Document:

Exhibit 10.9

 

PURCHASE AGREEMENT

 

THIS PURCHASE AGREEMENT
(this “Agreement”) is made as of February 12, 2015 (the “Closing Date”), by and among Retrophin,
Inc., a Delaware corporation (“Retrophin”) on behalf of itself and its Affiliates (as that term is defined
below), including without limitation, Retrophin Therapeutics International, LLC, a Delaware limited liability company (“Retrophin
Therapeutics”), and Manchester Pharmaceuticals LLC, a California limited liability company (“Manchester”),
(collectively, the “Vecamyl Sellers”), on the one hand, and Waldun Pharmaceuticals, LLC, a Delaware limited
liability company (“Waldun”), on the other hand.  The Vecamyl Sellers and Waldun may sometimes be
referred to herein collectively as the “Parties” and individually as a “Party.”

 

RECITALS

 

WHEREAS,
on March 26, 2014, Loring Creek Holdings LLC, a California limited liability company, Lloyd Glenn and Mathias Kurth (collectively,
the “Manchester Sellers”) sold to Retrophin their membership interests in Manchester, which was the owner of,
among other things, all of its world-wide rights, titles and interests in and to two products known by their brand names in the
United States as Chenodal (containing the active pharmaceutical ingredient chenodiol) (“Chenodal”) and Vecamyl
(containing the active pharmaceutical ingredient mecamylamine hydrochloride) (“Vecamyl”), such membership interest
sale and an ancillary international product rights sale being pursuant to a Membership Interest Purchase Agreement and an International
Rights Purchase Agreement both having an effective date as of March 26, 2014 (collectively, the “Purchase Agreements”);

 

WHEREAS, Waldun is interested
in acquiring from the Vecamyl Sellers the world-wide rights to Vecamyl (the “Product”) held by the Vecamyl Sellers
and the assets listed in Section 2.1(a) through (e) below) related to Vecamyl, which is currently manufactured for the Vecamyl
Sellers by Nexgen Pharma, Inc. (“Nexgen”) pursuant to that certain License and Manufacturing Agreement effective
as of April 4, 2013, by and between Nexgen and Manchester (the “Nexgen Agreement”); and

 

WHEREAS, the Vecamyl Sellers
desire to convey all of its world-wide rights pertaining to the Product and the listed assets, to Waldun, and Waldun desires to
purchase such world-wide rights and the listed assets, from the Vecamyl Sellers, all subject to the terms and conditions set forth
herein.

 

NOW, THEREFORE, in consideration
of these premises, the respective covenants of Retrophin and Waldun set forth below and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties do hereby agree as follows:

 

ARTICLE
1

DEFINITIONS

 

1.1           Definitions.  In
addition to the other capitalized terms defined herein, the following capitalized terms shall have the following respective meanings:

 

    	 

    	 

    

 

“Affiliate”
means, with respect to any Party, any Person who, or which, directly or indirectly, controls, is controlled by, or is under common
control with such Party at any time during the period for which the determination of affiliation is being made.  For
the purposes of this definition, “control” (with correlative meanings for the terms “controlled by”
and “under common control with”) means the possession by the applicable Person, directly or indirectly, of the
power to direct or cause the direction of the management, policies and business affairs of a Person, whether through ownership
of voting securities or general partnership or managing member interests, by contract or otherwise.

 

“Applicable Laws”
means all applicable laws, rules, regulations and guidelines that may apply to the development, manufacture, use, sale, offer for
sale or distribution of Product, or the performance of any Party’s obligations under this Agreement.

 

“Business Day”
means any day other than a Saturday, Sunday or a day on which banking institutions in the State of New York are authorized or obligated
by law or executive order to close.

 

“Consent Agreement”
shall have the meaning ascribed to such term in Section 4.4(a).

 

“Financial Consideration”
shall have the meaning ascribed to such term in Section 3.1.

 

“Liens”
means any mortgages, security interests, liens, options, pledges, equities, claims, charges, restrictions, conditions, conditional
sale contracts and any other adverse interests or other encumbrances of any kind whatsoever.

 

“Person”
means any individual, partnership, association, corporation, limited liability company, trust or other legal person or entity.

 

“Third
Party” means any Person other than a Party and such Party’s Affiliates.

 

“Trademark
Properties” means the Vecamyl trademark registered on June 25, 2013, in the United States Patent and Trademark Office,
with registration number 4358457; application Serial No. 85278519 filed March 28, 2011, in the United States Patent and
Trademark Office for the mark Vercal (lapsed on November 18, 2013); and pending application Serial No. 1666757 filed in the Canadian
Intellectual Property Office on March 6, 2014, for the mark Vecamyl.

 

“Waldun Representative”
means Brian Smith (or his successor), the Person appointed by each of the members of Waldun to act on their behalf for the purposes
of this Agreement and any transactions related to the sale of the Product rights.

 

1.2           Interpretation.  Unless
the context of this Agreement otherwise requires (a) words of any gender include each other gender, (b) words using the
singular or plural number also include the plural or singular number, respectively, (c) the terms “hereof,” “herein,”
“hereby” and derivative or similar words refer to this entire Agreement, (d) the terms “Article,”
“Section” and “Exhibit” refer to the specified Article, Section and Exhibit of this Agreement and (e) the
terms “include,” “includes” or “including,” shall be deemed to be followed by the words

 

    	2

    	 

    

 

“without limitation”
unless otherwise indicated.  Whenever this Agreement refers to a number of days, unless otherwise specified, such number
shall refer to calendar days.  The headings in this Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation of this Agreement.

 

ARTICLE
2

SALE AND PURCHASE OF PRODUCT RIGHTS AND ASSETS

 

2.1          Conveyance
of Product Rights and Assets.  Subject to the terms and conditions of this Agreement and the Consent Agreement, on
the Closing Date, the Vecamyl Sellers shall irrevocably sell, assign, transfer, convey and deliver to Waldun, and Waldun shall
purchase, acquire and accept, free and clear of any and all Liens, all of their world-wide rights, titles and interest in and to
the Product (the “Product Rights”) and the following assets related to the Product (collectively, the “Assets”):

 

(a)          The
Trademark Properties;

 

(b)          Scientific
assessment of alternate indications;

 

(c)          Dear
HCP letter to list of former prescribers;

 

(d)          Support
for Dr. Fox’s case report publication Tourette’s syndrome rage; and

 

(e)          A
folder containing the FOI materials obtained by Retrophin or its Affiliate together with related Vecamyl notes.

 

2.2          Transfer
Taxes and Fees.  Any and all sales, excise, use, value-added and similar taxes, fees or duties assessed or incurred
by reason of the sale by the Vecamyl Sellers, and the purchase by Waldun, of the Product Rights and the Assets, pursuant hereto
shall be paid by the Vecamyl Sellers (and not by Waldun or the Manchester Sellers), regardless of which Party against which such
taxes, fees or duties are assessed.

 

ARTICLE
3

Consideration 

 

3.1          Consideration.  Subject
to the terms and conditions of this Agreement and the Consent Agreement, the financial consideration for the transfer and
conveyance of the Product Rights and the Assets, by the Vecamyl Sellers to Waldun in accordance with Article 2 shall be Seven Hundred
Thousand Dollars ($700,000.00) payable by wire transfer of immediately available funds by Waldun to the account or accounts designated
in writing by Retrophin within two (2) Business Days after the Closing Date (the “Financial Consideration”).

 

    	3

    	 

    

 

ARTICLE
4

REPRESENTATIONS AND WARRANTIES OF RetropHIN

 

Retrophin hereby represents
and warrants to Waldun as follows:

 

4.1           Organization.  Retrophin
is a business entity duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is formed
or incorporated.  Retrophin has the requisite power and authority to own, lease and operate the properties now owned,
leased and operated by it and to carry on its business as currently conducted.  Retrophin is duly qualified to do business
as a foreign entity in each jurisdiction in which the nature of its business or the character of its properties makes such qualification
necessary, except where the failure to do so would not have a material adverse effect on Retrophin or any of the Product Rights
and the Assets.  

 

4.2           Authority
and Enforceability.  Retrophin has the requisite power and authority to enter into this Agreement, the Bill
of Sale and the Trademark Assignments (as such terms are defined in Section 6.2) (collectively the “Ancillary Agreements”)
on behalf of itself and its Affiliates to which each is a party, and to perform its and their obligations hereunder and thereunder.  Retrophin
has taken all necessary action on its part and the part of its Affiliates to authorize the execution of this Agreement and each
Ancillary Agreement to which each is a party and the performance of its or their obligations hereunder and thereunder.  This
Agreement and each Ancillary Agreement to which each is a party has been duly and validly executed by Retrophin and its Affiliates
and is the legal, valid and binding obligation of Retrophin and its Affiliates, enforceable against Retrophin and its Affiliates
in accordance with its terms.

 

4.3           No
Violation, Etc.  The execution of this Agreement and each Ancillary Agreement to which it is a party, and the performance
of the obligations hereunder and thereunder by Retrophin and its Affiliates does not and will not (a) violate or conflict
with any provision of the charter documents of Retrophin or any Affiliate, (b) violate, or conflict with, or result in a breach
of any provision of, or constitute a default or give rise to any right of termination, cancellation or acceleration (with the passage
of time, notice or both) under any agreement, lease, instrument, obligation, understanding or arrangement, oral or written, to
which Retrophin or any of its Affiliates is a party or by which any of the Vecamyl Sellers’s properties or assets is subject,
including the Product Rights and the Assets, (c) violate any Applicable Law to which the Vecamyl Sellers or any of their properties
or assets are subject or (d) result in any Lien on the Product Rights or the Assets.  Without limiting the foregoing,
the Vecamyl Sellers have not granted any right to any Third Party that would conflict with the conveyance of the Product Rights
and the Assets to Waldun.

 

4.4           No
Consents and Approvals.  Except for (a) the Consent Agreement being executed by the Vecamyl Sellers and the Manchester
Sellers on even date herewith (the “Consent Agreement”) and (b) the consents of Nexgen and Athyrium Capital
Management, no permit, consent, approval or authorization of, or notice, declaration, filing or registration with, any governmental
authority or Third Party is or will be necessary in connection with the execution by the Vecamyl Sellers of this Agreement and
each Ancillary Agreement to which each is a party or the performance by the Vecamyl Sellers of their obligations hereunder and
thereunder.

 

    	4

    	 

    

 

4.5           Litigation.  There
is no litigation, proceeding, investigation, arbitration or claim pending against Retrophin or its Affiliates or, to Retrophin’s
knowledge, threatened with respect to the Product Rights or the Assets or the transactions contemplated herein.

 

4.6           Assets.  The
Vecamyl Sellers have, and on the Closing Date will convey and transfer to Waldun hereby, good, complete and legal title to each
and all of the Product Rights and the Assets, free and clear of any and all Liens.  The Product Rights and the Assets
constitute all of the assets (tangible and intangible) in and related to the Product to which Retrophin or its Affiliates have
any rights as of the Closing Date.

 

4.7           Solvency.  Upon
and immediately following the Closing Date, after giving effect to all of the transactions contemplated by and in this Agreement
(including the payment of the Financial Consideration by Waldun), Retrophin will not be insolvent and Retrophin will have sufficient
capital to continue in business and pay its debts as they become due, including, without limitation, its and its Affiiliate’s
obligations under the Purchase Agreements.

 

4.8           Exclusive
Representations and Warranties.  Other than the express representations
and warranties set forth in this Article 4 or in any Ancillary Agreement, the Vecamyl Sellers are not making any representations
or warranties, express or implied.

 

ARTICLE
5

REPRESENTATIONS AND WARRANTIES OF Waldun

 

Waldun hereby represents
and warrants to the Vecamyl Sellers as follows:

 

5.1           Organization.  Waldun
is a business entity duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is formed.  Waldun
has the requisite power and authority to own, lease and operate the properties now owned, leased and operated by it and to carry
on its business as currently conducted.  Waldun is duly qualified to do business as a foreign entity in each jurisdiction
in which the nature of its business or the character of its properties makes such qualification necessary, except where the failure
to do so would not have a material adverse effect on Waldun.  

 

5.2           Authority
and Enforceability.  Waldun has all necessary legal capacity to enter into this Agreement and each Ancillary
Agreement to which it is a party and to perform its obligations hereunder and thereunder.  Waldun has taken all necessary
action on its part to authorize the execution of this Agreement and each Ancillary Agreement to which it is a party and the performance
of its obligations hereunder and thereunder.  This Agreement and each Ancillary Agreement to which it is a party has
been duly and validly executed by Waldun and is the legal, valid and binding obligation of Waldun, enforceable against Waldun in
accordance with its terms.

 

5.3           No
Violation, Etc.  The execution of this Agreement and each Ancillary Agreement to which it is a party and the performance
of the obligations hereunder and thereunder by Waldun does not and will not (a) violate or conflict with any provision of
the charter documents of Waldun, (b) violate, or conflict with, or result in a breach of any provision of, or constitute a
default or give rise to any right of termination, cancellation or acceleration (with the passage of time, notice or both) under
any agreement, lease, instrument, obligation,

 

    	5

    	 

    

 

understanding or arrangement,
oral or written, to which Waldun or any of its Affiliates is a party or by which any of Waldun’s properties or assets is
subject or (c) violate any Applicable Law to which Waldun or any of its properties or assets are subject.

 

5.4          No
Consents and Approvals.  No permit, consent, approval or authorization of, or notice, declaration, filing or registration
with, any governmental authority or Third Party is or will be necessary in connection with the execution by Waldun of this Agreement
and each Ancillary Agreement to which it is a party or the performance by Waldun of its obligations hereunder and thereunder.

 

5.5          Litigation.  There
is no litigation, proceeding, investigation, arbitration or claim pending against Waldun or, to Waldun’s knowledge, threatened
with respect to the transactions contemplated herein.

 

5.6          Exclusive
Representations and Warranties.  Other than the express representations
and warranties set forth in this Article 5 or in any Ancillary Agreement, Waldun is not making any representations or warranties,
express or implied.

 

ARTICLE
6

CLOSING

 

6.1          Closing.  The
consummation of the transactions contemplated herein (the “Closing”) will take place on the date hereof at the
offices of Reitler Kailas & Rosenblatt LLC, 885 Third Avenue, New York, New York 10022, or at such other time and place as
agreed to by Retrophin and Waldun in writing.  The date on which the Closing actually occurs is referred to herein as
the Closing Date.

 

6.2          Closing
Deliverables.

 

(a)          The
Vecamyl Sellers’ Deliverables.  At the Closing, the Vecamyl Sellers shall make available for delivery to Waldun
the following:

 

(i)          A
Certificate, in a form reasonably satisfactory to Waldun, executed by an executive officer of Retrophin and dated as of the Closing
Date, certifying that (A) each of the representations and warranties of Retrophin set forth in this Agreement is true and correct
as of the Closing Date as though made on and as of the Closing Date, and (B) Retrophin and its Affiliates has performed or complied
with all obligations, conditions and covenants required to be performed by it or them under this Agreement at or prior to the Closing.

 

(ii)         A
Bill of Sale, executed by and dated as of the Closing Date, in the form of Exhibit A hereto (the “Bill of
Sale”); 

 

(iii)        Trademark
Assignments for each of the Trademark Properties in a form satisfactory to Waldun and executed by Retrophin and any applicable
Affiliate dated as of the Closing Date, in the form of Exhibit B hereto (the “Trademark Assignments”);

 

(iv)        A
signed Consent Agreement as set forth in Section 4.4(a);

 

    	6

    	 

    

 

(v)         The
consents from Nexgen and Athyrium Capital Management as set forth in Section 4.4(b); and

 

(vi)        The
Product Rights and the Assets.  

 

(b)          Waldun’s
Deliverables. At the Closing, Waldun shall have delivered (or will deliver in the case of the Financial Consideration) to Retrophin
the following:

 

(i)          A
Certificate, in a form reasonably satisfactory to Retrophin, executed by the Waldun Representative and dated of the Closing Date,
certifying that (A) each of the representations and warranties of Waldun set forth in this Agreement is true and correct, in all
material respects, as of the Closing Date as though made on and as of the Closing Date, and (B) Waldun have performed or complied
with, in all material respects, all obligations, conditions and covenants required to be performed by it under this Agreement at
or prior to the Closing; 

 

(ii)         A
signed Consent Agreement as set forth in Section 4.4(a); and

 

(iii)        The
Financial Consideration to be paid within two (2) Business Days after the Closing Date.

 

6.3          Conditions
to Obligations of Waldun.  The obligations of Waldun to purchase the Product Rights and the Assets and to consummate
any other transactions contemplated by this Agreement are subject to the satisfaction on and as of the Closing Date of each of
the following conditions (or Waldun’s express waiver of such condition in writing):

 

(a)          Representations
and Warranties.  The representations and warranties of the Vecamyl Sellers set forth in this Agreement shall be true
and correct, in all material respects, as of the Closing Date.

 

(b)          Performance
of Obligations of the Vecamyl Sellers.  The Vecamyl Sellers shall have performed or complied in all material respects
with all obligations, conditions and covenants required to be performed by them under this Agreement at or prior to the Closing.

 

(c)          Consents.  The
consents set forth in Section 4.4(b) shall have been obtained from Nexgen and Athyrium Capital Management. 

 

(d)          No
Injunction.  There shall not have been issued and in effect any injunction or similar legal order prohibiting or
restraining consummation the transaction contemplated by this Agreement.

 

(e)          Closing
Deliverables.  On or before the Closing, Waldun shall have received from the Vecamyl Sellers each of the deliverables
set forth in Section 6.2(a)(i)-(v) above.  The Product Rights and the Assets shall be available for transfer at the Closing
at the direction of Waldun.

 

    	7

    	 

    

 

6.4          Conditions
to the Obligations of the Vecamyl Sellers.  The obligations of the Vecamyl Sellers to sell, assign, convey and deliver
the Product Rights and the Assets are subject to the satisfaction on and as of the Closing of each of the following conditions
(or the Vecamyl Sellers’ expressed waiver of such condition in writing):

 

(a)          Representations
and Warranties.  The representations and warranties of Waldun set forth in this Agreement shall be true and correct
in all material respects as of the Closing.

 

(b)          Performance
of Obligations of Waldun.  Waldun shall have performed in all material respects all obligations required to be performed
by it under this Agreement at or prior to the Closing Date. 

 

(c)          No
Injunction.  There shall not have been issued and in effect any injunction or similar legal order prohibiting or
restraining consummation the transaction contemplated by this Agreement.

 

(d)          Closing
Deliverables.  On or before the Closing, the Vecamyl Sellers shall have received from Waldun each of the deliverables
set forth in Section 6.2(b)(i)-(ii) above.

 

ARTICLE
7

Post-Closing Covenants

 

7.1          Additional
Deliveries.  For no additional consideration, from time to time, on and after the Closing Date, at the request of
Waldun or any Waldun transferee, the Vecamyl Sellers shall execute and deliver such additional or confirmatory instruments, documents
of conveyance, endorsements, assignments and acknowledgments as are necessary to evidence or vest in Waldun or any Waldun transferee
sole and exclusive title in and to the Product Rights and the Assets.

 

7.2          Call
Center.  The Vecamyl Sellers agree to authorize The Medical Affairs Company (“TMAC”) to transfer
to Waldun or any Waldun transferee all rights in and to the existing FAQs and Standard Responses related to the Product heretofore
developed by TMAC for the Vecamyl Sellers upon the entry of Waldun or any Waldun transferee into an agreement with TMAC to provide
call center services related to the Product for Waldun or any Waldun transferee.

 

ARTICLE
8

INDEMNIFICATION

 

8.1          By
Retrophin.  From and after the Closing Date, to the extent provided in this Article 8, Retrophin shall
indemnify, defend and hold harmless Waldun and its Affiliates and their respective officers, directors, employees, agents, successors
and assigns from and against any claims, suits or proceedings and any damages or liability therefrom or settlement thereof (including
reasonable fees of attorneys and related costs) to the extent arising out of or related to (a) any breach of any representation,
warranty, covenant or agreement of the Vecamyl Sellers contained in this Agreement and (b) any continuing obligations pertaining
to the Product and Chenodal under the Purchase Agreements as set forth in the Consent Agreement.

 

    	8

    	 

    

 

8.2          By
Waldun.  From and after the Closing Date, to the extent provided in this Article 8, Waldun shall indemnify,
defend and hold harmless Retrophin and its Affiliates and their respective officers, directors, employees, agents, successors and
assigns from and against any claims, suits or proceedings and any damages or liability therefrom or settlement thereof (including
reasonable fees of attorneys and related costs) to the extent arising out of or related to any breach of any representation, warranty,
covenant or agreement of Waldun contained in this Agreement.

 

8.3          Indemnification
Procedures.  A Party (the “Indemnitee”) that intends to claim indemnification under this Article
8 shall promptly notify the other Party (the “Indemnitor”) in writing of any action, claim or liability in respect
to which the Indemnitee or any of its Affiliates or its or their respective officers, directors, employees or agents intends to
claim such indemnification.  The Indemnitee shall permit and shall cause its employees and agents to permit, the Indemnitor,
at its discretion, to settle any such action, claim or liability and agrees to the complete control of such defense or settlement
by the Indemnitor; provided, however, that such settlement does not materially and adversely affect the Indemnitee’s rights
hereunder or impose any obligations on the Indemnitee in addition to those set forth herein.  No such action, claim or
liability shall be settled by the Indemnitee without the prior written consent of the Indemnitor (which consent shall not be unreasonably
withheld, delayed or conditioned), and the Indemnitor shall not be responsible for any fees or other costs incurred other than
as provided herein.  The Indemnitee, its employees, agents and Affiliates shall cooperate fully with the Indemnitor and
its legal representatives in the investigation and defense of any action, claim or liability covered by this indemnification.  The
Indemnitee shall have the right, but not the obligation to be represented by counsel of its own selection at its own expense.

 

ARTICLE
9

DISPUTE RESOLUTION 

 

9.1          Arbitration.  

 

(a)          Any
dispute arising out of or relating to this Agreement (including the Exhibits referenced herein, and the Ancillary Agreements) that
cannot be resolved in thirty (30) days through good faith negotiation and discussion among the Parties shall be finally settled
by arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules using the Expedited
Procedures then in effect (the “Arbitration Rules”).  The arbitration shall be conducted in the County
and State of New York, unless otherwise agreed by the Parties in writing.  The arbitration shall be conducted in the
English language. 

 

(b)          The
arbitration shall be conducted by a single, neutral arbitrator (“Arbitrator”) selected as follows: Within ten
(10) days after receipt of an arbitration notice from a Party, the Parties shall attempt in good faith to agree on an Arbitrator.  If
the Parties do not agree on an Arbitrator within ten (10) days after receipt of an arbitration notice, the Parties shall exchange
lists containing the names of three (3) candidates proposed by each Party to serve in such capacity.  No later than the
five (5) days after the exchange of each Party’s list of candidates, each Party shall deliver to the other a list ranking
all six (6) candidates proposed by the Parties in order of preference (one (1) being the most preferred and six (6) being the least

 

    	9

    	 

    

 

preferred).  The
candidate with the lowest aggregate ranking on the Parties’ lists shall serve as the Arbitrator (with the candidate whose
last name comes first alphabetically being chosen in case of a tie).  If any candidate selected in accordance with the
procedures provided in this Section is unable or unwilling to act as the Arbitrator, the candidate whose ranking is next lowest
shall be approached until an Arbitrator is selected.  If none of the candidates proposed by the Parties is capable or
willing to serve as the Arbitrator, the Parties may either agree to repeat the process until an Arbitrator is selected or, at the
election of either Party, proceed in accordance with the Arbitration Rules.  

 

(c)          The
decision or award of the Arbitrator shall be final, binding and incontestable and may be used as a basis for judgment thereon in
any jurisdiction. The Parties hereby expressly agree to waive the right to appeal from the decision of the Arbitrator. Accordingly,
there shall be no appeal to any court or other authority (government or private) from the decision of the Arbitrator, and the Parties
shall not dispute nor question the validity of such decision or award before any regulatory or other authority in any jurisdiction
where enforcement action is taken by the Party in whose favor the decision or award is rendered, except in the case the decision
or award was procured by fraud.  The Arbitrator shall, upon the request of either Party, issue a written opinion of the
findings of fact and conclusions of law and shall deliver a copy to each of the Parties.  Each Party shall bear its own
costs and attorneys' fees, and the Parties shall equally bear the fees, costs, and expenses of the Arbitrator and the arbitration
proceedings; provided, however, that the Arbitrator may exercise discretion to award costs, including reasonable and necessary
attorneys' fees, to the prevailing Party. 

 

9.2          Jurisdiction/Venue/Enforcement
of Award.  The Parties consent and submit to the exclusive personal jurisdiction and venue of the Supreme Court of
the State of New York and the United States District Court for the Southern District of New York, each located in County of New
York, State of New York, to compel arbitration in accordance with this Agreement, to enforce any arbitration award granted pursuant
to this Agreement, including, any award granting equitable or injunctive relief, and to otherwise enforce this Agreement and carry
out the intentions of the Parties to resolve all disputes arising under or in connection with this Agreement through arbitration.

 

ARTICLE
10

MISCELLANEOUS

 

10.1        Counterparts.  This
Agreement may be executed in up to four (4) counterparts, each of which shall be deemed an original and both of which shall constitute
a single document.

 

10.2        Entire
Agreement.  This Agreement, the Exhibits referenced herein and the Ancillary Agreements contain the entire agreement
between the Parties with respect to the subject matter hereof and supersede all previous agreements, negotiations, discussions,
writings, understandings, commitments and conversations with respect to such subject matter.

 

    	10

    	 

    

 

10.3         Exhibits.  The
Exhibits referenced herein and attached hereto are incorporated into this Agreement by reference.

 

10.4         Governing
Law.  This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State
of New York irrespective of the choice of laws principles of the State of New York or any other jurisdiction.

 

10.5         Assignability.  This
Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns.  The
Vecamyl Sellers may not assign its or their rights or delegate its or their respective obligations under this Agreement without
the express prior written consent of Waldun; provided that Retrophin may assign or transfer this Agreement, to an Affiliate (provided
that Retrophin remains liable hereunder should such Affiliate default in any way), or to any Third Party in connection with the
sale or transfer of Retrophin’s entire business.  Notwithstanding the above and for the avoidance of doubt, given
the circumstances of the overall transaction, Retrophin understands and agrees that Waldun will have the right to transfer the
Product Rights and the Assets it has received pursuant hereto to a Third Party and that such Third Party shall have the benefit
of the terms and conditions of Section 7.2 above.  

 

10.6         Third
Party Beneficiaries.  Nothing in this Agreement shall be deemed to create any third party beneficiary rights in or
on behalf of any other Person, except as set forth in Section 10.5 above.

 

10.7         Notices.  All
notices or other communications required or permitted hereunder shall be in writing and shall be deemed given (a) when delivered
personally, as shown by written receipt of the receiving party, (b) if sent by registered or certified mail, return receipt
requested, postage prepaid, when received, (c) on the date sent by email if sent during normal business hours of the recipient,
and on the next Business Day if sent after normal business hours of the recipient and (d) when delivered by a nationally recognized
overnight courier service, prepaid, when received as shown by written receipt of the receiving party and shall be addressed as
follows:

 

	 	If to Retrophin, to:	Retrophin, Inc.	 
	 	 	12255 El Camino Real	 
	 	 	San Diego, CA 92130	 
	 	 	Attention:  General Counsel	 
	 	 	 	 
	 	If to Waldun, to:	Waldun Pharmaceuticals, LLC	 
	 	 	251 Loring Avenue	 
	 	 	Pelham, New York 10803	 
	 	 	Attention:  Brian Smith	 
	 	 	 	 
	 	With a copy to:	Joseph I. Hirsch, Esq.	 
	 	 	4149 Georgia Avenue	 
	 	 	Palo Alto, California 94306-3813	 

 

    	11

    	 

    

 

Either Party may, by notice
to the other Parties given in the form specified in this Section 10.7, change the address to which such notices are to be
given.  Notices delivered personally shall be deemed communicated as of the date of actual receipt; and notices sent
via overnight courier or mailed in accordance with the above shall be deemed communicated as of the date of a signed receipt pertaining
thereto.  A Party may change its address by written notice in accordance with this Section 10.7.

 

10.8        Severability.  If
any provision of this Agreement shall be held invalid, illegal or unenforceable, the validity, legality or unenforceability of
the other provisions of this Agreement shall not be affected thereby, and there shall be deemed substituted for the provision at
issue a valid, legal and enforceable provision as similar as possible to the provision at issue.

 

10.9        Survival.  Except
as expressly set forth herein, the covenants, representations and warranties contained in this Agreement, and liability for the
breach of any obligations contained herein, shall survive the Closing Date and shall remain in full force and effect.

 

10.10      No
Implied Waiver.  No failure or delay on the part of the Parties hereto to exercise any right, power or privilege
hereunder or under any instrument executed pursuant hereto shall operate as a waiver; nor shall any single or partial exercise
of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

 

10.11      Amendments.  Any
amendment or modification of this Agreement shall only be valid if made in writing and signed and delivered by both of the Parties
hereto. 

 

10.12      Independent
Contractors.  The relationship between the Vecamyl Sellers and Waldun is that of independent contractors and nothing
herein shall be deemed to constitute the relationship of partners, joint venturers nor of principal and agent between the Vecamyl
Sellers and Waldun.

 

10.13      Expenses.  Except
as expressly set forth herein, each Party shall pay all of its own fees and expenses (including all legal, accounting and other
advisory fees) incurred in connection with the negotiation and execution of this Agreement and the arrangements contemplated hereby.

 

10.14      Representation
By Counsel; Interpretation.  The Vecamyl Sellers and Waldun each acknowledge that it and they have been represented
by its and their own legal counsel in connection with this Agreement and the transactions contemplated by this Agreement.  Accordingly,
any rule of law, or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the
Party that drafted it, has no application and is expressly waived.  The provisions of this Agreement shall be interpreted
in a reasonable manner to effect the intent of Retrophin and Waldun.

 

(SIGNATURE PAGE FOLLOWS)

 

    	12

    	 

    

 

IN WITNESS WHEREOF, the Parties, intending to
be bound hereby, have executed this Agreement as of the date first written above.

 

	 	RETROPHIN, INC.
	 	 
	 	By: 	/s/ Margaret Valeur-Jensen

	 	Print Name: 	Margaret Valeur-Jensen

	 	Title: 	General Counsel
	 	 	 

	 	RETROPHIN THERAPEUTICS INTERNATIONAL, LLC
	 	 
	 	By: 	/s/ Margaret Valeur-Jensen

	 	Print Name: 	Margaret Valeur-Jensen

	 	Title: 	General Counsel
	 	 	 
	 	MANCHESTER PHARMACEUTICALS, LLC
	 	 

	 	By: 	/s/ Margaret Valeur-Jensen

	 	Print Name: 	Margaret Valeur-Jensen

	 	Title: 	General Counsel

	 	 	 
	 	WALDUN PHARMACEUTICALS, LLC
	 	 
	 	By: 	/s/ Brian Smith
	 	 	Brian Smith
	 	 	The Waldun Representative and Member

 

    	13

    	 

    

 

EXHIBIT A

 

BILL OF SALE

 

    	A-1

    	 

    

 

EXHIBIT B

 

TRADEMARK ASSIGNMENTS

 

    	B-1IncannoChangeinControlAgmtFINALelectronicallysigned

SIFCO INDUSTRIES, INC.
CHANGE IN CONTROL AGREEMENT
THIS AGREEMENT (the “Agreement”) is made between SIFCO Industries, Inc. (the “Company”), and Salvatore Incanno (the “Executive”), dated as of the _11th _ day of ___May_______, 2015.
1.PURPOSE OF THIS AGREEMENT.  The Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a Change in Control (as defined in Section 2(c) below) of the Company, and the uncertainties and risks that a Change in Control would pose for the Executive. To this end, the Board desires to encourage the Executive’s full attention and dedication to the Company, currently and in the event of any threatened or pending Change in Control, and to provide the Executive with compensation and benefits arrangements in the event of his termination of employment following a Change in Control which ensure that the compensation and benefits expectations of the Executive will be satisfied and which are competitive with those of other similar corporations.  
2.    DEFINITIONS. Whenever used herein, the following terms shall have the meanings set forth below:
(a)    “Beneficiary” means the person or entity designated by the Executive (on Exhibit B hereto) to receive payment of any benefits hereunder that are or may be payable after the Executive’s death. The Executive may change his designation of Beneficiary by filing a revised Exhibit B with the Company prior to his death.
(b)    “Cause” means any of the following:
(i)    The Executive’s engagement in unlawful acts intended to result in substantial personal enrichment to the Executive at the Company’s expense;
(ii)    The Executive’s engagement in a material breach of his responsibilities to the Company that results in a material injury to the Company other than any such breach resulting from the Executive’s incapacity due to illness or injury or in connection with an actual or anticipated termination of employment with the Company by the Executive for Good Reason; or
(iii)     An act or acts by the Executive which have been found in an applicable court to constitute a felony.
(c)    “Change in Control” means any of the following events:
(i)    The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as 

- 1 -

amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the mean of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (A) the then outstanding common shares of the Company other than those held by the Voting Trust (the “Outstanding Company Common Shares”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors other than that represented by shares held by the Voting Trust (the “Outstanding Company Voting Securities”); but for purposes of this subsection (i) the following acquisitions of voting securities shall not constitute a Change in Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (D) any acquisition by any corporation pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (iii) below; or
(ii)    Individuals who, as of the date of this Agreement, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; but any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding from the Incumbent Board, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or
(iii)    Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (A) the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Shares and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50%, respectively, of the then outstanding common shares and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries), (B) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) 

- 2 -

beneficially owns, directly or indirectly, 50% or more of, respectively, the then-outstanding common shares of the corporation resulting from such Business Combination, or the combined voting power of the then-outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
(iv)    Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.
(d)    “Code” means the Internal Revenue Code of 1986, as amended.
(e)    “Disability” means an illness or injury which, in the opinion of the Board, renders the Executive unable or incompetent to perform the job responsibilities which the Executive held or the job duties to which the Executive was assigned at the time such illness or injury was incurred, on a full-time basis for at least six (6) consecutive months.
(f)    “Good Reason” means the occurrence of only one or more of the following events:
(i)    there is a change in the Executive’s status or position with the Company that, represents a materially adverse change from his or her status or position immediately before the change in status or position, including a change in the principal place of the Executive’s employment that does not conform with the Company’s present policies for executive relocation, but excluding required travel to an extent substantially consistent with the Executive’s business travel obligations immediately before the change in principal place of employment;
(ii)    the Executive is assigned any duties or responsibilities that are materially inconsistent with the Executive’s status or position;
(iii)    the Executive is subject to a layoff by the Company or the Executive’s employment with the Company is involuntarily terminated other than for Cause by the Company or due to the Executive’s Disability, death or retirement;
(iv)    there is a reduction by the Company in the Executive’s total compensation as in effect at the time of the reduction (i.e., the Executive’s base salary plus the most recent award pursuant to the compensation plan) or as the same may be increased from time to time;

- 3 -

(v)    the Company fails to continue in effect any compensation plan, employee benefit plan, or other plan, program or policy of’ the Company that is intended to materially benefit the Company’s employees (each a “Plan”), in which the Executive was participating, other than as a result of the normal expiration of the Plan; or
(vi)    the Company takes any action or fails to take any action that would:
(A)    adversely affect the Executive’s continued participation in any Plan on at least as favorable a basis as was the case at the time of the Change in Control;
(B)    materially reduce the Executive’s benefits in the future under any Plan; or
(C)    deprive the Executive of any material benefits that the Executive enjoyed at the time of the Change in Control;
except to the extent that such action or inaction by the Company is required by the terms of the Plan as in effect immediately before the Change in Control or is necessary to comply with the applicable law, and except to the extent that the Company provides the Executive with substantially equivalent benefits;
(vii)    there is a material violation by the Company of any agreement with the Executive; or
(viii)    without the Executive’s consent, the Company fails to pay the Executive any portion of his or her current or deferred compensation within thirty (30) days after the Executive provides written notification to the Company that payment is past due.
For purposes of this Agreement,  Good Reason shall not be deemed to be a resignation for Good Reason unless: (x) Executive has given the Company or its affiliate (as applicable) at least thirty (30) days’ prior written notice of the date of his resignation for Good Reason, stating in reasonable detail the facts and circumstances claimed to constitute Good Reason, and such notice has been given within thirty (30) days of the occurrence of the Good Reason event, and (y) the Company or its affiliate (as applicable) has not remedied the events claimed to constitute Good Reason within such thirty-day period after receiving notice.  
(g)    A “Qualifying Termination” is deemed to have occurred for purposes of this Agreement if there is a Change in Control and on or prior to the second anniversary of the closing date of the Change in Control transaction, the Executive’s employment with the Company is either involuntarily terminated by the 

- 4 -

Company without Cause or the Executive terminates employment with the Company for Good Reason.
 (h)    “Voting Trust” means that certain voting trust entered into by agreement dated as of February 1, 2013, into which Common Shares of the Company have been deposited and with respect to which, as of October 2013, Janice G. Carlson and Charles H. Smith, III are trustees.
3.    NOTICE OF CHANGE IN CONTROL. The Company shall provide the Executive with written notice of the occurrence of a Change in Control in accordance with Section 13(b) of this Agreement within two (2) weeks after such Change in Control.
4.    NOTICE OF TERMINATION. 
(a)    Any termination by the Company for Cause, or by the Executive for Good Reason, shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 13(b) of this Agreement.   For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than thirty (30) days after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder.
(b)    For purposes of this Agreement, “Date of Termination” means (i) if the Executive’s employment is terminated by the Company for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date (within thirty (30) days after that date) specified therein, as the case may be, (ii) if the Executive’s employment is terminated by the Company, other than for Cause or Disability, the Date of Termination shall be the date on which the Company notifies the Executive of such termination and (iii) if the Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the disability effective date, as the case may be.
5.    BENEFITS UPON TERMINATION OF EMPLOYMENT THAT IS A QUALIFYING TERMINATION.
(a)    In the event of a Qualifying Termination, the Executive shall receive the benefits described in Exhibit A attached hereto, provided however that no payments, reimbursements, or in-kind benefits shall be made unless the Qualifying 

- 5 -

Termination is a “separation from service” within the meaning of Section 409(A) of the Code, and the final regulations issued thereunder (“Section 409(A)”).
(b)    If at the time of the Executive's “separation from service” (as defined in Section 409A) the Executive is a “specified employee” (within the meaning of Section 409A and the Company's specified employee identification policy, if any) and if the deferral of commencement of any payments, reimbursements and/or in-kind benefits otherwise payable hereunder as a result of such separation from service is necessary in order to prevent any accelerated or additional tax under Section 409A, then, to the extent one or more exceptions to Section 409A are inapplicable (including, without limitation, the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) relating to separation pay due to an involuntary separation from service and its requirement that installments must be paid no later than the last day of the second taxable year following the taxable year in which the specified employee incurs the involuntary separation from service), then the Company shall defer the commencement of any such payments, reimbursements, and in-kind benefits (without any reduction in such payments, reimbursements, or in-kind benefits ultimately paid or provided to the Executive) until the earlier of: (X) the date of the Executive's death, (Y) the earliest date as is permitted under Section 409A; or (Z) the first business day of the seventh month following the month of the Executive's separation from service, at which time all delayed payments, reimbursements, and in-kind benefits otherwise due during the first six months following the Executive's separation from service, shall be made, reimbursed, or provided in a lump sum on the first business day of such seventh month, and any other payments, reimbursements, or provisions shall be made in the normal course.
(c)    All in-kind benefits provided hereunder shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that (i) the provision of benefits in-kind during a calendar year shall not affect the provision of in-kind benefits in any other calendar year; (ii) the right to in-kind benefits is not subject to liquidation or exchange for another benefit; and (iii) each provision of in-kind benefit shall be one of a series of separation payments (and each shall be construed as a separate identified payment) for purposes of Section 409A.
6.    DEATH. Notwithstanding any provision of this Agreement to the contrary, if the Executive’s employment is terminated by reason of the Executive’s death, this Agreement shall terminate without further obligations to the Executive’s legal representatives under this Agreement.
7.    DISABILITY. Notwithstanding any provision of this Agreement to the contrary, if the Executive’s employment is terminated by reason of the Executive’s Disability, this Agreement shall terminate without further obligations to the Executive hereunder.
8.    RETIREMENT. Notwithstanding any provision of this Agreement to the contrary, if the Executive’s employment is terminated by reason of the Executive’s retirement from the 

- 6 -

Company at or after age 65, this Agreement shall terminate without further obligations to the Executive hereunder.
9.    CAUSE; OTHER THAN FOR GOOD REASON. Notwithstanding any provision of this Agreement to the contrary, if the Executive’s employment shall be terminated by the Company for Cause or if the Executive’s employment with the Company is terminated by the Executive for other than Good Reason, this Agreement shall terminate without further obligations to the Executive hereunder.
10.    OTHER EMPLOYMENT; LEGAL REPRESENTATION. Any severance benefits described in Exhibit A hereto to which the Executive is entitled will not be reduced by any remuneration the Executive may receive from employment with another employer following a Qualifying Termination.  In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not the Executive obtains other employment.  The Company agrees to pay as incurred, to the full extent permitted by law, all legal fees and expenses which the Executive may reasonably incur as a result of any contest by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement.
11.    NO TAX GROSS-UP PAYMENT. Notwithstanding anything to the contrary in this Agreement, if any portion of the compensation under the Agreement, or under any other agreement with or plan of the Company (in the aggregate “Total Payments”), would constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code (the “Code”), then the payments to be made to the Executive under the Agreement shall be subject to the tax imposed by Section 4999 of the Code or any successor provision thereto. The payments to be made to Executive hereunder shall not be subject to any "gross-up" or other increase should  those payments be subject to the tax imposed by Section 4999 of the Code or any successor provision thereto.  The Company may elect, in its sole discretion, to reduce the payments to be made to the Executive under the Agreement because such reduction will provide a more favorable after-tax result for the Executive with respect to the excise taxes described in this Section.  The calculation of such potential excise tax liability, as well as the method in which any compensation reduction is applied, shall be conducted and determined by the Company’s independent accountants, whose determinations shall be binding on all parties.  Notwithstanding the foregoing, any such compensation reduction shall be in accordance with the following order of priority:  (i) first, “full Credit Payments” (as defined below) will be reduced in reverse chronological order such that the payment owed on the latest date following the occurrence of the event triggering the reduction will be the first payment to be reduced until such payment is reduced to zero, and then the payment owed on the next latest date following occurrence of the event triggering the reduction will be the second payment to be reduced until such payment is equal to zero, and so forth, until all such Full Credit Payments have been reduced to zero, and (ii) second, “Partial Credit Payments” (as defined below) will be reduced in reverse chronological order in the same manner as “Full Credit Payments” are reduced.  “Full Credit Payment” means a payment, distribution or benefit, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, that if reduced in value by one dollar ($1.00) reduces the amount of a “parachute payment” (as defined in Section 280G(b)(2) of 

- 7 -

the Code, without regard to Section 280G(b)(2)(A)(ii) of the Code) by one dollar ($1.00).  “Partial Credit Payment” means a payment, distribution or benefit, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, that if reduced in value by one dollar ($1.00) reduces the amount of a parachute payment by an amount that is less than one dollar ($1.00).  For clarification purposes only, a “Partial Credit Payment” would include a stock option as to which vesting is accelerated upon an event that triggers the reduction, where the in the money value of the option exceeds the value of the option acceleration that is added to the parachute payment.”
12.    SUCCESSORS. 
(a)    This Agreement is personal to the Executive and shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives.
(b)    This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.
(c)    The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.
13.    MISCELLANEOUS.
(a)    This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.
(b)    All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

- 8 -

	
		
	      IF TO THE EXECUTIVE:
	Salvatore Incanno 
4515 Forest Brooke Court
Richfield, OH  27539

	IF TO THE COMPANY:
	SIFCO INDUSTRIES, INC.
970 East 64th Street
Cleveland, Ohio 44103
Attention:  Michael Lipscomb

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communication shall be effective when actually received by the addressee.
(c)    The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.
(d)    The Company may withhold from any amounts payable under this Agreement such federal, state, local and/or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.
(e)    The Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason pursuant to Section 2(f) of this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.
IN WITNESS WHEREOF, the undersigned have executed this Agreement effective as of the date first written above.
	
		
	SIFCO INDUSTRIES, INC.

By:    /s/ Michael S. Lipscomb         
Title:  Chief Executive Officer

	EXECUTIVE

 /s/ Salvatore Incanno        
Signature

	 
	  Salvatore Incanno           
Printed Name

- 9 -

EXHIBIT A

TO
CHANGE IN CONTROL AGREEMENT

BENEFITS

a.SEVERANCE.  In the event the Executive becomes eligible for benefits under Section 5 of the Agreement, the Company shall pay to the Executive or, if applicable, to the Executive’s legal representative, or the Executive’s Beneficiary in a lump sum in cash within thirty (30) days after the Executive’s Date of Termination (subject to the provision of Section 5 of the Agreement) an amount equal to:  One and one-half (1.5) times the Executive’s annual salary.    
b.    WELFARE BENEFITS.  In the event the Executive becomes eligible for benefits under Section 5 of the Agreement, for twenty-four (24) months after the Executive’s Date of Termination, or such longer period as may be provided by the terms of the applicable welfare benefit plan, program, practice or policy, the Company shall continue medical and dental benefits to the Executive and/or the Executive’s family at least equal to those which would have been provided to them in accordance with the Company’s benefit plans, programs, practices and policies if the Executive’s employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families; provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive welfare benefits under another employer provided plan, the Company shall discontinue such benefits as of such eligibility date.

EXHIBIT B

TO
CHANGE IN CONTROL AGREEMENT

DESIGNATION OF BENEFICIARY

Executive hereby designates the following individual to receive payment of any benefits under this Agreement that may be due or payable after the Executive’s death:

    Michelle Incanno             
Name of Beneficiary

   Spouse                
Relationship to Executive

  /s/ Salvatore Incanno            
Signature of Executive

   May 11, 2015            
Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}]]