increased by 4 percent (4%) of the number of shares of Stock issued and outstanding on the immediately preceding December
31 (the “Annual Increase”).  Subject to such overall limitation, the maximum aggregate number of shares of Stock
that may be issued in the form of Incentive Stock Options shall not exceed the Initial Limit cumulatively increased on January
1, 2013 and on each January 1 thereafter by the lesser of the Annual Increase for such year or 50% of the Initial Limit, subject
in all cases to adjustment as provided in Section 3(b).  For purposes of this limitation, the shares of Stock underlying any
Awards that are forfeited, canceled, held back upon exercise of an Option or settlement of an Award to cover the exercise price
or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated
(other than by exercise) shall be added back to the shares of Stock available for issuance under the Plan.  In the event the
Company repurchases shares of Stock on the open market, such shares shall not be added to the shares of Stock available for issuance
under the Plan.  Subject to such overall limitations, shares of Stock may be issued up to such maximum number pursuant to
any type or types of Award; provided, however, that Stock Options or Stock Appreciation Rights with respect to no more than 50%
of the Initial Limit may be granted to any one individual grantee during any one calendar year period.  The shares available
for issuance under the Plan may be authorized but unissued shares of Stock or shares of Stock reacquired by the Company.

 

(b)         Changes
in Stock.  Subject to Section 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification,
stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding
shares of Stock are increased or decreased or are exchanged for a different number or kind of shares or other securities of the
Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed
with respect to such shares of Stock or other securities, or, if, as a result of any merger or consolidation, sale of all or substantially
all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged for securities of the Company
or any successor entity (or a parent or subsidiary thereof), the Administrator shall make an appropriate or proportionate adjustment
in (i) the maximum number of shares reserved for issuance under the Plan, including the maximum number of shares that may be issued
in the form of Incentive Stock Options, (ii) the number of Stock Options or Stock Appreciation Rights that can be granted to any
one individual grantee and the maximum number of shares that may be granted under a Performance-Based Award, (iii) the number and
kind of shares or other securities subject to any then outstanding Awards under the Plan, (iv) the repurchase price, if any, per
share subject to each outstanding Restricted Stock Award, and (v) the exercise price for each share subject to any then outstanding
Stock Options and Stock Appreciation Rights under the Plan, without changing the aggregate exercise price (i.e., the exercise price
multiplied by the number of Stock Options and Stock Appreciation Rights) as to which such Stock Options and Stock Appreciation
Rights remain exercisable.  The Administrator shall also make equitable or proportionate adjustments in the number of shares
subject to outstanding Awards and the exercise price and the terms of outstanding Awards to take into consideration cash dividends
paid other than in the ordinary course or any other extraordinary corporate event.  The adjustment by the Administrator shall
be final, binding and conclusive.  No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment,
but the Administrator in its discretion may make a cash payment in lieu of fractional shares.

 

     

     

    

 

(c)          Mergers
and Other Transactions.  Except as the Administrator may otherwise specify with respect to particular Awards in the relevant
Award Certificate, in the case of and subject to the consummation of a Sale Event, the Plan and all outstanding Awards granted
hereunder shall terminate, unless provision is made in connection with the Sale Event in the sole discretion of the parties thereto
for the assumption or continuation of Awards theretofore granted by the successor entity, or the substitution of such Awards with
new Awards of the successor entity or parent thereof, with appropriate adjustment as to the number and kind of shares and, if appropriate,
the per share exercise prices, as such parties shall agree (after taking into account any acceleration hereunder).  In the
event of such termination, (i) the Company shall have the option (in its sole discretion) to make or provide for a cash payment
to the grantees holding Options and Stock Appreciation Rights, in exchange for the cancellation thereof, in an amount equal to
the difference between (A) the Sale Price multiplied by the number of shares of Stock subject to outstanding Options and Stock
Appreciation Rights (to the extent then exercisable (after taking into account any acceleration hereunder) at prices not in excess
of the Sale Price) and (B) the aggregate exercise price of all such outstanding Options and Stock Appreciation Rights; or (ii)
each grantee shall be permitted, within a specified period of time prior to the consummation of the Sale Event as determined by
the Administrator, to exercise all outstanding Options and Stock Appreciation Rights held by such grantee.  The Administrator
shall also have the discretion to accelerate the vesting of all other Awards.

 

(d)         Substitute
Awards.  The Administrator may grant Awards under the Plan in substitution for stock and stock based awards held by employees,
directors or other key persons of another corporation in connection with the merger or consolidation of the employing corporation
with the Company or a Subsidiary or the acquisition by the Company or a Subsidiary of property or stock of the employing corporation. 
The Administrator may direct that the substitute awards be granted on such terms and conditions as the Administrator considers
appropriate in the circumstances.  Any substitute Awards granted under the Plan shall not count against the share limitation
set forth in Section 3(a).

 

	SECTION 4.	ELIGIBILITY

 

Grantees under
the Plan will be such full or part-time officers and other employees, Non-Employee Directors and key persons (including Consultants
and prospective employees) of the Company and its Subsidiaries as are selected from time to time by the Administrator in its sole
discretion.

 

	SECTION 5.	STOCK OPTIONS

 

Any Stock Option
granted under the Plan shall be in such form as the Administrator may from time to time approve.

 

Stock Options granted
under the Plan may be either Incentive Stock Options or Non-Qualified Stock Options.  Incentive Stock Options may be granted
only to employees of the Company or any Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f)
of the Code.  To the extent that any Option does not qualify as an Incentive Stock Option, it shall be deemed a Non-Qualified
Stock Option.

 

Stock Options granted
pursuant to this Section 5 shall be subject to the following terms and conditions and shall contain such additional terms
and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable.  If the Administrator
so determines, Stock Options may be granted in lieu of cash compensation at the optionee’s election, subject to such terms
and conditions as the Administrator may establish.

 

(a)          Exercise
Price.  The exercise price per share for the Stock covered by a Stock Option granted pursuant to this Section 5 shall
be determined by the Administrator at the time of grant but shall not be less than 100 percent of the Fair Market Value on the
date of grant.  In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the option price of such
Incentive Stock Option shall be not less than 110 percent of the Fair Market Value on the grant date.

 

(b)          Option
Term.  The term of each Stock Option shall be fixed by the Administrator, but no Stock Option shall be exercisable more
than ten years after the date the Stock Option is granted.  In the case of an Incentive Stock Option that is granted to a
Ten Percent Owner, the term of such Stock Option shall be no more than five years from the date of grant.

 

     

     

    

 

(c)          Exercisability;
Rights of a Stockholder.  Stock Options shall become exercisable at such time or times, whether or not in installments,
as shall be determined by the Administrator at or after the grant date.  The Administrator may at any time accelerate the
exercisability of all or any portion of any Stock Option.  An optionee shall have the rights of a stockholder only as to shares
acquired upon the exercise of a Stock Option and not as to unexercised Stock Options.

 

(d)         Method
of Exercise.  Stock Options may be exercised in whole or in part, by giving written or electronic notice of exercise to
the Company, specifying the number of shares to be purchased.  Payment of the purchase price may be made by one or more of
the following methods to the extent provided in the Option Award Certificate:

 

(i)           In
cash, by certified or bank check or other instrument acceptable to the Administrator;

 

(ii)          Through
the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the optionee on the open market or
that have been beneficially owned by the optionee for at least six months and that are not then subject to restrictions under any
Company plan.  Such surrendered shares shall be valued at Fair Market Value on the exercise date;

 

(iii)         By
the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to
promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in
the event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures
and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment
procedure; or

 

(iv)        With
respect to Stock Options that are not Incentive Stock Options, by a “net exercise” arrangement pursuant to which the
Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market
Value that does not exceed the aggregate exercise price.

 

Payment instruments will be received
subject to collection.  The transfer to the optionee on the records of the Company or of the transfer agent of the shares
of Stock to be purchased pursuant to the exercise of a Stock Option will be contingent upon receipt from the optionee (or a purchaser
acting in his stead in accordance with the provisions of the Stock Option) by the Company of the full purchase price for such shares
and the fulfillment of any other requirements contained in the Option Award Certificate or applicable provisions of laws (including
the satisfaction of any withholding taxes that the Company is obligated to withhold with respect to the optionee).  In the
event an optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number
of shares of Stock transferred to the optionee upon the exercise of the Stock Option shall be net of the number of attested shares. 
In the event that the Company establishes, for itself or using the services of a third party, an automated system for the exercise
of Stock Options, such as a system using an internet website or interactive voice response, then the paperless exercise of Stock
Options may be permitted through the use of such an automated system.

 

(e)          Annual
Limit on Incentive Stock Options.  To the extent required for “incentive stock option” treatment under Section 422
of the Code, the aggregate Fair Market Value (determined as of the time of grant) of the shares of Stock with respect to which
Incentive Stock Options granted under this Plan and any other plan of the Company or its parent and subsidiary corporations become
exercisable for the first time by an optionee during any calendar year shall not exceed $100,000.  To the extent that any
Stock Option exceeds this limit, it shall constitute a Non-Qualified Stock Option.

 

     

     

    

 

	SECTION 6.	STOCK APPRECIATION RIGHTS

 

(a)          Exercise
Price of Stock Appreciation Rights.  The exercise price of a Stock Appreciation Right shall not be less than 100 percent
of the Fair Market Value of the Stock on the date of grant.

 

(b)          Grant
and Exercise of Stock Appreciation Rights.  Stock Appreciation Rights may be granted by the Administrator independently
of any Stock Option granted pursuant to Section 5 of the Plan.

 

(c)          Terms
and Conditions of Stock Appreciation Rights.  Stock Appreciation Rights shall be subject to such terms and conditions
as shall be determined from time to time by the Administrator.  The term of a Stock Appreciation Right may not exceed ten
years.

 

	SECTION 7.	RESTRICTED STOCK AWARDS

 

(a)          Nature
of Restricted Stock Awards.  The Administrator shall determine the restrictions and conditions applicable to each Restricted
Stock Award at the time of grant.  Conditions may be based on continuing employment (or other service relationship) and/or
achievement of pre-established performance goals and objectives.  The terms and conditions of each such Award Certificate
shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees.

 

(b)         Rights
as a Stockholder.  Upon the grant of the Restricted Stock Award and payment of any applicable purchase price, a grantee
shall have the rights of a stockholder with respect to the voting of the Restricted Stock, subject to such conditions contained
in the Restricted Stock Award Certificate.  Unless the Administrator shall otherwise determine, (i) uncertificated Restricted
Stock shall be accompanied by a notation on the records of the Company or the transfer agent to the effect that they are subject
to forfeiture until such Restricted Stock are vested as provided in Section 7(d) below, and (ii) certificated Restricted Stock
shall remain in the possession of the Company until such Restricted Stock is vested as provided in Section 7(d) below, and
the grantee shall be required, as a condition of the grant, to deliver to the Company such instruments of transfer as the Administrator
may prescribe.

 

(c)          Restrictions. 
Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically
provided herein or in the Restricted Stock Award Certificate.  Except as may otherwise be provided by the Administrator either
in the Award Certificate or, subject to Section 18 below, in writing after the Award is issued, if a grantee’s employment
(or other service relationship) with the Company and its Subsidiaries terminates for any reason, any Restricted Stock that has
not vested at the time of termination shall automatically and without any requirement of notice to such grantee from or other action
by or on behalf of, the Company be deemed to have been reacquired by the Company at its original purchase price (if any) from such
grantee or such grantee’s legal representative simultaneously with such termination of employment (or other service relationship),
and thereafter shall cease to represent any ownership of the Company by the grantee or rights of the grantee as a stockholder. 
Following such deemed reacquisition of unvested Restricted Stock that are represented by physical certificates, a grantee shall
surrender such certificates to the Company upon request without consideration.

 

(d)         Vesting
of Restricted Stock.  The Administrator at the time of grant shall specify the date or dates and/or the attainment of
pre-established performance goals, objectives and other conditions on which the non-transferability of the Restricted Stock and
the Company’s right of repurchase or forfeiture shall lapse.  Subsequent to such date or dates and/or the attainment
of such pre-established performance goals, objectives and other conditions, the shares on which all restrictions have lapsed shall
no longer be Restricted Stock and shall be deemed “vested.”  Except as may otherwise be provided by the Administrator
either in the Award Certificate or, subject to Section 18 below, in writing after the Award is issued, a grantee’s rights
in any shares of Restricted Stock that have not vested shall automatically terminate upon the grantee’s termination of employment
(or other service relationship) with the Company and its Subsidiaries and such shares shall be subject to the provisions of Section 7(c)
above.

 

     

     

    

 

	SECTION 8.	RESTRICTED STOCK UNITS

 

(a)          Nature
of Restricted Stock Units.   The Administrator shall determine the restrictions and conditions applicable to each
Restricted Stock Unit at the time of grant.  Conditions may be based on continuing employment (or other service relationship)
and/or achievement of pre-established performance goals and objectives.  The terms and conditions of each such Award Certificate
shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees. 
At the end of the deferral period, the Restricted Stock Units, to the extent vested, shall be settled in the form of shares of
Stock.  To the extent that an award of Restricted Stock Units is subject to Section 409A, it may contain such additional terms
and conditions as the Administrator shall determine in its sole discretion in order for such Award to comply with the requirements
of Section 409A.

 

(b)         Election
to Receive Restricted Stock Units in Lieu of Compensation.  The Administrator may, in its sole discretion, permit a grantee
to elect to receive a portion of future cash compensation otherwise due to such grantee in the form of an award of Restricted Stock
Units.  Any such election shall be made in writing and shall be delivered to the Company no later than the date specified
by the Administrator and in accordance with Section 409A and such other rules and procedures established by the Administrator. 
Any such future cash compensation that the grantee elects to defer shall be converted to a fixed number of Restricted Stock Units
based on the Fair Market Value of Stock on the date the compensation would otherwise have been paid to the grantee if such payment
had not been deferred as provided herein.  The Administrator shall have the sole right to determine whether and under what
circumstances to permit such elections and to impose such limitations and other terms and conditions thereon as the Administrator
deems appropriate.  Any Restricted Stock Units that are elected to be received in lieu of cash compensation shall be fully
vested, unless otherwise provided in the Award Certificate.

 

(c)          Rights
as a Stockholder.  A grantee shall have the rights as a stockholder only as to shares of Stock acquired by the grantee
upon settlement of Restricted Stock Units; provided, however, that the grantee may be credited with Dividend Equivalent Rights
with respect to the phantom stock units underlying his Restricted Stock Units, subject to such terms and conditions as the Administrator
may determine.

 

(d)         Termination. 
Except as may otherwise be provided by the Administrator either in the Award Certificate or, subject to Section 18 below,
in writing after the Award is issued, a grantee’s right in all Restricted Stock Units that have not vested shall automatically
terminate upon the grantee’s termination of employment (or cessation of service relationship) with the Company and its Subsidiaries
for any reason.

 

	SECTION 9.	UNRESTRICTED STOCK AWARDS

 

Grant or Sale
of Unrestricted Stock.  The Administrator may, in its sole discretion, grant (or sell at par value or such higher purchase
price determined by the Administrator) an Unrestricted Stock Award under the Plan.  Unrestricted Stock Awards may be granted
in respect of past services or other valid consideration, or in lieu of cash compensation due to such grantee.

 

	SECTION 10.	CASH-BASED AWARDS

 

Grant of Cash-Based
Awards.  The Administrator may, in its sole discretion, grant Cash-Based Awards to any grantee in such number or amount
and upon such terms, and subject to such conditions, as the Administrator shall determine at the time of grant.  The Administrator
shall determine the maximum duration of the Cash-Based Award, the amount of cash to which the Cash-Based Award pertains, the conditions
upon which the Cash-Based Award shall become vested or payable, and such other provisions as the Administrator shall determine. 
Each Cash-Based Award shall specify a cash-denominated payment amount, formula or payment ranges as determined by the Administrator. 
Payment, if any, with respect to a Cash-Based Award shall be made in accordance with the terms of the Award and may be made in
cash or in shares of Stock, as the Administrator determines.

 

     

     

    

 

	SECTION 11.	PERFORMANCE SHARE AWARDS

 

(a)         Nature
of Performance Share Awards.  The Administrator may, in its sole discretion, grant Performance Share Awards independent
of, or in connection with, the granting of any other Award under the Plan.  The Administrator shall determine whether and
to whom Performance Share Awards shall be granted, the Performance Goals, the periods during which performance is to be measured,
and such other limitations and conditions as the Administrator shall determine.

 

(b)         Rights
as a Stockholder.  A grantee receiving a Performance Share Award shall have the rights of a stockholder only as to shares
actually received by the grantee under the Plan and not with respect to shares subject to the Award but not actually received by
the grantee.  A grantee shall be entitled to receive shares of Stock under a Performance Share Award only upon satisfaction
of all conditions specified in the Performance Share Award Certificate (or in a performance plan adopted by the Administrator).

 

(c)          Termination. 
Except as may otherwise be provided by the Administrator either in the Award agreement or, subject to Section 18 below, in
writing after the Award is issued, a grantee’s rights in all Performance Share Awards shall automatically terminate upon
the grantee’s termination of employment (or cessation of service relationship) with the Company and its Subsidiaries for
any reason.

 

	SECTION 12.	PERFORMANCE-BASED AWARDS TO COVERED EMPLOYEES

 

(a)          Performance-Based
Awards.  Any employee or other key person providing services to the Company and who is selected by the Administrator may
be granted one or more Performance-Based Awards in the form of a Restricted Stock Award, Restricted Stock Units, Performance Share
Awards or Cash-Based Award payable upon the attainment of Performance Goals that are established by the Administrator and relate
to one or more of the Performance Criteria, in each case on a specified date or dates or over any period or periods determined
by the Administrator.  The Administrator shall define in an objective fashion the manner of calculating the Performance Criteria
it selects to use for any Performance Cycle.  Depending on the Performance Criteria used to establish such Performance Goals,
the Performance Goals may be expressed in terms of overall Company performance or the performance of a division, business unit,
or an individual.  The Administrator, in its discretion, may adjust or modify the calculation of Performance Goals for such
Performance Cycle in order to prevent the dilution or enlargement of the rights of an individual (i) in the event of, or in anticipation
of, any unusual or extraordinary corporate item, transaction, event or development, (ii) in recognition of, or in anticipation
of, any other unusual or nonrecurring events affecting the Company, or the financial statements of the Company, or (iii) in response
to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or business conditions provided however,
that the Administrator may not exercise such discretion in a manner that would increase the Performance-Based Award granted to
a Covered Employee.  Each Performance-Based Award shall comply with the provisions set forth below.

 

(b)         Grant
of Performance-Based Awards.  With respect to each Performance-Based Award granted to a Covered Employee, the Administrator
shall select, within the first 90 days of a Performance Cycle (or, if shorter, within the maximum period allowed under Section 162(m)
of the Code) the Performance Criteria for such grant, and the Performance Goals with respect to each Performance Criterion (including
a threshold level of performance below which no amount will become payable with respect to such Award).  Each Performance-Based
Award will specify the amount payable, or the formula for determining the amount payable, upon achievement of the various applicable
performance targets.  The Performance Criteria established by the Administrator may be (but need not be) different for each
Performance Cycle and different Performance Goals may be applicable to Performance-Based Awards to different Covered Employees.

 

(c)          Payment
of Performance-Based Awards.  Following the completion of a Performance Cycle, the Administrator shall meet to review
and certify in writing whether, and to what extent, the Performance Goals for the Performance Cycle have been achieved and, if
so, to also calculate and certify in writing the amount of the Performance-Based Awards earned for the Performance Cycle. 
The Administrator shall then determine the actual size of each Covered Employee’s Performance-Based Award, and, in doing
so, may reduce or eliminate the amount of the Performance-Based Award for a Covered Employee if, in its sole judgment, such reduction
or elimination is appropriate.

 

     

     

    

 

(d)         Maximum
Award Payable.  The maximum Performance-Based Award payable to any one Covered Employee under the Plan for a Performance
Cycle is up to 50% of the Initial Limit (subject to adjustment as provided in Section 3(b) hereof) or $500,000 in the case
of a Performance-Based Award that is a Cash-Based Award.

 

	SECTION 13.	DIVIDEND EQUIVALENT RIGHTS

 

(a)          Dividend
Equivalent Rights.  A Dividend Equivalent Right may be granted hereunder to any grantee as a component of an award of
Restricted Stock Units, Restricted Stock Award or Performance Share Award or as a freestanding award.  The terms and conditions
of Dividend Equivalent Rights shall be specified in the Award Certificate.  Dividend equivalents credited to the holder of
a Dividend Equivalent Right may be paid currently or may be deemed to be reinvested in additional shares of Stock, which may thereafter
accrue additional equivalents.  Any such reinvestment shall be at Fair Market Value on the date of reinvestment or such other
price as may then apply under a dividend reinvestment plan sponsored by the Company, if any.  Dividend Equivalent Rights may
be settled in cash or shares of Stock or a combination thereof, in a single installment or installments.  A Dividend Equivalent
Right granted as a component of an award of Restricted Stock Units, Restricted Stock Award or Performance Share Award may provide
that such Dividend Equivalent Right shall be settled upon settlement or payment of, or lapse of restrictions on, such other Award,
and that such Dividend Equivalent Right shall expire or be forfeited or annulled under the same conditions as such other Award. 
A Dividend Equivalent Right granted as a component of a Restricted Stock Units, Restricted Stock Award or Performance Share Award
may also contain terms and conditions different from such other Award.

 

(b)         Interest
Equivalents.  Any Award under this Plan that is settled in whole or in part in cash on a deferred basis may provide in
the grant for interest equivalents to be credited with respect to such cash payment.  Interest equivalents may be compounded
and shall be paid upon such terms and conditions as may be specified by the grant.

 

(c)          Termination. 
Except as may otherwise be provided by the Administrator either in the Award Certificate or, subject to Section 18 below,
in writing after the Award is issued, a grantee’s rights in all Dividend Equivalent Rights or interest equivalents granted
as a component of an award of Restricted Stock Units, Restricted Stock Award or Performance Share Award that has not vested shall
automatically terminate upon the grantee’s termination of employment (or cessation of service relationship) with the Company
and its Subsidiaries for any reason.

 

	SECTION 14.	TRANSFERABILITY OF AWARDS

 

(a)          Transferability. 
Except as provided in Section 14(b) below, during a grantee’s lifetime, his or her Awards shall be exercisable only
by the grantee, or by the grantee’s legal representative or guardian in the event of the grantee’s incapacity. 
No Awards shall be sold, assigned, transferred or otherwise encumbered or disposed of by a grantee other than by will or by the
laws of descent and distribution or pursuant to a domestic relations order.  No Awards shall be subject, in whole or in part,
to attachment, execution, or levy of any kind, and any purported transfer in violation hereof shall be null and void.

 

(b)         Administrator
Action.  Notwithstanding Section 14(a), the Administrator, in its discretion, may provide either in the Award Certificate
regarding a given Award or by subsequent written approval that the grantee (who is an employee or director) may transfer his or
her Awards (other than any Incentive Stock Options or Restricted Stock Units) to his or her immediate family members, to trusts
for the benefit of such family members, or to partnerships in which such family members are the only partners, provided that the
transferee agrees in writing with the Company to be bound by all of the terms and conditions of this Plan and the applicable Award. 
In no event may an Award be transferred by a grantee for value.

 

     

     

    

 

(c)          Family
Member.  For purposes of Section 14(b), “family member” shall mean a grantee’s child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the grantee’s household
(other than a tenant of the grantee), a trust in which these persons (or the grantee) have more than 50 percent of the beneficial
interest, a foundation in which these persons (or the grantee) control the management of assets, and any other entity in which
these persons (or the grantee) own more than 50 percent of the voting interests.

 

(d)         Designation
of Beneficiary.  Each grantee to whom an Award has been made under the Plan may designate a beneficiary or beneficiaries
to exercise any Award or receive any payment under any Award payable on or after the grantee’s death.  Any such designation
shall be on a form provided for that purpose by the Administrator and shall not be effective until received by the Administrator. 
If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased the grantee, the
beneficiary shall be the grantee’s estate.

 

	SECTION 15.	TAX WITHHOLDING

 

(a)          Payment
by Grantee.  Each grantee shall, no later than the date as of which the value of an Award or of any Stock or other amounts
received thereunder first becomes includable in the gross income of the grantee for Federal income tax purposes, pay to the Company,
or make arrangements satisfactory to the Administrator regarding payment of, any Federal, state, or local taxes of any kind required
by law to be withheld by the Company with respect to such income.  The Company and its Subsidiaries shall, to the extent permitted
by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the grantee.  The Company’s
obligation to deliver evidence of book entry (or stock certificates) to any grantee is subject to and conditioned on tax withholding
obligations being satisfied by the grantee.

 

(b)         Payment
in Stock.  Subject to approval by the Administrator, a grantee may elect to have the Company’s minimum required
tax withholding obligation satisfied, in whole or in part, by authorizing the Company to withhold from shares of Stock to be issued
pursuant to any Award a number of shares with an aggregate Fair Market Value (as of the date the withholding is effected) that
would satisfy the withholding amount due.

 

	SECTION 16.	SECTION 409A AWARDS

 

To the extent that
any Award is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A (a “409A
Award”), the Award shall be subject to such additional rules and requirements as specified by the Administrator from time
to time in order to comply with Section 409A.  In this regard, if any amount under a 409A Award is payable upon a “separation
from service” (within the meaning of Section 409A) to a grantee who is then considered a “specified employee”
(within the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier of (i) six months
and one day after the grantee’s separation from service, or (ii) the grantee’s death, but only to the extent such delay
is necessary to prevent such payment from being subject to interest, penalties and/or additional tax imposed pursuant to Section
409A.  Further, the settlement of any such Award may not be accelerated except to the extent permitted by Section 409A.

 

	SECTION 17.	TRANSFER, LEAVE OF ABSENCE, ETC.

 

For purposes of
the Plan, the following events shall not be deemed a termination of employment:

 

(a)          a
transfer to the employment of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another;
or

 

(b)         an
approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the employee’s
right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence
was granted or if the Administrator otherwise so provides in writing.

 

     

     

    

 

	SECTION 18.	AMENDMENTS AND TERMINATION

 

The Board may,
at any time, amend or discontinue the Plan and the Administrator may, at any time, amend or cancel any outstanding Award for the
purpose of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect rights under any
outstanding Award without the holder’s consent.  The Administrator is specifically authorized to exercise its discretion
to reduce the exercise price of outstanding Stock Options or Stock Appreciation Rights or effect the repricing through cancellation
and re-grants.  To the extent required under the rules of any securities exchange or market system on which the Stock is listed,
to the extent determined by the Administrator to be required by the Code to ensure that Incentive Stock Options granted under the
Plan are qualified under Section 422 of the Code, or to ensure that compensation earned under Awards qualifies as performance-based
compensation under Section 162(m) of the Code, Plan amendments shall be subject to approval by the Company stockholders entitled
to vote at a meeting of stockholders.  Nothing in this Section 18 shall limit the Administrator’s authority to
take any action permitted pursuant to Section 3(b) or 3(c).

 

	SECTION 19.	STATUS OF PLAN

 

With respect to
the portion of any Award that has not been exercised and any payments in cash, Stock or other consideration not received by a grantee,
a grantee shall have no rights greater than those of a general creditor of the Company unless the Administrator shall otherwise
expressly determine in connection with any Award or Awards.  In its sole discretion, the Administrator may authorize the creation
of trusts or other arrangements to meet the Company’s obligations to deliver Stock or make payments with respect to Awards
hereunder, provided that the existence of such trusts or other arrangements is consistent with the foregoing sentence.

 

	SECTION 20.	GENERAL PROVISIONS

 

(a)          No
Distribution.  The Administrator may require each person acquiring Stock pursuant to an Award to represent to and agree
with the Company in writing that such person is acquiring the shares without a view to distribution thereof.

 

(b)         Delivery
of Stock Certificates.  Stock certificates to grantees under this Plan shall be deemed delivered for all purposes when
the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to
the grantee, at the grantee’s last known address on file with the Company.  Uncertificated Stock shall be deemed delivered
for all purposes when the Company or a Stock transfer agent of the Company shall have given to the grantee by electronic mail (with
proof of receipt) or by United States mail, addressed to the grantee, at the grantee’s last known address on file with the
Company, notice of issuance and recorded the issuance in its records (which may include electronic “book entry” records). 
Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates evidencing
shares of Stock pursuant to the exercise of any Award, unless and until the Administrator has determined, with advice of counsel
(to the extent the Administrator deems such advice necessary or advisable), that the issuance and delivery of such certificates
is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any
exchange on which the shares of Stock are listed, quoted or traded.  All Stock certificates delivered pursuant to the Plan
shall be subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply
with federal, state or foreign jurisdiction, securities or other laws, rules and quotation system on which the Stock is listed,
quoted or traded.  The Administrator may place legends on any Stock certificate to reference restrictions applicable to the
Stock.  In addition to the terms and conditions provided herein, the Administrator may require that an individual make such
reasonable covenants, agreements, and representations as the Administrator, in its discretion, deems necessary or advisable in
order to comply with any such laws, regulations, or requirements.  The Administrator shall have the right to require any individual
to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period
limitation, as may be imposed in the discretion of the Administrator.

 

(c)          Stockholder
Rights.  Until Stock is deemed delivered in accordance with Section 20(b), no right to vote or receive dividends or any
other rights of a stockholder will exist with respect to shares of Stock to be issued in connection with an Award, notwithstanding
the exercise of a Stock Option or any other action by the grantee with respect to an Award.

 

     

     

    

 

(d)         Other
Compensation Arrangements; No Employment Rights.  Nothing contained in this Plan shall prevent the Board from adopting
other or additional compensation arrangements, including trusts, and such arrangements may be either generally applicable or applicable
only in specific cases.  The adoption of this Plan and the grant of Awards do not confer upon any employee any right to continued
employment with the Company or any Subsidiary.

 

(e)          Trading
Policy Restrictions.  Option exercises and other Awards under the Plan shall be subject to the Company’s insider
trading policies and procedures, as in effect from time to time.

 

(f)           Forfeiture
of Awards under Sarbanes-Oxley Act.  If the Company is required to prepare an accounting restatement due to the material
noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, then
any grantee who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002 shall
reimburse the Company for the amount of any Award received by such individual under the Plan during the 12-month period following
the first public issuance or filing with the United States Securities and Exchange Commission, as the case may be, of the financial
document embodying such financial reporting requirement.

 

	SECTION 21.	EFFECTIVE DATE OF PLAN

 

This Plan shall
become effective upon stockholder approval in accordance with applicable state law, the Company’s bylaws and articles of
incorporation, and applicable stock exchange rules or pursuant to written consent.  No grants of Stock Options and other Awards
may be made hereunder after the tenth anniversary of the Effective Date and no grants of Incentive Stock Options may be made hereunder
after the tenth anniversary of the date the Plan is approved by the Board.

 

	SECTION 22.	GOVERNING LAW

 

This Plan and all
Awards and actions taken thereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware,
applied without regard to conflict of law principles.Exhibit 10.1

 

ASSET PURCHASE AGREEMENT

 

March 31, 2017

 

This ASSET PURCHASE
AGREEMENT (this “Agreement”) is made by and between Aytu BioScience, Inc., a Delaware corporation (“Seller”),
and Allegis Holdings, LLC, a Mississippi limited liability company (“Purchaser”), as of the date first written
above (the “Execution Date”). Purchaser and Seller also may be referred to herein each as a “Party”
and collectively as the “Parties.” All capitalized terms used in this Agreement are defined in Section 1.1
below.

 

RECITALS

 

WHEREAS, Seller (i) markets,
promotes and sells the Product in the United States; (ii) has regulatory approval with the FDA for the Product, and (iii)
is willing to transfer to Purchaser all of its rights in, and certain assets and liabilities relating to, the Product in the Territory
on the terms and conditions set forth herein; and

 

WHEREAS, the Parties
desire that Seller sell, transfer and assign (or cause the sale, transfer and assignment) to Purchaser, and that Purchaser acquire
and assume, all of the Purchased Assets and Assumed Liabilities, subject to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in
consideration of the premises and the mutual promises herein made, and in consideration of the representations, warranties, and
covenants herein contained, the Parties agree as follows:

 

Article
I

DEFINITIONS; INTERPRETATION

 

1.1         Definitions.
The following terms shall have the following meanings for purposes of this Agreement:

 

“Affiliate,” as applied
to any Person other than Seller or Purchaser, means any other Person directly or indirectly Controlling, Controlled by, or under
common Control with, that Person.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Assigned
Agreements” has the meaning set forth in Section 2.1(c).

 

“Assigned
Intellectual Property” has the meaning set forth in Section 2.1(a).

 

“Assignment
and Assumption Agreement” means an Assignment and Assumption Agreement in substantially the form of Exhibit A
hereto.

 

“Assumed Liabilities”
has the meaning set forth in Section 2.3(a).

 

    	 	Page 1 of 25	 

     

    

 

“Bill of Sale”
means a Bill of Sale in substantially the form of Exhibit B hereto.

 

“Business
Day” means any day other than (i) a Saturday or a Sunday or (ii) a day on which banks are authorized to close in New
York, NY.

 

“cGMP”
means the regulatory requirements and quality standards for the current good manufacturing practices, which are defined in the
United States Code of Federal Regulations 21 CFR Part 210 & Part 211, and all applicable rules, regulations, promulgations,
policies and guidelines in effect at any given time during the applicable term.

 

“Closing”
has the meaning set forth in Section 3.2.

 

“Closing Date”
has the meaning set forth in Section 3.2.

 

“Closing Payment”
“has the meaning set forth in Section 3.1(a).

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

“Competing
Product” means any liquid urinary tract anti-infective pharmaceutical or treatment product containing trimethoprim.

 

“Confidential
Information” has the meaning set forth in Section 9.1

 

“Contract”
means any contract, agreement, lease, license, commitment, indenture, mortgage, note, bond loan or other legally-binding arrangement,
understanding, undertaking, commitment or obligation, whether written or oral and any written purchase orders.

 

“Control”
(including, with correlative meanings, the terms “Controlling,” “Controlled by” and
“under common Control with”) for purposes of the definition of “Affiliate,” as applied to any Person,
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that
Person, whether through the ownership of voting securities or by contract.

 

“Copyrights”
has the meaning set forth in the definition of the term “Intellectual Property.”

 

“Disclosing
Party” has the meaning set forth in Section 9.1.

 

“Excluded
Assets” has the meaning set forth in Section 2.2.

 

“Excluded
Liabilities” has the meaning set forth in Section 2.3(b).

 

“Execution
Date” has the meaning set forth in the Preamble.

 

“Existing
CDA” has the meaning set forth in Section 9.1.

 

“FDA”
means the United States Food and Drug Administration and any Governmental Authority successor thereto.

 

    	 	Page 2 of 25	 

     

    

 

“FFDCA”
means the Federal Food, Drug, and Cosmetic Act and implementing regulations, as each has been or may be amended.

 

“Fiscal Year”
means each twelve (12)-month period commencing on July 1 and ending on June 30.

 

“GAAP”
means generally accepted accounting principles in the United States as in effect on the date hereof and from time to time thereafter,
applied on a consistent basis.

 

“General IP
Assignment” means a general assignment of the Assigned Intellectual Property in substantially the form of Exhibit
C hereto.

 

“Governmental
Authority” means any government or governmental or regulatory body thereof, or political subdivision thereof, whether
foreign, federal, state or local, or any department, commission, bureau, agency, board, instrumentality or authority thereof, or
any court or arbitrator (public or private) and including specifically those of each country in the Territory.

 

“Indebtedness”
means all indebtedness of Seller or its Affiliates secured by Lien upon or with respect to any of the Purchased Assets.

 

“Indemnification
Claim” has the meaning set forth in Section 7.4(b).

 

“Indemnifying
Party” has the meaning set forth in Section 7.4(b).

 

“Indemnified
Persons” shall mean the Purchaser’s Indemnified Persons or the Seller’s Indemnified Persons, as the case
may be.

 

“Intellectual
Property” means all right, title and interest in or relating to intellectual property, whether protected, created or
arising under the Laws of the United States or any other jurisdiction, including: (i) all patents and applications therefor,
including all continuations, divisionals, patents of additions and continuations-in-part thereof and patents issuing thereon, along
with all reissues, reexaminations and extensions thereof, including all supplemental protection certificates (collectively, “Patents”);
(ii) all trademarks, service marks, trade names, service names, brand names, trade dress rights, logos, corporate names, trade
styles, logos and other source or business identifiers and general intangibles of a like nature, together with the goodwill associated
with any of the foregoing, along with all applications, registrations, renewals and extensions thereof (collectively, “Marks”);
(iii) all Internet domain names; (iv) all copyrights and all mask work, database and design rights, whether or not registered
or published, all registrations and recordations thereof and all applications in connection therewith, along with all reversions,
extensions and renewals thereof (collectively, “Copyrights”); and (v) all trade secrets, know how, information
and data.

 

“Inventory”
has the meaning set forth in Section 2.1(e).

 

“Inventory
Transfer” has the meaning set forth in Section 6.5(b).

 

    	 	Page 3 of 25	 

     

    

 

“Law”
means any law, statute, regulation, ordinance or rule of any Governmental Authority (including, for the sake of clarity, common
law), in each case, as has been or may be amended.

 

“Legal Proceeding”
means any judicial, administrative or arbitral action, claim, charge, suit, proceeding, litigation, hearing, investigation, labor
dispute, arbitral action, mediation, governmental audit, inquiry, criminal prosecution, examination, investigation or unfair labor
practice charge or complaint (in each case, whether public or private, at law or in equity, civil, criminal or administrative)
by or before a Governmental Authority or any arbitrator or arbitral panel.

 

“Liability”
means, collectively, any indebtedness, guaranties, endorsements, claims, losses, damages, deficiencies, costs, expenses, fines,
penalties, liabilities, obligations or responsibilities, whether fixed or unfixed, known or unknown, choate or inchoate, liquidated
or unliquidated, secured or unsecured, direct or indirect, matured or unmatured, determinable or indeterminable, absolute, contingent
or otherwise, or in contract, tort, strict liability or otherwise, including any product liability and any related costs and expenses
of any defense.

 

“Lien”
or “Liens” means any lien, pledge, claim, charge, mortgage, encumbrance, or other security interest of any kind,
whether arising by contract or by operation of Law.

 

“Loss”
and “Losses” have the meanings set forth in Section 7.1.

 

“Marks”
has the meaning set forth in the definition of the term “Intellectual Property.”

 

“Material
Adverse Effect” means a material adverse effect on (a) the marketing, promotion and sale of the Product in the United
States or (b) the ability of Seller to consummate the Transactions.

 

“Matured Indemnifiable
Loss” means, with respect to any claim for indemnification under Section 7.1, Losses that are the subject of such claim
and that (i) have been mutually agreed in this Agreement or otherwise writing by the Seller and the Purchaser to be indemnifiable
under Section 7.1 or (ii) have been determined by a final, nonappealable judgment of a court of competent jurisdiction to be indemnifiable
under Section 7.1, in each case subject to the limitations set forth in this Agreement.

 

“Order”
means any order, injunction, judgment, doctrine, decree, ruling, writ, assessment, award or arbitration award of a Governmental
Authority.

 

“Party”
and “Parties” have the meanings set forth in the Preamble.

 

“Patents”
has the meaning set forth in the definition of the term Intellectual Property.

 

“Permitted
Encumbrances” has the meaning set forth in Section 4.6.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization, any other business entity or a Governmental Authority.

 

    	 	Page 4 of 25	 

     

    

 

“Product”
means Seller’s proprietary product known as Primsol®, as further described in the Product NDAs.

 

“Product NDAs”
means (i) the New Drug Application N074973 for the 50mg/5mL product and (ii) the New Drug Application N074974 for the 25mg/5mL
product (which is discontinued but not withdrawn), including, in each case, amendments, supplements, records, data, reports, correspondence,
and documentation of related communications with the FDA, and any other submissions or filings to or with the FDA regarding the
foregoing.

 

“Product Records”
means all files, reports, books, records, documents and similar materials owned or in the possession of Seller or its Affiliates
relating solely to (a)  the Purchased Assets and (b) the Products in the Territory, including its marketing, promotion, sale,
regulatory approval, packaging, labeling, import or export, including any customer and supplier lists, marketing studies and assets,
consultant reports, regulatory correspondence and other materials, medical information training materials and information, and
all pharmacovigilance materials, in each case that relate solely to the Product.

 

“Purchase
Price” has the meaning set forth in Section 3.1.

 

“Purchased
Assets” has the meaning set forth in Section 2.1.

 

“Purchaser”
has the meaning set forth in the Preamble.

 

“Purchaser
FDA Letter” means the letter from Purchaser to the FDA, duly executed by Purchaser, to be delivered to Seller at the
Closing, with regard to the Product NDA in the United States, the form of which is attached hereto as Exhibit D.

 

“Purchaser’s
Indemnified Persons” has the meaning set forth in Section 7.1.

 

“Receiving
Party” has the meaning set forth in Section 9.1.

 

“Representatives”
means, with respect to any Person, the directors, officers, employees, agents or advisors (including attorneys, accountants, financial
advisors and consultants) of such Person and its Affiliates, and representatives of any of the foregoing.

 

“Seller”
has the meaning set forth in the Preamble.

 

“Seller FDA
Letter” means the letter from Seller to the FDA, duly executed by Seller, to be delivered to Purchaser at the Closing,
with regard to the Product NDA in the United States, the form of which is attached hereto as Exhibit E.

 

“Seller’s
Indemnified Persons” has the meaning set forth in Section 7.2.

 

“Seller’s
Knowledge” means the actual knowledge of Jarrett Disbrow and/or Joshua Disbrow, after reasonable inquiry.

 

“Specifications”
has the meaning set forth in Section 4.7.

 

    	 	Page 5 of 25	 

     

    

 

“Tax”
or “Taxes” any and all taxes, assessments, levies, tariffs, duties or other charges or impositions in the nature
of a tax (together with any and all interest, penalties, additions to tax and additional amounts imposed with respect thereto)
imposed by any Governmental Authority, including income, estimated income, gross receipts, profits, business, license, occupation,
franchise, capital stock, real or personal property, sales, use, transfer, value added, employment or unemployment, social security,
disability, alternative or add-on minimum, customs, excise, stamp, environmental, commercial rent or withholding taxes, and shall
include any liability for Taxes of any other Person under applicable Law, as a transferee or successor, by contract or otherwise,
including any interest or penalty thereon or addition thereto and any interest in respect of such additions or penalties.

 

“Tax Return”
means any report, return (including any information return), claim for refund, election, estimated Tax filing or payment, request
for extension, document, declaration or other information or filing supplied or required to be supplied to any Governmental Authority
with respect to Taxes.

 

“Territory”
means worldwide.

 

“Transaction
Documents” means this Agreement, the Bill of Sale, the Assignment and Assumption Agreement, the General IP Assignment,
and the other documents, instruments, exhibits, annexes, schedules or certificates contemplated hereby and thereby.

 

“Transactions”
means the transactions contemplated by the Transaction Documents.

 

“Treasury
Regulations” means the final and temporary regulations promulgated by the United States Department of Treasury pursuant
to and in respect of provisions of the Code, as such regulations may be amended from time to time (including corresponding provisions
of succeeding regulations).

 

1.2         Interpretation.
References in this Agreement to any gender include references to all genders, and references to the singular include references
to the plural and vice versa. The words “include,” “includes” and “including” when used in
this Agreement shall be deemed to be followed by the phrase “without limitation.” Unless the context otherwise requires,
references in this Agreement to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections
of, and Exhibits and Schedules to, this Agreement. Unless the context otherwise requires, the words “hereof,” “hereby”
and “herein” and words of similar meaning when used in this Agreement refer to this Agreement in its entirety and not
to any particular Article, Section or provision of this Agreement. The headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement. Any reference to any Law shall be deemed
also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise.

 

    	 	Page 6 of 25	 

     

    

 

Article
II

PURCHASE AND SALE

OF ASSETS AND ASSUMPTION OF LIABILITIES

 

2.1         Purchase
and Sale of Assets. On the terms and subject to the conditions set forth in this Agreement, at the Closing, for the Purchase
Price, Seller does hereby (and shall hereby cause its Affiliates to) sell, transfer, assign, convey and deliver to Purchaser (or
any of its designated Affiliates), and Purchaser (or its designated Affiliates) shall purchase, acquire and accept from Seller
and its Affiliates, all right, title and interest in, to and under the Purchased Assets, free and clear of all Liens, except for
Permitted Encumbrances. Subject to Section 2.2, the “Purchased Assets” shall mean all right, title and interest
in and to the Product and the following assets and rights owned or held by Seller or its Affiliates as of the date of this Agreement:

 

(a)          
(i) the Marks and the Internet domain names pertaining solely to the Product, all of which are set forth on Schedule 2.1(a)(i),
and all goodwill associated with the foregoing and (ii) all trade secrets, data, information, know-how and Copyrights owned or
used by Seller or its Affiliates and relating solely to the Product in the Territory (the Intellectual Property described in clauses
(i) and (ii) is referred to herein collectively as the “Assigned Intellectual Property”);

 

(b)          the
Product NDAs;

 

(c)          the
Contracts set forth on Schedule 2.1(c) (the “Assigned Agreements”);

 

(d)          the
Product Records owned by or in the possession of Seller or its Affiliates;

 

(e)          the
inventory of the Product set forth in Schedule 2.1(e) (the “Inventory”);

 

(f)          all
containers, work in process, active pharmaceutical ingredients and other raw materials, labels, supplies, tools and equipment owned
or used by Seller or by its Affiliates and solely used in the manufacture, distribution, marketing and sale of the Product and
the Inventory; and

 

(g)          all
marketing assets and materials related solely to the Product and in Seller’s possession.

 

2.2         Excluded
Assets. The Parties acknowledge and agree that Seller shall not convey, transfer, deliver or assign to Purchaser, and Purchaser
shall not purchase, take delivery of, or acquire, any rights to any assets, properties, interests or rights of Seller or any of
its Affiliates other than the Purchased Assets specifically enumerated in Section 2.1 (collectively the “Excluded Assets”),
which Excluded Assets include all of the rights, title and interests of Seller or any of its Affiliates:

 

(a)          pertaining
to assets, products and services of Seller and its Affiliates other than the Purchased Assets;

 

(b)          relating
to all Seller’s employees; and

 

(c)          under
this Agreement or any of the Transaction Documents.

 

    	 	Page 7 of 25	 

     

    

 

2.3     Assumption
of Liabilities.

 

(a)          On
the terms and subject to the conditions set forth in this Agreement, at the Closing, Purchaser shall (or shall cause its designated
Affiliates to) assume, effective as of the Closing, only the following Liabilities of Seller (collectively, the “Assumed
Liabilities”):

 

(i)          all
Liabilities of Seller related to the Product or under the Product NDAs, but only to the extent relating to the period from and
after the Closing;

 

(ii)         all
Liabilities arising out of, relating to, or otherwise in respect of, the Purchased Assets or the sale and marketing of the Product
to the extent relating to the period from and after the Closing, including all Liabilities under the Assigned Agreements except
to the extent arising from breach of the Assigned Agreements prior to the Closing; and

 

(b)          Purchaser
will not assume or be liable for any Excluded Liabilities. Seller shall retain, be responsible for, perform, satisfy and discharge
all Excluded Liabilities in all respects. “Excluded Liabilities” shall mean all Liabilities of Seller or of
any of its Affiliates other than the Assumed Liabilities, including all of the following Liabilities:

 

(i)          all
Liabilities to the extent arising out of, relating to, or otherwise in respect of, (A) the Purchased Assets or the Product
in respect of the period before the Closing, including Liabilities arising out of Seller’s breach of the Assigned Agreements
prior to the Closing, (B) Seller’s business, assets and operations prior to the Closing, (C) any Product sold prior to the
Closing or (D) the Product prior to the Closing;

 

(ii)         all
Liabilities under the Product NDA during the period before the Closing or any other Liabilities relating to the period prior to
Closing;

 

(iii)        all
Liabilities incurred as a result of any Legal Proceedings or violation of Law (regardless of when asserted or initiated) to the
extent arising out of, relating to, or otherwise in respect of (A) any action, omission, occurrence, event, circumstance or
condition relating to the Product, the marketing or sale of the Product or the ownership or operation of the Purchased Assets that
occurred or existed at or before the Closing (whether asserted before, at or after the Closing) or (B) Seller’s business,
assets and operations, the Product or the Purchased Assets to the extent the basis for such Legal Proceedings or violations arose
out of, or related to, or is otherwise in respect of, any actions or omissions that occurred prior to the Closing (other than the
Assumed Liabilities);

 

(iv)        all
Liabilities incurred as a result of any actual or alleged infringement before the Closing (and not after the Closing) of any Patent,
Copyright, Trademark or other Intellectual Property right of any third party by reason of the marketing or sale of the Product
(regardless of when asserted or initiated) to the extent arising out of, relating to, or otherwise in respect of, any action, omission,
occurrence, event, circumstance or condition relating to the marketing or sale of the Product or the ownership or operation of
the Purchased Assets that occurred or existed at or before the Closing (whether asserted before, at or after the Closing);

 

    	 	Page 8 of 25	 

     

    

 

(v)         all
Liabilities arising out of, relating to, or otherwise in respect of, the Excluded Assets.

 

Article
III

CONSIDERATION; CLOSING

 

3.1         Purchase
Price. The aggregate consideration for the Purchased Assets shall be the sum of (a) the Closing Payment, (b) the assumption
of the Assumed Liabilities with respect to the Product and the Purchased Assets (collectively, the “Purchase Price”).

 

(a)          Closing
Payment. At the Closing, Purchaser shall pay to Seller One Million Seven Hundred and Fifty Thousand Dollars ($1,750,000) (the
“Closing Payment”).

 

3.2         The
Closing. The consummation of the purchase and sale of the Purchased Assets and the assumption of the Assumed Liabilities provided
for in Article II hereof (the “Closing”) shall take place remotely by the exchange of electronic pdf documents
on the Execution Date and shall be effective at 11:59 p.m. Eastern Time (the date on which the Closing occurs is referred to herein
as the “Closing Date”).

 

3.3         Closing
Deliveries.

 

(a)          Deliveries
by Seller. At the Closing, Seller shall deliver or cause to be delivered to Purchaser the following:

 

(i)          a
certificate duly executed by Seller’s Chief Operating Officer or Chief Financial Officer, in a form and substance reasonably
satisfactory to Purchaser, dated as of the Closing Date, that (A) attaches a good standing certificate from the State of Delaware
for Seller, (B) that true, correct and complete copies of the resolutions of the board of directors authorizing this Agreement
and the Transaction documents with the transactions contemplated hereby and thereby are attached thereto and (C) as to the incumbency
and genuineness of the signatures of each person executing this Agreement and the Transaction Documents;

 

(ii)         (A)
a duly executed Bill of Sale; (B) a duly executed Assignment and Assumption Agreement; and (C) a duly executed General IP Assignment;

 

(iii)        evidence
reasonably satisfactory to Purchaser that all Liens affecting the Purchased Assets (other than Permitted Encumbrances) have been
released, or will be released at Closing;

 

(iv)        duly
executed assignments to Purchaser of all of the Assigned Agreements; it being understood between the Parties that the assignment
of the Assigned Agreements is a material condition to Purchaser’s consummation of the Transactions; and

 

(v)         a
copy of the executed Seller FDA Letter and a copy of the Product NDAs.

 

    	 	Page 9 of 25	 

     

    

 

(b)          Deliveries
by Purchaser. At the Closing, Purchaser shall deliver to Seller the following:

 

(i)          a
certificate duly executed by Purchaser’s Chief Executive Officer or Chief Financial Officer, in a form and substance reasonably
satisfactory to Seller, dated as of the Closing Date, that (A) attaches a good standing certificate from the State of Mississippi
for Purchaser, (B) that true, correct and complete copies of the resolutions of the board of directors authorizing this Agreement
and the Transaction documents with the transactions contemplated hereby and thereby are attached thereto and (C) as to the incumbency
and genuineness of the signatures of each person executing this Agreement and the Transaction Documents;

 

(ii)         the
Closing Payment, in accordance with Section 3.1;

 

(iii)        a
duly executed Assignment and Assumption Agreement;

 

(iv)        written
notice of the address to which the Inventory shall be delivered in accordance with Section 6.5; and

 

(v)         a
copy of the executed Purchaser FDA Letter.

 

3.4         Payment
Method. All payments under Sections 3.1(a) and 3.1(b) must be made by wire transfer of immediately available funds to an account
designated by Seller in writing prior to the applicable due date.

 

3.5         Withholding
Tax. The Parties agree that, as of the Closing Date, none of the payments under Section 3.1 are subject to withholding Tax.
If Purchaser is required to make a payment under Section 3.1 to Seller that is by Law subject to a deduction or withholding of
Tax, then (i) if such withholding or deduction obligation arises as a result of any action by Purchaser, including any transfer,
assignment, sublicense, or other action that changes the payor of any amounts payable hereunder or changes the jurisdiction of
Purchaser, or any failure on the part of Purchaser to comply with applicable Laws or filing or record retention requirements, that
has the effect of modifying the tax treatment of the Parties hereto (a “Withholding Tax Action”), then the sum
payable by Purchaser under Section 3.1 (in respect of which such deduction or withholding is required to be made) shall be increased
to the extent necessary to ensure that Seller receives a sum equal to the sum which it would have received had no such Withholding
Tax Action occurred, and (ii) otherwise, the sum payable by Purchaser under Section 3.1 (in respect of which such deduction or
withholding is required to be made) shall be made to Seller after deduction of the amount required to be so deducted or withheld,
in the case of each of clauses (i) and (ii), which deducted or withheld amount shall be remitted to the proper Governmental Authority
in accordance with applicable Laws (at which time such amount shall be treated as being paid to Seller for purposes of this Section
3.1). Purchaser shall provide Seller with proof of payment reasonably satisfactory to Seller with respect to any Taxes deducted
and withheld from amounts payable hereunder.

 

    	 	Page 10 of 25	 

     

    

 

Article
IV

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Seller represents and
warrants to Purchaser as follows as of the Execution Date:

 

4.1         Organization
and Corporate Power. Seller is a corporation duly organized, validly existing and in good standing under the Laws of the State
of Delaware. Seller has the requisite corporate power and authority to carry on its business as it is now being conducted and is
qualified and in good standing in all jurisdictions where qualification is required by any Law, except where the failure to be
so licensed or qualified would not have, or would not be reasonably expected to have, a Material Adverse Effect.

 

4.2         Due
Authorization. Seller has the requisite corporate power and authority to execute and deliver the Transaction Documents and
to consummate the Transactions. The execution, delivery and performance by Seller of the Transaction Documents and the consummation
by Seller of the Transactions have been duly authorized by all necessary corporate action on the part of Seller, and no other corporate
proceeding is necessary for the execution and delivery of the Transaction Documents by Seller, the performance by Seller of its
obligations thereunder and the consummation by Seller of the Transactions. This Agreement has been duly executed and delivered
by Seller and constitutes the legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its
terms, except as the same may be limited by (a) laws of general application relating to bankruptcy, insolvency and the relief of
debtors and (b) rules of law governing specific performance, injunctive relief and other equitable remedies. When executed and
delivered in accordance herewith, the other Transaction Documents will have been duly executed and delivered by Seller and will
constitute legal, valid and binding obligations of Seller enforceable against Seller in accordance with their respective terms,
subject to (a) laws of general application relating to bankruptcy, insolvency and the relief of debtors and (b) rules of law governing
specific performance, injunctive relief and other equitable remedies. 

 

4.3         No
Violation; Consents.

 

(a)          The
execution, delivery and performance by Seller of the Transaction Documents do not and will not: (i) violate any Law or order
applicable to Seller or any of its properties or assets (including the Purchased Assets); (ii) result in the imposition of
any Lien or encumbrance upon any of the Purchased Assets (except for the Permitted Encumbrances); (iii) violate or conflict
with any provision of Seller’s certificate of incorporation and by-laws; or (iv) conflict with or result in a violation or
breach in any material respect of or constitute a default under or accelerate any obligation under any of the Assigned Agreements
or Product NDAs.

 

(b)          Except
for the Purchaser FDA Letter and Seller FDA Letter, no consents, notices or approvals of, or filings or registrations by Seller
with, any Governmental Authority or any other Person not a party to this Agreement is necessary in connection with the execution,
delivery and performance of the Transaction Documents or the Transactions.

 

    	 	Page 11 of 25	 

     

    

 

4.4         Intellectual
Property. 

 

(a)          Except
as set forth on Schedule 4.4(a), Seller or its Affiliate owns, free and clear of all Liens (other than Permitted Encumbrances),
all Assigned Intellectual Property.

 

(b)          No
Third Party or Affiliate of Seller has any rights, ownership interests or options to, in any Assigned Intellectual Property or
the other Purchased Assets.

 

(c)          Except
for the Assigned Intellectual Property, neither Seller nor its Affiliates own, license or otherwise control (i) any unexpired Patents
that contain claims covering the manufacture, use or sale of Product or (ii) Intellectual Property used by or on behalf of Seller
or its Affiliates in the manufacture of the Product.

 

(d)          To
Seller’s Knowledge, there are no Patents owned by third parties that would be infringed by the manufacture, use, sale, offer
for sale, or importation of Product.

 

(e)          There
is no Legal Proceeding pending or, to Seller’s Knowledge, threatened or asserted in writing, against Seller alleging that
the marketing and sale of the Product in the approved formulations and indications set forth in the Product NDA infringes or misappropriates
a Person’s Intellectual Property rights.

 

(f)          To
Seller’s Knowledge, no Person is infringing upon or otherwise violating any of the Assigned Intellectual Property. Since
October 5, 2015, neither Seller nor any of its Affiliates has brought or asserted any Legal Proceeding against any Person for infringing,
misappropriating or otherwise violating any Assigned Intellectual Property.

 

4.5         Litigation
and Claims. There is no Legal Proceeding pending against Seller or, to Seller’s Knowledge, threatened or asserted in
writing, against Seller or any of its Affiliates (i) with respect to the Product or any other Purchased Asset, or (ii) that would
(A) prohibit or materially hinder, delay or otherwise impair Seller’s ability to perform its obligations under the Transaction
Documents, (B) affect the legality, validity or enforceability of the Transaction Documents, (C) prevent or delay the consummation
of any of the Transactions, (D) affect the use of any of the Purchased Assets, or (E) affect the marketing and sale of the
Product.

 

4.6         Title
to Assets. Seller or one of its Affiliates has good and valid title to the Purchased Assets, free and clear of any Liens, except
for: (a) Liens referred to in the Assigned Agreements; (b) statutory or common law Liens and encumbrances to secure obligations
to landlords, lessors or renters under leases or rental agreements; (c) deposits or pledges made in connection with, or to
secure payment of, workers’ compensation, unemployment insurance or similar programs mandated by applicable Law; and (d)
statutory or common law Liens in favor of carriers, warehousemen, mechanics and materialmen, to secure claims for labor, materials
or supplies, and other like liens, in the case of (a)-(d), for amounts not material or overdue and which shall be fully satisfied
by Seller at or prior to the Closing (the items referred to in the preceding clauses “(a)” through “(d)”
are collectively referred to herein as the “Permitted Encumbrances” and, if any, are explicitly set forth on
Schedule 4.6 attached hereto and by this reference made a part hereof).

 

    	 	Page 12 of 25	 

     

    

 

4.7         Inventory.
The quantity of the Inventory is set forth on Schedule 2.1(e), all of which constitute saleable finished and packaged goods
inventory that has a minimum remaining shelf life through the date 7 months from the Closing Date. To the Seller’s Knowledge,
the Inventory (i) was manufactured, tested, packaged, labeled, stored, received, handled and processed in conformity with the specifications
set forth in the Product NDA (the “Specifications”), cGMP and Laws; (ii) meets the Specifications, and (iii)
is not adulterated or misbranded, and (iv) was acquired in the ordinary course consistent with past practice. To the Seller’s
Knowledge, no previously sold Inventory is subject to returns in excess of those historically experienced by Seller.

 

4.8         Assigned
Agreements.

 

(a)          Seller
has made available to Purchaser true, correct and complete copies of each of the Assigned Agreements.

 

(b)          Neither
Seller nor any of its Affiliates is in material breach or default (without regard to lapse of time, the giving of notice or discretion
of another Party thereto) of any Assigned Agreement and, to the Knowledge of Seller, no other party to any such contract is in
material breach of such contract.

 

(c)          There
are no material disputes under any Assigned Agreement; and neither Seller nor any of its Affiliates has received any written notice
that any party to any of the Assigned Agreements intends to cancel or terminate any Assigned Agreement;

 

(d)          Each
of the Assigned Agreements is valid, in full force and effect and enforceable in accordance with its terms against any parties
thereto; and

 

(e)          Each
Assigned Agreement was entered into in the ordinary course of business and without the payment of any consideration that is or
would be a violation of any Law.

 

4.9         Product
NDA. Seller holds, possesses or has rights to, the Product NDAs. The Product NDAs constitute all registrations, applications,
approvals, licenses or permits granted to Seller or its Affiliates by any Governmental Authority for the manufacture, distribution,
use or sale of the Product for human therapeutic use.

 

4.10       Conveyance.
No transfer of property is being made, and no obligation is being incurred, in connection with the Transactions with the intent
to hinder, delay or defraud either present or future creditors of Seller or any of its Affiliates. Seller acknowledges that it
is selling the Purchased Assets to Purchaser in exchange for reasonably “equivalent value,” as such term or similar
terms are used in any potentially applicable fraudulent conveyance Laws.

 

4.11       Tax
Matters.

 

(a)          Seller
is not a “foreign person” within the meaning of Section 1445 of the Code.

 

    	 	Page 13 of 25	 

     

    

 

(b)          There
are no Liens for Taxes (other than Taxes not yet due and payable) upon any of the Purchased Assets.

 

4.12       Broker’s
Fees. Seller has not employed any broker, finder or investment banker, or incurred any Liability for any brokerage, finder’s
or other fee or commission, in connection with the Transactions (other than such fees or commissions for which Seller is solely
responsible).

 

4.13       Product
Distribution. Since January 1, 2017, neither Seller nor its Affiliates has intentionally shipped and sold the Product in quantities
that materially exceed reasonable historical or market demand for the Products.

 

4.14       Product
Liability; Warranty. There are no pending or, to Seller’s Knowledge, threatened product liability, recall, warranty or
other similar claims by any Third Party against Seller (whether based in contract or tort and whether relating to personal injury,
including death, property damage or economic loss) arising from the manufacture, sale or use of Product.

 

4.15       Regulatory
Matters. Seller has maintained the Product NDAs in accordance in all material respects with Laws and its normal business practices.
The Product NDAs are full force and effect. There is no Legal Proceeding pending against Seller or, to Seller’s Knowledge,
threatened seeking the revocation, or suspension of the Product NDA. All maintenance and other fees related to any Product NDA
occurring prior to the Closing Date will be paid. Neither Seller nor its Affiliates have received: (i) any FDA Form 483’s
concerning the Products; (ii) any notices from FDA alleging any signals of serious risks with respect to any Product; or (iii)
any warning letters, untitled letters, or other compliance actions from the FDA concerning the Products in which the FDA asserted
that the operations of Seller or its Affiliates (as it relates to the Purchased Assets and the Products) or the Products were not
in compliance with applicable Laws in any material respect. There is no Legal Proceeding by the FDA, or any other Governmental
Authority pending against Seller or, to Seller’s Knowledge, threatened against Seller relating to safety or efficacy of the
Products or Seller’s production, distribution, or sale of the Products. Seller has completed and filed all annual reports
required by the FDA in order to maintain the Product NDA, except for those reports not yet due. Purchaser agrees to pay all product-related
regulatory fees (PDUFA) while Seller agrees to reimburse Purchaser on a pro rata basis based on proportional timing (e.g. 1⁄4
fee(s) for Seller) owed for calendar year 2017.

 

4.16       Compliance.
Seller is in compliance with all U.S. Laws in all material respects applicable to the Purchased Assets, including the United States
Federal Food, Drug and Cosmetic Act, including all regulations promulgated thereunder. Seller has all material Authorizations of
all U.S. Governmental Authorities necessary for the sale of the Product.

 

EXCEPT
AS EXPRESSLY STATED IN THIS AGREEMENT, NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS OR IMPLIED, INCLUDING,
WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, OR NON-MISAPPROPRIATION
OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS, ARE MADE OR GIVEN BY OR ON BEHALF OF SELLER. EXCEPT
AS EXPRESSLY STATED IN THIS AGREEMENT, ALL REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE,
ARE HEREBY EXPRESSLY EXCLUDED.

 

    	 	Page 14 of 25	 

     

    

 

Article
V

REPRESENTATIONS AND WARRANTIES OF PURCHASER

 

Purchaser represents
and warrants to Seller as follows as of the Execution Date:

 

5.1         Organization
and Corporate Power. The execution, delivery and performance by Purchaser of the Transaction Documents do not and will not:
(i) violate any material Law applicable to Purchaser or any of its properties or assets; (ii) violate or conflict with, result
in a breach of, constitute a default (or an event which, with or without notice or lapse of time or both, would constitute a default)
under, permit cancellation of, or result in the creation of any Lien upon any of Purchaser’s properties or assets, including
the Purchased Assets (other than any Lien imposed by Purchaser’s lenders under its existing credit facilities, as may be
amended from time to time) under, any material Contract to which Purchaser is a party or by which it or its properties and assets
are bound; or (iii) violate or conflict with any provision of the certificate of incorporation and by-laws or comparable organizational
documents of Purchaser.

 

5.2         Due
Authorization. Purchaser has the requisite corporate power and authority to execute and deliver the Transaction Documents and
to consummate the Transactions. The execution, delivery and performance by Purchaser of the Transaction Documents and the consummation
by Purchaser of the Transactions have been duly authorized by all necessary corporate action on the part of Purchaser and no other
corporate proceeding is necessary for the execution and delivery of the Transaction Documents by Purchaser, the performance by
Purchaser of its obligations thereunder and the consummation by Purchaser of the Transactions. This Agreement has been duly executed
and delivered by Purchaser and constitutes the legal, valid and binding obligation of Purchaser, enforceable against Purchaser
in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, moratorium, reorganization or other
Laws of general applicability relating to or affecting the enforcement of creditor’s rights and general principles of equity.
When executed and delivered in accordance herewith, the other Transaction Documents will have been duly executed and delivered
by Purchaser and will constitute legal, valid and binding obligations of Purchaser, enforceable against Purchaser in accordance
with their respective terms, subject to (a) laws of general application relating to bankruptcy, insolvency and the relief of debtors
and (b) rules of law governing specific performance, injunctive relief and other equitable remedies.

 

5.3         No
Violation; Consents. 

 

(a)          The
execution, delivery and performance by Purchaser of the Transaction Documents do not and will not: (i) violate any material Law
applicable to Purchaser or any of its properties or assets; (ii) violate or conflict with any provision of the certificate of incorporation
and by-laws or comparable organizational documents of Purchaser.

 

(b)          Except
for the Purchaser FDA Letter, no consents, notices or approvals of, or filings or registrations by Purchaser with, any Governmental
Authority or any other Person not a party to this Agreement, are necessary in connection with the execution, delivery and performance
of the Transaction Documents or the Transactions.

 

    	 	Page 15 of 25	 

     

    

 

5.4         Litigation.
There is no Legal Proceeding pending or, to Purchaser’s knowledge, threatened or asserted in writing, against Purchaser or
any of its Affiliates that would prohibit or materially hinder, delay or otherwise impair the Purchaser’s ability to perform
its obligations under the Transaction Documents, that would affect the legality, validity or enforceability of the Transaction
Documents, or that would prevent or materially delay the consummation of the Transactions.

 

5.5         Broker’s
Fees. Purchaser has not employed any broker, finder or investment banker, or incurred any Liability for any brokerage, finder’s
or other fee or commission, in connection with the Transactions (other than such fees or commissions for which Purchaser is solely
responsible).

 

EXCEPT
AS EXPRESSLY STATED IN THIS IN THIS AGREEMENT, NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS OR IMPLIED,
ARE MADE OR GIVEN BY OR ON BEHALF OF PURCHASER. EXCEPT AS EXPRESSLY STATED IN THIS
AGREEMENT, ALL REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, ARE HEREBY EXPRESSLY EXCLUDED.

 

Article
VI

COVENANTS AND AGREEMENTS

 

6.1         FDA
Letter. Purchaser and Seller shall file the Purchaser FDA Letter and the Seller FDA Letter, respectively, with the FDA on the
Closing Date via overnight courier. Transfer of title to the Product NDA to Purchaser shall be effective as of the Closing Date.

 

6.2         Joint
Communication Plan. Promptly following the date hereof, Representatives from each of Seller and Purchaser shall jointly develop
a mutually acceptable communication plan for use between the date hereof and the Closing Date and for use to communicate the transaction
contemplated hereby to pricing compendia and customers, and the Parties shall (and shall cause their respective Representatives
to) operate in accordance with that communication plan.

 

6.3         Publicity.
Except as may be required by Law, neither Party will (and neither Party will permit any of its advisors or representatives to)
issue any press release or make any public statement regarding this Agreement or any of the transactions contemplated by this Agreement,
without the other Party’s prior written consent (which will not be unreasonably withheld). 

 

6.4         Further
Assurances.

 

(a)          If,
at any time following the Closing, either of the Parties or their respective Affiliates discovers any rights or assets of the nature
of the Purchased Assets, including Intellectual Property, that relate solely to the Product that were not, in fact, sold, transferred,
assigned, conveyed and delivered to Purchaser at the Closing, then such Party will promptly notify the other Party of such assets
and, if Purchaser agrees, then Seller or its Affiliates shall sell, transfer, assign, convey and deliver such assets (at Seller’s
cost) to Purchaser or its designated Affiliates for no additional consideration, and such assets shall become Purchased Assets
and subject to the terms hereof.

 

    	 	Page 16 of 25	 

     

    

 

(b)          If,
at any time following the Closing, Purchaser discovers any rights or assets (of whatever nature), including without limitation
documents that were delivered to Purchaser together with the Product Records, that were not, in fact, sold, transferred, and assigned
to Purchaser at the Closing, then Purchaser will promptly notify Seller of such assets and if Seller agrees, Purchaser shall promptly
deliver such assets (at Purchaser’s cost) to Seller or its designated Affiliates, and such assets shall not be Purchased
Assets hereunder.

 

(c)          Each
of Purchaser and Seller shall, at the request of the other Party and at such other Party’s expense, promptly execute and
deliver to such other Party all such further instruments, assignments (including any Intellectual Property assignments in addition
to those specified in Section 3.3(a)(ii)), assurances, filings and other documents and take any actions as such other Party may
reasonably request in connection with the carrying out and effectuating the Transaction Documents and the Transactions (including
without limitation, filing with the FDA, any other notices, assignments, documents and/or other materials required by the FFDCA
and its implementing regulations). Except as provided in connection with the actions described in Section 6.4(a), the Party making
any request pursuant to this Section 6.4(c) shall promptly reimburse the other Party for all documented, out-of-pocket expenses
reasonably incurred by such other Party in providing further assurances requested by such requesting Party.

 

6.5         Delivery
of Purchased Assets. 

 

(a)          Seller
shall physically deliver, at Purchaser’s sole but reasonable expense, the tangible embodiments of the Purchased Assets (that
are not already in Purchaser’s possession) to Purchaser within ten (10) Business Days after the Closing Date, other than
the Inventory.

 

(b)          Within
five (5) days of Purchaser’s written request, Seller shall deliver to Purchaser, at the address set forth in the request,
the Inventory (the “Inventory Transfer”). Purchaser agrees to make request for the Inventory Transfer
within ninety (90) days of the Execution Date. Seller shall bear all risk of loss or damage, and costs of insurance and transportation
associated with the Inventory until such Inventory is tendered to Purchaser’s designated facility. Title to and risk of loss
of Inventory shall automatically transfer to Purchaser when Seller tenders the shipment to Purchaser at its designated facility.
Seller will send Purchaser via facsimile the certificates of analysis and certificates of conformance relating to the Inventory
on or before the date of delivery.

 

(c)          At
Closing, Seller shall file any and all UCC Termination Statements applicable to the Purchased Assets and shall provide Purchaser
with evidence confirming such filing.

 

    	 	Page 17 of 25	 

     

    

 

6.6         Returns,
Rebates, Chargebacks, Etc.

 

(a)          Returns.
The Purchaser and the Seller acknowledge and agree that the Purchaser is only acquiring, and shall only sell, lots of Product that
have not been sold by Seller. The Seller shall be responsible for all returns of Products sold prior to Closing that have an expiration
date earlier than December, 2017 or earlier (and such returns shall be “Excluded Liabilities” for all purposes hereunder),
and the Purchaser shall be responsible for all returns of Products sold before Closing with an expiration date of December, 2017
or later, or sold after Closing (and such returns shall be “Assumed Liabilities” for all purposes hereunder).

 

(b)        Rebates
and Chargebacks. The Seller shall be responsible for all rebates (including Medicaid rebates), chargebacks and other similar
items (other than returns) related to Products having Seller’s NDC codes (and such liabilities shall be “Excluded Liabilities”
for all purposes hereunder). Purchaser agrees to not adjust Product pricing under either Party’s NDC until after 12/31/2017.

 

(c)          Processing.
In the event that either Party receives and processes returns, rebates, chargebacks or other similar items related to Products
that are the responsibility of the other Party pursuant to Sections 6.6(a) or 6.6(b) above, then such receiving Party shall submit
a schedule of such items, together with reasonable supporting documentation, to the responsible Party on a monthly basis and such
responsible Party shall reimburse the receiving Party for all valid items within 15 days of receipt of such schedule and documentation.

 

(d)          NDC
Codes. Purchaser shall have the right to use the Seller’s NDC codes for the Product in order to sell the Inventory it
acquires from Seller, but shall not have the right to have manufactured or sell any other Product utilizing the Seller NDC codes.

 

6.7         Noncompete.
For a period of twenty four (24) months after the Closing Date, Seller shall not directly or indirectly sell, market, promote,
advertise or distribute in the Territory any Competing Products.

 

Article
VII

INDEMNIFICATION

 

7.1         Indemnification
by Seller. Subject to all of the limitations set forth in this Article VII, Seller agrees to indemnify, defend and hold Purchaser,
its Affiliates and each of their respective directors, officers, employees, agents, attorneys, representatives, successors and
permitted assigns (Purchaser and such Persons are collectively hereinafter referred to as “Purchaser’s Indemnified
Persons”), harmless from and against any and all losses, Liabilities, or damages including interest, penalties, reasonable
costs of preparation and investigation, and reasonable attorneys’ fees and disbursements (individually a “Loss,”
and collectively, “Losses”), that Purchaser’s Indemnified Persons may suffer, sustain, incur or become
subject to, to the extent arising out of or due to: (a) direct claims or third party claims based on the failure of any representation
or warranty of Seller in Article IV to be true and correct as the Closing Date; (b) direct claims or third party claims based on
the breach of any covenant, undertaking, agreement or other obligation of Seller under this Agreement; (c) direct claims or third
party claims based on any Excluded Asset or Excluded Liability; or (d) any liability related to the Product or the Purchased Assets
for any period prior to Closing.

 

    	 	Page 18 of 25	 

     

    

 

7.2         Indemnification
by Purchaser. Subject to all of the limitations set forth in this Article VII, Purchaser agrees to indemnify, defend and hold
Seller, its Affiliates and each of their respective directors, officers, employees, agents, attorneys, representatives, successors
and permitted assigns (Seller and such Persons are hereinafter collectively referred to as “Seller’s Indemnified
Persons”), harmless from and against any and all Losses that Seller’s Indemnified Persons may suffer, sustain,
incur or become subject to, to the extent arising out of or due to: (a) direct claims or third party claims based on the failure
of any representation or warranty of Purchaser in Article V to be true and correct as of the Closing Date; (b) direct claims or
third party claims based on the breach of any covenant, undertaking, agreement or other obligation of Purchaser under this Agreement;
(c) direct claims or third party claims based on any Assumed Liability arising after the Closing Date or (d) any liability
related to the Product or the Purchased Assets for any period after Closing.

 

7.3         Survival
of Representations and Warranties; Limitations. 

 

(a)          The
representations and warranties of the Parties contained in this Agreement shall survive the Closing Date for a period of one (1)
year.

 

(b)          Notwithstanding
anything to the contrary herein, neither Party shall be entitled to any recovery with respect to any breach of any representations
and warranties unless and until the aggregate amount of all Losses suffered, sustained or incurred by the asserting Party, or to
which such Party becomes subject, by reason of any and all breaches hereunder, shall exceed $25,000, calculated on a cumulative
basis and not a per item basis, and in such event, the recovering Party shall only be entitled to Losses in excess of such amount.

 

(c)          No
party shall be required to indemnify any of the other party’s Indemnified Persons to the extent of any Losses resulting from
the bad faith, gross negligence or willful misconduct of the Party seeking indemnification or any of its Indemnified Persons, or
breach of this Agreement by the Party seeking indemnification.

 

(d)          Any
liability for indemnification under this Article VII shall be determined without duplication of recovery by reason of the state
of facts giving rise to such liability constituting a breach of more than one representation, warranty, covenant or agreement.

 

(e)          Notwithstanding
any other provision in this Agreement, neither Seller nor Purchaser shall in any event be liable to the other Party or any of the
other Party’s Indemnified Persons OR ENTITLED TO INDEMNIFICATION, on account of any indemnity obligation set forth in Section
7.1 or Section 7.2 or otherwise under this agreement, for (i) any Losses that are not direct, actual damages or (ii) any
special, incidental or punitive damages, in each case, unless such Losses are paid pursuant to a third party claim. notwithstanding
anything to the contrary in this agreement, EXCEPT FOR PURCHASER’S PAYMENT OBLIGATIONS UNDER THIS AGREEMENT, EACH PARTY’S
total liability under this aGREEMENT, for claims made under section 7.1 of this agreement OR OTHERWISE (INCLUDING IN TORT) shall
not exceed the amount of the closing payment.

 

    	 	Page 19 of 25	 

     

    

 

7.4         Indemnification
Procedure.

 

(a)          A
claim for indemnification for any matter not involving a third-party claim may be asserted by notice issued in accordance with
Section 10.2 to the Party from whom indemnification is sought.

 

(b)          In
the event that an Indemnified Person becomes aware of a third party claim in respect of which indemnification may be sought under
Sections 7.1 and 7.2 hereof (regardless of the limitations set forth in Section 7.3) (an “Indemnification Claim”),
the Indemnified Person shall notify the Party against whom indemnification is sought (the “Indemnifying Party”)
of such Indemnification Claim, including a statement of the basis for such claim. The failure of the Indemnified Person to give
reasonably prompt notice of any Indemnification Claim shall not release, waive or otherwise affect the Indemnifying Party’s
obligations with respect thereto, except to the extent that the Indemnifying Party is materially prejudiced as a result of such
failure. The Indemnifying Party shall have the right, at its sole option and expense, to be represented by counsel of its choice
and to defend against, negotiate, settle or otherwise deal with, any Indemnification Claim that relates to any Losses indemnified
against by it hereunder, subject to the remainder of this Section 7.4(b). If the Indemnifying Party elects to defend against, negotiate,
settle or otherwise deal with any Indemnification Claim that relates to any Losses indemnified against by it hereunder, it shall
within thirty (30) days (or sooner, if the nature of the Indemnification Claim so requires) notify the Indemnified Person of its
intent to do so. If the Indemnifying Party elects not to defend against, negotiate, settle or otherwise deal with, any Indemnification
Claim that relates to any Losses indemnified against hereunder, the Indemnified Person may defend against, negotiate, settle or
otherwise deal with, such Indemnification Claim at the Indemnifying Party’s expense. If the Indemnifying Party shall assume
the defense of any Indemnification Claim, the Indemnified Person may participate, at his or its own expense, in the defense of
such Indemnification Claim; provided, however, that such Indemnified Person shall be entitled to participate in any
such defense with separate counsel at the expense of the Indemnifying Party if (i) so requested by the Indemnifying Party to participate
or, (ii) in the reasonable opinion of counsel to the Indemnified Person, a conflict or potential conflict exists between the Indemnified
Person and the Indemnifying Party that would make such separate representation advisable. The parties hereto agree to cooperate
fully with each other in connection with the defense, negotiation or settlement of any such Indemnification Claim. The Indemnifying
Party shall have the right to settle or otherwise dispose of the Indemnification Claim on such terms as the Indemnifying Party,
in its sole discretion, shall deem appropriate; provided, however, that notwithstanding anything in this Section 7.4 to the contrary,
(i) the Indemnified Person shall not settle or compromise any Indemnification Claim or permit a default or consent to entry of
any judgment without the written consent of the Indemnifying Party, which shall not be unreasonably withheld, conditioned or delayed,
and (ii) the Indemnifying Party shall not, without the written consent of the other Party, which shall not be unreasonably withheld,
conditioned or delayed, settle or compromise any Indemnification Claim or permit a default or consent to entry of any judgment
if (A) such settlement or compromise does not include a full release of claims against the other Party, (B) such settlement or
compromise includes an admission of guilt or fault of the other Party, or (C) as a result thereof, the Indemnified Person would
become subject to injunctive or other equitable relief or any remedy other than the payment of money by the Indemnifying Party.

 

    	 	Page 20 of 25	 

     

    

 

7.5         Calculation
of Losses. The amount of any Losses for which indemnification is provided under this Article VII shall be net of any amounts
recoverable by the Indemnified Party under insurance policies with respect to such Losses (net of any Tax or expenses incurred
in connection with such recovery). Each Indemnified Person shall take, and shall cause its Affiliates to take, all commercially
reasonable efforts to mitigate and otherwise minimize the Losses upon, and after becoming aware of, any event which would reasonably
be expected to give rise to any Losses.

 

7.6         Exclusive
Remedy. From and after the Closing, the sole and exclusive remedies for and liability under this Agreement, including (a) any
breach or failure to be true and correct, or alleged breach or failure to be true and correct, of any representation or warranty
in this Agreement or (b) any breach, or alleged breach, of any covenant or agreement in this Agreement required to be performed
prior to the Closing or (c) any tort claim or other basis of liability related to this Agreement, in each case shall be indemnification
in accordance with this Article VII; provided, however, that no Party shall be deemed to have waived any rights, claims, causes
of action or remedies if and to the extent that (i) such rights, claims, causes of action or remedies may not be waived under
applicable Law or (ii) such Party proves the other Party’s actual fraud.

 

Article
VIII

TAX MATTERS

 

8.1         Cooperation
on Tax Matters.

 

(a)          Notwithstanding
anything to the contrary herein, Seller and Purchaser agree to furnish or cause to be furnished to the other, upon request, as
promptly as practicable, such information (including access to books and records) relating to the Purchased Assets and the Assumed
Liabilities as is reasonably necessary for the filing of any Tax Return, the preparation for any Tax audit, or the prosecution
or defense of any claim relating to any proposed Tax adjustment. Purchaser and Seller shall keep all such information and documents
received by them confidential in accordance with Article IX.

 

(b)          Notwithstanding
anything to the contrary herein, Purchaser and Seller shall reasonably cooperate with each other in the conduct of any audit or
other proceedings relating to the Purchased Assets or the Assumed Liabilities.

 

8.2         Transfer
Taxes. Seller and Purchaser will bear and pay equally any sales Taxes, use taxes, transfer Taxes, documentary charges, recording
fees, filing fees or similar Taxes, charges, fees or expenses imposed by a Governmental Authority that may become payable in connection
with the sale of the Purchased Assets to Purchaser, the assumption by Purchaser of the Assumed Liabilities or any of the other
transactions contemplated by this Agreement.

 

    	 	Page 21 of 25	 

     

    

 

Article
IX

CONFIDENTIALITY

 

9.1         Confidential
Information. That certain Confidential Disclosure Agreement dated as of February 1, 2016 by and between Purchaser and Seller
(the “Existing CDA”) shall continue in full force and effect from and after the Closing Date.

 

Article
X

MISCELLANEOUS

 

10.1       Expenses.
Except as specifically provided herein, Seller and Purchaser shall each pay its own expenses (including the fees and expenses of
their respective agents, representatives, counsel and accountants) incidental to the preparation, negotiation, and consummation
of the Transaction Documents and the Transactions.

 

10.2       Notices.
Any notice, request, demand or other communication given by any Party under this Agreement shall be in writing, may be given by
a Party or its legal counsel, and shall be deemed to be duly given (i) when personally delivered (or refused), or (ii) upon delivery
(or refused) by an internationally recognized express courier service which provides evidence of delivery (or refused), or (iii)
when three (3) days have elapsed after its transmittal by registered or certified mail, postage prepaid, return receipt requested,
addressed to the Party to whom directed at that Party’s address as it appears below or another address of which that Party
has given notice, or (iv) when delivered by facsimile transmission if a copy thereof is also delivered in person or by overnight
courier. Notices of address change shall be effective only upon receipt notwithstanding the provisions of the foregoing sentence.

 

If to Purchaser, to:

 

Allegis Holdings, LLC

276 Nissan Parkway, F100

Canton, MS 39046

Attn: Rett Crowder

Facsimile: 601-859-0041

 

If to Seller, to:

 

Aytu BioScience,
Inc.

373 Inverness Parkway,
Suite 206

Englewood, CO 80112

Attn: Joshua Disbrow

Facsimile: (720)
437-6501

 

provided, however, that if any Party shall
have designated a different address by notice to the other Party, then to the last address so designated.

 

    	 	Page 22 of 25	 

     

    

 

10.3       Successors
and Assigns; Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns. Neither Party may assign any of its rights or delegate any of its obligations under this Agreement
(whether voluntarily, involuntarily, by way of merger or otherwise) to any other Person without the prior written consent of the
other Party; provided, however, that Seller may, before or after the Closing, assign to any Person its right to receive all or
any portion of any of the Purchase Price; and provided further, that (without limiting Purchaser’s obligations under or relating
to this Agreement) Purchaser may, without the consent of Seller: (i) before the Closing, assign its right to receive all or any
of the Purchased Assets to an Affiliate of Purchaser (ii) collaterally assign all or any portion of its rights under this Agreement
and the related documents delivered at Closing to its lender or lenders, equity sponsor or sponsors or other financing source or
sources in connection with obtaining any financing (or any refinancing thereof)..

 

10.4       Entire
Agreement; Modification. The Transaction Documents supersede all prior agreements and understandings between the Parties (written
or oral) relating to the subject matter hereof and thereof, including any term sheets, and the Transaction Documents are the entire
and complete statement of the terms of the agreement between the Parties with respect to such subject matter, other than the Existing
CDA. This Agreement may be amended, modified or supplemented only in a writing signed by Seller and Purchaser.

 

10.5       Waivers.
The failure of a Party hereto at any time or times to require performance of any provision hereof shall in no manner affect its
right at a later time to enforce the same. No waiver by a Party of any condition or of any breach of any term, covenant, representation
or warranty contained in this Agreement shall be effective unless in writing, and no waiver in any one or more instances shall
be deemed to be a further or continuing waiver of any such condition or breach in other instances or a waiver of any other condition
or breach of any other term, covenant, representation or warranty.

 

10.6       Governing
Law. Any controversy, dispute or claim arising under, or in connection with, or otherwise related to this Agreement (including
the existence, validity, interpretation or breach hereof and any claim based on contract, tort or statute) shall be exclusively
interpreted in accordance with, and governed by, the Laws of the State of Mississippi without regard to the conflicts of law rules
thereof.

 

10.7       Arbitration.
Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, excluding those for equitable relief
(e.g., injunctive relief or specific performance), shall be settled by arbitration administered by the American Arbitration Association
under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrators will be final and may be entered
in any court having jurisdiction thereof. The number of arbitrators shall be three, and the place of arbitration shall be Canton,
Mississippi. The Parties also agree that the AAA Optional Rules for Emergency Measures of Protection shall apply to the proceedings.

 

10.8       Severability.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
and unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
The Parties agree to negotiate in good faith to substitute replace any such provision with a valid and enforceable provision therefor
which, as nearly as possible, achieves the desired economic effect and mutual understanding of the Parties under this Agreement.

 

    	 	Page 23 of 25	 

     

    

 

10.9       No
Third Party Beneficiaries. Neither this Agreement nor any provision hereof is intended to confer upon any Person (other than
the Parties hereto and, solely for purposes of Article VII, the Indemnified Persons, each of whom shall be an express third party
beneficiary entitled to enforce the obligations of the Indemnifying Party thereunder as if an original party hereto) any rights
or remedies hereunder.

 

10.10     Construction.
The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question
of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or
burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.

 

10.11     Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, and such counterparts
shall together constitute one and the same instrument. A facsimile or other electronic transmission of an executed counterpart
signature page shall be deemed an original.

 

10.12     Incorporation
of Schedules and Exhibits. The schedules and exhibits hereto are incorporated into this Agreement and shall be deemed a part
hereof as if set forth herein in full. In the event of any conflict between the provisions of this Agreement and any such schedule
or exhibit, the provisions of this Agreement shall control.

 

[The remainder of this page is left blank
intentionally.]

 

    	 	Page 24 of 25	 

     

    

 

IN WITNESS WHEREOF,
the Parties hereto have executed this Agreement on the day and year first written above.

 

	 	PURCHASER
	 	 
	 	ALLEGIS HOLDINGS, LLC

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	SELLER
	 	 
	 	AYTU BIOSCIENCE, INC.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Page 25 of 25	 

     

    

 

Schedules and Exhibits:

 

	Schedule 2.1(a)(i)	Marks
	Schedule 2.1(c)	Assigned Agreements
	Schedule 2.1(e)	Inventory
	Schedule 2.3	Purchase Order
	Schedule 4.15	Regulatory Matters
	 	 
	Exhibit A	Assignment and Assumption Agreement
	Exhibit B	Bill of Sale
	Exhibit C	General IP Assignment
	Exhibit D	Purchaser FDA Letter
	Exhibit E	Seller FDA Letter

 

     

     

    

 

Schedule 2.1(a)(i)

Marks and Internet Domains

 

	PRIMSOL	United States	77/368,235	3,487,990	08/19/08	IC 005: Pharmaceutical Preparation for the Treatment of Bacterial Infection	Renewal due 08/19/2018
	PRIMSOL	Hong Kong	301626129	301626129	11/16/10	IC 005: Pharmaceutical Preparation for the Treatment of Bacterial Infection	Renewal due 05/27/2020

 

PRIMSOLSOLUTION.COM

 

PRIMSOL-SAMPLES.COM

 

PRIMSOL.NET

 

     

     

    

 

Schedule 2.1(c)

Assigned Agreements

 

1) Manufacturing Agreement by and between Seller and Halo Pharmaceutical
Incorporated dated March 21, 2013.

 

2) Assignment of Rights in U.S. Patents from Taro Pharmaceuticals
North America, Inc. to Seller dated March 2, 2005

 

Schedule 2.1(e)

Inventory

 

	Description	 	LotNumber	 	ExpDate	 	StockOnHand &

On Order
	Primsol samples	 	 	 	 	 	 
	Primsol trade	 	 	 	 	 	 
	TMP - API (___ kg)	 	Raw Material	 	 	 	 

 

     

     

    

 

Schedule 4.15

Regulatory Matters

 

Not all annual periodic adverse drug experience reports were
submitted within 60 days of the anniversary date of the approval of the application. Specifically, the periodic adverse drug experience
report for January 2008-January 2009 for NDA 74-973 Primsol Solution (Trimethoprim hydrochloride oral solution 50 mg/ 5mL) was
not submitted until June 2009. All reports have been submitted.

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