Document:

Stock Purchase Agreement

 Exhibit 10.2 

STOCK PURCHASE AGREEMENT 

This STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of June 24, 2014, is made and entered into by and
between HedgePath Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Hedgepath, LLC, a Florida limited liability company (the “Purchaser”). 

WHEREAS, the Company desires to raise capital in the amount of One Million Five Hundred Thousand Dollars ($1,500,000) via a private
placement finance through the issuance of Twenty Million (20,000,000) shares (the “Purchased Shares”) of the Company’s common stock, par value $0.0001 per share (“Common Stock”); and 

WHEREAS, the Purchaser wishes to purchase the Purchased Shares from the Company on the terms and conditions set forth in this
Agreement. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth in this Agreement, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1. Defined
Terms. The following capitalized terms used in this Agreement shall have the following meanings: 
 (a) “Business Day”
means any day except Saturday, Sunday or any other day on which commercial banks located in New York, New York are required by law or otherwise to be closed for business. 

(b) “Governmental Authority” means any foreign, domestic, federal, territorial, state or local governmental authority,
quasi-governmental authority, instrumentality, court, legislative body, government or self-regulatory organization, commission, court, tribunal or organization or any regulatory, administrative or other agency, or any political or other subdivision,
department or branch of any of the foregoing. 
 (c) “Note Term” means the period beginning on the date hereof and ending
on December 31, 2014. 
 (d) “Proceeding” means an action, claim, suit, investigation or proceeding, including,
without limitation, an informal investigation or partial proceeding, such as a deposition, whether commenced or threatened. 
 (e)
“Purchaser Note” means that certain promissory note, the substantial form of which is attached hereto as Exhibit A. 

2. Purchase and Sale of Purchased Shares. 

(a) Subject to the terms and conditions of this Agreement, the Purchaser irrevocably and unconditionally agrees and undertakes to purchase,
and the Company agrees to sell and issue to the Purchaser, all of the Purchased Shares. The per share purchase price of the Purchased Shares is $0.0.075 per share, and the aggregate purchase price for the Purchased Shares is One Million Five Hundred
Thousand Dollars ($1,500,000) (the “Investment Amount”), which is payable to the Company as provided for herein. 

 (b) The payment of One Hundred Twenty-Five Thousand Dollars ($125,000) made by the Purchaser to
the Company on June 4, 2014 shall be deemed a partial funding of the Investment Amount. 
 (c) An additional portion of the Investment
Amount, in the amount of One Hundred Twenty-Five Thousand Dollars ($125,000) (the “Closing Payment”), shall be funded to the Company as of the date hereof. 

(d) The remaining portion of the Investment Amount, in the amount of One Million Two Hundred Fifty Thousand Dollars ($1,250,000), shall be
funded to the Company pursuant to the terms and conditions of the Purchaser Note during the Note Term. 
 3. Use of Proceeds. The
parties acknowledge and agree that the Investment Amount will be used for (a) the funding of clinical programs for SUBA Intraconazole for the treatment of Gorlin’s Syndrome and (b) general operating costs for management and expenses
associated with the Company, including, without limitation, the filing of a registration statement for a contemplated public offering by the Company. 

4. Deliveries. As of the date hereof: 

(a) the Purchaser shall deliver to the Company, by wire transfer of immediately available funds to a bank account designated by the Company,
all payments due hereunder; 
 (b) the Purchaser shall deliver to the Company the Purchaser Note, duly executed by the Purchaser; and 

(c) the Company shall issue and deliver to the Purchaser a stock certificate representing the Purchased Shares. 

5. Representations and Warranties. 

(a) Mutual Representations. Each of the Purchaser and the Company represents and warrants to each other that each of the following
representations and warranties is true and correct with respect to itself as of the date of this Agreement: 
 (i) It is an entity duly
incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its
business as currently conducted. It is neither in violation nor default of any of the provisions of its respective certificate or articles of incorporation or organization, bylaws, operating agreement, or other organizational or charter documents.
It is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the
failure to be so qualified or in good standing, as the 

  
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case may be, could not have or reasonably be expected to result in a material adverse effect, and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or
seeking to revoke, limit or curtail such power and authority or qualification. 
 (ii) It has the requisite power and authority to enter
into and to consummate the transactions contemplated by this Agreement (and the Purchaser Note, in the case of the Purchaser) and otherwise to carry out its obligations hereunder (and thereunder, in the case of the Purchaser). Its execution,
delivery and performance of this Agreement (and the Purchaser Note, in the case of the Purchaser) and the consummation by it of the transactions contemplated hereby (and thereby, in the case of the Purchaser) have been duly authorized by all
necessary action, and no further approval or authorization is required by it, its governing board, managers or other body or any of its stockholders, members or owners in connection herewith (or therewith, in the case of the Purchaser). It has duly
executed this Agreement (and the Purchaser Note, in the case of the Purchaser), and this Agreement (and the Purchaser Note, in the case of the Purchaser) will constitute a valid and binding obligation enforceable against itself in accordance with
its respective terms. 
 (iii) Its execution, delivery and performance of this Agreement (and the Purchaser Note, in the case of the
Purchaser) does not and will not, and its consummation of the transactions contemplated hereby (and thereby, in the case of the Purchaser) do not and will not: (i) conflict with or violate any provision of its certificate or articles of
incorporation or organization, bylaws, operating agreement, or other organizational or charter documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result
in the creation of any lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction upon any of its (or any of its subsidiaries’) properties or assets, or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument or other understanding to which it (or any of its subsidiaries) is a party or by which
any of its (or any of its subsidiaries’) properties or assets is bound or affected, or (iii) conflict with or result in a violation of any law, statute, rule, regulation, order, judgment, injunction, decree or other restriction of any
Governmental Authority (as defined below) to which it (or any of its subsidiaries) is subject (including federal and state securities laws and regulations), or by which any of its (or any of its subsidiaries’) properties or assets is bound or
affected. 
 (iv) There are no Proceedings pending against its assets before any Governmental Authority (nor, to its knowledge, is there
any threat thereof) which would impair in any way its ability to enter into and fully perform its commitments and obligations under this Agreement (or the Purchaser Note, in the case of the Purchaser) or the transactions contemplated hereby (or
thereby, in the case of the Purchaser). 
 (b) Representations and Warranties of the Company. The Company represents and warrants to
the Purchaser that each of the following representations and warranties is true and correct with respect to the Company as of the date of this Agreement: 

(i) The Purchased Shares are duly authorized, validly issued in compliance with applicable law, fully paid and non-assessable, and free and
clear of any liens, 

  
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rights, or any other restriction, except for restrictions made in accordance with this Agreement, the certificate of incorporation of the Company, as amended or amended and restated, and
applicable law. 
 (ii) The Company has obtained all material approvals required by any Governmental Authority to carry on its business as
now being conducted. Each of such approvals is in full force and effect and the Company is in compliance in all material respects with the terms and conditions of such approvals, and is also in compliance in all material respects with all other
provisions of any applicable law, rule or regulation. 
 (c) Representations and Warranties of the Purchaser. The Purchaser
represents and warrants to the Company that each of the following representations and warranties is true and correct with respect to the Purchaser as of the date of this Agreement: 

(i) The Purchaser acknowledges and understands that the Company is a start-up venture with very limited current capital resources and that,
therefore, an investment in the Company involves a very high degree of risk and should not be undertaken if the Purchaser cannot afford to lose the Purchaser’s entire investment in the Company. 

(ii) The Purchaser acknowledges that, prior to the execution of this Agreement, the Purchaser has had the opportunity to ask questions of,
and receive answers or obtain additional information from, a representative of the Company concerning the financial and other affairs of the Company, the Company’s business plans and the terms and conditions of this Agreement and, to the extent
the Purchaser believes necessary in light of its knowledge of the Company’s affairs, has asked such questions and received answers satisfactory to them. 

(iii) The Purchaser acknowledges and confirms that: (i) the Purchaser can bear the economic risk of the purchase of the Purchased
Shares, including a total loss of the Investment Amount and (ii) the Purchaser’s investment in the Company is reasonable in relation to Purchaser’s net worth and financial needs. 

(iv) The Purchaser is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the U.S. Securities Act of
1933, as amended (the “Act”), and has such knowledge and experience in financial and business matters that such Purchaser is capable of evaluating the merits and risks of Purchaser’s investment in the Purchased Shares, of
making an informed investment decision with respect thereto, and has the ability and capacity to protect Purchaser’s interests. 
 (v)
The Purchaser represents that the Purchased Shares are being purchased solely for investment purposes, for Purchaser’s own account, and not as nominee or agent for any third party person or entity and without any present intention to sell or
distribute all or any part of the Purchased Shares. The Purchaser has not been formed for the specific purpose of acquiring the Purchased Shares. 

(vi) The Purchaser has carefully considered and has discussed with the Purchaser’s legal, tax, accounting and financial advisors, to the
extent the Purchaser has deemed necessary, the suitability of an investment in the Purchased Shares and the Purchaser’s participation in the transactions contemplated by this Agreement for the Purchaser’s particular

  
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federal, state, local and foreign tax and financial situation and has independently determined that an investment in the Purchased Shares and participation in the transactions contemplated by
this Agreement are suitable for the Purchaser. The Purchaser has relied solely on such advisors and not on any statements or representations of the Company or any of its agents. The Purchaser understands that the Purchaser (and not the Company)
shall be responsible for the Purchaser’s own tax liability that may arise as a result of an investment in the Purchased Shares or the transactions contemplated by this Agreement. 

(vii) The Purchaser understands that the Purchased Shares are “restricted securities” and as a result, the Purchaser acknowledges
that the Purchased Shares and any component thereof must be held indefinitely unless subsequently registered under the Act or unless an exemption from such registration is available. 

(viii) The Purchaser represents that the Purchaser is not subscribing for the Purchased Shares as a result of or subsequent to any
advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over the Internet, television or radio or presented at any seminar or meeting or any public announcement or filing of or by the
Company or any of the Company’s affiliates, agents or representatives. 
 (ix) The Purchaser understands that the certificate for the
Purchased Shares issued hereunder, and any certificate issued hereafter evidencing any of the Purchased Shares, shall bear customary restrictive legends. 

6. Confidentiality. Except as required by law, rule or regulation, the Company and the Purchaser shall keep the terms and conditions of
this Agreement and the transactions contemplated hereby as strictly confidential. 
 7. Indemnification. The Company and the
Purchaser (in this context, each an “Indemnifying Party”) will indemnify, defend and hold harmless the other party, and each of its affiliates, directors, officers, stockholders, members, managers, attorneys, accountants, agents and
employees, and each of their respective heirs, beneficiaries, successors and assigns (in this context, each an “Indemnified Party”), from, against and in respect of all losses, damages, liabilities and expenses (including reasonable
legal fees and costs) imposed on, sustained, incurred or suffered by or asserted against any Indemnified Party, directly or indirectly relating to or arising out of any of the following: (i) any fact or circumstance that constitutes a breach of
any representation or warranty of the Indemnifying Party contained herein; and (ii) any act or omission that constitutes a breach of any covenant or agreement of the Indemnifying Party contained herein or in the other documents contemplated
hereby (including, without limitation, the Purchaser Note). 
 8. Limitation of Liability. The sole and exclusive liability of the
Company and its affiliates, directors, officers, stockholders, attorneys, accountants, agents, and employees, and each of their respective heirs, beneficiaries, successors and assigns, under this Agreement or any other document contemplated hereby
(including, without limitation, the Purchaser Note), including, without limitation, towards the Purchaser and its affiliates, directors, officers, members, managers, attorneys, accountants, agents, and employees, and each of their respective heirs,
beneficiaries, successors and assigns, shall be limited to the portion of the Investment Amount received by the Company from the Purchaser. 

  
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 9. Miscellaneous. 

(a) Further Assurances. Each party hereto, at the reasonable request of the other party hereto, shall execute and deliver such other
instruments and do and perform such other acts and things as may be necessary or desirable for effecting completely the consummation of this Agreement and the transactions contemplated hereby. 

(b) Headings. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or
interpreting this Agreement. 
 (c) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the
parties and their respective successors and assigns. 
 (d) No Third Party Beneficiaries. This Agreement is intended for the benefit
of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person or entity. 

(e) Entire Agreement. This Agreement together with the documents referred to herein embodies the entire agreement between the parties
and supersedes all other agreements or understandings between the parties in connection to the subject matters hereof and thereof. 
 (f)
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. 

(g) Amendments and Waivers. This Agreement may be amended or modified only by a written instrument executed by the Company and the
Purchaser. The observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument executed by the party against whom enforcement of any such
waived provision is sought. No waiver of any breach or default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent breach, default or a
waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. 

(h) Severability. In the event that any of the provisions of this Agreement shall be held by a court or other body of competent
jurisdiction, to be unenforceable, the remaining portions of this Agreement shall remain in full force and effect, and the parties agree that in such case they shall negotiate, in good faith, a substitute, enforceable provision which most nearly
effects the parties’ intent in entering into this Agreement. 
 (i) Governing Law; Venue; Waiver of Jury Trial. All questions
concerning the construction, validity, enforcement and interpretation of this Agreement, the Purchaser Note or the transactions contemplated hereby shall be governed by the internal laws of the State of Delaware, without giving effect to any choice
of law or conflict of law provision or rule (whether 

  
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of the State of Delaware or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Delaware. Each party hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in the Hillsborough County, Florida for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and
hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or
that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at
the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, THE PURCHASER
NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY. 
 (j) Notices. Any notices, consents, waivers or other communications required or
permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of
transmission is mechanically or electronically generated and kept on file by the sending party); (iii) one Business day after deposit with an overnight courier service, in each case properly addressed to the party to receive the same; or
(iv) three Business days after deposit with registered U.S. mail . The addresses and facsimile numbers for such communications shall be: (A) if to the Company, HedgePath Pharmaceuticals, Inc., 324 Hyde Park Avenue, Suite 350, Tampa,
Florida 33606, Fax Number: 813.527.0500, Email: nvirca@hedgepathpharma.com, Attention: Chief Executive Officer, and (B) if to the Purchaser, Hedgepath, LLC, 324 Hyde Park Avenue, Suite 350, Tampa, Florida 33606, Fax Number: 813.527.0500, Email:
feomdjr@gmail.com, Attention: Manager, or in each case, to such other address and/or facsimile number as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. 

(k) Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and
enforceable against the party actually executing such counterpart, and all of which together shall constitute one and the same instrument. Such counterparts may be delivered by facsimile or e-mail/.pdf transmission, which shall constitute valid
delivery thereof. 
 [Remainder of page intentionally left blank. 

Signature page immediately follows.] 

  
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 IN WITNESS WHEREOF, each of the Purchaser and the Company has caused its respective
signature page to this Agreement to be duly executed as of the date first written above. 
  

			
	COMPANY:
	
	HEDGEPATH PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Nicholas J. Virca

	Name:	 	Nicholas J. Virca
	Title:	 	President and CEO
	
	PURCHASER:
	
	HEDGEPATH, LLC
		
	By:	 	 Black Robe Capital, LLC,
 its
Manager

		
	By:	 	 /s/ Frank E. O’Donnell, Jr.

	Name:	 	Frank E. O’Donnell, Jr.
	Title:	 	Manager

  
 A-1Promissory Note

 Exhibit 10.3 

PROMISSORY NOTE 
  

			
	US$1,250,000.00	  	Dated as of June 24, 2014

 This PROMISSORY NOTE (this “Note”) is being issued and delivered pursuant to the terms
of that certain Stock Purchase Agreement, dated June 24, 2014 (the “Purchase Agreement”), by and between the Maker (as defined below) and the Payee (as defined below). All capitalized terms used but not defined herein shall
have the meanings ascribed to them in the Purchase Agreement. 
 FOR VALUE RECEIVED, Hedgepath, LLC, a
Florida limited liability company (the “Maker”), and its successors and assigns promise to pay to the order of HedgePath Pharmaceuticals, Inc., a Delaware corporation (together with its successors and
assigns, collectively, the “Payee”), the principal sum of One Million Two Hundred Fifty Thousand Dollars ($1,250,000)
(“Principal”) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made on the respective dates on which they are due by wire
transfer of immediately available funds to such account as the Payee may from time to time designate. 
 1.
Definitions. The following capitalized terms used in this Note shall have the following meanings: 
 (a) “Advance”
means the portion of Principal requested by the Payee, in its sole discretion, in an Advance Notice. 
 (b) “Advance Date”
means the date that the Maker is required to make and deliver to the Payee an Advance, which date shall in no event be more than five (5) Business Days following the delivery to the Maker of the Advance Notice pursuant to which the Payee is
requesting such Advance. 
 (c) “Advance Notice” means a written notice delivered by the Payee to the Maker setting forth
(i) the Advance that the Payee is requesting from the Maker and (ii) the Advance Date with respect to such Advance. 
 (d)
“Business Day” means any day except Saturday, Sunday or any other day on which commercial banks located in New York, New York are required by law or otherwise to be closed for business. 

(e) “Note Term” means the period beginning on the date hereof and ending on December 31, 2014. 

2. Payments. 
 (a)
Commencing on June 30, 2014 and ending on December 31, 2014, unless the Principal is sooner paid in full pursuant to Section 2(b) hereof, the Maker shall make monthly payments of Principal in accordance with the amortization schedule
set forth on Schedule A attached hereto. Except as set forth in Section 2(c) hereof, all accrued interest hereunder, together with any other costs or expenses of the Payee incurred in connection with this Note, shall be due
and payable on the last monthly payment date set forth on Schedule A. 

 (b) In addition to the monthly payments of Principal provided on Schedule A, during
the Note Term, the Payee shall have the right, from time to time and in its sole discretion, to request an Advance by the delivery of an Advance Notice to the Maker, which Advance shall be delivered and paid by the Maker to the Payee on or prior to
the Advance Date associated with such Advance. Advances made hereunder shall be applied against and reduce the monthly payments of Principal set forth on Schedule A, starting with the last such monthly payment of Principal and
continuing with the other monthly payments of Principal in reverse chronological order. Each Advance Notice shall be deemed delivered to the Maker (i) on the Business Day it is received by facsimile or email by the Maker if such Advance Notice
is received prior to 5:00 p.m. Eastern Time on such Business Day or (ii) on the immediately succeeding Business Day if such Advance Notice is received by facsimile or email by the Maker (A) after 5:00 p.m. Eastern Time on a Business Day or
(B) at any time on a day which is not a Business Day 
 (c) Notwithstanding anything to the contrary contained herein, following the
occurrence of an Event of Default, all payments made by the Maker hereunder shall be applied first to payment in full of any costs or expenses incurred by the Payee in connection with the enforcement of, or the exercise of any remedy under, this
Note, including, without limitation, reasonable attorney’s fees, then to the payment in full of any accrued interest hereunder, and finally to the reduction of the unpaid portion of the Principal, starting with the last monthly payment of
Principal set forth on Schedule A and continuing with the other monthly payments of Principal set forth on Schedule A in reverse chronological order. 

3. Default Interest Rate. Upon the occurrence of an Event of Default (as defined below) and until such Event of Default is cured,
interest shall accrue on the unpaid portion of the Principal at an interest rate equal to eighteen percent (18%) per annum. 
 4.
Events of Default. The following shall constitute events of default under this Note (each, an “Event of Default”): 

(a) Failure to Make Required Payments. Failure by the Maker to make any payment of Principal or any Advance when due under this Note.

 (b) Voluntary Bankruptcy, etc. The commencement by the Maker of a voluntary case under the Federal Bankruptcy Code, as now
constituted or hereafter amended (the “Bankruptcy Code”), or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by the Maker to the appointment of or
taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of the Maker or for any substantial part of the Maker’s property, or the making by the Maker of any assignment for the benefit
of creditors, or the failure of the Maker generally to pay debts as such debts become due, or the taking of action by the Maker in furtherance of any of the foregoing. 

(c) Involuntary Bankruptcy, etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of
the Maker in an involuntary case under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar 

  
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law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Maker or for any substantial part of the Maker’s property and the
continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days. 
 5. Remedies. 

(a) Upon the occurrence of an Event of Default, the Payee shall have, in additional to any other rights and remedies granted to it under
applicable law, the right at its election and as full liquidated damages to declare by written notice to the Maker, that some or all of the Purchased Shares shall be forfeited by the Maker to the Payee (the “Forfeiture Notice”). All
rights and remedies of the Payee shall be cumulative and not exclusive. The Maker shall pay to the Payee on demand all costs, expenses, and charges of the Payee in connection with the enforcement of, or the exercise of any remedy under, this Note,
including, without limitation, reasonable attorney’s fees. 
 (b) Notwithstanding anything to the contrary contained herein (including,
without limitation, Sections 5(a) and 7 hereof), if the Payee makes the election to declare the forfeiture of some or all of the Purchased Shares as described in Section 5(a) hereof, the Payee shall be deemed to have waived and released any and
all claims it may have for (i) the balance of the amounts remaining due and payable under this Note and (ii) any additional damages it may have suffered as a result of the Event of Default giving rise to such forfeiture election. The Maker
agrees that upon receipt of the Forfeiture Notice, it shall, without payment or additional consideration, within two (2) Business Days after receipt of the Forfeiture Notice, deliver to the Payee any and all stock certificates in the
Maker’s possession or control evidencing the Purchased Shares elected to be forfeited duly endorsed for transfer back to the Payee or accompanied by an executed stock power for transfer back to the Payee. The Purchased Shares elected to be
forfeited shall be transferred back to the Payee free and clear of all liens, security interests, encumbrances or claims of any nature. The Maker further agrees that upon the Payee’s delivery of the Forfeiture Notice, the Payee shall be
entitled to transfer, and the Maker hereby directs the Payee to transfer, on its stock ledger back to the Payee the Purchased Shares elected to be forfeited. The parties hereby (i) acknowledge and agree that in light of the fact that the
purpose of the Maker’s purchase of the Purchased Shares is to provide funding to the Payee to keep in full force and effect that certain Supply and License Agreement, dated September 3, 2013, as subsequently amended, by and between Mayne
Pharma and the Payee, and to continue the Payee’s development of its products in order to seek additional funding from other sources, it would be difficult or impossible to accurately and precisely ascertain the actual damages suffered by the
Payee as a result of any Event of Default, and (ii) agree that the forfeiture by the Maker of some or all of the Purchased Shares, together with the forfeiture of any HPLLC At Risk Shares (as defined in that certain Equity Holders Agreement,
dated on or about the date hereof, by and among Maker, Payee, Mayne Pharma Ventures Pty Ltd, and others) as provided in the Equity Holders Agreement, is a reasonable pre-estimate of the probable damages and loss suffered by the Payee upon the
occurrence of an Event of Default. The Purchased Shares forfeited to the Payee under this Section 5(b) shall be cancelled on the books and records of the Payee. 

(c) If the Maker fails to deliver to the Payee the certificates or other instruments described in Section 5(b) hereof, the officers of
the Payee, or any of them, are each hereby appointed as attorney-in-fact for the Maker for the purpose of complying with Section 

  
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5(b) hereof, including transferring the Purchased Shares elected to be forfeited and delivering any of the aforesaid certificates or other instruments to the Payee, whereupon the Maker’s
rights with respect to the Purchased Shares elected to be forfeited shall cease. Such officers of the Payee shall incur no liability for such actions described in this Section 5(c). This appointment of the officers as attorney-in-fact is
coupled with an interest and such appointment is irrevocable. 
 6. Waivers. The Maker hereby waives
presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to this Note, all errors, defects and imperfections in any proceedings instituted by the Payee under the terms of this Note, and all benefits that might
accrue to the Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of
execution, exemption from civil process, or extension of time for payment; and the Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon
any such writ in whole or in part in any order desired by the Payee.  
 7. Unconditional Liability. The Maker hereby
waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other person or entity,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by the Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be
granted by the Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to the Maker or affecting the Maker’s liability
hereunder. 
 8. Notices. Any notice called for hereunder shall be deemed properly given pursuant to the terms of Section 9(j)
of the Purchase Agreement. 
 9. Construction. All questions concerning the construction, validity, enforcement and interpretation of
this Note shall be governed by the internal laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of Delaware. 
 10. Severability. Any provision contained in this Note which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 11. Maximum Interest.
Notwithstanding anything in this Note to the contrary, in no event or contingency shall the amount or rate of interest due and payable under this Note exceed the maximum amount or rate of interest permissible under applicable law. If, from any
circumstance whatsoever, interest would otherwise be payable to the Payee in excess of the maximum lawful amount, then the interest payable to the Payee shall be reduced to the 

  
 4 

 
maximum amount permitted under applicable law; and if from any circumstance the Payee shall ever receive anything of value deemed interest by applicable law in excess of the maximum lawful
amount, then an amount equal to any excessive interest shall be applied to the reduction of the unpaid portion of the Principal or, if such excessive interest exceeds the unpaid portion of the Principal, such excess shall be refunded to the Maker.
All interest (including all charges, fees or other amounts deemed to be interest) paid or agreed to be paid to the Payee shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until
payment in full of the Principal (including the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the maximum amount permitted by applicable law. 

12. Successors and Assigns. The rights and obligations of the Payee and the Maker under this Note shall be binding upon and benefit the
successors, assigns, heirs, administrators and transferees of the Payee and the Maker; provided, however, that the Maker may not assign or transfer any of its rights or obligations under this Note without the prior written consent of
the Payee. The Payee may at any time sell, assign, grant participations in, or otherwise transfer to any person or entity all or part of the rights or obligations of the Maker under this Note. 

13. Miscellaneous. Time is of the essence of this Note. The terms and conditions of this Note may not be amended, waived or modified
except in a writing signed by the Payee expressly stating that the writing constitutes an amendment, waiver, or modification of the terms of this Note. Any reference to the Payee shall include any holder of this Note and any holder shall succeed to
the Payee’s rights. Headings in this Note are for convenience of reference only and are not part of the substance hereof. 

[Remainder of page intentionally left blank. 

Signature page immediately follows.] 

  
 5 

 IN WITNESS WHEREOF, the Maker, intending to be legally bound hereby, has caused this Note
to be duly executed by an authorized officer the day and year first above written. 
  

			
	HEDGEPATH, LLC
		
	By:	 	 Black Robe Capital, LLC,
 its
Manager

		
	By:	 	 /s/ Frank E. O’Donnell, Jr.

	Name:	 	Frank E. O’Donnell, Jr.
	Title:	 	Manager

 SCHEDULE A 

 

					
	 Date
	  	Principal Payment	 
	 June 30, 2014
	  	$	150,000	  
	 July 31, 2014
	  	$	200,000	  
	 August 29, 2014
	  	$	200,000	  
	 September 30, 2014
	  	$	150,000	  
	 October 31, 2014
	  	$	350,000	  
	 November 28, 2014
	  	$	100,000	  
	 December 31, 2014
	  	$	100,000	  
		  	  
	  
	 
	 TOTAL
	  	$	1,250,000

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"}]]