Document:

License Agreement

 Exhibit 10.1 
  
 Portions of this exhibit marked [*] are omitted and 
 are requested to be treated confidentially. 
  
 LICENSE AGREEMENT 
  
 This Agreement (hereinafter referred to as this “Agreement”), effective as of March 24th, 2004 (the “Effective Date”) is entered into by and between owned by Gopal Nair, residing at 7005 Charleston Oaks Drive North, Mobile, AL 36695 and his heirs (the “Licensor”) and Aspen Therapeutics, Inc., located
at 787 Seventh Ave., 48th Floor, New York, NY 10019, and a corporation duly organized and existing under the laws of
the State of Delaware (the “Company”). 
  
 WHEREAS, an invention, claimed in U.S. Patent Number 5,912,251 entitled “metabolically inert anti-inflammatory and antitumor antifolates” specifically 4’-methylene-5, 8, 10-trideazaaminopterin, “M-trex” (the
“Technology”) was developed by Licensor and is claimed in Patent Rights (as defined below); and 
  
 WHEREAS, the Company is interested in obtaining rights for the use, production, distribution, and marketing of products derived from the Technology
and can provide useful management for production and distribution of Licensed Products, and Licensor is willing to grant such rights so that the Technology may be developed and the benefits enjoyed by the public. 
  
 NOW, THEREFORE, it is agreed as follows: 
  
 ARTICLE 1 – DEFINITIONS 
  
 For the purposes of this Agreement, the following words and phrases shall
have the following meanings: 
  
 1.1 “Affiliate”
shall mean, with respect to any Entity (as hereinafter defined), any Entity that directly or indirectly controls, is controlled by, or is under common control with such Entity. 
  
 1.1.1 “Control” shall mean, for this purpose, direct or indirect control of more than fifty percent (50%)
of the voting securities of an Entity or, if such Entity does not have outstanding voting securities, more than 50% of the directorships or similar positions with respect to such Entity. 
  
 1.1.2 “Entity” shall mean any corporation, association, joint venture, partnership, trust, university,
business, individual, government or political subdivision thereof, including an agency, or any other organization that can exercise independent legal standing. 
  

1.2 “Company” shall mean Aspen Therapeutics, a Delaware corporation. 
  
 1.3 “Field of Use” shall mean all uses. 

 1.4 “Improvements” shall mean any modification of a Licensed Process or Licensed Product
or any inventions (whether patentable or not), information and data, in the Field of Use that, during the term of this Agreement, the manufacture use or sale of which would be useful or necessary in the practice of, or would infringe an issued or
pending claim within, the Patent Rights. 
  
 1.5
“Know-how” shall mean all tangible information (other than those contained in the Patent Rights) whether patentable or not (but which have not been patented) and physical objects related to the Invention or to the Licensed Product,
including but not limited to formulations, biological samples, tissues, animals, organisms, compounds, intermediates, laboratory notebooks, in vitro, preclinical or clinical design, information or results, other proprietary materials, processes,
including but not limited to manufacturing processes, data, drawings and sketches, designs, testing and test results, regulatory information of a like nature, owned by any of Licensor, which Licensor have the right to disclose and license to the
Company. 
  
 1.6 “Licensed Product(s)” shall
mean: 
  
 1.6.1 Any product which is covered in whole or
in part by Patent Rights in the country in which the product is made, used, leased or sold; 
  
 1.6.2 Any product which is manufactured using a process which is covered in whole or in part by Patent Rights in the country in which the process is used; 
  
 1.6.3 Any product which is used according to a method or use which is
covered in whole or in part by Patent Rights in the country in which the method is used. 
  
 1.7 “Licensed Process(es)” shall mean any process, use or method, which is covered, in whole, or in part, by Patent Rights in the country in which the process or method is used. 
  
 1.8 “Net Sales” shall mean the total gross receipts for
sales of Licensed Products or practice of Licensed Processes by or on behalf of the Company or any of its Affiliates, and from leasing, renting or otherwise making Licensed Products available to others without sale or other dispositions, whether
invoiced or not, less only the sum of the following: 
  
 Usual
trade discounts to customers; 
  
 Sales, tariff duties and/or
taxes directly imposed and with reference to particular sales; 
  
 Amounts allowed or credited on returns or rejections; 
  
 Sales commissions paid to employees of the Company; and 
  
 Packaging and freight charges. 
  

 2 

 1.9 “Patent Rights” shall mean all U.S. and foreign patents and patent applications set
forth in Exhibit C and: 
  
 1.9.1 Any other United States
and/or foreign patent applications and/or patents that claim priority to any of the patents or applications listed in Exhibit C (or Improvements thereon), together with any and all patents issuing thereon, including continuations, divisionals,
reexaminations, extensions, and reissue applications and continuation-in-part applications and any United States or foreign patents granted upon such applications, and Improvements on any of the foregoing, all of which shall be deemed added to
Exhibit C; 
  
 1.9.2 Any later-filed United States and/or
foreign patent applications that would be useful or necessary to practice the Patent Rights listed in Exhibit C, improvements thereon, or corresponding thereto, including any continuations, continuations-in-part, divisionals, reissues,
reexaminations, or extensions thereof; 
  
 1.9.3 Any
United States and/or foreign patents issuing from any of the foregoing; and 
  
 1.9.4 Any United States and/or foreign trademark applications filed by or on behalf of Licensor applicable to the Technology. 
  
 1.9.5 Notwithstanding anything to the contrary herein, Patent Rights does not include US patents 4,996,207;
5,073,554; 5,260,296; and 5,550,128 and their respective foreign/international counterparts. 
  
 1.10 “Territory” shall mean worldwide, excluding the country today known as India, its current or future territories, states, or provinces. 
  
 ARTICLE 2 – GRANT 
  
 2.1 Licensor hereby grants to the Company and the Company accepts,
subject to the terms and conditions of this Agreement, an exclusive license in the Field of Use to practice under the Patent Rights and to utilize the Know-how and Improvements in the Territory, and (a) to make, have made, use, lease and/or sell the
Licensed Products and to practice and have practiced the Licensed Processes, to the full end of the term for which the Patent Rights are granted, unless sooner terminated as hereinafter provided and (b) sublicense to third parties, in accordance
with Section 2.2 below, the rights granted under subsection (a) of this Paragraph 2.1. 
  
 2.2 In accordance with 2.1 above, Licensor hereby grants to the Company the right to grant sublicenses to third parties under the license granted hereunder in its sole discretion. 
  
 2.2.1 Within thirty (30) days after execution or receipt thereof, as
applicable, the Company shall provide Licensor with a copy of each sublicense issued hereunder and shall deliver copies of all royalty reports received by the Company from such sublicensees. 
  

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 2.2.2 Upon termination of this Agreement other than by expiration in accordance with paragraph
7.6, any and all sublicenses shall survive such termination provided, however, sublicensees of the Company are not then in default under the terms of their sublicense agreements, subject to the terms of this 2.2.2. Accordingly, Licensor shall have
the obligation to assume and continue such sublicense agreement with payments thereunder being made by the sublicensee(s) directly to Licensor. If sublicensee is in default under the terms of the applicable sublicense agreement at the time of the
termination of this Agreement, Licensor may not terminate the sublicense without giving such sublicensee sixty (60) days to cure such default after written notice from Licensor notifying sublicensee of such default. Notwithstanding the foregoing, if
Company believes that Licensor has terminated this Agreement for the primary purpose of doing business directly with the sublicensee, the termination may be disputed under the provisions of Article 8. 
  
 ARTICLE 3 - COMMERCIALIZATION 
  
 3.1 The Company shall use its commercially reasonable best efforts to
bring Licensed Products or Licensed Processes to market through a thorough, vigorous and diligent program for exploitation of the Patent Rights and Know-how and continue active, diligent marketing efforts for Licensed Products or Licensed Processes
throughout the life of this Agreement. 
  
 3.2 The Company
shall diligently endeavor to obtain all necessary governmental approvals for the manufacture, use, marketing, sale, and distribution of Licensed Products and/or performance of Licensed Process. 
  
 3.3 The Company estimates that it will: 
  

	 	(i)	File a US Investigational New Drug Application (an “IND”) incorporating the Technology, or such similar application, with the United States Food and Drug Administration
(the “FDA”) on or before the [*] anniversary of this Agreement; and 

  

	 	(ii)	File a New Drug Application (an “NDA”) with the FDA on or before the [*] anniversary of this Agreement. 

  
 The Licensor understands and agrees that the above clinical development milestones (the
“Milestones”) are only non-binding estimates and failure by the Company to satisfy the Milestones will not be deemed a breach of this Agreement and, further, the Company’s achievement of such Milestones may be delayed by many
regulatory and business reasons, including, but not limited to (i) the requirement, as determined by the Company, to conduct additional pre-clinical studies; (ii) the ability of the Company to obtain adequate financing; (iii) the ability of the
Company to retain adequate and qualified personnel; and (iv) other business and regulatory issues and risks generally associated with development stage biotechnology companies. 
  

	[*]	Confidential treatment requested; certain information omitted and filed separately with the SEC. 

  

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 3.4 The Company, promptly following the execution of the License Agreement, shall form a Steering
Committee (the “Committee”) that shall consist of (i) 3 members appointed by the Company; (ii) Dr. Gopal Nair; and (iii) 1 member appointed by Dr. Gopal Nair. The Committee shall have a formal charter agreed to by the parties hereto which
shall describe the powers and responsibilities of the Committee which shall include the general oversight and supervision of the clinical development of the Technology. The Company will conduct Committee meetings no less than semi-annually to assess
the commercialization of the Technology. 
  
 ARTICLE 4 -
ROYALTIES AND OTHER CONSIDERATION 
  
 4.1 As
consideration for the license granted hereunder, on the Effective Date, the Company shall issue to Licensor a number of shares of common stock of the Company, par value $.001 per share (“Common Stock”) representing [*]
percent ([*]%) of the outstanding shares of Common Stock of the Company, on a fully diluted basis, as of the Effective Date. Licensor agrees to execute such other documents and to provide such additional information as may be required
by law to issue the Common Stock. 
  
 4.2 As further
consideration for the license granted hereunder, the Company agrees to pay to Licensor the royalties set forth below, and in accordance with the provisions of Articles 4.5 and 4.6, to the end of the term of the Patent Rights or until this Agreement
shall be terminated as hereinafter provided: 
  
 4.2.1
The Company shall pay to Licensor non-refundable semi-annual royalties in an amount equal to [*] percent ([*]%) of Net Sales by the Company, or any Affiliate of the Company, of the commercialized Licensed Products or
commercialized Licensed Processes covered by at least one issued and unexpired claim under the Patent Rights. 
  
 4.2.2 If the Licensed Product or Licensed Process is commercialized by a sublicensee, the Company shall insure that Licensor receives semi-annual
royalties in an amount equal to [*] percent ([*]%) of the Net Sales of such sublicensee covered by at least one issued and unexpired claim under the Patent Rights. Accordingly, it is intended that royalty payments due to
the Licensor will be the same as if the Company had not sublicensed such Licensed Product or Licensed Process. 
  
 4.3 No multiple royalties shall be payable because the use, lease or sale of any Licensed Product or Licensed Process is, or shall be, covered by
more than one valid and unexpired claim contained in the Patent Rights. In addition, royalties shall be paid for a Licensed Product or Licensed Process based upon only one of paragraphs 4.2.1 or 4.2.2 above (that is, royalties on direct sales of a
Licensed Product or Licensed Process by the Company or its Affiliates shall be based only on paragraph 4.2.1, while royalties on sales of a Licensed Product or Licensed Process by the Company’s sublicensees shall be based only on paragraph
4.2.2, so as to avoid double counting). 
  

	[*]	Confidential treatment requested; certain information omitted and filed separately with the SEC. 

  

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 4.4 In the event that a Licensed Product is sold in the form of a combination product containing
one or more products or technologies which are themselves not a Licensed Product, the Net Sales for such combination product shall be calculated by multiplying the sales price of such combination product by the fraction A/(A+B) where A is the
invoice price of the Licensed Product or the fair market value of the Licensed Product if sold to an Affiliate (if the Fair Market Value is greater than the invoice price) and B is the total invoice price of the other products or technologies or the
Fair Market Value of the other products or technologies if purchased from an Affiliate (if the Fair Market Value is greater than the invoice price). In the case of a combination product which includes one or more Licensed Products, the Net Sales for
such combination product upon which the royalty due to Licensor is based shall not be less than the normal aggregate Net Sales for such Licensed Product. 
  
 4.5 Royalty payments shall be paid in United States dollars at such place as Licensor may reasonably designate consistent with the laws and
regulations controlling in the United States and if applicable in any foreign country. Any taxes which the Company, its Affiliate or any sublicensee shall be required by law to withhold on remittance of the royalty payments shall be deducted from
such royalty payment to Licensor. The Company shall furnish Licensor with the original copies of all official receipts for such taxes. If any currency conversion shall be required in connection with the payment of royalties hereunder, such
conversion shall be made by using the exchange rate prevailing at Citibank, N.A. in New York, New York on the last business day of the calendar quarterly reporting period to which such royalty payments relate. 
  
 4.6 Royalties payable to Licensor shall be paid semi-annually on or
before June 30 and December 31 of each calendar year. Each such payment shall be for unpaid royalties which accrued within or prior to the Company’s two most recently completed fiscal quarters. 
  
 4.7 As further consideration for the license granted hereunder, the
Company shall pay to Licensor the following milestone payments and licensing fee: 
  
 4.8.1 $[*] upon execution of this Agreement as a licensing fee 
  
 4.8.2 $[*] within fifteen (15) days of the first date on which the Company [*]; 
  
 4.8.3 $[*] within fifteen (15) days of the first date
on which the Company [*]; 
  
 4.8.4
$[*] within fifteen (15) days of the first date on which (x) the [*] relating to a Licensed Product or (y) the Company’s first [*]. 
  

	[*]	Confidential treatment requested; certain information omitted and filed separately with the SEC. 

  

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 4.8.5 $[*] upon the first to occur of [*] for a Licensed Product or
(y) a [*] (as applicable). 
  
 4.8.6 The
Company shall also remit to Licensor (i) $[*] upon the [*] anniversary of the License Agreement; (ii) $[*] upon the [*] anniversary of the License Agreement; and (iii) $[*] upon
each of the[ *] anniversaries of the Licensing Agreement (collectively the “Inventor Payments”). The Inventor Payments described in 4.8.6(i) and 4.8.6(ii) shall be payable in cash. The Inventor Payments described in
4.8.6(iii) (the payments to begin upon the [*] anniversary of the License Agreement) shall be payable in either cash or shares of Common Stock at the sole discretion of the Company if the Common Stock is publicly traded at the time
each payment is due. If the Common Stock is not publicly traded at the time an Inventor Payment described in 4.8.6(iii) is due, then such Inventor Payment shall be made in cash. 
  
 Notwithstanding anything in this Section 4.8, the foregoing milestone payments shall be applicable only to the first
[*] Licensed Products developed by the Company. Additionally, in no event shall the Company be obligated to pay any Milestone Payment more than one time for each such Licensed Product. 
  
 4.9 No payment obligations shall be due with respect to any sale or
sublicense covering any Licensed Product in a country if there are no issued Patent Rights underlying such Licensed Product in such country. 
  
 4.10 To the extent that the Company or any Affiliate of the Company is required (i) in its sole discretion after appropriate legal analysis, or
(ii) by order or judgment of any court in any jurisdiction, to obtain a license from a third party in order to practice the rights purported to be granted to the Company by Licensor hereunder under Patent Rights in such jurisdiction, then up to
[*] percent ([*]%) of the royalties payable under such license in such jurisdiction may be deducted from royalties otherwise payable to Licensor hereunder, provided that in no event shall the aggregate royalties payable
to Licensor in any semi-annual period in such jurisdiction be reduced by more than [*] per cent ([*]%) as a result of any such deduction, provided further that any excess deduction remaining as a result of such limitation
may be carried forward to subsequent periods. 
  
 ARTICLE 5 -
REPORTS AND RECORDS 
  
 5.1 The Company shall keep
full, true and accurate books of account containing all particulars that may be necessary for the purpose of showing the amounts payable to Licensor by way of royalty as aforesaid. Said books of account shall be kept at the Company’s principal
place of business and the supporting data shall be open up to once per year upon reasonable notice to the Company, for one (1) year following the end of the calendar year to which they pertain, for inspection by Licensor’s internal audit
division and/or by another designated auditor selected by Licensor, except one to whom the Company has reasonable objection, for the purpose of verifying the Company’s royalty statement or compliance in other respects with this Agreement. If an
inspection shows an under reporting or underpayment in excess of the greater of [*] percent ([*]%) of royalties payable for any twelve (12) month period 
  

	[*]	Confidential treatment requested; certain information omitted and filed separately with the SEC. 

  

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and more than $[*] dollars, then the Company shall reimburse Licensor for the cost of the inspection at the time the Company pays the
unreported royalties, including any late charges as required by paragraph 5.4 of this Agreement. All payments required under this Article 5 shall be due within thirty (30) days of the date Licensor provides the Company notice of the payment due.

  
 5.2 Within sixty (60) days from the end of each quarter
of each calendar year, the Company shall deliver to Licensor complete and accurate reports, giving such particulars of the business conducted by the Company during the preceding quarter under this Agreement as shall be pertinent to a royalty
accounting hereunder. These shall include at least the following: 
  
 5.2.1 All Licensed Products and Licensed Processes used, leased or sold, by or for the Company or its Affiliates; 
  
 5.2.2 Total amounts invoiced for Licensed Products and Licensed Processes used, leased or sold, by or for the Company or its Affiliates;

  
 5.2.3 Deductions applicable in computed Net Sales, if
any; 
  
 5.2.4 Total royalties due based on Net Sales by
or for the Company or its Affiliates or any sublicensee; 
  
 5.2.5 Names and addresses of all sublicensees and Affiliates of the Company; 
  
 5.2.6 On an annual basis, the Company’s year-end financial statements. 
  
 5.3 With each such quarterly report submitted, the Company shall pay to Licensor the royalties due and payable under this Agreement. The Company
shall have no obligation to report to the Licensor under Section 5.2 until the Company has sold its first Licensed Product for commercial use. 
  
 5.4 Amounts which are not paid when due and which are not the subject of a bona fide dispute shall accrue interest from the due date until paid, at
a rate equal to the then prevailing prime rate of Citibank, N.A., plus two percent (2%). 
  
 5.5 The Company agrees to forward to Licensor annually a copy of any report, which is in substance similar to the report required by this Article 5, received from any sublicensee and other documents received
from any sublicensee as Licensor may reasonably request, as may be pertinent to an accounting of royalties. 
  

	[*]	Confidential treatment requested; certain information omitted and filed separately with the SEC. 

  

 8 

 5.6 Licensor agrees to hold in confidence each report delivered by the Company pursuant to this
Article 5 until the termination of this Agreement. Notwithstanding the foregoing, Licensor may disclose any such information required to be disclosed pursuant to any judicial, administrative or governmental request, subpoena, requirement or order,
provided that Licensor take reasonable steps to provide the Company with the opportunity to contest such request, subpoena, requirement or order. 
  
 ARTICLE 6 - PATENT PROSECUTION AND MAINTENANCE 
  
 6.1 Following the Effective Date, the Company shall diligently prosecute and maintain the Patent Rights as set forth in Exhibit C hereto (as the
same may be amended or supplemented from time to time after the date hereof), including, but not limited to, the filing of patent applications which may be required. The Company agrees to keep Licensor reasonably well informed with respect to the
status and progress of any such applications, prosecutions and maintenance activities including and to consult in good faith with Licensor and take into account Licensor’s comments and requests with respect thereto. Both parties agree to
provide reasonable cooperation to each other to facilitate the application and prosecution of patents pursuant to this Agreement. 
  
 6.2 The Company may, in its discretion, elect to abandon any patent applications or issued patent in the Patent Rights, in which case the Company
shall have no further royalty obligation to Licensor in respect of any Licensed Products and Licensed Processes the manufacture, use or sale of which is covered by an issued claim of such abandoned Patent Rights. Prior to any such abandonment, the
Company shall give Licensor at least sixty (60) days notice and a reasonable opportunity to take over prosecution of such Patent Rights. In such event, Licensor shall have the right, but not the obligation, to commence or continue such prosecution
and to maintain any such Patent Rights under its own control and at its expense and the Company shall then have no royalty or other obligation to Licensor in respect of any Licensed Products and Licensed Processes, the manufacture, use or sale of
which is covered by an issued claim of such Patent Rights. The Company agrees to cooperate in such activities including execution of any assignments or other documents necessary to enable Licensor to obtain and retain sole ownership and control of
such Patent Rights. 
  
 ARTICLE 7 – TERMINATION

  
 7.1 If the Company shall become bankrupt, or shall
file a petition in bankruptcy, or if the business of the Company shall be placed in the hands of a receiver, assignee or trustee for the benefit of creditors, whether by the voluntary act of the Company or otherwise (a “Bankruptcy”), this
Agreement shall automatically terminate. Additionally, the Licensor or its assignees shall have the rights and abilities allowed by law of any creditor of the Company relating to such Bankruptcy. 
  
 7.2 Should the Company fail to make payment to Licensor due in
accordance with the terms of this Agreement which are not the subject of a bona fide dispute between 

  

 9 

 
Licensor and the Company, Licensor shall have the right to terminate this License Agreement within sixty (60) days after giving written notice of termination
unless the Company shall pay to Licensor, within the 60-day period, all such royalties due and payable. In the event of a bona fide dispute over royalties, the parties shall resolve such dispute in accordance with Article 8. Subject to Article 8 and
the immediately preceding sentence, upon the expiration of the 60-day period, if the Company shall not have paid all such royalties due and payable, the rights, privileges and license granted hereunder shall, at the option of Licensor, immediately
terminate. 
  
 7.3 Upon any material breach or default of
this Agreement by the Company, other than as set forth in Paragraph 7.1 and 7.2 above, Licensor shall have the right to terminate this Agreement and the rights, privileges and license granted hereunder by giving sixty (60) days prior written notice
to the Company. Subject to Article 8, such termination shall become effective immediately unless the Company shall have cured any such breach or default prior to the expiration of the sixty (60) day period referred to above. If a dispute regarding
termination is settled according to Article 8, this license shall remain in full force and effect until such dispute is settled in a manner that is not further appealable or not appealed. 
  
 7.4 The Company shall have the right at any time to terminate this Agreement in whole or as to any portion of the
Patent Rights by giving thirty (30) days notice thereof in writing to Licensor. Upon such termination, all Patent Rights or portion thereof (as applicable) licensed to the Company by the Licensor pursuant to this Agreement shall revert back to the
Licensor without any further obligations of any kind by the Licensor to the Company (except those obligations that will survive termination of this Agreement as stated in this Agreement) and the Licensor shall be free to commercially exploit the
Patent Rights or portion thereof (as applicable) by whatever mechanisms available to the Licensor. 
  
 7.5 Upon termination of this Agreement for any reason, nothing herein shall be construed to release either party from any obligation that matured
prior to the effective date of such termination or obligations under Articles 4, 5, 6, 8, 9, 10, 13 and 16. The Company and/or any sublicensee thereof may, however, after the effective date of such termination and continuing for a period not to
exceed six (6) months thereafter, sell all completed Licensed Products, and any Licensed Products in the process of manufacture at the time of such termination, and sell the same, provided that the Company shall pay or cause to be paid to Licensor
the royalties thereon as required by Article 4 of this Agreement and shall submit the reports required by Article 5 hereof on the sales of Licensed Products. 
  
 7.6 If not terminated sooner, this Agreement shall terminate on the date of the last to expire claim contained in the Patent Rights. 
  
 ARTICLE 8 – DISPUTE RESOLUTION 
  
 8.1 Any dispute arising from or relating to this Agreement shall be
determined before a tribunal of three arbitrators in Mobile Alabama in accordance with the rules of the American Arbitration Association except to the extent those rules may be inconsistent with this Section 8. One arbitrator shall be selected by
Licensor, one arbitrator shall be selected by the Company and the third arbitrator shall be selected by mutual agreement of the first two arbitrators. 
  

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 8.2 Any claim, dispute, or controversy concerning the validity, enforceability, or infringement of any
patent contained in the Patent Rights licensed hereunder shall be resolved in any court having jurisdiction thereof. 
  
 8.3 In the event that, in any arbitration proceeding, any issue shall arise concerning the validity, enforceability, or infringement of any patent
contained in the Patent Rights licensed hereunder, the arbitrators shall, to the extent possible, resolve all issues other than validity, enforceability, and infringement; in any event, the arbitrators shall not delay the arbitration proceeding for
the purpose of obtaining or permitting either party to obtain judicial resolution of such issues, unless an order staying the arbitration proceeding shall be entered by a court of competent jurisdiction. Neither party shall raise any issue
concerning the validity, enforceability, or infringement of any patent contained in the Patent Rights licensed hereunder, in any proceeding to enforce any arbitration award hereunder, or in any proceeding otherwise arising out of any such
arbitration award. 
  
 8.4 The party demanding arbitration shall
notify the other party in writing of the identity of the arbitrator chosen by it, and the other party shall, within fifteen 15 business days after its receipt of such written demand for arbitration, likewise select its appointee and give written
notice thereof. Should the party receiving notice of arbitration fail to notify the other party in writing of the arbitrator chosen by it within the aforementioned fifteen business day period, then the party demanding arbitration may seek judicial
intervention for the selection of the second arbitrator. The costs of such arbitration shall be borne proportionate to the finding of fault as determined by the Arbitrator. Judgment on the arbitration award may be entered by any court of competent
jurisdiction. 
  
 ARTICLE 9 - INFRINGEMENT AND OTHER
ACTIONS 
  
 9.1 The Company and Licensor shall
promptly provide written notice, to the other party, of any alleged infringement by a third party of the Patent Rights and provide such other party with any available evidence of such infringement. 
  
 9.2 During the term of this Agreement, the Company shall have the
right, but not the obligation, to prosecute and/or defend, at its own expense and utilizing counsel of its choice, any infringement of, and/or challenge to, the Patent Rights. In furtherance of such right, Licensor hereby agrees that the Company may
join Licensor as a party in any such suit (and will join at the Company’s request), provided that the Company pay all of Licensor’s reasonable out-of-pocket expenses. The Company shall indemnify and hold Licensor harmless against any
costs, expenses or liability that may be found or assessed against Licensor in any such suit other than resulting from Licensor’s negligence or willful misconduct. Any recovery of damages pursuant to this Paragraph 9.2 shall be retained
entirely by the Company and allocated pursuant to 9.4 below. 
  

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 9.3 In the event that a claim or suit is asserted or brought against the Company alleging that the
manufacture or sale of any Licensed Product by the Company, an Affiliate of the Company, or any sublicensee, or the use of such Licensed Product by any customer of any of the foregoing, infringes proprietary rights of a third party, the Company
shall give written notice thereof to Licensor. The Company may, in its sole discretion, modify such Licensed Product to avoid such infringement and/or may settle on terms that it deems advisable in its sole discretion, subject to paragraph 9.2.
Otherwise, the Company shall have the right, but not the obligation, to defend any such claim or suit. In the event the Company elects not to defend such suit, Licensor shall have the right, but not the obligation to do so at its sole expense.

  
 9.4 Any recovery of damages by the Company, in any such
suit, shall be applied first in satisfaction of any unreimbursed expenses and legal fees of the Company relating to the suit. The balance remaining from any such recovery shall be treated as [*] and shared by Licensor and the Company
[*]. 
  
 9.5 The Company may credit the cost
of any litigation costs incurred by the Company relating to the Patent Rights in any country pursuant to this Article 9 including all amounts paid in judgment or settlement of litigation within the scope of this Article 9 against [*]
percent ([*]%) of the royalties thereafter payable to the Licensor hereunder for such country. If the costs of such litigation in such country exceeds [*] percent ([*]%) of theroyalties payable to the
Licensor in any year in which such costs are incurred then the amount of such costs, expenses and amounts paid in judgment or settlement, in excess of the royalties payable shall be carried over and credited against royalty payments in future years
for such country. 
  
 9.6 If within six (6) months after
receiving notice of any alleged infringement, the Company shall have been unsuccessful in persuading the alleged infringer to desist, or shall not have brought and shall not be diligently prosecuting an infringement action, or if the Company shall
notify Licensor, at any time prior thereto, of its intention not to bring suit against the alleged infringer, then, and in those events only, Licensor shall have the right, but not the obligation, to prosecute, at its own expense and utilizing
counsel of its choice, any infringement of the Patent Rights, and the Company may, for such purposes, join the Licensor as a party plaintiff. The total cost of any such infringement action commenced solely by Licensor shall be borne by Licensor and
Licensor shall keep any recovery or damages for infringement or otherwise derived therefrom and such shall not be applicable to any royalty obligation of the Company. 
  
 9.7 In any suit to enforce and/or defend the Patent Rights pursuant to this Agreement, the party not in control of
such suit shall, at the request and expense of the controlling party, cooperate in all respects and, to the extent possible, have its employees testify when requested and make available relevant records, papers, information, samples, specimens, and
the like. 
  

	[*]	Confidential treatment requested; certain information omitted and filed separately with the SEC. 

  

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 ARTICLE 10 - LIMITATION OF LIABILITY, INDEMNITY 
  
 10.1 EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT,
LICENSOR MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND VALIDITY OF PATENTED RIGHTS CLAIMS, ISSUED OR
PENDING. 
  
 10.2 The Company agrees to defend, indemnify
and hold Licensor harmless from and against all liability, demands, damages, including without limitation, expenses or losses including death, personal injury, illness or property damage arising directly or indirectly: (a) out of use by the Company
or its transferees of inventions licensed or information furnished under this Agreement or (b) out of any use, sale or other disposition by the Company or its transferees of Patent Rights, Licensed Products or Licensed Processes, in each case which
are not the result of Licensor’s negligence or willful misconduct. The Company agrees that any sublicense agreement it enters relative to the Licensed Products and/or Licensed Processes shall contain a covenant by such sub-licensee providing
for the indemnification of Licensor as provided in this Article. 
  
 ARTICLE 11 – ASSIGNMENT 
  
 This
Agreement and the rights and duties appertaining hereto may not be assigned by either party without first obtaining the written consent of the other which consent shall not be unreasonably withheld. Any such purported assignment, without the written
consent of the other party, shall be null and of no effect. Notwithstanding the foregoing, the Company may assign this Agreement without the consent of Licensor (i) to a purchaser, merging or consolidating corporation, or acquiror of substantially
all of the Company’s assets or business and/or pursuant to any reorganization qualifying under section 368 of the Internal Revenue Code of 1986 as amended, as may be in effect at such time, or (ii) to an Affiliate of the Company. 
  
 ARTICLE 12 - PAYMENT OF FEES AND EXPENSES 
  
 Each of the Company and Licensor shall be responsible for their own expenses
relating to the preparation and consummation of this Agreement and the agreements and transactions contemplated hereby. 
  
 ARTICLE 13 - USE OF NAMES AND PUBLICATION 
  
 13.1 Nothing contained in this Agreement shall be construed as granting any right to the Company or its Affiliates to use in advertising,
publicity, or other promotional activities any name, trade name, trademark, or other designation of Licensor or any of its units (including contraction, abbreviation or simulation of any of the foregoing) without the prior, written consent of
Licensor; provided, however, that Licensor acknowledges and agrees that the Company may use the names of Licensor in various documents used by the Company for capital raising and financing without such prior written consent where the use of such
names may be required by law. 
  

 13 

 13.2 Nothing herein shall be deemed to establish a relationship of principal and agent between
Licensor and the Company, nor any of their agents or employees for any purpose whatsoever. 
  
 13.3 In the event that Licensor desires to publish or disclose, by written, oral or other presentation, Patent Rights, Know-how, or any material information related thereto then Licensor shall notify the
Company and in writing by facsimile where confirmed by the receiving party, and/or by certified or registered mail (return receipt requested) of their intention at least [*] days prior to any speech, lecture or other oral presentation
and at least [*] days before any written or other publication or disclosure. The Licensor shall include with such notice a description of any proposed oral presentation or, in any proposed written or other disclosure, a current draft
of such proposed disclosure or abstract. The Company may request that the Licensor, no later than [*] days following the receipt of such notice, delay such presentation, publication or disclosure for up to an additional
[*] days in order to enable the Company to file, or have filed on their behalf, a patent application, copyright or other appropriate form of intellectual property protection related to the information to be disclosed or request that
Licensor do so. Upon receipt of such request to delay such presentation, publication or disclosure, Licensor shall arrange for a delay of such presentation, publication or disclosure until such time as the Company or Licensor have filed, or had
filed on its behalf, such patent application, copyright or other appropriate form of intellectual property protection in form and in substance reasonably satisfactory to the Company and Licensor. If the Licensor does not receive any request from the
Company to delay such presentation, publication or disclosure, Licensor may submit such material for presentation, publication or other form of disclosure. 
  
 ARTICLE 14 - PAYMENTS, NOTICES AND OTHER COMMUNICATIONS 
  
 Any payment, notice or other communication required or permitted to be given pursuant to this Agreement shall be in writing
and sent by certified first class mail, postage prepaid, by hand delivery or by facsimile if confirmed in writing, in each case effective upon receipt, at the addresses below or as otherwise designated by written notice given to the other party:

  
 In the case of Licensor: 
  
 M Gopal Nair, PhD 
 7005 Charleston Oaks Drive North 
 Mobile,
Alabama 36695 
  
 In the case of the Company: 
  
 Aspen Therapeutics 
 787 Seventh Avenue, 48th Floor 
 New York, NY 10019 
 Attn: President 
  

	[*]	Confidential treatment requested; certain information omitted and filed separately with the SEC. 

  

 14 

 15. CONFIDENTIALITY 
  
 15.1 Any proprietary or confidential information relating to the Patent Rights (including but not limited to Know-how
and patent prosecution documents relating to Patent Rights) collectively constitute the “Confidential Information.” The Company and Licensor agree that they will not use the Confidential Information for any purpose unrelated to this
Agreement, and will hold it in confidence during the term of this Agreement. The Company shall exercise with respect to such the Confidential Information the same degree of care as the Company exercises with respect to its own confidential or
proprietary information of a similar nature, and shall not disclose it or permit its disclosure to any third party (except to those of its employees, consultants, or agents who are bound by the same obligation of confidentiality as the Company is
bound by pursuant to this Agreement). However, such undertaking of confidentiality by the Company shall not apply to any information or data which: 
  
 15.1.1 The Company receives at any time from a third-party lawfully in possession of same and having the right to disclose same. 
  
 15.1.2 Is, as of the date of this Agreement, in the public domain, or
subsequently enters the public domain through no fault of the Company. 
  
 15.1.3 Is disclosed pursuant to the prior written approval of Licensor. 
  
 15.1.4 Is required to be disclosed pursuant to law or legal process (including, without limitation, to a governmental authority) provided, in the case of disclosure pursuant to legal process, reasonable notice
of the impending disclosure is provided to Licensor and Licensor has agreed to such disclosure in writing or has exhausted its right to contest such disclosure. 
  

ARTICLE 16 - MISCELLANEOUS PROVISIONS 
  
 16.1 This Agreement shall be construed, governed, interpreted and applied in accordance with the laws of the State of New York, without regard to
principles of conflicts of laws. 
  
 16.2 If this Agreement
or any associated transaction is required by the law of any nation to be either approved or registered with any governmental agency, the Company shall assume all legal obligations to do so and the costs in connection therewith. 
  
 16.4 The parties hereto acknowledge that this Agreement, including the
Appendices and documents incorporated by reference, sets forth the entire agreement and understanding of the parties hereto as to the subject matter hereof, and shall not be subject to any change of modification except by the execution of a written
instrument subscribed to by the parties hereto. 
  

 15 

 16.5 The provisions of this Agreement are severable, and in the event that any provision of this
Agreement shall be determined to be invalid or unenforceable under any controlling body of law, such invalidity or unenforceability shall not in any way affect the validity or enforceability of the remaining provisions hereof. 
  
 16.6 The failure of either party to assert a right hereunder or to
insist upon compliance with any term or condition of this Agreement shall not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term or condition by the other party. 
  
 16.7 The headings of the several articles are inserted for convenience
of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
  
 16.8 This Agreement will not be binding upon the parties until it has been signed below on behalf of each party, in which event, it shall be
effective as of the date recited on page one. 
  
 16.9 This
Agreement embodies the entire understanding of the parties and shall supersede all previous communications, representations or understandings, either oral or written, between the parties relating to the subject matter hereof. 
  
 16.10 Each party hereto shall be excused from any breach of this
Agreement which is proximately caused by governmental regulation, act of war, strike, act of God or other similar circumstance normally deemed outside the control of the parties. 
  
 ARTICLE 17-REPRESENTATIONS AND WARRANTIES 
  
 17.1 Licensor represents and warrants that: 
  
 17.1.1 Licensor has terminated the license agreement between it and Inhibix Technologies, Inc., dated July 7, 2003,
(the “Inhibix License”) pursuant to a termination agreement (attached hereto as Exhibit A, the “Termination Agreement”), and the Inhibix License is no longer in force in effect. Inhibix has no legal rights in Patent Rights or
Know How. 
  
 17.1.2 Licensor has all right, title, and
interest in and to the Patent Rights and Know-how, including the exclusive, absolute, irrevocable right, title and interest thereto, free and clear of all liens, charges, encumbrances or other restrictions or limitations of any kind whatsoever.

  
 17.1.3 There are no licenses, options, restrictions,
liens, rights of third parties, disputes, royalty obligations, proceedings or claims relating to, affecting, or limiting Licensor’s rights or the rights of the Company under this Agreement, or which may lead to a claim of infringement or
invalidity regarding, any part or all of the Patent Rights or Know How or their use. 
  

 16 

 17.1.4 There is no claim, pending or threatened, of infringement, interference or invalidity
regarding any part or all of the Patent Rights or Know-how or their use. 
  
 17.1.5 The US and foreign patent applications and patents itemized on Exhibit C set forth all of the patents and patent applications relating to or useful to Technology in the Field of Use owned by or licensed
by Licensor on the Effective Date. 
  
 17.1.6 The
University of South Alabama has no legal rights in Patent Rights or Know How. Licensor has complied with all of the applicable rules of The University of South Alabama in developing Patent Rights and Know How and has obtained all necessary waivers
from the University to commercialize such Patent Rights and Know How without violation of or infringement of any remaining rights held by the University. 
  
 17.1.7 There are no inventors of Patent Rights other than those listed as inventors on the patent filings. 
  
 17.1.8 Licensor has provided Company with copies of all documents
reflecting support or funding for all or part of the research leading to Patent Rights and Know How, and has listed all funding agencies on Exhibit B. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement, in triplicate by proper persons thereunto duly authorized. 
  

							
	ASPEN THERAPEUTICS, INC.	 	M GOPAL NAIR, Ph.D.
				
	By:	 	 /s/ Michael Weiser

	 	By:	 	 /s/ M Gopal Nair

	Name:	 	Michael Weiser	 	 
	Title:	 	President	 	Date: March 24, 2004
			
	Aspen Therapeutics, Inc.	 	 	 	 
	Date: 03/24/04Employment Agreement

 Exhibit 10.2 
  
 EMPLOYMENT AGREEMENT 
  
 AGREEMENT (the “Agreement”), dated as of April 2, 2004, by and between Aspen Therapeutics, Inc., a Delaware corporation with principal
executive offices at 787 Seventh Avenue, 48th Floor, New York, NY 10019 (the “Company”), and DR.
SIMON PEDDER, residing at 11432 James Jack Lane, Charlotte, NC, 28277 (the “Executive”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Company desires to continue to employ the Executive as President and Chief Executive Officer of the Company, and the Executive desires to continue to serve the Company in those capacities, upon the terms
and subject to the conditions contained in this Agreement; 
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto hereby agree as follows: 
  
 1. Employment. 
  
 (a) Services. The Executive will be employed by the Company as its President and Chief Executive Officer. The Executive will report to the Board of
Directors of the Company (the “Board”) and shall perform such duties as are consistent with your position as President and Chief Executive Officer (the “Services”). The Executive agrees to perform such duties faithfully, to
devote substantially all of his working time, attention and energies to the business of the Company, and while he remains employed, not to engage in any other business activity that is in conflict with your duties and obligations to the Company.

  
 (b) Acceptance. Executive hereby accepts such employment and
agrees to render the Services. 
  
 2. Term. 
  
 The Executive’s employment under this Agreement (the “Term”)
shall commence as of May 1, 2004 or such other date as may be agreed to by the Parties (the “Effective Date”) (as hereinafter defined) and shall continue for a term of two (2) years, unless sooner terminated pursuant to Section 9 of this
Agreement. Notwithstanding anything to the contrary contained herein, the provisions of this Agreement governing protection of Confidential Information shall continue in effect as specified in Section 6 hereof and survive the expiration or
termination hereof. The Term may be extended for additional one (1) year periods upon the mutual written agreement of the Executive and the Board. In the event that the Company determines not to extend the Term, the Company will provide the
Executive with at least 90 days prior written notice. 
  
 3.
Best Efforts; Place of Performance. 
  
 (a) The Executive
shall devote substantially all of his business time, attention and energies to the business and affairs of the Company and shall use his best efforts to advance the best interests of the Company and shall not during the Term be actively engaged in
any other business activity, whether or not such business activity is pursued for gain, profit or other pecuniary advantage, that will interfere with the performance by the Executive of his duties hereunder or the Executive’s availability to
perform such duties or that will adversely affect, or negatively reflect upon, the Company. 

 (b) The duties to be performed by the Executive hereunder shall be performed in North Carolina or at such
place as may be agreed upon by the Executive and the Board of Directors. 
  
 4. Directorship. The Company shall use its best efforts to cause the Executive to be elected as a member of its Board of Directors throughout the Term and shall include him in the management slate for election
as a director at every stockholders meeting during the Term at which his term as a director would otherwise expire. The Executive agrees to accept election, and to serve during the Term, as director of the Company, without any compensation therefor
other than as specified in this Agreement. 
  
 5.
Compensation. As full compensation for the performance by the Executive of his duties under this Agreement, the Company shall pay the Executive as follows: 
  
 (a) Base Salary. The Company shall pay Executive a salary (the “Base Salary”) equal to Three Hundred Twenty
Five Thousand Dollars ($325,000) per year. Payment shall be made in accordance with the Company’s normal payroll practices. 
  
 (b) Guaranteed Bonus. The Company shall pay the Executive a bonus (the “Guaranteed Bonus”) equal to Fifty Thousand Dollars
($50,000) within 30 days following each anniversary of the date of this Agreement during the Term, provided that the Executive is employed hereunder on such anniversary date. The Board of Directors of the Company shall annually review the Guaranteed
Bonus to determine whether an increase in the amount thereof is warranted. 
  
 (c) Quarterly Bonus. The Company shall pay the Executive a bonus (the “Quarterly Bonus”) equal to One Hundred Fifty Thousand Dollars ($150,000), which shall be payable in (i) a lump-sum payment
of Fifty-Six Thousand Two Hundred Fifty Dollars ($56,250), representing the Quarterly Bonuses payable to the Executive for the first three (3) quarters of the Executive’s employment during the Term (the “Initial Quarterly
Bonus”), which shall be payable upon execution of this Agreement (provided, however, that in the event the Executive’s employment hereunder is terminated for cause or upon the voluntary resignation of the Executive within the first
three (3) quarters of the Term, the Executive shall reimburse the entire amount of the Initial Quarterly Bonus); and (ii) five (5) quarterly installments of Eighteen Thousand Seven Hundred Fifty Dollars ($18,750), commencing December 31, 2004.

  
 (d) Discretionary Bonus. At the sole discretion of the
Board of Directors of the Company, the Executive shall receive an additional annual bonus (the “Discretionary Bonus”) in an amount equal to up to 50% of his Base Salary, based upon his performance on behalf of the Company during the
prior year. The Discretionary Bonus shall be payable either as a lump-sum payment or in installments as determined by the Board of Directors of the Company in its sole discretion. In addition, the Board of Directors of the Company shall annually
review the Bonus to determine whether an increase in the amount thereof is warranted. 
  
 (e) Withholding. The Company shall withhold all applicable federal, state and local taxes and social security and such other amounts as may be required by law from all amounts payable to the Executive under
this Section 5. 
  

 2 

 (f) Equity Ownership. 
  
 (i) Common Stock. As of the Effective Date, there are 4,625,000 shares of common stock of the Company, par value
$0.001 per share (the “Common Stock”) outstanding. Simultaneously with the execution of this Agreement, and as additional compensation for the services to be rendered by the Executive pursuant to this Agreement, the Company and the
Executive shall enter into a Stock Purchase Agreement substantially in the form attached hereto as Exhibit A, pursuant to which the Company will sell to the Executive Four Hundred Seven Thousand Five Hundred Fifty (407,550) shares of Common Stock,
which will represent seven and one half percent (7.5%) of the total outstanding Common Stock as of the date hereof (the “Executive Shares”). 
  
 (ii) Repurchase Right. Initially, the Executive Shares shall be subject to a repurchase right (the “Repurchase Right”) in favor of the
Company, pursuant to which the Company shall have the right, exercisable at any time during the 90-day period following a triggering event (a “Triggering Event”), to purchase all unvested Executive Shares subject to the Repurchase Right at
the price of $0.001 per share. On each of the first three six-month anniversaries of this Agreement during the Term, the number of Executive Shares subject to the repurchase right shall be reduced by 101,887 Executive Shares and on the fourth
six-month anniversary of this Agreement during the Term, the number of Executive Shares subject to the repurchase right shall be reduced by 101,889, such that on the second anniversary of this Agreement no Executive Shares will be subject to the
Repurchase Right. 
  
 (1) A Triggering Event shall mean:

  
 (A) the termination of Executive’s employment hereunder
pursuant to Section 9(a), 9(b) or 9(c); or 
  
 (B) the
resignation by the Executive prior to the expiration of the Term. 
  
 (g) Expenses. The Company shall reimburse the Executive for all normal, usual and necessary expenses incurred by the Executive in furtherance of the business and affairs of the Company, including reasonable travel and entertainment,
upon timely receipt by the Company of appropriate vouchers or other proof of the Executive’s expenditures and otherwise in accordance with any expense reimbursement policy as may from time to time be adopted by the Company. 
  
 (h) Other Benefits. The Executive shall be entitled to all rights and
benefits for which he shall be eligible under any benefit or other plans (including, without limitation, dental, medical, medical reimbursement and hospital plans, pension plans, employee stock purchase plans, profit sharing plans, bonus plans and
other so-called “fringe” benefits) as the Company shall make available to its senior executives from time to time. In addition, the Company shall reimburse the Executives for his reasonable medical licensing fees and other professional
dues. 
  
 (i) Vacation. The Executive shall, during the
Term, be entitled to a vacation of four (4) weeks per annum, in addition to holidays observed by the Company. The Executive shall not be entitled to carry any vacation forward to the next year of employment and shall not receive any compensation for
unused vacation days. 
  

 3 

 6. Confidential Information and Inventions. 
  
 (a) The Executive recognizes and acknowledges that in the course of his
duties he is likely to receive confidential or proprietary information owned by the Company, its affiliates or third parties with whom the Company or any such affiliates has an obligation of confidentiality. Accordingly, during and after the Term,
the Executive agrees to keep confidential and not disclose or make accessible to any other person or use for any other purpose other than in connection with the fulfillment of his duties under this Agreement, any Confidential and Proprietary
Information (as defined below) owned by, or received by or on behalf of, the Company or any of its affiliates. “Confidential and Proprietary Information” shall include, but shall not be limited to, confidential or proprietary scientific or
technical information, data, formulas and related concepts, business plans (both current and under development), client lists, promotion and marketing programs, trade secrets, or any other confidential or proprietary business information relating to
development programs, costs, revenues, marketing, investments, sales activities, promotions, credit and financial data, manufacturing processes, financing methods, plans or the business and affairs of the Company or of any affiliate or client of the
Company. The Executive expressly acknowledges the trade secret status of the Confidential and Proprietary Information and that the Confidential and Proprietary Information constitutes a protectable business interest of the Company. The Executive
agrees: (i) not to use any such Confidential and Proprietary Information for himself or others; and (ii) not to take any Company material or reproductions (including but not limited to writings, correspondence, notes, drafts, records, invoices,
technical and business policies, computer programs or disks) thereof from the Company’s offices at any time during his employment by the Company, except as required in the execution of the Executive’s duties to the Company. The Executive
agrees to return immediately all Company material and reproductions (including but not limited, to writings, correspondence, notes, drafts, records, invoices, technical and business policies, computer programs or disks) thereof in his possession to
the Company upon request and in any event immediately upon termination of employment. 
  
 (b) Except with prior written authorization by the Company, the Executive agrees not to disclose or publish any of the Confidential and Proprietary Information, or any confidential, scientific, technical or business
information of any other party to whom the Company or any of its affiliates owes an obligation of confidence, at any time during or after his employment with the Company. 
  
 (c) The Executive agrees that all inventions, discoveries, improvements and patentable or copyrightable works
(“Inventions”) initiated, conceived or made by him, either alone or in conjunction with others, during the Term shall be the sole property of the Company to the maximum extent permitted by applicable law and, to the extent permitted
by law, shall be “works made for hire” as that term is defined in the United States Copyright Act (17 U.S.C.A., Section 101). The Company shall be the sole owner of all patents, copyrights, trade secret rights, and other intellectual
property or other rights in connection therewith. The Executive hereby assigns to the Company all right, title and interest he may have or acquire in all such Inventions; provided, however, that the Board of Directors of the Company may in its sole
discretion agree to waive the Company’s rights pursuant to this Section 6(c) with respect to any Invention that is not directly or indirectly related to the Company’s business. The Executive further agrees to assist the Company in every
proper way (but at the Company’s expense) to obtain and from time to time enforce patents, copyrights or other rights on such Inventions in any and all countries, and to that end the Executive will execute all documents necessary: 

 
 (i) to apply for, obtain and vest in the name of the Company alone
(unless the Company otherwise directs) letters patent, copyrights or other analogous protection in any country throughout the world and when so obtained or vested to renew and restore the same; and 
  

 4 

 (ii) to defend any opposition proceedings in respect of such applications and any opposition proceedings
or petitions or applications for revocation of such letters patent, copyright or other analogous protection. 
  
 (d) The Executive acknowledges that while performing the services under this Agreement the Executive may locate, identify and/or evaluate patented or
patentable inventions having commercial potential in the fields of pharmacy, pharmaceutical, biotechnology, healthcare, technology and other fields which may be of potential interest to the Company or one of its affiliates (the “Third Party
Inventions”). The Executive understands, acknowledges and agrees that all rights to, interests in or opportunities regarding, all Third-Party Inventions identified by the Company, any of its affiliates or either of the foregoing
persons’ officers, directors, employees (including the Executive), agents or consultants during the Employment Term shall be and remain the sole and exclusive property of the Company or such affiliate and the Executive shall have no rights
whatsoever to such Third-Party Inventions and will not pursue for himself or for others any transaction relating to the Third-Party Inventions which is not on behalf of the Company. 
  
 (e) The provisions of this Section 6 shall survive any termination of this Agreement. 
  
 7. Non-Competition, Non-Solicitation and Non-Disparagegment.

  
 (a) The Executive understands and recognizes that his
services to the Company are special and unique and that in the course of performing such services the Executive will have access to and knowledge of Confidential and Proprietary Information (as defined in Section 6). As such, the Executive agrees
that in the event of a termination of Executive’s employment hereunder pursuant to Section 9(a) hereof or by voluntary resignation of the Executive, during the Term and for a period of twelve (12) months thereafter, he shall not in any manner,
directly or indirectly, on behalf of himself or any person, firm, partnership, joint venture, corporation or other business entity (“Person”), enter into or engage in any business which is engaged in any business directly or
indirectly competitive with the business of the Company, either as an individual for his own account, or as a partner, joint venturer, owner, executive, employee, independent contractor, principal, agent, consultant, salesperson, officer, director
or shareholder of a Person in a business competitive with the Company within the geographic area of the Company’s business, which is deemed by the parties hereto to be worldwide. The Executive acknowledges that, due to the unique nature of the
Company’s business, the loss of any of its clients or business flow or the improper use of its Confidential and Proprietary Information could create significant instability and cause substantial damage to the Company and its affiliates and
therefore the Company has a strong legitimate business interest in protecting the continuity of its business interests and the restriction herein agreed to by the Executive narrowly and fairly serves such an important and critical business interest
of the Company. For purposes of this Agreement, the Company shall be deemed to be actively engaged on the date hereof in the development of novel application drug delivery systems for presently marketed prescription and over-the-counter drugs and
providing consulting services in connection therewith, and in the future in any other business in which it actually devotes 

  

 5 

 
substantive resources to study, develop or pursue. Notwithstanding the foregoing, nothing contained in this Section 7(a) shall be deemed to prohibit the
Executive from (i) acquiring or holding, solely for investment, publicly traded securities of any corporation, some or all of the activities of which are competitive with the business of the Company so long as such securities do not, in the
aggregate, constitute more than five percent (5%) of any class or series of outstanding securities of such corporation. 
  
 (b) During the Term and for a period of 12 months thereafter, the Executive shall not, directly or indirectly, without the prior written consent of the
Company: 
  
 (i) solicit or induce any employee of the Company
or any of its affiliates to leave the employ of the Company or any such affiliate; or hire for any purpose any employee of the Company or any affiliate or any employee who has left the employment of the Company or any affiliate within one year of
the termination of such employee’s employment with the Company or any such affiliate or at any time in violation of such employee’s noncompetition agreement with the Company or any such affiliate; or 
  
 (ii) solicit or accept employment or be retained by any Person who, at any
time during the term of this Agreement, was an agent, client or customer of the Company or any of its affiliates where his position will be related to the business of the Company or any such affiliate; or 
  
 (iii) solicit or accept the business of any agent, client or customer of the
Company or any of its affiliates with respect to products, services or investments similar to those provided or supplied by the Company or any of its affiliates. 
  
 (c) The Company and the Executive each agree that both during the Term and at all times thereafter, neither party shall
directly or indirectly disparage, whether or not true, the name or reputation of the other party or any of its affiliates, including but not limited to, any officer, director, employee or shareholder of the Company or any of its affiliates.

  
 (d) In the event that the Executive breaches any provisions of
Section 6 or this Section 7 or there is a threatened breach, then, in addition to any other rights which the Company may have, the Company shall (i) be entitled, without the posting of a bond or other security, to injunctive relief to enforce the
restrictions contained in such Sections and (ii) have the right to require the Executive to account for and pay over to the Company all compensation, profits, monies, accruals, increments and other benefits (collectively “Benefits”)
derived or received by the Executive as a result of any transaction constituting a breach of any of the provisions of Sections 6 or 7 and the Executive hereby agrees to account for and pay over such Benefits to the Company. 
  
 (e) Each of the rights and remedies enumerated in Section 7(d) shall be
independent of the others and shall be in addition to and not in lieu of any other rights and remedies available to the Company at law or in equity. If any of the covenants contained in this Section 7, or any part of any of them, is hereafter
construed or adjudicated to be invalid or unenforceable, the same shall not affect the remainder of the covenant or covenants or rights or remedies which shall be given full effect without regard to the invalid portions. If any of the covenants
contained in this Section 7 is held to be invalid or unenforceable because of the duration of such provision or the area covered thereby, the parties agree that the court making such determination shall have the power to reduce the duration and/or
area of such provision and 

  

 6 

 
in its reduced form such provision shall then be enforceable. No such holding of invalidity or unenforceability in one jurisdiction shall bar or in any way
affect the Company’s right to the relief provided in this Section 7 or otherwise in the courts of any other state or jurisdiction within the geographical scope of such covenants as to breaches of such covenants in such other respective states
or jurisdictions, such covenants being, for this purpose, severable into diverse and independent covenants. 
  
 (f) In the event that an actual proceeding is brought in equity to enforce the provisions of Section 6 or this Section 7, the Executive shall not urge as
a defense that there is an adequate remedy at law nor shall the Company be prevented from seeking any other remedies which may be available. The Executive agrees that he shall not raise in any proceeding brought to enforce the provisions of Section
6 or this Section 7 that the covenants contained in such Sections limit his ability to earn a living. 
  
 (g) The provisions of this Section 7 shall survive any termination of this Agreement. 
  
 8. Representations and Warranties by the Executive. 
  
 The Executive hereby represents and warrants to the Company as follows: 
  
 (a) Neither the execution or delivery of this Agreement nor the performance
by the Executive of his duties and other obligations hereunder violate or will violate any statute, law, determination or award, or conflict with or constitute a default or breach of any covenant or obligation under (whether immediately, upon the
giving of notice or lapse of time or both) any prior employment agreement, contract, or other instrument to which the Executive is a party or by which he is bound. 
  
 (b) The Executive has the full right, power and legal capacity to enter and deliver this Agreement and to perform his duties
and other obligations hereunder. This Agreement constitutes the legal, valid and binding obligation of the Executive enforceable against him in accordance with its terms. No approvals or consents of any persons or entities are required for the
Executive to execute and deliver this Agreement or perform his duties and other obligations hereunder. 
  
 9. Termination. The Executive’s employment hereunder shall be terminated upon the Executive’s death and may be terminated as follows:

  
 (a) The Executive’s employment hereunder may be
terminated by the Board of Directors of the Company for Cause. Any of the following actions by the Executive shall constitute “Cause”: 
  
 (i) The willful failure, disregard or refusal by the Executive to perform his duties hereunder; 
  
 (ii) Any willful, intentional or grossly negligent act by the Executive
having the effect of injuring, in a material way (whether financial or otherwise and as determined in good-faith by a majority of the Board of Directors of the Company), the business or reputation of the Company or any of its affiliates, including
but not limited to, any officer, director, executive or shareholder of the Company or any of its affiliates; 
  

 7 

 (iii) Willful misconduct by the Executive in respect of the duties or obligations of the Executive under
this Agreement, including, without limitation, insubordination with respect to lawful directions received by the Executive from the Board of Directors of the Company; 
  
 (iv) The Executive’s indictment of any felony or a misdemeanor involving moral turpitude (including entry of a nolo
contendere plea); 
  
 (v) The determination by the Company, after
a reasonable and goodfaith investigation by the Company following a written allegation by another employee of the Company, that the Executive engaged in some form of harassment prohibited by law (including, without limitation, age, sex or race
discrimination), unless the Executive’s actions were specifically directed by the Board of Directors of the Company; 
  
 (vi) Any misappropriation or embezzlement of the property of the Company or its affiliates (whether or not a misdemeanor or felony); 
  
 (vii) Breach by the Executive of any of the provisions of Sections 6, 7 or 8
of this Agreement; and 
  
 (viii) Breach by the Executive of any
provision of this Agreement other than those contained in Sections 6, 7 or 8 which is not cured by the Executive within thirty (30) days after notice thereof is given to the Executive by the Company. 
  
 (b) The Executive’s employment hereunder may be terminated by the Board
of Directors of the Company due to the Executive’s Disability. For purposes of this Agreement, a termination for “Disability” shall occur (i) when the Board of Directors of the Company has provided a written termination notice to the
Executive supported by a written statement from a reputable independent physician to the effect that the Executive shall have become so physically or mentally incapacitated as to be unable to resume, within the ensuing twelve (12) months, his
employment hereunder by reason of physical or mental illness or injury, or (ii) upon rendering of a written termination notice by the Board of Directors of the Company after the Executive has been unable to substantially perform his duties hereunder
for 90 or more consecutive days, or more than 120 days in any consecutive twelve month period, by reason of any physical or mental illness or injury. For purposes of this Section 9(b), the Executive agrees to make himself available and to cooperate
in any reasonable examination by a reputable independent physician retained by the Company. 
  
 (c) The Executive’s employment hereunder may be terminated by the Board of Directors of the Company (or its successor) upon the occurrence of a Change of Control. For purposes of this Agreement, “Change of
Control” means (i) the acquisition, directly or indirectly, following the date hereof by any person (as such term is defined in Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended), in one transaction or a series of
related transactions, of securities of the Company representing in excess of fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities if such person or his or its affiliate(s) do not own in excess of
50% of such voting power on the date of this Agreement, or (ii) the future disposition by the Company (whether direct or indirect, by sale of assets or stock, merger, consolidation or otherwise) of all or substantially all of its business and/or
assets in one transaction or series of related transactions (other than a merger effected exclusively for the purpose of changing the domicile of the Company). 
  

 8 

 (d) The Executive’s employment hereunder may be terminated by the Executive for Good Reason. For
purposes of this Agreement, “Good Reason” shall mean any of the following: (i) the assignment to the Executive of duties inconsistent with the Executive’s position, duties, responsibilities, titles or offices as described
herein; (ii) any material reduction by the Corporation of the Executive’s duties and responsibilities; (iii) any reduction by the Corporation of the Executive’s compensation or benefits payable hereunder (it being understood that a
reduction of benefits applicable to all employees of the Corporation, including the Executive, shall not be deemed a reduction of the Executive’s compensation package for purposes of this definition); or (vi) upon a Change of Control (1) that
(x) results in the elimination of the Board of Directors or (y) representatives of the Board just prior to the event causing the Change of Control do not represent a majority of the Board immediately subsequent to the event causing the Change of
Control and (2) in which the fair market value of the Company’s Common Stock, in the aggregate, as determined in good faith by the Board on the date of such Change of Control, is greater than $50,000,000. 
  
 10. Compensation upon Termination. 
  
 (a) If the Executive’s employment is terminated as a result of his
death or Disability, the Company shall pay to the Executive or to the Executive’s estate, as applicable, his Base Salary for a period of one year following the date of termination and any accrued but unpaid Bonus and expense reimbursement
amounts through the date of his Death or Disability. The Company shall have the right to repurchase any Executive Shares then subject to the Repurchase Right. 
  

(b) If the Executive’s employment is terminated by the Board of Directors of the Company for Cause, then the Company shall pay to the Executive
his Base Salary through the date of his termination and any expense reimbursement amounts owed through the date of termination. The Executive shall have no further entitlement to any other compensation or benefits from the Company The Company shall
have the right to repurchase any Executive Shares then subject to the Repurchase Right. 
  
 (c) If the Executive’s employment is terminated by the Company (or its successor) upon the occurrence of a Change of Control and on the date of termination pursuant to this Section 10(c) the fair market value of
the Company’s Common Stock, in the aggregate, as determined in good faith by the Board on the date of such Change of Control, is less than $50,000,000, then the Company (or its successor, as applicable) shall continue to pay to the Executive
his Base Salary and benefits until the end of the term or for a period of one year following such termination, whichever is shorter, as well as any expense reimbursement amounts owed through the date of termination. All Stock Options that are
scheduled to vest by the end of the calendar year in which such termination occurs shall be accelerated and deemed to have vested as of the termination date. The Company shall have the right to repurchase any Executive Shares then subject to the
Repurchase Right. 
  
 (d) If the Executive’s employment is
terminated (i) by the Company other than for Cause, (ii) as a result of the Executive’s death or Disability, or (iii) by the Executive for Good Reason, then the Company shall (1) continue to pay to the Executive his Base Salary and Guaranteed
Bonus until the end of the Term or or a period of one year following such termination, whichever is longer and (2) pay the Executive any expense reimbursement amounts owed through the date of termination. The Repurchase Right shall terminate with
respect to all Executive Shares. 
  

 9 

 (e) This Section 10 sets forth the only obligations of the Company with respect to the termination of the
Executive’s employment with the Company, and the Executive acknowledges that, upon the termination of his employment, he shall not be entitled to any payments or benefits which are not explicitly provided in Section 10. 
  
 (f) Following expiration and non-renewal of the Term, should the Company, in
its sole discretion require that the Executive continue to comply with the terms of Section 7 hereof, the Company shall pay the Executive his Base Salary and Guaranteed Bonus for a period of one year following expiration of the Term. 
  
 (g) Upon termination of the Executive’s employment hereunder for any
reason, the Executive shall be deemed to have resigned as director of the Company, effective as of the date of such termination. 
  
 (h) The provisions of this Section 10 shall survive any termination of this Agreement. 
  
 11. Miscellaneous. 
  
 (a) This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York, without giving effect to its
principles of conflicts of laws. 
  
 (b) Any dispute arising out
of, or relating to, this Agreement or the breach thereof (other than Sections 6 or 7 hereof), or regarding the interpretation thereof, shall be finally settled by arbitration conducted in New York City in accordance with the rules of the American
Arbitration Association then in effect before a single arbitrator appointed in accordance with such rules. Judgment upon any award rendered therein may be entered and enforcement obtained thereon in any court having jurisdiction. The arbitrator
shall have authority to grant any form of appropriate relief, whether legal or equitable in nature, including specific performance. For the purpose of any judicial proceeding to enforce such award or incidental to such arbitration or to compel
arbitration and for purposes of Sections 6 and 7 hereof, the parties hereby submit to the non-exclusive jurisdiction of the Supreme Court of the State of New York, New York County, or the United States District Court for the Southern District of New
York, and agree that service of process in such arbitration or court proceedings shall be satisfactorily made upon it if sent by registered mail addressed to it at the address referred to in paragraph (g) below. The costs of such arbitration shall
be borne proportionate to the finding of fault as determined by the arbitrator. Judgment on the arbitration award may be entered by any court of competent jurisdiction. 
  
 (c) This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective heirs, legal
representatives, successors and assigns. 
  
 (d) This Agreement,
and the Executive’s rights and obligations hereunder, may not be assigned by the Executive. The Company may assign its rights, together with its obligations, hereunder in connection with any sale, transfer or other disposition of all or
substantially all of its business or assets. 
  

 10 

 (e) This Agreement cannot be amended orally, or by any course of conduct or dealing, but only by a
written agreement signed by the parties hereto. 
  
 (f) The
failure of either party to insist upon the strict performance of any of the terms, conditions and provisions of this Agreement shall not be construed as a waiver or relinquishment of future compliance therewith, and such terms, conditions and
provisions shall remain in full force and effect. No waiver of any term or condition of this Agreement on the part of either party shall be effective for any purpose whatsoever unless such waiver is in writing and signed by such party. 

 
 (g) All notices, requests, consents and other communications, required or
permitted to be given hereunder, shall be in writing and shall be delivered personally or by an overnight courier service or sent by registered or certified mail, postage prepaid, return receipt requested, to the parties at the addresses set forth
on the first page of this Agreement, and shall be deemed given when so delivered personally or by overnight courier, or, if mailed, five days after the date of deposit in the United States mail. Either party may designate another address, for
receipt of notices hereunder by giving notice to the other party in accordance with this paragraph (g). 
  
 (h) This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter hereof, and supersedes all prior
agreements, arrangements and understandings, written or oral, relating to the subject matter hereof. No representation, promise or inducement has been made by either party that is not embodied in this Agreement, and neither party shall be bound by
or liable for any alleged representation, promise or inducement not so set forth. 
  
 (i) As used in this Agreement, “affiliate” of a specified Person shall mean and include any Person controlling, controlled by or under common control with the specified Person. 
  
 (j) The section headings contained herein are for reference purposes only and
shall not in any way affect the meaning or interpretation of this Agreement. 
  
 (k) This Agreement may be executed in any number of counterparts, each of which shall constitute an original, but all of which together shall constitute one and the same instrument. 
  

 11 

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

  

			
	ASPEN THERAPEUTICS, INC.
		
	By:	 	 /s/ Michael Weiser

	Name:	 	Michael Weiser, M.D., Ph.D
	
	EXECUTIVE
		
	By:	 	 /s/ Simon Pedder

	Name:	 	Dr. Simon Pedder

 AMENDMENT TO EMPLOYMENT AGREEMENT 
  
 THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”) is
made and entered into on this 17th day of December, 2004, by and between Chelsea Therapeutics, Inc., a Delaware
corporation with its principal place of business in Charlotte, North Carolina (formerly known as Aspen Therapeutics, Inc.) (the “Company”), and Simon Pedder, Ph.D., residing at 11432 James Jack Lane, Charlotte, North Carolina 28277 (the
“Executive”). 
  
 WHEREAS, the Company and Executive
entered into that certain Employment Agreement dated as of April 2, 2004 (the “Agreement”); 
  
 WHEREAS, the Company is providing Executive with additional consideration of Five Hundred Dollars ($500.00) in exchange for Executive’s agreement to
amend certain provisions of the Agreement; 
  
 NOW, THEREFORE, in
consideration of the foregoing, the mutual promises herein contained, 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: 
  
 I. Amendments. 
  
 A. Section 7 of the Agreement is hereby deleted in its entirety and replaced
with the following provision: 
  
 7. Noncompetition,
Non-Solicitation and Non-Disparagement. 
  
 (a) While
Executive is employed by the Company and for a period of twelve (12) months after the termination or cessation of such employment by either party for any reason whatsoever, Executive will not, directly on his own behalf or indirectly for or in
conjunction with others: 
  
 (i) Within the Restricted Territory
(as defined in subsection (b) below), engage in any business or enterprise (whether as owner, partner, officer, director, employee, consultant, investor, lender or otherwise, that develops, manufactures, markets, licenses or sells any products
designed to treat immunological diseases that compete with the products being sold or developed by the Company at the time of Executive’s termination (collectively, the “Competitive Products”); the Competitive Products specifically
include, but are not limited to products intended to treat rheumatoid arthritis (“RA”), cancer, psoriasis and other anti-inflammatory conditions; 
  
 (ii) Within the Restricted Territory, solicit or accept employment or be retained by any individual or entity who, at any time during the term of this
Agreement, was an agent, client or customer of the Company or any of its affiliates, where Executive’s position would be related to the Competitive Products or other then-existing business interests of the Company or any such affiliate;

  
 (iii) Within the Restricted Territory, become financially
interested in an enterprise that is engaged, as a substantial part of its operations, in selling the Competitive Products; provided, however, that nothing in this Agreement shall be construed to prevent Executive from owning less than five
percent (5%) of the outstanding voting securities of any entity whose voting securities are listed on a national securities exchange or quoted by the NASDAQ automated quotation system; 
  
 (iv) Solicit or accept the business of any customer of the Company whom Executive solicited or serviced for the Company
during the last twelve (12) months of Executive’s employment with the Company; and/or 
  
 (iv) Solicit or induce any employee, consultant, or independent contractor of the Company to terminate the employment or contracting relationship with the Company. 

 (b) For purposes of this Agreement, the “Restricted Territory” means the United States of
America and Canada. 
  
 (c) During the Term of this Agreement and
at all times thereafter, the Company and Executive each further agree that neither party shall directly or indirectly disparage the name or reputation of the other party or any of its affiliates, including but not limited to, any officer, director,
employee or shareholder of the Company or any of its affiliates. 
  
 (d) If Executive breaches any provisions of this Agreement or there is a threatened breach, then, in addition to any other rights which the Company may have, the Company shall (i) be entitled to injunctive relief to enforce these
restrictions and (ii) have the right to require Executive to account for and pay over to the Company all compensation, profits, monies, accruals, increments and other benefits (collectively, the “Benefits”) derived or received by Executive
as a result of any transaction constituting a breach of any of the provisions of Section 7 and Executive hereby agrees to account for and pay over such Benefits to the Company. 
  
 (e) Each of the rights and remedies enumerated in Section 7(d) shall be independent of the others and shall be in addition
to, and not in lieu of, any other rights and remedies available to the Company at law or in equity. If any of the covenants contained in this Section 7, or any part of any of them, is hereafter construed or adjudicated to be invalid or
unenforceable, the same shall not affect the remainder of the covenant or covenants or rights or remedies which shall be given full effect without regard to the invalid portions. If any of the covenants contained in this Section 7 is held to be
invalid or unenforceable because of the duration of such provision or the area covered thereby, the parties agree that the court making such determination shall have the power to reduce the duration and/or area of such provision and in its reduced
form such provision shall then be enforceable. No such holding of invalidity or unenforceability in one jurisdiction shall bar or in any way affect the Company’s right to the relief provided in this Section 7 or otherwise in the courts of any
other state or jurisdiction within the geographical scope of such covenants as to breaches of such covenants in such other respective states or jurisdictions, such covenants being, for this purpose, severable into diverse and independent covenants.

  
 (f) The provisions of this Section 7 shall survive any
termination of this Agreement. 
  
 B. Section 11(a) and 11(b) of
the Agreement are hereby deleted in their entirety and replaced with the following provisions: 
  
 11. Miscellaneous. 
  
 (a) This Agreement is governed by and will be construed and interpreted in accordance with the laws of the State of North Carolina, without reference to
its conflict of laws principles. 
  
 (b) Any dispute arising out
of, or relating to, this Agreement or the breach thereof (except for any disputes arising out of or related to Sections 6 or 7 of the Agreement), or regarding the interpretation thereof, shall be finally settled by binding arbitration conducted in
Charlotte, North Carolina and administered by the American Arbitration Association (“AAA”) pursuant to its then-current National Rules for the Resolution of Employment Disputes of the AAA (available at www.adr.org). The arbitration
shall be conducted by a single experienced arbitrator or retired judge, to be chosen via the AAA’s selection procedures. The arbitrator’s award shall be final and binding. Judgment upon the award rendered by the arbitrator may be entered
in any court having jurisdiction thereof. The arbitrator may award monetary damages and, in the arbitrator’s discretion, attorneys’ fees and/or costs to the prevailing party if allowed by statute. The arbitrator may not award punitive
damages or any other type of exemplary damages unless such damages are specifically authorized by statute. Any filing fees and the 

  

 2 

 
fees and costs of the arbitrator shall be paid equally by the Company and Executive. Each party shall pay the fees of his or her attorneys, the expenses of
his or her witnesses, and any other expenses that party incurs in connection with the arbitration. For the purpose of any judicial proceeding to enforce such award or incidental to such arbitration or to compel arbitration and for purposes of
Sections 6 and 7 hereof, the parties hereby submit to the sole and exclusive jurisdiction of the state or federal courts sitting in Mecklenburg County, North Carolina, and agree that service of process in such arbitration or court proceedings shall
be satisfactorily made upon it or him if sent by registered mail addressed to it or him at the address referred to in Section 11(g) of this Agreement. 
  
 II. Effect of Amendment. Except as modified herein, the terms of the Agreement shall remain in full force and effect and are unchanged as a result of this
Amendment. 
  
 III. Miscellaneous. This Amendment shall be governed,
construed and interpreted in accordance with the laws of the State of North Carolina, without giving effect to principles of conflicts of laws. The parties agree that this Amendment may only be modified in a signed writing executed by both parties.
This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, successors and assigns. This Amendment may be executed in counterparts. 
  
 In witness hereof, the parties hereto have executed this First Amendment to
Employment Agreement as of the date set forth below. 
  

					
	Chelsea Therapeutics, Inc.	 	 	 	Executive:
			
	 /s/ Michael Weiser

	 	 	 	 /s/ Simon Pedder

	Michael Weiser, M.D. Ph.D.	 	 	 	Simon Pedder, Ph.D.
			
	Date: 12/17/04	 	 	 	Date: 12/17/04

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