Document:

EXHIBIT 10.7

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

  

RESEARCH & DEVELOPMENT SERVICES
AGREEMENT

  

 

RENAISSANCE
Lakewood, LLC 

 

And

 

Opiant
Pharmaceuticals, INC.

 

Table of Contents

 

	RESEARCH & DEVELOPMENT SERVICES AGREEMENT	 
	1 – Services	1
	1.1	Project Proposal (PP)	1
	1.2	Follow-On Protocol(s)	2
	1.3	Good Faith Effort	2
	2 – Costs	2
	2.1	Development Costs	2
	2.2	Raw Material Cost	3
	3 – Invoicing & Payment	3
	4 – Raw Materials and Components	4
	5 – Obsolete Inventory	4
	6 – Compliance	5
	6.1	COMPANY’s Responsibility	5
	6.2	RENAISSANCE’s Responsibility	5
	6.3	Compliance Audit	5
	7 – Confidentiality	6
	8 – Collaborative Efforts	6
	9 – Disclaimer	8
	10 – Force Majeure	8
	11 – Indemnification	9
	11.1	Indemnification by RENAISSANCE	9
	11.2	Insurance by RENAISSANCE	9
	11.3	Indemnification by COMPANY	9
	11.4	Insurance by COMPANY	10
	11.5	Stacking of Insurance	10
	12. – Breach & Cure	10
	13 – Assignment	11
	14 – Notice	11
	15 – Independent Contractor	12
	16 – Governing Law and Dispute Resolution	12
	16.1  	Governing Law	12

 

 

     

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

	16.2  	Dispute Resolution	12
	16.3 	Waiver of Trial by Jury	13
	17 – Export/Import Laws and Regulations	13
	18 – Miscellaneous	14
	18.1	Survivability	14
	18.2	Counterparts	14
	18.3	Affiliates and Third Party Designees	14
	18.4	Licenses and Permits	14
	18.5	Compliance with Anti-Bribery Laws	14
	19 – Entire Agreement	14

  

 

    	 	2	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

This
Research & Development Services Agreement (the "Agreement") is made as of this 13 th day of July, 2017 by and between
Opiant Pharmaceuticals, INC. a corporation organized under the laws of the State of Nevada with an address at 401 Wilshire Blvd.,
12th Floor, Santa Monica, California, 90401 (hereinafter referred to as "COMPANY") and Renaissance Lakewood,
LLC, with its principal place of business at 1200 Paco Way, Lakewood, New Jersey, 08701 (hereinafter referred to as "RENAISSANCE").

 

RECITALS

 

WHEREAS,
RENAISSANCE provides certain contract research and development, manufacturing, and packaging services; and

 

WHEREAS,
COMPANY desires RENAISSANCE to provide certain research and development, manufacturing, and packaging services, as more specifically
set forth in the related Project Proposal (“PP”) which may be attached hereto and, which is hereby made an integral
part of the Agreement.

 

NOW, THEREFORE,
in consideration of the mutual covenants hereinafter expressed, the parties agree as follows:

 

1 – Services

 

1.1       Project
Proposal (“PP”) 

COMPANY
has requested and RENAISSANCE has agreed to provide certain research and development services in connection with the development
of a formulation of COMPANY’s Naltrexone Nasal product for the treatment of alcohol use disorder (hereinafter “Product”
or “the Product”) as more fully defined in Schedule A. COMPANY acknowledges that the PP is an estimate only and that
actual costs may increase or decrease if material events occur that materially change the scope of the project. Such changes shall
be agreed to in a follow-on Protocol(s) and RENAISSANCE shall not incur any additional expenses without COMPANY’s
prior written consent. Nothing in a PP shall supersede the terms set forth
in this Agreement. To the extent that RENAISSANCE agrees to perform any services hereunder for COMPANY, RENAISSANCE shall only
be obligated to use reasonable good faith efforts to accomplish the desired results as outlined in a mutually agreed upon PP and
all work shall be conducted in accordance with the US Food and Drug Administration (“FDA”) Laws and Regulations. Nothing
herein shall obligate RENAISSANCE to achieve any specific results and RENAISSANCE makes no warranties or representations that it
will be able to achieve the desired results. For purposes of this Agreement, “Laws and Regulations” is defined as follows:

 

    	 	1	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

“All laws, ordinances,
rules and regulations: (a) applicable to the manufacture, distribution and/or sale of the Product(s); or (b) governing RENAISSANCE
and COMPANY; as the context requires under this Agreement, including, without limitation, (i) all applicable federal, state and
local laws and regulations; (ii) the U.S. Federal Food, Drug and Cosmetic Act; (iii) the cGMPs; and (iv) any other requirements
by any other regulatory authority, government or governmental agency.”

 

1.2       Follow-On
Protocol(s) 

RENAISSANCE
shall prepare follow-on protocol(s) (the “Protocol”) based upon the PP, which may be updated from time to time
(including the objectives, costs and timelines therein). Such Protocol
shall be agreed and signed by both parties, and shall: (i) specifically detail the activities required to provide the development
services; and (ii) describe billing milestones, which, typically, shall include a percentage of work that will be due and payable
upon signing of the Protocol as well as after commencement or completion of certain activities in addition to completion of services
rendered under the Protocol.

 

1.3       Good
Faith Effort 

To the extent that RENAISSANCE
agrees to perform any services hereunder for COMPANY (whether summarized in the PP or detailed in the Protocol), RENAISSANCE shall
only be obligated to act in good faith and to use reasonable efforts to accomplish the desired results. Nothing herein shall obligate
RENAISSANCE to achieve any specific results and RENAISSANCE makes no warranties or representations that it will be able to achieve
the desired results.

 

2 – Costs

 

2.1       Development
Costs 

Each Protocol shall be dated,
numbered, and include, but not be limited to, the details, costs, charges and deliverables for the services to be performed for
development, testing, scale up, stability and validation as well as all reasonably foreseeable associated events, tasks and expenses.
If the Protocol is acceptable to COMPANY and COMPANY so notifies RENAISSANCE by signing the Protocol, RENAISSANCE may begin work
as outlined therein. It is understood between both parties that, during any development project, unforeseen events may occur, including,
but not limited to, termination of any further activity due to unacceptable results, significant reevaluation due to marginal results,
changes in the scope or timing of any activity, etc. RENAISSANCE will promptly notify COMPANY of any such unforeseen events occurring
during the performance of the Protocol before proceeding at which time either COMPANY or RENAISSANCE may terminate the project
or mutually agree to amend or completely revise the Protocol. Both parties agree that changes, including any changes in costs,
will be completely described in a written Protocol revision (or a new Protocol if necessary), and that the approval of each revision
is required by both parties before proceeding. In the case where the project is terminated, COMPANY will be obligated to pay for
all of the work performed by RENAISSANCE up to that point.

 

    	 	2	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

2.2       Raw
Material Cost 

Raw material and packaging components
utilized by RENAISSANCE will be estimated in the PP, detailed in the Protocol and billed to COMPANY at RENAISSANCE's Standard Cost
(“Standard Cost” is the actual cost to RENAISSANCE of materials plus incoming freight plus a mark-up of **** (****%)
percent for administration and carrying costs). Raw material costs under this Agreement shall be adjusted based upon the actual
increase or decrease in such costs and without regard to changes in the “Producer Price Index for the Pharmaceutical Sector”
issues by the Bureau of Labor Statistics; US Department of Labor (“PPI”).

 

3 – Invoicing & Payment

 

The foregoing
development costs shall be paid to RENAISSANCE in accordance with RENAISSANCE’s invoicing procedures and the billing milestones
set forth in a Protocol for the executed work. Such invoicing procedures shall be based on terms established after RENAISSANCE
has completed a standard credit check on COMPANY. Typical invoice terms are “Net 30 Days” however, RENAISSANCE reserves
the right to adjust the terms as it sees fit depending on the information obtained.

 

Payment for all services shall
be made in US Dollars (USD).

 

Payments shall
be made by certified check, via wire transfer or through other instrument accepted by RENAISSANCE. Fund transfers by wire should
be made of the following:

 

	 	Account Name:	****
	 	Account Number:	****
	 	Bank Name:	****
	 	ABA Routing Number:	****
	 	SWIFT code (US$):	****
	 	Bank Location:	Chicago, IL USA
	 	Contact:	****

 

 

    	 	3	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

Without prejudice to any other
remedies, including the rights to claim for further damages, any amounts not paid by COMPANY in accordance with the terms above
shall be subject to a late fee of one and one-half percent (1.5%) of the total invoice which shall be added each month for late
payments more than thirty (30) days late. RENAISSANCE, at its sole discretion, has the right to discontinue COMPANY’s credit
on future orders and to put a hold on any production or shipment of Product if COMPANY’s account is not current. Such hold
on production or shipment shall not constitute a breach of this R&D Agreement by RENAISSANCE. RENAISSANCE reserves the right
to adjust the terms as it sees fit depending on the breach of payment terms.

 

4 – Raw Materials and Components

 

RENAISSANCE shall utilize selected
components for the Product, subject to their availability. All raw materials delivered to RENAISSANCE and invoiced to COMPANY in
accordance with Paragraph 3 of this Agreement are the sole and exclusive property of COMPANY provided that the risk of loss, once
received, shall remain with RENAISSANCE. RENAISSANCE agrees to handle and store COMPANY's materials in accordance with applicable
Laws and Regulations and at conditions prescribed by the manufacturer in order to maintain their quality and suitability for use.

 

5 – Obsolete Inventory

 

Any
COMPANY-specific inventory including, but not limited to, raw materials, expired materials, waste by-products, testing supplies,
stability samples, work-in-process, and finished goods rendered obsolete or expired at the conclusion, revision or termination
of the development project shall be, at the discretion of the Company either (a) shipped to COMPANY, freight collect, for destruction
by the COMPANY or (b) destroyed by RENAISSANCE. COMPANY shall bear **** percent
(****%) of all destruction costs related to said obsolete inventory.
The destruction shall be in accordance with all applicable Laws and Regulations and COMPANY shall indemnify RENAISSANCE for any
liability, costs or expenses, including attorney's fees and court costs, relating to COMPANY's failure to dispose of such inventory
in accordance with such Laws and Regulations. RENAISSANCE shall provide written notification to COMPANY of its intent to dispose
and or store obsolete inventory. If RENAISSANCE does not receive disposition instructions from COMPANY within thirty (30)
days from date of notification, obsolete inventory remaining at RENAISSANCE's facilities shall be subject to a deposit covering
the Standard Cost of the obsolete inventory and storage fees and or destruction at RENAISSANCE’s discretion.

 

    	 	4	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

6 – Compliance

 

6.1       COMPANY’s
Responsibility 

COMPANY
shall bear sole responsibility for the validity of all test methods and appropriateness of all specifications. In addition, COMPANY
shall bear sole responsibility for all regulatory approvals, filings, and registrations and adequacy of all validation, stability,
and preservative efficacy studies. Prior to RENAISSANCE’s receipt and testing, and as a condition precedent of any
testing or formulation work by RENAISSANCE pursuant to this Agreement, COMPANY shall provide to RENAISSANCE the applicable Safety
Data Sheet” (“SDS”) containing written or printed material concerning a hazardous chemical which is prepared
in accordance with the regulations promulgated by the Occupational Safety & Health Administration, or any successor entity
thereto, for finished products and all components necessary for the manufacture of Products. Any components or Products requiring
disposal shall be presumed hazardous unless otherwise provided in the SDS information provided. COMPANY shall also be responsible
for any necessary or desired cGMP audits of those component suppliers designated by COMPANY, including audit of the active pharmaceutical
ingredient supplier.

 

6.2       RENAISSANCE’s
Responsibility 

RENAISSANCE
shall maintain all original documents involving the manufacture and control for the Product including its raw materials, drug substance,
and package components, including but not limited to inventory records, testing procedures and specifications, master and lot manufacturing
instructions, data from testing and inspections, and original records of experimental work performed to establish capability to
manufacture and test the Product. RENAISSANCE shall store these original documents in a safe and organized manner so that they
may be provided upon request to COMPANY or to the FDA, Drug Enforcement Agency (“DEA”) or other Federal or State agency.
In the event that COMPANY elects not to pursue marketing, sale, license, or transfer of the Product, RENAISSANCE shall surrender
copies of documents to COMPANY upon receipt of a written request for such. RENAISSANCE shall have the right to engage subcontractors
to fulfill its obligations hereunder, provided that any such engagement shall not relieve RENAISSANCE
of its obligations under this Agreement.

  

6.3       Compliance
Audit 

COMPANY
shall have the right, subject to the confidentiality obligations contained in this Agreement, with
RENAISSANCE's reasonable prior notification, to biennially conduct a compliance audit of RENAISSANCE's facilities during normal
business hours, pertaining to the manufacturing, laboratory, packaging, storage, testing, shipping or receiving of the Product
or its components. COMPANY shall be responsible for its own costs and any third-party costs incurred in connection with
the audit or inspection permitted under this Section 6.3. Each party will provide to the other party upon request all information
reasonably necessary to enable the requesting party to respond to any request of a governmental or regulatory agency regarding
any Product(s) under this Agreement. The aforementioned condition is not
limited to the presence of COMPANY representatives at RENAISSANCE for the purpose of transferring technology or monitoring any
of the activities in the Protocol.

 

    	 	5	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

Each
party agrees that any user fees or the equivalent thereof under Laws and Regulations currently in effect or future enactments
thereof associated with any intended regulatory submission or marketing authorization for the Product(s) in the territory shall
be the sole responsibility of COMPANY. COMPANY shall comply with the Prescription Drug User Fee Act (Public Law 112-144, Title
I) (“PDUFA”) and shall reasonably cooperate with RENAISSANCE and reasonably assist RENAISSANCE in complying with PDUFA.]

 

7 – Confidentiality

 

The existence of this Agreement and its
terms, and all communications between the parties and their representatives relating to the subject matters of this Agreement shall
be considered Confidential Information under the existing Confidentiality Agreement between RENAISSANCE and COMPANY dated August
17, 2016 and which is hereby incorporated in its entirety by this reference, and shall remain in effect until the later of (i)
expiration according to its terms, or (ii) two years following expiration or termination of any Manufacturing and Supply Agreement
entered into between RENAISSANCE and COMPANY. Except as required by law or regulation, neither party shall issue any press release
or other public statement disclosing the existence of or relating to this Agreement without the prior written consent of the other
party, which consent shall not be unreasonably withheld or delayed. COMPANY acknowledges that as a contract manufacturing organization,
RENAISSANCE's business involves the application of its expertise, technology and know-how to numerous pharmaceutical and other
products and that RENAISSANCE retains the right (subject to its obligations under the applicable confidentiality provision or agreement)
to apply such expertise, technology and know-how to a variety of products or services.

 

8 – Collaborative Efforts

 

During the course of this Agreement, RENAISSANCE
and COMPANY will collaborate in the development of the COMPANY Product and such collaboration may generate inventions, improvements,
discoveries, methods, novel information or other valuable know-how (“Know-How”). In order to permit and encourage a
successful collaboration and protect the key business interests of both parties, the parties agree that in the event that COMPANY
requests RENAISSANCE to undertake any specific development of the COMPANY Product under this Agreement, that (i) RENAISSANCE will
not knowingly utilize any previously patented technology for the purposes of the Agreement without first consulting with COMPANY
and agreeing upon terms for the use of such technology; and (ii) ownership issues shall be determined as follows, with the understanding
that RENAISSANCE hereby grants COMPANY a non-exclusive, perpetual, paid up, royalty free license to Know-How conceived or reduced
to practice by and retained by RENAISSANCE pursuant to this Agreement, to the extent that such Know-How is required and used for
the manufacture and/or commercialization of COMPANY Product:

 

    	 	6	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

(a)       Where
COMPANY develops an initial formulation for the COMPANY Product and provides that initial formulation to RENAISSANCE, that initial
formulation shall be deemed to be the property and proprietary information of COMPANY.

 

(b)       Where,
as a result of the efforts of RENAISSANCE, any subsequent formulation of the COMPANY Product involves the creation of Know-How,
such Know-How shall be deemed to be the property and proprietary information of RENAISSANCE and such subsequent formulation shall
be deemed to be the property and proprietary information of COMPANY.

 

(c)       Notwithstanding
the foregoing, with respect to any invention or Know-How that relates solely to the Product or the COMPANY’s formulation,
but excluding any Know-How that relates to manufacturing or product development generally that could by used by Renaissance with
its other products or customers (a “Product-Specific Invention”), COMPANY may seek to obtain a patent (a “Product-Specific
Patent”), and such Product Specific Inventions and Product-Specific Patents shall be the exclusive property of COMPANY. RENAISSANCE
will execute such documents and do all such things as may be reasonably requested by COMPANY to enable it to transfer ownership
or file the Product-Specific Patent application, and RENAISSANCE shall reasonably assist the Company in recording, perfecting and
enforcing the Company’s rights in and to such Product-Specific Patent. RENAISSANCE shall not file any patent applications
pertaining to any Product-Specific Invention without the prior written consent of the Company, which consent may held at the sole
discretion of the Company. RENAISSANCE shall promptly notify the Company of any Know-how developed in connection with this Agreement,
and RENAISSANCE hereby grants to COMPANY a non-exclusive, irrevocable right and license to use such Know-How to the extent such
Know-how is useful or necessary to develop, make, have made, use, sell or offer for sale the Product or any COMPANY formulation.

 

    	 	7	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

Each PP shall set forth
the deliverables to be provided to the COMPANY by RENAISSANCE during and upon completion of the work set forth in such Proposal.
Upon COMPANY’s request to perform a technology transfer at project termination or completion, RENAISSANCE shall submit a
written proposal in the form of a follow-on Protocol to COMPANY identifying RENAISSANCE's best estimate of the costs, using RENAISSANCE’s
standard rate at the time of the request, associated with such technology transfer; provided, however, that such standard rate
shall not be increased more than the percentage increase in the Producer Price Index published by the U.S. Department of Labor
for Pharmaceutical Preparations published as of 2017 as measured to the time of the request for such follow-on Protocol. This estimate
shall include, but not be limited to, labor hours for development, testing, scale up, stability, report writing, etc., as well
as all reasonably foreseeable associated tasks and expenses. If this estimate is acceptable to COMPANY and COMPANY so notifies
RENAISSANCE by approving the follow-on Protocol in writing, RENAISSANCE shall begin work as outlined in the Protocol in order to
effect the technology transfer.

 

9 – Disclaimer

 

RENAISSANCE AND COMPANY
MAKE NO WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO PRODUCT, LABELING OR PACKAGING. ALL OTHER WARRANTIES, EXPRESS OR IMPLIED,
INCLUDING WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE ARE HEREBY DISCLAIMED.
RENAISSANCE AND COMPANY AGREE THAT IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR INDIRECT, INCIDENTAL OR CONSEQUENTIAL
DAMAGES RESULTING FROM ANY MATERIAL BREACH OF THIS AGREEMENT. EXCEPT FOR CLAIMS OF INDEMNIFICATION ARISING UNDER ARTICLE 11 OR
BREACHES OF CONFIDENTIALITY CONTAINED IN ARTICLE 7, THE TOTAL LIABILITY OF EITHER PARTY TO THE OTHER PARTY SHALL NOT EXCEED THE
LESSER OF **** ($****) DOLLARS OR THE ****.

 

10 – Force Majeure

 

Each
of the parties hereto shall be excused from the performance of its obligations hereunder in the event performance of this Agreement
is prevented by force majeure and such excuse shall continue as long as the condition constituting such force majeure
continues, plus thirty (30) days after the termination of such condition, provided that the party affected shall promptly
notify the other of the force majeure condition and shall
exert commercially reasonable efforts to eliminate, cure or overcome any such causes; and further provided that such party shall
continue to perform to the extent feasible in view of such force majeure
event. If such force majeure event shall continue for a
period of six (6) months or more, then either party shall have the right to terminate this Agreement upon written notice to the
other party. For purposes of this Agreement, force majeure is defined
as follows:

 

    	 	8	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

Causes beyond the control of
COMPANY or RENAISSANCE, which are not attributable to any legal violation, breach or default by either party, including acts of
God, acts, regulations, or laws of any government, civil commotion, strikes, shortages of raw materials, terrorism, unavailability
of necessary equipment, substantial damage to or destruction of production facilities or material by fire, earthquake or storm,
epidemics and failure of public utilities or common carriers.

 

11 – Indemnification

 

11.1       Indemnification
by RENAISSANCE 

RENAISSANCE agrees to indemnify
COMPANY, its employees, officers, directors and representatives for any third party claims, losses or damages, (including reasonable
attorney's fees paid or incurred by any of them) arising out of (a) RENAISSANCE's failure to comply with its obligations under
the Protocol(s) and this Agreement and (b) RENAISSANCE’s negligence or willful misconduct.

 

11.2       Insurance
by RENAISSANCE 

RENAISSANCE shall maintain in
full force and effect Products Liability Insurance coverage in the minimum amount of Five Million ($5,000,000) dollars per occurrence
with an annual aggregate amount of Five Million ($5,000,000) dollars;  workers compensation insurance in accordance with applicable
statutory requirements, and employers liability coverage of One Million ($1,000,000) dollars per accident/disease/injury; general
liability insurance, including contractual liability coverage, with limits of One Million ($1,000,000) dollars per occurrence and
One Million ($1,000,000) annual aggregate.  Such evidence of insurance shall be provided, upon written request, in the form
of a Certificate of Insurance.

 

11.3       Indemnification
by COMPANY 

COMPANY agrees to indemnify RENAISSANCE,
its employees, officers, directors and representatives for any third party claims, losses or damages, (including reasonable attorney's
fees paid or incurred by any of them) arising out of any clinical trials, ownership, testing, use, application, consumption, distribution,
marketing or sale of the Product. COMPANY agrees to hold RENAISSANCE harmless from any use of the information or data developed
pursuant to this Agreement. COMPANY hereby represents and warrants to RENAISSANCE that, to COMPANY’s knowledge, all COMPANY
designated formulas, components and artwork related to the Product do not violate or infringe any patent, copyright or trademark
laws, and agrees to indemnify RENAISSANCE, its employees, officers, directors and representatives for any third party claim, loss
or damage including reasonable attorney's fees paid or incurred by any of them in connection with any third party claim against
RENAISSANCE, its employees, officers, directors and representatives for violation or infringement of any patent copyright or trademark
from the use of COMPANY designated formulas, components or artwork related to the Product (irrespective of whether COMPANY has
knowledge thereof).

 

    	 	9	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

11.4    Insurance
by COMPANY 

While this Agreement is in full force and effect and
for a period of five (5) years following termination if written on a claims made basis, COMPANY shall maintain the following coverages:
General Liability insurance covering bodily injury and property damage, premises liability and personal/advertising injury; clinical
trials and product liability coverage Insurance coverage shall be in the minimum amount of Three ($3,000,000) Dollars per occurrence
with an annual aggregate amount of five  Million ($5,000,000) Dollars.  Such evidence of insurance shall be provided,
upon written request, in the form of a Certificate of Insurance.

 

11.5       Stacking
of Insurance 

Neither
COMPANY nor RENAISSANCE intend for their respective insurance policies to stack on top of each other. To that end, both parties
agree that if a loss is incurred for which RENAISSANCE has an obligation under Section 11.1 to indemnify COMPANY hereunder, RENAISSANCE’s
policies will be triggered and RENAISSANCE will defend COMPANY under the additional insured endorsement. Furthermore, if a loss
is incurred for which COMPANY has an obligation under Section 11.3 to indemnify RENAISSANCE hereunder, then COMPANY’s policies
will be triggered and COMPANY will defend RENAISSANCE under the additional insured endorsement.

  

12. – Breach & Cure

 

If either party defaults or breaches
any of the material provisions of this Agreement, the other party may terminate this Agreement upon forty-five (45) days prior
written notice to the defaulting party stating the specific fault or breach; provided that if such default or breach is cured within
that forty-five (45) day period, the Agreement shall continue in full force and effect. This Agreement, together with any PP or
Protocol hereunder may be terminated at any time by COMPANY, with or without cause, upon forty-five (45) days written notice to
RENAISSANCE. In the case of such termination for convenience, COMPANY shall be obligated to pay for all materials ordered by RENAISSANCE,
as well as for all work-in-process up to the date that the termination takes effect. Upon written notice given to COMPANY, this
Agreement may be terminated by RENAISSANCE at any time upon the occurrence of one or more of the following: (i) notice from COMPANY
to RENAISSANCE of the possible filing of an insolvency/bankruptcy proceeding or an assignment for the benefit of creditors; (ii)
failure by the COMPANY, for a period of 180 consecutive days, to use commercially reasonable efforts to undertake or further any
activities intended to progress or advance the possibility of commercialization of any of the Product(s) within the scope of the
Agreement.

 

    	 	10	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

13 – Assignment

 

This
Agreement shall be binding upon and inure to the benefit of the successors or permitted assigns of each of the parties and may
not be assigned or transferred by either party without the prior written consent of the other, provided however, that a
party may assign this Agreement or any part hereof to one of its affiliates, or in connection with a merger, reorganization, consolidation,
change in control, or sale of the assets of the business to which this Agreement relates, without the other parties’ consent.
No such assignment shall release the original party hereto from its duties and obligations under this Agreement and any
purported assignment, transfer, or attempt to assign or transfer any interest or right hereunder by any party, except in compliance
with this Section 13, shall be null, void and of no effect. 

 

14 – Notice

 

Any
notice required hereunder (other than routine business communications) shall
be effective upon receipt and may be served by either party on the other by: (i) personal delivery, (ii) post prepaid, national
courier, (iii) email transmission (with a written confirmation of any such email communication sent by registered mail),
(iv) national postal service via registered or by certified mail to the address noted below:

 

	 	If to RENAISSANCE:	Renaissance Lakewood, LLC
	 	 	Attention: John Denman, President & CEO
	 	 	411 South State St., Suite E-100
	 	 	Newtown, PA 18940
	 	 	Email: john.denman@renpharm.com
	 	 	 
	 	 	With a copy to:
	 		Renaissance SSP Holdings, Inc.
	 	 	370 Chemin Chambly, Suite 300
	 	 	Longueuil (Québec) J4H 3Z6
	 	 	Attention: Christine Woolgar, CFO
	 	 	Email: christine.woolgar@renpharm.com

 

 

    	 	11	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

	 	If to COMPANY: 	Opiant Pharmaceuticals, INC.
	 	 	Attention: Roger Crystal, CEO
	 	 	401 Wilshire Blvd, 12th Floor
	 	 	Santa Monica
	 	 	California, 90401
	 	 	Email: rcrystal@opiant.com

 

Any notice, if sent properly
addressed, postage prepaid, shall be deemed made ten (10) days after the date of mailing as indicated on the registered mail receipt,
or five (5) days after the date of entrusting to express courier service or on the date of delivery or transmission (if delivered
or sent during ordinary business hours, otherwise on the next business day) if hand-delivered or sent by email transmission.

 

15 – Independent Contractor

 

In performing its services hereunder,
RENAISSANCE shall act as an independent contractor. The parties agree
that no joint venture, partnership, employment, agency or other legal representation relationship exists as a result of the Agreement,
and neither party is granted any right or authority hereunder to assume or create on behalf of the other party any obligation,
express or implied, or to make any representation, warranties or guarantees, except as are expressly granted or made in this Agreement.

 

16 – Governing Law and Dispute Resolution

 

16.1        Governing
Law 

The validity, interpretation and
effect of this Agreement shall be governed by and construed under the laws of the State of Delaware without reference to principles
of conflicts of laws and shall not be governed by the 1980 United Nations Convention for the International Sale of Goods.

 

16.2        Dispute
Resolution 

Each
party hereto irrevocably agrees that any dispute arising out of or related in any way to this Agreement shall be submitted in the
first instance to mediation and then, if still unresolved, to litigation pursuant to the provisions of 10 Del. C. §§
346; 347 [74 Del. Laws, c. 36; §1, §2] in the Court of Chancery of the State of Delaware and subject to the substantive
laws of the State of Delaware; excluding any conflicts of law provisions contained therein. If the Delaware Court of Chancery lacks
jurisdiction under 10 Del. C. §§ 346 and 347 to resolve the dispute either by mediation or litigation, then such dispute
shall be brought in the appropriate court in the State of Delaware, and each of the parties hereto hereby (i) irrevocably submits
with regard to any such dispute for itself and in respect to its property, generally and unconditionally, to the exclusive personal
jurisdiction of the Delaware courts in the event that any dispute arises out of this Agreement or any transaction contemplated
hereby, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion of leave from any such court
in Delaware, and (iii) agrees that it will not bring any action relating to this Agreement or any transaction contemplated hereby
in any court other than the aforesaid courts

 

    	 	12	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

16.3        Waiver
of Trial by Jury 

EACH PARTY HERETO WAIVES ITS RIGHT TO TRIAL OF
ANY ISSUE BY JURY.

 

17 – Export/Import Laws and Regulations

 

This Agreement is subject to
any restrictions concerning the import or export of any Product, active pharmaceutical ingredient, chemical or packaging components
(or related technical information or data) to or from the United States as well as the Laws and Regulations of any other country
involved in the import or export of such Product, active pharmaceutical ingredient, chemical or packaging components (or related
technical information or data).  Each party acknowledges that, with respect to the obligations performed by it pursuant to
this Agreement as importer of record or exporter of record, it shall be solely and exclusively responsible for the preparation
of all import and export documentation and compliance with all import and export laws of the United States as well as the Laws
and Regulations of any other country, except to the extent otherwise agreed by the Parties in the applicable PP for the Product
or in writing. Both Parties shall cooperate with the other as reasonably necessary, including the provision to the other party
of all necessary certifications and other supporting information and documentation, to permit each party to comply with the Laws
and Regulations of the United States and any other country relating to the control of import or export of the Product, active pharmaceutical
ingredient, chemical or packaging components (or related technical information or data).

 

    	 	13	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

18 – Miscellaneous

 

18.1       Survivability 

In the event that any term or provision
of this Agreement shall violate any applicable statute, ordinance, or rule of law in any jurisdiction in which it is used, or otherwise
be unenforceable, such provision shall be ineffective to the extent of such violation without invalidating any other provision
hereof.

 

18.2       Counterparts 

This Agreement may be executed
in counterparts, including electronic counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same original.

 

18.3       Affiliates
and Third Party Designees 

RENAISSANCE shall have a right
to have a RENAISSANCE affiliate exercise certain of RENAISSANCE’s rights and/or perform certain of RENAISSANCE’s responsibilities
under this Agreement. Except as provided in the preceding sentence, RENAISSANCE shall not designate, assign or subcontract any
of its rights and/or obligation to perform certain of RENAISSANCE’s responsibilities under this Agreement to any third party
without the prior written consent of COMPANY.

 

18.4       Licenses
and Permits 

Each party shall, at its sole cost and expense, maintain
in full force and affect all necessary licenses, permits, and other authorizations required by Laws and Regulations in order to
carry out its duties and obligations hereunder.

 

18.5       Compliance
with Anti-Bribery Laws 

Further
to this Section 18.5, a violation by either party of a trade control law and/or an anti-corruption law, including, but not
limited to, the U.S. Foreign Corrupt Practices Act, shall be grounds for immediate termination of this Agreement by the offending
party.

 

19 – Entire Agreement

 

The parties hereto acknowledge
that this document sets forth the entire agreement and understanding of the parties and except as set out herein, supersedes all
prior written or oral agreements or understandings with respect to the subject matter hereof, and shall supersede any conflicting
portions of RENAISSANCE's quotation and acknowledgment forms and COMPANY's purchase order or other written forms. No modification
of any of the terms of this Agreement, or any amendments thereto, shall be deemed to be valid unless in writing and signed by the
party against whom enforcement is sought. No course of dealing or usage of trade shall be used to modify the terms and conditions
herein.

 

    	 	14	 

     

    

 

Confidential Treatment has been requested for portions of this
exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

IN WITNESS WHEREOF,
the parties hereto have each caused this Agreement to be executed by their duly authorized officers as of the date first above
written.

 

 

	 	  Opiant Pharmaceuticals, INC.	 	
          Renaissance Lakewood, LLC 

         

         

         

	 	  /s/ Roger Crystal	 	  /s/ John Denman
	 	 	 	 
	By:  	  Roger Crystal	By:  	  John Denman
	 	 	 	 
	Title:  	  CEO	Title:  	  President & CEO 

 

 

    	 	15	 

     

    

 

Confidential Treatment
has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

Schedule A – Product Description

 

Insert Product description including strength, packaging requirements
and storage condition.

 

  

    	 	16EXHIBIT 10.9

 

EXECUTION COPY

 

Confidential Treatment has been requested for portions of this exhibit.
The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

SEPARATION AGREEMENT AND GENERAL RELEASE

 

THIS SEPARATION AGREEMENT
AND GENERAL RELEASE (this “Agreement and Release”) is made and entered into by and between Kevin Pollack (“Employee”)
and Opiant Pharmaceuticals, Inc. (the “Company”).

 

WHEREAS, pursuant to his
Executive Letter of Appointment with the Company, dated as of November 26, 2012 (the “Letter Agreement”), and
amended on December 31, 2012 (the “First Amendment”), December 31, 2013 (the “Second Amendment”)
and January 1, 2016 (the “Third Amendment” and collectively with the Letter Agreement, the First Amendment,
the Second Amendment and the Third Amendment, the “Employment Agreement”), Employee has served as the Company’s
Chief Financial Officer, Treasurer and Secretary, as a member of the Company’s board of directors (the “Board”),
as Director and Chairman of Opiant Pharmaceuticals UK Limited (“OPUK”) and as Trustee of the Opiant Pharmaceuticals
Inc 401(k) Profit Sharing Plan and Trust (aka Opiant Pharmaceuticals Inc 401(k) Profit Sharing Plan & Trust) (aka Opiant Pharmaceuticals,
Inc. 401(k) Profit Sharing Plan & Trust) (the “OP Plan”); and

 

WHEREAS, in connection
with the cessation of Employee’s employment with the Company, the parties wish to resolve all outstanding claims and disputes
between them as of the date hereof in connection with such employment and any other claim based on facts or circumstances existing
as of the date hereof with respect to such employment.

 

NOW, THEREFORE, in consideration
of the mutual promises, covenants and agreements set forth in this Agreement and Release, the sufficiency of which the parties
acknowledge, it is agreed as follows:

 

		1.	Employee’s employment with the Company shall cease as of September 11, 2017 (the “Separation
Date”). Effective as of the Separation Date, Employee hereby resigns from all positions he holds with the Company and
its subsidiaries and affiliates, including, without limitation, as the Company’s Chief Financial Officer, Treasurer and Secretary,
as the Director and Chairman of OPUK, as Trustee of the OP Plan and, if applicable on the Separation Date, as a member of the Board.
Effective as of the Separation Date, Employee’s active coverage under and participation in all benefit plans and programs
sponsored by the Company or its affiliates shall terminate.

 

		2.	Regardless of whether Employee enters into this Agreement and Release:

 

		a.	The Company shall pay Employee on or before the Company’s next regularly scheduled pay date
(or otherwise in accordance with applicable law): (i) Employee’s base salary accrued and due to Employee for the last paycheck
through the Separation Date, less applicable withholding for taxes and (ii) an amount equal to Six Thousand Seven Hundred Seventy-Seven
Dollars and Zero Cents ($6,777.00) for accrued and unused paid time off, which shall include vacation time, through the Separation
Date, in accordance with the Company’s applicable policies, less applicable withholding for taxes.

 

		b.	Following the Separation Date, Employee and his eligible dependents shall be eligible for continued
coverage under the group health plans provided to the Company employees in accordance with the Consolidated Omnibus Budget Reconciliation
Act of 1985 (“COBRA”), subject to the terms and conditions thereof.

 

    	 	 -1-	 

    
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

		3.	As consideration for Employee’s promises, covenants and agreements in this Agreement and
Release and Employee’s execution and non-revocation of this Agreement and Release, Employee
shall be entitled to the following payments, in each case, less applicable withholding for taxes:

 

		a.	The Company will pay to Employee a payment equal to One Million One Hundred Thirty Thousand Eight
Hundred Fifteen Dollars and Zero Cents ($1,130,815.00) relating to certain accrued obligations, payable in a cash lump sum within
three (3) business days following the expiration of the Revocation Period pursuant to Section 11 hereof.

 

		b.	The Company will pay to Employee a separation payment equal to One Million Four Hundred Forty-Two
Thousand Five Hundred Dollars and Zero Cents ($1,442,500.00) (the “Separation Payment”), payable as follows:
(i) Four Hundred Eighty Thousand Eight Hundred Thirty-Three Dollars and Thirty-Three Cents ($480,833.33) of the Separation Payment
will be paid to Employee in a cash lump sum within three (3) business days following the expiration of the Revocation Period pursuant
to Section 11 hereof and (ii) Nine Hundred Sixty-One Thousand Six Hundred Sixty-Six Dollars and Sixty-Seven Cents ($961,666.67)
of the Separation Payment will be paid to Employee in a cash lump sum on the first payroll date of the Company occurring on or
after the date that is twelve (12) months following the Separation Date (such amount, the “Second Installment”);
provided, however, that to the extent the Company consummates a funding, including, without limitation, a sale of
stock or other securities for funds, a receipt of funds in exchange for net profit interests, a receipt of funds in a royalty monetization
transaction, a capital infusion, a stock offering or a financing transaction (a “Funding”) with a third-party
person or entity prior to December 31, 2017, the Company will pay to Employee: (x) Two Hundred Forty Thousand Four Hundred Sixteen
Dollars and Sixty-Seven Cents ($240,416.67) of the Second Installment in a cash lump sum within three (3) days following the consummation
of such Funding, and (y) Seven Hundred Twenty-One Thousand Two Hundred Fifty Dollars and Zero Cents ($721,250.00) of the Second
Installment in a cash lump sum on the first payroll date of the Company occurring on or after the date that is twelve (12) months
following the Separation Date. In connection with the Second Installment, the Company shall make such payment(s), including determining
any applicable deductions for withholding taxes, in accordance with the Form W-4 most recently completed by Employee and provided
to the Company prior to each payment of the Second Installment.

 

    	 	 -2-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

		c.	The Company has previously granted to Employee options and warrants to purchase shares of common
stock of the Company (the “Granted Options”). The parties hereto acknowledge and agree that following the Separation
Date Employee shall be entitled to retain the Granted Options set forth on Schedule I attached hereto, copies of which are
attached to Schedule II attached hereto, that were issued by the Company to Employee and with respect to which certain rights,
as applicable, were provided to Employee under the Second Amendment, the Minutes of the Meeting of the Board of Directors, dated
June 12, 2014 (the “2014 Minutes”), the Minutes of the Meeting of the Board of Directors, dated October 29,
2015 (the “2015 Minutes”), the Letter Regarding Amendment to Terms of Options and Warrants for Treatment Upon
Fundamental Transaction, dated October 16, 2015, from the Company to Employee (the “2015 Letter”), and the Unanimous
Written Consent of the Board of Directors in Lieu of a Special Meeting, dated as of July 24, 2015 (the “2015 Resolutions”
and collectively with the Second Amendment, the 2014 Minutes, the 2015 Minutes and the 2015 Letter, the “Options Documents”)
(the “Retained Options”). The Company acknowledges and agrees that, as of the Separation Date, all of the Retained
Options are fully vested and exercisable and such Retained Options shall remain exercisable in accordance with their terms until
the expiration dates set forth on Schedule I attached hereto. Notwithstanding anything in the Employment Agreement or any
other agreement to the contrary, other than the Retained Options, the parties agree that, on the date of this Agreement and Release
and so long as the Company complies with the terms and conditions of this Section 3(c), Employee shall have no further right to
any Granted Options or other equity-based compensation from the Company following the Separation Date (such Granted Options and
other equity-based compensation other than the Retained Options, the “Terminated Options”). For the avoidance
of doubt, on the date of this Agreement and Release and so long as the Company complies with the terms and conditions of this Section
3(c), Employee hereby waives any entitlement to the “Additional Options” pursuant to Section 5 of the Second Amendment
(the “Additional Options”), and the Company represents that Roger Crystal (“Dr. Crystal”)
and Michael Sinclair (“Dr. Sinclair”) have similarly waived their entitlements to additional stock options equal
to no less than six percent (6%), in the case of Dr. Crystal, and no less than three percent (3%), in the case of Dr. Sinclair,
of the Total Fully Diluted Shares of the Company (with respect to Dr. Crystal, as defined in the Second Amendment to the Executive
Letter of Reappointment by and between the Company and Dr. Crystal, dated November 26, 2012, and amended on December 31, 2012,
such Second Amendment being dated December 31, 2013, and, with respect to Dr. Sinclair, as defined in the Second Amendment to the
Employment Agreement by and between the Company and Dr. Sinclair, dated August 6, 2010, and amended on December 31, 2012, such
Second Amendment being dated December 31, 2013), as of December 15, 2015; provided that, if at any time Dr. Crystal and/or
Dr. Sinclair is awarded and/or receives such additional stock options or a substitute benefit for such additional stock options
or if the Company reinstates such additional stock options, as the case may be, the Company shall, within three (3) days following
Dr. Crystal’s and/or Dr. Sinclair’s receipt of the award and/or receipt of such additional stock options or substitute
benefit for such additional stock options or the Company’s reinstatement of such additional stock options, as the case may
be, (x) provide Employee with notice in writing via certified mail and via email to the mailing address and the email address provided
by Employee to the Company by email, the receipt of which shall be confirmed within two (2) business days from the receipt thereof
by the Company, or to any other mailing address and/or email address that Employee may provide to the Company from time to time,
of such receipt of the award and/or such receipt by Dr. Crystal and/or Dr. Sinclair of such additional stock options or substitute
benefit for such additional stock options or such reinstatement by the Company of such additional stock options, as the case may
be, and (y) award or reissue to Employee the Additional Options or the equivalent substitute benefit for such additional stock
options, as the case may be, to Employee by entering into an agreement with Employee or in any other manner necessary to memorialize
and effectuate such award or reissuance. With respect to the Terminated Options, Employee represents that, on the Separation Date:
(i) Employee has the right, title and interest (legal and beneficial) in and to all of the Terminated Options as provided to Employee
by the Company, free and clear of all liens, pledges, security interests, charges, claims, equity or encumbrances of any kind;
and (ii) the consummation of the transactions contemplated hereby will not result in a breach by Employee of, or constitute a default
by Employee under, any agreement, instrument, decree, judgment or order to which Employee is a party or by which Employee may be
bound.

 

    	 	 -3-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

		4.	In connection with the Retained Options, the Company shall take the following necessary actions,
at the Company’s expense: (a) prepare and file with the Securities and Exchange Commission (“SEC”) pursuant
to the Securities Act of 1933, as amended (the “Securities Act”), and use reasonable best efforts to have declared
effective and to keep effective, one or more registration statements to register for resale the shares of common stock of the Company
that may be issued to Employee upon the exercise of (i) (x) the 98,000 Retained Options that expire on December 30, 2023 and (y)
the 350,000 Retained Options that expire on June 14, 2024, in each case set forth on Schedule I attached hereto, no later
than the date that is eighteen (18) months from the latest date on which this Agreement and Release is executed by the parties
hereto, as indicated below the parties’ signature blocks on the signature page hereof, and such underlying shares shall be
freely transferable, and (ii) the 500,000 Retained Options that expire on October 26, 2025, set forth on Schedule I attached
hereto, no later than the date that is three (3) years from the latest date on which this Agreement and Release is executed by
the parties hereto, as indicated below the parties’ signature blocks on the signature page hereof, so that such shares shall
be transferable by Employee, following the effectiveness of the registration statements, pursuant to customary plans of distribution
to be set forth in such registration statements (which plans of distribution shall be subject to Employee’s prior approval
in writing or via email); provided, that if the Company prepares and files with the SEC a resale registration statement for any
other security holder, then the Company will also register for resale, pursuant to such registration statement, the shares of common
stock that may be issued pursuant to the Retained Options, except to the extent that the resales of such shares have previously
been registered on a registration statement that continues to be effective; (b) use commercially reasonable efforts to cooperate
with Employee with respect to the sale of any shares underlying the Retained Options by Employee in transactions exempt from registration
under the Securities Act, whether under Rule 144 promulgated under the Securities Act or otherwise, including, without limitation,
cooperating with Employee’s broker, delivering instructions to the Company’s transfer agent and removing any restrictive
legends or similar restrictions from stock certificates or book entry shares; (c) prepare, effectuate and file timely with the
SEC all Form 4s and any other filings required by law in respect of Employee’s beneficial ownership of the Company’s
securities, including with respect to the exercise by Employee of any of the Retained Options set forth on Schedule I attached
hereto and any changes in Employee’s ownership of shares of common stock and/or other securities of the Company, as applicable;
(d) in addition to (and not in replacement of) Employee’s rights under clause (a) of this Section 4 above, the Company shall
prepare and file with the SEC, no later than one hundred twenty (120) days from the latest date on which this Agreement and Release
is executed by the parties hereto, as indicated below the parties’ signature blocks on the signature page hereof, a Form S-8
registration statement to register the offer and sale of the shares that may be issued to Employee pursuant to the Retained Options,
except to the extent that such registration shall be prohibited under the rules of Form S-8; and (e) if any of the rights, obligations,
terms or conditions of this Section 4 are not valid and enforceable solely with the language set forth in this Section 4, the Company
shall take any actions and assist Employee, as necessary, to take any actions, including the completion and execution of any necessary
documents or instruments required by law or otherwise to ensure that all of the rights, obligations, terms and conditions of this
Section 4 are deemed valid and enforceable.

 

    	 	 -4-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

The Company hereby agrees that,
with respect to all Retained Options (A) Employee may exercise such Retained Options pursuant to the following cashless exercise
formula, with any fractional shares being rounded up to the next highest round number:

 

	X=	Y(A-B)	 
	 	A	 

 

	Where X =	the number of shares of common stock of the Company to be issued to Employee
	 	 
	Y =	the number of options being exercised by Employee on the date of the Exercise Notice (as defined below)
	 	 
	A =	the closing price of the common stock of the Company on the most recent trading day prior to the date of the Exercise Notice (as defined below)
	 	 
	B =	the exercise price per share of common stock of the Company set forth in the option(s) being exercised by Employee (as adjusted to the date of such calculation);

 

provided, that Employee may also
exercise the Retained Options pursuant to a broker-assisted cashless exercise program (including, without limitation, pursuant
to any such program which the Company may establish or permit for other holders of options, it being understood that, in the event
the Company establishes a broker-assisted cashless exercise program and/or permits other holders of options to participate in
such program, the Company shall, within three (3) days following the establishment of a broker-assisted cashless exercise program
and/or permitting of other holders of options to participate in such program, (x) provide Employee with notice in writing via
certified mail and via email to the mailing address and the email address provided by Employee to the Company by email, the receipt
of which shall be confirmed within two (2) business days from the receipt thereof by the Company, or to any other mailing address
and/or email address that Employee may provide to the Company from time to time, of such establishment of a broker-assisted cashless
exercise program or permitting of other holders of options to participate in such program, (y) provide Employee with the option,
at Employee’s sole discretion, to participate in such program, and (z) if Employee elects to participate in such program,
at the Company’s expense, take all actions and assist Employee, as necessary, to take any actions to become a participant
in such program); (B) there are no restrictions on exercise with respect to any such Retained Options; (C) all such Retained Options
that have been delivered to Employee electronically with a scanned signature, and Retained Options with a scanned signature shall
have the same force and effect as if they had been delivered in original signed form; (D) Employee’s right to exercise any
such Retained Options shall not be restricted in any way by any language requiring Employee and/or any such Retained Options to
be in compliance with any other agreements other than this Agreement and Release; (E) if there is any change in the number or
kind of shares of common stock of the Company outstanding (i) by reason of a stock dividend, spinoff, recapitalization, stock
split, or combination or exchange of shares, (ii) by reason of a merger, reorganization or consolidation, (iii) by reason of a
reclassification or change in par value, or (iv) by reason of any other extraordinary or unusual event affecting the outstanding
stock as a class without the Company’s receipt of consideration, or if the value of the outstanding shares of stock of the
Company is substantially reduced as result of a spinoff or the Company’s payment of any extraordinary dividend or distribution,
the kind and number of shares covered by, or to be issued or issuable under the Retained Options and the exercise price per share
or the applicable market value of such outstanding Retained Options shall be required to be equitably adjusted by the Company
to reflect any increase or decrease in the number of, or change in the kind or value of, issued shares to preclude, to the extent
practicable, the enlargement or dilution of rights and benefits of such outstanding Retained Options; provided, however,
that any fractional shares resulting from such adjustment shall be eliminated, it being understood that (x) any adjustments to
outstanding Retained Options shall be consistent with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
to the extent applicable, (y) the adjustments of Retained Options shall include the adjustment of shares underlying the Retained
Options, the exercise price of the Retained Options, or other terms and conditions in the Retained Options, as the Company deems
appropriate so long as the Company acts in good faith and in a fair and reasonable manner and (z) any adjustments determined
by the Company shall be final, binding and conclusive so long as the Company acts in good faith and in a fair and reasonable manner;
(F) electronic delivery of a signed exercise notice in the form of Exhibit A attached hereto (an “Exercise Notice”),
together with electronic delivery of any such Retained Options shall have the same exercise effect as surrendering any such Retained
Options at the principal office of the Company, together with a signed Exercise Notice; and (G) no amendment, modification or
termination of any Retained Options shall, without the prior written consent of Employee, materially impair any rights or obligations
under any grant made to Employee. 

 

    	 	 -5-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

If Employee chooses to exercise any Retained Options, Employee shall deliver a copy of any Retained Options that Employee wishes
to exercise (i) to the principal office of the Company set forth in Section 11 hereof or any other address at which the principal
office of the Company is located, or (ii) via email to at least one of the following persons at the Company: the current or future,
as applicable, Chief Financial Officer, Controller, Chief Executive Officer or Chairman of the Company. The Company shall provide
to Employee the email addresses of any such persons upon request by Employee. Upon the exercise of any Retained Options by Employee,
the Company shall deliver or cause to be delivered the number of shares of common stock of the Company determined in accordance
with the formula set forth above in this Section 4, with such delivered shares being registered shares to the extent such shares
are registered at such time in accordance with Section 4(a) hereof, to Employee at the address set forth in the Exercise Notice,
or to the attention of the person or entity designated by Employee as indicated in the Exercise Notice, promptly but in any event
no later than three (3) business days from the date on which the Company received an Exercise Notice with respect to any such Retained
Options, inclusive of the date of such receipt by the Company of such Exercise Notice of any such Retained Options.

 

This Agreement and Release makes
reference to the Retained Options and the Options Documents, and all of the provisions of the Retained Options and the Options
Documents are hereby incorporated by reference into this Agreement and Release. In the event of any conflicts between the provisions
of this Agreement and Release and the Retained Options and/or the Options Documents, the provisions of this Agreement and Release
shall govern.

 

		5.	The Company agrees: (i) to utilize **** set forth on Exhibit B attached hereto ****; (ii)
to **** set forth on Exhibit C attached hereto ****; (iii) within three (3) business days of the date hereof, ****, execute
and provide to Employee (A) via mail to the mailing address provided by Employee to the Company by email, the receipt of which
shall be confirmed within two (2) business days by the Company, or to any other mailing address that Employee may provide to the
Company **** set forth on Exhibit D attached hereto, and (B) via email to the email address provided by Employee to the
Company by email, the receipt of which shall be confirmed within two (2) business days from the receipt thereof by the Company,
or to any other email address that Employee may provide to the Company **** set forth on Exhibit D attached hereto; and
(iv) at any time requested by Employee, to provide **** set forth on Exhibit D attached hereto. In the event that ****,
the Company will ensure that ****.

 

    	 	 -6-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

		6.	Except as to such rights as may be created by this Agreement and Release, Employee agrees and acknowledges
that upon satisfaction of the payments and benefits in Sections 2 through 5 hereof, the Company shall have fully satisfied all
obligations to Employee in respect of Employee’s employment and cessation of such employment, and that such payments and
benefits are in full, final and complete settlement of all claims set forth in Section 9(a) hereof that Employee may have, as of
the date hereof and with respect to the Company, against the Company, its subsidiaries and past and present affiliates, and the
respective officers, directors, owners, equityholders, members, shareholders, employees, agents, advisors, consultants, insurers,
attorneys, successors and/or assigns of the Company, its subsidiaries and past and present affiliates (collectively, the “Releasees”).
Nothing in this Agreement and Release shall be construed as an admission of liability by the Company or any other Releasee, and
the Company specifically disclaims liability to or wrongful treatment of Employee on the part of itself and all other Releasees.

 

		7.	This Agreement and Release provides for the sole and exclusive benefits for which Employee is eligible
as a result of Employee’s cessation of employment, and, except as set forth in Sections 9(a) and 10 hereof, Employee shall
not be eligible for any benefits under the Company’s severance plan, if any, or any other agreement or arrangement providing
for benefits upon a separation from service, including, but not limited to, the Employment Agreement.

 

		8.	Employee agrees and acknowledges that the provisions of Section 7 of the Letter Agreement relating
to non-disclosure of confidential information and intellectual property shall remain in full force and effect in accordance with
its terms; provided that nothing therein or herein shall prohibit, limit, or prevent Employee from contacting persons or
entities or utilizing contacts that Employee developed or contact information and/or lists that Employee compiled while Employee
provided services to the Company.

 

    	 	 -7-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

		9.	(a)	Except as to such rights as may be created by this Agreement and Release, Employee fully and forever releases and discharges the
Company and all other Releasees from any and all legally waivable claims, liabilities, damages, demands, and causes of action
or liabilities of any nature or kind, whether now known or unknown, arising out of or in any way connected with Employee’s
employment with (or services provided to or on behalf of in the capacity of officer, employee, director or otherwise) the Company
or any of its affiliates, or the cessation of such employment; provided, however, that nothing in this Agreement
and Release shall either waive any rights or claims of Employee (i) that arise after Employee signs this Agreement and Release,
(ii) to enforce the terms of this Agreement and Release, and (iii) for the provision of accrued benefits conferred to Employee
or his beneficiaries under the terms of the Company’s medical, dental and vision insurance, disability insurance, life insurance,
OP Plan, 401(k) and defined contribution retirement employee benefit plans (the “Surviving Claims”). Except
as to such rights as may be created by this Agreement and Release, this release of claims includes but is not limited to claims
arising under (i) the Employment Agreement, (ii) any stock option or other equity-based compensation plans or arrangements maintained
by the Company, and (iii) federal, state or local laws concerning employment discrimination, termination, retaliation and equal
opportunity, including but not limited to Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act
of 1967, the Equal Pay Act of 1963, the Americans with Disabilities Act of 1990, the Worker Adjustment and Retraining Notification
Act of 1988, the Employee Retirement Income Security Act of 1974 (including but not limited to fiduciary claims), and the Family
and Medical Leave Act; any and all other statutory or common law provisions relating to or affecting Employee’s employment
by the Company or its affiliates; claims for attorneys’ fees or costs; and any and all claims in contract, tort, or premised
on any other legal theory. Employee acknowledges that Employee is releasing claims based on age, race, color, sex, sexual orientation
or preference, marital status, religion, national origin, citizenship, veteran status, disability and other legally protected
categories. Except as to such rights as may be created by this Agreement and Release, this provision is intended to constitute
a general release of all of Employee’s presently existing claims against the Releasees connected with Employee’s employment
with (or services provided to or on behalf of in the capacity of officer, employee, director or otherwise) the Company or any
of its affiliates, or the cessation of such employment, to the maximum extent permitted by law. Notwithstanding anything herein
to the contrary, this Agreement and Release does not purport to waive (i) Employee’s right to defense and/or indemnification
under the Company’s governing documents, bylaws, applicable directors and officers liability insurance (“D&O
Insurance”) policy or applicable AXIS Side-A Solution/Directors and Officers Side-A and DIC Liability Insurance (“Side-A
Insurance”) Policy; (ii) Employee’s rights with respect to the Retained Options set forth on Schedule I
attached hereto; (iii) any claim for workers’ compensation or unemployment benefits; (iv) any claim that cannot be released
by an agreement voluntarily entered into between private parties; (v) Employee’s rights with respect to the Additional Options
but only if the terms of Section 3(c) hereof are not complied with by the Company, and/or Dr. Crystal, and/or Dr. Sinclair, and/or
any other person or entity; (vi) Employee’s rights relating to any shares of common stock of the Company that were purchased
by Employee; and (vii) any Employee claims that cannot be waived as a matter of law.

  

		(b)	As a further inducement for Employee to enter into
this Agreement and Release, the Company represents that, upon reasonable investigation, it is not presently aware of any facts
or circumstances that would reasonably be expected to form the basis of any claim or claims against Employee. In addition, the
Company represents that, as of the Separation Date, it has no intention of pursuing any claim or claims against Employee and that
it will not use any facts or circumstances that it knows as of the Separation Date as the basis for any claim or claims against
Employee. If the Company pursues any claim or claims against Employee other than for breach of the Agreement and Release and Employee
is deemed the prevailing party, then Employee shall be entitled to recover from the Company Employee’s costs and expenses,
including, without limitation, reasonable attorneys’ fees and costs.

 

		10.	The Company hereby represents that it maintained adequate and valid (i) D&O Insurance coverage
for Employee for the entire duration of Employee’s period of employment with the Company and (ii) Side-A Insurance coverage
for Employee from March 22, 2017 through the date hereof. In the event that the Company did not maintain adequate and valid D&O
Insurance and Side-A Insurance coverage for Employee as set forth in this Section 10, the Company shall defend and indemnify Employee
from and against all allegations, claims, actions, suits, demands, damages, liabilities, obligations, losses, settlements, judgments,
costs and expenses, including, without limitation, attorneys’ fees and costs, which arise out of, relate to or result from
any act or omission of Employee that would be covered if the Company had provided adequate and valid D&O Insurance and Side-A
Insurance coverage to Employee as set forth in this Section 10.

 

    	 	 -8-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

		11.	Employee acknowledges and agrees that, upon execution and non-revocation of this Agreement and
Release, Employee is waiving and releasing all rights and claims Employee may have under the Age Discrimination in Employment Act
of 1967. Employee acknowledges that (i) Employee has been given at least twenty-one (21) calendar days after actual receipt
of this Agreement and Release to consider and execute this Agreement and Release and that mutually agreed-upon changes, whether
material or immaterial, do not restart the twenty-one (21) day period; (ii) Employee has seven (7) calendar days from the date
Employee executes this Agreement and Release in which to revoke it; and (iii) this Agreement and Release will not be effective
or enforceable until after the seven (7)-day revocation period (the “Revocation Period”) ends without revocation
by Employee. Revocation can be made by delivery and receipt of a written notice of revocation to Roger Crystal, Opiant Pharmaceuticals,
Inc., 401 Wilshire Blvd., 12th Floor, Santa Monica, CA 90401, email: rcrystal@opiant.com by midnight on or before the
seventh (7th) calendar day after Employee signs this Agreement and Release. Employee agrees and acknowledges that if
Employee chooses to sign this Agreement and Release before the twenty-first (21st) calendar day after receiving it,
Employee has done so voluntarily.

 

		12.	Employee specifically agrees and acknowledges that: (i) Employee has read this Agreement and Release
in its entirety and understands all of its terms; (ii) Employee has been advised of Employee’s right to consult with an attorney
of Employee’s choice before executing this Agreement and Release, and Employee has consulted with Matthew S. McConnell of
Sheppard, Mullin, Richter & Hampton LLP; (iii) Employee knowingly, freely, and voluntarily assents to all of the terms and
conditions contained in this Agreement and Release including, without limitation, the waiver, release, and covenants contained
in it; and (iv) Employee is executing this Agreement and Release, including the waiver and release, in exchange for good and valuable
consideration in addition to anything of value to which Employee is otherwise entitled.

 

		13.	Employee represents that Employee has not filed, initiated or prosecuted (or cause to be filed,
initiated or prosecuted) any lawsuit, complaint, charge, action, investigation or proceeding with respect to any claim that this
Agreement and Release purports to waive. Employee understands that nothing contained in this Agreement and Release limits Employee’s
ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the
Occupational Safety and Health Administration, the SEC or any other federal, state or local governmental agency or commission (each,
a “Government Agency”). Employee further understands that this Agreement and Release does not limit Employee’s
ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted
by any Government Agency, including providing documents or other information, without notice to the Company. This Agreement and
Release does not limit Employee’s right to receive an award for information provided to any Government Agency.

 

		14.	The parties to this Agreement and Release agree that certain matters in which Employee has been
involved during Employee's employment may need Employee's cooperation with the Company in the future. Accordingly, for a period
of no more than twelve (12) months following the Separation Date, to the extent reasonably requested by the Company via email to
the email address provided by Employee to the Company by email, the receipt of which shall be confirmed within two (2) business
days from the receipt thereof by the Company, or to any other email address that Employee may provide to the Company, Employee
shall cooperate as an advisor with the Company in connection with matters arising out of Employee's service with the Company; provided,
that such cooperation shall be in accordance with Employee’s reasonable availability and shall not result in any undue interference
with Employee’s activities; provided, further, that such cooperation shall not exceed (i) **** per month
during the period commencing on the Separation Date and ending on the date that is one day prior to six (6) months following the
Separation Date and (ii) **** per month during the period commencing on the date that is six (6) months following the Separation
Date and ending on the date that is twelve (12) months following the Separation Date. The Company shall compensate Employee at
a rate of **** for any services hereunder. The Company shall also reimburse Employee for reasonable out-of-pocket expenses incurred
in providing such services, including, without limitation, any travel, transportation, lodging, meal, telephone and other communications
and incidental expenses.

 

    	 	 -9-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

		15.	Employee agrees and covenants that Employee shall not, now or in the future, at any time make,
publish, or communicate to any person or entity or in any public forum any defamatory remarks, comments, or statements concerning
the Company or any of its subsidiaries, its or their respective businesses, or any of its or their respective directors, executives
or officers, relating to the period of Employee’s employment with the Company and relating to the Company. The Company agrees
and covenants that the Company shall not, now or in the future, and shall cause its subsidiaries, its or their respective businesses,
and any of its or their respective directors, executives or officers to not, now or in the future, at any time make, publish, or
communicate to any person or entity or in any public forum any defamatory remarks, comments, or statements concerning Employee,
now or in the future, relating to the period of Employee’s employment with the Company and relating to Employee. Notwithstanding
the foregoing, this Section 15 does not in any way restrict or impede the parties from providing truthful testimony or otherwise
complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government
agency; provided that such compliance does not exceed that required by the law, regulation, or order. Employee acknowledges
and agrees that the covenant in this Section 15 is a significant condition to the Company’s agreement to execute and deliver
this Agreement and Release and to provide the payments to Employee under Section 3 hereof.

 

		16.	As soon as practicable following the Separation Date, Employee shall deliver to the Company or
destroy (i) all property of the Company and its affiliates then in Employee’s possession and (ii) all documents and
data or any nature and in whatever medium of the Company and its affiliates, and Employee shall not take with him any such property,
documents or data or any reproduction thereof; provided that Employee may keep any contact information and lists permitted
in accordance with Section 8 hereof.

 

		17.	(a) 	In the event of a breach by Employee of any of the provisions of this Agreement and Release other than Section 14 hereof, Employee
hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or
permanent injunction or other equitable relief against such breach from any court of competent jurisdiction, without the necessity
of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting
any bond or other security. Any equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages, or
other relief available to the Company.

 

		(b)	In the event of a breach by the Company of any of the provisions of this Agreement and Release
other than Section 14 hereof, the Company hereby consents and agrees that Employee shall be entitled to seek, in addition to other
available remedies, a temporary or permanent injunction or other equitable relief against such breach from any court of competent
jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and
without the necessity of posting any bond or other security. Any equitable relief shall be in addition to, not in lieu of, legal
remedies, monetary damages, or other relief available to Employee.

 

    	 	 -10-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

		(c)	If the Company fails to pay when due any amount payable as set forth in Section 3(a) and/or (b)
hereof, as applicable (in each case, a “Defaulted Amount”), the Company agrees to pay interest on such Defaulted
Amount to Employee for the period from and including the due date thereof until payment thereof in full, at a rate equal to ten
percent (10%) per annum.

 

		(d)	If the amount payable, amount paid, benefit provided or equity or equity-based compensation granted
to Employee by the Company or its affiliates, as applicable, pursuant to (x) this Agreement and Release and/or (y) any prior
compensation and/or benefits provided by the Company to Employee not paid by the Company to Employee in the year in which Employee
earned such compensation and/or benefits (collectively, the “Payments”) is subject to any tax, interest and/or
penalties pursuant to Section 409A of the Code and the Treasury Regulations, notices and guidance issued thereunder (collectively,
the “Section 409A Tax”), the Company shall indemnify and hold Employee harmless and shall pay to Employee
an additional amount (the “Gross Up”) such that the net amount retained by Employee of the Gross Up, after deduction
of any Section 409A Tax and any other federal, state and local tax arising in connection with the Gross Up, shall be
equal to the total Section 409A Tax imposed on the Payments.  The Gross Up shall be paid to Employee (i) no
later than ten (10) days following the date Employee provides the Company with an invoice or other communication from
the Internal Revenue Service or the relevant tax authority with the Section 409A Tax amount, or (ii) if directed by Employee,
no later than ten (10) days following the date Employee remits the related Section 409A Tax. In addition, in connection with the
Section 409A Tax, the Company shall promptly reimburse Employee for any reasonable costs and expenses, including, without limitation,
reasonable attorneys’ fees. Notwithstanding anything herein to the contrary, if at any time Dr. Crystal and/or Dr. Sinclair
receives from the Company or from any other person or entity on behalf of the Company any indemnification benefit, reimbursement
and/or any other compensation or benefit, financial or otherwise, to reduce Dr. Crystal’s and/or Dr. Sinclair’s financial
obligation relating to Section 409A Taxes that is more favorable than provided to Employee in this Section 17(d), the Company shall,
within three (3) days following the receipt by Dr. Crystal and/or Dr. Sinclair of any such indemnification benefit, reimbursement
and/or any other compensation or benefit, financial or otherwise, to reduce Dr. Crystal’s and/or Dr. Sinclair’s financial
obligation, (x) provide Employee with notice in writing via certified mail and via email to the mailing address and the email address
provided by Employee to the Company by email, the receipt of which shall be confirmed within two (2) business days from the receipt
thereof by the Company, or to any other mailing address and/or email address that Employee may provide to the Company from time
to time, of such receipt by Dr. Crystal and/or Dr. Sinclair of such indemnification benefit, reimbursement and/or any other compensation
or benefit, financial or otherwise, and (y) provide Employee with such indemnification benefit, reimbursement and/or any other
compensation or benefit, financial or otherwise by entering into an agreement with Employee or in any other manner necessary to
memorialize and effectuate such indemnification benefit, reimbursement and/or any other compensation or benefit, financial or otherwise.

 

    	 	 -11-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

		18.	The Company represents and warrants to Employee that (i) it is duly organized, validly existing
and in good standing under the laws of its jurisdiction of organization, (ii) it has full power, authority and legal right to make
and perform this Agreement and Release, (iii) the making and performance by it of this Agreement and Release has been duly authorized
by all necessary action, including approval by the Company’s Board of Directors (or a committee of the Company’s Board
of Directors that is composed solely of two or more “Non-Employee Directors” as contemplated by Exchange Act Rule 16b-3(b)(3)(i))
of this Agreement and Release and the acquisition by Employee of shares of the Company’s common stock pursuant to the Retained
Options (as the same shall have been amended or modified hereunder), such that all issuances of shares upon exercise of the Retained
Options shall be transactions that are exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), in accordance with Exchange Act Rule 16b-3, and will not violate any applicable law or regulation, its constitutive
documents, any order of any court or governmental authority or any other agreement or instrument by which it is bound, (iv) all
governmental licenses or authorizations and all filings required for it to make and perform this Agreement and Release have been
obtained and are in effect, and (v) this Agreement and Release constitutes the Company’s legal, valid and binding obligation,
enforceable in accordance with its terms.

 

		19.	No failure or delay of either party in exercising any right or remedy under this Agreement and
Release shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or remedy preclude any other
or further exercise thereof or the exercise of any other right or remedy. The rights and remedies of the parties to this Agreement
and Release are cumulative and not exclusive of any other rights and remedies.

 

		20.	This Agreement and Release shall be binding on the Company and Employee and upon their respective
heirs, representatives, successors and assigns, and shall run to the benefit of the Releasees and each of them and to their respective
heirs, representatives, successors and assigns.

 

		21.	This Agreement and Release sets forth the entire agreement between Employee and the Company, and,
except as stated in this Agreement and Release, fully supersedes any and all prior agreements or understandings between them regarding
its subject matter; provided, that, except as set forth in Sections 8 and 16 hereof, nothing herein is intended to or shall
be construed to supersede Section 7 of the Letter Agreement and the parties hereto agree that Section 7 of the Letter Agreement
remains in full force and effect.

 

		22.	This Agreement and Release may be signed in any number of counterparts, each of which shall be
an original, and all of which, taken together, shall constitute one and the same instrument. Any signature hereto delivered by
email (in “pdf” or similar format) shall be deemed an original signature hereto; however, the Company shall promptly
provide Employee with a fully-executed original of this Agreement and Release.

 

		23.	The Company and Employee agree that in the event any provision of this Agreement and Release is
deemed to be invalid or unenforceable by any court or administrative agency of competent jurisdiction, or in the event that any
provision cannot be modified so as to be valid and enforceable, then such provision shall be deemed severed from this Agreement
and Release, and the remainder of this Agreement and Release shall remain in full force and effect.

 

		24.	No modification, amendment or waiver of any provision of this Agreement and Release, nor consent
to any departure by the Company or Employee therefrom, will in any way be effective, unless the same is in writing and signed by
the Company and Employee, and then such waiver or consent will be effective only in the specific instance and for the specific
purpose for which it is given.

 

    	 	 -12-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

		25.	This Agreement and Release will be governed by and construed in accordance with the laws of the
State of New York, without giving effect to any choice of law or conflicting provision or rule that would cause the laws of any
jurisdiction other than the State of New York to be applied. Any action or proceeding by either of the parties to this Agreement
and Release to enforce this Agreement and Release shall be brought only in any federal or state court located in the Borough of
Manhattan in the City of New York in the State of New York. The parties to this Agreement and Release hereby irrevocably submit
to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action
or proceeding in such venue. In any action to enforce any of the terms or provisions of or any litigation in connection with this
Agreement and Release, the prevailing party shall be entitled to recover its costs and expenses, including, without limitation,
reasonable attorneys’ fees and costs.

 

		26.	EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT AND RELEASE.

 

		27.	The Company shall, at the Company’s expense: (a) redact from the version of this Agreement
and Release that shall be filed as an exhibit with the SEC **** and (b) prepare and timely submit to the Staff of the SEC a confidential
treatment request (“CTR”), in accordance with Exchange Act Rule 24b-2, in connection therewith. ****. The Company
shall, within three (3) days following the receipt of comments from the Staff of the SEC regarding the CTR, if any, and also of
the issuance of any order from the SEC related thereto, provide Employee with (x) notice in writing via certified mail and via
email to the mailing address and the email address provided by Employee to the Company by email, the receipt of which shall be
confirmed within two (2) business days from the receipt thereof by the Company, or to any other mailing address and/or email address
that Employee may provide to the Company from time to time, of such receipt of comments from the Staff of the SEC regarding the
CTR, if any, and also of the issuance of any order from the SEC related thereto, and (y) a copy of such of comments from the Staff
of the SEC regarding the CTR, if any, and also of the issuance of any order from the SEC related thereto via certified mail and
via email to the mailing address and the email address provided by Employee to the Company by email, the receipt of which shall
be confirmed within two (2) business days from the receipt thereof by the Company, or to any other mailing address and/or email
address that Employee may provide to the Company from time to time.

 

[Signatures appear on following page]

 

    	 	 -13-	 

    EXECUTION COPY
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

IN WITNESS WHEREOF,
the Company has caused its duly authorized officer to execute and deliver and Employee has executed and delivered this Agreement
and Release as of the dates set forth below.

 

	 	“THE COMPANY”
	 	 
	 	Opiant Pharmaceuticals, Inc.
	 	 	 
	 	By:	/s/ Roger Crystal, M.D.
	 	 
	 	Name: Roger Crystal, M.D.
	 	 
	 	Title: Chief Executive Officer
	 	 
	 	Date: September 5, 2017
	 	 
	 	“EMPLOYEE”
	 	 
	 	/s/ Kevin Pollack
	 	Kevin Pollack
	 	 
	 	Date: September 5, 2017

 

If you choose to accept
this Agreement and Release, please return the signed original to Roger Crystal, Opiant Pharmaceuticals, Inc., 401 Wilshire Blvd.,
12th Floor, Santa Monica, CA 90401, email: rcrystal@opiant.com, and retain a copy for your records.

 

    	 	 -14-	 

    EXECUTION COPY
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

SCHEDULE I

 

RETAINED OPTIONS LIST

 

	Number of Granted 
 Options	 	 	Exercise Price	 	 	Expiration Date
	 	75,000	 	 	$	6.00	 	 	December 30, 2023
	 	23,000	 	 	$	8.00	 	 	December 30, 2023
	 	150,000	 	 	$	5.00	 	 	June 14, 2024
	 	200,000	 	 	$	8.00	 	 	June 14, 2024
	 	500,000	 	 	$	7.25	 	 	October 26, 2025

 

    	 	 -15-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

SCHEDULE II

 

RETAINED OPTIONS DOCUMENTS

 

    	 	 -16-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

EXHIBIT
A

 

FORM OF
NOTICE OF EXERCISE OF STOCK OPTION

 

Ladies and Gentlemen:

 

This letter constitutes a notice that on _________________________
I hereby exercise ____________ of the stock option(s) that were granted to me by Opiant Pharmaceuticals, Inc. (the “Company”)
on _________________________ at a fair market value of US$ ______ per share (equal to the closing price of the shares of common
stock of the Company on the most recent trading day prior to the date of this letter). Pursuant to the terms of such option(s),
I wish to receive ____________ shares of the common stock of the Company covered by such stock option(s) at the exercise price(s)
of US$ ______ per share via cashless exercise. Please deliver these shares to the following address:

 

	Name:	 	 
	 	 	 
	Address: 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	Dated:  	 	 	By:       	 
	 	 	 	 	 
	 	 	 	Name:  	 

 

    	 	 -17-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

  

EXHIBIT B

 

****

 

    	 	 -18-	 

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

EXHIBIT C

 

****

 

    	 	 -19-	 

    EXECUTION COPY
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

EXHIBIT D

 

****

 

    	 	 -20-

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