Document:

Document

Exhibit 10.1

AMENDED AND RESTATED LICENSE AND SETTLEMENT AGREEMENT

between

OPIANT PHARMACEUTICALS INC.

and

EMERGENT OPERATIONS IRELAND LIMITED

    Dated as of November 13, 2022    

1

AMENDED AND RESTATED LICENSE AND SETTLEMENT AGREEMENT
This Amended and Restated License and Settlement Agreement (the “Agreement”) is made and entered into effective as of November 13, 2022 (the “Effective Date”), by and between Opiant Pharmaceuticals Inc. (“Opiant”), a Delaware corporation, and Emergent Operations Ireland Limited, an Irish limited company (“EOIL”). Opiant and EOIL are sometimes referred to herein individually as a “Party” and collectively as the “Parties”.
RECITALS
WHEREAS, Opiant owns or Controls certain intellectual property relating to the use of intranasal naloxone for a treatment to reverse opioid overdoses; and

WHEREAS, Lightlake Therapeutics Inc. (“Lightlake”), and Adapt Pharma Operations Limited (“Adapt”) previously entered into that certain License Agreement dated as of December 15, 2014, as amended by Amendment No. 1 to License Agreement dated as of December 13, 2016, as amended by Amendment No. 2 to License Agreement dated as of March 18, 2019, and as amended by Patent Assignment and Amendment No. 3 to License Agreement dated as of November 18, 2019 (as so amended, the “Prior License Agreement”); and

WHEREAS, Lightlake changed its name to Opiant in January 2016;

WHEREAS, Emergent BioSolutions Inc. (“EBSI”), a Delaware corporation, completed the acquisition of Adapt on October 15, 2018, and changed the name of Adapt to EOIL on September 9, 2020; and

WHEREAS, Opiant wishes to continue to license to EOIL, and EOIL wishes to continue to license from Opiant, through the license grants contemplated herein, such intellectual property rights to develop and commercialize Products (as defined below) in accordance with the terms and conditions set forth below; and

WHEREAS, the Parties now desire to amend and restate the Prior License Agreement in its entirety, it being the intention of the Parties that this Agreement fully supersedes the Prior License Agreement in all respects, and, commencing as of the Effective Date, the respective rights and obligations of the Parties with respect to the subject matter of the Prior License Agreement shall be as set forth in this Agreement, and this Agreement will provide for certain payments and releases, all on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises and the mutual promises and conditions hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

SECTION 1 - DEFINITIONS
Unless otherwise specifically provided herein, the following terms have the following meanings:

“Adapt” has the meaning set forth in the recitals hereto.

“Affiliate” means, with respect to a Party, any Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such Party. For purposes of this definition, “control” and, with correlative meanings, the terms “controlled by” and “under common control with”, means (i) the possession, directly or indirectly, of the power to direct the management or policies of a business entity, whether through the ownership of voting securities, by contract relating to voting rights or corporate governance, or otherwise; or (ii) the ownership, 
2

directly or indirectly, of more than fifty percent (50%) of the voting securities or other ownership interest of a business entity (or, with respect to a limited partnership or other similar entity, its general partner or controlling entity). The Parties acknowledge that in the case of certain entities organized under the laws of certain countries outside of the United States, the maximum percentage ownership permitted by law for a foreign investor may be less than fifty percent (50%), and that in such case such lower percentage will be substituted in the preceding sentence, provided that such foreign investor has the power to direct the management or policies of such entity.

“Applicable Law” means federal, state, local, national and supra-national laws, statutes, rules, and regulations, including any rules, regulations, guidelines, or other requirements of the Regulatory Authorities, major national securities exchanges or major securities listing organizations, that may be in effect from time to time during the Term and applicable to a particular activity.

“Assigned Contracts” means the contracts identified in Schedule 1.

“Assigned Product Specific Patents” means U.S. Patent Nos. 9,480,644, 9,211,253, 9,468,747 and 9,629,965.

“Business Day” means a day other than a Saturday or Sunday on which banking institutions in New York, New York and Ireland are open for business.

“Commercialization” means any and all activities directed to the preparation for sale of, offering for sale of, or sale of a Product, including activities related to marketing, promoting, distributing, and importing such Product, and interacting with Regulatory Authorities regarding any of the foregoing. When used as a verb, “to Commercialize” and “Commercializing” means to engage in Commercialization, and “Commercialized” has a corresponding meaning.

“Competing Product” means any product containing naloxone as the active ingredient for the treatment of opioid overdose in an intranasal form. For the avoidance of doubt, a product containing either nalmefene or naltrexone as the active ingredient are not Competing Products so long as such product does not contain naloxone.

“Confidential Information” means any technical, business, or other information or data provided orally, visually, in writing or other form by or on behalf of one Party to the other Party in connection with this Agreement (including any information provided under either that certain Mutual Non-Disclosure Agreement between Lightlake and Adapt dated May 1, 2014 or that certain Three-Way Confidential Disclosure Agreement among Lightlake, Adapt and Icon Clinical Research Limited dated August 13, 2014 (the “Existing CDAs”)), including information relating to the terms of this Agreement, any Product (including the Regulatory Documentation), any Exploitation of any Product, any know-how with respect thereto developed by or on behalf of the disclosing Party or its Affiliates (including Opiant Know-How, as applicable), or the scientific, regulatory or business affairs or other activities of either Party. Notwithstanding the foregoing, (i) all non-clinical, clinical, technical, chemical, safety, and scientific data and information and other results, and results of test method development and stability testing, toxicology, formulation, process development, manufacturing scale-up, qualification and validation, quality assurance/quality control activities and statistical analysis, including relevant laboratory notebook information, screening data, and synthesis schemes, including descriptions in any form, data and other Information relating to or resulting from the conduct of Development of Products prior to the Effective Date, or relating to or resulting from the pharmacokinetics study in respect of a Product commenced or commissioned by or at the direction of Opiant prior to the Prior License Agreement, will be Confidential Information of EOIL, and (ii) subject to the foregoing clause (i), Joint Know-How will be deemed to be the Confidential Information of both Parties.

“Control” or “Controlled” means, with respect to any item of Information, Regulatory Documentation, material, Patent, or other property right existing before the Effective Date, possession of the right, whether directly or indirectly, and whether by ownership, license or 
3

otherwise, to grant a license, sublicense or other right to or under such Information, Regulatory Documentation, material, Patent, or other property right as provided for herein without violating the terms of any agreement or other arrangement with any Third Party.

“Development” means all activities related to research, pre-clinical and other non-clinical testing, test method development and stability testing, toxicology, formulation, process development, manufacturing scale-up, qualification and validation, quality assurance/quality control, clinical studies, statistical analysis and report writing, the preparation and submission of Drug Approval Applications, regulatory affairs with respect to the foregoing and all other activities necessary or reasonably useful or otherwise requested or required by a Regulatory Authority as a condition or in support of obtaining or maintaining a Regulatory Approval. When used as a verb, “Develop” means to engage in Development.

“Development Data” means all non-clinical, clinical, technical, chemical, safety, and scientific data and information and other results, including relevant laboratory notebook information, screening data, and synthesis schemes, including descriptions in any form, data and other information, in each case, that is generated by or resulting from or in connection with the conduct of Development of Products.

“Drug Approval Application” means a New Drug Application as defined in the FFDCA, or any corresponding foreign application, including, with respect to the European Union, a Marketing Authorization Application filed with the EMA or with the applicable Regulatory Authority of a country in Europe with respect to the mutual recognition or any other national approval procedure.

“EBSI” has the meaning set forth in the recitals hereto.

“Effective Date” means the effective date of this Agreement as set forth in the preamble hereto.

“EMA” means the European Medicines Agency and any successor agency or authority having substantially the same function.

“EOIL” has the meaning set forth in the preamble hereto.

“EOIL Assets” means all Regulatory Approvals applicable to the Products, all Regulatory Documentation specific to Regulatory Approvals, all Development Data relating to the Products, all Product Trademarks, and all Assigned Contracts.

“Exploit” means to make, have made, import, use, sell, or offer for sale, including to research, Develop, Commercialize, Manufacture, have Manufactured, obtain Regulatory Approval for, hold, or keep (whether for disposal or otherwise), have used, export, transport, distribute, promote, market, or have sold or otherwise dispose of on a worldwide basis Products. “Exploitation” will mean the act of Exploiting.

“FDA” means the United States Food and Drug Administration and any successor agency(ies) or authority having substantially the same function.

“FFDCA” means the United States Federal Food, Drug, and Cosmetic Act, 21 U.S.C. §301 et seq., as amended from time to time, together with any rules, regulations and requirements promulgated thereunder (including all additions, supplements, extensions, and modifications thereto).

“IND” means an application filed with a Regulatory Authority for authorization to commence human clinical studies, including (a) an Investigational New Drug Application as defined in the FFDCA or any successor application or procedure filed with the FDA, (b) any equivalent of a United States IND in other countries or regulatory jurisdictions, and (c) all supplements, amendments, variations, extensions and renewals thereof that may be filed with respect to the foregoing.

4

“Information” means all technical, scientific, and other know-how and information, trade secrets, knowledge, technology, means, methods, processes, practices, formulae, instructions, skills, techniques, procedures, experiences, ideas, technical assistance, designs, drawings, assembly procedures, computer programs, apparatuses, specifications, data, results and other material, including: biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, pre-clinical, clinical, safety, manufacturing and quality control data and information, including study designs and protocols, assays, biological methodology, other data relating to Development, all data, information and materials relating to Commercialization, including customer lists (both actual and target customers), any market studies and competitive data; in each case (whether or not confidential, proprietary, patented or patentable) in written, electronic or any other form now known or hereafter developed.

“Invention” means any writing, invention, discovery, improvement, technology, Information, or other know-how (in each case, whether patented or not) invented under the Prior License Agreement.

“Joint Know-How” means any and all Inventions and Information conceived, discovered, developed or otherwise made jointly by or on behalf of Opiant or its Affiliates, on the one hand, and EOIL or its Affiliates or Sublicensees, on the other hand, in connection with the work conducted under or in connection with the Prior License Agreement, whether or not patented or patentable.

“Joint Patents” means any and all Patents that are conceived, discovered, developed or otherwise made jointly by or on behalf of Opiant or its Affiliates, on the one hand, and EOIL or its Affiliates or Sublicensees, on the other hand, in connection with the work conducted under or in connection with the Prior License Agreement. 

“Licensed IP Assets” means Licensed Patents and Licensed Know-How.

“Licensed Know-How” means (a) Opiant Know-How and (b) Opiant’s right title, and interest in and to the Joint Know-How, in each case that exist as of the date of the Effective Date.

“Licensed Patents” means (a) the Opiant Patents and (b) Opiant’s right, title, and interest in and to the (i) Product Specific Patents, including Assigned Product Specific Patents, and (ii) Joint Patents, in each case Patent families that exist as of the date of the Effective Date. The Licensed Patents include but are not limited to the Patents that are related to the applications identified on Schedule 2.

“Lightlake” has the meaning set forth in the recitals hereto.

“Manufacture”, “Manufactured” or “Manufacturing” means all activities related to the production, manufacture, processing, filling, finishing, packaging, labeling, shipping and holding of a Product or any intermediate thereof, including clinical and commercial manufacture.

“Opiant” has the meaning set forth in the preamble hereto.

“Opiant Know-How” means all Information Controlled by Opiant or any of its Affiliates during the term of the Prior License Agreement that is not generally known and is necessary or reasonably useful for the Development, Manufacture, or Commercialization of a Product, but excluding any Information to the extent covered or claimed by published Opiant Patents, Product Specific Patents (including Assigned Product Specific Patents) or Joint Patents or any Joint Know-How.

“Opiant Patents” means all of the Patents Controlled by Opiant or any of its Affiliates as of the Effective Date that claim or disclose the Development, Manufacture, or Commercialization of a Product, but excluding any Joint Patents and Product Specific Patents (including Assigned Product Specific Patents).

“Party” and “Parties” has the meaning set forth in the preamble hereto.
5

“Patents” means (i) all national, regional and international patents and patent applications, including provisional patent applications; (ii) all patent applications filed either from such patents, patent applications or provisional applications or from an application claiming priority from either of these, including divisionals, continuations, continuations-in-part, provisionals, converted provisionals and continued prosecution applications; (iii) any and all patents that have issued or in the future issue from the foregoing patent applications ((i) and (ii)), including utility models, petty patents and design patents and certificates of invention; (iv) any and all extensions or restorations by existing or future extension or restoration mechanisms, including revalidations, reissues, re-examinations and extensions (including any supplementary protection certificates and the like) of the foregoing patents or patent applications ((i), (ii), and (iii)); and (v) any similar rights, including so-called pipeline protection or any importation, revalidation, confirmation or introduction patent or registration patent or patent of additions to any of such foregoing patent applications and patents.

“Person” means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, foundation, joint venture or other similar entity or organization, including a government or political subdivision, department or agency of a government.

“Prior License Agreement” has the meaning set forth in the recitals hereto.

“Product” means any pharmaceutical product or medical device, whether prescription or over-the-counter, marketed for a treatment of opioid overdose containing naloxone, alone or in combination with one or more other active or inactive ingredients, in any intranasal form, presentation, strength or delivery systems; provided, however, that “Product” will not refer to any product Controlled, developed, manufactured, marketed, sold, offered for sale, exported, or imported directly or indirectly by a Sublicensee if such Sublicensee’s rights in respect of such product were obtained or developed independently of any sublicense or right granted by EOIL hereunder. For the avoidance of doubt, a product containing either nalmefene or naltrexone as the active ingredient is not a Product so long as such product does not contain naloxone.

“Product Specific Patents” means those Patents that are related to (1) U.S. Provisional 61/953,379 (“Nasal Drug Products and Methods of Their Use”) or (2) U.S. Provisional 62/022,268 (“Co-Packaged Drug Products”), including but not limited to those identified on Schedule 2.

“Product Trademarks” means the Trademark(s) used by EOIL or its Affiliates or its or their respective Sublicensees for the Commercialization of Products and any registrations thereof or any pending applications relating thereto (excluding, in any event, any trademarks, service marks, names or logos that include any corporate name or logo of the Parties or their Affiliates).

“Regulatory Approval” means, with respect to a country or other jurisdiction, any and all approvals (including Drug Approval Applications), licenses, registrations, or authorizations of any Regulatory Authority necessary to commercially distribute, sell, offer for sale, market, import or use a Product in such country or other jurisdiction, including, where applicable, (i) pricing or reimbursement approval in such country or other jurisdiction, (ii) pre- and post-approval marketing authorizations (including any prerequisite Manufacturing approval or authorization related thereto), and (iii) labeling approval.

“Regulatory Authority” means any applicable supra-national, federal, national, regional, state, provincial, or local governmental or regulatory agencies, departments, bureaus, commissions, councils, or other government entities (e.g., the FDA and EMA) regulating or otherwise exercising authority with respect to activities contemplated in this Agreement, including the Exploitation of Products.

“Regulatory Documentation” means all (i) applications (including all INDs and Drug Approval Applications), registrations, licenses, authorizations, and approvals (including Regulatory 
6

Approvals); (ii) correspondence and reports submitted to or received from Regulatory Authorities (including minutes and official contact reports relating to any communications with any Regulatory Authority) and all supporting documents with respect thereto, including all regulatory drug lists, advertising and promotion documents, adverse event files, and complaint files; and (iii) clinical and other data contained or relied upon in any of the foregoing, in each case ((i), (ii), and (iii)) relating to a Product.

“Sublicensee” means a Person, other than an Affiliate, that is granted a sublicense by EOIL, or an Affiliate of EOIL, under a license granted in Section 2.2 or was granted a sublicense under the Prior License Agreement (each such sublicense or right, a “Sublicense”).

“Third Party” means any Person other than Opiant, EOIL, and their respective Affiliates.

“Trademark” means any word, name, symbol, color, designation or device or any combination thereof that functions as a source identifier, including any trademark, trade dress, brand mark, service mark, trade name, brand name, logo or business symbol, whether or not registered.

“United States” or “U.S.” means the United States of America and its territories and possessions (including the District of Columbia and Puerto Rico).

SECTION 2 - GRANT AND RETENTION OF RIGHTS
2.1    Grants to EOIL. Subject to the terms and conditions of this Agreement, Opiant hereby grants to EOIL an exclusive (including with regard to Opiant), worldwide, irrevocable, perpetual, fully paid license, with the right to grant Sublicenses, under the Licensed IP Assets to Exploit Products.

2.2    Right to Grant Sublicenses. EOIL will have the right to grant Sublicenses (through multiple tiers of Sublicensees). EOIL will remain responsible for the performance of its Affiliates and Sublicensees that are granted Sublicenses as permitted herein, and the grant of any such Sublicense will not relieve EOIL of its obligations under this Agreement. With respect to any such Sublicense, EOIL shall ensure that the agreement pursuant to which it grants such Sublicense contains terms obligating the Sublicensee to comply with confidentiality and non-use provisions consistent with those set forth in this Agreement.

2.3    EOIL Assets. EOIL owns and retains all right, title, and interest in and to the EOIL Assets.

2.4    Opiant’s Retention of Rights. Opiant retains, on behalf of itself and its Affiliates all right, title, and interest in and to the Licensed IP Assets (including for the avoidance of doubt, the following Patent applications U.S. Patent Application No. 17/528,877 and PCT/US2016/052280) to develop, obtain and maintain regulatory approvals for, and to manufacture, commercialize, and otherwise exploit any compound or product other than Products or Competing Products.  

2.5    No Other Rights Granted. Except as expressly provided herein no rights, titles, interests, assignments, or licenses are granted to either Party.

SECTION 3 - DEVELOPMENT, REGULATORY AND COMMERCIALIZATION ACTIVITIES
3.1    Development. After the Effective Date, EOIL will Control all Development, Manufacturing and Commercialization of the Products.

7

3.2    Regulatory Activities. EOIL will have the sole right of preparing, obtaining, and maintaining Drug Approval Applications (including the setting of the overall regulatory strategy therefor), other Regulatory Approvals and other submissions, and for conducting communications with the Regulatory Authorities, for Products (which will include filings of or with respect to INDs and other filings or communications with the Regulatory Authorities), in each case in accordance with the terms of this Agreement and otherwise in EOIL’s sole discretion. All Regulatory Approvals applied for or received after the Effective Date relating to Products will be owned by and held in the name of EOIL.

3.3    Commercialization. EOIL (itself or through its Affiliates or Sublicensees) will be solely responsible for Commercialization of Products at EOIL’s own cost and expense in EOIL’s sole discretion.

3.4    Product Trademarks. EOIL will have the sole right to determine, in its sole discretion, the Product Trademarks to be used with respect to the Exploitation of Products on a worldwide basis. All such Product Trademarks will be owned by EOIL.

SECTION 4 - PAYMENT
4.1    Payment. Promptly upon execution of this Agreement (and within five Business Days), EOIL or its Affiliate will pay Opiant twenty-five million dollars and no cents ($25,000,000) cash (the “One-Time Payment”) via wire transfer pursuant to the wire instructions set forth on Schedule 3, 90% of which will be paid by EOIL to Opiant and 10% of which will be paid by EOIL to SWK Funding LLC.  

4.2    Fully paid. Any accrued and unpaid royalties owed by EOIL to Opiant related to the sales of the Product will be deemed to have been fully paid and satisfied by the consideration paid for this Agreement. For the avoidance of doubt, Opiant’s rights under the Prior License Agreement to receive any further payments under the Prior License Agreement, including royalties related to sales Products, including Narcan® Nasal Spray, will terminate.

4.3    Payment Terms. The payments under this Section 4 are non-refundable and not subject to set-off. All taxes shall be the financial responsibility of the Party obligated to pay such taxes as determined by the Applicable Law and neither Party is or shall be liable at any time for any of the other Party’s taxes incurred in connection with or related to amounts paid under this Agreement. Any late payments shall bear interest at the rate of 1% per month, compounded daily.  

SECTION 5 - INTELLECTUAL PROPERTY
5.1    Patent Listings. Emergent will have the sole right to make all decisions regarding filings with Regulatory Authorities with respect to Licensed Patents with respect to Products.

5.2    Maintenance and Prosecution of Licensed Patents. EOIL will have the first right, but not the obligation, at its expense, to prosecute (including any reissues, re-examinations, post-grant proceedings, requests for patent term extensions, supplementary protection certificates, interferences, derivation proceedings, supplemental examinations and defense of oppositions), maintain, enforce and defend the Licensed Patents, other than the Opiant Patents.  At EOIL’s request and expense, Opiant agrees to reasonably cooperate in such proceedings, including but not limited to being joined as a party if necessary.  EOIL will have the sole right to make all decisions regarding any such proceeding and to retain any proceeds.  Upon request, EOIL will provide Opiant updates on the status of the Product Specific Patents (including Assigned Product Specific Patents), and Joint Patents. 
8

SECTION 6 – CONFIDENTIALITY/USE OF NAMES
6.1    Confidentiality Obligations. For a period of ten (10) years from the Effective Date, each Party will, and will cause its Affiliates, and its and their respective officers, directors, employees and agents to, keep confidential and not publish or otherwise disclose to a Third Party and not use, directly or indirectly, for any purpose, any Confidential Information furnished or otherwise made known to it, directly or indirectly, by the other Party, except to the extent such disclosure or use is expressly permitted by the terms of this Agreement or is reasonably necessary or useful for the performance of a Party’s obligations, or the exercise of a Party’s rights, under this Agreement. Confidential Information disclosed under the Existing CDAs shall be considered Confidential Information disclosed under this Agreement and subject to the terms and conditions of this Agreement. Notwithstanding the foregoing, but to the extent the receiving Party can demonstrate by documentation or other competent proof, the confidentiality and non-use obligations under this Section 6.1 with respect to any Confidential Information will not include any information that:
•has been published by a Third Party or is or hereafter becomes part of the public domain by public use, publication, general knowledge or the like through no wrongful act, fault or negligence on the part of the receiving Party;
•has been in the receiving Party’s possession prior to disclosure by the disclosing Party without any obligation of confidentiality with respect to such information; provided that the foregoing exception will not apply with respect to Joint Know-How;
•is subsequently received by the receiving Party from a Third Party without restriction and without breach of any agreement between such Third Party and the disclosing Party; or
•has been independently developed by or for the receiving Party without reference to, or use or disclosure of the disclosing Party’s Confidential Information; provided that the foregoing exception will not apply with respect to Joint Know-How.
Specific aspects or details of Confidential Information will not be deemed to be within the public domain or in the possession of the receiving Party merely because the Confidential Information is embraced by more general information in the public domain or in the possession of the receiving Party. Further, any combination of Confidential Information will not be considered in the public domain or in the possession of the receiving Party merely because individual elements of such Confidential Information are in the public domain or in the possession of the receiving Party unless the combination and its principles are in the public domain or in the possession of the receiving Party. Joint Know-How will be considered the Confidential Information of both Parties.

6.2    Permitted Disclosures. Each Party may disclose Confidential Information to the extent that such disclosure is:

6.2.1    in the reasonable opinion of the receiving Party’s legal counsel, required to be disclosed pursuant to Applicable Law or made in response to a valid order of a court of competent jurisdiction or other supra-national, federal, national, regional, state, provincial and local governmental or regulatory body of competent jurisdiction, including by reason of filing with securities regulators; provided, however, that the receiving Party, to the extent practicable and legally permissible, shall first have given prompt written notice (and to the extent practicable and legally permissible, at least five (5) Business Days’ notice) to the disclosing Party and given the disclosing Party a reasonable opportunity to take whatever action it deems necessary to protect its Confidential Information (for example, quash such order or to obtain a protective order or confidential treatment requiring that the Confidential Information and documents that are the subject of such order be held in confidence by such court or regulatory body or, if disclosed, be used only for the purposes for which the order was issued). In the event that no protective order or other remedy is sought or obtained, or the disclosing Party waives compliance with the terms of this 
9

Agreement, receiving Party shall furnish only that portion of Confidential Information which receiving Party is advised by counsel is legally required to be disclosed; or

6.2.2    made to acquirers, financing sources, or investors and to their financial and legal advisors who have a need to know such Confidential Information in connection with any such sublicense, financing, investment or acquisition; provided that any such recipient of such Confidential Information agrees to be bound by the confidentiality and non-use restrictions contemplated hereby; provided, further that the Party making such disclosure shall remain responsible for any failure by any such Person to treat such Confidential Information as required under this Section 6.

6.3    Use of Name/Trademarks/Other Marketing. 

6.3.1    Opiant will delete the webpage at NARCAN® Nasal Spray - Opiant Pharmaceuticals (https://www.opiant.com/products-pipeline/pipeline/narcan-nasal-spray/).  

6.3.2    Going forward, Opiant will not refer to NARCAN® Nasal Spray as an Opiant product or pipeline product (and will remove it from Pipeline - Opiant Pharmaceuticals (https://www.opiant.com/products-pipeline/pipeline/)). For the avoidance of doubt, Opiant may refer to its contribution to the development of the formulation of NARCAN® Nasal Spray but cannot represent or imply that Opiant commercially makes or sells, now or in the past, NARCAN® Nasal Spray.

6.3.3    Opiant will not refer to and will remove any and all references to a partnership with EOIL, under any current or prior business name, from Opiant’s website and promotional materials.  

6.3.4    Opiant will not make any use of “Narcan” as a generic term in Opiant written materials (including Opiant’s website). Any reference on Opiant’s website or in future Opiant written materials to the NARCAN® Nasal Spray product will be in the form of “NARCAN® Nasal Spray” or NARCAN® (naloxone HCI) Nasal Spray; NARCAN® Nasal Spray and NARCAN® (naloxone HCI) Nasal Spray will not be used interchangeably with naloxone.

SECTION 7 - REPRESENTATIONS AND WARRANTIES
7.1    Mutual Representations and Warranties. Opiant and EOIL each represents and warrants to the other, as of the Effective Date, and covenants, as follows:
7.1.1Organization. It is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its organization, and has all requisite power and authority, corporate or otherwise, to execute, deliver, and perform this Agreement.
7.1.2Authorization. The execution and delivery of this Agreement and the performance by it of its obligations contemplated hereby have been duly authorized by all necessary corporate action, and do not violate (i) such Party’s charter documents, bylaws, or other organizational documents, (ii) in any material respect, any agreement, instrument, or contractual obligation to which such Party is bound, (iii) any requirement of any Applicable Law, or (iv) any order, writ, judgment, injunction, decree, determination, or award of any court or governmental agency presently in effect applicable to such Party.
7.1.3Binding Agreement. This Agreement is a legal, valid, and binding obligation of such Party enforceable against it in accordance with its terms and conditions, subject to the effects of bankruptcy, insolvency, or other laws of general application affecting the enforcement of creditor rights, judicial principles affecting the availability of specific performance, and general principles of equity (whether enforceability is considered a proceeding at law or equity).
10

7.1.4Consents and Approvals. No consent, approval, waiver, order or authorization of, or registration, declaration or filing with, any Third Party is required in connection with the execution, delivery and performance of this Agreement by such Party or the performance by such Party of its obligations contemplated hereby or thereby.
7.1.5No Inconsistent Obligation. It will not enter into any other agreement or understanding in conflict with the provisions contained in this Agreement, or that would impede the diligent and complete fulfillment of its obligations hereunder.
7.1.6Of Claims. It has not assigned to any Third Party the Claims released hereunder.
7.1Opiant represents and warrants to EOIL that is had not transferred any of the Licensed IP to a Third Party prior to the Effective Date.

7.3    DISCLAIMER OF WARRANTIES. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH HEREIN, NEITHER PARTY MAKES ANY REPRESENTATIONS OR GRANTS ANY WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND EACH PARTY SPECIFICALLY DISCLAIMS ANY OTHER WARRANTIES, WHETHER WRITTEN OR ORAL, OR EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR USE OR PURPOSE OR ANY WARRANTY AS TO THE VALIDITY OF ANY PATENTS OR THE NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES.

SECTION 8 - INDEMNITY
EOIL will indemnify Opiant, its Affiliates and its and their respective directors, officers, employees, and agents (“Opiant Indemnitees”), and defend and save each of them harmless, from and against any and all losses, damages, liabilities, penalties, costs, and expenses (including attorneys’ fees and expenses) in connection with any and all suits, investigations, claims, or demands of Third Parties incurred by or rendered against the Opiant Indemnitees arising from or occurring as a result of the Exploitation of Products by or on behalf of EOIL or any of its Affiliates or Sublicensees or its or their distributors or contractors of any Product.  EXCEPT FOR EOIL’S INDEMNIFICATION OBLIGATIONS UNDER THIS AGREEMENT, IN NO EVENT SHALL EITHER PARTY OR ITS AFFILIATES BE LIABLE FOR INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING LOSS OF PROFITS OR BUSINESS INTERRUPTION, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, TORT, NEGLIGENCE, BREACH OF STATUTORY DUTY OR OTHERWISE IN CONNECTION WITH OR ARISING IN ANY WAY OUT OF THE TERMS OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.

SECTION 9 - TERM
Term. This Agreement will commence on the Effective Date and continue in perpetuity (such period, the “Term”).

SECTION 10 - MUTUAL RELEASE
11

In consideration for each Party’s execution and delivery of this Agreement, its promises, covenants, agreements, representations and warranties set forth herein and its performance in accordance with its terms, and subject to the payment by EOIL of the One-Time Payment, each Party, on behalf of itself and on behalf of its current and former parents, subsidiaries and other Affiliates; its and their respective current and former partners, associates, shareholders, members, directors, officers, associates, employees, managers (including board managers), agents, attorneys (including inside and outside counsel), representatives, joint venturers, divisions and insurers; and the parents, trustees, beneficiaries, predecessors, successors and assigns of any of them, and any other Person that claims, might claim by, through, under, on behalf of or for the benefit of any of the foregoing hereby fully, finally, and unconditionally releases and forever discharges the other Party and each of its current and former parents, subsidiaries and other Affiliates; its and their respective current and former partners, associates, shareholders, members, directors, officers, associates, employees, managers (including board managers), agents, attorneys (including inside and outside counsel), representatives, joint venturers, divisions and insurers; and the parents, trustees, beneficiaries, predecessors, successors and assigns of any of them from any and all accrued or potential complaints, claims/counterclaims, demands, liabilities, obligations, promises, agreements, controversies, actions, causes of action, suits, rights, damages, costs, losses, debts, charges, and expenses (including attorneys’ fees and disbursements of counsel and other professionals) of any and every nature whatsoever, whether in law or in equity, whether filed or potentially filed in court, arbitration or before some other tribunal, or with any professional or government agency, office, commission, bureau, board, association, or other entity or group, whether arising under the law of contract, tort, statutory breach or any other legal right or duty and whether they be directly, indirectly, nominally or beneficially possessed or claimed by any of them that any of them has had, now has, or hereafter can, will, or may have against any of the parties released hereby from the beginning of the world through the Effective Date arising out of or relating in any way to the Prior License Agreement, including but not limited to claims asserted in the demand letter dated August 10, 2022, from Latham & Watkins LLP to EBSI, provided however, that nothing in this Section 10 will be construed as a release of (a) any obligation owed by either Party to the other Party pursuant to this Agreement, or (b) any federal or state antitrust, anti-competition, trademark, trade dress or false advertising related claims arising out of or relating in any way to the Prior License Agreement, all of which are excluded from the releases in this Section 10.

SECTION 11 - MISCELLANEOUS
11.1    Severability. If any provision herein is held by a court of competent jurisdiction to be invalid, illegal, or otherwise unenforceable, such provision may be modified by a court of competent jurisdiction to be valid and enforceable while maintaining as close as possible the intent of the Parties as indicated by the wording of these terms or, if the provision cannot be so modified, it will be deemed severed from this Agreement, and all other provisions, and this Agreement, will remain in full force and effect.

11.2    Governing Law. This Agreement and matters connected with the performance thereof will be construed, interpreted, applied and governed by the laws of Delaware without reference to the conflicts of laws or choice of law provisions thereof. Opiant and EOIL agree (a) that all disputes and litigation regarding this Agreement, its construction and matters connected with its performance be subject to the exclusive jurisdiction of the state and federal courts in the District of Delaware (the “Court”), and (b) to submit any disputes, matters of interpretation, or enforcement actions arising with respect to the subject matter of this Agreement exclusively to the Court. The Parties hereby waive any challenge to the jurisdiction or venue of the Court over these matters. 

11.3    Notice Requirements. Any notice under this Agreement will be in writing, will refer specifically to this Agreement and will be deemed given only if (i) delivered by hand or sent by facsimile transmission (with transmission confirmed), (ii) by internationally recognized overnight delivery service that maintains records of delivery, addressed to the Parties at their respective 
12

addresses specified below, (iii) by email with delivery and read receipts, or (iv) to such other address as the Party to whom notice is to be given may have provided to the other Party in accordance with this Section 11.3. Such notice will be deemed to have been given as of the date delivered by hand, transmitted by facsimile (with transmission confirmed) or email (with delivery and read receipt), or on the second Business Day (at the place of delivery) after deposit with an internationally recognized overnight delivery service. 

						
	If to EOIL:
	If to Opiant:

	Emergent BioSolutions Inc.
400 Professional Drive, Suite 400
Gaithersburg, Maryland 20879
Attention: General Counsel
Email: foxj@ebsi.com

with a copy (which will not constitute notice) to:
Williams and Connolly LLP
680 Maine Avenue SW
Washington, DC  20024
Attention:  Jessamyn Berniker, Esq.
(JBerniker@wc.com)
	Opiant Pharmaceuticals, Inc.
201 Santa Monica Blvd., Suite 500
Santa Monica, CA 90401
Attention: General Counsel
Email: bgorman@opiant.com

with a copy (which will not constitute notice) to:
Latham & Watkins LLP140 Scott Drive
Silicon Valley, CA  94025
Attention:  Gabriel Gross, Esq.
(Gabe.Gross@lw.com)

11.4.     Entire Agreement; Amendments. This Agreement, together with the Schedules attached hereto sets forth and constitutes the entire agreement and understanding between the Parties with respect to the subject matter hereof and all prior agreements, understandings, promises, and representations, whether written or oral, with respect thereto are superseded hereby, including the Prior License Agreement and the Existing CDAs. Each Party confirms that it is not relying on any representations or warranties of the other Party except as specifically set forth in this Agreement. No amendment, modification, release, or discharge will be binding upon the Parties unless in writing and duly executed by authorized representatives of both Parties.

11.5    Waiver and Non-Exclusion of Remedies. No delay by, or omission of, either Party in exercising any right, power, privilege, or remedy will impair such right, power, privilege, or remedy or be construed as a waiver thereof. The rights and remedies provided in this Agreement are cumulative and are not exclusive of other rights or remedies provided by law.

11.6    No Benefit to Third Parties. Covenants and agreements set forth in this Agreement are for the sole benefit of the Parties hereto and their successors and permitted assigns, and they will not be construed as conferring any rights on any other Persons, with the exception of SWK Funding LLC which shall be paid pursuant to Section 4.1.

11.7    Further Assurance. Each Party will duly execute and deliver, or cause to be duly executed and delivered, such further instruments and do and cause to be done such further acts and things, including the filing of such assignments, agreements, documents, and instruments, as may be necessary to effectuate the purpose of this Agreement.  Each Party will reasonably cooperate with the other Party concerning the tax reporting for the payment provided for in Section 4.1 hereof, provided that such reasonable cooperation will not involve tax reporting that would increase the tax cost to such cooperating Party.  

11.8    Relationship of Parties. With respect to the subject matter of this Agreement, the Parties are and remain independent contractors. This Agreement will not be deemed to create an employer/employee relationship, joint venture, partnership, association, or agency between the Parties. Neither Party are authorized to incur or create any obligation, express or implied, on behalf of the other Party or to bind the other Party in any manner whatsoever.
13

11.9    Rights in Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by the Parties are, and will otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of right to “intellectual property” as defined under Section 101 of the U.S. Bankruptcy Code. The Parties agree that the Parties, as licensees of such rights under this Agreement, will retain and may fully exercise all of their rights and elections under the U.S. Bankruptcy Code. The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against either Party under the U.S. Bankruptcy Code, the Party hereto that is not a Party to such proceeding will be entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual property and all embodiments of such intellectual property, which, if not already in the non-subject Party’s possession, will be promptly delivered to it (i) upon any such commencement of a bankruptcy proceeding upon the non-subject Party’s written request therefor, unless the Party subject to such proceeding elects to continue to perform all of its obligations under this Agreement or (ii) if not delivered under (i) above, following the rejection of this Agreement by or on behalf of the Party subject to such proceeding upon written request therefor by the non-subject Party.

11.10    Headings. Headings and titles of parts and sections of this Agreement are for convenience only and have no interpretative significance.

11.11    Counterparts; Signatures. This Agreement may be executed in any number of counterparts, each of which will be deemed an original and all of which will constitute the same instrument. This Agreement may be executed by electronic signature, .pdf or original signature, and an electronic signature or .pdf will be deemed to be and will be as effective as an original signature.

11.12    Sophisticated Parties Represented by Counsel. The Parties each acknowledge, accept, warrant and represent that (i) they are sophisticated Parties represented at all relevant times during the negotiation and execution of this Agreement by counsel of their choice, and that they have executed this Agreement with the consent and on the advice of such independent legal counsel, and (ii) they and their counsel have determined through independent investigation and robust, arm’s-length negotiation that the terms of this Agreement shall exclusively embody and govern the subject matter of this Agreement.

[SIGNATURE PAGE FOLLOWS]

14

THIS AGREEMENT IS EXECUTED by the authorized representatives of the Parties as of the Effective Date.
						
	OPIANT PHARMACEUTICALS INC.
	EMERGENT OPERATIONS IRELAND LIMITED

	             By: /s/ Brian Gorman
Name: Brian Gorman__________________
Title: General Counsel________________
	By: /s/  Jennifer Fox             
Name: Jennifer Fox _______________________
Title: EVP External Affairs, General Counsel__

15Document

Exhibit 10.2

FIRST AMENDMENT TO NOTE PURCHASE AND SECURITY AGREEMENT
    This FIRST AMENDMENT TO NOTE PURCHASE AND SECURITY AGREEMENT, dated as of November 13, 2022 (this “First Amendment”), is entered into by and among Opiant Pharmaceuticals, Inc., a Delaware corporation (“Parent”) and Opiant Pharmaceuticals UK Ltd., a corporation incorporated in the United Kingdom, (together with Parent, collectively referred to as “Borrower”), each of the lenders party to the Note Purchase and Security Agreement (as defined below) as of the date hereof (the “Lenders”) and Pontifax Medison Finance GP, L.P., as administrative agent and collateral agent for itself and the Lenders (in such capacity, including any successor thereto, the “Agent”).
    WHEREAS the Borrower, the Lenders and the Agent are parties to a Note Purchase and Security Agreement, dated as of December 10, 2020 (as amended, restated, supplemented or modified and in effect immediately prior to the date hereof, the “Existing Note Purchase Agreement” and, the Existing Note Purchase Agreement as modified by this First Amendment, the “Note Purchase Agreement”); and 
    WHEREAS the Borrower, Agent and the Lenders wish now to amend the Existing Note Purchase Agreement to provide for, among other things, the following: 
(a)(i) permitting Parent to enter into and perform its obligations under that certain Amended and Restated License and Settlement Agreement, dated as of November 13, 2022 (as amended, amended and restated, supplemented or otherwise modified from time to time), by and between Parent and Emergent BioSolutions Inc., a Delaware corporation (“EBS”), pursuant to which, among other things, Parent will sell, transfer, assign or otherwise dispose of royalties (and/or the right to receive royalties) attributable to the sales of NARCAN® to EBS; and
(b)(i) permitting Parent to enter into and perform its obligations under that certain Agreement and Plan of Merger, dated as of November 13, 2022 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and among Parent, Indivior Inc., a Delaware corporation, and Olive Acquisition Subsidiary, Inc., a Delaware corporation, and (ii) providing for the prepayment of the outstanding Term Loans upon the consummation of the transactions contemplated under the Merger Agreement.
    NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:
    Section 1.  Definitions.  Except as otherwise defined in this First Amendment, terms defined in the Note Purchase Agreement are used herein as defined therein.
    Section 2.  Amendment.  Subject to the satisfaction of the conditions precedent set forth in Section 5 of this First Amendment, but effective as of the Amendment Effective Date (as defined below):
(a)Section 1.1 of the Existing Note Purchase Agreement is amended to add the following definitions in appropriate alphabetical order:
“Adapt License” means that certain License Agreement, dated as of December 15, 2014, by and between Parent and Adapt Pharma Operations Limited, as amended by Amendment No. 1, dated as of December 13, 2016 and Amendment No. 2, dated as of March 18, 2019, as the same may be further amended.
1

“Agreement” means this Note Purchase and Security Agreement, as amended by the First Amendment and as further amended from time to time.
“First Amendment” means that certain First Amendment to Note Purchase and Security Agreement, dated as of the First Amendment Date, by and among the Borrower, the Lenders and Agent. 
“First Amendment Date” means November 13, 2022.
“Merger Agreement” means that certain Agreement and Plan of Merger, dated as of November 13, 2022, by and among Parent, Indivior Inc., a Delaware corporation, Olive Acquisition Subsidiary, Inc., a Delaware corporation, as amended, amended and restated, supplemented or otherwise modified from time to time.
(b)The definition of “Permitted Transfers” set forth in Section 1.1 of the Existing Note Purchase Agreement is hereby amended by adding the following language immediately following clause (viii) thereof: 
“and (ix) the sale, transfer, assignment, or other disposition of royalties, including the right to receive royalties, and associated payments related to NARCAN®  to Emergent BioSolutions Inc., a Delaware corporation (“EBS”) or one of its affiliates (including any such transaction effected by means of a modification or termination of the royalty provisions of the Adapt License) and the performance of Parent’s obligations pursuant to that certain Amended and Restated License and Settlement Agreement, dated as of November 13, 2022 (as amended, amended and restated, supplemented or otherwise modified from time to time), by and between Parent and EBS (such sale, transfer, assignment or disposition, the “EBS Disposition”).”
(c)The existing text of Section 2.4 of the Existing Note Purchase Agreement is hereby amended and restated as follows:
“2.4    Prepayment.
(a)    Other than the quarterly amortization payments made pursuant to Section 2.1, the Borrower may only prepay the Term Loan in accordance with this Section 2.4. At its option, following 18 months from the Closing Date, upon at least ten (10) Business Days prior written notice to Agent (“Prepayment Notice”), Borrower may prepay an amount of not less than US$1,000,000 or all of the then outstanding principal balance and all accrued and unpaid interest thereon, together with, subject to Section 6 of the First Amendment, a prepayment charge equal to one and a half percent (1.5%) of the amount being prepaid (each, a “Prepayment Charge”). Borrower agrees that the Prepayment Charge is a reasonable calculation of Lender’s lost profits in view of the difficulties and impracticality of determining actual damages resulting from an early repayment of the Term Loan or a portion thereof as aforesaid. Any such early repayments shall be applied pro rata to the required remaining amortization payments (including the final amortization payment on the Term Loan Maturity Date). In a case where a Lender has submitted a Conversion Notice to Borrower within the five (5) Business Day period following receipt of the Prepayment Notice, no prepayment shall be allowed prior to conversion as requested in such Conversion Notice and the Conversion Notice shall prevail. The Prepayment Notice shall apply to any 
2

outstanding Term Loan amount remaining, if any, after conversion as specified in the Conversion Notice.
(b)    In addition, if the Borrower enters into a letter of intent or a term sheet or similar written document (collectively, “LOI”) that contemplates a transaction that would constitute a Change in Control (a “Change in Control Transaction”), and as long as such discussions or negotiations are ongoing, (i) subject to, and except as provided in, the following clause (c), prepayment (and delivery of a Prepayment Notice) shall not be permitted and any Prepayment Notice delivered prior to the date of such LOI shall be automatically rescinded, and (ii) Borrower shall notify Agent within 24 hours thereof, which notification obligation shall be deemed to have been satisfied with respect to the Merger Agreement, any exclusivity agreement with respect thereto and the transactions contemplated thereby.  For the avoidance of doubt, following any prepayment in accordance with clause (a) above, the Term Loans remaining outstanding shall bear interest at the Term Loan Interest Rate.
(c)    Notwithstanding the foregoing and anything else in this Agreement to the contrary, the Borrower shall be permitted to prepay the Term Loans on the date of the consummation of a Change in Control Transaction (a “Change in Control Date”) (including the consummation of the transactions contemplated by the Merger Agreement); provided that: (i) the Borrower has delivered to the Agent a Prepayment Notice at least ten (10) Business Days prior to the Change in Control Date; (ii) the Borrower has delivered to the Agent a copy of the definitive documentation governing such Change in Control Transaction (which delivery obligation shall be deemed to be satisfied by the filing of the Merger Agreement with the Securities and Exchange Commission in a publicly available document) at least ten (10) Business Days prior to the Change in Control Date; (iii) in a case where a Lender has submitted a Conversion Notice to Borrower within the five (5) Business Day period following receipt of the documents in the foregoing clauses (i) and (ii), no prepayment shall be allowed prior to conversion as requested in such Conversion Notice, the Conversion Notice shall prevail and the Prepayment Notice shall only apply to any outstanding Term Loan amount remaining, if any, after conversion as specified in the Conversion Notice; and (iv) if such a Conversion Notice is delivered within the period described in the foregoing clause (iii), at the election of the Borrower, in lieu of converting the applicable Term Loans into Common Stock, the Borrower may deliver to the applicable Lender on the Change in Control Date the amount of cash, other securities or other property or assets that the applicable Lender would have received had such portion of its Term Loans been converted into Common Stock immediately prior to the Change in Control Transaction.  For the avoidance of doubt, if the Third Installment Loan is made pursuant to Section 2.1(c) prior to the date of the consummation of a Change of Control Transaction, any Prepayment Notice and any Conversion Notice may include such Third Installment Loan, and if the Third Installment Loan is made after an initial Prepayment Notice and/or Conversion Notice is submitted pursuant to this clause (c), the Borrower and any Lender may update such Prepayment Notice and/or Conversion Notice to reflect the Third Installment Loan.  
(d)    The Borrower may, upon at least ten (10) Business Days prior written notice to the Agent, terminate the undrawn Term Commitments of any loan facility on the date of the consummation of a Change of Control Transaction.
3

(e)    Any Prepayment Notice or notice of any reduction or termination of any Term Commitment may be conditioned on the effectiveness of any transaction that would result in such prepayment or reduction in commitments (including the consummation of any Change in Control Transaction); and if any such notice is so conditioned, and a Lender has submitted a Conversion Notice, such Conversion Notice may be similarly conditioned.  Upon receipt of a Prepayment Notice with respect to all of the outstanding Term Loans, the Agent will provide the Borrower with a customary payoff letter (which, for the avoidance of doubt, will require payment of the Prepayment Charge or the First Amendment Fee (as defined in the First Amendment), as applicable).”
(d)Section 3.2 of the Existing Note Purchase Agreement is hereby amended to add the following sentence at the end thereof: “Upon the consummation of any Permitted Transfer, the security interest of Agent and the Lenders in the Collateral that is the subject of such Permitted Transfer shall automatically be released.”
(e)Section 7.9 of the Existing Note Purchase Agreement is hereby amended to add the following sentence at the end thereof: “Notwithstanding the foregoing the Borrower may enter into, and consummate the transactions contemplated by, the Merger Agreement.”
(f)Section 7.16 Existing Note Purchase Agreement is hereby amended to replace existing clause (z) of the first sentence of Section 7.16(b) in its entirety with the following language: “(z) the effective date of the sale of all or substantially all the assets of Opiant Pharmaceuticals, Inc., any merger, consolidation or acquisition involving Opiant Pharmaceuticals, Inc. with, by or into another corporation, entity or person; or any change in the ownership of more than fifty percent (50%) of the voting capital stock of Opiant Pharmaceuticals, Inc. in one or more related transactions, in each case other than in respect of (i) the sale, transfer, assignment, termination or other disposition of royalties and associated payments related to NARCAN as contemplated by the First Amendment or (ii) the transactions contemplated by the Merger Agreement (such transactions described in this clause (z), a “Sale Event”).”.
(g)Section 7.19 of the Existing Note Purchase Agreement is hereby amended and restated as follows:
“7.19.     Financial Covenant. (i) Prior to the consummation of the EBS Disposition, as of the last day of each calendar quarter, Parent and its Subsidiaries, on a consolidated basis, shall have not less than $7,500,000 in Working Capital and (ii) immediately following the EBS Disposition, at all times, Parent and its Subsidiaries, on a consolidated basis, shall have not less than $10,000,000 which shall be held at all times in the Deposit Account XX1733 subject to that certain Deposit Account and Sweep Investment Control Agreement dated as of March 1, 2021 by and among Parent, Agent and Wells Fargo Bank, National Association.  On or prior to the fifth (5th) day of each calendar quarter, and from time to time upon request of the Agent, Borrower shall provide statements to Agent in respect of all Deposit Accounts (other than Excluded Accounts) maintained by Parent and its Subsidiaries.”
    Section 3.  Reaffirmation.  Notwithstanding the effectiveness of this First Amendment, each other Loan Document and all guarantees, pledges, grants, security interests and other agreements thereunder shall continue to be in full force and effect and Borrower hereby reaffirms each other Loan Document and all guarantees, pledges, grants, security interests and other agreements thereunder. This First Amendment shall not be a novation.  This First Amendment shall not release, limit nor impair in any way (i) any guarantee provided under the Note Purchase 
4

Agreement or any other Loan Document or (ii) any security interests or liens (or the priority thereof) held by the Agent for the benefit of any Lender against any assets of Borrower arising under any other Loan Document.
    Section 4.  Representations and Warranties.  In order to induce the Agent and the Lenders to enter into this First Amendment, Borrower represents and warrants to the Agent and the Lenders, as to itself and each of its subsidiaries, as follows:
(a)Borrower has the requisite power and authority and has taken all necessary organizational action to authorize the execution, delivery and performance of this First Amendment.  Each of this First Amendment has been duly executed and delivered by and constitutes the legal, valid and binding obligation against Borrower, enforceable in accordance with its terms.  
(b)The execution, delivery and performance by Borrower of this First Amendment do not (i) require any action, consent or approval of, registration or filing with or any other action by any Governmental Authority that has not been obtained, (ii) violate any provision of law, statute, rule or regulation, or of the certificate or articles of incorporation or by-laws or other constitutive documents of Borrower, (iii) conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, or give rise to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any Material Contract, or (iv) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by Borrower (other than the Liens created under the Loan Documents).  
(c)    The representations and warranties set forth in Section 5 of the Note Purchase Agreement, and in each of the other Loan Documents, are true on the date hereof as if made on and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, such representation or warranty shall be true and correct as of such specific date).
    Section 5.  Conditions Precedent.  The amendments set forth in Section 2 shall become effective upon satisfaction of the following conditions (the first date on which all of the following conditions have been satisfied being referred to herein as the “Amendment Effective Date”):
(a)The Agent shall have received counterparts of this First Amendment executed by the Borrower, the Agent and the Lenders. 
(b)The representations and warranties set forth in this First Amendment and the Note Purchase Agreement shall be true and correct in all material respects (or, in the case of any such representation or warranty already qualified by materiality, in all respects) on and as of the Amendment Effective Date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, such representation or warranty shall be true and correct as of such specific date).
(d)No Default or Event of Default, and no event that has had or could reasonably be expected to have a Material Adverse Effect, shall have occurred and be continuing as of the Amendment Effective Date. 
(e)The Agent shall have received, on behalf of the Lenders, each of the following in form and substance reasonably satisfactory to the Agent:
5

(i)a certificate, dated as of the Amendment Effective Date and certified by an officer of the Borrower, certifying (A) compliance with the conditions precedent set forth in paragraphs (b) and (c) of this Section 5, and (B) that Borrower, on a consolidated basis, is solvent; 
(ii)a certificate of the Secretary, an Assistant Secretary or authorized signatory of Parent, dated the Amendment Effective Date, certifying that attached thereto are true and correct copies of resolutions duly adopted by the board of directors or other governing body of Parent and continuing in effect, which authorize the execution, delivery and performance by Parent of this Amendment and the consummation of the transactions contemplated hereby and thereby; and
(iii)any and all further documents, financing statements, agreements and instruments as the Agent may reasonably request to effect the transactions contemplated by the Note Purchase Agreement. 
(a)The Agent shall have received all fees and other amounts due and payable on or prior to the Amendment Effective Date, including all reasonable and documented out-of-pocket legal fees and expenses incurred by Lenders in connection with this First Amendment and the matters contemplated hereby and costs associated with filings required to perfect Agent’s security interest or diligence searches with Governmental Authorities (including UCC lien searches).  
Section 6.  First Amendment Fee.  The Borrower agrees to pay a fee to the Agent for the ratable payment to the Lenders of $1,500,000, payable on, and subject to the occurrence of, the date of the consummation of the transactions contemplated by the Merger Agreement (the “First Amendment Fee”).  If the First Amendment Fee is paid, no Prepayment Charge shall be payable in respect of the Term Loans repaid in connection with the Merger Agreement.    
Section 7.  Miscellaneous.  
(c)The parties hereto acknowledge and agree that this First Amendment satisfies the requirements of Section 8.6 of the Note Purchase Agreement with respect to the transactions contemplated by the Merger Agreement and shall be deemed to be a “Supplemental Agreement” for the purposes thereof.  The Borrower hereby certifies, in accordance with Section 8.6(d) of the Note Purchase Agreement, that all Term Loans that are not converted pursuant to Section 8 of the Note Purchase Agreement shall be repaid in full upon the consummation of the transactions contemplated by the Merger Agreement and any such Term Loans that are converted pursuant to Section 8 of the Note Purchase Agreement shall receive the Merger Consideration (as defined in the Merger Agreement).
(f)References in the Note Purchase Agreement (including references to the Note Purchase Agreement as amended hereby) to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Note Purchase Agreement as amended by this First Amendment.
(g)This First Amendment shall constitute a Loan Document for purposes of the Note Purchase Agreement and the other Loan Documents, and except as specifically modified by this First Amendment, the Note Purchase Agreement and the other Loan Documents shall remain unchanged and shall remain in full force and effect and are hereby ratified and confirmed.
(h)The execution, delivery and performance of this First Amendment shall not constitute a forbearance, waiver, consent or amendment of any other provision of, or operate 
6

as a forbearance or waiver of any right, power or remedy of the Agent or any Lender under the Note Purchase Agreement or any of the other Loan Documents, all of which are ratified and reaffirmed in all respects and shall continue in full force and effect.  This First Amendment does not constitute a novation of rights, obligations and liabilities of the respective parties existing under the Loan Documents.
(i)This First Amendment shall be governed by, and construed in accordance with, the law of the State of New York, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction; provided that Section 5-1401 of the New York General Obligations Law shall apply.
(j)This First Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this First Amendment in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this First Amendment.  Each party hereto agrees and acknowledges that (i) the transaction consisting of this First Amendment may be conducted by electronic means, (ii) it is such party’s intent that, if such party signs this First Amendment using an electronic signature, it is signing, adopting and accepting this First Amendment and that signing this First Amendment using an electronic signature is the legal equivalent of having placed its handwritten signature on this First Amendment on paper and (iii) it is being provided with an electronic or paper copy of this First Amendment in a usable format.
(k)This First Amendment, the Note Purchase Agreement and the other Loan Documents represent the final agreement between the parties hereto and thereto and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.
(l)By their execution hereof, the Lenders hereby direct the Agent to execute and deliver this First Amendment.
[Signature Pages Follow]
7

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to the Note Purchase Agreement to be duly executed and delivered as of the day and year first above written.

BORROWER:

									
	Opiant Pharmaceuticals, Inc.

By:/s/ Dr. Roger Crystal____________
Name: Dr. Roger Crystal
Title: Chief Executive Officer

		Opiant Pharmaceuticals UK Limited

By:/s/ Dr. Roger Crystal_
Name: Dr. Roger Crystal
Title: Chief Executive Officer/Director

[Signature Page to Amendment – Opiant]

			
	AGENT:
PONTIFAX MEDISON FINANCE GP L.P, as Agent 

	By: /s/ Momi Karako___________________
Name: Momi Karako
Title: General Partner

[Signature Page to Amendment – Opiant]

LENDERS:

						
	PONTIFAX MEDISON FINANCE (ISRAEL) L.P. 

BY: /s/ Momi Karako
NAME: Momi Karako
TITLE: General Partner

	PONTIFAX MEDISON FINANCE (CAYMAN) L.P. 
	
	By: /s/ Momi Karako __________________
Name: Momi Karako
Title: General Partner
	

[Signature Page to Amendment – Opiant]

KREOS CAPITAL VI (EXPERT FUND) LP

By: /s/ Mark Collins____________________
Name: Mark Collins
Title: Director

[Signature Page to Amendment – Opiant]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}]]