Document:

EXHIBIT 10.4

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY STATE
AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER APPLICABLE FEDERAL AND STATE SECURITIES
LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT,
WHICH OPINION SHALL BE REASONABLY ACCEPTABLE TO THE ISSUER.

 

INNOVUS PHARMACEUTICALS, INC.

 

AMENDED AND RESTATED

 

8% CONVERTIBLE DEBENTURE

 

	$70,000	La Jolla, CA 
	 	Dated as of: November 11, 2013

 

The undersigned, Innovus Pharmaceuticals,
Inc., a Nevada corporation ("Issuer"), hereby promises to pay Henry Esber, Ph.D. ("Debenture Holder") or his
assigns, at the address of 38 Angell Brook Drive, West Boylston, MA 01583, on the Maturity Date (as hereinafter defined), Seventy
Thousand Dollars ($70,000), unless this Amended and Restated 8% Convertible Debenture ("Debenture") is earlier converted
in accordance with Section 1.2 or Section 1.3, and interest shall accrue hereon from the date hereof and be payable as
provided herein, unless earlier converted in accordance with Section 1.2 or Section 1.3 hereof or earlier repaid in accordance
with Section 1.4 hereof. This Amended and Restated 8% Convertible Debenture replaces the 8% Convertible Debenture, dated January
15, 2013 between the Issuer and Debenture Holder.

 

1.          Terms
of the Debenture.

 

1.1 Interest;
Interest Rate; Repayment.

 

(a) This Debenture
shall bear interest at the rate of eight (8%) percent (the “Interest Rate”) per annum based on a 365-day year. Interest
shall be payable on the Maturity Date.

 

(b) The principal outstanding
hereunder shall be either (a) if a PIPE Financing (as hereinafter defined) occurs before July 1, 2016, automatically converted
into securities of the Issuer at the price of such PIPE Financing on the date of closing of the PIPE Financing, subject to any
other rights described in Section 1.2 or (b) if the PIPE financing does not occur by July 1, 2016, then automatically converted
into the common stock (“Common Stock”) of the Issuer at eighty percent (80%) of the closing price of the Issuer’s
common stock on the date of signing of this Amended and Restate 8% Convertible Debenture, subject to any other rights described
in Section 1.3 (such earlier date being the “Maturity Date”). “PIPE Financing” shall mean the private placement
of equity, equity equivalent, convertible debt or debt financing in which Issuer receives gross proceeds, in one or more transactions,
of at least Four Million Dollars ($4,000,000).

 

(c) The principal amount
and interest thereon shall not be prepaid in whole or in part by the Issuer.

 

(d) All monetary payments
to be made by Issuer hereunder shall be made in lawful money of the United States by check or wire transfer of immediately available
funds.

 

(e) If all or a portion
of the principal amount of this Debenture or any interest payable thereon shall not be repaid when due, whether on the Maturity
Date, by acceleration or otherwise, such overdue amounts shall bear interest at a rate per annum that is five percent (5%) above
the Interest Rate (i.e., 13%) from the date of such non-payment until such amount is paid in full (as well after as before
judgment).

 

1.2
Automatic Conversion Upon PIPE Financing. Upon the PIPE Financing, the Convertible Amount, as defined below,
shall be converted automatically into securities to be issued by Issuer in the PIPE Financing at the same terms as the investors
in the PIPE Financing (the “PIPE Securities”). The “Convertible Amount” means the principal amount of the
Debenture plus eight percent (8%) per annum simple interest, based on a 365-day year, with such interest accruing for the period
commencing on January 15, 2012 and ending on the date of conversion. No fractional PIPE Securities shall be issued upon conversion.
In lieu of any fractional PIPE Securities to which the Debenture Holder would otherwise be entitled, Issuer shall pay cash in an
amount equal to such amount of Debenture not converted.

 

1.3 Automatic
Conversion on July 1, 2016. If the PIPE Financing described in Section 1.2 above does not occur prior to July 1, 2016, then
on that date, the Convertible Amount shall be converted automatically into Common Stock of the Issuer at the Conversion Price,
as defined below. The “Conversion Price” means an amount equal to the closing price of the Issuer’s Common Stock
trading on either the OTC Bulletin Board or on any other exchange on the date of signing of this Amended and Restated 8% Convertible
Debenture, multiplied by 80%. No fractional Common Stock shall be issued upon conversion. In lieu of any fractional Common Stock
to which the Debenture Holder would otherwise be entitled, Issuer shall pay cash in an amount equal to such amount of Debenture
not converted.

 

    	 

    	 

    

  

1.4           Conversion
Procedures. Upon conversion of this Debenture as provided in Section 1.2 and Section 1.3 hereof, the Debenture Holder shall
surrender this Debenture, appropriately endorsed, to Issuer at Issuer’s principal office, accompanied by written notice to
Issuer setting forth the name or names (with address(es)) in which the PIPE Securities or the Common Stock of the Issuer, as applicable,
issuable upon such conversion shall be issued and registered on the books of Issuer. This Debenture shall be marked cancelled on
the books of Issuer as of the date of the PIPE Financing or July 1, 2016, whichever comes first, whether or not surrendered.

 

1.5           Other
Assurances. Issuer shall not, by amendment of its Articles of Incorporation or By-laws or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issuance or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms to be observed or performed hereunder by Issuer, but shall at all times in good
faith assist in the carrying out of all the provisions of this Debenture and in taking of all such actions as may be necessary
or appropriate in order to protect the rights of the Debenture Holder herein against impairment.

 

2.          Events
of Default. If any of the following events (each, an “Event of Default”) shall occur and be continuing:

 

(i)          Issuer
shall fail to pay any amount payable under this Debenture, including but limited to installments of interest and/or principal,
within three (3) business days after such payment becomes due (at the Maturity Date, an Interest Payment Date or other date) in
accordance with the terms hereof;

 

(ii)         Issuer
shall fail to pay when due (following the expiration of applicable notice and cure periods), whether upon acceleration, prepayment
obligation or otherwise, any indebtedness for money due, individually or in the aggregate, involving an amount in excess of $50,000;

 

(iii)        Any
representation, warranty, covenant or agreement made by Issuer that this Debenture was incorrect in any material respect on or
as of the date made;

 

(iv)        Issuer
shall default, in any material respect, in the observance or performance of any other agreement contained in this Debenture or
any other agreement or instrument contemplated by this Debenture, and such default shall continue unremedied for a period of fifteen
(15) days after written notice to Issuer of such default;

 

(v)         (a)
Issuer shall commence any case, proceeding or other action (x) under any existing or future law of any jurisdiction, domestic or
foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors, seeking to have an order for
relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement,
adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (y) seeking appointment
or a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets,
or Issuer shall make a general assignment for the benefit of its creditors; or (b) there shall be commenced against Issuer any
case, proceeding or other action of a nature referred to in clause (a) above that (A) results in the entry of an order for relief
of any such adjudication of appointment or (B) remains undismissed, undischarged or unbonded for a period of ninety (90) days;
or (c) there shall be commenced against Issuer any case, proceeding other action seeking issuance of a warrant of attachment, execution,
distrait or similar process against all or any substantial part of its assets that results in the entry of an order for any such
relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within ninety (90) days from the entry
thereof; or (d) Issuer shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in any
of the acts set forth in clauses (a), (b) or (c) above; or (e) Issuer shall generally not, or shall be unable to, or shall admit
in writing its inability to, pay its debts as they become due then, and in any such event, (x) if such event is an Event of Default
specified in subsection (v) above of this Section 2, automatically this Debenture (with all accrued and unpaid interest thereon)
and all other amounts owing under this Debenture shall immediately become due and payable, and (y) if such event is any other Event
of Default, the Debenture Holder may, by written notice to Issuer, declare this Debenture (with all accrued and unpaid interest
thereon) and all other amounts owing under this Debenture to be due and payable forthwith, whereupon the same shall immediately
become due and payable. Except as expressly provided above in this Section 2, presentation, demand, protest and all other notices
of any kind are hereby expressly waived by Issuer.

 

3.
Reservation of Stock.

 

3.1          Reservation
of Common Stock. The Issuer covenants that it will at all times reserve and keep available out of its authorized and unissued
shares of Common Stock solely for the purpose of issuance upon conversion of the Debenture, free from preemptive rights or any
other actual contingent purchase rights of persons other than the Holder, not less than such number of shares of the Common Stock
as shall be issuable upon the conversion of the outstanding principal amount of the Debenture. The Issuer covenants that all shares
of Common Stock that shall be so issuable shall, upon issue, be duly and validly authorized, issued and fully paid and nonassessable.

 

4.
Miscellaneous.

 

4.1          Interest
Rate. Any interest payable hereunder that is in excess of the maximum interest rate permitted under applicable law shall
be reduced to the maximum interest rate permitted under such applicable law.

 

    	 

    	 

    

  

4.2           Notices.
All notices and other communications hereunder shall be in writing and shall be deemed to have been given when delivered by hand
or by facsimile transmission, when telexed, or upon receipt when mailed by registered or certified mail (return receipt requested),
postage prepaid, to the parties at the following addresses (or at such other address for a party as shall be specified by like
notice):

 

If to Issuer:

 

Innovus Pharmaceuticals, Inc.

4275 Executive Square, Suite 200

La Jolla, CA 92037

Attn: Bassam Damaj

Facsimile: (858) 964-2301

 

With a copy (which copy shall not
constitute notice) to:

 

Innovus Pharmaceuticals, Inc.

4275 Executive Square, Suite 200

La Jolla, CA 92037

Attn: Legal Department

Facsimile: (858) 964-2301

 

If to Debenture Holder:

 

Henry Esber, Ph.D.

38 Angell Brook Drive

West Boylston, MA 01583

Fax: 774-261-8054

 

4.3           Further
Indebtedness. No indebtedness of the Issuer is senior to this Debenture in right of payment, whether with respect to interest,
damages or upon liquidation or dissolution or otherwise. Without the Debenture Holder’s consent, the Issuer will not, directly
or indirectly, enter into, create, incur, assume or suffer to exist any indebtedness of any kind, on or with respect to any of
its property or assets now owned or hereafter acquired or any interest therein or any income or profits there from that is senior
or paripassu in any respect to the obligations of the Issuer under this Debenture.

 

4.4           Entire
Agreement; Exercise of Rights.

 

(a) This Debenture
embodies the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. No amendment of
any provision of this Debenture shall be effective unless it is in writing and signed by each of the parties; and no waiver of
any provision of this Debenture, nor consent to any departure by either party from it, shall be effective unless it is in writing
and signed by the affected party, and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

 

(b) No failure on the
part of a party to exercise, and no delay in exercising, any right under this Debenture, or any agreement contemplated hereby,
shall operate as a waiver hereof by such party, nor shall any single or partial exercise of any right under this Debenture, or
any agreement contemplated hereby, preclude any other or further exercise thereof or the exercise of any other right.

 

4.5           Governing
Law. This Debenture shall be governed by and construed in accordance with the laws of the State of California applicable to
agreements made and to be performed entirely within such state, without regards to its conflicts of law provisions.

 

4.6           Transferability.
This Debenture shall not be transferable in any manner without the express written consent of Issuer, which consent may not be
unreasonably withheld.

 

*********************

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Debenture on the date first above written.

 

INNOVUS PHARMACEUTICALS, INC.

 

	 	By: 	/s/ Bassam Damaj
	 	 	Name: Bassam Damaj, Ph.D.
	 	 	Title: President & Chief Executive Officer

 

DEBENTURE HOLDER

 

	
	 	By:	/s/ Henry Esber
	 	 	Henry Esber, Ph.D.EXHIBIT 10.5

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE
AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER APPLICABLE FEDERAL AND STATE SECURITIES
LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT,
WHICH OPINION SHALL BE REASONABLY ACCEPTABLE TO THE ISSUER.

 

INNOVUS PHARMACEUTICALS, INC.

 

AMENDED AND RESTATED

 

8% CONVERTIBLE DEBENTURE

 

$____________                                                                                                                                                         La Jolla, CA

 

Dated as of: November 11, 2013

 

In consideration
of the receipt of $_______________, the undersigned, Innovus Pharmaceuticals, Inc., a Nevada corporation
(“Issuer”), hereby promises to pay, dated as of July 1, 2016, by and between Issuer and ______________________________________
(“Debenture Holder”), at the address of ______________________________________, on the Maturity Date (as
hereinafter defined), the principal amount of __________ ($_______) Dollars, unless this Amended and Restated 8% Convertible
Debenture (“Debenture”) is earlier converted in accordance with Section 1.2 or Section 1.3, and interest shall
accrue hereon from _______________ and be payable as provided herein, unless earlier converted in accordance with Section 1.2
or Section 1.3 hereof or earlier repaid in accordance with Section 1.4 hereof. This Amended and Restated 8% Convertible
Debenture replaces the 8% Convertible Debenture, dated January 13, 2012 and any amendments thereto between the Issuer and
Debenture Holder.

 

This Debenture is one
of a series of secured convertible debentures of like tenor and ranking (collectively, the “Debentures”) made by the
Issuer in favor of certain investors dated of even date herewith.

 

1.          Terms
of the Debenture.

 

1.1            Interest;
Interest Rate; Repayment.

 

(a) This Debenture
shall bear interest at the rate of eight (8%) percent (the “Interest Rate”) per annum based on a 365-day year. Interest
shall be payable on the Maturity Date.

 

(b) The principal outstanding
hereunder shall be either (a) if a PIPE Financing (as hereinafter defined) occurs before July 1, 2016, automatically converted
into securities of the Issuer at the price of such PIPE Financing on the date of closing of the PIPE Financing, subject to any
other rights described in Section 1.2 or (b) if the PIPE financing does not occur by July 1, 2016, then automatically converted
into the common stock (“Common Stock”) of the Issuer at eighty percent (80%) of the closing price of the Issuer’s
common stock on the date of signing of this Amended and Restate 8% Convertible Debenture, subject to any other rights described
in Section 1.3 (such earlier date being the “Maturity Date”). “PIPE Financing” shall mean the private placement
of equity, equity equivalent, convertible debt or debt financing in which Issuer receives gross proceeds, in one or more transactions,
of at least Four Million Dollars ($4,000,000).

 

(c) The principal amount
and interest thereon shall not be prepaid in whole or in part by the Issuer.

 

(d) All monetary payments
to be made by Issuer hereunder shall be made in lawful money of the United States by check or wire transfer of immediately available
funds.

 

(e) If all or a portion
of the principal amount of this Debenture or any interest payable thereon shall not be repaid when due, whether on the Maturity
Date, by acceleration or otherwise, such overdue amounts shall bear interest at a rate per annum that is five percent (5%) above
the Interest Rate (i.e., 13%) from the date of such non-payment until such amount is paid in full (as well after as before
judgment).

 

1.2            Automatic
Conversion Upon PIPE Financing. Upon the PIPE Financing, the Convertible Amount, as defined below, shall be converted automatically
into securities to be issued by Issuer in the PIPE Financing at the same terms as the investors in the PIPE Financing (the “PIPE
Securities”). The “Convertible Amount” means the principal amount of the Debenture plus eight percent (8%) per
annum simple interest, based on a 365-day year, with such interest accruing for the period commencing on January 13, 2012 and ending
on the date of conversion. No fractional PIPE Securities shall be issued upon conversion. In lieu of any fractional PIPE Securities
to which the Debenture Holder would otherwise be entitled, Issuer shall pay cash in an amount equal to such amount of Debenture
not converted.

 

    	 

    	 

    

 

1.3          Automatic
Conversion on July 1, 2016. If the PIPE Financing described in Section 1.2 above does not occur prior to July 1, 2016, then
on that date, the Convertible Amount shall be converted automatically into Common Stock of the Issuer at the Conversion Price,
as defined below. The “Conversion Price” means an amount equal to the closing price of the Issuer’s Common Stock
trading on either the OTC Bulletin Board or on any other exchange on the date of signing of this Amended and Restated 8% Convertible
Debenture, multiplied by 80%. No fractional Common Stock shall be issued upon conversion. In lieu of any fractional Common Stock
to which the Debenture Holder would otherwise be entitled, Issuer shall pay cash in an amount equal to such amount of Debenture
not converted.

 

1.4           Conversion
Procedures. Upon conversion of this Debenture as provided in Section 1.2 and Section 1.3 hereof, the Debenture Holder shall
surrender this Debenture, appropriately endorsed, to Issuer at Issuer’s principal office, accompanied by written notice to
Issuer setting forth the name or names (with address(es)) in which the PIPE Securities or the Common Stock of the Issuer, as applicable,
issuable upon such conversion shall be issued and registered on the books of Issuer. This Debenture shall be marked cancelled on
the books of Issuer as of the date of the PIPE Financing or July 1, 2016, whichever comes first, whether or not surrendered.

 

1.5           Other
Assurances. Issuer shall not, by amendment of its Articles of Incorporation or By-laws or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issuance or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms to be observed or performed hereunder by Issuer, but shall at all times in good
faith assist in the carrying out of all the provisions of this Debenture and in taking of all such actions as may be necessary
or appropriate in order to protect the rights of the Debenture Holder herein against impairment.

 

2.          Events
of Default. If any of the following events (each, an “Event of Default”) shall occur and be continuing:

 

(i)          Issuer
shall fail to pay any amount payable under this Debenture, including but limited to installments of interest and/or principal,
within three (3) business days after such payment becomes due (at the Maturity Date, an Interest Payment Date or other date) in
accordance with the terms hereof;

 

(ii)         Issuer
shall fail to pay when due (following the expiration of applicable notice and cure periods), whether upon acceleration, prepayment
obligation or otherwise, any indebtedness for money due, individually or in the aggregate, involving an amount in excess of $50,000;

 

(iii)        Any
representation, warranty, covenant or agreement made by Issuer that this Debenture was incorrect in any material respect on or
as of the date made;

 

(iv)        Issuer
shall default, in any material respect, in the observance or performance of any other agreement contained in this Debenture or
any other agreement or instrument contemplated by this Debenture, and such default shall continue unremedied for a period of fifteen
(15) days after written notice to Issuer of such default;

 

(v)         (a)
Issuer shall commence any case, proceeding or other action (x) under any existing or future law of any jurisdiction, domestic or
foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors, seeking to have an order for
relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement,
adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (y) seeking appointment
or a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets,
or Issuer shall make a general assignment for the benefit of its creditors; or (b) there shall be commenced against Issuer any
case, proceeding or other action of a nature referred to in clause (a) above that (A) results in the entry of an order for relief
of any such adjudication of appointment or (B) remains undismissed, undischarged or unbonded for a period of ninety (90) days;
or (c) there shall be commenced against Issuer any case, proceeding other action seeking issuance of a warrant of attachment, execution,
distrait or similar process against all or any substantial part of its assets that results in the entry of an order for any such
relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within ninety (90) days from the entry
thereof; or (d) Issuer shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in any
of the acts set forth in clauses (a), (b) or (c) above; or (e) Issuer shall generally not, or shall be unable to, or shall admit
in writing its inability to, pay its debts as they become due then, and in any such event, (x) if such event is an Event of Default
specified in subsection (v) above of this Section 2, automatically this Debenture (with all accrued and unpaid interest thereon)
and all other amounts owing under this Debenture shall immediately become due and payable, and (y) if such event is any other Event
of Default, the Debenture Holder may, by written notice to Issuer, declare this Debenture (with all accrued and unpaid interest
thereon) and all other amounts owing under this Debenture to be due and payable forthwith, whereupon the same shall immediately
become due and payable. Except as expressly provided above in this Section 2, presentation, demand, protest and all other notices
of any kind are hereby expressly waived by Issuer.

 

    	 

    	 

    

 

3.          Reservation of Stock.

 

3.1           Reservation
of Common Stock. The Issuer covenants that it will at all times reserve and keep available out of its authorized and unissued
shares of Common Stock solely for the purpose of issuance upon conversion of the Debenture, free from preemptive rights or any
other actual contingent purchase rights of persons other than the Holder, not less than such number of shares of the Common Stock
as shall be issuable upon the conversion of the outstanding principal amount of the Debenture. The Issuer covenants that all shares
of Common Stock that shall be so issuable shall, upon issue, be duly and validly authorized, issued and fully paid and nonassessable.

 

4.          Miscellaneous.

 

4.1           Interest
Rate. Any interest payable hereunder that is in excess of the maximum interest rate permitted under applicable law shall
be reduced to the maximum interest rate permitted under such applicable law.

 

4.2           Notices.
All notices and other communications hereunder shall be in writing and shall be deemed to have been given when delivered by hand
or by facsimile transmission, when telexed, or upon receipt when mailed by registered or certified mail (return receipt requested),
postage prepaid, to the parties at the following addresses (or at such other address for a party as shall be specified by like
notice):

 

If to Issuer:

 

Innovus Pharmaceuticals, Inc.

4275 Executive Square, Suite 200

La Jolla, CA 92037

Attn: Bassam Damaj

Facsimile: (858) 964-2301

 

With a copy (which copy shall not constitute notice)
to:

 

Innovus Pharmaceuticals, Inc.

4275 Executive Square, Suite 200

La Jolla, CA 92037

Attn: Legal Department

Facsimile: (858) 964-2301

 

If to Debenture Holder: at its address as furnished
on the face of this Debenture.

 

    	 

    	 

    

 

4.3           Further
Indebtedness. No indebtedness of the Issuer is senior to this Debenture in right of payment, whether with respect to interest,
damages or upon liquidation or dissolution or otherwise. Without the Debenture Holder’s consent, the Issuer will not, directly
or indirectly, enter into, create, incur, assume or suffer to exist any indebtedness of any kind, on or with respect to any of
its property or assets now owned or hereafter acquired or any interest therein or any income or profits there from that is senior
or paripassu in any respect to the obligations of the Issuer under this Debenture.

 

4.4           Entire
Agreement; Exercise of Rights.

 

(a) This Debenture
embodies the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. No amendment of
any provision of this Debenture shall be effective unless it is in writing and signed by each of the parties; and no waiver of
any provision of this Debenture, nor consent to any departure by either party from it, shall be effective unless it is in writing
and signed by the affected party, and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

 

(b) No failure on the
part of a party to exercise, and no delay in exercising, any right under this Debenture, or any agreement contemplated hereby,
shall operate as a waiver hereof by such party, nor shall any single or partial exercise of any right under this Debenture, or
any agreement contemplated hereby, preclude any other or further exercise thereof or the exercise of any other right.

 

4.5           Governing
Law. This Debenture shall be governed by and construed in accordance with the laws of the State of California applicable to
agreements made and to be performed entirely within such state, without regards to its conflicts of law provisions.

 

4.6           Transferability.
This Debenture shall not be transferable in any manner without the express written consent of Issuer, which consent may not be
unreasonably withheld.

 

*********************

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Debenture on the date first above written.

 

 

	INNOVUS PHARMACEUTICALS, INC.
	 
	 	By:	 
	 	 	Name: Bassam Damaj, Ph.D.
	 	 	Title: President & Chief Executive Officer

 

 

  

	DEBENTURE HOLDER
	 
	 	By:	 
	 		Name:

 

    	 

    	 

    

 

Schedule of Debenture Holders

 

This schedule is being
provided pursuant to Item 601 of Regulation S-K.

 

	 	 	 	 	 
	Name of Holder	 	Original Principal Amount 
	 	 	(in U.S. dollars)
	 	 	 
	Wallace T. Boyack	 	$74,667
	Vivian Lui	 	$50,000
	Unrelated Party	 	$20,000
	Henry Esber, Ph.D.	 	$13,000
	Ziad Mirza, M.D.	 	$5,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}]]