Document:

Exhibit 10.37

 

Execution Version

 

FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

THIS FOURTH AMENDMENT TO
LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into as of June 6, 2018 (the “Fourth Amendment
Date”), by and among OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133 North Fairfax
Street, Alexandria, Virginia 22314 (in its individual capacity, “Oxford”; and in its capacity as Collateral
Agent, “Collateral Agent”), the Lenders listed on Schedule 1.1 thereof from time to time including Oxford in
its capacity as a Lender (each a “Lender” and collectively, the “Lenders”) and ACURA PHARMACEUTICALS,
INC., a New York corporation with offices located at 616 N. North Court, Suite 120, Palatine, Illinois (“Parent”),
and ACURA PHARMACEUTICAL TECHNOLOGIES, INC., an Indiana corporation with offices locates at 16235 State Road 17, Culver, IN 46511
(“APT”, and along with Parent, individually and collectively, jointly and severally, “Borrower”).

 

WHEREAS, Collateral Agent,
Borrower and Lenders party thereto from time to time have entered into that certain Loan and Security Agreement, dated as of December
27, 2013 (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”) pursuant to
which Lenders have provided to Borrower certain loans in accordance with the terms and conditions thereof;

 

WHEREAS, Borrower has informed
the Collateral Agent and the Lenders of a delay in delivery of certain reporting and have requested that Collateral Agent and required
Lenders to amend certain provisions of the Loan Agreement;

 

NOW, THEREFORE, in consideration
of the promises, covenants and agreements contained herein, and other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, Borrower, Lenders and Collateral Agent hereby agree as follows:

 

		1.	Capitalized terms used herein but not otherwise defined shall have the respective meanings given
to them in the Loan Agreement.

 

		2.	Section 6.2(a)(ii) of the Loan Agreement is hereby amended and restated in its entirety as follows:

 

(ii)          as
soon as available, but no later than one hundred twenty (120) days after the last day of Borrower’s fiscal year or within
five (5) days of filing with the SEC, audited consolidated financial statements prepared under GAAP, consistently applied, together
with an unqualified opinion (provided, however, that for the fiscal year 2017, such opinion may be qualified strictly
with respect to Borrower and its Subsidiary as a going concern and unqualified otherwise) on the financial statements from an independent
certified public accounting firm acceptable to Collateral Agent in its reasonable discretion; provided that, with respect
to Borrower’s fiscal year ending December 31, 2017 only, such financial statements shall be delivered on or before one hundred
fifty (160) days after the last day of such fiscal year;

 

		3.	Limitation of Amendment.

 

		a.	The amendments set forth herein are effective for the purposes set forth herein and shall be limited
precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or
condition of any Loan Document and shall not be considered to create a course of dealing or to otherwise obligate in any respect
any Lender or the Collateral Agent to execute any similar agreement or grant any waiver under the same or similar or other circumstances
in the future, or (b) otherwise prejudice any right, remedy or obligation which Lenders or Borrower may now have or may have in
the future under or in connection with any Loan Document, as amended hereby, and giving effect to the amendments contained herein.

 

    	 	 	 

     

    

 

		b.	This Amendment shall be construed in connection with and as part of the Loan Documents and all
terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended,
are hereby ratified and confirmed and shall remain in full force and effect.

 

		4.	To induce Collateral Agent and Lenders to enter into this Amendment, Borrower hereby represents
and warrants to Collateral Agent and Lenders as follows:

  

		a.	Borrower has the power and due authority to execute and deliver this Amendment and to perform its
obligations under the Loan Agreement, as amended by this Amendment;

 

		b.	The organizational documents of Borrower delivered to Collateral Agent on the Effective Date, and
updated pursuant to subsequent deliveries by the Borrower to the Collateral Agent, remain true, accurate and complete and have
not been amended, supplemented or restated and are and continue to be in full force and effect;

 

		c.	The execution and delivery by Borrower of this Amendment and the performance by Borrower of its
obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (i) any law or regulation binding
on or affecting Borrower, (ii) any contractual restriction with a Person binding on Borrower, (iii) any order, judgment or decree
of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (iv) the organizational
documents of Borrower;

 

		d.	The execution and delivery by Borrower of this Amendment and the performance by Borrower of its
obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization
or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on Borrower, except as already has been obtained or made; and

 

		e.	This Amendment has been duly executed and delivered by Borrower and is the binding obligation of
Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating
to or affecting creditors’ rights.

 

		f.	Borrower hereby (i) acknowledges and reaffirms its Obligations as set forth in each Loan Document
(as modified by this Agreement), (ii) agrees to continue to comply with, and be subject to, all of the terms, provisions, conditions,
covenants, agreements and obligations applicable to them set forth in each Loan Document (as modified by this Agreement), which
remain in full force and effect, and (iii) confirms, ratifies and reaffirms that the indemnities given by the Borrower pursuant
to the Loan Agreement and/or any other Loan Documents continue in full force and effect.

 

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		5.	In consideration of the agreements of the Collateral Agent and the Lenders set forth in this Amendment,
Borrower hereby releases and forever discharges the Collateral Agent and the Lenders and each of the Collateral Agent’s and
the Lenders’ respective predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives
and affiliates (collectively, the “Lender Group”) from any and all claims, counterclaims, demands, damages,
debts, suits, liabilities, actions and causes of action of any nature whatsoever, in each case to the extent arising in connection
with any of the Loan Documents through the date of this Amendment, whether arising at law or in equity, whether known or unknown,
whether liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen, and
whether or not heretofore asserted, which Borrower may have or claim to have against any member of the Lender Group. As of the
date hereof, Borrower represents, warrants, acknowledges and confirms that it has no knowledge of any action, cause of action,
claim, demand, damage or liability of whatever kind or nature, in law or in equity, against any member of the Lender Group arising
from any action by such Persons, or failure of such Persons to act under or in connection with any of the Loan Documents.

 

		6.	Except as expressly set forth herein, the Loan Agreement shall continue in full force and effect
without alteration or amendment. This Amendment and the Loan Documents represent the entire agreement about this subject matter
and supersede prior negotiations or agreements. The Collateral Agent and Lenders expressly reserves all of its rights, powers and
remedies under the Loan Agreement and applicable law, including, without limitation, the right at any time to assert the existence
of any and all Events of Defaults, and to take any enforcement action or otherwise exercise any or all rights and remedies provided
for by the Loan Agreement or applicable law.

 

		7.	This Amendment shall be deemed effective as of the Amendment Date upon (a) the due execution and
delivery to Collateral Agent of this Amendment by each party hereto, and (b) Borrower’s payment of all Lenders’
Expenses incurred through the date hereof, which may be debited from any of Borrower’s accounts with Lenders.

 

		8.	This Amendment may be executed in any number of counterparts, each of which shall be deemed an
original, and all of which, taken together, shall constitute one and the same instrument.

 

		9.	This Amendment and the rights and obligations of the parties hereto shall be governed by and construed
in accordance with the laws of the State of New York.

 

[Balance of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the parties hereto
have caused this Fourth Amendment to Loan and Security Agreement to be executed as of the Fourth Amendment Date.

 

	BORROWER:	 	 
	 	 	 
	ACURA PHARMACEUTICALS, INC.	 	 
	 	 	 	 
	By:	/s/ Robert B. Jones	 	 
	 	Robert B. Jones	 	 
	 	President and CEO	 	 
	 	 	 	 
	BORROWER:	 	 
	 	 	 
	ACURA PHARMACEUTICAL TECHNOLOGIES, INC.	 	 
	 	 	 	 
	By:	/s/ Robert B. Jones	 	 
	 	Robert B. Jones	 	 
	 	President	 	 
	 	 	 	 
	COLLATERAL AGENT AND LENDER:	 	 
	 	 	 
	OXFORD FINANCE LLC	 	 
	 	 	 	 
	By:	/s/ Colette Featherly	 	 
	 	Colette Featherly	 	 
	 	Senior Vice PresidentExhibit 10.38

 

THIS PROMISSORY NOTE (AND ALL PAYMENT
AND ENFORCEMENT PROVISIONS HEREIN) (THE “NOTE”) IS SUBJECT TO THE TERMS OF A SUBORDINATION AGREEMENT DATED AS OF MAY
7, 2018, BY AND AMONG OXFORD FINANCE LLC, AS COLLATERAL AGENT, THE NOTEHOLDER (AS DEFINED HEREIN), THE LENDERS THAT ARE PARTY TO
THE LOAN AGREEMENT (AS DEFINED HEREIN), AND THE BORROWER (AS DEFINED HEREIN) (THE “SUBORDINATION AGREEMENT”). IN THE
EVENT OF ANY INCONSISTENCY BETWEEN THIS NOTE AND THE SUBORDINATION AGREEMENT, THE TERMS OF THE SUBORDINATION AGREEMENT SHALL CONTROL.

 

PROMISSORY NOTE

 

FOR VALUE RECEIVED, and subject to the terms
and conditions set forth herein, ACURA PHARMACEUTICALS, INC., a New York corporation with offices located at 616 N. North Court,
Suite 120, Palatine, Illinois (“Borrower”), hereby unconditionally promises to pay to the order of John
Schutte c/o MainPointe Pharmaceuticals, LLC, 333 E. Main Street, Louisville, KY 40202 or his assigns (the “Noteholder”),
the principal amount of FIVE HUNDRED THOUSAND DOLLARS ($500,000) together with all accrued interest thereon, as provided
in this Promissory Note (this "Note").

 

1.        Definitions.
Unless defined elsewhere in this Note, capitalized terms used herein shall have the meanings set forth in this Section 1.

 

"Affiliate" means
as to any Person, any other Person that, directly or indirectly through one or more intermediaries, is in control of, is controlled
by, or is under common control with, such Person. For purposes of this definition, "control" of a Person means the power,
directly or indirectly, either to (a) vote more than 50% of the securities having ordinary voting power for the election of directors
(or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of
such Person, whether by contract or otherwise.

 

"Person" means any
individual, corporation, limited liability company, trust, joint venture, association, company, limited or general partnership,
unincorporated organization, governmental authority or other entity.

 

"Prime Rate" means
the rate of interest per annum equal to the prime rate as reported by the Wall Street Journal.

 

2.        Loan.
On the date
hereof Noteholder is funding a loan of $500,000 (the “Loan”)
to Borrower.

 

3.        Payment
Dates; Optional Prepayments;

 

3.1       Payment
Dates. The aggregate unpaid principal amount of the Loan together with all accrued and unpaid interest thereon shall
be due and payable on January 2, 2020 (the “Maturity Date”).

 

3.2       Optional
Prepayments. The Borrower may prepay the Loan in whole or in part at any time or from time to time without penalty
or premium by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment.

 

3.3       Payment
Mechanics. All payments of interest and principal shall be made in lawful money of the United States of America on the date
on which such payment is due by wire transfer of immediately available funds to the Noteholder's account at a bank specified by
the Noteholder in writing.

 

    	 	 	 

     

    

 

4.        Interest.
The outstanding principal amount of the Loan shall bear interest at a rate equal to the Prime Rate plus 2% per anum and shall
accrue and be payable at the Maturity Date. All computations of interest shall be made on the basis of a 360 day year consisting
of 12 months of 30 days.

 

5.       
Events of Default. The occurrence and continuance of any of the following
shall constitute an “Event of Default” hereunder:

 

5.1       Failure
to Pay. The Borrower fails to pay any amount of principal of, or interest on, the Loan when due and such failure
continues for 5 days after written notice to the Borrower.

 

5.2       Bankruptcy.
  (A) The Borrower commences any case, proceeding or other action (i) under any existing or future law relating to bankruptcy,
insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking
to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution,
composition or other relief with respect to it or its debts or (ii) seeking appointment of a receiver, trustee, custodian, conservator
or other similar official for it or for all or any substantial part of its assets, or the Borrower makes a general assignment
for the benefit of its creditors; or (B) there is commenced against the Borrower any case, proceeding or other action of a nature
referred to in Section 5.2(A) above which (i) results in the entry of an order for relief or any such adjudication or appointment
or (ii) remains undismissed, undischarged or unbonded for a period of 60 days.

 

6.        Remedies.
Upon the occurrence of any Event of Default and at any time thereafter during the continuance of such Event of Default, the Noteholder
may at its option, by written notice to the Borrower declare the entire principal amount of this Note, together with all accrued
interest thereon, immediately due and payable, provided, however that, if an Event of Default described in Section 5.2
shall occur, the principal of and accrued interest on the Loan shall become immediately due and payable without any notice, declaration
or other act on the part of the Noteholder.

 

7.        Miscellaneous.

 

7.1       Governing
Law. This Note, and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based
upon, arising out of or relating to this Note and the transactions contemplated hereby and thereby shall be governed by the laws
of the State of New York, without giving effect to conflict of law provisions.

 

7.2       Successors
and Assigns. This Note is non-negotiable but may be assigned or transferred by the Noteholder, with the prior written
consent of the Collateral Agent (as defined below); provided that, such consent is not required if the Noteholder assigns
or transfers this Note to an Affiliate. The Borrower must provide prior written notice to the Collateral Agent of any assignment
or transfer this Note or any of its rights hereunder.

 

7.3       Waiver
of Notice. The Borrower hereby waives demand for payment, presentment for payment, protest, notice of payment, notice
of dishonor, notice of nonpayment, notice of acceleration of maturity and diligence in taking any action to collect sums owing
hereunder.

 

7.4       Amendments
and Waivers. No term of this Note may be waived, modified or amended except by an instrument in writing signed the
Noteholder and Borrower, and with the prior written consent of the Collateral Agent (as defined below). Any waiver of the terms
hereof shall be effective only in the specific instance and for the specific purpose given.

 

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7.5       No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising on the part of the Noteholder, of any
right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law.

 

7.6       Security.
This Note is unsecured, provided however, upon the full satisfaction of all Borrower’s obligations to Collateral Agent and
Lenders (as defined below in paragraph 8), Borrower shall grant a security interest to Noteholder, execute all documents reasonably
required by Noteholder and take all action reasonably necessary to secure and perfect Noteholder’s security interest in
all of Borrower’s property including, but not limited to, accounts, inventory, equipment, general intangibles, intellectual
property, chattel paper, investment property, instruments, documents, letter of credit rights, insurance proceeds and real estate,
excluding agreements that by their terms may not be collaterally assigned and other property that may not be collaterally assigned
(such as intent to use trademark applications), in each case without causing a default, termination or right of termination.

 

8.        Subordination.
The indebtedness represented by this Note shall be subordinated in accordance with the provisions of that certain Subordination
Agreement dated of even date herewith (the “Subordination Agreement”)
among the Noteholder, Borrower, OXFORD FINANCE LLC, as Collateral Agent (the “Collateral Agent”)
for the lenders (“Lenders”) party to that certain Loan and Security
Agreement, dated as of December 27, 2013 (as amended, supplemented or otherwise modified from time to time, the “Loan
Agreement”) to the Collateral Agent’s and/or Lender’s Senior Debt (as
defined in the Subordination Agreement).

 

IN WITNESS WHEREOF, the Borrower has
executed this Note as of June 28, 2018.

 

	 	ACURA PHARMACEUTICALS, INC.
	 	 	 
	 	By: 	/s/ Peter A. Clemens
	 	 	Peter A. Clemens
	 	 	Sr. VP & CFO

 

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