Document:

EX-10.4

 Exhibit 10.4 

INTELLECTUAL PROPERTY SECURITY AGREEMENT 

This INTELLECTUAL PROPERTY SECURITY AGREEMENT, dated as of March 5, 2018 (as may be amended, restated, supplemented, or otherwise
modified from time to time, this “Agreement”), made by VERU INC., a Wisconsin corporation (the “Grantor”), in favor of SWK FUNDING LLC, a Delaware limited liability company, as agent (in such capacity,
“Agent”) for the Lenders (as defined below) party to the Credit Agreement (as defined below). 
 W I
T N E S S E T H: 
 WHEREAS, pursuant to that certain Credit Agreement, dated on
or about the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Grantor, Agent and the financial institutions party thereto from time to time as lenders
(each a “Lender” and collectively, the “Lenders”), Agent and Lenders have agreed to make certain financial accommodations available to Grantor, and Grantor has granted a security interest to Agent, for the benefit
of Lenders, in, among other things, all right, title and interest of Grantor in, to and under all of Grantor’s FC2 Intellectual Property (as defined below), whether now existing or hereafter arising or acquired as security for the Obligations;
and 
 WHEREAS, Grantor is the owner of the entire right, title and interest in, to and under the FC2 Intellectual Property listed on
Schedule I hereto. 
 NOW, THEREFORE, in consideration of the premises and to induce Agent and Lenders to enter into the Credit
Agreement, Grantor hereby agrees with Agent as follows: 
 1. Defined Terms. 

(a) Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement,
including its preamble and recitals, have the meanings provided in the Credit Agreement. 
 (b) Definitions of Certain
Terms Used Herein. As used herein, the following terms shall have the following meanings: 

“Copyrights” shall mean all of Grantor’s (or if referring to another Person, such other Person’s)
now existing or hereafter acquired right, title, and interest in and to, the following, in each case, solely related to the FC2 Product: (i) copyrights, rights and interests in copyrights, works protectable by copyright, all applications,
registrations and recordings relating to the foregoing as may at any time be filed in the United States Copyright Office or in any similar office or agency of the United States, any State thereof or any political subdivision thereof, or in any other
country, and all research and development relating to the foregoing; and (ii) all renewals of any of the foregoing. 

“Copyright Licenses” shall mean all written agreements naming Grantor as licensor or licensee, granting any
right under any Copyright, including the grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright (other than agreements relating to widely-available software subject to “shrink-wrap” or
“click-through” software licenses). 
 “Credit Agreement” shall have the meaning assigned to such
term in the recitals of this Agreement. 

  
 - 1 - 

 “FC2 Intellectual Property” means all Intellectual Property
owned or leased by Borrower and which is solely used in connection with the FC2 Product. 
 “Intellectual
Property” shall mean all present and future: trade secrets, know-how and other proprietary information; Trademarks and Trademark Licenses, internet domain names, service marks, trade dress, trade
names, business names, designs, logos, slogans (and all translations, adaptations, derivations and combinations of the foregoing) indicia and other source and/or business identifiers, and the goodwill of the business relating thereto and all
registrations or applications for registrations which have heretofore been or may hereafter be issued thereon throughout the world; Copyrights (including Copyrights for computer programs, but excluding commercially available off-the-shelf software and any intellectual property rights relating thereto) and Copyright Licenses, and all tangible and intangible property embodying the Copyrights,
unpatented inventions (whether or not patentable); Patents and Patent Licenses; Mask Works; industrial design applications and registered industrial designs; license agreements related to any of the foregoing and income therefrom, books, records,
writings, computer tapes or disks, flow diagrams, specification sheets, computer software, source codes, object codes, executable code, data, databases and other physical manifestations, embodiments or incorporations of any of the foregoing;
customer lists and customer information, the right to sue for all past, present and future infringements of any of the foregoing; all other intellectual property; and all common law and other rights throughout the world in and to all of the
foregoing, in each case, solely used in connection with the FC2 Product. 
 “IP Collateral” shall have the
meaning assigned to such term in Section 2 hereof. 
 “Licenses” shall mean,
collectively, the Trademark Licenses, the Patent Licenses, and the Copyright Licenses. 
 “Mask Works” shall
mean all of Grantor’s (or if referring to another Person, such other Person’s) now existing or hereafter acquired right, title, and interest in and to, mask works or similar rights available for the protection of semiconductor chips, in
each case, solely related to the FC2 Product. 
 “Patents” shall mean all of Grantor’s (or if referring
to another Person, such other Person’s) now existing or hereafter acquired right, title and interest in and to, the following, in each case, solely related to the FC2 Product: (i) all patents, patent applications, inventions, invention
disclosures and improvements, and all applications, registrations and recordings relating to the foregoing as may at any time be filed in the United States Patent and Trademark Office or in any similar office or agency of the United States, any
state thereof or any political subdivision thereof, or in any other country, and all research and development relating to the foregoing; and (ii) the reissues, divisions, continuations, renewals,
re-examinations, extensions and continuations-in-part of any of the foregoing. 

“Patent Licenses” shall mean all agreements, whether written or oral, providing for the grant by or to Grantor
of any right to manufacture, use or sell any invention covered in whole or in part by a Patent, solely related to the FC2 Product. 

“Trademarks” shall mean all of Grantor’s (or if referring to another Person, such other Person’s)
now existing or hereafter acquired right, title, and interest in and to the following, in each case, solely related to the FC2 Product: (i) all of Grantor’s (or if referring to another Person, such other Person’s) trademarks, trade
names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos, other business identifiers, all 

  
 - 2 - 

 
applications, registrations and recordings relating to the foregoing as may at any time be filed in the United States Patent and Trademark Office or in any similar office or agency of the United
States, or in any other country, and all research and development and the goodwill of the business relating to the foregoing; (ii) all renewals thereof; and (iii) all designs and general intangibles of a like nature. 

“Trademark Licenses” shall mean, collectively, each agreement, whether written or oral, providing for the
grant by or to Grantor of any right to use any Trademark, solely related to the FC2 Product. 
 (c) Other Definitional
Provisions. 
 (i) The words “hereof,” “herein” and “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and section and paragraph references are to this Agreement unless otherwise specified. 

(ii) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such
terms. 
 2. Grant of Security Interest. To secure the payment and performance of the Obligations, Grantor hereby confirms and acknowledges
that it has granted (and, to the extent not previously granted under the Guarantee and Collateral Agreement, does hereby grant) to Agent, for the benefit of Lenders, a lien and security interest in Grantor’s entire right, title and interest in
its FC2 Intellectual Property and all proprietary rights relating to or arising from such FC2 Intellectual Property, in each case whether now owned or hereafter acquired by Grantor, and including, without limitation, Grantor’s right, title and
interest in and to the FC2 Intellectual Property and proprietary rights identified on Schedule I attached hereto and made a part hereof, and the right to sue for past, present and future infringements and dilutions, and all rights
corresponding thereto throughout the world, and the entire goodwill of Grantor’s business connected with and symbolized by such FC2 Intellectual Property and all income, fees, royalties, proceeds and other payments at any time due or payable
with respect to any of the foregoing (referred to collectively as the “IP Collateral”); provided, that the IP Collateral shall not include the Excluded Property (as defined in the Guarantee and Collateral Agreement).

 3. Protection of FC2 Intellectual Property by Grantor. Grantor shall, at its sole cost, expense and risk, in connection with the
operation of its business, comply with the requirements set forth in Section 5.7 of the Guarantee and Collateral Agreement in respect to the FC2 Intellectual Property. 

4. Representations and Warranties. Grantor represents and warrants that: 

(a) Schedule I is a true, correct and complete list of all registered or
applied-for FC2 Intellectual Property in which Grantor purports to have an ownership or license interest. 

(b) Grantor has the legal right and authority to enter into this Agreement and perform its terms. 

(c) If Grantor amends its name, Grantor shall provide copies of such amendment documentation to Agent and shall record the same
with the appropriate Governmental Authority and shall execute and deliver such agreements or documentation as Agent shall request to maintain a perfected first priority security interest in the IP Collateral subject to Permitted Liens. 

  
 - 3 - 

 5. No Violation of Credit Agreement. The representations, warranties or covenants contained herein
are supplemental to those representations, warranties and covenants contained in the other Loan Documents, and shall not be deemed to modify any such representation, warranty or covenant contained in any other Loan Document. 

6. Agreement Applies to Future FC2 Intellectual Property.  

(a) The provisions of this Agreement shall automatically apply to any such additional property or rights described in
Section 2 above, all of which shall be deemed to be and treated as “IP Collateral” within the meaning of this Agreement. 

(b) Upon the request of Agent, Grantor shall execute and deliver, and have recorded, any and all agreements, instruments,
documents and papers as Agent may reasonably request to evidence Agent’s security interest in any IP Collateral and the goodwill of Grantor relating thereto or represented thereby (including, without limitation, filings with the United States
Patent and Trademark Office, or the United States Copyright Office or any similar office), and Grantor hereby constitutes Agent as its attorney-in-fact to execute and
file all such writings for the foregoing purposes, all acts of such attorney being hereby ratified and confirmed; provided, however, that Agent’s taking of such action shall not be a condition to the creation or perfection of the
security interest created hereby. 
 7. Grantor’s Rights to Enforce FC2 Intellectual Property. Prior to Agent’s
giving of notice to Grantor following the occurrence and during the continuance of an Event of Default, Grantor shall have the exclusive right to sue for past, present and future infringement of the IP Collateral, including the right to seek
injunctions and/or money damages, in an effort by Grantor to protect the IP Collateral against encroachment by third parties, provided, however, that: 

(a) Any money damages awarded or received by Grantor on account of such suit (or the threat of such suit) shall constitute IP
Collateral. 
 (b) Any damages recovered in any action pursuant to this Section, net of costs and attorneys’ fees
reasonably incurred, shall be applied in accordance with the Credit Agreement and the Guarantee and Collateral Agreement. 

(c) Following the occurrence and during the continuance of any Event of Default, Agent, by notice to Grantor may terminate or
limit Grantor’s rights under this Section 7. 
 8. Agent’s Actions to Protect FC2 Intellectual Property.
Pursuant to and in accordance with the Credit Agreement, Agent, acting in its own name or in that of Grantor, may (but shall not be required to) act in Grantor’s place and stead and/or in Agent’s own right with respect to the rights
and obligations of Grantor under Section 3, Section 6 and Section 7 of this Agreement. 

9. Rights Upon Default. Upon the occurrence and during the continuance of any Event of Default, Agent may exercise all rights and
remedies as provided for in the Credit Agreement. 

  
 - 4 - 

 10. Agent as Attorney In Fact. 

 

	 	(a)	Grantor hereby irrevocably constitutes and designates Agent as its attorney-in-fact at all times prior to the termination of this Agreement
pursuant to Section 13 hereof, to: 

 (i) following the occurrence and during the
continuance of an Event of Default, supplement and amend from time to time Schedule I of this Agreement to include any new or additional FC2 Intellectual Property of Grantor. 

(ii) exercise any of the rights and powers referenced herein in accordance with this Agreement. 

 

	 	(b)	The grant of this power of attorney, being coupled with an interest, shall be irrevocable until the Obligations are paid in full. 

  

	 	(c)	Agent shall not be obligated to do any of the acts or to exercise any of the powers authorized by Section 8, Section 9 or Section 10 of this
Agreement, but if Agent elects to do any such act or to exercise any of such powers, it shall not be accountable for more than it actually receives as a result of such exercise of power, and shall not be responsible to Grantor for any act or
omission to act, except to the extent Agent acted with gross negligence or willful misconduct as determined by a court of competent jurisdiction. 

11. Agent’s Rights. Upon an Event of Default and during the continuance thereof, any use by Agent of the IP Collateral, as authorized
hereunder in connection with the exercise of Agent’s rights and remedies under this Agreement and under the Credit Agreement shall be coextensive with Grantor’s rights thereunder and with respect thereto and without any liability for
royalties or other related charges. 
 12. No Limitation; Loan Documents. This Agreement has been executed and delivered by Grantor for
the purpose of recording the security interest granted to Agent with respect to the IP Collateral with the United States Patent and Trademark Office, the United States Copyright Office, as well as with any similar office or department of any other
foreign or domestic Governmental Authority. The security interest granted hereby has been granted as a supplement to, and not in limitation of, the security interest granted to Agent, for the benefit of Lender, under the Guarantee and Collateral
Agreement and the other Loan Documents. The other Loan Documents (and all rights and remedies of Grantor, Agent, and Lenders thereunder) shall remain in full force and effect in accordance with their terms. 

13. Termination; Release of IP Collateral. This Agreement and all obligations of Grantor and Agent hereunder shall terminate on the date upon
which the Obligations are performed in full and paid in full. Upon termination of this Agreement, Agent shall, at the expense of the Grantor, take such actions required by the Credit Agreement or the Guarantee and Collateral Agreement or as
otherwise reasonably requested by Grantor to release its security interest in the IP Collateral. 
 14. Binding Effect; Benefits. This
Agreement shall be binding upon Grantor and its successors and assigns, and shall inure to the benefit of Agent, Lenders and their respective successors and assigns. 

15. GOVERNING LAW. THIS AGREEMENT SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS CODE). 

  
 - 5 - 

 16. Counterparts. This Agreement may be executed in any number of counterparts and by the different
parties hereto on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. Receipt by facsimile machine or in “.pdf” format
through electronic mail of any executed signature page to this Agreement shall constitute effective delivery of such signature page and shall be treated in all manner and respects and for all purposes as an original agreement and shall be considered
to have the same binding legal effect as if it were the original signed version thereof delivered in person. 
 17. Copy of Agreement.
Grantor acknowledges receipt of a signed copy of this Agreement. 
 [Remainder of page intentionally blank; signature page
follows.] 

  
 - 6 - 

 IN WITNESS WHEREOF, the parties have caused this Intellectual Property Security Agreement
to be executed by its duly authorized representatives as of the date first above written. 
  

			
	GRANTOR:
	
	VERU INC.
		
	By:	 	 /s/ Mitchell S. Steiner

	Name:	 	Mitchell S. Steiner, MD, FACS
	Title:	 	CEO and President

 [Signature Page to Intellectual Property Security Agreement] 

 
			
	AGENT:
	
	SWK FUNDING LLC
	
	By: SWK Holdings Corporation,
	its sole Manager
		
	By:	 	 /s/ Winston Black

	Name:	 	Winston Black
	Title:	 	Chief Executive Officer

 [Signature Page to Intellectual Property Security Agreement]EX-10.5

 Exhibit 10.5 

PLEDGE AGREEMENT 
 THIS
PLEDGE AGREEMENT (this “Agreement”) dated as of March 5, 2018, is executed by the undersigned Pledgor in favor of SWK FUNDING LLC, a Delaware limited liability company, as agent for all the Lenders (in such
capacity, “Agent”). 
 W I T N E S S E T H: 

WHEREAS, Veru Inc., a Wisconsin corporation (“Pledgor”), as Borrower, Agent and certain financial institutions
(“Lenders”) have entered into that certain Credit Agreement, dated as of the date hereof, pursuant to which such Lenders will make Loans to Pledgor (as existing on the date hereof and as may be further, modified, amended or
restated from time to time the “Credit Agreement”); 
 WHEREAS, Pledgor hereby acknowledges that as the Borrower, it
will directly and indirectly benefit from the making of such Loans; and 
 NOW, THEREFORE, in consideration of the agreements made by Agent
and Lenders for the benefit of Pledgor and the other Loan Parties in the Credit Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Definitions. When used herein, capitalized terms which are not otherwise defined have the meanings assigned thereto in the Credit
Agreement. 
 2. Pledge. As security for the payment and performance of all of the Obligations, Pledgor hereby pledges to Agent, and
grants to Agent, for the benefit of Agent and Lenders, a continuing security interest in, all of the following, whether now existing or hereafter owned, existing or arising (the “Subject Collateral”): 

(a) The equity interests held by Pledgor in each Person described on Schedule I hereto (the
“Pledgee”) and any investment property and general intangibles evidenced by or relating to such equity interests (collectively, the “Subject Securities”), and all other property hereafter delivered to
Agent in substitution for or in addition to any of the foregoing; 
 (b) all documents, certificates and/or instruments
representing any of the foregoing and all cash, securities, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing, except for
any distributions with respect to the Subject Securities that would be permitted under the Loan Documents; and 
 (c) all
products and proceeds of all of the foregoing. 
 Pledgor agrees to deliver to Agent, for the benefit of itself and Lenders, promptly upon
receipt and in due form for transfer, any certificates evidencing the Subject Securities, and any other Subject Collateral which may at any time or from time to time come into the possession or control of Pledgor; and prior to the delivery thereof
to Agent, such Subject Collateral shall be held by Pledgor separate and apart from its other property and in express trust for Agent. 

 Pledgor further agrees to obtain the written acknowledgment of any custodian of the Subject
Collateral, to the effect that (i) all rights of Pledgor in the Subject Collateral are subject to such security interest, (ii) such custodian is authorized and instructed to comply with any instruction of Agent with respect to disposition
or transfer of the Subject Collateral, including any instruction to cease accepting instructions from Pledgor, and (iii) in the event of a conflict between instructions given by Agent and instructions given by Pledgor, Agent’s instructions
shall control. It is Pledgor’s intent that, by virtue of this Agreement and such acknowledgments, Agent is granted “control” within the meaning of Sections 9-104 and 9-106 of the Uniform Commercial Code as in effect in the State of New York (the “UCC”) with respect to the Subject Collateral and any deposit account or security account to which the Subject
Collateral is credited. Pledgor hereby agrees that it will not grant “control” (within the meaning of such Sections of the UCC) to any Person other than Agent with respect to the Subject Collateral or any deposit account to which the
Subject Collateral is credited. 
 3. Warranties; Further Assurances. Pledgor warrants to Agent that: (a) Pledgor is (or at the
time of any future delivery, pledge, assignment or transfer thereof will be) the legal and equitable owner of the Subject Collateral owned by it free and clear of all liens, security interests and encumbrances of every description whatsoever other
than the security interest created hereunder; and (b) the pledge and delivery of the Subject Collateral owned by Pledgor pursuant to this Agreement will create a valid first priority, perfected security interest in such Subject Collateral in
favor of Agent and its assigns. 
 So long as any of the Obligations shall be outstanding, Pledgor (i) shall not, without the express
prior written consent of Agent, sell, assign, exchange, pledge or otherwise transfer, encumber, or grant any option, warrant or other right to purchase any Subject Securities pledged hereunder, or otherwise diminish or impair any of its rights in,
to or under any of the Subject Collateral; (ii) hereby consents to the filing of such Uniform Commercial Code financing statements and other documents (and will pay the costs of filing and recording or
re-filing and re-recording the, same in all public offices reasonably deemed necessary or appropriate by Agent) and will do such other acts and things, all as Agent may
from time to time reasonably request, to establish and maintain a valid, first priority perfected security interest in the Subject Collateral (free of all other liens, claims and rights of third parties whatsoever) to secure the performance and
payment of the Obligations; (iii) will execute and deliver to Agent such allonges, endorsements and similar documents relating to the Subject Collateral, satisfactory in form and substance to Agent, as Agent may reasonably request; and
(iv) will furnish Agent such information concerning the Subject Collateral as Agent may from time to time reasonably request. 
 4.
Holding in Name of Agent, etc. Agent may from time to time after the occurrence and during the continuance of an Event of Default, with prior written notice to the Pledgor, take all or any of the following actions: (a) transfer all or
any part of the Subject Collateral into the name of Agent or any nominee or sub-agent for Agent, with or without disclosing that such Subject Collateral is subject to the lien, pledge and security interest
hereunder, (b) appoint one or more sub-agents or nominees for the purpose of retaining physical 

  
 2 

 
possession of the Subject Collateral, (c) notify the parties obligated on any of the Subject Collateral to make payment directly to Agent of any amounts due or to become due thereunder,
(d) endorse any checks, drafts or other writings in the name of the Pledgor to allow collection of the Subject Collateral, (e) enforce collection of any of the Subject Collateral by suit or otherwise, and surrender, release or exchange all
or any part thereof, or compromise or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with respect thereto, and (f) take control of any proceeds of the Subject Collateral. 

5. Voting Rights, Dividends, etc. Notwithstanding any other provisions contained in this Agreement, so long as the Obligations remain
unpaid, and so long as Agent has not given the notice referred to in Subsection 5(c) below: 
 (a) Pledgor shall be
entitled to exercise any and all voting or consensual rights and powers and purchase or subscription rights (any exercise by Pledgor of such purchase or subscription rights may be made only from funds of Pledgor not comprising the Subject
Collateral) relating or pertaining to the Subject Collateral or any part thereof for any purpose; provided, that Pledgor agrees that it will not exercise any such right or power in any manner which would have a material adverse effect on the value
of the Subject Collateral or any part thereof or any other material adverse effect in relation to the Collateral or Pledgor’s obligations pursuant to the Credit Agreement or any other Loan Document. 

(b) Pledgor shall be entitled to receive and retain any and all dividends, interest or other cash distributions payable on or
in respect of the Subject Collateral if such dividends, interest or other distributions are permitted by the Loan Documents, but all dividends, interest and distributions in respect of the Subject Collateral or any part thereof made in Subject
Securities, whether resulting from a subdivision, combination or reclassification of Subject Collateral or any part thereof or received in exchange for Subject Collateral or any part thereof or as a result of any merger, consolidation, acquisition
or other exchange of assets to which any Person who issues a Subject Security may be a party or otherwise or as a result of any exercise of any purchase or subscription rights, shall be and become part of the Subject Collateral hereunder and, if
received by Pledgor, shall be forthwith delivered to Agent in due form for transfer (i.e., endorsed in blank or accompanied by stock or bond powers executed in blank) to be held for the purposes of this Agreement. 

(c) Upon written notice delivered to the Pledgor from Agent of the occurrence of an Event of Default and at all times during
the continuance of an Event of Default, all rights and powers which Pledgor is entitled to exercise pursuant to this Section 5, and all rights of Pledgor to receive and retain dividends pursuant to Subsection 5(b)
hereof, shall forthwith cease, and all such rights and powers shall thereupon become vested in Agent which shall have, during the continuance of such Event of Default the sole and exclusive authority to exercise such rights and powers and to receive
such dividends, interest or other distributions. Any and all money and other property paid over to or received by Agent pursuant to this Subsection 5(c) shall be retained by Agent as additional Subject Collateral hereunder and applied in
accordance with the provisions hereof. 

  
 3 

 6. Remedies. Upon the occurrence and during the continuance of an Event of Default, Agent
may exercise from time to time any rights and remedies available to it under, the UCC as in effect in the State of New York, the Loan Documents, or other applicable law. Without limiting the foregoing, whenever an Event of Default shall exist,
Agent, to the extent necessary to satisfy the Obligations, (a) may, to the fullest extent permitted by applicable law, without notice, advertisement, hearing or process of law of any kind, (i) sell any or all of the Subject Collateral,
free of all rights and claims of the Pledgor therein and thereto, at any public or private sale and (ii) bid for and purchase any or all of the Subject Collateral at any such public sale and (b) shall have the right, for and in the name,
place and stead of the Pledgor, to execute endorsements, assignments and other instruments of conveyance or transfer with respect to all or any of the Subject Collateral. Pledgor hereby expressly waives, to the fullest extent permitted by applicable
law, any and all notices, advertisements, hearings or process of law in connection with the exercise by Agent of any of its rights and remedies during the continuance of an Event of Default. Any notification of intended disposition of any of the
Subject Collateral shall be deemed reasonably and properly given if given at least ten (10) days before such disposition. Any proceeds of any of the Subject Collateral may be applied by Agent pursuant to the Credit Agreement (and, after payment
in full of all Obligations, any excess shall be delivered to the Pledgor or as a court of competent jurisdiction shall direct). 
 Agent is
hereby authorized to comply with any limitation or restriction in connection with any sale of Subject Collateral as it may be advised by counsel is necessary in order to (a) avoid any violation of applicable securities laws or other laws
(including, without limitation, compliance with such procedures as may restrict the number of prospective bidders or purchasers and/or further restrict such prospective bidders or purchasers to persons or entities who will represent and agree that
they are purchasing for their own account for investment and not with a view to the distribution or resale of such Subject Collateral) or (b) obtain any required approval of the sale or of the purchase by any governmental authority or official,
and Pledgor agrees that such compliance shall not result in such sale being considered or deemed not to have been made in a commercially reasonable manner and that Agent shall not be liable or accountable to Pledgor for any discount allowed by
reason of the fact that such Subject Collateral is sold in compliance with any such limitation or restriction. Pledgor waives any right it may now or hereafter have to require Agent to marshal any of the collateral from time to time securing the
Obligations guaranteed by Pledgor. 
 7. Waiver of Transfer Restrictions. Pledgor and the Pledgee hereby consent to the transactions
contemplated herein, notwithstanding any limitations or restrictions on such transactions set forth in the governing documents of Pledgee or otherwise with respect to the transfer of any of the Subject Collateral. Without limiting the foregoing,
Pledgor and the Pledgee agree that any rights of first refusal, options to purchase or other conditions or restrictions affecting the transfer of any of the Subject Collateral shall not be triggered by, or otherwise in any respect be applicable to,
the execution and delivery of this Agreement or the exercise of Agent’s rights and remedies under this Agreement, as amended from time to time, and upon Agent’s exercise of its rights and remedies under this Agreement (as amended from time
to time), Agent, a purchaser at a foreclosure sale of the Collateral or any such party’s designee shall be immediately and automatically admitted as an owner of the Pledgee with all ownership rights accruing to it (including, without
limitation, all rights to distributions and voting) without the need to obtain the consent of any owner or the Pledgee or to provide or 

  
 4 

 
comply with a right of first refusal or option to purchase with respect to any of the Subject Collateral in favor of any owner, the Pledgee or any other Person, notwithstanding anything in the
governing documents of Pledgee, any agreement to which the Pledgor is now or hereafter a party with respect to any of the Subject Collateral or otherwise to the contrary or in conflict thereof. 

8. Attorney in Fact. Pledgor hereby irrevocably appoints Agent as its limited attorney-in-fact in accordance with the powers granted in connection with this Agreement (without requiring Agent to act as such), with full power of substitution, which appointment as limited attorney-in-fact is irrevocable during the term of this Agreement, to take any action Agent deems necessary upon the occurrence and during the continuation of an Event of
Default to perfect, protect and realize upon its lien and first priority security interest in the Subject Collateral, including the execution and delivery of any and all documents or instruments related to the Subject Collateral in Pledgor’s
name, or otherwise to effect fully the purpose, terms and conditions of this Agreement and the other Loan Documents, and said appointment shall create in Agent a power coupled with an interest. 

9. General. 

(a) Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Subject Collateral if it
takes such action for that purpose as Agent would to take to care and preserve its own property. 
 (b) No delay on the part
of Agent in exercising any right, power or remedy shall operate as a waiver thereof, and no single or partial exercise of any such right, power or remedy shall preclude any other or further exercise thereof, or the exercise of any other right, power
or remedy. No amendment, modification or waiver of, or consent with respect to, any provision of this Agreement shall be effective unless the same shall be in writing and signed and delivered by Agent and the Pledgor, and then such amendment,
modification, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

(c) All obligations of the Pledgor and all rights, powers and remedies of Agent expressed herein are in addition to all other
rights, powers and remedies possessed by them, including, without limitation, those provided by applicable law or in any other written instrument or agreement relating to any of the Obligations or any security therefor. 

(d) Upon notice to the Pledgor, Agent may assign, without the Pledgor’s consent, unless such consent is otherwise required
pursuant to the Credit Agreement, its interests in this Agreement and the other Loan Documents to any other Person, including, without limitation, any of Agent’s affiliates, to which it is permitted to assign its interest as Agent pursuant to
the Credit Agreement. 
 (e) This Agreement shall be binding upon and inure to the benefit of each of the Pledgor, Pledgee
and Agent and their respective successors and assigns. 

  
 5 

 (f) This Agreement may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, and each such counterpart shall be deemed an original but all such counterparts shall together constitute but one and the same Agreement. 

10. Governing Law; Jurisdiction; Service of Process; Venue. 

(a) THIS AGREEMENT SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS CODE). 
 (b) ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; PROVIDED THAT ANY SUIT SEEKING ENFORCEMENT
AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH PARTY HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. EACH PARTY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED
MAIL, U.S. FIRST CLASS POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. 
 (c) EACH PARTY
HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM
THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE FULLEST EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, PLEDGOR HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVES ANY AND ALL RIGHT TO A
TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND OR CLARIFY ANY RIGHT, POWER, REMEDY OR DEFENSE ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREIN OR THEREIN, WHETHER SOUNDING
IN TORT OR CONTRACT OR OTHERWISE, OR WITH RESPECT TO ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF ANY PARTY; AND AGREES 

  
 6 

 
THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY. PLEDGOR FURTHER WAIVES ANY RIGHT TO SEEK TO CONSOLIDATE ANY SUCH LITIGATION IN WHICH A JURY TRIAL HAS BEEN
WAIVED WITH ANY OTHER LITIGATION IN WHICH A JURY TRIAL CANNOT OR HAS NOT BEEN WAIVED. FURTHER, PLEDGOR HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF ANY LENDER, INCLUDING SUCH LENDER’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH LENDER WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION. PLEDGOR ACKNOWLEDGES THAT THE PROVISIONS OF THIS SECTION ARE A MATERIAL INDUCEMENT TO EACH LENDER’S ACCEPTANCE OF THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE. 
 11. Credit Agreement. Pledgor hereby agrees to be bound by any covenants
stated to be binding upon them in the Credit Agreement and such covenants are hereby incorporated by reference as if fully set forth herein. 

12. Modification. This Agreement shall not be modified, supplemented, or terminated, nor any provision hereof waived, except by a
written instrument signed by the party against whom enforcement thereof is sought, and then only to the extent expressly set forth in such writing. 

13. Duplicate Originals; Counterparts. This Agreement may be executed in any number of counterparts and by the different parties hereto
on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. Receipt by facsimile machine or in “.pdf” format through electronic
mail of any executed signature page to this Agreement or any other Loan Document shall constitute effective delivery of such signature page. This Agreement and the other Loan Documents to the extent signed and delivered by means of a facsimile
machine or other electronic transmission (including “.pdf”), shall be treated in all manner and respects and for all purposes as an original agreement or amendment and shall be considered to have the same binding legal effect as if it were
the original signed version thereof delivered in person. No party hereto or to any such other Loan Document shall raise the use of a facsimile machine or other electronic transmission to deliver a signature or the fact that any signature or
agreement or amendment was transmitted or communicated through the use of a facsimile machine or other electronic transmission as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

14. Severability. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

15. Recitals. The recital and introductory paragraphs hereof are a part hereof, form a basis for this Agreement and shall be considered
prima facie evidence of the facts and documents referred to therein. 
 [Remainder of Page Intentionally Blank; Signatures on following page]

  
 7 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered as of the day and year
first written above. 

 

 Address for notices: 

4400 Biscayne Blvd. Suite 888 
 Miami, FL 33138 

Attn: Philip R Greenberg 
 Facsimile: 

Email: pgreenberg@verupharma.com 
 With a copy to: 

Greenberg Traurig, LLP 
 333 S.E. 2nd Avenue 

Miami, FL 33131 
 Facsimile: (305)
961-5856 
 Attn: Joshua M. Samek, Esq. 

Email: samekj@gtlaw.com

			
	PLEDGOR:
	
	 VERU INC.,
 a Wisconsin
corporation

		
	By:	 	 /s/ Mitchell S. Steiner

	Name:	 	Mitchell S. Steiner, MD, FACS
	Title:	 	CEO and President

 
 

  
 [Signature Page to Pledge
Agreement] 

 Address for Notices: 

14755 Preston Road, Suite 105 
 Dallas, Texas 75254 

Facsimile: (972) 687-7255 

Email: notifications@swkhold.com 
 With a copy to: 

Holland & Knight LLP 
 200 Crescent Court, Suite 1600

 Dallas, Texas 75201 
 Facsimile: (214) 964-9501 
 Attn: Ryan Magee 

Email: Ryan.Magee@hklaw.com

			
	AGENT:
	
	 SWK FUNDING LLC,
 a Delaware
limited liability company

	
	 By: SWK Holdings Corporation,
 its
sole Manager

		
	By:	 	 /s/ Winston Black

	Name:	 	Winston Black
	Title:	 	Chief Executive Officer

 
 

  
 [Signature Page to Pledge
Agreement] 

 ACKNOWLEDGMENT 

The undersigned hereby acknowledges receipt of a copy of the foregoing Pledge Agreement, agrees to the terms of, and agrees to promptly note
on its books and records the security interests granted under such Pledge Agreement, and waives any rights or requirement at any time hereafter to receive a copy of such Pledge Agreement in connection with the registration of any of the Subject
Collateral in the name of Agent or its nominee or the exercise of voting rights by Agent, and, after written notice from Agent that an Event of Default has occurred and is continuing, agrees, that in acting upon the instructions of Agent, it will
not require the further consent of, or seek further instruction from, the Pledgor at any time. 
  

			
	Acknowledged and Agreed:
	
	THE FEMALE HEALTH COMPANY LIMITED, a company organized under the laws of the United Kingdom
		
	By:	 	 /s/ Kevin J. Gilbert

	Name:	 	Kevin J. Gilbert
	Title:	 	Director

  
 [Acknowledgment of Pledge
Agreement] 

 SCHEDULE I 

SUBJECT SECURITIES 
  

																					
	 Pledged Entity
	  	Pledgor	 	  	Percentage
of
Ownership	 	 	Pledged
Ownership	 	 	Shares	 	  	Certificate
Number(s)	 
	 THE FEMALE HEALTH COMPANY LIMITED
	  	 	VERU INC.	 	  	 	100	% 	 	 	65	% 	 	 	2,535,084	 	  	 	3	 

  
 [Schedule I to Pledge
Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}]]