Document:

Exhibit 10.1

 

Outlook
Therapeutics, Inc.

Third
Note Amendment 

 

This Third Note Amendment
(this “Amendment”), dated June 28, 2019 (the “Effective Date”), is with respect
to those certain senior secured promissory notes (each, a “Note” and collectively, the “Notes”,
in each case as amended by the Note, Warrant and Registration Rights Amendment and Waiver dated as of September 7, 2017 (the “September
2017 Amendment”) and as further amended by the Second Note and Warrant Amendment and Waiver, dated November 5, 2018
(the “Second Amendment”)) issued to Purchasers pursuant to that certain Note and Warrant Purchase Agreement,
dated as of December 22, 2016 (as amended by that certain First Amendment to Note and Warrant Purchase Agreement, dated April 13,
2017, and as further amended by the September 2017 Amendment and the Second Amendment, the “NWPA”), and
is entered into by and among Outlook Therapeutics, Inc., a Delaware corporation
formerly known as Oncobiologics, Inc. (the “Company”), and the Purchasers identified on the signature
pages to this Amendment. Capitalized terms used in this Amendment and not otherwise defined in this Amendment have the respective
meanings ascribed to them in the NWPA and the Notes.

 

Recitals

 

A.           The
Second Amendment required that certain payments be made on the Notes pursuant to Sections 7(e) and 7(f) of the Second Amendment.

 

B.           The
Company and the Purchaser desire to terminate the payment requirements set forth in Sections 7(e) and 7(f) of the Second Amendment
and to change the interest rate applicable to the Notes to 12.0% per annum.

 

C.           Subject
to Section 9 of each of the Notes, Section 7 of the NWPA provides that any provision of the NWPA or the Securities may be amended
and any provision thereof waived only by the written consent of the Company and the Majority Holders. Section 9 of each of the
Notes each provide that any amendment to any Note that changes the fixed maturity of any Loan or Note will not be effective without
the consent of each Purchaser.

 

D.           The
undersigned Purchasers represent all of the Purchasers as of the Effective Date.

 

E.           As
of the Effective Date, the aggregate outstanding principal of the Notes is $6,699,000.00 and the accrued and unpaid interest on
the Notes is $169,655.30.

 

Agreement

 

In consideration of the mutual covenants
and agreements set forth herein and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.           This
Amendment will be effective as of the Effective Date provided that Purchasers holding 100% of the outstanding principal amount
of the Notes and the Company have executed and delivered a counterpart to this Amendment. The Company represents and warrants to
the undersigned Purchasers that the currently outstanding aggregate principal amount of the Notes is $6,699,000.

 

    	 	 	 

     

    

 

2.           Each
of the Notes is hereby amended as follows:

 

(a)          Section
1(a) of each of the Notes are hereby amended and restated as follows:

 

“(a)
Unless earlier converted into Common Stock in accordance with clause 1(b) below, the outstanding principal amount of this Note,
and all accrued and unpaid interest thereon, shall be due and payable on December 22, 2019 (the “Maturity Date”).”

 

(b)          Section
1(d) of each of the Notes are hereby amended and restated as follows:

 

“(d)
[Reserved.]”

 

(c)          Section
2 of each of the Notes are hereby amended and restated as follows:

 

“2.          Interest.
The Company further promises to pay interest on the outstanding principal amount hereof from the date hereof, until payment in
full, which interest shall be payable at the rate of twelve percent (12.0%) per annum (the “Stated Interest Rate”)
or the maximum rate permissible by law (which under the laws of the State of New York shall be deemed to be the laws relating to
permissible rates of interest on commercial loans), whichever is less. Interest shall accrue daily and be due and payable on the
Maturity Date (unless paid sooner), and shall be calculated on the basis of a 365-day year for the actual number of days elapsed.
Upon the occurrence and during the continuance of an Event of Default, all amounts owing hereunder shall bear interest at the Stated
Interest Rate plus two percent (2%) per annum.”

 

3.           Sections
7(e) and 7(f) of the Second Amendment are hereby deleted in their entirety and replaced as follows:

 

(e)          [Reserved].

 

(f)           [Reserved].

 

4.           All
other terms and conditions of the Notes will be unaffected hereby and remain in full force and effect. A copy of this Amendment
may be attached to each of the Notes as an allonge thereto and shall be deemed to be an amendment to each of the Notes.

 

    	 	 	 

     

    

  

5.           Upon
giving effect to this Amendment, each reference in the NWPA, the Security Agreement or any Note or Warrant to “this Note”,
“this Warrant” or words of similar import referring to any Note or Warrant, as applicable, shall be and mean, in each
case, a reference to any Note or any Warrant, as applicable, as amended by this Amendment. Any reference in the Notes to the Purchase
Agreement, shall be and mean a reference to the NWPA, as amended by this Amendment.

 

6.           Wherever
possible, each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Amendment.

 

7.           This
Amendment and all actions arising out of or in connection with this Amendment shall be governed by and construed in accordance
with the internal laws of the State of New York, without regard to the conflicts of law provisions. Each of the parties hereto
irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United
States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating
to or arising out of this Amendment and the transactions contemplated hereby. Each of the parties hereto irrevocably consents to
the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party
hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and
irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AMENDMENT
AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

8.           This
Amendment may only be amended, waived, supplemented or otherwise varied by a document, in writing, of even or subsequent date of
this Amendment, executed by the Company and the Majority Holders; provided that, any amendment, modification, supplement
or waiver to the definition of “Maturity Date” (as defined in the Notes) or that otherwise reduces the principal of
any of the Notes that has the effect of changing the fixed maturity of the Notes or reduces the principal amount of the Notes or
reduces the Conversion Rate (as defined in the Notes) will be subject to the consent of the Majority Holders and each affected
Purchaser.

 

9.           The
provisions of this Amendment shall inure to the benefit of, and be binding upon, the parties to this Amendment, the Purchasers
and their respective successors, assigns, heirs, executors and administrators and other legal representatives.

 

10.         The
Company hereby acknowledges and confirms that the modifications to the Note contained herein shall not in any way affect the rights
set forth in the Security Agreement and IP Security Agreement, each dated as of December 22, 2016 (as amended from time to time)
and hereby reaffirms that the obligations of the Company under the Notes (as amended) are secured by substantially all the Company’s
assets pursuant to such agreements.

   

11.         This
Amendment may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will
constitute one and the same agreement. Facsimile copies or copies in “.pdf” format of signed signature pages will be
deemed binding originals.

 

[Signatures Follow]

 

    	 	 	 

     

    

 

The parties have executed this Third
Note Amendment as of the date first above written.

 

	 	Company:
	 	 
	 	Outlook Therapeutics, Inc.
	 	 	 
	 	By:	/s/ Lawrence A. Kenyon
	 	Name: Lawrence A. Kenyon
	 	Title: Chief Executive Officer and Chief Financial Officer

 

[Third
Note Amendment Signature Page]

 

    	 	 	 

     

    

 

The parties have executed this Third
Note Amendment as of the date first above written.

 

	 	PurchaserS:
	 	 
	 	Iliad Research and Trading, L.P.
	 	 	 
	 	By:	Iliad Management, LLC, its General Partner

 

	 	By:	Fife Trading, Inc., Manager

 

	 	By:	/s/ John M. Fife
	 	 	John M. Fife, President

 

	 	Chicago Venture Partners, L.P.
	 	 	 
	 	By:	Chicago Venture Management, L.L.C.,
	 	 	its General Partner

 

	 	By:	CVM, Inc., its Manager

 

	 	By:	/s/ John M. Fife
	 	 	John M. Fife, President

 

[Third
Note Amendment Signature Page]EX-10.1

 Exhibit 10.1 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE
COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 SIXTH AMENDMENT TO THE MASTER PRIVATE LABEL FINANCING AGREEMENT 

THIS SIXTH AMENDMENT TO THE MASTER PRIVATE LABEL FINANCING AGREEMENT (this “Sixth Amendment”) is made as of the 28th day of June, 2019, by and between Santander Consumer USA Inc. (“SCUSA”) and FCA US LLC (formerly known as Chrysler Group LLC) (“FCA US” or
“Chrysler”). 
 WITNESSETH 

WHEREAS, SCUSA and FCA US entered into that certain Master Private Label Financing Agreement, dated as of February 6, 2013, as amended by
the First Amendment to the Master Private Label Financing Agreement, dated as of February 12, 2014, the Second Amendment to the Master Private Label Financing Agreement, dated as of October 2, 2014, the Third Amendment to the Master
Private Label Financing Agreement, dated as of June 15, 2016, the Fourth Amendment to the Master Private Label Financing Agreement, dated as of July 1, 2016 and the Fifth Amendment to the Master Private Label Financing Agreement,
dated as of July 2, 2018 (the Master Private Label Financing Agreement, as so amended, the “Agreement”); and 

WHEREAS, SCUSA and FCA US desire to amend the Agreement on the terms and conditions hereinafter set forth. 

Understands NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, SCUSA and FCA US agree as follows: 
  

	 	1.	 The following defined terms are hereby amended and restated in their entirety or added in their entirety in
appropriate alphabetical order, in each case to Section 1.01 of the ‘Agreement to read as follows: 

“Annual Measuring Period” means a 365-day period beginning on May 1st of any given
year. 
 “IntelliScore” means the standard business credit scoring system created by Experian and commonly used by business
credit agencies in the United States, together with any successor or replacement system mutually agreed by SCUSA and Chrysler. 

“Market Benchmark” (Section 1.01(qq)) is deleted in its entirety from the Agreement and all references and obligations
attendant therewith to Market Benchmark in the Agreement are deleted. 

 “New Chrysler Vehicle” a motor vehicle sold under the Chrysler Marks and
distributed through Dealers that has not been previously sold or for which title has not been previously issued. 
 “Penetration
Rate” is Market Share (as reported by JD Power or another mutually acceptable third party) computed by dividing the number of New Chrysler Vehicles for which SCUSA provided the Consumer Financing, for an Annual Measuring Period, by the
total New Chrysler Vehicles for which Consumer Financing was provided to a Consumer, for the same Annual Measuring Period. 

“Residual Value Losses” are determined as the amount by which all gross proceeds received by SCUSA (including, but not
limited to, any (i) purchase fees, (ii) cash payments on account of excess mileage or excess wear and tear caused by leaseholders to their leased vehicles in excess of the contractually permitted mileage or ordinary wear and tear and
(iii) insurance proceeds as a result of any collision or other loss with respect to any leased vehicle) related to the disposition of vehicles financed under the Financing Services provided by SCUSA are less than the estimated residual value
(contract residual less Chrysler’s residual enhancement subvention, if any); and “Residual Value Gains” are determined as the amount by which all gross proceeds received by SCUSA (including, but not limited to, any
(i) purchase fees, (ii) cash payments on account of excess mileage or excess wear and tear caused by leaseholders to their leased vehicles in excess of the contractually permitted mileage or ordinary wear and tear and (iii) insurance
proceeds as a result of any collision or other loss with respect to any leased vehicle) related to the disposition of vehicles financed under the Financing Services provided by SCUSA are greater than the estimated residual value (contract residual
less Chrysler’s residual enhancement subvention, if any). 
 “SCUSA Credit Tiers” means [REDACTED]. 

 

	 	2.	 Section 4.08(c) of the Agreement is hereby amended by replacing “Coordinating Committee” with
“Steering Committee.” 

  

	 	3.	 Section 4.13 of the Agreement is hereby amended and restated as follows: 

“Provided that Chrysler treats SCUSA in a manner consistent with Comparable OEM’s treatment of their captive finance providers
(“Treatment Parameters”), as defined below, SCUSA shall comply with the key performance metrics set forth in Schedule 4.13 (“Key Performance Metrics”), including the minimum retail and lease Penetration Rates set
forth therein. No later than 60 days following the end of each calendar quarter, SCUSA will provide Chrysler with reporting sufficient for Chrysler to determine SCUSA’s lease and retail Penetration Rates during the immediately preceding
calendar quarter. Any failure by SCUSA to meet any of the Key Performance Metrics at the at the end of any Annual Measuring Period pursuant to Schedule 4.13 shall be submitted to the Steering Committee and the Steering Committee shall agree on a
cure period within which SCUSA shall cure 

 
its failure to meet the Key Performance Metrics. Any dispute related to the Key Performance Metrics shall be addressed pursuant to Section 14.09 of the Agreement. As used herein
“Treatment Parameters” means: [REDACTED].” 
  

	 	4.	 Schedule 4.13 of the Agreement is hereby amended and restated in its entirety as set forth in Attachment 4.13
to this Sixth Amendment. 

  

	 	5.	 Section 6.01(a) of the Agreement is hereby amended and replaced by the following: 

“(a) Chrysler will provide that [REDACTED] subvented unit Lease volume (“Lease Volume Threshold”) and [REDACTED]
subvented unit Retail volume (“Retail Volume Threshold”) is financed through the private label services provided under this Agreement (the “Level of Exclusivity”) in accordance with the Treatment Parameters set
forth in this Agreement.” 
  

	 	6.	 Section 6.01(d) of the Agreement is hereby deleted in its entirety. 

 

	 	7.	 Section 6.01(e) is hereby added to the Agreement as follows: 

“(e) No later than 60 days following the end of each calendar quarter, Chrysler will provide SCUSA with reporting sufficient for SCUSA to
determine the Level of Exclusivity provided by Chrysler to SCUSA during [REDACTED]. Any failure by Chrysler to meet the Level of Exclusivity measured at the end of any [REDACTED] shall be submitted to the Steering Committee and the Steering
Committee shall agree on a cure period for which Chrysler shall cure its failure to meet the Level of Exclusivity. Any dispute related to the Level of Exclusivity shall be addressed pursuant to Section 14.09 of this Agreement.” 

 

	 	8.	 Section 6.02 of the Agreement is hereby deleted in its entirety. 

 

	 	9.	 Section 6.03 of the Agreement is hereby amended to remove reference to Section 6.02 (which has been
deleted, as set forth above). 

  

	 	10.	 Section 6.05(a)(i) of the Agreement is hereby amended and restated in its entirety as follows:

 “Except as otherwise provided in this Agreement, [REDACTED];” 

	 	11.	 Section 7.02(f) and (g) of the Agreement are hereby amended and restated in their entirety to read as
follows: 

 “(f) For the avoidance of doubt, the risk sharing provisions of this Article VII shall apply to Residual
Value Losses and Residual Value Gains on all new lease vehicles financed under the Agreement, regardless of whether such leases (i) reach the maturity of their originally-contracted full term or are terminated prior thereto or (ii) are
terminated prior to or after the termination of the Agreement. 
 (g) The parties expressly agree that the risk-sharing described in this
Article VII and included as part of the Residual Value Losses Calculation and Residual Value Gains Calculation shall apply notwithstanding the fact that a lease financed under this Agreement reaches maturity following the termination of this
Agreement, and that all of the relevant provisions of this Agreement shall survive with respect to any such lease until such lease reaches maturity (and such reasonable time afterward as is required for the parties to comply with their obligations
under the Agreement with respect to such lease, including with respect to the risk-sharing provisions described in this Article VII).” 
  

	 	12.	 Section 8.02(c) of the Agreement is hereby amended and restated in its entirety to read as follows:

 “(c)    Effective as of April 1, 2019, SCUSA may exclude from the revenue sharing
requirements of Section 8.02(a) the following: [REDACTED]. 
  

	 	13.	 Section 10.02(c) of the Agreement is hereby amended and restated in its entirety to read as follows:

 “(c)    The provisions of Section 10.02, Article X, Section 12.02,
Section 12.03, Section 12.04, and Section 12.05 shall survive expiration or termination of this Agreement and remain in force and in effect following such expiration or termination as required by Law or to effectuate the termination
obligations of this Agreement. Section 7.02(g) and all related provisions of the Agreement, to the extent necessary in connection with survival and implementation of Section 7.02(g), shall survive expiration or termination of this
Agreement as set forth in such section.” 
  

	 	14.	 Section 12.02 of the Agreement is hereby amended to add the following: 

“In addition to any confidentiality obligations of the Parties under the existing Confidentiality Agreement, each Party agrees that it
shall maintain confidential and, without the prior written consent of the disclosing party, not disclose the Confidential Information to any third party or use it for any purpose other than for the specific purpose for which such Confidential
Information has been disclosed to the receiving party, at any time during the term of this Agreement and thereafter. Notwithstanding the preceding sentence, either Party may disclose Confidential Information of the other (a) to its Subsidiaries
and Representatives that need to know such Confidential Information in connection with or to facilitate one or both Parties’ performance of this Agreement, or (b) as required to comply with

 
applicable Law (including, for the avoidance of doubt, any regulation, rule, order or other similar requirement of any governmental, regulatory or supervisory agency, or any stock exchange) or
court order; provided that if a Party is required to make such disclosure of the other Party’s Confidential Information pursuant to the foregoing clause (b), it will give reasonable advance notice to the other Party of such disclosure
and will use its reasonable best efforts to secure confidential treatment of such Confidential Information in consultation with the other Party prior to its disclosure and disclose only the minimum necessary to comply with such requirements. For the
avoidance of doubt, any information provided by one Party to the other Party in connection with Sections 4.13 and 6.01(e) of this Agreement shall constitute Confidential Information.” 

 

	 	15.	 Section 13.05(e) is hereby added to the Agreement in its entirety to read as follows:

 “(e) At SCUSA’s request, Chrysler shall promptly provide to SCUSA, to the extent in Chrysler’s
possession, the most recently prepared annual consolidated financial statements (in such form as is available) of Chrysler and its subsidiaries (which, for the avoidance of doubt, may be unaudited).” 

 

	 	16.	 Sections 14.09(c), (d) and (e) of the Agreement are hereby amended and restated in their entirety to read
as follows: 

 “(c) If the Steering Committee is unable to resolve any such Dispute at the next scheduled Steering
Committee meeting, the Dispute will immediately be escalated to lead members of the Steering Committee for each party, or their designees for the particular matter, for resolution. 

(d) Any Dispute that is not resolved by the lead members of the Steering Committee for each party (or their designees for the particular
matter) within 30 days of submission to them will immediately be escalated to the Chief Executive Officer of SCUSA and the Chief Executive Officer of Chrysler. 

(e) If a Dispute is not resolved within 60 days of the date of escalation to Chief Executive Officer of SCUSA and the Chief Executive Officer
of Chrysler, the parties agree in good faith to try to settle the Dispute by mediation administered by the American Arbitration Association under its Commercial Mediation Rules, before resorting to litigation or any other dispute resolution
mechanism.” 
  

	 	17.	 Effective immediately upon the execution this Sixth Amendment by the parties hereto, and without any required
action by any party, the Tolling Agreement (the “Tolling Agreement”) between FCA US and SCUSA, dated as of July 11, 2018, shall be immediately and automatically terminated. 

 

	 	18.	 Concurrent with the execution of this Sixth Amendment, SCUSA shall pay to Chrysler a, one-time, non-refundable, non-contingent, cash payment of $60,000,000 (the “Cash Payment”), payable in U.S. dollars in
immediately available funds. FCA US shall be responsible for any and all taxes due on the Cash Payment. 

	 	19.	 Chrysler and SCUSA hereby IRREVOCABLY and UNCONDITIONALLY RELEASE AND DISCHARGE each other, from all claims,
controversies, demands, liabilities, losses, debts, obligations, promises, acts, agreements, rights of contribution and/or indemnification, damages, expenses, judgments, and causes of action of any nature whatsoever, at law or in equity
(“Claims”), whether known or unknown, from the beginning of time through the date hereof, in each case to the extent such Claims arise from or relate to the Agreement or any agreement referenced in the Agreement. This release shall
not apply to payments due under the Parties’ ordinary course of business under the Agreement. 

  

	 	20.	 Except as hereby amended, the Agreement and all its terms shall remain unchanged and in full force and effect.
In the event of any conflict between the terms and conditions of the Agreement and the terms and conditions of this Sixth Amendment, this Sixth Amendment shall control. The execution, delivery and effectiveness of this Sixth Amendment shall not
operate as a waiver of any right, power or remedy of SCUSA or FCA US under the Agreement or any other ancillary agreement thereto. 

  

	 	21.	 Upon the effectiveness of this Sixth Amendment, each reference in the Agreement to this “Agreement”,
“hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Agreement as amended by this Sixth Amendment. 

 

	 	22.	 The terms of the Agreement shall apply to the terms and provisions of this Sixth Amendment mutatis
mutandis. 

  

	 	23.	 This Sixth Amendment may be executed in one or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. All signatures of the parties to this Agreement may be transmitted by facsimile, and such facsimile will, for all purposes, be deemed to be the original signature of such party
whose signature it reproduces, and will be binding upon such party. 

  

	 	24.	 Any capitalized terms not defined herein will be given the meanings assigned to them in the Agreement.

 IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amendment as of the day and year first
written above. 
  

			
	SANTANDER CONSUMER USA INC.
		
	By:	 	 /s/ Christopher K. Pfirrman

	Name:	 	Christopher K. Pfirrman
	Title:	 	Chief Legal Officer
	
	FCA US LLC
		
	By:	 	 /s/ Joao Eduardo Laranjo

	Name:	 	Joao Eduardo Laranjo
	Title:	 	Chief Financial Officer, North America

 ATTACHMENT 4.13 

Key Performance Metrics 

SCUSA’s minimum Penetration Rate shall be: 
  

																					
	 	  	Year 6	 	 	Year 7	 	 	Year 8	 	 	Year 9	 	 	Year 10	 
	 Retail
	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Lease
	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	]

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