Document:

Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

REPROS THERAPEUTICS INC.

 

FOR UP TO 2,463,538 SHARES OF COMMON
STOCK

Ladies and Gentlemen:

The undersigned (the “Investor”)
hereby confirms its agreement with Repros Therapeutics Inc., a Delaware corporation (the “Company”), as follows:

 

1. This Subscription
Agreement, including the Terms and Conditions for Purchase of Shares attached hereto as Annex I (collectively, this
“Agreement”) is made as of the date set forth below among the Company and the Investor.

 

2. The
Company has authorized the offering and sale by the Company to certain investors up to an aggregate of 2,463,538
shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common
Stock”), for a purchase price of $4.50 per Share (the “Purchase Price”). 

 

3. The
offering and sale of the Shares (the “Offering”) are being made pursuant to: (a) an effective Registration
Statement on Form S-3 (File No. 333-163648) (the “Registration Statement”)
under the Securities Act of 1933, as amended (the “Act”), as filed by the Company with the Securities and Exchange
Commission (the “Commission”), including the Prospectus contained in the Registration Statement (the “Base
Prospectus”), (b) if applicable, certain “free writing prospectuses” (as that term is defined in Rule 405
under the Act), that have been or will be filed, if required, with the Commission and delivered to the Investor on or prior to
the date hereof, containing certain supplemental information regarding the Shares, the terms of the Offering and the Company and
(c) a Prospectus Supplement relating to the sale of the Shares (the “Prospectus Supplement” and, together
with the Base Prospectus, the “Company Prospectus”) containing certain supplemental information regarding the
Shares and terms of the Offering that will be filed with the Commission and delivered to the Investor (or made available to the
Investor by the filing by the Company of an electronic version thereof with the Commission).

 

4. (a)The
Company and the Investor agree that the Investor will purchase from the Company and the Company will issue and sell to the
Investor the Shares set forth below for the aggregate purchase price set forth below.  The Shares shall be
purchased pursuant to the Terms and Conditions for Purchase of Shares attached hereto as Annex I and incorporated
herein by this reference as if fully set forth herein.

 

  (b)
The Investor acknowledges that the Offering is not being underwritten by Ladenburg Thalmann & Co. Inc., the placement agent
for the Offering (the “Placement Agent”), and that there is no minimum offering amount. 

 

5. The manner of
settlement of the Shares purchased by the Investor shall be determined by such Investor as follows (check one):

 

[     ]           A.           
Delivery by crediting the account of the Investor’s prime broker (as specified by such Investor on Exhibit A
annexed hereto) with the Depository Trust Company (“DTC”) through its Deposit/Withdrawal At Custodian (“DWAC”)
system, whereby Investor’s prime broker shall initiate a DWAC transaction on the Closing Date (as defined on Annex I
hereto) using its DTC participant identification number, and released by Computershare Trust Company, N.A., the Company’s
transfer agent (the “Transfer Agent”), at the Company’s direction.  NO LATER THAN ONE (1) BUSINESS
DAY AFTER THE EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE COMPANY, THE INVESTOR SHALL:

 

    	 

    	 

    
 

 

(I)        DIRECT
THE BROKER-DEALER AT WHICH THE ACCOUNT OR ACCOUNTS TO BE CREDITED WITH THE SHARES ARE MAINTAINED TO SET UP A DWAC INSTRUCTING THE
TRANSFER AGENT TO CREDIT SUCH ACCOUNT OR ACCOUNTS WITH THE SHARES, AND

 

(II)REMIT
BY WIRE TRANSFER THE AMOUNT OF FUNDS EQUAL TO THE AGGREGATE PURCHASE PRICE FOR THE SHARES BEING PURCHASED BY THE INVESTOR TO THE
FOLLOWING ACCOUNT:

 

[Account information to
be provided under separate cover]

 

-- OR --

 

[     ]           B.           Delivery
versus payment (“DVP”) through DTC (i.e., on the Closing  Date, the Company shall deliver the Shares
registered in the Investor’s name and address as set forth below and released by the Transfer Agent to the Investor through
DTC at the Closing directly to the account(s) at the Placement Agent identified by the Investor; upon receipt of such Shares, the
Placement Agent shall promptly electronically deliver such Shares to the Investor, and simultaneously therewith payment shall be
made by the Placement Agent by wire transfer to the Company).   NO LATER THAN ONE (1) BUSINESS DAY AFTER THE
EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE COMPANY, THE INVESTOR SHALL:

 

(I) NOTIFY
THE PLACEMENT AGENT OF THE ACCOUNT OR ACCOUNTS AT THE PLACEMENT AGENT TO BE CREDITED WITH THE SHARES BEING PURCHASED BY SUCH INVESTOR,
AND

 

(II) CONFIRM
THAT THE ACCOUNT OR ACCOUNTS AT THE PLACEMENT AGENT TO BE CREDITED WITH THE SHARES BEING PURCHASED BY THE INVESTOR HAVE A MINIMUM
BALANCE EQUAL TO THE AGGREGATE PURCHASE PRICE FOR THE SHARES BEING PURCHASED BY THE INVESTOR.

 

IT IS THE INVESTOR’S
RESPONSIBILITY TO: (A) MAKE THE NECESSARY WIRE TRANSFER OR CONFIRM THE PROPER ACCOUNT BALANCE IN A TIMELY MANNER AND (B) ARRANGE
FOR SETTLEMENT BY WAY OF DWAC OR DVP IN A TIMELY MANNER.

 

IF THE INVESTOR DOES
NOT DELIVER THE AGGREGATE PURCHASE PRICE FOR THE SHARES OR DOES NOT MAKE PROPER ARRANGEMENTS FOR SETTLEMENT IN A TIMELY MANNER,
THE SHARES MAY NOT BE DELIVERED AT CLOSING TO THE INVESTOR OR THE INVESTOR MAY BE EXCLUDED FROM THE CLOSING ALTOGETHER, AT THE
COMPANY’S DISCRETION.

 

6. The Investor represents
that, except as set forth below: (a) it has had no position, office or other material relationship within the past three years
with the Company or persons known to it to be affiliates of the Company, (b) it is not a member of the Financial Industry
Regulatory Authority, Inc. or an Associated Person (as such term is defined under the NASD Membership and Registration Rules Section 1011)
as of the Closing, and (c) neither the Investor nor any group of Investors (as identified in a public filing made with the
Commission) of which the Investor is a part in connection with the Offering of the Shares, acquired, obtained the right to acquire
or will beneficially own 20% or more of the Common Stock (or securities convertible into or exercisable for Common Stock) or the
voting power of the Company on a post-transaction basis.

 

Exceptions:

 

(Please provide a listing
of exceptions to the foregoing representations.  If no exceptions, write “none.”  If left blank,
response will be deemed to be “none.”)

 

7. The Investor represents
that it has received (or otherwise had made available to it by the filing by the Company of an electronic version thereof with
the Commission) the Base Prospectus, the documents incorporated by reference therein and any free writing prospectus (collectively,
the “Disclosure Package”), prior to or in connection with the receipt of this Agreement.  The Investor
acknowledges that, prior to the delivery of this Agreement to the Company, the Investor will receive certain additional information
regarding the Offering, including pricing information (the “Offering Information”).  Such information
may be provided to the Investor by any means permitted under the Act, including the Prospectus Supplement, a free writing prospectus
and oral communications.

 

    	2

    	 

    
 

 

8. No offer by the
Investor to buy the Shares will be accepted and no part of the Purchase Price will be delivered to the Company until the Investor
has received the Offering Information and the Company has accepted such offer by countersigning a copy of this Agreement, and any
such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the Company (or Placement
Agent on behalf of the Company) sending (orally, in writing or by electronic mail) notice of its acceptance of such offer.  An
indication of interest will involve no obligation or commitment of any kind until the Investor has been delivered the Offering
Information and this Agreement is accepted and countersigned by or on behalf of the Company.  The Investor understands
and agrees that the Company, in its sole discretion, reserves the right to accept or reject this subscription for Shares, in whole
or in part.

 

9. The Company and the
Investor each acknowledge that the only material, non-public information relating to the Company that the Company has provided
to the Investor in connection with the Offering prior to the date hereof is the existence of the Offering.

 

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Number of Shares:  _________

Purchase Price Per Share: $______

Aggregate Purchase Price: $_____

 

 

Please confirm that the foregoing correctly
sets forth the agreement between us by signing in the space provided below for that purpose.

 

 

 

	Date: January __, 2012	 	INVESTOR:	 	 
	 	 	 	 	 
		 	 	 
	 	 	 	 	 
	 	 	By:	 	 
		 	Name:	 	 
	 	 	Title:	 	 
	 	 	 	 	 
		 		 	 
	 	 	 	 	 

 

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Agreed and Accepted this ___ day of January, 2012:

 

	 	REPROS THERAPEUTICS INC. 	 
	 	 	 
	 	COMPANY:	 
		 	 	 
	 	By:		 
	 	 	Joseph S. Podolski 	 
	 	 	President and Chief
Executive Officer 	 

  

 

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ANNEX I

 

TERMS AND CONDITIONS FOR PURCHASE OF SHARES

 

Capitalized terms used
but not defined on this Annex I shall have the meanings ascribed to such terms in the Subscription Agreement to which this
Annex is attached.

 

1. Authorization
and Sale of the Shares.  Subject to the terms and conditions of this Agreement, the Company has authorized the sale
of the Shares.

 

2. Agreement
to Sell and Purchase the Shares; Placement Agent.

 

2.1 At the Closing
(as defined in Section 3.1), the Company will sell to the Investor, and the Investor will purchase from the Company, upon
the terms and conditions set forth herein, the number of Shares set forth on the last page of the Agreement to which these Terms
and Conditions for Purchase of Shares are attached as Annex I (the “Signature Page”) for the aggregate
purchase price therefor set forth on the Signature Page.

 

2.2 The Company proposes
to enter into substantially this same form of Subscription Agreement with certain other investors (the “Other Investors”)
and expects to complete sales of Shares to them.  The Investor and the Other Investors are hereinafter sometimes collectively
referred to as the “Investors,” and this Agreement and the Subscription Agreements executed by the Other Investors
are hereinafter sometimes collectively referred to as the “Agreements.”

 

2.3 Investor acknowledges
that the Company has agreed to pay the Placement Agent a fee in respect of the sale of Shares to the Investor.

 

2.4 The Company has
entered into a Placement Agency Agreement, dated January 26, 2012 (the “Placement Agreement”), with the Placement
Agent that contains certain representations, warranties, covenants and agreements of the Company, each of which may be relied upon
by the Investor as if fully set forth herein.  It is specifically agreed that Investor shall be a third party beneficiary
of all such representations, warranties, covenants and agreements of the Company.

 

3. Closing
and Delivery of the Shares and Funds.

 

3.1           Closing.  The
completion of the purchase and sale of the Shares (the “Closing”) shall occur at a place and time (the “Closing
Date”) to be specified by the Company and the Placement Agent, and of which the Investors will be notified in advance
by the Placement Agent, in accordance with Rule 15c6-1 promulgated under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”).  At the Closing, (a) the Company shall cause the Transfer Agent to deliver to the
Investor the number of Shares set forth on the Signature Page registered in the name of the Investor or, if so indicated on the
Investor Questionnaire attached hereto as Exhibit A, in the name of a nominee designated by the Investor and (b) 
the aggregate purchase price for the Shares being purchased by the Investor will be delivered by or on behalf of the Investor to
the Company.

 

3.2           Conditions
to the Obligations of the Parties.

 

(a)           Conditions
to the Company’s Obligations.  The Company’s obligation to issue and sell the Shares to the Investor shall
be subject to: (i) the receipt by the Company of the purchase price for the Shares being purchased hereunder as set forth
on the Signature Page and (ii) the accuracy of the representations and warranties made by the Investor and the fulfillment
of those undertakings of the Investor to be fulfilled prior to the Closing Date.

 

(b)           Conditions
to the Investor’s Obligations.  The Investor’s obligation to purchase the Shares will be subject to the accuracy
of the representations and warranties made by the Company and the fulfillment of those undertakings of the Company to be fulfilled
prior to the Closing Date, including without limitation, those contained in the Placement Agreement, and to the condition that
the Placement Agent shall not have: (i) terminated the Placement Agreement pursuant to the terms thereof or (ii) determined
that the conditions to the closing in the Placement Agreement have not been satisfied.  The Investor’s obligations
are expressly not conditioned on the purchase by any or all of the Other Investors of the Shares that they have agreed to purchase
from the Company.  The Investor understands and agrees that, in the event that the Placement Agent in its sole discretion
determines that the conditions to closing in the Placement Agreement have not been satisfied or if the Placement Agreement may
be terminated for any other reason permitted by the Placement Agreement, then the Placement Agent may, but shall not be obligated
to, terminate the Placement Agreement, which shall have the effect of terminating this Subscription Agreement pursuant to Section 14
below.

 

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3.3           Delivery
of Funds.

 

(a)             DWAC
Delivery.  If the Investor elects to settle the Shares purchased by such Investor through DTC’s Deposit/Withdrawal
at Custodian (“DWAC”) delivery system, no later than one (1) business day after the execution of this
Agreement by the Investor and the Company, the Investor shall remit to the Company by wire transfer the amount of funds equal
to the aggregate purchase price for the Shares being purchased by the Investor to the following accounts:

 

[Account information to be provided
under separate cover]

 

The Investor acknowledges
and agrees that no minimum amount is required to be raised in order for the Company and the Placement Agent to close the Offering.

 

(b)           Delivery
Versus Payment through The Depository Trust Company.  If the Investor elects to settle the Shares purchased by such Investor
by delivery versus payment through DTC, no later than one (1) business day after the execution of this Agreement by the
Investor and the Company, the Investor shall confirm that the account or accounts at the Placement Agent to be credited with
the Shares being purchased by the Investor have a minimum balance equal to the aggregate purchase price for the Shares being purchased
by the Investor.

 

3.4           Delivery
of Shares.  The Shares shall be delivered as set forth in Sections 5 and 6 of the Agreement.

 

4. Representations,
Warranties and Covenants of the Investor.

 

The Investor acknowledges,
represents and warrants to, and agrees with, the Company and the Placement Agent that:

 

4.1           The
Investor: (a) is knowledgeable, sophisticated and experienced in making, and is qualified to make decisions with respect to,
investments in shares presenting an investment decision like that involved in the purchase of the Shares, including investments
in securities issued by the Company and investments in comparable companies, (b) has answered all questions on the Signature
Page and the Investor Questionnaire and the answers thereto are true and correct as of the date hereof and will be true and correct
as of the Closing Date and (c) in connection with its decision to purchase the number of Shares set forth on the Signature
Page, has received and is relying only upon the Disclosure Package and the documents incorporated by reference therein and the
Offering Information.

 

4.2           (a)  No
action has been or will be taken in any jurisdiction outside the United States by the Company or the Placement Agent that would
permit an offering of the Shares, or possession or distribution of offering materials in connection with the issue of the Shares
in any jurisdiction outside the United States where action for that purpose is required, (b) if the Investor is outside the
United States, it will comply with all applicable laws and regulations in each foreign jurisdiction in which it purchases, offers,
sells or delivers Shares or has in its possession or distributes any offering material, in all cases at its own expense and (c) the
Placement Agent is not authorized to make and has not made any representation, disclosure or use of any information in connection
with the issue, placement, purchase and sale of the Shares, except as set forth or incorporated by reference in the Disclosure
Package or the Prospectus Supplement or any free writing prospectus.

 

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4.3           (a)  The
Investor has full right, power, authority and capacity to enter into this Agreement and to consummate the transactions contemplated
hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and (b) this
Agreement constitutes a valid and binding obligation of the Investor enforceable against the Investor in accordance with its terms,
except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ and contracting parties’ rights generally and except as enforceability may be subject to general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and except as to the enforceability
of any rights to indemnification or contribution that may be violative of the public policy underlying any law, rule or regulation
(including any federal or state securities law, rule or regulation).

 

4.4           The
Investor understands that nothing in this Agreement, the Company Prospectus, the Disclosure Package, the Offering Information or
any other materials presented to the Investor in connection with the purchase and sale of the Shares constitutes legal, tax or
investment advice. The Investor has consulted such legal, tax and investment advisors and made such investigation as it, in its
sole discretion, has deemed necessary or appropriate in connection with its purchase of Shares.

 

4.5           Since
the date on which the Placement Agent first contacted the Investor about the Offering, the Investor has not disclosed any information
regarding the Offering to any third parties (other than its legal, accounting and other advisors who are bound by agreements or
duties of confidentiality) and has not engaged in any purchases or sales involving the securities of the Company (including, without
limitation, any Short Sales (as defined below) involving the Company’s securities).  The Investor covenants that
it will not engage in any purchases or sales involving the securities of the Company (including Short Sales) prior to the time
that the transactions contemplated by this Agreement are publicly disclosed.  The Investor agrees that it will not use
any of the Shares acquired pursuant to this Agreement to cover any short position in the Common Stock if doing so would be in violation
of applicable securities laws.  For purposes hereof, “Short Sales” include, without limitation, all
“short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, whether or
not against the box, and all types of direct and indirect stock pledges, forward sales contracts, options, puts, calls, short sales,
swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements
(including on a total return basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers.

 

5.           Survival
of Representations, Warranties and Agreements; Third Party Beneficiary.  Notwithstanding any investigation made by
any party to this Agreement or by the Placement Agent, all covenants, agreements, representations and warranties made by the Company
and the Investor herein will survive the execution of this Agreement, the delivery to the Investor of the Shares being purchased
and the payment therefor.  It is specifically agreed that the Placement Agent shall be a third party beneficiary with
respect to the representations, warranties and agreements of the Investor in Section 4 hereof.

 

6.           Notices.  All
notices, requests, consents and other communications hereunder will be in writing, will be mailed (a) if within the domestic
United States by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid,
or by facsimile or (b) if delivered from outside the United States, by International Federal Express or facsimile, and (c) will
be deemed given (i) if delivered by first-class registered or certified mail domestic, three business days after so mailed,
(ii) if delivered by nationally recognized overnight carrier, one business day after so mailed, (iii) if delivered by
International Federal Express, two business days after so mailed and (iv) if delivered by facsimile, upon electronic confirmation
of receipt and will be delivered and addressed as follows:

 

(a)           if
to the Company, to:

 

Repros Therapeutics
Inc.

2408 Timberloch
Place, Suite B-7

The Woodlands,
Texas 77380

Attention:
Joseph S. Podolski, President and Chief Executive Office

Facsimile
No.: (281) 719-3446

 

with copies (which shall not constitute
notice) to:

 

    	8

    	 

    
 

 

Winstead PC

24 Waterway Avenue, Suite 500

The Woodlands, Texas 77380

Attention:  Jeffrey R.
Harder, Esq.

Facsimile No.: (281) 681-5901

 

(b)           if
to the Investor, at its address on the Signature Page hereto, or at such other address or addresses as may have been furnished
to the Company in writing.

 

7.           Changes.  This
Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Investor.

 

8.           Headings.  The
headings of the various sections of this Agreement have been inserted for convenience of reference only and will not be deemed
to be part of this Agreement.

 

9.           Severability.  In
case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.

 

10.           Governing
Law.  This Agreement will be governed by, and construed in accordance with, the internal laws of the State of New
York, without giving effect to the principles of conflicts of law that would require the application of the laws of any other jurisdiction.

 

11.           Counterparts.  This
Agreement may be executed in two or more counterparts, each of which will constitute an original, but all of which, when taken
together, will constitute but one instrument, and will become effective when one or more counterparts have been signed by each
party hereto and delivered to the other parties.  Delivery of a signed counterpart of this Agreement by facsimile or
other electronic transmission shall constitute valid and sufficient delivery thereof.  The Company and the Investor acknowledge
and agree that the Company shall deliver its counterpart to the Investor along with the Prospectus Supplement (or the filing by
the Company of an electronic version thereof with the Commission).

 

12.           Confirmation
of Sale.  The Investor acknowledges and agrees that such Investor’s receipt of the Company’s signed counterpart
to this Agreement, together with the Prospectus Supplement (or the filing by the Company of an electronic version thereof with
the Commission), shall constitute written confirmation of the Company’s sale of the Shares to such Investor.

 

13.           Press
Release.  The Company and the Investor agree that the Company shall, prior to the opening of the financial markets
in New York City on the business day immediately after the date hereof: (a) issue a press release announcing the Offering
and disclosing all material information regarding the Offering and (b) file a Current Report on Form 8-K with the Securities
and Exchange Commission including a form of this Agreement as an exhibit thereto.

 

14.           Termination.  In
the event that the Placement Agreement is terminated by the Placement Agent pursuant to the terms thereof, this Agreement shall
terminate without any further action on the part of the parties hereto.

 

[Exhibit A (Investor Questionnaire)
Follows]

 

 

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EXHIBIT A

 

REPROS THERAPEUTICS INC.

 

INVESTOR QUESTIONNAIRE

 

Pursuant to Section 3
of Annex I to the Agreement, please provide us with the following information:

 

1.           The
exact name that your Shares are to be registered in.  You may use a nominee name if appropriate:

 

_____________________________________________________________________

 

2.           The
relationship between the Investor and the registered holder listed in response to item 1 above:

 

_____________________________________________________________________

 

3.           The
mailing address of the registered holder listed in response to item 1 above:

 

____________________________________________________

____________________________________________________

____________________________________________________

____________________________________________________

Fax: ________________________________________________

 

4.           The
Social Security Number or Tax Identification Number of the registered holder listed in the response to item 1 above:

_________________________________________

 

5.           Name
of DTC Participant (broker-dealer at which the account or accounts to be credited with the Shares are maintained):

______________________________________________________________

 

 

6.           DTC
Participant Number: _________________________________________

 

7.           Name
of Account at DTC Participant being credited with the Shares:

 

______________________________________________________________

 

8.           Account
Number at DTC Participant being credited with the Shares:

 

 

______________________________________________________________

 

 

    	10NEUROLOGIX,
INC.

 

January
25, 2012

Matthew J. During, M.D., D.Sc.

Professor and Director

The Ohio State University

Human Cancer Genetics Program

BRT 912, 460 West 12th Street

Columbus, OH 43210

 

Re: Amendment
to Consulting Agreement 

Dear
Dr. During: 

This
letter (this “Amendment”) effective as of January 25, 2012, amends that certain Consulting Agreement, dated
as of October 1, 1999 (as amended, restated, supplemented or otherwise modified from time to time, the “Consulting Agreement”),
by and between you and Neurologix, Inc., a Delaware corporation (the “Company”). Capitalized terms used herein
and not otherwise defined herein shall have the meanings ascribed to them in the Consulting Agreement.

 

WHEREAS,
the Company is exploring certain strategic alternatives in order to facilitate the consummation of a Liquidity Event (as defined
herein); and

WHEREAS, in connection with achieving such Liquidity Event, the Company desires to amend
your compensation arrangement under the Consulting Agreement, solely upon the terms and conditions set forth herein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed
as follows:

 

1.Section
2 of the Consulting Agreement is hereby amended by adding a new subsection (d) to the end thereof as follows:

 

“(d)The
Consultant shall (i) advise the Company on strategy and tactics to be used to engage in discussions with potential strategic parties
in order to facilitate the consummation of a Liquidity Event and (ii) provide advice and assistance in connection with a Liquidity
Event, including, at the Company’s reasonable request, assisting in presentations to, and discussions with, potential strategic
parties and the Company’s Board of Directors.”

    	 

    	 

    
 

 

2.Section
2 of the Consulting Agreement is hereby amended by adding the following paragraph at the end thereof as follows:

 

“For
purposes of this Agreement, the term “Liquidity Event” shall mean (i) any merger, consolidation, reorganization
or other business combination pursuant to which the business of the Company is combined with that of one or more purchasers or
sellers or one or more persons formed by, or affiliated with, a purchaser or seller, (ii) the acquisition, directly or indirectly,
by one or more purchasers of more than 50% of the capital stock of the Company, by way of negotiated purchase or any other means
(but specifically excluding any purchase of capital stock from the Company for the purposes of capital raising), (iii) the acquisition,
directly or indirectly, by one or more purchasers of all or substantially all of the assets of the Company, or (iv) any licensing,
collaboration, partnership, joint venture, strategic alliance or similar transaction, business association or relationship with
one or more strategic parties with respect to the development, commercialization, marketing, promotion, sale and/or distribution
of the Company’s gene therapy product for the treatment of Parkinson’s disease. The Consultant and the Company acknowledge
and agree that a “Liquidity Event” shall not include any debt or equity offerings that shall only result in the continued
financing and operation of the Company. 

 

3.Section
3 of the Consulting Agreement is hereby amended by deleting it in its entirety and replacing it with the following:

 

“3.
Compensation.

 

(a)In
consideration for the Consultant’s services hereunder, upon the successful achievement of a Liquidity Event with a pharmaceutical,
biotechnology, medical device company or any other third party, the Consultant shall receive, in
lieu of, and in complete satisfaction of, all other compensation for services and all other payments whatsoever that the Consultant
may otherwise have a claim to, whether under the Consulting Agreement or otherwise, an amount (the “Consideration”)
equal to three and one-half percent (3.5%) of the aggregate consideration received by the Company or its stockholders, as applicable,
in such Liquidity Event, whether structured as an up-front payment, milestone payments or any combination thereof. No payment of
Consideration shall be made to the Consultant until the Consultant has executed and delivered to the Company a release substantially
in the form of Attachment 1 attached hereto. Once due hereunder, each payment shall be paid to the Consultant within fifteen
(15) days of receipt by the Company or its stockholders, as applicable, in the same form and manner as received by the stockholders
of the Company.

 

(b)The Company
shall reimburse the Consultant for all reasonable travel and related expenses required for the performance of the Consultant’s
services hereunder if approved in advance and upon presentation of satisfactory invoices and receipts therefor.

 

(c)The Consultant
shall be solely responsible for all reporting and paying of any and all federal, state and local taxes, contributions and withholding
and any other claim to or arising out of any compensation paid by the Company to the Consultant hereunder.”

    	2

    	 

    

 

4.In the event that
the Company does not successfully achieve a Liquidity Event, the Company shall continue to be responsible for making all payments
owed to the Consultant, including all accrued but unpaid quarterly payments under the Consulting Agreement, as in effect prior
to this Amendment.

 

5.Except as amended
by this Amendment, the Consulting Agreement and the related Confidentiality, Proprietary Information and Inventions Agreement,
dated as of October 1, 1999, between you and the Company (as amended, restated, supplemented or otherwise modified from time to
time), and each provision thereof, are hereby ratified and confirmed in every respect and shall continue in full force and effect.

 

6.This Amendment shall
be governed by, and construed in accordance with, the laws of the State of New York, without regard to its principles of conflicts
of laws.

 

7.This Amendment may
be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute
one and the same instrument. This Amendment may be executed by the delivery of facsimile or .pdf copies of the signatures of the
parties hereto.

 

 

[Remainder of Page Intentionally Left Blank;
Signature Page Follows]

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IN WITNESS
WHEREOF, the parties have caused this Amendment to be executed as of the date first written above.

 

NEUROLOGIX, INC.

By: /s/ Clark A. Johnson_______________

Name: Clark A. Johnson

Title: Chief Executive Officer

 

 

 

By: /s/ Marc L. Panoff_______________

Name: Marc L. Panoff

Title: Chief Financial Officer

 

Accepted and Agreed:

/s/ Matthew J. During__________________

Matthew J. During, M.D., D.Sc.

    	 

    	 

    

Attachment 1

RELEASE

In
consideration for the promise by NEUROLOGIX, INC., a Delaware corporation (the “Company”), to pay the Consideration
as set forth and defined in the Consulting Agreement, dated as of October 1, 1999, between the Company, and Dr. Matthew J. During
(as amended, restated, supplemented or otherwise modified from time to time, the “Consulting Agreement”), the
undersigned DR. MATTHEW J. DURING, for himself and his heirs, legal representatives, successors and assigns (collectively, the
“During Parties”), hereby fully and irrevocably releases, acquits and discharges the Company, together with
its past, present and future stockholders, directors, officers, employees, agents, representatives, subsidiaries, parent and affiliate
entities, predecessors, successors, and assigns (collectively, the “Released Parties”), irrevocably from any
and all liabilities, damages, losses, obligations, rights, actions, claims, defenses, debts, demands, costs, contracts, allegations
and causes of action, whether known or unknown, suspected or unsuspected, latent or patent, direct or indirect, at law or in equity,
which the During Parties had, now have, or may have against the Released Parties, except for (i) any claims and rights to indemnification
or insurance coverage that the During Parties have or may have (past, present and future) in relationship to Company activities,
(ii) any obligations on the part of the Company to defend and hold harmless the During Parties from and against any past, current
or future legal action or litigation arising out of the During Parties’ activities on behalf of, and authorized by, the Company,
including, but not limited to, any litigation associated with subjects involved in clinical trials, including Robert Zeman, (iii)
the expense reimbursement described in Section 3(b) of the Consulting Agreement, (iv) the right to enforce the terms of
this Release and (v) any claims arising after the execution of this Agreement (other than claims specifically related to compensation,
which claims the undersigned hereby acknowledges are forever released and discharged). 

This
Release shall be governed by and construed in accordance with the laws of the State of New York, without regard to its principles
of conflict of laws.

Capitalized
terms used herein and not otherwise defined herein shall have the meanings ascribed to them in that certain Amendment to Consulting
Agreement, dated as of January 25, 2012, by and between the Company and Dr. Matthew J. During.

WITNESS
the execution hereof as an instrument under seal this 25th day of January, 2012.

	 	By: 	/s/ Matthew J. During
	 	 	Matthew J. During, M.D., D.Sc.

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