Document:

Exhibit 10.4

 

Certain
information identified by bracketed asterisks ([* * *]) has been omitted from this exhibit because it is both not material and
would be competitively harmful if publicly disclosed.

 

EXCLUSIVE
LICENSE AND SUPPLY AGREEMENT

 

THIS
EXCLUSIVE LICENSE AND SUPPLY AGREEMENT (this “Agreement”) is entered into as of February
8, 2019 (the “Effective Date”) by and between ETON PHARMACEUTICALS, INC., a Delaware corporation
with offices at 21925 W. Field Pkwy, Suite 235, Deer Park, Illinois, USA (“ETON”), and SINTETICA
SA, a company number CHE-105.272.121 with offices at Penate 5, CH-6850 Mendrisio, Switzerland (“Sintetica”).

 

RECITALS

 

WHEREAS,
ETON is engaged in the business of licensing, developing, marketing, distributing and selling pharmaceutical drug products;

 

WHEREAS,
Sintetica is engaged in the business of developing and manufacturing pharmaceutical drug products, including the Products (later
defined);

 

WHEREAS,
Sintetica desires to manufacture and supply the Products exclusively to ETON for Marketing (later defined) in the Territory (later
defined), and ETON is willing to purchase exclusively from Sintetica the Products under the terms and conditions set forth herein;

 

WHEREAS,
ETON desires to obtain an exclusive license to the Products, the MAs (later defined), and Sintetica Background Intellectual Property
(later defined) for Marketing the Products in the Territory, and Sintetica is willing to grant such an exclusive license to ETON
under the terms and conditions set forth herein; and

 

WHEREAS,
ETON and Sintetica will share in the Net Profits (later defined) obtained by the sale of Products in the Territory under the terms
and conditions set forth herein;

 

NOW,
THEREFORE, in consideration of the foregoing premises and the representations, warranties, covenants and agreements herein
contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, ETON and Sintetica,
intending to be legally bound, hereby agree as follows:

 

1.
DEFINITIONS.

 

For
the purposes of this Agreement, the following terms whether used in singular or plural form shall have the meanings as defined
below:

 

1.1
“Accepted” shall have the meaning ascribed to the term in Section 4.8 of this Agreement.

 

    	1

    	 

    

 

1.2
“Affiliates” means, with respect to a Party or any Third Party, any corporation, firm, partnership or
other entity that controls, is controlled by or is under common control with such entity. For the purposes of this definition,
“control” means the ownership of at least 50% of the voting share capital of an entity or any other comparable equity
or ownership interest.

 

1.3
“Applicable Law” means the applicable laws, rules, regulations, guidelines and requirements of any Governmental
Entity related to the development, registration, manufacture, importation, commercialization of the Products in the Territory,
the manufacture in and export from the Territory of Manufacture, or any obligation under, or related to, this Agreement, including
those obligations applicable to the MAs.

 

1.4
“Breaching Party” shall have the meaning ascribed to the term in Section 11.2 of this Agreement.

 

1.5
“Business Day” means any day, other than Saturday, Sunday or other day on which commercial banks are
authorized or required to close in New York, New York or Rome, Italy.

 

1.6
“Calendar Quarter” means a three (3) consecutive month period ending on March 31, June 30, September
30 or December 31.

 

1.7
“Claim” includes a claim, notice, demand, action, proceeding, litigation, prosecution, arbitration,
investigation, judgment, award, damage, loss, cost, expense or liability however arising, whether present, unascertained, immediate,
future or contingent, whether based in contract, tort or statute and whether involving a Third Party or a Party or otherwise.

 

1.8
“COGS” means for each applicable Product the total of all actual, direct manufacturing costs (including
cost of raw materials and packaging materials) directly incurred by Sintetica and directly allocable to the manufacture and supply
of the applicable Product as of the Effective Date or as adjusted pursuant to Section 6.2.1 of this Agreement. For clarity, such
costs shall not include (a) any allocation or absorption of unused, excess or idle capacity, (b) any costs attributable to shipment
of the Product to the relevant facility, (c) any Taxes or Transfer Taxes, or (d) any depreciation expense (including but not limited
to any depreciation of any machinery or equipment).

 

1.9
“Confidential Information” shall have the meaning ascribed to the term in Section 10.2 of this Agreement.

 

1.10
“Confirmed Purchase Order” shall have the meaning ascribed to the term in Section 5.5.1 of this Agreement.

 

1.11
“Customer Penalties” shall have the meaning ascribed to the term in Section 4.11.3 of this Agreement.

 

1.12
“Deducted Customer Penalties” shall have the meaning ascribed to the term in Section 5.11.4 of this
Agreement.

 

    	2

    	 

    

 

1.13
“Delivery Date” shall have the meaning ascribed to the term in Section 4.5.1 of this Agreement.

 

1.14
“ETON Indemnified Parties” shall have the meaning ascribed to the term in Section 14.1 of this Agreement.

 

1.15
“Excessive Amount” shall have the meaning ascribed to the term in Section 4.5.2 of this Agreement.

 

1.16
“FDA” means the United States Food and Drug Administration and all divisions under its direct control
or any successor organizations.

 

1.17
“Firm Period” shall have the meaning ascribed to such term in Section 4.4 of this Agreement.

 

1.18
“Force Majeure Events” shall have the meaning ascribed to such term in Section 16.2 of this Agreement.

 

1.19
“GMP” means current good manufacturing practices as defined by the FDA.

 

1.20
“Governmental Entity” means any arbitrator, court, judicial, legislative, administrative, or regulatory
agency, commission, department, board, or bureau or body or other government authority or instrumentality or any Person or entity
exercising executive, legislative, judicial, regulatory, or administrative functions of or pertaining to government, whether foreign
or domestic, whether federal, state, provincial, municipal, or other.

 

1.21
“Gross Sales” shall have the meaning ascribed to the term in Section 1.36.

 

1.22
“Indemnitee” shall have the meaning ascribed to the term in Section 13.3.1 of this Agreement.

 

1.23
“Indemnitor” shall have the meaning ascribed to the term in Section 13.3.1 of this Agreement.

 

1.24
“Infringement Notification Date” shall have the meaning ascribed to the term in Section 7.4 of this
Agreement.

 

1.25
“Intellectual Rights Legal Expenses” shall have the meaning ascribed to the term in Section 7.6.1 of
this Agreement.

 

1.26
“Intellectual Rights Suit” shall have the meaning ascribed to the term in Section 7.4 of this Agreement.

 

1.27
“Latent Defect” shall have the meaning ascribed to the term in Section 4.10 of this Agreement.

 

    	3

    	 

    

 

1.28
“Losses” means all losses, costs, damages, judgments, settlements, interest, fees or expenses including,
without limitation, all reasonable attorneys’ fees, experts’ or consultants’ fees, expenses and costs.

 

1.29
“MAs” means the New Drug Applications pursuant to 21 U.S.C. §355(b)(1)-(2), and all amendments
and supplements thereof, for the Products as set forth in Exhibit A.

 

1.30
“Market” or “Marketing” shall have the meaning ascribed to the term in Section
2.1 of this Agreement.

 

1.31
“Material Delivery Delay” shall have the meaning ascribed to the term in Section 4.11.3 of this Agreement.

 

1.32
“MAQ” shall have the meaning ascribed to the term in Section 4.5.5 of this Agreement.

 

1.33
“MOQ” shall have the meaning ascribed to the term in Section 4.5.4 of this Agreement.

 

1.34
“NDC” means a national drug code as issued by the FDA.

 

1.35
“Net Profits” means with respect to a given Product sold by ETON in the Territory, (a) the Net Sales
of the Product less (b) the sum of (i) the Transfer Price or transfer price paid by ETON if manufactured by a Third Party, if
applicable, (ii) Sintetica’s share of the Regulatory Fees, and (iii) the SG&A Fee.

 

1.36
“Net Sales” means, with respect to each Product sold in the Territory, the aggregate gross sales amount
invoiced by wholesalers, distributors or ETON on an arms-length basis to Third Parties in the Territory (“Gross Sales”),
less the following deductions per NDC number: (a) all trade discounts including a percentage off Gross Sales to cover cash discounts
given by ETON; (b) ETON’s adjustments on account of price adjustments, billing adjustments, bid defaults, shelf stock adjustments,
promotional payments or similar allowances; (c) ETON’s chargebacks, rebates, administrative fee arrangements, reimbursements,
and similar payments to wholesalers and other distributors, buying groups, health insurance carriers, managed care groups, pharmacy
benefit management companies, health maintenance organizations, other institutions or health care organizations or customers;
(d) ETON’s amounts due to third parties on account of rebate payments, including Medicaid rebates, or other price reductions
provided, based on sales by ETON to any Governmental Entity or regulatory authority in respect of state or federal Medicare, Medicaid,
government pricing or similar programs;(f) any government-mandated manufacturing Tax including without limitation the brand manufacturer’s
Tax imposed pursuant to the Patient Protection and Affordable Care Act (Pub. L. No. 111-148) as amended or replaced; (g) any costs
incurred in connection with or arising out of compliance with any Risk Evaluation and Mitigation Strategies, the Prescription
Drug User Fee Act and (h) other specifically identifiable amounts that have been credited against or deducted from ETON’s
Gross Sales and are substantially similar to those credits and deductions listed above.

 

    	4

    	 

    

 

1.37
“Operating Expenses” shall mean with respect to a given Product in the Territory, the shipping, handling,
freight, import Tax, insurance cost for transportation of the Products (or any Third Party logistics’ warehouses) incurred
by ETON.

 

1.38
“Party” or “Parties” means ETON or Sintetica, as applicable.

 

1.39
“Payment Period” shall have the meaning ascribed to the term in Section 6.3.3 of this Agreement.

 

1.40
“Person” means any individual, partnership (general or limited), association, corporation, limited liability
company, joint venture, trust, estate, limited liability partnership, unincorporated organization, government (or any agency or
political subdivision thereof) or other legal person or organization.

 

1.41
“Pharmacovigilance Agreement” shall have the meaning ascribed to the term in Section 4.4 of this Agreement.

 

1.42
“Product” or “Products” means a product or products set forth in Exhibit A
for Marketing by or for ETON in the Territory (and covered or intended to be covered by an MA) and manufactured and supplied by
Sintetica (or a Third Party as permitted by this Agreement) to ETON in fully packaged and labeled form and ready for commercialization
by ETON.

 

1.43
“Product Labelling and Packaging” shall have the meaning ascribed to the term in Section 5.1.1 of this
Agreement.

 

1.44
“Quality Agreement” shall have the meaning ascribed to that term in Section 4.2.10 of this Agreement.

 

1.45
“Quality Assurance Liaison” shall have the meaning ascribed to that term in Section 5.3.4 of this Agreement.

 

1.46
“Recall Event” shall have the meaning ascribed to that term in Section 3.4 of this Agreement.

 

1.47
“Recovery Plan” shall have the meaning ascribed to that term in Section 4.11.3 of this Agreement.

 

1.48
“Regulatory Fees” shall have the meaning ascribed to that term in Section 3.2 of this Agreement.

 

1.49
“Rolling Forecast” shall have the meaning ascribed to that term in Section 4.4 of this Agreement.

 

1.50
“Selling, General, and Administrative Fee” or “SG&A Fee” shall have the
meaning ascribed to that term in Section 6.3.2 of this Agreement.

 

    	5

    	 

    

 

1.51
“Sintectica Background Intellectual Property” means any and all patents and trademarks, patent and trademark
applications or other patent and trademark rights, copyrights, inventions, know-how, trade secrets, proprietary knowledge, data,
and other information owned, licensed to or controlled by Sinetica relating to the Products, including but not limited to use,
manufacture, and packaging thereof.

 

1.52
“Sintetica Indemnified Parties” shall have the meaning ascribed to the term in Section 13.2 of this
Agreement.

 

1.53
“Sintetica Net Profit Share” shall have the meaning ascribed to the term in Section 6.3.1 of this Agreement.

 

1.54
“Specification” shall mean, for a particular Product, the specifications, methods and processes of the
product, as set forth in the applicable MAs for that Product.

 

1.55
“Supply Failure” has the meaning ascribed to that term in Section 4.11.2 of this Agreement.

 

1.56
“Supply Term” shall mean, on a Product by Product basis, an initial period of ten (10) years from the
date of first commercial sale of the applicable Product by ETON in the Territory, and any renewals or extensions thereof.

 

1.57
“Taxes” means taxes, duties, fees, premiums, assessments, imposts, levies and other charges of any kind
whatsoever imposed by any Governmental Entity, including all interest, penalties, fines, additions to tax or other additional
amounts imposed by any Governmental Entity in respect thereof, and including those levied on, or measured by, or referred to as,
income, gross receipts, profits, capital, transfer, land transfer, sales, goods and services, harmonized sales, use, value-added,
excise, stamp, withholding, business, franchising, property, development, occupancy, employer health, payroll, employment, health,
social services, education and social security taxes, all surtaxes, all customs duties and import and export taxes, countervail
and anti-dumping, all license, franchise and registration fees and all employment insurance, health insurance and government pension
plan premiums or contributions.

 

1.58
“Term” shall have the meaning ascribed to this term in Section 11.1 of this Agreement.

 

1.59
“Territory” shall mean the fifty states of the United States of America, the District of Columbia, the
Commonwealth of Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands and all territories and possessions of the United States
of America and United States military bases.

 

1.60
“Territory of Manufacture” means the country of Switzerland.

 

1.61
“Third Party” means any Person other than ETON, Sintetica or their respective Affiliates.

 

    	6

    	 

    

 

1.62
“Transfer Price” has the meaning ascribed to that term in Section 6.2.1 of this Agreement.

 

1.63
“Transfer Taxes” shall have the meaning ascribed to this term in Section 10 of this Agreement.

 

2.
GRANT OF RIGHTS

 

2.1
Sintetica, for itself and its Affiliates, hereby grants to ETON in accordance with the terms and conditions of this Agreement,
an exclusive (even as to and against Sintetica) right and license, including the right to sublicense, to the Products, MAs, and
all current and future Sinetica Background Intellectual Property that are owned or controlled by Sintetica or its Affiliates for
ETON to develop, manufacture, import, use, promote, distribute, market, advertise, offer for sale or sell (collectively, “Market”)
the Products in the Territory. For avoidance of doubt, Sinetica and its Affiliates shall remain the owner of the Product dossiers
and Sinetica Background Intellectual Property.

 

2.2
ETON, for itself and its Affiliates, hereby grants to Sintetica in accordance with the terms and conditions of this Agreement,
a right and license, to its trademark, including to its name and logo, that is owned or controlled by ETON or its Affiliates for
Sintetica to make the packs, labels, and leaflets for the Products for sale in the Territory. For avoidance of doubt, ETON and
its Affiliates shall remain the owner of its trademarks.

 

2.3
Except as otherwise expressly provided in this Agreement, Sintetica and its Affiliates, during the Term, shall manufacture and
supply exclusively to ETON and its Affiliates all of their requirements for the Products for Marketing in the Territory. For avoidance
of doubt, Sintetica and its Affiliates shall not manufacture and supply, during the Term, the Products or any pharmaceutically
equivalent products for themselves or any Third Party (not consented by ETON) for Marketing in and for the Territory.

 

2.4
Except as otherwise expressly provided in this Agreement, ETON and its Affiliates shall exclusively purchase all of their requirements
for the Products from Sintetica for Marketing in the Territory.

 

3.
PRODUCT DEVELOPMENT AND REGISTRATION

 

3.1
Development and Registration Responsibilities.

 

3.1.1 At its sole
cost and expense, Sinetica shall be responsible and liable for developing the Products and filing and obtaining approval of the
MAs with the FDA. Within seven (7) days after receiving notice of approval of the MA(s) for the Product(s), Sintetica shall file
the necessary documentation to transfer the approved MA(s) to ETON’s name.

 

3.1.2
If ETON’s customer research shows demand that there is commercial demand for the Product in a container system that Sintetica
is unable to produce, then ETON shall have the right to secure additional suppliers to develop, file for registration, and obtain
approval with the FDA for the Product in that container system, and Sinetica shall grant ETON all the rights and licenses necessary
to develop, register, obtain approval, and Market the Product with that container system in the Territory. Any additional Products
would be subject to this agreement

 

    	7

    	 

    

 

3.2
Registration Maintenance and Regulatory Responsibilities. After the approved MAs are transferred to ETON’s
name, ETON shall be responsible for the maintenance of the approved MAs. In such an event, ETON will take all actions with the
FDA, including paying all fees accrued after time of transfer and conducting all communications with FDA or other Governmental
Entities as required by Applicable Law in respect of the MAs, including without limitation initial payment of fees owed under
the Prescription Drug User Fee Act, Annual Branded Prescription Drug Fees assessed under Section 9008 of the Patient Protection
and Affordable Care Act (ACA), Public Law 111-148 (124 Stat. 119 (2010)), as amended by section 1404 of the Health Care and Education
Reconciliation Act of 2010 (HCERA), Public Law 111-152 (124 Stat. 1029 (2010)), or any successor laws, and preparing and filing
all required reports (including adverse drug experience reports) with the appropriate Governmental Entity. The Parties shall share
equally in all maintenance and regulatory fees under this Section 4.2 (“Regulatory Fees”). Sintetica
shall use its best efforts to provide support, including providing any required information and documents, to ETON in the maintenance
of the approved MAs. Sintetica’s share of Regulatory Fees shall be deducted prior to Sintetica receiving its profit share.

 

3.3 ETON’s
NDC Numbers. Sintetica and its Affiliates shall not sell any products under ETON’s or its Affiliates’ names or NDC
numbers.

 

3.4 Medical Inquires,
Product Complaints and Recalls. After the approved MAs are transferred to ETON’s name, ETON shall assume all responsibility
for responding to any medical inquiries or complaints about any Products as set forth in the Pharmacovigilance Agreement attached
hereto as Exhibit C (the “Pharmacovigilance Agreement”) and to be entered into by the Parties as soon
as practicable. Sintetica will notify ETON immediately of any circumstances that may result in a potential recall, market withdrawal,
inventory retrieval, or similar action (“Recall Event”) that may affect the products or services under
this proposal. ETON will administer the Recall Event, but Sintetica shall reimburse ETON for any costs associated with the Recall
Event, including but not limited to shipping charges, legal fees, and any action necessary to effectuate a recall, to the extent
the Recall Event is attributable to Sintetica’s performance of its obligations under this Agreement, including but not limited
to sanitation of Sintetica’s equipment, negligence in manufacturing, or poor quality standards. If the Recall Event is related
to ETON’s commercialization activities, then ETON will administer the Recall Event and be solely responsible for costs and
expenses associated with that Recall Event.

 

3.5
Competitive Products. During the Term of this Agreement, and for a period of five (5) years thereafter, Sintetica
nor ETON shall not research, develop, manufacture, file, sell, market, or distribute any competitive product, including a product
containing [* * *] as the active ingredient that is marketed and sold in the Territory
in the injectable route of administration; nor will Sintetica nor ETON directly or indirectly assist any other Person or entity
in carrying or any such activities for eventual marketing or sale in the Territory.

 

    	8

    	 

    

 

4. MANUFACTURE
AND SUPPLY

 

4.1 Product Labeling
and Packaging.

 

4.1.1
The packaging artworks will be prepared by Sintetica, at its sole cost and expense, with the proprietary trademark and design
artwork. Sintetica shall design the packaging, the containers, the labels, the user instructions, warning notices, master shipper,
pattlet layout, including the artwork necessary or beneficial for the distribution in the Territory (“Product Labelling
and Packaging”). Sintetica shall also be solely responsible for, at its cost and expense, the requirements to serialize
the Products under Applicable Law. Prior to commencing into production, Sintetica shall submit the Product Labelling and Packaging
to ETON for its review for accuracy. Only upon ETON’s approval shall Sintetica proceed to print the Product Labelling and
Packaging. Sintetica shall be responsible and liable for the final content of the Product Labelling and Packaging and their compliance
with Applicable Law in the Territory and Territory of Manufacture.

 

4.1.2
After ETON approves the Product Labelling and Packaging in Section 5.1.1, Sintetica shall supply ETON the Products in finished
dosage form and fully packaged and ready for Marketing by ETON in the Territory.

 

4.1.3
ETON shall distribute the Products exclusively with the Product Labelling and Packaging in which they are supplied to it by Sintetica.
For avoidance of doubt, ETON shall not modify the Product Labelling and Packaging in any way when distributing the Products in
the Territory.

 

4.1.4
Any modification of the Product Labelling and Packaging shall require prior written approval by both Parties and must comply with
all Applicable Laws in the Territory.

 

4.2
Manufacture and Supply of Products.

 

4.2.1
Sintetica shall exclusively manufacture and supply the Products to ETON, and ETON shall exclusively purchase from Sintetica the
Products and Market the Products in the Territory, except as otherwise expressly provided in this Agreement.

 

4.2.2
Sintetica shall use commercially reasonable efforts to supply on a timely basis one hundred percent (100%) of ETON’s requirement
for each Product for commercialization in the Territory.

 

4.2.3
 Sintetica shall use commercially reasonable efforts to provide ETON with Product with expiration date that is at least seventy
five percent (75%) of the shelf-life for the applicable Product, but in no event less than eighteen (18) months from the date
such Product is delivered to ETON.

 

4.2.4
Sintetica shall ensure that it has an adequate supply of active and other ingredients required to manufacture the Products in
order to meet at least one hundred twenty-five percent (125%) of ETON’s forecasted requirements for the Products in the
Territory. In the event that for any reason Sintetica may have insufficient supply of active or other ingredients required to
meet its obligations under this Section 4.2.2, Sintetica, upon ETON’s approval, shall obtain a Third-Party source for such
active and other ingredients agreed to by ETON.

 

    	9

    	 

    

 

4.2.5
Sintetica shall manufacture each Product at its own manufacturing site. In the event Sintetica desires to transfer the manufacture
of any Product to another site other than those designated in the relevant MA, Sintetica shall require ETON’s written approval.

 

4.2.6
Sintetica shall, during the Term, maintain its relevant manufacturing site, all property, equipment, machinery and systems therein
in the ordinary course of business and in compliance with GMP and Applicable Law (including Drug Security and Supply Chain Act)
and free of material defects except for those attributable to wear and tear consistent with age and usage of such assets and except
for such defects as do not and will not in the aggregate impair the ability to use such assets in connection with this Agreement.

 

4.2.7
Sintetica will properly maintain a sample from each batch of Product as required by applicable regulatory standards in the Territory,
Territory of Manufacture, Applicable Law or as otherwise agreed in writing by the Parties.

 

4.2.8
Sintetica will validate all processes, methods, equipment, facilities and utilities used in the manufacture, storage, testing
and release of each Product in conformity with all Applicable Laws. ETON shall have the right to review the validation reports
upon written request.

 

4.2.9
Sintetica shall provide ETON with timely notification of all deviations that could materially impact the quality of any Product
as well as all reports or audits of any applicable regulatory authority or other applicable governmental agency regarding testing,
manufacture, storage, labeling, handling or packaging of any Product.

 

4.2.10
Notwithstanding anything to the contrary in this Agreement, all Product manufactured by Sintetica and sold to ETON under this
Agreement, when delivered by Sintetica to ETON, shall meet the specifications and the requirements as set forth in a Quality Agreement,
attached hereto as Exhibit B, to be entered into by the Parties as soon as practicable (the “Quality Agreement”).

 

4.3
Manufacturing and Quality Records and Audits.

 

4.3.1
Sintetica shall supply the Products to ETON in accordance with the terms and conditions of this Agreement, the Quality Agreement,
the relevant MAs and Applicable Law. Sintetica shall deliver to ETON, together with each delivery of each batch of Product, the
corresponding certificate of analysis relating to such batch and certification that all Product in such batch were manufactured
in accordance with GMP, the Quality Agreement and any Applicable Law. The certificate of analysis shall include the actual result
of the testing performed by Sintetica on such batch. Sintetica agrees that it shall not make any changes in the formulation, manufacture,
production, packaging, labeling or storage of any Product or any component thereof without consent of ETON unless Sintetica is
expressly required to do so by Applicable Law or a relevant regulatory authority, in which case Sintetica shall notify ETON in
writing promptly of such change and the reason therefor.

 

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4.3.2
Sintetica shall prepare and maintain complete and accurate records relating to each Product and the manufacture, quality operation,
packaging, labeling, storage, handling and testing of each batch therefor as required by Applicable Law and GMP and Sintetica
shall make copies thereof available for review by ETON upon request. These records shall be subject to audit and inspection under
this Agreement. Records that include information relating to the manufacturing, finished product packaging, and quality operation
for each batch of each Product will be prepared by Sintetica at the time such operations occur. Sintetica will prepare such records
in accordance with GMP, this Agreement, the Specifications and Applicable Law.

 

4.3.3
On an annual basis, upon ETON’s prior written notice of at least thirty (30) days and at its expense, Sintetica shall permit
representatives of or selected on behalf of ETON to inspect Sintetica’s facilities relevant to the manufacture, testing,
packaging, labeling, quality control, storage and transport of any Product. Notwithstanding the foregoing, ETON may inspect at
any time without cost to ETON if the inspection is for cause, provided that the scope of such inspection is limited to the cause
for such inspection.

 

4.3.4
ETON and Sintetica shall each designate one (1) individual to whom all of the other Party’s communications may be addressed
with respect to the manufacturing of Product (the “Quality Assurance Liaison”). Each Party shall give
prompt notice to the other Party of any material adverse change or event that relates to a quality issue or related matter with
respect to the manufacturing site for a Product or the Product itself.

 

4.4
Forecasts. No later than sixty (60) days prior to ETON’s projected desired initial delivery of commercial
batches of each Product, ETON shall provide to Sintetica a forecast which shall indicate ETON’s reasonable estimate of its
expected requirements for each Product from Sintetica for the twelve (12) month period commencing on the desired initial Delivery
Date for such Product. Commencing on the fifth (5th) Business Day after the initial Delivery Date for a given Product and not
later than the third (3rd) Business Day of each third (3rd) calendar month thereafter, ETON shall submit a forecast of its requirements
from Sintetica for each Product which shall indicate ETON’s reasonable estimate of its expected requirements of Product
from Sintetica for the twelve (12) month period commencing on the first (1st) day of the fourth (4th) full calendar month after
the date of each such update (each a “Rolling Forecast”). The first three (3) calendar months of each
Rolling Forecast shall be considered binding forecasts for Product (the “Firm Period”). Except as expressly
provided in the foregoing sentence, such Rolling Forecasts constitute non-binding, good-faith estimates provided solely to assist
Sintetica in production planning and subject to the terms and conditions hereof the Rolling Forecast for any period may be revised
by ETON by written notice to Sintetica.

 

4.5
Purchase Orders and Minimum Order Requirements.

 

4.5.1
The purchase of each Product under this Agreement shall be implemented by ETON’s issuance of individual purchase orders
to Sintetica for specific quantities of each Product which purchase orders shall reflect the Firm Period, if applicable, and shall
specify the delivery date for each Product (the “Delivery Date”). The first order shall be placed no
earlier than fifteen (15) days from ETON receiving written confirmation from Sintetica of the approval of the MA for the Product
by FDA in the Territory. Subsequent orders shall be placed one hundred twenty (120) days prior to ETON’s requested Delivery
Date. Within seven (7) Business Days of its receipt of a purchase order, Sintetica shall accept in writing such purchase order
submitted in accordance with this Section 4.5.1 by delivering a confirmation of the Delivery Date set forth in each purchase order
(a “Confirmed Purchase Order”).

 

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4.5.2
If a purchase order requests quantities of such Product in excess of one hundred twenty five percent (125%) of ETON’s most
recent forecast for such month, then Sintetica shall within seven (7) Business Days of its receipt of such a purchase order, notify
ETON whether and to what amount Sintetica can supply such excess. No purchase order shall be rejected provided that the purchase
order complies with the terms of this Agreement. For any given calendar month, Sintetica may be required to accept purchase orders
for quantities of Product up to one hundred twenty-five percent (125%) of ETON’s most recent forecast for such month and
shall use commercially reasonable efforts to supply quantities of Product in excess of one hundred twenty-five percent (125%)
of the forecasted amounts (the “Excessive Amount”). In the event Sintetica cannot supply the Excessive
Amount, then ETON shall be free to source and procure such Excessive Amount from a Third-Party alternative source at its own cost.
In such an event, Sintetica shall not receive its profit share for the Excessive Amount.

 

4.5.3
ETON shall assign a purchase order number to each order placed with Sintetica and notify such order numbers to Sintetica. Each
Party shall use the relevant purchase order number in all subsequent correspondence relating to the order.

 

4.5.4
[* * *].

 

4.5.5
[* * *].

 

4.5.6
[* * *].

 

4.6
Delayed Delivery. In the event of any changes in the Territory that could adversely affect sales of a given Product,
ETON shall have the right to delay delivery of Product ordered by ETON from Sintetica pursuant to a purchase order for a period
of up to six (6) months after the Delivery Date of the applicable shipment of the applicable Product. In the event ETON wishes
to delay any such shipments it will notify Sintetica in writing at least sixty (60) days in advance of the applicable Delivery
Date. ETON shall also have the right to cancel any purchase order, however, in the event of such cancellation ETON shall pay for
(a) all such applicable Product already manufactured by Sintetica that cannot be sold to ETON hereunder in a future shipment of
such Product without violating the terms of this Agreement; (b) all of the materials and components ordered by Sintetica specifically
for the manufacture of the affected Product that cannot be otherwise used or returned to the applicable supplier; (c) any reasonable,
documented costs and expenses for work-in-progress of the affected Product completed under the purchase order prior to cancellation;
and (d) the cost of destruction of the applicable Product, if any.

 

4.7
Shipment.

 

4.7.1
Products shall be invoiced and delivered Ex-Works Sintetica, Mendrisio, CH, in Sintetica’s standard packaging and delivery
units applicable from time to time.

 

4.7.2
Sintetica will not ship any Product that it reasonably believes will not conform to the relevant Specifications, MAs, this Agreement
or with Applicable Law. If Sintetica reasonably believes any such Product would not conform as such, then Sintetica shall, at
no cost to ETON, manufacture and supply replacement Product to replace the non-conforming Product as promptly as possible. Sintetica
shall be responsible for all costs and expenses, including expedited shipping and Customer Penalties related to such replacement.

 

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4.7.3
Risk of loss shall pass in accordance with the applicable Incoterms, and at such time Sintetica shall pass to ETON good and marketable
title to each Product, free and clear of all liens, claims, security interests, pledges, charges, mortgages, deeds of trusts,
options, or other encumbrances of any kind.

 

4.8
Acceptance. Within thirty (30) days of receipt of each shipment of Product by Sintetica at ETON or its designated
facility, ETON shall perform or cause to be performed any inspections ETON deems necessary for each shipment of the Product and
notify Sintetica in writing within such thirty (30) day period if ETON believes that the Product fails to conform to the Specifications,
MAs, this Agreement, or Applicable Law, or if any defect, shortage, or other nonconformance exists. If ETON does not provide such
notice within the thirty (30) day period, the shipment shall be deemed to be accepted (“Accepted”),
except as otherwise provided by Section 5.10.

 

4.9
Non-Conformity; Shortage; Defectiveness. If ETON believes that (a) any Product has not been manufactured in accordance
with the requirements of the Specifications, MAs, this Agreement or Applicable Law; (b) any defect exists in any Product delivered,
or (c) there is a shortage of Product delivered; then in each case ETON will, within thirty (30) days of the receipt of such Product
by ETON, notify Sintetica in writing setting forth in reasonable detail the alleged nonconformity, defect or shortage. Upon any
such notification, Sintetica shall have the right to inspect the applicable Product itself or appoint, at its expense, a mutually
acceptable Third Party to perform such inspection. Sintetica or such Third Party will have fourteen (14) days to inspect the affected
Product to make an assessment of the alleged nonconformity, defect or shortage. If the Parties agree there is a nonconformity,
defect or shortage or if Sintetica fails to inspect or have inspected the applicable shipment of Product within such fourteen
(14) day period, then Sintetica at its sole cost and expense shall promptly replace any nonconforming or defective Product or
make up the shortage, to be shipped at Sintetica’s cost. Nonconforming or defective Product will be returned to Sintetica
at Sintetica’s cost. Sintetica shall, during any such inspection periods outlined in this Section 5.9, continue to supply
Product to ETON pursuant to the terms and conditions of this Agreement. Any dispute between the Parties concerning rejection of
all or any part of a shipment of Product which the Parties are unable to resolve within thirty (30) days of the aforementioned
fourteen (14) day period will be submitted to an agreed-upon, qualified, independent laboratory for testing using the test methods
set forth in the applicable MA or other mutually agreed upon methods. Sintetica shall replace promptly any shipment or portion
of a shipment of Product under dispute until the dispute is resolved. Such replacement Product and the cost of the laboratory
will be at Sintetica’s expense if the laboratory finds that the lot in question is non-conforming or otherwise defective.
The costs of the laboratory shall be ETON’s expense if the lot in question is found to be conforming or otherwise non-defective.
The findings of the laboratory shall be final and binding upon the Parties and not subject to appeal or review by any Third Party.
In the event the laboratory finds that the lot in question is nonconforming, then Sintetica shall pay for the destruction of such
nonconforming lot.

 

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4.10
Latent Defects. The Parties acknowledge it is possible for Product to have manufacturing defects that are not discoverable
upon reasonable physical inspection or testing (such a “Latent Defect or “Latent Defects”).
Latent Defects may include, by way of example and not definition or limitation, loss of stability, separation, discoloration,
defects not present in pre-shipment samples or other manufacturing defects. Sintetica is responsible for all Latent Defects that
are attributable to the manufacture, labeling, packaging, shipping, handling or storage of Product by Sintetica or failure of
such Product to otherwise comply with the provisions of this Agreement. As soon as ETON becomes aware of any Latent Defect, it
will immediately notify Sintetica of the lot(s) involved and Sintetica shall replace such Product in the manner described in Section
4.9.

 

4.11
Failure to Supply.

 

4.11.1
In the event that Sintetica is unable to supply any quantity of Product ordered through a Confirmed Purchase Order for any reason,
then Sintetica shall promptly notify ETON of such inability to supply and if possible, will notify ETON of the date on which such
inability is expected to end. In such event, Sintetica and ETON will for a period up to thirty (30) days discuss in good faith
a resolution to such inability to supply. Sintetica shall also immediately prioritize its available production capacity, materials
and components to the manufacture of the affected Product to minimize the impact of the failure to supply.

 

4.11.2
 Notwithstanding the foregoing, in the event Sintetica is unable to (i) supply Product to ETON as ordered by ETON per purchase
order, and in the amount of product equal to at least that specified in Section 5.2.2 of this Agreement for a period within thirty
(30) days of the Delivery Date or (ii) deliver Product in the amount of product equal to at least that specified in Section 4.2.2
of this Agreement to ETON by the Delivery Date on two (2) or more occasions over a period of three (3) months (a “Supply
Failure”), then ETON shall, in addition to its other rights and remedies available hereunder, have the right to
cancel the purchase order(s) for Product(s) without penalty or liability and to purchase such Product from an alternate source,
including a Third Party. For purposes of this Agreement, delivery within thirty (30) days before or after the Delivery Date shall
be deemed as meeting the Delivery Date.

 

4.11.3
In the event that Sintetica shall have reason to believe it will be unable to supply Product to ETON for a period of at least
three (3) months beyond the Delivery Date (a “Material Delivery Delay”), Sintetica shall promptly notify
ETON thereof. Following ETON’s receipt of such notice the Parties shall promptly meet to discuss in good faith and establish
a plan that shall contain all necessary activities to be implemented to avoid or eliminate interruption in supply, including but
not limited to permitting ETON to purchase the Products from a Third Party if necessary (the “Recovery Plan”).
Sintetica shall be obligated to perform the activities in accordance with the Recovery Plan. If, despite undertaking the measures
set forth in the preceding sentence, ETON purchases substitute product or incurs Customer Penalties as a result of any Supply
Failure or Material Delivery Delay, ETON will provide to Sintetica proof thereof which shall only include identity of the customer,
amount of the customer penalty and a reference to either a credit number or invoice number associated with the customer penalty
and Sintetica shall reimburse ETON for (A) the difference, if any, between (x) the purchase price ETON pays for product from an
alternate source and (y) the Transfer Price and (B) Customer Penalties, including the difference between (i) the purchase price
paid by ETON’s customer to source product from an alternative source and (ii) ETON’s price to the customer for the
Product if such difference is charged by the customer to ETON (each of (A) and (B) “Customer Penalties”).

 

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4.11.4
In the event ETON incurs and pays for any Customer Penalties, except due to a Force Majeure Event (which Customer Penalties shall
be deducted from Net Profits), ETON will, as a first remedy, deduct for a period up to two (2) consecutive Calendar Quarters,
from its future payment of the Sintetica Net Profit Share an amount not to exceed the Customer Penalties (the “Deducted
Customer Penalties”) until the first to occur of: (a) the Deducted Customer Penalties equals the Customer Penalties
or (b) ETON does not owe to Sintetica any such Sintetica Net Profit Share. If, after such deductions or upon reaching the end
of the two (2) calendar quarter period, the Customer Penalties exceed the Deducted Customer Penalties, ETON will invoice Sintetica
for such difference and Sintetica will pay such invoice in full within sixty (60) days of receipt thereof. ETON will have the
right to withhold any future payments owed to Sintetica until all such invoices are paid in full.

 

4.11.5
Notwithstanding anything to the contrary in this Agreement, in the event of Supply Failure by Sintetica, ETON shall have the right
to use a Third-Party manufacturer to supply the Product for the Territory. In such an event, Sintetica (a) shall use commercially
reasonable efforts to effectuate such technology transfer to the Third-Party manufacturer, and (b) pay for the technology transfer
to the Third-Party manufacturer. Under this Section 4.11.5, ETON shall be fully released from its purchase orders and any Firm
Period section of a Rolling Forecast and shall be permitted to purchase such Products from a Third Party.

 

4.12
The rights and remedies provided in this Section 5 shall be cumulative and in addition to any other rights and remedies that may
be available to ETON.

 

4.13
Inventory: ETON shall keep an amount of inventory at all times greater than six (6) months of forecasted sales of product.

 

5.
SALES AND MARKETING

 

5.1
ETON shall be solely responsible for the Marketing of the Products and shall have sole and exclusive right to make all Marketing
decisions for the Product in the Territory.

 

5.2
ETON shall use commercially reasonable efforts to Market the Products in the Territory during the Term of this Agreement.

 

5.3
ETON shall have the sole and exclusive right to determine all terms and conditions of sale of the Products to its or its prospective
consumers.

 

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6.
MILESTONES AND PROFIT SHARE; PAYMENTS

 

6.1
Milestones. ETON will pay to Sintetica a total sum of two million seven hundred fifty thousant dollars ($2,750,000)
after the achievement of the following milestones:

 

(a)
An amount of two million dollars ($2,000,000) within thirty (30) days after the execution of this Agreement. If the MAs for the
Products are not accepted to file or review by the FDA, then the two million dollars ($2,000,000) payment shall be returned to
ETON within five (5) Business Days after Sintetica’s receipt of the FDA’s notice of non-acceptance to file or review
of the MAs.

 

(b)
An amount of seven hundred fifty thousand ($750,000) within thirty (30) of the first commercial sale of [*
* *]. If Sintetica is able to supply Product to Eton and Eton has not achieved first commercial sale within ninety (90)
days, the payment shall become due.

 

6.2
Transfer Price.

 

6.2.1
[* * *].

 

6.2.2
 Sintetica shall use commercially reasonable efforts in accordance with its standard manufacturing practices to reduce its COGS
for Products. The Parties will meet on annual basis to discuss plans to reduce the Transfer Price. Sintetica shall use commercially
reasonable efforts to implement such plans and reduce the Transfer Price.

 

6.2.3
Sintetica will invoice ETON when Product has been released by Sintetica, at a price per unit that is equal to the Transfer Price
for such Product. Except as otherwise provided for in this Agreement, ETON shall pay to Sintetica the Transfer Price for such
Product within thirty (30) days after the date of receipt of an invoice from Sintetica.

 

6.2.4
If ETON fails to cure any non-payment of an invoice within sixty (60) days after receipt of the invoice other than for reasons
outside of its control, then Sintetica may call for immediate payment of all outstanding invoices. Sintetica may also make further
deliveries subject to prepayment.

 

6.3
Net Profit Share.

 

6.3.1
ETON shall pay to Sintetica the first five hundred thousand ($500,000) of Net Profits from sales by ETON of the Products in the
Territory. After five hundred thousand ($500,000) is paid to Sintetica, ETON and Sintetica will share the Net Profits from sales
by ETON of the Products in the Territory, if any, as follows: (a) ETON’s share is fifty percent (50%) of Net Profits, and
(b) Sintetica’s share is fifty percent (50%) of Net Profits (the “Sintetica Net Profit Share”).

 

6.3.2
ETON will have the right to withhold the following amounts on a Product-by-Product basis from the commercialization of such Products
by ETON in the Territory: five (5%) percent of Net Sales (the “Selling, General and Administrative Fee”
or “SG&A Fee”).

 

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6.3.3
Within sixty (60) days following the end of each Calendar Quarter following first commercial sale in the Territory, including
the first and last Payment Period which may be of a shorter duration (each, a “Payment Period”), ETON
shall: (a) compute and report to Sintetica in a mutually acceptable format the Net Sales, Net Profits and Sintetica Net Profit
Share for each Product sold in the Territory during the Payment Period, and (b) pay to Sintetica within thirty (30) days of the
delivery of the report, the aggregate Sintetica Net Profit Share for all Products for that Payment Period as reflected in the
report. For the first year of commercial sale if aggregate Net Profit for all Products for any Payment Period equals a negative
amount, then Sintetica shall not be entitled to receive any Sintetica Net Profit Share for such Payment Period and ETON shall
be permitted to carry over such negative amount to apply against aggregate positive Net Profit amounts in subsequent Calendar
Quarters until such negative amount is reduced to zero.

 

6.4
Interim and Final True-Ups. During the Supply Term, on an annual basis, following the first (1st) calendar
year from launch of Product and on a Product-by-Product basis, ETON shall perform an interim “true-up” reconciliation
and shall provide Sintetica with a written report of such outlining the deductions specified in the definition of Net Sales. The
reconciliation shall be based on actual cash paid or credits issued plus an estimate for any remaining liabilities incurred related
to the specified Product, but not yet paid at the end of the preceding calendar year. If the foregoing reconciliation report shows
either an underpayment or an overpayment between the Parties, the Party owing payment to the other Party shall pay the amount
of the difference to the other Party within thirty (30) days after the date of delivery of such report. In addition, within twenty-five
(25) months after the termination or expiration of the Term or Supply Term and on a Product-by-Product basis, ETON shall perform
a final “true-up” reconciliation and shall provide Sintetica with a written report of such outlining the deductions
specified in the definition of Net Sales. If the foregoing reconciliation report shows either an underpayment or an overpayment
between the Parties, the Party owing payment to the other Party shall pay the amount of the difference to the other Party within
thirty (30) days after the date of delivery of such report.

 

6.5
Taxes. Each Party shall be responsible for and shall pay all Taxes payable on any income earned or received by it
during the Term. Where required by law, ETON shall have the right to withhold applicable Taxes from any payments to be made hereunder
by ETON to Sintetica. Any Tax, duty or other levy paid or required to be withheld by ETON on account of any payments payable to
Sintetica under this Agreement shall be deducted from the amount of payments due to Sintetica. ETON shall secure and promptly
send to Sintetica proof of such Taxes, duties or other levies withheld and paid by ETON for the benefit of Sintetica. Each Party
agrees to cooperate with the other Party in claiming exemptions from such deductions or withholdings under any agreement or treaty
from time to time in effect.

 

6.6
Audits. Each Party shall permit an independent certified public accounting firm selected by the auditing Party and
reasonably acceptable to the non-auditing Party, that has agreed to be bound by a confidentiality agreement reasonably acceptable
to the Parties, to have access, during normal business hours and upon reasonable prior notice (not more often than once in any
calendar year), to those books and records maintained by the non-auditing Party necessary for the auditing Party to verify the
accuracy of the non-auditing Party’s calculations under this Section 6 (including the Transfer Price and Net Profit Share)
for any period ending not more than two (2) years prior to the date of such request, subject to any limitations in scope necessary
to comply with Applicable Law, Third Party confidentiality restrictions, or maintain legal privilege, including but not limited
to Third Party pricing information. All such information shall be retained on a confidential basis by the accounting firm, and
such accounting firm’s use of such information shall be limited to the aforementioned verification. Unless otherwise agreed
to by the Parties in writing, the accounting firm shall not be paid on a contingency or similar basis.

 

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6.7
Accounting. ETON and Sintetica shall calculate and record calculations under this Section 7 in accordance with U.S.
GAAP, and shall maintain all books and records related thereto in accordance with standard cost accounting policies and practices,
in accordance with U.S. GAAP for the Supply Term plus an additional three (3) years thereafter.

 

7.
INTELLECTUAL PROPERTY AND OTHER RIGHTS

 

7.1
At its sole cost and expense, Sintetica shall be solely responsible and liable for any litigation in connection with the Product’s
development, manufacturing, and the Sintetica Background Intellectual Property.

 

7.2
At its sole cost and expense, ETON shall be solely responsible and liable for any non-patent litigation in connection with its
marketing activities.

 

7.3
Patents and Other Intellectual Property. Each Party shall be responsible, at its own expense, for filing and prosecuting
such patent applications, as it deems appropriate, and for paying maintenance fees on any patents issuing therefrom, for the Term,
with respect to intellectual property owned by it that relate to or are used in connection with the manufacture, sale or use of
the Product. Notwithstanding anything herein to the contrary, and provided that the Sintetica Background Intellectual Property
is covered by a patent or patent application, Sintetica, at its sole cost and expense, shall maintain and protect the Sintetica
Background Intellectual Property and continue to prosecute and maintain its patents covering the Sintetica Background Intellectual
Property and shall keep ETON advised of material actions relative to the same. Should Sintetica contemplate to abandon or otherwise
forfeit any patent/patent applications or patent rights in the Sintetica Background Intellectual Property, Sintetica shall notify
ETON in advance of such contemplation. In such an event, ETON may pursue filing and prosecuting such patent applications relating
to the Products, at its own cost and expense, and shall obtain from Sintetica rights and licenses to those patents and patent
applications with the same scope as that in Section 2.1. Sintetica shall maintain the confidentiality of any trade secrets covering
the Sintetica Background Intellectual Property. Each Party shall promptly render all necessary assistance reasonably requested
by the other Party, at the requesting Party’s expense, in applying for and prosecuting patent applications based on intellectual
property owned by such other Party pursuant to this Agreement.

 

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7.4
Notice of Infringement. If either Party shall learn of (a) any claim or assertion that the manufacture, use or marketing
of the Product under this Agreement, or any other action taken by either Party in performance of its obligations hereunder infringes,
misappropriates or otherwise violates the intellectual property rights of any Third Party, or (b) the actual or threatened infringement,
misappropriation or other violation by any Third Party of the intellectual property rights of any Party hereto that are the subject
of this Agreement (“Intellectual Rights Suits”), then the Party becoming so informed shall as soon as
reasonably practicable, but in all events within fourteen (14) days thereafter (the “Infringement Notification Date”),
notify the other Party of such claim or assertion, or actual or threatened infringement, misappropriation or other violation.

 

7.5
Provision of Information. Sintetica shall promptly provide ETON with reasonable access to information and data about,
and personnel knowledgeable of, the Product, its formulation, use and process of manufacture, to enable ETON to: (a) ascertain
whether the manufacture or marketing of the Product would infringe any Third Party intellectual property rights; and (b) determine
its conduct in relation to any proceedings alleging infringement of the Third Party intellectual property rights.

 

7.6
Intellectual Rights Suit.

 

7.6.1
At its sole cost and expense, Sintetica shall be solely responsible and liable for and assume the direction and control of any
Intellectual Rights Suit and the defense of claims arising therefrom, including, without limitation, the selection of legal counsel;
provided, however, that Sintetica shall keep ETON apprised of material developments. ETON shall fully cooperate with Sintetica
in the defense of any such Intellectual Rights Suit (regardless of which Party is a named party to such suit), including joining
as a party to the suit, and shall be consulted by Sintetica in connection with the settlement of any such Intellectual Rights
Suit. Except as otherwise set forth in this Agreement, Sintetica shall be responsible for all reasonable attorneys’ fees
and costs, settlement amounts and/or awarded damages incurred by either Party or their respective Affiliates in connection with
the defense of any Intellectual Rights Suit provided such is directly related to this Agreement (“Intellectual Rights
Legal Expenses”).

 

7.6.2
Sintetica agrees that it will not, whether in the context of litigation or otherwise related thereto, without the prior written
consent of ETON enter into any agreement or arrangement with any Third Party which in any way compromises, relinquishes, waives,
or otherwise affects, in whole or in part, the rights of ETON under this Agreement in respect of the Product.

 

7.7
Third Party Infringement. In the event either Party believes that a Third Party is infringing or otherwise
violating a Party’s intellectual property rights in the Territory or Manufacturing Territory, which infringement involves
the Product, Sintetica and ETON shall consult with each other and their respective counsel in order to develop a strategy for
addressing the Third-Party infringement. Unless the Parties agree differently, the owner of the infringed intellectual property
(the owning Party) shall have the right at its sole discretion to bring action against the Third Party infringer, select counsel
for, control, and bear the costs of such action, shall indemnify and hold the non-owning Party harmless, and shall be entitled
to any award or settlement in respect thereof. In the event that the owning Party does not bring any action against the Third-Party
infringer within the earlier of ninety (90) days from the Infringement Notification Date or the relevant statute of limitations,
the non-owning Party shall be free to bring the action in its own name, at its own expense, and retain any award or settlement
in its entirety. If necessary, the non-participating Party shall join, or be joined as a Party to the suit, but shall be under
no obligation to participate, except to the extent that such participation is required as the result of being a named Party to
the suit. The non-participating Party shall offer reasonable assistance in connection therewith, at no charge to the participating
Party, except for reimbursement of reasonable out-of-pocket expenses.

 

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7.8
Sections 7.1, 7.2 and 7.6 shall survive termination or expiration of this Agreement.

 

8.
INSURANCE

 

At
all times from the first commercial sale of any Product(s) or after the Effective Date through the date which is five (5) years
after the final sale of such Product(s), the Parties will maintain general liability insurance in amounts that are reasonable
and customary in the pharmaceutical industry, provided in no event shall the general liability insurance amounts be less than
five million dollars ($5,000,000) per occurrence and ten million dollars ($10,000,000) in the aggregate limit of liability per
year. The Parties shall provide written proof of such insurance to each other upon request.

 

9.
CONFIDENTIAL INFORMATION; PUBLICITY

 

9.1
Confidential Information. Each Party agrees that it shall not, without the prior written consent of the other Party,
(i) disclose to any Person such other Party’s Confidential Information (as defined below), except to those of its and its
Affiliates’ employees or representatives who need to know such information for the purpose of exploiting its rights or fulfilling
its obligations under this Agreement (and then only to the extent that such persons are under an obligation to maintain the confidentiality
of the Confidential Information), or (ii) use any of such other Party’s Confidential Information for any reason other than
as contemplated by this Agreement. If a Party has been advised by legal counsel that disclosure of Confidential Information of
the other Party is required to be made under Applicable Law (including to the FDA or pursuant to the requirements of a national
securities exchange or another similar regulatory body on which it’s or any of its Affiliates stock trades) or pursuant
to documents subpoena, civil investigative demand, interrogatories, requests for information, or other similar process, the Party
required to disclose the Confidential Information shall (to the extent legally permitted) provide the other Party with prompt
written notice of such request or demands or other similar process so that such other Party may seek an appropriate protective
order or waive the disclosing Party’s compliance with the provisions of this Section. In the absence of a protective order
or waiver or other remedy, the Party required to disclose the other Party’s Confidential Information may disclose only that
portion of the Confidential Information that its legal counsel advises it is legally required to disclose, provided that it exercises
its commercially reasonable efforts to preserve the confidentiality of such other Party’s Confidential Information, at such
other Party’s expense, including by cooperating with such other Party to obtain an appropriate protective order or other
reliable assurance that confidential treatment will be accorded the Confidential Information. Confidential Information shall remain
the sole property of the disclosing Party and all Confidential Information furnished in written form (and all copies thereof)
shall be promptly returned to the disclosing Party or destroyed by the receiving Party at the disclosing Party’s request;
provided, however, that the receiving Party may retain copies of such Confidential Information as necessary for its compliance
obligations under Applicable Laws and any archival purposes, subject to the ongoing obligation to maintain the confidentiality
of such information. This Section 9.1 shall survive termination or expiration of this Agreement and continue in effect thereafter
for a period of five (5) years.

 

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9.2
Definition of Confidential Information. The term “Confidential Information” as used in
this Agreement means all confidential information relating to the Parties’ business and operation, this Agreement and its
terms, or other technical, business or financial information provided by the Parties as contemplated by this Agreement. The term
“Confidential Information” does not include information that (A) becomes generally available to the public other than
as a result of disclosure by the receiving Party, (B) becomes available to the receiving Party on a non-confidential basis from
a source other than the disclosing Party, provided that such source is not known by the receiving Party to be bound by
a confidentiality agreement with the disclosing Party, (C) was previously known by the receiving Party as evidenced by the receiving
Party’s written records, or (D) was independently developed by the receiving Party without use of or reliance on the Confidential
Information.

 

10.
TRANSFER TAXES

 

All
transfer, sales, value added, stamp duty and similar Taxes (“Transfer Taxes”) payable to the U.S. government
in connection with the transaction contemplated hereby will be borne by ETON and all Transfer Taxes payable to the Swiss government
in connection with the transaction contemplated hereby will be borne by Sintetica.

 

11.
TERM & TERMINATION

 

11.1
Term. The term of this Agreement shall begin on the Effective Date and shall end upon the termination or expiration
of every Supply Term, unless earlier terminated as set forth in Sections 11.2, 11.3 and 11.4 of this Agreement (the “Term”).
The Supply Term shall begin on the Effective Date and shall end ten (10) years after the first commercial sale of each Product,
and automatically be extended for successive three (3) year increments unless ETON or Sintetica provides each other with written
notice of its intention not to extend the particular Supply Term for a given Product at least six (6) months before the expiration
of the applicable initial Supply Term or any extension thereof.

 

11.2
Termination for Breach. The Agreement may be terminated by either Party by written notice to the other at any time
if the other Party (the “Breaching Party”) is in material breach or default of any of its obligations
hereunder or any of its representations or warranties as follows: (i) the terminating Party shall send a written notice of the
material breach or material default to the Breaching Party and (ii) the termination shall become effective sixty (60) days after
the sending of such written notice unless the Breaching Party has cured any such material breach or material default prior to
the expiration of the sixty (60) day period or if such material default or material breach is not capable of being cured within
such sixty (60) day period and the Breaching Party has commenced activities reasonably expected to cure such material breach or
material default within such sixty (60) day period and thereafter uses diligent efforts to complete the cure as soon as practicable,
but in no event shall such period exceed one hundred eighty (180) days.

 

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11.3
Termination for Bankruptcy. Either Party may immediately terminate the Agreement in whole or in part if the other
Party: (a) makes an assignment for the benefit of creditors, admits in writing its inability to pay debts as they mature, or ceases
operating in the normal course of business; (b) has a receiver or trustee appointed by a court over the Party or any substantial
part of the Party’s assets; (c) becomes insolvent or is unable to pay its debts as they become due; (d) authorizes, applies
for or consents to the appointment of a trustee or liquidator of all or a substantial part of its assets or has proceedings seeking
such an appointment commenced against it which are not terminated within ninety (90) days of such commencement; (e) has any substantial
part of its property subjected to any levy, seizure, assignment or sale for, or by any creditor or governmental agency without
said levy, seizure, assignment or sale being lifted, released, reversed or satisfied within ten (10) days; (f) files a voluntary
petition under any chapters of the United States Bankruptcy Code or any other insolvency law or an involuntary proceeding has
been commenced by any Party against the Party under any one of the chapters of the United States Bankruptcy Code or any other
insolvency law and (A) the proceeding has been pending for at least sixty (60) days; or (B) the Party has consented, either expressly
or by operation of law, to the entry of an order for relief; or (C) the Party has been decreed or adjudged a debtor or equivalent.

 

11.4
Termination By ETON. ETON shall have the right to terminate the Agreement or any Supply Term in whole or in part
upon thirty (30) days prior written notice to Sintetica (a) in the event ETON determines in its sole discretion that a given Product
is no longer commercially viable in the Territory; (b) if Sintetica sells an MA for a Product or otherwise does not support maintaining
approval of the MA; (c) if Sintetica stops producing the Product; (d) if a Sintetica facility (i) fails to obtain or maintain
any necessary license, ; (e) if Eton determines in its sole discretion that the Product filings are unlikely to be approved by
the FDA and (f) any Product infringes upon any Third Party patents, trademarks, or other intellectual property rights in the Territory
or Territory of Manufacture.

 

11.5
Termination By Sintetica. Sintetica shall have the right to terminate the Agreement or any Supply Term in whole
or in part upon thirty (30) days prior written notice to ETON (a) if ETON develops competing product; and (b) if Government action
forces the cessation of ETON’s selling and marketing activities of all pharmaceutical products.

 

11.6
Effect of Termination.

 

11.6.1
If this Agreement is terminated by ETON under Sections 11.2, 11.3, and 11.4(b,c,d,f) in addition to any remedies that ETON is
entitled to (a) Sintetica shall, at its cost, provide reasonable assistance in technology transfer to an alternative supplier
of ETON’s choice and make best efforts in reducing or avoiding any adverse impact to ETON, (b) ETON shall have the right
to purchase such Products from a Third Party and shall have a perpetual, fully-paid up, royalty-free, sublicensable, and exclusive
right and license (including as to and against Sintetica) to make and have made the Product inside and outside the Territory and
Market the Products in the Territory, at its option, and (c) Sintetica shall execute any documents or agreements reasonably necessary
to effectuate the foregoing (including but not limited to any amendment to this Agreement), as determined by ETON.

 

    	22

    	 

    

 

11.6.2
If this Agreement is terminated by Sintetica under Sections 11.2 and 11.3, then (a) ETON shall have the right to, and Sintetica
shall hereby grant ETON a license to, Market or otherwise dispose of any existing inventory of any Products then in ETON’s
possession, (b) Sinetica may keep all the licensing payments paid by ETON up to the point of termination and is free to commercialize
or relicense the Product with no further obligations owed to ETON, (c) ETON shall refrain from holding itself out as Sintetica’s
distributor, in particular, eliminate any reference to the Product and Sintetica from its business, trade style and promotional
material, (d) ETON will promptly transfer the MAs to Sintetica’s name, and (e) ETON shall transfer all rights, licenses,
and approvals to the Product to Sintetica or another company indicated by Sintetica within thirty (30) days of termination. This
Section 11.5 shall survive termination or expiration of this Agreement.

 

11.6.3
If this Agreement is terminated by ETON under Section 11.4(a) all milestones will become immediately due to Sintetica. All rights
to Products will immediately return to Sintetica.

 

11.6.4
If this Agreement is terminated by ETON under Section 11.4(e) prior to two years having elapsed since filing for the MA with the
FDA; all milestones will become immediately due to Sintetica, and a one time payment for lost Gross Profit of one million dollars
($1,000,000) will also become due. All rights to Products will immediately return to Sintetica.

 

12.
REPRESENTATIONS AND WARRANTIES

 

12.1
ETON Representations and Warranties. ETON represents and warrants to Sintetica that:

 

12.1.1
it has the corporate power and authority to enter into this Agreement and to consummate the transactions contemplated hereby;

 

12.1.2
neither the execution and delivery of this Agreement by it, nor its performance hereunder, conflicts with or will result in any
violation or breach of, or constitutes (with or without due notice or lapse of time or both) a default under any of the terms
or conditions of any note, indenture, license, agreement or other instrument or obligation to which it is a party or by which
it or any of its properties or assets may be bound; or to its best knowledge, violates any Applicable Law;

 

12.1.3
this Agreement is a legal, valid and binding agreement of ETON, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar laws affecting creditors’ rights
generally from time to time in effect and to general principles of equity (including concepts of materiality, reasonableness,
good faith and fair dealing), regardless of whether considered in a proceeding in equity or at law; and

 

    	23

    	 

    

 

12.1.4
it has not been debarred, is not subject to debarment, and will not use, in any capacity in connection with the obligations to
be performed under this Agreement, any person who has been debarred pursuant to Section 306 of the United States Food, Drug and
Cosmetic Act;

 

12.1.5
there is no Claim, suit, investigation, action or proceeding pending or threatened against ETON before any court, governmental
agency, or arbitration panel which may in any way materially adversely affect the performance of its obligations hereunder or
transaction contemplated by this Agreement;

 

12.1.6
it has not and will not enter into any contract or any other transaction with any Third Party or Affiliate that conflicts with
or derogates from its undertakings hereunder;

 

12.1.7
it has and will at all times during Term have requisite expertise, experience, personnel, equipment and skill to perform its obligations
hereunder; and

 

12.1.8
it will not make nor will it promise to make any payment in violation of the U. S. Foreign Corrupt Practices Act or similar applicable
local, federal or national law.

 

12.2
Sintetica Representation and Warranties. Sintetica represents and warrants to ETON that:

 

12.2.1
it has the corporate power and authority to enter into this Agreement and to consummate the transactions contemplated hereby;

 

12.2.2
neither the execution and delivery of this Agreement by it, nor its performance hereunder, conflicts with or will result in any
violation or breach of, or constitutes (with or without due notice or lapse of time or both) a default under any of the terms
or conditions of any note, indenture, license, agreement or other instrument or obligation to which it is a Party or by which
it or any of its properties or assets may be bound; or to its best knowledge, violates any Applicable Law;

 

12.2.3
this Agreement is a legal, valid and binding agreement of Sintetica, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar laws affecting creditors’ rights
generally from time to time in effect and to general principles of equity (including concepts of materiality, reasonableness,
good faith and fair dealing), regardless of whether considered in a proceeding in equity or at law;

 

12.2.4
it has not been debarred, is not subject to debarment, and will not use, in any capacity in connection with the obligations to
be performed under this Agreement, any person who has been debarred pursuant to Section 306 of the United States Food, Drug and
Cosmetic Act;

 

12.2.5
there is no Claim, suit, investigation, action or proceeding pending or threatened against Sintetica before any court, governmental
agency, or arbitration panel which may in any way materially adversely affect the performance of its obligations hereunder or
transaction contemplated by this Agreement;

 

    	24

    	 

    

 

12.2.6
it will not divest, sell, fail to maintain or otherwise dispose of any MA related to Products during the Term of this Agreement;

 

12.2.7
it has not and will not enter into any contract or any other transaction with any Third Party or Affiliate that conflicts with
or derogates from its undertakings hereunder;

 

12.2.8
it has and will at all times during Term have requisite expertise, experience, personnel, equipment and skill to perform its obligations
hereunder;

 

12.2.9
it has the unencumbered right to the MAs and Products and the right, power and authority to grant a license to ETON hereunder;

 

12.2.10
 it has and will maintain until the end of the Term the capacity to manufacture the Products in quantities ordered by ETON;

 

12.2.11
 it will not make nor will it promise to make any payment in violation of the U. S. Foreign Corrupt Practices Act or similar applicable
local, federal or national law;

 

12.2.12
 it has obtained and will maintain all required licenses, authorizations, and approvals required by federal, state, or local governmental
authorities, including the FDA and any other applicable regulatory agency to manufacture, export and supply each Product for the
Territory and in accordance with this Agreement;

 

12.2.13
 its manufacturing facilities applicable to Products conform, and shall conform throughout the Term, in all respects to all Applicable
Laws governing such facilities and it shall maintain all records as are necessary and appropriate to demonstrate compliance in
the manufacture of each Product with GMP, the Specifications, the applicable MA, the Quality Agreement and all Applicable Laws;

 

12.2.14
 all Product supplied to ETON shall: (i) meet the applicable Specifications at the time of shipment; (ii) meet regulatory requirements
of any relevant regulatory authority in the Territory and Territory of Manufacture; (iii) be manufactured, packaged, tested, stored
and shipped in accordance with applicable GMP, the MA, Applicable Law and this Agreement; (iv) not be adulterated or misbranded
under the U. S. Food, Drug and Cosmetic Act or any other relevant laws and regulations as amended from time to time; and (v) be
produced, packaged, tested and stored in facilities that have been approved by applicable regulatory authorities to the extent
required by Applicable Laws;

 

12.2.15
 Sintetica has not been informed of any proceeding or similar action pending or threatened in writing seeking the revocation,
suspension or amendment of any MAs for reasons related to safety or efficacy;

 

12.2.16
 The FDA has not requested or demanded in writing that Sintetica discontinue any MAs for reasons related to safety or efficacy;

 

    	25

    	 

    

 

12.2.17
 Sintetica has not been informed of any pending or threatened in writing product liability claims relating to any Product; and

 

12.2.18
 Sintetica has not been informed of any pending or threatened in writing Claims alleging infringement of a Third Party’s
intellectual property rights relating to any MAs or the use, manufacture, import, distribution, sale or offer for sale of any
Product.

 

12.3
Survival of Representations and Warranties. All representations and warranties of ETON and Sintetica contained
herein or made pursuant hereto shall be ongoing during the Term and for a period of twelve (12) months thereafter. In the event
of any breach of the representations and warranties set forth herein, the applicable Party shall immediately notify the other
Party of such breach.

 

13.
INDEMNIFICATION

 

13.1
Sintetica’s Indemnification Obligations. Sintetica shall indemnify, defend and hold ETON and its owners, officers,
directors, Affiliates, and employees (collectively, “ETON Indemnified Parties”) harmless from and against
any and all Losses arising out of or resulting from any Third Party Claims made or suits brought against ETON Indemnified Parties
which arise or result from (i) Sintetica’s material breach of any of its representations, warranties or covenants set forth
in this Agreement, or any of its obligations hereunder; (ii) Sintetica’s manufacture, registration, handling, storage, use,
transportation of any Product on or after the Effective Date, including, without limitation, any Claim for personal injury or
death, to the extent such Third Party Claims arise from the period of time commencing on or after the Effective Date and to the
extent such is not attributable to ETON’s breach of this Agreement or any Applicable Laws; or (iii) Sintetica’s negligence
or willful misconduct with regard to the Products to the extent such is not attributable to ETON’s breach of this Agreement
or any Applicable Laws.

 

13.2
ETON’s Indemnification Obligations. ETON shall indemnify, defend and hold Sintetica and its officers, directors,
agents, Affiliates and employees (collectively, “Sintetica Indemnified Parties”) harmless from and against
any and all Losses arising out of or resulting from any Third Party Claims made or suits brought against Sintetica Indemnified
Parties which arise or result from (i) ETON’s material breach of any of its representations, warranties or covenants set
forth in this Agreement, or any of its obligations hereunder; (ii) ETON’s marketing, distribution, or sale of any Product
on or after the Effective Date, including, without limitation, any Claim for personal injury or death, to the extent such Third
Party Claims arise from the period time commencing on or after the Effective Date and to the extent such is not attributable to
Sintetica’s breach of this Agreement or any Applicable Law; or (iii) ETON’s negligence or willful misconduct with
regard to the Products to the extent such is not attributable to Sintetica’s breach of this Agreement or any Applicable
Laws.

 

    	26

    	 

    

 

13.3
Indemnification Procedure.

 

13.3.1
Notice of the matter which may give rise to such Claim shall be given in writing by the indemnitee (the “Indemnitee”)
to the Party against whom indemnification may be sought (the “Indemnitor”) as soon as reasonably practicable
after such Indemnitee becomes aware of such Claim; provided, however, that the failure to notify the Indemnitor shall not relieve
it from any liability that it may have to the Indemnitee otherwise unless the Indemnitor demonstrates that the defense of the
underlying Claim has been materially prejudiced by such failure to provide timely notice. Such notice shall request indemnification
and describe the potential Losses and Claim giving rise to the request for indemnification, and provide, to the extent known and
in reasonable detail, relevant details thereof. If the Indemnitor fails to give Indemnitee notice of its intention to defend any
such Claim as provided in this Section 13.3.1. the Indemnitee involved shall have the right to assume the defense thereof with
counsel of its choice, at the Indemnitor’s expense, and defend, settle or otherwise dispose of such Claim with the consent
of the Indemnitor, not to be unreasonably withheld or delayed.

 

13.3.2
In the event the Indemnitor elects to assume the defense of a Claim, the Indemnitee of the Claim in question and any successor
thereto shall permit Indemnitor’s counsel and independent auditors, to the extent relevant, reasonable access to its books
and records and otherwise fully cooperate with the Indemnitor in connection with such Claim; provided, however, that (i) the Indemnitee
shall have the right fully to participate in such defense at its own expense; (ii) the Indemnitor’s counsel and independent
auditors shall not disclose any Confidential Information of the Indemnitee to the Indemnitor without the Indemnitee’s consent;
(iii) access shall only be given to the books and records that are relevant to the Claim or Losses at issue. The defense by the
Indemnitor of any such actions shall not be deemed a waiver by the Indemnitee of its right to assert a Claim with respect to the
responsibility of the Indemnitor with respect to the Claim or Losses in question. The Indemnitor shall not have the right to settle
or compromise any Claim against the Indemnitee (that the Indemnitor has defended pursuant to this Section 13.3.2) without the
consent of the Indemnitee which shall not be unreasonably withheld or delayed. No Indemnitee shall pay or voluntarily permit the
determination of any Losses which is subject to any such Claim while the Indemnitor is negotiating the settlement thereof or contesting
the matter, except with the prior written consent of the Indemnitor, which consent shall not be unreasonably withheld or delayed.

 

13.3.3
This Section 13 shall survive termination or expiration of this Agreement.

 

14.
LIMITATION OF LIABILITY

 

14.1
NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, NEITHER PARTY SHALL BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL
OR EXEMPLARY DAMAGES, WHETHER FORESEEABLE OR NOT, THAT ARE IN ANY WAY RELATED TO THIS AGREEMENT.

 

15.
MISCELLANEOUS

 

15.1
Governing Law; English Language. This Agreement shall be governed, interpreted and construed in accordance with
the substantive laws of Switzerland. To the extent that it may otherwise by applicable, the Parties hereby expressly agree to
unconditionally waive and exclude from the operation of this Agreement the United Nations Convention on Contracts for the International
Sale of Goods, concluded at Vienna, on 11 April 1980, as amended and as may be amended further from time to time. This Agreement
has been negotiated and drafted by the Parties in the English language. Any translation into any other language shall not be an
official version thereof. In the event any translation of this Agreement is prepared for convenience or for any other purpose,
the provisions of the English version shall prevail.

 

    	27

    	 

    

 

15.2
Force Majeure. Neither Party shall be liable for non-performance or delay in the fulfillment of its obligations
when any such non-performance or delay shall be occasioned by any unforeseeable cause beyond the reasonable control of Sintetica
or ETON, as the case may be, including without limitation, acts of God, fire, flood, earthquakes, explosions, sabotage, strikes
or labor disturbances, civil commotion, riots, military invasions, war, terrorism, failure of utilities, failure of carriers,
or any acts, restraints, requisitions, regulations, or directives issues by a Governmental Entity (“Force Majeure
Events”). In the event either Party is prevented from discharging its obligations hereunder on account of a Force
Majeure Event, such Party shall notify the other forthwith and shall nevertheless make every endeavor in good faith to discharge
its said obligations even if in a partial or compromised manner. If either Party is unable to perform its obligations hereunder
as a result of a Force Majeure Event for a period of thirty (30) days or greater, then the other Party shall have the right, following
sixty (60) days’ notice to the other Party to terminate the Supply Term if the Force Majeure Event still exists following
such sixty (60) day notice period. Notwithstanding anything to the contrary in this Agreement, any Customer Penalties attributable
to such Force Majeure Event shall be deducted from Net Profits.

 

15.3
Notices. All notices and other communications required or permitted to be given or made pursuant to this Agreement
shall be in writing signed by the sender and shall be deemed duly given (a) on the date delivered, if personally delivered, (b)
on the date sent by telecopier with automatic confirmation by the transmitting machine showing the proper number of pages were
transmitted without error, (c) on the Business Day after being sent by Federal Express or another recognized overnight mail service
which utilizes a written form of receipt for next day or next Business Day delivery or (d) three (3) Business Days after mailing,
if mailed by U.S. postage-prepaid certified or registered mail, return receipt requested, in each case addressed to the applicable
Party at the address set forth below; provided that a Party may change its address for receiving notice by the proper giving of
notice hereunder:

 

	If
    to ETON, to:
	 
	ETON
    Pharmaceuticals, Inc.
	21925
    W. Field Pkwy, Suite 235
	Deer
    Park, Illinois, USA
	Attention:
    CEO
	 
	With
    a copy (which shall not constitute notice) to: 
	 
	ETON
    Pharmaceuticals, Inc.
	21925
    W. Field Pkwy, Suite 235
	Deer
    Park, Illinois, USA
	Attention:
    Legal
	 
	if
    to Sintetica, to:
	 
	Sintetica
    S.A.
	Via
    Penate 5,
	6850
    Mendrisio, Switzerland
	Attention:
    CEO

 

15.4
Relationship of Parties. The status of the Parties under this Agreement shall be that of independent contractors,
without the authority to act on behalf of or bind each other. Nothing in this Agreement shall be construed as establishing a partnership
or joint venture relationship between the Parties hereto. No Party shall have the right to enter into any agreements on behalf
of the other Party, nor shall it represent to any person that it has such right or authority. All persons employed by a Party
shall be employees of such Party and not of the other Party and all costs and obligations incurred by reason of any such employment
shall be for the account and expense of such Party.

 

15.5
Entire Agreement; Amendment. This Agreement (and all Exhibits attached hereto) supersedes all prior discussions
and agreements among the Parties with respect to the subject matter hereof and contains the sole and entire agreement among the
Parties hereto with respect to the subject matter hereof. This Agreement may not be amended or modified except in writing executed
by the duly authorized representatives of the Parties.

 

15.6
No Third-Party Beneficiaries. This Agreement is not intended to confer upon any Person other than the Parties hereto
any rights or remedies hereunder.

 

    	28

    	 

    

 

15.7
Severability. Should any part or provision of this Agreement be held unenforceable or in conflict with Applicable
Law, the invalid or unenforceable part or provision shall, provided that it does not affect the essence of this Agreement, be
replaced with a revision which accomplishes, to the greatest extent possible, the original commercial purpose of such part or
provision in a valid and enforceable manner, and the balance of this Agreement shall remain in full force and effect and binding
upon the Parties hereto.

 

15.8
Assignment. The terms and provisions hereof shall inure to the benefit of, and be binding upon the Parties and their
respective successors and permitted assigns. The Parties shall not assign, encumber or otherwise transfer this Agreement or any
part of it to any Third Party, without the prior written consent of the other Party. Notwithstanding the foregoing, each Party
may assign the rights and obligations under this Agreement in whole, without consent of the other Party, to a Third Party or Affiliate
in connection with the transfer or sale of all or substantially all of its business or in the event of a merger, consolidation
or change in control provided that the assignee assumes in writing and becomes directly obligated to the other Party to perform
all of the obligations of assignor under this Agreement.

 

15.9
Waiver. No waiver of a breach or default hereunder shall be considered valid unless in writing and signed by the
Party giving such waiver, and no such waiver shall be deemed a waiver of any subsequent breach or default of the same or similar
nature.

 

15.10
Survival. Any provision which by its terms is intended to survive the termination or expiration of this Agreement
will survive the termination or expiration of this Agreement and remain in full force and effect thereafter.

 

15.11
Counterparts; PDF. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed
an original but all of which, taken together, shall constitute one and the same instrument. PDF and facsimile signatures shall
constitute original signatures. The Parties agree that the electronic signatures appearing on this Agreement are the same as handwritten
signatures for the purposes of validity, enforceability and admissibility pursuant to the Electronic Signatures in Global and
National Commerce (ESIGN) Act of 2000, and Uniform Electronic Transactions Act (UETA) model law, or similar applicable laws.

 

[Signature
Page Follows]

 

    	29

    	 

    

 

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

 

	ETON
    PHARMACEUTICALS, INC.	 
	 	 
	By:
    	                             	 
	Name:
    	 	 
	Title:
    	 	 
	 	 	 
	SINTETICA
    S.A.	 
	 	 
	By:
    	 	 
	Name:
    	 	 
	Title:
    	 	 

 

    	30

    	 

    

 

EXHIBIT
A: PRODUCTS AND TRANSFER PRICES

 

Products:

[*
* *]

 

Transfer
Price:

[*
* *]

 

    	31Exhibit
10.5

 

Certain
information identified by bracketed asterisks ([* * *]) has been omitted from this exhibit because it is both not material and
would be competitively harmful if publicly disclosed.

 

ASSET
PURCHASE AGREEMENT

 

THIS
ASSET PURCHASE AGREEMENT (this “Agreement”) dated as of May 6, 2019 (the “Effective Date”), is entered
into between ETON PHARMACEUTICALS, INC., a Delaware corporation (“Eton”), with a place of business at 21925 W. Field
Parkway, Suite 235, Deer Park, Illinois 60010, and HARROW HEALTH, INC., a Delaware corporation f/k/a Imprimis Pharmaceuticals,
Inc. (“Harrow”), with a place of business at 12264 El Camino Real, Suite 350, San Diego, California 92130.

 

WHEREAS,
the parties entered into the Asset Purchase and License Agreement dated as of May 9, 2017, whereby Harrow assigned certain assets
related to the Product (as defined below) to Eton (the “Original Agreement”); and

 

WHEREAS,
the parties desire to terminate the Original Agreement and to transfer certain assets related to the Product from Eton to Harrow
on the terms and conditions of this Agreement;

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth below and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

 

1.
Definitions. For the purposes of this
Agreement, the following terms shall have the respective meanings set forth below, and grammatical variations of such terms shall
have corresponding meanings:

 

1.1
“Affiliate” means, with respect to any Person, any other Person which directly or indirectly controls, is controlled
by, or is under common control with, such Person. A Person shall be regarded as in control of another Person if it owns, or directly
or indirectly controls, more than fifty percent (50%) of the voting stock or other ownership interest of the other Person, or
if it directly or indirectly possesses the power to direct or cause the direction of the management and policies of the other
Person by any means whatsoever. Notwithstanding the foregoing, for purposes of this Agreement, neither Harrow nor Eton shall be
Affiliates of the other or the other’s Affiliates.

 

1.2
“Assets” means, collectively, (a) the Technology; (b) all discoveries, inventions, technology, compositions,
formulations, samples, components, processes, standards, methods, procedures and techniques relating thereto; (c) all formulae,
data, information, results of experimentation and testing, and other know-how, whether or not patentable or copyrightable, relating
thereto; (d) all Regulatory Filings and Regulatory Approvals therefor or relating thereto; and (e) all intellectual property rights
and other assets relating thereto (including without limitation the Assigned Patent Rights and Assigned Know-How Rights).

 

    	 	1	 

    	 

    

 

1.3
“Assigned Know-How Rights” means all trade secret and other know-how rights related to the Technology owned
by Eton as of the Effective Date.

 

1.4
“Assigned Patent Rights” means, collectively, (a) all patents and patent applications (including provisional
patent applications) in any jurisdiction that claim or cover the Technology, including those listed on Schedule 1 to Exhibit
A, together with all divisionals, continuations and continuations-in-part that claim priority to, or common priority with,
the foregoing; (b) all patents issuing therefrom (including utility models and design patents and certificates of invention);
(c) all reissues, reexaminations, inter partes reviews, renewals, restorations, extensions and supplementary protection certificates
of any of the foregoing patent applications or patents; (d) all confirmation patents, registration patents or patents of addition
based on any of the foregoing patents; and (e) all foreign counterparts of any of the foregoing, or as applicable portions thereof.

 

1.5
“Contract” or “Contracts” means any mortgage, indenture, lease, contract, covenant, arrangement,
agreement, instrument, commitment, purchase order or license.

 

1.6
“Encumbrance” or “Encumbrances” means any encumbrance, lien, charge, hypothecation, pledge,
mortgage, adverse claim, option, preemptive right, or other security interest of any nature, or any Contract to create any of
the foregoing entered into by Eton on or before the Effective Date.

 

1.7
“FDA” means the Food and Drug Administration of the United States, or any successor thereto.

 

1.8
“First Commercial Sale” means, with respect to any Product, the first sale of such Product by Harrow, its Licensees,
or its or their respective Affiliates after all applicable Regulatory Approvals (if any) have been granted by the applicable Regulatory
Authority.

 

1.9
“Knowledge of Eton” or “Eton’s Knowledge” means the actual knowledge of any director,
officer, member or employee of Eton and the knowledge such individuals would reasonably be expected to obtain in the course of
diligently performing his or her duties for Eton and/or making a reasonable inquiry into the matters contemplated by this Agreement.

 

1.10
“Licensee” means a Third Party to whom Harrow has granted a license, immunity or other right under the Assigned
Patent Rights to offer to sell, sell or otherwise commercialize one or more Products, provided such license has not expired or
been terminated.

 

1.11
“Net Sales” means, with respect to any Product, the gross sales price of such Product invoiced by Harrow, its
Licensees, and its and their respective Affiliates to customers who are not Affiliates (or are Affiliates but are the end users
of such Product), less (a) credits, allowances, discounts and rebates to, and chargebacks from the account of, such customers;
(b) freight and insurance costs in transporting such Product to the extent separately invoiced and included in the gross sales
price; (c) cash, quantity and trade discounts, rebates and other price reductions for such Product; (d) sales, use, value-added
and other direct taxes for such Product to the extent separately invoiced and included in the gross sales price; (e) customs duties,
tariffs, surcharges and other governmental charges incurred in exporting or importing such Product to the extent separately invoiced
and included in the gross sales price; and (f) an allowance for uncollectible or bad debts for such Product determined in accordance
with generally accepted accounting principles not to exceed 3% of Net Sales of such Product for the applicable quarterly reporting
period before giving effect to this subsection (f).

 

    	 	2	 

    	 

    

 

1.12
“Payment Period” means, on a Product-by-Product and country-by-country basis, the period of time equal to the
longer of (a) beginning on the date of the First Commercial Sale of such Product in such country and continuing during the term
for which a Valid Claim (if such Valid Claim were in an issued patent) in such country remains in effect and would be infringed
(if such Valid Claim were in an issued patent not owned by or licensed to Harrow) by the manufacture, use, offer for sale, sale
or import of such Product in such country; and (b) fifteen (15) years following the date of the First Commercial Sale of such
Product in such country.

 

1.13
“Person” means any individual, partnership, firm, corporation, association, trust, unincorporated organization
or other entity, as well as any syndicate or group of any of the foregoing.

 

1.14
“Product” means any product, in any form or formulation for injectable administration, comprising synthetic
corticotropin.

 

1.15
“Product Supported Patent Rights” means, collectively, (a) all patent applications filed anywhere in the world
after May 9, 2017; (b) all patents that have issued or in the future issue from any of the foregoing patent applications, including
without limitation utility models, design patents and certificates of invention; and (c) all divisionals, continuations, continuations-in-part,
reissues, renewals, extensions or additions to any such patents and patent applications; in each case that use or are supported
by data and information derived from the development, manufacture or use of the Product or otherwise from the exploitation of
the Technology; provided, however, that Product Supported Patent Rights shall exclude the Assigned Patent Rights.

 

1.16
“Regulatory Approval” means, with respect to a particular country or regulatory jurisdiction, any and all approvals,
clearances or other authorizations to develop, test, use, make, transport, store or commercialize a particular product or service
in such country or regulatory jurisdiction, including all amendments and supplements thereto.

 

1.17
“Regulatory Authority” means any national, supra national, regional, state or local regulatory authority, department,
bureau, commission, council or other governmental authority (including the FDA) that is responsible for overseeing the development,
testing, use, making, transport, storage or commercialization of a product or service.

 

1.18
“Regulatory Filings” means, with respect to a particular country or regulatory jurisdiction, any and all applications
for, notifications or other submissions made to or with a Regulatory Authority that is necessary or reasonably desirable to develop,
test, use, make, transport, store or commercialize a particular product or service in such country or regulatory jurisdiction,
whether made before or after receipt of approval, clearance or other authorization in such country or regulatory jurisdiction,
including all amendments and supplements thereto.

 

1.19
“Tax” or “Taxes” means any and all federal, state, local and foreign taxes, assessments
and other governmental charges, duties, impositions and liabilities, including taxes based upon or measured by gross receipts,
income, profits, sales, use and occupation, and value added, ad valorem, transfer, franchise, withholding, payroll, recapture,
employment, excise and property taxes as well as public imposts, fees and social security charges (including but not limited to
health, unemployment and pension insurance), together with all interest, penalties and additions imposed with respect to such
amounts and any obligation under any agreement or arrangement with any other Person with respect to such amounts and including
any liability for taxes of a predecessor entity.

 

    	 	3	 

    	 

    

 

1.20
“Technology” means the Product together with any and all uses and methods of manufacture thereof.

 

1.21
“Third Party” means any Person other than Harrow, Eton or their respective Affiliates.

 

1.22
“Valid Claim” means either (a) a claim of an issued and unexpired patent included within the Assigned Patent
Rights, which has not been held permanently revoked, unenforceable or invalid by a decision of a court or other governmental agency
of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be
invalid or unenforceable through reissue or disclaimer or otherwise, or (b) a claim of a pending patent application included within
the Assigned Patent Rights, which claim was filed in good faith and has not been abandoned or finally disallowed without the possibility
of appeal or refiling of such application.

 

2.
Purchase and Sale of the Assets.

 

2.1
Assets. Subject to the terms and conditions of this Agreement, Harrow hereby agrees to, and hereby does, purchase from
Eton, and Eton hereby agrees to, and hereby does, sell, convey, transfer and assign to Harrow, on the Effective Date, all of Eton’s
right, title and interest in and to the Assets, including without limitation all those assets described on Schedule 1 of the Patent
Assignment attached hereto as Exhibit A. Concurrently with the execution of this Agreement, Eton shall deliver all required
consents to Material Contracts (as defined below) as set forth on Schedule 4.7 hereof. To the extent necessary to comply with
applicable privacy laws, Eton shall have the right to redact patient identifying information from any data or information transferred
to Harrow.

 

2.2
No Assumption of Liabilities. Harrow shall not be obligated to assume or perform and is not assuming or performing any
liabilities or obligations of Eton which relate to Eton’s ownership of the Assets prior to the Effective Date or otherwise,
whether known or unknown, fixed or contingent, certain or uncertain, and regardless of when they are or were asserted, and Eton
shall remain responsible for and shall promptly pay such liabilities.

 

2.3
Transfer Documents. The sale, conveyance, transfer and assignment of the Assets may be further evidenced by the due execution
and delivery by the parties of any additional bills of sale, assignment or other title transfer documents and instruments as reasonably
requested by Harrow. Without limiting the generality of the foregoing, (a) on the Effective Date, Eton shall duly execute and
deliver to Harrow the patent assignment in the form attached as Exhibit A (the “Patent Assignment”) evidencing
the sale, conveyance, transfer and assignment of the Assigned Patent Rights from Eton to Harrow in accordance with this Agreement,
and (b) at such time as reasonably requested by Harrow on or after the Effective Date, Eton shall duly execute and deliver to
Harrow such additional bills of sale, assignment or other title transfer documents and instruments as reasonably requested by
Harrow evidencing the sale, conveyance, transfer and assignment of the Assets in accordance with this Agreement.

 

    	 	4	 

    	 

    

 

2.4
Consideration. The consideration for the sale to Harrow of the Assets under this Agreement shall consist of the following
(collectively, the “Purchase Price”): the Payment Amount (as defined below) and the Milestone Payments (as defined
below).

 

2.5
Allocation of Purchase Price. The Purchase Price shall be allocated, if an allocation is required, by Harrow within sixty
(60) days following a determination that such allocation is required. After the Effective Date, Harrow and Eton shall make consistent
use of any allocation required under Section 1060 of the Internal Revenue Code for all Tax purposes and in all filings, declarations
and reports with the Internal Revenue Service or any other applicable taxing authority in respect thereof. In any and all actions,
suits, proceedings, arbitration, or governmental or regulatory investigations or audits related to the determination of any Tax,
neither Harrow nor Eton shall contend or represent that such allocation is not a correct allocation.

 

3.
License Grant.

 

3.1
License to Harrow. Eton hereby grants to Harrow a non-exclusive, irrevocable, perpetual, non-transferable (except in connection
with a permitted assignment of this Agreement), worldwide license under the Product Supported Patent Rights for all uses. Harrow
shall have the right to grant sublicenses under the Product Supported Patent Rights, through multiple tiers, to Third Parties
and Affiliates.

 

3.2
No Implied Licenses. Only licenses and rights expressly granted herein shall be of legal force and effect. No license or
other right shall be created hereunder by implication, estoppel, or otherwise.

 

4.
Representations and Warranties of Eton.
Eton hereby represents and warrants to Harrow, except as indicated on the disclosure schedules, if any, attached to this Agreement,
as follows:

 

4.1
Authority and Binding Effect. Eton has the full power and authority to execute and deliver this Agreement, the Patent Assignment
and other documents and instruments contemplated hereby. This Agreement, the Patent Assignment and other documents and instruments
contemplated hereby, and the consummation by Eton of its obligations contained herein and therein, have been duly authorized by
all necessary actions of Eton, and this Agreement, the Patent Assignment and other documents and instruments contemplated hereby
have been duly executed and delivered by Eton. This Agreement, the Patent Assignment and other documents and instruments contemplated
hereby are valid and binding agreements of Eton, enforceable against Eton in accordance with their respective terms.

 

    	 	5	 

    	 

    

 

4.2
Organization and Standing. Eton is duly organized, validly existing and in good standing under the laws of the State of
Delaware. Eton is qualified to do business in each jurisdiction where such qualification is necessary. Eton has the requisite
corporate power and authority to conduct its business as now conducted, to own the Assets and to use such Assets in the conduct
of its business.

 

4.3
Intellectual Property.

 

4.3.1
All Assigned Patent Rights as of the Effective Date are listed in Schedule 1 of the Patent Assignment attached hereto as Exhibit
A.

 

4.3.2
Eton has good and marketable title to each of the Assets, and each of the Assets is held or controlled by Eton free and clear
of any Encumbrances (including without limitation any distribution rights and royalty rights). All Assets and will be fully transferable,
alienable or licensable by Harrow without restriction and without payment of any kind to any Third Party.

 

4.3.3
All Assets (including without limitation the Assigned Patent Rights) are currently in compliance with applicable legal requirements
(including payment of filing, examination and maintenance fees and proofs of use), and are not subject to any unpaid maintenance
fees or taxes or actions falling due within ten (10) days after the Effective Date.

 

4.3.4
To the extent that any Assets were originally owned or created by or for any Person other than Eton, (a) Eton has obtained or
will procure the complete, unencumbered and unrestricted right to effect the transfer of the Assets from Eton to Harrow and confirms
that such transfer does not violate any such right to transfer; (b) no Third Parties have retained or otherwise have any rights
or licenses with respect to the Assets; and (c) to the Knowledge of Eton, no valid basis exists for any such Person to challenge
or object to this Agreement or the transactions contemplated herein.

 

4.3.5
Eton has not transferred ownership of, or granted any license of or right to use, or authorized the retention of any rights to
use, to any Person any Assets.

 

4.3.6
To Eton’s Knowledge, Eton is not required to make or accrue any royalty, milestone or other similar payment to any Third
Party in connection with any of the Assets.

 

4.3.7
To Eton’s Knowledge, none of the Assets transferred hereunder infringe upon or misappropriate the intellectual property
of any Third Party.

 

4.4
Conflicts; Consents. The execution and delivery by Eton of this Agreement and the Patent Assignment, and the consummation
of the transactions contemplated hereby, will not conflict with (a) any provision of the certificate of incorporation or bylaws
of Eton, each as amended to date; (b) Contracts to which Eton or any of its properties or assets (including intangible assets)
is subject; or (c) any judgment, order, decree, statute, law, ordinance, rule or regulation applicable to Eton or any of its properties
or assets (tangible and intangible). It is not necessary for Eton to take any action or to obtain any approval, consent or release
by or from any Third Party, governmental or other, to enable Eton to enter into or perform its obligations under this Agreement
and the Patent Assignment.

 

    	 	6	 

    	 

    

 

4.5
Litigation and Proceedings. There is no claim, action, suit, proceeding or investigation (or any counter or cross-claim
in an action brought by or on behalf of Eton), whether at law or in equity, or before or by any governmental department, commission,
board, bureau, agency or instrumentality, domestic or foreign, or before any arbitrator of any kind, that is pending or, to Eton’s
Knowledge, threatened, against Eton, which (i) could reasonably be expected to adversely affect Eton’s ability to perform
its obligations under this Agreement or the Patent Assignment or complete any of the transactions contemplated hereby; or (ii)
involves the possibility of any judgment or liability, or which may become a claim, against the Assets, Harrow or its business.
Eton is not subject to any judgment, order, writ, injunction, decree or award of any court, arbitrator or governmental department,
commission, board, bureau, agency or instrumentality having jurisdiction over Eton or any of the Assets that affects, involves
or relates to the Assets.

 

4.6
Compliance with Law/Permits. Eton is in compliance with all, and is not in violation of any, law, ordinance, order, decree,
rule or regulation of any governmental agency or authority, the violation of or noncompliance with which could have a material
adverse effect on Eton. No unresolved (a) charges of violations of laws or regulations relating to Eton’s business have
been made or threatened; (b) proceedings or investigations relating to Eton’s business are pending or have been threatened;
and (c) citations or notices of deficiency have been issued or have been threatened, against Eton relating to or arising out of
its business by any governmental authorities.

 

4.7
Contracts. Schedule 4.7 lists the Contracts to which Eton is a party as of the date hereof which arise out of or relate
to the Assets by which any of the Assets are currently bound (the “Material Contracts”). Eton is not in violation
of or in default under (nor is there existing conditions which with either the passage of time or giving of notice or both would
cause such a violation or default under) any such Material Contract. Each such Material Contract is in full force and effect,
and has a legal, valid and binding obligation on Eton, and to Knowledge of Eton, each of the other parties thereto, and is enforceable
in accordance with its terms. Eton has not received notice that it is in violation or breach of or in default under any such Material
Contract. Except as set forth on Schedule 4.7, no such Material Contract has a provision that would require consent, notice or
the payment of money or transfer of property as a result of the transactions contemplated herein.

 

4.8
Full Disclosure. The representations and warranties made by Eton in this Agreement and the schedules to be delivered pursuant
to this Agreement do not contain any untrue statement of material fact or omit to state a material fact necessary to make any
of them in the light of the circumstances in which they were made, not misleading.

 

4.9
No Broker. Eton has not retained or used the services of an agent, finder, or broker in connection with the transactions
contemplated by this Agreement

 

5.
Representations and Warranties of Harrow.
Harrow represents and warrants to Eton as follows:

 

5.1
Authority and Binding Effect. Harrow has the full corporate power and authority to execute and deliver this Agreement and
the Patent Assignment. This Agreement and the Patent Assignment, and the consummation by Harrow of its obligations contained herein
and therein, have been duly authorized by all necessary corporate actions of Harrow, and this Agreement and the Patent Assignment
have been duly executed and delivered by Harrow. This Agreement and the Patent Assignment are valid and binding agreements of
Harrow, enforceable against Harrow in accordance with their respective terms.

 

    	 	7	 

    	 

    

 

5.2
Organization and Standing. Harrow is a corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware, and Harrow is qualified to do business in each jurisdiction where such qualification is necessary and
where the failure to be so qualified would have a material adverse effect on Harrow. Harrow has the requisite corporate power
and authority to conduct its business as now conducted.

 

5.3
Conflicts; Consents. The execution and delivery by Harrow of this Agreement and the Patent Assignment, and the consummation
of the transactions contemplated hereby, will not give rise to a conflict with respect to (a) any provision of the certificate
of incorporation or bylaws of Harrow, each as amended to date; (b) Contracts to which Harrow or any of its properties or assets
(including intangible assets) is subject; or (c) any judgment, order, decree, statute, law, ordinance, rule or regulation applicable
to Harrow or any of its properties or assets (tangible and intangible), except in any such case where it would not have a material
adverse effect on Eton’s rights under the Assets. It is not necessary for Harrow to take any action or to obtain any approval,
consent, or release by or from any Third Party, governmental or other, to enable Harrow to enter into or perform its obligations
under this Agreement and the Patent Assignment.

 

5.4
Compliance with Law/Permits. Harrow is in compliance with all, and is not in violation of any, law, ordinance, order, decree,
rule or regulation of any governmental agency or authority, the violation of or noncompliance with which could have a material
adverse effect on Harrow. No unresolved (a) charges of violations of laws or regulations relating to Harrow’s business have
been made or threatened; (b) proceedings or investigations relating to Harrow’s business are pending or have been threatened;
and (c) citations or notices of deficiency have been issued or have been threatened, against Harrow relating to or arising out
of its business by any governmental authorities, which have had or could reasonably be expected to have, individually or in the
aggregate, a material adverse effect on Harrow.

 

5.5
No Broker. Harrow has not retained or used the services of an agent, finder, or broker in connection with the transactions
contemplated by this Agreement.

 

6.
Financial Terms.

 

6.1
Milestone Payments. Within seventy-five (75) days following the first achievement of each milestone event set forth below
by Harrow, a Licensee, or one of their respective Affiliates, Harrow shall provide Eton with written notice thereof and shall
pay to Eton the corresponding one-time milestone payment (each a “Milestone Payment”):

 

	Milestone
    Event	 	Milestone
    Payment
	[*
    * *]	 	[*
    * *]
	[*
    * *]	 	[*
    * *]
	[*
    * *]	 	[*
    * *]

 

    	 	8	 

    	 

    

 

6.2
Net Sales Payment Amounts.

 

6.2.1
Net Sales Payment Consideration. Subject to the provisions in this Section 6.2, on a Product-by-Product and country-by-country
basis, Harrow shall pay to Eton, on a quarterly basis, [* * *] of Net Sales
of any Product during the applicable Payment Period (the “Payment Amount”); provided, however, if the manufacture,
use, offer for sale, sale, or import of such Product in a particular country would not infringe a Valid Claim (if such Valid Claim
were in an issued patent and not owned by or licensed to Harrow), then the applicable Payment Amount with respect to such Product
in such country shall be reduced by one-half (1⁄2).

 

6.2.2
Combination/Bundled Products. In the event that a Product is sold by Harrow, its Licensees or their respective Affiliates
in combination with one or more products which is itself not a Product, then Net Sales shall be calculated by multiplying the
sales price of such combination sale by the fraction A/(A+B) where A is the fair market value of the Product(s) and B is the fair
market value of the other product(s) in the combination sale, each as reasonably determined by Harrow.

 

6.3
Reports and Net Sales Payments. Within seventy-five (75) days after the end of each calendar quarter during the applicable
Payment Period, Harrow shall deliver to Eton a report setting forth for such calendar quarter (a) the calculation of the applicable
Payment Amount; (b) the payments due under this Agreement for the sale of each Product; and (c) the applicable exchange rate as
determined below. Harrow shall remit the total payments due for the sale of Products during such calendar quarter at the time
such report is made. No such reports or payments shall be due for any Product prior to the First Commercial Sale of such Product.
With respect to Net Sales received in United States dollars, all amounts shall be expressed in United States dollars. With respect
to Net Sales received in a currency other than United States dollars, all amounts shall be expressed both in the currency in which
the amount is invoiced (or received as applicable) and in the United States dollar equivalent. The United States dollar equivalent
shall be calculated using the average of the exchange rate (local currency per US$1) published in The Wall Street Journal,
Western Edition, under the heading “Currency Trading” on the last business day of each month during the applicable
calendar quarter.

 

6.4
Payment Provisions.

 

6.4.1
Payment Terms. The Payment Amount shown to have accrued by each report provided for under Section 6.3 shall be due on the
date such report is due. Payment of the Payment Amount in whole or in part may be made in advance of such due date.

 

6.4.2
Exchange Control. If at any time legal restrictions prevent the prompt remittance of part or all Payment Amount with respect
to any country in where a Product is sold, Harrow shall have the right, in its sole discretion, to make such payments by depositing
the amount thereof in local currency to Eton’s account in a bank or other depository institution in such country. If the
payment rate specified in this Agreement should exceed the permissible rate established in any country, the payment rate for sales
in such country shall be adjusted to the highest legally permissible or government-approved rate.

 

    	 	9	 

    	 

    

 

6.4.3
Withholding Taxes. Harrow shall be entitled to deduct the amount of any withholding taxes, value-added taxes or other taxes,
levies or charges with respect to such amounts, other than United States taxes, payable by Harrow, its Licensees or its or their
respective Affiliates, or any taxes required to be withheld by Harrow, its Licensees or its or their respective Affiliates, to
the extent Harrow, its Licensees or their respective Affiliates pay to the appropriate governmental authority on behalf of Eton
such taxes, levies or charges. Harrow shall use reasonable efforts to minimize any such taxes, levies or charges required to be
withheld on behalf of Eton by Harrow, its Licensees or its or their respective Affiliates. Harrow promptly shall deliver to Eton
proof of payment of all such taxes, levies and other charges, together with copies of all communications from or with such governmental
authority with respect thereto.

 

6.5
Audits. Upon the written request of Eton and not more than once in each calendar year, Harrow shall permit an independent
certified public accounting firm of nationally recognized standing selected by Eton and reasonably acceptable to Harrow, at Eton’s
expense, to have access during normal business hours to such of the financial records of Harrow as may be reasonably necessary
to verify the accuracy of the Payment Amount reports hereunder for the eight (8) calendar quarters immediately prior to the date
of such request (other than records for which Eton has already conducted an audit under this Section). If such accounting firm
concludes that additional amounts were owed during the audited period, Harrow shall pay such additional amounts within thirty
(30) days after the date Eton delivers to Harrow such accounting firm’s written report so concluding. The fees charged by
such accounting firm shall be paid by Eton; provided, however, if the audit discloses that the Payment Amount payable by Harrow
for such period are more than one hundred ten percent (110%) of the Payment Amount actually paid for such period, then Harrow
shall pay the reasonable fees and expenses charged by such accounting firm. Eton shall cause its accounting firm to retain all
financial information subject to review under this Section 6.5 in strict confidence; provided, however, that Harrow shall have
the right to require that such accounting firm, prior to conducting such audit, enter into an appropriate non-disclosure agreement
with Harrow regarding such financial information. The accounting firm shall disclose to Eton only whether the reports are correct
or not and the amount of any discrepancy. No other information shall be shared. Eton shall treat all such financial information
as Harrow’s confidential information, and shall not disclose such financial information to any Third Party or use it for
any purpose other than as specified in this Section 6.5.

 

6.6
Survival. This Section 6 shall survive the expiration or termination of this Agreement and shall only terminate upon the
expiration of the Payment Period and all payment obligations.

 

    	 	10	 

    	 

    

 

7.
Post-Effective Date Covenants.

 

7.1
Harrow Diligence.

 

7.1.1
Harrow shall use commercially reasonable efforts (whether alone or with or through its Licensees and its or their respective Affiliates)
to research, develop and commercialize a Product.

 

7.1.2
Harrow shall control, at its sole expense, the preparation, filing, prosecution, maintenance and enforcement of the Assigned Patent
Rights consistent with prudent business practices and shall consider in good faith the interests of Eton.

 

7.2
Eton Covenants.

 

7.2.1
Within thirty (30) days after the Effective Date, Eton shall transfer to Harrow all Assets, including without limitation all items
described on Exhibit B.

 

7.2.2
For a period of twelve (12) months following the Effective Date, Eton shall, and shall cause its Affiliates and its and their
respective employees and contractors to, respond to inquiries from Harrow and provide Harrow with such technical assistance as
reasonably requested regarding the Technology and other Assets, including without limitation regarding the research, development,
manufacture, Regulatory Approval and commercialization of one or more Products, and the preparation, filing, prosecution, maintenance
and enforcement of patent and other intellectual property rights relating thereto. Harrow shall pay to Eton its documented reasonable
out-of-pocket costs of providing such technical assistance.

 

7.3
Further Assistance.

 

7.3.1
Eton shall provide all cooperation reasonably requested by Harrow in connection with any effort by Harrow to establish, perfect,
defend, or enforce its rights in or to the Assets (including without limitation the Assigned Patent Rights). Such cooperation
shall include, without limitation, (a) executing such further assignments, transfers, licenses, releases and consents, and (b)
providing such data and information, consulting with Harrow and executing and delivering all such further documents and instruments,
in each case as requested by Harrow regarding the Assets (including without limitation the Assigned Patent Rights).

 

7.3.2
To the extent Eton cannot transfer and assign any of the Assigned Patent Rights, or any portion thereof, as of the Effective Date,
then Eton shall assign and transfer the same at the first opportunity to do so. To the extent further transfer or assignment of
any patents rights is required and Eton has not, within fifteen (15) days after the delivery of such assignment to Eton, (a) executed
and returned to Harrow the form of assignment reasonably requested by Harrow, or (b) delivered to Harrow a written objection to
Harrow’s request, then Eton hereby irrevocably appoints Harrow as its attorney-in-fact with the right, authority, and ability
to execute and enter into such assignment on behalf of Eton. Eton stipulates and agrees that such appointment is a right coupled
with an interest and shall survive the incapacity or unavailability of Eton at any future time. To the extent that any of the
Assigned Patent Rights cannot be assigned and transferred by Eton, then Eton hereby grants Harrow an irrevocable, worldwide, fully-paid
up, royalty-free, exclusive license, with the right to sublicense through multiple tiers, under the Assigned Patent Rights for
all purposes.

 

    	 	11	 

    	 

    

 

7.3.3
Eton shall provide all cooperation reasonably requested by Harrow, and shall provide all technical assistance and to support reasonably
requested by Harrow, regarding (a) the exploitation of the Technology (including without limitation the research, development
and production of any Product), and (b) applying for, obtaining and maintaining any and all approvals, licenses, registrations
or authorizations necessary or desirable to test, market or commercialize the Technology (including without limitation any Product).
Such cooperation shall include, without limitation, providing such data and information, consulting with Harrow and executing
and delivering all such further documents and instruments, in each case as requested by Harrow regarding the Technology.

 

7.3.4
Harrow shall own, and Eton hereby assigns to Harrow, all right title and interest in and to all results and other work product
resulting from the activities described in this Section 7.3, together with all patent rights and other intellectual property rights
therein and thereto.

 

8.
Indemnification.

 

8.1
Indemnification by Eton. Subject to the provisions of this Section 8, Eton shall indemnify, defend and hold harmless Harrow,
its officers, directors, affiliates, agents, stockholders and representatives (collectively, the “Harrow Indemnitees”),
from and against any and all losses, liabilities, damages and expenses (including without limitation reasonable expenses of investigation
and attorneys’ and consultants’ fees and expenses in connection with any claim, demand, action or proceeding or settlement
of any of any of the foregoing) (collectively, “Losses”) incurred or suffered by an Harrow Indemnitee to the extent
arising out of:

 

8.1.1
any breach of the representations and warranties of Eton set forth in this Agreement;

 

8.1.2
any breach of any covenant or agreement of Eton set forth in this Agreement or in any certificate, instrument, or other document
delivered pursuant to this Agreement; and

 

8.1.3
the ownership or operation of the Assets prior to the Effective Date or any liability or obligation whatsoever of Eton.

 

8.2
Indemnification by Harrow. Subject to the provisions of this Section 8, Harrow shall indemnify and hold harmless Eton,
its officers, directors, affiliates, agents, stockholders and representatives (collectively, the “Eton Indemnitees”),
from and against any and all Losses incurred or suffered by a Eton Indemnitee to the extent arising out of:

 

8.2.1
any breach of the representations and warranties of Harrow set forth in this Agreement;

 

    	 	12	 

    	 

    

 

8.2.2
any breach of any covenant or agreement of Harrow set forth in this Agreement or in any certificate, instrument, or other document
delivered pursuant to this Agreement;

 

8.2.3
the ownership or operation of the Assets after the Effective Date or the manufacture, use, or sale of Product solely by Harrow,
its Licensees or their respective Affiliates or use of Product by their customers.

 

8.3
Offset. Harrow may offset against the Payment Amount or any other amounts due Eton from Harrow, any amounts owed to Harrow
for indemnification under Section 8.1. The exercise of such offset by Harrow in good faith, whether or not ultimately determined
to be justified, shall not constitute an event of default hereunder. Neither the exercise nor the failure to exercise, any such
right of offset shall constitute an election of remedies or limit Harrow in any manner in the enforcement of any other remedies
that may be available to it.

 

8.4
Procedure. A party seeking indemnification (the “Indemnitee”) shall promptly notify the other party (the “Indemnifying
Party”) in writing of a claim or suit; provided that an Indemnitee’s failure to give such notice or delay in giving
such notice shall not affect such Indemnitee’s right to indemnification under this Section 8 except to the extent that the
Indemnifying Party has been prejudiced by such failure or delay. Harrow shall have the right to control the defense of all indemnification
claims hereunder. Eton shall have the right to participate at its own expense in the claim or suit with counsel of its own choosing.
Harrow shall consult with the Indemnitee in good faith with respect to all non-privileged aspects of the defense strategy. Eton
shall cooperate with Harrow as reasonably requested, at Eton’s sole cost and expense. Harrow shall not settle any claim
or suit with respect to which Eton is the Indemnifying Party without Eton’s prior written consent, which consent shall not
be unreasonably withheld.

 

9.
Confidentiality.

 

9.1
Confidential Information. During the term of this Agreement, and for a period of five (5) years following the expiration
or earlier termination hereof, except as otherwise provided in this Section 9, Eton shall maintain in confidence all data and
information comprising the Assets (the “Confidential Information”), and shall not use, disclose or grant the use of
the Confidential Information except on a need-to-know basis to those directors, officers, employees and contractors, to the extent
such disclosure is reasonably necessary in connection with performing its obligations or exercising its rights under this Agreement.
To the extent that disclosure is authorized by this Agreement, prior to disclosure, Eton shall obtain agreement of any such Person
to hold in confidence and not make use of the Confidential Information for any purpose other than those permitted by this Agreement.
Eton shall notify the other promptly upon discovery of any unauthorized use or disclosure of the Confidential Information.

 

9.2
Terms of this Agreement. Except as otherwise provided in this Section 9, neither party shall disclose any terms or conditions
of this Agreement to any Third Party without the prior consent of the other party; provided, however, that a party may disclose
the terms or conditions of this Agreement, (a) on a need-to-know basis to its legal and financial advisors to the extent such
disclosure is reasonably necessary, and (b) to a Third Party in connection with (i) an equity investment in such party, (ii) a
merger, consolidation or similar transaction by such party, (iii) a permitted (sub)license under this Agreement, or (iv) the sale
of all or substantially all of the assets of such party. Notwithstanding the foregoing, prior to execution of this Agreement,
the parties have agreed upon the substance of information that can be used to describe the terms of this transaction, and each
party may disclose such information, as modified by mutual agreement from time to time, without the other party’s consent.

 

    	 	13	 

    	 

    

 

9.3
Permitted Disclosures. The confidentiality obligations contained in this Section 9 shall not apply to the extent that (a)
a party is required (i) in the reasonable opinion of such party’s legal counsel, to disclose information by applicable law,
regulation, rule (including rule of a stock exchange or automated quotation system), order of a governmental agency or a court
of competent jurisdiction or legal process, including tax authorities, or (ii) to disclose information to any governmental agency
for purposes of obtaining approval to test or market a product, provided in either case that, to the extent practicable, such
party shall provide written notice thereof to the other party and sufficient opportunity to object to any such disclosure or to
request confidential treatment thereof; or (b) a party can demonstrate that (i) the information was or became public knowledge,
other than as a result of actions of such party in violation hereof; or (ii) the information was disclosed to the recipient on
an unrestricted basis from a source unrelated to any party to this Agreement and not under a duty of confidentiality to the other
party. Notwithstanding anything to the contrary herein, Harrow may disclose the terms and conditions of this Agreement to any
Person with whom Harrow has, or is proposing to enter into, a business relationship, as long as such Person has entered into a
confidentiality agreement with Harrow.

 

9.4
Injunctive Relief. Each party acknowledges that it will be impossible to measure in money the damage to the other party
if such party fails to comply with the obligations imposed by this Section 9, and that, in the event of any such failure, the
other party may not have an adequate remedy at law or in damages. Accordingly, each party agrees that injunctive relief or other
equitable remedy, in addition to remedies at law or damages, is an appropriate remedy for any such failure and shall not oppose
the granting of such relief on the basis that the disclosing party has an adequate remedy at law. Each party agrees that it shall
not seek, and agrees to waive any requirement for, the securing or posting of a bond in connection with the other party seeking
or obtaining such equitable relief.

 

10.
Term. The term of this Agreement shall
continue until expiration of all payment obligations hereunder.

 

11.
Miscellaneous.

 

11.1
Termination of Original Agreement. The parties hereby terminate the Original Agreement in its entirety (including without
limitation Section 9.2, which shall not apply), provided, however, that Section 5.4 shall remain in full force and effect.

 

11.2
Assignment. Neither party shall assign its rights or obligations under this Agreement without the prior written consent
of the other party; provided, however, that a party may, without such consent, assign this Agreement and its rights and obligations
hereunder (a) to any Affiliate, or (b) in connection with the transfer or sale of all or substantially all of its business to
which this Agreement relates, or in the event of its merger, consolidation, change in control or similar transaction. Any permitted
assignee shall assume all obligations of its assignor under this Agreement. Any purported assignment in violation of this Section
11.2 shall be void.

 

    	 	14	 

    	 

    

 

11.3
Severability. Any provision of this Agreement which is illegal, invalid or unenforceable shall be ineffective to the extent
of such illegality, invalidity or unenforceability, without affecting in any way the remaining provisions hereof.

 

11.4
Governing Law; Exclusive Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of
the State of California, without regard to the conflicts of law principles thereof. Each of the parties hereto irrevocably consents
to the exclusive jurisdiction and venue of any federal court located in the Southern District of the State of California or state
court in San Diego, California having jurisdiction, in connection with any matter based upon or arising out of this Agreement
or the matters contemplated herein, agrees that process may be served upon them in any manner authorized by laws of the State
of California for such persons and waives and covenants not to assert or plead any objection which they might otherwise have to
such jurisdiction, venue and such process.

 

11.5
Entire Agreement; Amendment. This Agreement, together with the Exhibits hereto, and each additional document, instrument
or other agreement to be executed and delivered pursuant hereto constitute all of the agreements of the parties with respect to,
and supersede all prior agreements and understandings relating to the subject matter of, this Agreement or the transactions contemplated
by this Agreement. This Agreement may not be modified or amended except by a written instrument specifically referring to this
Agreement signed by the parties hereto.

 

11.6
Waiver. No waiver by one party of the other party’s obligations, or of any breach or default hereunder by any other
party, shall be valid or effective, unless such waiver is set forth in writing and is signed by the party giving such waiver;
and no such waiver shall be deemed a waiver of any subsequent breach or default of the same or similar nature or any other breach
or default by such other party.

 

11.7
Notices. Any consent, notice or report required or permitted to be given or made under this Agreement by a party to the
other party shall be in writing, delivered by any lawful means to such other party at its address indicated below, or to such
other address as the addressee shall have last furnished in writing to the addressor and (except as otherwise provided in this
Agreement) shall be effective upon receipt by the addressee.

 

	If
    to Eton:	Eton
    Pharmaceuticals, Inc.
	 	21925
    W. Field Pkwy, Suite 235
	 	Deer
    Park, Illinois 60010
	 	Attention:
    Chief Executive Officer
	 	 
	If
    to Harrow:	Harrow
    Health, Inc.
	 	12264
    El Camino Real, Suite 350
	 	San
    Diego, California 92130
	 	Attention:
    Chief Executive Officer

 

11.8
Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.

 

[SIGNATURE
PAGE FOLLOWS.]

 

    	 	15	 

    	 

    

 

IN
WITNESS WHEREOF, each party has caused a duly authorized representative to execute and deliver this Asset Purchase Agreement as
of the Effective Date.

 

	Eton
    Pharmaceuticals, Inc.	 
	 	 	 
	By:	                            	 
	Name:	 	 
	Title:	 	 
	 	 	 
	HARROW
    HEALTH, INC.	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

[Signature
Page to Asset Purchase Agreement]

 

    	 	 	 

    	 

    

 

EXHIBIT
A

 

PATENT
ASSIGNMENT

 

WHEREAS,
Eton Pharmaceuticals, Inc., a Delaware corporation (“Assignor”), with a place of business at 21925 W. Field Parkway,
Suite 235, Deer Park, Illinois 60010 is the owner of all rights, title, and interests in and to the patent applications and patents
shown on the attached Schedule 1 (the “Assigned Patent Rights”); and

 

WHEREAS,
HARROW HEALTH, INC., a Delaware corporation (“Assignee”), with a place of business at 12264 El Camino Real, Suite
350, San Diego, California 92130, desires to acquire the entire right, title, and interest in and to the Assigned Patent Rights
and all the inventions and discoveries disclosed and/or claimed in the Assigned Patent Rights (the “Inventions”);

 

NOW
THEREFORE, be it known that effective as of ___________, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Assignor hereby sells, assigns, transfers, and sets over unto Assignee (1) the entire right, title, and
interest in all countries throughout the world in and to said Assigned Patent Rights and Inventions, including any renewals, revivals,
reissues, reexaminations, extensions, continuations, continuations-in-part, and divisions of said Assigned Patent Rights and any
substitute applications therefor; (2) the entire right to file patent applications (“New Applications”) in the name
of Assignee or its designee on the aforesaid Inventions in all countries of the world; (3) the entire right, title, and interest
in and to any patent which issued and may issue on the Inventions in any country, and any renewals, revivals, reissues, reexaminations,
and extensions thereof, and any patents of confirmation, registration, and importation of the same; (4) the right to sue and recover
for, and the right to profits or damages due or accrued in connection with, any and all past, present, or future infringements
of the Assigned Patent Rights and Inventions; and (5) the entire right, title, and interest in all convention and treaty rights
of all kinds, including without limitation all rights of priority in any country of the world, in and to the above Assigned Patent
Rights and Inventions.

 

AND
for the same consideration, said Assignor hereby covenants and agrees to and with said Assignee its successors, legal representatives
and assigns, that, at the time of execution and delivery of these presents, said Assignor is the sole and lawful owner of the
entire right, title and interest in and to said Inventions and Assigned Patent Rights, and that the same are unencumbered and
that said Assignor has good and full right and lawful authority to sell and convey the same in the manner herein set forth.

 

AND
for the same consideration, said Assignor hereby covenants and agrees to and with said Assignee, its successors, legal representatives
and assigns, that said Assignor will, whenever counsel of said Assignee, or the counsel of its successors, legal representatives
and assigns, shall advise that any proceeding in connection with said Inventions and Assigned Patent Rights in any country, including
interference proceedings, is lawful and desirable, or that any application for letters patent, or that any division, continuation
or continuation-in-part of any application for letters patent or any reissue or extension of any letters patent, to be obtained
thereon, is lawful and desirable, sign all papers and documents, take all lawful oaths, and do all acts necessary or required
to be done for the procurement, maintenance, enforcement and defense of said Inventions and Assigned Patent Rights, without charge
to said Assignee, its successors, legal representatives and assigns, but at the cost and expense of said Assignee, its successors,
legal representatives and assigns.

 

    	 	A-1	 

    	 

    

 

AND,
Assignor hereby authorizes and requests the competent authorities to grant and to issue any and all patents on the Inventions
throughout the world to Assignee, its successors, or assigns, whose rights, title, and interests in such patents are the same
as would have been held and enjoyed by Assignor had this assignment, sale, and transfer not been made.

 

IN
WITNESS WHEREOF, the Assignor has caused this Patent Assignment to be duly executed by its officer thereunto duly authorized as
of the _____ day of _____, 2019.

 

	 	Eton Pharmaceuticals, Inc.
	 	 
	 	By:	                             
	 	Name:	 
	 	Title:	 

 

	STATE
    OF 	 	 	)	 
	 	 	 	 	 
	 	 	 	)	 
	 	 	 	 	 
	COUNTY
    OF	 	 	)	 

 

On
____________________, before me, ____________________, a Notary Public, personally appeared ____________________ who proved to
me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged
to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on
the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

 

I
certify under PENALTY OF PERJURY under the laws of _______ that the foregoing paragraph is true and correct.

 

WITNESS
my hand and official seal.

 

Signature
_______________________________

 

	 	Acknowledgement
    of Assignee:
	 	 
	 	HARROW
    HEALTH, INC.
	 	 	 
	 	By:
    	                     
	 	Name:	 
	 	Title:	 

 

    	 	A-2	 

    	 

    

 

EXHIBIT
A: SCHEDULE 1

 

ASSIGNED
PATENT RIGHTS

 

[*
* *]

 

    	 	A-3	 

    	 

    

 

EXHIBIT
B

 

CERTAIN
ASSETS TO BE TRANSFERRED

 

Copies
of the following with respect to any Product (in each case, excluding any individually identifiable health information):

 

	 	●	Product
    stability reports and records, including stability testing results
	 	●	Compounding
    and packaging protocols and formulation documentation
	 	●	Acceptance
    criteria for analytical methods and specifications of end-product
	 	●	Records
    related to in-process control documentation, process validation and cleaning validation
	 	●	Quality
    control policies
	 	●	Documentation
    related to the source API and excipients, including Material Safety Data Sheets
	 	●	Records
    relating to pre-clinical studies
	 	●	FDA
    correspondences and meeting minutes

 

    	 	A-4

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