Document:

EX-10.6

 Exhibit 10.6 

Execution Copy 

RETENTION AND SEVERANCE COMPENSATION AGREEMENT 

THIS RETENTION AND SEVERANCE COMPENSATION AGREEMENT (the “Agreement”) is made and entered into between and among ProAssurance Group
Services Corporation, an Alabama corporation, and ProAssurance Corporation, a Delaware corporation (“PROASSURANCE”), and Harry Talbert, an individual (the “Executive”). PROASSURANCE and its direct and indirect subsidiaries,
including Eastern Insurance Holdings, Inc. and its subsidiaries (“EASTERN”), are hereinafter collectively referred to as the “Companies.” 

RECITALS: 
 Executive
currently provides services to EASTERN and its subsidiaries as an employee of EASTERN’S subsidiary, Eastern Alliance Insurance Company (“EAIC”). PROASSURANCE has agreed to acquire all of the outstanding common stock of EASTERN on the
Effective Date (herein defined) pursuant to the Agreement and Plan of Merger, dated September 23, 2013 (the “Merger Agreement”), executed by PROASSURANCE, PA Merger Company, and EASTERN, in connection with the cash merger of EASTERN
and PROASSURANCE’S subsidiary (the “Merger”). 
 PROASSURANCE has offered to employ Executive as an at will employee of the
Companies at Executive’s primary location of employment in Lancaster, Pennsylvania, subject to the benefits and protections afforded to the Executive under this Agreement. The Companies and Executive have entered into this Agreement to evidence
the terms and conditions upon which the Companies will pay retention payments as an incentive for the Executive to continue in the employ of the Companies after the Effective Date; the terms and conditions upon which the Companies will pay Executive
for an extension of his covenant not to compete; and the terms and conditions upon which the Companies will provide severance benefits to the Executive upon the termination of employment with the Companies under certain circumstances. 

AGREEMENT 
 NOW,
THEREFORE, These Premises Considered, and in consideration of the mutual covenants and promises in this Agreement, the sufficiency of which is hereby acknowledged and intending to be legally bound, the parties agree as follows: 

1. Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below: 

(a) “Annual Base Salary” of the Executive shall be defined as the Executive’s annual base rate of compensation in effect as of
the Date of Termination (herein defined), but in no event less than the greater of: (A) the Executive’s annual base rate of $180,765 which is the base salary to be paid to Executive by the Companies on the Effective Date; or (B) the
Executive’s annual base rate of compensation in effect as of the end of the last calendar quarter preceding the Date of Termination. 

 (b) “Average Annual Incentive Awards and Bonus(es)” shall mean the amount equal to the
average of the annual incentive award(s) and bonus(es) paid to Executive in each of the three complete calendar years prior to the Date of Termination (including amounts paid by EASTERN if the Date of Termination occurs less than three years after
the Effective Date). The “Average Annual Incentive Award(s) and Bonus(es)” shall mean the dollar value of the cash or other consideration paid to the Executive as annual performance based compensation (whether or not deferred) in each
calendar year during said period; the performance based compensation shall be deemed to be paid to Executive in the calendar year that the Executive is notified of the award of performance based compensation and has the right to accept payment of
the award. Executive’s annual incentive awards and bonuses do not include long-term incentive compensation or any Retention Payments (herein defined); therefore, annual incentive awards and bonuses shall be calculated excluding the value of
options to purchase stock, performance shares, restricted stock, restricted stock units, or other long-term incentives. 
 (c)
“Board” means the Board of Directors of PROASSURANCE either acting as a full Board or through its Compensation Committee. 
 (d)
“Cash Severance Benefits” means (A) in the case of Severance Benefits payable under Section 5(a) hereof, the cash payments to be made to Executive pursuant to subparagraphs (i), (ii), (iii) and (iv) thereunder, and
(B) in the case of Severance Benefits payable under Section 5(b) hereof, the cash payments to be made to Executive pursuant to subparagraph (i) and (ii) thereunder. 

(e) “Cause” means: (i) the Executive has been convicted in a federal or state court of a crime classified as a felony;
(ii) action or inaction by the Executive (A) that constitutes embezzlement, theft, misappropriation or conversion of assets of the Companies which alone or together with related actions or inactions involve assets of more than a de minimus
amount or that constitutes intentional fraud, gross malfeasance of duty, or conduct grossly inappropriate to Executive’s office, and (B) such action or inaction has adversely affected or is likely to adversely affect the business of the
Companies, taken as a whole, or has resulted or is intended to result in a direct or indirect gain or personal enrichment of Executive to the detriment of the Companies; (iii) Executive has been grossly inattentive to, or in a grossly negligent
manner failed to competently perform, Executive’s job duties and the failure was not cured within 45 days after written notice from PROASSURANCE; or (iv) Executive has failed to timely execute the certification required to be executed by
executives of PROASSURANCE at a comparable level in support of the certifications required to be included in the annual and quarterly reports of PROASSURANCE pursuant to SEC Rule 13a-14(a) and SEC Rule 13a-14(b), and such failure continues for a
period of three (3) business days after written notice from PROASSURANCE. 
 (f) “Code” means the Internal Revenue Code of
1986, as amended. 
 (g) “Common Stock” means shares of PROASSURANCE common stock, par value $0.01 per share, which are reserved
for issuance under the Plan. 
 (h) “Date of Termination” means Executive’s “separation from service” (as defined
in Section 1.409A-3(a)(1) of the Treasury Regulations). 

  
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 (i) “Disability” means that Executive is (i) unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less
than three (3) months under the disability insurance, if any, covering employees of the Companies, or (iii) determined to be totally disabled by the Social Security Administration. 

(j) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(k) “Good Reason” shall constitute any of the following circumstances if they occur without the Executive’s express written
consent during the term of this Agreement: (i) a material diminution in the Executive’s authority, duties or responsibilities such that Executive no longer holds a position with executive level responsibilities consistent with the
Executive’s training and experience; (ii) the Companies require a material change in the Executive’s primary location of employment of more than one hundred (100) miles from the location of the Executive’s primary location
of employment on date of this Agreement; (iii) the Companies materially reduce the Executive’s incentive compensation opportunities and employee benefits to a level that is less than the incentive compensation program as described on the
term sheet attached hereto as Exhibit B; (iv) a material breach by the Companies of any provision of this Agreement; (v) a reduction by the Companies of Executive’s Annual Base Salary (herein defined); or (vi) the termination or
non-renewal of this Agreement by the Companies at any time prior to December 31 in the year that Executive reaches 65 years of age. 

(l) “Plan” means the PROASSURANCE Corporation 2014 Equity Incentive Plan and any successor plan adopted by the Board of Directors of
PROASSURANCE and approved by the stockholders. 
 (m) “Retention Benefits” mean the payments to be made to the Executive during
the Initial Term pursuant to Section 4 hereof. 
 (n) “Restricted Period” has the meaning set forth in Section 8. 

(o) “Severance Benefits” means the payments and other benefits to be provided to the Executive under Section 5(a) and 5(b)
hereof. 
 2. Term of Agreement. 

(a) This Agreement is subject to and conditioned upon the closing of the Merger and shall commence on and as of the effective time of the
Merger (the “Effective Date”). The initial terms and conditions of employment of Executive with the Companies are set forth on Exhibit B hereto. Executive and PROASSURANCE agree that this Agreement shall not be revoked or rescinded by
either party prior to the Effective Date, except that this Agreement shall be terminated automatically without any further action on the part of Executive or the Companies if the Merger Agreement is terminated prior to the Effective Date. 

  
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 (b) This Agreement shall have an initial term commencing on the Effective Date and ending at the
expiration of three years after the Effective Date (the “Initial Term”). Thereafter, this Agreement shall automatically be extended for successive terms of one year (each a “Renewal Term”), except that this Agreement shall not be
renewed and, with the exception of Section 8 hereof, shall terminate automatically and without any action of the Companies or the Executive at the expiration of the term that includes the date when the Executive reaches 65 years of age. If not
sooner terminated, any of the Companies may elect to terminate this Agreement at the expiration of the then current term by delivery of written notice of the termination of this Agreement at least six (6) months prior to the commencement of any
Renewal Term. 
 3. Termination of Executive Agreement. The Executive Agreement is hereby terminated as of the Effective Date. The
Executive shall be relieved of all duties and obligations to EASTERN and its subsidiaries arising under the Executive Agreement from and after the Effective Date, and EASTERN and its subsidiaries are relieved of all obligations and liabilities to
Executive arising under the Executive Agreement from and after the Effective Date. 
 4. Retention Benefits. As an incentive to
continue in the employ of the Companies after the Merger and to provide PROASSURANCE and EASTERN knowledge and experience in the business of worker’s compensation insurance and in consideration for the termination of the Executive Agreement,
Executive shall be eligible for the following retention incentive payments (the “Retention Payments”). Subject to the vesting requirements set forth herein, PROASSURANCE shall cause EASTERN to pay the Executive the following cash payments
as herein provided: 
 (a) $25,000 shall vest and become payable to Executive as herein provided on the first anniversary of the Effective
Date (the “First Vesting Date”) if the Executive has been continuously employed with the Companies from the Effective Date through and including the First Vesting Date; and 

(b) $50,000 shall vest and become payable to Executive as herein provided on the second anniversary of the Effective Date (the “Second
Vesting Date”) if the Executive has been continuously employed with the Companies from the Effective Date through and including the Second Vesting Date; and 

(c) $50,000 shall vest and become payable to Executive as herein provided on the third anniversary of the Effective Date (the “Third
Vesting Date”) if the Executive has been continuously employed with the Companies from the Effective Date through and including the Third Vesting Date. 

Payment of the amounts required under this Section 4 shall be made to Executive on the Companies second payroll date immediately following the date of
vesting, but in no event later than seventy-five (75) days after the end of the year in which the vesting occurs. Each Retention Payment shall be made in cash and shares of Common Stock with the cash portion being approximately 50% of the
amount of each Retention Payment. The value of the shares of the Common Stock shall be the Fair Market Value as defined under the Plan of the shares on the applicable vesting date. 

  
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 (d) If Executive’s employment is terminated by the Companies without Cause or if Executive
terminates employment with the Companies for Good Reason, the payments to be made under this Section 4 that have not vested on or before the Date of Termination shall become 100% vested and shall be paid to Executive in cash in accordance with
Section 5(a)(i) hereof. If Executive’s employment is terminated by reason of death or Disability, the payments to be made under Section 4(b) hereof that have not vested on or before the Date of Termination shall become 100% vested and
shall be paid in a lump sum to Executive, or the Executive’s beneficiary, upon on the second payroll date immediately following the Executive’s Date of Termination due to death or Disability, but in no event later than seventy-five
(75) days after the end of the year in which the Executive’s Date of Termination occurs. If Executive’s employment with the Companies is terminated for Cause or Executive terminates his employment with the Companies without Good
Reason, the payments under Section 4 that have not vested on or before the Date of Termination shall be forfeited and the Company shall have no obligation to make any further payments to the Executive under Section 4. 

(e) The payments to be made to the Executive under this Section 4 shall be in addition to and not in limitation of the Executive’s
Annual Base Salary and the annual performance based compensation and long term incentive compensation under the employee benefit plans of the Companies in which the Executive is eligible to participate. 

5. Severance Benefits. 

(a) If (A) during the Initial Term of this Agreement, (x) the Companies terminate the employment of Executive for any reason
other than Cause, death or Disability, or (y) the Executive terminates employment with the Companies for Good Reason, and (B) the Executive executes the Release as required in Section 5(c) hereof, the Executive shall receive
the following benefits: 
 (i) Cash in an amount equal to the vested Retention Benefits under Section 4(b) hereof that have not been
paid to Executive on or before the Date of Termination; 
 (ii) Cash in an amount equal to the sum of (A) Executive’s current
Annual Base Salary (but no less than the Annual Base Salary on the Effective Date) plus (B) Executive’s Average Annual Incentive Awards and Bonuses; and 

(iii) Cash payments in lieu of benefits (e.g., group insurance) in an amount equal to 22.5% of Executive’s Annual Base Salary. 

(b) If (A) during any Renewal Term of this Agreement, (x) the Companies terminate the employment of Executive for any reason other
than Cause, death or Disability, or (y) the Executive terminates employment with the Companies for Good Reason, and (B) the Executive executes the Release as required in Section 5(c) hereof, the Executive shall receive the following
benefits: 
 (i) An amount equal to the Executive’s Annual Base Salary; 

(ii) An amount equal to the Executive’s Average Annual Incentive Award(s) and Bonus(es); 

  
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 (iii) Payment of the Executive’s monthly COBRA premiums for continued health and dental
insurance coverage for the shorter of the following: (A) twelve (12) months from the Date of Termination; (B) until the Executive no longer has coverage under COBRA; or (C) until the Executive becomes eligible for substantially
similar coverage under a subsequent employer’s group health plan; and 
 (iv) Outplacement services that are customary to
Executive’s position. 
 (c) Executive understands and agrees that the payment of Cash Severance Benefits is subject to and conditioned
upon the execution of the Release substantially in the form attached hereto as Exhibit “A” (the “Release”) within twenty-two days after the Date of Termination without subsequent revocation by Executive within seven (7) days
after execution of the Release. Subject to the foregoing, payment of the Cash Severance Benefits shall be made to Executive in cash or good funds in equal monthly installments during the Restricted Period in accordance with the normal payroll
practices of PROASSURANCE in effect on the Date of Termination. The payment of the Cash Severance Benefits shall commence on the first payroll payment date following the expiration of thirty (30) days after the Date of Termination; provided
that the obligation of the Companies to pay such Cash Severance Benefits to the Executive shall be subject to termination as provided in Section 10 hereof in the event the Executive violates the covenants under either Section 8(a) or
Section 9 hereof. The Companies shall withhold from any amounts payable under this Agreement all federal, state, city or other income and employment taxes that shall be required. Notwithstanding the foregoing, if the Executive is a
“specified employee” within the meaning of Code Section 409A(a)(2)(B)(i), the payment schedule for Severance Benefits shall be modified or adjusted to provide that no payments shall be made until the expiration of six (6) months
following the Date of Termination. In the event that payments are so delayed, a lump sum payment of the accumulated unpaid amounts attributable to the six (6) month period shall be made to Executive on the first day of the seventh month
following the Date of Termination. This six month delay shall not apply to any Severance Benefits which are not subject to the requirements of Section 409A of the Code by reason of their being separation pay upon an involuntary separation from
service and their meeting the requirements and limitations of the regulations under the above referenced Code section. In no event shall the aggregate amount of Severance Benefits be reduced as a result of such modification or adjustment. For
purposes of Code Section 409A, the right to the series of installment payments is to be treated as the right to receive a series of separate payments. 

(d) The outplacement services included in the Severance Benefits shall be provided to the Executive promptly after the execution of the
Release but not later than the end of the calendar year following the year in which the Date of Termination occurred. 
 (e) The Executive
shall be entitled to the following in addition to and not in limitation of the Severance Benefits: (i) accrued and unpaid base salary as of the Date of Termination; (ii) accrued vacation and sick leave, if any, on the Date of Termination
in accordance with the then current policy or plan of the Companies with respect to terminated employees generally; and (iii) vested benefits under the Companies’ employee benefit plans in which the Executive was a participant on Date of
Termination, which vested benefits shall be paid or provided for in accordance with the terms of said employee benefit plans. 

  
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 (f) Executive shall not be entitled to receive Severance Benefits if employment with the
Companies is terminated by reason of death or Disability of Executive (except that Executive shall be entitled to receive any unpaid Retention Payments as provided in Section 4(c) hereof); or by reason of termination of employment by the
Executive without Good Reason; or by reason of termination of employment by the Companies with Cause. 
 (g) The Executive shall be under no
duty or obligation to seek or accept other employment and shall not be required to mitigate the amount of the Severance Benefits provided under this Agreement by seeking employment or otherwise; provided, however, that the Executive shall be
required to notify the Companies if the Executive becomes covered by a health or dental care program providing substantially similar coverage, at which time health or dental care continuation coverage provided under this Agreement shall cease. 

6. Good Reason for Termination. In the event that Executive desires to terminate employment with the Companies for Good Reason, the
Executive must provide the Companies with written notice no later than 45 calendar days after the Executive knows or should have known that Good Reason has occurred; provided that any such notice shall not be deemed to have been given unless and
until a copy of the notice has been delivered to the Chief Executive Officer of PROASSURANCE in accordance with Section 13 hereof. Following the Executive’s notice, the Companies shall have thirty (30) calendar days to rectify the
circumstances causing the Good Reason. If the Companies fail to rectify the event(s) causing the Good Reason within the thirty (30) day period after the Executive’s notice, or if the Chief Executive Officer of PROASSURANCE delivers to the
Executive written notice stating that the circumstances cannot or shall not be rectified, the Executive shall be entitled to assert Good Reason and terminate employment on or before ninety (90) days after the delivery of the Executive’s
notice. Should Executive fail to provide the required notice in a timely manner, Good Reason shall not be deemed to have occurred as a result of that event. The term of this Agreement shall not be deemed to have expired during the notice period,
however, as long as the Executive has provided notice within the term. 
 7. Cause. If the Executive’s employment relationship
with the Companies is terminated by the Companies for Cause, the Executive shall not be eligible for Severance Benefits and for the unvested Retention Benefits and all rights of the Executive and obligations of the Companies under this Agreement
shall expire. Any termination of the Executive’s employment by the Companies for Cause shall be communicated by a notice of termination to the Executive. The notice of termination shall be a written notice indicating the specific termination
provision of this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under this provision. In the event the Executive disputes the
basis for termination for Cause, Executive may elect to bypass the claims procedure set forth in Section 14 hereof and file for settlement of the dispute in arbitration as provided in Section 15 hereof; provided that if the arbitrator
rules in favor of the Executive, the time for the execution of the Release under Section 5(c) shall be extended twenty-two (22) days after the final decision by the arbitrator, and in the event the Executive executes the Release during
said twenty-two (22) day period and does not revoke the Release within seven (7) days after execution, the Executive shall be paid Severance Benefits as provided in Section 5(c) hereof commencing on the first payroll payment date
following the expiration of thirty (30) days after the final decision of the arbitrator (or if 

  
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earlier, the December 31 coincident with or immediately following the final decision of the arbitrator); and Executive shall be reimbursed for any COBRA premiums that were paid by Executive
in the interim period (but not exceeding the maximum period specified under Section 5(a) or 5(b) hereof) between the termination of employment for COBRA purposes and the Date of Termination as determined by the arbitrator, with such
reimbursement to be made on the first payroll payment date following the decision of the arbitrator (or if earlier, the December 31 coincident with or immediately following the final decision of the arbitrator). 

8. Non-Competition; Nonsolicitation of Employees. 

(a) In the event Executive’s employment with the Companies is terminated for any reason, the Executive will not during the Restricted
Period (herein defined): 
 (i) become Employed by a Competitor Company that offers, sells, or markets any Workers’ Compensation
Insurance Product or Service in any state that an Insurance Subsidiary actively markets any Workers’ Compensation Insurance Product or Service, except that Executive may be employed with a Competitor Company so long as and on the condition that
the Executive is not employed and does not participate in the Workers’ Compensation Insurance Product or Service provided by the Competitor Company in any state in which an Insurance Subsidiary actively markets any Workers’ Compensation
Insurance Product or Service; or 
 (ii) solicit or induce any employees of the Companies to leave such employment or accept employment
with any other person or entity, or solicit or induce any insurance agent of an Insurance Subsidiary to offer, sell or market any Workers’ Compensation Insurance Product or Service for a Competitor Company in any state in which an Insurance
Subsidiary actively markets any Workers Compensation Insurance Product or Service. 
 (b) For purposes of this Section 8 only, the
following terms shall have the meanings set forth below: 
 “Companies” has the meaning set forth in the initial paragraph of this
Agreement. 
 “Competitor Company” means an insurance company, insurance agency, business, for profit or not for profit
organization (other than the Companies) that provides, or offers to provide any Workers Compensation Insurance Product or Service. 

“Employed” includes activities as an owner, proprietor, employee, agent, solicitor, partner, member, manager, principal, shareholder
(owning more than 1% of the outstanding stock), consultant, officer, director or independent contractor. 
 “Insurance Subsidiary”
means any direct or indirect subsidiary of PROASSURANCE that offers to provide Workers Compensation Products and Services. 
 “Workers
Compensation Insurance Product or Service” means any workers compensation insurance product or service. 

  
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 “Restricted Period” means a period of three years after the Date of Termination if
terminated during the Initial Term; or a period two years after termination if terminated during a Renewal Term. 
 9.
Confidentiality. Executive will remain obligated under any confidentiality or nondisclosure agreement with or policy of the Companies (or any of them) that is currently in effect or to which the Executive may in the future be bound. In
addition to and without limitation of the foregoing Executive understands, acknowledges and agrees to the following: 
 (a) During the
course of Executive’s employment with the Companies, certain confidential information may have been divulged to or become known by Executive in the nature of, but not limited to (i) information concerning the Companies’ and their
affiliates’ current, former and prospective employees; (ii) business practices and business plan; (iii) customer information; (iv) contract information; (v) marketing strategies; (vi) business plans; (vii) product
information; (viii) policies and procedures; (ix) financial, pricing and wage information; (x) administrative information; (xi) future plans of the Companies and their affiliates; (xii) and other trade secrets, which is
valuable, confidential information of Companies and their affiliates (all of which is referred to herein as “Confidential Information”), which Confidential Information has been uniquely developed by the Companies and their affiliates and
cannot be readily obtained by third parties from outside sources. 
 (b) The Confidential Information is important and is an essential asset
of the Companies. 
 (c) Executive’s knowledge of the Confidential Information could be useful to a competitor of the Companies, and
their affiliates which do or intend to do business in competition with the Companies or their affiliates. 
 In recognition of the facts expressed above,
Executive expressly agrees that Executive shall not use for Executive’s personal benefit, or disclose, communicate or divulge to, or use for the direct or indirect benefit of any person, firm, association or company, any confidential or
competitive material or information of the Companies or their affiliates, or Confidential Information. 
 10. Reasonableness of
Restrictions; Available Remedies. 
 (a) The Companies acknowledge and agree that the duties of Executive may require that Executive
must have and continue to have throughout the period of employment the benefits and use of its goodwill, confidential information and trade secrets to properly carry out Executive’s responsibilities, and that the Companies accordingly promise
to provide Executive with access to new and additional confidential information and trade secrets as they are generated, without regard to the duration of his employment, and to authorize Executive to engage in activities that will create new and
additional confidential information and trade secrets. Executive and the Companies agree that the restrictions contained in Sections 8 and 9 of this Agreement are fair and reasonable in all respects, including the geographic and temporal
restrictions, and that the benefits described in this Agreement, to the extent any separate or special consideration is necessary, are fully sufficient for Executive’s obligations under this Agreement. 

  
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 (b) If the Executive is deemed to have materially breached the non-competition covenants set
forth in Section 8 hereof or the confidentiality covenants set forth in Section 9 hereof, the Companies may, in addition to seeking an injunction or any other remedy they may have, withhold or cancel any remaining payments or benefits due
to the Executive pursuant to Section 5 and Section 8 of this Agreement. The Companies shall give prior or contemporaneous written notice of such withholding or cancellation of payments in accordance with Section 5 hereof. If the
Executive violates any of these covenants, the Companies shall be further entitled to an immediate preliminary and permanent injunctive relief, without bond, in addition to any other remedy which may be available to the Companies. 

11. Policies Regarding Executive Compensation. The Board of Directors of the Corporation has adopted, and may from time to time adopt,
certain policies with regard to executive compensation to conform with applicable laws and regulations, listing requirements, and best practices for public companies. This Agreement shall be subject to such policies, including without limitation the
following policies which became effective December 1, 2010: 
 (a) Holding Period for Stock Awards. The Board of Directors
requires certain executive level employees of the Companies to agree to hold shares of Common Stock issued as stock-based compensation for a minimum period of one year from the date of the payment of the stock-based compensation. Executive hereby
agrees to hold the shares of Common Stock issued to Executive as stock-based compensation incentive compensation, including without limitation, the Retention Payments payable hereunder (other than shares of Common Stock withheld by the companies to
pay income and employment taxes), until the later of either (i) one year from the date of the payment of the stock-based compensation; or (ii) Executive satisfies PROASSURANCE’S minimum holding requirements for Vice Presidents. 

(b) Recoupment of Incentive Compensation. The Board of Directors has adopted a policy which sets forth conditions under which the
Companies will require reimbursement with respect to incentive compensation paid or awarded to an executive level employee when the incentive compensation is based on publicly reported financial statements that are required to be restated to correct
an accounting error due to material noncompliance with the federal securities laws, gross negligence, fraud or misconduct. Executive agrees that incentive compensation (exclusive of the Retention Payments) paid to Executive by the Companies after
the Effective Date shall be subject to the policy of the Board of Directors known as the “ProAssurance Corporation Policy Regarding the Recoupment of Certain Performance-Based Compensation Payments,” as currently in effect on date of this
Agreement or as the same may be amended from time to time (the “Policy”). 
 12. Successors and Assigns. This Agreement
shall be binding upon and inure to the benefit of the Companies and Executive and their respective devisees, heirs, legal or personal representatives, successors and assigns. Notwithstanding the foregoing, this Agreement is personal to the Executive
and the rights and obligations hereunder may not be assigned by Executive without the prior written consent of PROASSURANCE. In the event the Executive dies while receiving Severance Benefits under this Agreement, any remaining unpaid Severance
Benefits shall be paid to the designated beneficiary of the Executive (or if none, to the estate of the Executive) following the payment schedule set forth in Section 5(d) and Section 8 hereof in accordance with the payment instructions
from the representative of the estate of the Executive. 

  
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 13. Notice. For purposes of this Agreement, notices and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or commercial courier or mailed by United States certified or registered mail, return receipt requested, postage prepaid, addressed to the
respective addresses as set forth below or to such other address as one party may have furnished to the other in writing in accordance herewith. 

Notice to the Executive: 

Harry Talbert 
 25 Race Avenue

 Lancaster, PA 17608 

Notice to the Companies: 

ProAssurance Corporation 
 100
Brookwood Place 
 Birmingham, AL 35209 

Attention: Secretary; with copy to Chief Executive Officer 

14. Claims Procedure. 

(a) The administrator for purposes of this Agreement shall be PROASSURANCE (“Administrator”), whose address is 100 Brookwood Place,
Birmingham, Alabama 35209 Telephone: (205) 877 4400. The “Named Fiduciary” as defined in Section 402(a)(2) of ERISA, also shall be PROASSURANCE. PROASSURANCE shall have the right to designate one or more employees of the
Companies as the Administrator and the Named Fiduciary at any time, and to change the address and telephone number of the same. PROASSURANCE shall give the Executive written notice of any change in the Administrator and Named Fiduciary, or in the
address or telephone number of the same. 
 (b) The Administrator shall make all determinations as to the right of any person to receive
benefits under the Agreement. Any denial by the Administrator of a claim for benefits by the Executive (“the claimant”) shall be stated in writing by the Administrator and delivered or mailed to the claimant within ten (10) days after
receipt of the claim, unless special circumstances require an extension of time for processing the claim. If such an extension is required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial
10-day period. In no event shall such extension exceed a period of ten (10) days from the end of the initial period. Any notice of denial shall set forth the specific reasons for the denial, specific reference to pertinent provisions of this
Agreement upon which the denial is based, a description of any additional material or information necessary for the claimant to perfect the claim, with an explanation of why such material or information is necessary, and any explanation of claim
review procedures, written to the best of the Administrator’s ability in a manner that may be understood without legal or actuarial counsel. 

(c) A claimant whose claim for benefits has been wholly or partially denied by the Administrator may request, within ten (10) days
following the receipt of such denial, in a 

  
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writing addressed to the Administrator, a review of such denial. The claimant shall be entitled to submit such issues or comments in writing or otherwise, as the claimant shall consider relevant
to a determination of the claim, and the claimant may include a request for a hearing in person before the Administrator. Prior to submitting the request, the claimant shall be entitled to review such documents as the Administrator shall agree are
pertinent to the claim. The claimant may, at all stages of review, be represented by counsel, legal or otherwise, of the claimant’s choice. All requests for review shall be promptly resolved. The Administrator’s decision with respect to
any such review shall be set forth in writing and shall be mailed to the claimant not later than ten (10) days following receipt by the Administrator of the claimant’s request unless special circumstances, such as the need to hold a
hearing, require an extension of time for processing, in which case the Administrator’s decision shall be so mailed not later than twenty (20) days after receipt of such request. 

15. Arbitration. The parties to this Agreement agree that final and binding arbitration shall be the sole recourse to settle any claim
or controversy arising out of or relating to a breach or the interpretation of this Agreement, except as either party may be seeking injunctive relief. Either party may file for arbitration. A claimant seeking relief on a claim for benefits,
however, must first follow the procedure in Section 14 hereof and may file for arbitration within sixty (60) days following claimant’s receipt of the Administrator’s written decision on review under Section 14(c) hereof, or
if the Administrator fails to provide any written decision under Section 14 hereof, within sixty (60) days of the date on which such written decision was required to be delivered to the claimant as therein provided. The arbitration shall
be held at a mutually agreeable location, and shall be subject to and in accordance with the arbitration rules then in effect of the American Arbitration Association; provided that if the location cannot be agreed upon the arbitration shall be held
in either Birmingham, Alabama, or Lancaster, Pennsylvania, whichever location is closer to the principal office where the Executive was employed on the Date of Termination. The arbitrator shall consider the claim de novo, and shall not be
required to give deference to the findings of the Administrator. The arbitrator may award any and all remedies allowable by the cause of action subject to the arbitration, but the arbitrator’s sole authority shall be to interpret and apply the
provisions of this Agreement. In reaching its decision the arbitrator shall have no authority to change or modify any provision of this Agreement or other written agreement between the parties. The arbitrator shall have the power to compel the
attendance of witnesses at the hearing. Any court having jurisdiction may enter a judgment based upon such arbitration. All decisions of the arbitrator shall be final and binding on the parties without appeal to any court. Upon execution of this
Agreement, the Executive shall be deemed to have waived any right to commence litigation proceedings regarding this Agreement outside of arbitration or injunctive relief without the express consent of PROASSURANCE. The Companies shall pay all
arbitration fees and the arbitrator’s compensation. If the Executive prevails in the arbitration proceeding, the arbitrator shall require the Companies to reimburse the Executive for the reasonable fees and expenses of Executive’s personal
counsel for his or her professional services rendered to the Executive in connection with the enforcement of this Agreement. 

  
 12 

 16. Miscellaneous. 

(a) Except insofar as this provision may be contrary to applicable law, no sale, transfer, alienation, assignment, pledge, collateralization
or attachment of any benefits under this Agreement shall be valid or recognized by the Companies. 
 (b) This Agreement is an unfunded
deferred compensation arrangement for a member of a select group of the Companies’ management and any exemptions under ERISA, as applicable to such arrangement, shall be applicable to this Agreement. Nothing in this Agreement shall require or
be deemed to require the Companies or any of them to segregate, earmark or otherwise set aside any funds or other assets to provide for any payments made or required to be made hereunder. 

(c) It is understood, acknowledged and agreed that Executive is and will be an “at will” employee of any one or more of the
Companies. Nothing in this Agreement shall be deemed to create an employment agreement between the Executive and the Companies or any of them providing for Executive’s employment for any fixed duration, nor shall it be deemed to modify or
undercut the Executive’s at will employment status with the Companies. 
 (d) It is understood and agreed by the Companies and
Executive that the terms of this Agreement relating to the payment of Severance Benefits are intended to comply in all respects with the requirements of Code Section 409A. For purposes of determining whether Severance Benefits may be payable to
an Executive in compliance with Code Section 409A, the Executive’s employment will be considered as having been terminated for purposes of this Agreement if the parties reasonably anticipate either (i) that Executive will no longer
perform any services for the Companies or (ii) that the level of bona fide services performed for the Companies (whether as an employee or independent contractor) will permanently decrease to no more than 20% of the average level of bona fide
services performed by Executive over the immediately preceding 36-month period (or the full period of services to the Companies if Executive has been providing services to the Companies for less than 36 months). 

(e) Neither the provisions of this Agreement nor the severance benefits provided hereunder shall reduce any amounts otherwise payable, or in
any way diminish the Executive’s rights as an employee of the Companies, whether existing now or hereafter, under any benefit, incentive, retirement, stock option, stock bonus or stock purchase plan, or other plan or arrangement. 

(f) This Agreement sets forth the entire agreement between the parties with respect to the matters set forth herein and supersedes in their
entirety any prior written or oral agreements or understandings between Executive and the Companies regarding the subject matter of this Agreement. This Agreement may not be modified or amended except by written agreement intended as such and signed
by all parties. 
 (g) The Companies, from time to time, shall provide government agencies with such reports concerning this Agreement as
may be required by law, and shall provide Executive with such disclosure concerning this Agreement as may be required by law or as the Companies may deem appropriate. 

  
 13 

 (h) Executive and the Companies respectively acknowledge that each of them has read and
understand this Agreement, that they have each had adequate time to consider this Agreement and discuss it with each of their attorneys and advisors, that each of them understands the consequences of entering into this Agreement, that each of them
is knowingly and voluntarily entering into this Agreement, and that they are each competent to enter into this Agreement. 
 (i) Executive
shall not during the Initial Term and the Renewal Term or any time thereafter, disparage the Companies, its affiliates, and /or respective officers, employees or directors, or engage in conduct resulting in, or likely to result in, damage to the
business or professional reputation of the Companies or their affiliates. The Companies agree that they will not at anytime disparage Executive or engage in conduct resulting in, or likely to result in, the damage to the business or professional
reputation of Executive. 
 (j) The provisions of this Agreement shall survive the expiration of the terms set forth in Section 2
hereof. If any provision of this Agreement is determined to be unenforceable, the remainder of this Agreement shall not be affected but each remaining provision shall continue to be valid and effective and shall be modified so that it is enforceable
to the fullest extent permitted by law. Moreover, in the event this Agreement is determined to be unenforceable against any of the Companies, it shall continue to be valid and enforceable against the other Companies. 

(k) This Agreement will be interpreted as a whole according to its fair terms. It will not be construed strictly for or against either party.

 (l) Except to the extent that federal law controls, this Agreement is to be construed according to Delaware law. 

[Signatures on following page.] 

  
 14 

 IN WITNESS WHEREOF, the parties have duly executed this Agreement on this 20th day of September, 2013. 
  

			
	EXECUTIVE:
	
	

	Harry Talbert
	
	PROASSURANCE CORPORATION
		
	By:	 	

		 	Jeffrey P. Lisenby
	Its:	 	Senior Vice President
	
	PROASSURANCE GROUP SERVICES CORPORATION
		
	By:	 	

		 	Jeffrey P. Lisenby
	Its:	 	President

  
 15 

 EXHIBIT A 

RELEASE IN CONJUNCTION WITH SEVERANCE COMPENSATION 

This Release of Claims (“Release”) is made in favor of ProAssurance Corporation (“PROASSURANCE”), for itself and for its
subsidiaries (including, but not limited to, ProAssurance Group Services Corporation) and any successor company that has assumed the Agreement to which this Release was an attachment (all such organizations being referred to in this Release as the
“Companies”) and Harry Talbert (“Executive”). 
 The Companies and Executive have agreed to terminate their employment
relationship. To effect an orderly termination, the Executive, and the Companies are entering into this Release. 
 1. Effective with the
Date of Termination, Executive is relieved of all duties and obligations to the Companies, except as provided in this Release or any applicable provisions of the Retention and Severance Compensation Agreement between Companies and Executive, dated
            , 2013 (“Agreement”), which survive termination of the employment relationship. Unless otherwise specifically defined herein, capitalized terms shall have the meaning
attributed to them in the Agreement. 
 2. Executive hereby resigns as an officer and director, as applicable, of each of the Companies
effective on Date of Termination and waives any and all rights Executive may otherwise have to continued employment with or re-employment by the Companies or any parent, subsidiary or affiliate of Companies. 

3. Executive agrees that he will not at any time disparage the Companies, their affiliates, and/or respective officers, employees or
directors, or engage in conduct resulting in, or likely to result in, damage to the business or professional reputation of the Companies or their affiliates. The Companies agree that they will not at any time disparage Executive or engage in conduct
resulting in, or likely to result in, the damage to the business or professional reputation of Executive. 
 4. Executive agrees that this
Release, the Agreement, and the Severance Benefits provided under the Agreement are confidential and shall not be disclosed or published directly or indirectly to third persons, except as necessary to enforce its terms, by Executive or to
Executive’s immediate family upon their agreement not to disclose the fact or terms of this Release, or to Executive’s attorney, financial consultant or accountant, except that Executive and the Companies may disclose, as necessary,
(i) the fact that Executive has terminated Executive’s employment with the Companies and (ii) the terms of this Agreement and Severance Benefits as required under the securities laws and regulations and the listing requirements of any
stock exchange or national market system and as otherwise required by law. 
 5. Any fringe benefits that Executive has received or
currently is receiving from the Companies or its affiliates shall cease effective with the Date of Termination, except as otherwise provided for in this Release, in the Agreement or by law. 

 6. The parties agree that the terms contained and payments provided for in the Agreement are
compensation for and in full consideration of Employee’s release of claims under this Release, and Executive’s confidentiality, non-compete, non-solicitation and non-disclosure agreements contained in the Agreement. 

7. The Executive shall be under no duty or obligation to seek or accept other employment and shall not be required to mitigate the amount of
the Severance Benefits (as defined and provided under the Agreement) by seeking employment or otherwise, provided, however, that the Executive shall be required to notify the Companies if the Executive becomes covered by a health or dental care
program providing substantially similar coverage, at which time health or dental care continuation coverage provided under the Agreement shall cease. 

8. Executive waives, releases, and forever discharges the Companies and each of their direct or indirect parents, subsidiaries, affiliates,
and any partnerships, joint ventures or other entities involving or related to any of the Companies, their parents, subsidiaries or affiliates, and all present or former employees, officers, agents, directors, successors, assigns and attorneys of
any of these corporations, persons or entities (all collectively referred to in this Release as the “Released”) from any and all claims, charges, suits, causes of action, demands, expenses and compensation whatsoever, known or unknown,
direct or indirect, on account of or growing out of Executive’s employment with and termination from the Companies, or relationship or termination of such relationship with any of the Released, or arising out of related events occurring through
the date on which this Release is executed. This includes, but is not limited to, claims for breach of any employment contract; handbook or manual; any express or implied contract; any tort; continued employment; loss of wages or benefits; attorney
fees; employment discrimination arising under any federal, state, or local civil rights or anti-discrimination statute, including specifically any claims Executive may have under the federal Age Discrimination in Employment Act, as amended, 29 USC
§§ 621, et seq.; emotional distress; harassment; defamation; libel; slander; and all other types of claims or causes of action whatsoever arising under any other state or federal statute or common law of the United States.
Notwithstanding anything in this Release to the contrary, nothing in this Release shall be construed to waive, release or discharge the Companies from making any payments or providing any benefits to Executive in accordance with the terms of the
Agreement. 
 9. The Executive does not waive or release any rights or claims that may arise under the federal Age Discrimination in
Employment Act, as amended, after the date on which this Release is executed by the Executive. 
 10. The Executive acknowledges and agrees
that Executive has been advised in writing by this Release, and otherwise, to CONSULT WITH AN ATTORNEY before Executive executes this Release. 

11. The Executive agrees that Executive received a copy of this Release prior to executing the Agreement, that this Release incorporates the
Companies’ FINAL OFFER; that Executive has been given a period of at least twenty-two (22) calendar days within which to consider this Release and its terms and to consult with an attorney should Executive so elect. 

  
 2 

 12. The Executive shall have seven (7) calendar days following Executive’s execution of
this Release to revoke this Release. Any revocation of this Release shall be made in writing by the Executive and shall be received on or before the time of close of business on the seventh calendar day following the date of the Employee’s
execution of this Release at PROASSURANCE’S address at 100 Brookwood Place, Birmingham, Alabama 35209, Attention: President: cc Secretary, or such other place as the Companies may notify Executive in writing. This Release shall not become
effective or enforceable until the eighth (8th) calendar day following the Executive’s execution of this Release. 

13. Executive and the Companies acknowledge that they have read and understand this Release, that they have had adequate time to consider this
Release and discuss it with their attorneys and advisors, that they understand the consequences of entering into this Release, that they are knowingly and voluntarily entering into this Release, and that they are competent to enter into this
Release. 
 14. This Release shall benefit and be binding upon the parties and their respective directors, officers, employees, agents,
heirs, successors, assigns, devisees and legal or personal representatives. 
 15. This Release, along with the attached Agreement, sets
forth the entire agreement between the parties at the time and date these documents are executed, and fully supersedes any and all prior agreements or understandings between them pertaining to the subject matter in this Release. This Release may not
be modified or amended except by a written agreement intended as such, and signed by all parties. 
 16. Except to the extent that federal
law controls, this Release is to be construed according to the law of the state of Delaware. 
 17. If any provision of this Release is
determined to be unenforceable, at the discretion of PROASSURANCE the remainder of this Release shall not be affected but each remaining provision or portion shall continue to be valid and effective and shall be modified so that it is enforceable to
the fullest extent permitted by law. 
 18. To signify their agreement to the terms of this Release, the parties have executed it on the
date set forth opposite their signatures, or those of their authorized agents, which follow. 
  

									
		 		 		 	EXECUTIVE
				
	Dated:	 	  
	 		 	  

		 		 		 	Harry Talbert
				
		 		 		 	PROASSURANCE CORPORATION
					
	Dated:	 	  
	 		 	By:	 	  

		 		 		 	Its:	 	  

  
 3 

 EXHIBIT B 

INITIAL TERMS OF EMPLOYMENT 
 Job
Responsibilities: 
 Senior Vice President of Information Systems of Eastern with executive duties as assigned by the President of
Eastern 
 Primary Location of Employment: 

Lancaster, Pennsylvania 
 Annual Base
Salary: 
 $180,765 
 Annual
Incentive Compensation: 
 For 2013 – Continuation of Eastern’s existing Management Incentive Plan including
percentage of base pay and measuring criteria 
  

			
	For 2014 – Percentage of Base Salary =	  	10% (Threshold)
		  	18% (Target)
		  	26% (Maximum)

 Measuring Criteria = Eastern calendar year Consolidated Combined Ratio (CCR) to be calculated in accordance
with Exhibit C attached hereto. 
  

	 	•	 	Target 89% 

  

	 	•	 	Pay target award (18% of base) for CCR of 89% 

  

	 	•	 	Adjust award percentage +/- 0.8% for each 1% decrease/increase in CCR 

  

	 	•	 	No award for CCR above 99% 

  

	 	•	 	Maximum award (26% of base) for CCR 79% or below 

 For 2015 and thereafter – Bonus
potential as a percentage of base salary to be no less than as specified for 2014; measuring criteria to remain as stated for 2014 for remainder of Initial Term and thereafter subject to adjustment in accordance with overall ProAssurance incentive
compensation plan and strategy. 
 Long-Term Incentive Compensation: 

Subject to approval of ProAssurance Compensation Committee, award of Restricted Stock Units and Qualified Performance Shares at the level of
ProAssurance Vice Presidents. 

 Restricted Stock Units vest after 3-year restricted period (December 31, 2016 for any award in
2014) 
 Qualified Performance Shares are subject to 3-year measuring period with units awarded according to the better result on either of
two performance measures: 
 Measure #1 – Stock performance versus the SNL Property/Casualty Insurance Index for the 3-year period 

 

	 	•	 	Threshold award if PRA achieves at least 75% of index performance 

  

	 	•	 	Target award if PRA achieves at least 10% better than the index 

  

	 	•	 	Maximum award if PRA achieves at least 20% better than the index 

 Measure #2 – Average
weighted calendar year CCR for Eastern during the 3-year period 
  

	 	•	 	Threshold award for combined ratio 93% or lower 

  

	 	•	 	Target award for combined ratio 88% 

  

	 	•	 	Maximum award for combined ratio 83% or lower 

 Employee Benefits 

Continuation of Eastern benefits package through December 31, 2014 

Eligible for ProAssurance 2011 Employee Stock Ownership Plan upon merger closing 

Full ProAssurance benefits beginning January 1, 2015 

  
 2 

 EXHIBIT C 

Calculation of Eastern Consolidated Combined Ratio for Compensation Purposes 

The objective of this ratio is to capture the results of the insurance operations before any transaction related expenses or any allocated overhead expenses
(which does not include either (1) overhead budgeted within Eastern’s projections or (2) any charges for direct expenses of Eastern) of the Eastern Group of Companies, including: 

Eastern Insurance Holdings, Inc. 
 Global Alliance Holdings Ltd.

 Allied Eastern Indemnity Company 
 Eastern Alliance Insurance
Company 
 Eastern Advantage Assurance Company 
 Employers
Security Insurance Company (if it exists) 
 Eastern Re Ltd., S.P.C 

Because the management of the Eastern Group of Companies will not control investment and capital decisions it is appropriate to exclude these items and also
to exclude any purchase accounting related charges and any allocated overhead charges (which does not include either (1) overhead budgeted within Eastern’s projections or (2) any charges for direct expenses of Eastern) from the metric
used for compensation. 
 The combined ratio described herein will capture the entirety of the Eastern operations as set forth below: 

Loss and loss adjustment expenses + Acquisition Expenses + Operating Expenses + Policyholder 

Dividends – Ceding Commissions – Third Party Administrator Revenue – Cell Rental Fees 

 
  

Net Earned Premiums 
 As an example here is the
calculation using Eastern’s March 31, 2013 Projections for 2014: 
  

									
	89,679 + 22,870 + 38,427 + 893 – 12,938 – 8,921 – 1,327	 		 	128,683	 		 	
	  
	 	=	 	  
	 	=	 	88.19%
		 	 		 		 	
	145,908	 		 	145,908	 		 	

  
 3EX-10.1

 Exhibit 10.1 

SETTLEMENT AGREEMENT AND RELEASE  

This Settlement Agreement and Release (this “Agreement”), effective as of the date of the last execution signature (“Effective
Date”), is by and between Topotarget A/S, a publicly-traded Danish biopharmaceutical company (“Topotarget”) and Apricus Biosciences, Inc., a publicly-traded pharmaceutical company (“Apricus”). As used
herein, “Parties” shall mean Topotarget and Apricus. 
 WHEREAS, Topotarget commenced a lawsuit against Apricus by filing a Complaint in
the United States District Court for the Southern District of New York (the “Court”) captioned Topotarget A/S v. Apricus Biosciences, Inc. case No. 13-CV-3946 (the “Action”), asserting several claims
related to the Stock Purchase Agreement entered into between the Parties on December 15, 2011 (the “SPA”); 
 WHEREAS, by agreed
stipulation of the Parties, Apricus has not yet responded to the Action in Court filings; and 
 WHEREAS, the Parties desire to avoid the expense and
inconvenience of further litigation, to resolve any and all disputes of whatever kind between them amicably, to terminate the Action, and to avoid any future litigation between them. 

NOW, THEREFORE, in exchange for the mutual consideration contained herein, and intending to be legally bound hereby, the Parties agree as follows: 

1. Payment Amounts. In full and final settlement of the Action, and as consideration for the release of claims set forth below in Section 4,
Apricus shall provide Topotarget with the following payments and benefits: 
 a. Lump Sum Payment of Apricus Shares: In full and final
settlement of the Action, and as consideration for the release of claims set forth below in Section 4, within five (5) business days after the Effective Date, Apricus shall issue to Topotarget the number of unregistered shares of common
stock $0.001 par value per share of Apricus (the “Apricus Common Stock”) equal to one million one hundred thousand dollars ($1,100,000) divided by the average of the closing prices of Apricus’s common stock on the Nasdaq
Capital Market for the ten trading days from the fifteenth trading day to the sixth trading day before the actual issuance of the Apricus Shares (the “Apricus Shares”). If, prior to the earlier of (x) the 151st day following the issuance of the Apricus Shares (extended by the number of days in such period on which Topotarget is not able to conduct sales under the Registration Statement (as defined in the
Registration Rights Agreement)), or (y) the 30th day following the sale of the last of the Apricus Shares, Seller provides notice and supporting documentation reasonably satisfactory to Apricus (the “Notice of Additional
Issuance”) stating that Seller did not receive at least one million one hundred thousand dollars ($1,100,000) in net proceeds from the sale of the Apricus Shares (after deduction of any commissions, fees and other expenses reasonably
incurred in connection with the sale of such Apricus Shares), then promptly thereafter, Apricus shall issue Topotarget the number of additional unregistered shares of Apricus Common Stock (the “Additional

  
 1 

 
Shares”) equal to (xx) the difference between such net proceeds and one million one hundred thousand dollars ($1,100,000) divided by (yy) the average of the closing prices of
Apricus’s common stock on the Nasdaq Capital Market for the ten trading days from the fifteenth trading day to the sixth trading day before the actual issuance of the Additional Shares; provided, however, that Apricus shall only be responsible
to deliver Additional Shares on one occasion. In connection with the issuance, the Parties will enter into the Registration Rights Agreement attached as Exhibit A. Topotarget acknowledges and agrees that the payment of Apricus Shares, and if
required by this Section 1, the Additional Shares, is inclusive of any and all attorneys’ fees and litigation costs and expenses that it might otherwise be entitled to receive under law or otherwise. 

b. Payment of Outstanding Credit Balance: Within ten (10) business days after the Effective Date, Apricus shall pay, directly to US
Oncology Specialty, LP, a subsidiary of McKesson Corporation (“USON Specialty”), the full outstanding credit balance applicable to the USON Specialty account, which stands in the amount of $69,155. 

2. No Admission of Liability. The Parties agree that this Agreement is made in compromise of disputed claims and solely to avoid the expense and
inconvenience of litigation and is not, nor shall it be, construed as a finding or admission of fault, wrongdoing, obligation, or illegal, immoral, or unethical conduct on the part of any of the Parties, all of which is expressly disclaimed. It is
expressly understood and agreed that none of the Parties hereto shall be considered to have been or be the “prevailing” or “successful” party within the meaning of any statute, regulation, or otherwise. 

3. Dismissal of Action. Within five (5) business days of the last to occur of (x) the issuance of the Apricus Shares described in
Section 1.a., or (y) receipt of proof that Apricus made the payment described in Section 1.b., Topotarget shall file with the Court a stipulation and order dismissing the Action with prejudice, and without costs or attorneys’
fees to any person or entity. 
 4. Release/Covenant not to Sue; Rights and Obligations Extinguished. 

a. Upon dismissal of the Action as described in Section 3 above, the Parties, on behalf of themselves and their heirs, agents, employees,
representatives, officers, directors, attorneys, predecessors, successors, parents or affiliated entities, subsidiaries and assigns, and each of them, hereby fully and irrevocably release, acquit and forever discharge each other and all of their
present or former heirs, agents, employees, representatives, officers, directors, attorneys, consultants, predecessors, successors, parents or affiliated entities, subsidiaries and assigns, and each of them, jointly and severally, of and from any
and all claims, demands, causes of action, obligations, liabilities and damages whatsoever, suspected or unsuspected, known or unknown, foreseen or unforeseen, arising at any time up to and including the Effective Date (collectively,
“Claims”), which they may now have or at any time heretofore may have had, or which at any time hereafter may have or claim to have, including without limitation any Claims relating to, arising from, or concerning the SPA, any
agreements related to the SPA or the events upon which the claims in the Action are 

  
 2 

 
based (“Released Claims”). For avoidance of doubt, Released Claims shall not include claims for breach of this Agreement or the Registration Rights Agreement attached as Exhibit
A. 
 b. The Parties acknowledge and agree that the above release provision in this Section 4 applies not only to Released Claims that
are presently known, suspected, or disclosed to them, but also to Released Claims that are presently unknown, unsuspected, or undisclosed to them. The Parties expressly waive any rights they would have under Section 1542 of the Civil Code of
the State of California or any analogous state, local or federal laws, rules, regulations or orders relating to the release of unknown, unsuspected or undisclosed claims. The Parties acknowledge that they are assuming the risk that the facts may
turn out to be different from what they believe them to be and agree that the above release, and this Agreement, shall be in all respects effective and not subject to termination or rescission because of such mistaken belief. 

c. The Parties agree and covenant not to file, initiate, or join any lawsuit or other proceeding (either individually, with others, or as part
of a class), in any forum, pleading, raising, or asserting any of the Released Claims. The Parties agree and acknowledge that, in the event that either Party breaches any obligation under this Section 4, the breaching Party will be obligated to
reimburse the non-breaching Party for its reasonable costs and attorneys’ fees incurred in defending against those Released Claims. 
 5. Entire
Agreement; Amendment; Severability. 
 a. This Agreement (including its Exhibit A) constitutes the entire agreement between the Parties
and supersedes all prior agreements and understandings, if any, regarding its subject matter, including without limitation the SPA. For avoidance of doubt, the Parties agree that, upon the filing of the stipulation and order of dismissal as set
forth in Section 3 hereof, all rights and obligations set forth in, or arising from, the SPA or related agreements will be satisfied or extinguished, except for obligations remaining under this Agreement. Any representations, promises, or
statements related to the subject matter of this Agreement that are not set forth in this Agreement are of no force and effect and have not been relied upon. This Agreement shall not be amended, modified or waived in any way without the written
consent of the Parties. This Agreement shall be binding upon and benefit the Parties and their respective successors and permitted assigns. This Agreement may not be assigned in whole or in part without the written consent of the other Party, and
any purported assignment without such consent shall be null and void. This Agreement is not intended to and shall not create rights in any persons or entities other than the Parties and their successors and permitted assigns, provided, however, that
each of the persons and entities who are beneficiaries of one of the releases set forth in Section 4 are express third-party beneficiaries thereof and may enforce rights related thereto directly. 

  
 3 

 6. Choice of Law; Forum; Attorneys’ Fees. 

a. This Agreement, and any action or proceeding arising out of or relating to this Agreement, shall be governed by and interpreted and enforced
in accordance with the laws of the State of New York without giving effect to its conflict of law rules. Each of the Parties: (a) consents to submit itself to the exclusive personal jurisdiction of any state or federal court sitting in the
State of New York, County of New York, including the Court, in any such action or proceeding, (b) agrees that all claims in respect of any such action or proceeding may be heard and determined in any such court, (c) agrees that it shall
not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court or otherwise, (d) agrees not to bring any such action or proceeding in any other court or forum, (e) waives any defense of
improper venue or inconvenient forum to the maintenance of any such action or proceeding so brought and waives any bond, surety or other security that might be required of any other Party with respect thereto, and (f) agrees that service of
process in any such action or proceeding may be effected by delivery via internationally recognized courier service, addressed to the individual executing this Agreement on behalf of such Party, at such Party’s address set forth below, in
addition to any other method of service authorized by applicable law, and such service shall be good and sufficient. 
 b. In any action or
proceeding by a Party alleging a breach of this Agreement, the prevailing Party shall be entitled to recover its attorneys’ fees and other costs reasonably incurred in that action or proceeding, in addition to any other relief to which the
Party may be entitled. 
 7. Review of Agreement; Construction; Acknowledgements. 

a. Each of the Parties represents and warrants to the other that such Party is represented and counseled by independent attorneys and is
entering into this Agreement of its own free will and volition. 
 b. The Agreement shall not be construed against the Party preparing it,
but shall be construed as if both Parties jointly prepared the Agreement. Any uncertainty or ambiguity shall not be interpreted against any one Party. 

b. This Agreement may be signed in counterparts, with each counterpart, and any copy thereof, including facsimile or electronic copies, in
combination with any copy of other duly executed original counterparts, having the full force and effect of a fully executed original Agreement. 

  
 4 

 In signing below, the Parties signify that they have read the terms of this Agreement, fully understand its
terms, are voluntarily agreeing to those terms, and intend to be legally bound. The undersigned representative for each of the Parties certifies that he or she is fully authorized to enter into the terms and conditions of this Agreement and to
commit fully and bind such Party according to the provisions hereof. 
 Topotarget A/S: 

Sign: /s/ Anders Vadsholt 
 Print Name: Anders Vadsholt

 Print Title: CEO 
 Print Address: Fruebjergvej 3, 2100
København Ø (Copenhague), Denmark 
 Date: 9/23/13 

Apricus Biosciences, Inc. 
 Sign: /s/ Steve Martin

 Print Name: Steve Martin 
 Print Title: SVP, CFO and
Secretary 
 Print Address: 11975 El Camino Real, Suite 300, San Diego, CA 92130 

Date: 9/23/13 

  
 5 

 EXHIBIT A 

REGISTRATION RIGHTS AND TRANSFER RESTRICTION AGREEMENT 

This REGISTRATION RIGHTS AND TRANSFER RESTRICTION AGREEMENT (this “Agreement”), dated as of September 23, 2013, is
entered into among Apricus Biosciences, Inc., a Nevada corporation (“Apricus”), and Topotarget A/S, a Danish company (“Topotarget”). 

WHEREAS, Apricus and Topotarget are parties to a Stock Purchase Agreement, dated as of December 15, 2011 (the “Purchase
Agreement”), pursuant to which Apricus acquired from Topotarget all of the issued and outstanding shares of common stock of Topotarget USA, Inc., a Delaware corporation (the “Acquisition”); 

WHEREAS, Apricus and Topotarget are parties to a Settlement Agreement and Release, dated as of September 23, 2013 (the
“Settlement Agreement”), pursuant to which Topotarget will receive shares of common stock, par value $.001 per share of Apricus (“Apricus Common Stock”) from Apricus (the “Settlement”); 

WHEREAS, it is a condition to the Settlement that Apricus enter into this Agreement providing for the registration of the shares of Apricus
Common Stock to be received by Topotarget in the Settlement; and 
 WHEREAS, Apricus prepared and filed a registration statement under the
Securities Act of 1933, as amended (the “Securities Act”), with the Securities and Exchange Commission (the “SEC”) with respect to shares of Apricus Common Stock and is willing to maintain the effectiveness of such
registration statement, upon the terms and subject to the conditions set forth herein; 
 NOW THEREFORE, in consideration of the foregoing
and the respective covenants and agreements hereinafter contained, the parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1.
Definitions. All terms used in this Agreement which are defined in the Settlement Agreement shall have the meanings specified in the Settlement Agreement unless the context otherwise requires. 

ARTICLE II 
 REGISTRATION OF
THE SHARES 
 2.1. Registration Statement. Apricus filed with the SEC on December 16, 2011, a registration statement (the
“Registration Statement”), relating to the offer and sale by Topotarget at any time and from time to time on a delayed or continuous basis in accordance with Rule 415 

  
 6 

 
under the Securities Act of all the shares of Apricus Common Stock issuable under the Purchase Agreement, including, as a result of the Settlement, the Apricus Shares and (if required under the
Settlement Agreement) Additional Shares (collectively, the “Shares”). Apricus shall deliver to Topotarget a confirmation from Apricus that the Registration Statement is effective. If a sufficient number of shares have not been
included on the Registration Statement to cover sale of the Shares, then Apricus shall file a post-effective amendment to the Registration Statement to increase the number of shares registered to include all of the Shares. Apricus shall use
commercially reasonable efforts to cause the post-effective amendment to become effective. Seller hereby acknowledges and agrees that it will not be able to conduct sales pursuant to the Registration Statement during the period beginning when the
post-effective amendment is filed and ending when the post-effective amendment is declared effective. 
 2.2. Blue Sky. Apricus shall
use reasonable commercial efforts to permit the resale by Topotarget of the Shares under the blue sky laws of the several states, provided, however, that Apricus shall not be required to register as a foreign corporation or consent to the service of
process in any state or jurisdiction pursuant to this Section 2.2. 
 ARTICLE III 

MAINTENANCE OF REGISTRATION STATEMENT AND PROSPECTUSES 

3.1. Apricus shall use reasonable commercial efforts to keep the Registration Statement and the prospectus contained therein (as amended or
supplemented from time to time, the “Prospectuses” and each a “Prospectus”) effective at all times until the earlier of (i) the date on which Topotarget may sell all Shares covered by the Registration Statement
required to be covered by such Registration Statement without restriction pursuant to Rule 144 under the Securities Act, or (ii) the date on which all Shares covered by the Registration Statement have been disposed of by Topotarget (the
“Registration Period”). In the event the Registration Statement cannot be kept effective for the Registration Period, Apricus shall use its reasonable commercial efforts to prepare and file with the SEC and have declared effective
as promptly as practicable another registration statement on substantially the same terms and conditions as the initial Registration Statement and such registration statement shall be considered the Registration Statement for purposes hereof.
Apricus shall furnish to Topotarget such number of copies of a Prospectus in conformity with the requirements of the Act, and an electronic copy of the Prospectus to facilitate the disposition of the Shares owned by Topotarget. 

3.2. Apricus shall advise Topotarget promptly in writing when any post-effective amendment to the Registration Statement, has been declared
effective by the SEC. Apricus shall advise Topotarget in writing of the receipt by Apricus of any stop order from the SEC suspending the effectiveness of the Registration Statement, and if at any time during the Registration Period there shall be a
stop order suspending the effectiveness of the Registration Statement, Apricus shall use its reasonable commercial efforts to obtain promptly the withdrawal of such order. Apricus shall use its reasonable commercial efforts to advise Topotarget in
writing of the existence of any fact and the happening of any event that makes any statement of a material fact made in the Registration Statement or Prospectus untrue, or that requires the making of any additions to or changes in the Registration
Statement or Prospectus in order to make the statements therein not misleading and in such event Apricus shall prepare and file with 

  
 7 

 
the SEC, as soon as reasonably practicable, an amendment to such Registration Statement or an amendment or supplement to such Prospectus so that, as so amended or supplemented, such Registration
Statement and such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances then existing, not
misleading. 
 Topotarget shall furnish to Apricus such information regarding such party and the distribution of the Shares as Apricus may
from time to time reasonably request in writing in order to comply with the Securities Act. Topotarget shall notify Apricus as promptly as practicable of any inaccuracy or change in information previously furnished by such party to Apricus or of the
happening of any event in either case as a result of which any Prospectus relating to the Registration Statement contains an untrue statement of a material fact regarding such party or the distribution of such Shares, or omits to state any material
fact regarding such party or the distribution of such Shares required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and to furnish promptly to Apricus any additional
information required to correct or update any previously furnished information or required so that such Prospectus shall not contain, with respect to such party or the distribution of such Shares an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. 

ARTICLE IV 
 RESTRICTION ON
TRANSFER 
 4.1. For 180 days after the each issuance of Shares to Topotarget, Topotarget shall not, and shall not permit any of
its Affiliates to, sell, encumber, pledge or otherwise transfer (a “Transfer”) in the aggregate, on any given day, such number of shares of Apricus Common Stock other than in accordance with the selling plan attached as Exhibit
A hereto and shall use reasonable commercial efforts to promptly report to Apricus the selling price of all such sales. Notwithstanding anything herein to the contrary, the Transfer restrictions set forth in this section shall not apply to any
Transfer of all or part of the Shares to one or more Affiliates of Topotarget, provided, however, that such Affiliate(s) shall agree with Apricus in writing prior to such Transfer to be bound by the terms of this Agreement and, provided
further, that the aggregate number of Shares that may be sold by Topotarget, together with such Affiliates, shall not exceed in the aggregate the maximum number of shares of Apricus Common Stock that may be sold as provided pursuant to Exhibit
A. 
 ARTICLE V 

EXPENSES 
 5.1. All
expenses incident to Apricus’s performance of or compliance with this Agreement will be borne by Apricus, including, without limitation, all: (i) registration and filing fees and expenses; (ii) expenses of printing; and
(iii) fees and expenses of counsel for Apricus. Topotarget shall pay for its own fees and expenses relating hereto including but not limited to the fees and expenses of counsel for Topotarget. To the extent that Topotarget wishes to sell any

  
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portion of the Shares in an underwritten transaction, Topotarget shall be solely responsible for the fees, expenses and commissions of any underwriters or placement agents who may underwrite or
participate in any distribution of the Shares. 
 ARTICLE VI 

INDEMNIFICATION 
 6.1.
Apricus will, and does hereby agree to, indemnify and hold harmless Topotarget, and each of its directors, officers, employees and agents and each person controlling Topotarget with respect to any registration effected pursuant to this Agreement
against all claims, losses, damages, and liabilities (or actions in respect thereto) including any of the foregoing incurred in settlement of any litigation, commenced or threatened, to which Topotarget may become subject under the Securities Act,
the Securities Exchange Act of 1934 (the “Exchange Act”), or other federal or state law insofar as such claims, losses, damages or liabilities (or actions in respect thereto) arise out of or are based on any untrue statement (or
alleged untrue statement) of a material fact contained in any registration statement or prospectus relating to the Shares, or other document, or any amendment or supplement thereto, or any omission (or alleged omission) to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each such party for any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim
or action; provided, however, that Apricus will not indemnify Topotarget or any of its directors, officers, employees and agents and each person controlling Topotarget for any claims, losses, damages, and liabilities (or actions in respect thereto)
arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement or prospectus or other document, or any amendment or supplement thereto, or any omission (or alleged omission)
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading to the extent that such untrue statement (or alleged untrue statement) or omission (or alleged omission) was made in such
registration statement or prospectus, in reliance upon and in conformity with written information furnished to Apricus by Topotarget or any its directors, officers, employees or agents and stated to be specifically for use therein (the
“Topotarget Information”). 
 6.2. Topotarget will indemnify Apricus, each of its directors and officers, each person controlling
Apricus and the officers, directors, employees and agents and each person controlling Apricus against all claims, losses, damages, and liabilities (or actions in respect thereof) including any of the foregoing incurred in settlement of any
litigation, commenced or threatened, arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement or the prospectus included therein, or any omission (or alleged omission)
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse Apricus, and each such director, officer and controlling person, for any legal or any other expenses
reasonably incurred in connection with investigating or defending any such claim or action, in each case to the extent, but only to the extent that such untrue statement (or alleged untrue statement) or omission (or alleged omission) was made in
such registration statement or prospectus, in reliance upon and in conformity with Topotarget Information. 

  
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 6.3. Each party entitled to indemnification under this Article VI (the “Indemnified
Party”) shall give written notice to the party required to provide such indemnification (the “Indemnifying Party”) of any claim as to which indemnification may be sought promptly after such Indemnified Party has actual
knowledge thereof, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation,
shall be subject to approval by the Indemnified Party (whose approval shall not be unreasonably withheld) and after the Indemnifying Party assumes the defense thereof, the Indemnifying Party shall not be liable to such Indemnified Party for any
legal or other expenses subsequently incurred by the latter in connection with the defense thereof, unless in the reasonable judgment of the Indemnified Party, representation of such Indemnified Party by such counsel would be inappropriate due to
actual or potential conflicting interests between such Indemnified Party and the Indemnifying Party in such proceeding in which case such Indemnified Party shall have the right to employ separate counsel to participate in such defense at the expense
of the Indemnifying Party; it being understood that the Indemnifying Party shall not, in connection with any one such claim or action or separate but substantially similar or related claims or actions in the same jurisdiction arising out of the same
general allegations, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for all such Indemnified Parties provided, however, that the Indemnifying Party shall bear the expenses of independent
counsel for the Indemnified Party if the Indemnified Party reasonably determines that representation of more than one party by the same counsel would be inappropriate due to actual or potential conflicts of interest between the Indemnified Party and
the Indemnifying Party; and provided further that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Article VI, except to the extent that such failure to
give notice shall materially adversely affect the Indemnifying Party in the defense of any such claim or any such litigation. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified
Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff therein, to such Indemnified Party, of a release from all liability in respect to
such claim or litigation. If an Indemnified Party defends any claim or litigation pursuant to this Section 6.3, such Indemnified Party shall not consent to entry of any judgment or enter into any settlement without the prior written consent of
the Indemnifying Party (such consent not to be unreasonably withheld). 
 6.4. If the indemnification provided for in Section 6.1 or
6.2, as applicable, is for any reason unavailable to a party to be indemnified with respect to any claims, actions, demands, losses, damages, liabilities, costs or expenses referred to therein, then each Indemnifying Party under any such section, in
lieu of indemnifying such Indemnified Party thereunder, hereby agrees to contribute to the amount paid or payable by such Indemnified Party as a result of such claims, actions, demands, losses, damages, liabilities, cost or expenses in such
proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions which resulted in such claims, actions, demands, losses,
damages, liabilities, costs or expenses, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and 

  
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the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Notwithstanding the foregoing, the amount Topotarget shall be
obligated to contribute pursuant to this Section 6.4 shall be limited to an amount equal to the per share sale price (less any underwriting discount and commissions) multiplied by the number of Shares sold by such party pursuant to the
Registration Statement which gives rise to such obligation to contribute (less aggregate amount of any damages which such party has otherwise been required to pay in respect of such claim, action, demand, loss, damage, liability, cost or expense or
any substantially similar claim, action, demand, loss, damage, liability, cost or expense arising from the sale of such Shares). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution hereunder from any person who was not guilty of such fraudulent misrepresentation. The obligations of Topotarget under this Section 6.4 will be several (based on Shares sold pursuant to a registration effected
pursuant to this Agreement) and not joint. 
 ARTICLE VII 

RULE 144 REPORTING 
 7.1.
With a view to making available to Topotarget the benefits of certain rules and regulations of the SEC which may permit the sale of the Shares to the public without registration, Apricus agrees to use its reasonable commercial efforts to: 

(a) comply, on a timely basis with all the reporting requirements of the Exchange Act, and comply with all other public information reporting
requirements of the SEC as a condition to the availability of an exemption from the Securities Act under Rule 144 thereunder, as amended from time to time, or successor rule thereto, for the sale of Shares by Topotarget; 

(b) provide, at Apricus’s expense, such opinion of counsel as may be reasonably requested by the transfer agent for the Shares in
connection with each sale of Shares pursuant to an exemption from the registration requirements of the Securities Act (under Rule 144 thereunder, as amended from time to time, or successor rule thereto or otherwise) or otherwise, so long as
Topotarget has furnished to counsel documentation reasonably acceptable to such counsel related to the transfer and the Shares; and 
 (c)
whenever Topotarget is able to demonstrate to Apricus that the provisions of Rule 144(k) (or any successor rule) under the Securities Act are available to it and has furnished to Apricus such documentation in connection therewith as Apricus may
reasonably request, provide, at Apricus’s expense, new certificates that do not bear a restrictive legend. 
 7.2. So long as
Topotarget owns any Shares, Apricus agrees to furnish to Topotarget, forthwith upon request, a copy of the most recent annual or quarterly report of Apricus, and such other reports and documents as Topotarget may reasonably request in availing
itself of any rule or regulation of the SEC allowing it to sell any such Shares without registration; provided that such reports are not otherwise available to Topotarget on the SEC’s Edgar website. 

  
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 ARTICLE VIII 

MISCELLANEOUS 
 8.1.
Entire Agreement. This Agreement and the Settlement Agreement shall constitute the entire understanding and agreement between the Parties in relation to the subject matter of this Agreement and shall together supersede all previous agreements
among the Parties in relation to the same subject matter, including, without limitation the Purchase Agreement. 
 8.2. Notices. All
notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (i) by personal delivery, (ii) upon transmission by facsimile machine if a confirmation sheet is emitted from
such machine, (iii) upon delivery by a nationally-recognized overnight courier service, or (iv) if mailed, certified or registered mail (return receipt requested), postage prepaid, each to the other Party at the following address (or at
such other address as shall be given in writing by any Party to the other in accordance with these provisions): 
 (a) If to Apricus: 

Apricus Biosciences, Inc. 

11975 El Camino Real, Suite 300 

San Diego, CA 92130 
 Attention:
Chief Executive Officer 
 Facsimile No.: (858) 866-0482 

(b) If to Topotarget: 

TopoTarget A/S 
 Symbion Science
Park 
 Fruebjergvej 3 
 2100
København Ø (Copenhague) 
 Denmark 

Attention: Chief Executive Officer 

Facsimile No.: +45 39 17 94 92 

(c) With a copy to: 
 Dechert LLP

 1900 K Street, N.W. 

Washington, D.C. 20006 
 United
States 
 Attention: David E. Schulman 

Facsimile No.: +1 202 261 3333 

8.3. Headings. The headings preceding the text of the Articles, Sections and subsections hereof are inserted solely for convenience of
reference, and shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect. All words used in this Agreement will be construed to be of such gender or number as the context may require. 

  
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 8.4. Amendment and Waiver. The Parties may by mutual agreement amend this Agreement in any
respect, and any Party, as to such Party, may extend the time for the performance of any of the obligations of any other Party; and waive compliance by any other Party with any of the agreements contained herein and performance of any obligations by
such other Party. To be effective, any such amendment or waiver must be in writing and be signed by the Party against whom enforcement of the same is sought. 

8.5. Counterparts. This Agreement may be executed in two (2) counterparts, each of which shall be deemed an original but all of
which together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the Parties hereto and delivered to the other Party, it being understood that both Parties need not sign the same
counterpart. This Agreement may be executed and delivered by facsimile or .pdf transmission. 
 8.6. No Third Party Beneficiary
Rights. This Agreement is not intended to and shall not be construed to give any Person or entity other than the Parties signatory hereto any interest or rights (including, without limitation, any third party beneficiary rights) with respect to
or in connection with any agreement or provision contained herein or contemplated hereby. 
 8.7. Conflict; Construction of
Documents. In the event of any conflict between the provisions of this Agreement and the Settlement Agreement, the provisions of the Settlement Agreement shall prevail. 

8.8. Governing Law. This Agreement, and any action or preceding arising out of or relating to this Agreement, and all agreements,
documents and instruments delivered pursuant hereto or incorporated herein, unless otherwise expressly provided therein, shall be governed by and interpreted and enforced in accordance with the laws of New York, without regard to its conflict of
laws provisions. 
 8.9. Submission to Jurisdiction. Each of the Parties to this Agreement(a) consents to submit itself to the
exclusive personal jurisdiction of any state or federal court sitting in the State of New York, County of New York, including the Court, in any action or proceeding arising out of or relating to this Agreement, (b) agrees that all claims in
respect of any such action or proceeding may be heard and determined in any such court, (c) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court or otherwise,
(d) agrees not to bring any such action or proceeding in any other court or forum, (e) waives any defense of improper venue or inconvenient forum to the maintenance of any such action or proceeding so brought and waives any bond, surety or
other security that might be required of any other Party with respect thereto, and (f) agrees that service of process in any such action or proceeding may be effected by delivery via internationally recognized courier service, addressed to the
individual executing this Agreement on behalf of such Party, at such Party’s address set forth in Section 8.2, in addition to any other method of service authorized by applicable law, and such service shall be good and sufficient. 

8.10. Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall
not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term 

  
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or provision in any other situation or in any other jurisdiction. If the final judgment of a court of competent jurisdiction declares that any term or provision hereof is invalid or
unenforceable, the Parties hereto agree that the court making such determination shall have the power to limit the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or
provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified. In the event such court does not exercise the power
granted to it in the prior sentence, the Parties hereto agree to replace such invalid or unenforceable term or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the economic, business and other
purposes of such invalid or unenforceable term. 
 8.11. Interpretation. When reference is made in this Agreement to an Article or a
Section, such reference shall be to an Article or Section of this Agreement, unless otherwise indicated. The language used in this Agreement shall be deemed to be the language chosen by the Parties hereto to express their mutual intent, and no rule
of strict construction shall be applied against any Party. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall
include the plural, and vice versa. Any reference to any federal, state or local law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

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

BY: /s/ Anders Vadsholt 

NAME: Anders Vadsholt 

TITLE: CEO 

APRICUS BIOSCIENCES, INC. 

BY: /s/ Steve Martin 

NAME: Steve Martin 

TITLE: SVP, CFO and Secretary 

  
 15 

 EXHIBIT A 

Topotarget shall not be able to sell more than five (5) percent of the Apricus’s stock on any given day than the volume weighted average share value
for the previous day. 

  
 16

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