Document:

EXHIBIT 4.3

 

HIGHWAY HOLDINGS LIMITED

 

INDENTURE

 

Dated as of                     ,
20     

 

      _              

 

Trustee

 

    

     

    

 

TABLE OF CONTENTS

  

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	Section 1.1	Definitions	1
	 	Section 1.2	Other Definitions	3
	 	Section 1.3	Incorporation by Reference of Trust Indenture Act	4
	 	Section 1.4	Rules of Construction	4
	 	 	 	 
	ARTICLE II	THE SECURITIES	4
	 	Section 2.1	Issuable in Series	4
	 	Section 2.2	Establishment of Terms of Series of Securities	4
	 	Section 2.3	Execution and Authentication	6
	 	Section 2.4	Registrar and Paying Agent	7
	 	Section 2.5	Paying Agent to Hold Money in Trust	7
	 	Section 2.6	Securityholder Lists	7
	 	Section 2.7	Transfer and Exchange	8
	 	Section 2.8	Mutilated, Destroyed, Lost and Stolen Securities	8
	 	Section 2.9	Outstanding Securities	8
	 	Section 2.10	Treasury Securities	9
	 	Section 2.11	Temporary Securities	9
	 	Section 2.12	Cancellation	9
	 	Section 2.13	Defaulted Interest	9
	 	Section 2.14	Global Securities	9
	 	Section 2.15	CUSIP Numbers	11
	 	 	 	 
	ARTICLE III	REDEMPTION	11
	 	Section 3.1	Notice to Trustee	11
	 	Section 3.2	Selection of Securities to be Redeemed	11
	 	Section 3.3	Notice of Redemption	11
	 	Section 3.4	Effect of Notice of Redemption	12
	 	Section 3.5	Deposit of Redemption Price	12
	 	Section 3.6	Securities Redeemed in Part	12
	 	 	 	 
	ARTICLE IV	COVENANTS	12
	 	Section 4.1	Payment of Principal and Interest	12
	 	Section 4.2	SEC Reports	12
	 	Section 4.3	Compliance Certificate	13
	 	Section 4.4	Stay, Extension and Usury Laws	13
	 	 	 	 
	ARTICLE V	SUCCESSORS	 	13
	 	Section 5.1	When Company May Merge, Etc	13
	 	Section 5.2	Successor Corporation Substituted	13
	 	 	 	 
	ARTICLE VI	DEFAULTS AND REMEDIES	14
	 	Section 6.1	Events of Default	14
	 	Section 6.2	Acceleration of Maturity	15
	 	Section 6.3	Collection of Indebtedness and Suits for Enforcement by Trustee	15
	 	Section 6.4	Trustee May File Proofs of Claim	16
	 	Section 6.5	Trustee May Enforce Claims Without Possession of Securities	16
	 	Section 6.6	Application of Money Collected	16
	 	Section 6.7	Limitation on Suits	17
	 	Section 6.8	Unconditional Right of Holders to Receive Principal and Interest	17
	 	Section 6.9	Restoration of Rights and Remedies	17
	 	Section 6.10	Rights and Remedies Cumulative	17
	 	Section 6.11	Delay or Omission Not Waiver	18

 

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TABLE OF CONTENTS (cont.)

  

	 	 	 	Page
	 	 	 	 
	 	Section 6.12	Control by Holders	18
	 	Section 6.13	Waiver of Past Defaults	18
	 	Section 6.14	Undertaking for Costs	18
	 	 	 	 
	ARTICLE VII	TRUSTEE	 	19
	 	Section 7.1	Duties of Trustee	19
	 	Section 7.2	Rights of Trustee	20
	 	Section 7.3	Individual Rights of Trustee	20
	 	Section 7.4	Trustee’s Disclaimer	20
	 	Section 7.5	Notice of Defaults	21
	 	Section 7.6	Reports by Trustee to Holders	21
	 	Section 7.7	Compensation and Indemnity	21
	 	Section 7.8	Replacement of Trustee	21
	 	Section 7.9	Successor Trustee by Merger, Etc	22
	 	Section 7.10	Eligibility	22
	 	Section 7.11	Preferential Collection of Claims Against Company	22
	 	 	 	 
	ARTICLE VIII	SATISFACTION AND DISCHARGE	23
	 	Section 8.1	Satisfaction and Discharge of Indenture	23
	 	Section 8.2	Application of Trust Funds	23
	 	Section 8.3	Legal Defeasance of Securities of any Series	24
	 	Section 8.4	Covenant Defeasance	25
	 	Section 8.5	Repayment to Company	26
	 	Section 8.6	Reinstatement	26
	 	 	 	 
	ARTICLE IX	AMENDMENTS AND WAIVERS	26
	 	Section 9.1	Without Consent of Holders	26
	 	Section 9.2	With Consent of Holders	27
	 	Section 9.3	Limitations	27
	 	Section 9.4	Compliance with Trust Indenture Act	28
	 	Section 9.5	Revocation and Effect of Consents	28
	 	Section 9.6	Notation on or Exchange of Securities	28
	 	Section 9.7	Trustee Protected	28
	 	 	 	 
	ARTICLE X	MISCELLANEOUS	28
	 	Section 10.1	Trust Indenture Act Controls	28
	 	Section 10.2	Notices	29
	 	Section 10.3	Communication by Holders with Other Holders	29
	 	Section 10.4	Certificate and Opinion as to Conditions Precedent	30
	 	Section 10.5	Statements Required in Certificate or Opinion	30
	 	Section 10.6	Rules by Trustee and Agents	30
	 	Section 10.7	Legal Holidays	30
	 	Section 10.8	No Recourse Against Others	30
	 	Section 10.9	Counterparts	30
	 	Section 10.10	Governing Law, Waiver of Jury Trial, Consent to Jurisdiction	31
	 	Section 10.11	No Adverse Interpretation of Other Agreements	31
	 	Section 10.12	Successors	31
	 	Section 10.13	Severability	31
	 	Section 10.14	Table of Contents, Headings, Etc	31
	 	Section 10.15	Securities in a Foreign Currency	31
	 	Section 10.16	Judgment Currency	32
	 	Section 10.17	Force Majeure	32
	 	Section 10.18	U.S.A. Patriot Act	32

 

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TABLE OF CONTENTS (cont.)

 

	 	 	 	Page
	 	 	 	 
	ARTICLE XI	SINKING FUNDS	32
	 	Section 11.1	Applicability of Article	32
	 	Section 11.2	Satisfaction of Sinking Fund Payments with Securities	33
	 	Section 11.3	Redemption of Securities for Sinking Fund	33

 

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HIGHWAY HOLDINGS LIMITED

 

Reconciliation and tie between the Trust
Indenture Act of 1939 and 

the Indenture, dated as of                     ,
20    

 

	§ 310(a)(1)	 	 	 	7.10
	(a)(2)	 	 	 	7.10
	(a)(3)	 	 	 	Not Applicable
	(a)(4)	 	 	 	Not Applicable
	(a)(5)	 	 	 	7.10
	(b)	 	 	 	7.10
	§ 311(a)	 	 	 	7.11
	(b)	 	 	 	7.11
	(c)	 	 	 	Not Applicable
	§ 312(a)	 	 	 	2.6
	(b)	 	 	 	10.3
	(c)	 	 	 	10.3
	§ 313(a)	 	 	 	7.6
	(b)(1)	 	 	 	7.6
	(b)(2)	 	 	 	7.6
	(c)(1)	 	 	 	7.6
	(d)	 	 	 	7.6
	§ 314(a)	 	 	 	4.2, 10.5
	(b)	 	 	 	Not Applicable
	(c)(1)	 	 	 	10.4
	(c)(2)	 	 	 	10.4
	(c)(3)	 	 	 	Not Applicable
	(d)	 	 	 	Not Applicable
	(e)	 	 	 	10.5
	(f)	 	 	 	Not Applicable
	§ 315(a)	 	 	 	7.1
	(b)	 	 	 	7.5
	(c)	 	 	 	7.1
	(d)	 	 	 	7.1
	(e)	 	 	 	6.14
	§ 316(a)	 	 	 	2.10
	(a)(1)(A)	 	 	 	6.12
	(a)(1)(B)	 	 	 	6.13
	(b)	 	 	 	6.8
	§ 317(a)(1)	 	 	 	6.3
	(a)(2)	 	 	 	6.4
	(b)	 	 	 	2.5
	§ 318(a)	 	 	 	10.1

 

Note: This reconciliation and tie shall not, for any purpose,
be deemed to be part of the Indenture.

 

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Indenture dated as of ______________, 20__
between Highway Holdings Limited, a British Virgin Islands company (the “Company”), and _________ (the “Trustee”).

 

Each party agrees as follows for the benefit
of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1          Definitions.

 

“Additional Amounts”
means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to
be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.

 

“Affiliate” of any specified
person means any other person directly or indirectly controlling or controlled by or under common control with such specified person.
For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by”
and “under common control with”), as used with respect to any person, shall mean the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting
securities or by agreement or otherwise.

 

“Agent” means any Registrar,
Paying Agent or Notice Agent.

 

“Board of Directors”
means the board of directors of the Company or any duly authorized committee thereof.

 

“Board Resolution” means
a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of
Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate
and delivered to the Trustee.

 

“Business Day” means,
unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series,
any day except a Saturday, Sunday or a legal holiday in The City of New York, New York (or in connection with any payment, the
place of payment) on which banking institutions are authorized or required by law, regulation or executive order to close.

 

“Capital Stock” means
any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

“Company” means the party
named as such above until a successor replaces it and thereafter means the successor.

 

“Company Order” means
a written order signed in the name of the Company by an Officer.

 

“Corporate Trust Office”
means the office of the Trustee at which at any particular time its corporate trust business related to this Indenture shall be
principally administered.

 

“Default” means any event
which is, or after notice or passage of time or both would be, an Event of Default.

 

“Depositary” means, with
respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the
person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the
Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities
of any Series shall mean the Depositary with respect to the Securities of such Series.

 

“Discount Security” means
any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.2.

 

“Dollars” and “$”
means the currency of the United States of America.

 

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

 

“Foreign Currency” means
any currency or currency unit issued by a government other than the government of the United States of America.

 

“Foreign Government Obligations”
means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations of, or obligations
guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith
and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.

 

“GAAP” means accounting
principles generally accepted in the United States of America set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect as of the date of determination.

 

“Global Security” or
“Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to
Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and
registered in the name of such Depositary or nominee.

 

“Holder” or “Securityholder”
means a person in whose name a Security is registered.

 

“Indenture” means this
Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities
established as contemplated hereunder.

 

“interest” with respect
to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

“Maturity,” when used
with respect to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein
provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

 

“Officer” means the Chief
Executive Officer, the President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant
Secretary, and any Vice President of the Company.

 

“Officer’s Certificate”
means a certificate signed by any Officer.

 

“Opinion of Counsel”
means a written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the
Company. The opinion may contain customary limitations, conditions and exceptions.

 

“person” means any individual,
corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof.

 

“principal” of a Security
means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of,
the Security.

 

“Responsible Officer”
means any officer of the Trustee in its Corporate Trust Office having responsibility for administration of this Indenture and also
means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because
of his or her knowledge of and familiarity with a particular subject.

 

“SEC” means the Securities
and Exchange Commission.

 

“Securities” means the
debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

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“Series” or “Series
of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections
2.1 and 2.2 hereof.

 

“Stated Maturity” when
used with respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security
or interest is due and payable.

 

“Subsidiary” of any specified
person means any corporation, association or other business entity of which more than 50% of the total voting power of shares of
Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries
of that person or a combination thereof.

 

“TIA” means the Trust
Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however,
that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by
any such amendment, the Trust Indenture Act as so amended.

 

“Trustee” means the person
named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then
a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities
of any Series shall mean the Trustee with respect to Securities of that Series.

 

“U.S. Government Obligations”
means securities which are direct obligations of, or guaranteed by, the United States of America for the payment of which its full
faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include
a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific
payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder
of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S.
Government Obligation evidenced by such depositary receipt.

 

Section 1.2          Other Definitions.

 

	
        TERM 
	 	
        DEFINED IN 

        SECTION 

	“Bankruptcy Law”	 	6.1
	“Custodian”	 	6.1
	“Event of Default”	 	6.1
	“Judgment Currency”	 	10.16
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1
	“Market Exchange Rate”	 	10.15
	“New York Banking Day”	 	10.16
	“Notice Agent”	 	2.4
	“optional sinking fund payment”	 	11.1
	“Paying Agent”	 	2.4
	“Registrar”	 	2.4
	“Required Currency”	 	10.16
	“Specified Courts”	 	10.10
	“successor person”	 	5.1

 

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Section
1.3             Incorporation by Reference of Trust Indenture Act.

 

Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this
Indenture have the following meanings:

 

“Commission” means the
SEC.

 

“indenture securities”
means the Securities.

 

“indenture security holder”
means a Securityholder.

 

“indenture to be qualified”
means this Indenture.

 

“indenture trustee” or
“institutional trustee” means the Trustee.

 

“obligor” on the indenture
securities means the Company and any successor obligor upon the Securities.

 

All other terms used in this Indenture that
are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined
herein are used herein as so defined.

 

Section
1.4             Rules of Construction.

 

Unless the context otherwise requires:

 

(a)                
a term has the meaning assigned to it;

 

(b)                
an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(c)                
“or” is not exclusive;

 

(d)                
words in the singular include the plural, and in the plural include the singular; and

 

(e)                
provisions apply to successive events and transactions.

 

ARTICLE II

THE SECURITIES

 

Section 2.1             Issuable in Series.

 

The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series.
All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution,
a supplemental indenture hereto or an Officer’s Certificate detailing the adoption of the terms thereof pursuant to authority
granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s
Certificate or supplemental indenture hereto detailing the adoption of the terms thereof pursuant to authority granted under a
Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date
from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided
that all Series of Securities shall be equally and ratably entitled to the benefits of this Indenture.

 

Section 2.2             Establishment of Terms of Series of Securities.

 

At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as
to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant
to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture hereto
or Officer’s Certificate:

 

2.2.1       
the title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and
ranking (including the terms of any subordination provisions) of the Series;

 

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2.2.2       
the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will
be issued;

 

2.2.3       
any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

 

2.2.4       
the date or dates on which the principal of the Securities of the Series is payable;

 

2.2.5       
the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or
rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities
of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates
on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest
payment date;

 

2.2.6       
the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where
the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon
the Company in respect of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if
by wire transfer, mail or other means;

 

2.2.7       
if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which
the Securities of the Series may be redeemed, in whole or in part, at the option of the Company;

 

2.2.8       
the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which
and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant
to such obligation;

 

2.2.9       
the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company
at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

2.2.10     
if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the
Series shall be issuable;

 

2.2.11     
the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;

 

2.2.12     
if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall
be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;

 

2.2.13     
the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such
currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite
currency;

 

2.2.14     
the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any,
on the Securities of the Series will be made;

 

2.2.15     
if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies
or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with
respect to such payments will be determined;

 

2.2.16     
the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be
determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity,
commodity index, stock exchange index or financial index;

 

2.2.17     
the provisions, if any, relating to any security provided for the Securities of the Series;

 

 

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2.2.18     
any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change
in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable
pursuant to Section 6.2;

 

2.2.19     
any addition to, deletion of or change in the covenants set forth in Articles IV or V hereof which applies to Securities
of the Series;

 

2.2.20     
any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities
of such Series if other than those appointed herein;

 

2.2.21     
the provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the
conversion price or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be
mandatory, at the option of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion
price or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed;

 

2.2.22     
any other terms of the Securities of the Series (which may supplement, modify or delete any provision of this Indenture
insofar as it applies to such Series), including any terms that may be required under applicable law or regulations or advisable
in connection with the marketing of Securities of that Series; and

 

2.2.23     
whether any of the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series, including
the terms of subordination, if any, of such guarantees.

 

All Securities of any one Series need not
be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by
or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above.

 

Section 2.3            
Execution and Authentication.

 

An Officer shall sign the Securities for
the Company by manual or facsimile signature.

 

If an Officer whose signature is on a Security
no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.

 

A Security shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security
has been authenticated under this Indenture.

 

The Trustee shall at any time, and from
time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental
indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the
date of its authentication.

  

The aggregate principal amount of Securities
of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the
Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as
provided in Section 2.8.

 

Prior to the issuance of Securities of any
Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the
Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that
Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series,
(b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

The Trustee shall have the right to decline
to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such
action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee
or a trust committee of directors and/or vice presidents or a committee of Responsible Officers shall determine that such action
would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

    6

     

    

 

The Trustee may appoint an authenticating
agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee
may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

Section 2.4            
Registrar and Paying Agent.

 

The Company shall maintain, with respect
to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office
or agency where Securities of such Series may be presented or surrendered for payment (the “Paying Agent”),
where Securities of such Series may be surrendered for registration of transfer or exchange (the “Registrar”)
and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered
(the “Notice Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their
transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the
name or address, of each Registrar, Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required
Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints
the Trustee as its agent to receive all such presentations, surrenders, notices and demands; provided, however, that
any appointment of the Trustee as the Notice Agent shall exclude the appointment of the Trustee or any office of the Trustee as
an agent to receive the service of legal process on the Company.

 

The Company may also from time to time designate
one or more co-registrars, additional paying agents or additional notice agents and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations
to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of
any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the name or address of any such co-registrar, additional paying agent or additional notice agent. The term
“Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying
agent; and the term “Notice Agent” includes any additional notice agent. The Company or any of its Affiliates
may serve as Registrar or Paying Agent.

 

The Company hereby appoints the Trustee
the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice Agent, as
the case may be, is appointed prior to the time Securities of that Series are first issued.

 

Section 2.5            
Paying Agent to Hold Money in Trust.

 

The Company shall require each Paying Agent
other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any
Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series
of Securities, and will notify the Trustee in writing of any default by the Company in making any such payment. While any such
default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other
than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary
of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of
any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect
to the Company, the Trustee shall serve as Paying Agent for the Securities.

 

Section 2.6            
Securityholder Lists.

 

The Trustee shall preserve in as current
a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each
Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall
furnish to the Trustee at least ten days before each interest payment date and at such other times as the Trustee may request in
writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders
of each Series of Securities.

 

    7

     

    

 

Section 2.7            
Transfer and Exchange.

 

Where Securities of a Series are presented
to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities
of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are
met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request.
No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein),
but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6
or 9.6).

 

Neither the Company nor the Registrar shall
be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening
of business fifteen days immediately preceding the sending of a notice of redemption of Securities of that Series selected for
redemption and ending at the close of business on the day such notice is sent, or (b) to register the transfer of or exchange
Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities
selected, called or being called for redemption in part.

 

Section 2.8            
Mutilated, Destroyed, Lost and Stolen Securities.

 

If any mutilated Security is surrendered
to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of
the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Company
and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security
or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon
receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost
or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

 

In case any such mutilated, destroyed, lost
or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security.

 

Upon the issuance of any new Security under
this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any Series issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series
duly issued hereunder.

 

The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities.

 

Section 2.9            
Outstanding Securities.

 

The Securities outstanding at any time are
all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those
reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described
in this Section as not outstanding.

 

If a Security is replaced pursuant to Section 2.8,
it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide
purchaser.

 

    8

     

    

 

If the Paying Agent (other than the Company,
a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to
pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and
interest on them ceases to accrue.

 

The Company may purchase or otherwise acquire
the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security does not cease to be outstanding
because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below).

 

In determining whether the Holders of the
requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent
or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall
be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of
acceleration of the Maturity thereof pursuant to Section 6.2.

 

Section 2.10          
Treasury Securities.

 

In determining whether the Holders of the
required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent
or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the
purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction,
notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so
disregarded.

 

Section 2.11          
Temporary Securities.

 

Until definitive Securities are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities
shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for
temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company Order shall
authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged,
temporary securities shall have the same rights under this Indenture as the definitive Securities.

 

Section 2.12          
Cancellation.

 

The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to
them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange,
payment, replacement or cancellation and shall destroy such canceled Securities (subject to the record retention requirement of
the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company.
The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.

 

Section 2.13          
Defaulted Interest.

 

If the Company defaults in a payment of
interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable
on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company
shall fix the record date and payment date. At least 10 days before the special record date, the Company shall send to the Trustee
and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest
to be paid. The Company may pay defaulted interest in any other lawful manner.

 

Section 2.14          
Global Securities.

 

2.14.1     
Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall
establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and
the Depositary for such Global Security or Securities.

 

    9

     

    

 

2.14.2      Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of this Indenture
and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of this Indenture for Securities
registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary
notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such
Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint
a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (ii) the Company
executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global Security shall be so exchangeable.
Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in
such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global
Security with like tenor and terms.

 

Except
as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect
to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee
of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

2.14.3      Legends. Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER
THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE
OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.”

 

In
addition, so long as the Depository Trust Company (“DTC”) is the Depositary, each Global Security registered in the
name of DTC or its nominee shall bear a legend in substantially the following form:

 

“UNLESS
THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.”

 

2.14.4      Acts
of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request,
demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under this
Indenture.

 

2.14.5      Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by
Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

2.14.6      Consents, Declaration and Directions. The Company, the Trustee and any Agent shall treat a person as the Holder
of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a
written statement of the Depositary or by the applicable procedures of such Depositary with respect to such Global Security, for
purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

 

     10

     

    

 

Section
2.15           CUSIP Numbers.

 

The
Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall
use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may
state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained
in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities,
and any such redemption shall not be affected by any defect in or omission of such numbers.

 

ARTICLE
III

REDEMPTION

 

Section
3.1             Notice
to Trustee.

 

The
Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant
to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms
as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior
to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify
the Trustee in writing of the redemption date and the principal amount of Series of Securities to be redeemed. The Company shall
give the notice at least 15 days before the redemption date, unless a shorter period is satisfactory to the Trustee.

 

Section
3.2             Selection
of Securities to be Redeemed.

 

Unless
otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate,
if less than all the Securities of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as
follows: (a) if the Securities are in the form of Global Securities, in accordance with the procedures of the Depositary,
(b) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal
national securities exchange, if any, on which the Securities are listed, or (c) if not otherwise provided for under clause
(a) or (b) in the manner that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise
required by law or applicable stock exchange requirements, subject, in the case of Global Securities, to the applicable rules
and procedures of the Depositary. The Securities to be redeemed shall be selected from Securities of the Series outstanding not
previously called for redemption. Portions of the principal of Securities of the Series that have denominations larger than $1,000
may be selected for redemption. Securities of the Series and portions of them it selected for redemption shall be in amounts of
$1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10,
the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture
that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

 

Section
3.3            Notice
of Redemption.

 

Unless
otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate,
at least 15 days but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first-class
mail or electronically, in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose Securities
are to be redeemed.

 

The
notice shall identify the Securities of the Series to be redeemed and shall state:

 

(a)          
the redemption date;

 

(b)           the
redemption price;

 

(c)           the name and address of the Paying Agent;

 

(d)           if any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and
that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to
the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon cancellation of the original
Security;

 

     11

     

    

 

(e)           that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(f)            that
interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless the Company
defaults in the deposit of the redemption price;

 

(g)           the CUSIP number, if any; and

 

(h)           any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.

 

At
the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense, provided,
however, that the Company has delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee)
prior to the notice date, an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information
to be stated in such notice.

 

Section
3.4             Effect
of Notice of Redemption.

 

Once
notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable
on the redemption date and at the redemption price. Except as otherwise provided in the supplemental indenture hereto, Board Resolution
or Officer’s Certificate for a Series of Securities, a notice of redemption pertaining to such Series may not be conditional.
Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption
date.

 

Section
3.5             Deposit
of Redemption Price.

 

On
or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient
to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

 

Section
3.6             Securities
Redeemed in Part.

 

Upon
surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series
and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.

 

ARTICLE
IV

COVENANTS

 

Section
4.1             Payment of
Principal and Interest.

 

The
Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay
the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this
Indenture. On or before 11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying
Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms
of such Securities and this Indenture.

 

Section
4.2             SEC Reports.

 

To
the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee within 15 days after it files
them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions
of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC
pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA §
314(a). Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee
as of the time of such filing via EDGAR for purposes of this Section 4.2.

 

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Delivery
of reports, information and documents to the Trustee under this Section 4.2 are for informational purposes only and the Trustee’s
receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of their covenants hereunder (as to which
the Trustee is entitled to rely exclusively on Officer’s Certificates).

 

Section
4.3             Compliance
Certificate.

 

To
the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end
of each fiscal year of the Company, an Officer’s Certificate stating that a review of the activities of the Company and
its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining
whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as
to each such Officer signing such certificate, that to the best of his/her knowledge the Company has kept, observed, performed
and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any
of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such
Defaults or Events of Default of which the Officer may have knowledge).

 

Section
4.4             Stay,
Extension and Usury Laws.

 

The
Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter
in force, which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent
it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort
to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit
the execution of every such power as though no such law has been enacted.

 

ARTICLE
V

SUCCESSORS

 

Section
5.1             When
Company May Merge, Etc.

 

The
Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties
and assets to, any person (a “successor person”) unless:

 

(a)           the
Company is the surviving corporation or the successor person (if other than the Company) is a corporation organized and validly
existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities
and under this Indenture; and

 

(b)           immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.

 

The
Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officer’s Certificate to the
foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture hereto comply
with this Indenture.

 

Notwithstanding
the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company.
Neither an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

Section
5.2             Successor
Corporation Substituted.

 

Upon
any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of
the Company in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which
the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person
has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale, conveyance
or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities.

 

     13

     

    

 

ARTICLE
VI

DEFAULTS AND REMEDIES

 

Section
6.1             Events
of Default.

 

“Event
of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless
in the establishing Board Resolution, supplemental indenture hereto or Officer’s Certificate, it is provided that such Series
shall not have the benefit of said Event of Default:

 

(a)           default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance
of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee
or with a Paying Agent prior to 11:00 a.m., New York City time, on the 30th day of such period); or

 

(b)           default
in the payment of principal of any Security of that Series at its Maturity; or

 

(c)           default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than defaults
pursuant to paragraphs (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely
for the benefit of Series of Securities other than that Series), which default continues uncured for a period of 60 days after
there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

(d)           the Company pursuant to or within the meaning of any Bankruptcy Law:

 

(i)            commences
a voluntary case,

 

(ii)           consents
to the entry of an order for relief against it in an involuntary case,

 

(iii)          consents
to the appointment of a Custodian of it or for all or substantially all of its property,

 

(iv)          makes
a general assignment for the benefit of its creditors, or

 

(v)           generally
is unable to pay its debts as the same become due; or

 

(e)           a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)            is
for relief against the Company in an involuntary case,

 

(ii)           appoints
a Custodian of the Company or for all or substantially all of its property, or

 

(iii)          orders
the liquidation of the Company, and the order or decree remains unstayed and in effect for 60 days; or

 

(f)            any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution,
a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18.

 

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The
term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.
The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy
Law. The Company will provide the Trustee written notice of any Default or Event of Default within 30 days of becoming aware of
the occurrence of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default
or Event of Default and what action the Company is taking or proposes to take in respect thereof.

 

Section
6.2             Acceleration
of Maturity; Rescission and Annulment.

 

If
an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event
of Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25%
in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that
Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and
accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified
amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in
Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if
any, on all outstanding Securities shall ipso facto become and be immediately due and payable without any declaration or
other act on the part of the Trustee or any Holder.

 

At
any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in
principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and
annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the
non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration
of acceleration, have been cured or waived as provided in Section 6.13.

 

No such
rescission shall affect any subsequent Default or impair any right consequent thereon.

 

Section
6.3             Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The
Company covenants that if

 

(a)           default is made in the payment of any interest on any Security when such interest becomes due and payable and such default
continues for a period of 30 days, or

 

(b)           default
is made in the payment of principal of any Security at the Maturity thereof, or

 

(c)           default
is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security,

 

then,
the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount
then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally
enforceable, interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities,
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including
the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel.

 

If
the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust,
may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment
or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys
adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such
Securities, wherever situated.

 

     15

     

    

 

If
an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section
6.4            Trustee
May File Proofs of Claim.

 

In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or
of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand
on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding
or otherwise,

 

(a)           to
file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim
for the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders
allowed in such judicial proceeding, and

 

(b)           to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due it for the compensation, reasonable expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof
or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section
6.5             Trustee
May Enforce Claims Without Possession of Securities.

 

All
rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for
the payment of the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, be for
the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

 

Section
6.6             Application of
Money Collected.

 

Any
money or property collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates
fixed by the Trustee and, in case of the distribution of such money or property on account of principal or interest, upon presentation
of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

First:
To the payment of all amounts due the Trustee under Section 7.7; and

 

Second:
To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the
benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal and interest, respectively; and

 

Third:
To the Company.

 

     16

     

    

 

Section
6.7            Limitation
on Suits.

 

No
Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to
this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless

 

(a)           such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities
of that Series;

 

(b)           the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(c)           such
Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses and
liabilities which might be incurred by the Trustee in compliance with such request;

 

(d)           the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and

 

(e)           no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders
of a majority in principal amount of the outstanding Securities of that Series;

 

it
being understood, intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee that
no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority
or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided
and for the equal and ratable benefit of all such Holders of the applicable Series.

 

Section
6.8             Unconditional
Right of Holders to Receive Principal and Interest.

 

Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated
Maturity expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement
of any such payment, and such rights shall not be impaired without the consent of such Holder.

 

Section
6.9             Restoration
of Rights and Remedies.

 

If
the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding
has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and
in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders
shall continue as though no such proceeding had been instituted.

 

Section
6.10           Rights and Remedies Cumulative.

 

Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment
of any other appropriate right or remedy.

 

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Section
6.11           Delay or Omission
Not Waiver.

 

No
delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of
Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Section
6.12           Control by Holders.

 

The
Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
on the Trustee, with respect to the Securities of such Series, provided that

 

(a)           such
direction shall not be in conflict with any rule of law or with this Indenture,

 

(b)           the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction,

 

(c)           subject
to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee
in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee
in personal liability, and

 

(d)          
prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity satisfactory
to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

Section
6.13           Waiver of Past Defaults.

 

The
Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders
of all the Securities of such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with
respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of
such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series
may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration).
Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon.

 

Section
6.14          Undertaking for
Costs.

 

All
parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that
any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the
Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate
more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of or interest on any Security on or after the Maturity of such Security, including
the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date).

 

     18

     

    

 

ARTICLE
VII

TRUSTEE

 

Section
7.1            Duties
of Trustee.

 

(a)           If
an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture
and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances
in the conduct of such person’s own affairs.

 

(b)           Except
during the continuance of an Event of Default:

 

(i)            The
Trustee need perform only those duties that are specifically set forth in this Indenture and no others.

 

(ii)          
In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming
to the requirements of this Indenture; however, in the case of any such Officer’s Certificates or Opinions of Counsel
which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s
Certificates and Opinions of Counsel to determine whether or not they conform to the form requirements of this Indenture.

 

(c)           The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that:

 

(i)            This
paragraph does not limit the effect of paragraph (b) of this Section.

 

(ii)          
The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts.

 

(iii)          The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to
Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the
outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities
of such Series in accordance with Section 6.12.

 

(d)           Every
provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.

 

(e)           The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to
it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right
or power.

 

(f)           
The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)           No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability
in the performance of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such
risk is not assured to the Trustee in its satisfaction.

 

(h)           The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as are
set forth in paragraphs (e), (f) and (g) of this Section and in Section 7.2, each with respect to the Trustee.

 

     19

     

    

 

Section
7.2             Rights
of Trustee.

 

(a)           The Trustee may rely on and shall be protected in acting or refraining from acting upon any document (whether in its original
or facsimile form) believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not
investigate any fact or matter stated in the document.

 

(b)           Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate
or Opinion of Counsel.

 

(c)           The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed
with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act
or omission by any Depositary.

 

(d)           The
Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within
its rights or powers, provided that the Trustee’s conduct does not constitute willful misconduct or negligence.

 

(e)           The
Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or negligence, and
in reliance thereon.

 

(f)            The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory
to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

(g)           The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit.

 

(h)           The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has
actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the
Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities of a particular Series
and this Indenture.

 

(i)            In no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss
or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood
of such loss or damage.

 

(j)            The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation
or duty to do so.

 

Section
7.3             Individual
Rights of Trustee.

 

The
Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the
Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with
like rights. The Trustee is also subject to Sections 7.10 and 7.11.

 

Section
7.4            Trustee’s
Disclaimer.

 

The
Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable
for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities
other than its authentication.

 

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Section
7.5             Notice
of Defaults.

 

If
a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible
Officer of the Trustee, the Trustee shall send to each Securityholder of the Securities of that Series notice of a Default or
Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such
Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any
Security of any Series, the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of
its Responsible Officers in good faith determines that withholding the notice is in the interests of Securityholders of that Series.

 

Section
7.6            Reports
by Trustee to Holders.

 

Within
60 days after each                     
commencing                     ,
            , the Trustee shall transmit by mail to all Securityholders,
as their names and addresses appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in
accordance with, and to the extent required under, TIA § 313.

 

A
copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each national
securities exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing
when Securities of any Series are listed on any national securities exchange.

 

Section
7.7             Compensation
and Indemnity.

 

The
Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time
to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of
an express trust. The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it.
Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.

 

The
Company shall indemnify each of the Trustee and any predecessor Trustee (including for the cost of defending itself) against any
cost, expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee)
incurred by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent.
The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify
the Company shall not relieve the Company of its obligations hereunder, unless and to the extent that the Company is materially
prejudiced thereby. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one
separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any
settlement made without its consent, which consent will not be unreasonably withheld. This indemnification shall apply to officers,
directors, employees, shareholders and agents of the Trustee.

 

The
Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director,
employee, shareholder or agent of the Trustee through willful misconduct or negligence. To secure the Company’s payment
obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held
or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.

 

When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs,
the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy
Law. The provisions of this Section shall survive the termination of this Indenture.

 

Section
7.8             Replacement
of Trustee.

 

A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section.

 

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The
Trustee may resign with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to
the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove
the Trustee with respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect
to Securities of one or more Series if:

 

(a)           the Trustee fails to comply with Section 7.10;

 

(b)           the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law;

 

(c)           a Custodian or public officer takes charge of the Trustee or its property; or

 

(d)           the Trustee becomes incapable of acting.

 

If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint
a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of
the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

If
a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of
the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately
after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien
provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is
acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each
such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under
Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred
by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to
such replacement.

 

Section
7.9             Successor
Trustee by Merger, Etc.

 

If
the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business
to, another corporation, the successor corporation without any further act shall be the successor Trustee, subject to Section 7.10.

 

Section
7.10           Eligibility; Disqualification.

 

This
Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always
have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition.
The Trustee shall comply with TIA § 310(b).

 

Section
7.11           Preferential Collection
of Claims Against Company.

 

The
Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned
or been removed shall be subject to TIA § 311(a) to the extent indicated.

 

     22

     

    

 

ARTICLE
VIII

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section
8.1             Satisfaction
and Discharge of Indenture.

 

This
Indenture shall upon Company Order be discharged with respect to the Securities of any Series and cease to be of further effect
as to all Securities of such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense
of the Company, shall execute instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a)            either

 

(i)            all
Securities of such Series theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen
and that have been replaced or paid) have been delivered to the Trustee for cancellation; or

 

(ii)           all
such Securities of such Series not theretofore delivered to the Trustee for cancellation

 

		(1)	have
                                         become due and payable by reason of sending a notice of redemption or otherwise, or

 

		(2)	will
                                         become due and payable at their Stated Maturity within one year, or

 

		(3)	have
                                         been called for redemption or are to be called for redemption within one year under arrangements
                                         satisfactory to the Trustee for the giving of notice of redemption by the Trustee in
                                         the name, and at the expense, of the Company, or

 

		(4)	are
                                         deemed paid and discharged pursuant to Section 8.3, as applicable;

 

and
the Company, in the case of (1), (2) or (3) above, shall have irrevocably deposited or caused to be deposited with the Trustee
as trust funds in trust an amount of money or U.S. Government Obligations, which amount shall be sufficient for the purpose of
paying and discharging each installment of principal (including mandatory sinking fund or analogous payments) of and interest
on all the Securities of such Series on the dates such installments of principal or interest are due;

 

(b)           the
Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

(c)           the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied with.

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if
money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4,
2.7, 2.8, 8.2 and 8.5 shall survive.

 

Section
8.2             Application
of Trust Funds; Indemnification.

 

(a)           Subject
to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign Government Obligations deposited with
the Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations
or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4, shall be held in trust
and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled
thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make
mandatory sinking fund payments or analogous payments as contemplated by Sections 8.1, 8.3 or 8.4.

 

     23

     

    

 

(b)           The
Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received
in respect of such obligations other than any payable by or on behalf of Holders.

 

(c)           The
Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government
Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent
certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are then
in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government
Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale
by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

 

Section
8.3             Legal
Defeasance of Securities of any Series.

 

Unless
this Section 8.3 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the
Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on
the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture,
as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of
the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the same), except as to:

 

(a)           the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof,
(i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series
on the Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund
payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with
the terms of this Indenture and the Securities of such Series;

 

(b)           the provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and

 

(c)           the rights, powers, trusts and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;

 

provided
that, the following conditions shall have been satisfied:

 

(d)           the Company shall have irrevocably deposited or caused to be deposited (except as provided in Section 8.2(c)) with the Trustee
as trust funds specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in
the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in
the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign
Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms,
will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day
before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of
independent public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay
and discharge each installment of principal of and interest, on and any mandatory sinking fund payments in respect of all the
Securities of such Series on the dates such installments of principal or interest and such sinking fund payments are due;

 

(e)           such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement
or instrument to which the Company is a party or by which it is bound;

 

(f)            no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the
date of such deposit or during the period ending on the 91st day after such date;

 

(g)           the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect
that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since
the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the
effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not
recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will
be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if
such deposit, defeasance and discharge had not occurred;

 

     24

     

    

 

(h)           the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by
the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

(i)            the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section have been complied with.

 

Section
8.4             Covenant
Defeasance.

 

Unless
this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the
Company may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under
Sections 4.2, 4.3, 4.4 and 5.1 and, unless otherwise specified therein, any additional covenants specified in a supplemental indenture
for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and
the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under
Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board
Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 and designated as an Event of Default shall
not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, but, except as specified
above, the remainder of this Indenture and such Securities will be unaffected thereby; provided that the following conditions
shall have been satisfied:

 

(a)           with reference to this Section 8.4, the Company has irrevocably deposited or caused to be irrevocably deposited (except
as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments
specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case
of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case
of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government
Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide
(and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due
date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified
public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge
each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of
such Series on the dates such installments of principal or interest are due;

 

(b)           such
deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;

 

(c)           no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the
date of such deposit;

 

(d)           the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (i) the
company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date
of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect
that, and based thereon such Opinion of Counsel shall confirm, subject to customary exclusions, that the Holders of the Securities
of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, covenant defeasance
and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would
have been the case if such deposit, covenant defeasance and discharge had not occurred;

 

     25

     

    

 

(e)           The
Company shall have delivered to the Trustee an Officer’s Certificate stating the deposit was not made by the Company with
the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

(f)            The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied
with.

 

Section
8.5             Repayment
to Company.

 

Subject
to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by
them for the payment of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the
money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another
person.

 

Section
8.6             Reinstatement.

 

If
the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance
with Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture with respect
to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit
had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such money
in accordance with Section 8.1; provided, however, that if the Company has made any payment of principal of
or interest on or any Additional Amounts with respect to any Securities because of the reinstatement of its obligations, the Company
shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government
Obligations held by the Trustee or Paying Agent after payment in full to the Holders.

 

ARTICLE
IX

AMENDMENTS AND WAIVERS

 

Section
9.1            Without
Consent of Holders.

 

The
Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of
any Securityholder:

 

(a)           to
cure any ambiguity, defect or inconsistency;

 

(b)          
to comply with Article V;

 

(c)           to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(d)          
to add guarantees with respect to Securities of any Series or secure Securities of any Series;

 

(e)          
to surrender any of the Company’s rights or powers under this Indenture;

 

(f)            to add covenants or events of default for the benefit of the holders of Securities of any Series;

 

(g)           to comply with the applicable procedures of the applicable depositary;

 

(h)           to
make any change that does not adversely affect the rights of any Securityholder;

 

(i)            to
provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;

 

     26

     

    

 

(j)            to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities
of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee; or

 

(k)           to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.

 

Section
9.2             With
Consent of Holders.

 

The
Company and the Trustee may enter into a supplemental indenture hereto with the written consent of the Holders of at least a majority
in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained
in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture hereto or
of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in Section 6.13, the
Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including
consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance
by the Company with any provision of this Indenture or the Securities with respect to such Series.

 

It
shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form
of any proposed supplemental indenture hereto or waiver, but it shall be sufficient if such consent approves the substance thereof.
After a supplemental indenture hereto or waiver under this section becomes effective, the Company shall send to the Holders of
Securities affected thereby, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to send
such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture
or waiver.

 

Section
9.3             Limitations.

 

Without
the consent of each Securityholder affected, an amendment or waiver may not:

 

(a)           reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

(b)           reduce
the rate of or extend the time for payment of interest (including default interest) on any Security;

 

(c)           reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed
for, the payment of any sinking fund or analogous obligation;

 

(d)           reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

 

(e)           waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission
of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities
of such Series and a waiver of the payment default that resulted from such acceleration);

 

(f)            make
the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;

 

(g)           make any change in Sections 6.8, 6.13 or 9.3 (this sentence); or

 

(h)           waive
a redemption payment with respect to any Security, provided that such redemption is made at the Company’s option.

 

     27

     

    

 

Section
9.4             Compliance
with Trust Indenture Act.

 

Every
amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that
complies with the TIA as then in effect.

 

Section
9.5             Revocation
and Effect of Consents.

 

Until
an amendment is set forth in a supplemental indenture hereto or a waiver becomes effective, a consent to it by a Holder of a Security
is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such
Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice
of revocation before the date of the supplemental indenture or the date the waiver becomes effective.

 

Any
amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless
it is of the type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver
shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security
that evidences the same debt as the consenting Holder’s Security.

 

The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their
consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record
date is fixed, then notwithstanding the second immediately preceding paragraph, those Persons who were Holders at such record
date (or their duly designated proxies), and only those persons, shall be entitled to give such consent or to revoke any consent
previously given or take any such action, whether or not such Persons continue to be Holders after such record date. No such
consent shall be valid or effective for more than 120 days after such record date.

 

Section
9.6             Notation
on or Exchange of Securities.

 

The
Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter
authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon receipt
of a Company Order in accordance with Section 2.3 new Securities of that Series that reflect the amendment or waiver.

 

Section
9.7             Trustee
Protected.

 

In
executing, or accepting the additional trusts created by, any supplemental indenture hereto permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall
be fully protected in relying upon, an Officer’s Certificate or an Opinion of Counsel or both complying with Section 10.4.
The Trustee shall sign all supplemental indentures hereto upon delivery of such an Officer’s Certificate or Opinion of Counsel
or both, except that the Trustee need not sign any supplemental indenture that adversely affects its rights, duties, liabilities
or immunities under this Indenture.

 

ARTICLE
X

MISCELLANEOUS

 

Section
10.1           Trust Indenture Act Controls.

 

If
any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included
in this Indenture by the TIA, such required or deemed provision shall control.

 

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Section
10.2           Notices.

 

Any
notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given
if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile
transmission, email or overnight air courier guaranteeing next day delivery, to the other’s address:

 

if
to the Company:

 

Highway
Holdings Limited 

Suite
1801 Level 18 

Landmark
Lane, Sum Avenue 

Sheung
Shiu K3 00000 

New
Territories, Hong Kong 

Attention:
Chief Financial Officer

 

with
a copy to:

 

TroyGould
PC 

1801
Century Park East, 16th Floor 

Los
Angeles, California 90067 

Attention:
Istvan Benko 

 

if
to the Trustee: 

__________________

__________________

Attention:
_________

with
a copy to:

_________________

_________________

Attention:
________

 

The
Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 

Any
notice or communication to a Securityholder shall be sent electronically or by first-class mail to his, her or its address shown
on the register kept by the Registrar, in accordance with the procedures of the Depositary. Failure to send a notice or communication
to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of
that or any other Series.

 

If
a notice or communication is sent or published in the manner provided above, within the time prescribed, it is duly given, whether
or not the Securityholder receives it.

 

If
the Company sends a notice or communication to Securityholders, it shall send a copy to the Trustee and each Agent at the same
time.

 

Notwithstanding
any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including
any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given
to the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary.

 

Section
10.3            Communication
by Holders with Other Holders.

 

Securityholders
of any Series may communicate pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with
respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar
and anyone else shall have the protection of TIA § 312(c).

 

     29

     

    

 

Section
10.4           Certificate and
Opinion as to Conditions Precedent.

 

Upon
any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to
the Trustee:

 

(a)           an
Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with; and

 

(b)           an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

Section
10.5            Statements
Required in Certificate or Opinion.

 

Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include:

 

(a)           a statement that the person making such certificate or opinion has read such covenant or condition;

 

(b)           a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(c)           a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d)           a
statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

 

Section
10.6           Rules by Trustee
and Agents.

 

The
Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable
rules and set reasonable requirements for its functions.

 

Section
10.7           Legal Holidays.

 

Unless
otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series,
a “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of
payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue
for the intervening period.

 

Section
10.8           No Recourse
Against Others.

 

A
director, officer, employee or shareholder (past or present), as such, of the Company shall not have any liability for any obligations
of the Company under the Securities or this Indenture or for any claim based on, in respect of or by reason of such obligations
or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release
are part of the consideration for the issue of the Securities.

 

Section
10.9           Counterparts.

 

This
Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The
exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution
and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

     30

     

    

 

Section
10.10         Governing Law, Waiver of Jury
Trial, Consent to Jurisdiction.

 

THIS
INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES,
SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. THE COMPANY, THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES)
EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Any
legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated hereby may be instituted
in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in
each case located in the City of New York (collectively, the “Specified Courts”), and each party irrevocably
submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons,
notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party’s address
set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The
Company, the Trustee and the Holders (by their acceptance of the Securities) each hereby irrevocably and unconditionally waive
any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally
waive and agree not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum.

 

Section
10.11         No Adverse Interpretation of
Other Agreements.

 

This
Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company.
Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section
10.12         Successors.

 

All
agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this
Indenture shall bind its successor.

 

Section
10.13         Severability.

 

In
case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section
10.14         Table of Contents, Headings,
Etc.

 

The
Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience
of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions
hereof.

 

Section
10.15         Securities in a Foreign Currency.

 

Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant
to Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture
any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or
all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any
Series which are denominated in more than one currency, then the principal amount of Securities of such Series which shall be
deemed to be outstanding for the purpose of taking such action shall be determined by converting any such other currency into
a currency that is designated upon issuance of any particular Series of Securities. Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with
respect to a particular Series of Securities, such conversion shall be at the spot rate for the purchase of the designated currency
as published in The Financial Times in the “Currency Rates” section (or, if The Financial Times is no longer published,
or if such information is no longer available in The Financial Times, such source as may be selected in good faith by the Company)
on any date of determination (the “Market Exchange Rate”). The provisions of this paragraph shall apply in
determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in
connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. All decisions and determinations
provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive
for all purposes and irrevocably binding upon the Trustee and all Holders.

 

     31

     

    

 

Section
10.16         Judgment Currency.

 

The
Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of
obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount
on the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered
(the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking
procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which
final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be
the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required
Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered
and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or
satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in
any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt,
by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall
be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount,
if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable,
and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the
foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of
New York on which banking institutions are authorized or required by law, regulation or executive order to close.

 

Section
10.17         Force Majeure.

 

In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee
shall use reasonable best efforts which are consistent with accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances.

 

Section
10.18         U.S.A. Patriot Act.

 

The
parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request
in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

ARTICLE
XI

SINKING FUNDS

 

Section
11.1           Applicability of
Article.

 

The
provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided
by the terms of such Securities pursuant to Section 2.2 and except as otherwise permitted or required by any form of Security
of such Series issued pursuant to this Indenture.

 

     32

     

    

 

The
minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as
a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series
is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of
any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking
fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of
such Series.

 

Section
11.2           Satisfaction of
Sinking Fund Payments with Securities.

 

The
Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be
made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund
payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply
as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company
or redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory
sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to
the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received
by the Trustee, together with an Officer’s Certificate with respect thereto, not later than 15 days prior to the date on
which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee
at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant
to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid
cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt
of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied
to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from
time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee
or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having
an unpaid principal amount equal to the cash payment required to be released to the Company.

 

Section
11.3           Redemption
of Securities for Sinking Fund.

 

Not
less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate
in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company
will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment
for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash
and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to
Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and
the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated
in the Board Resolution, Officer’s Certificate or supplemental indenture hereto in respect of a particular Series of Securities)
before each such sinking fund payment date the Securities to be redeemed upon such sinking fund payment date will be selected
in the manner specified in Section 3.2 and the Company shall send or cause to be sent a notice of the redemption thereof
to be given in the name of and at the expense of the Company in the manner provided in and in accordance with Section 3.3.
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in
Sections 3.4, 3.5 and 3.6.

 

     33

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first written above.

 

	 	Highway Holdings Limited
	 	 	 
	 	By: 	 
	 	 	 Name:	 
	 	 	 Its:	 
	 	 	 
	 	 	, as Trustee
	 	 	 
	 	By:	 
	 	 	 Name:	 
	 	 	 Its:	 

 

     34EX-10.5

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

IRS Employer Identification No. 30-0793665 
  

 Exhibit 10.5 

***CONFIDENTIAL TREATMENT REQUESTED*** 

Note: Confidential treatment requested with respect to certain portions hereof denoted with 

“***” 
  

			
		 	  
 Third Amended and

Restated Supply and
 License Agreement

 

		 
		 	 Mayne Pharma Ventures Pty Ltd (Mayne Pharma)

HedgePath Pharmaceuticals, Inc. (HPPI)

 

  
  

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 Table of contents 
  

 

							
	 Table of contents
	  	 	2	 
		
	 Details
	  	 	6	 
		
	 Agreed terms
	  	 	8	 
			
	 1.
	  	Defined terms & interpretation	  	 	8	 
			
	 1.1
	  	Defined terms	  	 	8	 
	 1.2
	  	Interpretation	  	 	13	 
	 1.3
	  	Amendment and Restatement	  	 	13	 
			
	 2.
	  	Term	  	 	14	 
			
	 2.1
	  	Initial Term	  	 	14	 
	 2.2
	  	Extension	  	 	14	 
			
	 3.
	  	Licence	  	 	14	 
			
	 3.1
	  	Licence to exploit the Product in the Territory	  	 	14	 
	 3.2
	  	HPPI obligations	  	 	14	 
	 3.3
	  	Supporting the exclusive licence	  	 	15	 
	 3.4
	  	Sub licensing the MP Licensed Rights	  	 	15	 
	 3.5
	  	BCCNS Field	  	 	15	 
	 3.6
	  	Copies of documents, data and other information embodying the MP Licensed Rights	  	 	15	 
			
	 4.
	  	Development	  	 	15	 
			
	 4.1
	  	Development Plan and Budget	  	 	15	 
	 4.2
	  	JDC	  	 	16	 
	 4.3
	  	Development decisions	  	 	17	 
	 4.4
	  	Previous Mayne Pharma support	  	 	17	 
			
	 5.
	  	Marketing Authorisation	  	 	17	 
			
	 5.1
	  	Obtaining and maintaining Marketing Authorisations in the Field	  	 	17	 
	 5.2
	  	Obtaining and maintaining Marketing Authorisations in the BCCNS Field	  	 	17	 
	 5.3
	  	Assistance by Mayne Pharma	  	 	18	 
	 5.4
	  	Assistance by HPPI	  	 	18	 
	 5.5
	  	Failure to obtain an approved NDA in the Field	  	 	18	 
			
	 6.
	  	Manufacture and supply of Product	  	 	18	 
			
	 6.1
	  	Forecasts	  	 	18	 
	 6.2
	  	Orders	  	 	18	 
	 6.3
	  	Manufacture; Failure to Supply	  	 	19	 
	 6.4
	  	Backup manufacturer	  	 	19	 
			
	 7.
	  	Payments	  	 	19	 
			
	 7.1
	  	HPPI Payments	  	 	19	 
	 7.2
	  	Review of Prices	  	 	19	 
	 7.3
	  	Mayne Pharma Payments	  	 	20	 
	 7.4
	  	Payment terms	  	 	20	 

  
  

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	 7.5
	  	Reimbursement	  	 	20	 
			
	 8.
	  	Delivery, risk and title	  	 	20	 
			
	 8.1
	  	Delivery	  	 	20	 
	 8.2
	  	Risk	  	 	20	 
	 8.3
	  	Title	  	 	21	 
			
	 9.
	  	Acceptance of Product	  	 	21	 
			
	 9.1
	  	Certificate of Analysis	  	 	21	 
	 9.2
	  	Defective Product	  	 	21	 
	 9.3
	  	Sole remedy	  	 	22	 
			
	 10.
	  	Complaints	  	 	22	 
			
	 10.1
	  	Handling customer complaints	  	 	22	 
	 10.2
	  	Notification of complaints	  	 	22	 
	 10.3
	  	Adverse Drug Events	  	 	22	 
	 10.4
	  	Supplementary agreements	  	 	22	 
			
	 11.
	  	Recalls	  	 	22	 
			
	 11.1
	  	Notice of recall	  	 	22	 
	 11.2
	  	Directing that the Product be recalled	  	 	22	 
	 11.3
	  	Administering a recall	  	 	23	 
	 11.4
	  	Cost of the recall	  	 	23	 
	 11.5
	  	Submission to independent analysis	  	 	23	 
			
	 12.
	  	Performance obligations	  	 	23	 
			
	 12.1
	  	Business Plan	  	 	23	 
	 12.2
	  	Promotional Material	  	 	23	 
	 12.3
	  	Efforts to maximise sales	  	 	24	 
	 12.4
	  	Minimum Annual Volumes	  	 	24	 
			
	 13.
	  	Compliance with laws and regulations	  	 	24	 
			
	 13.1
	  	HPPI’s obligations	  	 	24	 
	 13.2
	  	Mayne Pharma’s obligations	  	 	25	 
	 13.3
	  	Anti-corruption	  	 	25	 
			
	 14.
	  	Inspection	  	 	25	 
			
	 15.
	  	Representations and warranties	  	 	25	 
			
	 15.1
	  	Legal capacity and relationships	  	 	25	 
	 15.2
	  	Mayne Pharma warranties	  	 	26	 
	 15.3
	  	HPPI warranties	  	 	26	 
			
	 16.
	  	Liability, indemnity and insurance	  	 	26	 
			
	 16.1
	  	No exclusion or limitation	  	 	26	 
	 16.2
	  	Exclusion and disclaimer of implied obligations	  	 	27	 
	 16.3
	  	Limitation of liability regarding matters other than Non-Excludable Obligations	  	 	27	 
	 16.4
	  	Indemnity	  	 	27	 
	 16.5
	  	HPPI Insurance	  	 	27	 
	 16.6
	  	Mayne Pharma Insurance	  	 	28	 
	 16.7
	  	Maintain insurance	  	 	28	 
	 16.8
	  	Evidence of insurance	  	 	28	 
			
	 17.
	  	Confidentiality and publication	  	 	28	 

  
  

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	 17.1
	  	Definition	  	 	28	 
	 17.2
	  	Restrictions on disclosure and use	  	 	29	 
	 17.3
	  	Exceptions	  	 	29	 
	 17.4
	  	Scientific publication	  	 	30	 
			
	 18.
	  	Intellectual Property Rights	  	 	30	 
			
	 18.1
	  	Intellectual Property Rights in the Product as at the Start Date	  	 	30	 
	 18.2
	  	Reserved	  	 	30	 
	 18.3
	  	Reserved	  	 	30	 
	 18.4
	  	***	  	 	30	 
	 18.5
	  	Development of Intellectual Property Rights and Licence of HPPI Licensed Rights	  	 	30	 
	 18.6
	  	Notification of infringement or invalidity claim	  	 	31	 
	 18.7
	  	Right to take action	  	 	31	 
	 18.8
	  	Consultation and assistance	  	 	32	 
	 18.9
	  	Disposition of damages	  	 	32	 
			
	 19.
	  	Branding	  	 	32	 
			
	 19.1
	  	Directions regarding use of the Trade Mark	  	 	32	 
	 19.2
	  	Samples of marketing materials	  	 	32	 
	 19.3
	  	Use of the Trade Mark	  	 	32	 
	 19.4
	  	Goodwill	  	 	32	 
	 19.5
	  	No right for HPPI to register the Trade Mark	  	 	32	 
			
	 20.
	  	Termination	  	 	33	 
			
	 20.1
	  	Termination for breach by a party	  	 	33	 
	 20.2
	  	Termination by Mayne Pharma for cause arising under a related agreement	  	 	33	 
	 20.3
	  	Notification of insolvency events	  	 	33	 
	 20.4
	  	Change of Control and disposal of assets or business by HPPI	  	 	34	 
	 20.5
	  	Impact of claims of infringement	  	 	34	 
	 20.6
	  	Accrued rights and remedies	  	 	35	 
	 20.7
	  	Sell down or repurchase	  	 	35	 
	 20.8
	  	Return of Confidential Information	  	 	35	 
			
	 21.
	  	Force majeure	  	 	36	 
			
	 21.1
	  	Occurrence of Force Majeure Event	  	 	36	 
	 21.2
	  	Termination	  	 	36	 
			
	 22.
	  	Notices and other communications	  	 	36	 
			
	 22.1
	  	Service of notices	  	 	36	 
	 22.2
	  	Effective on receipt	  	 	36	 
			
	 23.
	  	Dispute resolution	  	 	37	 
			
	 24.
	  	GST	  	 	37	 
			
	 24.1
	  	Interpretation	  	 	37	 
	 24.2
	  	Consideration is GST exclusive	  	 	37	 
	 24.3
	  	Gross up of consideration	  	 	37	 
	 24.4
	  	The sale of the Product is intended to be a GST-free export of goods	  	 	38	 
	 24.5
	  	Reimbursements (net down)	  	 	38	 
	 24.6
	  	Tax invoices	  	 	38	 
	 24.7
	  	Adjustments	  	 	38	 
	 24.8
	  	Similar goods and services taxes or value added taxes	  	 	38	 

  
  

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	 25.
	  	Tax	  	 	39	 
			
	 25.1
	  	Payments free of taxes; obligations to withhold; payments on account of taxes	  	 	39	 
	 25.2
	  	Refunds	  	 	39	 
			
	 26.
	  	Miscellaneous	  	 	39	 
			
	 26.1
	  	Survival of Obligations	  	 	39	 
	 26.2
	  	Approvals and consents	  	 	39	 
	 26.3
	  	Announcements	  	 	39	 
	 26.4
	  	Subcontracting	  	 	40	 
	 26.5
	  	Assignment	  	 	40	 
	 26.6
	  	Costs	  	 	40	 
	 26.7
	  	Relationship	  	 	40	 
	 26.8
	  	No modification	  	 	40	 
	 26.9
	  	Non waiver	  	 	40	 
	 26.10
	  	Entire agreement	  	 	40	 
	 26.11
	  	Further Action	  	 	40	 
	 26.12
	  	Severability	  	 	40	 
	 26.13
	  	Counterparts	  	 	41	 
	 26.14
	  	Governing law	  	 	41	 
	 26.15
	  	Embodiments of IIPR	  	 	41	 
		
	 Schedule 1 – Agreement details
	  	 	42	 
		
	 Schedule 2 – BCCNS Field
	  	 	43	 
		
	 Schedule 3 – Trial Master File for Study HP2001
	  	 	50	 
		
	 Schedule 4 – Product and Product Specification
	  	 	51	 
		
	 Schedule 5 – Economic details
	  	 	52	 
		
	 Schedule 6 – Qualification of Backup Manufacturer
	  	 	55	 
		
	 Schedule 7 – Licence of HPPI Licensed Rights
	  	 	56	 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 5 

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 Details 

 
  

			
	Date	  	December 17, 2018

 Parties 
  

			
	Name	  	Mayne Pharma Ventures Pty Ltd, an Australian company ACN 168 896 357
	Short form name	  	Mayne Pharma
	Notice details	  	 1538 Main North Road, Salisbury South, SA 5106 Australia

Facsimile: +61 3 9614 7022

		  	            Attention: General Counsel

  

			
	Name	  	HedgePath Pharmaceuticals, Inc., a company incorporated in Delaware, successor in interest by merger to Commonwealth Biotechnologies, Inc, a Virginia corporation 
	Short form name	  	HPPI
	Notice details	  	 324 South Hyde Park Avenue #350, Tampa, FL 33606, United States

Facsimile: +1 813-527-0500

		  	Attention: Nicholas Jon Virca, President & CEO

 Background 
  

	A	 Mayne Pharma International Pty Ltd, a company incorporated in Australia (ACN 007 870 984) (MPI) and HPPI
entered into that certain Supply and License Agreement dated on or about September 3, 2013 (the “Original Agreement”). 

  

	B	 MPI and HPPI entered into that certain Amendment No. 1 to the Original Agreement, dated on or about
December 17, 2013 (“Amendment No. 1”). 

  

	C	 MPI and HPPI entered into that certain Amendment No. 2 to the Original Agreement, dated on or about
March 6, 2014 (“Amendment No. 2”). 

  

	D	 MPI assigned, and Mayne Pharma assumed, the rights and obligations under the Original Agreement as amended by
Amendment No. 1 and Amendment No. 2. 

  

	E	 Mayne Pharma had the right to terminate the Original Agreement (as amended), if HPPI did not obtain equity
funding of at least Five Million Dollars (USD5 million) or lesser amount as agreed to by the parties, on or before May 30, 2014. In consideration of Mayne Pharma not exercising such termination right, HPPI agreed to issue to Mayne Pharma in a
private placement certain stock under the Mayne Pharma Purchase Agreement (as defined) and to enter into related agreements with Mayne Pharma, Hedgepath, LLC (as defined) and others. 

 

	F	 Pursuant to clause 26.8 of the Original Agreement, Mayne Pharma and HPPI amended and replaced, in their
entirety, their agreements as set forth in the Original Agreement, Amendment No. 1 and Amendment No. 2, with the agreements, terms, conditions, representations and warranties set forth in that certain Amended and Restated Supply and
License Agreement, dated on or about June 24, 2014 (“First Amended and Restated Supply and License Agreement”). 

  
  

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	G	 MPI and HPPI entered into that certain Amendment No. 1 to the First Amended and Restated Supply Agreement,
with effect from September 19, 2014 (“Amendment No. 1 to the First Amended and Restated Supply and License Agreement”). 

 

	H	 Pursuant to clause 26.8 of the First Amended and Restated Supply and License Agreement, in connection with
Mayne Pharma’s investment of Two Million Five Hundred Thousand Dollars (USD2.5 million) in HPPI under the 2015 SPA (as defined), Mayne Pharma and HPPI desire to amended and replaced, in their entirety, their agreements as set forth in the First
Amended and Restated Supply and License Agreement and Amendment No. 1 to the First Amended and Restated Supply and License Agreement, with the agreements, terms, conditions, representations and warranties set forth in that certain Second
Amended and Restated Supply and License Agreement, dated on or about May 15, 2015 (“Second Amended and Restated Supply and License Agreement”). 

 

	I	 The Second Amended and Restated Supply and License Agreement was amended by Amendment No. 1 on
November 22, 2016 (“Amendment No. 1 to the Second Amended and Restated Supply and License Agreement”). 

  

	J	 In exchange for Mayne Pharma agreeing to invest up to Five Million Dollars (USD5,000,000) in HPPI under a
Securities Purchase Agreement dated January 8, 2018 (as amended, the “2018 SPA”), the Second Amended and Restated Supply and License Agreement was amended by Amendment No. 2 on January 10, 2018 (“Amendment
No. 2 to the Second Amended and Restated Supply and License Agreement”). 

  

	K	 Pursuant to that certain Agreement, dated as of even date herewith, by and among, HPPI, Mayne Pharma and MPI
(December 2018 Agreement) and clause 26.8 of the Second Amended and Restated Supply and License Agreement, as amended, Mayne Pharma and HPPI desire to amend and replace, in their entirety, their agreements as set forth in the Second Amended
and Restated Supply and License Agreement, Amendment No. 1 to the Second Amended and Restated Supply and License Agreement and Amendment No. 2 to the Second Amended and Restated Supply and License Agreement, with the agreements, terms,
conditions, representations and warranties set forth herein. 

  
  

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 Agreed terms 

 
  

	1.	 Defined terms & interpretation 

 

	 	1.1	 Defined terms 

In this Agreement: 

Accountant means a certified accountant who is independent and from a nationally recognised accounting firm. 

Actual Launch Date means the date of the first commercial sale of the Product in any part of the Field, directly or indirectly, by HPPI.

 Adverse Drug Event means any untoward medical occurrence in a patient or clinical investigation subject administered with the
Product, including any unfavourable and unintended sign (including an abnormal laboratory finding), symptom, or disease temporally associated with the use of the Product, whether or not considered related to the Product. 

Affected Obligations is defined in clause 21.1(a)(ii).  

Affiliate means, with respect to a party, any person which, directly or indirectly, is Controlled by, Controls or is under common
Control with that party. Notwithstanding this definition, but solely for purposes of this Agreement and not applicable laws, rules and regulations generally, if Mayne Pharma controls HPPI: 

 

	 	(a)	 Affiliates of HPPI will not include Mayne Pharma nor any person that would otherwise be an Affiliate of HPPI as
a result of Mayne Pharma’s Control of HPPI; and 

  

	 	(b)	 Affiliates of Mayne Pharma will not include HPPI nor any person that would otherwise be an Affiliate of Mayne
Pharma as a result of Mayne Pharma’s Control of HPPI. 

 Agreement means this Third Amended and Restated Supply
and License Agreement. 
 Alternate Product means any product ***. 

Angiogenesis and Hedgehog Patent Sublicense means that certain Amended and Restated Sublicense Agreement dated on or around the
Effective Date, by and between Mayne Pharma International, and HPPI, as amended from time to time. 
 API means active pharmaceutical
ingredient.  
 BCCNS means Basal Cell Carcinoma Nevus (Gorlin) Syndrome. 

BCCNS Field means the treatment of human patients with BCCNS via oral administration. 

Budget means a budget, in customary form, for HPPI to conduct its activities relating to the development of the Product in the Field
(including the implementation of the Development Plan). 
 Business Day means: 

 

	 	(a)	 for receiving a notice under clause 22, a day that is not a Saturday, Sunday, public holiday or bank holiday in
the place where the notice is received; and 

  

	 	(b)	 for performing an obligation or exercising a right by Mayne Pharma, a day that is not a Saturday, Sunday, bank
holiday or public holiday in Melbourne, Australia; 

  

	 	(c)	 for performing an obligation or exercising a right by HPPI, a day that is not a Saturday, Sunday, bank holiday
or public holiday in New York, New York, USA; and 

  
  

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	 	(d)	 for all other purposes, a day that is not a Saturday, Sunday, bank holiday or public holiday in Melbourne,
Australia. 

 Business Hours means the hours between 9am and 5pm on a Business Day. 

Business Plan is the business plan provided by HPPI under clause 12.1 and updated from time to time in accordance with that clause. 

Certificate of Analysis means a document which is signed and dated by an authorised representative of Mayne Pharma containing analysis
results and certifying that the Product conforms with the Product Specification. 
 Commercial Year means a year starting at the start
of the first Quarter after the Actual Launch Date.  
 Competing Product means ***. 

Confidential Information is defined in clause 17.1. 

Control means having the power to exercise or control the right to vote attached to 50% or more of the issued voting equity in that
party, to appoint one half or more of the directors to the board of directors, or the managers as applicable, of the party, or to determine substantially the conduct of the party’s business activities.  

CPI means the ‘Price Indexes of Materials Used in Manufacturing Industries, Australia’ issued by the Australian Bureau of
Statistics using the index figure for chemicals. 
 Defective Product is defined in clause 9.2. 

Delivery Date is defined in clause 6.2(c). 

Developed Intellectual Property Rights is defined in clause 18.5. 

Development Plan means the plan for the research, development and registration activities relating to the Product
(***) to be provided by HPPI to Mayne Pharma under clause 4.1, and as may be updated from time to time in accordance with this Agreement. 

Disclosing Party is defined in clause 17.1.  

Effective Date means December 17, 2018. 

Equity Holders Agreement means the amended and restated equity holders agreement dated as of May 15, 2015, between Mayne Pharma,
HPPI, Hedgepath, LLC, Frank E. O’Donnell, Jr., M.D. and Nicholas J. Virca, as amended by Amendment No. 1 to the Amended and Restated Equity Holders Agreement dated December 17, 2015, as amended from time to time. 

Field means treatment of human patients with any of the following indications via oral administration: 

 

	 	(a)	 any prostate cancer, prostatic intraepithelial neoplasia (IEN) and benign prostatic hyperplasia,

  

	 	(b)	 any lung cancer and atypical adenomatous hyperplasia, and 

 

	 	(c)	 familial adenomatous polyposis, colorectal polyps and Barett’s esophagus. 

The Field excludes the BCCNS Field and any indications not expressly listed above. 

  
  

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 Force Majeure Event means, in relation to a party, anything outside the reasonable
control of the party, including: 
  

	 	(a)	 any act or omission of a third person (except for an act or omission of any Affiliate or contractor, or in
relation to HPPI, any Sub Licensee); 

  

	 	(b)	 fire, flood, earthquake, elements of nature or act of God; or 

 

	 	(c)	 riot, civil disorder, rebellion or revolution. 

Forecast is defined in clause 6.1(a). 

Forecast Period is set out in Schedule 5. 

Good Distribution Practice means the guidelines for the proper distribution of medicinal products for human use in the Territory,
including in accordance with 21 CFR 210/211 and USP 1079, as each may be amended from time to time. 
 Good Manufacturing Practice
means the guidelines for the proper manufacture of medicinal products for human use in the Territory, including in accordance with in accordance with 21 CFR 210/211, as may be amended from time to time. 

Hedgepath, LLC means Hedgepath, LLC, a limited liability company organised in the State of Florida. 

HP LLC Patents means each of US patent 9,192,609 (Treatment and prognostic monitoring of proliferation disorders), US patent 9,968,600
and US patent application 15/966,613 (Treatment and prognostic monitoring of non-cancerous proliferation disorders using Hedgehog pathway inhibitors), and US patent 9,962,381 and US patent application
15/966,844 (Treatment and prognostic monitoring of cancerous proliferation disorders using hedgehog pathway inhibitors) in the name of HPPI but claiming priority from patent applications filed by Hedgepath LLC and any other resulting issued patents
whether or not in the Territory, and all continuations-in-part, continuations or divisions of any such patent or patents, or substitutes of it, and any reissues, re-examinations, extensions, or renewals of it, whether or not in the Territory. 
 HPPI Licensed Rights
is defined in item 1 of Schedule 7. 
 HPPI Patents means each of US patent application *** in the name of HPPI and any
resulting issued patents whether or not in the Territory, and all continuations-in-part, continuations or divisions of any such patent or patents, or substitutes of it,
and any reissues, re-examinations, extensions, or renewals of it, whether or not in the Territory. 

IND means investigational new drug. 

Initial Term is set out in Schedule 1. 

Intellectual Property Rights or IPR means all intellectual property rights subsisting anywhere in the world, including: 

 

	 	(a)	 inventions, know how, patents, copyrights, designs, trade and service marks, logos, rights to data and any
right to have information kept confidential; and 

  

	 	(b)	 any application or right to apply for registration of any of the rights referred to in paragraph (a),

 whether or not such rights are registered or capable of being registered. 

JDC is defined in clause 4.2.  

Licensed IPR means Intellectual Property Rights included within the HPPI Licensed Rights or MP Licensed Rights. 

  
  

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 Marketing Authorisation means a registration, approval or licence from a Relevant
Regulatory Authority in the Territory for the importation, storage, promotion, sale or distribution of the Product in the Field. 
 Mayne
Pharma International means Mayne Pharma International Pty Ltd, an Australian company ACN 007 870 984.  
 Mayne Pharma Purchase
Agreement is defined in the Equity Holders Agreement. 
 Minimum Annual Volume for the Product is as agreed by the parties in
accordance with item 1.2 of Schedule 5. 
 Minimum Order Quantity means the batch size for the Product as set out in
Schedule 5. 
 MP Licensed Rights means all Intellectual Property Rights in the Product relevant to the Product in the
Field owned by Mayne Pharma or its Affiliates: 
  

	 	(a)	 comprising, in respect of patent rights, ***, all in the name of Mayne Pharma, together with and any resulting
issued patents in the Territory, and all continuations-in-part, continuations or divisions of any such patent or patents, or substitutes of it, and any reissues, re-examinations, extensions, or renewals of the same, in the Territory; 

  

	 	(b)	 comprising raw or audited pre-clinical or clinical trial or other data
generated or owned by Mayne Pharma related to the Product anywhere in the world, or licensed by Mayne Pharma with the right to sublicense to HPPI; 

  

	 	(c)	 comprising any Intellectual Property Rights in the Field relating to the Product that are jointly developed by
HPPI and Mayne Pharma and their respective Affiliates and Personnel after the Effective Date; and 

  

	 	(d)	 excluding rights in respect of trade and service marks and logos. 

MP Marketing Authorisation means a registration, approval or licence from a Relevant Regulatory Authority for the importation, storage,
promotion, sale or distribution of any MP Product: 
  

	 	(a)	 outside the Territory in any field, or 

 

	 	(b)	 in the Territory outside the Field. 

MP Product means the Product or another SUBA-Itraconazole product. 

NDA means a New Drug Application filed or to be filed with the FDA. 

New Securities means (i) common stock of HPPI, (ii) preferred stock of HPPI that is subordinate in liquidation preference to
the preferred stock of HPPI held by Mayne Pharma and that has no voting or approval rights senior to the preferred stock of HPPI held by Mayne Pharma and (iii) warrants to purchase common stock of HPPI; provided, however, that New Securities
does not include any common stock of HPPI that is issuable upon exercise of warrants that are outstanding as of the Effective Date.  

Off Label Sales is defined in clause 7.3(a). 

Original Field means treatment of human patients with cancer via oral administration. 

Order is defined in clause 6.2(a). 

Personnel, of a party, means its employees, officers, directors, agents, consultants and contractors (to avoid doubt, such contractors
not including the other party).  
 Precluded Extent is defined in clause 21.1. 

  
  

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 Precluded Party is defined in clause 21.1. 

Price is set out in Schedule 5. 

Product means the product set out in Schedule 4, and any other product agreed by the parties in writing for the purposes of this
Agreement from time to time (at which time the parties must also agree in writing related amendments to Schedule 4 and Schedule 5). The parties acknowledge and agree that the term “Product” may include products covering different
medical indications developed under the Development Plan, provided the same are included within the scope of the Field, and ***. 

Product Specification means the specification with respect to the manufacture, packaging, quality and characteristics (including the raw
materials and product specification) and testing of the Product, as set out in Schedule 4. 
 Proposed Publication means any
proposed scientific public disclosure (including a manuscript or abstract intended for publication, a paper or abstract intended to be orally presented, any poster presentation, or oral disclosure) that includes, describes or refers to the use of
the Product for the treatment of human patients with cancer via oral administration. 
 Quality Agreement means the technical
agreement between the parties detailing the specification and technical terms for the manufacture of the Product as set out in the Marketing Authorisation. 

Quarter means a 3 month period starting 1 January, 1 April, 1 July or 1 October.  

reasonable commercial efforts means ***. 

Recipient is defined in clause 17.2. 

Relevant Regulatory Authority, in relation to a country or region, means any governmental authority (whether federal, state or local)
regulating the manufacture, importation, storage, promotion, sale, distribution or use of therapeutic substances, and in the case of Australia and the USA includes the Therapeutic Goods Administration (TGA) and the Food and Drug
Administration (FDA) respectively, or any successor body. 
 Safety Data Exchange Agreement (SDEA) means the agreement between
the parties setting out the rules and procedures for exchanging information concerning certain safety and pharmacovigilance issues.  

Sales Forecast is set out in item 1.2 of Schedule 5. 

Start Date is set out in Schedule 1. 

Sub Licensee is defined in clause 3.4. 

Tax means any tax (including any GST or VAT), withholding tax, duties, levies, charges, fees and other imposts of any kind (including
any fine, interest, penalty and expenses in connection with those items) levied, assessed, charged or collected in connection with this Agreement or the performance of services under this Agreement, but does not include any income or capital gains
tax. 
 Term means the Initial Term and any extensions under clause 2.2. 

Territory is set out in Schedule 1. 

Trade Mark means US trade mark (number 77793077) “SUBA” for goods and services in class 5 (pharmaceutical and veterinary
preparations having enhanced bioavailability excluding pharmaceutical products for the treatment of opioid addiction) and any other trademarks (whether registered or unregistered) notified in writing by Mayne Pharma to HPPI for the purposes of this
Agreement from time to time. 

  
  

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 2015 SPA is defined in the Equity Holders Agreement. 

 

	 	1.2	 Interpretation 

In this Agreement, except where the context otherwise requires: 
  

	 	(a)	 the singular includes the plural and vice versa, and a gender includes other genders; 

 

	 	(b)	 another grammatical form of a defined word or expression has a corresponding meaning; 

 

	 	(c)	 a reference to a clause, paragraph, schedule or annexure is to a clause or paragraph of, or schedule or
annexure to, this Agreement, and a reference to this Agreement includes any schedule or annexure; 

  

	 	(d)	 a reference to a document or instrument includes the document or instrument as novated, altered, supplemented
or replaced from time to time; 

  

	 	(e)	 a reference to AUD is to Australian dollars, to USD is to United States dollars, to GBP is to British
pounds and to EUR is to euros; 

  

	 	(f)	 a reference to time is to Melbourne, Australia time; 

 

	 	(g)	 a reference to a party is to a party to this Agreement, and includes the party’s executors,
administrators, successors and permitted assigns and substitutes; 

  

	 	(h)	 a reference to a person includes a natural person, partnership, corporation, limited liability company, trust,
association, governmental or local authority or agency or other entity; 

  

	 	(i)	 a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and
consolidations, amendments, re-enactments or replacements of any of them; 

  

	 	(j)	 the meaning of general words is not limited by specific examples introduced by including, for example or
similar expressions; 

  

	 	(k)	 a rule of construction does not apply to the disadvantage of a party because the party was responsible for the
preparation of this Agreement or any part of it; 

  

	 	(l)	 if a day on or by which an obligation must be performed or an event must occur is not a Business Day, the
obligation must be performed or the event must occur on or by the next Business Day; 

  

	 	(m)	 headings are for ease of reference only and do not affect interpretation; and 

 

	 	(n)	 clauses 1 and 26 prevail over a Schedule to the extent of any inconsistency. 

 

	 	1.3	 Amendment and Restatement 

Mayne Pharma and HPPI hereby agree by their mutual execution hereof that this Agreement amends, restates and supersedes, in their entirety,
effective as of the Effective Date, each and all their agreements as set forth in the Second Amended and Restated Supply and License Agreement, Amendment No. 1 to the Second Amended and Restated Supply and License Agreement and Amendment
No. 2 to the Second Amended and Restated Supply and License Agreement. 

  
  

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	2.	 Term 

  

	 	2.1	 Initial Term 

This Agreement starts effective as of the Start Date and continues for the Initial Term unless terminated in accordance with its terms and
conditions. 
  

	 	2.2	 Extension 

This Agreement automatically continues after the Initial Term for additional periods of ***, unless a party gives notice of its wish not to
extend this Agreement *** before the end of the Initial Term or any extended term under this clause 2.2 or this Agreement is terminated in accordance with its terms and conditions. 

LICENCE 
  

	3.	 Licence 

  

	 	3.1	 Licence to exploit the Product in the Territory 

Mayne Pharma grants to HPPI an exclusive licence to exploit the Product in the Field in the Territory, including: 

 

	 	(a)	 to conduct the activities in the Territory in the Field under the Development Plan; and 

 

	 	(b)	 to import, promote, market, sell and distribute the Product in the Territory in the Field,

 which licence: 
  

	 	(c)	 comprises the right to copy and exploit the MP Licensed Rights and to use the Trade Mark, to the extent
reasonably necessary or desirable to exploit the Product in the Field in the Territory; 

  

	 	(d)	 may only be assigned or sub licensed in accordance with this Agreement or otherwise with the prior written
consent of Mayne Pharma; and 

  

	 	(e)	 excludes the right to manufacture, except by a Backup Manufacturer in accordance with Schedule 6.

  

	 	3.2	 HPPI obligations 

HPPI must: 
  

	 	(a)	 obtain from Mayne Pharma all its requirements for the Product, including for clinical trials, importation,
promotion, marketing, sale or distribution in the Territory; 

  

	 	(b)	 not directly itself, or indirectly through any third party: 

 

	 	(i)	 research, develop, manufacture, import, promote, market, sell, distribute or otherwise have any commercial
interest or involvement in any Competing Product in the Territory during the Term and for *** after the end of the Term; or 

  

	 	(ii)	 sell or distribute the Product to any other party which it knows, or has reasonable grounds for suspecting,
will sell or distribute the Product outside the Territory or outside the Field; 

  

	 	(iii)	 import, promote, market, sell or distribute the Product outside the Territory or outside the Field; and

  
  

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	 	(c)	 refer to Mayne Pharma all enquiries, sales leads, prospects and other information HPPI may receive concerning
sales and prospective sales of the Product outside the Territory or the Field. 

  

	 	3.3	 Supporting the exclusive licence 

Mayne Pharma must not, directly itself or indirectly through any third party, import, promote, market, distribute or sell the Product or any
Competing Product in the Territory in the Field during the Term, other than as a result of any off label use of an Alternate Product which the parties acknowledge is outside the reasonable control of Mayne Pharma (but subject to the provisions of
clause 7.3 hereof). 
  

	 	3.4	 Sub licensing the MP Licensed Rights 

HPPI may only grant a sub licence of the MP Licensed Rights and the Trade Mark to a third party (including any Affiliate or approved
contractor) (Sub Licensee) with the prior written consent of Mayne Pharma under a written agreement that: 
  

	 	(a)	 includes obligations on that third party that relate to use and disclosure of Intellectual Property Rights and
Confidential Information at least equivalent to those imposed on the HPPI under this Agreement, without any right of further disclosure or sub license; 

  

	 	(b)	 ends at the same time as this Agreement ends (whether by expiry or termination); and 

 

	 	(c)	 includes an assignment to HPPI of all Intellectual Property Rights that relate to the Product,

 and HPPI remains responsible for ensuring its Sub Licensees comply with such written agreement. 

 

	 	3.5	 BCCNS Field 

Notwithstanding anything to the contrary in this Agreement, effective upon Mayne Pharma making the advance of Five Hundred Thousand United
States dollars (USD 500,000) contemplated by item 2(b)(i) of Schedule 2, each of Mayne Pharma and HPPI agrees to comply with Schedule 2. 
  

	 	3.6	 Copies of documents, data and other information embodying the MP Licensed Rights 

Promptly in response to a request by HPPI at any time during the Term, Mayne Pharma must provide to HPPI a copy of any documents, data and
other information embodying the MP Licensed Rights since the most recent request by HPPI under this clause 3.6. Without limiting the generality of the foregoing, Mayne Pharma agrees to provide HPPI, at Mayne Pharma’s expense, access to any Drug
Master File (should one exist from time to time), all pre-clinical or clinical data included as part of the MP Licensed Rights, and all chemistry, manufacturing and control sections of the Product dossier to
support pre-IND, IND and NDA activities, in each case as relevant to the Product in the Field and set out in the Development Plan. 
  

	4.	 Development 

  

	 	4.1	 Development Plan and Budget 

 

	 	(a)	 On ***, HPPI will provide to Mayne Pharma a Development Plan and Budget, that reasonably demonstrates
HPPI’s compliance with its obligations under clauses 5.1(a) and 12.3. 

  

	 	(b)	 HPPI will conduct the activities set out in, and in accordance with, the Development Plan and further in
accordance with the Budget. 

  

	 	(c)	 ***, the JDC will review the Development Plan and Budget and acting in good faith, may provide recommendations
to HPPI for amendment. 

  
  

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	 	4.2	 JDC 

  

	 	(a)	 From and after the Effective Date, the parties will continue to utilize a joint development committee
(JDC): 

  

	 	(i)	 to make recommendations to HPPI on research, development and registration activities relating to the
exploitation of the Product in the Field in the Territory, including medico regulatory strategy; 

  

	 	(ii)	 to review progress against the current Development Plan and Budget and recommend amendments to HPPI;

  

	 	(iii)	 to review HPPI clinical trial protocols relating to the Product in the Field before they are finalised (which
protocols HPPI must provide to the JDC); 

  

	 	(iv)	 to review the progress of any clinical trial relating to the Product; and 

 

	 	(v)	 to share and discuss clinical data and developments related to the Licensed IPR, including without limitation
in furtherance of clause 3.6 and item 2 of Schedule 7, 

 which JDC will continue until the Actual Launch Date. The parties
acknowledge and agree that the JDC is solely advisory in nature, shall have no power or authority to legally bind HPPI or Mayne Pharma, and at all times shall remain subject to the authority of the board of directors of HPPI. 

 

	 	(b)	 Each of the parties will appoint two representatives to the JDC. In addition, from time to time the parties
may, by agreement in writing, invite additional representatives from either party, or industry experts or consultants, to participate in certain meetings on specific issues as needed, at HPPI’s cost and expense. A representative of and
designated by HPPI will be the chairperson of the JDC. 

  

	 	(c)	 Each of the parties may change its representatives at any time during the term of this Agreement by notice to
the other party, except that Nicholas J. Virca will be a representative of HPPI from the Start Date unless or until it is no longer possible for reasons outside HPPI’s reasonable control. 

 

	 	(d)	 Each member of the JDC (including the chairperson) shall be entitled to one (1) vote on all matters which
must be presented under this Agreement (or which are otherwise presented) to the JDC for approval, with the chairperson to have a casting vote that resolves any deadlock. The JDC shall fully abide by such vote or action in the conduct of its
affairs, subject always to clause 4.2(a) and the continuing authority of the board of directors of HPPI. 

  

	 	(e)	 The JDC may hold meetings in person, by teleconference or by video conference: 

 

	 	(i)	 on a regular basis until the Actual Launch Date, but not less than one per Quarter; 

 

	 	(ii)	 as otherwise reasonably requested by the parties. 

The JDC may also take action by written consent of the JDC members, and a majority of the JDC members may act by written consent on any matter
which must be presented under this Agreement (or which are otherwise presented) to the JDC for approval. 
  

	 	(f)	 The site, date and proposed agenda of any meeting of the JDC must be determined by agreement of the members of
the JDC. 

  
  

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	 	4.3	 Development decisions 

If any proposed activity of HPPI relating to the Product at the IND enabling or clinical stages would be outside the scope of cGLP, cGCP or
customary practices for drug development or is reasonably likely to have a material adverse impact outside the Field, then Mayne Pharma has the right to veto such proposed activity by notice to HPPI, in which case HPPI agrees not to engage in such
activity. In all other cases, HPPI has the right to make decisions regarding research, development and registration activities relating to the exploitation of the Product in the Field in the Territory, provided that, for any material decisions, it
first consults with the JDC. 
  

	 	4.4	 Previous Mayne Pharma support 

 

	 	(a)	 From May 15, 2015 until December 31, 2015, HPPI acknowledges that Mayne Pharma provided to HPPI the
following services in connection with the exploitation of the Product in the Territory in the Field and the conduct of the Development Plan, comprising: 

  

	 	(i)	 coordinating the JDC meetings; 

 

	 	(ii)	 directing the conduct of the entire clinical program for the Product, subject to the oversight and approval by
the JDC and, as applicable hereunder or for other matters binding on HPPI, the HPPI board of directors; 

  

	 	(iii)	 medico regulatory strategy, including directing a third party to prepare the regulatory documents to progress
and file any Marketing Authorisation, including any application for, maintenance of or variation of, any Marketing Authorisation, for the Product; 

  

	 	(iv)	 intellectual property strategy; and 

 

	 	(v)	 other administrative services as agreed with HPPI, 

but excluding, without limitation, the provision of legal, tax, accounting or other professional advice. 

 

	5.	 Marketing Authorisation 

 

	 	5.1	 Obtaining and maintaining Marketing Authorisations in the Field 

HPPI must: 
  

	 	(a)	 actively seek, in coordination with the JDC and Mayne Pharma and at its own cost and expense, and use
reasonable commercial efforts to obtain all Marketing Authorisations in its own name; 

  

	 	(b)	 pay fees or charges in respect of the application for all Marketing Authorisations, maintenance of all
Marketing Authorisations and the making of any variation to all Marketing Authorisations; and 

  

	 	(c)	 comply with the requirements of any Relevant Regulatory Authority within the Territory, including in connection
with any Marketing Authorisation and all reporting obligations. 

  

	 	5.2	 Obtaining and maintaining Marketing Authorisations in the BCCNS Field 

Mayne Pharma must: 
  

	 	(a)	 actively seek, at its own cost and expense, and use reasonable commercial efforts to obtain an MP Marketing
Authorisation in the Territory for an MP Product in the BCCNS Field in its own name; 

  

	 	(b)	 pay fees or charges in respect of the application for any MP Marketing Authorisations, maintenance of all MP
Marketing Authorisations and the making of any variation to all MP Marketing Authorisations; and 

  

	 	(c)	 comply with the requirements of any Relevant Regulatory Authority within the Territory, including in connection
with any MP Marketing Authorisation and all reporting obligations. 

  
  

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	 	5.3	 Assistance by Mayne Pharma 

Mayne Pharma will, at HPPI’s cost and expense: 
  

	 	(a)	 assist HPPI in connection with any Marketing Authorisation, including any application for, maintenance of or
variation of, any Marketing Authorisation; and 

  

	 	(b)	 in response to a request by HPPI, provide any documents required by HPPI in connection with any Marketing
Authorisation. 

  

	 	5.4	 Assistance by HPPI 

HPPI will, at Mayne Pharma’s cost and expense: 
  

	 	(a)	 assist Mayne Pharma in connection with any MP Marketing Authorisation, including any application for,
maintenance of or variation of, any MP Marketing Authorisation; and 

  

	 	(b)	 in response to a request by Mayne Pharma, provide any documents required by Mayne in connection with any MP
Marketing Authorisation. 

  

	 	5.5	 Failure to obtain an approved NDA in the Field 

If the FDA has not approved an NDA filed by HPPI for the Product in part of the Field within eight (8) years from the Effective Date, then
Mayne Pharma may, with immediate effect by notice to HPPI, elect: 
  

	 	(a)	 to convert the licence in clause 3.1 to a non-exclusive licence; and

  

	 	(b)	 to take a non-exclusive, perpetual, irrevocable royalty free licence to
copy and exploit the HPPI Licensed Rights inside the Territory in the Field, 

 in which case (i) HPPI’s
obligations under clauses 5.1(a) and 12.1 will terminate and be of no further force and effect and (ii) the parties will cooperate with each other to execute and deliver such further amendments to this Agreement, instruments or documents and to
take any such further action as is appropriate to carry out the intent of this clause 5.5. 
 OBLIGATIONS RELATING TO SUPPLY OF PRODUCT 

 

	6.	 Manufacture and supply of Product 

 

	 	6.1	 Forecasts 

  

	 	(a)	 Starting *** before the anticipated Actual Launch Date, ***, HPPI must provide Mayne Pharma with a
forecast of its monthly requirements for the Product for the following Forecast Period (Forecast). 

  

	 	(b)	 The first Forecast will include ***. For each subsequent Forecast: 

 

	 	(i)	 ***; and 

  

	 	(ii)	 ***. 

  

	 	6.2	 Orders 

  

	 	(a)	 HPPI must provide Mayne Pharma with a purchase order setting out the quantities of the Product, desired
delivery date and delivery instructions (Order), at least ***. 

  
  

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	 	(b)	 Each Order must be for at least the Minimum Order Quantity, and any amount above the Minimum Order Quantity for
whole multiples of any incremental order quantity specified in item 1 of Schedule 5, unless the parties agree otherwise in writing before an Order is placed. 

  

	 	(c)	 Within *** of receipt by Mayne Pharma of an Order, Mayne Pharma must confirm its acceptance in writing and
notify HPPI of the expected date of delivery (Delivery Date) of the Product. Without limitation, Mayne Pharma may refuse to confirm any quantity of Orders in a Quarter to the extent they exceed ***% of the most recent Forecast provided by
HPPI for that Quarter. 

  

	 	(d)	 Mayne Pharma agrees to use reasonable commercial efforts: 

 

	 	(i)	 to provide a Delivery Date *** after the delivery date specified in the Order; and 

 

	 	(ii)	 to supply the Order by the Delivery Date. 

 

	 	(e)	 No Order amends this Agreement unless HPPI expressly states in the Order that it seeks to amend this Agreement,
and Mayne Pharma agrees in writing to the Order. 

  

	 	6.3	 Manufacture; Failure to Supply 

 

	 	(a)	 Mayne Pharma will manufacture the Product in accordance with all confirmed Orders received from HPPI.

  

	 	(b)	 In the situation where Mayne Pharma is not able to supply Product, or Mayne Pharma anticipates that it will be
unable to supply Product to HPPI in satisfaction of HPPI’s Orders or forecasted Orders, Mayne Pharma shall use reasonable commercial efforts: 

  

	 	(i)	 to inform HPPI in a timely manner about such situation and the details causing such situation; and

  

	 	(ii)	 to provide HPPI with a reasonable estimate of the length and extent of production interruption or other issue
affecting Mayne Pharma’s satisfaction of HPPI’s Product demand. 

  

	 	6.4	 Backup manufacturer 

HPPI is entitled to qualify an alternate manufacturer of the Product in accordance with Schedule 6. 

 

	7.	 Payments 

  

	 	7.1	 HPPI Payments 

In consideration for Mayne Pharma manufacturing and delivering the Products in accordance with this Agreement, HPPI must make the payments set
out in, and comply with, Schedule 5. 
  

	 	7.2	 Review of Prices 

 

	 	(a)	 Mayne Pharma has the right to review and vary any Floor Price set out in Schedule 5 by giving *** notice to
HPPI, to reflect any changes in: 

  

	 	(i)	 ***; 

  

	 	(ii)	 ***; 

  

	 	(iii)	 ***. 

  

	 	(b)	 Mayne Pharma will consult with HPPI during the *** period of notice of a variation under clause 7.2.

  
  

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	 	7.3	 Mayne Pharma Payments 

 

	 	(a)	 The parties acknowledge that notwithstanding clause 3.3, there is a risk that Mayne Pharma may, directly itself
or indirectly through any third party, sell an Alternate Product in the Territory in the Field as a result of off label use (Off Label Sales). 

  

	 	(b)	 If HPPI becomes aware of any Off Label Sales in any ***, it must notify Mayne Pharma promptly, and in any
event, no later than ***, and provide Mayne Pharma with its evidence of such Off Label Sales. 

  

	 	(c)	 Prior to a Marketing Authorisation being obtained by HPPI, any Affiliate or Sub Licensee, within *** after
receipt of a notice from HPPI under clause 7.3(b), Mayne Pharma must pay to HPPI a cash royalty of *** on gross sales up to *** and *** on gross sales over *** for the relevant Quarter for the Alternate Product sold through Off Label Sales ***.

  

	 	(d)	 After a Marketing Authorisation is obtained by HPPI, any Affiliate or Sub Licensee, if Off Label Sales of any
Alternate Product exceed ***, then the parties agree to enter into a good faith negotiation to enter into an arrangement under which they will share profits from Off Label Sales of any Alternate Product ***. 

 

	 	7.4	 Payment terms 

Each party must make payments due under this Agreement: 
  

	 	(a)	 in the currency specified in Schedule 5 and where necessary, converted: 

 

	 	(i)	 in respect of any payment covering a Quarter, at the average daily exchange rate for the applicable Quarter as
published by the financial institution specified in Schedule 5; and 

  

	 	(ii)	 otherwise, at the daily exchange rate quoted by the financial institution specified in Schedule 5 on the date
of payment; 

  

	 	(b)	 to the bank account of the other party listed on the relevant invoice, with the party making payment to bear
the costs of any such remittance; and 

  

	 	(c)	 in the case of payments due to Mayne Pharma, to Mayne Pharma or its nominee as specified on the relevant
invoice. 

  

	 	7.5	 Reimbursement 

Where a party agrees to reimburse to the other party any costs or expenses, then it will reimburse these amounts within *** from receipt of the
other party’s invoice for, and reasonable evidence of, such costs or expenses. 
  

	8.	 Delivery, risk and title 

 

	 	8.1	 Delivery 

Mayne Pharma must deliver the Product to HPPI in accordance with the delivery terms set out in item 3 of Schedule 5. Any Product that HPPI
is paying for must have the minimum shelf life specified in item 4 of Schedule 5. 
  

	 	8.2	 Risk 

All risk of loss or of damage to the Product will pass to HPPI upon delivery of the Product in accordance with the delivery terms set out in
item 3 of Schedule 5. 

  
  

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	 	8.3	 Title 

Title to the Product will pass to HPPI upon payment in full of the Price payable for that Product or if no amount is payable, then on delivery.

  

	9.	 Acceptance of Product 

 

	 	9.1	 Certificate of Analysis 

Each delivery of the Product will be accompanied by a Certificate of Analysis from Mayne Pharma in respect of the Product so delivered. 

 

	 	9.2	 Defective Product 

 

	 	(a)	 HPPI must notify Mayne Pharma within *** of delivery of the Product if HPPI reasonably believes any of the
Product does not conform to the Product Specification (Defective Product). 

  

	 	(b)	 If HPPI gives notice under clause 9.2(a), the parties agree to consult with each other to resolve the issue
(during which time Mayne Pharma may conduct its own retention sample testing). If the discrepancy is not resolved within a further *** from the receipt of the notice, the parties agree to appoint (at HPPI’s expense) an independent analyst,
acceptable to both parties, that will carry out tests on representative samples taken from such shipment, and the results of such tests will be binding on the parties. 

 

	 	(c)	 If HPPI does not notify Mayne Pharma in accordance with clause 9.2(a), then HPPI will be deemed to have
accepted the Product at the end of the *** period after delivery of the Product. 

  

	 	(d)	 If the independent analyst determines that the Defective Product does not conform to the Product Specification
and as long as the Product has been transported, handled and stored in accordance with the Marketing Authorisation and all reasonable directions of Mayne Pharma once the Product has left Mayne Pharma’s facility, then: 

 

	 	(i)	 Mayne Pharma must, at its expense, replace any such Defective Product and reimburse HPPI for the costs of the
independent analyst; and 

  

	 	(ii)	 all quantities of Defective Product must, at Mayne Pharma’s election and expense be either:

  

	 	(A)	 returned to Mayne Pharma at an address notified by Mayne Pharma, and packed and shipped according to
instructions provided by Mayne Pharma; or 

  

	 	(B)	 destroyed by HPPI under Mayne Pharma’s direction. 

 

	 	(e)	 If: 

  

	 	(i)	 the independent analyst determines that the Defective Product does conform to the Product Specification; or

  

	 	(ii)	 the Product has not been transported, handled and stored in accordance with the Marketing Authorisation and all
reasonable directions of Mayne Pharma once the Product has been delivered to HPPI in accordance with this Agreement, 

then HPPI is deemed to have accepted the Product and will reimburse Mayne Pharma for any costs and expenses incurred by Mayne Pharma in
attempting to resolve the issue, including the costs of any retention sample testing conducted by Mayne Pharma. 

  
  

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	 	9.3	 Sole remedy 

Despite any other provision in this Agreement, HPPI’s sole remedy in respect of Product which fails to conform to the Product
Specification is, and Mayne Pharma’s liability to HPPI under this Agreement will be, limited as set out in clauses 9.2 and 16.3. 
  

	10.	 Complaints 

  

	 	10.1	 Handling customer complaints 

HPPI must handle all customer complaints relating to any Product supplied, directly or indirectly, by HPPI in the Territory and any related
activities associated with reporting or management of customer complaints. 
  

	 	10.2	 Notification of complaints 

If HPPI becomes aware of any material complaint in connection with the Product supplied, directly or indirectly, by HPPI, it must promptly
notify Mayne Pharma of the complaint and provide details. 
  

	 	10.3	 Adverse Drug Events 

HPPI must advise Mayne Pharma as soon as reasonably practicable after becoming aware of any Adverse Drug Event from any Product supplied,
directly or indirectly, by HPPI. 
  

	 	10.4	 Supplementary agreements 

 

	 	(a)	 For Product supplied for clinical trial use, the parties will enter into an agreement outlining the
party’s responsibilities with respect to the use of the Product for that purpose. 

  

	 	(b)	 The parties must execute a Safety Data Exchange Agreement and Quality Agreement at least ***
before the Actual Launch Date. 

  

	 	(c)	 This Agreement prevails to the extent of any inconsistency between it and the Safety Data Exchange Agreement or
the Quality Agreement. To avoid doubt, clause 10.1 to 10.3 do not limit any obligations under the Safety Data Exchange Agreement and Quality Agreement. 

  

	11.	 Recalls 

  

	 	11.1	 Notice of recall 

If a party determines any quantity of the Product supplied, directly or indirectly, by HPPI in the Territory should be recalled for any reason,
or a party is notified of a recall, that party must give the other party notice within the time frames set out in the Safety Data Exchange Agreement of its request to recall that quantity and specify its reasons. If a party determines that to avoid
an immediate perceived threat to health, time does not permit the provision of notice, such notice may be made by telephone or e-mail transmission to the other party’s medical affairs liaison and quality
contact person to be confirmed in writing after such notice. 
  

	 	11.2	 Directing that the Product be recalled 

If, within *** of the receipt of notice under clause 11.1, the parties are unable to agree on the need to undertake a recall
(including after HPPI discusses the issue with the Relevant Regulatory Authority), then either party may direct that the Product be recalled, with or without the agreement of the other party, if it reasonably determines that such recall is necessary
to protect the public health or is necessary to ensure compliance with applicable laws, rules and regulations. 

  
  

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	 	11.3	 Administering a recall 

HPPI must administer any recall of the Product supplied, directly or indirectly, by HPPI in the Territory. 

 

	 	11.4	 Cost of the recall 

If the cause of the recall is because the Product does not conform to the Product Specification, and it is as a result of a breach of warranty
or negligence by Mayne Pharma, then Mayne Pharma must, at its expense, reimburse to HPPI for all its reasonable costs and expenses of any recall and the costs of any independent analyst engaged under clause 11.5. Otherwise, all costs and expenses in
respect of the recall and the independent analyst are payable by HPPI. 
  

	 	11.5	 Submission to independent analysis 

If the parties cannot agree on whether the Product conformed to the Product Specification, then the parties agree to submit a sample of the
Product to an independent analyst, acceptable to both parties, for a report. Absent manifest error, the finding of the independent analyst is binding on the parties 

PERFORMANCE OBLIGATIONS 
  

	12.	 Performance obligations 

 

	 	12.1	 Business Plan 

 

	 	(a)	 At least *** before the anticipated Actual Launch Date, HPPI must provide a business plan to
Mayne Pharma in connection with the distribution of Product in the Territory in the Field outlining the sales and marketing of the Product in the Territory from the Actual Launch Date until the end of *** later, which plan must include
market situational analysis, market segmentation, targeting and position, marketing strategies and selling strategies. 

  

	 	(b)	 After the Actual Launch Date, the parties must meet *** to review HPPI’s Business Plan outlining the sales
and marketing of the Product in the Territory in the Field for the following ***. In developing the Business Plan, HPPI will use *** or similar locally sourced data, provided such data are available. The parties will discuss such Business Plan in
good faith and HPPI may amend such Business Plan following the discussions. 

  

	 	(c)	 If HPPI fails to update the Business Plan in accordance with clause 12.1(b), the then current Business Plan
will continue until updated in accordance with that clause. 

  

	 	(d)	 HPPI will use reasonable commercial efforts to achieve the objectives in the Business Plan.

  

	 	12.2	 Promotional Material 

 

	 	(a)	 HPPI is responsible for all sales, distribution, public relations, medical education and similar expenses
related to HPPI’s promotion and marketing of the Product in the Territory in the Field. 

  

	 	(b)	 Mayne Pharma will, at its own expense, provide to HPPI information relating to the Product and promotional
information available to Mayne Pharma which HPPI reasonably requires for the promotion and marketing of the Product in the Territory in the Field but only to the extent that Mayne Pharma has the right to provide such information.

  

	 	(c)	 HPPI will provide to Mayne Pharma at Mayne Pharma’s expense information relevant to Mayne Pharma’s
business outside the Territory and in the Territory, outside the Field. 

  
  

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	 	(d)	 HPPI must make available to Mayne Pharma samples of all materials (including all advertisements, promotions and
other marketing material) used by it in respect of the Product, and grants to Mayne Pharma a non-exclusive, perpetual, irrevocable, royalty free licence to use those materials in connection with the
importation, promotion, marketing, sale or distribution of the Product outside the Territory and in the Territory, outside the Field, which licence is capable of sub license to any Affiliate or licensee of Mayne Pharma. 

 

	 	12.3	 Efforts to maximise sales 

After HPPI obtains any Marketing Authorisation for any Product in the Territory in the Field, HPPI must use reasonable commercial efforts to
maximise the sale of the Product in the Field in the Territory (including, without limitation, through maintaining all warehousing, sales, personnel and facilities required to perform its obligations under this Agreement with respect to Products in
the Field in the Territory). 
  

	 	12.4	 Minimum Annual Volumes 

 

	 	(a)	 HPPI will purchase in each Commercial Year at least the Minimum Annual Volumes as agreed to by the parties in
accordance with Schedule 5 hereof. 

  

	 	(b)	 If, in any Commercial Year, HPPI purchases less than the Minimum Annual Volumes, HPPI may elect to pay to Mayne
Pharma the difference between the aggregate Prices paid for the volume of Product actually purchased for that Commercial Year and the value of the Minimum Annual Volumes for that Commercial Year, within *** of the end of that Commercial Year.

  

	 	(c)	 If, in any Commercial Year, HPPI purchases less than the Minimum Annual Volumes and has not elected to pay to
Mayne Pharma the amount under clause 12.4(b) within *** of the end of the Commercial Year, then Mayne Pharma may, with immediate effect by notice to HPPI, terminate this Agreement. 

 

	13.	 Compliance with laws and regulations 

 

	 	13.1	 HPPI’s obligations 

HPPI must: 
  

	 	(a)	 promptly obtain and maintain as and when required all necessary registrations, permits, approvals and licences
in respect of HPPI’s activities under this Agreement; 

  

	 	(b)	 advise Mayne Pharma of any matters necessary or relevant to be known by Mayne Pharma to ensure that it
manufactures the Product in compliance with all applicable laws, rules and regulations; 

  

	 	(c)	 conduct the activities under the Development Plan, and import, promote, market, sell and distribute the Product
in accordance with all laws, rules and regulations, Good Distribution Practice and any Marketing Authorisation; and 

  

	 	(d)	 transport, handle and store the Product in accordance with any Marketing Authorisation and all reasonable
directions specified by Mayne Pharma not inconsistent with any Marketing Authorisation. 

  
  

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	 	13.2	 Mayne Pharma’s obligations 

Mayne Pharma must: 
  

	 	(a)	 obtain and maintain, as and when required, all necessary registrations, permits, approvals and licences in
respect of Mayne Pharma’s activities under this Agreement, including in respect of the manufacture of the Product in Australia; 

  

	 	(b)	 manufacture the Product in accordance with all laws in Australia (or such other jurisdiction in which the
Product is manufactured) and the Marketing Authorisation; 

  

	 	(c)	 manufacture the Product in accordance with Good Manufacturing Practices; 

 

	 	(d)	 ensure that Mayne Pharma’s premises comply with standards stipulated by relevant State or Commonwealth
authorities of Australia; and 

  

	 	(e)	 transport, handle and store the Product in accordance with all laws and Marketing Authorisations.

  

	 	13.3	 Anti-corruption 

 

	 	(a)	 Without limitation, each party represents that it is now in compliance with, and will at all times remain in
compliance with, all applicable laws and regulations relating to anti-corruption in Australia and in the Territory (including the US Foreign Corrupt Practice Act), as well as the UK Bribery Act 2010 and related regulations, and any other applicable
anti-corruption laws prohibiting bribery or other forms of corruption, including money laundering, within the public and private sectors. 

  

	 	(b)	 Except as disclosed in writing, each party warrants that: 

 

	 	(i)	 it does not have any interest which directly or indirectly conflicts with its proper and ethical performance of
this Agreement; and 

  

	 	(ii)	 it will maintain arms-length relations with all third parties (including government officials) with which it
deals for, or on behalf of, the other party. 

  

	14.	 Inspection 

Each party must procure that the other party or its authorised representative may, at the other party’s expense and on reasonable notice,
visit and inspect the facilities of the first party, its Affiliates, sub licensees or its contractors used in respect of the Product (not more than once per year), to ensure compliance with this Agreement. 

LIABILITY 
  

	15.	 Representations and warranties 

 

	 	15.1	 Legal capacity and relationships 

Each party represents and warrants that: 
  

	 	(a)	 it is a corporation organised and validly existing under the laws of its jurisdiction of incorporation and has
the legal capacity and authority to enter this Agreement and perform its obligations under this Agreement; and 

  

	 	(b)	 this Agreement is a valid and binding obligation of that party enforceable in accordance with its terms, and it
will not become a party to any agreement in conflict with this Agreement. 

  
  

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	 	15.2	 Mayne Pharma warranties 

 

	 	(a)	 Mayne Pharma represents and warrants that the Product supplied to HPPI under this Agreement:

  

	 	(i)	 will conform in all material respects to the Product Specification; and 

 

	 	(ii)	 will be manufactured in conformity with Good Manufacturing Practice, in accordance with all Marketing
Authorisations and in accordance with all laws in Australia. 

  

	 	(b)	 Mayne Pharma represents and warrants that it is the lawful and exclusive owner of the entire right, title and
interest in and to all MP Licensed Rights (except to the extent such rights are licensed to Mayne Pharma with the right to grant sub licenses). 

  

	 	(c)	 To the extent permitted by law, Mayne Pharma makes no other representations or warranties, express or implied,
with respect to the Product or this Agreement. In particular: 

  

	 	(i)	 Mayne Pharma does not warrant that the importation or sale of the Product in the Territory will not infringe
the Intellectual Property Rights of any third party; and 

  

	 	(ii)	 except as expressly provided for in clause 4.4, Mayne Pharma provides no warranties in respect of the provision
of the services referred to in clause 4.4. 

  

	 	15.3	 HPPI warranties 

 

	 	HPPI	 represents and warrants that: 

 

	 	(a)	 as at the Start Date: 

 

	 	(i)	 HPPI is successor by merger to Commonwealth Biotechnologies, Inc, a Virginia corporation;

  

	 	(ii)	 the Amended Plan of Reorganization of CBI (the Plan), dated January 4, 2013, and filed in In re:
Commonwealth Biotechnologies, Inc., Case No. 11-30381-KRH, U.S. Bankruptcy Court, E.D. Virginia (the Case), has been confirmed pursuant to a final and non-appealable order of the bankruptcy court; 

  

	 	(iii)	 HPPI has delivered a true, correct and complete copy of the Plan with all amendments to Mayne Pharma;

  

	 	(iv)	 the “Effective Date”, as defined in the Plan, has occurred and is August 12, 2013 and HPPI has
taken all actions reasonable and necessary to formally close the Case; 

  

	 	(v)	 there are no voting trusts, proxies, or other agreements or understandings with respect to the voting of the
capital stock of HPPI; and 

  

	 	(vi)	 the HP LLC Patents have been irrevocably assigned to HPPI on a royalty free basis; 

 

	 	(b)	 it will use reasonable commercial efforts to maintain all warehousing, sales, personnel and facilities required
to perform its obligations under this Agreement; and 

  

	 	(c)	 it is the lawful and exclusive owner of the entire right, title and interest in and to all HPPI Licensed Rights
(except to the extent such rights are licensed to HPPI with the right to grant sub licenses). 

  

	16.	 Liability, indemnity and insurance 

 

	 	16.1	 No exclusion or limitation 

HPPI may have certain rights and remedies that cannot be excluded, restricted or modified by agreement. Nothing in this Agreement operates to
exclude, restrict or modify the application of any implied condition or warranty, provision, the exercise of any right or remedy, or the imposition of any liability under any law where to do so would contravene that law or cause any term of this
Agreement to be void (Non-excludable Obligation). 

  
  

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	 	16.2	 Exclusion and disclaimer of implied obligations 

Except for the Non-excludable Obligations and the express covenants, representations and warranties set
out in this Agreement, MAYNE PHARMA MAKES NO OTHER COVENANTS, REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, THE WARRANTY OF NON INFRINGEMENT, OR ANY OTHER
MATTER, ANY SUCH COVENANTS, REPRESENTATIONS AND WARRANTIES BEING EXPRESSLY DISCLAIMED. 
  

	 	16.3	 Limitation of liability regarding matters other than Non-Excludable
Obligations 

 Mayne Pharma’s liability to HPPI arising directly or indirectly under or in connection with this
Agreement or the performance or non-performance of this Agreement and whether arising under any indemnity, statute, in tort (including for negligence or otherwise (except as provided for below in this clause
16.3)), or on any other basis in law or equity is limited as follows: 
  

	 	(a)	 ***; 

  

	 	(b)	 ***; and 

  

	 	(c)	 ***, 

  

	 	***.	  

  

	 	16.4	 Indemnity 

HPPI must indemnify and hold harmless and keep indemnified and held harmless Mayne Pharma and each of its Personnel from and against all
actions, claims, demands, losses, damages, costs and expenses (including legal expenses as between a solicitor and their own client) howsoever and wheresoever arising, whether during or after the Term, which arise directly or indirectly from or in
respect of: 
  

	 	(a)	 the research, development or registration activities relating to the Product, directly or indirectly, by HPPI;

  

	 	(b)	 the importation, promotion, marketing, sale or distribution of the Product, directly or indirectly, by HPPI;

  

	 	(c)	 the use or effects of such Product; 

 

	 	(d)	 to avoid doubt and without limitation, any actual or alleged infringement of Intellectual Property Rights (but
excluding the MP Licensed Rights) arising from any of activities, use or effects referred to in clauses 16.4(a) to 16.4(c), 

except to the extent that such action, claim, demand, loss, damage, cost or expense is caused by a breach of an express warranty given under
this Agreement by Mayne Pharma or the gross negligence, fraud or wilful misconduct of Mayne Pharma or its Affiliates or Personnel. 
  

	 	16.5	 HPPI Insurance 

 

	 	(a)	 HPPI must take out, at its own cost, adequate insurance cover for the Term (and in the case of a claims based
policy, for *** after), with reputable insurers to the reasonable satisfaction of Mayne Pharma, in respect of its liabilities under this Agreement and its activities contemplated by this Agreement, which: 

 

	 	(i)	 covers each of HPPI, Mayne Pharma and its Personnel for their respective rights, interests and liabilities (to
avoid doubt, in whatever country the liability arises); and 

  
  

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	 	(ii)	 notes Mayne Pharma’s interest under the policy. 

 

	 	(b)	 Without limiting clause 16.5(a): 

 

	 	(i)	 for such period as there is a Mayne Pharma appointee to the board of directors of HPPI, HPPI must take out, at
its own cost, adequate director and officer liability insurance cover; 

  

	 	(ii)	 clinical trial insurance which provides coverage for at least *** for each occurrence and *** in
the aggregate or such other level of cover as agreed in writing by the parties, acting reasonably, and which covers each of HPPI, Mayne Pharma and its Personnel for their respective rights, interests and liability arising directly or indirectly from
or in respect of the conduct of any clinical trial conducted by or on behalf of HPPI for the Product; and 

  

	 	(iii)	 from the Actual Launch Date, HPPI must effect product and public liability insurance which provides coverage
for at least *** for each occurrence, and which covers each of HPPI, Mayne Pharma and its Personnel for their respective rights, interests and liabilities arising directly or indirectly from or in respect of: 

 

	 	(A)	 the research, development or registration activities relating to the Product, directly or indirectly, by HPPI;

  

	 	(B)	 the importation, promotion, marketing, sale or distribution of the Product, directly or indirectly, by HPPI;
and 

  

	 	(C)	 the use or effects of such Product. 

 

	 	16.6	 Mayne Pharma Insurance 

Mayne Pharma must effect and maintain product and public liability insurance, with reputable insurers, which provides coverage for at least ***
for each occurrence. 
  

	 	16.7	 Maintain insurance 

Each party must maintain the insurance policies referred to in clause 16.5 or 16.6 (as applicable) throughout the Term and, in the case of a
claims-based policy, until *** after the termination or expiry of this Agreement.  
  

	 	16.8	 Evidence of insurance 

Promptly in response to a request by a party, the other party must provide to the requesting party evidence of the currency of the insurance
policies referred to in clause 16.5 or 16.6 (as applicable). 
 CONFIDENTIALITY AND IPR 

 

	17.	 Confidentiality and publication 

 

	 	17.1	 Definition 

Subject to clause 17.3, Confidential Information of a party (in this context, the Disclosing Party) means all information
regardless of its form: 
  

	 	(a)	 treated by the Disclosing Party as confidential or in which it would be reasonable to expect that the
Disclosing Party has an expectation of confidentiality (even if not specifically identified as confidential); and 

  
  

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	 	(b)	 disclosed by the Disclosing Party to the other party or of which the other party becomes aware, whether before
or after the Start Date, 

 and any derived information from which that information can reasonably be ascertained. Without
limiting the generality of the foregoing, Confidential Information shall include, information and materials related to Product, processes, formulations, procedures, tests, equipment, data, batch records, reports,
know-how, patent positioning, relationships with consultants and employees, business plans and business developments, and information concerning the existence, scope or activities of any research, design,
development, manufacturing, marketing or other activities hereunder or otherwise relating to the Disclosing Party or its business. 
  

	 	17.2	 Restrictions on disclosure and use 

Subject to the exceptions and permitted disclosures set out below, each party (Recipient) agrees: 

 

	 	(a)	 to keep the Confidential Information of the Disclosing Party strictly secret and confidential from third
parties (including any patent office); and 

  

	 	(b)	 to use the Confidential Information only for the purposes of this Agreement or exercise of the rights granted
under this Agreement, and not for any other activity (including the purchase or sale or securities of the Disclosing Party in the public markets) without the prior written approval of the other party, 

except that each party may share such Confidential Information: 
  

	 	(c)	 with any Affiliate, sub licensee or approved contractors to the extent necessary or reasonably desirable for
the purposes of this Agreement, provided each party remains responsible for ensuring such Affiliates, sub licensees or contractors comply with restrictions on use and disclosure of information which are at least equivalent to those set out in this
Agreement, without any right of further disclosure; 

  

	 	(d)	 to the extent reasonably necessary to seek, obtain or maintain (in the case of HPPI) a Marketing Authorisation
or (in the case of Mayne Pharma) an MP Marketing Authorisation; and 

  

	 	(e)	 to the extent reasonably necessary to prepare, file, maintain, enforce or defend patents or patent
applications. 

  

	 	17.3	 Exceptions 

The restrictions on use and disclosure set out above do not apply to the extent the Recipient can show the information: 

 

	 	(a)	 was public knowledge or generally known at the date of its disclosure or which subsequently becomes public
knowledge or generally known through no act or failure to act on the part of the Recipient; 

  

	 	(b)	 is or was already in the Recipient’s possession and was not acquired directly or indirectly from the
Disclosing Party (in each case as shown by the Recipient’s written records); 

  

	 	(c)	 is or was acquired by the Recipient in good faith from a third party who was not under an obligation of
confidence with respect to that Confidential Information; or 

  
  

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	 	(d)	 to the extent it is required by law, rule or regulation to be disclosed (including the U.S. federal securities
laws and the rules and regulations of the U.S. Securities and Exchange Commission and the listing rules of the Australian Stock Exchange). 

  

	 	17.4	 Scientific publication 

 

	 	(a)	 Notwithstanding clauses 17.1 to 17.3, each party has the right to publish Proposed Publications, subject to
this clause 17.4. 

  

	 	(b)	 Each party (Publishing Party) must provide the other party with a copy of any Proposed Publication 30
days before the intended date of publication. 

  

	 	(c)	 The other party may review the Proposed Publication within the 30 day period and put any reasonable requests it
requires to the Publishing Party: 

  

	 	(i)	 to prevent the disclosure of the other party’s Confidential Information, by amending the Proposed
Publication to remove the other party’s Confidential Information or any information from which such Confidential Information can reasonably be ascertained; and/or 

 

	 	(ii)	 to delay publishing the Proposed Publication to prevent prejudicing the other party’s ability to protect
or commercially exploit any of its Intellectual Property Rights, up to a maximum further period of *** (for a total period of ***). 

  

	 	(d)	 For the avoidance of doubt, nothing in this clause prevents a party from ultimately publishing a publication
that does not include any other Confidential Information of the other party. 

  

	18.	 Intellectual Property Rights 

 

	 	18.1	 Intellectual Property Rights in the Product as at the Start Date 

HPPI acknowledges and agrees that Mayne Pharma owns all Intellectual Property Rights in the Product existing as at the Start Date other than
the HP LLC Patents, HPPI Licensed Rights or any Intellectual Property Rights developed exclusively by HPPI or its Affiliates or Personnel prior to the Start Date. 
  

	 	18.2	 Reserved 

  

	 	18.3	 Reserved 

  

	 	18.4	 *** 

  

	 	18.5	 Development of Intellectual Property Rights and Licence of HPPI Licensed Rights 

 

	 	(a)	 All Intellectual Property Rights relating to the Product: 

 

	 	(i)	 from the Start Date to the Effective Date, for its use in the Original Field, that are or have been developed:

  

	 	(A)	 by HPPI, its Affiliates or Personnel (solely or with any third party); 

 

	 	(B)	 jointly by HPPI and Mayne Pharma and their respective Affiliates and Personnel; or 

 

	 	(C)	 solely by Mayne Pharma and its Affiliates and Personnel in providing the services referred to in clause 4.4,
and 

  
  

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	 	(ii)	 from the Effective Date, for its use in the Field, that are or have been developed by HPPI, its Affiliates or
Personnel (solely or with any third party), 

 (collectively, Developed Intellectual Property Rights) shall be the
sole and exclusive property of HPPI, and, to the extent created in part by Mayne Pharma, its Affiliates or Personnel, Mayne Pharma hereby irrevocably transfers and assigns to HPPI without additional consideration all such Intellectual Property
Rights. Notwithstanding the foregoing, the parties agree with Schedule 7 applies to Developed Intellectual Property Rights. All such Intellectual Property Rights are included in the HPPI Licensed Rights. 

 

	 	(b)	 All Intellectual Property Rights relating to the Product, whether or not for its use in the Field, that are or
have been developed: 

  

	 	(i)	 by Mayne Pharma, its Affiliates or Personnel (solely or with any third party) from and after the Start Date, or

  

	 	(ii)	 from the Effective Date, jointly by HPPI and Mayne Pharma and their respective Affiliates and Personnel,

 shall be the sole and exclusive property of Mayne Pharma (but without limiting clause 3.3 of this Agreement), and, to
the extent created in part by HPPI, its Affiliates or Personnel, HPPI hereby irrevocably transfers and assigns to Mayne Pharma without additional consideration all such Intellectual Property Rights. All such Intellectual Property Rights are included
in the MP Licensed Rights to the extent relevant to the Product in the Field. 
  

	 	18.6	 Notification of infringement or invalidity claim 

Each party will immediately notify the other party if it becomes aware of any potential or actual: 

 

	 	(a)	 infringement or misappropriation of the other party’s Intellectual Property Rights; 

 

	 	(b)	 the infringement of third party rights as a result of the research, development and registration activities
relating to the Product, or the manufacture, importation, promotion, marketing, sale or distribution of the Product, as contemplated under this Agreement; or 

  

	 	(c)	 declaratory judgment or equitable relief action or similar proceeding alleging invalidity of any of the
Licensed IPR. 

  

	 	18.7	 Right to take action 

Mayne Pharma will have the first right (but not the obligation) at its own cost and expense to pursue any remedies against any third party
infringement or misappropriation of any Licensed IPR or to defend any Licensed IPR against a claim of invalidity. If Mayne Pharma decides not to pursue such remedies or defences within: 

 

	 	(a)	 *** after notice of the alleged infringement, misappropriation or claim; or 

 

	 	(b)	 *** before any deadline imposed by the Hatch-Waxman Act or similar laws (whichever comes first) with respect to
an infringement or misappropriation of any HPPI Licensed Rights, or an infringement or misappropriation of any MP Licensed Rights within the scope of the grant of license from Mayne Pharma to HPPI under this Agreement, 

then HPPI will have the right (but not the obligation) at its own cost and expense to pursue any remedies against the infringing or
misappropriating third party or defences against claims of invalidity. A party taking action pursuant to this clause will be an Enforcing Party. 

  
  

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	 	18.8	 Consultation and assistance 

The Enforcing Party will regularly consult with the other party with respect to any action or proceeding it undertakes and will consider the
other party’s position in good faith, and keep the other party informed of developments in any such action or proceeding. The other party will assist and cooperate fully with the Enforcing Party including, if required or reasonably requested,
entering into a common interest agreement, bringing or joining in any action or proceeding, taking any action or providing a power of attorney, in each case, at the cost and expense of the Enforcing Party. 

 

	 	18.9	 Disposition of damages 

Any damages or other amounts collected will be distributed, first, to the Enforcing Party to cover its costs and expenses and, second, to the
other party to cover its costs and expenses, if any, relating to the assistance and cooperation in the pursuit of such remedies; and any remaining amount will be distributed to the Enforcing Party. 

 

	19.	 Branding 

  

	 	19.1	 Directions regarding use of the Trade Mark 

HPPI may use the Trade Mark in connection with its promotion, marketing, sale and distribution of the Product in the Territory, and must
observe all directions notified to it by Mayne Pharma regarding the depiction of its Trade Marks. 
  

	 	19.2	 Samples of marketing materials 

HPPI must submit to Mayne Pharma samples of all materials (including all advertisements, promotions and other marketing material for the
Product) that depict the Trade Mark for approval by Mayne Pharma before use. 
  

	 	19.3	 Use of the Trade Mark 

HPPI must not, whether during the Term or after the end of this Agreement: 

 

	 	(a)	 use the Trade Mark as part of its corporate, business or trading name; 

 

	 	(b)	 use any other trade mark or name in conjunction with or in close proximity to the Trade Mark;

  

	 	(c)	 use the Trade Mark in a manner which would jeopardise or invalidate any registration (or prejudice any
application for registration) of the Trade Mark or could assist or give rise to an application to terminate, revoke or dilute any such registration; or 

  

	 	(d)	 use the Trade Mark in a manner which might prejudice the right or title of Mayne Pharma to the Trade Mark.

  

	 	19.4	 Goodwill 

HPPI acknowledges that any goodwill and other such rights in the Trade Marks that may otherwise accrue to HPPI as a result of its use of the
Trade Mark, accrue to the benefit of Mayne Pharma. 
  

	 	19.5	 No right for HPPI to register the Trade Mark

HPPI must not, whether during the Term or after the end of this Agreement, apply to register anywhere in the Territory or the world any trade
mark, or apply to register or use any business name, company name or Internet domain name that comprises or contains the Trade Mark or any words or images that are similar to the Trade Mark without the prior written consent of Mayne Pharma. 

  
  

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 TERMINATION 
  

	20.	 Termination 

  

	 	20.1	 Termination for breach by a party 

A party may terminate this Agreement with immediate effect by notice in the manner set forth below to the other party if: 

 

	 	(a)	 that other party breaches any material provision of this Agreement and fails to remedy the breach within ***
after receiving notice requiring it to do so; 

  

	 	(b)	 that other party breaches a material provision of this Agreement where that breach is not capable of remedy; or

  

	 	(c)	 any event referred to in clause 20.3 happens to that other party (whether or not notification has been provided
under clause 20.3). 

  

	 	20.2	 Termination by Mayne Pharma for cause arising under a related agreement 

Mayne Pharma may terminate this Agreement with immediate effect by notice to HPPI if: 

 

	 	(a)	 HPPI breaches a material provision of the Equity Holders Agreement, and: 

 

	 	(i)	 fails to remedy the breach within *** after receiving notice requiring it to do so; or 

 

	 	(ii)	 that breach is not capable of remedy; 

 

	 	(b)	 HPPI breaches a material provision of the Mayne Pharma Purchase Agreement, the 2015 SPA, the 2018 SPA, the
Angiogenesis and Hedgehog Patent Sublicense or the December 2018 Agreement and: 

  

	 	(i)	 fails to remedy the breach within *** after receiving notice requiring it to do so; or 

 

	 	(ii)	 that breach is not capable of remedy. 

 

	 	20.3	 Notification of insolvency events 

Each party must notify the other party immediately if: 
  

	 	(a)	 that party ceases to carry on its business operations; 

 

	 	(b)	 that party ceases to be able to pay its debts as they become due; 

 

	 	(c)	 any step is taken by a mortgagee or secured party to take possession or dispose of the whole or part of that
party’s assets, operations or business; 

  

	 	(d)	 that party makes a general assignment for the benefit of creditors; 

 

	 	(e)	 that party becomes the subject of the filing or institution of bankruptcy, liquidation or receivership
proceedings; 

  

	 	(f)	 any step is taken to appoint a receiver, a receiver and manager, a trustee in bankruptcy, a provisional
liquidator, a liquidator, an administrator or other like person of the whole or part of that party’s assets, operations or business; or 

  

	 	(g)	 an order is made for winding up or dissolution without winding up of that party or an effective resolution is
passed for the winding up of that party. 

  
  

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	 	20.4	 Change of Control and disposal of assets or business by HPPI 

 

	 	(a)	 For so long as this Agreement is in effect, HPPI must seek the prior written consent of Mayne Pharma before it
disposes of the whole or a substantial part of its assets, operations or business, such consent not to be unreasonably withheld, conditioned or delayed. HPPI must, at its own reasonable expense, provide to Mayne Pharma such information as Mayne
Pharma reasonably requires to consider such a request for consent, including an independent third party opinion on valuation that has been approved by the board of HPPI. Without limitation, a breach of this clause is a breach of a material provision
of this Agreement not capable of remedy. 

  

	 	(b)	 For so long as this Agreement is in effect, HPPI must notify Mayne Pharma before it undergoes any change in its
direct or indirect Control. If, acting reasonably, Mayne Pharma considers that such change will have a material, negative impact on its rights under this Agreement, it may terminate this Agreement by giving *** notice to HPPI. Mayne Pharma agrees
that HPPI is not deemed to have undergone a change in its direct or indirect Control for purposes of this clause 20.4(b) if Mayne Pharma ceases to own more than 50% of the outstanding voting power of HPPI solely as a result of (i) HPPI’s
issuance of New Securities in an equity financing with respect to which Mayne Pharma has preemptive or similar contractual rights to participate on the same terms and conditions as investors in the financing and (ii) Mayne Pharma’s
election not to participate in such financing on the same terms and conditions as investors in the financing. 

  

	 	20.5	 Impact of claims of infringement 

 

	 	(a)	 If Mayne Pharma becomes subject to, or acting in its discretion, considers it is at risk of becoming subject
to, any litigation, arbitration or similar proceeding claiming its activities under this Agreement with respect to the Product infringe the Intellectual Property Rights of any third party (the Third Party IPR), then Mayne Pharma may, at any
time while such proceeding or risk remains, with immediate effect by notice to HPPI, elect not to supply Product for commercial sales until: 

  

	 	(i)	 Mayne Pharma enters into written agreement under which it obtains an exclusive license to copy and exploit all
Intellectual Property Rights in the applicable Third Party IPR; or 

  

	 	(ii)	 all rights arising from the applicable Third Party IPR in the Territory have expired, lapsed or been
invalidated by action of Mayne Pharma, HPPI or otherwise. 

  

	 	(b)	 During any period that Mayne Pharma has elected not to supply Product for commercial sale under clause 20.5(a):

  

	 	(i)	 Mayne Pharma will supply Product: 

 

	 	(A)	 for uses reasonably related to the development and submission of information under a US Federal law which
regulates the manufacture, use, or sale of drugs for clinical trials that have already started at the date of the notice until those clinical trials have completed; 

 

	 	(B)	 at the Floor Price in accordance with item 5.2(a) of Schedule 5, in which case item 5.1 of Schedule 5 shall no
longer apply; 

  

	 	(ii)	 HPPI may allow any Backup Manufacturer to manufacture the Product for commercial sale, in accordance with
Schedule 6 except that notwithstanding item 3.1 of Schedule 6, the parties will use their reasonable commercial efforts to Qualify a Backup Manufacturer (both as defined in Schedule 6) within 6 months after consent is provided by Mayne Pharma under
item 2 of Schedule 6; 

  
  

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	 	(iii)	 recognizing that the exercise by Mayne Pharma of its election under this clause 20.5 to not provide Product for
commercial supply would materially impact the timing for any planned commercial launch of the Product in the Field, should Mayne Pharma exercise its rights under this clause 20.5, HPPI and Mayne Pharma shall, with input from the JDC, promptly take
action to amend the Development Plan. The parties shall use reasonable commercial efforts to approve such revised Development Plan within *** of Mayne Pharma’s election; and 

 

	 	(iv)	 in consideration for Mayne Pharma allowing such manufacture by a Backup Manufacturer, at the end of each
Quarter: 

  

	 	(A)	 HPPI must notify Mayne Pharma of the quantities of any Product manufactured by the Backup Manufacturer in that
Quarter under clause 20.5(b)(ii); and 

  

	 	(B)	 HPPI must pay to Mayne Pharma: 

Mayne Pharma Sales Share Rate x (the Total Net Sales for that Quarter minus the reasonable cost of goods (per unit) incurred
by HPPI to obtain the Product sold in that Quarter from the Backup Manufacturer), 
 within *** of the date of Mayne Pharma’s notice
under clause 20.5(a). 
  

	 	20.6	 Accrued rights and remedies 

The termination or expiry of this Agreement does not affect any accrued rights or remedies of either party. 

 

	 	20.7	 Sell down or repurchase 

At the termination or expiry of this Agreement except for termination by Mayne Pharma under clause 20.1 or 20.2: 

 

	 	(a)	 Mayne Pharma will fill any Orders provided they are placed *** before the date of the termination or expiry of
this Agreement; and 

  

	 	(b)	 HPPI may promote, market, sell and distribute any Product for a period of *** from the termination or expiry of
this Agreement (in which case, to avoid doubt, the provisions of clause 7, 10 and 11 continue to apply), subject to HPPI meeting its contractual obligations after the termination or expiry of this Agreement. 

 

	 	20.8	 Return of Confidential Information 

At the termination or expiry of this Agreement for any reason whatsoever: 

 

	 	(a)	 each party will, as soon as practicable, return to the other party all of the other party’s Confidential
Information (other than Confidential Information comprising part of the HPPI Licensed Rights), whether in permanent or magnetic/computer disk form or any other form provided that each party may: 

 

	 	(i)	 provide one copy of that Confidential Information to its legal advisers, to be held by them solely for the
purpose of determining the scope of that party’s obligations under this clause; and 

  
  

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	 	(ii)	 retain one copy of such of that Confidential Information that is required by the Relevant Regulatory Authority,
to be retained by that party. 

  

	 	(b)	 HPPI must, within *** after the termination or expiry of this Agreement, deliver to Mayne Pharma, at Mayne
Pharma’s option, all advertising, promotional or sales materials relating to the Product which are still in the power, possession or control of HPPI, any of its Affiliates or any Sub Licensee. 

GENERAL 
  

	21.	 Force majeure 

  

	 	21.1	 Occurrence of Force Majeure Event 

If a Force Majeure Event affecting a party precludes that party (Precluded Party) partially or wholly from complying with its
obligations (except its payment obligations) under this Agreement then: 
  

	 	(a)	 as soon as reasonably practicable after that Force Majeure Event arises, the Precluded Party must notify the
other party in writing of: 

  

	 	(i)	 the Force Majeure Event; 

 

	 	(ii)	 which obligations the Precluded Party is precluded from performing (Affected Obligations);

  

	 	(iii)	 the extent to which the Force Majeure Event precludes the Precluded Party from performing the Affected
Obligations (Precluded Extent); and 

  

	 	(iv)	 the expected duration of the delay arising directly out of the Force Majeure Event; 

 

	 	(b)	 the Precluded Party’s obligation to perform the Affected Obligations will, to the Precluded Extent, be
suspended for the duration of the actual delay arising directly out of the Force Majeure Event; and 

  

	 	(c)	 the other party’s obligations to perform any obligations dependent on the Affected Obligations will be
suspended until the Precluded Party resumes performance. 

  

	 	21.2	 Termination 

If the suspension under clause 21.1(b) continues for more than ***, the other party may terminate this Agreement with immediate effect by
giving notice to the Precluded Party. 
  

	22.	 Notices and other communications 

 

	 	22.1	 Service of notices 

A notice, demand, consent, approval or communication under this Agreement (Notice) must be: 

 

	 	(a)	 in writing, in English and signed by a person duly authorised by the sender; and 

 

	 	(b)	 hand delivered or sent by reputable international courier, prepaid post or by facsimile transmission to the
recipient’s address for Notices specified in the Details, as varied by any Notice given by the recipient to the sender. 

  

	 	22.2	 Effective on receipt 

A Notice given in accordance with clause 22.1 takes effect when taken to be received (or at a later time specified in it), and is taken to be
received: 
  

	 	(a)	 if hand delivered or sent by reputable international courier, on delivery; 

  
  

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	 	(b)	 if sent by prepaid post, on the second Business Day after the date of posting (or on the seventh Business Day
after the date of posting if posted to or from a place outside Australia); 

  

	 	(c)	 if sent by facsimile, when the sender’s facsimile system generates a message confirming successful
transmission of the entire Notice unless, within 8 Business Hours after the transmission, the recipient informs the sender that it has not received the entire Notice, 

but if the delivery, receipt or transmission is not on a Business Day or is after 5.00pm on a Business Day, the Notice is taken to be received
at 9.00am on the next Business Day. 
  

	23.	 Dispute resolution 

In the event of any action, question or disagreement arising from or relating to this Agreement, the parties hereto agree to settle such
action, question or disagreement by arbitration before three arbitrators in New York, New York, selected by, and such arbitration to be administered by, the American Arbitration Association (“AAA”) in accordance with its Commercial
Arbitration Rules, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Each of the parties hereto agrees and acknowledges that all actions, questions or disagreements between or among them
arising from or relating to this Agreement are subject to the alternative dispute resolution procedures of this clause 23. Each of the parties hereto agrees that any aspect of alternative dispute resolution not specifically covered in this Agreement
shall be covered, without limitation, by the applicable AAA rules and procedures. Each of the parties hereto further agrees that any determination by the arbitrator regarding any action, question or disagreement arising from or relating to this
Agreement shall be final and binding upon the parties hereto and shall not be subject to further appeal. 
  

	24.	 GST 

  

	 	24.1	 Interpretation 

 

	 	(a)	 Words or expressions used in this clause 24 which are defined in the A New Tax System (Goods and Services
Tax) Act 1999 (Cth) have the same meaning in this clause. 

  

	 	(b)	 Clause 25 prevails over this clause 24 to the extent of any inconsistency. 

 

	 	24.2	 Consideration is GST exclusive 

Any consideration to be paid or provided to the Supplier for a supply made by it under or in connection with this Agreement, unless
specifically described in this Agreement as ‘GST inclusive’, does not include an amount on account of GST. 
  

	 	24.3	 Gross up of consideration 

 

	 	(a)	 Despite any other provision in this Agreement, if the Supplier makes a taxable supply under or in connection
with this Agreement (not being a supply the consideration for which is specifically described in this Agreement as ‘GST inclusive’): 

  

	 	(i)	 the consideration payable or to be provided for that supply under this Agreement but for the application of
this clause (‘GST exclusive consideration’) is increased by, and the Recipient must also pay to the Supplier, an amount equal to the GST payable on the supply (‘GST Amount’); and 

 

	 	(ii)	 the GST Amount must be paid to the Supplier by the Recipient without set off, deduction or requirement for
demand, at the same time as the GST exclusive consideration is payable or to be provided. 

  
  

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	 	24.4	 The sale of the Product is intended to be a GST-free export of goods

  

	 	(a)	 Mayne Pharma and HPPI acknowledge that the supply of the Product under this Agreement is intended to constitute
a GST-free supply of exported goods under item 1 of section 38-185(1) of the GST Act. 

 

	 	(b)	 HPPI warrants that in relation to each delivery of the Product, it will it satisfy the requirements under:

  

	 	(i)	 Item 1 of section 38-185(1) and section
38-185(3) the GST Act; and 

  

	 	(ii)	 The interpretation of those provisions in paragraph (i) as outlined by the Australian Taxation Office in
its Public Goods and Services Tax Ruling ‘GSTR 2002/6, Goods and Services Tax: Exports of goods, items 1 to 4A of the table in subsection 38-185(1) of the A New Tax System (Goods and Services Tax) Act
1999’. 

  

	 	(c)	 HPPI must provide written evidence to the Supplier that it has satisfied the requirements in clause 24.4(b)
within *** of the Supplier issuing an invoice for the relevant Product. 

  

	 	(d)	 In the event HPPI fails to satisfy the requirements in clause 24.4(b), clause 24.4(c) or the Australian
Taxation Office otherwise determines that the sale of the Product by Mayne Pharma constitutes a taxable supply, HPPI must immediately pay to Mayne Pharma the GST Amount payable in relation to the supply of the Product in accordance with clause 24.3
and any applicable interest, fines and penalties payable by Mayne Pharma as a result of the supply of the Product being treated as a GST-free supply. 

 

	 	24.5	 Reimbursements (net down) 

If a payment to a party under this Agreement is a reimbursement or indemnification or otherwise calculated by reference to a loss, cost or
expense incurred by that party, then the payment will be reduced by the amount of any input tax credit to which that party, or the representative member of the GST group that party is a member of (as the case may be), is entitled in respect of that
loss, cost or expense. 
  

	 	24.6	 Tax invoices 

The Supplier will give the Recipient a tax invoice in respect of a taxable supply made under or in connection with this Agreement. 

 

	 	24.7	 Adjustments 

If and to the event an adjustment event arises in respect of a supply made under or in connection with this Agreement, then: 

 

	 	(a)	 if the Supplier’s corrected GST Amount is less than the previously attributed GST Amount, the Supplier
shall refund the difference to the Recipient; 

  

	 	(b)	 if the Supplier’s corrected GST Amount is greater than the previously attributed GST Amount, the Recipient
shall pay the difference to the Supplier; 

  

	 	(c)	 the Supplier must issue an adjustment note to the Recipient within *** of the adjustment event occurring or
otherwise as soon as it becomes aware of the adjustment event; and 

  

	 	(d)	 any payment under clauses 24.7(a) or 24.7(b) must be paid to the Supplier or Recipient (as the case may be)
within *** of the adjustment note being issued by the Supplier. 

  

	 	24.8	 Similar goods and services taxes or value added taxes 

Clauses 24.2, 24.3 and 24.5 to 24.7 apply with the necessary changes in respect of any similar goods and services taxes or value added taxes
levied in jurisdictions outside Australia. 

  
  

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	25.	 Tax 

  

	 	25.1	 Payments free of taxes; obligations to withhold; payments on account of taxes 

 

	 	(a)	 Any and all payments to be made to Mayne Pharma under this Agreement must be, to the extent permitted by law,
be made free and clear or and without reduction or withholding for any Tax. HPPI acknowledges and agrees that any amount (in cash, securities or property in kind) received by Mayne Pharma or its nominee from HPPI as consideration arising under or
related to this Agreement, is deemed to be a payment made to Mayne Pharma under this Agreement. 

  

	 	(b)	 Whenever HPPI is required by law to make a deduction or withholding in respect of Tax from any payment to be
made to Mayne Pharma under this Agreement, then HPPI will: 

  

	 	(i)	 make that deduction or withholding from the payment; 

 

	 	(ii)	 promptly pay an amount equal to the amount deducted or withheld as required by law and by the date that Tax is
due to be paid to the appropriate governmental or regulatory agency having jurisdiction over HPPI; 

  

	 	(iii)	 if requested by Mayne Pharma, within *** of that request, deliver to Mayne Pharma official relevant receipts
issued by such Tax authority, if any, received by HPPI or other documentation of HPPI evidencing payment of that amount; and 

  

	 	(c)	 pay Mayne Pharma such additional amounts as necessary to ensure Mayne Pharma receives when due a net amount
(after deduction or withholding of any Taxes in respect of such additional amounts) equal to the full amount which Mayne Pharma would have received if no deduction or withholding had been made. 

 

	 	25.2	 Refunds 

Mayne Pharma has no obligation to file or otherwise pursue any refund of Taxes withheld or deducted from funds paid to Mayne Pharma. 

 

	26.	 Miscellaneous 

  

	 	26.1	 Survival of Obligations 

Any indemnity or any obligation of confidence under this Agreement is independent and survives termination of this Agreement. Any other term by
its nature intended to survive termination of this Agreement survives termination of this Agreement, to avoid doubt, including clause 3.2(b)(i), 5.3, 7.1, 7.4, 7.5, 12.2(d), 16, 17, 18.1, 18.7, 19.3 to 19.5, 20.6 to 20.8, 23, 24, 25, 26.1, 26.11 and
26.14, Schedule 2 (except to the extent otherwise provided therein) and Schedule 7. 
  

	 	26.2	 Approvals and consents 

Except where this Agreement expressly provides otherwise, a party may, in its discretion, give conditionally or unconditionally or withhold any
approval or consent under this Agreement. 
  

	 	26.3	 Announcements 

Without limiting clause 17, a public announcement by HPPI in connection with this Agreement or any transaction contemplated by it must be
approved in writing by Mayne Pharma before it is made, except if required by law or a regulatory body (including any relevant stock exchange), in which case HPPI must, to the extent practicable, first consult with and take into account the
reasonable requirements of Mayne Pharma. 

  
  

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	 	26.4	 Subcontracting 

Each party may appoint contractors to perform its obligations under this Agreement, except that HPPI must obtain the prior written consent of
Mayne Pharma before appointing a contractor to perform a material part of the HPPI’s obligations under this Agreement. The appointment of any contractor by a party does not relieve that party of any of its obligations under this Agreement. 

 

	 	26.5	 Assignment 

  

	 	(a)	 HPPI may assign any of its rights or obligations under this Agreement only with the prior written consent of
Mayne Pharma. 

  

	 	(b)	 Mayne Pharma may assign any of its rights or obligations under this Agreement to: 

 

	 	(i)	 an Affiliate or any entity to whom Mayne Pharma has disposed the whole or a substantial part of its assets,
operations or business; or 

  

	 	(ii)	 otherwise with the prior written consent of HPPI. 

 

	 	26.6	 Costs 

Each party must pay its costs and expenses of negotiating, preparing and executing this Agreement. 

 

	 	26.7	 Relationship 

The relationship of principal and agent does not exist between the parties. Each party is an independent contractor and not an agent of HPPI.
Neither party has any authority to act, execute any documents or warrant or represent on behalf of or otherwise bind the other party. 
  

	 	26.8	 No modification 

This Agreement cannot be modified except in writing and signed by each party. 

 

	 	26.9	 Non waiver 

A party’s failure to exercise any right conferred on it under this Agreement will not be deemed to be a waiver of that right, unless it is
in writing signed by that party. A party’s waiver of any right under this Agreement at any given time is not deemed to be a waiver for any other time. 
  

	 	26.10	 Entire agreement 

This Agreement (as amended and restated as of the Effective Date), including its schedules, the Equity Holders Agreement, the 2014 Transaction
Documents (as defined in the Equity Holders Agreement) and the 2015 Transaction Documents (as defined in the Equity Holders Agreement), the 2018 SPA, the Angiogenesis and Hedgehog Patent Sublicense, the December 2018 Agreement and the exhibits,
annexes, instruments and the documents contemplated thereby, constitute the entire agreement between the parties in connection with its subject matter and supersedes all previous or contemporaneous agreements, promises or understandings between the
parties in connection with its subject matter. 
  

	 	26.11	 Further Action 

Each party must do, at its own expense, everything reasonably necessary (including executing documents) to give full effect to this Agreement
and any transaction contemplated by it. 
  

	 	26.12	 Severability 

If any term or provision of this Agreement is held to be invalid or unenforceable, it is to be read down so as to be valid or enforceable or,
if such reading down is not possible, severed and the remaining terms hereof will not be affected but will be valid and enforced to the fullest extent permitted by law. 

  
  

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	 	26.13	 Counterparts 

This Agreement may be executed in counterparts, including electronic counterparts. All executed counterparts constitute one document. Delivery
of an executed signature page of this Agreement by facsimile transmission or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof. 

 

	 	26.14	 Governing law 

This Agreement is governed by the laws of Delaware, USA, without regard to the conflicts of laws principles thereof. 

 

	 	26.15	 Embodiments of IIPR 

All rights and licenses granted by HPPI to Mayne Pharma under this Agreement (including, without limitation, pursuant to Clause 5.5 and
Schedule 7) are and shall be deemed to be rights and licenses to “intellectual property” and the subject matter of this Agreement, including all Intellectual Property Rights, is and shall be deemed to be “embodiment[s]” of
“intellectual property” in each case, as such terms are used in and interpreted under Section 365(n) of the United States Bankruptcy Code (the “Code”) (11 U.S.C. § 365(n)). Mayne Pharma shall have all rights, elections
and protections under the Code and all other applicable bankruptcy, insolvency and similar laws with respect to this Agreement (including, without limitation, pursuant to Clause 5.5 and Schedule 7) and the subject matter hereof and thereof. Without
limiting the generality of the foregoing, HPPI acknowledges and agrees that, if HPPI or its estate becomes subject to any bankruptcy or similar proceeding: (A) subject to Mayne Pharma’s rights of election under Section 365(n), all
rights, licenses and privileges granted to Mayne Pharma under this Agreement (including, without limitation, pursuant to Clause 5.5 and Schedule 7) will continue subject to the respective terms and conditions hereof and thereof, and will not be
affected, even by HPPI’s rejection of this Agreement (including, without limitation, pursuant to Clause 5.5 and Schedule 7) and (B) Mayne Pharma shall be entitled to a complete duplicate of (or complete access to, as appropriate) all such
intellectual property and embodiments of intellectual property, which, if not already in Mayne Pharma’s possession, shall be promptly delivered to Mayne Pharma or its designee, unless HPPI elects to and does in fact continue to perform all of
its obligations under this Agreement (including, without limitation, pursuant to Clause 5.5 and Schedule 7). 
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Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 41 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

IRS Employer Identification No. 30-0793665 
  

 Schedule 1 – Agreement details 

 
  

	1.	 Start Date 

3 September 2013 
  

	2.	 Initial Term 

Starts on the Start Date and continues until the later of: 
  

	 	(a)	 10 years from the Actual Launch Date; 

 

	 	(b)	 all issued patents of Mayne Pharma or any of its Affiliates referred to in paragraph (a) of the definition
of MP Licensed Rights (and all continuations-in-part, continuations or divisions of any such patent or patents, or substitutes of it, and any reissues, re-examinations, extensions, or renewals of the same) have lapsed or expired. 

  

	3.	 Territory 

United States of America, including all of its commonwealths, territories and possessions. 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 42 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

IRS Employer Identification No. 30-0793665 
  

	Schedule	 2 – BCCNS Field 

 
  

	1.	 Transfer Activities 

  

	 	(a)	 From the Effective Date, HPPI, in collaboration with Mayne Pharma, must immediately commence all activities
necessary or reasonably required to implement the transfer of all of HPPI’s rights to the Product to Mayne Pharma in the Territory in the BCCNS Field (Transfer Activities), including: 

 

	 	(i)	 the assignment to Mayne Pharma (subject to obtaining applicable third party agreements and consents as
necessary) of all relevant contracts and other agreements related to HPPI’s activities in the BCCNS Field in the Territory which are deemed necessary by Mayne Pharma for the future conduct of its activities in the BCCNS Field in the Territory
(provided that HPPI shall provide Mayne Pharma copies of all agreements with contract research organisations, clinical trial investigators and key opinion leaders and any other agreements as requested in writing by Mayne Pharma);

  

	 	(ii)	 the transfer of IND *** and the sponsorship of such IND to Mayne Pharma; 

 

	 	(iii)	 the transfer of all relevant regulatory files relating to the Product in the BCCNS Field to Mayne Pharma,
including PDF and word versions of all HPPI correspondence and IND related submissions sent by HPPI to the FDA and PDF copies of all correspondence received from the FDA; and 

 

	 	(iv)	 the transfer to Mayne Pharma of all audited or raw clinical data related to HPPI’s Phase 2b trial in the
possession of HPPI or its contractors as of the Effective Date , including the Trial Master File as described in Schedule 3 and a copy of the *** study database in Excel and/or SAS format (“Scoring Study Clinical Data”).

  

	 	(b)	 To avoid doubt, the rights to the Product in the Territory in the BCCNS Field which are the subject of the
Transfer Activities shall not include a transfer or assignment of the HPPI Patents, the HP LLC Patents or any other patents or patent applications owned or licensed by HPPI themselves, which patents and applications are subject to the license
granted by HPPI hereunder. 

  

	 	(c)	 Mayne Pharma designates *** as its point person in the United States to interface with HPPI management on a
frequent basis to coordinate and ensure the efficient execution of the Transfer Activities. 

  

	 	(d)	 HPPI may not communicate with the FDA after the Effective Date with regard to the MP Product in the BCCNS
Field, except to give effect to the transfer as set out above. 

  

	 	(e)	 From the Effective Date, Mayne Pharma is: 

 

	 	(i)	 responsible for all expenses related to exploiting the MP Product in the BCCNS Field (including, with respect
to third party consulting if Mayne Pharma determines to engage such services); and 

  

	 	(ii)	 responsible (save for HPPI’s Transfer Activity obligations) for compiling the integrated safety study
required for any MP Marketing Authorisation in the BCCNS Field. 

  

	 	(f)	 HPPI is responsible for all liabilities related to the Product in the Territory in the treatment of human
patients with cancer via oral administration prior to the Effective Date. 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 43 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

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	 	(g)	 Each of HPPI and Mayne Pharma must use its reasonable commercial efforts to complete all Transfer Activities
detailed in clause 1(a) on or prior to December 31, 2018 (subject to any required consents of or negotiations with third party contractors), other than the transfer of the Scoring Study Clinical Data and the IND transfer. Each of HPPI and Mayne
Pharma must use its reasonable commercial efforts to complete the transfer of all *** and IND *** to Mayne Pharma on or prior to January 31, 2019. 

  

	2.	 Advancement of Funds 

 

	 	(a)	 In consideration of HPPI’s execution and delivery of this Agreement, and HPPI’s performance of its
obligations under this Agreement, Mayne Pharma agrees to advance funds to HPPI in an aggregate amount of up to Five Million United States dollars (USD 5,000,000) (each, an Advance, and collectively, the Advances), as set out in this
item 2 of Schedule 2. 

  

	 	(b)	 Base Advances 

 

	 	(i)	 Tranche One – On the Effective Date, Mayne Pharma must make an Advance to HPPI of Five Hundred Thousand
United States dollars (USD 500,000); 

  

	 	(ii)	 Tranche Two – Within three (3) Business Days following the completion of the Transfer Activities (as
evidenced by the completion in all material respects of the actions set forth in items 1(a)(i) to 1(a)(iii) of this Schedule 2), Mayne Pharma must make an Advance to HPPI of One Million United States dollars (USD 1,000,000); and

  

	 	(iii)	 Tranche Three – If, and only if, the Scoring Study Clinical Data has been provided to Mayne Pharma in all
material respects so as to allow Mayne Pharma to assume control of the Product in the Territory in the BCCNS Field, upon the earlier of June 30, 2019 or the acceptance for filing by FDA of an NDA for the Product in the BCCNS Field, Mayne Pharma
must make an Advance to HPPI of One Million Five Hundred Thousand United States dollars (USD 1,500,000). 

  

	 	(c)	 Top-Up Right; Elected Advance 

 

	 	(i)	 If, from Effective Date until June 30, 2021, HPPI proposes to issue New Securities in any transaction that
would result in HPPI having received aggregate gross proceeds since the Effective Date of more than Three Million United States dollars (USD 3,000,000) (Threshold) from the issuance of New Securities to one or more investors other than Mayne
Pharma, whether in one or a series of related or unrelated financings (collectively, an Equity Issuance), then, Mayne Pharma will have the right, at its option, to purchase concurrently with the most recent Equity Issuance that results in the
Threshold being met, up to or equal to the same New Securities being sold to the investors in such Equity Issuance, on terms and conditions the same as the most favourable terms contemplated in any such financing, such that following the Equity
Issuance and the exercise of such option Mayne Pharma will own up to the same percentage of equity in HPPI that it owned immediately prior to the Equity Issuance (Top-Up Right). 

 

	 	(ii)	 If Mayne Pharma does not purchase its entire allocation pursuant to the
Top-Up Right then, promptly following delivery of notice by HPPI (at its election) to Mayne Pharma requesting a further Advance of up to an amount equal to the difference between Two Million United States
dollars (USD 2,000,000) and the amount of aggregate gross proceeds received by HPPI from Mayne Pharma from the sale of New Securities to Mayne Pharma pursuant to the Top-Up Right (Elected Advance), ***.

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 44 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

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	 	(iii)	 To avoid doubt, if HPPI receives aggregate proceeds of at least Two Million United States dollars (USD
2,000,000) from Mayne Pharma from the sale of New Securities to Mayne Pharma pursuant to the Top-Up Right, then HPPI is not entitled to request the Elected Advance and Mayne Pharma has no obligation to make
the Elected Advance to HPPI. 

  

	 	(d)	 Additional terms and conditions 

 

	 	(i)	 Notwithstanding anything to the contrary in this Agreement, Mayne Pharma shall not be required to make any
Advance under this item 2 of Schedule 2 if: (A) this Agreement has expired, has been terminated or is not otherwise in full force and effect, or (B) any event referred to in clause 20.3 has happened to HPPI. 

 

	 	(ii)	 HPPI may use the proceeds from each Advance as determined by HPPI in its discretion. 

 

	 	(iii)	 With respect to any Equity Issuance, Mayne Pharma hereby agrees to waive its right to approve any such Equity
Issuance pursuant to Section 5.3 of the 2018 SPA. 

  

	 	(e)	 Optional Conversion in Certain Circumstances 

 

	 	(i)	 If Mayne Pharma does not obtain FDA approval of an NDA for the MP Product in the BCCNS Field by
December 31, 2023, then, from and after December 31, 2023, at any time and from time to time, Mayne Pharma may convert, at its option by notice to HPPI and without the payment of additional consideration by Mayne Pharma, all or any portion
of the Advances Amount (as defined below) made under this item 2 of Schedule 2 into such number of fully paid and non-assessable restricted shares of common stock of HPPI as is determined by dividing the
amount of Advances Amount being converted by the Per Share Market Price. 

  

	 	(ii)	 No fractional shares of common stock of HPPI shall be issued upon conversion of Advances Amount under this item
2(e) of Schedule 2. In lieu of any fractional shares to which Mayne Pharma would otherwise be entitled, HPPI shall pay cash equal to such fraction multiplied by the Per Share Market Price. 

 

	 	(iii)	 In order for Mayne Pharma to voluntarily convert all or any portion of the Advances Amount into common stock of
HPPI pursuant to this item 2(e) of Schedule 2, Mayne Pharma shall provide written notice to HPPI that Mayne Pharma elects to convert all or any portion of the Advances Amount and specify the amount of Advances Amount that is being so converted (a
Conversion Notice). 

  

	 	(iv)	 HPPI shall, as soon as practicable after receipt of a Conversion Notice (i) issue and deliver to Mayne
Pharma, or to its nominees, a certificate or certificates for the number of full shares of HPPI common stock issuable upon such conversion in accordance with the provisions hereof and an acknowledgement as to the remaining amount of Advances Amount
that have not converted into HPPI common stock and (ii) pay in cash such amount as provided in item 2(e)(ii) of Schedule 2 in lieu of any fraction of a share of HPPI common stock otherwise issuable upon such conversion. 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 45 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

IRS Employer Identification No. 30-0793665 
  

	 	(v)	 For the purposes of this item 2(e) of Schedule 2: 

 

	 	(A)	 Advances Amount means a USD value determined by multiplying (1) the amount of Advances proposed to
be converted into HPPI common stock by (2) 1.10. 

  

	 	(B)	 Per Share Market Price means (1) if HPPI common stock is then traded primarily on the New York
Stock Exchange or Nasdaq Stock Market, the per share volume weighted average trading price of HPPI common stock over the thirty (30) consecutive trading days ending on the trading day immediately prior to HPPI’s receipt of the applicable
Conversion Notice (calculated by dividing the total value by the total volume of HPPI common stock traded for the trading days included in such thirty (30) trading day period), (2) if HPPI common stock is then listed or traded on other
exchanges, markets and systems, the per share volume weighted average trading price of HPPI common stock over the ninety (90) consecutive trading days ending on the trading day immediately prior to HPPI’s receipt of the applicable
Conversion Notice (calculated by dividing the total value by the total volume of HPPI common stock traded for the trading days included in such ninety (90) trading day period) and (3) if HPPI common stock is not then publicly traded, the
per share fair market value of HPPI common stock as determined by an appraiser mutually selected by Mayne Pharma and HPPI that is independent of Mayne Pharma and HPPI and their respective Affiliates that is skilled in preparing appraisals of the
value of non-publicly traded stock, provided that (i) if Mayne Pharma and HPPI are unable to agree on a single appraiser, then each party must select a qualified independent appraiser and the two
qualified independent appraisers must then determine the per share fair market value of HPPI common stock, (ii) if the two qualified independent appraisers cannot agree on the per share fair market value of HPPI common stock within 30 days
after their selection, they must, within 30 days, mutually select a third qualified independent appraiser, (iii) the mutually selected qualified independent appraiser (or, if applicable, the third qualified independent appraiser) must determine
the per share fair market value of HPPI common stock within 30 days of selection, and such determination is conclusive and binding upon Mayne Pharma and HPPI and (iv) Mayne Pharma and HPPI must bear equally the fees and expenses of such
appraisers. 

  

	 	(vi)	 HPPI shall have no obligation to reserve and keep available out of its authorized but unreserved and unissued
capital stock any shares of HPPI common stock or other HPPI securities for the purpose of effecting the conversion of Advances pursuant to this item 2(e) of Schedule 2; provided, however, that if at the applicable date of desired
conversion of any Advances (Conversion Date), HPPI shall have an insufficient number of authorized, unreserved shares of HPPI common stock available for issuance upon conversion of all of such Advances, Mayne Pharma may elect to convert the
applicable amount of such Advances it is permitted to convert based on the then authorized, unreserved shares of HPPI common stock and, with respect to any deficiency amount, to either (A) require HPPI to take, and HPPI shall take, all
corporate action within *** of the Conversion Date as may be necessary to increase its authorized but unissued and unreserved shares of HPPI common stock to such number of shares as shall be sufficient for purposes of converting the remaining
Advances or (B) recoup the Advances that is unable to be converted as of the Conversion Date in the form of 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 46 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

IRS Employer Identification No. 30-0793665 
  

	 	
an unsecured promissory note issued by HPPI which will (1) not contain any affirmative or negative covenants restricting the corporate activities of HPPI, (2) contain customary event of
default and other provisions for a simple promissory note, (3) will mature on the one (1) year anniversary of the Conversion Date, (4) will carry an interest rate of *** per annum and (5) will be prepayable by HPPI at any time
prior to maturity without penalty. 

  

	 	(vii)	 Any such portion of Advances so converted under this item 2(e) of Schedule 2 shall not be credited and set off
against royalty payments, if any, due by Mayne Pharma to HPPI under item 4.1 of Schedule 2 as contemplated by item 4.3 of Schedule 2. 

  

	 	(viii)	 With respect to any and all shares of common stock of HPPI issued upon conversion of Advances under this item
2(e) of Schedule 2, HPPI agrees to provide to Mayne Pharma the same rights and privileges that are set forth in Annex G to the 2018 SPA applicable to Registrable Securities (as defined therein). 

 

	3.	 Mayne Pharma’s performance obligation for the BCCNS Field 

After Mayne Pharma obtains any MP Marketing Authorisation for any MP Product in the Territory in the BCCNS Field, Mayne Pharma must use
reasonable commercial efforts to maximise the sale of the MP Product in the BCCNS Field in the Territory (including, without limitation, through maintaining all warehousing, sales, personnel and facilities required to perform its obligations under
this Agreement with respect to Products in the BCCNS Field in the Territory). 
  

	4.	 Royalty 

  

	4.1	 Payment each Quarter 

Subject to items 4.2 and 4.3 of Schedule 2, within 60 days of the end of each Quarter, Mayne Pharma must pay to HPPI a cash royalty
(HPPI BCCNS Royalty) of 9% on the aggregate of the actual gross invoice price for the MP Product sold by Mayne Pharma, its Affiliates or any sub licensee to third parties in the Territory in the BCCNS Field, less the following deductions
(whether or not separately stated on invoices) to the extent reasonable and customary in the market for the MP Product or any product similar to or substitutable for the MP Product: 

 

	 	(a)	 ***; 

  

	 	(b)	 ***; and 

  

	 	(c)	 ***. 

  

	4.2	 Calculation of the royalty 

In respect of the amounts payable under item 4.1 of Schedule 2: 
  

	 	(a)	 if such amount is negative in any Quarter, then no royalty is payable for that Quarter and that amount will be
carried forward and included as a deduction from the aggregate of the gross invoice price in any subsequent Quarter (as applicable); 

  

	 	(b)	 Mayne Pharma may reduce the amount of the royalty owed to HPPI under item 4.1 of Schedule 2 by the value of any
milestone payments forfeited by Mayne Pharma International under the Angiogenesis and Hedgehog Patent Sublicense; 

  

	 	(c)	 Mayne Pharma must submit to HPPI a report setting out, in reasonable detail, the calculation of the royalty
amount (including the aggregate actual gross invoice price for the MP Product sold by Mayne Pharma, its Affiliates or any sub licensee during the applicable Quarter) at the same time as it makes payment; and 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 47 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

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	 	(d)	 Mayne Pharma must, and must ensure that its Affiliates and any sub licensee must, promptly process any
deduction and in any event, process such deductions no later than one Quarter after they are allowed (in the case of discounts, bonuses, commissions and rebates) applied or the Products sold by Mayne Pharma, its Affiliates or any sub licensee are
rejected or returned. 

  

	4.3	 Credit for payment of the Advance 

Each Advance made by Mayne Pharma under item 2 of Schedule 2 (other than any portion of such Advance that has been converted under item
2(d) of Schedule 2) will be credited and set off against royalty payments, if any, due by Mayne Pharma to HPPI under item 4.1 of Schedule 2, as follows (for the avoidance of doubt, any funds invested by Mayne Pharma in consideration of New
Securities pursuant to the Top-Up Right shall not be credited and set off against royalty payments, if any, due by Mayne Pharma to HPPI under item 4.1 of Schedule 2 as contemplated hereby): 

 

	 	(a)	 With respect to each Advance made by Mayne Pharma prior to the receipt of FDA approval of an NDA for the MP
Product in the BCCNS Field, each USD 0.75 increment of each such Advance will be credited and set off against each USD 1.00 increment of royalty due by Mayne Pharma to HPPI under item 4.1 of Schedule 2; and 

 

	 	(b)	 With respect to each Advance made by Mayne Pharma on or after the receipt of FDA approval of an NDA for the MP
Product in the BCCNS Field, each USD 0.85 increment of each such Advance will be credited and set off against each USD 1.00 increment of royalty due by Mayne Pharma to HPPI under item 4.1 of Schedule 2. 

 

	4.4	 Books of account 

 

	 	(a)	 Mayne Pharma will maintain books of account and records with respect to sales and stocks of the Product in the
Territory in the BCCNS Field by Mayne Pharma, its Affiliates and any sub licensee (including stock records) (Mayne Pharma Books of Account). 

  

	 	(b)	 HPPI will have the right to appoint, on reasonable notice, an Accountant to inspect and examine the Mayne
Pharma Books of Account. 

  

	 	(c)	 HPPI will bear the fees of such Accountant unless an error equivalent to 5% or more (in favor of HPPI) of the
amounts payable under item 4.1 of Schedule 2 in any calendar year is discovered, in which case the fees will be borne by Mayne Pharma. 

  

	 	(d)	 Mayne Pharma will maintain the Mayne Pharma Books of Account in accordance with business accounting standards
in the Territory. 

  

	5.	 Option to buy out the royalty 

If, prior to June 30, 2021, HPPI has not successfully consummated the Equity Issuance, then Mayne Pharma has the right, at its option, to
satisfy all of its remaining obligations under item 4 of this Schedule 2 by making a single lump sum payment to HPPI (Royalty Buyout Option) in an amount equal to seventy percent (70%) of the fair market value of the remaining royalties
payable under item 4 of this Schedule 2 (Royalty Fair Market Value) within 60 days of the determination of the Royalty Fair Market Value becoming conclusive and binding upon Mayne Pharma and HPPI as set out below. Within 30 days following
delivery by Mayne Pharma of notice of the exercise of the Royalty Buyout Right to HPPI (Royalty Buyout Notice), Mayne Pharma and HPPI must mutually select an appraiser independent of Mayne Pharma and HPPI and

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 48 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

IRS Employer Identification No. 30-0793665 
  

 
their respective Affiliates that is skilled in preparing appraisals of the future value of pharmaceutical products (a Qualified Independent Appraiser) to determine the Royalty Fair Market
Value. If Mayne Pharma and HPPI are unable to agree on a single Qualified Independent Appraiser, then each party must select a Qualified Independent Appraiser and the two Qualified Independent Appraisers must then determine the Royalty Fair Market
Value. If the two Qualified Independent Appraisers cannot agree on the Royalty Fair Market Value within 30 days after their selection, they must, within 30 days, mutually select a third Qualified Independent Appraiser. The mutually selected
Qualified Independent Appraiser (or, if applicable, the third Qualified Independent Appraiser) must determine the Royalty Fair Market Value within 30 days of selection, and such determination is conclusive and binding upon Mayne Pharma and HPPI.
Mayne Pharma and HPPI must bear equally the fees and expenses of the Qualified Independent Appraisers. 
  

	6.	 Indemnity 

Subject to clause 16.3, Mayne Pharma must indemnify and hold harmless and keep indemnified and held harmless HPPI and each of its Personnel
from and against all actions, claims, demands, losses, damages, costs and expenses (including legal expenses as between a solicitor and their own client) howsoever and wheresoever arising, whether during or after the Term, to the extent arising from
or in respect of any of the following activities: 
  

	 	(a)	 the research, development or registration activities relating to the MP Product in the Territory in the BCCNS
Field, directly or indirectly, by Mayne Pharma; 

  

	 	(b)	 the importation, promotion, marketing, sale or distribution of the MP Product in the Territory in the BCCNS
Field, directly or indirectly, by Mayne Pharma; 

  

	 	(c)	 the use or effects of such MP Product in the Territory in the BCCNS Field; and 

 

	 	(d)	 to avoid doubt and without limitation, any actual or alleged infringement of Intellectual Property Rights
arising from any activities, use or effects referred to above, 

 except to the extent that such action, claim, demand,
loss, damage, cost or expense is caused by a breach of an express warranty given under this Agreement by HPPI or the gross negligence, fraud or willful misconduct of HPPI or its Personnel. 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 49 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

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 Schedule 3 – Trial Master File for Study ***  

 
 *** 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 50 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

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 Schedule 4 – Product and Product Specification 

 
 Product: SUBA-Itraconazole 50mg hard capsules

  

	1.	 Description of the dosage form 

Hard gelatin capsules, size *** body and cap printed *** in *** on the cap. *** 

 

	2.	 Composition 

The qualitative composition for SUBA-Itraconazole Capsules is presented in Table 1 below. 

*** 
  

	3.	 Container Closure System 

SUBA-Itraconazole Capsules 50 mg will be packaged ***. 

SUBA-Itraconazole Capsules 50 mg may be packaged ***. 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 51 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

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 Schedule 5 – Economic details 

 
  

	1.	 Floor Price, Minimum Order Quantity and Minimum Annual Volumes 

 

	1.1	 Floor Price and Minimum Order Quantity 

 

							
	 Product
	 	 Floor Price per

unit (USD)
	 	 Minimum Order

Quantity (MOQ)

(capsules)
	 	 Incremental

Order Quantity

(after the MOQ)

(capsules)

	 SUBA-Itraconazole 50mg
 hard capsule
	 	 ***
	 	 ***
	 	 ***

  

	1.2	 Minimum Annual Volumes 

***  
  

	2.	 Forecast Period 

*** 
  

	3.	 Delivery terms 

EXW (Incoterms 2010), Salisbury, South Australia, Australia. 
  

	4.	 Minimum shelf life 

*** 
  

	5.	 Price 

  

	5.1	 Product Mayne Pharma provides *** 

Mayne Pharma will provide Product and placebo for the conduct of the activities in the applicable Development Plan and any other activities
relating to the research, development or registration activities relating to the Product approved by Mayne Pharma, acting reasonably. 
 ***

  

	5.2	 Product for which Mayne Pharma *** 

HPPI *** Mayne Pharma for: 
  

	 	(a)	 any Product required for the conduct of the activities in the Development Plan and any other activities
relating to the research, development or registration activities relating to the Product: 

  

	 	(i)	 above the amount specified in item 5.1 of this Schedule 5; or 

 

	 	(ii)	 ***, 

at the Floor Price, and payable by HPPI within *** of the date of Mayne Pharma’s invoice, to be issued on or after shipment of the
Product; and 
  

	 	(b)	 all other Product, in accordance with this item 5 of this Schedule 5. 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 52 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

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	5.3	 Definitions 

In this Schedule 5: 

Actual ASP means for any ***. 

Floor Price means the floor price set out in the table above. 

Forecast ASP means the forecasted ***. 

*** 
 Price is calculated
under item 5.6 of this Schedule 5. 
 Total Net Sales means *** 

Transfer Price has the meaning given to it in item 5.5 of this Schedule 5. 

Total Units Sold means ***. 
  

	5.4	 Forecast ASP 

At least *** before the start of each ***, the parties will use reasonable commercial efforts to agree on the forecasted Total Net Sales on a
per Product basis and the forecasted Total Units Sold for that ***, which will be used to calculate the Forecast ASP. 
  

	5.5	 Transfer Price 

The Transfer Price must be reviewed by the parties, and if necessary, revised at least *** before the start of each ***. The
Transfer Price for the Product at the time of invoice is ***. 
  

	5.6	 Price 

The Price to be paid by HPPI for the Product in the Territory is: 
  

	 	(a)	 the Transfer Price, payable by HPPI within *** of the date of Mayne Pharma’s invoice, to be issued on or
after shipment of the Product; and 

  

	 	(b)	 as adjusted by a reconciliation of the Actual ASP in relation to the Forecast ASP ***. 

 

	5.7	 Timely accounting for deductions 

HPPI must, and must ensure that its Affiliate and any Sub Licensee must, promptly process any deduction from Total Net Sales and in any event,
process such deductions no later than *** after they are allowed (in the case of discounts, bonuses, commissions and rebates), applied or the Products are rejected or returned. 

 

	5.8	 Books of Account 

 

	 	(a)	 HPPI will maintain books of account and records with respect to sales and stocks of the Product supplied by
Mayne Pharma under this Agreement in the Territory by HPPI, its Affiliates and Sub Licensee (including stock records) (HPPI Books of Account). 

  

	 	(b)	 Mayne Pharma will have the right to appoint, on reasonable notice, an Accountant to inspect and examine the
Books of Account. 

  

	 	(c)	 Mayne Pharma will bear the fees of the such Accountant unless an error equivalent to *** or more of the Total
Net Sales in any calendar year is discovered, in which case the fees will be borne by HPPI. 

  

	 	(d)	 HPPI will maintain the HPPI Books of Account in accordance with business accounting standards in the Territory
and at a standard sufficient to facilitate any Product recall. 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 53 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

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	 	(e)	 HPPI will have the right to appoint on reasonable notice an Accountant to inspect and examine Mayne
Pharma’s manufacturing costs, including Mayne Pharma’s cost of goods as such is relevant to the calculation of the Floor Price. 

  

	5.9	 Reporting requirements 

Within *** from the end of each month of each Quarter, HPPI must use reasonable commercial efforts to submit to Mayne Pharma an estimated
reconciliation report in reasonable detail. 
  

	6.	 Currency and exchange rate 

 

	6.1	 Currency 

USD 
  

	6.2	 Financial institution for exchange rate 

National Bank of Australia Limited 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 54 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

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 Schedule 6 – Qualification of Backup Manufacturer 

 
  

	1.	 Definitions 

In this Schedule 6: 
 ***

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 55 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

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 Schedule 7 – Licence of HPPI Licensed Rights 

 
  

	1.	 Licence of HPPI Licensed Rights 

 

	1.1	 Grant of licence 

From the Start Date, HPPI grants to Mayne Pharma an exclusive, perpetual, irrevocable licence to copy and exploit: 

 

	 	(a)	 outside the Territory in any field, and 

 

	 	(b)	 inside the Territory outside the Field, 

any Intellectual Property Right (including all Developed Intellectual Property Right subject to clause 18.5 of the Agreement, but excluding
rights in respect of trade and service marks and logos) that satisfies all of the following criteria: 
  

	 	(i)	 relates to, or has potential application in connection with, the Product, including any dossier containing
technical or clinical information relating to the Product; and 

  

	 	(ii)	 is owned by HPPI or its Affiliates or Sub Licensees, or licensed by HPPI, its Affiliates or Sub Licensees
(without restriction as to license or sub license) at any time during the period starting at the Start Date until the earlier of: 

  

	 	(A)	 ***; or 

  

	 	(B)	 the termination or expiry of this Agreement, 

(HPPI Licensed Rights) including the HP LLC Patents and the HPPI Patents and also including, in respect of Intellectual Property Rights
not yet in existence at the Start Date but created before the earlier of the dates referred to in items 1.1(ii)(A) and (B) of this Schedule 7), by way of a grant of a licence of future Intellectual Property Rights, which takes effect from
the date of creation of those rights. The license granted pursuant to this item 1.1 of Schedule 7 shall be royalty free, except to the expressly provided in Schedule 2. 

 

	1.2	 HPPI to ensure it remains free to licence the HPPI Licensed Rights 

HPPI must: 
  

	 	(a)	 ensure that, in respect of any Intellectual Property Rights comprising the HPPI Licensed Rights owned by it,
its Affiliates or any Sub Licensee; and 

  

	 	(b)	 use reasonable commercial efforts to ensure that, in respect of any Intellectual Property Rights comprising the
HPPI Licensed Rights licensed by it, its Affiliates and any Sub Licensee, 

 HPPI is free to grant to Mayne Pharma an
exclusive, perpetual, irrevocable, royalty free licence to copy and exploit such Intellectual Property Rights outside the Territory in any field or in the Territory outside the Field. Promptly on becoming aware of any restriction on such right to
grant such licence, HPPI must notify Mayne Pharma. 
  

	1.3	 Restriction on assignment or sub licence 

The licence under item 1.1 of this Schedule 7 may only be assigned or sub licensed in accordance with this Agreement or otherwise with the
prior written consent of HPPI. 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 56 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

IRS Employer Identification No. 30-0793665 
  

	1.4	 Survival 

To avoid doubt, the licenses granted under item 1.1 of this Schedule 7 survive termination of this Agreement. 

 

	2.	 Copies of documents, data and other information embodying the HPPI Licensed Rights 

Promptly in response to a request by Mayne Pharma at any time during the Term or a reasonable period after the termination or expiry of this
Agreement, HPPI must provide to Mayne Pharma a copy of any documents, data and other information embodying the HPPI Licensed Rights since the most recent request by Mayne Pharma under this item 2 of Schedule 7. Without limiting the generality
of the foregoing, HPPI agrees to provide Mayne Pharma, at HPPI’s expense, access to any Drug Master File (should one exist from time to time) and all pre-clinical or clinical data included as part of the
HPPI Licensed Rights. 
  

	3.	 Intellectual property protection for HPPI Licensed Rights 

 

	 	(a)	 HPPI will consult with Mayne Pharma regarding intellectual property protection for such rights outside the
Territory. 

  

	 	(b)	 In particular, HPPI must give at least *** prior notice before it, or any of its Affiliates:

  

	 	(i)	 discloses any Confidential Information comprised in the HPPI Licensed Rights to any third party unless subject
to equivalent restrictions on use and disclosure as those under clause 18, without any right of further disclosure; and 

  

	 	(ii)	 without limitation, discloses any Confidential Information comprised in the HPPI Licensed Rights to any patent
office, including as part of a patent application. 

  

	 	(c)	 If HPPI decides not to file, prosecute or maintain patent protection for any invention comprised in the HPPI
Licensed Rights in any country outside the Territory, it must promptly give notice to Mayne Pharma (with such notice to be given at least *** before any deadline for decisions relating to such filing, prosecution or maintenance).

  

	 	(d)	 Mayne Pharma may, by notice to HPPI, request that HPPI make a decision in respect of the filing, prosecution or
maintenance of patent protection for any invention comprised in the HPPI Licensed Rights in any country outside the Territory, in which case HPPI must respond before any deadline referred to in item 3(c) of this Schedule 7 but in any event no later
than *** after the request by Mayne Pharma. 

  

	 	(e)	 If HPPI gives notice to Mayne Pharma under item 3(c) or (d) of this Schedule 7 of its intention not to
file, prosecute or maintain patent protection of any invention comprised in the HPPI Licensed Rights in any country outside the Territory, Mayne Pharma may decide to take over such filing, prosecution or maintenance at its cost by giving notice to
HPPI before the relevant deadline, in which case: 

  

	 	(i)	 HPPI will, or will procure that its Affiliate (as applicable) will, promptly assign to Mayne Pharma or its
nominee all rights in respect of the invention (including under any patent application or issued patent); and 

  

	 	(ii)	 from the date of such assignment, HPPI acknowledges that: 

 

	 	(A)	 such rights no longer form part of the HPPI Licensed Rights; 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 57 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

IRS Employer Identification No. 30-0793665 
  

	 	(B)	 Mayne Pharma or its nominee may, in its discretion and at its cost, file, prosecute, maintain, enforce and
defend any assigned patent application or issued patent; and 

  

	 	(C)	 any information in respect of the invention that is not public knowledge is deemed to be Confidential
Information of Mayne Pharma. 

  

	4.	 Sub-licensing and assignment 

 

	4.1	 Sub-licensing 

Upon notice to HPPI, Mayne Pharma may grant a sub licence of the HPPI Licensed Rights to a third party without the prior written consent of
HPPI under a written agreement that includes obligations on that third party that relate to use and disclosure of Intellectual Property Rights of HPPI and Confidential Information of HPPI at least equivalent to those imposed on Mayne Pharma under
this Agreement. 
  

	4.2	 Assignment 

Despite clause 26.5(b), Mayne Pharma may assign any of its rights or obligations under this Schedule 7 without the prior written consent
of HPPI. 
 [Signature page follows] 

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 58 

 Confidential Treatment Requested by HedgePath Pharmaceuticals, Inc., 

IRS Employer Identification No. 30-0793665 
  

 Signed as an AGREEMENT by authorised officers of each party. 

 

					
	 Signed for Mayne Pharma Ventures Pty Ltd 

by an authorised officer
	 		 	 /s/ Nick Freeman

		 		 	Signature of officer
			
	  
	 		 	 Nick Freeman

		 		 	Name of officer (print)
			
	  
	 		 	 Company Secretary

		 		 	Office held
			
	  
	 		 	 December 17, 2018

		 		 	Date
	 Signed for HedgePath Pharmaceuticals, Inc. 

by an authorised officer
	 		 	 /s/ Nicholas J. Virca

		 		 	Signature of officer
			
	  
	 		 	 Nicholas J. Virca

		 		 	Name of officer (print)
			
	  
	 		 	 President and CEO

		 		 	Office held
			
	  
	 		 	 December 17, 2018

		 		 	Date

  
  

Third Amended and Restated Supply and License Agreement – Mayne Pharma and HPPI | page 59

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