Document:

Exhibit 10.1

EXHIBIT 10.1

REGISTRATION RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made effective as of May 19,
2010 by and among Winston Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
Pharmaceutical Financial Syndicate, LLC, a Delaware limited liability company (“PFS”), and
each of Frost Gamma Investments Trust, Subbarao Uppaluri, Steven D. Rubin and Jane Hsiao
(collectively, the “Frost Group Shareholders” and individually, a “Frost Group
Shareholder”).

RECITALS

A. Simultaneous with the execution and delivery of this Agreement, PFS and the Frost Group
Shareholders have entered into a Stock Purchase Agreement (the “SPA”) and Escrow Agreement
(the “Escrow Agreement”) each dated as of May 19, 2010 pursuant to which PFS shall purchase
from the Frost Group Shareholders an aggregate of 18,399,271 shares of the Company’s common stock
(the “Covered Shares”) and warrants to purchase 8,958,975 shares of the Company’s common
stock (the “Covered Warrants,” and together with the Covered Shares, the “Covered
Securities”). For purposes of this Agreement, Covered Shares shall include any shares of the
Company’s common stock acquired upon the exercise of any Covered Warrants and any shares of common
stock issued in connection with a dividend, stock split, reclassification, recapitalization or
other distribution with respect to, or in exchange for or in replacement of, any Covered Shares.

B. As partial consideration for the Covered Securities and pursuant to Section 1.2 of the SPA,
PFS has executed non-recourse promissory notes in favor of the Frost Group Shareholders in the
aggregate original principal amount of $10,263,500 (collectively, the “Notes”).

C. In order to secure satisfaction and payment of the obligations of PFS under the Notes,
92.857% of each of the Covered Shares and the Covered Warrants have been placed in Escrow and shall
be subject to release in proportion to payment of principal payments under the Notes in accordance
with the terms and conditions of the Escrow Agreement.

D. In order to facilitate the performance of the parties of their respective obligations under
the SPA, the Escrow Agreement and the Notes, and in consideration of $25,000 in cash to be paid by
PFS to the Company simultaneously with the purchase by PFS of the Covered Securities and the
payment by PFS of the Company’s out-of-pocket expenses (including reasonably legal fees) in
connection with this Agreement, the Company has agreed to grant certain registration rights with
respect to the Covered Shares on the terms and conditions set forth herein.

Now, therefore, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged by each of the undersigned parties, the undersigned parties hereto agree as
follows:

1. Piggyback Registrations.

(a) Right to Piggyback. From and after the effective date of this Agreement until such
time as none of the Covered Securities remain subject to the provisions of the Escrow Agreement,
whenever the Company proposes to register any class of its common stock for sale under the
Securities Act of 1933, as amended, for its own account or for the account of any holder of its
securities (a “Piggyback Registration”), the Company shall give prompt written notice to
PFS and each of the Frost Group Shareholders of its intention to effect such a registration and
will provide the Frost Group Shareholders and PFS the opportunity to include in such registration
up to one-half of the class of Covered Shares subject to the Escrow Agreement at the time of such
Piggyback Registration, subject to the provisions of paragraph (c) below. If PFS or any Frost Group
Shareholder desires to include in any such registration statement all or part of the Covered Shares
in accordance with the provisions of Section 3 of the Escrow Agreement, he shall, within 20 days
after receipt of the above-described notice from the Company, so notify the Company in writing (the
“Election Notice”); provided, however, that PFS shall not have the right to include any

 

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Covered Shares in a registration statement unless the price at which the Covered Shares are being
offered obtained is at least the Purchase Price per share as set forth in the SPA, subject to
adjustment in the event of any stock splits or combinations, stock dividends or distributions, or
similar transactions involving the Covered Shares. Such Election Notice shall state the number of
Covered Shares which such Frost Group Shareholder or PFS requests to be included in such
registration. If PFS or any Frost Group Shareholder decides not to include all or any part of his
Covered Shares in any registration statement filed by the Company, he shall nevertheless continue
to have the right to include any Covered Shares in any subsequent registration statement or
registration statements as may be filed by the Company, all upon the terms and conditions set forth
herein.

(b) Piggyback Expenses. The Company shall pay all Registration Expenses (as such term
is defined in Section 3 hereof) in all Piggyback Registrations.

(c) Priority on Primary Registration. If a Piggyback Registration is an underwritten
registration of securities for the account of the Company, and the managing underwriters advise the
Company in writing that, in their opinion, the number of securities requested to be included in
such registration exceeds the number which can be sold in an orderly manner in such offering within
a price range acceptable to the Company, the Company shall include in such registration (i) first,
the securities the Company proposes to sell, (ii) second, the Covered Shares to be included in such
registration, and (iii) third, the securities of other stockholders that are not Covered Shares
requested to be included in such registration, pro rata among the respective holders thereof on the
basis of the amount of securities owned by each such holder.

(d) Priority on Secondary Registration. If a Piggyback Registration is an underwritten
registration of securities for the account of holders of the Company’s securities, and the managing
underwriters advise the Company in writing that, in their opinion, the number of securities
requested to be included in such registration exceeds the number which can be sold in an orderly
manner in such offering within the price range of the offering, the Company shall include in such
registration (i) first, the Covered Shares to be included in such registration, and (ii) second,
the securities of other stockholders that are not Covered Shares requested to be included in such
registration, pro rata among the holders of such securities on the basis of the number of shares
owned by each such holder.

(e) Selection of Underwriters. If any Piggyback Registration is an underwritten
offering, the selection of investment banker(s) and manager(s) for the offering shall be made by
the Company.

2. Registration Procedures.

(a) In connection with any Piggyback Registration, the Company shall use all reasonable
commercially reasonable efforts to effect the sale of such Covered Shares to be offered in
accordance with the intended method of disposition thereof. The registration statement filed in
connection therewith shall (i) be available for the sale of the Covered Shares in accordance with
the intended method or methods of distribution described therein, and (ii) comply as to form in all
material respects with the requirements of the applicable form and include all financial statements
required by the SEC to be included therein or if permitted by the rules and forms of the SEC,
incorporate such financial statements therein by reference. Before filing a registration statement
or prospectus or any amendments or supplements thereto relating to a Piggyback Registration, the
Company shall furnish to the parties to this Agreement copies of all such documents proposed to be
filed, which documents shall be subject to the reasonable review and comment of such parties.

Additionally, the Company shall, as expeditiously as possible:

(b) notify the parties hereto of the effectiveness of each registration statement filed with
the SEC in which PFS or the Frost Group Shareholders may be entitled to participate pursuant to
this Agreement and (i) prepare and file with the SEC such amendments to any registration statement
as may be necessary to keep any such registration statement effective for a period of time
necessary to effect the distribution of the securities contemplated by such registration statement;
(ii) cause the prospectus to such registration statement to be amended or supplemented as required
and to be filed as required by Rule 424 or any similar

 

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rule that may be adopted under the Securities Act; (iii) respond as promptly as practicable to any
comments received from the SEC with respect to the registration statement or any amendment thereto;
and (iv) comply with the provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement during the applicable period in accordance with
the intended method or methods of distribution described therein.

(c) use all commercially reasonable efforts to register or qualify such Covered Shares, and to
keep such registration or qualification effective during the period such registration statement is
to be kept effective, under such other securities or blue sky laws or such jurisdictions as any
underwriter requests and do any and all other acts and things which may be reasonably necessary or
advisable to enable the disposition of the Covered Shares in such jurisdictions (provided that the
Company shall not be required to (i) qualify generally to do business in any jurisdiction where it
would not otherwise be required to qualify but for this Section 2(c), (ii) subject itself to
taxation in any such jurisdiction or (iii) consent to general service of process in any such
jurisdiction).

(d) promptly notify each party to this Agreement (i) when any amendment or supplement to the
prospectus relating to a registration statement relating to Covered Shares has been filed with the
SEC, (ii) of the issuance by the SEC or any state securities authority of any stop order suspending
the effectiveness of the registration statement or any part thereof or the initiation of any
proceedings for that purpose, (iii) if the Company receives any notification with respect to the
suspension of the qualification of the Covered Shares for offer or sale in any jurisdiction or the
initiation of any proceeding for such purpose, and (iv) of the happening of any event during the
period the registration statement is effective as a result of which (A) such registration statement
contains any untrue statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading or (B) such prospectus as
then amended or supplemented contains any untrue statement of a material fact or omits to state any
material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading; and, the Company shall prepare a supplement or
amendment to such prospectus so that, as thereafter delivered to the purchasers of such Covered
Shares, such registration statement or prospectus shall not contain an untrue statement of a
material fact or omit to state any fact necessary to make the statements therein not misleading;

(e) enter into such customary agreements (including underwriting agreements in customary form)
and take all such other actions reasonably requested by any underwriter in order to expedite or
facilitate the disposition of such Covered Shares (including effecting a stock split or a
combination of shares);

(f) in the event of the issuance of any stop order suspending the effectiveness of a
registration statement, or of any order suspending or preventing the use of any related prospectus
or suspending the qualification of any Covered Shares included in such registration statement for
sale in any jurisdiction, the Company shall use all commercially reasonable efforts promptly to
obtain the withdrawal of such order; and

(g) use all commercially reasonable efforts to obtain all legal opinions, auditors consents
and comfort letters and experts cooperation as may be required, including furnishing to each
underwriter of Covered Shares on the date the registration statement with respect to such Covered
Shares becomes effective, (i) an opinion, dated as of the such date, of counsel for the Company and
(ii) a “cold comfort” letter, dated as of such date, signed by the independent public accountants
of the Company, in each case in form and substance as is customarily given to underwriters in an
underwritten public offering.

3. Registration Expenses.

Expenses incident to the Company’s performance of or compliance with this Agreement, including
all registration and filing fees, expenses and fees of compliance with securities or blue sky laws,
printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees
and disbursements of counsel for the Company and all independent certified public accounts,
underwriters (excluding discounts and commissions) and other persons retained by the Company (all
such expenses being herein called “Registration Expenses”), shall be borne by the Company,
and the Company shall, in

 

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any event, pay its internal expenses (including, without limitation, all salaries and expenses of
its officers and employees performing legal or accounting duties), the expense of any annual audit
or quarterly review, the expense of any liability insurance and the expenses and fees for listing
the securities to be registered on each securities exchange on which similar securities issued by
the Company are then listed. PFS and the Frost Group Shareholders shall be responsible for their
own individual expenses with respect to a Piggyback Registration, including without limitation
legal, accounting, investment banking or other professional management or advisory fees related to
any advisors or counsel engaged by PFS or any Frost Group Shareholder and any discount or
underwriting fees or commissions attendant to the Covered Shares.

4. Participation Requirements. In connection with any Piggyback Registration, each of
PFS, the Frost Group Shareholders, and their respective affiliates must (i) agree to the sale of
Covered Shares in such registration on the basis provided in any underwriting arrangements approved
by the Company, and (ii) complete and execute all questionnaires, powers of attorney, lock-up
agreements, indemnities, underwriting agreements and other documents required under the terms of
such underwriting arrangements; provided that neither PFS nor any Frost Group Shareholder shall be
required to make any representations or warranties to the Company or the underwriters (other than
representations and warranties regarding title to and consent to sell the Covered Shares) or to
undertake any indemnification obligations to the Company or the underwriters with respect thereto.
Additionally, if PFS or any of the Frost Group Shareholders disapproves of the terms of any such
underwriting arrangements, it may elect to withdraw therefrom by written notice to the Company and
the underwriters at least ten (10) business days prior to the date the registration statement with
respect to the Covered Shares becomes effective.

5. Indemnification; Contribution.

(a) The Company agrees to indemnify, defend and hold harmless each Frost Group Shareholder and
PPS (each such person being referred to as a “Holder” for purposes of this Section 5) and each
person who controls any Holder within the meaning of Section 15 of the Securities Act or Section 20
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (each, a “Holder
Indemnified Party”), from and against any loss, damage, expense, liability or claim (including
the reasonable cost of investigation) which such Holder Indemnified Party may incur under the
Securities Act, the Exchange Act or otherwise, insofar as such loss, damage, expense, liability or
claim arises out of or is based upon any untrue statement or alleged untrue statement of a material
fact contained in any registration statement or prospectus or in any amendment or supplement
thereto or in any preliminary prospectus, or arises out of or is based upon any omission or alleged
omission to state a material fact required to be stated in any registration statement or in any
amendment or supplement thereto or necessary to make the statements therein not misleading, or
arises out of or is based upon any omission or alleged omission to state a material fact necessary
in order to make the statements made in any prospectus or in any amendment or supplement thereto or
in any preliminary prospectus, in the light of the circumstances under which they were made, not
misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or
is based upon any untrue statement or omission or alleged untrue statement or omission of a
material fact contained in, or omitted from, and in conformity with information furnished in
writing by or on behalf of any Holder to the Company expressly for use therein, provided,
however, that the Company shall not be required to provide any indemnify pursuant to this
Section 5(a) in any such case insofar as any such loss, damage, expense, liability, claim or action
arises out of or is based upon any untrue statement or omission or alleged untrue statement or
omission of a material fact contained in, or omitted from, and in conformity with written
information pertaining to a Holder furnished by or on behalf of such Holder to the Company
expressly for use in, any registration statement or any prospectus.

(b) Each Holder, severally and not jointly, agrees to indemnify, defend and hold harmless the
Company, its directors, officers and any person who controls the Company within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a “Company
Indemnified Party”) from and against any loss, damage, expense, liability or claim (including
the reasonable cost of investigation) which such Company Indemnified Party may incur under the
Securities Act, the Exchange Act or otherwise, insofar as such loss, damage, expense, liability or
claim arises out of or is based upon any untrue statement or alleged untrue statement of a material
fact contained in information furnished in writing by or on behalf of such Holder to the Company
expressly for use in any registration statement or prospectus

 

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or in any amendment or supplement thereto or in any preliminary prospectus, or arises out of or is
based upon any omission or alleged omission to state a material fact required to be stated in any
registration statement or in any amendment or supplement thereto or necessary to make the
statements therein not misleading, or arises out of or is based upon any omission or alleged
omission to state a material fact necessary in order to make the statements in any prospectus or in
any amendment or supplement thereto or in any preliminary prospectus, in the light of the
circumstances under which they were made, not misleading, in connection with such information. In
no event shall the liability of any selling Holder of Covered Shares hereunder be greater in amount
than the dollar amount of the proceeds received by such Holder upon the sale of the Covered Shares
pursuant to the registration statement giving rise to such indemnification obligation.

(c) If any action, suit or proceeding (each, a “Proceeding”) is brought against any
person in respect of which indemnity may be sought pursuant to either subsection (a) or (b) of this
Section 5, such person (the “Indemnified Party”) shall promptly notify the person against
whom such indemnity may be sought (the “Indemnifying Party”) in writing of the institution
of such Proceeding and the Indemnifying Party shall assume the defense of such Proceeding. Such
Indemnified Party shall have the right to employ its own counsel in any such case, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Party unless the employment of
such counsel shall have been authorized in writing by such Indemnifying Party in connection with
the defense of such Proceeding or such Indemnifying Party shall not have employed counsel to have
charge of the defense of such Proceeding within 30 days of the receipt of notice thereof or such
Indemnified Party shall have reasonably concluded upon the written advice of counsel that there may
be one or more defenses available to it that are different from, additional to or in conflict with
those available to such Indemnifying Party (in which case such Indemnifying Party shall not have
the right to direct that portion of the defense of such Proceeding on behalf of the Indemnified
Party, but such Indemnifying Party may employ counsel and participate in the defense thereof but
the fees and expenses of such counsel shall be at the expense of such Indemnifying Party), in any
of which events such reasonable fees and expenses shall be borne by such Indemnifying Party and
paid as incurred (it being understood, however, that such Indemnifying Party shall not be liable
for the expenses of more than one separate counsel in any one Proceeding or series of related
Proceedings together with reasonably necessary local counsel representing the Indemnified Parties
who are parties to such action). An Indemnifying Party shall not be liable for any settlement of
such Proceeding effected without the written consent of such Indemnifying Party, but if settled
with the written consent of such Indemnifying Party, such Indemnifying Party agrees to indemnify
and hold harmless an Indemnified Party from and against any loss or liability by reason of such
settlement. Notwithstanding the foregoing sentence, if at any time an Indemnified Party shall have
requested an Indemnifying Party to reimburse such Indemnified Party for fees and expenses of
counsel as contemplated by the second sentence of this paragraph, then such Indemnifying Party
agrees that it shall be liable for any settlement of any Proceeding effected without its written
consent if (i) such settlement is entered into more than 60 business days after receipt by such
Indemnifying Party of the aforesaid request, (ii) such Indemnifying Party shall not have reimbursed
such Indemnified Party in accordance with such request prior to the date of such settlement and
(iii) such Indemnified Party shall have given such Indemnifying Party at least 30 days’ prior
notice of its intention to settle. No Indemnifying Party shall, without the prior written consent
of any Indemnified Party, effect any settlement of any pending or threatened Proceeding in respect
of which such Indemnified Party is or could have been a party and indemnity could have been sought
hereunder by such Indemnified Party, unless such settlement includes an unconditional release of
such Indemnified Party from all liability on claims that are the subject matter of such Proceeding
and does not include an admission of fault, culpability or a failure to act, by or on behalf of
such Indemnified Party.

(d) If the indemnification provided for in this Section 5 is unavailable to an Indemnified
Party under subsections (a) and (b) of this Section 5 in respect of any losses, damages, expenses,
liabilities or claims referred to therein, then each applicable Indemnifying Party, in lieu of
indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such losses, damages, expenses, liabilities or claims (i) in such
proportion as is appropriate to reflect the relative benefits received by the Company on the one
hand and the Holders on the other hand from the offering of the Covered Shares or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in

 

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clause (i) above but also the relative fault of the Company on the one hand and of the Holders on
the other in connection with the statements or omissions which resulted in such losses, damages,
expenses, liabilities or claims, as well as any other relevant equitable considerations. The
relative fault of the Company on the one hand and of the Holders on the other shall be determined
by reference to, among other things, whether the untrue statement or alleged untrue statement of a
material fact or omission or alleged omission relates to information supplied by the Company or by
the Holders and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The amount paid or payable by a party as a result
of the losses, damages, expenses, liabilities and claims referred to above shall be deemed to
include any reasonable legal or other fees or expenses reasonably incurred by such party in
connection with investigating or defending any Proceeding.

(e) The Company and the Holders agree that it would not be just and equitable if contribution
pursuant to this Section 5 were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to in subsection 0
above. Notwithstanding the provisions of this Section 5, no Holder shall be required to contribute
any amount in excess of the amount by which the total price at which the Covered Shares sold by it
were offered to the public exceeds the amount of any damages which it has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The Holders’ respective obligations to contribute pursuant to this
Section 5 are several in proportion to the respective amount of Covered Shares they have sold
pursuant to a registration statement, and not joint. The remedies provided for in this Section 5
are not exclusive and shall not limit any rights or remedies which may otherwise be available to
any Indemnified Party at law or in equity.

(f) The indemnity and contribution provisions contained in this Section 5 shall remain
operative and in full force and effect regardless of (i) any termination of this Agreement, (ii)
any investigation made by or on behalf of any Holder or any person controlling any Holder, or the
Company, or the Company’s officers or directors or any person controlling the Company and (iii) the
sale of any Covered Shares by any Holder.

6. General Provisions; Termination

(a) No Inconsistent Agreements. Without the written consent of the parties hereto, the
Company shall not hereafter enter into any agreement with respect to its securities which is
inconsistent with or violates or limits the rights granted to the holders of Covered Shares in this
Agreement, including without limitation with respect to priority on cutback in an underwritten
public offering as specified in Section 3.

(b) Adjustments Affecting Covered Securities. The Company shall not take any action,
or permit any change to occur, with respect to its securities which would materially adversely
affect its ability to include the Covered Securities in a registration undertaken pursuant to this
Agreement.

(c) Remedies. Any person having rights under any provision of this Agreement shall be
entitled to enforce such rights specifically to recover damages caused by reason of any breach of
any provision of this Agreement and to exercise all other rights granted by law. The parties hereto
agree and acknowledge that money damages may not be an adequate remedy for any breach of the
provisions of this Agreement and that any party may in its sole discretion apply to any court of
law or equity of competent jurisdiction (without posting any bond or other security) for specific
performance and for other injunctive relief in order to enforce or prevent violation of the
provisions of this Agreement.

(d) Amendment and Waivers. Except as otherwise provided herein, the provisions of this
Agreement may be amended or waived only upon the prior written consent of all of the parties
hereto.

 

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(e) Successors and Assigns. All covenants and agreements in this Agreement by or on
behalf of any of the parties hereto shall bind and inure to the benefit of the respective
successors and assigns of the
parties hereto whether so expressed or not. In addition, whether or not any express assignment has
been made, the provisions of this Agreement which are for the benefit of purchasers or holders of
Covered Shares are also for the benefit of, and enforceable by, any subsequent holder of Covered
Shares.

(f) Severability. If any provision of this Agreement is held to be prohibited by or
invalid, illegal or unenforceable in any respect under applicable law by the SEC or by a court of
competent jurisdiction, such provision shall be ineffective only to the extent of such prohibition,
invalidity, illegality or unenforceability without invalidating the remainder of this Agreement.

(g) Counterparts. This Agreement may be executed simultaneously in one or more
counterparts (any one of which may be by facsimile), any one of which need not contain the
signatures of more than one party, but all such counterparts taken together shall constitute one
and the same Agreement.

(h) Descriptive Headings. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a part of this Agreement.

(i) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York.

(j) Jurisdiction; Service; Jury Waiver. Any action or proceeding seeking to enforce
any provision of, or based on any right arising out of, this Agreement shall be brought against any
of the parties only in the courts of the State of New York, City of New York, Borough of Manhattan,
or, if it has or can acquire jurisdiction, in the United States District Court for the Southern
District of New York, and each of the parties consents to the jurisdiction of such courts (and of
the appropriate appellate courts) in any such action or proceeding and waives any objection to
venue laid therein. Process in any action or proceeding referred to in the preceding sentence may
be served on any party anywhere in the world. THE PARTIES HERETO WAIVE A JURY TRIAL IN ANY
LITIGATION WITH RESPECT TO THIS AGREEMENT.

(k) Notices. All notices, demands or other communications to be given or delivered
under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to
have been given when delivered personally to the recipient or one day after being sent to the
recipient by reputable overnight courier service (charges prepaid). Such notices, demands and other
communications shall be sent to PFS and each of the Frost Group Shareholders at the addresses set
forth in Schedule A attached hereto, and to the Company at the address and to the attention of such
person indicated below:

Winston Pharmaceuticals, Inc.

100 Fairway Drive

Suite 134

Vernon Hills, Illinois 60061

Attention: Joel E. Bernstein, M.D.

Facsimile: (847) 362-0794

With a copy to:

Seyfarth Shaw LLP

131 South Dearborn Street

Suite 2400

Chicago, IL 60603

Attention: Michel J. Feldman, Esq.

Facsimile: (312) 460-7613

or to such other address or to the attention of such other person as the recipient party has
specified by prior written notice to the sending party.

 

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(l) Entire Agreement. This Agreement and the instruments referred to herein embody the
complete agreement and understanding among the parties hereto with respect to the subject matter
hereof and supersede and preempt any prior understandings, agreements or representations by or
among the parties, written or oral, which may have related to the subject matter hereof in any way.

(m) Termination. The terms and conditions of this Agreement shall terminate on the
earlier to occur of (i) the 6th year anniversary of the effective date of this Agreement, or (ii)
the date that all Covered Shares have been released from escrow in accordance with the Escrow
Agreement.

[Signature pages follow.]

 

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IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above.

	 	 	 	 	 
	 	WINSTON PHARMACEUTICALS, INC.

 	 
	 	By:  	/s/ David Starr
 	 
	 	 	David Starr 	 
	 	 	Chief Financial Officer 	 
	 
	 	PHARMACEUTICAL FINANCIAL SYNDICATE, LLC

 	 
	 	By:  	/s/ Joel E. Bernstein
 	 
	 	 	Joel E. Bernstein, M.D. 	 
	 	 	Manager 	 
	 
	 	FROST GAMMA INVESTMENTS TRUST

 	 
	 	By:  	/s/ Phillip Frost
 	 
	 	 	Phillip Frost, M.D. 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	                              /s/ Subbarao Uppaluri
 	 
	 	Subbarao Uppaluri, Ph.D. 	 
	 
	 	 	 
	 	                              /s/ Steven D. Rubin
 	 
	 	Steven D. Rubin 	 
	 
	 	 	 
	 	                            /s/ Jane Hsiao
 	 
	 	Jane Hsiao, Ph.D. 	 
	 

[Signature page to the Registration Rights Agreement]

 

 

 

Schedule A

Frost Group Shareholders Notice Addresses

4400 Biscayne Boulevard, Miami, Florida 33137 for all of the Frost Group ShareholdersExhibit 10.2

EXHIBIT 10.2

STANDSTILL AGREEMENT

THIS STANDSTILL AGREEMENT (this “Agreement”) is made effective as of May 19, 2010 by
and among each of Frost Gamma Investments Trust, Subbarao Uppaluri, Steven D. Rubin and Jane Hsiao
(collectively, the “Frost Group Shareholders” and individually, a “Frost Group
Shareholder”) and Joel E. Bernstein, M.D. and Carole Bernstein, and solely with respect to
paragraph (c) of Section 2 and paragraph (a) of Section 3 of this Agreement, Winston
Pharmaceuticals, Inc., a Delaware corporation (the “Company”).

RECITALS

A. Simultaneous with the execution and delivery of this Agreement, Pharmaceutical Financial
Syndicate, LLC, (“PFS”) a Delaware limited liability company whose manager is Dr. Bernstein, and
the Frost Group Shareholders have entered into a Stock Purchase Agreement (the “SPA”) and
Escrow Agreement (the “Escrow Agreement”) pursuant to which PFS shall purchase from the
Frost Group Shareholders an aggregate of 18,399,271 shares of the Company’s common stock (the
“Covered Shares”) and warrants to purchase 8,958,975 shares of the Company’s common stock
(the “Covered Warrants,” and together with the Acquired Shares, the “Covered
Securities”).

B. As partial consideration for the Covered Securities and pursuant to Section 1.2 of the SPA,
PFS has executed non-recourse promissory notes in favor of the Frost Group Shareholders in the
aggregate original principal amount of $10,263,500 (collectively, the “Notes”).

C. In order to induce their respective counterparties to enter into the SPA and Escrow
Agreement and the transactions contemplated thereby, Dr. Bernstein and each of the Frost Group
Shareholders desire to enter into this Agreement restricting their respectively abilities to engage
in certain transactions in the Company’s securities.

Now, therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by each of the undersigned parties, the undersigned parties hereto agree as follows:

1. Representations and Warranties. The Frost Group Shareholders hereby represent and
warrant to Dr. Bernstein, and Dr. Bernstein and Mrs. Bernstein hereby represent and warrant to the
Frost Group Shareholders as follows:

(a) each party has previously disclosed to all other parties to this Agreement, through
filings made under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and/or other means: (i) the name of any affiliate, associate, immediate family member (as such term
is defined in Regulation S-K under the Exchange Act) or group member of each such party who
beneficially owns any securities of the Company within the meaning of Rule 13d-3 or Rule
16a-1(a)(2) under the Exchange Act), (ii) the number of securities of the Company so beneficially
owned by such persons, and (iii) for any such shares so beneficially owned that are held of
record in a different name (such as “Cede & Co.” or another “street name”), the name of such record
holder.

(b) all schedules, statements or other reports previously filed by any one or more of the
parties to this Agreement any affiliate, associate, immediate family member (as such term is
defined in Regulation S-K under the Exchange Act) or group member of each such party under Section
13 or 16 of the Exchange Act contain all of the disclosures and information required under the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), and such
disclosures and information was, as of the date of the filing thereof with the SEC and the
delivery thereof to the Company, true, correct and complete in all material respects.

(c) the representations, warranties, covenants and agreements of the parties hereunder are
a material inducement to their respective counterparties entering into of this Agreement, the SPA,
the Escrow Agreement, and the transactions contemplated hereby and thereby.

 

 

 

2. Standstill

(a) The Frost Group Shareholders hereby covenant and agree that during the five year period
commencing on the date hereof and expiring on the 5th year anniversary of the effective date of
this Agreement, each Frost Group Shareholder shall not, and shall not permit or cause any
affiliate, associate, immediate family member (as such term is defined in Regulation S-K under the
Exchange Act) or group member to, directly or indirectly:

(i) engage in any transactions in any class of securities of the Company, including any
derivative;

(ii) solicit proxies with respect to any securities of the Company;

(iii) actively oppose any action approved by a majority of the board of directors of the
Company, or become a “participant” in any “election contest” relating to the election of directors
of the Company (as such terms are used in rule 14a-11 of Regulation 14A promulgated under the
Exchange Act (or any comparable or successor rule));

(iv) propose, make or initiate, or solicit stockholders of the Company for the approval of,
one or more stockholder proposals;

(v) propose, or make, initiate or solicit any proposals from, or provide any information or
participate in any discussions or negotiations with, or otherwise cooperate in any way with or
assist, any person concerning any merger, consolidation, other business combination, tender or
exchange offer, recapitalization, liquidation or dissolution or any purchase or other acquisition
or sale or other disposition of assets (other than in the ordinary course of business) or shares
of capital stock of the Company or any of its subsidiaries or divisions or any similar transaction
involving the Company or any subsidiary or division of the Company;

(vi) take any other action for the purpose of or with the effect of changing or
influencing the control of the Company, or in connection with or as a participant in any
transaction having that purpose or effect;

(vii) form, join or in any way participate in any “group” (within the meaning of
Section 13(d)(3) of the Exchange Act or Rule 13d-5(b)(i) promulgated under the Exchange Act)
with respect to any securities of the Company; or

(viii) induce, attempt to induce, encourage or solicit, or cooperate with, any other Person
to do any of the foregoing.

(b) Dr. Bernstein and Mrs. Bernstein hereby covenant and agree that for so long as any of the
Notes remain outstanding, they shall not sell, offer to sell, transfer, assign, pledge or
hypothecate any securities of the Company directly or indirectly owned by them or deemed to be
beneficially owned by them within the meaning of Rule 13d-3 of the Exchange Act, including any
securities of the Company obtained after the date of this Agreement; provided, however, that in
the event of Dr. Bernstein’s death, the restrictions arising under this paragraph (b) shall
terminate immediately and Mrs. Bernstein shall be entitled to exercise full dispositive power with
respect to any such securities.

(c) The Company hereby covenants and agrees that it shall not elect, appoint or nominate any
of the adult children of Dr. Bernstein to serve on the board of directors of the Company so long
as any of the Notes remain outstanding unless and until such person executes and delivers to the
Frost Group Shareholders or their counsel a counterpart signature page to this Agreement pursuant
to which such person agrees to be bound by the terms and conditions of paragraph (b) of this
Section 2 as if such person were a party hereto.

(d) No provisions of Section 2(a) shall apply at any time that there has occurred and remains
uncured a breach by PFS of any of its material duties or obligations under the SPA, the Escrow
Agreement or the Notes, or a breach by Dr. or Mrs. Bernstein of their covenants and agreements
under this Agreement. No provisions of Section 2(a) are intended to prevent the Frost Group
Shareholders from exercising rights under the SPA, the Escrow Agreement or the Notes, and to the
extent of any conflict with Section 2(a), the provisions of the SPA, the Escrow Agreement or the
Notes shall control.

 

2

 

3. General Provisions; Termination

(a) No Inconsistent Agreements. Without the written consent of the parties hereto,
neither the Company nor Dr. Bernstein or Mrs. Bernstein shall hereafter enter into any agreement
with respect to its securities which is inconsistent with or violates or limits the rights granted
to the parties to this Agreement under the SPA or Escrow Agreement.

(b) Remedies. Any person having rights under any provision of this Agreement shall be
entitled to enforce such rights specifically to recover damages caused by reason of any breach of
any provision of this Agreement and to exercise all other rights granted by law. The parties hereto
agree and acknowledge that money damages may not be an adequate remedy for any breach of the
provisions of this Agreement and that any party may in its sole discretion apply to any court of
law or equity of competent jurisdiction (without posting any bond or other security) for specific
performance and for other injunctive relief in order to enforce or prevent violation of the
provisions of this Agreement.

(c) Amendment and Waivers. Except as otherwise provided herein, the provisions of this
Agreement may be amended or waived only upon the prior written consent of all of the parties
hereto.

(d) Successors and Assigns. All covenants and agreements in this Agreement by or on
behalf of any of the parties hereto shall bind and inure to the benefit of the respective
successors and assigns of the parties hereto whether so expressed or not.

(e) Severability. If any provision of this Agreement is held to be prohibited by or
invalid, illegal or unenforceable in any respect under applicable law by the SEC or by a court of
competent jurisdiction, such provision shall be ineffective only to the extent of such prohibition,
invalidity, illegality or unenforceability without invalidating the remainder of this Agreement.

(f) Counterparts. This Agreement may be executed simultaneously in one or more
counterparts (any one of which may be by facsimile), any one of which need not contain the
signatures of more than one party, but all such counterparts taken together shall constitute one
and the same Agreement.

(g) Descriptive Headings. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a part of this Agreement.

(h) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York.

(i) Notices. All notices, demands or other communications to be given or delivered
under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to
have been given when delivered personally to the recipient or one day after being sent to the
recipient by reputable overnight courier service (charges prepaid). Such notices, demands and other
communications shall be sent to each of the Frost Group Shareholders at the addresses set forth in
Schedule A attached hereto, and to Dr. Bernstein, Carole Bernstein or the Company at the as
follows:

Joel E. Bernstein

100 Fairway Drive

Suite 134

Vernon Hills, Illinois 60061

Facsimile: (847) 362-0794

With a copy to:

Seyfarth Shaw LLP

131 South Dearborn Street

Suite 2400

Chicago, IL 60603

Attention: Michel J. Feldman, Esq.

Facsimile: (312) 460-7613

 

3

 

or to such other address or to the attention of such other person as the recipient party has
specified by prior written notice to the sending party.

(j) Entire Agreement. This Agreement and the instruments referred to herein embody the
complete agreement and understanding among the parties hereto with respect to the subject matter
hereof and supersede and preempt any prior understandings, agreements or representations by or
among the parties, written or oral, which may have related to the subject matter hereof in any way.

(i) Jurisdiction; Service; Jury Waiver. Any action or proceeding seeking to enforce
any provision of, or based on any right arising out of, this Agreement shall be brought against any
of the parties only in the courts of the State of New York, City of New York, Borough of Manhattan,
or, if it has or can acquire jurisdiction, in the United States District Court for the Southern
District of New York, and each of the parties consents to the jurisdiction of such courts (and of
the appropriate appellate courts) in any such action or proceeding and waives any objection to
venue laid therein. Process in any action or proceeding referred to in the preceding sentence may
be served on any party anywhere in the world. THE PARTIES HERETO WAIVE A JURY TRIAL IN ANY
LITIGATION WITH RESPECT TO THIS AGREEMENT.

[Signature pages follow.]

 

4

 

IN WITNESS WHEREOF, the parties have executed this Standstill Agreement as of the date first
written above.

	 	 	 	 	 
	 	 	 
	 	                              /s/ Joel E. Bernstein
 	 
	 	Joel E. Bernstein, M.D. 	 
	 
	 	 	 
	 	                             /s/ Carole Bernstein
 	 
	 	Carole Bernstein 	 
	 	 	 
	 
	 	FROST GAMMA INVESTMENTS TRUST

 	 
	 	By:  	/s/ Philip Frost
 	 
	 	 	Phillip Frost, M.D. 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	                              /s/ Subbarao Uppaluri
 	 
	 	Subbarao Uppaluri, Ph.D. 	 
	 
	 	 	 
	 	                              /s/ Steven D. Rubin
 	 
	 	Steven D. Rubin 	 
	 
	 	 	 
	 	                            /s/ Jane Hsiao
 	 
	 	Jane Hsiao, Ph.D. 	 
	 	 	 
	 

SOLELY WITH RESPECT TO PARAGRAPH (C) OF SECTION 2 AND PARAGRAPH (a) OF
SECTION 3:

	 	 	 	 	 
	 	WINSTON PHARMACEUTICALS, INC.

 	 
	 	By:  	/s/ David Starr
 	 
	 	 	David Starr 	 
	 	 	Chief Financial Officer 	 
	 

[Signature page to the Standstill Agreement]

 

 

 

Schedule A

4400 Biscayne Boulevard, Miami, Florida 33137 for all Frost Group Shareholders

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