Document:

Exhibit 10.3

 

Confidential Materials omitted and filed separately with the
Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of
1933, as amended. Confidential portions are marked: [ *** ]

 

EXCLUSIVE DISTRIBUTION AGREEMENT

 

This EXCLUSIVE DISTRIBUTION
AGREEMENT (this “Agreement”) is made and entered into effective as of April 3, 2013 (the “Effective Date”)
by and between INNOCOLL Pharmaceuticals Limited, an Irish corporation (collectively with its Affiliates) (“INNOCOLL”),
whose principal office is at Athlone Business & Technology Park, Garrycastle, Athlone, Co. Westmeath Ireland, and Biomet 3i,
LLC, (“BIOMET”), a limited liability company whose principal office is at 4555 Riverside Drive, Palm Beach Gardens,
Florida 33410.

 

RECITALS

 

WHEREAS, INNOCOLL has
developed the Product and desires to grant to BIOMET the exclusive right to distribute and sell the Product in the Territory in
the Field (as each is defined below);

 

WHEREAS, BIOMET is
willing to act as INNOCOLL’s distributor for the Product in the Territory in the Field; and

 

WHEREAS, INNOCOLL and
BIOMET desire to enter into this Agreement to set forth the terms and conditions of such distribution right and all other rights
and obligations of the parties relating thereto.

 

NOW, THEREFORE, in
consideration of the foregoing recitals and the mutual representations, warranties, covenants and agreements contained herein,
the parties hereto intending to be legally bound agree as follows:

 

Article
1

DEFINITIONS

 

1.1           “Act”
shall mean the United States Food, Drug and Cosmetic Act or other Acts by similar agencies throughout the Territory and the regulations
promulgated thereunder, as amended from time to time.

 

1.2           “Affiliates”
shall mean, with respect to either party, those entities controlled by, in control of, or under common control with such party.
A corporation or non-corporate business entity shall be regarded as in control of another corporation or business entity (i) if
it owns or directly or indirectly controls a majority of the voting stock or other ownership interest of the other entity, or (ii) in
the absence of the ownership of a majority of the voting stock or other ownership interest of such entity, if it possesses, directly
or indirectly, the power to direct or cause the direction of the management and policies of such corporation or non-corporate business
entity, as applicable.

 

1.3           “Affiliated
Parties” means, in respect of any specified party, all Affiliates, directors, officers, employees and Representatives of
such party.

 

1.4           “cGMP/QSR”
shall mean the then-current Good Manufacturing Practices/Quality System Regulations set forth in 21 C.F.R. Part 820 and 21 C.F.R
Parts 210 and 211.

 

1.5           “Commercially
Reasonable Efforts” shall mean the efforts and resources which would be used (including without limitation the promptness
in which such efforts and resources would be applied) by such party, consistent with generally-accepted industry standards, with
regard to the diligent development, manufacture and commercialization of products of similar market and profit potential at a similar
stage in development.

 

    	- 1 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

1.6           “Competitive
Products” shall mean purified type I collagen of bovine origin in the form of a non-crosslinked material used for hemostasis
and wound management excluding (i) powders or granules of similar material, (ii) cross-linked collagen membranes, (iii) any
and all products currently manufactured or sold by BIOMET, and (iv) any and all products manufactured by Collagen Matrix,
Inc.

 

1.7           “FDA”
shall mean the Food and Drug Administration of the U.S. Department of Health and Human Services.

 

1.8           “Field”
shall mean all dental applications.

 

1.9           “Fiscal
Quarter” means the calendar quarterly periods ending March 31, June 30, September 30 and December 31.

 

1.10         “Improvements”
shall mean any enhancement to the Product including, but not limited to, line extensions of the Product, packaging of the Product,
labeling of the Product, developments in the Product itself, Products as produced by newly developed manufacturing processes or
methods, and new applications of the Product in the Field.

 

1.11         “Intellectual
Property” shall mean all patents, including, without limitation, any renewal, extension or other rights therefor, and applications,
provisional, divisional, reexaminations, continuations in part, divisions, continuations, reissues, additions, substitutions and
registrations for any of the foregoing and all corresponding foreign patents and patent applications of each of the foregoing,
technical information, devices, processes, procedures, discoveries, techniques, formulae, software, designs, drawings, data, trade
secret, methods, protocols, products, apparatuses and other materials, compositions, mask works, schematics, manufacturing processes,
know-how, software programs or applications, manufacturing and production processes and techniques, research and development information,
drawings, and specifications; Intellectual Property shall not include any Section 3.2 trademarks or trade names used in connection
with the Product.

 

1.12         “ISO”
shall mean the International Standards Organization.

 

1.13         “Net
Sales” means the gross invoiced sales revenues received or receivable by Biomet or its Affiliates from sales of Product,
less the following items: ***

 

1.14         “Product”
shall mean purified type I collagen of bovine origin in the form of a non-crosslinked material used for hemostasis and wound management
as more specifically described in Specifications in Schedule 1.14. The Product will be delivered as a plug, tape and pad in
a variety of sizes or dimensions. INNOCOLL grants to BIOMET a ninety days (90) right of first refusal to distribute any future
Products manufactured by INNOCOLL for the Field.

 

1.15         “Regulatory
Approval” shall mean all registrations, approvals (including, but not limited to, labeling approvals), licenses (including,
but not limited to, product and/or establishment licenses, manufacturing sites and reimbursement approval) and authorizations by
a Regulatory Authority required for the marketing, importation, exportation, transport, storage, commercial use and sale of the
Product in the Territory.

 

    	- 2 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

1.16         “Regulatory
Authority” shall mean, with respect to any country, any and all governmental or regulatory bodies or authorities having the
authority to approve the import, storage, export, transport, manufacture, sale and/or use of the Product.

 

1.17         “Representatives”
shall include the agents, partners or advisors (including, without limitation, attorneys, accountants, consultants, bankers and
financial advisors) of BIOMET or INNOCOLL, as applicable.

 

1.18         “Specifications”
shall mean the specifications for the Product, including the design, composition, output, product safety assurance, manufacture,
packaging, and/or quality control of the Product, as set forth on Schedule 1.19.

 

1.19         “Territory”
shall mean collectively all countries, republics, states, and areas of the world with the exception of The People’s Republic
of China, Hong Kong, Macau, Taiwan, Thailand, Philippines, Vietnam, Cambodia, Malaysia, Singapore, Indonesia, Brunei Darrusalam,
Laos, and Myanmar.

 

Article
2

APPOINTMENT AS EXCLUSIVE DISTRIBUTOR

 

2.1           Scope.   INNOCOLL hereby appoints BIOMET as its sole and exclusive distributor to market, sell, advertise, promote and distribute the Product
in the Field in the Territory. BIOMET hereby accepts such appointment.

 

2.2           INNOCOLL
Exclusivity.   INNOCOLL represents and warrants to BIOMET that INNOCOLL has not entered into any other agreements, written or
oral, with any third party permitting the sale or distribution of the Product in the Field in the Territory, and INNOCOLL covenants
and agrees that during the Term, INNOCOLL will not enter into any such agreements to sell or distribute the Product in the Territory.

 

2.3           BIOMET
Exclusivity.   BIOMET covenants and agrees that during the Term, BIOMET will not sell or distribute Competitive Products in the
Territory.

 

Article
3

LICENSE; TRADEMARKS

 

3.1           License.   Subject to the terms of this Agreement, INNOCOLL hereby grants to BIOMET and its Affiliates an exclusive right and license to market,
distribute, offer for sale, sell, re-sell, import, support, package, and use the Product in the Field in the Territory.

 

3.2           Trademarks.   BIOMET shall determine the appropriate private label/name/brand for the Product and apply for trademark registrations as it deems
appropriate. BIOMET shall own said trademarks and the goodwill associated thereto.

 

    	- 3 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

Article
4

SUPPLY AND ORDERS FOR PRODUCT

 

4.1         Supply
of Product.

 

(a)          Supply
of Product.   Subject to the terms of this Agreement, INNOCOLL agrees to manufacture and supply BIOMET with quantities of the
Product as requested by BIOMET for marketing, sale, re-sale, import and use in the Field in the Territory.

 

(b)          Minimum
Order of Product.   The minimum purchase of Product is set forth in Schedule 4.1 (b).

 

(c)          Shipment
of Product.   INNOCOLL shall deliver the Product, ***. The parties will cooperate to obtain the best commercial rates for shipping
costs. BIOMET shall arrange for shipping in compliance with the applicable Product requirements regarding temperature, duration
and other environmental factors as required to properly preserve the Product without materially impacting its shelf life. All Product
delivered by INNOCOLL shall be suitably packed and marked for shipment to such BIOMET location as BIOMET may designate. INNOCOLL
shall ship all Product in accordance with the instructions specified in BIOMET’s purchase orders. A Certificate of Analysis
(“COA”), specific to testing of each lot/batch, must accompany each shipment. INNOCOLL shall maintain a copy of each
such COA in compliance with cGMP/QSR. INNOCOLL shall provide a duplicate copy of the COA to BIOMET, upon BIOMET’s request.

 

(d)          Inspection
and Acceptance.   BIOMET shall have the right, at its sole discretion, to inspect each and every shipment of the Product. BIOMET
shall have *** from receipt of each shipment of Product to inspect the shipment (“Inspection Period”). BIOMET may reject
a shipment (or portion thereof) of Product if any one or more units contained therein fail to conform to the Specifications, by
providing INNOCOLL written notice of such rejection prior to the end of the Inspection Period. BIOMET may then return all or a
portion of the shipment of Product to INNOCOLL.

 

4.2         Product
Packaging and Labeling; Promotional Material.

 

(a)          INNOCOLL
shall have all responsibility for sourcing and/or manufacturing all Product packaging, labeling, and instructions for use.

 

(b)          The
packaging of the Product shall designate INNOCOLL as the manufacturer of the Product and BIOMET as the distributor of the Product.
Should BIOMET exercise its rights in Section 3.2 hereof, BIOMET will provide to INNOCOLL the graphic/artwork for the Product
packaging. INNOCOLL will be responsible for the printing costs associated with the Product packaging.

 

(c)          BIOMET
shall, with the assistance of INNOCOLL as described herein, develop and use its own sales and promotional literature in connection
with its distribution of the Product in the Field in the Territory. ***

 

(d)          All
labeling and promotional materials shall be approved by both INNOCOLL and BIOMET regulatory representatives prior to utilization.

 

    	- 4 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

Article
5

PRICES AND PAYMENTS

 

5.1         Purchase
Price of the Product.   Payment for Product shall be as follows:

 

(a)          Initial
Purchase Price; Payment Terms.   The initial purchase price of the Product shall be as reflected on Schedule 5(a) (“Initial
Purchase Price”). ***

 

(b)          Additional
Purchase Price.   In addition to the Initial Purchase Price recited in Section 5(a) above, BIOMET shall pay to INNOCOLL
amounts, if any, representing the difference between the Initial Purchase Price and ***

 

(c)          Accounting
for Additional Purchase Price.   No later than ***, BIOMET shall provide to INNOCOLL a report summarizing the Net Sales of Product
within the Territory for the previous Fiscal Quarter and shall provide the calculation of the Additional Purchase Price owing under
Section 5.1(b). *** Upon request of INNOCOLL ***, INNOCOLL may audit the books and records of BIOMET that pertain to sale
of the Product specially limited to sales numbers and data and not including customer information. Such audit shall provide a minimum
*** and be conducted during normal business hours. Such audit will allow review of gross sales of the Product and specifically
excludes the right of audit/inspection of any individual customer accounts or customer lists.

 

5.2         Resale
Prices of Product.   BIOMET may sell the Product at such prices as BIOMET in its sole discretion shall determine.

 

5.3         Currency
of Payments.   All payments due to INNOCOLL under this Agreement shall be made in U.S. Dollars by electronic funds transfer to
such bank account as INNOCOLL may designate from time to time.

 

5.4         Books,
Records and Audit Rights.   BIOMET and its respective Affiliates (as applicable) shall maintain accurate books and records regarding
sales of the Product in accordance with U.S. generally accepted accounting principles consistently applied by BIOMET in sufficient
detail to enable Net Sales of the Product to be determined and to otherwise enable INNOCOLL to determine compliance by BIOMET with
the terms of this Agreement. BIOMET shall, upon thirty (30) days’ written notice, permit one or more auditors appointed
by mutual agreement of the parties to enter upon the premises of BIOMET during usual business hours of BIOMET in order to examine
records pertaining to this Agreement for the preceding two (2) years, including invoices which are relevant to this Agreement.
The auditors shall

 

    	- 5 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

agree to be bound by
the confidentiality provisions of below. Said auditor(s) shall provide INNOCOLL with the Net Sales calculation of BIOMET so that
payments owned may be verified. ***

 

5.5         Interest
Rate on Undisputed Amounts Due.   ***

 

Article
6

ADDITIONAL RIGHTS AND OBLIGATIONS OF BIOMET

 

6.1         Sales
and Marketing.

 

(a)          BIOMET
shall at all times during the Term of the Agreement use Commercially Reasonable Efforts to advertise, promote, market, sell and
distribute the Product in the Territory in the Field.

 

(b)          BIOMET
shall, ***, be responsible for the preparation of all sales and marketing materials for the marketing and sale of the Product.
However, BIOMET and INNOCOLL will meet no less than annually to review commercialization-related plans and materials and INNOCOLL
will cooperate with BIOMET in the preparation of BIOMET’s sales and marketing materials.

 

Article
7

ADDITIONAL RIGHTS AND OBLIGATIONS OF INNOCOLL

 

7.1         Compliance
with Laws; Manufacturing.   INNOCOLL shall comply in all material respects with all laws, rules and regulations applicable to
the design, manufacture, labeling, packaging, storage and handling of the Product in the Territory, including maintaining qualified
manufacturing and quality facilities and/or procedures. INNOCOLL shall ensure that all third-party manufacturers of any raw materials
for the Product comply in all material respects with all laws, rules and regulations applicable to the design, manufacture, labeling
and packaging of the Product in the Territory. Without limiting the generality of the foregoing, INNOCOLL (and all third-party
manufacturers of any raw materials for Product) shall implement such quality control systems and procedures as shall be appropriate
to ensure compliance with the requirements of ISO and cGMP/QSR, that are applicable to INNOCOLL or such third-party manufacturer
as the manufacturer and supplier of the Product. INNOCOLL shall allow reasonable access to its records, manufacturing facilities,
and its third-party manufacturers’ manufacturing facilities and records (if applicable) to allow any Regulatory Authority
to conduct full compliance audits or inspections relating to the Product. Further, the parties shall make Commercially Reasonable
Efforts to, within sixty (60) days following the Effective Date but in any event prior to the sale of any Product by
BIOMET to third parties, enter into a Quality Agreement in accordance with applicable ISO and cGMP/QSR requirements and regulations,
which shall include, without limitation, a joint complaint management process, storage and shipment conditions and controls, product
release and environmental, temperature and humidity conditions and controls, as applicable. INNOCOLL and any third party manufacturer
shall ensure that the Products are manufactured in strict compliance with the Specifications.

 

7.2         Training
and Support.   INNOCOLL shall, ***, provide to BIOMET copies of all available technical materials (including clinical study reports
and summaries) and such other materials, information and knowledge that are owned by INNOCOLL and in INNOCOLL’s possession
as are necessary to train sales personnel of BIOMET, its Affiliates and subdistributors in the

 

    	- 6 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

Territory (the “Sales
Personnel”). BIOMET shall be entitled to duplicate, reproduce and distribute such materials to the extent necessary or useful
in conducting training of the Sales Personnel. ***

 

7.3         Sales
Leads.   INNOCOLL shall promptly forward to BIOMET all leads for sales of Product in the Field in the Territory.

 

Article
8

PRODUCT WARRANTIES

 

8.1         Warranty.
INNOCOLL warrants that, as of the time of delivery by INNOCOLL to BIOMET of the Product in accordance with this Agreement, all
Product will (a) be free of defects in design, material and workmanship and conform to the Specifications, (b) comply
in all material respects with all applicable safety, health and other laws, rules and regulations applicable to the Product in
the Territory, and (c) not be adulterated as defined in the Act.

 

8.2         Product
Liability.   INNOCOLL shall be responsible and shall indemnify BIOMET for all claims related to the Product to the extent arising
from ***. BIOMET shall be responsible and shall indemnify INNOCOLL for all claims related to the Product to the extent arising
from: ***.

 

Article
9

REPRESENTATIONS AND WARRANTIES

 

9.1         INNOCOLL’s
Representations, Warranties and Covenants.   INNOCOLL hereby represents and warrants (or covenants, as applicable) to BIOMET
that as of the Effective Date and during the Term:

 

(a)          INNOCOLL
is a corporation duly organized, validly existing and in good standing under the laws of Ireland, and this Agreement has been duly
authorized by all necessary corporate action.

 

(b)          INNOCOLL
has all necessary corporate power and authority to enter into this Agreement and to perform all of its obligations hereunder.

 

(c)          This
Agreement has been duly authorized, executed and delivered by INNOCOLL and is the legal, valid and binding obligation of INNOCOLL,
enforceable against INNOCOLL in accordance with its terms.

 

(d)          Neither
the execution, delivery and performance by INNOCOLL of this Agreement nor the consummation of the transactions contemplated hereby
violate or conflict with the charter documents of INNOCOLL, any material contract, agreement or instrument to which INNOCOLL is
a party or by which it or its properties are bound, or any judgment, decree, order or

 

    	- 7 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

award of any
court, governmental body or arbitrator by which INNOCOLL is bound, or any law, rule or regulation applicable to INNOCOLL.

 

(e)          As
of the Effective Date, no actions are threatened or pending before any court or governmental agency or other tribunal relating
to any of the Products.

 

(f)          INNOCOLL
is not under any obligations inconsistent with the provisions of this Agreement.

 

(g)          All
Product manufactured and sold under this Agreement will have been manufactured, labeled, packaged and sold to BIOMET in accordance
with the Specifications and all applicable international, federal, state and local laws and regulations including, but not limited
to, the Act and cGMP/QSR.

 

(h)          No
Product delivered pursuant to this Agreement will, at the time of such delivery, be adulterated within the meaning of the Act or
within the meaning of any applicable law in which the definition of adulteration is substantially the same as that contained in
the Act, as such Act and such laws are constituted and effective at the time of such delivery nor will such Product be an article
which may not, under the provisions of such Act, except those relating to misbranding, be introduced into interstate commerce.

 

(i)          The
manufacturing facilities and processes utilized for the manufacture of the Products will, at the time of manufacture, comply with
all applicable regulations and similar applicable foreign regulations including, without limitation, applicable cGMP/QSR.

 

(j)          INNOCOLL
and all Product delivered under this Agreement are in material compliance with all applicable worldwide environmental, health,
safety and transportation regulations (including, but not limited to, regulations of the U.S. Environmental Protection Agency,
U.S. Occupational Safety and Health Administration, and the U.S. Department of Transportation).

 

(k)          Each
item of environmental, health and safety information, including but not limited to, all MSDSs, related to the Product or INNOCOLL
supplied by INNOCOLL under this Agreement shall be complete and accurate on the date on which it is supplied to BIOMET.

 

(l)          INNOCOLL
owns all of the rights, title and interest in and to the INNOCOLL Intellectual Property necessary for INNOCOLL to enter into this
Agreement and perform its obligations hereunder.

 

(m)          INNOCOLL
is not aware of any third party Intellectual Property that would be infringed by BIOMET’s exercise of the license granted
to BIOMET and INNOCOLL has not received any communication (verbal or otherwise) from any third party alleging that the Product
infringes any third party Intellectual Property rights.

 

(n)          INNOCOLL
shall, throughout the Term of this Agreement and for a period of twenty-four (24) months thereafter, maintain a system
that is capable of tracking all source materials for the Product and shall, upon request, provide all such data to BIOMET and the
applicable Regulatory Authorities. Within sixty (60) days of the Effective Date, the parties shall enter into a written
Quality Agreement for the product.

 

    	- 8 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

9.2         BIOMET’s
Representations and Warranties.   BIOMET hereby represents and warrants to INNOCOLL that as of the Effective Date and during
the Term:

 

(a)          BIOMET
is duly organized, validly existing and in good standing under the laws of Florida and this Agreement has been duly authorized
by all necessary company action.

 

(b)          BIOMET
has all necessary power and authority to enter into this Agreement and to perform all of its obligations hereunder.

 

(c)          This
Agreement has been duly authorized, executed and delivered by BIOMET and is the legal, valid and binding obligation of BIOMET,
enforceable against BIOMET in accordance with its terms.

 

(d)          Neither
the execution, delivery and performance by BIOMET of this Agreement nor the consummation of the transactions contemplated hereby
violate or conflict with the charter documents of BIOMET, any material contract, agreement or instrument to which BIOMET is a party
or by which it or its properties are bound, or any judgment, decree, order or award of any court, governmental body or arbitrator
by which BIOMET is bound, or any law, rule or regulation applicable to BIOMET.

 

(e)          BIOMET
is not under any obligations inconsistent with the provisions of this Agreement.

 

(f)          The
Product manufactured and sold under this Agreement, when labeled as directed by BIOMET will not at the time of such sale be misbranded
within the meaning of the Act or within the meaning of any applicable law in which the definition of misbranding is substantially
the same as that contained in the Act, as the Act and those laws are constituted and effective at the time of such sale.

 

Article
10

REGULATORY SUBMISSIONS

 

10.1       Regulatory
Approvals.   INNOCOLL shall be responsible for all regulatory activities relating to the Product required to obtain and maintain
Regulatory Approvals and authorizations in the Territory, including any Regulatory Approvals required due to the private label/name/brand
(as recited in Section 3.2 hereof). All approvals shall be obtained in the name of INNOCOLL unless legally required otherwise
or if the parties agree that it is appropriate, in which case, BIOMET or its designee may hold such approval in trust for INNOCOLL,
and on termination of this Agreement shall transfer such approval to INNOCOLL or its designee.

 

10.2       Pricing
and Reimbursement Approvals.   BIOMET shall be responsible for all regulatory, administrative, and third party payor-related
activities relating to pricing and reimbursement approvals for the Product in the Territory (and any country therein). BIOMET shall
have the right to consult with INNOCOLL on the planning and development of all documentation with respect thereto and INNOCOLL
shall cooperate with BIOMET’s efforts in this regard.

 

    	- 9 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

10.3       Remedial
Actions.   Each party will notify the other immediately, and promptly confirm such notice in writing, if it obtains information
indicating that the Product may be subject to any recall, corrective action or other regulatory action (other than a corrective
and preventive action (“CAPA”) under the Act) taken either by virtue of applicable federal, state, foreign or other
law or regulation or good business judgment (a “Remedial Action”). The parties will assist each other in gathering
and evaluating such information as is necessary to determine the necessity of conducting Remedial Action; provided that BIOMET
shall have sole responsibility for collecting information from its customers, including customer complaints. INNOCOLL shall determine
whether to commence any Remedial Action with respect to the Product. Each party will maintain adequate records to permit the parties
to trace the manufacture of the Product and the distribution and use of the Product. In the event INNOCOLL determines that any
Remedial Action with respect to the Product should be commenced, or Remedial Action is required by any governmental authority having
jurisdiction over the matter, BIOMET shall use Commercially Reasonable Efforts to conduct such Remedial Action. INNOCOLL shall
use Commercially Reasonable Efforts to cooperate with BIOMET in implementing any such Remedial Action to the extent such cooperation
is necessary to effect the Remedial Action. INNOCOLL shall have sole responsibility for handling any CAPAs in a reasonable manner.
BIOMET shall cooperate with INNOCOLL to the extent reasonably requested by INNOCOLL in handling any CAPA. ***

 

10.4       Pharmacovigilance
and Reporting.

 

(a)          Pharmacovigilance
Agreement.   The parties’ system for exchanging safety information on the Product is attached hereto as Schedule 10.4.
Said Agreement shall be executed within ninety (90) days of the Effective Date of this Agreement.

 

(b)          Adverse
Event Reporting.   The parties shall report to each other all information necessary to make timely reports as required by any
Regulatory Authority or other authorized authority in the United States and the Territory regarding the Product. Further, the parties
shall use Commercially Reasonable Efforts to, within one hundred (100) days following the Effective Date but in any event
prior to the sale of any Product by BIOMET to third parties in the marketing Territory, enter into a written agreement regarding
adverse event reporting and procedures acceptable to the parties.

 

(c)          Notification
of Complaints.   Each party shall (i) notify the other party within five (5) business day of any information concerning
any complaint involving the possible failure of the Product to meet any requirement of applicable law or regulation, and any serious
or unexpected side effect, injury, toxicity or sensitivity reaction or any unexpected incidents associated with the distribution
of the Product, whether or not determined to be attributable to the Product, (ii) promptly provide to the other party copies
of any complaints, and provide at the time of submission copies of any submissions to any Regulatory Authority regarding such complaints,
and (iii) with respect to adverse events, comply as required. BIOMET shall have responsibility for investigating such complaint,
with cooperation and assistance from INNOCOLL.

 

10.5       Notification
of Threatened Action.   Each party shall immediately notify the other party of any information it receives regarding any threatened
or pending action, inspection or communication by or from any party, including, without limitation, a Regulatory Authority which
may affect the safety or efficacy claims of the Product or the continued marketing of the Product. Upon receipt of such information,
the parties shall consult with each other in an effort to arrive at a mutually acceptable procedure for taking appropriate action.

 

    	- 10 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

10.6       Audits.

 

(a)          INNOCOLL
will give BIOMET reasonable access to its records and manufacturing facilities (and will obtain sufficient rights to give BIOMET
reasonable access to the records and manufacturing facilities of any manufacturer of the Product), to allow BIOMET to conduct full
compliance audits relating to the Product (including with respect to its manufacture and packaging), at BIOMET’s expense,
as reasonably deemed necessary by BIOMET, but no more frequently than once in any twelve (12) month period unless any
such audits reveal material failure to comply with its obligations under this Agreement or failure to comply with any law, rule
or regulation related to the manufacturing, handling, storage or transport of the Product in which case there shall be no limitation
of the frequency of such compliance audits until such material compliance problems have been corrected. The audit shall be conducted
by BIOMET personnel and any of its designated third party Representatives each of whom shall, in connection with their participation
in such audit, agree to execute a confidentiality agreement in favor of INNOCOLL. In furtherance of this right, INNOCOLL agrees
that it shall specifically obtain from any and all third-party manufacturers of the Product or any source material therefor, a
right of BIOMET to conduct audits of such manufacturer’s records and facilities. The audit may include, without limitation,
records relating to manufacturing compliance with the Specifications, compliance with quality control and inspection reports procedures,
compliance with cGMP/QSR, regulatory compliance, and after certification has been obtained, compliance with ISO 13485:2003. Such
audits will be conducted during INNOCOLL’s normal business hours, after thirty (30) days prior written notice to
INNOCOLL by BIOMET, and at times mutually agreeable to the parties. INNOCOLL will make its regulatory compliance and quality assurance
personnel (and such personnel of any sub-contractors, if applicable) reasonably available to BIOMET in connection with such audits.
If BIOMET recommends any corrective actions to INNOCOLL in connection with such audits, INNOCOLL shall take any corrective action
reasonably recommended by BIOMET within ninety (90) days of receipt of any corrective action recommendations, if possible,
or will inform BIOMET in writing of the reasons why INNOCOLL believes such corrective action is not required or necessary, or cannot
be completed within such ninety (90) day period. BIOMET shall be given access to audit any corrective action. In the
event that INNOCOLL is not manufacturing the Product and is using a third party to manufacture the Product, INNOCOLL shall obtain
all rights necessary from such third party to enable BIOMET to exercise all of its rights under this Agreement.

 

(b)          BIOMET
will give INNOCOLL reasonable access to its records and facilities (and will obtain sufficient rights to give INNOCOLL reasonable
access to the records and facilities of its sub-distributors and Affiliates), to allow INNOCOLL to conduct reasonable compliance
audits relating to the Product (including with respect to its complaint handling, maintenance of adequate documentation, etc.),
at INNOCOLL’s expense, as reasonably deemed necessary by INNOCOLL, but no more frequently than once in any twelve (12) month
period unless any such audits reveals a material failure by BIOMET (or its sub-distributors and Affiliates, if applicable) to comply
with this Agreement or any applicable law relating to its obligations under this Agreement with respect to the Product in which
case there shall be no limitation of the frequency of such compliance audits with respect to the entity for which the material
failure was identified, until such material failures have been corrected at which time the frequency shall be restored to once
in any twelve (12) month period. The audit shall be conducted by INNOCOLL personnel and any of its designated third party
Representatives each of whom shall, in connection with their participation in such audit, agree to execute a confidentiality agreement
in favor of BIOMET. In furtherance of this right, BIOMET agrees that it shall specifically obtain from any and all third-party
or Affiliate distributors of the Product a right of INNOCOLL to conduct audits of such party’s records and facilities. The
audit may include, without limitation, records relating to compliance with quality control and inspection reports procedures, compliance
with ISO, and other applicable requirements. Such audits will be conducted during BIOMET’s normal business hours, after thirty (30) days
prior written notice to BIOMET by INNOCOLL, and at times mutually agreeable to the parties. BIOMET will make its regulatory compliance
and quality assurance personnel (and such personnel of any sub-distributors, if applicable) reasonably available to INNOCOLL in
connection with such audits. If INNOCOLL recommends any corrective actions to BIOMET in connection with such audits, BIOMET shall
take any corrective action reasonably recommended by INNOCOLL within ninety (90) days of receipt of any collective action
recommendations, if possible, or will inform INNOCOLL in writing of the reasons why BIOMET believes such corrective action is not
required or necessary, or cannot be completed within such ninety (90) day period. INNOCOLL shall be given access to audit
any corrective action. In the event that BIOMET is not distributing the Product and is using third parties to distribute the Product,
BIOMET shall obtain all rights necessary from such third parties to enable INNOCOLL to exercise all of its rights under this Agreement.

 

    	- 11 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

10.7         Regulatory
Inspections.   INNOCOLL will promptly notify BIOMET and provide copies of any notice of observations or warnings, requests for
Remedial Action, CAPAs or other adverse findings issued by the FDA, ISO or other federal, state, or local regulatory agency following
an inspection of its facilities at which the Product is manufactured, which relates to the manufacture, assembly, or packaging
of the Product, and shall further provide BIOMET with information about the progress and outcome of any actions taken in response
to any such notices, warnings, requests or findings. BIOMET shall, at its discretion, have the right to attend any INNOCOLL meetings
with the FDA, ISO or any other federal, state or local regulatory agency that relate to the Product in the Territory.

 

Article
11

INTELLECTUAL PROPERTY

 

11.1         Product
Trademarks.   In the event BIOMET does not exercise its rights as recited in Section 3.2 hereof, this Agreement allows BIOMET
the right to display or use the *** trademarks of INNOCOLL in so far as it is clear that the application of the Trademark is for
dental applications only.

 

11.2         Ownership
of Intellectual Property.   INNOCOLL will retain all ownership and control of the Intellectual Property, and will maintain all
rights in the Intellectual Property that protects the Product.

 

Article
12

CONFIDENTIAL INFORMATION

 

12.1         Confidentiality.
Each party acknowledges that, in the course of performing its duties and obligations under this Agreement, certain information
that is confidential or proprietary to such party (“Confidential Information”) will be furnished by the other party
or such other party’s Representatives. Each party agrees that any Confidential Information furnished by the other party or
such other party’s Representatives will not be used by it or its Representatives except in connection with, and for the purposes
of, the promotion, marketing, distribution and sale of Product and for any other purpose permitted under this Agreement and, except
as provided herein, will not be disclosed by it or its Representatives without the prior written consent of the other party. Notwithstanding
the foregoing, Confidential Information furnished by a party may be disclosed by a receiving party to such receiving party’s
professional advisors or such receiving party’s bona fide potential purchasers, acquirers, investors, bankers and lenders,
and the professional advisors of the foregoing; provided that such

 

    	- 12 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

persons need to know the disclosed information and agree to
be bound by the receiving party’s obligation of confidentiality with respect to such information. The parties further agree
that all Confidential Information shall be clearly marked “CONFIDENTIAL” or, if furnished in oral form, shall be stated
to be confidential by the party disclosing such information at the time of such disclosure and reduced to a writing by the party
disclosing such information which is furnished to the other party or such other party’s Representatives within forty-five (45) days
after such disclosure.

 

12.2         Exceptions.
The confidentiality obligations of each party do not extend to any Confidential Information furnished by the other party or such
other party’s Representatives that (a) is or becomes generally available to the public other than as a result of a disclosure
by the recipient party or its Representatives, (b) is or becomes generally available to the public as a result of a disclosure
specifically permitted, (c) was available to the recipient party or its Representatives on a non-confidential basis prior
to its disclosure thereto by the other party or such other party’s Representatives, (d) can be demonstrated by the recipient
party that it was independently developed by the recipient party without reference to any Confidential Information of the other
party, or (e) becomes available to such party or its Representatives on a non-confidential basis from a source other than
the other party or such other party’s Representatives; provided, however, that such source is not bound by a confidentiality
agreement with the other party or such other party’s Representatives.

 

12.3         Legally
Required Disclosures.   If the party receiving any Confidential Information or any of its Representatives (the “Receiving
Party”) is required by law, rule or regulation or by order of a court of law, administrative agency, or other governmental
body (including the United States Securities and Exchange Commission) to disclose any of the Confidential Information, the Receiving
Party will (a) promptly provide the other party (the “Disclosing Party”) with reasonable advance written notice
if at all possible to enable the Disclosing Party the opportunity to seek a protective order or to otherwise prevent or limit such
legally required disclosure, (b) use Commercially Reasonable Efforts to cooperate with the Disclosing Party to obtain such
protection, and (c) disclose only the legally required portion of the Confidential Information. Any such legally required
disclosure will not relieve the Receiving Party from its obligations under this Agreement to otherwise limit the disclosure and
use of such information as Confidential Information.

 

12.4         Compelled
Disclosure.   In the event that either party or its Representatives are requested or become legally compelled (by oral questions,
interrogatories, requests for information or document subpoena, civil investigative demand or similar process) to disclose any
Confidential Information furnished by the other party or such other party’s Representatives or the fact that such Confidential
Information has been made available to it, such party agrees that it or its Representatives, as the case may be, will provide the
other party with prompt written notice of such request(s) so that the other party may seek a protective order or other appropriate
remedy and/or waive compliance with the provisions of this Agreement. In the event that such protective order or other remedy will
not be obtained, or that the other party waives compliance with the provisions of this Agreement, such party agrees that it will
furnish only that portion of such Confidential Information that is legally compelled and will exercise Commercially Reasonable
Efforts to obtain reliable assurance that confidential treatment will be accorded to that portion of such Confidential Information
and other information being disclosed.

 

12.5         Survival.
The obligations of the parties under this Article 12 shall survive the expiration or earlier termination of this Agreement
for a period of five (5) years.

 

    	- 13 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

Article
13

INDEMNIFICATION; INSURANCE REQUIREMENTS

 

13.1         Indemnity.
The Parties agree to indemnify, defend and hold harmless each other and their permitted subdistributors, subagents and permitted
sublicensees (and the Affiliated Parties of any of the foregoing) (collectively, the “Indemnified Parties”) from and
against any ***.

 

13.2         Third-Party
Claims.   In the event of a third-party claim giving rise to indemnification hereunder, either party may, upon prior written
notice to the other party, assume the defense of such claim with counsel reasonably satisfactory to the other party, and shall
thereafter be liable for all expenses incurred in connection with such defense, including attorneys’ fees and expenses.

 

13.3         Third-Party
Infringement.   Each party shall promptly notify the other party in writing of any infringement or violation by any third party
of any Intellectual Property rights related to the Product of which it becomes aware. In the case of any infringement or violation
by any third party in the Territory of any INNOCOLL Intellectual Property rights related to the Product, INNOCOLL shall have the
right but not the obligation, at its sole expense, to exercise its rights (including, without limitation, common law and statutory
rights) to cause such third party to cease such infringement and to otherwise enforce such rights. If INNOCOLL exercises such right,
INNOCOLL shall select legal counsel and pay all legal fees and costs of prosecution of such action. INNOCOLL shall have one hundred
and twenty (120) days from the date it is notified in writing of the infringement or violation to elect to exercise its
rights to cause such third party infringement to cease. INNOCOLL shall be entitled to retain all amounts received as a result of
settlement or judgment of such action. In the event that INNOCOLL elects not to exercise its right or fails to elect to exercise
its right within the one hundred and twenty (120) days, BIOMET shall have the right but not the obligation, at its option
and at its own expense, to prosecute any action to enjoin such infringement or violation or to prosecute any claim for damages.
BIOMET shall be entitled to retain all amounts received as a result of settlement or judgment of such action. INNOCOLL shall permit
the use of its name in all such suits, sign all necessary papers, and reasonably cooperate, at BIOMET’s expense, to facilitate
such actions. BIOMET shall incur no liability to INNOCOLL as a consequence of such litigation, the conduct of such litigation or
any unfavorable decision resulting from it, including a holding of any of the Intellectual Property invalid or unenforceable.

 

13.4         Infringement
Defense.   In the event either party receives notice of any claim that the manufacture, use or sale of the Product infringes
the rights of a third party, it shall give prompt notice to the other party and shall discuss in good faith alternative strategies
for addressing the matter and cooperate with each other to terminate such infringement without litigation. After such discussion,

 

    	- 14 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

INNOCOLL shall have the
right and obligation, at its sole cost and expense, to defend against such claim. BIOMET shall provide, at INNOCOLL’s sole
expense, such assistance and cooperation to INNOCOLL as may be reasonably necessary to defend any such action, and INNOCOLL shall
have the right to settle such action for monetary damages, provided such settlement includes a complete and absolute release of
BIOMET. Notwithstanding anything to the contrary, INNOCOLL may not settle any claims for fines, penalties or the like or in any
way adverse to BIOMET without the prior written consent of BIOMET, which shall not unreasonably be withheld or delayed.

 

13.5       Cooperation
as to Indemnified Liability.   Each party hereto shall reasonably cooperate with other party with respect to access to books,
records, or other documentation within such party’s control, if deemed reasonably necessary or appropriate by any party in
the defense of any claim, which may give rise to indemnification hereunder.

 

13.6       Insurance
Requirements.   To provide sufficient protection to both INNOCOLL and BIOMET, INNOCOLL and BIOMET will, individually, at its
own cost and expense, obtain and maintain in full force and effect, during the Term, Commercial General Liability insurance including
Product Liability, Completed Operations and Broad Form Contractual Liability, ***. Insurance carriers must be rated A-, VII or
better by A.M. Best Company. If the insurance policy is written on a claims-made basis, then the coverage must be kept in place
for at least *** after the termination of this Agreement. Any and all policy deductibles shall be assumed respectively by INNOCOLL
and BIOMET. Policies held respectively by INNOCOLL and BIOMET shall be considered primary and bear no relationship to any policies
held by the other. INNOCOLL and BIOMET will each furnish each other with a certificate of insurance within thirty (30) days
of the Effective Date of this Agreement evidencing that such insurance is in effect and that a minimum of thirty (30) days
notice must be given to the other party prior to any cancellation or material changes to the policy.

 

Article
14

TERM AND TERMINATION

 

14.1       Term.
This Agreement shall take effect as of the Effective Date and shall continue in force and effect for a period of fifteen (15) years
(the “Term”).

 

14.2       Termination.
This Agreement may be terminated in accordance with the following provisions:

 

(a)          Either
party may terminate this Agreement for any reason during the first two years of the Term by providing a six (6) month written notice
of termination.

 

(b)          Either
party may terminate this Agreement for any reason during the remainder of the Term by providing an eighteen (18) month written
notice of termination.

 

(c)          Either
party may terminate this Agreement by giving notice in writing to upon ninety (90) days for a monetary breach and upon one hundred
twenty (120) days for a non-monetary breach.

 

(d)          Either
party may terminate this Agreement in the event that a third party files against either party an action for infringement of third
party patents based on the sale and use of the Product if, within one hundred and eighty (180) days from receipt of first
notice of such alleged 

 

    	- 15 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

infringement, the alleged infringement claim has not been resolved by a settlement or positive decision
in favor of INNOCOLL or BIOMET, or by the substitution of a non-infringing Products.

 

(e)          Upon
written notice to INNOCOLL, BIOMET shall have the right to terminate this Agreement without any resulting liability in the event
that any Regulatory Approval is withdrawn or rejected by the applicable Regulatory Authority in the Territory.

 

14.3       Rights
and Obligations On Termination.   Upon any termination or expiration of this Agreement, (i) each party shall promptly deliver
to the other party or destroy all Confidential Information of the other party, including materials, samples and documents of the
other party, subject to either party retaining a copy of the other party’s Confidential Information solely for any purpose
contemplated by this Agreement or as may be required by law and (ii) ***.

 

14.4       Effect
of Termination.   Except as otherwise provided in this Agreement:

 

(a)          Termination
or expiration of this Agreement shall not release either party from the obligation to make payment of all amounts due and payable
as of the applicable expiration or termination date.

 

(b)          The
terminating party shall have the right, at its option, to cancel any or all purchase orders that provide for delivery after the
effective date of termination. ***

 

(c)          Upon
termination, at INNOCOLL’s election (i) BIOMET shall be permitted to resell any inventory of the Product on hand, or
en route, or which has been ordered from INNOCOLL at the time of termination or (ii) INNOCOLL shall be required to purchase
BIOMET’s inventory at ***.

 

(d)          INNOCOLL’s
indemnification obligations shall survive termination of this Agreement.

 

Article
15

MISCELLANEOUS

 

15.1       Relationship
of Parties.   The relationship of the parties established by this Agreement is solely that of independent contractors, and nothing
shall be deemed to create or imply any employer/employee, principal/agent, partner/partner or co-venturer relationship, or that
the parties are participants in a common undertaking. Neither party shall have the right to direct or control the activities of
the other party or incur or assume or create any obligation, representation, warranty or guarantee, express or implied, on behalf
of the other party or bind such other party to any obligation for any purpose whatsoever.

 

15.2       Entire
Agreement.   This Agreement, including the exhibits and schedules attached hereto and incorporated as an integral part of this
Agreement, constitutes the entire agreement of the parties

 

    	- 16 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

with respect to the subject
matter hereof, and supersedes all previous proposals, oral or written, and all negotiations, conversations or discussions heretofore
had between the parties related to this Agreement.

 

15.3       No
Waiver; Amendment.   No waiver of any term or condition of this Agreement shall be valid or binding on any party unless agreed
to in writing by the party to be charged. The failure of either party to enforce at any time any of the provisions of the Agreement,
or the failure to require at any time performance by the other party of any of the provisions of this Agreement, shall in no way
be construed to be a present or future waiver of such provisions, nor in any way affect the validity of either party to enforce
each and every such provision thereafter. This Agreement may not be amended or modified except by the written agreement of the
parties. All purchase orders are subject to the terms and conditions of this Agreement, and any attempt by such purchase order
to alter or modify the terms and conditions of this Agreement shall be void.

 

15.4       Partial
Invalidity.   Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be invalid by a court of competent jurisdiction,
then the remaining provisions shall remain, nevertheless, in full force and effect. The parties agree to renegotiate in good faith,
or instruct the court to rewrite, any term held invalid and to be bound by the mutually agreed substitute provision in order to
give the most approximate effect intended by the parties.

 

15.5       Assignment.

 

(a)          Except
as provided in subsection (b), neither party may assign or otherwise transfer its rights and obligations under this Agreement
without the prior written consent of the other party.

 

(b)          Unless
prohibited by law, either party may assign or otherwise transfer (whether by operation of law, change of control or otherwise)
its rights and obligations under this Agreement, without the prior written consent of the other party, (A) to an Affiliate,
provided that the assigning party remains responsible for the performance of this Agreement by such Affiliate or (B) in connection
with a sale of all or substantially all of the assets or equity of the business entity, division or unit, as applicable, that,
in the case of INNOCOLL, manufactures or sells, or, in the case of BIOMET, markets, distributes or sells the Product, provided
that in the case of such an asset sale such assignee agrees to be bound by the terms of this Agreement. Prior to or promptly after
any assignment not requiring consent of the other party, the assigning party shall give the other party notice of the assignment.

 

(c)          Any
attempted assignment or transfer in violation of this provision shall be null and void. All terms and conditions of this Agreement
shall be binding on and inure to the benefit of the successors and permitted assigns of the parties.

 

15.6         Force
Majeure.   Any delay in the performance of any of the duties or obligations of either party hereto (except the payment of money),
to the extent caused by an event outside the affected party’s reasonable control, shall not be considered a breach of this
Agreement, and unless provided to the contrary herein, the time required for performance shall be extended for a period equal to
the period of such delay. Such events (hereinafter referred to as “Force Majeure” events) shall include without limitation,
acts of God; acts of public enemies; war, insurrections; riots; injunctions; embargoes; labor disputes affecting third parties
providing services to a party under this Agreement (including strikes, lockouts, job actions, or boycotts); fires; explosions;
floods; shortages of material or energy; acts or orders

 

    	- 17 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

of any government or
agency thereof or other unforeseeable causes beyond the reasonable control and without the fault or negligence of the party so
affected. The party so affected shall give prompt written notice to the other party of such cause and a good faith estimate of
the continuing effect of the Force Majeure condition and duration of the affected party’s nonperformance, and shall take
whatever reasonable steps are appropriate to relieve the effect of such causes as rapidly as possible.

 

15.7         Governing
Law.   The validity, interpretation, and enforcement of this Agreement and all matters arising directly and indirectly from this
Agreement shall be governed by the internal laws of the State of New York, without regard to any conflicts or choice of law rules.

 

15.8         Remedies.
The exercise of any remedies hereunder shall be cumulative and in addition to and not in limitation of any other remedies available
to such party at law or in equity.

 

15.9         Further
Assurances.   Each party agrees to cooperate fully with the other and execute such instruments, documents and agreements and
take such further actions to carry out the intents and purposes of this Agreement.

 

15.10       Counterparts;
Facsimile.   This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of
which, taken together, shall constitute one instrument. For purposes hereof, a.pdf copy of this Agreement, including the signature
pages hereto, shall be deemed to be an original.

 

15.11       Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be provided by carrier
to the other party at the following address (or at such other address for which such party gives notice hereunder):

 

		If to BIOMET:	BIOMET 3i
LLC

***

with a copy to:

BIOMET 3i LLC

***

with a copy to:

BIOMET 3i LLC

***

 

    	- 18 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

		If to INNOCOLL:	INNOCOLL
Pharmaceuticals Limited

Athlone Business & Technology Park,

Garrycastle, Athlone, Co. Westmeath

Ireland

Attention: President

with a copy to:

INNOCOLL Holdings, Inc.

42662 Kitchen Prim Ct

Ashburn, VA 20148

Attn: Dr. Michael Myers

And

White and Williams LLP

***

 

15.12     Construction;
Interpretation.   The headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. Any article, section, recital, exhibit, schedule and party references are to this
Agreement unless otherwise stated. No party, nor its counsel, shall be deemed the drafter of this Agreement for purposes of construing
the provisions of this Agreement, and all provisions of this Agreement shall be construed in accordance with their fair meaning,
and not strictly for or against any party.

 

15.13     Press
Releases and Announcements.   Neither party may issue any press release or make any public announcement concerning the transactions
contemplated by this Agreement without the prior consent of the other party (which consent shall not be unreasonably withheld,
conditioned or delayed).

 

15.14     Compliance
Requirements And Obligations.

 

(a)          In
addition to its other obligations as set forth herein, INNOCOLL agrees that it will abide by, and will cause all of its Affiliates
and the respective directors, officers, employees, agents, or representatives of such companies, or any other person or entity
acting on behalf of INNOCOLL, or any of its subsidiaries in connection with INNOCOLL’s performance of its obligations hereunder
(the “Relevant Agent(s)”) to abide by all applicable laws and regulations, which may include, but not be limited to,
the Organization for Economic Co-operation and Development Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions (“OECD Bribery Convention”) and its national country enabling legislation; the U.S. Foreign Corrupt
Practices Act (“FCPA”); the Italian Legislative Decree 231 of 8 June 2001 (“Italian Law 231”); the U.K.
Bribery Act 2010 (“Bribery Act”); and any other law that may govern its activities from time to time, including, but
not limited to, any law or regulation prohibiting bribery in any form. By way of example and not limitation, INNOCOLL shall not
offer, pay, or promise to pay, any money, advantage, or item of value, directly or indirectly, to any person, including any Government
Official, to purchase Product. For these purposes, a “Government Official” shall include any employee of any governmental
entity,

 

    	- 19 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

political
party, or public international organization, any political party official, or any candidate for public office in any jurisdiction,
and shall include, but not be limited to, any health care professional in a state sponsored health care system and/or facility.

 

(b)          INNOCOLL
represents that it has fully disclosed, and will continue to fully disclose, to BIOMET if any person employed by or connected with
it or with any of its Relevant Agents during the term of this Agreement becomes a Government Official of any governmental agency
or corporation owned by or organized under the laws of any government of the Territory or of any jurisdiction in which INNOCOLL’s
obligations under this Agreement are performed. INNOCOLL further represents that no part of the proceeds of the sale of the Products
or any, if any, paid hereunder will inure to or for the benefit of any person, including any Government Official, which payment
is in violation of any applicable law or regulation, including but not limited to the FCPA, the Bribery Act, Italian Law 231, or
the OECD Bribery Convention.

 

(c)          INNOCOLL
agrees that should it become aware of any behavior by itself or its Relevant Agent(s) that violates or is likely to violate any
applicable law and/or regulation, including, but not limited to, the FCPA, the Bribery Act, the OECD Bribery Convention, and any
other applicable law or regulation prohibiting bribery in any form, INNOCOLL will immediately notify BIOMET through BIOMET’s
compliance website www.ethicspoint.com, which provides international reporting telephone numbers or on-line reporting options.

 

(d)          INNOCOLL
acknowledges that should BIOMET be made or become aware of any allegations, suspicions or evidence of improper or unethical conduct
that would raise questions concerning compliance with this Section, then BIOMET is entitled to fully investigate such allegations,
in which event INNOCOLL shall fully cooperate in a timely manner and cause its Relevant Agents to cooperate fully with such investigation
by BIOMET or any third party appointed by BIOMET to perform such investigation.

 

(e)          If,
pursuant to any investigation conducted by BIOMET or otherwise, BIOMET concludes, based on a good faith belief, that INNOCOLL or
any of its Relevant Agents have violated the representations made by INNOCOLL under this Section, BIOMET is entitled to terminate,
with immediate effect, this Agreement and any other agreement INNOCOLL or any of its Relevant Agents may have entered into with
BIOMET or any of its affiliates (termination hereunder constituting an event of default under any such other agreement), and no
damages will accrue to INNOCOLL or any Relevant Agent on account of such termination. Furthermore, INNOCOLL, shall further indemnify
and hold BIOMET and its affiliates harmless against any and all claims, losses and damages arising from or related to such breach
or termination of the Agreement, or both.

 

(f)          INNOCOLL
will not make any kind of payments or offer any other kind of benefits to any health care professionals in connection with the
sale or of the Products.

 

    	- 20 -

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed on the date first above written.

 

	 	BIOMET 3i LLC	 
	 	 	 	 
	 	By: 	/s/ B. Doedens	 

	 	Name: 	B. Doedens	 

	 	Title:	President	 

 

	 	INNOCOLL PHARMACEUTICALS LIMITED
				 
	 	By:	/s/ Denise Carter	 

	 	Name: 	Denise Carter	 

	 	Title:	EVP Business Development	 

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

Schedule 1.14

 

Specifications

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

Schedule 4.1

 

Minimum Order of Product

 

***

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

Schedule 4.2(e)

 

Sample Certificate of Analysis

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

Schedule 5(a)

 

Initial Purchase Price of Product

 

***

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

Schedule 10.4

 

Pharmacovigilance Agreement—See
Following Quality Agreement

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

QUALITY AGREEMENT

 

This Quality Agreement
(“Quality Agreement”) is made and entered into as of the ___ day of _______, 2013 (“Effective Date”) by
and between Biomet 3i LLC (“Biomet 3i”) having an address at 4555 Riverside Drive, Palm Beach Gardens, Florida
33410 and INNOCOLL Pharmaceuticals Limited (“Manufacturer”) having an address at Athlone Business & Technology
Park, Garrycastle, Athlone, Co. Westmeath Ireland.

 

Whereas, on the ___
day of _______, 2013, Biomet 3i and Manufacturer entered into that certain agreement for the production by Manufacturer of
certain goods and products (“Products”) for Biomet 3i and for Biomet 3i to distribute the Products (“Exclusive
Distribution Agreement”);

 

Whereas, Biomet 3i
and Manufacturer desire to supplement the Exclusive Distribution Agreement with the terms and provisions of this Quality Agreement;

 

Now therefore, for
good and valuable consideration, the parties hereto hereby agree as follows:

 

	 	1.	Manufacturer shall produce all Products in accordance with all applicable regulatory laws, rules, and regulations. Manufacturer will permit Biomet 3i, or its designated representatives, to perform vendor audits of Manufacturer’s facilities and procedures. Manufacturer will notify Biomet 3i of any FDA inspections, observations, and/or FDA Form 483’s. Any FDA Form 483’s shall be given to Biomet 3i in writing within thirty (30) days of the issuance. Further, Manufacturer will provide Biomet 3i with a Certificate of Compliance, a Sterilization Certificate (if applicable) and certification of non-pyrogenicity (if applicable) for each batch/lot of Products shipped. Manufacturer will allow Biomet 3i, or its designated representatives, subject to the confidentiality provisions herein, to inspect the Products’ design history files, if applicable, and will also allow confidential access to all technical documentation necessary to demonstrate compliance with Quality System Regulations, ISO Standard 13485, Canadian Medical Device Regulations, Japan Quality Management System, National Health Surveillance Agency, the European Medical Device Directive, and other Regulatory Agencies, as applicable. Additionally, Manufacturer will notify Biomet 3i of any proposed changes in raw materials, components, processes, or labeling, at least ninety (90) days prior to such action. Manufacturer covenants and guarantees that Products sold pursuant to the Exclusive Distribution Agreement will not be adulterated or misbranded within the meaning of The Federal Food, Drug and Cosmetics Act (hereinafter the “Act”) and further covenants and guarantees that Products sold pursuant to this Exclusive Distribution Agreement are not barred from introduction into interstate commerce under the provisions in Sections 404, 505 or 512 of the Act.

 

	 	2.	All customer complaints for the Products will be processed through Biomet 3i’s Post Market Regulatory Department. Once a complaint has been received, it is the responsibility of Biomet 3i to forward a copy of the complaint within thirty (30) days to Manufacturer. If Manufacturer directly receives a complaint relating to the Products, Manufacturer will notify Biomet 3i within thirty (30) days. Manufacturer agrees to perform an investigation of each customer complaint and forward complaint results in writing to Biomet 3i within sixty (60) days. Biomet 3i agrees to complete the complaint file and respond to the customer. Manufacturer shall provide such assistance and information as Biomet 3i reasonably requests to fulfill its Medical Device Reporting requirements under 21 C.F.R. Part 803, as may be amended from time to time.

 

	 	3.	Quality management procedures, design history file, if applicable, and all batch and validation records related to the Products shall be maintained by Manufacturer in accordance with 21 C.F.R. Part 820 and shall be made available for inspection by Biomet 3i and/or any relevant regulatory authorities.

 

	 	4.	If either party in good faith determines that a removal, correction, or other field action involving the Product(s) is warranted, such party shall notify the other party in writing and shall advise such other party of the reasons underlying its determination that a removal, correction, or other field 

 

 

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

			action is warranted. The parties shall consult with each
other as to any action taken in regard to such removal, correction, or other field action. If any of the Products are the subject
of a recall, market withdrawal, or correction the parties shall cooperate in the handling and disposition of such recall, market
withdrawal or correction. If after consultation, Biomet 3i in good faith believes that such a removal, correction, or filed
action should be undertaken with respect to the Products or the Product’s labeling, the parties shall cooperate in carrying
out the same. Likewise, if after consultation, Manufacturer in good faith believes such a removal, collection, or field action
should be undertaken with respect to one or more Products or the Product’s labeling, the parties shall cooperate in carrying
out the same.

 

		5.	Manufacturer shall submit to the FDA any necessary reports of removals, corrections or other filed
actions, as required under 21 C.F.R. part 806, and shall be responsible for drafting any notification of removals and corrections
with respect to the Products and Product labeling. Each party shall within fifteen (15) days thereafter provide the other
party with a copy of all such reports as filed with the FDA, with the exception of any confidential, trade secret, or proprietary
information. Manufacturer shall be responsible for the costs of such recall, market withdrawal, or correction, except to the extent
that such recall, market withdrawal, or collection is due to Biomet 3i’ improper storage, handling, distribution, or
marketing of the Products.

 

		6.	In the event of a conflict between the Exclusive Distribution Agreement and this Quality Agreement,
the terms and provisions of this Quality Agreement shall govern and control.

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

In witness whereof,
the parties hereto have executed this Quality Agreement as of the date first above written.

 

BIOMET 3i LLC

 

	By:	 	 

	 	 	 

	 	Its:	 	 

 

	INNOCOLL PHARMACEUTICALS LIMITED	 
	 	 
	By:	 	 

	 	 	 

	 	Its:Exhibit 10.4

 

Confidential Materials omitted and filed separately with the
Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of
1933, as amended. Confidential portions are marked: [ *** ]

 

Execution Version

 

 

 

	April 27, 2010

 

EUSA PHARMA (EUROPE) LIMITED

 

— and —

 

INNOCOLL PHARMACEUTICALS LIMITED,

 

— and —

 

SYNTACOLL AG

 

	Amended and Restated Manufacture and Supply Agreement

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	1
	 	 
	ARTICLE II SUPPLY BY INNOCOLL	9
	 	 	 
	2.1	Commitment to Supply	9
	 	 	 
	2.2	Compliance	9
	 	 	 
	2.3	Facilities, Equipment and Materials	9
	 	 	 
	2.4	Responsibility	9
	 	 	 
	2.5	Specification Changes	10
	 	 	 
	ARTICLE III STANDARD TERMS OF SUPPLY OF PRODUCT	11
	 	 	 
	3.1	Labeling and Packaging	11
	 	 	 
	3.2	Manufacturing	11
	 	 	 
	3.3	Manufacturing Regulatory Matters	12
	 	 	 
	3.4	Training and Experience of Personnel	13
	 	 	 
	3.5	Materials Suppliers	13
	 	 	 
	3.6	Documentation for Governmental Authority Requirements	14
	 	 	 
	3.7	Monitoring and Recordkeeping; Operating Procedures	14
	 	 	 
	3.8	Inspection and Audit	14
	 	 	 
	ARTICLE IV FORECASTING AND ORDERING	14
	 	 	 
	4.1	General	14
	 	 	 
	4.2	Forecasts	15
	 	 	 
	4.3	Ordering Under the Forecast	15
	 	 	 
	4.4	Addressees for Correspondence	15
	 	 	 
	ARTICLE V SHIPPING AND DELIVERY	16
	 	 	 
	5.1	Shipping and Delivery Dates	16
	 	 	 
	5.2	Terms of Delivery	16
	 	 	 
	5.3	Accompanying Documentation	16
	 	 	 
	5.4	Retention of Samples	16
	 	 	 
	ARTICLE VI INSPECTION AND DEFECTIVE PRODUCTS; PRODUCT RECALL; REGULATORY MATTERS	17
	 	 	 
	6.1	Inspection by EUSA	17
	 	 	 
	6.2	Defective Products	17
	 	 	 
	6.3	Recalls and Withdrawals	18
	 	 	 
	6.4	Filing & Maintenance of Regulatory Approvals	18
	 	 	 
	6.5	Assistance	18

 

    	i

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

Table of Contents

(continued)

 

	 	 	Page
	 	 	 
	6.6	Manufacturing	19
	 	 	 
	6.7	Notice	19
	 	 	 
	ARTICLE VII FAILURE TO SUPPLY	19
	 	 	 
	7.1	Shortages	19
	 	 	 
	7.2	Manufacturing by EUSA During Shortage	19
	 	 	 
	7.3	***	20
	 	 	 
	7.4	Reservation of Rights	20
	 	 	 
	ARTICLE VIII FINANCIAL PROVISIONS	20
	 	 	 
	8.1	Supply Price	20
	 	 	 
	8.2	Setting the Supply Price	21
	 	 	 
	8.3	***	21
	 	 	 
	8.4	Manner of Payments	21
	 	 	 
	8.5	Invoices; Timing of Payments; Interest	21
	 	 	 
	8.6	Tax Withholding	21
	 	 	 
	8.7	***	22
	 	 	 
	8.8	Sales Share	22
	 	 	 
	8.9	Reports	25
	 	 	 
	8.10	Payment Term	25
	 	 	 
	8.11	Financial Audit	25
	 	 	 
	ARTICLE IX GRANT OF RIGHTS; COMMERCIALIZATION	26
	 	 	 
	9.1	Licenses to EUSA and Innocoll.	26
	 	 	 
	9.2	Third Party Agreements	27
	 	 	 
	9.3	No Implied Licenses	27
	 	 	 
	9.4	Liability for Affiliates and Third Parties	27
	 	 	 
	9.5	Restrictions on Off-Label Promotion	27
	 	 	 
	9.6	Promotional Materials	28
	 	 	 
	9.7	EUSA Ownership of Promotional Materials	28
	 	 	 
	9.8	Compliance with Laws	29
	 	 	 
	ARTICLE X CONFIDENTIALITY	29
	 	 	 
	10.1	Confidential Information	29

 

    	ii

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

Table of Contents

(continued)

 

	 	 	Page
	 	 	 
	10.2	Confidentiality Obligations	29
	 	 	 
	10.3	Permitted Disclosure and Use	30
	 	 	 
	10.4	Notification	30
	 	 	 
	10.5	Filing of this Agreement	31
	 	 	 
	10.6	Use of Names	31
	 	 	 
	10.7	Confidentiality of this Agreement	31
	 	 	 
	10.8	Disclosures Under Existing NDA	31
	 	 	 
	10.9	Ownership; Developments	31
	 	 	 
	ARTICLE XI REPRESENTATIONS, WARRANTIES AND COVENANTS	32
	 	 	 
	11.1	Representations and Warranties of Innocoll for Product	32
	 	 	 
	11.2	Mutual Representations and Warranties	33
	 	 	 
	11.3	Disclaimer of Warranty	34
	 	 	 
	ARTICLE XII INDEMNIFICATION; DEFENSE OF THIRD PARTY CLAIMS	34
	 	 	 
	12.1	Indemnity by Innocoll	34
	 	 	 
	12.2	Indemnity by EUSA	35
	 	 	 
	12.3	Procedure for Indemnification	35
	 	 	 
	12.4	Limitation of Liability	36
	 	 	 
	12.5	Defense of Third Party Infringement Claims	36
	 	 	 
	ARTICLE XIII INSURANCE	36
	 	 	 
	13.1	Required Insurance Coverage	36
	 	 	 
	ARTICLE XIV TERM AND TERMINATION	36
	 	 	 
	14.1	Term	36
	 	 	 
	14.2	Termination	37
	 	 	 
	ARTICLE XV AGREEMENT RIGHTS AND DUTIES UPON TERMINATION	38
	 	 	 
	15.1	***	38
	 	 	 
	15.2	Pending Purchase Orders	38
	 	 	 
	15.3	Outstanding Payment	38
	 	 	 
	15.4	Return of Materials	39
	 	 	 
	15.5	Accrued Rights	39
	 	 	 
	15.6	Survival	39

 

    	iii

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

Table of Contents

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE XVI GOVERNING LAW; DISPUTE RESOLUTION	39
	 	 	 
	16.1	Governing Law	39
	 	 	 
	16.2	Consent to Jurisdiction and Forum Selection	39
	 	 	 
	16.3	Injunctive Relief	40
	 	 	 
	ARTICLE XVII GENERAL PROVISIONS	40
	 	 	 
	17.1	Notices	40
	 	 	 
	17.2	Independent Status	41
	 	 	 
	17.3	Force Majeure	41
	 	 	 
	17.4	Entire Agreement; Amendment and Waiver	41
	 	 	 
	17.5	Headings; Construction; Certain Conventions	41
	 	 	 
	17.6	Assignment	42
	 	 	 
	17.7	Severability	42
	 	 	 
	17.8	Further Assurances	42
	 	 	 
	17.9	Counterparts	42

 

    	iv

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

SCHEDULES AND EXHIBITS

 

	SCHEDULE 1.36	PRODUCT SPECIFICATIONS
	SCHEDULE 3.1.1	PACKAGING AND LABELING SPECIFICATIONS, MATERIALS AND COMPONENTS
	SCHEDULE 3.3.1	MANUFACTURING STANDARDS AND PROCESS
	SCHEDULE 6.1.1	QUALITY CONTROL AND ASSURANCE PROCEDURES
	SCHEDULE 11.1.9	NON-COMPETING PRODUCTS

 

    	v

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

AMENDED AND RESTATED

MANUFACTURE AND SUPPLY AGREEMENT

 

This Amended and Restated
Manufacture and Supply Agreement (this “Agreement”) is entered into as of April 27, 2010 (the “Restated
MSA Effective Date”) by and among Innocoll Pharmaceuticals Limited, a corporation organized and existing under the laws
of Ireland (“Innocoll Pharmaceuticals”), and Syntacoll AG, a company organized under the laws of Switzerland
(“Syntacoll”) all located at c/o Innocoll Holdings, Inc. 42662 Kitchen Prim Ct., Ashburn, VA 20148 (Innocoll
Pharmaceuticals and Syntacoll shall collectively be referred to herein as “Innocoll”),

 

— and —

 

EUSA Pharma (Europe)
Limited, a corporation organized and existing under the laws of England, located at The Magdalen Centre, Oxford Science Park, Oxford,
England, UK (“EUSA”). Innocoll and EUSA are sometimes referred to herein individually as a “Party”
and collectively as the “Parties”.

 

RECITALS

 

WHEREAS, EUSA
and Innocoll Pharmaceuticals entered into an Asset Purchase Agreement, dated August 17, 2007 (the “Asset Purchase
Agreement”), under which Innocoll Pharmaceuticals (and Syntacoll as related to the C-Implant CE Marks (as defined therein))
sold and EUSA purchased the Assets (as defined in the Asset Purchase Agreement);

 

WHEREAS, in
accordance with the terms of the Asset Purchase Agreement and related agreements, EUSA, Innocoll Pharmaceuticals and Syntacoll
entered into a Manufacture and Supply Agreement on or about August 17, 2007 (the “MSA”) relating to the
manufacture and supply by Innocoll to EUSA of certain products, including the Product (as hereinafter defined); and

 

WHEREAS, pursuant
to a certain Settlement Agreement of even date herewith, the Parties desire to amend and restate the MSA in its entirety, effective
from and after the Restated MSA Effective Date, as set forth below;

 

NOW, THEREFORE,
in consideration of the mutual promises, covenants and agreements set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

For purposes of this
Agreement, the following initially capitalized terms, whether used in the singular or plural, shall have the following meanings:

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

1.1           “Act”
means the United States Federal Food, Drug and Cosmetic Act, and the rules and regulations promulgated thereunder, as amended from
time to time, including, without limitation regulations providing for cGMP.

 

1.2           “Affiliate”
means any individual, corporation, company, partnership, trust, limited liability company, association or other business entity
(“Person”) which directly or indirectly controls, is controlled by or is under common control with the Party
in question. As used in this definition of “Affiliate,” the term “control” shall mean, as
to any Person, (a) direct or indirect ownership of fifty percent (50%) or more of the voting interests or other ownership
interests in the Person in question (or such lesser percentage which is the maximum allowed to be owned by such Person in a particular
jurisdiction); (b) direct or indirect ownership of fifty percent (50%) or more of the interest in the income of the Person
in question; or (c) possession, directly or indirectly, of the power to direct or cause the direction of management or policies
of the Person in question (whether through ownership of securities or other ownership interests, by contract or otherwise). Notwithstanding
the foregoing, the owners of preferred stock (or common stock issued upon conversion thereof) or common stock upon conversion of
convertible promissory notes of a Party such as financial institutions, venture capital funds and private equity investors will
not be its “Affiliates” for purposes of this Agreement.

 

1.3           “Batch”
means, with respect to the Product, a specific quantity of the Product that is intended to have uniform character and quality,
within specified limits, and is produced according to a single Manufacturing order during the same cycle of Manufacture.

 

1.4           ***

 

1.5           ***

 

1.6           “Business
Day” means any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in Philadelphia,
Pennsylvania or London, England are authorized by Law to close.

 

1.7           “Calendar
Quarter” means that three (3) month period of each Calendar Year ending March 31, June 30, September 30
and December 31; provided, however, that the calendar quarter in which this Agreement (in its entirety) expires
or is terminated shall extend from the first day of such calendar quarter until the effective date of such expiration or termination
of this Agreement.

 

1.8           “Calendar
Year” means (a) for the first Calendar Year, the period commencing on the Restated MSA Effective Date and ending
on December 31 of the same year, (b) for each successive period beginning on January 1 and ending twelve (12) consecutive
calendar months later on December 31, and (c) for the Calendar Year in which this Agreement expires or is

 

    	2

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

terminated (in its entirety),
the period beginning on January 1 of such calendar year and ending on the effective date of the expiration or termination
of this Agreement.

 

1.9           “cGMP”
or “current Good Manufacturing Practices” means all applicable standards relating to manufacturing practices
for fine chemicals, active pharmaceutical ingredients, intermediates, bulk products, finished pharmaceutical products and medical
devices, including (a) the principles detailed in the U.S. Current Good Manufacturing Practices, 21 C.F.R. Parts 210
and 211, European Directive 2003/94/EC laying down the principles and guidelines of good manufacturing practice in respect of medicinal
products for human use and investigational medicinal products for human use and The Rules Governing Medicinal Products in the European
Community, Volume IV Good Manufacturing Practice for Medicinal Products, Directive 93/42/EEC concerning medical devices
and all associated guidance, each may be amended from time to time, (b) the principles detailed in the ICH Q7A guidelines
and (c) if EUSA notifies Innocoll that EUSA intends to Commercialize the Product in a country, Laws promulgated by any Governmental
Authority (including all guidance documents, advisory opinions, compliance policy guides and guidelines promulgated in such country)
in such country having jurisdiction over the manufacture of the Product.

 

1.10         “C-Implant”
means any lyophilized collagen sponge impregnated with gentamicin that is implanted during a surgical procedure where the wound
is closed by primary intention (for example, surgical closure with stitches, clips, etc.), with the intention of providing haemostasis
and/or prevention of surgical site infection.

 

1.11         “Commercialization”
or “Commercialize” means activities directed to the marketing, promotion, selling, or offering for sale of a
product, including pre-marketing, advertising, educating, planning, marketing, promoting, distributing and post-marketing safety
surveillance and reporting.

 

1.12         “Commercially
Reasonable Efforts” means, with respect to the efforts to be expended by a Party to achieve any objective, the reasonable,
diligent efforts to accomplish such objective as a similarly situated party in the pharmaceutical industry would normally use to
accomplish a similar objective under similar circumstances, with a product at a similar stage in its development or product life
and of similar market potential. The obligation to use “Commercially Reasonable Efforts” does not require the
expenditure of funds, commitment of resources or the incurrence of material liabilities in a manner or to an extent that would
be considered, by a similarly situated commercial party, to be unreasonable or disproportionate to the benefit to be obtained,
taking into account then-prevailing conditions and circumstances.

 

1.13         “C-Topical”
means any lyophilized collagen sponge impregnated with gentamicin that is applied to intact or broken skin, or to the base of an
ulcer crater in a situation such as diabetic foot ulcer, in which no attempt is made to close the skin/wound by primary intention
(for example, surgical closure with stitches, clips etc.) and the open wound/ulcer is left to close

 

    	3

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

on its own (i.e., secondary
intention), with the intention of providing haemostasis and/or treatment or prevention of infection.

 

1.14         “Development”
means non-clinical and clinical research and drug development activities, including without limitation toxicology, test method
development and stability testing, process development, formulation development, delivery system development, quality assurance
and quality control development, statistical analysis, clinical studies (including pre- and post-approval studies), regulatory
affairs, and product approval and clinical study regulatory activities (excluding regulatory activities directed to obtaining pricing
and reimbursement approvals).

 

1.15         “Development
Data” means all substantive or material information with respect to the Development of the Product for seeking Regulatory
Approval, including clinical data compiled with respect to the Product and all information and data filed with any Regulatory Authority
with respect to the Product, as soon as reasonably practicable after such information, data or results become available or compiled,
including any drafts and final versions of any study reports.

 

1.16         “DMF”
means, with respect to the Product, the Drug Maker Files for Manufacturing the Product filed with the applicable Regulatory Authorities
in each country in the Territory.

 

1.17         “European
Union” or “EU” means the countries of the European Union, as it is constituted as of the Original
MSA Effective Date and including any countries that become members of the European Union during the Term.

 

1.18         “Existing
Competitor” means ***.

 

1.19         “FDA”
means the United States Food and Drug Administration and any successor agency thereto.

 

1.20         “Governmental
Authority” means any court, tribunal, arbitrator, agency, legislative body, commission, department, bureau, official
or other entity of (a) any government of any country, (b) a federal, state, province, region, local, county, city or
other political subdivision thereof or (c) any supranational body including without limitation the European Medicines Agency.

 

1.21         “Latent
Defects” means any defect other than those defects that should be readily discoverable through the quality control and
assurance procedures set forth in Schedule 6.1.1.

 

1.22         “Law”
or “Laws” means the laws, statutes, rules, codes, regulations, orders, judgments and/or ordinances of a Governmental
Authority including, without limitation, the

 

    	4

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

United States Federal
Food, Drug and Cosmetic Act, European Directives 2001/83/EC on the Community Code for medicinal products and 93/42/EEC concerning
medical devices, and any implementing legislation of the EU Member States, as any of the same may be amended from time to time,
and directives, regulations, promulgations, guidance and guidelines promulgated thereunder having jurisdiction over or related
to the Development, registration, approval, Manufacture, Commercialization and use of Product in the Territory, as may be in effect
from time to time.

 

1.23         “Losses”
means any and all amounts paid or payable to Third Parties with respect to a Third Party Claim, including without limitation, damages
(including all incidental and consequential damages), deficiencies, defaults, awards, settlement amounts, assessments, fines, dues,
penalties, costs, liabilities, obligations, taxes, liens, losses, lost profits, fees and expenses (including, without limitation,
court costs, interest and reasonable fees of attorneys, accountants and other experts).

 

1.24         “Manufacture”
means, with respect to the Product for which Regulatory Approval has been obtained, all activities related to the manufacturing
of the Product, including but not limited to manufacturing supplies for Development, manufacturing supplies for commercial sale,
packaging, labeling, quality control, storage, in-process and finished Product testing. The terms “Manufacture” and
“Manufactured” refer to the act of Manufacturing.

 

1.25         “Manufacturing
Facility” or “Manufacturing Facilities” means, with respect to the Product, those Innocoll facilities
for which Regulatory Approval has been obtained, before or after the Original MSA Effective Date, to engage in the Manufacture
of the Product.

 

1.26         “Net
Sales” means the gross invoiced sales revenues received or receivable by EUSA or its Affiliates (or Permitted Sublicensees
or any permitted Third Party authorized by EUSA or any of the foregoing, provided, that Net Sales shall not include sales of the
Product by such Permitted Sublicensee or permitted Third Party where the Product has first been sold by EUSA or its Affiliates
to such Third Party) from sales of the Product, less the following items: ***, Net Sales shall be determined by referencing Net
Sales at which substantially similar quantities of the Product in the same country in the Territory are sold in an arm’s
length transaction for cash. If EUSA or its Affiliates (or Permitted Sublicensees or any permitted Third Party authorized by EUSA)
chooses to sell the Product together with another product with composite pricing, Net Sales for the Product will be ***.

 

    	5

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

1.27         “New
Competitor” means any Person other than an Existing Competitor who commences the sale of any C-Implant product in the
EU after the Original MSA Effective Date.

 

1.28         “Non-Current
Intellectual Property” means the *** trademarks owned or ***.

 

1.29         “Original
MSA Effective Date” means August 17, 2007.

 

1.30         “Product”
means any C-Implant product owned or Commercialized by EUSA, its Affiliates and/or Permitted Sublicensees.

 

1.31         “Quality
Agreement” means, with respect to the Product, the product quality agreement *** entered into by the Parties.

 

1.32         “Quarterly
Minimum” means with respect to the Product in the Territory existing as of the Restated MSA Effective Date the dollar
amount of the Product purchased by EUSA from Innocoll as follows: ***.

 

    	6

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

1.33         “Regulatory
Approval” means all approvals (including, without limitation, where applicable, pricing and reimbursement approval and
schedule classifications), product and/or Manufacturing Facility licenses, conformity assessments, registrations or authorizations
of any Regulatory Authority necessary for the Development, Manufacture, use and Commercialization of the Product in the Territory.

 

1.34         “Regulatory
Authority” means a Governmental Authority or certification organization designated by a Governmental Authority, within
a regulatory jurisdiction in the Territory, with the authority to grant any Regulatory Approvals in the Territory or having jurisdiction
over the Development, registration, approval Manufacture, Commercialization or use of Product in the Territory, including the FDA
and the EMEA.

 

1.35         “Regulatory
Standards” means (a) obtaining and maintaining any and all permits, licenses, filings, approvals and certifications
required by Governmental Authorities, and compliance with cGMPs, applicable to any Manufacturing or Manufacturing Facility, and
(b) any Laws that apply to any Manufacturing or Manufacturing Facility.

 

1.36         “Specifications”
means, with respect to the Product, the Manufacturing, quality assurance and quality release specifications for the Product as
detailed in the relevant Regulatory Approvals attached as Schedule 1.36, as such specifications may be modified from time
to time in accordance with Section 2.5.

 

1.37         “Territory”
means the entire world except for the United States of America and its possessions and territories (the “U.S.”) For
clarity, the Territory includes the countries of South and Central America and the Caribbean (but not the portions thereof that
are possessions or territories of the United States of America).

 

1.38         “Third
Party” means any Person other than Innocoll or EUSA or their respective Affiliates.

 

1.39         “Western
Europe Countries” shall mean France, Italy, United Kingdom, Republic of Ireland, Spain, Germany, Portugal, Austria, Belgium,
the Netherlands, Luxembourg, Switzerland, Norway, Sweden, Denmark, Finland, Greece and Poland.

 

    	7

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

1.40         Additional
Definitions.   Each of the following definitions is set forth in the Section of this Agreement indicated below:

 

	 	Section
	Agreement	Introduction
	Agreement Period	7.2
	Asset Purchase Agreement	Recitals
	Biomet Agreement	11.1.9
	Biomet Product	11.1.9
	Breaching Partyl	14.2.1
	Claim	12.3
	Competing Product	11.1.9
	Confidential Information	10.1
	Data License	9.1
	Disclosing Party	10.1
	Discretionary Specification Changes	2.5.2
	EUSA	Introduction
	EUSA Development Data	9.1.1
	Existing NDA	10.8
	Failure	7.2
	FM Period	14.2.2
	Force Majeure Event	17.3
	Forecast	4.2
	Imminent Failure	7.2
	Implantation	11.1.9
	Indemnitee	12.3
	Indemnitor	12.3
	Initial Term	10.1
	Innocoll	Introduction
	Innocoll Development Data	9.1.1
	Innocoll Pharmaceuticals	Introduction
	Manufacture Approval Activities	7.2
	MSA	Recitals
	Parties	Introduction
	Party	Introduction
	Permitted Sublicensee	9.2
	Person	1.2
	Purchase Order	4.3.1(a)
	Receiving Party	10.1
	Renewal Term	14.1.1
	Required Specification Changes	2.5.1
	Restated MSA Effective Date	Introduction
	Sales Reports	8.9
	Samples	3.2.4
	Share of Japanese Net Revenue	8.8.2

 

    	8

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

	 	Section
	Share of Specific Countries Net Sales	8.8.1(b)
	Share of Territory (Ex Specific Countries) Net Sales	8.8.1(a)
	Shipment Samples	5.4
	Specification Costs	2.5.3
	Supply Price	8.1
	Syntacoll	Introduction
	Taxes	8.6
	Term	10.1
	Third Party Agreement	7.2
	Third Party Claim	12.3
	Transfer of Manufacture of Product	7.2
	U.S.	1.37
	Withholding Party	8.6

 

ARTICLE
II

SUPPLY BY INNOCOLL

 

2.1           Commitment
to Supply.   Upon the terms and subject to the conditions of this Agreement, (a) Innocoll shall supply EUSA or its permitted
designees with its or their total requirements of the Product in finished packaged form for the commercial supply of the Product
in the Territory pursuant to Purchase Orders delivered from time to time by EUSA to Innocoll in accordance with Section 4.3 and
(b) subject to the provisions of Article 7 below, EUSA and its permitted designees shall purchase exclusively from Innocoll its
or their total requirements of the Product to be sold in the Territory.

 

2.2           Compliance.
Innocoll shall Manufacture and supply to EUSA or its permitted designee or sublicensee Product in accordance with the Specifications,
cGMPs and all Laws.

 

2.3           Facilities,
Equipment and Materials.   Innocoll agrees to provide at Innocoll’s own cost and expense, all Manufacturing Facilities,
equipment, machinery, materials complying with the Specifications and labor necessary for the compliant, regulatory approved Manufacture
and supply of Product in accordance with Regulatory Standards and the terms and conditions of this Agreement.

 

2.4           Responsibility.
Unless otherwise specified herein or expressly consented to in writing by EUSA, as between the Parties, Innocoll shall be solely
responsible for performance of all activities necessary for EUSA to be supplied with Product as contemplated hereunder. Unless
provided otherwise herein, a Party sublicensing, subcontracting or otherwise delegating activities to be performed under this Agreement
to an Affiliate, Third Party or other designee (including without limitation, in the case of Innocoll the delegation of the Manufacturing
and related activities to Syntacoll) guarantees and warrants the related performance of any responsibilities so delegated.

 

    	9

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

2.5          Specification
Changes.

 

2.5.1           Required
Specification Changes.   For changes to the Specifications that are required by Laws (collectively “Required
Specification Changes”), EUSA and Innocoll shall cooperate in making such changes and use Commercially Reasonable Efforts
to implement such changes in compliance with such Laws and as promptly as practicable.

 

2.5.2           Discretionary
Specification Changes.   For changes to the Specifications that are not Required Specification Changes (collectively
“Discretionary Specification Changes”), EUSA and Innocoll must each agree to any Discretionary Specification
Changes and shall, to the extent commercially reasonable under the circumstances, cooperate in making such changes, and each agrees
that it shall not unreasonably withhold its consent to such Discretionary Specification Changes.

 

2.5.3           Costs
of Specification Changes.   All internal and external costs, including, without limitation, obsolete raw materials,
work-in-process, Product, packaging and labeling materials, regulatory expenses and capital costs (“Specification Costs”)
associated with Required Specification Changes or Discretionary Specification Changes shall be borne by the Parties as follows:

 

***

 

    	10

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

ARTICLE
III

STANDARD TERMS OF SUPPLY OF PRODUCT

 

3.1          Labeling
and Packaging.

 

3.1.1           Innocoll
shall supply EUSA with the Product packaged in EUSA’s packaging. The specifications for the layout of the secondary packaging
material for the Product, including package inserts, labels and other elements shall be provided by EUSA within sixty (60) days
prior to launch of the Product in each country in the Territory. *** Such subsequent changes to the packaging or labeling layouts
listed in Schedule 3.1.1 shall be promptly implemented by Innocoll at EUSA’s reasonable cost.

 

3.1.2           ***

 

3.2          Manufacturing.

 

3.2.1           Maintenance
of Backup.   Innocoll shall maintain and execute commercially reasonable backup and disaster recovery practices and procedures
relating to the supply of the Product hereunder and shall use its Commercially Reasonable Efforts to implement a risk management
plan.

 

3.2.2           Inventory
and Supply Update.   Innocoll shall maintain an inventory of the Product and the materials necessary to Manufacture the Product
in accordance with its normal practices and so as to ensure fulfillment of its supply obligations herein. Furthermore, as soon
as it is reasonably practicable to do so, the Parties shall establish, ***.

 

3.2.3           Export
License.   Innocoll shall, at Innocoll’s expense, be responsible for obtaining and maintaining any and all export or import
licenses or clearances relating to the active pharmaceutical ingredient and bulk vials of, and other raw materials used to produce
the Product, together with any and all Manufacturing licenses and authorizations from appropriate Governmental Authorities which
are necessary for the Manufacture of the Product.

 

    	11

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

3.2.4           Records,
Retained Samples and Storage.   Innocoll shall, and shall cause its Affiliates and Third Party manufacturers to, retain samples
and maintain records from each Batch of Products for a period required by applicable Laws for record keeping, testing and regulatory
purposes or specified in the Quality Agreement (“Samples”). When storing Product, Innocoll shall, and shall cause its
Affiliates and Third Party manufacturers to, comply with and maintain all storage facilities in compliance with Specifications
and in accordance with cGMPs and applicable Laws, and perform ongoing stability testing of Product during such storage.

 

3.2.5           Manufacturing
Facilities.   The Product, or any components thereof, being sold to EUSA hereunder shall only be Manufactured at the Manufacturing
Facilities. Should Innocoll desire to change or add any additional Manufacturing Facilities for the Product for the Territory,
or any component thereof, to a site other than those designated in the then-current applicable Regulatory Approval and Specifications,
Innocoll shall notify EUSA in writing in advance of any proposed change or addition. Innocoll shall not change Manufacturing Facilities
for the Product for the Territory, or any component thereof, to be supplied to EUSA except in accordance with the authorization
of the competent Regulatory Authority (if required) and this Section 3.2.5. *** The Parties will cooperate to obtain the required
Regulatory Approvals for the use of any additional facilities to Manufacture Product. EUSA and Innocoll, as applicable, will notify
the other Party in writing promptly after any such Regulatory Approval is obtained by it. ***

 

3.3          Manufacturing
Regulatory Matters.

 

3.3.1           Adherence
to Manufacturing Standards and Processes.   In Manufacturing the Product, Innocoll agrees to, and shall cause its permitted designees
(including Syntacoll) to, adhere to: (a) the quality standards and processes set forth in Schedule 3.3.1; (b) Laws, including cGMP;
(c) the Specifications; (d) the Quality Agreement(s); and (e) any additional Manufacturing standards agreed to in writing by the
Parties. No changes to Schedule 3.3.1 may be made without the prior written agreement of EUSA, save that Innocoll may implement
any urgent changes specifically required by Law or a Governmental Authority in the Territory but shall promptly inform EUSA of
such changes.

 

3.3.2           Maintenance
of Regulatory Standards.   Innocoll shall maintain or cause to be maintained all Regulatory Standards that may be necessary to
Manufacture and ship Product, and shall immediately inform EUSA, verbally and in writing, of any adverse change in status of such
Regulatory Standards.

 

    	12

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

3.3.3           Notification
of Adverse Manufacturing Activities.   Innocoll shall promptly advise EUSA of any information arising out of Manufacturing activities
that have adverse regulatory compliance and/or reporting consequences concerning the Product.

 

3.3.4           Adverse
Event Reporting.   Each Party agrees to comply with the adverse event reporting procedures set forth in the Pharmacovigilance
Agreement entered into by the Parties dated ***.

 

3.3.5           Governmental
Authorities.   Innocoll shall provide to EUSA any information reasonably requested by EUSA, and shall consult with EUSA before
providing any information to any Governmental Authority, in connection with Manufacture of Product for sale in the Territory. Innocoll
shall immediately advise EUSA of any requests by any Governmental Authority for inspections of any Manufacturing Facilities.

 

3.3.6           Inspection
of the Manufacturing Facility by Governmental Authorities.   In the event a Manufacturing Facility is inspected by a Governmental
Authority of any country in the Territory with respect to the Product, EUSA shall be kept fully informed by Innocoll regarding
such inspection and all correspondence relating thereto. Furthermore, Innocoll shall take EUSA’s comments regarding the same
into good faith consideration. Innocoll shall promptly notify EUSA of any alleged violations or deficiencies relating to such Manufacturing
Facility, and shall promptly disclose to EUSA all relevant portions of any notice of observations or potential violations, as well
as a copy of Innocoll’s response thereto.

 

3.3.7           Review
of Technical Records.   EUSA shall have the right (to be exercised no more frequently than once each calendar quarter), subject
to any Third Party confidentiality obligations and prior advance notice to Innocoll of at least ten (10) Business Days, during
normal business hours, to examine those technical records made or kept by Innocoll that relate to the Product Manufactured for
sale in the Territory.

 

3.4          Training
and Experience of Personnel.   Innocoll shall ensure and document that each Person engaged in the Manufacture of Product shall
have education, training and experience sufficient to enable such Person or supervisor to perform the assigned functions. Innocoll
shall further ensure and document that each Person responsible for supervising the Manufacture of Product shall have the education,
training and experience necessary to perform assigned functions in such a manner as to provide assurance that Product has the safety,
identity, strength, quality and purity that it is represented to possess.

 

3.5          Materials
Suppliers.   Notwithstanding anything to the contrary contained herein, (a) Innocoll shall only obtain materials from such
suppliers named in the relevant Regulatory Approvals and the Specifications, as may be amended from time to time, (b) Innocoll
will perform audits of its material suppliers as required by the relevant Governmental Authorities and (c) Innocoll shall
prepare all certifications as to any materials required by cGMPs or Laws.

 

    	13

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

3.6           Documentation
for Governmental Authority Requirements.   Innocoll shall maintain complete and accurate documentation of all validation data,
stability testing data, Batch records, quality control and laboratory testing, and any other data required under cGMPs, Laws and
other requirements of any relevant Governmental Authority in connection with the performance of any Manufacturing hereunder. Innocoll
shall provide EUSA with access to such documentation at Innocoll’s Manufacturing Facility promptly upon EUSA’s request
(but no later than seven (7) Business Days after such request).

 

3.7           Monitoring
and Recordkeeping; Operating Procedures.   Throughout the Term and for so long thereafter as is required by Laws, Innocoll shall
monitor and maintain reasonable records confirming its compliance with cGMPs, including through the establishment and implementation
of such operating procedures as are reasonably necessary to assure such compliance. Innocoll shall notify EUSA in writing of any
significant trend changes in the statistical process control data and/or quality testing results for Batches Manufactured hereunder.

 

3.8           Inspection
and Audit.   Innocoll shall permit EUSA, or its designees or agents, to inspect and audit ***: (a) those portions of the Manufacturing
Facility at which any Manufacturing of any Product for sale in the Territory is performed and any portions of the Manufacturing
Facility affecting the sterile nature of such Manufacture; and (b) any of Innocoll’s Manufacturing and quality control records
and other documentation relating to the Manufacturing of any Product for sale in the Territory (including any internal quality
control audits or reviews conducted by Innocoll). Such inspections and audits shall be for the purpose of ascertaining compliance
with Innocoll’s obligations under this Agreement, reviewing correspondence, reports, filings and other documents from or
to Governmental Authorities to the extent related to the Manufacturing, and approving all variances from applicable requirements
hereunder. Any information obtained by EUSA through such inspections and audits shall be treated as Confidential Information of
Innocoll and to the extent that such audit is performed by a designee or agent of EUSA, a condition to performance of such audit
shall be that such designee or agent shall agree with Innocoll to maintain the information as confidential on the terms and conditions
that EUSA has agreed with respect to Innocoll’s Confidential Information. ***

 

ARTICLE
IV

FORECASTING AND ORDERING

 

4.1           General.   Unless otherwise agreed to by the Parties or unless EUSA assumes responsibility for secondary packaging and labeling of Product,
all forecasts and purchase orders for Product shall be for finished packaged Product.

 

    	14

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

4.2        Forecasts.
Each calendar month during the Term, EUSA shall provide Innocoll with ***, good faith estimate of the quantities of the Product
that EUSA foresees it will order from Innocoll *** (each, a “Forecast”) and updating the previous Forecast.
All Forecasts shall be broken down by country, packaging size and quantity of the Product. Notwithstanding the first sentence
of this Section 4.2. ***

 

4.3        Ordering
Under the Forecast.

 

4.3.1      Purchase
Orders.

 

(a)          Delivery
of Purchase Order.   EUSA shall place orders for Product to be delivered for the first three-month period of
each Forecast (each, a “Purchase Order”). Innocoll shall deliver the Product against the Purchase Order in
accordance with Article 5. EUSA shall pay for all such Product ordered and delivered by the delivery date specified in a Purchase
Order, provided, that such Product meets the Specifications and the packaging and labeling specifications.

 

(b)          Acceptance
of Purchase Order.   Innocoll shall acknowledge and provide EUSA with a written acceptance of each Purchase Order within ***
following Innocoll’s receipt thereof. Innocoll shall be entitled to reject only that portion of any Purchase Order (i) which
Innocoll will be unable to fill due to the occurrence of a Force Majeure Event; (ii) or which exceeds the amount in the corresponding
Forecast, provided that, Innocoll shall use Commercially Reasonable Efforts to supply any quantity of Product ordered in the aggregate
that exceeds the quantity in the Forecast, considering the availability of inventory.

 

(c)          Terms
of Purchase Orders.   Other than terms respecting quantity, delivery date(s), shipment method and destination(s), the terms and
conditions of any Purchase Order submitted by EUSA, or written acceptance thereof by Innocoll, shall be of no force and effect,
whether or not objected to by Innocoll, and nothing in any such Purchase Order or written acceptance shall supersede the terms
and conditions of this Agreement.

 

4.4        Addressees
for Correspondence.   All Forecasts, Purchase Orders, written acceptances of Purchase Orders and other notices contemplated under
this Article 4 shall be sent to the attention of such persons as each Party may identify to the other in writing from time to time
in accordance with Section 17.1 hereof.

 

    	15

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

ARTICLE
V

SHIPPING AND DELIVERY

 

5.1           Shipping
and Delivery Dates.   On each Purchase Order submitted by EUSA, EUSA shall specify the requested quantity of the Product, package
size, country in which the Product will be sold, and the required delivery date(s), shipment method and destination(s) of the Product
being ordered. Innocoll shall arrange for the delivery of the Product to EUSA’s (or its agent’s) designated facilities
as stated on the Purchase Order and in a manner consistent with good commercial practices, and in accordance with any agreed-upon
shipping specifications and delivery destinations.

 

5.2           Terms
of Delivery.   Innocoll shall ship the Product to EUSA ***.

 

5.3           Accompanying
Documentation.   With each shipment of Product, Innocoll shall provide EUSA with all appropriate shipping documentation, including
bills of lading, and with such certificates of analysis and other appropriate documentation identifying the applicable Batch numbers,
confirming that the Product has been QP released and indicating conformance of the shipment with the Specifications, and all Regulatory
Standards and, at EUSA’s request, Innocoll shall provide EUSA with reasonable access to any applicable supporting data.

 

5.4           Retention
of Samples.   Innocoll shall properly store and retain appropriate samples (identified by Batch number) of
Products that it supplies to EUSA in conditions and for times consistent with all applicable Regulatory Standards and to permit
appropriate or required internal and regulatory checks and references (collectively, the “Shipment Samples”),
but in no event shall such period be less than required under applicable Laws, including, but not limited to, cGMP. Innocoll shall
provide EUSA with reasonable access to and portions of the Shipment Samples for testing and other purposes upon EUSA’s request
and shall not destroy or otherwise dispose of such samples without first offering to transfer such samples to EUSA at EUSA’s
reasonable expense.

 

    	16

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

ARTICLE
VI

INSPECTION AND DEFECTIVE PRODUCTS;

PRODUCT RECALL; REGULATORY MATTERS

 

6.1          Inspection
by EUSA.

 

6.1.1      Inspection
of Product.   Within *** following its receipt of a shipment of Product, EUSA shall perform or have performed
the quality control and assurance procedures set forth in Schedule 6.1.1 to determine if such Product conforms to the Specifications.
EUSA shall promptly notify Innocoll of any damages, shortage and other defects discovered by EUSA following EUSA’s discovery
thereof.

 

6.1.2      Acceptance
of Product.   If notice is not given by EUSA pursuant to Section 6.1.1 within the time period set forth therein, then the shipment
shall be deemed accepted by EUSA for purposes of this Article 6 and, except as provided in Section 6.2, may not be rejected pursuant
to Section 6.3 or Section 6.4.

 

6.2          Defective
Products.   If a shipment of Product or any part of such shipment fails, at the time of delivery, to comply with the Specifications,
and EUSA notifies Innocoll of such nonconformity ***, then Innocoll will at EUSA’s option (a) replace in a timely manner,
at no additional expense to EUSA, all quantities of nonconforming Product as soon as reasonably practicable after receipt of notification
of nonconformity or (b) provide EUSA with a refund or credit in an amount equal to the price EUSA has paid to Innocoll for such
Product. Such replacement shall not affect any other remedies available to EUSA under this Agreement.

 

6.2.1      Testing
of Shipment Samples.   The Parties shall work in good faith to resolve any concerns about nonconformance without the assistance
of Third Parties. In the event that they are unable to do so after a good faith effort, then samples of the allegedly non-conforming
Product shall be tested, using the Shipment Samples, for conformance with the applicable Specifications and acceptance criteria
by an independent testing organization mutually acceptable to both Parties, which analysis shall be binding on Innocoll and EUSA
solely for the purpose of determining whether such Product may be rightfully rejected as non-conforming, damaged or otherwise defective.
The fees and expenses charged by such independent testing organization shall be paid by the Party found to be in error.

 

6.2.2      Disposal
of Rejected Product.   All or part of any shipment of Product determined to have been rightfully rejected by EUSA shall be held
by EUSA for a period of thirty (30) days following notice to Innocoll for proper disposal by Innocoll, at Innocoll’s
expense. If Innocoll does not provide instructions for disposal of Product within such period, then EUSA may dispose of such Product
and Innocoll shall either pay, or reimburse EUSA for, all costs and expenses incurred by EUSA in connection with the disposal of
such Product.

 

    	17

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

6.3          Recalls
and Withdrawals.

 

6.3.1      Notification
and Determination.   In the event that any Governmental Authority threatens or initiates any action to remove the Product from
the market (in whole or in part), the Party receiving notice thereof shall notify the other Party of such communication immediately,
but in no event later than one (1) Business Day, after receipt thereof. In all cases, EUSA shall determine whether to initiate
any recall or withdrawal of the Product in the Territory, including the scope of such recall or withdrawal (e.g., a full or partial
recall, or a temporary or permanent recall); provided, however, that before EUSA initiates a recall or withdrawal, the Parties
shall promptly meet and discuss in good faith the reasons therefor, provided further that such discussions shall not delay any
action that EUSA reasonably believes has to be taken in relation to any recall or withdrawal. In the event of any such recall or
withdrawal, EUSA shall implement any necessary action, with assistance from Innocoll as requested by EUSA, to conduct such recall
or withdrawal.

 

6.3.2      Cost
Allocation.   All direct costs and expenses associated with implementing a recall or withdrawal of the Product in the Territory
shall be ***:

 

(a)          in
the event, and to the extent, that the recall or withdrawal arises ***; and

 

(b)          in
the event, and to the extent, that the recall or withdrawal arises ***.

 

6.4          Filing
& Maintenance of Regulatory Approvals.   EUSA shall maintain such Regulatory Approvals in the Territory as it determines
in its sole discretion is commercially reasonable to do so.

 

6.5          Assistance.
Each Party agrees to provide the other Party with all reasonable assistance in a timely manner and take all actions reasonably
requested by the other Party that are necessary or desirable to enable the other Party to file and/or maintain Regulatory Approvals
for the Product in the Territory and to comply with any Law applicable to the Product, including, but not limited to, meeting,
reporting and other obligations to maintain and update any Regulatory Approvals for the Product.

 

    	18

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

6.6           Manufacturing.
Notwithstanding any provisions of this Agreement to the contrary, Innocoll (or its designee) shall own and be responsible for all
DMFs, regulatory filings, and any Regulatory Approvals related to the Manufacture of the Product in the Territory in accordance
with the terms of this Agreement, except that EUSA shall own and retain all rights to the C-Implant CE Marks (as defined in the
Asset Purchase Agreement).

 

6.7           Notice.
Each Party shall promptly inform the other Party of any notification of any action by, or notification or other information which
it receives from, any Governmental Authority (together with copies of correspondence related thereto), which (a) raises any
material concerns regarding the safety or efficacy of the Product, (b) indicates or suggests a potential material liability
for either Party to Third Parties arising in connection with the Product or (c) indicates a reasonable potential for a recall
or market withdrawal of the Product.

 

ARTICLE
VII

FAILURE TO SUPPLY

 

7.1           Shortages.
In the event that Innocoll is aware or anticipates that it will be unable to supply the Product pursuant to any Purchase Order,
either in whole or in part, for whatever reason, Innocoll shall promptly inform EUSA in writing of such inability. In particular,
Innocoll shall promptly inform EUSA of any notice, written or oral, received from any materials supplier regarding a likely shortage
or inability to supply.

 

7.2           Manufacturing
by EUSA During Shortage.   Notwithstanding anything herein to the contrary, upon Innocoll’s failure to
supply EUSA *** in terms of (a) quantity of such Product required to be filled or (b) in compliance with the Specifications, in
either case for a period of *** (each an “Imminent Failure”), Innocoll shall (i) promptly notify EUSA, (ii)
identify a Third Party to Manufacture and supply the Product to EUSA and (iii) undertake the audits and other steps required to
prepare such Third Party to obtain Regulatory Approval in the event of a Failure (as defined below). If, following an Imminent
Failure, for ***, Innocoll fails to supply EUSA with ***. Innocoll shall, ***, enter into an agreement with such Third Party which
shall provide that such Third Party use commercially reasonable efforts to Manufacture and supply Product to EUSA (“Third
Party Agreement”). Additionally, upon a Failure, (i) the Parties will cooperate to obtain the required Regulatory Approvals
for the use of the identified Third Party’s facilities to Manufacture and supply Product; and (ii) EUSA and Innocoll, as
applicable, will notify the other Party in writing promptly after any such Regulatory Approval is obtained by it (“Manufacture
Approval Activities”). *** If following a

 

    	19

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

Failure Innocoll does
not enter into a Third Party Agreement within the Agreement Period, then unless prohibited by Law, ***. If Innocoll does enter
into a Third Party Agreement within the Agreement Period, and, thereafter, such Third Party commences the supply of Product to
EUSA then, provided that Innocoll is using its best efforts to correct the cause of the Failure (and resume the Manufacture and
supply of Product), the Third Party may continue to supply Product to EUSA or, if it is able, Innocoll may elect to supply Product
to EUSA until such time as a subsequent Failure shall have occurred, at which time EUSA shall be entitled to a Transfer of Manufacture
of Product.

 

7.3           ***

 

7.4           Reservation
of Rights.   Nothing contained in this Article 7 shall limit any legal, equitable or other rights or remedies that may be available
to EUSA on account of any failure of Innocoll to supply Product hereunder.

 

ARTICLE
VIII

FINANCIAL PROVISIONS

 

8.1           Supply
Price.   Innocoll shall supply the Product to EUSA for the Territory beginning from January 1, 2010 in accordance
with the pricing set forth in the following table (“Supply Price”):

 

***

 

The amount payable
by EUSA to Innocoll for the Product at the time of purchase shall be the Supply Price.

 

    	20

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

(a)          ***.

 

(b)          There
shall not be any application of the minimum unit price due based on an average tender price, with respect to payments due to Innocoll
for Product sold in Mexico. Any such calculations shall be exclusively between EUSA and its Permitted Sublicensees and distributors,
and shall not involve or affect Innocoll.

 

8.2           Setting
the Supply Price.   The Supply Price for the Product shall be reviewed by the Parties annually, beginning at the end of Calendar
Year 2012, to be effective as of the first (1st) day of the Calendar Year 2013. Any increase or decrease to the Supply
Price shall be ***.

 

8.3           ***

 

8.4           Manner
of Payments.   All sums due to either Party under this Agreement shall be payable in Euros by bank wire transfer in immediately
available funds to such bank account(s) as each of Innocoll and EUSA shall from time to time designate, unless otherwise agreed
by the Parties in writing.

 

8.5           Invoices;
Timing of Payments; Interest.   Innocoll shall invoice EUSA for all Product supplied hereunder on the date of shipment, and for
all other amounts due to Innocoll hereunder, ***. Each invoice shall specify the Purchase Order number to which it corresponds.
Unless otherwise specified in this Agreement, all amounts due to Innocoll hereunder shall be paid by EUSA *** following the date
of receipt of the invoice. Any amounts that are overdue and payable under this Agreement (other than amounts disputed in good faith)
shall bear interest at a rate of *** from the due date until the date of payment.

 

8.6           Tax
Withholding.   Any taxes, levies or other duties (“Taxes”) paid or required to be withheld
under the appropriate tax Laws by one Party (“Withholding Party”) on account of monies payable to the other
Party under this Agreement shall be deducted from the amount of monies otherwise payable to the other Party under this Agreement.
The Withholding Party shall

 

    	21

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

secure and send to the
other Party within a reasonable period of time proof of any such Taxes paid or required to be withheld by the Withholding Party
for the benefit of the other Party. The Parties shall cooperate reasonably with each other to ensure that any amounts required
to be withheld by either Party are reduced in amount to the fullest extent permitted by Laws. No deduction shall be made, or a
reduced amount shall be deducted, if the other Party furnishes a document from the appropriate tax Governmental Authorities to
the Withholding Party certifying that the payments are exempt from Taxes or subject to reduced tax rates, according to the applicable
convention for the avoidance of double taxation.

 

8.7         ***

 

8.8         Sales
Share.

 

8.8.1      Territory
Excluding Japan.

 

(a)          In
addition to the Supply Price, as additional purchase price for the supply of Product EUSA shall pay to Innocoll, with respect to
sales of the Product for each Calendar Quarter in each country in the Territory, ***

 

    	22

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

***

 

    	23

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

8.8.2           ***

 

8.8.3           ***

 

    	24

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

8.9           Reports.
Within *** following the end of each Calendar Quarter, EUSA shall provide Innocoll for such Calendar Quarter a report setting
forth, on a country-by-country basis, the *** (“Sales Reports”). Payments due pursuant to Section 8.8
are due and payable *** following the date of the Sales Report during the Term for which there were Net Sales of Product in the
Territory. Each Sales Report will be considered Confidential Information of EUSA subject to the obligations of Article 10 of this
Agreement.

 

8.10         Payment
Term.   Payments due under Section 8.8 will commence upon the first commercial sale of the Product in a particular country in
the Territory and will continue on a country-by-country basis for ***.

 

8.11         Financial
Audit.   Each Party will have the right to have an independent certified public accounting firm (i.e., other than such Party’s
own auditors during the prior *** period) of internationally recognized standing, reasonably acceptable to the other Party, access
during normal business hours, and upon reasonable prior written notice, such of the records of the other Party as may be reasonably
necessary to verify the accuracy of any expenses shared or paid by the other Party under this Agreement or the calculation of Net
Sales or sums paid under Section 8.2 of this Agreement for any Calendar Year ending not more than three (3) years prior to the
date of such request; provided, however, that the auditing Party shall not be permitted to audit the same period of time more than
once, unless evidence of fraud or gross negligence arises in a subsequent audit and the auditing Party reasonably believes that
such evidence indicates the reasonable possibility of fraud or gross negligence in any such prior period. The accounting firm will
disclose to the Parties only whether the various expenses subject to being shared by this Agreement and Net Sales reported and
the corresponding royalty due by the audited Party and/or sums paid under Section 8.8 or any other provision of this Agreement
are correct or incorrect. The auditing Party will bear all costs of such audit, unless the audit reveals a discrepancy in the

 

    	25

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

auditing Party’s
favor of more than the greater of ***, in which case the audited Party will bear the cost of the audit. The result of the audit
shall, in the absence of manifest error, be final and binding on the Parties. EUSA shall obtain from any Permitted Sublicensee
or subcontractor, as applicable, audit rights at least as favorable as the audit rights set forth in this Section 8.11 and the
right to share the results of any such audit with Innocoll. In the event that Innocoll reasonably believes that there is a material
inaccuracy in the reporting by such a sublicensee or subcontractor, as applicable, of the Net Sales of such sublicensee or subcontractor,
then Innocoll may direct EUSA to exercise such audit rights in accordance with procedures reasonably requested by Innocoll. If,
based on the results of any audit, additional payments are owed to either Party under this Agreement, then the paying Party will
make such additional payments within *** (provided that the paying Party has received an invoice in respect of the same) after
the accounting firm’s written report is delivered to the Parties.

 

ARTICLE
IX

GRANT OF RIGHTS; COMMERCIALIZATION

 

9.1          Licenses
to EUSA and Innocoll.

 

9.1.1           EUSA
owns and retains all rights to the Development Data with respect to the Product in the Territory (the “EUSA Development
Data”) and Innocoll owns and retains all rights to the Development Data with respect to the Product outside of the Territory
(the “Innocoll Development Data”). Innocoll hereby grants to EUSA the exclusive, irrevocable *** license and
right to use the Innocoll Development Data or any portion thereof for the sole purpose of Developing and Commercializing the Product
and receiving Regulatory Approvals in the Territory, and EUSA shall have the right to grant sublicenses on the same terms and subject
to the same restrictions as Section 9.2, and Innocoll shall have the exclusive, irrevocable *** license and right to use the EUSA
Development Data or any portion thereof for the sole purpose of Developing and Commercializing the Product and receiving Regulatory
Approvals outside the Territory (each, a “Data License”). For purposes of clarity, EUSA shall not use such Development
Data for receiving any Regulatory Approvals outside the Territory and Innocoll shall not use such Development Data for receiving
any Regulatory Approvals inside the Territory. All Development Data owned by a Party shall be the Confidential Information of such
Party.

 

9.1.2           Innocoll
hereby grants to EUSA a limited, non-exclusive, non-transferable and non-sublicensable, irrevocable (during the period described
in Section 8.10 with respect to each country in the Territory, determined on a country-by-country basis) *** sublicense to use
the Non-Current Intellectual Property for the purpose of Commercializing the Product in the Territory.

 

    	26

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

9.2          Third
Party Agreements.   EUSA shall be permitted to sublicense the licenses granted hereunder to and otherwise enter
into any and all agreements with any Third Parties with respect to Commercializing the Product in any of the countries within
the Territory; provided, that if and to the extent any such sublicense is with respect to the sale of the Product in a country
in Western Europe, EUSA shall be required to obtain the approval of Innocoll, such approval not to be unreasonably withheld or
delayed (each, a “Permitted Sublicensee”). Innocoll hereby consents to and approves all sublicenses and distributor
agreements of EUSA with all Third Parties with respect to the Product in the Territory, including in Western Europe, in effect
as the Restated MSA Effective Date.

 

9.3          No
Implied Licenses.   Except as expressly provided in this Agreement, neither Party grants to the other Party any right or license
in any intellectual property right, whether by implication, estoppel, course of conduct or otherwise. No implied licenses or other
rights are granted under this Agreement.

 

9.4          Liability
for Affiliates and Third Parties.   The Parties recognize that each may perform some or all of its obligations
under this Agreement through Affiliates and/or Third Parties; provided, however, that each Party shall remain responsible
for the performance by its Affiliates and such Third Parties and shall cause its Affiliates and such Third Parties to comply with
the provisions of this Agreement in connection with such performance. Each Party hereby expressly waives any requirement that
the other Party exhaust any right, power or remedy, or proceed against an Affiliate or any Third Party, for any obligation or
performance hereunder prior to proceeding directly against such Party. Wherever in this Agreement the Parties delegate responsibility
to Affiliates or Third Parties, the Parties agree that such entities may not make decisions inconsistent with this Agreement,
amend the terms of this Agreement or act contrary to its terms in any way.

 

9.5          Restrictions
on Off-Label Promotion.

 

9.5.1           Innocoll,
its licensees, distributors and/or other Third Parties that sell or supply the C-Topical products in the Territory shall not promote
the use of the C-Topical products in the Territory for Implantation or in any way that competes with the Product. Innocoll shall
take appropriate and reasonable action with respect to each of such Third Parties in an effort to ensure that there is no off-label
use being promoted in the Territory for Implantation of the C-Topical products. Upon notification by EUSA that Innocoll or any
of such Third Parties is promoting off-label use of the C-Topical products or that such C-Topical products are being used off label,
Innocoll shall take prompt and reasonable action in a good faith effort to discontinue, prevent and preclude any and all of such
off-label related activities. To the extent that Innocoll and/or any such Third Party promotes the off-label use of the C-Topical
products in the Territory for Implantation, Innocoll shall be subject to damages attributable to such off-label use. Such damages
shall be not less than the lost profits that EUSA could have made on sales of

 

    	27

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

the Product that were
displaced by the sale of the C-Topical products by Innocoll and/or such Third Parties for off-label use. A determination as to
whether Innocoll and/or any such Third Party was promoting the off-label use of the C-Topical products and the amount of any such
damages shall be determined by a single mediator jointly appointed by the Parties having at least fifteen (15) years of experience
in the drug commercialization field and such other qualifications as may be agreed to in writing by the Parties.

 

9.5.2           EUSA,
its Permitted Sublicensees, distributors and/or other Third Parties that sell or supply the Product in the Territory as a result
of an arrangement with EUSA shall not promote the use of the Product in the Territory for non-implantation. EUSA shall take appropriate
and reasonable action with respect to each of such Third Parties in an effort to ensure that there is no off-label use being promoted
in the Territory for non-implantation of the Product. Upon notification by Innocoll that EUSA or any of such Third Parties is promoting
off-label use of the Product for non-implantation or that the Product is being used off label, EUSA shall take prompt and reasonable
action in a good faith effort to discontinue, prevent and preclude any and all of such off-label related activities. To the extent
that EUSA and/or any such Third Party promotes the off-label use of the Product in the Territory for non-implantation, EUSA shall
be subject to damages attributable to such off-label use. Such damages shall be not less than the lost profits that Innocoll could
have made on sales of the C-Topical products that were displaced by the sale of the Product by EUSA and/or such Third Parties for
off-label use. A determination as to whether EUSA and/or any such Third Party was promoting the off-label use of the Product and
the amount of any such damages shall be determined by a single mediator jointly appointed by the Parties having at least fifteen
(15) years of experience in the drug commercialization field, and such other qualifications as may be agreed to in writing by the
Parties.

 

9.5.3           The
Parties agree that the restrictions set forth in this Section 9.5 shall not apply to EUSA with regards to the marketing or sale
of the Product by BurnsAdler or the use of the Product in Latin and Central America, Innocoll having granted BurnsAdler the rights
to promote, market, distribute and sell both the Product and the C-Topical products in Latin and Central America pursuant to the
terms of the BurnsAdler Agreement.

 

9.6          Promotional
Materials.

 

9.6.1           Creation
of Promotional Materials.   EUSA is responsible for the creation and development of promotional materials for the Territory in
accordance with the Regulatory Approvals and applicable Law.

 

9.7          EUSA
Ownership of Promotional Materials.   EUSA shall own all right, title and interest in and to any promotional materials relating
to the Product to Commercialize within the Territory, including, without limitation, applicable copyrights and trademarks used
or registered with respect to the Product, but excluding trademarks owned by Innocoll and the Non-Current Intellectual Property.

 

    	28

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

9.8          Compliance
with Laws.   Each Party and its Affiliates shall exercise its rights and perform its responsibilities under Sections 9.6 and
9.7 in accordance with all applicable Laws.

 

ARTICLE
X

CONFIDENTIALITY

 

10.1        Confidential
Information.   As used in this Agreement, the term “Confidential Information” means all
secret, confidential or proprietary information or data, whether provided in written, oral, graphic, video, computer, electronic
or other form, provided pursuant to this Agreement by one (1) Party (the “Disclosing Party”) to the other Party
(the “Receiving Party”), including but not limited to, information relating to the Disclosing Party’s
existing or proposed research, development efforts, patent applications, business or products, and any other materials that have
not been made available by the Disclosing Party to the general public. Notwithstanding the foregoing sentence, Confidential Information
shall not include any information or materials that:

 

(a)          were
already known to the Receiving Party (other than under an obligation of confidentiality), at the time of disclosure by the Disclosing
Party, to the extent such Receiving Party has documentary evidence to that effect;

 

(b)          were
generally available to the public or otherwise part of the public domain at the time of disclosure thereof to the Receiving Party;

 

(c)          became
generally available to the public or otherwise part of the public domain after disclosure or development thereof, as the case may
be, and other than through any act or omission of a Party in breach of such Party’s confidentiality obligations under this
Agreement;

 

(d)          were
disclosed to a Party, other than under an obligation of confidentiality, by a Third Party who had no obligation to the Disclosing
Party not to disclose such information to others; or

 

(e)          were
independently discovered or developed by or on behalf of the Receiving Party without the use of the Confidential Information belonging
to the other Party, to the extent such Receiving Party has documentary evidence to that effect.

 

10.2         Confidentiality
Obligations.   Each of Innocoll and EUSA shall keep all Confidential Information received from the other Party with the same
degree of care it maintains the confidentiality of its own Confidential Information, but in no event less than a reasonable degree
of care. Neither Party shall use such Confidential Information for any purpose other than in performance of this Agreement or disclose
the same to any other Person other than to such of its and its Affiliates’ or permitted sub-licensees, directors, officers,
managers, employees, independent contractors, agents or consultants who have a need to know such Confidential Information to implement
the terms of this Agreement or enforce its rights under this Agreement; provided, however, that prior to a Receiving Party disclosing
Confidential Information to its Affiliates or other Third Parties as permitted hereunder, a Receiving Party shall advise any of
its and its Affiliates’ or permitted sublicensees’ directors, officers, managers, employees,

 

    	29

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

independent contractors,
agents or consultants who receives such Confidential Information of the confidential nature thereof and of the obligations contained
in this Agreement relating thereto, and the Receiving Party shall ensure (including, in the case of a Third Party, by means of
a written agreement with such Third Party having terms at least as protective as those contained in this Article 10) that all such
directors, officers, managers, employees, independent contractors, agents or consultants comply with such obligations as if they
had been a Party hereto. Upon termination of this Agreement, the Receiving Party shall return or destroy all documents, tapes or
other media containing or embodying Confidential Information of the Disclosing Party that remain in the possession of the Receiving
Party or its directors, managers, employees, independent contractors, agents or consultants, except that the Receiving Party may
keep one (1) copy of the Confidential Information in the legal department files of the Receiving Party, solely for archival
purposes (and will cause its Affiliates and other Third Parties to which it disclosed Confidential Information to do the same).
Such archival copy shall be deemed to be the property of the Disclosing Party, and shall continue to be subject to the provisions
of this Article 10. It is understood that receipt of Confidential Information under this Agreement will not limit the Receiving
Party from assigning its employees to any particular job or task in any way it may choose, subject to the terms and conditions
of this Agreement.

 

10.3         Permitted
Disclosure and Use.   Notwithstanding Section 10.2, a Party may disclose Confidential Information belonging to the other Party
to the extent such disclosure is reasonably necessary to: (a) obtain Regulatory Approval of the Product to the extent such disclosure
is made to a Regulatory Authority; (b) comply with or enforce any of the provisions of this Agreement; or (c) comply with applicable
Laws. If a Party deems it necessary to disclose Confidential Information of the other Party pursuant to this Section 10.3, such
Party shall, if reasonably possible (it being understood and agreed that it will always be reasonably possible to provide such
notice in connection with any disclosure to be made initially to obtain Regulatory Approval, but not necessarily throughout the
Regulatory Approval process), give reasonable advance notice of such disclosure to the other Party to permit such other Party sufficient
opportunity to object to such disclosure or to take measures to ensure confidential treatment of such information. In addition,
notwithstanding Section 10.2, the Parties shall prepare standardized responses to anticipated inquiries from the public or press,
stockholders, investors and/or analysts with respect to the Product or other activities hereunder that may be disclosed.

 

10.4         Notification.
The Receiving Party shall notify the Disclosing Party promptly upon discovery of any unauthorized use or disclosure of the Disclosing
Party’s Confidential Information, and will cooperate with the Disclosing Party in any reasonably requested fashion to

 

    	30

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

assist the Disclosing
Party to regain possession of such Confidential Information and to prevent its further unauthorized use or disclosure.

 

10.5        Filing
of this Agreement.   If and to the extent that either Party determines that it or the other Party is required to file or register
this Agreement or a notification thereof to comply with the requirements of an applicable stock exchange or NASDAQ regulation or
any Governmental Authority, including without limitation the U.S. Securities and Exchange Commission, the Competition Directorate
of the Commission of the European Communities or the U.S. Federal Trade Commission, such Party shall promptly inform the other
Party thereof. Prior to making any such filing, registration or notification, the Parties shall agree on the provisions of this
Agreement for which the Parties shall seek confidential treatment, it being understood that if one (1) Party determines to seek
confidential treatment for a provision for which the other Party does not, then the Parties will use Commercially Reasonable Efforts
in connection with such filing to seek the confidential treatment of any such provision. The Parties shall cooperate, each at its
own expense, in such filing, registration or notification, including, without limitation, such confidential treatment request,
and shall execute all documents reasonably required in connection therewith.

 

10.6        Use
of Names.   Neither Party shall use the name of the other Party in relation to this transaction in any public announcement, press
release or other public document without the prior written consent of such other Party, which consent shall not be unreasonably
withheld; provided, however, that either Party may use the name of the other Party in any document filed with any regulatory agency
or authority, including the FDA, EMEA and the U.S. Securities and Exchange Commission.

 

10.7        Confidentiality
of this Agreement.   The terms of this Agreement shall be Confidential Information of each Party and, as such, shall be subject
to the provisions of this Article 10.

 

10.8        Disclosures
Under Existing NDA.   The Parties agree and acknowledge that Innocoll and EUSA entered into that certain Non-Disclosure
Agreement dated May 22, 2007 (“Existing NDA”). The Parties agree that “Confidential Information”
(as such term is used in the Existing NDA) disclosed to the Parties or their Affiliates under the Existing NDA prior to the Effective
Date shall be deemed to have been disclosed under this Agreement and, from and after the Original MSA Effective Date, shall be
held in confidence by such the Parties and their Affiliates in accordance with the terms of this Article 10.

 

10.9        Ownership;
Developments.

 

10.9.1           Ownership.
All intellectual property of EUSA shall be and remain the sole and exclusive property of EUSA, subject to the licenses and rights
granted hereunder. All

 

    	31

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

intellectual property
of Innocoll shall be and remain the sole and exclusive property of Innocoll, subject to the licenses and rights granted hereunder.

 

10.9.2           Developments.
Any and all intellectual property developed solely by a Party during the Term, whether by or for itself or any of its Affiliates
shall be the sole and exclusive property of such Party, subject to the licenses and rights granted hereunder.

 

10.9.3           Joint
Developments.   Any and all intellectual property developed jointly by the Parties (including by Affiliates of the Parties) during
the Term, shall be the joint property of each Party and each Party shall have joint and undivided interest in such intellectual
property, subject to the licenses granted hereunder.

 

ARTICLE
XI

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

11.1        Representations
and Warranties of Innocoll for Product.   Innocoll represents, warrants and covenants to EUSA that:

 

11.1.1           Unless
EUSA has agreed in writing to accept Product with a shorter shelf life, all Product shipped to EUSA shall have the shelf life established
for such Product by the applicable Governmental Authority and in no event shall the shelf life for such Product be, from the date
of dispatch from Innocoll’s Manufacturing Facility, less than *** of the longest shelf life provided for in the Marketing
Authorization for the relevant country in the Territory.

 

11.1.2           All
Product supplied shall be in accordance with EUSA’s labeling instructions for such Product, shall be free from defects in
materials and workmanship, shall be fit for the purpose for which it is intended and shall not be adulterated or misbranded within
the meaning of the Act, and is not an article which may not, under the Act, be introduced into commerce;

 

11.1.3           All
Product shall be Manufactured in accordance with the Specifications, cGMPs, all Laws, this Agreement, and any further formulating,
Manufacturing, packaging or other standards agreed in writing by the Parties;

 

11.1.4           Innocoll
has a back up supplier of all raw materials to Manufacture and supply the Product and has a safety stock available of such raw
materials to Manufacture and supply the Product in quantities matching all sales in the six (6) months prior to the Restated MSA
Effective Date.

 

11.1.5           Innocoll
has provided, and shall upon further request provide to EUSA all pertinent information in its possession relative to physical,
environmental and human health hazards involving the Product;

 

    	32

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

11.1.6           The
ownership and operation of the Manufacturing Facilities shall be in material compliance with cGMPs and all Laws and any further
formulating, Manufacturing, packaging or other standards agreed in writing by the Parties;

 

11.1.7           Innocoll
conducts and shall conduct any internal quality assurance inspections, as well as quality assurance inspections of its permitted
designees as required by Law;

 

11.1.8           All
Product delivered to EUSA will be free and clear of all liens and encumbrances at the time at which title transfers to EUSA; and

 

11.1.9           During
the Term, neither Innocoll nor its Affiliates shall directly or indirectly Manufacture, and neither Party nor a Party’s Affiliates
shall directly or indirectly Commercialize in the Territory, either itself or with a Third Party, any product that is a ***, and
where such product competes in the Territory with the Product (“Competing Product”), except as authorized under
this Agreement. ***

 

11.2        Mutual
Representations and Warranties. EUSA and Innocoll each represents and warrants to the other as of the Restated MSA Effective
Date that:

 

11.2.1           Organization
and Authority.   It has full corporate right, power and authority to enter into this Agreement and to perform its respective
obligations under this Agreement;

 

11.2.2           No
Conflicts or Violations.   This Agreement is a legal and valid obligation binding upon it and enforceable in accordance with
its terms. The execution and delivery of this

 

    	33

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

Agreement by such Party
and the performance of such Party’s obligations hereunder (a) do not conflict with or violate any requirement of Laws existing
as of the Restated MSA Effective Date and applicable to such Party and (b) do not conflict with, violate, breach or constitute
a default under, and are not prohibited or materially restricted by, any contractual obligations of such Party or any of its Affiliates
existing as of the Restated MSA Effective Date;

 

11.2.3           Valid
Execution.   Such Party is duly authorized, by all requisite corporate action, to execute and deliver this Agreement and the
execution, delivery and performance of this Agreement by such Party does not require any shareholder action or approval or the
approval or consent of any Third Party, and the Person executing this Agreement on behalf of such Party is duly authorized to do
so by all requisite corporate action;

 

11.2.4           Third
Parties.   It has not granted any right to any Third Party that would conflict with the rights granted to the other Party hereunder;

 

11.2.5           Consents.
It has obtained all necessary consents, permits, approvals and authorizations of all Governmental Authorities and other Persons
required to be obtained by it as of the Restated MSA Effective Date in connection with the execution, delivery and performance
of this Agreement; and

 

11.2.6           No
Litigation.   There is no action or proceeding pending against such Party or, to such Party’s knowledge, threatened against
such Party that questions the validity of this Agreement or any action taken by such Party in connection with the execution of
this Agreement.

 

11.3        Disclaimer
of Warranty.   EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES
OF ANY KIND, WHETHER EXPRESS OR IMPLIED, BY FACT OR LAW, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTY OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE.

 

ARTICLE
XII

INDEMNIFICATION; DEFENSE OF THIRD PARTY CLAIMS

 

12.1         Indemnity
by Innocoll.   Innocoll shall indemnify, defend and hold harmless EUSA, its Affiliates, its permitted licensees and its and their
officers, directors, employees, and agents from and against any and all Losses to the extent caused by, relating to, based upon,
arising out of, or in connection with ***;

 

    	34

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

provided, however,
that the foregoing indemnification obligations shall not apply to the extent such Losses are caused by action or omission to act
of EUSA for which EUSA is required to indemnify Innocoll under Section 12.2.

 

12.2        Indemnity
by EUSA.   EUSA shall indemnify, defend and hold harmless Innocoll, its Affiliates and their officers, directors,
employees and agents from and against any and all Losses to the extent caused by, relating to, based upon, arising out of, or
in connection with ***; provided, however, that the foregoing indemnification obligations shall not apply to the
extent that such Losses are caused by action or omission to act of Innocoll for which Innocoll is required to indemnify EUSA under
Section 12.1.

 

12.3        Procedure
for Indemnification.   Each Party seeking to be reimbursed, indemnified, defended, and held harmless under
Section 12.1 or 12.2 (each, an “Indemnitee”) shall (a) provide the Party obligated to indemnify such Indemnitee
(the “Indemnitor”) with prompt, written notice of any claim, suit, demand, or other action for which such Indemnitee
seeks to be reimbursed, indemnified, defended, and held harmless (each, a “Claim”), which notice shall include
a reasonable identification of the alleged facts giving rise to such Claim; (b) in the case of a Claim asserted by a Third
Party (a “Third Party Claim”), grant the Indemnitor reasonable authority and control over the defense and settlement
of any such Third Party Claim; and (c) reasonably cooperate with the Indemnitor and its agents in defense of any Third Party
Claim, at the Indemnitor’s expense. Each Indemnitee shall have the right to participate in the defense of any Third Party
Claim for which Indemnitee seeks to be reimbursed, indemnified, defended, or held harmless, by using attorneys of such Indemnitee’s
choice, at such Indemnitee’s expense. Any settlement of a Third Party Claim for which any Indemnitee seeks to be reimbursed,
indemnified, defended, or held harmless under this Article 12 shall be subject to the prior written approval of such Indemnitee,
which approval shall not be unreasonably withheld, conditioned, or delayed.

 

    	35

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

12.4        Limitation
of Liability.   IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY CONSEQUENTIAL, SPECIAL, INCIDENTAL, INDIRECT OR PUNITIVE LOSSES
OF WHATEVER NATURE (INCLUDING LOST PROFITS), WHETHER BASED UPON BREACH OF WARRANTY, TORT (INCLUDING NEGLIGENCE), BREACH OF CONTRACT,
BREACH OF STATUTORY DUTY OR OTHERWISE, IN EACH CASE WHETHER OR NOT REASONABLY FORESEEABLE OR CONTEMPLATED BY THE PARTIES. THE FOREGOING
LIMITATIONS WILL NOT LIMIT EITHER PARTY’S OBLIGATIONS TO THE OTHER PARTY UNDER SECTION 10, SECTION 12.1 AND SECTION 12.2.

 

12.5        Defense
of Third Party Infringement Claims.   If the Product becomes the subject of a Third Party’s claim or assertion of infringement,
the Party first having notice of the claim or assertion shall promptly notify the other Party, and the Parties shall promptly confer
to consider the claim or assertion and the appropriate course of action. Unless the Parties otherwise agree in writing, each Party
shall have the right to defend itself against a suit that names it as a defendant. Neither Party shall enter into any settlement
of any claim described in this Section 12.5 that adversely affects the other Party’s rights or interests without such other
Party’s prior written consent, not to be unreasonably withheld or delayed. In any event, the Parties shall reasonably assist
one another and cooperate in any such litigation at the other Party’s request and expense.

 

ARTICLE
XIII

INSURANCE

 

13.1        Required
Insurance Coverage.   Each Party will obtain and keep in force insurance ***. It is understood that such insurance will not be
construed to limit a Party’s liability with respect to its indemnification obligations under Article 13. Each Party
will provide to the other Party upon request a certificate evidencing the insurance the Party is required to obtain and keep in
force under this Article 13. ***

 

ARTICLE
XIV

TERM AND TERMINATION

 

14.1        Term.

 

14.1.1           Except
as otherwise specifically set forth in this Agreement (including Sections 8.8 and 8.10, which together with the payment obligations
thereunder shall survive termination or expiration of this Agreement), or unless otherwise agreed in writing by the

 

    	36

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

Parties, this Agreement
commenced on the Original MSA Effective Date and shall expire on the tenth (10th) anniversary thereof (the “Initial Term”)
unless terminated earlier or extended or renewed in accordance with this Agreement (the Initial Term and any Renewal Terms (as
defined below) collectively the “Term”). Thereafter, this Agreement shall automatically renew for additional
five (5) year periods (each, a “Renewal Term”) unless (a) written notice of non-renewal is provided by
either Party to the other at least three (3) years prior to the expiration of the Initial Term or a Renewal Term or (b) this
Agreement is terminated sooner as permitted hereunder.

 

14.2        Termination.
Either Party shall have the right to terminate this Agreement in any of the following events:

 

14.2.1           Termination
for Breach.   Either Party may, without prejudice to any other remedies available to it at law or in equity,
terminate this Agreement in the event that the other Party (as used in this subsection, the “Breaching Party”)
shall have materially breached or defaulted in the performance of any of its obligations. The Breaching Party shall have *** in
the case of any default other than undisputed amounts hereunder, or *** in the case of a default or failure to pay any money due
hereunder, after written notice thereof was provided to the Breaching Party by the non-breaching Party to remedy such default
(or, if such default cannot be cured within such ***, if the Breaching Party must commence and diligently continue actions to
cure such default during such ***). Any such termination shall become effective at the end of such *** unless the Breaching Party
has cured any such breach or default prior to the expiration of, as applicable, such *** or such *** (or, if such default cannot
be cured within such ***, if the Breaching Party has commenced and diligently continued actions to cure such default). Innocoll’s
failure to Manufacture Product in accordance with Specifications or to comply with cGMP or Law shall be a per se material breach
of this Agreement.

 

14.2.2           Termination
for Force Majeure Event.   Notwithstanding anything to the contrary contained in this Agreement, in the event
a Force Majeure Event shall have occurred and be continuing for *** (“FM Period”), the Party not suffering
such Force Majeure Event shall be entitled to terminate this Agreement effective immediately upon written notice to the Party
suffering such Force Majeure Event, provided, however, that in the event that a Force Majeure Event shall have occurred which
results in a disruption of supply of Product to EUSA and Innocoll shall have identified a Third Party to Manufacture and supply
Product and commenced audits and other steps required to prepare such Third Party to obtain Regulatory Approval within a FM Period
then (i) EUSA shall not be entitled to so terminate this Agreement; (ii) the Parties will cooperate in Manufacture Approval Activities,
and (iii) following receipt of necessary Regulatory Approvals and entering into a Third Party Agreement, such Third Party will
supply Product to EUSA, it being understood and agreed that following the

 

    	37

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

cessation of the Force
Majeure Event, Innocoll will use Commercially Reasonable Efforts to recommence supply of Product from its own Manufacturing Facilities.
In the event that Innocoll fails to identify a Third Party in the FM Period then EUSA may terminate this Agreement effective immediately
upon another notice to Innocoll.

 

14.2.3           Termination
for Reasons of Insolvency or Termination of Business Activities.   Either Party shall be entitled to terminate this Agreement
if the other Party becomes insolvent or is the subject of a petition in bankruptcy whether voluntary or involuntary (and not dismissed
within ***) or of any other proceeding under bankruptcy, insolvency or similar laws, makes an assignment for the benefit of creditors,
is named in such a petition, or its property is subject to a suit for the appointment of a receiver, or is dissolved or liquidated.
Such termination right may be exercised without the need for written notice within *** following the date as of which the Party
entitled to terminate receives knowledge of such insolvency or termination of business activities by the other Party.

 

ARTICLE
XV

AGREEMENT RIGHTS AND DUTIES UPON TERMINATION

 

15.1         ***

 

15.2         Pending
Purchase Orders.   Except in cases of the termination of this Agreement by either Party under Section 14.2, the termination of
this Agreement shall not affect Purchase Orders placed by EUSA and accepted by Innocoll at the time notice of termination is given
and until the time any such termination becomes effective. Except in cases of the termination of this Agreement by Innocoll for
material breach by EUSA under Section 14.2, or (b) termination of this Agreement by Innocoll due to a Force Majeure Event suffered
by EUSA under Section 14.2.2, ***

 

15.3         Outstanding
Payment.   Payments of amounts owing to either Party under this Agreement as of its expiration or termination shall be due and
payable within the later of (a) to

 

    	38

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

the extent such amounts
can be calculated and a fixed sum determined at the time of expiration or termination of this Agreement, *** after the date of
such expiration or termination or (b) *** after the date in which such amounts can be calculated and a fixed sum determined.

 

15.4         Return
of Materials.   Within *** following the date of termination of this Agreement, each Party shall destroy or return to the other
Party and shall cause the destruction or return of all tangible items bearing, containing or contained in any of the Confidential
Information of the other Party, and shall provide the other Party written certification of such destruction or return.

 

15.5         Accrued
Rights.   Termination, relinquishment or expiration of this Agreement for any reason shall be without prejudice to any rights
that shall have accrued to the benefit of any Party prior to such termination, relinquishment or expiration.

 

15.6         Survival.
The provisions of Articles 8-17 inclusive (but only the portions thereof that would reasonably be expected to survive expiration
or termination) and Sections 3.6, 3.7, 5.4, 6.2-6.4, 7.3 and 7.4 to the extent they are intended to survive expiration or
termination shall survive any expiration or other termination of this Agreement.

 

ARTICLE
XVI

GOVERNING LAW; DISPUTE RESOLUTION

 

16.1         Governing
Law.   This Agreement shall be governed by and interpreted in accordance with the laws of the Commonwealth of Pennsylvania without
giving effect to any conflict of laws provisions, except matters of intellectual property that will be determined in accordance
the intellectual property laws relevant to the intellectual property in question. The UNICITRAL Convention for the International
Sale of Goods, as well as any other unified laws relating to the conclusion and implementation of contracts for the international
sale of goods, will not apply.

 

16.2         Consent
to Jurisdiction and Forum Selection.   The Parties hereto agree that all proceedings, arising in connection with this Agreement
shall be initiated and tried exclusively in the local and federal courts located in the Commonwealth of Pennsylvania. The aforementioned
choice of venue is intended by the Parties to be mandatory and not permissive in nature, thereby precluding the possibility of
litigation between the Parties with respect to or arising out of this Agreement in any jurisdiction other than that specified in
this Section 16.2. Each Party hereby waives any right it may have to assert the doctrine of forum non conveniens or similar doctrine
or to object to venue with respect to any proceeding brought in accordance with this section, and stipulates that the local and
federal courts located in the Commonwealth of Pennsylvania shall have personal jurisdiction and venue over each of them for purposes
of litigating any dispute, controversy or proceeding arising out of or related to this Agreement. Each Party hereby

 

    	39

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

authorizes and agrees
to accept service of process sufficient for personal jurisdiction in any action against it as contemplated by this section by registered
or certified mail, return receipt requested, postage prepaid to its address for the giving of notices as set forth in this Agreement.
Any final judgment received against a Party in any action or proceeding shall be conclusive as to the subject of such final judgment
and may be enforced in other jurisdictions in any manner provided by applicable Laws.

 

16.3         Injunctive
Relief.   Notwithstanding anything to the contrary in this Agreement, either Party will have the right to seek temporary injunctive
relief in any court of competent jurisdiction as may be available to such Party under the laws and rules applicable in such jurisdiction
with respect to any matters arising out of the other Party’s performance of its obligations under this Agreement.

 

ARTICLE
XVII

GENERAL PROVISIONS

 

17.1         Notices.
All notices or other communications that are required or permitted under this Agreement will be in writing and delivered personally,
sent by facsimile (and promptly confirmed by personal delivery or overnight courier as provided in this Agreement), or sent by
internationally-recognized overnight courier to the addresses below. Any such communication will be deemed to have been given (a)
when delivered, if personally delivered or sent by facsimile on a Business Day (so long as promptly confirmed by personal delivery
or overnight courier as provided in this Agreement), and (b) on the second Business Day after dispatch, if sent by internationally-recognized
overnight courier. Unless otherwise specified in writing, the mailing addresses of the Parties shall be as described below.

 

	For EUSA:	with a copy to:
	***	***
	 	 
	For Innocoll:	with a copy to:
	***	***

 

    	40

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

17.2         Independent
Status.   Neither Party is an agent, employee or representative of the other. Neither Party shall have the authority to make
any statements, representations or commitments of any kind, nor to take any action, which shall be binding on the other Party,
except as may be explicitly authorized by the other Party in writing. This Agreement shall not constitute, create or in any way
be interpreted as a joint venture, partnership or formal business organization of any kind.

 

17.3         Force
Majeure.   Subject to the provisions of Section 14.2.2 and Section 15.2 of this Agreement, a Party shall be
excused from a delay in performing, or a failure to perform, its obligations under this Agreement (except for the payment of any
undisputed amounts due hereunder) to the extent such delay or failure is caused by acts of God, fires, explosions, wars or other
hostilities, insurrections, revolutions, earthquakes, floods, epidemics or quarantine restrictions (each a “Force Majeure
Event”). In such event, the performance times shall be extended for a period of time equivalent to the time lost because
of the excusable delay; provided, that such Party shall immediately notify the other Party as soon as possible in writing and
regularly update the other Party as to the anticipated scope and duration of the delay and shall use its best efforts to resume
performance as soon as possible.

 

17.4         Entire
Agreement; Amendment and Waiver.   This Agreement, including the Exhibits and Schedules attached hereto (each of which is hereby
and thereby incorporated herein and therein by reference) between the Parties shall constitute the entire agreement and understanding
of the Parties relating to the subject matter of this Agreement and supersedes all prior oral or written agreements, representations,
understandings or arrangements between the Parties relating to the subject matter of this Agreement. No amendment, supplement or
other modification to any provision of this Agreement shall be binding unless in writing and signed by both Parties. No waiver
of any rights under this Agreement shall be effective unless in writing signed by the Party to be charged. A waiver of a breach
or violation of any provision of this Agreement will not constitute or be construed as a waiver of any subsequent breach or violation
of that provision or as a waiver of any breach or violation of any other provision of this Agreement.

 

17.5         Headings;
Construction; Certain Conventions.   The headings used in this Agreement have been inserted for convenience of reference only
and do not define or limit the provisions hereof. The Exhibits and Schedules to this Agreement are incorporated herein by reference
and will be deemed a part of this Agreement. Unless otherwise expressly provided herein or the context of this Agreement otherwise
requires, (a) words of any gender include each other gender, (b) words such as “herein”, “hereof, and “hereunder”
refer to this Agreement as a whole and not merely to the particular provision in which such words appear, (c) words using the singular
will include the plural, and vice versa, (d) the words “include,” “includes” and “including”
will be deemed to be followed by the phrase “but not limited to”, “without limitation”, “inter alia”
or words of similar import, (e) the word “or” will be deemed to include

 

    	41

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

  

the word “and”
(e.g., “and/or”) and (f) references to “ARTICLE,” “Section,” “subsection”, “clause”
or other subdivision, or to a Schedule or Exhibit, without reference to a document are to the specified provision, Schedule or
Exhibit of this Agreement. This Agreement will be construed as if it were drafted jointly by the Parties and shall not be strictly
construed against either Party.

 

17.6         Assignment.
Subject to Section 2.4, none of the Parties herein shall assign or transfer any of their rights or obligations under this Agreement
without the prior written consent of the other Party. Each Party shall be entitled (without the consent of the other Party) to
assign this Agreement (or any of its rights or obligations under this Agreement) to (a) its Affiliate (as long as such entity remains
an Affiliate of the relevant Party) provided that the assigning Party shall be responsible for the performance of this Agreement
by such Affiliate; or (b) to any corporation or other Person to which it has sold all or substantially all of its assets relating
to this Agreement provided that the acquiring corporation or other Person agrees to be bound by the terms of this Agreement. If
a Party delegates all or any of its obligations under this Agreement to any Third Party (as permitted under this Agreement), the
Party delegating shall be fully responsible to the other Party for the proper performance of those obligations and for any negligent
act or omission made by the Third Party or its staff in relation thereto. For purposes of clarity, any change of control or merger
or consolidation of a Party shall not be deemed an assignment of this Agreement to the surviving entity.

 

17.7         Severability.
If any provision of this Agreement or application thereof to anyone is adjudicated to be invalid or unenforceable in any jurisdiction,
such invalidity or unenforceability shall not affect any provision or application of this Agreement which can be given effect without
the invalid or unenforceable provision or application and shall not invalidate or render unenforceable such provision or application
in any other jurisdiction. Further, the judicial or other competent authority making such determination shall have the power to
limit, construe or reduce the duration, scope, activity and/or area of such provision, and/or delete specific words or phrases
as necessary to render, such provision enforceable in such jurisdiction.

 

17.8         Further
Assurances.   Each Party shall, as and when requested by the other Party, do all acts and execute all documents as may be reasonably
necessary to give effect to the provisions of this Agreement.

 

17.9         Counterparts.
This Agreement may be executed in one (1) or more counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

 

[Signature Page Follows]

 

    	42

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

IN WITNESS WHEREOF,
EUSA and Innocoll, by their duly authorized officers, have executed this Agreement as of the Effective Date.

 

	INNOCOLL PHARMACEUTICALS LIMITED	 	EUSA PHARMA (EUROPE) LIMITED
	 	 	 	 	 	 
	By:	/s/ Michael Myers	 	By:	/s/ David Cook	 
	 	Name:  Michael Myers	 	 	Name:  David Cook	 
	 	Title:   President & CEO	 	 	Title:    Director	 
	 	 	 	 	 	 
	By:	 	 	 	 	 
	 	Name:	 	 	 	 
	 	Title:	 	 	 	 
	 	 	 	 	 	 
	By:	 	 	 	 	 
	 	Name:	 	 	 	 
	 	Title:	 	 	 	 
	 	 	 	 	 	 
	SYNTACOLL AG	 	 	 	 
	(solely as Sections 7.2,11.1 and 15.1)	 	 	 	 
	 	 	 	 	 
	By:	/s/ Michael Myers	 	 	 	 
	Name:	Michael Myers	 	 	 	 
	Title:	President & CEO	 	 	 	 

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

SCHEDULE 1.22

Product Specifications

 

See attached.

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

***

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

SCHEDULE 3.1.1

Packaging and Labeling Specifications

 

See attached.

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

Schedule 3.1.1

 

***

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

SCHEDULE 3.3.1

Manufacturing Standards and Process

 

The Manufacturing standards that shall apply to Product produced
by Innocoll for EUSA during the term of this Agreement shall be those cGMP standards imposed by Laws and Governmental Authorities.

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

SCHEDULE 6.1.1

Quality Control and Assurance Procedures

 

1.          Innocoll
shall follow cGMP standards for the release of Product and packaging for sale to the market place.

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

SCHEDULE 11.1.9

Non-Competing Products

 

See attached.

 

    	 

    	Confidential Materials omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended. Confidential portions are marked: [ *** ]

    

 

Schedule 11.1.9

 

Gentamicin in combination with paclitaxel or any other drug
substance that is not an antibiotic and whose primary use is not to treat or prevent post surgical infection.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00232-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00232-of-00352.parquet"}]]