Document:

EXHIBIT 10.4

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT is made
and entered into as of June __, 2013, by and between Innovus Pharmaceuticals, Inc., a Nevada corporation (the "Company")
and _____________ ("Indemnitee"), as an "Agent" (as hereinafter defined) of the Company.

 

RECITALS

 

A.The Company recognizes
that competent and experienced individuals are reluctant to serve as directors or officers of corporations unless they are protected
by comprehensive liability insurance or indemnification, or both, due to exposure to litigation costs and risks resulting from
their service to such corporations, and due to the fact that such exposure frequently bears no reasonable relationship to the compensation
of such directors and officers;

 

B.The statutes
and judicial decisions regarding the duties of directors and officers are often difficult to apply, ambiguous or conflicting, and
therefore fail to provide such directors and officers with adequate or reliable advance knowledge or guidance with respect to the
legal risks and potential liabilities to which they may become personally exposed or information regarding the proper course of
action to take in performing their duties in good faith for the Company;

 

C.The Company and
Indemnitee recognize that plaintiffs often seek damages in such large amounts and the costs of litigation may be so significant
(whether or not the case is meritorious) that the defense and/or settlement of such litigation is often beyond the financial resources
of officers and directors;

 

D.The Company believes
that it is unfair for its directors and officers and the directors and officers of its subsidiaries to assume the risk of huge
judgments and other Expenses (as hereinafter defined) which may occur in cases in which the director or officer received no personal
profit and in cases where the director or officer was not culpable;

 

E.The Company believes
that the interests of the Company and its stockholders would best be served by a combination of such liability insurance as the
Company or its subsidiaries may hereafter obtain and the indemnification by the Company of the directors and officers of the Company
and its subsidiaries;

 

F.Nevada Revised
Statutes ("NRS") 78.751 empowers the Company to indemnify its officers, directors, employees and agents by agreement
and to indemnify persons who serve, at the request of the Company, as the directors, officers, employees or agents of another corporation,
partnership, joint venture, trust or other enterprise, and expressly provides that the indemnification provided by NRS 78.751 is
not exclusive of other rights to which those indemnified thereunder may be entitled under the articles of incorporation or any
bylaw, agreement, vote of stockholders or disinterested directors or otherwise;

 

G.In order to induce
and encourage highly experienced and capable individuals to serve as an officer or director of the Company, to take the business
risks necessary for the success of the Company and its subsidiaries and to otherwise promote the desirable end that such persons
will resist what they consider unjustifiable lawsuits and claims made against them in connection with good faith performance of
their duties to the Company, secure in the knowledge that certain expenses, costs and liabilities incurred by them in their defense
of such litigation will be borne by the Company and that they will receive the maximum protection against such risks and liabilities
as may be afforded by law, the Board of Directors of the Company has determined, after due consideration and investigation of the
terms and provisions of this Agreement and the various other options available to the Company and Indemnitee in lieu hereof, that
contractual indemnification as set forth herein is not only reasonable and prudent but necessary to promote and ensure the best
interests of the Company, its stockholders and its subsidiaries;

 

H.The Company desires
and has requested Indemnitee to serve or continue to serve as a director or officers of the Company and/or one or more subsidiaries
of the Company, as the case may be, free from undue concern for unpredictable, inappropriate or unreasonable legal risks and personal
liabilities arising out of or related to such services to the Company and/or one or more of its subsidiaries; and

 

I.Indemnitee has
served or is willing to serve, or continue to serve, the Company and/or one or more of its subsidiaries provided that he or she
is furnished the indemnity provided for herein;

Certain indemnitees have recently served
as an Agent (as defined herein) in reliance of the Company's promise to enter into this Agreement upon the Company's ability to
do so as a Nevada corporation.

 

TERMS AND CONDITIONS

 

NOW, THEREFORE, in
consideration of the above premises and the mutual covenants and agreements set forth herein, the parties hereby covenant and agree
as follows:

 

    	33

    	 

    

 

		1.	Definitions. As used in this Agreement:

 

(a)The term "Agent"
of the Company shall include any person who is or was a director, officer or other agent of the Company or was a director, officer
or agent of a predecessor corporation of the Company or was a member, manager or managing member of a predecessor limited liability
company or affiliate of such limited liability company or is or was serving in any capacity at the request of the Company as a
director, officer, employee, agent, partner, member, manager or fiduciary of, or in any other capacity for, another corporation
or any partnership, joint venture, limited liability company, trust, or other enterprise.

 

(b)The term "Proceeding"
shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry or proceeding, whether brought by or in the name of the Company or otherwise, and whether of a civil, criminal, administrative
or investigative nature including, but not limited to, actions, suits, proceedings, investigations or inquiries brought under and/or
predicated upon the Securities Act of 1933, as amended, and/or the Securities Exchange Act of 1934, as amended, and/or their respective
state counterparts and/or any rule or regulation promulgated thereunder, in which Indemnitee may be or may have been involved as
a party or otherwise, by reason of the fact that Indemnitee is or was an Agent of the Company, by reason of any action taken by
him or of any inaction on his or her part while acting as an Agent whether or not he or she is serving in such capacity at the
time any liability or expense is incurred for which indemnification or reimbursement can be provided under this Agreement.

 

(c)The term "Expenses"
shall be broadly construed and shall include all direct and indirect costs incurred, paid or accrued of any type or nature whatsoever
including, without limitation, (i) all attorneys' fees, retainers, court costs, transcripts, fees of experts, witness fees, travel
expenses (including food and lodging expenses while traveling), duplicating costs, printing and binding costs, telephone charges,
postage, delivery service, freight or other transportation fees and expenses and related disbursements; (ii) all other disbursements
and out-of-pocket costs; (iii) reasonable compensation for time spent by Indemnitee for which he or she is not otherwise compensated
by the Company or any third party (provided the rate of compensation and estimated time involved is approved in advance by the
Board of Directors), actually and reasonably incurred by Indemnitee in connection with either the investigation, defense, appeal
or settlement of a Proceeding or establishing or enforcing a right to indemnification under this Agreement, NRS 78.751 or otherwise;
and (iv) amounts paid in settlement by or on behalf of Indemnitee to the extent permitted by Nevada law; provided, however, that
"Expenses" shall not include any judgments, fines, penalties or excise taxes imposed under the Employee Retirement Income
Security Act of 1974, as amended, or other excise taxes or penalties actually levied against Indemnitee.

 

(d)References to
"other enterprise" shall include employee benefit plans; references to "fines" shall include any excise tax
assessed with respect to any employee benefit plan; and any service as an Agent with respect to any employee benefit plan, its
participants or beneficiaries, and a person who acts in good faith and in a manner he or she reasonably believes to be in the interest
of the participants and beneficiaries of an employee benefit plan, shall be deemed to have acted in a manner "not opposed
to the best interests of the Company" as referred to in this Agreement.

 

(e)"Independent
Legal Counsel" means a law firm, member of a law firm, or attorney that is experienced in matters of corporate law and neither
presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under
similar indemnification or indemnity agreements); or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term "Independent Legal Counsel" shall not include any person who, under
the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the
Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. The Company agrees to pay the reasonable
fees of the Independent Legal Counsel referred to above and to fully indemnify such counsel against any and all expenses, claims,
liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

2.Agreement
to Serve. Unless Indemnitee is no longer an Agent, Indemnitee agrees to serve and/or continue to serve as an Agent of the Company,
at his or her will or under separate agreement, as the case may be, in the capacity Indemnitee currently serves as an Agent of
the Company, for so long as he or she is duly appointed or elected and qualified in accordance with the applicable provisions of
the Bylaws of the Company until such time as he or she tenders his or her resignation in writing; provided, however, that nothing
contained in this Agreement is intended to create any right or obligation to continued employment by Indemnitee in any capacity.

 

3.Indemnification
and Contribution. The Company shall indemnify Indemnitee to the fullest extent permitted by Nevada law, the Articles of Incorporation
of the Company (as amended to date, the "Articles") and the Bylaws of the Company (as amended to date, the "Bylaws")
in effect on the date hereof or as Nevada law or the Articles and Bylaws may from time to time be amended (but, in the case of
any such amendment, only to the extent such amendment permits the Company to provide broader indemnification rights than Nevada
law and the Articles and Bylaws permitted the Company to provide before such amendment). Such indemnification shall include, without
limitation, the following:

 

(a)Indemnity
in Third Party Proceedings. The Company shall indemnify Indemnitee if Indemnitee is a party to or is threatened to be made
a party to or otherwise involved in any Proceeding (other than a Proceeding by or in the name of the Company to procure a judgment
in its favor) by reason of the fact that he or she is or was an Agent of the Company or by reason of any act or inaction by him
in any such capacity, against all Expenses, judgments, fines and amounts paid in settlement, actually and reasonably incurred by
Indemnitee in connection with the investigation, defense, settlement or appeal of such Proceeding, but only if he or she either
is not liable pursuant to NRS 78.138 or acted in good faith and in a manner he or she reasonably believed to be in or not opposed
to the best interests of the Company and, in the case of a criminal Proceeding, in addition, had no reasonable cause to believe
that his or her conduct was unlawful. The termination of any such Proceeding by judgment, order of court, settlement, conviction
or upon a plea of nolo contendere, or its equivalent, does not, of itself, create a presumption that Indemnitee is liable
pursuant to NRS 78.138 or did not act in good faith in a manner which he or she reasonably believed to be in or not opposed to
the best interest of the Company, and with respect to any criminal Proceeding, that such person had reasonable cause to believe
that his or her conduct was unlawful.

 

    	34

    	 

    

 

(b)Indemnity
in Derivative Actions. The Company shall indemnify Indemnitee if Indemnitee is a party to or threatened to be made a part to
or otherwise involved in any Proceeding by or in the name of the Company to procure a judgment in its favor by reason of the fact
that Indemnitee was or is an Agent of the Company or by reason of any act or inaction by him in any such capacity, against all
Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee in connection with the
investigation, defense, settlement or appeal of such Proceeding, but only if Indemnitee is not liable pursuant to NRS 78.138 and
acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interest of the Company,
except that no indemnification under this Section 3 shall be made for any claim, issue or matter to which Indemnitee has been adjudged
by a court of competent jurisdiction, after the exhaustion of all appeals therefrom, to be liable to the Company or for amounts
paid in settlement to the Company, unless and only to the extent that any court in which such Proceeding is brought or other court
of competent jurisdiction determines upon application that, in view of all the circumstances of the case, Indemnitee is fairly
and reasonably entitled to indemnity for such Expenses as the court shall deem proper.

 

(c)Indemnification
of Expenses of Successful Party. Notwithstanding any other provisions of this Agreement, to the extent that Indemnitee has
been successful on the merits or otherwise in defense of any Proceeding or in defense of any claim, issue or matter therein, including
the dismissal of an action without prejudice, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by him in connection with the investigation, defense or appeal of such Proceeding.

 

(d)Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, the Company will indemnify Indemnitee if
and whenever he or she is a witness or is threatened to be made a witness to any Proceeding to which Indemnitee is not a party,
by reason of the fact that he or she is or was an Agent or by reason of anything done or not done by him in such capacity, against
all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf of in connection therewith.

 

(e)Contribution.
If the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee for any reason other than statutory
limitations set forth in applicable law, then in respect of any threatened, pending or completed Proceeding in which the Company
is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses,
judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in such proportion
as is appropriate to reflect (i) the relative benefits received by the Company and all officers, directors or employees of the
Company other than Indemnitee who are jointly liable with Indemnitee (or would be in joined in such Proceeding), on the one hand,
and Indemnitee, on the other hand, from the transaction from which such Proceeding arose, and (ii) the relative fault of the Company
and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would
be if joined in such Proceeding), on the one hand, and of Indemnitee, on the other, in connection with the events which resulted
in such Expenses, judgments, fines and amounts paid in settlement, as well as any other relevant equitable considerations. The
relative fault referred to above shall be determined by reference to, among other things, the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines and
amounts paid in settlement. The Company agrees that it would not be just and equitable if contribution pursuant to this subsection
were determined by pro rata allocation or any other method of allocation that does not take account of the foregoing equitable
considerations.

 

4.Advancement
of Expenses. Subject to Section 10(a) hereof, the Company shall advance all Expenses incurred by or on behalf of Indemnitee
in connection with the investigation, defense, settlement or appeal of any Proceeding to which Indemnitee is a party or is threatened
to be made a party by reason of the fact that Indemnitee is or was an Agent of the Company. Indemnitee hereby undertakes to repay
such amounts advanced only if, and to the extent that, it shall ultimately be determined by a court of competent jurisdiction that
Indemnitee is not entitled to be indemnified by the Company as authorized by this Agreement. The advances to be made hereunder
shall be paid by the Company to or on behalf of Indemnitee within ten calendar days following delivery of a written request therefor
by Indemnitee to the Company. The request shall reasonably evidence the Expenses incurred by Indemnitee in connection therewith.
Indemnitee's entitlement to advancement of Expenses shall include those incurred in connection with any Proceeding by Indemnitee
seeking a determination, adjudication or award in arbitration pursuant to this Agreement.

 

5.Procedure for Indemnification.

 

(a)Promptly after
receipt by Indemnitee of evidence of the commencement of or the threat of commencement of any Proceeding, including the service
upon or receipt by Indemnitee of any summons, citation, complaint, indictment, information or other document relating to any matter,
whether civil, criminal, administrative, or investigative, which might give rise to a right of indemnification under this Agreement,
Indemnitee shall promptly notify the Company in writing thereof. The notice shall include documentation or information which is
necessary for the determination of entitlement to indemnification and which is reasonably available to Indemnitee. The failure
or delay to so notify the Company shall not constitute a waiver or release by Indemnitee of any rights hereunder and will not relieve
the Company from any liability that it may have to Indemnitee if such failure or delay does not prejudice the Company's rights.
If such failure or delay does prejudice the Company's rights, the Company will be relieved from liability only to the extent of
such prejudice and such failure or delay will not relieve the Corporation from any liability that it may have to Indemnitee otherwise
under this Agreement.

 

    	35

    	 

    

 

(b)Any indemnification
requested by Indemnitee under Section 3 hereof shall be made no later than 60 calendar days after receipt of the written request
of Indemnitee, unless a determination is made within said 60-day period in accordance with Section 3 that Indemnitee is not entitled
to indemnification (i) by the Board of Directors of the Company by a majority vote of a quorum thereof consisting of directors
who are not parties to such Proceedings, or (ii) in the event such a quorum is not obtainable, at the election of the Company,
either by Independent Legal Counsel (selected by the Company and approved by Indemnitee, such approval not to be unreasonably withheld)
in a written opinion, by the stockholders or by a panel of arbitrators, one of whom is selected by the Company, another of whom
is selected by Indemnitee and the last of whom is selected by the first two arbitrators so selected, that Indemnitee has not met
the relevant standards for indemnification set forth in Section 3 hereof. Upon making a request for indemnification, Indemnitee
shall be presumed to be entitled to indemnification under this Agreement and the Company shall have the burden of proof to overcome
that presumption in reaching any contrary determination.

 

(c)Notwithstanding
a determination under Section 5(b) above that Indemnitee is not entitled to indemnification with respect to any specific Proceeding,
Indemnitee shall have the right to apply to any court of competent jurisdiction in the State of Nevada for the purpose of enforcing
Indemnitee's right to indemnification pursuant to this Agreement, which determination shall be made de novo and Indemnitee shall
not be prejudiced by reason of a determination that he or she is not entitled to indemnification. The burden of proving that indemnification
or advances are not appropriate shall be on the Company. Neither the failure of the Company (including its Board of Directors,
its stockholders, Independent Legal Counsel or the panel of arbitrators) to have made a determination prior to the commencement
of such action that indemnification or advances are proper in the circumstances because Indemnitee has met the applicable standard
of conduct, nor an actual determination by the Company (including its Board of Directors, its stockholders, Independent Legal Counsel
or the panel of arbitrator) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or
create any presumption that Indemnitee has not met the applicable standard of conduct.

 

(d)If an initial
determination is made or deemed to have been made pursuant to the terms of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in the absence of (i) a misrepresentation of a material fact by Indemnitee in
the request for indemnification or (ii) a specific finding (which has become final) by a court of competent jurisdiction that all
or any part of such indemnification is expressly prohibited by law.

 

(e)The Company
shall indemnify Indemnitee against all Expenses incurred in connection with any hearing or proceeding under this Section 5 unless
a court of competent jurisdiction finds that each of the claims and/or defenses of Indemnitee in any such proceeding was frivolous
or made in bad faith.

 

6.Indemnity
Hereunder Not Exclusive. The provisions for indemnification and advancement of Expenses contained in this Agreement shall not
be deemed exclusive of any other rights which Indemnitee may have under any provision of law, the Company's Articles of Incorporation
or Bylaws, any vote of stockholders or disinterested directors, other agreements, insurance, or other financial arrangements or
otherwise, both as to action in his or her or her official capacity and as to action in another capacity while occupying his or
her position as an Agent of the Company, except that indemnification, unless ordered by a court pursuant to Section 3 hereof or
for the advancement of Expenses pursuant to Section 4 hereof, may not be made to or on behalf of Indemnitee if a final adjudication
establishes that his or her acts or omissions involved intentional misconduct, fraud or knowing violation of the law and was material
to the cause of action. Indemnitee's rights hereunder shall continue after Indemnitee has ceased acting as an Agent of the Company
and shall inure to the benefit of the heirs and personal representative of Indemnitee.

 

7.Partial Indemnification.
If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the
Expenses, judgments or fines incurred by him in the investigation, defense, settlement or appeal of a Proceeding but not entitled,
however, to indemnification for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof
to which Indemnitee is entitled.

 

8.Assumption
of Defense. In the event the Company shall be obligated to pay the Expenses of any Proceeding against Indemnitee, the Company,
if appropriate, shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee, upon the delivery
of Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee
and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees
of counsel subsequently incurred by Indemnitee with respect to the same proceeding, provided that (i) Indemnitee shall have the
right to employ his or her counsel in such Proceeding at Indemnitee's expense; and (ii) if (a) the employment of counsel by Indemnitee
has been previously authorized in writing by the Company, (b) the Company shall have reasonably concluded that there may be a conflict
of interest between the Company and Indemnitee in the conduct of any such defense or (c) the Company shall not, in fact, have employed
counsel to assume the defense of such Proceeding, then the fees and expenses of Indemnitee's counsel shall be at the expense of
the Company. In the event the Company assumes the defense of any Proceeding, the Company may not settle such Proceeding in any
manner which would impose any penalty or limitation on Indemnitee without Indemnitee's written consent, which consent shall not
be unreasonably withheld.

 

    	36

    	 

    

 

9. Insurance.
The Company shall, from time to time (including prior to the expiration of a D&O Insurance (as defined below) policy), make
the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of D&O
Insurance with reputable insurance companies providing the officers and directors of the Company with coverage for certain liabilities
arising out of their acts and/or omissions as Agents, or to ensure the Company's performance of its indemnification obligations
under this Agreement (collectively, "D&O Insurance" for this Section 9). Among other considerations, the Company
will weigh the costs of obtaining such insurance coverage against the protection afforded by such coverage. To the extent the Company
maintains D&O Insurance, Indemnitee shall be covered by such policies in such a manner as to provide Indemnitee the same rights
and benefits as are accorded to the most favorably insured of the Company's directors in their capacity as directors, subject to
certain D&O Insurance policy terms and conditions. Notwithstanding the foregoing, the Company shall have no obligation to obtain
or maintain such insurance if (a) the Company determines in good faith that (i) such insurance is not reasonably available, (ii)
the premium costs for such insurance are substantially disproportionate to the amount of coverage provided or (iii) the coverage
provided by such insurance is limited by exclusions so as to provide an insufficient benefit, or (b) Indemnitee is covered by similar
insurance maintained by a subsidiary or parent of the Company. Notwithstanding any other provision of the Agreement, the Company
shall not be obligated to indemnify Indemnitee for Expenses, judgments, fines, or amounts paid in settlement, which have been paid
directly to Indemnitee by D&O Insurance. If the Company has D&O Insurance in effect at the time the Company receives from
Indemnitee any notice of the commencement of a Proceeding, the Company shall give prompt notice of the commencement of such Proceeding
to the insurers in accordance with the procedures set forth in the policy. The Company shall thereafter take all necessary or desirable
action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance
with the terms of such policy. Notwithstanding the foregoing, if the Company does not obtain or maintain D&O Insurance with
aggregate coverage limits of at least Ten Million Dollars ($10,000,000), then upon written request by Indemnitee for indemnification
pursuant to Section 5, the Company shall promptly deposit into an escrow account cash in an amount equal to Five Hundred Thousand
Dollars ($500,000) to secure potential payment obligations for the advancement and payment of Expenses and any other amounts potentially
payable to Indemnitee hereunder, as well as other directors, officers and agents to be indemnified in connection with such Proceeding.

 

10.Exceptions to Indemnification.
Notwithstanding any provision herein to the contrary, the Company shall not be obligated pursuant to the term of this Agreement:

 

(a)To indemnify
or advance Expenses to Indemnitee with respect to proceedings or claims initiated or brought voluntarily by Indemnitee and not
by way of defense, except with respect to Proceedings brought to establish or enforce a right to indemnification under this Agreement
or any law or otherwise as required under NRS 78.751, but such indemnification or advancement of Expenses may be provided by the
Company in specific cases if the Board of Directors finds it to be appropriate; or

 

(b)To indemnify
Indemnitee for any Expenses incurred by Indemnitee with respect to any proceeding instituted by Indemnitee to enforce or interpret
this Agreement, if a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such
proceeding was not made in good faith or was frivolous; or

 

(c)To indemnify
Indemnitee under this Agreement for any amounts paid in settlement of a Proceeding effected within seven calendar days after delivery
by Indemnitee to the Company of the notice provided for in Section 5(a) hereof unless the Company consents to such settlement;
or

 

(d)To indemnify
Indemnitee on account of any Proceeding with respect to (i) remuneration paid to Indemnitee if it is determined by final judgment
or other final adjudication that such remuneration was in violation of law, (ii) which final judgment is rendered against Indemnitee
for an accounting of profits made from the purchase or sale by Indemnitee of securities of the Company pursuant to the provisions
of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of any federal, state or local statute,
or (iii) which it is determined by final judgment or other final adjudication that Indemnitee defrauded or stole from the Company
or converted to his or her own personal use and benefit business or properties of the Company or was otherwise knowingly dishonest.

 

11.Duration and Interpretation
of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide
indemnification to Indemnitee to the fullest extent now or hereafter permitted by law. This Agreement shall continue so long as
Indemnitee shall be subject to any possible Proceeding by reason of the fact that he or she is or was an Agent and shall be applicable
to Proceedings commenced or continued after execution of this Agreement, whether arising from acts or omissions occurring before
or after such execution.

 

12.Severability. If any
provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (i)
the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, all portions
of any sections, subsections, paragraphs or subparagraphs of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby,
and (ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any sections,
subsections, paragraphs or subparagraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable
that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by
the provisions held invalid, illegal or unenforceable and to give effect to Section 11 hereof.

 

    	37

    	 

    

 

13.Modification
and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed to or shall constitute a waiver of
any provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

14.Successor
and Assigns. The terms of this Agreement shall be binding upon the Company and its successors and assigns and shall inure to
the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors, administrators and other legal representatives.

 

15.Notices.
All notices or other communications provided for by this Agreement shall be made in writing and shall be deemed properly delivered
when (i) delivered personally or by messenger (including air courier), or (ii) by the mailing of such notice to the party entitled
thereto, registered or certified mail, postage prepaid to the parties at the following addresses (or to such other addresses designated
in writing by one party to the other):

 

	Company:	Innovus Pharmaceuticals, Inc. 	 
	 	4275 Executive Square, Suite 200 	 
	 	La Jolla, CA 92037 	 
	 	Attn: President & Chief Executive Officer	 
	 	Fax: 858.964.2301 	 
	 	 	 
	 	AND	 
	 	 	 
	 	Innovus Pharmaceuticals Inc.	 
	 	4275 Executive Square, Suite 200	 
	 	La Jolla, CA 92037 	 
	 	Attn: Legal Department	 
	 	Fax: 858.964.2301 	 

	 	 	 
	Indemnitee:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

16.Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Nevada, notwithstanding
its conflicts of law provisions.

 

17. Consent
of Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of Clark County,
State of Nevada for all purposes in connection with any action or Proceeding which arises out of or relates to this Agreement and
agree that any action instituted under this Agreement shall be brought only in the state courts of the State of Nevada.

 

18.Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such
rights and to enable the Company effectively to bring suit to enforce such rights. The Company hereby agrees that it is the indemnitor
of first record (i.e. its obligations to Indemnitee are primary and the obligations of any other indemnitor to advance or pay expenses
are secondary) and that it shall be required to advance or pay the full amount of Expenses without regard to any rights Indemnitee
may have against other Indemnitors.

 

19.Counterparts.
This Agreement may be executed in one or more counterparts, each

of which will be deemed an original but
both of which together will constitute one and the same instrument.

  

    	38

    	 

    

 

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

 

	 	Company:	 
	 	 	 
	 	Innovus Pharmaceuticals, Inc.	 
	 	 	 
	 	By: 	 	 
	 	Name: Bassam Damaj, Ph.D	 
	 	Title: President & Chief Executive Officer	 
	 	 	 
	 	Indemnitee:	 
	 	 	 
	 	Name: 	 

 

    	39EXHIBIT 10.5 

 

Subscription Agreement

 

THE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER JURISDICTION. THERE ARE FURTHER RESTRICTIONS
ON THE TRANSFERABILITY OF THE SECURITIES DESCRIBED HEREIN.

 

THE PURCHASE OF THE SECURITIES INVOLVES
A HIGH DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF THE LOSS OF THEIR ENTIRE INVESTMENT.

 

This Subscription Agreement (this “Subscription
Agreement”) is entered into as of June 12, 2013, by and among Innovus Pharmaceuticals, Inc., a Nevada corporation (the “Company”),
and the investors on the signature page hereof (each, an “Investor,” and together, the “Investors”).

 

WHEREAS, the Company is offering up to 416,841
shares of its common stock (the “Securities”) in a private placement pursuant to the terms of this Subscription Agreement;
and

 

WHEREAS, the Investors understand that the
offering is being made without registration of the Securities under the Securities Act of 1933, as amended (the “Securities
Act”), or any securities law of any state of the United States or of any other jurisdiction, and is being made only to “accredited
investors” (as defined in Rule 501 of Regulation D under the Securities Act).

 

NOW, THEREFORE, in consideration of the
mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto intending to be legally bound, hereby agree as follows:

 

1.                  
Subscription. Subject to the terms of this Subscription Agreement, the Company agrees to sell, and the Investors
agree to purchase, the number of Securities set forth in Appendix A hereto for the aggregate purchase price set forth in Appendix
A, which is payable as described in Section 4 hereof. The Investors acknowledges that the Securities will be subject to
restrictions on transfer as set forth in this Subscription Agreement.

 

2.                  
Issuance of Securities. The Securities will be issued to the Investors at the Closing referred to in Section 3
hereof. Notwithstanding anything in this Subscription Agreement to the contrary, the Company shall have no obligation to issue
any of the Securities to any person who is a resident of a jurisdiction in which the issuance of Securities to such person would
constitute a violation of the securities, “blue sky” or other similar laws of such jurisdiction (collectively referred
to as the “State Securities Laws”).

 

3.                  
The Closing. The closing of the purchase and sale of the Securities (the “Closing”)
shall take place at the offices of the Company on June 21, 2013, or at such other time and place as the Company may designate by
notice to the Investors.

 

4.                  
Payment for Securities. Payment for the Securities shall be received by the Company from such Investor by cashier’s
check, wire transfer of immediately available funds or other means approved by the Company at or prior to the Closing, in the amount
as set forth in Appendix A hereto. The Company shall deliver certificates representing the Securities to such Investor at the Closing
bearing an appropriate legend referring to the fact that the Securities were sold in reliance upon an exemption from registration
under the Securities Act.

 

5.                  
Representations and Warranties of the Company. As of the Closing, the Company represents and warrants that:

 

    	40

    	 

    

 

(a)                
The Company is duly formed and validly existing under the laws of Nevada, with full power and authority to conduct its business
as it is currently being conducted and to own its assets; and has secured any other authorizations, approvals, permits and orders
required by law for the conduct by the Company of its business as it is currently being conducted.

 

(b)                
The Securities have been duly authorized and, when issued, delivered and paid for in the manner set forth in this Subscription
Agreement, will be validly issued, fully paid and nonassessable.

 

6.                  
Representations and Warranties of the Undersigned. Each Investor hereby represents and warrants to and covenants
with the Company that:

 

(a)                
General.

 

(i)                  
Such Investor has all requisite authority (and in the case of an individual, the capacity) to purchase the Securities, enter
into this Subscription Agreement and to perform all the obligations required to be performed by such Investor hereunder, and such
purchase will not contravene any law, rule or regulation binding on such Investor or any investment guideline or restriction applicable
to such Investor.

 

(ii)                
Such Investor is a resident of the state set forth on the signature page hereto and is not acquiring the Securities as a
nominee or agent or otherwise for any other person.

 

(iii)               
Such Investor will comply with all applicable laws and regulations in effect in any jurisdiction in which such Investor
purchases or sells Securities and obtain any consent, approval or permission required for such purchases or sales under the laws
and regulations of any jurisdiction to which such Investor is subject or in which such Investor makes such purchases or sales,
and the Company shall have no responsibility therefor.

 

(b)                
Information Concerning the Company.

 

(i)                  
Such Investor understands and accepts that the purchase of the Securities involves various risks, including the risks outlined
in the Company’s filings with the U.S. Securities and Exchange Commission, and in this Subscription Agreement. Such Investor
represents that it is able to bear any loss associated with an investment in the Securities.

 

(ii)                
Such Investor confirms that it is not relying on any communication (written or oral) of the Company or any of its affiliates,
as investment advice or as a recommendation to purchase the Securities. It is understood that information and explanations related
to the terms and conditions of the Securities provided by the Company or any of its affiliates shall not be considered investment
advice or a recommendation to purchase the Securities, and that neither the Company nor any of its affiliates is acting or has
acted as an advisor to such Investor in deciding to invest in the Securities. Such Investor acknowledges that neither the Company
nor any of its affiliates has made any representation regarding the proper characterization of the Securities for purposes of determining
such Investor’s authority to invest in the Securities.

 

(iii)               
Such Investor is familiar with the business and financial condition and operations of the Company. Such Investor has had
access to such information concerning the Company and the Securities as it deems necessary to enable it to make an informed investment
decision concerning the purchase of the Securities.

 

(iv)              
Such Investor understands that, unless such Investor notifies the Company in writing to the contrary at or before the Closing,
each of such Investor’s representations and warranties contained in this Subscription Agreement will be deemed to have been
reaffirmed and confirmed as of the Closing, taking into account all information received by such Investor.

 

    	41

    	 

    

 

(v)                
Such Investor acknowledges that the Company has the right in its sole and absolute discretion to abandon this private placement
at any time prior to the completion of the offering. This Subscription Agreement shall thereafter have no force or effect and the
Company shall return the previously paid subscription price of the Securities, without interest thereon, to such Investor.

 

(vi)              
Such Investor understands that no federal or state agency has passed upon the merits or risks of an investment in the Securities
or made any finding or determination concerning the fairness or advisability of this investment.

 

(c)                
Non-reliance.

 

(i)                  
Such Investor represents that it is not relying on (and will not at any time rely on) any communication (written or oral)
of the Company, as investment advice or as a recommendation to purchase the Securities.

 

(ii)                
Such Investor confirms that the Company has not (A) given any guarantee or representation as to the potential success, return,
effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) an of investment in the Securities or (B)
made any representation to such Investor regarding the legality of an investment in the Securities under applicable legal investment
or similar laws or regulations. In deciding to purchase the Securities, such Investor is not relying on the advice or recommendations
of the Company and such Investor has made its own independent decision that the investment in the Securities is suitable and appropriate
for such Investor.

 

(d)                
Status of Undersigned.

 

(i)                  
Such Investor has such knowledge, skill and experience in business, financial and investment matters that such Investor
is capable of evaluating the merits and risks of an investment in the Securities. With the assistance of such Investor’s
own professional advisors, to the extent that such Investor has deemed appropriate, such Investor has made its own legal, tax,
accounting and financial evaluation of the merits and risks of an investment in the Securities and the consequences of this Subscription
Agreement. Such Investor has considered the suitability of the Securities as an investment in light of its own circumstances and
financial condition and such Investor is able to bear the risks associated with an investment in the Securities and its authority
to invest in the Securities.

 

(ii)                
Such Investor is an “accredited investor” as defined in Rule 501(a) under the Securities Act. Such Investor
agrees to furnish any additional information requested by the Company or any of its affiliates to assure compliance with applicable
U.S. federal and state securities laws in connection with the purchase and sale of the Securities.

 

(e)                
Restrictions on Transfer or Sale of Securities.

 

(i)                  
Such Investor is acquiring the Securities solely for such Investor’s own beneficial account, for investment purposes,
and not with a view to, or for resale in connection with, any distribution of the Securities. Such Investor understands that the
Securities have not been registered under the Securities Act or any State Securities Laws by reason of specific exemptions under
the provisions thereof which depend in part upon the investment intent of such Investor and of the other representations made by
such Investor in this Subscription Agreement. Such Investor understands that the Company is relying upon the representations and
agreements contained in this Subscription Agreement (and any supplemental information) for the purpose of determining whether this
transaction meets the requirements for such exemptions.

 

(ii)                
Such Investor understands that the Securities are “restricted securities” under applicable federal securities
laws and that the Securities Act and the rules of the U.S. Securities and Exchange Commission (the “Commission”)
provide in substance that such Investor may dispose of the Securities only pursuant to an effective registration statement under
the Securities Act or an exemption therefrom, and such Investor understands that the Company has no obligation or intention to
register any of the Securities, or to take action so as to permit sales pursuant to the Securities Act (including Rule 144 thereunder).
Accordingly, such Investor understands that under the Commission’s rules, such Investor may dispose of the Securities principally
only in “private placements” which are exempt from registration under the Securities Act, in which event the transferee
will acquire “restricted securities” subject to the same limitations as in the hands of such Investor. Consequently,
such Investor understands that such Investor must bear the economic risks of the investment in the Securities for an indefinite
period of time.

 

    	42

    	 

    

 

(iii)               
Such Investor agrees: (A) that such Investor will not sell, assign, pledge, give, transfer or otherwise dispose of the Securities
or any interest therein, or make any offer or attempt to do any of the foregoing, except pursuant to a registration of the Securities
under the Securities Act and all applicable State Securities Laws, or in a transaction which is exempt from the registration provisions
of the Securities Act and all applicable State Securities Laws; (B) that the certificates representing the Securities will bear
a legend making reference to the foregoing restrictions; and (C) that the Company and it affiliates shall not be required to give
effect to any purported transfer of such Securities except upon compliance with the foregoing restrictions.

 

(iv)              
Such Investor acknowledges that neither the Company nor any other person offered to sell the Securities to it by means of
any form of general solicitation or advertising, including but not limited to: (A) any advertisement, article, notice or other
communication published in any newspaper, magazine or similar media or broadcast over television or radio or (B) any seminar or
meeting whose attendees were invited by any general solicitation or general advertising.

 

7.                  
Conditions to Obligations of the Investors and the Company. The obligations of each Investor to purchase and pay
for the Securities specified in Appendix A and of the Company to sell the Securities are subject to the satisfaction at or prior
to the Closing of the following conditions precedent: the representations and warranties of the Company contained in Section
5 hereof and of such Investor contained in Section 6 hereof shall be true and correct as of the Closing in all respects
with the same effect as though such representations and warranties had been made as of the Closing.

 

8.                  
Legend. The certificates representing the Securities sold pursuant to this Subscription Agreement will be imprinted
with a legend in substantially the following form:

 

“THE SECURITIES EVIDENCED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN
THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY
TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.”

 

9.                  
Waiver, Amendment. Neither this Subscription Agreement nor any provisions hereof shall be modified, changed, discharged
or terminated except by an instrument in writing, signed by the party against whom any waiver, change, discharge or termination
is sought.

 

10.               
Assignability. Neither this Subscription Agreement nor any right, remedy, obligation or liability arising hereunder
or by reason hereof shall be assignable by either the Company or any Investor without the prior written consent of the other party.

 

11.               
Governing Law. This Subscription Agreement shall be governed by and construed in accordance with the laws of the
State of California.

 

12.               
Section and Other Headings. The section and other headings contained in this Subscription Agreement are for reference
purposes only and shall not affect the meaning or interpretation of this Subscription Agreement.

 

    	43

    	 

    

 

13.               
Counterparts. This Subscription Agreement may be executed in any number of counterparts, each of which when so executed
and delivered shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement.

 

14.               
Binding Effect. The provisions of this Subscription Agreement shall be binding upon and accrue to the benefit of
the parties hereto and their respective heirs, legal representatives, successors and assigns.

 

15.               
Survival. All representations, warranties and covenants contained in this Subscription Agreement shall survive the
Closing.

 

16.               
Notification of Changes. Each Investor hereby covenants and agrees to notify the Company upon the occurrence of any
event prior to the Closing which would cause any representation, warranty, or covenant of such Investor contained in this Subscription
Agreement to be false or incorrect.

 

17.               
Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or
render unenforceable such term or provision in any other jurisdiction.

 

IN WITNESS WHEREOF, the parties have executed this
Subscription Agreement as of the date first set forth above.

 

	INVESTOR:	 
	 	 
	By	 	 
	Name:	 
	 	 
	State/Country of Domicile or Formation:	 
	California, USA	 
	
        Aggregate Subscription Amount:
	 
	US$92,845.70	 
	Registered name to which the offered shares should be issued:	 

 

	INVESTOR:	 
	 	 
	By	 	 
	Name:	 
	 	 
	State/Country of Domicile or Formation:	 
	California, USA	 
	Aggregate Subscription Amount:	 
	US$41,793.94	 
	
        Registered name to which the offered shares should
be issued:
	 

 

	 	INNOVUS PHARMACEUTICALS, INC.	 
	 	 	 	 
	 	By 	/s/ Morgan Brown	 
	 	Name: Morgan Brown	 
	 	Title: Executive Vice President & CFO	 

 

    	44

    	 

    

 

APPENDIX
A

 

Consideration
To Be Delivered

 

	Securities to Be Acquired	Aggregate Purchase Price to be Paid
	 	 
	287,448 shares of common stock	$ 92,845.70
	 	 
	129,393 shares of common stock	$ 41,793.94
	 	 
	Purchase Price to be Paid per Share	 
	 	 
	$ 0.3230 per share	 

 

    	45

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}]]