Document:

Exhibit 10.23

 

Escalade, Incorporated

Schedule of Director Compensation

 

Each independent director of Escalade,
Incorporated currently is entitled to receive an annual cash retainer of $35,000. Each member of the Audit Committee is entitled
to receive an additional annual fee of $5,000 except for the Audit Committee Chairman who is entitled to receive $15,000. Each
member of the Compensation Committee is entitled to receive an additional annual fee of $3,000 except for the Compensation Committee
Chairman who is entitled to receive $10,000. Members of the Audit Committee and Compensation Committee receive additional fees
of $1,000 per committee meeting attended in excess of six and four meetings respectively. Mr. Robert Griffin, the Chairman of the
Board, is entitled to receive an annual cash retainer of $90,000. All independent directors and Mr. R. Griffin are entitled to
receive an additional fee of $1,000 per board meeting attended in excess of eight meetings per year. In 2013, each of the independent
directors and Mr. R. Griffin received an annual stock option award of 7,500 shares with a one year vesting.

 

Under
the terms of the Escalade, Incorporated 2007 Incentive Plan, directors can elect to receive some or all of the fees earned in shares
of the Company’s common stock or in the form of RSU’s which vest after one year. In 2013, there were 29,138 shares
of common stock issued pursuant to the plan. In 2013, directors R. Griffin, White and Williams opted to receive 100% of the fees
they were entitled to in the form of common stock. Director Baalmann received a combination of cash and stock. Director Savitsky
received his fees in cash.

 

Directors Keller and P. Griffin are full-time
employees of the Company and receive no board fees in connection with their service on the Company’s Board of Directors.Exhibit 10.24

 

Escalade, Incorporated

Schedule of Executive Officer Compensation

 

Compensation for the executive officers
of Escalade, Incorporated consists of a base salary, bonuses and long-term incentives in the form of stock option grants or restricted
stock unit grants.

 

Base Salary

In general, base salaries are set at the
beginning of each year based upon changes in the employee’s level of responsibility, individual performance reviews conducted
by the Company’s Compensation Committee and changes in the cost of living.

 

Bonuses

The Company’s Compensation Committee
has established a profit incentive plan that provides for the payment of cash bonuses if certain performance targets are achieved.
Under the plan, the Compensation Committee establishes target performance levels early in each fiscal year, subject to potential
changes that the Committee may determine appropriate. Virtually all employees are eligible to participate in the profit incentive
plan. In conjunction with the completion of the Company’s annual audited financial statements, the bonus pool is finalized
based on actual results achieved. Allocation of the bonus pool to individual executive officers is determined at the Compensation
Committee’s discretion based upon a review of the overall Company’s performance relative to budget, the Company’s
strategic position, and individual executive officer’s performance relative to budget. There are no pre-defined methods for
allocating the bonus pool to any of the Company’s executive officers.

 

Long-Term Incentives

Under the terms of the Escalade, Incorporated
2007 Incentive Plan, executive officers of the Company are eligible to receive long term incentive compensation in various forms
including stock options and restricted stock units. The Company’s Compensation Committee has full discretion over the form,
amount and timing of these grants which historically have been annual grants. In its determination of annual grants, the Compensation
Committee considers performance of both the individual and the Company.

 

Additional Benefits

Executive officers are eligible to participate
in the Company’s 401(k) retirement plan and receive Company matching contributions in accordance with the plan terms. The
Company also pays group term life insurance benefits on behalf of executive officers.EXHIBIT 4.4

 

 

 

THE SYMBOL "[****]"
DENOTES PLACES WHERE PORTIONS OF THIS DOCUMENT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. SUCH MATERIAL
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

Montreal, January 31st 2013

 

Ori Shilo

Deputy CEO, Finance and Operations

RedHill Biopharma Ltd.

21 Ha'arba'a St.

Tel-Aviv

64739

Israel

 

Re: Side Letter Agreement with RedHill
Biopharma Ltd.

 

Dear Mr. Shilo,

 

RedHill Biopharma Ltd. (“RedHill”)
and IntelGenx Corp. (“IntelGenx”) have entered into that certain Co-Development and Commercialization Agreement (the
“Agreement”), dated as of August 26th, 2010, in respect of the development of an oral film containing rizatriptan
(“Product”). IntelGenx is the current sole and legal owner of New Drug Application #205394 (“NDA”) and
Investigational New Drug #110753 (“IND”), both pertaining to the Product. RedHill and IntelGenx (collectively,
the “Parties”) hereby enter into this Side Letter Agreement to define the Parties’ respective roles and responsibilities
associated with the transfer and ownership of NDA #205394 and IND #110753 in respect of the Product.

 

		1)	Ownership and Regulatory filing. In accordance with section 4.3 of the Agreement, RedHill
will become financially responsible for the payment of the Prescription Drug User Fee Act (“PDUFA”) fee. At its sole
discretion, RedHill will either pay the PDUFA fee or seek to obtain a small business fee waiver as defined under 736(d)(1)(E) of
the FD&C Act by the FDA. Since RedHill has decided to be financially responsible for the PDUFA fee, IntelGenx shall transfer
the NDA and the IND for the Product to RedHill to enable Redhill, in accordance with section 4.9 of the Agreement, to file the
NDA application with the FDA and act as the applicant during the regulatory process.

 

    	 

    	 

    

 

 

In accordance with section
4.9 of the Agreement, the joint ownership of the NDA by the Parties remains unchanged by the transfer of the NDA. Any decisions
regarding the preparation and prosecution of the NDA will be made by the Steering Committee as provided in section 4.9 of the Agreement.
For the avoidance of doubt, the responsibilities of the parties as per section 5 of the Agreement remain unchanged by the transfer
of the NDA.

 

		2)	Expenses For Completion Of Project. In addition to those costs and expenses at RedHill’s
charge identified in the R&D Budget (as defined in the Agreement), RedHill agrees to pay the expenses and costs specified in
Exhibit A, in excess of the agreed budget.

 

		3)	Data Transfer. RedHill shall provide IntelGenx with a complete copy of all regulatory filings
made by RedHill and all communications, relating to the Product, with the FDA. RedHill shall not make changes to the NDA for the
Product, which would change the NDA in any form or way without prior written approval by IntelGenx. RedHill shall reasonably provide
to IntelGenx upon reasonable request, at no cost to IntelGenx, copies of all the pertinent information it has about the Product
including, but not limited to, the entire NDA file, Regulatory Activities, communications with Regulatory Authorities in the US,
Regulatory Documentation, manufacturing, supply, external service and other contracts and any and all other information whatsoever
that is relevant for the development, marketing approval, marketing and other commercialization of the Product. For the sake of
clarity, the responsibility of IntelGenx for all regulatory aspects of the Product remains intact as per the Agreement.

 

		4)	NDA Transfer To Commercial Partner. The Parties agree that, upon execution of a commercialization
and licensing agreement for the Product with a commercial partner that includes the transfer of the NDA to the partner, the Parties
will transfer full NDA and IND ownership to the commercial partner on terms to be agreed at the time of entering into the agreement
with the commercial partner.

 

		5)	Notification to FDA. Within ten (10) calendar days after the execution of this Side Letter
Agreement, the Parties shall execute and deliver to the FDA any and all documents necessary in order to identify RedHill as applicant
for the NDA of the Product.

 

    	Page 2 of 5

    	 

    

 

 

		6)	Assistance. Both Parties agree that they should provide reasonable assistance to each other
for the preparation and filing of the NDA associated with the Product.

 

Article 17.3 of the Agreement applies to
this Side Letter Agreement.

 

Unless specifically provided in this Side
Letter Agreement, the terms of the Agreement shall continue to apply.

 

This Side Letter Agreement may be executed
in one or more counterparts, each of which shall be deemed an original but taken together shall constitute one and the same agreement.
It may be executed by facsimile, which shall be deemed an original for all purposes.

 

To confirm your agreement with the terms
of this Side Letter Agreement, please sign the acknowledgement below and return it to the address listed below.

 

Sincerely,

 

	IntelGenx Corp.	 	RedHill Biopharma Ltd.
	 	 	 	 	 
	By:	/s/Paul A. Simmons	 	By:	/s/ Ori Shilo
	Paul A. Simmons	 	Ori Shilo
	CFO	 	Deputy CEO, Finance and Operations
	Date: January 31st 2013	 	Date: January 31st 2013
	 	 	 
	By:	/s/ Horst G. Zerbe	 	By:	/s/ Dror Ben-Asher
	Horst G. Zerbe, Ph.D., CEO	 	Dror Ben-Asher, CEO
	Date: January 31st 2013	 	Date: January 31st 2013
	 	 	 
	6425 Abrams	 	21 Ha'arba'a St.
	Ville St-Laurent (Qc)	 	Tel-Aviv
	H4S 1X9	 	64739
	Canada	 	Israel

 

    	Page 3 of 5

    	 

    

 

 

Exhibit A – Additional R&D
expenses

 

Upon signing this Side Letter Agreement,
RedHill agrees to reimburse IntelGenx for additional R&D expenses that exceed the R&D budget as defined in the Agreement
upon the following conditions:

		1.	Such expenses are under the manufacturing agreement between IntelGenx and [****].

		2.	Such expenses were actually accrued by [****] and were billed to IntelGenx.

		3.	Such expenses are in accordance with the hours proposed in the schedule entitled “Timeline
and cost estimate riza oct 25 2012.pdf” attached here to as Exhibit B.

		4.	Such expenses are only in accordance to the preparation of the NDA submission.

		5.	Such expenses are in accordance with the table below

		6.	Such expenses will not exceed the number of hours, the hourly rate and the maximum additional costs
as defined in the table below.

 

	task	 	Max. 
Number 
of hours	 	 	Hourly 
Rate	 	 	Max. 
additional 
costs	 	 	Comments	 
	[****]	 	[****]	 	 	EUR [****]	 	 	EUR [****]	 	 	 	 	 
	Regulatory Support and project management	 	[****]	 	 	EUR [****]	 	 	EUR [****]	 	 	 	 	 
	Total	 	[****]	 	 	EUR [****]	 	 	EUR [****]	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	IntelGenx Corp.	 	RedHill Biopharma Ltd.
	 	 	 	 
	By:	/s/ Paul A. Simmons	 	By:	/s/ Ori Shilo
	Paul A. Simmons	 	Ori Shilo
	CFO	 	Deputy CEO, Finance and Operations
	Date: January 31st 2013	 	Date: January 31st 2013
	 	 	 	 	 
	 	 	 	By:	/s/ Dror Ben-Asher
	 	 	 	Dror Ben-Asher, CEO
	 	 	 	Date: January 31st 2013

 

    	Page 4 of 5

    	 

    

 

 

Exhibit B – Development plan

 

[****]

 

    	Page 5 of 5

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