Document:

AMENDMENT TO

SECURITIES PURCHASE
AGREEMENT

This Amendment (this
“Amendment”), dated as of October 9, 2019, amends certain provisions of the Securities Purchase Agreement (the
“Agreement”) dated as of September 24, 2019, between BioVie Inc., a Nevada corporation (the “Company”)
and Acuitas Group Holdings, LLC (“Acuitas” or the “Purchaser”). All terms used but not defined
herein shall have the meanings assigned to them in the Agreement.

WHEREAS, Company
and the Purchaser seek to amend those provisions of the Agreement (i) relating to the issuance of Commitment Warrants and Bridge
Warrants, and (ii) governing the issuance of shares of the Company’s Class A common stock, par value $0.0001 per share (the
“Common Stock”) in connection with the Uplisting Offering to provide that Purchaser shall be entitled to such number of shares of Common Stock should the underwriters in the Uplisting
Offering exercise their option to purchase additional shares of Common Stock or warrants to purchase shares of Common Stock as
shall result in Purchaser experiencing no dilution of its ownership interest as a result of any exercise of such option.

NOW THEREFORE,
in consideration of the foregoing and the representations, warranties, covenants and agreements herein contained and other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as
follows:

1.                 
Exhibit A to the Agreement is hereby amended by deleting the existing Exhibit A in its entirety and replacing it with Exhibit
A hereto. Upon such amendment, any Commitment Warrants or Bridge Warrants previously delivered to Purchaser shall be
returned to the Company and Purchaser shall be issued in replacement thereof such equal number of Commitment Warrants or Bridge
Warrants having the terms set forth in Exhibit A.

2.                 
Section 2.5 of the Agreement is hereby amended by deleting the existing Section 2.5 in its entirety and replacing it with
the following:

2.5 Green Shoe Adjustment Units. Following the closing of the Uplisting Offering, in the event the underwriters exercise their option to purchase
additional shares and/or warrants, then at any closing relating to such exercise the Company shall issue to Acuitas that number
of additional fully diluted shares of Common Stock (the “Green Shoe Shares”) equal to the result of (x) (A) the percentage of the total fully diluted
shares of Common Stock then beneficially owned by Acuitas multiplied by the number of fully diluted shares of Common Stock to be
outstanding after giving effect to such exercise, less (B) the total fully diluted shares of Common Stock then beneficially owned
by Acuitas, divided by (y) the difference between 100% and the percentage of the total fully diluted shares of Common Stock then
beneficially owned by Acuitas. Such fully diluted shares of Common Stock shall be issued in the form of Shares of Common Stock
and/or Warrants in the form of Exhibit A (the “Green Shoe Warrants”) attached hereto in the same proportion as such
securities shall be issued to the underwriters at such closing.

    	 

    	 

    

 

3.                 
Section 4.14 of the Agreement is hereby amended by deleting the existing Section 4.14 in its entirety and replacing it with
the following:

4.14 Purchase
Option Redemption Adjustment. Each of the Company and Acuitas have agreed that the letter agreement dated June 24, 2019 (the
“Letter Agreement”) regarding the modification of certain rights held by Acuitas shall be modified further such that
the Transaction Shares referred to in the Letter Agreement shall be four times the amount set forth therein.

4.                 
All other provisions of the Agreement shall continue in full force and effect from date hereof until terminated in accordance
with the terms of the Agreement.

5.                 
This Amendment may be signed in any number of counterparts, each of which shall be an original and all of which shall be
deemed to be one and the same instrument, with the same effect as if the signatures thereto and hereto were upon the same instrument.
A facsimile signature shall be deemed to be an original signature for purposes of this Amendment.

6.                 
This Amendment is intended to be in full compliance with the requirements for an Amendment to the Agreement as required
by Section 5.5 of the Agreement, and every defect in fulfilling such requirements for an effective amendment to the Agreement is
hereby ratified, intentionally waived and relinquished by all parties hereto.

7.                 
This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.

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

 

BIOVIE INC.

By:_____________________

Name: Jonathan Adams

Title: President and Chief Operating Officer

 

ACUITAS GROUP HOLDINGS, LLC

By: _____________________

Name: Terren Peizer

Title: Managing Member

 

     -2-

     

    

THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE
OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THIS WARRANT
AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO BIOVIE INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

Right to Purchase up to [________] Shares
of Common Stock of

BioVie Inc.

(subject to adjustment as provided herein)

COMMON STOCK PURCHASE WARRANT

 

	No. BV-[__]	 	Issue Date: [______], 2019

BIOVIE
INC., a Nevada corporation (the “Company”), hereby certifies that, for value received, Acuitas Group Holdings, LLC, or assigns (the “Holder”), is entitled, subject to the terms set
forth below, to purchase from the Company from and after the Exercisability Date (as defined below) of this Warrant and at any
time, up to [______] ([_______]) fully paid and nonassessable shares of Common Stock (as defined below), par value of $0.0001 per
share, at the applicable Exercise Price per share (as defined below). The number and character of such shares of Common Stock and
the applicable Exercise Price per share are subject to adjustment as provided herein.

This Warrant has been issued pursuant
to the terms of that certain Securities Purchase Agreement, dated as of September 24, 2019, as amended to the date hereof (the “Purchase
Agreement”), by and between the Company and Holder. Capitalized terms not defined herein shall have the meanings given to
them in the Purchase Agreement. As used herein the following terms, unless the context otherwise requires, have the following respective
meanings:

(a)              
“Aggregate Exercise Price” means an amount equal to the product of (i) the number of shares of Common Stock
in respect of which this Warrant is being exercised pursuant to Section 2 hereof, multiplied by (ii) the then-current Exercise
Price.

(b)              
“Business Day” means any day, except a Saturday, Sunday or legal holiday, on which banking institutions in the
city of New York, New York are authorized or obligated by law or executive order to close.

(c)              
The term “Company” shall mean BioVie Inc. and any person or entity which shall succeed, or assume the obligations
of, BioVie Inc. hereunder.

    	 

    	 

    

(d)              
The term “Common Stock” shall mean (i) the Company’s Class A common stock, $0.0001 par value per share; and (ii) any other securities into
which or for which any of the securities described in the preceding clause (i) may be converted or exchanged pursuant to a plan
of recapitalization, reorganization, merger, sale of assets or otherwise.

(e)              
The term “Exercisability Date” shall mean the earlier of (i) December 1, 2019 and (ii) the effectiveness of
the Reverse Stock Split (as defined in Purchase Agreement).

(f)               
The term “Exercise Price” shall mean an amount equal to lower of (i) $0.032 and (ii) 80% of the IPO Offering
Price (as defined in Purchase Agreement), subject to adjustments as provided herein and therein.

(g)              
The term “Other Securities” shall mean any stock (other than Common Stock) and other securities of the Company
or any other person (corporate or otherwise) which the holder of the Warrant at any time shall be entitled to receive, or shall
have received, on the exercise of the Warrant, in lieu of or in addition to Common Stock, or which at any time shall be issuable
or shall have been issued in exchange for or in replacement of Common Stock or Other Securities pursuant to Section 4 or otherwise.

(h)              
“Trading Day” means a day on which the principal Trading Market is open for trading.

(i)                
“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted
for trading on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select
Market, the New York Stock Exchange, the OTCQB or OTCQX (or any successors to any of the foregoing).

1.                 
Term of Warrant. Subject to the terms and conditions hereof, at any time or from time to time after the Exercisability
Date and prior to 5:00 p.m., New York time, on the fifth (5th) anniversary of the date hereof or, if such day is not a Business
Day, on the next preceding Business Day (the “Exercise Period”) the Holder of this Warrant may exercise this Warrant
in whole or in part, of the Common Stock purchasable upon exercise hereof (subject to adjustment as provided herein).

2.                 
Exercise of Warrant.

2.1             
Number of Shares Issuable upon Exercise. From and after the Exercisability Date hereof, the Holder shall be entitled
to receive, upon exercise of this Warrant in whole or in part, upon surrender of this Warrant to the Company at its principal executive
office (or an indemnification undertaking with respect to this Warrant in the case of loss, theft, or destruction), or by delivery
of an original or fax copy of an exercise notice in the form attached hereto as Exhibit A (the “Exercise Notice”),
duly completed, and payment to the Company of the Aggregate Exercise Price, the Holder shall be entitled to receive, shares of
Common Stock of the Company, subject to adjustment pursuant to Section 5.

     -2-

     

    

2.2             
Fair Market Value. For purposes hereof, the “Fair Market Value” of a share of Common Stock as of a particular
date (the “Determination Date”) shall mean:

(a)              
If the Company’s Common Stock is traded on a national exchange, then the closing or last sale price, respectively,
reported for the last Business Day immediately preceding the Determination Date.

(b)              
If the Company’s Common Stock is not traded on a national exchange but is traded on the OTCQX or OTCQB, then the mean
of the average of the closing bid and asked prices reported for the last Business Day immediately preceding the Determination Date.

(c)              
Except as provided in clause (d) below, if the Company’s Common Stock is not publicly traded, then as the Holder and
the Board of Directors of the Company jointly agree or in the absence of agreement by arbitration in accordance with the rules
then in effect of the American Arbitration Association, before a single arbitrator to be chosen from a panel of persons qualified
by education and training to pass on the matter to be decided.

(d)              
If the Determination Date is the date of a liquidation, dissolution or winding up, or any event deemed to be a liquidation,
dissolution or winding up pursuant to the Company’s charter, then all amounts to be payable per share to holders of the Common
Stock pursuant to the charter in the event of such liquidation, dissolution or winding up, plus all other amounts to be payable
per share in respect of the Common Stock in liquidation under the charter, assuming for the purposes of this clause (d) that all
of the shares of Common Stock then issuable upon exercise of the Warrant are outstanding at the Determination Date.

2.3             
Company Acknowledgment. The Company will, at the time of the exercise of this Warrant, upon the request of the Holder
acknowledge in writing its continuing obligation to afford to such Holder any rights to which such Holder shall continue to be
entitled after such exercise in accordance with the provisions of this Warrant. If the Holder shall fail to make any such request,
such failure shall not affect the continuing obligation of the Company to afford to such Holder any such rights.

2.4             
Trustee for Warrant Holders. In the event that a bank or trust company shall have been appointed as trustee for the
holders of this Warrant pursuant to Subsection 3.2, such bank or trust company shall have all the powers and duties of a warrant
agent (as hereinafter described) and shall accept, in its own name for the account of the Company or such successor person as may
be entitled thereto, all amounts otherwise payable to the Company or such successor, as the case may be, on exercise of this Warrant
pursuant to this Section 1.

2.5       Mandatory
Exercise Upon Closing of Uplisting Offering. Notwithstanding any other provision contained herein, to the extent that there has not been an exercise of any portion of
this Warrant by the Holder pursuant to Section 2.1 hereof, any such portion of the Warrant that remains unexercised upon the closing
of the Uplisting Offering shall

     -3-

     

    

be exercised automatically in whole (not in part), upon such
closing date through exercise of this Warrant with an Exercise Price equal to the par value per share of the Common Stock.

3.                 
Procedure for Exercise.

3.1             
Delivery of Stock Certificates, Etc., on Exercise. The Company agrees that the shares of Common Stock purchased upon
exercise of this Warrant shall be deemed to be issued to the Holder as the record owner of such shares as of the close of business
on the date on which this Warrant shall have been surrendered and payment made for such shares in accordance herewith. Not later
than two (2) Trading Days after such date (the “Share Delivery Date”), the Company shall deliver, or cause to
be delivered, to the holder (A) a certificate or certificates representing the shares of Common Stock purchased upon exercise of
this Warrant which, on or after the six month anniversary of the Issue Date, provided the Holder is not an Affiliate, shall be
free of restrictive legends and trading restrictions representing the number of shares of Common Stock purchased upon exercise
of this Warrant. On or after the six month anniversary of the Issue Date, provided the Holder is not an Affiliate, the Company
shall use its best efforts to deliver any certificate or certificates required to be delivered by the Company under this Section
3.1 electronically through the Depository Trust Company or another established clearing corporation performing similar functions.

3.2             
Failure to Deliver Certificates. If, in the case of any Exercise Notice, such certificate or certificates are not
delivered to or as directed by the applicable holder by the Share Delivery Date, the holder shall be entitled to elect by written
notice to the Company at any time on or before its receipt of such certificate or certificates, to rescind such Exercise Notice,
in which event the Company shall promptly return to the holder any original Warrant delivered to the Company and the holder shall
promptly return to the Company the Common Stock certificates issued to such holder pursuant to the rescinded Exercise Notice.

3.3             
Obligation Absolute; Partial Liquidated Damages. The Company’s obligations to issue and deliver the shares
of Common Stock purchased upon exercise of this Warrant upon exercise of this Warrant in accordance with the terms hereof are absolute
and unconditional, irrespective of any action or inaction by the holder to enforce the same, any waiver or consent with respect
to any provision hereof, the recovery of any judgment against any person or any action to enforce the same, or any setoff, counterclaim,
recoupment, limitation or termination, or any breach or alleged breach by the holder or any other person of any obligation to the
Company or any violation or alleged violation of law by the holder or any other person, and irrespective of any other circumstance
which might otherwise limit such obligation of the Company to the Holder in connection with the issuance of such shares of Common
Stock purchased upon exercise of this Warrant; provided, however, that such delivery shall not operate as a waiver
by the Company of any such action the Company may have against the holder. In the event the holder of this Warrant shall elect
to exercise any or all portion hereof, the Company may not refuse exercise based on any claim that the holder or anyone associated
or affiliated with the holder has been engaged in any violation of law, agreement or for any other reason, unless an injunction
from a court, on notice to holder, restraining and or enjoining exercise of all or part of this Warrant shall have been sought
and obtained, and the Company posts a surety bond for the benefit of the holder in the amount of 150% of the value of the shares
of Common Stock to be purchased upon exercise of this Warrant, which is subject to the injunction, which bond shall

     -4-

     

    

remain in effect until the completion
of arbitration/litigation of the underlying dispute and the proceeds of which shall be payable to the holder to the extent it obtains
judgment. In the absence of such injunction, the Company shall issue the shares of Common Stock purchased upon exercise of this
Warrant, upon a properly noticed exercise. If the Company fails for any reason to deliver to the holder such certificate or certificates
pursuant to Section 3.1 by the Share Delivery Date, the Company shall pay to the holder, in cash, as liquidated damages and not
as a penalty, for each $1,000 of Fair Market Value of the shares of Common Stock to be purchased upon exercise of this Warrant,
$10 per Trading Day (increasing to $20 per Trading Day on the fifth (5th) Trading Day after such liquidated damages
begin to accrue) for each Trading Day after such Share Delivery Date until such certificates are delivered or holder rescinds such
exercise. Nothing herein shall limit a holder’s right to pursue actual damages for the Company’s failure to deliver
the shares of Common Stock purchased upon exercise of this Warrant within the period specified herein and the holder shall have
the right to pursue all remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief. The exercise of any such rights shall not prohibit the holder from seeking to enforce damages
pursuant to any other Section hereof or under applicable law.

3.4             
Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights
available to the holder, if the Company fails for any reason to deliver to the holder such certificate or certificates by the Share
Delivery Date pursuant to Section 3.1, and if after such Share Delivery Date the holder is required by its brokerage firm to purchase
(in an open market transaction or otherwise), or the holder’s brokerage firm otherwise purchases, shares of Common Stock
to deliver in satisfaction of a sale by the holder of the shares of Common Stock purchased upon exercise of this Warrant which
the Holder was entitled to receive upon the exercise relating to such Share Delivery Date (a “Buy-In”), then
the Company shall (A) pay in cash to the holder (in addition to any other remedies available to or elected by the holder) the amount,
if any, by which (x) the holder’s total purchase price (including any brokerage commissions) for the Common Stock so purchased
exceeds (y) the product of (1) the aggregate number of shares of Common Stock that the Holder was entitled to receive from the
exercise at issue multiplied by (2) the actual sale price at which the sell order giving rise to such purchase obligation was executed
(including any brokerage commissions) and (B) at the option of the holder, either reissue (if surrendered) this Warrant representing
that number of shares of Common Stock which it represented prior to such exercise (in which case such exercise shall be deemed
rescinded) or deliver to the holder the number of shares of Common Stock that would have been issued if the Company had timely
complied with its delivery requirements under Section 3.1. For example, if the holder purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant with respect to which the actual sale
price of the shares of Common Stock purchased upon exercise of this Warrant (including any brokerage commissions) giving rise to
such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding sentence, the Company shall be required
to pay the holder $1,000. The holder shall provide the Company written notice indicating the amounts payable to the holder in respect
of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares
of Common Stock upon exercise of this Warrant as required pursuant to the terms hereof.

     -5-

     

    

3.5             
Exercise.

(a)              
Payment may be made in cash by wire transfer of immediately available funds to an account designated in writing by the Company,
or by certified or official bank check payable to the order of the Company equal to the Aggregate Exercise Price for the number
of Common Shares specified in such Exercise Notice (as such exercise number shall be adjusted to reflect any adjustment in the
total number of shares of Common Stock issuable to the Holder per the terms of this Warrant) and the Holder shall thereupon be
entitled to receive the number of duly authorized, validly issued, fully-paid and non-assessable shares of Common Stock (or Other
Securities) determined as provided herein.

(b)              
Notwithstanding the provisions of subsection (a) above to the contrary, if at the time the Holder exercises this Warrant
a registration statement covering the Common Stock issuable to the Holder upon exercise of this Warrant shall not be effective
under the Securities Act (as hereafter defined) in respect of such Common Stock, payment may be made, in the Holder’s discretion,
either (i) in cash by wire transfer of immediately available funds to an account designated in writing by the Company or by certified
or official bank check payable to the order of the Company equal to the applicable Aggregate Exercise Price, (ii) by delivery of
this Warrant, or shares of Common Stock and/or Common Stock receivable upon exercise of this Warrant in accordance with the formula
set forth in subsection (c) below, or (iii) by a combination of any of the foregoing methods, for the number of Common Shares specified
in such Exercise Notice (as such exercise number shall be adjusted to reflect any adjustment in the total number of shares of Common
Stock issuable to the Holder per the terms of this Warrant) and the Holder shall thereupon be entitled to receive the number of
duly authorized, validly issued, fully-paid and non-assessable shares of Common Stock (or Other Securities) determined as provided
herein.

(c)              
In accordance with subsection (b) above, if the Fair Market Value of one share of Common Stock is greater than the Exercise
Price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect to receive
shares equal to the value (as determined below) of this Warrant (or the portion thereof being exercised) by surrender of this Warrant
at the principal office of the Company together with the properly endorsed Exercise Notice in which event the Company shall issue
to the Holder a number of shares of Common Stock computed using the following formula:

		X=	Y(A-B)

A

Where X =the number of shares
of Common Stock to be issued to the Holder

		Y =	the number of shares of Common Stock purchasable under this Warrant or, if only a portion of this Warrant is being exercised,
the portion of this Warrant being exercised (at the date of such calculation)

     -6-

     

    

		A =	the Fair Market Value of one share of the Company’s Common Stock (at the date of such calculation)

		B =	the Exercise Price per share (as adjusted to the date of such calculation)

4.                 
Effect of Reorganization, Etc.; Adjustment of Exercise Price.

4.1             
Reorganization, Consolidation, Merger, Etc. In case at any time or from time to time the Company shall (a) effect
a reorganization, (b) consolidate with or merge into any other person, or (c) transfer all or substantially all of its properties
or assets to any other person under any plan or arrangement contemplating the dissolution of the Company, then, in each such case,
as a condition to the consummation of such a transaction, proper and adequate provision shall be made by the Company whereby the
Holder, on the exercise hereof as provided in Section 1 at any time after the consummation of such reorganization, consolidation
or merger or the effective date of such dissolution, as the case may be, upon closing date of any such reorganization, consolidation,
merger or sale or transfer of assets, shall receive, in lieu of the Common Stock (or Other Securities) issuable on such exercise
prior to such consummation or such effective date, the stock and other securities and property (including cash) to which such Holder
would have been entitled upon such consummation or in connection with such dissolution, as the case may be, if such Holder had
so exercised this Warrant, immediately prior thereto, all subject to further adjustment thereafter as provided in Section 5.

4.2             
Dissolution. In the event of any dissolution of the Company following the transfer of all or substantially all of
its properties or assets, the Company, concurrently with any distributions made to holders of its Common Stock, shall at its expense
deliver or cause to be delivered to the Holder the stock and other securities and property (including cash, where applicable) receivable
by the Holder pursuant to Section 4.1, or, if the Holder shall so instruct the Company, to a bank or trust company specified by
the Holder and having its principal office in New York, NY as trustee for the Holder (the “Trustee”).

4.3             
Continuation of Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following
any transfer) referred to in this Section 4, this Warrant shall continue in full force and effect and the terms hereof shall be
applicable to the shares of stock and other securities and property receivable on the exercise of this Warrant after the consummation
of such reorganization, consolidation or merger or the effective date of dissolution following any such transfer, as the case may
be, and shall be binding upon the issuer of any such stock or other securities, including, in the case of any such transfer, the
person acquiring all or substantially all of the properties or assets of the Company, whether or not such person shall have expressly
assumed the terms of this Warrant as provided in Section 5. In the event this Warrant does not continue in full force and effect
after the consummation of the transactions described in this Section 4, then the Company’s securities and property (including
cash, where applicable) receivable by the Holder will be delivered to the Holder or the Trustee as contemplated by Section 4.2.

5.                 
Extraordinary Events Regarding Common Stock. In the event that the Company shall (a) issue additional shares of the
Common Stock as a dividend or other distribution on outstanding Common Stock or any preferred stock issued by the Company, (b)
subdivide its

     -7-

     

    

outstanding shares of Common Stock,
or (c) combine its outstanding shares of the Common Stock into a smaller number of shares of the Common Stock, then, in each such
event, the Exercise Price shall, simultaneously with the happening of such event, be adjusted by multiplying the then Exercise
Price by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such
event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event, and
the product so obtained shall thereafter be the Exercise Price then in effect. The Exercise Price, as so adjusted, shall be readjusted
in the same manner upon the happening of any successive event or events described herein in this Section 5. The number of shares
of Common Stock that the Holder shall thereafter, on the exercise hereof as provided in Section 2, be entitled to receive shall
be adjusted to a number determined by multiplying the number of shares of Common Stock that would otherwise (but for the provisions
of this Section 5) be issuable on such exercise by a fraction of which (a) the numerator is the Exercise Price that would otherwise
(but for the provisions of this Section 4) be in effect, and (b) the denominator is the Exercise Price in effect on the date of
such exercise (taking into account the provisions of this Section 5). Notwithstanding the foregoing, in no event shall the Exercise
Price be less than the par value of the Common Stock.

6.                 
Subsequent Equity Sales. If the Company, at any time while this Warrant is outstanding, shall issue shares of Common
Stock or securities or rights convertible or exchangeable into shares of Common Stock (“Common Stock Equivalents”)
entitling any person to acquire shares of Common Stock, at a price per share less than the then current Exercise Price (such issuances,
collectively, a “Dilutive Issuance”) (if the holder of the Common Stock or Common Stock Equivalents so issued shall
at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices
or otherwise, or due to warrants, options or rights issued in connection with such issuance, be entitled to receive shares of Common
Stock at a price less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price),
then, the Exercise Price shall be reduced to such lower price per share. Such adjustment shall be made whenever such Common Stock
or Common Stock Equivalents are issued. Notwithstanding the foregoing, no adjustment will be made under this Section 6 in respect
of an Exempt Issuance. If the Company enters into a Variable Rate Transaction, despite the prohibition set forth in the Purchase
Agreement, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible conversion
price at which such securities may be converted or exercised. The Company shall notify the holder in writing, no later than the
third trading day following the issuance of any Common Stock or Common Stock Equivalent subject to this section, indicating therein
the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms.

For purposes of this Section 6, the following
subsections (1) to (5) shall also be applicable, other than in the case of an Exempt Issuance:

(1)              
Issuance of Rights or Options. In case at any time the Company shall in any manner grant (directly and not by assumption
in a merger or otherwise) any warrants or other rights to subscribe for or to purchase, or any options for the purchase of, Common
Stock or any stock or security convertible into or exchangeable for Common Stock (such warrants, rights or options being called
“Options” and such

     -8-

     

    

convertible or exchangeable stock
or securities being called “Convertible Securities”) whether or not such Options or the right to convert or
exchange any such Convertible Securities are immediately exercisable, and the price per share for which Common Stock is issuable
upon the exercise of such Options or upon the conversion or exchange of such Convertible Securities (determined by dividing (i)
the sum (which sum shall constitute the applicable consideration) of (x) the total amount, if any, received or receivable by the
Company as consideration for the granting of such Options, plus (y) the aggregate amount of additional consideration payable to
the Company upon the exercise of all such Options, plus (z), in the case of such Options which relate to Convertible Securities,
the aggregate amount of additional consideration, if any, payable upon the issue or sale of such Convertible Securities and upon
the conversion or exchange thereof, by (ii) the total maximum number of shares of Common Stock issuable upon the exercise of such
Options or upon the conversion or exchange of all such Convertible Securities issuable upon the exercise of such Options) shall
be less than the Exercise Price in effect immediately prior to the time of the granting of such Options, then the total number
of shares of Common Stock issuable upon the exercise of such Options or upon conversion or exchange of the total amount of such
Convertible Securities issuable upon the exercise of such Options shall be deemed to have been issued for such price per share
as of the date of granting of such Options or the issuance of such Convertible Securities and thereafter shall be deemed to be
outstanding for purposes of adjusting the Exercise Price. Except as otherwise provided below, no adjustment of the Exercise Price
shall be made upon the actual issue of such Common Stock or of such Convertible Securities upon exercise of such Options or upon
the actual issue of such Common Stock upon conversion or exchange of such Convertible Securities.

(2)              
Issuance of Convertible Securities. In case the Company shall in any manner issue (directly and not by assumption
in a merger or otherwise) or sell any Convertible Securities, whether or not the rights to exchange or convert any such Convertible
Securities are immediately exercisable, and the price per share for which Common Stock is issuable upon such conversion or exchange
(determined by dividing (i) the sum (which sum shall constitute the applicable consideration) of (x) the total amount received
or receivable by the Company as consideration for the issue or sale of such Convertible Securities, plus (y) the aggregate amount
of additional consideration, if any, payable to the Company upon the conversion or exchange thereof, by (ii) the total number of
shares of Common Stock issuable upon the conversion or exchange of all such Convertible Securities) shall be less than the Exercise
Price in effect immediately prior to the time of such issue or sale, then the total maximum number of shares of Common Stock issuable
upon conversion or exchange of all such Convertible Securities shall be deemed to have been issued for such price per share as
of the date of the issue or sale of such Convertible Securities and thereafter shall be deemed to be outstanding for purposes of
adjusting the Exercise Price, provided that (a) except as otherwise provided in subsection (iii) below, no adjustment of the Exercise
Price shall be made upon the actual issuance of such Common Stock upon conversion or exchange of such Convertible Securities and
(b) no further adjustment of the Exercise Price shall be made by reason of the issue or sale of Convertible Securities upon exercise
of any Options to purchase any such Convertible Securities for which adjustments of the Exercise Price have been made pursuant
to the other provisions of this Section 6.

     -9-

     

    

(3)              
Change in Option Price or Conversion Rate. Upon the happening of any of the following events, namely, if the purchase
price provided for in any Option referred to above, the additional consideration, if any, payable upon the conversion or exchange
of any Convertible Securities referred to above, or the rate at which Convertible Securities referred to above are convertible
into or exchangeable for Common Stock shall change at any time (including, but not limited to, changes under or by reason of provisions
designed to protect against dilution), the Exercise Price in effect at the time of such event shall forthwith be readjusted to
the Exercise Price which would have been in effect at such time had such Options or Convertible Securities still outstanding provided
for such changed purchase price, additional consideration or conversion rate, as the case may be, at the time initially granted,
issued or sold. On the termination of any Option for which any adjustment was made pursuant to this Section 6 or any right to convert
or exchange Convertible Securities for which any adjustment was made pursuant to this Section 6 (including without limitation upon
the redemption or purchase for consideration of such Convertible Securities by the Company), the Exercise Price then in effect
hereunder shall forthwith be changed to the Exercise Price which would have been in effect at the time of such termination had
such Option or Convertible Securities, to the extent outstanding immediately prior to such termination, never been issued.

(4)              
Consideration for Stock. In case any shares of Common Stock, Options or Convertible Securities shall be issued or
sold for cash, the consideration received therefor shall be deemed to be the gross amount received by the Company therefor, before
any deduction therefrom of any expenses incurred or any underwriting commissions or concessions paid or allowed by the Company
in connection therewith. In case any shares of Common Stock, Options or Convertible Securities shall be issued or sold for a consideration
other than cash, the amount of the consideration other than cash received by the Company shall be deemed to be the fair value of
such consideration as determined in good faith by the Board of Directors of the Company, after deduction of any expenses incurred
or any underwriting commissions or concessions paid or allowed by the Company in connection therewith. In case any Options shall
be issued in connection with the issue and sale of other securities of the Company, together comprising one integral transaction
in which no specific consideration is allocated to such Options by the parties thereto, such Options shall be deemed to have been
issued for such consideration as determined in good faith by the Board of Directors of the Company. If Common Stock, Options or
Convertible Securities shall be issued or sold by the Company and, in connection therewith, other Options or Convertible Securities
(the “Additional Rights”) are issued, then the consideration received or deemed to be received by the
Company shall be reduced by the fair market value of the Additional Rights (as determined using a method mutually agreed to by
the Company and the Holder). The Board of Directors of the Company shall respond promptly, in writing, to an inquiry by the Holders
as to the fair market value of the Additional Rights. In the event that the Board of Directors of the Company and the Holders are
unable to agree upon the fair market value of the Additional Rights, the Company and the Holders shall jointly select an appraiser,
who is experienced in such matters. The decision of such appraiser shall be final and conclusive, and the cost of such appraiser
shall be borne evenly by the Company and the Holder.

     -10-

     

    

(5)              
Record Date. In case the Company shall take a record of the holders of its Common Stock for the purpose of entitling
them (i) to receive a dividend or other distribution payable in Common Stock, Options or Convertible Securities or (ii) to subscribe
for or purchase Common Stock, Options or Convertible Securities, then such record date shall be deemed to be the date of the issue
or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of
such other distribution or the date of the granting of such right of subscription or purchase, as the case may be.

7.                 
Pro Rata Distributions. If the Company, at any time prior to the Expiration Date, shall distribute to all holders
of Common Stock (and not to Holders of the Warrants) evidences of its indebtedness or assets (including cash and cash dividends)
or rights or warrants to subscribe for or purchase any security), then in each such case the Exercise Price shall be adjusted by
multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled
to receive such distribution by a fraction of which the denominator shall be the Fair Market Value determined as of the record
date mentioned above, and of which the numerator shall be such Fair Market Value on such record date less the then per share Fair
Market Value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding
share of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be described
in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription
rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall
become effective immediately after the record date mentioned above.

8.                 
Certificate as to Adjustments. In each case of any adjustment or readjustment in the shares of Common Stock (or Other
Securities) issuable on the exercise of this Warrant, the Company at its expense will promptly cause its Chief Financial Officer
or other appropriate designee to compute such adjustment or readjustment in accordance with the terms of this Warrant and prepare
a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment
is based, including a statement of (a) the consideration received or receivable by the Company for any additional shares of Common
Stock (or Other Securities) issued or sold or deemed to have been issued or sold, (b) the number of shares of Common Stock (or
Other Securities) outstanding or deemed to be outstanding, and (c) the Exercise Price and the number of shares of Common Stock
to be received upon exercise of this Warrant, in effect immediately prior to such adjustment or readjustment and as adjusted or
readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate to the Holder and any warrant
agent of the Company (appointed pursuant to Section 12 hereof).

9.                 
Reservation of Stock, Etc., Issuable on Exercise of Warrant. The Company will at all times reserve and keep available,
solely for issuance and delivery on the exercise of this Warrant, shares of Common Stock (or Other Securities) from time to time
issuable on the exercise of this Warrant.

10.             
Assignment; Exchange of Warrant. Subject to compliance with applicable securities laws, this Warrant, and the rights
evidenced hereby, may be transferred by any

     -11-

     

    

registered holder hereof (a “Transferor”)
in whole or in part. On the surrender for exchange of this Warrant, with the Transferor’s endorsement in the form of Exhibit
B attached hereto (the “Transferor Endorsement Form”) and together with evidence reasonably satisfactory to the Company
demonstrating compliance with applicable securities laws, which shall include, without limitation, a legal opinion from the Transferor’s
counsel (at the Transferor’s expense) that such transfer is exempt from the registration requirements of applicable securities
laws, the Company at its expense (but with payment by the Transferor of any applicable transfer taxes) will issue and deliver to
or on the order of the Transferor thereof a new Warrant of like tenor, in the name of the Transferor and/or the transferee(s) specified
in such Transferor Endorsement Form (each a “Transferee”), calling in the aggregate on the face or faces thereof for
the number of shares of Common Stock called for on the face or faces of the Warrant so surrendered by the Transferor.

11.             
Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity
agreement or security reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender
and cancellation of this Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor.

12.             
Reserved.

13.             
Warrant Agent. The Company may, by written notice to the Holder of the Warrant, appoint an agent for the purpose
of issuing Common Stock (or Other Securities) on the exercise of this Warrant pursuant to Section 2, exchanging this Warrant pursuant
to Section 9, and replacing this Warrant pursuant to Section 11, or any of the foregoing, and thereafter any such issuance, exchange
or replacement, as the case may be, shall be made at such office by such agent.

14.             
Transfer on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company
may treat the registered holder hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary.

15.             
Notices, Etc. All notices and other communications from the Company to the Holder shall be mailed by first class
registered or certified mail, postage prepaid, at such address as may have been furnished to the Company in writing by such Holder
or, until any such Holder furnishes to the Company an address, then to, and at the address of, the last Holder who has so furnished
an address to the Company.

16.             
Holder Not Deemed a Stockholder; Limitations on Liability. Except as otherwise specifically provided herein, prior
to the issuance to the Holder of the Common Stock to which the Holder is then entitled to receive upon the due exercise of this
Warrant, the Holder shall not be entitled to vote or receive dividends or be deemed the holder of shares of capital stock of the
Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, as such, any of the
rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization,
issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of

     -12-

     

    

meetings, receive dividends or subscription
rights, or otherwise. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder
to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities
are asserted by the Company or by creditors of the Company.

17.             
Compliance with the Securities Act. The Holder, by acceptance of this Warrant, agrees to comply in all respects with
the provisions of this Section 17 and the restrictive legend requirements set forth on the face of this warrant and further agrees
that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Common Stock to be issued upon exercise hereof
except under circumstances that will not result in a violation of the Securities Act of 1933, as amended (the “Securities
Act”).

18.             
Miscellaneous. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument
in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. THIS WARRANT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS
OF LAWS. ANY ACTION BROUGHT CONCERNING THE TRANSACTIONS CONTEMPLATED BY THIS WARRANT SHALL BE BROUGHT ONLY IN THE STATE COURTS
OF NEW YORK OR IN THE FEDERAL COURTS LOCATED IN THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT THE HOLDER MAY CHOOSE TO WAIVE THIS
PROVISION AND BRING AN ACTION OUTSIDE THE STATE OF NEW YORK. The individuals executing this Warrant on behalf of the Company agree
to submit to the jurisdiction of such courts and waive trial by jury. The prevailing party shall be entitled to recover from the
other party its reasonable attorneys’ fees and costs. In the event that any provision of this Warrant is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability of any other provision of this Warrant. The headings
in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. The invalidity
or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision hereof.
The Company acknowledges that legal counsel participated in the preparation of this Warrant and, therefore, stipulates that the
rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in the interpretation
of this Warrant to favor any party against the other party.

[BALANCE OF PAGE INTENTIONALLY LEFT
BLANK;

SIGNATURE PAGE FOLLOWS]

 

     -13-

     

    

IN WITNESS WHEREOF, the Company has executed
this Warrant as of the date first written above.

	 	BIOVIE INC.
	WITNESS:	 
	 	By:	
 

	 	Name:	
 

	
 

	Title:	
 

	 	 	 	 	 

 

 

    	 

    	 

    

EXHIBIT A

EXERCISE NOTICE

(To Be Signed Only On Exercise Of Warrant)

		TO:	BioVie Inc.

 

Attention:Chief Financial Officer

The undersigned, pursuant to the provisions
set forth in the attached Warrant (No.____) (as amended, restated or otherwise modified from time to time, the “Warrant”;
capitalized terms used but not defined in this notice shall have the meanings ascribed thereto in the Warrant), hereby irrevocably
elects to purchase (check applicable box):

________________ shares of
the common stock covered by such warrant; or

________the maximum number
of shares of common stock covered by such warrant pursuant to the cashless exercise procedure set forth in Section 3.5.

The undersigned herewith makes payment
of the full Exercise Price for such shares at the price per share provided for in such Warrant, which is $___________. Such payment
takes the form of (check applicable box or boxes):

________$__________ in lawful
money of the United States; and/or

________the cancellation of
such portion of the attached Warrant as is exercisable for a total of _______ shares of Common Stock (using a Fair Market Value
of $_______ per share for purposes of this calculation); and/or

________;the cancellation of
such number of shares of Common Stock as is necessary, in accordance with the formula set forth in Section 3.5(c), to exercise
this Warrant with respect to the maximum number of shares of Common Stock purchasable pursuant to the cashless exercise procedure
set forth in Section 3.5.

The undersigned requests that the certificates
for such shares be issued in the name of, and delivered to ______________________________________________ whose address is ___________________________________________________________________________.

The undersigned is an “accredited
investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended. The undersigned represents
and warrants that all offers and sales by the undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities Act”),
or pursuant to an exemption from registration under the Securities Act.

	Dated:	
 

	
 

	 	 	(Signature must conform to name of holder as specified on the face of the Warrant)
	 	 	Address:	
 

	 	 	 	
 

 

    	 

    	 

    

EXHIBIT B

FORM OF TRANSFEROR ENDORSEMENT

(To Be Signed Only On Transfer Of Warrant)

For value received, the undersigned hereby
sells, assigns, and transfers unto the person(s) named below under the heading “Transferees” the right represented
by the within Warrant to purchase the percentage and number of shares of Common Stock of BioVie Inc. into which the within Warrant
relates specified under the headings “Percentage Transferred” and “Number Transferred,” respectively, opposite
the name(s) of such person(s) and appoints each such person Attorney to transfer its respective right on the books of BioVie Inc.
with full power of substitution in the premises.

	Transferees	Address	Percentage Transferred	Number 

Transferred
	 	 	 	 
	 	 	 	 
	Dated:	
 

	
 

	 	 	(Signature must conform to name of holder as specified on the face of the Warrant)
	 	 	Address:	
 

	 	 	 	
 

	 	 	SIGNED IN THE PRESENCE OF:
	 	 	
 

	 	 	(Name)
	 	 	 	 	 	 	 

ACCEPTED AND AGREED:

[TRANSFEREE]

___________________________

(Name)

 

NOTE: The signature to this Assignment Form must correspond with
the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed
by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file
proper evidence of authority to assign the foregoing Warrant.Document

Exhibit 10.1

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

EMPLOYMENT AGREEMENT
    
THIS EMPLOYMENT AGREEMENT (“Agreement”) is made this October 3, 2019 (“Effective Date”) by and between BRICKELL BIOTECH, INC., a Delaware Company with a business address located at 5777 Central Avenue, Suite 102, Boulder, CO 80301  (the “Company”), and Sanjeev Ahuja, an Indiana resident, with an address of [***] (the “Executive”).

R E C I T A L S:
WHEREAS, the Executive possesses substantial experience in the field of pharmaceutical development;  
WHEREAS, the Company seeks to employ Executive as the Chief Medical Officer (CMO) of the Company;
WHEREAS, the Executive is willing to make his services available to the Company and on the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the recitals, premises and mutual covenants set forth herein, the parties agree as follows:
1.    Employment/Duties of Executive.  During the Term of Employment under this Agreement, the Executive shall serve as CMO of the Company, satisfactorily completing the responsibilities commensurate with those duties and responsibilities of such position.  Executive shall report to the Company’s Chief Executive Officer. Additionally, Executive shall diligently perform all other services and shall exercise such power and authority as may from time to time be delegated to him by the Board.  The foregoing shall not limit his right to be involved in other not-for-profit, civic or charitable activities nor limit the Executive’s right to serve as an advisor or board member for other non-competing corporate or not-for-profit entities, provided such outside activities do not conflict or impede Executive’s performance of his duties and responsibilities to the Company. The Company reserves the right to request that the Executive resign from such outside roles in the event that the Board perceives that the Executive is devoting less than his full time attention to his responsibilities at the Company.
2.    Term.  Executive shall commence employment with the Company on October 15, 2019 (“Start Date”).  The Executive’s employment shall be at-will, meaning that the Executive or the Company may terminate the employment relationship at any time, with or without cause, and with or without notice, subject to severance provisions set forth below.  The period during which the Executive shall be employed by the Company pursuant to the terms of this Agreement is sometimes referred to in this Agreement as the “Term of Employment”, and the date on which the 

1

Term of Employment shall expire, is sometimes referred to in this Agreement as the “Termination Date”).
3.    Compensation.
3.1    Base Salary.  The Company shall pay Executive an initial base salary at the annual rate of Three Hundred Eighty-Three Thousand Four Hundred Dollars ($387,500) (the “Base Salary”).  The Company shall review the Executive’s Base Salary from time to time and the Company may, but shall not be required to, increase the Base Salary during the Term of Employment.  However, Executive's Base Salary may not be decreased during the Term of Employment other than as part of an across-the-board salary reduction that applies in the same manner to all senior executives of the Company.  All salary is payable subject to standard federal and state payroll withholding requirements in accordance with Company’s standard payroll practices.
3.2    Equity and Bonuses.
a.    Annual Bonus.  For each fiscal year of the Term of Employment (“Bonus Period”), Executive will be eligible to receive an annual target performance bonus of  35% of Base Salary (the "Performance Bonus"), based upon the achievement of mutually agreed performance milestones established by the Board, provided nothing herein shall be a guarantee of any amount of bonus, or any bonus at all.  In order to be eligible to receive a Performance Bonus, in addition to the other requirements contained herein, you must be employed for the full fiscal year to which the Performance Bonus applies, with the exception of 2019, in which you must be employed from the Start Date through the end of the calendar year. The Performance Bonus for 2019, if any is awarded, will be pro-rated from the Start Date. The Company shall have no obligation to provide Executive a Performance Bonus unless and until such a determination has been made by the Company consistent with the criteria described above at the conclusion of the applicable Bonus Period. Such Performance Bonus, if any, is subject to standard federal and state payroll withholding requirements in accordance with Company’s standard payroll practices and is hereby incorporated into this Agreement by reference. Any bonus payable pursuant to this Section 3.2 shall be paid by the Company to the Executive within two (2) months after the end of the applicable Bonus Period in which they are earned.
b.    Sign-on Bonus. The Corporation shall pay Employee a one-time sign on bonus of Ten Thousand Dollars ($10,000.00) to be due and payable within 30 business days of the Employee’s Start Date (the “Sign-On Bonus”). The Sign-On Bonus is subject to standard federal and state payroll withholding requirements in accordance with Corporation’s standard payroll practices and is hereby incorporated into this Agreement by reference.
c.    Equity.  The Company shall recommend that the Board grant to Executive an option to purchase, pursuant to an option agreement, 83,313 shares of Company Common Stock, (the “Common Stock”), at a price per share equal to the fair market value per share of the Common Stock on the date of grant (the “Option Grant”).  Subject to the vesting acceleration terms described in this Agreement, twenty-five percent (25%) of the Option Grant shall vest (or be released from the Company’s repurchase right, as applicable) one year from the Effective Date subject to Executive’s continuing employment with the Company (the “Initial Vesting Period”), 

2

and none of the Option Grant shall vest (or be released from the Company’s repurchase right, as applicable) before such date. The remaining shares subject to the Option Grant shall vest (or be released from the Company’s repurchase right, as applicable) monthly over the next (36) months in equal monthly amounts subject to Executive’s continuing employment with the Company.  Any shares acquired upon exercise of the Option Grant, will be subject to the terms and conditions of the Company’s equity incentive plan and option agreement to be entered into between Executive and the Company.  Subject to any vesting requirements as set forth above (and in the applicable stock option agreements), the Option Grant may be early exercised at any time after the respective grant dates for all or any part of the shares subject to the Option Grant. 
4.    Expense Reimbursement and Other Benefits.
4.1    Reimbursement of Expenses.  Upon the submission of proper substantiation by the Executive, and subject to such rules and guidelines as the Company may from time to time adopt, the Company shall reimburse the Executive for all reasonable expenses actually paid or incurred by the Executive during the Term of Employment in the course of and pursuant to the business of the Company.  The Executive shall account to the Company in writing for all expenses for which reimbursement is sought and shall supply to the Company copies of all relevant invoices, receipts or other evidence reasonably requested by the Company.
4.2    Compensation/Benefit Programs.  During the Term of Employment, the Executive shall be entitled to participate in all medical insurance plans and any and all other plans as are presently and hereinafter offered by the Company to its executives and their spouses, domestic partners and immediate families. 
4.3    Other Benefits.
a.    Personal Days.  The Executive shall be entitled to twenty-five (25) days of paid personal days annually, including vacation days, sick days and time off for personal matters.  Such personal days are to be taken at such times as the Executive and the Company shall mutually determine.  Personal days shall not interfere with the duties required to be rendered by the Executive hereunder. 
b.    Association Dues.  During the Term of this Agreement, the Company may pay reasonable initiation fees and dues payable in connection with the Executive’s membership(s) in those clubs and activities that in the opinion of the Board are in furtherance and directly related to the active conduct of the Company’s business and are consistent with sound financial and tax planning.
c.    Miscellaneous Benefits.  The Executive shall receive such additional benefits, if any, as the Board shall from time to time determine.
5.    Termination.
5.1    Termination for Cause.  The Company shall at all times have the right, upon written notice to the Executive, to terminate the Term of Employment, for Cause.  For purposes of 

3

this Agreement, the term “Cause” shall mean: (i) an action or omission of the Executive which constitutes a willful and material breach of, or failure or refusal (other than by reason of his disability) to perform his duties under this Agreement or any other agreements between the parties which is not cured within fifteen (15) days after receipt by the Executive of written notice of same; (ii) fraud, embezzlement, misappropriation of funds or breach of trust in connection with his services hereunder; (iii) conviction of any crime which involves dishonesty or a breach of trust; or (iv) gross negligence in connection with the performance of the Executive's duties hereunder, which is not cured within fifteen (15) days after written receipt by the Executive of written notice of same.  Any termination for Cause shall be made in writing to the Executive, which notice shall set forth in detail all acts or omissions upon which the Company is relying for such termination.  The Executive shall have the right to address the Board regarding the acts set forth in the notice of termination.  Upon any termination pursuant to this Section 5.1, the Company shall pay to the Executive his Base Salary to the date of termination.  The Company shall have no further liability hereunder (other than for reimbursement for reasonable business expenses incurred prior to the date of termination, subject, however, to the provisions of Section 4.1, and payment of compensation for unused vacation days that have accumulated during the calendar year in which such termination occurs).
5.2    Disability.  The Company shall at all times have the right, upon written notice to the Executive, to terminate the Term of Employment, if the Executive shall become entitled to benefits under the Company’s disability plan as then in effect, or, if the Executive shall as the result of mental or physical incapacity, illness or disability, become unable to perform his obligations hereunder for a period of 180 days in any 12-month period.  The Company shall have sole discretion based upon competent medical advice to determine whether the Executive continues to be disabled.  Upon any termination pursuant to this Section 5.2, the Company shall (i) pay to the Executive any unpaid Base Salary through the effective date of termination specified in such notice; and (ii) pay to the Executive his accrued but unpaid Performance Bonus, if any, for any Bonus Period ending on or before the date of termination of the Executive’s employment with the Company.  The Company shall have no further liability hereunder (other than for reimbursement for reasonable business expenses incurred prior to the date of termination, subject, however to the provisions of Section 4.1, and payment of compensation for unused vacation days that have accumulated during the calendar year in which such termination occurs).
5.3    Death.  Upon the death of the Executive during the Term of Employment, the Company shall (i) pay to the estate of the deceased Executive any unpaid Base Salary through the Executive's date of death; and (ii) pay to the estate of the deceased Executive his accrued but unpaid Performance Bonus, if any, for any Bonus Period ending on or before the Executive’s date of death. The Company shall have no further liability hereunder (other than for reimbursement for reasonable business expenses incurred prior to the date of the Executive's death, subject, however to the provisions of Section 4.1, and payment of compensation for unused vacation days that have accumulated during the calendar year in which such termination occurs).
5.4    Termination Without Cause.  At any time, the Company shall have the right to terminate the Term of Employment by written notice to the Executive.   Upon any termination pursuant to this Section 5.4, the Company shall (i) pay to the Executive any unpaid Base Salary through the effective date of termination specified in such notice; and (ii) pay to the Executive the 

4

accrued but unpaid Performance Bonus, if any, for any period ending on or before the date of the termination of the Executive’s employment with the Company.  Subject to Section 5.7 below, the Company shall pay to the Executive in a the equivalent of six (6) months of Executive's Base Salary in the form of salary continuation commencing on the first regularly scheduled payroll date following the effective date of the Release described in Section 5.7 below, reimburse the Executive for the monthly COBRA premium paid by the Executive for himself and his dependents for six (6) months following the effective date of termination and accelerated vesting of any unvested Initial Vesting Period stock options, calculated on a pro-rata basis from the Effective Date through the effective date of termination (“Severance Benefits”). The Company shall have no further liability hereunder (other than for reimbursement for reasonable business expenses incurred prior to the date of termination, subject, however, to the provisions of Section 4.1, and payment of compensation for unused vacation days that have accumulated during the calendar year in which such termination occurs).
5.5    Termination by Executive for Good Reason.  
a.    The Executive shall at all times have the right, upon fifteen (15) days written notice to the Company, to terminate the Term of Employment.  Upon termination of the Term of Employment pursuant to this Section 5.5(a) by the Executive, the Company shall (i) pay to the Executive any unpaid Base Salary through the effective date of termination specified in such notice; and (ii) pay to the Executive his accrued but unpaid Performance Bonus, if any, for any Bonus Period ending on or before the termination of Executive’s employment with the Company.
b.    Upon termination of the Term of Employment pursuant to this Section 5.5 by the Executive for Good Reason, the Company shall (i) pay to the Executive any unpaid Base Salary through the effective date of termination specified in such notice; and (ii) pay to the Executive the accrued but unpaid Performance Bonus, if any, for any Bonus Period ending on or before the termination of Executive’s employment with the Company. Subject to Section 5.7 below, the Company shall pay to the Executive in a the equivalent of six (6) months of Executive's Base Salary in the form of salary continuation commencing on the first regularly scheduled payroll date following the effective date of the Release described in Section 5.7 below, reimburse the Executive for the monthly COBRA premium paid by the Executive for himself and his dependents for six (6) months following the effective date of termination and accelerated vesting of any unvested Initial Vesting Period stock options, calculated on a pro-rata basis from the Effective Date through the effective date of termination (“Severance Benefits”). The Company shall have no further liability hereunder (other than for reimbursement for reasonable business expenses incurred prior to the date of termination, subject, however, to the provisions of Section 4.1, and payment of compensation for unused vacation days that have accumulated during the calendar year in which such termination occurs).
c.    For purposes of this Agreement, “Good Reason” shall mean (i) the assignment to the Executive of any duties inconsistent in any respect with the Executive's position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 1 of this Agreement, or any other action by the Company which results in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an 

5

isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive; (ii) any failure by the Company to comply with any of the provisions of Section 3 of this Agreement, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive; provided however, that in order to effect resignation for Good Reason all of the following must occur: (x) Executive must provide the Company with written notice within the sixty-day period following the event(s) giving rise to Executive’s intent to voluntarily resign his employment for Good Reason (y) such event is not remedied by within thirty (30) days following the Company’s receipt of such written notice; and (z) Executive’s resignation is effective not later than thirty (30) days after the expiration of such thirty (30) day cure period.  
5.6    Change in Control of the Company.
a.    Payments.  In the event that a termination of employment without Cause or for Good Reason occurs within six (6) months following a Change in Control (as defined in paragraph (b) of this Section 5.6) in the Company, subject to Section 5.7 below, the Company shall pay to the Executive the equivalent of six (6) months of Executive's Base Salary in a lump sum, reimburse the Executive for the monthly COBRA premium paid by the Executive for himself and his dependents for six (6) months following the effective date of termination, and fully accelerate the vesting of all outstanding, unvested options or other equity instruments of Company Common Stock such that all such equity shall be fully vested and exercisable (“Severance Benefits”).  The Company shall have no further liability hereunder (other than for (x) reimbursement for reasonable business expenses incurred prior to the date of termination, subject, however, to the provisions of Section 4.1, and (y) payment of compensation for unused paid, personal days that have accumulated during the calendar year in which such termination occurs).
b.    For purposes of this Agreement, the term “Change in Control” shall mean approval by the shareholders of the Company of (i) a reorganization, merger, consolidation or other form of corporate transaction or series of transactions, in each case, with respect to which persons who were the shareholders of the Company immediately prior to such reorganization, merger or consolidation or other transaction do not, immediately thereafter, own more than 50% of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged or consolidated company’s then outstanding voting securities, in substantially the same proportions as their ownership immediately prior to such reorganization, merger, consolidation or other transaction, or (ii) a liquidation or dissolution of the Company or (iii) the sale of all or substantially all of the assets of the Company (unless such reorganization, merger, consolidation or other corporate transaction, liquidation, dissolution or sale is subsequently abandoned). 
5.7    Release and Resignation Requirement. The Severance Benefits are conditional upon (i) Executive’s delivering to the Company and making effective and irrevocable a general release of all claims in favor of the Company, in a form reasonably acceptable to the Company (the “Release”), which release shall be effective not later than 45 days following the date of the applicable termination or resignation; (ii) Executive’s complying with the Release including any cooperation, non-disparagement or confidentiality provisions contained therein and continuing 

6

to comply with Executive’s obligations under the terms of this Agreement, including the non-solicit and non-compete provisions thereof; and (iii) Executive’s resignation, to be effective no later than the date of Executive’s termination or resignation date (or such other date as requested by the Company).
5.8    Survival.  The provisions of this Article 5 shall survive the termination of this Agreement, as applicable.
6.    Restrictive Covenants.
6.1    Non-Competition.  At all times while the Executive is employed by the Company and for a one (1) year period after the termination of the Executive’s employment with the Company for any reason other than by the Company without Cause (as defined in Section 5.1 hereof) or by the Executive for Good Reason (as defined in Section 5.5 hereof), the Executive shall not, directly or indirectly, engage in or have any interest in any sole proprietorship, partnership, Company or business or any other person or entity (whether as an Executive, officer, director, partner, agent, security holder, creditor, consultant or otherwise) that directly or indirectly (or through any affiliated entity) engages in competition with the Company (for this purpose, any business that engages in the drug development business utilizing those specific pharmaceutical compounds developed, licensed or owned by the Company or any of its subsidiaries during his term of employment to date of Executive’s Termination shall be deemed to be in competition with the Company); provided that such provision shall not apply to the Executive's ownership of Common Stock of the Company or the acquisition by the Executive, solely as an investment, of securities of any issuer that is registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended, and that are listed or admitted for trading on any United States national securities exchange or that are quoted on the National Association of Securities Dealers Automated Quotations System, or any similar system or automated dissemination of quotations of securities prices in common use, so long as the Executive does not control, acquire a controlling interest in or become a member of a group which exercises direct or indirect control or, more than five percent of any class of capital stock of such Company.
6.2    Nondisclosure.  The Executive shall not at any time divulge, communicate or use to the detriment of the Company or for the benefit of any other person or persons, or misuse in any way, any Confidential Information (as hereinafter defined) pertaining to the business of the Company.  Any Confidential Information or data now or hereafter acquired by the Executive with respect to the business of the Company (which shall include, but not be limited to, information concerning the Company's business plan, financial condition, prospects, technology, customers, suppliers, sources of leads and methods of doing business) shall be deemed a valuable, special and unique asset of the Company that is received by the Executive in confidence and as a fiduciary, and Executive shall remain a fiduciary to the Company with respect to all of such information.  For purposes of this Agreement, “Confidential Information” means information disclosed to the Executive or known by the Executive as a consequence of or through his employment by the Company (including information conceived, originated, discovered or developed by the Executive) prior to or after the date hereof, and not generally known, about the Company or its business.  

7

Notwithstanding the foregoing, nothing herein shall be deemed to restrict the Executive from disclosing Confidential Information to the extent required by law.
6.3    Non-solicitation of Executives and Clients.  At all times while the Executive is employed by the Company and for a one (1) year period after the termination of the Executive’s employment with the Company for any reason, the Executive shall not, directly or indirectly, for himself or for any other person, firm, Company, partnership, association or other entity (a) employ or attempt to employ or enter into any contractual arrangement with any Executive or former Executive of the Company, unless such Executive or former Executive has not been employed by the Company for a period in excess of six months, and/or (b) knowingly call on or solicit any of the actual or targeted prospective clients of the Company on behalf of any person or entity in connection with any business competitive with the business of the Company, nor shall the Executive knowingly make known the names and addresses of such clients or any information relating in any manner to the Company's trade or business relationships with such customers, other than in connection with the performance of Executive's duties under this Agreement.
6.4    Books and Records.  All books, records, and accounts relating in any manner to the business of the Company, customers, clients or prospects of the Company, reports documents analyses or any information whether prepared by the Executive or otherwise coming into the Executive's possession, shall be the exclusive property of the Company and shall be returned immediately to the Company on termination of the Executive's employment hereunder or on the Company's request at any time.
6.5    Definition of Company.  Solely for purposes of this Article 6, the term “Company” also shall include any existing or future subsidiaries of the Company that are operating during the time periods described herein and any other entities that directly or indirectly, through one or more intermediaries, control, are controlled by or are under common control with the Company during the periods described herein.
6.6    Acknowledgment by Executive.  The Executive acknowledges and confirms that (a) the restrictive covenants contained in this Article 6 are reasonably necessary to protect the legitimate business interests of the Company, and (b) the restrictions contained in this Article 6 (including without limitation the length of the term of the provisions of this Article 6) are not overbroad, overlong, or unfair and are not the result of overreaching, duress or coercion of any kind.  The Executive further acknowledges and confirms that his full, uninhibited and faithful observance of each of the covenants contained in this Article 6 will not cause him any undue hardship, financial or otherwise, and that enforcement of each of the covenants contained herein will not impair his ability to obtain employment commensurate with his abilities and on terms fully acceptable to him or otherwise to obtain income required for the comfortable support of him and his family and the satisfaction of the needs of his creditors.  The Executive acknowledges and confirms that his special knowledge of the business of the Company is such as would cause the Company serious injury or loss if he were to use such ability and knowledge to the benefit of a competitor or were to compete with the Company in violation of the terms of this Article 6.  The Executive further acknowledges that the restrictions contained in this Article 6 are intended to be, and shall be, for the benefit of and shall be enforceable by, the Company’s successors and assigns.

8

6.7    Reformation by Court.  Notwithstanding anything in Article 14 to the contrary, in the event that a court of competent jurisdiction shall determine that any provision of this Article 6 is invalid or more restrictive than permitted under the governing law of such jurisdiction, then only as to enforcement of this Article 6 within the jurisdiction of such court, such provision shall be interpreted and enforced as if it provided for the maximum restriction permitted under such governing law.
6.8    Extension of Time.  If the Executive shall be in violation of any provision of this Article 6, then each time limitation set forth in this Article 6 shall be extended for a period of time equal to the period of time during which such violation or violations occur.  If the Company seeks injunctive relief from such violation in any court, then the covenants set forth in this Article 6 shall be extended for a period of time equal to the pendency of such proceeding including all appeals by the Executive.
6.9    Survival.  The provisions of this Article 6 shall survive the termination of this Agreement, as applicable.
7.    Mediation.  In the event a dispute arises out of or relates to this Agreement, or the breach thereof, and if the dispute cannot be settled through negotiation, the parties hereby agree first to attempt in good faith to settle the dispute by mediation administered by the American Arbitration Association under its Employment Mediation Rules before resorting to litigation or some other dispute resolution procedure. 
8.    Arbitration.  Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in Boulder County, Colorado in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association then in effect (except to the extent that the procedures outlined below differ from such rules or the parties agree otherwise).  Within thirty (30) days after written notice by either party has been given that a dispute exists and that arbitration is required, each party must select an arbitrator and those two arbitrators shall promptly, but in no event later than thirty (30) days after their selection, select a third arbitrator.  The parties agree to act as expeditiously as possible to select arbitrators and conclude the dispute.  The selected arbitrators must render their decision in writing.  The cost and expenses of the arbitration and of enforcement of any award in any court shall be borne by the Company.  The cost of any attorney fees shall be borne by each party individually, unless the payment of such fees is awarded to the prevailing party by the arbitrators.  If advances are required, each party will advance one-half of the estimated fees and expenses of the arbitrators.  Judgment may be entered on the arbitrators' award in any court having jurisdiction.  Although arbitration is contemplated to resolve disputes hereunder, either party may proceed to court to seek to obtain an injunction to protect its rights hereunder, the parties agreeing that either could suffer irreparable harm by reason of any breach of this Agreement.  Pursuit of an injunction shall not impair arbitration on all remaining issues.
9.    Assignment.  This Agreement is personal in nature and accordingly may not be assigned by the Executive, in whole or in part, without the prior written consent of the Company, which may be withheld in its sole discretion.  The Company may, in its sole discretion, assign this 

9

Agreement and all of its rights, benefits and obligations hereunder, whether by agreement or by operation of law.
10.    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado without regard to conflict of laws issues.
11.    Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and, upon its effectiveness, shall supersede all prior agreements, understandings and arrangements, both oral and written, between the Executive and the Company (or any of its affiliates) with respect to such subject matter.  This Agreement may not be modified in any way unless by a written instrument signed by both the Company and the Executive.
12.    Notices:  All notices required or permitted to be given hereunder shall be in writing and shall be personally delivered by courier, sent by registered or certified mail, return receipt requested or sent by confirmed e-mail or facsimile transmission addressed as set forth herein.  Notices personally delivered, sent by e-mail or facsimile or sent by overnight courier shall be deemed given on the date of delivery and notices mailed in accordance with the foregoing shall be deemed given upon the earlier of receipt by the addressee, as evidenced by the return receipt thereof, or three (3) days after deposit in the U.S. mail.  Notice shall be sent (i) if to the Company, addressed to Brickell Biotech, Inc., 5777 Central Avenue, Suite 102, Boulder, CO 80301, Attention: CEO, and (ii) if to the Executive, to his address as reflected on the payroll records of the Company, or to such other address as either party hereto may from time to time give notice of to the other.
13.    Benefits; Binding Effect.  This Agreement shall be for the benefit of and binding upon the parties hereto and their respective heirs, personal representatives, legal representatives, successors and, where applicable, assigns, including, without limitation, any successor to the Company, whether by merger, consolidation, sale of stock, sale of assets or otherwise.
14.    Severability.  The invalidity of any one or more of the words, phrases, sentences, clauses or sections contained in this Agreement shall not affect the enforceability of the remaining portions of this Agreement or any part thereof, all of which are inserted conditionally on their being valid in law, and, in the event that any one or more of the words, phrases, sentences, clauses or sections contained in this Agreement shall be declared invalid, this Agreement shall be construed as if such invalid word or words, phrase or phrases, sentence or sentences, clause or clauses, or section or sections had not been inserted.  If such invalidity is caused by length of time or size of area, or both, the otherwise invalid provision will be considered to be reduced to a period or area, which would cure such invalidity.
15.    Waivers.  The waiver by either party hereto of a breach or violation of any term or provision of this Agreement shall not operate nor be construed as a waiver of any subsequent breach or violation.
16.    Damages.  Nothing contained herein shall be construed to prevent the Company or the Executive from seeking and recovering from the other damages sustained by either or both of them as a result of its or his breach of any term or provision of this Agreement.  In the event that 

10

either party hereto brings suit for the collection of any damages resulting from, or the injunction of any action constituting, a breach of any of the terms or provisions of this Agreement, then the non-prevailing party shall pay all reasonable court costs and attorneys fees of the other.
17.    Section Headings.  The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
18.    No Third Party Beneficiary.  Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer upon or give any person other than the Company, the parties hereto and their respective heirs, personal representatives, legal representatives, successors and assigns, any rights or remedies under or by reason of this Agreement.
19.    Indemnification.  The Company will indemnify the Executive pursuant to the terms and conditions of the indemnification provisions set forth in the Company’s certificate of incorporation.
20.    Section 409A.
20.1    General Compliance.  This Agreement is intended to comply with section 409A of the Internal Revenue Code of 1986, as amended, (“Section 409A”), or an exemption thereunder and shall be construed and administered in accordance with Section 409A.  Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption.  Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible.  For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment.  Any payments to be made under this Agreement upon a termination of employment shall only be made upon a "separation from service" under Section 409A.  Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the Executive on account of non-compliance with Section 409A.
20.2    Specified Employees.  Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Executive in connection with his termination of employment is determined to constitute "nonqualified deferred compensation" within the meaning of Section 409A and the Executive is determined to be a "specified employee" as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Termination Date or, if earlier, on the Executive's death (the "Specified Employee Payment Date").  The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date and interest on such amounts calculated based on the applicable federal rate published by the Internal Revenue Service for the month in which the Executive's separation from service occurs shall be paid to the Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule.

11

20.3    Reimbursements.  To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance with the following:
(a)  the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;
(b)  any reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following the calendar year in which the expense was incurred; and
(c)  any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.
20.4    Tax Gross-ups.  Any tax gross-up payments provided under this Agreement shall be paid to the Executive on or before December 31 of the calendar year immediately following the calendar year in which the Executive remits the related taxes.

12

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

	
		
	Company:
	Executive:

BRICKELL BIOTECH, INC.            
A Delaware Company

	
				
	By:
	/s/ Robert Brown
	By:
	/s/ Sanjeev Ahuja

	 
	Robert Brown, CEO
	 
	Sanjeev Ahuja, Individually

13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]