Document:

Exhibit 10.2

 

AMENDED AND RESTATED FOUNDERS AGREEMENT

 

THIS
AMENDED AND RESTATED FOUNDERS AGREEMENT (this “Agreement”) is made as of September 13, 2016 (the
“Effective Date”) by and between Fortress Biotech, Inc., a Delaware corporation (the “Founder”),
and Avenue Therapeutics, Inc., a Delaware corporation (the “Company”).

 

WHEREAS, Founder formed
Company on February 9, 2015, for the purpose of acquiring, licensing, developing and commercializing specialty pharmaceutical products
(the “Business”) and Founder and the Company previously entered into a Founders Agreement effective as
of February 17, 2015 (the “Existing Founders Agreement”); and

 

WHEREAS, Founder has
identified or has acquired certain assets (the “Assets”) that will allow Company to carry out the Business
and Founder is willing to assign and contribute its interest in the Assets to Company under the terms and conditions of this Agreement;

 

NOW, THEREFORE, in
consideration of the mutual representations, warranties, covenants and agreements contained in this Agreement, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

		1.	Assignment of
Assets and Payment.

 

		1.1	Assignment of Founders Rights in Assets. Founder
negotiated the right to acquire or license the Assets and agreed to assign all of its right, title and interest in the Assets,
including without limitation, the Founder contributing, assigning, transferring and delivering to Company on February 17, 2015
the Assets set forth on Schedule A, free and clear of all liens.

 

		1.2	In exchange for the consideration contained in Section
1.1:

 

		(a)	Founder shall receive 250,000 shares of Class A Preferred
Stock of the Company and 8,471,250 shares of Common Stock of the Company;

 

		(b)	Company shall assume in the future all of Founder’s
liabilities, obligations, rights, title and interest in that certain indebtedness described on Schedule A (the “Indebtedness”);

 

		(c)	[Reserved].

 

		(d)	Founder shall receive
an equity fee payable in shares of Common Stock equal to two and one-half percent (2.5%) of the gross amount of any equity or
debt financing, payable within five (5) business days of the closing of any equity or debt financing for the Company or any of
its respective subsidiaries that occurs after the date hereof and ending on the date when Founder no longer has majority voting
control in Company’s voting equity. In calculating the number of shares payable hereunder, in the case of an equity financing,
the number of shares issuable will be based on the share price of the equity in such round; and (ii) in the case of a debt
financing, the number of shares issuable will be based on the closing price of the common shares of the company on the day prior
to the closing of the debt financing or if not publicly-traded, the price of the common shares in the last equity financing.

 

    	 	1	 

     

    

 

		(e)	In the event of a Change in Control, Founder shall receive
a one-time change in control fee equal to five times the product of (i) Net Sales (defined below) for the twelve (12) months immediately
preceding the Change in Control and (ii) 4.5%.

 

For purposes of this Agreement,
“Change of Control” shall mean the occurrence of any of the following events:

 

		(i)	during any consecutive
12-month period, individuals who, at the beginning of such period, constitute the board of directors of the Company (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming
a director after the beginning of such 12-month period and whose election or nomination for election was approved by a vote of
at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however, that
no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest
with respect to the election or removal of directors (“Election Contest”) or other actual or threatened
solicitation of proxies or consents by or on behalf of any “person” (as such term is defined in Section 3(a)(9) of
the Securities Exchange Act of 1934 (the “1934 Act”) and as used in Section 13(d)(3) and 14(d)(2) of
the 1934 Act) other than the Board (“Proxy Contest”), including by reason of any agreement intended
to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director;

 

		(ii)	any person becomes
a “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of either (A) 35% or more
of the then-outstanding shares of common stock of the Company (“Company Common Stock”) or (B) securities
of the Company representing 35% or more of the combined voting power of the Company’s then-outstanding securities eligible
to vote for the election of directors (the “Company Voting Securities”); provided, however,
that for purposes of this subsection (ii), the following acquisitions of Company Common Stock or Company Voting Securities
shall not constitute a Change of Control: (i) an acquisition directly from the Company, (ii) an acquisition by the Company or
any corporation, limited liability company, partnership or other entity of which a majority of the outstanding voting stock or
voting power is beneficially owned directly or indirectly by the Company (a “Subsidiary”), (iii) an
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or (iv)
an acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below);

 

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		(iii)	the consummation
of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company
or a subsidiary (a “Reorganization”), or the sale or other disposition of all or substantially all of
the Company’s assets (a “Sale”) or the acquisition of assets or stock of another corporation or
other entity (an “Acquisition”), unless immediately following such Reorganization, Sale or Acquisition:
(A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the outstanding
Company Common Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially
own, directly or indirectly, more than 35% of, respectively, the then outstanding shares of common stock and the combined voting
power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of
the entity resulting from such Reorganization, Sale or Acquisition (including, without limitation, an entity which as a result
of such transaction owns the Company or all or substantially all of the Company’s assets or stock either directly or through
one or more subsidiaries, the “Surviving Entity”) in substantially the same proportions as their ownership,
immediately prior to such Reorganization, Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company
Voting Securities, as the case may be, and (B) no person (other than (x) the Company or any Subsidiary, (y) the Surviving Entity
or its ultimate parent entity, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing)
is the beneficial owner, directly or indirectly, of 35% or more of the total common stock or 35% or more of the total voting power
of the outstanding voting securities eligible to elect directors of the Surviving Entity, and (C) at least a majority of the members
of the board of directors of the Surviving Entity were Incumbent Directors at the time of the Board’s approval of the execution
of the initial agreement providing for such Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition which
satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”);
or

 

		(iv)	approval by the stockholders of the Company of a complete
liquidation or dissolution of the Company.

 

		(f)	Founder shall receive a cash fee equal to four percent
(4.5%) of annual Net Sales, payable on an annual basis, within 90 days of the end of each calendar year. For purposes of this
Agreement, “Net Sales” shall mean the gross amount invoiced or otherwise charged by Company, its Affiliates
and Licensees (“Selling Party”) to third parties in arm’s length transactions for sales of any
Product during a calendar year, less:

 

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		(i)	Normal and customary trade, quantity, cash and discounts and credits allowed and taken;

 

		(ii)	Discounts, refunds, rebates, chargebacks, retroactive price
adjustments, and any other allowances given and taken which effectively reduce the net selling price (other than such which have
already diminished the gross amount invoiced such as those outlined in Section 1.2(f)(i) above), including, without limitation,
Medicaid rebates, institutional rebates or volume discounts;

 

		(iii)	Product returns and allowances granted to such third party;

 

		(iv)	Administrative fees paid to group purchasing organizations
(e.g., Medicare) and government-mandated rebates;

 

		(v)	Shipping, handling, freight, postage, insurance and transportation
charges, but all only to the extent included as a separate line item in the gross amount invoiced;

 

		(vi)	Any tax, tariff or
duties imposed on the production, sale, delivery or use of the Product, including, without limitation, sales, use, excise or value
added taxes and customs and duties, but all only to the extent included as a separate line item (e.g., “taxes”) in
the gross amount invoiced; and

 

		(vii)	Bad debt actually written off during the accounting period,
as reported by the Selling Party in accordance with GAAP, applied on a consistent basis (provided, that any bad debt write-off
so taken which is later reversed shall be added back to Net Sales in the accounting period in which the reversal occurs.)

 

Products
are considered “sold” when billed out or invoiced or, in the event such Products are not billed out or invoiced, when
the consideration for sale of the Products is received. If a sale, transfer or other disposition with respect to Products involves
consideration other than cash or is not at arm’s length, then the Net Sales from such sale, transfer or other disposition
shall be calculated from the average selling price for such Product during the calendar quarter in the country where such sale,
transfer or disposition took place. Notwithstanding the foregoing, Net Sales shall not include, and shall be deemed zero with respect
to, (i) Products used by Company, its Affiliates, or Licensees for their internal use, (ii) the distribution of promotional samples
of Products provided free of charge, (iii) Products provided for clinical trials or research, development, or evaluation purposes,
or (iv) sales of Products among Company and its Licensees and their respective Affiliates for resale.

 

“Product” means any product, (i) owned
by Company or (ii) exclusively licensed to Company.

 

“License” means
granting a third party or Affiliate a right to make, have made, use, offer for sale, sell or import a Product.

 

“Licensee” means a person or entity
granted a License.

 

    	 	4	 

     

    

 

		1.3	Reports; Audits.

 

		(a)	Within ninety (90)
days following the last day of each calendar year, Company shall provide to Founder a written statement (i) stating (as applicable)
the aggregate Net Sales, by country, of each Product sold during the relevant calendar year by Company, its Affiliates and Licensees,
and (ii) detailing the calculation of amounts due pursuant to Section 1.2(f) for such calendar year.

 

		(b)	Company shall keep
or cause to be kept such records as are reasonably required to determine the amounts due under this Agreement; such records must
be kept for a minimum of three (3) years following the calendar year to which such records pertain. At the request (and expense)
of Founder, Company shall permit Founder to engage an independent certified public accounting firm reasonably acceptable to Company,
at reasonable times not more than once a year and upon reasonable notice, to examine only those records as may be necessary to
determine, with respect to any calendar year ending not more than three (3) years prior to Founder’s request, the correctness
or completeness of any payment made under this Agreement. Founder shall promptly provide a copy of the results of any such audit
or examination to Company. Founder shall bear the full cost of the performance of any such audit or examination, unless such audit
or examination discloses an underpayment exceeding ten percent (10%) of the amount actually due hereunder with respect to any
particular calendar year, in which case Company shall bear the reasonable, documented cost of the performance of such audit or
examination. Company shall promptly pay to Founder the amount of any underpayment of royalties revealed by such an examination
and review. Any overpayment by Company revealed by an examination and review shall be refunded to Company within thirty (30) calendar
days of its request.

 

		2.	Representations
and Warranties of the Parties. Each of the parties hereto hereby represents and warrants to the other as follows:

 

		2.1	Each party may execute, deliver, and perform this Agreement
without the necessity of obtaining any consent, approval, authorization, registration, filing, or waiver or giving any notice,
other than those already obtained;

 

		2.2	This Agreement has been duly authorized by all necessary
actions of the party and constitutes the legal, valid, and binding obligation of such party; and

 

		2.3	Each party has the full right, power, and authority to
enter into this Agreement and to consummate the transactions contemplated hereby.

 

		3.	Notices. All notices hereunder must be in
writing and will be deemed to have been duly given upon receipt of hand delivery, upon electronic transmission with confirmation
of receipt, or upon receipt of registered mail, return receipt requested, addressed to the address set forth for each party, respectively,
on the signature page of this Agreement or to such other address as may be designated by written notice.

 

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		4.	Entire
                                         Agreement. This Agreement constitutes the
                                         entire agreement of the parties with respect to the transactions contemplated herein.
                                         All prior agreements among the parties concerning the subject matter hereof, whether
                                         written or oral, are merged herein and shall be of no force or effect. This Agreement
                                         cannot be altered, modified, or discharged orally but only by an agreement in writing.

 

		5.	Benefit. This Agreement shall be binding
upon and shall inure to the benefit of the parties, their legal representatives, and assigns.

 

		6.	Severability. If any provision contained
in this Agreement is or becomes invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability
of the remaining provisions contained herein will not in any way be affected or impaired thereby.

 

		7.	Further Assurances. The parties hereby agree
to execute and deliver such further instruments and do such further acts as may be required to carry out the intent and purposes
of this Agreement.

 

		8.	Counterparts. This Agreement may be executed
separately by each party in multiple originals, and each original of this Agreement separately executed by one party, when assembled
with one or more copies of this Agreement separately executed by the other parties, shall be and constitute a fully executed original
of this Agreement.

 

		9.	Survival. All representations and warranties
made herein by the parties will survive the execution of this Agreement.

 

		10.	Governing Law. This Agreement shall be governed
by and construed in accordance with the substantive laws of the state of New York, without giving effect to any choice of law
or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than the state of
New York.

 

		11.	Term. This Agreement shall be in effect for
a period equal to fifteen (15) years from the Effective Date (the “Initial Term”). Upon expiration of
the Initial Term, this Agreement shall be automatically renewed for successive periods of one (1) year (together with the Initial
Term, the “Term”), unless terminated by Founder by a letter sent by recorded delivery to the Company
at least six (6) months prior to the end of the contractual period in force. In the event of Change in Control, as defined by
this Agreement, termination is governed in accordance with that provision and subject to the one-time change in control fee.

 

		12.	Amendment and Restatement. The terms and
provisions of the Existing Founders Agreement are hereby amended and restated in their entirety by the terms and provisions of
this Amended and Restated Founders Agreement and shall supersede all provisions of the Existing Founders Agreement as of the date
hereof. From and after the date hereof, all references made to the Existing Founders Agreement in any document shall, without
more, be deemed to refer to this Amended and Restated Founders Agreement.

 

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IN WITNESS WHEREOF, this Agreement
has been duly executed by the parties effective for all purposes as of the date first written above.

 

FORTRESS BIOTECH, INC.

 

	By:	/s/
    Lindsay A. Rosenwald, MD	 
	Name: Lindsay
    A. Rosenwald, MD	 
	Title: President
    and Chief Executive Officer	 
	 	 
	Address
    for Notice:	 
	 	 
	2 Gansevoort Street, 9th Floor	 
	New York, NY 10014	 
	Attn: Lindsay A. Rosenwald, MD	 
	lr@fortressbiotech.com	 
	 	 
	AVENUE
    THERAPEUTICS, INC.	 
	 	 
	By: 	/s/
    Lucy Lu, M.D.	 
	Name: Lucy Lu, M.D.	 
	Title: Chief
    Executive Officer and President	 
	 	 
	Address for Notice:	 
	 	 
	2 Gansevoort Street, 9th Floor	 
	New York, NY 10014	 
	Attn: Lucy
    Lu, MD	 
	llu@fortressbiotech.com	 

 

[Signature Page to Amended and Restated
Founders Agreement]

 

     

     

    

 

SCHEDULE
A

 

As
used herein, "Assets" shall mean the following assets, properties, rights and claims of Founder used or
held for use in the Business, or relating to or arising from the conduct of the Business:

 

1. License Agreement, dated as
of February 17, 2015, by and between Fortress Biotech, Inc. and Revogenex Ireland Ltd.

 

Schedule A

 

     

     

    

 

 

SCHEDULE B 

 

Indebtedness

 

		1.	Promissory Note, with an issuance date of February, 17,
2015, issued by Avenue Therapeutics, Inc. to the order of NSC Biotech Venture
Fund I, LLC in the original principal amount of $3,000,000.00.

 

Schedule BExhibit 10.8

 

CONSULTING
AGREEMENT

 

THIS CONSULTING
AGREEMENT (this “Agreement”), effective as of this 22 day of July, 2015 (“Effective Date”) is
by and between Scott A. Reines, MD, PhD having an address set forth below (hereinafter referred to as
“Consultant”) and Avenue Therapeutics, Inc. and its affiliates, having offices at 3 Columbus Circle,
1511’ Floor, New York, NY 10019 (“Avenue”).

 

WITNESSETH:

 

WHEREAS, Avenue and its
affiliates specialize in the development of pharmaceutical products;

 

WHEREAS, Consultant will
provide Avenue, for consideration described herein, with general consulting services relating to statistical, clinical and other
strategic issues;

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements hereinafter set forth, the parties hereto agree as follows:

 

Section
1.          Term of Agreement. This Agreement shall
be in effect for a period of one (1) year from the date hereof. The term of this Agreement may be extended for consecutive periods
of one (1) year each upon mutual written agreement of both Consultant and Avenue.

 

Section
2.          Services. Commencing on the Effective Date,
Avenue hereby retains Consultant, and Consultant hereby agrees to serve, as a consultant to Avenue to provide services with respect
to Avenue’s business as may be mutually agreed upon by the Parties including, without limitation, meeting or telephone consultation
with Avenue management and consultants, providing advice and support for the Avenue’s clinical product development activities
as requested by the Avenue. Consultant agrees to exercise the highest degree of professionalism and to utilize Consultant’s
expertise and creative talents to the fullest in performing these services. Avenue shall own all rights, title and interest in
any Work Product, which will be deemed Avenue Confidential Information as defined in Section 5 herein.

 

Section
3.          Compensation.

 

(a)          Avenue
will pay Consultant $400.00 per hour (the “Fee”) for any amount of time Consultant spends performing his or her duties
pursuant to the terms hereof. Invoices will set forth the actual number of hours worked, activities undertaken, and itemization
of all other reimbursable costs incurred.

 

(b)          Invoices
submitted to Avenue by the Consultant for services rendered will be based upon the amount of time the Consultant actually expends
performing his or her duties pursuant to the terms hereof and shall be payable within thirty (30) days of receipt of the invoice
and resolution of any issues concerning the invoice.

 

(c)          Avenue
represents and warrants that any obligation to compensate Consultant under this Section 3 that arise prior to termination of this
Agreement shall survive the termination of this Agreement.

 

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(d)          Avenue’s
checks shall be made payable to: Scott A. Reines, MD, PhD

 

Section
4.          Expenses. Avenue will reimburse Consultant
for all reasonable and necessary expenses, including domestic and foreign travel, incurred by him or her in connection with his
or her consulting hereunder; provided, however, those expenses are pre-approved in writing by Avenue.

 

Section
5.          Confidential Information.

 

(a)          Consultant
recognizes and acknowledges that in the course of his or her duties he or she is likely to receive confidential or proprietary
information owned by Avenue, its affiliates or third parties with whom Avenue or any such affiliates has an obligation of confidentiality.
Accordingly, during and after the term of this agreement, Consultant 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 or her duties under this
Agreement, any Confidential and Proprietary Information (as defined below) owned by, or received by or on behalf of, Avenue 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 Avenue or of any affiliate or
client of Avenue. Consultant expressly acknowledges the proprietary status of the Confidential and Proprietary Information and
that the Confidential and Proprietary Information constitutes a trade secret and/or protectable business interest of Avenue. Consultant
agrees: (i) not to use any such Confidential and Proprietary Information for himself or herself or others; and (ii) not to take
any Avenue material or reproductions (including but not limited to writings, correspondence, notes, drafts, records, invoices,
technical and business policies, computer programs or disks) thereof from any of Avenue’s offices at any time during his
or her engagement with Avenue, except as required in the execution of Consultant’s duties to Avenue. Consultant agrees to
return immediately all Avenue 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 or her possession to Avenue upon
request and in any event immediately upon termination of this Agreement.

 

(b)          Except
with prior written authorization by Avenue, Consultant agrees not to disclose or publish any Confidential and Proprietary Information,
or any confidential, scientific, technical or business information of any other party to whom Avenue or any of its affiliates owes
an obligation of confidence, at any time during or after his or her engagement with Avenue.

 

(c)          Confidential
Information shall not include any information that:

 

(i)          can
be established, by written records, as already in Consultant’s possession or control prior to the date of;

 

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(ii)         was
or becomes generally available to the public other than as a result of a disclosure by Consultant by reason of any default with
respect to a confidentiality obligation under this Agreement or otherwise between the parties;

 

(iii)        becomes
available to Consultant from a source other than Avenue, its agents, consultants or representatives, provided that such source
is not prohibited from disclosing such information by any confidentiality agreement or other contractual, legal or fiduciary obligation
of nondisclosure; or

 

(iv)        is
required to be disclosed by Consultant pursuant to an order of law provided, however, that such Confidential Information shall
not be disclosed prior to written intent of such disclosure being given to Avenue along with the asserted grounds for disclosure.

 

Section
6.          Insider Trading. Consultant recognizes that
in the course of his or her duties hereunder, Consultant may receive from Avenue or others information that may be considered “material,
nonpublic information” concerning a public company that is subject to the reporting requirements of the Securities and Exchange
Act of 1934, as amended. Consultant agrees NOT to:

 

(a)          Buy
or sell any security, option, bond or warrant while in possession of relevant material, nonpublic information received from Avenue
or others in connection herewith;

 

(b)          Provide
Avenue with information with respect to any public company that may be considered material, nonpublic information; or

 

(c)          Provide
any person with material, nonpublic information, received from Avenue, including any relative, associate, or other individual who
intends to, or may, (a) trade securities with respect to the company which is the subject of such information, or (b) otherwise
directly or indirectly benefit from such information.

 

Section
7.          Representations and Warranties of Consultant.

 

(a)          Neither
the execution or delivery of this Agreement nor the performance by Consultant of his or her 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 Consultant is a party or by which he or she is bound.

 

(b)          Consultant
has the full right, power and legal capacity to enter and deliver this Agreement and to perform his or her duties and other obligations
hereunder. This Agreement constitutes the legal, valid and binding obligation of Consultant enforceable against him or her in accordance
with its terms. No approvals or consents of any persons or entities are required for Consultant to execute and deliver this Agreement
or perform his or her duties and other obligations hereunder.

 

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Section
8.          Consultant not an Employee. Avenue and Consultant
hereby acknowledge and agree that Consultant shall perform the services hereunder as an independent contractor and not as an employee
or agent of Avenue or any Avenue affiliate. Consultant will be solely responsible for all taxes, withholding and other similar
statutory obligations. Consultant is not to represent that he or she is an employee of Avenue or any Avenue affiliate under any
circumstance. In addition, nothing in this Agreement shall be construed as establishing any joint venture, partnership or other
business relationship between the parties hereto or representing any commitment by either party to enter into any other agreement
by implication or otherwise except as specifically stated herein. Consultant shall have no authority, express or implied, to bind
Avenue or any Avenue affiliate to any agreement, contract, or other commitment. Consultant further understands and agrees that
this Agreement is entered into by Avenue on a non-exclusive basis and that Avenue and its affiliates remain free to deal with others
and retain other consultants, agents, employees, brokers, finders, etc. in the same or similar capacity as Consultant has been
retained at any time at their own option.

 

Section
9.          Termination.

 

(a)          Notwithstanding
the foregoing, this Agreement may be terminated by Consultant or Avenue upon three (3) days written notice. Immediately upon receipt
of such notice from Avenue, Consultant shall institute such termination procedures as may be specified in the notice and shall
use his best efforts to minimize the cost to Avenue resulting from such termination. In the event of such termination, Avenue shall
pay to Consultant reasonable charges for the work performed and expenses incurred up to the notice of termination.

 

(b)          Termination
of this Agreement shall not relieve either party of any obligation to the other in respect of any other provisions of this Agreement
which by their nature are intended to survive termination shall also survive.

 

(c)          Upon
termination, Consultant will provide Avenue with a report detailing the work product and results of the work performed under the
Agreement, and if requested to do so by Avenue, shall return all confidential information and materials provided by Avenue, other
than such confidential information which Consultant has a legal or regulatory obligation to retain.

 

(d)          Any
Confidential Disclosure Agreements (CDAs) signed between Avenue and Consultant shall remain in effect beyond the termination of
this Agreement.

 

Section
10.         Miscellaneous.

 

(a)          Severability
of Provisions. If any provision of this Agreement shall be declared by a court of competent jurisdiction to be invalid, illegal
or incapable of being enforced in whole or in part, the remaining conditions and provisions or portions thereof shall nevertheless
remain in full force and effect and enforceable to the extent they are valid, legal and enforceable, and no provision shall be
deemed dependent upon any other covenant or provision unless so expressed herein.

 

(b)          Entire
Agreement; Modification. This Agreement is the entire agreement of the parties relating to the subject matter hereof and the
parties hereto have made no agreements, representations or warranties relating to the subject matter of this Agreement that are
not set forth herein. No amendment or modification of this Agreement shall be valid unless made in writing and signed by each of
the parties hereto.

 

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(c)          Binding
Effect. The rights, benefits, duties and obligations under this Agreement shall inure to, and be binding upon, Avenue, its
successors and assigns, and upon Consultant and his or her legal representatives. This Agreement constitutes a personal service
agreement, and the performance of Consultant’s obligations hereunder may not be transferred or assigned by Consultant and
any such purported transfer or assignment shall be null and void ab initio.

 

(d)          Third
Party Beneficiaries. This Agreement is for the benefit of the parties hereto and their permitted successors and assigns, and
is not intended to confer upon any other person or entity, any rights or remedies hereunder.

 

(e)          Non-Waiver.
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 said 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.

 

(f)          Governing
Law. This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York
without regard to such State’s principles of conflict of laws.

 

(g)          Headings.
The headings of the Sections are inserted for convenience of reference only and shall not affect any interpretation of this Agreement.

 

(h)          Gender
and Number. As used in this Agreement, the masculine, feminine or neuter gender, and the singular or plural, shall be deemed
to include the others whenever and wherever the context so requires. Additionally, unless the context requires otherwise, “or”
is not exclusive.

 

(i)          Notices.
Any notice given pursuant to this Agreement will be written and sent to:

 

	
        AVENUE THERAPEUTICS, INC:

        Attention: Robyn Hunter

        3 Columbus Circle

        15th Floor

        New York, NY 10019
	CONSULTANT:

Attention:  Scott A. Reines, MD, PhD

Independent Consultant

11 W Bridlewood Drive

New Hope, PA 18938

 

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IN WITNESS WHEREOF, the parties hereto have executed
this Agreement by proper person thereunto duly authorized.

 

	 	AVENUE THERAPEUTICS, INC.
	 	 
	 	By: 	/s/ Lucy Lu                                   
	 	Name:
	 	Title: President 
	 	Date:                                                      
	 	 
	 	CONSULTANT
	 	 
	 	By: 	/s/ Scott A. Reines
	 	Name:
	 	Title: Independent Consultant 
	 	Date:                                                      

 

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