Document:

Exhibit 10.14

 

[Execution Version]

 

	
        Die
deutsche Fassung ist maßgeblich. Die englische Fassung ist eine Übersetzung ausschließlich zu Informationszwecken.

	 	
        The
German version is binding. The English version is a convenience translation for information purposes only. 

	 	 	 
	Vertrag über ein Wertpapierdarlehen
	 	Share Loan Agreement 

	 	 	 
	zwischen
	 	between

	 	 	 
	Maruho Deutschland GmbH, vertreten
durch ihren einzelvertretungsberechtigten Geschäftsführer Junichi Hamada, Hemmelrather Weg 201, 51377 Leverkusen
	 	Maruho Deutschland GmbH,
represented by its managing director with sole power of representation Junichi Hamada, Hemmelrather Weg 201, 51377 Leverkusen

	 	 	 
	(im folgenden „Darlehensgeber“
        genannt)
	 	        (hereinafter referred to as the
        “Lender”)

	 	 	 
	und
	 	and

	 	 	 
	        Lang & Schwarz Broker GmbH, vertreten durch den Geschäftsführer
        Peter Zahn, Breite Straße 34, 40213 Düsseldorf
	 	Lang & Schwarz Broker GmbH, represented by its managing
        director Peter Zahn, Breite Strasse 34, 40213 Düsseldorf

	 	 	 
	        (im folgenden “Darlehensnehmer”
und zusammen mit dem Darlehensgeber die „Parteien” genannt)
	 	        (hereinafter
referred to as the “Borrower” and, together with the Lender, the “Parties”)

 

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	Präambel:	 	Preamble: 
	 	 	 
	
        Der Darlehensnehmer ist eine Wertpapier-handelsbank
        (Kreditinstitut gem. § 1 Abs. 3d Satz 3 KWG). Die Biofrontera AG (die „Gesellschaft“) ist eine Gesellschaft mit
        Sitz in Leverkusen und eingetragen im Handelsregister des Amtsgerichts Köln unter HRB 49717. Sie verfügt derzeit über
        ein im Handelsregister eingetragenes Grundkapital in Höhe von EUR 38.416.828,00, eingeteilt in 38.416.828 auf den Namen lautende
        Stammaktien in Form von nennbetragslosen Stückaktien, welche im Regulierten Markt der Düsseldorfer und der Frankfurter
        Wertpapierbörse (ISIN DE0006046113) notiert sind.

        
	 	
        The Borrower is a securities trading bank
        (credit institution pursuant to section 1(3d), sentence 3 German Banking Act). Biofrontera AG (the “Company”)
        is a company with registered office in Leverkusen entered in the commercial register kept at the Local Court of Cologne under HRB
        49717. It currently has a registered share capital in the amount of EUR 38,416,828.00, divided into 38,416,828 registered ordinary
        shares in the form of no-par value shares listed on the regulated market of the Düsseldorf and Frankfurt Stock Exchanges (ISIN
        DE0006046113).

        

	 	 	 
	In einer Veröffentlichung der Gesamtzahl der Stimmrechte nach § 26a WpHG hat die Gesellschaft am 31. Dezember 2017 bekannt gegeben, dass auf Grund der Ausgabe von Bezugsaktien die Gesamtzahl der Stimmrechte nunmehr 38.416.828 beträgt. Eine Anmeldung der Ausgabe von Bezugsaktien gem. § 201 AktG zum Handelsregister ist noch nicht erfolgt. Auf der Grundlage der Veröffentlichung gem. § 26a WpHG beträgt das Grundkapital der Gesellschaft EUR 38.416.828,00, eingeteilt in 38.416.828 auf den Namen lautende Stammaktien in Form von nennbetragslosen Stuckaktien („Alte Aktien“).  	 	
        In a publication of the total number of
        voting rights pursuant to section 26a Securities Trading Act on 31 December 2017, the Company announced that the number of voting
        rights now amounted to 38,416,828 due to the issue of new shares. The issue of new shares pursuant to section 201 Stock Corporation
        Act has not yet been entered in the commercial register. Based on the publication pursuant to section 26a Securities Trading Act
        the Company has share capital of EUR 38,416,828.00, divided into 38,416,828 registered ordinary shares in the form of no-par
        value shares (“Old Shares”).

        

 

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	Nach § 7 Abs. 3a der Satzung der Gesellschaft ist der Vorstand ermächtigt, das Grundkapital der Gesellschaft bis zum 23. Mai 2022 mit Zustimmung des Aufsichtsrats um bis zu EUR 6.000.000 durch einoder mehrmalige Ausgabe von bis zu 6.000.000 auf den Namen lautenden Stückaktien gegen Bareinlage zu erhöhen („Genehmigtes Kapital I“). Die neuen Aktien sind den Aktionären zum Bezug anzubieten. Das Bezugsrecht kann den Aktionären gem. § 186 Abs. 5 AktG auch mittelbar gewährt werden. Der Vorstand ist ermächtigt, mit Zustimmung des Aufsichtsrats das Bezugsrecht der Aktionäre für Spitzenbeträge auszuschließen. Die Ermächtigung wurde von der Hauptversammlung der Gesellschaft am 24. Mai 2017 durch Satzungsänderung beschlossen und am 20. Juli 2017 im Handelsregister eingetragen und ist damit wirksam geworden.  	 	According to section 7(3)a of the Company’s Articles of Association, the Management Board is authorized to increase, with the approval of the Supervisory Board, the Company’s share capital once or several times until 23 May 2022 by up to EUR 6,000,000, by issuing up to 6,000,000 registered ordinary shares against cash contribution (“Authorised Capital I”). The new shares shall be offered to the shareholders for subscription. The shareholders can be offered a subscription right pursuant to section 186(5) Stock Corporation Act. The Management Board is authorised to exclude the shareholders’ subscription right for fractional amounts with the consent of the Supervisory Board. The authorisation was resolved by the Company’s shareholders’ meeting on 24 May 2017 by means of an amendment to the Articles of Association and was entered in the commercial register on 20 July 2017, and is thus effective. 
	 	 	 
	Die Gesellschaft plant derzeit
    eine  Ausnutzung des Genehmigten Kapitals I um maximal bis zu EUR 6.000.000 („Kapitalerhöhung“) durch Ausgabe von maximal bis zu 6.000.000 auf den Namen lautenden
    Stückaktien gegen Bareinlage mit Gewinnberechtigung ab dem 01. Januar 2017 („Neue Aktien“). Die
    Neuen     Aktien würden dabei den bestehenden Aktionären – vorbehaltlich eines etwaigen Ausschlusses des
    Bezugsrechts der     Aktionäre für Spitzenbeträge – binnen der gesetzlichen Bezugsfrist
    („Bezugsfrist“) zum von     der Gesellschaft festgelegten und bekannt gemachten Bezugspreis („Bezugspreis“)
    gem. § 186 AktG zum Bezug     angeboten werden („Bezugsangebot“).	 	The Company presently plans to
    utilise a maximum of EUR 6,000,000 of the Authorised Capital I (“Capital Increase”) by issuing a maximum
    of 6,000,000 registered ordinary shares against cash contribution with profit participation as from 1 January 2017
    (“New Shares”). The New Shares would be offered to the existing shareholders – subject to any
    exclusion of shareholders’ subscription rights for fractional amounts – for subscription within the statutory
    subscription     period (“Subscription Period”) at the subscription price(“Subscription
    Price”)     determined and announced by the Company pursuant to section 186 Stock Corporation Act
    (“Subscription     Offer”). 

 

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	Der Darlehensnehmer ist
    von der Gesellschaft mit der Herstellung der Girosammelverwahrung und der Beantragung der Börsenzulassungen für die
    Neuen Aktien mandatiert worden. Die Neuen Aktien sollen zum Handel im Regulierten Markt an der Düsseldorfer
    Wertpapierbörse und im Regulierten Markt an der Frankfurter Wertpapierbörse im Segment mit weiteren
    Zulassungsfolgepflichten (Prime Standard) zugelassen werden. 	 	The Company has instructed the Borrower to set up the collective deposit of securities and apply for admission of the New Shares to trading on the stock exchanges. The New Shares are to be admitted to trading on the regulated market of the Düsseldorf Stock Exchange and to trading on the regulated market of the Frankfurt Stock Exchange in the segment with additional post admission obligations (Prime Standard). 
	 	 	 
	Ferner ist der Darlehensnehmer von der  Gesellschaft mit Vertrag vom 15. Januar 2018 als Bezugsstelle im Sinne von § 186 Abs. 5 AktG (mittelbares Bezugsrecht) mit der Abwicklung des Bezugsangebots beauftragt worden („Mandatsvereinbarung“).D.h. der Darlehensnehmer wird Neue Aktien aus der Kapitalerhöhung zum geringsten Ausgabebetrag von EUR 1,00 je Neuer Aktie gem. § 185 AktG zeichnen und gegen Zahlung des Bezugspreises an Aktionäre (bzw. Inhaber von Bezugsrechten) im Rahmen der Ausübung von deren Bezugsrechten liefern. 	 	In an agreement dated 15 January 2018 the Company also tasked the Borrower as a subscription agent within the meaning of section 186(5) Stock Corporation Act (indirect subscription right) with handling the Subscription Offer (“Letter of Engagement”). Accordingly, the Borrower shall subscribe for New Shares from the Capital Increase at the lowest issue price of EUR 1.00 per New Share pursuant to section 185 Stock Corporation Act and deliver these, in exchange for payment of the Subscription Price, to shareholders (or holders of subscription rights) as part of the exercise of their subscription rights. 

 

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	Dabei beabsichtigt die
Gesellschaft, Neue  Aktien, die nicht von Aktionären im Rahmen des gesetzlichen Bezugsrechts erworben werden (einschließlich
von Spitzenbeträgen die „US-Angebotsaktien“), Investoren in den USA zum Erwerb anzubieten („US-Angebot“).
Hierzu hat die Gesellschaft gesonderte Vereinbarungen mit amerikanischen Investmentbanken (die „Underwriter“)
getroffen. Dabei können in den USA keine Neuen Aktien unmittelbar, sondern nur American Depository Receipts („ADR ́s“)
zum Erwerb angeboten werden. Geplant ist, dass ein (1) ADR zwei (2) Aktien der Gesellschaft verbriefen soll. Die an etwaige US
Investoren zu liefernden ADR ́s sollen von der Bank of New York Mellon, 101 Barclay Street, New York, New York 10286, USA
(„BNY Mellon“), ausgegeben werden. Die Vermarktung der ADR ́s bei US-Investoren soll nach Festlegung des Bezugspreises
spätestens am letzten Tag der Bezugsfrist starten. Nach Ablauf der Bezugsfrist und Feststellung des Bezugsergebnisses sollen
US-Investoren ADRs in einem Umfang angeboten werden, die der Anzahl US-Angebotsaktien im Verhältnis 1:2 entspricht. Um die
ADR ́s nach der Platzierung bei US Investoren im Rahmen des US-Angebots unverzüglich ausgeben zu können, muss BNY
Mellon noch vor Eintragung der Durchführung der Kapitalerhöhung und damit von rechtlicher Entstehung der Neuen Aktien
über einen entsprechenden Bestand Alter Aktien der Gesellschaft verfügen.  	 	In this regard, the Company plans to offer New Shares not purchased by shareholders as per their statutory subscription right (including fractional shares the “US-Offer Shares”) to US investors (“US-Offer”). To this end, the Company has concluded separate agreements with US investment banks (the “Underwriters”). New Shares cannot be indirectly offered for purchase in the US in this regard; only American Depository Receipts (“ADRs”) can be offered for purchase. One (1) ADR is to securitise two (2) Company shares. ADRs to be delivered to potential US investors are to be issued by Bank of New York Mellon, 101 Barclay Street, New York, New York 10286, USA (“BNY Mellon”). The sale of ADRs to US investors is to commence once the Subscription Price has been determined, at the latest on the last day of the Subscription Period. Once the Subscription Period has expired and the Subscription Price been determined, a number of ADRs are to be offered to US investors which will correspond to the number of US-Offer Shares at a ratio 1:2. In order to allow for the ADRs to be issued immediately once they have been placed with US investors in the course of the US-Offer, BNY Mellon requires a corresponding stock of Old Shares in the Company prior to registration of completion of the Capital Increase, and thus prior to the legal constitution of the New Shares. 

 

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	Die Anzahl der anfänglich in den USA  anzubietenden Aktien soll 100/115 US-Angebotsaktien betragen. 	 	The number of shares to be initially offered in the US shall correspond to 100/115 of the US-Offer Shares. 
	 	 	 
	Im Zuge der Kapitalerhöhung wird den  Underwritern eine Mehrzuteilungsoption von 15% der platzierten Aktien eingeräumt (die „Mehrzuteilungsoption“). Die Mehrzuteilungsoption besteht für 45 Tage (der „Stabilisierungszeitraum“), in denen die Underwriter die Lieferung weiterer Aktien bis zur maximalen Höhe der Mehrzuteilungsoption zum Bezugspreis verlangen können. 	 	In the course of the Capital Increase, the Underwriters will be granted an over-allotment option of 15% of the number of shares that they placed (the “Over-Allotment Option”). This Over-Allotment Option will last for 45 days (the “Stabilization Period”), during which the Underwriters are entitled to draw additional shares up to this total number at the same subscription price.  
	 	 	 
	Die Anzahl der im Rahmen der  Mehrzuteilungsoption in den USA zu platzierenden Aktien soll bis zu 15/115 der US-Angebotsaktien betragen (die „Mehrzuteilungsaktien“).	 	The number of shares to be placed in the US in connection with the Over-Allotment Option shall correspond to up to 15/115 of the US-Offer Shares (the “Over-Allotment Shares”). 
	 	 	 
	Zur Ermöglichung der Mehrzuteilungsoption soll die Kapitalerhöhung in zwei Tranchen durchgeführt werden:  	 	To allow for the Over-Allotment Option, the Capital Increase shall be implemented in two tranches:

 

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	1.    Unmittelbar nach Ende der  Bezugsfrist wird die Gesellschaft das Volumen der Kapitalerhöhung hinsichtlich der von Aktionären im Rahmen der Bezugsfrist bezogenen Neuen Aktien (die „Bezugsaktien“) sowie der US-Angebotsaktien festlegen, den Parteien die Anzahl US-Angebotsaktien mitteilen, die Kapitalerhöhung in diesem Umfang (mit Ausnahme der Mehrzuteilungsaktien) durchführen und zur Eintragung in das Handelsregister anmelden („Erste Tranche“). 	 	
        1.     Immediately
after the end of the Subscription Period, the Company will determine the size of the Capital Increase with regard to the New Shares
subscribed for by shareholders during the Subscription Period (the “Subscription Shares”) and the US-Offer
Shares, inform the Parties about the number of US-Offer Shares, implement this part of the Capital Increase (except for the Over-Allotment
Shares) and file for registration with the commercial register (“First Tranche”).

	 	 	 
	
        2.    Unmittelbar
nach Ende des Stabilisierungszeitraums wird die Gesellschaft das Volumen der Kapitalerhöhung hinsichtlich der Mehrzuteilungsaktien
festlegen, den Parteien die Anzahl der platzierten Mehrzuteilungsaktien mitteilen, die Kapitalerhöhung in diesem Umfang durchführen
und zur Eintragung in das Handelsregister anmelden („Zweite Tranche“).
	 	
        2.     Immediately
after the end of the Stabilization Period, the Company will determine the size of the Capital Increase with regard to Over-Allotment
Shares, inform the Parties about the number of placed Over-Allotment Shares, implement this part of the Capital Increase and file
for registration with the commercial register (“Second Tranche”).

	 	 	
	Der Darlehensgeber ist Inhaber von  9.062.809 Alten Aktien der Gesellschaft (entspricht ca. 23,59% des Grundkapitals) und damit derzeit der größte Aktionär der Gesellschaft. 	 	The Lender holds 9,062,809 Old Shares in the Company (representing approx. 23.59% of the share capital) and is therefore its largest shareholder. 

 

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	Der Darlehensgeber als größter Aktionär  der Gesellschaft unterstützt die Aufnahme von Kapitalmarktaktivitäten der Gesellschaft in den USA. Damit BNY Mellon ADR ́s zur Belieferung von etwaigen US Investoren ausstellen kann, hat sich der Darlehensgeber daher bereit erklärt, dem Darlehensnehmer im Wege eines Sachdarlehens  zum Zwecke der Belieferung von BNY Mellon Alte Aktien der Gesellschaft zur Verfügung zu stellen („Wertpapierleihe“). Diese Aktien sollen an BNY Mellon (Deutschland) geliefert werden.  	 	As the Company’s largest shareholder the Lender supports the assumption of capital market activities by the Company in the US. In order for BNY Mellon to be able to provide potential US investors with ADRs, the Lender has agreed to furnish the Borrower, by way of a loan (Sachdarlehen), with Old Shares in the Company for the purpose of delivering them to BNY Mellon (“Share Loan”). These shares are to be delivered to BNY Mellon (Germany). 
	 	 	 
	Die Gesellschaft wird dem Darlehensnehmer zum Zwecke der Rückzahlung der Wertpapierleihe im Rahmen der Durchführung der Ersten Tranche und der Zweiten Tranche jeweils Neue Aktien in einem Umfang zuteilen, der der Anzahl der an BNY Mellon gelieferten Aktien entspricht.  	 	For purposes of repaying the Share Loan, the Company will allocate New Shares resulting from the implementation of the First Tranche and the Second Tranche to the Borrower in a number equivalent to the number of shares delivered to BNY Mellon.  
	 	 	 
	Sofern die Kapitalerhöhung scheitert, wird  der Darlehensnehmer dem Darlehensgeber stattdessen den Bezugspreis je Leih-Aktie zahlen, die im Rahmen des US-Angebots bei US-Investoren platziert wurde.	 	
        Should the Capital Increase fail,
the Borrower shall alternatively pay to the Lender the Subscription Price per Borrowed Share placed with the US investors in the
course of the US-Offer. 

	 	 	 
	Vor diesem Hintergrund vereinbaren die Parteien was folgt:	 	Now, therefore, the parties agree as follows: 

 

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	§ 1 

Wertpapierdarlehen, Übertragung der

Wertpapiere	 	Section 1 

Share loan, transfer of the shares
	 	 	 
	1.    Der
    Darlehensgeber überlässt dem  Darlehensnehmer im Wege eines Wertpapierdarlehens insgesamt 6.000.000 (in
    Worten sechs Millionen Stück) auf den Inhaber lautende Stammaktien in Form von nennbetragslosen Stückaktien der
    Gesellschaft (ISIN DE0006046113), also Alte Aktien, (nachfolgend insgesamt die „Leih-Aktien“).  	 	
        1.    The Lender
        shall relinquish to the Borrower by way of a share loan a total of 6,000,000 (in words six million units) ordinary bearer
        shares in the form of no-par value shares of the Company (ISIN DE0006046113), i.e. Old Shares (hereinafter together the
        “Borrowed Shares”).

	 	 	 
	2.    Der
Darlehensgeber wird die in § 1  Abs. 1 dieses Vertrags genannte Anzahl an Leih-Aktien (ISIN DE0006046113) unverzüglich
nach entsprechender Anforderung durch den Darlehensnehmer ganz oder teilweise auf das Depot des Darlehensnehmers 4203000 bei der
Bankhaus Gebr. Martin AG, Göppingen (CBF 6041) kosten- und spesenfrei übertragen, frühestens jedoch zwei Bankarbeitstage
nach Veröffentlichung des Bezugsangebots durch die Gesellschaft.  	 	
        2     The
        Lender shall transfer the number of Borrowed Shares specified in section 1(1) of this Agreement (ISIN DE0006046113) in whole or
        in part without undue delay after a request to this effect by the Borrower to the Borrower’s securities account 4203000 held
        with Bankhaus Gebr. Martin AG, Göppingen (CBF 6041) free of charge, but at the earliest two banking days after publication
        of the Subscription Offer by the Company.

        

	 	 	 
	3.    Der Darlehensgeber versichert,  dass die übertragenen Leih-Aktien frei von Rechten Dritter sein werden.  	 	3     The
Lender affirms that transferred Borrowed Shares will be free of third-party rights. 

 

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	§ 2 

Verwendung der überlassenen

Wertpapiere 	 	Section 2  

Use of the relinquished shares

 
	 	 	 
	Der Darlehensnehmer ist berechtigt und verpflichtet, Leih-Aktien im Umfang der von der Gesellschaft festgelegten Anzahl US-Angebotsaktien an BNY Mellon (Deutschland) zu übertragen, sofern und soweit die Gesellschaft eine Anweisung zur Übertragung von Leih-Aktien an BNY Mellon erteilt hat, wenn die nachstehenden Bedingungen erfüllt sind: 	 	The Borrower is entitled and obliged to transfer Borrowed Shares to BNY Mellon (Germany) in an amount equal to the number of US-Offer Shares determined by the Company if and to the extent it has been instructed by the Company to deliver Borrowed Shares to BNY Mellon, if the following conditions are met: 
	 	 	 
	-      Das Bezugsangebot zur Ausgabe von Neuen Aktien aus dem Genehmigten Kapital I wurde von der Gesellschaft im Bundes-anzeiger veröffentlicht und bis zur Übertragung der Leih-Aktien an BNY Mellon (Deutschland) nicht durch Veröffentlichung im Bundesanzeiger widerrufen. 	 	
        -      The
Subscription Offer regarding the issue of New Shares from Authorised Capital I has been published by the Company in the Federal
Gazette and not revoked by the time of the transfer of the Borrowed Shares to BNY Mellon (Germany) by means of publication in
the Federal Gazette. 

	 	 	 
	-      Die
Mandatsvereinbarung wurde bis zur Übertragung der Leih-Aktien an BNY Mellon (Deutschland) weder von dem Darlehensnehmer noch
von der Gesellschaft widerrufen. 	 	-     The
Letter of Engagement has neither been rescinded by the Borrower nor the Company by the time of the transfer of the Borrowed Shares
to BNY Mellon (Germany).

 

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        -      Die
Lieferung der Leih-Aktien erfolgt an BNY Mellon (Deutschland) aus-schließlich gegen Erhalt einer Bestätigung der Underwriter
in Textform, dass der im Bundesanzeiger veröffentlichte Bezugspreis je Neuer Aktie je für die Durchführung des
US-Angebots erforderlicher Leih-Aktie („US-Emissionserlös“) auf einem hierfür vorgesehenen Konto
zur Verfügung steht und der Gesamtbetrag unverzüglich nach Erhalt der entsprechenden Anzahl von Leih-Aktien durch BNY
Mellon auf ein vom Darlehensnehmer benanntes Konto übertragen wird . 
	 	
         -     The
Borrowed Shares shall be supplied to BNY Mellon (Germany) exclusively after receipt of a confirmation by the Underwriters in text
form that the Subscription Price per New Share for each Borrowed Share required to settle the US-Offer (the “US-Proceeds”)
is held in an specific account and will be transferred to an account specified by the Borrower immediately after the receipt of
the correspondent number of Borrowed Shares by BNY Mellon. 

	 	 	 
	Anderweitige Verfügungen wird der  Darlehensnehmer nicht über die Leih-Aktien treffen. 	 	The Lender may not otherwise dispose of Borrowed Shares. 
	 	 	 
	§ 3 

Verwendung der Erlöse 	 	Section 3  

Use of the proceeds
	 	 	 
	Der Darlehensnehmer ist verpflichtet, den  gesamten erhaltenen US-Emissionserlös zum Erwerb Neuer Aktien aus der Kapitalerhöhung von der Gesellschaft zu verwenden und diese Aktien nach Maßgabe von § 4 dieses Vertrags an den Darlehensgeber zu übertragen. 	 	The Borrower is obliged to use the total amount of US-Proceeds received by it to acquire New Shares resulting from the Capital Increase from the Company and to transfer these shares to the Lender in accordance with Section 4 of this Agreement.

 

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	§ 4 

Darlehensrückgewähr,

Rückgewährsurrogate  	 	Section 4  

Repayment of the loan, substitutes for

 returning the loan
	 	 	 
	1.         Der Darlehensnehmer verpflichtet sich, Wertpapiere gleicher Art und Menge an den Darlehensgeber nach Maßgabe dieses Vertrags auf das Depot des Darlehensgebers 401784400 bei der Commerzbank AG (CBF 7004) rück zu übertragen („Darlehensrückgewähr“). Wertpapiere sind der gleichen Art, wenn Emittent, Gattung, rechnerischer Nennwert und verbriefte Rechte dieser Wertpapiere und der Leih-Aktien übereinstimmen. Als an der Börse, insbesondere im Regulierten Markt der Düsseldorfer Wertpapierbörse und der Frankfurter Wertpapierbörse (Prime Standard), handelbar gelten für Zwecke dieses Vertrags auch Neue Aktien der Gesellschaft mit abweichender ISIN vor deren Zulassung zum Regulierten Markt und vor der Zusammenlegung mit den Aktien mit der ISIN DE0006046113. Nach Zulassung zum Regulierten Markt werden die Neuen Aktien unter der ISIN DE0006046113 geführt. Der Darlehensnehmer haftet nicht dafür, dass eine Zulassung der Neuen Aktien zum Regulierten Markt erfolgt.  	 	1.         The
Borrower undertakes to transfer securities of the same type and quantity back to the Lender’s securities account 401784400
held at Commerzbank AG (CBF 7004) subject to the provisions of this Agreement (“Repayment of the Loan”). Securities
shall be deemed to be of the same type if the issuer, class and arithmetical nominal value of and the rights attached to these
securities are the same as for the Borrowed Shares. For the purpose of this Agreement, New Shares in the Company with a different
ISIN shall be deemed tradable on the stock exchange, in particular in the regulated market of the Düsseldorf Stock Exchange
and the Prime Standard segment of the Frankfurt Stock Exchange, prior to their admission to the regulated market and their consolidation
with the shares with the ISIN DE0006046113. Following their admission to the regulated market, the shares will be traded under
ISIN DE0006046113. The Borrower shall not be liable for admission of the New Shares to the regulated market.

 

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	2.        Die Darlehensrückgewähr erfolgt im Fall der Durchführung der Kapitalerhöhung 	 	2.        The
Repayment of the Loan shall occur, in case the Capital Increase is implemented
	 	 	 
	a.    im Hinblick auf diejenige Anzahl der Leih-Aktien, die an BNY-Mellon zum Zwecke des US-Angebots übertragen wurden und im Hinblick auf diejenige Anzahl der Leih-Aktien, die nicht für die Durchführung des US-Angebots benötigt werden, spätestens fünf Bankarbeitstage (Düsseldorf) nach der Eintragung der Durchführung der Ersten Tranche in das zuständige Handelsregister und Einbuchung der Neuen Aktien bei Clearstream Banking AG, und 	 	a.    with regard to those Borrowed Shares which were transferred to BNY-Mellon for purposes of the US-Offer and those Borrowed Shares which will not be needed for the settlement of the US-Offer, no later than five banking days (Düsseldorf) after the registration of the completion of the First Tranche with the relevant commercial register and registration of the New Shares with Clearstream Banking AG, and 
	 	 	 
	b.    im Hinblick auf diejenige Anzahl der Leih-Aktien, die an BNY-Mellon im Rahmen der Mehrzuteilungsoption übertragen oder hierfür bereitgehalten und nicht verwendet wurden, spätestens fünf Bankarbeitstage (Düsseldorf) nach der Eintragung der Durchführung der Zweiten Tranche in das zuständige Handelsregister und Einbuchung der Neuen Aktien bei Clearstream Banking AG.	 	b.    with regard to those Borrowed Shares which were transferred to BNY-Mellon for purposes of the Over-Allotment Option and those which were kept but not used for this purpose no later than five banking days (Düsseldorf) after the registration of the completion of the Second Trance with the relevant commercial register and registration of the New Shares with Clearstream Banking AG. 

 

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	3.        Eine
Darlehensrückgewähr erfolgt außerdem in dem zum jeweiligen Zeitpunkt noch ausstehenden Umfang spätestens
fünf Bankarbeitstage (Düsseldorf) nach 	 	
        3.        The
Repayment of the Loan regarding the still outstanding amount of Borrowed Shares at the respective point in time shall occur no
later than five banking days after

	 	 	 
	a.    der Veröffentlichung der Gesellschaft, dass die Kapitalerhöhung nicht durchgeführt wird, oder 	 	a.    publication by the Company to the effect that the Capital Increase will not be carried out, or 
	 	 	 
	b.    der endgültigen Ablehnung der Eintragung der Durchführung der Kapitalerhöhung im Handelsregister durch das zuständige Gericht, oder  	 	b.    final refusal by the competent court to enter completion of the Capital Increase in the commercial register, or 
	 	 	 
	c.     Ablauf des Stabilisierungszeitraums, sofern es zu keiner Ausübung der Mehrzuteilungsoption gekommen ist.	 	c.    expiration of the Stabilization Period, provided that the Over-Allotment Option has not been executed. 
	 	 	 
	4.        Im Falle der Kündigung nach § 5  dieses Vertrags erfolgt die Darlehensrückgewähr unmittelbar.  	 	4.        In the event of termination pursuant to section 5 the Repayment of the Loan shall take place immediately. 
	 	 	 
	5.        Der
Anspruch des Darlehensgebers auf Darlehensrückgewähr gemäß § 3 Abs. 1 dieses Vertrags wandelt sich mit
Blick auf diejenigen Aktien, die der Darlehensnehmer gem. § 2 dieses Vertrags an BNY Mellon (Deutschland) geliefert hat,
in einen Anspruch auf Zahlung des Bezugs-preises je an BNY Mellon (Deutschland) gelieferter Leih-Aktie, wenn die Durchführung
der Kapitalerhöhung scheitert. 	 	
        5.        Should
completion of the Capital Increase fail, the Lender’s claim to Repayment of the Loan pursuant to section 3(1) of this Agreement
shall, regarding those shares delivered by the Borrower to BNY Mellon (Germany) pursuant to section 2 of this Agreement, be converted
into a claim to payment of the Subscription Price per Borrowed Share delivered to BNY Mellon (Germany).

 

    	 	Seite 14 von 19	 

     

    

  

	6.        In Bezug auf Leih-Aktien, die der Darlehensnehmer nicht an BNY Mellon (Deutschland) geliefert hat oder die von BNY Mellon (Deutschland) an den Darlehensnehmer vor Ablauf der in § 4 Abs. 2 dieses Vertrags genannten Fristen zurückgegeben wurden, besteht der Anspruch auf Darlehensrückgewähr gemäß § 4 Abs. 1 dieses Vertrags auch im Fall des § 4 Abs. 5 dieses Vertrags fort.	 	
        6.        Regarding
Borrowed Shares that were not delivered by the Borrower to BNY Mellon (Germany) or that were returned by BNY Mellon (Germany)
to the Borrower prior to expiry of the periods specified in section 4(2) of this Agreement, the claim to Repayment of the Loan
pursuant to section 4(1) of this Agreement shall continue to apply including in the event of section 4(5) of this Agreement.

	 	 	 
	§ 5 

Entgelt	 	Section
5

Fees
	 	 	 
	Die Zurverfügungstellung der Leihaktien erfolgt unentgeltlich.  	 	The Borrowed Shares shall be provided free of charge.
	 	 	 
	§ 6 

Kündigung  	 	Section
6 

Termination
	 	 	 
	Für den Fall, dass das US-Angebot, gleich aus welchem Grund, nicht zustande kommt, kann diese Vereinbarung von beiden Parteien schriftlich fristlos gekündigt werden.	 	Should the US-Offer not take place for whatever reason, this Agreement may be terminated by both Parties in writing without notice. 

 

    	 	Seite 15 von 19	 

     

    

 

	§ 7  

Ausübung von Stimmrechten / 

Ausschüttungen / Bezugsrechte	 	Section 7 

Exercise of voting rights / Dividends / 

Subscription rights
	 	 	 
	1.        Der Darlehensnehmer wird Stimmrechte aus den Leih-Aktien nicht ausüben. Er wird dem Darlehens-geber aber auf Verlangen eine Vollmacht zu Ausübung der Stimmrechte ausstellen.  	 	1.        The
Borrower shall not exercise voting rights attached to the Borrowed Shares. It shall, however, grant the Lender a power of attorney
to exercise the voting rights upon request. 
	 	 	 
	2.        Etwaige
Ausschüttungen, die der Darlehensnehmer auf die Leih-Aktien erhält, wird er unverzüglich, spätestens innerhalb
von fünf Bankarbeitstagen nach Erhalt, an den Darlehensgeber herausgeben. 	 	2.        The Borrower shall surrender any dividends it receives on Borrowed Shares without undue delay and within five banking days after receipt at the latest to the Lender. 
	 	 	 
	3.        Der Darlehensgeber wird Bezugsrechte auf Neue Aktien, die ihm im Rahmen der Kapitalerhöhung zustehen, an den Darlehensnehmer übertragen. Sofern dem Darlehensnehmer nach Übertragung der Leih-Aktien Bezugsrechte aus den Leih-Aktien eingebucht werden oder der Darlehensgeber ihm Bezugsrechte überträgt, wird der Darlehensnehmer diese Bezugsrechte ausüben, um seine Pflichten aus den §§ 2 und 3 dieses Vertrags zu erfüllen. 	 	3.        The Lender will transfer Subscription Rights for New Shares granted to the Lender in connection with the Capital Increase to the Borrower. Should any subscription rights attached to the Borrowed Shares be recorded for the Borrower following transfer of the Borrowed Shares or should the Lender transfer subscription rights to the Borrower, the Borrower shall exercise such rights in order to fulfil its obligations under section 2 and 3 of this Agreement. 

 

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	§ 8 

Erfüllung gesetzlicher Pflichten in

Bezug auf die Leih-Aktien / Freistellung 	 	Section 8  

Fulfilment of statutory obligations

relating to the Borrowed Shares / Indemnification
	 	 	 
	1.        Der Darlehensnehmer wird alle gesetzlichen Pflichten in Bezug auf die Leih-Aktien erfüllen, insbesondere erforderlichen Stimmrechtsmit-teilungen gemäß §§ 33 ff. WpHG abgeben. 	 	1.        The Borrower shall fulfil all statutory obligations regarding Borrowed Shares, and shall, in particular, make the requisite voting rights notifications in accordance with sections 33 et seq. Securities Trading Act. 
	 	 	 
	2.        Der
Darlehensnehmer stellt den Darlehensgeber von allen Schäden frei, die diesem durch die Nicht-erfüllung von Pflichten
nach Maßgabe des Absatzes 1 durch den Darlehensnehmer entstehen. 	 	2.        The
Borrower shall indemnify the Lender against all damages incurred by the latter as a result of the Borrower’s failure to
fulfil obligations pursuant to subsection 1. 
	 	 	 
	3.        Sobald der Darlehensnehmer Leih-Aktien an BNY Mellon (Deutschland) gemäß § 2 dieses Vertrags überträgt, teilt er dem Darlehensgeber unverzüglich den jeweiligen  Zeitpunkt und die jeweilige Anzahl der übertragenen Leih-Aktien zum Zwecke der Erfüllung von Stimmrechts-mitteilungspflichten mit. 	 	3.        As soon as the Borrower transfers Borrowed Shares to BNY Mellon (Germany) in accordance with section 2 of this Agreement, the Borrower shall notify the Lender without undue delay about the respective date and the respective amount of transferred Borrowed Shares for the purpose of voting rights notifications. 

 

    	 	Seite 17 von 19	 

     

    

 

	§ 9 

Verschiedenes	 	Section 9 

Miscellaneous
	 	 	 
	1.        Ausschließlicher
Gerichtsstand für alle aus oder im Zusammenhang mit dieser Vereinbarung entstehen-den Streitigkeiten ist Düsseldorf.  	 	1.        The
exclusive place of jurisdiction for all disputes arising from or in connection with this Agreement shall be Düsseldorf. 
	 	 	 
	2.        Mündliche Nebenabreden wurden nicht getroffen. Änderungen oder Ergänzungen zu diesem Vertrag bedürfen der Schriftform. Das gleiche gilt für den Verzicht auf das Schriftformerfordernis. 	 	2.        No
verbal subsidiary agreements have been made. Any amendments or supplements to this Agreement must be made in writing. The same
shall apply to a waiver of the written form requirement. 
	 	 	 
	3.        Sollte eine Bestimmung dieses Vertrages unwirksam oder undurchführbar sein oder werden, so wird hierdurch die Wirksamkeit des Vertrages im Übrigen nicht berührt. Die Parteien werden in einem solchen Fall die unwirksame oder undurchführbare Bestimmung durch eine wirksame und durchführbare Bestimmung ersetzen, die dem gewollten wirtschaftlichen Zweck der unwirksamen oder undurchführbaren Bestimmung möglichst nahe kommt. Entsprechendes gilt für den Fall einer Regelungslücke. 	 	3.        Should a provision of this Agreement be or become invalid or unenforceable, this shall not affect the validity of the remainder of the Agreement. In such a case, the parties shall replace the invalid or unenforceable provision with a valid and enforceable provision that comes as close as possible to the intended economic purpose of the invalid or unenforceable one. The same shall apply to any omission. 

 

    	 	Seite 18 von 19	 

     

    

  

	Leverkusen, den / Leverkusen on Düsseldorf, den / Düsseldorf on
	______________	______________ 

 

	 	 /s/ Junichi Hamada 	   	  /s/ Torsten Klanten 	 
	 	 	 	 	 
	 	Darlehensgeber / Lender	 	Darlehensnehmer / Borrower	 

 

    	 	Seite 19 von 19Exhibit 10.15

 

 Mandate Agreement

 

between

 

Biofrontera AG,
Hemmelrather Weg 201,
51377 Leverkusen, Germany

 

- hereinafter
referred to as the "Company" –

 

and

 

Lang &
Schwarz Broker GmbH,
Breite Str. 34, 40213
Düsseldorf, Germany,

 

- hereinafter
referred to as the "Bank" –

 

- together
referred to as the "Parties" –

 

in relation to support
during a cash capital increase as part of a subscription offer, and potentially a private placement for shares not subscribed for
by shareholders, of up to 6,000,000 New Shares with subsequent admittance to quotation on the stock market in the Regulated Market
of the Düsseldorf Stock Exchange and the Deutsche Börse.

 

Preamble

 

Lang
& Schwarz Broker GmbH
is a securities trading bank (a bank pursuant to Section 1 [3d] Clause 3 of the German Banking Act [KWG),
which among other activities provides support during capital raising measures and manages admissions
to stock exchange quotations and subsequent authorizations.

 

Biofrontera AG,
which is based in Leverkusen, Germany, is entered in the
commercial register held at the Cologne District Court – Registry Court – under commercial register sheet number
49717, and at present has share capital of EUR 38,416,828.00, divided into 38,416,828 ordinary nil
par shares (individual share certificates) with a proportional amount in the share capital of EUR 1.00 per share.

 

     

     

    

 

Under full or partial
utilization of its Authorized Capital I and II, the Company plans to implement a cash capital increase, requiring a listing prospectus,
through issuing up to 6,000,000 New Shares with a stated par value of EUR 1.00 each ("New Shares"), including
a subscription offer to the previous shareholders.

 

The New Shares (hereinafter
also referred to as the "Shares to be Admitted to Quotation") are then to be admitted to stock exchange quotation
in the Regulated Market of the Düsseldorf Stock Exchange and the Deutsche Börse. The placing volume is to amount to up
to EUR 24.0 million according to current estimates.

 

Furthermore, the Company intends to place
New Shares not acquired by shareholders as part of the statutory subscription offer among investors in the USA. The Company has
entered into separate agreements with American investment banks for this purpose. The Bank shall not become a party to such agreements.
In this context, New Shares cannot be offered for purchase in the USA, but instead only American Depositary Receipts ("ADRs").
The plan is that one (1) ADR is to securitize two (2) of the Company's shares. The ADRs that are to be delivered to any US investors
are to be issued by BNY Mellon Bank ("BNY Mellon"), although for technical settlement reasons BNY Mellon shall have recourse
to a corresponding position of the Existing Shares in the Company before the capital increase is registered, and consequently before
the legal origination of the New Shares. These shares are to be made available through a loan of securities provided by a major
shareholder. The success of the transaction depends crucially on the provision of such securities on loan. The Bank is to support
the processing of the Planned Capital Increase and the admittance procedure for the Shares to be Admitted to Quotation, as well
as the transfer of a position of Existing Shares in the Company to BNY Mellon. Further services rendered by the bank in connection
with the creation of the ADRs and the US listing shall not form a subject of this Mandate Agreement.

 

Based on this, the Parties shall agree the following:

 

Section 1

Capital increase / issue price / placing
price

 

Under partial utilization
of Authorized Capital I (Section 7 [3] of the Company's bylaws), the Company plans to implement a capital increase against cash
capital contributions ("Planned Capital Increase") through issuing up to 6,000,000 New Shares, including a subscription
offer to existing shareholders.

 

The level of the Planned
Capital Increase, in other words, the number of New Shares as well as the placing price per New Share, shall be determined between
the Company and the Bank shortly before the implementation of the Planned Capital Increase.

 

The Company shall
make the final decision concerning the level of the issue price and placing price.

 

     

     

    

 

All publications relating
to the implementation of the capital increase shall be arranged by the Bank on the Company's behalf. The Company shall bear the
related costs.

 

The New Shares shall
be offered to the existing shareholders for purchase taking into account their subscription rights. Above and beyond their shareholdings
according to the subscription ratio, all existing shareholders shall also issue a further binding subscription order (oversubscription).
No legal entitlement shall exist to an allocation in the oversubscription.

 

Furthermore, the Company
shall decide whether shares that have not been subscribed for shall also be sold as part of a private placement. To this extent,
however, the Parties shall assume that, in this case, the shares to be admitted shall prospectively be subject to the requirement
that a prospectus be published.

 

The New Shares shall be fully entitled
to dividends from January 1, 2017.

 

Section 2

 

Subscription rights capital increase
/ issue amount

 

The Bank shall be
responsible for the coordination, organization and implementation of the subscription rights capital increase.

 

To this end, the Bank,
together with other advisers, shall consult with the Company concerning the structuring of the scheduling and organization of the
capital increase, and prepare a corresponding time plan. It shall also update this time plan if required, including specifying
the respective individuals responsible in each case.

 

The Bank's tasks in
connection with the capital increase shall include, inter alia, the signing of the corresponding subscription certificate and payment
of the capital increase amount into the Company's "Capital Increase Special Account" (initially 25% of the notional interest
per share in the share capital, to enable the entry of the implementation of the capital increase in the commercial register; the
remaining 75% of the notional par value shall be rendered immediately after the implementation of the capital increase has been
entered in the share register). The issue amount per share to be determined in the subscription certificate shall amount to EUR
1.00.

 

The Bank shall offer
the New Shares as part of the subscription rights capital increase to existing shareholders by way of an indirect subscription
offer, as well as for oversubscription, and potentially place by way of a private placement the New Shares that are not subscribed
for as part of the subscription offer and the oversubscription. The Bank shall transfer the surplus proceeds to the Company.

 

The Company shall provide
the Bank with all information to which it has access, and which is requisite or useful as part of the mandate
for individuals at the Bank or for third parties that are appointed to tasks connected with the implementation. The Company shall
also obligate itself to ensure that its Management Board members, senior employees, auditors and advisers, including legal advisers,
of the Bank or third parties, that are appointed to perform tasks, are suitably available to provide information.

 

     

     

    

 

The New Shares shall
be subscribed for and assumed without the Bank incurring underwriting risk. For this reason, the Planned Capital Increase shall
be conducted only to the extent to which unconditional and irrevocable acceptance declarations are available when the Bank subscribes
for the New Shares, and the consideration for the corresponding share purchases is irrevocably credited to a trust account of the
Bank.

 

A share loan with
the existing shareholders might be negotiated to ensure that the transaction is processed smoothly and to make it more attractive
for investors to subscribe for. Related details are to be determined in a separate agreement.

 

Moreover, the Bank
shall arrange the transfer of Existing Shares in the Company to BNY Mellon against payment of the subscription price.

 

The scheduling has
yet to be determined after coordination with the Company; the transaction is to be concluded before April 30, 2018, however.

 

The further specifics of the Planned Capital
Increase, the transfer of the New Shares and the admittance to stock market quotation and stock market listing shall be regulated
in an Underwriting Agreement ("Underwriting Agreement").

 

The arrangements made
in this Mandate Agreement shall substantiate for the Bank neither an obligation to conclude the Underwriting Agreement, nor to
underwrite or subscribe for the New Shares.

 

The provisions in
this Mandate Agreement shall also retain their validity after concluding the Underwriting Agreement, unless derived otherwise from
their meaning and purpose.

 

Section 3

Stock market listing

 

The Company shall also
engage the Bank to conduct the listing procedure, without the publication of a securities prospectus, for the shares to be admitted
to the Regulated Market of the Düsseldorf Stock Exchange and the Deutsche Börse.

 

The Bank shall render the following services
as part of such activities:

 

		a.	Preparation of a time plan presenting the scheduling of activities connected with the admission
procedure for the Shares to be Admitted to Quotation and specifying the respective parties responsible. The schedule shall be updated
constantly by the Bank and forwarded to the Company.

 

		b.	Preparation and submission of the application for admission to stock
market listing, without a prospectus, of the Shares to be Admitted to Quotation to the management of the Düsseldorf Stock
Exchange and the Deutsche Börse. The submission of the application, which is to
be directed prospectively to the admission to listing of "up to 6,000,000 New Shares", is to be submitted in sufficiently
good time to enable the admission to listing of the New Shares soon after the registration of the implementation of the Planned
Capital Increase.

 

     

     

    

  

		c.	Placing of the requisite mandatory publications.

 

		d.	Preparation and submission of the application for initial listing of the shares to be admitted
to quotation.

 

		e.	General advice.

 

Especially based on
the regulations of the German Securities Prospectus Act (WpPG) relating to the admission to listing, without prospectus, of shares
in the Regulated Market, the Company shall not implement any initial public offering of other securities of the Company or companies
affiliated with it, and not arrange any further capital measures during the duration of this agreement or before the admission
to quotation of the "Shares to be Admitted to Quotation" with the consequence that the Planned Capital Increase cannot
occur without a prospectus.

 

The Company shall obligate
itself, in coordination with the Bank and at its timely and specific request, to properly and promptly prepare documentation required
for admission to quotation.

 

In the instance that
the Shares to be Admitted to Quotation should be subject to the requirement that a prospectus be issued pursuant to the German
Securities Prospectus Act (WpPG), the Parties shall make the correspondingly required mutual agreements in a separate agreement
– including in relation to the remuneration of the Bank.

 

Section 4

Duration / termination

 

The issuing of this
mandate shall be valid until April 30, 2018. The contractual Parties can at any time agree to an extension of the contractual duration.

 

If serious circumstances
arise making a capital increase and initial public offering unfeasible or unreasonable, the Bank shall be entitled to terminate
this mandate until the conclusion of the Underwriting Agreement. The same shall apply if the Bank arrives at the reasonable assessment
that an issue appears unfeasible or unreasonable given conditions prevailing long-term on the capital market or the development
of the Company, or the Company fails to fulfil its obligations arising from this agreement despite written request by the Bank
after an appropriate period. In each case, the Bank shall previously confer with the Company concerning alternative measures appropriate
to safeguarding the interests of both the Company and the Bank.

 

     

     

    

 

In the instance of
withdrawal, the Company shall remain obligated to compensate the Bank for external costs incurred pursuant to this agreement for
services already rendered, including in the instance that the Bank withdraws.

 

Section 5

Securitization / paying agent and custodian

 

The New Shares shall
be securitized in the form of global notes and lodged at Clearstream Banking
AG, Frankfurt/Main, Germany.

 

The Company shall
conclude agreements with Bankhaus Gebr. Martin, Göppingen,
Germany concerning the paying agent and custodial services. The paying agent and custodian
shall be responsible for issuing the global note and for booking at Clearstream Banking AG, Frankfurt/Main, Germany, and for recording
the shares in the purchasers' custody accounts. The Bank shall issue the requisite related instructions to the paying agent and
custodian.

 

Section 6

Commission, outlays and costs

 

For the implementation of the Planned Capital
Increase as well as the admission to quotation, without prospectus, of the Shares to be Admitted to Quotation, the Company shall
issue to the Bank the following commissions, in each case plus any value added tax incurred:

 

Commission for the underwriting, settlement and initial public
offering, without prospectus

 

1% of the placing volume (albeit a minimum of EUR 35,000).

 

This commission shall
fall due when the Planned Capital Increase is billed. The Bank's services shall be paid for when the commission is paid.

 

The Company shall bear
all necessary and appropriate costs connected with the implementation of the Planned Capital Increase and the initial public offering
of the New Shares (e.g. the fees for the initial public offering and admission to quotation billed by the target exchanges, costs
of mandatory publications, costs for securities loans, potentially costs to prepare a prospectus), as well as taxes, to the extent
that they are not expressly regulated otherwise in this agreement. This shall also include agreements with American investment
banks.

 

The Bank shall only
issue requisite and appropriate orders to third parties on behalf of and/or for the account of the Company after coordination with
the Company if in total they exceed a maximum amount of EUR 2,500.00. This amount shall not include the fees for admission to quotation
on the Düsseldorf Stock Exchange and the Deutsche Börse. Corresponding shall apply if the Bank incurs outlays for appropriate
costs for necessary orders issued to third parties. The Company shall settle such amounts within 15 banking working days after
the submission of the corresponding invoices.

 

The ending of the
mandate shall leave the Company's obligation to pay such costs and outlays unaffected.

 

     

     

    

 

Section 7

Liability and exemption from liability

 

The Bank's liability
shall be restricted to intention and gross negligence. The Bank shall be liable for slight negligence if obligations essential
to the agreement are infringed. In the case of slightly negligent infringement of obligations essential to the agreement, the liability
shall be restricted to losses which are typical for the agreement and predictable. The Bank shall assume no liability for disclosures
and documents provided by third parties being complete and correct.

 

Section 8

Confidentiality

 

The contents of this
agreement shall be subject to the requirements of strict confidentiality for both Parties. The contractual Parties shall be entitled
to disclose or forward confidential information if such forwarding or disclosure is prescribed by law or occurs based on official
or judicial orders.

 

The contractual Parties
may only disclose or convey confidential information to the extent prescribed by law or ordered officially or judicially. Before
any forwarding or disclosure of confidential information to authorities, the contractual partners shall be obligated to immediately
inform the respective other party in advance in writing, so that this party is able to reject such forwarding or disclosure.

 

The contractual Parties
shall obligate themselves to not disclose confidential information to third parties or provide it in another manner, except to
such advisers that are professionally obligated to confidentiality. The Company and the Bank shall ensure that both their employees,
managing directors and representatives, as well as companies affiliated with the contractual Parties, including their employees,
managing directors and representatives, comply with the obligation to confidentiality.

 

All confidential information
(and all copies, summaries, notes and discs or other computer storage media with such contents or parts thereof) are to be returned
at any time on demand to the respective other contractual partner. The affected contractual partner may not assert any retention
rights of any type, and shall hereby expressly and irrevocably waive any right and any form of retention. The contractual Parties
shall be obligated on demand by the respective other contractual partner to confirm in writing that it shall comply with the provision
of this paragraph. Archiving obligations based on statutory regulations shall be hereby unaffected.

 

     

     

    

  

Section 9

Public relations

 

The public relations
work to be rendered in connection with the preparation and implementation of the capital increase, especially relating to the business
and specialist or stock market press, shall be assumed by the Company in coordination with the Bank. The same shall apply for appropriate
presentation in other media such as the Internet, TV etc. In this context, the Parties shall ensure that no public offer in the
meaning of the German Securities Prospectus Act (WpPG) shall be triggered by the issue.

 

Section 10

Various

 

This mandate agreement
shall include all agreements relating to the regulation of the purpose of the Agreement. Ancillary arrangements have not been entered
into. Amendments and supplements shall require written form to be effective. The same shall apply for the waiver of the requirement
for written form.

 

This agreement shall
be subject to German law. The place of jurisdiction for disputes shall be Düsseldorf, Germany.

 

Should individual parts
of this mandate agreement be, or become, invalid, the validity of the other provisions shall be thereby unaffected. In such an
instance, the invalid provisions shall be replaced by such provisions that best approximate the invalid provisions in their economic
purpose. Corresponding shall apply in the case of a loophole.

 

Düsseldorf,

 

	/s/ Lang & Schwarz Broker GmbH	 
	 	 
	Lang & Schwarz Broker GmbH	 

 

     

     

    

  

	Leverkusen, ____________________	 
	 	 
	/s/ Biofrontera AG	 
	 	 
	Biofrontera AG

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