Document:

AMENDED
AND RESTATED

CERTIFICATE
OF INCORPORATION

OF

ETON
PHARMACEUTICALS, INC.

A
Delaware Corporation

 

(Pursuant
to Sections 242 and 245 of the

General
Corporation Law of the State of Delaware)

 

Eton
Pharmaceuticals, Inc., a corporation organized and existing under and by virtue of the provisions of the General Corporation Law
of the State of Delaware (the “DGCL”),

 

DOES
HEREBY CERTIFY:

 

1.
That the name of this corporation is Eton Pharmaceuticals, Inc., and that this corporation was originally incorporated pursuant
to the DGCL on April 27, 2017.

 

2.
This Amended and Restated Certificate of Incorporation of the Corporation was duly adopted in accordance with Sections 242 and
245 of the DGCL and restates, integrates and further amends the provisions of the Corporation’s Certificate of Incorporation
as follows:

 

FIRST:
The name of this corporation is Eton Pharmaceuticals, Inc. (the “Corporation”).

 

SECOND:
The address, including street, number, city and county, of the registered office of the Corporation in the State of Delaware is
850 New Burton Road, Suite 201, Dover, DE 19904, County of Kent; and the name of the registered agent of the Corporation in the
State of Delaware at such address is Cogency Global Inc.

 

THIRD:
The nature of the business and of the purposes to be conducted and promoted by the Corporation is to conduct any lawful business,
to promote any lawful purpose, and to engage in any lawful act or activity for which corporations may be organized under the DGCL.

 

FOURTH:
The aggregate number of shares of stock which this Corporation shall have authority to issue is Sixty Million (60,000,000) shares,
consisting of (a) Fifty Million (50,000,000) shares of common stock, par value $0.001 per share (the “Common Stock”),
and (b) Ten Million (10,000,000) shares of preferred stock, par value $0.001 per share (the “Preferred Stock”).

 

The
following is a statement of the designations and the powers, privileges and rights, and the qualifications, limitations or restrictions
thereof in respect of each class of capital stock of the Corporation.

 

    	 

    	 

    

 

A.
COMMON STOCK

 

4.1
Common Stock. The Corporation is authorized to issue up to Fifty Million (50,000,000) shares of Common Stock. Each outstanding
share of Common Stock of the Corporation shall be entitled to one vote and each fractional share of Common Stock shall be entitled
to a corresponding fractional vote on each matter submitted to a vote of the shareholders. A majority of all shares of stock,
based on the number of votes to which they are entitled, of both Common Stock and Preferred Stock voting together as a single
class represented in person or by proxy, shall constitute a quorum at a meeting of shareholders or as required for an action taken
by written consent. Except as otherwise provided by this Certificate of Incorporation, if a quorum is present, the affirmative
vote of a majority of the shares, based on the number of votes to which they are entitled, represented at the meeting and entitled
to vote on the subject matter shall be the act of the shareholders. Cumulative voting shall not be allowed in the election of
directors of the Corporation.

 

B.
PREFERRED STOCK

 

Ten
Million (10,000,000) shares of Preferred Stock of the Corporation are hereby designated “Series A Preferred Stock”
with the following rights, preferences, powers, privileges and restrictions, qualifications and limitations. Unless otherwise
indicated, references to “sections” or “subsections” in this Part B of this Article Fourth refer to sections
and subsections of Part B of this Article Fourth.

 

1.
Par Value; Stated Value. Each share of Series A Preferred Stock shall have a par value of $0.001 and a stated value equal
to $3.00 (the “Stated Value”).

 

2.
Definitions. In addition to the terms defined elsewhere in this Certificate of Designations, the following terms have the
meanings indicated:

 

“Announced
IPO Date” shall have the meaning given in Section 8(f).

 

“Business
Day” means any day other than Saturday, Sunday and any day on which banks are required or authorized by law to be closed
in the State of California.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Corporation, par value $0.001 per share.

 

“Common
Stock Equivalents” means any securities of the Corporation or its subsidiaries which would entitle the holder thereof
to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant, other instrument,
or other subscription or purchase right with respect to Common Stock, that is at any time convertible into or exercisable or exchangeable
for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Conversion
Amount” means the sum of the Stated Value plus all accrued and unpaid Dividends thereon plus, if any, other unpaid amounts
due under this Certificate of Designation.

 

Conversion
Price” shall have the meaning given in Section 8.

 

    	2

    	 

    

 

“Dividend
Rate” means a percentage of the Stated Value per share, as adjusted for any stock split, stock dividend, stock combination
or other similar transactions with respect to the Series A Preferred Stock, of six percent (6%) per annum, provided, that if an
Event of Default shall have occurred and be continuing, the Dividend Rate shall automatically be increased to twelve percent (12%)
per annum during the period of such Event of Default, until such Event of Default is later cured.

 

“Event
of Default” shall have the meaning given in Section 17.

 

“Holder”
means any holder of Series A Preferred Stock.

 

“IPO”
means a firm commitment underwritten initial public offering of the Corporation’s Common Stock pursuant to a registration
statement filed on Form S-1 (or any successor from thereto) that is declared effective by the SEC and consummated prior to the
Redemption Date.

 

“IPO
Notice” shall have the meaning given in Section 8(f).

 

“IPO
Price to Public” means the price to public specified in the IPO registration statement.

 

“Junior
Securities” means the (i) Common Stock and all other equity or equity equivalent securities of the Corporation, and
(ii) all equity or equity equivalent securities issued by the Corporation after the Original Issue Date that do not rank senior
to or pari passu with the Series A Preferred Stock.

 

“Original
Issue Date” means the date of the first issuance of any shares of the Series A Preferred Stock regardless of the number
of transfers of any particular shares of Series A Preferred Stock and regardless of the number of certificates that may be issued
to evidence such Series A Preferred Stock.

 

“Person”
means any individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture or other non-corporate
business enterprise, limited liability company, joint stock company, trust, organization, business, labor union or government
(or an agency or subdivision thereof) or any court or other federal, state, local or other governmental authority or other entity
of any kind.

 

“Required
Holders” means the Holders that hold at least a majority of the Series A Preferred Stock then outstanding.

 

“Securities
Purchase Agreement” means that certain securities purchase agreement, dated as of June 16, 2017, by and among the Corporation
and the purchasers of the Series A Preferred Stock named therein.

 

“Series
A Preferred Stock” means the Series A Convertible Preferred Stock, $0.001 par value, of the Corporation, which is convertible
into shares of Common Stock.

 

    	3

    	 

    

 

“Subsequent
Placement” has the meaning given to it in Section 4(k) of the Securities Purchase Agreement.

 

“Underlying
Shares” means the shares of Common Stock issuable upon conversion of the Series A Preferred Stock.

 

3.
Voting Rights. 

 

Except
as otherwise required by law or hereunder, the Series A Preferred Stock shall vote together, and not separately as a class, with
the Common Stock and all other shares of stock of the Corporation having general voting power. The holder of each share of Series
A Preferred Stock shall be entitled to the number of votes equal to the number of shares of Common Stock into which such share
of Series A Preferred Stock could be converted at the record date for determination of the stockholders entitled to vote on such
matters, or, if no record date is established, at the date such vote is taken or the effective date of any written consent. Fractional
votes of the holders of Series A Preferred Stock shall not, however, be permitted and fractional voting rights shall be (after
aggregating all shares into which shares of Series A Preferred Stock held by each Holder could be converted) rounded to the nearest
whole number (with one-half being rounded upward). Holders of Series A Preferred Stock shall be entitled to notice of any stockholders
meetings in accordance with the Bylaws of the Corporation, as if such Holders owned shares of Common Stock.

 

Unless
the consent or approval of a greater number of shares shall then be required by law, the affirmative vote of the Required Holders
shall be necessary to (1) authorize, increase the authorized number of shares of or issue (including on conversion or exchange
of any convertible or exchangeable securities or by reclassification) any additional shares of Series A Preferred Stock or any
shares of capital stock of the Corporation having any right, preference or priority ranking senior to or pari passu with Series
A Preferred Stock, (2) authorize, adopt or approve any amendment to the Certificate of Incorporation, the Bylaws or this Certificate
of Designations that would increase or decrease the par value of the shares of the Series A Preferred Stock, alter or change the
powers, preferences or rights of the shares of Series A Preferred Stock or alter or change the powers, preferences or rights of
any other capital stock of the Corporation if after such alteration or change such capital stock would be senior to or pari passu
with Series A Preferred Stock, (3) amend, alter or repeal the Certificate of Incorporation, the Bylaws or this Certificate of
Designations so as to affect the shares of Series A Preferred Stock adversely, including in connection with a merger, recapitalization,
reorganization or otherwise, (4) authorize or issue any security convertible into, exchangeable for or evidencing the right to
purchase or otherwise receive any shares of any class or classes of capital stock of the Corporation having any right, preference
or priority ranking senior to or pari passu with Series A Preferred Stock, (5) organize a subsidiary of the Corporation or (6)
pay or set apart for payment any dividend on any Junior Securities or make any payment on account of, or set apart for payment
money for a sinking or other similar fund for, the purchase, redemption or other retirement of, any Junior Securities or any warrants,
rights, calls or options exercisable for or convertible into any Junior Securities whether in cash, obligations or shares of Corporation
or other property, and shall not permit any corporation or other entity directly or indirectly controlled by the Corporation to
purchase or redeem any Junior Securities or any such warrants, rights, calls or options.

 

    	4

    	 

    

 

4.
Dividends.

 

(a)
Holders shall be entitled to receive, out of funds legally available therefor, and the Corporation shall pay, cumulative dividends
on the Series A Preferred Stock at the Dividend Rate per share. Dividends on the Series A Preferred Stock shall accrue daily commencing
as of the Original Issue Date at the Dividend Rate then in effect, and shall be deemed to accrue from the Original Issue Date
whether or not earned or declared and whether or not there are profits, surplus or other funds of the Corporation legally available
for the payment of dividends. Dividends on the Series A Preferred Stock shall (i) be calculated on the basis of a 365-day year,
and (ii) be payable quarterly in arrears commencing on June 30, 2017 and thereafter on each June 30, September 30, December 31
and March 31, except if such date is not a Business Day, such dividend shall be payable on the next succeeding Business Day (each,
a “Dividend Payment Date”).

 

(b)
The Corporation shall pay required dividends in cash, except as otherwise provided in this Certificate of Designations. 

 

(c)
Except as authorized in accordance with Section 3, so long as any Series A Preferred Stock is outstanding, the Corporation shall
not pay or set apart for payment any dividend on any Junior Securities or make any payment on account of, or set apart for payment
money for a sinking or other similar fund for, the purchase, redemption or other retirement of, any Junior Securities or any warrants,
rights, calls or options exercisable for or convertible into any Junior Securities whether in cash, obligations or shares of Corporation
or other property, and shall not permit any corporation or other entity directly or indirectly controlled by the Corporation to
purchase or redeem any Junior Securities or any such warrants, rights, calls or options.

 

5.
Registration of Series A Preferred Stock. The Corporation or its Transfer Agent shall register shares of the Series A Preferred
Stock, upon records to be maintained by the Corporation or its Transfer Agent, as the case may be, for that purpose (the “Series
A Preferred Stock Register”), in the name of the record Holders thereof from time to time. The Corporation may deem
and treat the registered Holder of shares of Series A Preferred Stock as the absolute owner thereof for the purpose of any conversion
hereof or any distribution to such Holder, and for all other purposes, absent actual written notice to the contrary from the registered
Holder.

 

6.
Registration of Transfers. The Corporation shall register the transfer of any shares of Series A Preferred Stock in the
Series A Preferred Stock Register, upon surrender of certificates evidencing such shares to the Corporation at its address specified
herein. Upon any such registration or transfer, a new certificate evidencing the shares of Series A Preferred Stock so transferred
shall be issued to the transferee and a new certificate evidencing the remaining portion of the shares not so transferred, if
any, shall be issued to the transferring Holder; provided that if the Corporation does not so record an assignment, transfer or
sale (as the case may be) within two (2) Business Days of its receipt of such a request, then the Series A Preferred Stock Register
shall be automatically updated to reflect such assignment, transfer or sale (as the case may be).

 

    	5

    	 

    

 

7.
Liquidation.

 

(a)
In the event of any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary (a “Liquidation
Event”), the Holders of Series A Preferred Stock shall be entitled to receive, prior and in preference to any distribution
of any of the assets or surplus funds of the Corporation to the holders of Junior Securities by reason of their ownership thereof,
an amount per share in cash equal to the greater of (x) the Stated Value for each share of Series A Preferred Stock then held
by them (as adjusted for any stock split, stock dividend, stock combination or other similar transactions with respect to the
Series A Preferred Stock), plus all accrued and unpaid dividends on such Series A Preferred Stock as of the date of such event,
or (y) the amount payable per share of Common Stock which such Holder of Series A Preferred Stock would have received if such
Holder had converted to Common Stock immediately prior to the Liquidation Event all of the shares of Series A Preferred Stock
then held by such Holder together with all accrued but unpaid dividends on such Series A Preferred Stock as of the date of such
event (the “Series A Stock Liquidation Preference”). If, upon the occurrence of a Liquidation Event, the funds
thus distributed among the holders of the Series A Preferred Stock shall be insufficient to permit the payment to such Holders
of the full Series A Stock Liquidation Preference, then the entire assets and funds of the Corporation legally available for distribution
shall be distributed ratably among the Holders of the Series A Preferred Stock in proportion to the aggregate Series A Stock Liquidation
Preference that would otherwise be payable to each of such Holders. Such payment shall constitute payment in full to the holders
of the Series A Stock upon the Liquidation Event. After such payment shall have been made in full, or funds necessary for such
payment shall have been set aside by the Corporation in trust for the account of the holders of Series A Preferred Stock, so as
to be immediately available for such payment, such holders of Series A Preferred Stock shall be entitled to no further participation
in the distribution of the assets of the Corporation. The sale of all or substantially all of the assets of the Corporation, or
merger, tender offer or other business combination to which the Corporation is a party in which the voting stockholders of the
Corporation prior to such transaction do not own a majority of the voting securities of the resulting entity or by which any person
or group acquires beneficial ownership of 50% or more of the voting securities of the Corporation or resulting entity shall, for
the purposes of this Certificate of Designations, be deemed to be a Liquidation Event.

 

(b)
In the event of a Liquidation Event, following completion of the distributions required by the first sentence of paragraph (a)
of this Section 7, if assets or surplus funds remain in the Corporation, the holders of the Junior Securities shall share in all
remaining assets of the Corporation, in accordance with the General Corporation Law of Delaware and the Certificate of Incorporation
of the Corporation, as amended.

 

8.
Conversion. The Series A Preferred Stock held by a Holder may be converted into validly issued, fully paid and non-assessable
shares of Common Stock on the terms and conditions set forth in this Section 8.

 

(a)
Mandatory Conversion - IPO. Upon consummation of the IPO, each share of Series A Preferred Stock shall automatically convert,
through no further action on the part of the Corporation or the Holder, into that number of shares of Common Stock equal to the
quotient of (A) the Conversion Amount divided by (B) the Conversion Price. For the purpose of this Section 8(a), the “Conversion
Price” shall be equal to fifty percent (50%) of the IPO Price to Public (rounded to two decimal places); provided;
however, that in no event shall the Conversion Price be greater than $3.00 or nor less than $2.25, in each case as adjusted
for stock splits, stock dividends, stock combinations, recapitalizations, or the like that occur after the Original Issuance Date
in accordance with Section 13.

 

    	6

    	 

    

 

(b)
Mandatory Conversion – Financing. Upon consummation of a Subsequent Placement approved by the Required Holders pursuant
to Section 4(k) of the Securities Purchase Agreement, each share of Series A Preferred Stock shall automatically convert, through
no further action on the part of the Corporation or the Holder, into that number of shares of Common Stock equal to the quotient
of (A) the Conversion Amount divided by (B) the Conversion Price. For the purposes of this Section 8(b), the “Conversion
Price” shall be equal to fifty percent (50%) of the purchase price of the securities being sold by the Corporation in such
Subsequent Placement (rounded to two decimal places); provided; however, that in no event shall the Conversion Price
be greater than $3.00 or nor less than $2.25, in each case as adjusted for stock splits, stock dividends, stock combinations,
recapitalizations, or the like that occur after the Original Issuance Date in accordance with Section 13.

 

(c)
Optional Conversion. At any time after the Issuance Date and until ten (10) calendar days prior to the consummation of
the IPO (as set forth in the IPO Notice), each Holder shall be entitled to convert its Series A Preferred Stock into that number
of shares of Common Stock equal to the quotient of (A) the Conversion Amount divided by (B) the Conversion Price. For the purposes
of this Section 8(c), the “Conversion Price” shall be equal to $3.00, as adjusted for stock splits, stock dividends,
stock combinations, recapitalizations, or the like that occur after the Issuance Date in accordance with Section 13. 

 

(d)
Mechanics of Conversion. To convert Series A Preferred stock pursuant to Sections 8(c) above into shares of Common Stock
on any date (a “Conversion Date”), the Holder shall deliver (whether via facsimile or otherwise) a copy of
a properly and fully-completed and executed notice of conversion in the form attached hereto as Exhibit A (the “Conversion
Notice”) to the Corporation. On or before the second Business Day following the date of receipt of such Conversion Notice,
the Corporation shall transmit by facsimile or email (by attachment in PDF format) an acknowledgment of confirmation of receipt
of such Conversion Notice to the Holder and the Corporation’s transfer agent (the “Transfer Agent”).
On or before the third Business Day following the date of receipt of a Conversion Notice or the triggering of a mandatory conversion
pursuant to Section 8(a) or 8(b) above, the Corporation shall instruct the Transfer Agent to issue and deliver (via reputable
overnight courier) to the Holder a certificate, registered in the name of the Holder or its designee, for the number of shares
of Common Stock to which the Holder shall be entitled, with the legends required by the Securities Purchase Agreement or applicable
law. The Holder shall not be required to physically surrender the Series A Preferred Stock in connection with any conversion in
accordance with this Section 8. 

 

    	7

    	 

    

 

(e)
No Fractional Shares; Transfer Taxes. The Corporation shall not issue any fraction of a share of Common Stock upon any
conversion. If the issuance would result in the issuance of a fraction of a share of Common Stock, the Corporation shall round
such fraction of a share of Common Stock up to the nearest whole share. The Corporation shall pay any and all transfer, stamp,
issuance and similar taxes that may be payable with respect to the issuance and delivery of Common Stock upon any conversion.

 

(f)
Announcement of Initial Public Offering. After such time as the Company determines that it will consummate an IPO, it shall
send a notice to the Holder (the “IPO Notice”) of the proposed consummation date of the IPO (the expected date
of such consummation is the “Announced IPO Date”), but such IPO Notice shall be dispatched in any event no
later than ten (10) calendar days prior to such Announced IPO Date. To the extent that the Announced IPO Date is subsequently
advanced or delayed, the Company shall send an amended IPO Notice of the revised proposed consummation date of the IPO to the
Holder; provided, however, the Company may not advance the Announced IPO Date to a date less than five (5) Business Days after
the date of the latest amending IPO Notice. If any Announced IPO Date is delayed, the amending IPO Notice will be deemed the establishment
of a new Announced IPO Date and any Conversion Notice given based on a previously Announced IPO Date will be deemed cancelled
unless the Holder affirms in writing the Conversion Notice as given. 

 

9.
Redemption Rights.

 

(a)
No Optional Redemption. The Corporation shall have no right to redeem the Series A Preferred Stock except as set forth
in this Section 9. 

 

(b)
Mandatory Cash Redemption. On December 31, 2018, subject to extension upon the prior written approval of the Required Holders
(the “Mandatory Redemption Date”), the Corporation shall repurchase all of the outstanding shares of Series
A Preferred Stock at a price equal to the Stated Value (as adjusted for any stock split, stock dividend, stock combination or
other similar transactions with respect to the Series A Preferred Stock) of such shares of Series A Preferred Stock, plus all
accrued but unpaid dividends thereon to the date of payment (the “Redemption Price”), in cash (“Mandatory
Cash Redemption”).

 

(c)
Redemption In-Kind. Upon an Event of Default, and while the Event of Default is continuing, the Required Holders may elect
in writing to cause the Corporation (“Mandatory Redemption Notice”) to repurchase the Series A Preferred Stock
through the Corporation’s distribution of the assets of the Corporation having a value equal to the Redemption Price to
the Holders or, upon the election of the Required Holders, a trust or other entity established by the Required Holders for purposes
of receiving the assets of the Corporation (“Mandatory In-Kind Redemption”). Within ten days of the Corporation’s
receipt of the Mandatory Redemption Notice, the Corporation shall hire an independent nationally recognized valuation firm (“Valuation
Firm”) not unacceptable to the Required Holders for purposes of determining the fair market value of the Corporation’s
assets (“Valuation”). The Valuation Firm shall conduct the Valuation using such criteria and methodologies
as are proposed by the Valuation Firm and not unacceptable to the Corporation or the Required Holders. The Valuation shall assign
fair market values to each significant group of assets (each an “Asset Class”) of the Corporation. The Valuation
Firm shall deliver the Valuation no later than thirsty (30) days of its engagement. In the event that the Valuation is less than
the Redemption Price, the Corporation shall distribute to the Holders all of the assets of the Corporation within ten (10) days
of the Valuation Firm’s delivery of the Valuation. If the Valuation is greater than the Redemption Price, the Corporation
shall distribute to the Holders a proportional amount of each Asset Class equal to the Valuation amount assigned to each Asset
Class by the Valuation Firm multiplied by a fraction the denominator of which is the Valuation and the numerator is the Redemption
Price. Each Holder shall be entitled to receive its proportional share of distributed assets in each Asset Class equal to the
Valuation amount assigned to the distributed assets in each Asset Class multiplied by a fraction the denominator of which is the
aggregate Redemption Price for all Holders and the numerator is the Redemption Price for such Holder. From the time of the Corporation’s
receipt of the Mandatory Redemption Notice until the Corporation’s distribution of the assets in accordance with this Section
9(c), the Corporation shall take no action to sell, transfer or diminish the assets of the Corporation except (i) in the ordinary
course of business or (ii) as approved in writing by the required Holders. 

 

    	8

    	 

    

 

(d)
Mechanics of Redemption. Upon receipt of payment of the Redemption Price by the Holders of Series A Preferred Stock in
the event of a Mandatory Cash Redemption or the Holders’ receipt of their proportional share of the assets of the Corporation
in the event of a Mandatory In-Kind Redemption, each Holder will deliver the certificate(s) evidencing the Series A Preferred
Stock to be redeemed by the Corporation, unless such Holder is awaiting receipt of a new certificate evidencing such shares from
the Corporation pursuant to another provision hereof. 

 

10.
Reservation of Common Stock. The Corporation shall at all times reserve and keep available for issuance upon the conversion
of shares of Series A Preferred Stock, such number of its authorized but unissued shares of Common Stock as will from time to
time be sufficient to permit the conversion of all outstanding shares of Series A Preferred Stock, and shall take all action to
increase the authorized number of shares of Common Stock if at any time there shall be insufficient authorized but unissued shares
of Common Stock to permit such reservation or to permit the conversion of all outstanding shares of Series A Preferred Stock;
provided, that the Holders vote such shares in favor of any such action that requires a vote of stockholders.

 

11.
Charges, Taxes and Expenses. The issuance of certificates for shares of Series A Preferred Stock and for Underlying Shares
issued upon conversion of (or otherwise in respect of) the Series A Preferred Stock shall be made without charge to the Holders
for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect of the issuance
of such certificates, all of which taxes and expenses shall be paid by the Corporation; provided, however, that
the Corporation shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration
of any certificates for Common Stock or Series A Preferred Stock in a name other than that of the Holder. The Holder shall be
responsible for all other tax liability that may arise as a result of holding or transferring the Series A Preferred Stock or
receiving Underlying Shares in respect of the Series A Preferred Stock.

 

    	9

    	 

    

 

12.
Replacement Certificates. If any certificate evidencing Series A Preferred Stock or Underlying Shares is mutilated, lost,
stolen or destroyed, the Corporation shall issue or cause to be issued in exchange and substitution for and upon cancellation
thereof, or in lieu of and substitution for such certificate, a new certificate, but only upon receipt of evidence reasonably
satisfactory to the Corporation of such loss, theft or destruction and customary and reasonable indemnity, if requested. Applicants
for a new certificate under such circumstances shall also comply with such other reasonable regulations and procedures and pay
such other reasonable third-party costs as the Corporation may prescribe.

 

13.
Certain Adjustments. The Conversion Price is subject to adjustment from time to time as set forth in this Section 13.

 

(a)
Stock Dividends and Splits. If the Corporation, at any time while any shares of Series A Preferred Stock are outstanding,
(i) pays a stock dividend on its Common Stock or otherwise makes a distribution on any class of capital stock that is payable
in shares of Common Stock, (ii) subdivides outstanding shares of Common Stock into a larger number of shares, or (iii) combines
outstanding shares of Common Stock into a smaller number of shares, then in each such case the Conversion Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and
of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment
made pursuant to clause (i) of this paragraph shall become effective immediately following the close of business on the record
date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause
(ii) or (iii) of this paragraph shall become effective immediately following the close of business on the effective date of such
subdivision or combination.

 

(b)
Fundamental Transactions. If, at any time while any shares of Series A Preferred Stock are outstanding, (i) the Corporation
effects any merger of the Corporation into or consolidation of the Corporation with another Person, (ii) the Corporation effects
any sale of all or substantially all of its assets in one or a series of related transactions, or (iii) the Corporation effects
any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of shares of
Common Stock covered by Section 13(a) above) (in any such case, a “Fundamental Transaction”), then upon any
subsequent conversion of Series A Preferred Stock, each Holder shall have the right to receive, for each Underlying Share that
would have been issuable upon such conversion absent such Fundamental Transaction, the same kind and amount of securities, cash
or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately
prior to such Fundamental Transaction, the record holder of such Underlying Shares immediately prior to such record date (the
“Alternate Consideration”). For purposes of any such conversion, the determination of the Conversion Price
shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one share of Common Stock in such Fundamental Transaction, and the Corporation shall apportion the Conversion Price
among the Alternate Consideration in a manner reasonably acceptable to the holders of more than 50% of the outstanding shares
of Series A Preferred Stock reflecting the relative value of any different components of the Alternate Consideration. If holders
of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
each Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of Series A Preferred
Stock following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to
the Corporation or surviving entity in such Fundamental Transaction shall issue to the Holder a new series of preferred stock
consistent with the foregoing provisions and evidencing the Holders’ right to convert such preferred stock into Alternate
Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring
any such successor or surviving entity to comply with the provisions of this Section 13 and insuring that the Series A Preferred
Stock (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental
Transaction.

 

    	10

    	 

    

 

(c)
Calculations. All calculations under this Section 13 shall be made to the nearest cent or the nearest 1/100th of a share,
as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or
for the account of the Corporation, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

(d)
Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 13, the Corporation at its expense
will promptly compute such adjustment in accordance with the terms hereof and prepare a certificate describing in reasonable detail
such adjustment and the transactions giving rise thereto, including all facts upon which such adjustment is based. Upon written
request, the Corporation will promptly deliver a copy of each such certificate to each Holder.

 

(e)
Notice of Corporate Events. If the Corporation (i) declares a dividend or any other distribution of cash, securities or
other property in respect of its Junior Stock, including, without limitation, any granting of rights or warrants to subscribe
for or purchase any capital stock of the Corporation or any subsidiary, or (ii) authorizes or approves, enters into any agreement
contemplating or solicits stockholder approval for any Liquidation Event or Fundamental Transaction then the Corporation shall
deliver to each Holder a notice which shall specify (A) the record date for the purposes of such dividend, distribution of cash,
securities or property or vote of the stockholders of the Corporation, or if a record is not to be taken, the date as of which
the holders of shares of Common Stock of record to be entitled to such dividend, distribution of cash, securities or other property
or vote of the stockholders is to be determined, (B) the date on which such Liquidation Event or Fundamental Transaction is expected
to become effective, and (C) the material terms and conditions of such transaction, at least ten Business Days prior to the applicable
record or effective date on which a Person would need to hold Common Stock in order to participate in or vote with respect to
such transaction, and the Corporation will take all steps reasonably necessary in order to insure that each Holder is given the
practical opportunity to convert its Series A Preferred Stock prior to such time so as to participate in or vote with respect
to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity
of the corporate action required to be described in such notice. 

 

14.
Fractional Shares. The Corporation shall not be required to issue or cause to be issued fractional Underlying Shares upon
conversion of Series A Preferred Stock. If any fraction of an Underlying Share would, except for the provisions of this Section,
be issuable upon conversion of Series A Preferred Stock, the number of Underlying Shares to be issued will be rounded up to the
nearest whole share.

 

    	11

    	 

    

 

15.
Notices. Any and all notices or other communications or deliveries hereunder (including without limitation any Conversion
Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice
or communication is delivered via facsimile at the facsimile number specified in this Section prior to 3:30 p.m. (California time)
on a Business Day, (ii) the next Business Day after the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile number specified in this Section on a day that is not a Business Day or later than 3:30 p.m. (California
time) on any Business Day, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier
service, or (iv) upon actual receipt by the party to whom such notice is required to be given. The addresses for such communications
shall be: (i) if to the Corporation, to 12264 El Camino Real, Suite 350, San Diego, CA 92130, facsimile: (858) 345-1743, attention
Chief Executive Officer, or (ii) if to a Holder, to the address or facsimile number appearing on the Corporation’s stockholder
records or such other address or facsimile number as such Holder may provide to the Corporation in accordance with this Section
15.

 

16.
Dispute Resolution. In the case of a dispute as to the determination of the fair value of consideration other than cash
or securities, or the arithmetic calculation of the Conversion Rate or the Redemption Price, the Corporation shall, as soon as
practicable upon discovery, and following a good faith effort to resolve the dispute with the Holder, submit (a) the disputed
determination of the fair value of consideration other than cash or securities to an independent, reputable investment bank selected
by the Corporation or (b) the disputed arithmetic calculation of the Conversion Rate or the Redemption Price to the Corporation’s
independent, outside accountant. The Corporation, at the Corporation’s expense, shall cause the investment bank or the accountant,
as the case may be, to perform the determinations or calculations and notify the Corporation and the Holder of the results no
later than five (5) Business Days from the time it receives the disputed determinations or calculations. Such investment bank’s
or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable
error.

 

17.
Event of Default. 

 

(a)
Each of the following events shall constitute an “Event of Default”:

 

(i)
any default by the Corporation with respect to any provision, condition or requirement of this Certificate of Designations:

 

(ii)
any breach of Sections 4(k), 4(l), 4(m), or 4(w) of the Securities Purchase Agreement;

 

(iii)
liquidation proceedings shall be instituted by or against the Corporation and, if instituted against the Corporation by a third
party, shall not be dismissed within sixty (60) days of their initiation;

 

    	12

    	 

    

 

(iv)
bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted
by or against the Corporation and, if instituted against the Corporation by a third party, shall not be dismissed within sixty
(60) days of their initiation;

 

(v)
the commencement by the Corporation of a voluntary case or proceeding under any applicable federal, state or foreign bankruptcy,
insolvency, reorganization or other similar law or the consent by it to the entry of a decree, order, judgment or other similar
document in respect of the Corporation in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy,
insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against
it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal, state
or foreign law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Corporation or of any substantial part
of its property, or the making by it of an assignment for the benefit of creditors, or the execution of a composition of debts,
or the occurrence of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability
to pay its debts generally as they become due, the taking of corporate action by the Corporation in furtherance of any such action;
or

 

(vi)
the entry by a court of (i) a decree, order, judgment or other similar document in respect of the Corporation of a voluntary or
involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other
similar law; or (ii) a decree, order, judgment or other similar document adjudging the Corporation as bankrupt or insolvent, or
approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition of or in respect
of the Corporation under any applicable federal, state or foreign law; or (iii) a decree, order, judgment or other similar document
appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Corporation or
of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any
such decree, order, judgment or other similar document or any such other decree, order, judgment or other similar document unstayed
and in effect for a period of sixty (60) consecutive days. 

 

(vii)
bankruptcy, insolvency, reorganization or other proceedings for the relief of debtors shall be instituted against the Corporation
and shall not be dismissed within sixty (60) days of their initiation;

 

(viii)
a final judgment or judgments for the payment of money aggregating in excess of $500,000 are rendered against the Corporation
and which judgments are not, within sixty (60) days after the entry thereof, satisfied, bonded, discharged or stayed pending appeal,
or are not satisfied, bonded or discharged within sixty (60) days after the expiration of such stay; 

 

    	13

    	 

    

 

(ix)
the Corporation fails to pay, when due, or within any applicable grace period, any payment with respect to any indebtedness in
excess of $500,000 due to any third party (other than, with respect to unsecured indebtedness only, payments contested by the
Corporation in good faith by proper proceedings and with respect to which adequate reserves have been set aside for the payment
thereof in accordance with GAAP) or is otherwise in breach or violation of any agreement for monies owed or owing by the Corporation
in an amount in excess of $500,000, which breach or violation permits the other party thereto to declare a default or otherwise
accelerate amounts due thereunder; 

 

(x)
other than as specifically set forth in another clause of this Section 17(a), the Corporation breaches any material covenant or
other term or condition of any Transaction Document, if such breach remains uncured for a period of thirty (30) days after actual
knowledge of the Company of such breach, or any representation or warranty made by the Corporation in any Transaction Document
is not accurate in any material respect when made or deemed made; or

 

(xi)
the validity or enforceability of any provision of any Transaction Document shall be contested by the Corporation, or a proceeding
shall be commenced by the Corporation seeking to establish the invalidity or unenforceability thereof. .

 

(b)
Notice of an Event of Default. Upon the occurrence of an Event of Default, the Corporation shall within two (2) Business
Days deliver written notice thereof via facsimile and overnight courier (with next day delivery specified) (an “Event
of Default Notice”) to the Holders. 

 

18.
Miscellaneous.

 

(a)
The headings herein are for convenience only, do not constitute a part of this Certificate of Designations and shall not be deemed
to limit or affect any of the provisions hereof.

 

(b)
No provision of this Certificate of Designations may be amended, except in a written instrument signed by the Corporation and
the Required Holders.

 

(c)
The Series A Preferred Stock is (i) senior to all other equity interests in the Corporation outstanding as of the Original Issue
Date in right of payment, whether with respect to dividends or upon liquidation or dissolution, or otherwise and (ii) will be
senior to all other equity or equity equivalent securities issued by the Corporation after the Original Issue Date.

 

(d)
Any of the rights of the Holders of Series A Preferred Stock set forth herein may be waived by the affirmative vote of the Required
Holders. No waiver of any default with respect to any provision, condition or requirement of this Certificate of Designations
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner
impair the exercise of any such right.

 

    	14

    	 

    

 

FIFTH:
Whenever a compromise or arrangement is proposed between this Corporation and its creditors or any class of them and/or between
this Corporation and its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may,
on the application in a summary way of this Corporation or any creditor or stockholder thereof or on the application of any receiver
or receivers appointed for this Corporation under the provisions of Section 291 of the DGCL or on the application of trustees
in dissolution or of any receiver or receivers appointed for this Corporation under the provisions Section 279 of the DGCL order
a meeting of the creditors or class of creditors, and/or of the stockholders or class of stockholders, of this Corporation, as
the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three-fourths in
value of the creditors or class of creditors, and/or of the stockholders or class of stockholders, of this Corporation, as the
case may be, agree to any compromise or arrangement and to any reorganization of this Corporation as a consequence of such compromise
or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the
said application has been made, be binding on all the creditors or class of creditors, and/or on all the stockholders or class
of stockholders, of this Corporation, as the case may be, and also on this Corporation.

 

SIXTH:
The original Bylaws of the Corporation shall be adopted by the incorporator. Thereafter, subject to Section 4.2(d) herein, the
power to make, alter, or repeal the Bylaws, and to adopt any new Bylaw, shall be vested in the Board of Directors.

 

SEVENTH:
To the fullest extent that the DGCL, as it exists on the date hereof or as it may hereafter be amended, permits the limitation
or elimination of the liability of directors, no director of this Corporation shall be personally liable to this Corporation or
its stockholders for monetary damages for breach of fiduciary duty as a director. Notwithstanding the foregoing, a director shall
be liable to the extent provided by applicable law: (a) for any breach of the directors’ duty of loyalty to the Corporation
or its stockholders; (b) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation
of law; (c) under Section 174 of the DGCL; or (4) for any transaction from which the director derived any improper personal benefit.
Neither the amendment nor repeal of this Article, nor the adoption of any provision of this Certificate of Incorporation inconsistent
with this Article, shall adversely affect any right or protection of a director of the Corporation existing at the time of such
amendment or repeal.

 

EIGHTH:
The Corporation shall, to the fullest extent permitted by DGCL Section 145, as the same may be amended and supplemented, indemnify
any and all persons whom it shall have power to indemnify under said section from and against any and all of the expenses, liabilities
or other matters referred to in or covered by said section. The Corporation shall advance expenses to the fullest extent permitted
by said section. Such right to indemnification and advancement of expenses shall continue as to a person who has ceased to be
a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
The indemnification and advancement of expenses provided for herein shall not be deemed exclusive of any other rights to which
those seeking indemnification or advancement of expenses may be entitled under any Bylaw, agreement, vote of stockholders or disinterested
directors or otherwise.

 

    	15

    	 

    

 

IN
WITNESS WHEREOF, this Amended and Restated Certificate of Incorporation has been executed by a duly authorized officer of this
Corporation on this 15th day of June, 2017.

 

	 	ETON
    PHARMACEUTICALS, INC.
	 	 	 
	 	By:	/s/
    Mark L. Baum
	 	Name:	Mark
    L. Baum
	 	Title:	Executive
    Director

 

    	16

    	 

    

 

EXHIBIT
A

 

FORM
OF CONVERSION NOTICE

 

(To
be executed by the registered Holder

in
order to convert shares of Series A Preferred Stock)

 

The
undersigned hereby elects to convert the number of shares of Series A Convertible Preferred Stock indicated below into shares
of common stock, $0.001 par value (the “Common Stock”), of Eton Pharmaceuticals, Inc., a Delaware corporation
(the “Corporation”), according to the conditions hereof, as of the date written below.

 

	 	 
	 	Date
    to Effect Conversion
	 	 
	 	 
	 	Number
    of shares of Series A Preferred Stock owned prior to Conversion 
	 	 
	 	 
	 	Number
    of shares of Series A Preferred Stock to be Converted
	 	 
	 	 
	 	Stated
    Value of shares of Series A Preferred Stock to be Converted 
	 	 
	 	 
	 	Number
    of shares of Common Stock to be Issued
	 	 
	 	 
	 	Applicable
    Conversion Price 
	 	 
	 	 
	 	Number
    of shares of Series A Preferred Stock subsequent to Conversion
	 	 
	 	 
	 	Name
    of Holder
	 	 
	 	By:
    	 
	 	Name:	 
	 	Title:
    	 

 

    	 	A-1MANAGEMENT
SERVICES AGREEMENT

 

THIS
MANAGEMENT SERVICES AGREEMENT (this “Agreement”), effective as of the last date provided on the signature page
(the “Effective Date”), is made by and between Eton Pharmaceuticals, Inc., a Delaware corporation (the “Company”)
and Imprimis Pharmaceuticals, Inc., a Delaware corporation (the “Manager”).

 

WHEREAS,
the Company is in need of certain services in order to operate prior to retaining the services of its own employees and third-party
consultants.

 

WHEREAS,
the Company wishes to retain the Manager to provide certain services to the Company, and the Manager is willing to provide such
services on the terms set forth below.

 

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

 

1.
Appointment of Manager. The Company appoints the Manager and the Manager accepts appointment on the terms and conditions
provided in this Agreement as advisor to the Company. The parties expressly acknowledge that Manager is an affiliate of and equity
holder in the Company.

 

2.
Board of Directors Supervision. The activities of the Manager to be performed under this Agreement shall be subject to
the supervision of the Board of Director of the Company (the “Board”) or the Company’s Chief Executive
Officer and subject to reasonable policies not inconsistent with the terms of this Agreement adopted by the Board and in effect
from time to time. Where not required by applicable law or regulation, the Manager shall not require the prior approval of the
Board to perform its duties under this Agreement.

 

3.
Services of the Manager. Subject to any limitations imposed by applicable law or regulation, the Manager, by and through
itself and/or such Manager’s successors, assigns, affiliates, officers, employees and/or representatives and third parties,
shall render or cause to be rendered general business services to the Company as requested from time to time by the Company and
agreed to by the Manager, which services may include certain human resources activities, web services, bookkeeping and other related
services (the “Services”). The Manager shall provide and devote to the performance of this Agreement such employees,
affiliates and agents of the Manager as the Manager shall deem appropriate to the furnishing of the Services hereunder. The Manager
will devote such time and efforts to the performance of the Services contemplated hereby as the Manager deems reasonably necessary
or appropriate; provided, however, no minimum number of hours is required to be devoted by the Manager on a weekly, monthly,
annual or other basis. Company acknowledges that the Manager’s Services are not exclusive to the Company or their respective
subsidiaries and that the Manager may render similar Services to other persons and entities. The parties understand that the Company
may at times engage one or more advisers to provide Services in addition to Services provided by the Manager under this Agreement.

 

4.
Independent Contractor. The Manager shall be an independent contractor, and nothing in this Agreement shall be deemed or
construed to (i) create a partnership or joint venture between the Company and the Manager, (ii) cause the Manager to be responsible
in any way for the debts, liabilities or obligations of the Company or any other party, or (iii) cause the Manager or any of their
employees, partners or members to be officers, employees or agents of the Company.

 

    	 	 	 

    	 

    

 

5.
Expenses. The Company shall pay to the Manager on demand all Reimbursable Expenses whether incurred prior to or following
the date of this Agreement. As used herein, “Reimbursable Expenses” means (i) all out-of-pocket expenses incurred
relating to the Services provided by the Manager to the Company from time to time (including, without limitation, all travel related
expenses), (ii) all out-of-pocket legal expenses incurred by Manager or its affiliates in connection with the enforcement of rights
or taking of actions under this Agreement or any related documents or instruments, and (iii) all expenses incurred by the Manager
or its affiliates on behalf of the Company, including in connection with its management and operations, whether incurred prior
to or following the date of this Agreement.

 

6.
Compensation of Manager. In consideration of the Services to be rendered, the Company will pay to the Manager a monthly
fee of Ten Thousand Dollars ($10,000) (the “Consulting Fee”), payable on the 1st business day of
each calendar month. If any restrictions prohibit the payment of any installment of the Consulting Fee, such Consulting Fee installment
shall accrue and the Company shall make such installment payment as soon as it is permitted to do so under such restrictions.
If the Company acquires or enters into any additional business operations after the date of this Agreement, the Company and the
Manager will, prior to the acquisition or prior to entering into the business operations, in good faith, determine whether and
to what extent the Consulting Fee should be increased as a result thereof. Any increase will be evidenced by a written supplement
to this Agreement signed by each of the Company and the Manager.

 

7.
Term. This Agreement shall commence on the Effective Date and shall remain in effect until terminated pursuant to this
Section. Either party shall have the right to terminate this Agreement at any time for any reason upon thirty (30) days written
notice. No termination of this Agreement, whether pursuant to this Section or otherwise, shall affect the Company’s obligations
with respect to the fees, costs and expenses incurred by the Manager in rendering Services hereunder and not reimbursed by the
Company as of the effective date of such termination. In addition, the provisions of Sections 8, 9, 15, 16 and 20 shall survive
the termination of this Agreement and remain binding and in effect.

 

8.
Liability. The Manager (including any person or entity acting for or on behalf of the Manager) shall not be liable for
any mistakes of fact, errors of judgment, or losses sustained by the Company or for any acts or omissions of any kind (including
acts or omissions of the Manager), except to the extent caused by intentional misconduct of the Manager as finally determined
by a court of competent jurisdiction. In no event will Manager (including any person or entity acting for or on behalf of the
Manager) be liable to the Company or any of their affiliates for any indirect, special, incidental or consequential damages, including,
without limitation, lost profits or savings, whether or not such damages are foreseeable, or for any third party claims (whether
based in contract, tort or otherwise), relating to, in connection with or arising out of this Agreement, before or after termination
of this Agreement, including without limitation the services to be provided by the Manager hereunder, or for any act or omission
that does not constitute intentional misconduct of the Manager or in excess of the fees received by the Manager hereunder.

 

9.
Indemnification of Manager. The Company hereby agrees to indemnify and hold harmless the Manager and its present and future
officers, directors, affiliates, employees and agents (“Indemnified Parties”) from and against all third party
losses, claims, liabilities, suits, costs, damages and expenses (including attorneys’ fees) (collectively, “Claims”)
arising from their performance of Services hereunder, except to the extent any Claims arise from the an Indemnified Party’s
intentional misconduct. The Company further agrees to reimburse the Indemnified Parties for any cost of defending any such action
or investigation (including attorneys’ fees and expenses), subject to an undertaking from such Indemnified Party to repay
the Company if such party is determined not to be entitled to such indemnity.

 

    	 	 	 

    	 

    

 

10.
Assignment. Without the consent of the Manager, the Company shall not assign, transfer or convey any of its rights, duties
or interest under this Agreement, nor shall it delegate any of its obligations or duties hereunder. The Manager shall not assign,
transfer or convey any of its rights, duties or interest under this Agreement, nor shall it delegate any of its obligations or
duties under this Agreement, except that the Manager may transfer its rights and delegate its obligations hereunder to its affiliates.

 

11.
Notices. Any notice or other communication required or permitted to be made or given under this Agreement to either party
shall be in writing and shall be sufficiently given if (i) hand delivered, (ii) sent by overnight guaranteed delivery service,
such as Federal Express or UPS; or (iii) sent by facsimile transmission or electronic mail during addressee’s normal business
hours, with a duplicate copy sent by overnight delivery or certified or registered mail (except for any notice of termination
which must be sent by method (i) or (ii)), addressed as follows:

 

	If
    to the Company:	Eton
    Pharmaceuticals, Inc.
	 	12264
    El Camino Real, Suite 350
	 	San
    Diego, CA 92130
	 	Attn:
    Andrew R. Boll
	 	 
	If
    to the Manager:	Imprimis
    Pharmaceuticals, Inc.
	 	12264
    El Camino Real, Suite 350
	 	San
    Diego, CA 92130
	 	Attn:
    Mark L. Baum 

 

or
to such other address or addressee as either party may from time to time designate to the other by written notice. Any such notice
or other communication shall be deemed to be given as of the date it is received by the addressee.

 

12.
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any
respect under any applicable law or rule in any jurisdiction, such invalidity, illegality, or unenforceability will not affect
any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed,
construed, and enforced in such jurisdiction as if such invalid, illegal, or unenforceable provision had never been contained
herein.

 

13.
No Waiver. The failure by any party to exercise any right, remedy or elections herein contained or permitted by law shall
not constitute or be construed as a waiver or relinquishment for the future exercise of such right, remedy or election, but the
same shall continue and remain in full force and effect. All rights and remedies that any party may have at law, in equity or
otherwise upon breach of any term or condition of this Agreement, shall be distinct, separate and cumulative rights and remedies
and no one of them, whether exercised or not, shall be deemed to be in exclusion of any other right or remedy.

 

    	 	 	 

    	 

    

 

14.
Advice of Counsel. Each party acknowledges that, in executing this Agreement, such party has had the opportunity to seek
the advice of independent legal counsel, and has read and understood all of the terms and provisions of this Agreement. This Agreement
shall not be construed against any party by reason of the drafting or preparation hereof.

 

15.
Governing Law. The subject matter of this Agreement shall be governed by and construed in accordance with the laws of the
State of California (without reference to its choice of law principles), and to the exclusion of the law of any other forum, without
regard to the jurisdiction in which any action or special proceeding may be instituted. EACH PARTY HERETO AGREES TO SUBMIT TO
THE PERSONAL JURISDICTION AND VENUE OF THE STATE AND/OR FEDERAL COURTS LOCATED IN SAN DIEGO COUNTY, CALIFORNIA FOR RESOLUTION
OF ALL DISPUTES ARISING OUT OF, IN CONNECTION WITH, OR BY REASON OF THE INTERPRETATION, CONSTRUCTION, AND ENFORCEMENT OF THIS
AGREEMENT, AND HEREBY WAIVES THE CLAIM OR DEFENSE THEREIN THAT SUCH COURTS CONSTITUTE AN INCONVENIENT FORUM. AS A MATERIAL INDUCEMENT
FOR THIS AGREEMENT, EACH PARTY SPECIFICALLY WAIVES THE RIGHT TO TRIAL BY JURY OF ANY ISSUES SO TRIABLE.

 

16.
Attorneys’ Fees. Should any party hereto employ an attorney for the purpose of enforcing or constituting this Agreement,
or any judgment based on this Agreement, in any legal proceeding whatsoever, including insolvency, bankruptcy, arbitration, declaratory
relief or other litigation, the prevailing party shall be entitled to receive from the other party or parties thereto reimbursement
for all reasonable attorneys’ fees and all reasonable costs, including but not limited to service of process, filing fees,
court and court reporter costs, investigative costs, expert witness fees, and the cost of any bonds, whether taxable or not, and
that such reimbursement shall be included in any judgment or final order issued in that proceeding. The “prevailing party”
means the party determined by the court to most nearly prevail and not necessarily the one in whose favor a judgment is rendered.

 

17.
Entire Agreement; Amendment. This Agreement embodies the entire agreement between the parties and supersedes any prior
representations, communications, understandings and agreements between the parties regarding the subject matter hereof. There
are no representations, communications, understandings or agreements, oral or written, between the parties regarding the subject
matter hereof that are not fully expressed herein. No term or section of this Agreement may be charged, waived, discharged, amended
or modified orally or in any manner other than in writing executed by both of the parties hereto.

 

18.
Execution of the Agreement. Each party executing this Agreement has the requisite corporate power and authority to enter
into and carry out the terms and conditions of this Agreement, as well as all transactions contemplated hereunder. All corporate
proceedings have been taken and all corporate authorizations and approvals have been secured which are necessary to authorize
the execution, delivery and performance by each party of this Agreement. This Agreement has been duly and validly executed and
delivered by each party and constitutes a valid and binding obligation, enforceable in accordance with the respective terms herein.
Upon delivery of this Agreement, this Agreement, and the other agreements and exhibits referred to herein, will constitute the
valid and binding obligations of each party, and will be enforceable in accordance with their respective terms.

 

19.
Successors. This Agreement and all the obligations and benefits hereunder shall inure to the successors and permitted assigns
of the parties.

 

20.
Confidentiality. The Company may not disclose the terms of this Agreement except as may be required by applicable law or
the rules of any exchange on which the Company’s or its affiliates’ securities are traded.

 

21.
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original,
but all such counterparts taken together shall constitute one and the same Agreement. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile or electronic delivery in PDF format shall be as effective as delivery of a manually
executed counterpart of this Agreement and shall be sufficient to bind the parties to the terms and conditions of this Agreement.

 

***SIGNATURE
PAGE FOLLOWS***

 

    	 	 	 

    	 

    

 

SIGNATURE
PAGE

 

IN
WITNESS WHEREOF, the parties hereto have caused this Management Services Agreement to be executed and delivered as of the date
first above written.

 

	COMPANY	 	MANAGER
	 	 	 
	Eton
    Pharmaceuticals, Inc.	 	Imprimis
    Pharmaceuticals, Inc.
	 	 	 
	/s/
    Andrew R. Boll	 	/s/
    Mark L. Baum
	By:	Andrew
    R. Boll	 	By:	Mark
    L. Baum
	Its:	Executive
    Director	 	Its:	Chief
    Executive Officer
	 	 	 	 	 
	Date:	May
    1, 2017	 	Date:	May
    1, 2017

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]