Document:

AMENDED
AND RESTATED EXCLUSIVE LICENSE AGREEMENT

 

THIS
AMENDED AND RESTATED EXCLUSIVE LICENSE AGREEMENT (the “Agreement”) is made as of March 21, 2019, and
effective as of March 15, 2006 (the “Effective Date”), and is entered into between THE REGENTS OF
THE UNIVERSITY OF CALIFORNIA (“The Regents”), a California corporation having its corporate offices located
at 1111 Franklin Street, Oakland, California 94607-5200, acting through its offices located at 10920 Wilshire Blvd, Suite 1200,
Los Angeles, California, 90024-1406, and BONE BIOLOGICS CORPORATION (“Licensee”), a Delaware corporation
having a principal place of business at 2 Burlington Woods Drive, Suite 100, Burlington, Massachusetts, 01803.

 

RECITALS

 

WHEREAS,
The Regents and Licensee are parties to that certain Amended and Restated Exclusive License Agreement, which was entered
into on June 19, 2017, and made effective as of March 15, 2016 (UC Agreement Control Number 2018-04-0073) (“Amended
and Restated Exclusive License Agreement”), which acted to amend and restate the Exclusive License Agreement that
the parties had previously entered into with UC Agreement Control Number 2006-03-0536, as amended by the First through Tenth
Amendments (as amended, the “Original License”);

 

WHEREAS,
The Regents and Licensee desire to, and do hereby, further amend and restate the Amended and Restated Exclusive License Agreement
with this Agreement to incorporate additional Inventions under the License and to modify a few of the provisions;

 

WHEREAS,
certain invention (the “Inventions”), generally characterized as

 

	 	1)	UCLA
    Case No. 1999-560: “NELL-1 Enhanced Bone Mineralization”; 
	 	 	 
	 	2)	UCLA
    Case No. 2004-331: “NELL1 Expression Systems and Neuroprotective Activity of NELL2”;
	 	 	 
	 	3)	UCLA
    Case No. 2006-369: “Recombinant NELL-1 & 2 Protein Production”; 
	 	 	 
	 	4)	UCLA
    Case Number: 2009-271: “Recombinant NELL Protein Production”;
	 	 	 
	 	5)	UCLA
    Case No. 2009-569: “NELL-1 Isoform”; 
	 	 	 
	 	6)	UCLA
    Case No. 2011-416: “Using NELL-1 to Inhibit Osteoclasts and to Prevent, Treat Osteoporosis”;
	 	 	 
	 	7)	UCLA
    Case No. 2015-573: “Chemically Modified NELL-1 and Methods of Making and Using the Same”; 
	 	 	 
	 	8)	UCLA
    Case No. 2016-631: “Bone Targeting Therapeutic Conjugate and Methods of Making and Using the Same”; and
	 	 	 
	 	9)	UCLA
    Case No. 2016-99D: “NELL-1 Regulates Neurogenesis and Nervous System Function”

 

made
in the course of research at the University of California, Los Angeles by Drs. Kang Ting, Shunichi Kuroda, Chia Soo and Ben Wu,
and claimed in Regents’ Patent Rights as defined below;

 

WHEREAS,
Drs. Ting, Wu and Soo are employees of The Regents and as such are obligated to assign their right, title and interest in and
to the Inventions to The Regents;

 

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WHEREAS,
Dr. Shunichi Kuroda is an employee of Osaka University and Osaka University has not asserted their rights; therefore Dr. Kuroda
as an individual assigned his rights to The Regents;

 

WHEREAS,
the Inventions were developed with United States Government funds, and The Regents has elected title thereto and granted a royalty-free
nonexclusive license to the United States Government on March 15, 2004, as required under 35 U.S.C. §200-212;

 

WHEREAS,
Licensee is a “small business concern” as defined in 15 U.S.C. §632; and

 

WHEREAS,
The Regents wishes that Regents’ Patent Rights be developed and utilized to the fullest extent so that the benefits can
be enjoyed by the general public.

 

NOW,
THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable consideration, the receipt of
which is hereby acknowledged, the parties agree to amend and restate the Original License as follows:

 

 1. DEFINITIONS

 

	1.1	“Regents’
    Patent Rights” means The Regents interest in any of the patent applications listed in Appendix A attached to this
    Agreement and assigned to The Regents (UCLA Case Nos. 1999-560, 2004-331, 2006-369, 2009-271, 2009-569, 2011-416, 2015-573,
    2016-631, and 2016-99D); any continuing applications thereof including divisions; but excluding continuations-in-part except
    to the extent of claims entirely supported in the specification and entitled to the priority date of the parent application;
    any patents issuing on these applications including reissues and reexaminations; and any corresponding foreign patents or
    patent applications; all of which will be automatically incorporated in and added to Appendix A and made a part of this Agreement.
    The patent applications and patents included as a result of UCLA Case Nos. 2015-573, 2016-631 and 2016-99D are referred to
    in certain provisions of this Agreement as the “Newly Added Patent Rights” within the Regents’ Patent
    Rights.
	 	 
	1.2	“Licensed
    Product” means any article, composition, apparatus, substance, chemical, or any other material whose manufacture,
    use or sale would constitute an infringement of any Valid Claim within Regents’ Patent Rights, or any service, article,
    composition, apparatus, chemical, substance, or any other material made, used, or sold by or utilizing or practicing a Licensed
    Method. This definition of Licensed Product also includes a service either used by Licensee, an Affiliate, or Sublicensee
    or provided by Licensee, an Affiliate or Sublicensee to its customers when such service requires the use of Licensed Product
    or performance of Licensed Method. 
	 	 
	1.3	“Licensed
    Method” means any process or method whose use or practice would constitute an infringement of any Valid Claim within
    Regents’ Patent Rights.
	 	 
	1.4	“Field
    of Use” means use in spinal fusion by local administration, Osteoporosis, and long bones/extremities (trauma), and
    excludes use in cartilage and all other indications.
	 	 
	1.5	“Affiliate”
    means any corporation or other business entity in which Licensee owns or controls, directly or indirectly, at least fifty
    percent (50%) of the outstanding stock or other voting rights entitled to elect directors. In any country where the local
    law does not permit foreign equity participation of at least fifty percent (50%), then “Affiliate” means any company
    in which Licensee owns or controls, directly or indirectly, the maximum percentage of outstanding stock or voting rights that
    is permitted by local law. 

 

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	1.6	“First
    Commercial Sale” means the first sale of any Licensed Product by Licensee or any Affiliate or Sublicensee, following
    marketing approval by the appropriate governmental agency for the country in which the sale is to be made. When governmental
    marketing approval is not required, “First Commercial Sale” means the first sale in that country.
	 	 
	1.7	“Final
    Sale” means any sale, transfer, lease, exchange or other disposition or provision of a Licensed Product and/or a
    Licensed Method to a Customer. A Final Sale shall be deemed to have occurred upon the earliest to occur of the following (as
    applicable): (a) the transfer of title to such Licensed Product and/or Licensed Method to a Customer, (b) the shipment of
    such Licensed Product to a Customer, (c) the provision of a Licensed Method to a Customer, (d) the provision of an invoice
    for such Licensed Product or Licensed Method to a Customer, or (e) payment by the Customer for Licensed Products or Licensed
    Methods.
	 	 
	1.8
    	“Net
    Sales” means the total of the gross amount invoiced or otherwise charged (whether consisting of cash or any other
    forms of consideration) for the Final Sale of Licensed Products or Licensed Methods by Licensee, or by any Affiliate, joint
    venture or Sublicensee to Customers, less the following deductions (to the extent included in and not already deducted from
    the gross amount invoiced or otherwise charged) to the extent reasonable and customary: cash, trade or quantity discounts,
    retroactive price reductions or rebates actually granted to Customers and charge-back payments and rebates granted to managed
    health care organizations or to any governmental entity (and its agencies, purchasers or reimbursers); sales, use, tariff,
    import/export duties or other excise taxes imposed on particular sales (excepting value added taxes or income taxes); transportation
    and delivery charges, including insurance to the extent actually paid by the Customer; and allowances or credits to Customers
    because of rejections or returns and amounts written off as uncollectible by Licensee. Where Licensee or any Affiliate, joint
    venture or Sublicensee is the Customer, then Net Sales shall be based on the average Net Sales received from other Customers
    in an arm’s length transaction for such Licensed Products or Licensed Methods during the same calendar quarter, less
    the deductions described above. 
	 	 
	 	If
    a Licensed Product is sold in combination with another product, component or service not covered by a Valid Claim (“Other
    Component”) in the country in which the combination product is sold, the Net Sales for such combination product
    shall be calculated as follows (provided that under no circumstances will the amount allocated to the Licensed Product (as
    opposed to the Other Component) be less than fifty percent (50%), unless otherwise approved by The Regents in writing):

 

	 	a.	If
    both the Licensed Product and the Other Component are sold separately: by multiplying the net selling price of the combination
    product by the fraction A/(A + B), where A is the average gross selling price of the Licensed Product sold separately in that
    country, and B is the average gross selling price of the Other Component sold separately in that country. 
	 	 	 
	 	b.	If
    the Licensed Product is sold separately but the Other Component is not: by multiplying the net selling price of the combination
    product by the fraction A/(C), where A is the average gross selling price of the Licensed Product when sold separately in
    that country, and C is the average gross selling price of the combined product in that country. 
	 	 	 
	 	c.	If
    the Other Component is sold separately, but the Licensed Product is not: by multiplying the net selling price of the combination
    product by the fraction (C – B ) / C, where B is the average gross selling price of such Other Component when sold separately
    in that country, and C is the average gross selling price of the combined product in that country. 

 

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	 	d.	If
    neither the Licensed Product nor the Other Component is sold separately, or the combination product does not fit in one of
    the above scenarios: Licensee shall propose in advance to The Regents (the “Proposal”) an allocation
    of the Net Sales for such combination products based on the relative standalone value of the Licensed Product(s) and the Other
    Component(s). If The Regents disagrees with Licensee’s allocation of such Net Sales, then The Regents shall so notify
    Licensee (the “Notice”) within twenty (20) business days of receipt of the Proposal and the parties shall
    work in good faith to reach agreement on the allocation. If the parties are unable to agree on such allocation within sixty
    (60) days of receipt of the Notice, then the parties may pursue resolution of such dispute pursuant to Paragraph 5.12. 

 

	1.9	“Series
    A Financing” means an investment of at least Two Million Dollars ($2,000,000.00) from a venture capital firm
    through the sale of equity securities of Licensee or documentation that sufficient funds have been raised from any source
    to meet all the development milestones set forth up to Paragraph 6.3(e).
	 	 
	1.10	“Sublicensee”
    means any third party sublicensed by Licensee under the Regents’ Patent Rights to make, have made, use, sell, offer
    for sale or import any Licensed Product or to practice any Licensed Method.
	 	 
	1.11	“Sublicensing
    Income” means income received by Licensee from a Sublicense of the Regents’ Patent Rights, including income
    received by way of license issue fees, milestone payments, and the like but specifically excludes payment or prepayment of
    royalties for the sale or distribution of Licensed Products or the practice of Licensed Methods (for clarity, which are accounted
    for under Paragraphs 3.3 or 5.1, as applicable). Not included in the definition of Sublicensing Income is income received
    by Licensee as payment or reimbursement for (i) equity or debt financing (sold at fair market value), (ii) past or future
    research and development costs conducted by or for Licensee, including costs associated with materials, equipment or clinical
    testing (provided at fair market value and itemized), and (iii) Past Patent Costs or Ongoing Patent Costs paid or payable
    in accordance with Paragraphs 7.2 and 7.3, respectively (provided any amounts received in excess of the amount of Past Patent
    Costs or Ongoing Patent Costs Licensee has actually paid to The Regents will be treated as Sublicensing Income). If Licensee
    grants a Sublicense in an agreement that also includes a transaction unrelated to the Regents’ Patent Rights, e.g. licensing
    other technology or issuing equity (“Unrelated Assets”), then Licensee shall propose in advance to The
    Regents (the “Sublicense Proposal”) an allocation of amounts paid under such agreement based on the relative
    values of the Regents’ Patent Rights and Unrelated Assets. If The Regents disagrees with Licensee’s allocation
    of such amounts, then The Regents shall provide a Notice within twenty (20) business days of receipt of the Sublicense Proposal
    and the parties shall work in good faith to reach agreement on the allocation. If the parties are unable to agree on such
    allocation within sixty (60) days of receipt of the related Notice, may pursue resolution of such dispute pursuant to Paragraph
    5.12.
	 	 
	1.12	“Customer”
    means any individual or entity that receives Licensed Products or Licensed Methods, provided however, that Licensee or
    any Affiliate, joint venture or Sublicensee shall be deemed a Customer only if it receives Licensed Products or Licensed Services
    for its own end-use and not resale.
	 	 
	1.13	“Valid
    Claim” means a patent claim contained in (a) a pending application included within the Regents’ Patent Rights,
    unless such application has been pending for more than five (5) years from its U.S. filing date for domestic patents and seven
    (7) years from the date of the PCT filing for foreign at which time such pending claim shall not be a Valid Claim for purposes
    of this Agreement until such time as such claim issues, in which case it will be deemed to be a Valid Claim retroactively
    to the date it issued for the purposes of calculating Earned Royalties hereunder; or (b) an issued and unexpired patent included
    within the Regents’ Patent Rights which claim has not been held unenforceable, unpatentable or invalid by a final 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 abandonment, reissue, disclaimer or otherwise.

 

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	1.15	“Feasibility
    Study” means a clinical investigation used to capture preliminary safety and effectiveness information on a near-final
    or final device design to adequately plan an appropriate Pivotal Study.
	 	 
	1.16	“Pivotal
    Study” means a clinical investigation designed to collect definitive evidence of the safety and effectiveness of
    a device for a specific intended use, in a statistically justified number of subjects.
	 	 
	1.17	“PMA”
    means Pre-Market Approval given by the US Food and Drug Administration to equipment manufacturers to sell their devices
    to the medical profession.
	 	 
	1.18	“Osteoporosis”
    means thinning of the bones, with reduction in bone mass, due to depletion of calcium and bone protein.

 

2.
GRANT

 

	2.1	Subject
    to the limitations set forth in this Agreement, The Regents hereby grants to Licensee an exclusive license (the “License”)
    under Regents’ Patent Rights, in jurisdictions where Regents’ Patent Rights exist, to make, have made, use, sell,
    offer for sale and import Licensed Products and to practice Licensed Methods in the Field of Use to the extent permitted by
    law.
	 	 
	2.2	The
    License is subject to all the applicable provisions of any license to the United States Government executed by The Regents
    and is subject to any overriding obligations to the United States Federal Government under 35 U.S.C. §200-212 and applicable
    governmental implementing regulations.
	 	 
	2.3	The
    Regents expressly reserves the right to use Regents’ Patent Rights and associated technology for educational and research
    purposes including publication of research results and sharing research results with other non-profit institutions, and allowing
    other non-profit research institutions to use Regents’ Patent Rights and associated technology for the same purpose.
	 	 
	2.4	On
    a quarterly basis, Licensee may request from the Business Development Officer assigned to manage this Agreement within UCLA’s
    Technology Development Group (TDG) a non-confidential description of any patent applications that have been filed or invention
    disclosures that have been received by TDG on or after January 1, 2019, naming one or more inventors of the Regents’
    Patent Rights, or that identifies the term “NELL” in the title of the patent application or invention disclosure,
    as applicable.

 

3.
SUBLICENSES

 

	3.1	The
    Regents also grants to Licensee the right to issue exclusive or nonexclusive sublicenses (“Sublicenses”)
    to third parties to make, have made, use sell, offer for sale or import Licensed Products and to practice Licensed Methods
    in any jurisdiction in which Licensee has exclusive rights under this Agreement. To the extent applicable, sublicenses must
    include all of the rights of and obligations due to The Regents (and, if applicable, the U.S. Government under 35 U.S. C.
    §200-212) contained in this Agreement.

 

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	3.2	Licensee
    must pay to The Regents a percentage of all Sublicensing Income as follows:

 

	 	With
    respect to Sublicenses to the Newly Added Patent Rights:

 

	 	3.2a	Thirty
    percent (30%) of any Sublicensing Income received and attributable to such Newly Added Patent Rights; and
	 	 	 
	 	With respect to Sublicenses to any of the Regents’ Patent Rights other than the Newly Added Patent Rights:

 

	 	3.2b	Twenty
    percent (20%) of any Sublicensing Income received prior to the initiation of a Feasibility Study and attributable to any of
    the Regents’ Patent Rights other than the Newly Added Patent Rights; and
	 	 	 
	 	3.2c	Ten
    percent (10%) of any Sublicensing Income received after initiation of a Feasibility Study and attributable to any of the Regents’
    Patent Rights other than the Newly Added Patent Rights.

 

	3.3	On
    Net Sales of Licensed Products sold or disposed of by a Sublicensee, Licensee must pay to The Regents an earned royalty in
    accordance with Article 5 (ROYALTIES) as if these were Licensee’s Net Sales. Any royalties received by Licensee in excess
    of royalties due to The Regents under this Paragraph 3.3 belong to Licensee.
	 	 
	3.4	Licensee
    must provide to The Regents a copy of each Sublicense within thirty (30) days of execution, and a copy of all information
    submitted to Licensee by Sublicensees relevant to the computation of the payments due to The Regents under this Article 3
    (SUBLICENSES).
	 	 
	3.5	If
    this Agreement is terminated for any reason, all outstanding Sublicenses, not in default, will be assigned by Licensee to
    The Regents, at the option of The Regents. The Sublicenses will remain in full force and effect with The Regents as the licensor
    or sublicensor instead of Licensee, but the duties of The Regents under the assigned Sublicenses will not be greater than
    the duties of The Regents under this Agreement, and the rights of The Regents under the assigned Sublicenses will not be less
    than the rights of The Regents under this Agreement, including all financial consideration and other rights of The Regents.
    Except as may be otherwise agreed to in writing by The Regents and Licensee or, as applicable, The Regents and a sublicensee,
    The Regents may, at The Regents’ sole discretion, amend such Sublicenses to be assumed to contain the terms and conditions
    found in this Agreement; provided, however, that except for any such Sublicenses in which the sublicensee is an Affiliate,
    The Regents shall not amend such Sublicenses to include the terms and conditions found in Section 4.5 of this Agreement.

 

4.
FEES

 

	4.1	In
    partial consideration for the License, Licensee previously paid to The Regents a license issue fee of Twenty Thousand One
    Hundred Dollars and Fifty Cents ($20,100.50), of which Ten Thousand One Hundred Dollars and Fifty Cents ($10,100.50)
    was paid within thirty (30) days of the Effective Date and the remainder was paid within six (6) months after the Effective
    Date. This fee is nonrefundable and is not an advance against royalties.
	 	 
	4.2	For
    each Licensed Product or Licensed Method reaching the milestones indicated below, Licensee must make the following payments
    (“Milestone Payments”) to The Regents within thirty (30) days of reaching such milestone. For purposes
    of clarity such Milestone Payments are due from Licensee irrespective of whether the associated milestone listed below was
    reached by Licensee itself or a third party acting on Licensee’s behalf or by a Sublicensee, Joint Venture or Affiliate.

 

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	 	With
    respect to a non-pegylated Licensed Product or Licensed Method covered by the Regents’ Patent Rights other than the
    Newly Added Patent Rights:

 

	 	4.2a	Enrollment
    of the first subject in a Feasibility Study: One Hundred Thousand Dollars ($100,000);
	 	 	 
	 	4.2b	Enrollment
    of the first subject in a Pivotal Study: Two Hundred Fifty Thousand Dollars ($250,000.00);
	 	 	 
	 	4.2c	PMA
    (or foreign equivalent) approval by the FDA (or foreign equivalent) for such a Licensed Product or Licensed Method: Five
    Hundred Thousand Dollars ($500,000.00);
	 	 	 
	 	4.2d	First
    Commercial Sale of such a Licensed Product or Licensed Method: One Million Dollars ($1,000,000.00).

 

	 	With respect to a
    pegylated Licensed Product or Licensed Method covered by the Newly Added Patent Rights:

 

	 	4.2e
    	Upon
    dosing first patient at a Phase I/IIa Clinical Trial: Two Hundred Thousand Dollars ($200,000.00);
	 	 	 
	 	4.2f	Upon
    dosing first patient at a Phase IIb Clinical Trial: Four Hundred Thousand Dollars ($400,000.00);
	 	 	 
	 	4.2g	Upon
    dosing first patient at a Phase III Clinical Trial: Seven Hundred and Fifty Thousand Dollars ($750,000.00); 
	 	 	 
	 	4.2h	Upon
    FDA approval: One Million Five Hundred Thousand Dollars ($1,500,000.00). 

 

	4.3	Licensee
    must pay to The Regents a license maintenance fee of Ten Thousand Dollars ($10,000.00) beginning on the one (1) year
    anniversary date of the Effective Date of this Agreement and continuing annually on each anniversary date of the Effective
    Date. The maintenance fee will not be due and payable on any anniversary date of the Effective Date if prior to that date
    Licensee has made the First Commercial Sale of a Licensed Product. The license maintenance fees are non-refundable and are
    not an advance against royalties.
	 	 
	4.4	Within
    thirty (30) days after the Effective Date, and subject to The Regents’ execution of Licensee’s standard common
    stock purchase agreement in the form attached as Appendix C. Licensee will issue to the Regents shares of Licensee’s
    Common Stock equal to two percent (2%) of the total outstanding and issued Common Stock as of the Effective Date. The Regents
    acknowledge receipt of such equity under the Original License; copies of the previously executed Common Stock Purchase Agreement,
    as well as the stock certificate, are attached as Appendix C (COMMON STOCK PURCHASE AGREEMENT & STOCK CERTIFICATE).
	 	 
	4.5
    	Licensee
    shall pay The Regents a cash milestone payment in US Dollars within thirty (30) days of the earlier to occur of (a) the closing
    of any Change of Control Transaction, and (b) The Regents making a Payment Election (each of (a) and (b) are “Liquidity
    Events” for purposes of this Agreement). Such milestone payment shall be a cash payment equal to the greater of
    (i) and (ii):

 

	 	(i)	Five
    Hundred Thousand Dollars ($500,000.00) (payable in a single lump sum amount in priority and preference to payment to any
    holders of equity securities of the Licensee; provided, the Licensee shall apply all of its assets to any such distribution,
    and to no other corporate or organizational purpose, except to the extent prohibited by Delaware law governing distributions
    to stockholders, and in the event Delaware law governing distributions to stockholders prevents the Licensee from making the
    full amount of such distribution, the Licensee shall pay the maximum amount it can consistent with such law, and shall pay
    the remaining amount as soon as it may lawfully do so under such law); and

 

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	 	(ii)	Two
    percent (2%) times P, where:

 

	 	“P” is equal to either:

 

	 	○	in
    the case of a Merger or Stock Sale, the sum of (a) all cash, and the fair market value of all securities and other property
    transferred to the security holders of the Licensee (or subsidiary, as the case may be) in return for their securities in
    the Licensee (or subsidiary, as the case may be) at the time of the transaction, and (b) all cash, and the fair market value
    of all securities and other property transferred to the security holders of the Licensee (or subsidiary, as the case may be)
    for Trailing Consideration payable to the holders of Licensee’s (or subsidiary’s, as the case may be) securities,
    when and if actually paid, or
	 	○	in
    the case of an Asset Sale, the sum of (a) all cash, and the fair market value of all securities or other property transferred
    to the Licensee (or subsidiary, as the case may be) at the time of the transaction, and (b) all cash, and the fair market
    value of all securities and other property for Trailing Consideration payable to the Licensee, when and if, actually paid;
    or
	 	○	in
    the case of a Payment Election, the product of (a) all of Licensee’s capital stock, membership units or similar securities
    or interests as of the Payment Election effective date (calculated on a fully diluted and as converted basis, assuming conversion
    of all outstanding convertible securities including without limitation convertible debt, warrants and options; all unissued
    shares reserved for issuance pursuant to equity incentive or similar incentive plans for employees, consultants, directors
    and so forth are deemed to be issued and outstanding times (b) the fair market value of a share of common stock, membership
    unit or other similar equity security of Licensee determined in accordance with the terms set forth below. Notwithstanding
    anything to the contrary set forth herein, the parties agree that any payment required pursuant to a Payment Election will
    occur in three (3) equal annual installments commencing not more than sixty (60) days after receipt by the Licensee of a payment
    request from The Regents. Upon receipt of a payment request, the Licensee shall apply all of its assets to any such redemption,
    and to no other corporate or organizational purpose, except to the extent prohibited by Delaware law governing distributions;
    and in the event Delaware law governing distributions to stockholders prevents the Licensee from making the full amount of
    such distribution, the Licensee shall pay the maximum amount it can consistent with such law, and shall pay the remaining
    amount as soon as it may lawfully do so under such law.

 

	 	“Trailing
    Consideration” means any payments due for any deferred or contingent consideration payable to Licensee or its security
    holders including, without limitation, any post-closing milestone payment, escrow amount or holdback of consideration. Any
    Trailing Consideration shall be payable within thirty (30) days after the actual receipt of such Trailing Consideration by
    the Licensee or its security holders.
	 	 
	 	For
    purposes of clarification, payment of the Merger, Stock Sale or Asset Sale milestone payment shall be in priority and preference
    to payment to any holders of equity securities of the Licensee.

 

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	 	The
    fair market value of any securities or other property shall be determined by reference to the operative transaction agreement
    for a respective Merger, Stock Sale or Asset Sale, provided that, if no such valuation is readily determinable from such operative
    transaction agreement or in the event of a Payment Election, then for securities for which there is an active public market:

 

	 	(a)
    	if
    traded on a securities exchange or the NASDAQ Stock Market, the value shall be deemed to be the average of the closing prices
    of the securities on such exchange or market over the 30-day period ending three days prior to the closing of such transaction;
    or
	 	(b)
    	if
    actively traded over-the-counter, the value shall be deemed to be the average of the closing bid prices over the 30-day period
    ending three (3) days prior to the closing of such transaction. The method of valuation of securities subject to investment
    letters or other similar restrictions on free marketability shall take into account an appropriate discount from the market
    value as determined pursuant to clause (a) or (b) above so as to reflect the approximate fair market value thereof.

 

	 	For
    determination of fair market value of any security in the event there is no active public market, the value shall be the fair
    market value thereof as either (i) determined in good faith by the Board of Directors of Licensee and as approved by The Regents,
    such approval not to be unreasonably withheld, or (ii) determined by a third party appraiser appointed and paid for by Licensee,
    if Licensee and The Regents cannot mutually agree on such fair market value.
	 	 
	 	For
    purposes of this Paragraph 4.5, “Change of Control Transaction” means the earlier to occur of:

 

	 	(a)
    	any
    acquisition, consolidation, merger, reverse merger, share exchange, reorganization or other transaction or series of transactions
    in which (A) Licensee is a constituent party or (B) a subsidiary of Licensee is a constituent party and the Licensee issues
    shares of its securities pursuant to such transaction, and pursuant to which greater than fifty percent (50%) of the voting
    power of Licensee or subsidiary of Licensee is transferred to a third party (“Merger”),
	 	(b)
    	the
    sale by one or more security holders of a majority of the voting power of the Licensee (“Stock Sale”),
    or
	 	(c)
    	a
    sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions,
    by the Licensee or any subsidiary of the Licensee of all or substantially all of the assets of the Licensee and its subsidiaries,
    taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries of
    the Licensee if substantially all of the assets of the Licensee and its subsidiaries taken as a whole are held by such subsidiary
    or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary
    of the Licensee (“Asset Sale”).

 

	 	For
    purposes of this Paragraph 4.5, “Payment Election” means the date The Regents submits a payment request
    to Licensee, which may occur at The Regents sole and absolute discretion any time on or after December 22, 2022.
	 	 
	 	The
    payment required pursuant to this Paragraph 4.5 shall be a one-time payment obligation (provided, any Trailing Consideration
    may occur pursuant to one or more payments in accordance with the terms of this Paragraph 4.5). The Licensee’s obligation
    to pay any of the above payments will survive termination, expiration or assignment or transfer of this License.

 

    	Page 9 of 27

    	 

    

 

5.
ROYALTIES

 

	5.1	Licensee
    must pay to The Regents for sales by Licensee or its Affiliates an earned royalty of three percent (3%) of Net Sales of Licensed
    Products or Licensed Methods.

 

	5.2	Licensee
    must pay to The Regents the following minimum annual royalties (referred to below as “Minimum Annual Royalty”)
    during each of the following calendar years (measured relative to the calendar year in which there was a First Commercial
    Sale, and referred to below as “Calendar Years after FCS”) for the life of this Agreement while the applicable
    Licensed Product or Licensed Method is covered by at least one Valid Claim of the Regents’ Patent Rights:

 

	Calendar
    Years after FCS	 	Minimum
    Annual Royalty
	 	 	 
	First
    and Second	 	Fifty
    Thousand Dollars ($50,000.00);
	 	 	 
	Third
    and Fourth	 	One
    Hundred Thousand Dollars ($100,000.00);
	 	 	 
	Fifth
    and Each Subsequent Year	 	Two
    Hundred Fifty Thousand Dollars
	of
    the term of the Agreement while	 	($250,000.00).
	the
    Licensed Product or Licensed Method is	 	 
	covered
    by at least one Valid Claim	 	 

 

	 	Licensee
    must pay the Minimum Annual Royalty for a given Calendar Year after FCS to The Regents on or before February 28 of such Calendar
    Year after FCS. The Minimum Annual Royalty for a given Calendar Year after FCS will be credited against the Earned Royalty
    due and owing with respect to Net Sales made during the calendar year in which such Minimum Annual Royalty was paid. By way
    of example, if FCS took place on February 1, 2008, the first Calendar Year after FCS would be 2009 and the Minimum Annual
    Royalty would be due on or before February 28, 2009.
	 	 
	5.3	Paragraphs
    1.1, 1.2, 1.3 and 1.4 define Regents’ Patent Rights, Licensed Product, Licensed Method and the Field of Use so that
    royalties are payable on products covered by pending patent applications and issued patents. Royalties accrue for the duration
    of this Agreement.
	 	 
	5.4	Licensee
    must pay royalties owed to The Regents on a quarterly basis. Licensee must pay the royalties within two (2) months of the
    end of the calendar quarter in which the royalties accrued.
	 	 
	5.5	All
    monies due The Regents must be paid in United States funds. When Licensed Products are sold for monies other than United States
    dollars, the royalties will first be determined in the foreign currency of the country in which those Licensed Products were
    sold and, second, converted into equivalent United States funds. Licensee must use the exchange rate established by the Bank
    of America in San Francisco, California on the last day of the calendar quarter.
	 	 
	5.6	Any
    tax for the account of The Regents required to be withheld by Licensee under the laws of any foreign country must be promptly
    paid by Licensee for and on behalf of The Regents to the appropriate governmental authority. Licensee will use its best efforts
    to furnish The Regents with proof of payment of any tax. Licensee is responsible for all bank transfer charges. All payments
    made by Licensee in fulfillment of The Regents’ tax liability in any particular country will be credited against fees
    or royalties due The Regents for that country.
	 	 
	5.7	If
    at any time legal restrictions prevent the acquisition or prompt remittance of United States Dollars by Licensee with respect
    to any country where a Licensed Product is sold, the Licensee shall pay royalties due to The Regents from Licensee’s
    other sources of United States Dollars.

 

    	Page 10 of 27

    	 

    

 

	5.8	If
    any patent or any claim included in Regents’ Patent Rights is held invalid or unenforceable in a final decision by a
    court of competent jurisdiction from which no appeal has or can be taken, all obligation to pay royalties based on that patent
    or claim or any claim patentably indistinct from it will cease as of the date of that final decision. Licensee will not, however,
    be relieved from paying any royalties that accrued before that decision or that is based on another patent or claim not involved
    in that decision.
	 	 
	5.9	As
    part of its public mission to bring products to the marketplace, UCLA strives to enable underserved populations, which have
    limited access to adequate quantities of medical innovations arising from UCLA’s laboratories, to have access to these
    innovative products. Licensees are encouraged to consider these populations’ interests when marketing and selling Licensed
    Products.
	 	 
	5.10	No
    multiple royalties will be due even if a Licensed Product or Licensed Method is covered by more than one of the Regents’
    Patent Rights.
	 	 
	5.11	If
    Licensee pays a third party royalties in consideration for patent rights which are necessary in order to practice Regents’
    Patent Rights then Licensee or Sublicensee, as the case may be may deduct one third of one percent (0.333%) from the royalty
    rate due to The Regents under this Agreement for every percentage point paid to third party in royalties, provided that in
    no event shall royalties or other amounts due to The Regents in any reporting period be reduced to less than fifty percent
    (50%) of what would otherwise be due to The Regents.
	 	 
	5.12	Disputes
    under Paragraphs 1.8 and 1.11. If either party desires to resolve a dispute as contemplated by Paragraphs 1.8 (i.e., proposal
    regarding the combination product allocation) or 1.11 (i.e., proposal regarding Sublicensing Income allocation) above, then
    such party will notify the other party in writing (“Dispute Notice”) and the parties will confer for a
    period of up to thirty (30) days after receipt of such Dispute Notice to resolve the dispute. If such dispute has not been
    resolved at the end of such 30-day period, then each party shall have the right to refer the matter, by written notice sent
    to the other party, to a neutral third party expert (“Expert”) for a binding determination on such dispute.
    If so referred to an Expert, the parties will first select a mutually agreeable neutral Expert who has significant relevant
    experience in the subject matter of the disputed issue and no current financial interest in either party. If the parties cannot
    agree on an Expert within thirty (30) days after the referral of the matter to be resolved, the Expert will be appointed by
    head of the American Arbitration Association office in San Francisco, CA. The Expert’s fees and expenses and any fees
    and expenses for arbitration will be borne equally by the parties.

 

6.
DILIGENCE

 

	6.1	Upon the execution of this
    Agreement, Licensee must diligently proceed with the development, manufacture and sale (“Commercialization”)
    of Licensed Products and must earnestly and diligently endeavor to market them within a reasonable time after execution of
    this Agreement and in quantities sufficient to meet the market demands for them.
	 	 
	6.2	Licensee must endeavor to obtain all necessary
    governmental approvals for the Commercialization of Licensed Products.
	 	 
	6.3	The Regents has the right and option to either
    terminate this Agreement or reduce Licensee’s exclusive license to a nonexclusive license if Licensee fails to perform
    any of the terms in Paragraph 6.1. With respect to the Regents’ Patent Rights other than the Newly Added Patent Rights,
    if Licensee fails to perform any of the terms in Paragraphs 6.3a through 6.3h, The Regents shall have the right and option
    to either terminate the License to such Regents’ Patent Rights other than the Newly Added Patent Rights by delivering
    a Notice of Default and Notice of Termination to Licensee in accordance with Paragraph 12, or to reduce Licensee’s exclusive
    license to such Regents’ Patent Rights other than the Newly Added Patent Rights to a nonexclusive license by providing
    Licensee sixty (60) days advance written notice thereof. With respect to the Newly Added Patent Rights, if Licensee fails
    to perform any of the terms in Paragraphs 6.3i through 6.3r, The Regents shall have the right and option to either terminate
    the License to such Newly Added Patent Rights by delivering a Notice of Default and Notice of Termination in accordance with
    Paragraph 12, or to reduce Licensee’s exclusive license to such Newly Added Patent Rights to a nonexclusive license
    upon providing Licensee sixty (60) days advance written notice thereof. In each of the cases above, Licensee may use such
    60-day advance written notice period to confer with The Regents to demonstrate Licensee’s diligent efforts to meet such
    Development Milestone and Licensee’s anticipated timelines for achieving the Development Milestones, which The Regents
    will consider when determining whether to take such action. The foregoing rights, if exercised by The Regents, supersede the
    applicable rights granted in Article 2 (GRANT).

 

    	Page 11 of 27

    	 

    

 

	 	With respect to a non-pegylated Licensed Product
    or Licensed Method covered by the Regents’ Patent Rights other than the Newly Added Patent Rights:

 

	 	6.3a	Select
    preferred NELL-1-producing cell line for use in connection with a Licensed Product or Licensed Method on or before December
    31, 2016;
	 	 	 
	 	6.3b	Initiate
    pre-clinical animal studies (e.g. toxicity) of a Licensed Product or Licensed Method on or before June 30, 2017;
	 	 	 
	 	6.3c	Initiate
    pre-clinical GLP study (as described in 21 CFR 58) of a Licensed Product or Licensed Method on or before June 30, 2018;
	 	 	 
	 	6.3d	Submit
    a Licensed Product or Licensed Method investigational device exemption (IDE) (or foreign equivalent) to the FDA (or foreign
    equivalent) on or before December 31, 2018;
	 	 	 
	 	6.3e	Initiate
    a Licensed Product or Licensed Method Pivotal Study on or before December 31, 2019;
	 	 	 
	 	6.3f	Submit
    a Licensed Product or Licensed Method PMA application (or foreign equivalent) on or before December 31, 2023;
	 	 	 
	 	6.3g	Secure
    a Licensed Product or Licensed Method FDA (or foreign equivalent) PMA approval (market approval) (or foreign equivalent) on
    or before December 31, 2024; and
	 	 	 
	 	6.3h	Achieve
    First Commercial Sale of a Licensed Product or Licensed Method on or before March 31, 2025.

 

	 	With
    respect to a pegylated Licensed Product or Licensed Method covered by the Newly Added Patent Rights:

 

	 	6.3i	With
    respect to a Licensed Product, complete a pre-clinically rhNELL-1 chemical modification versus drug delivery & route and
    frequency of administration no later than June 1, 2020.
	 	 	 
	 	6.3j	Enter
    into a contract with a Contract Manufacturing Organization (“CMO”) and completed an animal pilot study
    involving a Licensed Product to determine what clinical indication Licensee intends to pursue no later than June 1, 2021.
    
	 	 	 
	 	6.3k	Submit
    a Pre-IND (Investigational New Drug) package to the FDA with respect to a Licensed Product that contains Chemistry, Manufacturing
    and Controls (CMC), preclinical work, and a clinical development plan by June 1, 2022.
	 	 	 
	 	6.3l	Complete
    a pivotal animal study with a Licensed Product in sheep and/or non human primate by January 1, 2023.
	 	 	 
	 	6.3m	File
    an IND with the FDA with respect to a Licensed Product by December 31, 2023.

 

    	Page 12 of 27

    	 

    

 

	 	6.3n	Dose
    a first patient with a Licensed Product in a Phase I/IIa Clinical Trial by December 31, 2024.
	 	 	 
	 	6.3o	Dose
    a first patient with a Licensed Product in a Phase IIb Clinical Trial by December 31, 2025.
	 	 	 
	 	6.3p	Dose
    a first patient with a Licensed Product in a Phase III Clinical Trial by December 31, 2027.
	 	 	 
	 	6.3q	Obtain
    FDA approval has been obtained with respect to a Licensed Product by December 31, 2030.
	 	 	 
	 	6.3r	Achieve
    a First Commercial Sale for at least one Licensed Product has been achieved by December 31, 2031.

 

	6.4	Cure
    Rights. Licensee shall not be in breach of this Agreement due to a delay in achieving the Development Milestone obligations
    listed in Section 6.3k through 6.3r if, prior to missing such deadline, it pays to The Regents Five Thousand dollars (US $5,000)
    for every month of delay, provided that the Development Milestones listed in Sections 6.3k and 6.3l may only be extended by
    a total of six (6) months each, and the maximum delay, when calculated cumulatively across all Development Milestones, shall
    not exceed a total of two (2) years of total delays. 
	 	 
	6.5	Licensee
    has the sole discretion for making all decisions as to how to commercialize any Licensed Product.

 

7.
PATENT FILING, PROSECUTION AND MAINTENANCE

 

	7.1	Patent
    Prosecution

 

	 	7.1a	As
    long as Licensee has complied with its obligations to reimburse or pre-pay The Regents for patent prosecution costs as set
    forth in this Article 7 (PATENT FILING, PROSECUTION AND MAINTENANCE), The Regents will file, prosecute and maintain the patents
    and applications comprising Regents’ Patent Rights. These patents will be held in the name of The Regents and will be
    obtained with counsel of The Regents’ choice. The Regents must provide Licensee with copies of each patent application,
    office action, response to office action, request for terminal disclaimer, and request for reissue or reexamination of any
    patent or patent application under Regents’ Patent Rights. The Regents will consider any comments or suggestions by
    Licensee and will use reasonable efforts to amend patent applications to include claims reasonably requested by Licensee to
    protect the products and services contemplated under this Agreement. The Regents is entitled to take action to preserve rights
    and minimize costs whether or not Licensee has commented, and will use reasonable efforts to not allow any Regents’
    Patent Rights for which Licensee is licensed and is underwriting the costs of to lapse or become abandoned without Licensee’s
    written authorization under Paragraph 7.4, except for the filing of continuations, divisionals, or the like that substitute
    for the lapsed application.
	 	 	 
	 	7.1b	Licensee
    has the right to request patent filings on the Invention in the United States and any foreign territories where Regents’
    Patent Rights are available (“National Phase Filing”) by providing a written request to The Regents identifying
    which territories Licensee has selected for patent prosecution no later than ninety (90) days prior to the deadline for filing
    any such National Phase Filing (“Patent Prosecution Request”). All other requests and instructions for
    patent prosecution (for example Chapter Two Demands, responses to office actions, utility filings, provisional patent filings,
    etc.) shall be provided in writing by Licensee to The Regents no later than ninety (90) days prior to the deadline set by
    the patent office in the territory such patent action is to take place in (also a “Patent Prosecution Request”
    for purposes of this Agreement). The absence of this Patent Prosecution Request by the deadline specified in this Paragraph
    7.1 will be considered an election not to secure the patent rights associated with the specific phase of patent prosecution
    in such territory, and such patent application(s) and patent(s) will not be part of Regents’ Patent Rights and therefore
    not subject to this Agreement, and Licensee will have no further rights or license to them.

 

    	Page 13 of 27

    	 

    

 

	 	7.1c	Ninety
    (90) days before the deadline for filing a Chapter Two Demand and ninety (90) days before the deadline for filing a National
    Phase Filing, but not sooner, The Regents will have the right to file patent applications at its own expense in any territory
    which Licensee has not identified in written notice pursuant to this Paragraph 7.1 and such patent application(s) and patent(s)
    will not be part of Regents’ Patent Rights and therefore not subject to this Agreement, and Licensee will have no further
    rights or license to them.

 

	7.2	Past
    Patent Costs

 

	 	Licensee
    will bear all costs incurred prior to the term of this Agreement in the preparation, filing, prosecution and maintenance of
    patent applications and patents in Regents’ Patent Rights (“Past Patent Costs”). As of the date of
    executing this Agreement, The Regents have incurred approximately One Hundred Fifty-one Thousand Nine Hundred Ninety-nine
    Dollars and Twenty-nine Cents ($151,999.29) in Past Patent Costs. Prosecution includes, but is not limited to, interferences,
    oppositions and any other inter partes matters originating in a patent office. Licensee must send payment for such Past Patent
    Costs to The Regents within thirty (30) days of Licensee’s receipt of an invoice for these costs. 

 

	7.3	Ongoing
    Patent Costs

 

	 	7.3a	Licensee
    will bear all costs incurred during the term of this Agreement in the preparation, filing, prosecution and maintenance of
    patent applications and patents in Regents’ Patent Rights (“Ongoing Patent Costs”). Prosecution includes,
    but is not limited to, interferences, oppositions and any inter partes matters originating in a patent office. Licensee’s
    obligation to underwrite and to pay all United States and foreign patent costs will continue for as long as this Agreement
    remains in effect. Licensee may request a cost estimate for patent filings, chapter two demands and office actions (“Cost
    Estimate”). Fees and expenses that are due to incidentals (for example photocopy charges or long distance phone
    charges) are not included within such Cost Estimate unless expressly so stated, nor is Licensee’s direct interaction
    with Regents’ counsel such as by phone calls, e-mails, in person meetings and the like. 
	 	 	 
	 	7.3b	With
    each Patent Prosecution Request, Licensee must pay in advance to The Regents The Regents’ patent counsel’s estimated
    costs for undertaking any utility patent filing, National Phase Filing or office action filing before The Regents authorizes
    its patent counsel to proceed with such patent action (“Advanced Payment”). The absence of this Advanced
    Payment will be considered an election not to secure the patent rights associated with the specific phase of patent prosecution
    in such territory, and such patent application(s) and patent(s) will not be part of Regents’ Patent Rights and therefore
    not subject to this Agreement, and Licensee will have no further rights or license to them.

 

	7.4	Termination
    of Patent Prosecution by Licensee

 

	 	Licensee
    may terminate its obligations with respect to any given patent application or patent within Regents’ Patent Rights by
    providing written notice to The Regents (“Patent Termination Notice”), and termination of Licensee’s
    obligations with respect to such patent application or patent will be effective three (3) months after receipt of such Patent
    Termination Notice by The Regents. The Regents will use its best efforts to curtail patent costs chargeable to Licensee under
    this Agreement after this Patent Termination Notice is received by The Regents from Licensee. The Regents may continue prosecution
    or maintenance of these application(s) or patent(s) at its sole discretion and expense, and such application(s) and patent(s)
    will not be part of Regents’ Patent Rights and therefore not subject to this Agreement, and Licensee will have no further
    rights or license to them.

 

    	Page 14 of 27

    	 

    

 

8.
PATENT INFRINGEMENT

 

	8.1	In
    the event that The Regents (to the extent of the actual knowledge of the licensing professional responsible for the administration
    of this Agreement) or the Licensee learns of infringement of potential commercial significance of any patent licensed under
    this Agreement, the knowledgeable party will provide the other (i) with written notice of such infringement and (ii) with
    any evidence of such infringement available to it (the “Infringement Notice”). During the period in which, and
    in the jurisdiction where, the Licensee has exclusive rights under this Agreement, neither The Regents nor the Licensee will
    notify a third party (including the infringer) of infringement or put such third party on notice of the existence of any Patent
    Rights without first obtaining consent of the other. If the Licensee puts such infringer on notice of the existence of any
    Patent Rights with respect to such infringement without first obtaining the written consent of The Regents and if a declaratory
    judgement action is filed by such infringer against The Regents, then Licensee’s right to initiate a suit against such
    infringer for infringement under Paragraph 8.2 below will terminate immediately without the obligation of The Regents to provide
    notice to the Licensee. Both The Regents and the Licensee will use their diligent efforts to cooperate with each other to
    terminate such infringement without litigation; provided, however, that Licensee shall not be required to sublicense the infringer.
	 	 
	8.2	If
    infringing activity of potential commercial significance by the infringer has not been abated within ninety (90) days following
    the date the Infringement Notice takes effect, then the Licensee will have the initial right, but not the obligation, at its
    expense, to institute suit for patent infringement against the infringer. The Regents may voluntarily join such suit at its
    own expense, but may not thereafter commence suit against the infringer for the acts of infringement that are the subject
    of the Licensee’s suit or any judgment rendered in the suit. If, in a suit initiated by the Licensee, The Regents is
    involuntarily joined other than by the Licensee, then the Licensee will pay any costs incurred by The Regents arising out
    of such suit, including but not limited to, any legal fees of counsel that The Regents selects and retains to represent it
    in the suit. In the event that (1) Licensee is unable to proceed with an infringement actions because The Regents is deemed
    to be a necessary party and The Regents declines to be joined in the Licensee’s infringement action; (2) The Regents
    does not pursue an infringement action in its own name; and (3) Licensee is unable to reach a mutually acceptable business
    solution with the alleged infringer (e.g. sublicense from Licensee), The Regents agrees to reduce by fifty percent (50%) the
    royalty rates payable by Licensee under the Agreement to account for the impact of the alleged infringement on Licensee.
	 	 
	8.5	If,
    within a hundred and eighty (180) days following the date the Infringement Notice takes effect, infringing activity of potential
    commercial significance by the infringer has not been abated and if the Licensee has not brought suit against the infringer,
    then The Regents may institute such suit for patent infringement against the infringer. If The Regents institutes such suit,
    then the Licensee may not join such suit without The Regents consent and may not thereafter commence suit against the infringer
    for acts of infringement that are subject to The Regents suit or any judgment rendered in that suit. 
	 	 
	8.6	Any
    recovery or settlement received in connection with any suit will first be shared by The Regents and the Licensee equally to
    cover any litigation costs each incurred and next shall be paid to The Regents or the Licensee to cover any litigation costs
    it incurred in excess of the litigation costs of the other. In any suit initiated by the Licensee, any recovery in excess
    of litigation costs will be shared between Licensee and The Regents as follows: (a) for any recovery other than amounts paid
    for willful infringement: (i) The Regents will receive fifteen percent (15%) of the recovery if The Regents was not a party
    in the litigation or was involuntarily joined but did not actively participate in the litigation, (ii) The Regents will receive
    forty percent (40%) if The Regents was party in the litigation, and actively participated in the litigation (and incurred
    litigation costs); and (b) for any recovery for willful infringement, The Regents will receive fifty percent (50%) of the
    recovery. The Regents and the Licensee agree to be bound by all determinations of patent infringement, validity and enforceability
    (but no other issue) resolved by any adjudicated judgment in a suit brought in compliance with this Article 8 (Patent Infringement).

 

    	Page 15 of 27

    	 

    

 

	8.7	Any
    agreement made by the Licensee for purposes of settling litigation or other dispute shall comply with the requirements of
    Article 3 (SUBLICENSES) of this Agreement.
	 	 
	8.8	Each
    party will cooperate with the other in litigation proceedings instituted hereunder but at the expense of the party who initiated
    the suit (unless such suit is being jointly prosecuted by the parties).
	 	 
	8.9	Any
    litigation proceedings will be controlled by the party bringing the suit, except that The Regents may be represented by counsel
    of its choice in any suit brought by the Licensee.

 

9.
PROGRESS AND ROYALTY REPORTS

 

	9.1	Beginning
    April 30, 2016, and for the term of this Agreement, Licensee must submit to The Regents progress reports on or before the
    dates indicated according to the following schedule:

 

	 	9.1a	Until
    submission to the FDA (or foreign equivalent) by Licensee (and any Affiliates, Joint Ventures and Sublicensees) of a PMA application
    (or foreign equivalent) for a Licensed Product or Licensed Method, every four (4) months by April 30, September 30 and December
    31;
	 	 	 
	 	9.1b	After
    submission to the FDA (or foreign equivalent) by Licensee (and any Affiliates, Joint Ventures and Sublicensees) of a PMA application
    (or foreign equivalent) for a Licensed Product or Licensed Method, semi-annually by January 31 and July 31.

 

	9.2	The
    progress reports submitted under Paragraph 9.1 must include the following topics:

 

	 	9.2a	Summary
    of work completed.
	 	 	 
	 	9.2b	Key
    scientific discoveries.
	 	 	 
	 	9.2c	Summary
    of work in progress.
	 	 	 
	 	9.2d	Current
    schedule of anticipated events or milestones.
	 	 	 
	 	9.2e	Market
    plans for introduction of Licensed Products.
	 	 	 
	 	9.2f	A
    summary of resources (dollar value) spent in the reporting period.

 

	9.3.	Licensee
    must notify The Regents if Licensee or any of its Sublicensees or Affiliates ceases to be a small entity (as defined by the
    United States Patent and Trademark Office) under the provisions of 35 U.S.C. §41(h).
	 	 
	9.4	Licensee
    must report the date of the First Commercial Sale in the royalty report immediately following that Sale.

 

    	Page 16 of 27

    	 

    

 

	9.5	After
    the First Commercial Sale of each Licensed Product, Licensee must make quarterly royalty reports to The Regents by February
    28, May 31, August 31 and November 30 of each year (i.e., within two (2) months from the end of each calendar quarter). Each
    royalty report must cover Licensee’s most recently completed calendar quarter and must show:

 

	 	9.5a	Gross
    sales and Net Sales of any Licensed Product.
	 	 	 
	 	9.5b	Number
    of each type of Licensed Product sold.
	 	 	 
	 	9.5c	Royalties
    payable to The Regents.

 

	9.6	Licensee
    must state in its royalty report if it had no sales of any Licensed Product.

 

10.
BOOKS AND RECORDS

 

	10.1	Licensee
    must keep accurate books and records of all Licensed Products manufactured, used or sold. Licensee must preserve these books
    and records for at least five (5) years from the date of the royalty payment to which they pertain.
	 	 
	10.2	The
    Regents’ are entitled to have an independent auditor with a national accounting firm reasonably acceptable to Licensee
    inspect these books and records solely to confirm the royalty and other payments made hereunder and compliance with other
    provisions in this Agreement at reasonable times and upon reasonable prior notice to Licensee, and not more than once during
    any twelve (12) month period. The Regents will pay the fees and expenses of these inspections. If an error favoring Licensee
    of more than five percent (5%) of the total annual royalties is discovered, for the period being audited, then Licensee will
    pay the fees and expenses of these inspections. Any auditor shall enter into a confidentiality agreement with Licensee, reasonably
    acceptable to Licensee, prior to conducting any inspection and shall not disclose any Licensee Confidential Information except
    to the extent necessary to verify the accuracy of the payments made by Licensee hereunder and compliance with other provisions
    in this agreement. 

 

11.
LIFE OF THE AGREEMENT

 

	11.1	Unless
    otherwise terminated by operation of law or by acts of the parties in accordance with the terms of this Agreement, this Agreement
    is in force from the Effective Date recited on page one and remains in effect for the life of the last-to-expire patent in
    Regents’ Patent Rights, or until the last patent application licensed under this Agreement is abandoned and no patent
    in Regents’ Patent Rights ever issues- (the later of these dates, the “Expiration Date”).
	 	 
	11.2	Upon
    termination of this Agreement, prior to Expiration Date, Licensee will have no further right to make, have made, use or sell
    any Licensed Product except as provided in Article 14 (Disposition of Licensed Products on Hand Upon Termination).
	 	 
	11.3	Any
    expiration or termination of this Agreement will not affect the rights and obligations set forth in the following Articles:

 

	 	Article
    10	BOOKS
    AND RECORDS
	 	Article
    14	DISPOSITION
    OF LICENSED PRODUCTS ON HAND UPON TERMINATION
	 	Article
    16	USE
    OF NAMES AND TRADEMARKS
	 	Article
    17	LIMITED
    WARRANTY
	 	Article
    18	INDEMNIFICATION
	 	Article
    23	FAILURE
    TO PERFORM
	 	Article
    24	GOVERNING
    LAW

 

    	Page 17 of 27

    	 

    

 

12.
TERMINATION BY THE REGENTS

 

	12.1	If
    Licensee violates or fails to perform any material term or covenant of this Agreement, then The Regents may give written notice
    of the default (“Notice of Default”) to Licensee. If Licensee does not repair the default within sixty
    (60) days after the effective date of the Notice of Default, then The Regents has the right to terminate this Agreement and
    the License by a second written notice (“Notice of Termination”) to Licensee. If The Regents sends a Notice
    of Termination to Licensee, then this Agreement automatically terminates on the effective date of this notice. Termination
    does not relieve Licensee of its obligation to pay any royalty or fees owing at the time of termination and does not impair
    any accrued right of The Regents. 

 

13.
TERMINATION BY LICENSEE

 

	13.1	Licensee
    has the right at any time to terminate this Agreement in whole or with respect to any portion of Regents’ Patent Rights
    by giving written notice to The Regents. This notice of termination will be subject to Article 19 (NOTICES) and will be effective
    ninety (90) days after the effective date of the notice.
	 	 
	13.2	Any
    termination in accordance with Paragraph 13.1 does not relieve Licensee of any obligation or liability accrued prior to termination.
    Nor does termination rescind anything done by Licensee or any payments made to The Regents prior to the effective date of
    termination. Termination does not affect in any manner any rights of The Regents arising under this Agreement prior to termination.

 

 14. DISPOSITION OF LICENSED PRODUCTS

ON
HAND UPON TERMINATION

 

	14.1	Upon
    termination of this Agreement, Licensee will have the right to dispose of all previously made or partially made Licensed Products,
    but no more, within a period of six (6) months. But Licensee must submit royalty reports on the sale of these Licensed Products
    and must pay royalties at the rate and at the time provided in this Agreement.

 

15.
PATENT MARKING

 

	15.1	Licensee
    must mark all Licensed Products made, used or sold under the terms of this Agreement, or their containers, in accordance with
    the applicable patent marking laws.

 

16.
USE OF NAMES AND TRADEMARKS

 

	16.1	Neither
    party is permitted to use any name, trade name, trademark or other designation of the other party or its employees (including
    contraction, abbreviation or simulation of any of the foregoing) in advertising, publicity or other promotional activity.
    Unless required by law, Licensee is expressly prohibited from using the name “The Regents of the University of California”
    or the name of any campus of the University of California.

 

17.
LIMITED WARRANTY

 

	17.1	The
    Regents warrants that it has the lawful right to grant this license to Licensee. 
	 	 
	17.2	This
    License and the associated Invention are provided WITHOUT WARRANTY OF MERCHANTABILITY
    OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED. THE REGENTS MAKE NO REPRESENTATION OR WARRANTY
    THAT ANY LICENSED PRODUCT WILL NOT INFRINGE ANY PATENT OR OTHER PROPRIETARY RIGHT.

 

    	Page 18 of 27

    	 

    

 

	17.3	SUBJECT
    TO ARTICLE 18 (INDEMNIFICATION), IN NO EVENT WILL Either party BE LIABLE FOR ANY INCIDENTAL,
    SPECIAL OR CONSEQUENTIAL DAMAGES RESULTING FROM EXERCISE OF THIS LICENSE OR THE USE OF THE INVENTION OR LICENSED PRODUCTS
    OR THE USE OR THE PRACTICE OF LICENSED METHODS.
	 	 
	17.4	Nothing
    in this Agreement will be construed as:

 

	 	17.4a	A
    warranty or representation by The Regents as to the validity or scope of any Regents’ Patent Rights.
	 	17.4b	A
    warranty or representation that anything made, used, sold or otherwise disposed of under any license granted in this Agreement
    is or will be free from infringement of patents of third parties.
	 	17.4c	Obligate
    The Regents to bring or prosecute actions or suits against third parties for patent infringement except as provided in Article
    8 (Patent Infringement).
	 	17.4d	Conferring
    by implication, estoppel or otherwise any license or rights under any patents of The Regents other than Regents’ Patent
    Rights as defined herein, regardless of whether such patents are dominant or subordinate to Regents’ Patent Rights.
	 	17.4e	Obligate
    The Regents to furnish any know-how not provided in Regents’ Patent Rights.

 

18.
INDEMNIFICATION

 

	18.1	Licensee
    will, and will require its Sublicensees to, indemnify, hold harmless and defend The Regents, its officers, employees, and
    agents, the sponsors of the research that led to the invention, the inventors of the patents and patent applications in Regents’
    Patent Rights and their respective employers from and against any and all liability, claims, suits, losses, damages, costs,
    fees and expenses resulting from or arising out of exercise of this license or any sublicense. Indemnification includes but
    is not limited to products liability. If The Regents, in its sole discretion, believes that there will be a conflict of interest
    or it will not otherwise be adequately represented by counsel chosen by Licensee to defend The Regents in accordance with
    this Paragraph 18.1, then The Regents may retain counsel of its choice to represent it, and Licensee will pay all expenses
    for such representation.
	 	 
	18.2	Licensee,
    at its sole cost and expense, must insure its activities in connection with the work under this Agreement and obtain, keep
    in force and maintain Comprehensive or Commercial Form General Liability Insurance (contractual liability included) with limits
    as follows:

 

	 	18.2a	Each
    occurrence	Five
    Million Dollars ($5,000,000.00)
	 	18.2b	Products/completed
    operations aggregate	Ten
    Million Dollars ($10,000,000.00)
	 	18.2c	Personal
    and advertising injury	Five
    Million Dollars ($5,000,000.00)
	 	18.2d	General
    aggregate (commercial form only)	Ten
    Million Dollars ($10,000,000.00)

 

	18.3	Licensee
    expressly understands, however, that the coverages and limits in Paragraph 18.2 do not in any way limit the Licensee’s
    liability. Licensee must furnish The Regents with certificates of insurance evidencing compliance with all requirements. Licensee’s
    insurance must:

 

	 	18.3a	Provide
    for thirty (30) day advance written notice to The Regents of any modification.
	 	18.3b	Indicate
    that The Regents of the University of California is endorsed as an Insured under the coverages listed in Paragraph 18.2.
	 	18.3c	Include
    a provision that the coverages will be primary and will not participate with nor will be excess over any valid and collective
    insurance or program of self-insurance carried or maintained by The Regents.

 

	18.4	The
    Regents shall notify Licensee in writing of any claim or suit brought against The Regents in respect of which The Regents
    intends to invoke the provisions of this Article 18 (INDEMNIFICATION). Licensee shall keep The Regents informed on a current
    basis of its defense of any claims under this Article 18 (INDEMNIFICATION).

 

    	Page 19 of 27

    	 

    

 

19.
NOTICES

 

	19.1	Any
    notice or payment required to be given to either party must be sent to the respective address given below and is effective:
    (a) on the date of delivery if delivered in person, (b) five (5) days after mailing if mailed by first-class certified mail,
    postage paid, or (c) on the next business day if sent by overnight delivery. Either party may change its designated address
    by written notice.

 

	 	For
    Licensee:	Bone
    Biologics Corporation
	 	 	2
    Burlington Woods Drive, Suite 100
	 	 	Burlington,
    MA 01803
	 	 	Attention:
    Chief Executive Officer

 

	 	For
    The Regents:	The
    Regents of the University of California
	 	 	University
    of California, Los Angeles
	 	 	Technology
    Development Group
	 	 	10889
    Wilshire Blvd, Suite 920
	 	 	Los
    Angeles, CA 90095-7191
	 	 	 
	 	 	Attention:
    Contracts Management Team

 

20.
ASSIGNABILITY

 

	20.1	This
    Agreement is binding upon and inures to the benefit of The Regents, its successors and assigns. But it is personal to Licensee
    and assignable by Licensee only with the written consent of The Regents. The consent of The Regents will not be required if
    the assignment is in conjunction with the transfer of all or substantially all of the business of Licensee to which this license
    relates.

 

Conditions
of Assignment

No
later than thirty (30) days prior to any assignment of this Agreement all of the following terms and conditions shall be met and
if they are not then this Agreement and any assignment thereof will be considered null and void with no further notice from The
Regents.

 

	 	(i)	Licensee
    shall inform The Regents in writing of the identity of the proposed acquirer or successor entity and shall provide updated
    contact information in writing to The Regents for such acquirer or successor entity by updating and submitting in writing
    to The Regents Appendix C (LICENSEE CONTACT INFORMATION) of this Agreement; 
	 	(ii)	The
    proposed acquirer or successor entity shall agree in writing to be bound by all the terms and conditions of this Agreement
    as if such acquirer or successor entity were the original Licensee and a copy of such written agreement shall be provided
    to The Regents by Licensee or the proposed acquirer or successor entity; 
	 	(iii)	The
    proposed acquirer or successor entity shall provide a written statement to The Regents that they assume responsibility for
    any and all liabilities that arose under this Agreement prior to the effective date of the proposed assignment of this Agreement;
    and
	 	(iv)	Licensee
    shall pay to The Regents an assignment fee of One Hundred Thousand Dollars ($100,000.00).

 

    	Page 20 of 27

    	 

    

 

21.
LATE PAYMENTS

 

	21.1	For
    each royalty payment or fee not received by The Regents when due, Licensee must pay to The Regents a simple interest charge
    of ten percent (10%) per annum to be calculated from the date payment was due until it was actually received by The Regents.

 

22.
WAIVER

 

	22.1	The
    waiver of any breach of any term of this Agreement does not waive any other breach of that or any other term.

 

23.
FAILURE TO PERFORM

 

	23.1	If
    either party takes legal action against the other because of a failure of performance due under this Agreement, then the prevailing
    party is entitled to reasonable attorney’s fees in addition to costs and necessary disbursements.

 

24.
GOVERNING LAW

 

	24.1	THIS
    AGREEMENT IS TO BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA,
    but the scope and validity of any patent or patent application will be governed by the applicable laws of the country of the
    patent or patent application.

 

25.
GOVERNMENT APPROVAL OR REGISTRATION

 

	25.1	If
    this Agreement or any associated transaction is required by the law of any nation to be either approved or registered with
    any governmental agency, Licensee will assume all legal obligations to do so. Licensee will notify The Regents if it becomes
    aware that this Agreement is subject to a United States or foreign government reporting or approval requirement. Licensee
    will make all necessary filings and pay all costs including fees, penalties, and all other out-of-pocket costs associated
    with such reporting or approval process.

 

26.
EXPORT CONTROL LAWS

 

	26.1	Licensee
    must observe all applicable United States and foreign laws with respect to the transfer of Licensed Products and related technical
    data to foreign countries, including the International Traffic in Arms Regulations (“ITAR”) and the Export
    Administration Regulations.

 

27.
PREFERENCE FOR UNITED STATES INDUSTRY

 

	27.1	Because
    this Agreement grants an exclusive right to a particular use of the Invention, Licensee must manufacture in the United States
    any products embodying this Invention or produced through the Invention’s use to the extent required by 35 U.S.C. §200-212.
    The Regents agree that, if requested by Licensee, The Regents will use reasonable and good faith efforts to cooperate with
    Licensee to seek a waiver or exception form the foregoing requirement on reasonable showing thereof by Licensee of a basis
    for such a waiver.

 

    	Page 21 of 27

    	 

    

 

28.
FORCE MAJEURE

 

	28.1	The
    parties will be excused from any performance required under this Agreement if performance is impossible or unfeasible due
    to any catastrophe or other major event beyond their reasonable control, including war, riot, or insurrection; lockouts or
    other serious labor disputes; and floods, fires, explosions, or other natural disasters. When such events abate, and in any
    event within one (1) year, the parties’ respective obligations will resume.

 

29.
CONFIDENTIALITY

 

	29.1	If
    either party discloses confidential information to the other party, the disclosing party will designate this information as
    confidential by appropriate legend or instruction, and the receiving party will:

 

	 	29.1a	Use
    the same degree of care to maintain the secrecy of the confidential information as it uses to maintain the secrecy of its
    own information of like kind.
	 	 	 
	 	29.1b	Use
    the confidential information only to accomplish the purposes of this Agreement.

 

	29.2	Neither
    party will disclose confidential information received from the other party except to its employees, customers, distributors
    and other agents who are bound to it by similar obligations of confidence and only as required to accomplish the purposes
    of this Agreement.

 

	29.3	Neither
    party will have any confidentiality obligation with respect to the confidential information belonging to or disclosed by the
    other party that:

 

	 	29.3a	The
    receiving party can demonstrate by written records was previously known to it.
	 	 	 
	 	29.3b	The
    receiving party lawfully obtained from sources under no obligation of confidentiality.
	 	 	 
	 	29.3c	Is
    or becomes publicly available other than through an act or omission of the receiving party or any of its employees.
	 	 	 
	 	29.3d	Is
    required to be disclosed under the California Public Records Act, governmental audit requirement or other requirement of law.

 

	29.4	The
    provisions of this Article 29 (CONFIDENTIALITY) will continue in effect for five (5) years after expiration or termination
    of this Agreement.
	 	 
	29.5	The
    Regents is free to release to the inventors and senior administrators employed by The Regents the terms and conditions of
    this Agreement. If such release is made, then The Regents shall give notice of the confidential nature and shall request that
    the recipient not disclose such terms and conditions to others. If a third party inquires whether a license to Regents’
    Patent Rights is available, then The Regents may disclose the existence of this Agreement and the extent of the grant in Article
    2 (GRANT) to such third party, but will not disclose the name of Licensee or any other terms or conditions of this Agreement,
    except where The Regents is required to release information under the California Public Records Act, a governmental audit
    requirement, or other applicable law.

 

    	Page 22 of 27

    	 

    

 

30.
MISCELLANEOUS

 

	30.1	The
    headings of the several sections are inserted for convenience of reference only and are not intended to be a part of, or to
    affect the meaning or interpretation of, this Agreement.
	 	 
	30.2	This
    Agreement is not binding upon the parties until it has been signed below on behalf of each party, in which event it becomes
    effective as of the date recited on page one.
	 	 
	30.3	No
    amendment or modification of this Agreement will be valid or binding upon the parties unless made in writing and signed by
    each party.
	 	 
	30.4	This
    Agreement embodies the entire understanding of the parties and supersedes all previous communications, representations or
    understandings, either oral or written, between the parties relating to the subject matter hereof,.
	 	 
	30.5	If
    any part of this Agreement is for any reason found to be unenforceable, all other parts nevertheless remain enforceable as
    long as a party’s rights under this Agreement are not materially affected. In lieu of the unenforceable provision, the
    parties will substitute or add as part of this Agreement a provision that will be as similar as possible in economic and business
    objectives as was intended by the unenforceable provision.

 

Both
The Regents and Licensee have executed this Agreement in duplicate originals by their authorized officers on the dates written
below:

 

	BONE
    BIOLOGICS CORPORATION	 	THE
    REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 
	By	 	 	By	 
	 	Signature	 	 	Signature
	Name:	Steve
    R. La Neve	 	Name:	Mark
    Wisniewski
	Title:	President
    and CEO	 	Title:	Sr.
    Director Biopharmaceuticals
	Date:	March
    25, 2019	 	Date	 

 

	 	THE
    REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 
	 	By	 
	 	 	Signature
	 	Name:	Amir
    Naiberg
	 	Title:	Assoc.
    Vice Chancellor and President & CEO
	 	Date:	 

 

    	Page 23 of 27

    	 

    

 

APPENDIX
A

 

REGENTS’
PATENT RIGHTS

 

	UCLA
                                         CASE

                                                                                NO.
	 	APPLICATION
    TITLE	 	TERRITORY	 	APPLICATION NUMBER
	1999-560-1	 	NELL-1
    Enhanced Bone Mineralization	 	United
    States Of America	 	09/412,297
	1999-560-2	 	NELL
    -1 Enhanced Bone Mineralization	 	United
    States Of America	 	11/392,294
	1999-560-3	 	Composition
    for Promoting Cartilage Formation or Repair Comprising a NELL Gene Product and Method of Treating ...	 	European
    Patent Office	 	7871373.2
	1999-560-3	 	Composition
    for Promoting Cartilage Formation or Repair Comprising a NELL Gene Product and Method of Treating ...	 	European
    Patent Office	 	18198068.1
	1999-560-4	 	NELL-1
    Enhanced Bone Mineralization	 	United
    States Of America	 	11/713,366
	1999-560-4	 	NELL-1
    Enhanced Bone Mineralization	 	Canada	 	2679723
	1999-560-4	 	NELL-1
    Enhanced Bone Mineralization	 	Japan	 	2010-520212
	1999-560-6	 	Composition
    for Promoting Cartilage Formation or Repair Comprising a NELL Gene Product and Method of Treating ...	 	United
    States Of America	 	12/700,644
	1999-560-8	 	NELL-1
    Enhanced Bone Mineralization	 	United
    States Of America	 	13/011,736
	2004-331-2	 	NELL
    Peptide Expression Systems And Bone Formation Activity Of Nell Peptide	 	United
    States Of America	 	10/544,553
	2004-331-5	 	NELL
    Peptide Expression Systems And Bone Formation Activity Of Nell Peptide	 	United
    States Of America	 	Patent
    No. 8,048,646 from US Application No. 12/400,715
	2004-331-6	 	NELL
    Peptide Expression Systems And Bone Formation Activity Of Nell Peptide	 	United
    States Of America	 	Patent
    No. 7,807,787 from US Application No. 12/400,714
	2004-331-2	 	NELL
    Peptide Expression Systems and Bone Formation Activity of Nell Peptide	 	United
    Kingdom	 	4709500.5
	2004-331-2	 	NELL
    Peptide Expression Systems and Bone Formation Activity of Nell Peptide	 	Spain	 	4709500.5

 

    	Page 24 of 27

    	 

    

 

	2004-331-2	 	NELL
    Peptide Expression Systems and Bone Formation Activity of NELL Peptide	 	Germany	 	4709500.5
	2004-331-3	 	Expression
    System of NELL Peptide	 	United
    States Of America	 	11/601,529
	2004-331-3	 	Expression
    System of NELL Peptide	 	European
    Patent Office	 	7868700.1
	2004-331-3	 	Expression
    System of NELL Peptide	 	Japan	 	2010-509917
	2004-331-7	 	Expression
    System of NELL Peptide	 	United
    States Of America	 	12/700,630
	2006-369-2	 	Pharmaceutical
    Compositions for Treating or Preventing Bone Conditions	 	United
    States Of America	 	11/884,525
	2006-369-3	 	Pharmaceutical
    Compositions for Treating or Preventing Bone Conditions	 	United
    States Of America	 	12/897,397
	2006-369-4	 	Pharmaceutical
    Compositions for Treating or Preventing Bone Conditions	 	United
    States Of America	 	15/367,097
	2009-271-2	 	Recombinant
    NELL Protein Production	 	United
    States Of America	 	13/121,394
	2009-271-2	 	Recombinant
    NELL Protein Production	 	United
    Kingdom	 	9819839.3
	2009-271-2	 	Recombinant
    NELL Protein Production	 	Spain	 	9819839.3
	2009-271-2	 	Recombinant
    NELL Protein Production	 	Germany	 	9819839.3
	2009-271-2	 	Recombinant
    NELL Protein Production	 	France	 	9819839.3
	2009-569-2	 	Isoform
    NELL-1 Peptide	 	United
    States Of America	 	13/256,931
	2009-569-2	 	Isoform
    NELL-1 Peptide	 	European
    Patent Office	 	10756811.5
	2009-569-2	 	Isoform
    NELL-1 Peptide	 	United
    Kingdom	 	10756811.5
	2009-569-2	 	Isoform
    NELL-1 Peptide	 	Spain	 	10756811.5
	2009-569-2	 	Isoform
    NELL-1 Peptide	 	Germany	 	10756811.5
	2009-569-2	 	Isoform
    NELL-1 Peptide	 	France	 	10756811.5
	2009-569-2	 	Isoform
    NELL-1 Peptide	 	Italy	 	10756811.5
	2009-569-2	 	Isoform
    NELL-1 Peptide	 	Canada	 	2756168
	2009-569-3	 	Isoform
    NELL-1 Peptide	 	United
    States Of America	 	15/265,680
	2009-569-4	 	Isoform
    NELL-1 Peptide	 	United
    States Of America	 	15/954,225
	2004-331-9	 	Recombinant
    NELL Protein Production	 	United
    States Of America	 	13/769,222
	2004-331-A	 	Recombinant
    NEL-Like (NELL) Protein Production	 	United
    States Of America	 	15/462,682

	2004-331-B	 	Recombinant
    NEL-Like (NELL) Protein Production	 	United
    States Of America	 	16/283,289
	2015-573-2	 	A
    Random Conjugate Molecule and Methods of Making and Using the Same	 	United
    States Of America	 	15/068,412
	2015-909-3	 	Composition
    for bone and methods of making and using the same	 	PCT	 	PCT/US2016/035705
	2016-631-2	 	Bone-Targeting
    Therapeutic Conjugate and Methods of Making and Using the Same	 	United
    States Of America	 	16/084,525
	2016-631-2	 	Bone-Targeting
    Therapeutic Conjugate and Methods of Making and Using the Same	 	European
    Patent Office	 	17767347.2
	2016-99d-2	 	Methods
    and Compositions for Neurological Disorders	 	United
    States Of America	 	62/662,435

 

    	Page 25 of 27

    	 

    

 

APPENDIX
B

 

LICENSEE
CONTACT INFORMATION

 

	Licensee
    Name	Bone
    Biologics	UC
    Control No.	 
	PATENT
    PROSECUTION CONTACT	 	 
	LAST
    NAME	 	TELEPHONE	 
	FIRST
    NAME	 	FAX	 
	TITLE	 	EMAIL	 
	COMPANY
    NAME	 
	ADDRESS	 	 
	CITY,
    STATE, ZIP	 	 
	COUNTRY	 	 
	PROGRESS
    REPORTS CONTACT	 	 
	LAST
    NAME	 	TELEPHONE	 
	FIRST
    NAME	 	FAX	 
	TITLE	 	EMAIL	 
	COMPANY
    NAME	 	 
	ADDRESS	 	 
	CITY,
    STATE, ZIP	 	 
	COUNTRY	 	 
	FINANCIALS
    CONTACT	 	 
	LAST
    NAME	 	TELEPHONE	 
	FIRST
    NAME	 	FAX	 
	TITLE	 	EMAIL	 
	COMPANY
    NAME	 	 
	ADDRESS	 	 
	CITY,
    STATE, ZIP	 	 
	COUNTRY	 	 

 

    	Page 26 of 27

    	 

    

 

APPENDIX
C

 

COMMON
STOCK PURCHASE AGREEMENT & STOCK CERTIFICATE

 

[Common
Stock Purchase Agreement & Stock Certificate Follow:]

 

    	Page 27 of 27Exhibit 10.1

 

 

 

AMENDED AND RESTATED ASSET PURCHASE AGREEMENT

 

by and among

 

ACETO
CORPORATION,

 

ACETO
AGRICULTURAL CHEMICALS CORPORATION

 

and

 

ACETO
REALTY LLC,

 

as Sellers,

 

and

 

NMC ATLAS, L.P.,

 

as Buyer

 

Dated as of April 14, 2019

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

		 	PAGES 
	 	 	 
	ARTICLE I	PURCHASE AND SALE	2
	 	 	 
	1.1	Purchased Assets	2
	 	 	 
	1.2	Excluded Assets	4
	 	 	 
	1.3	Assumed Liabilities	6
	 	 	 
	1.4	Excluded Liabilities	6
	 	 	 
	1.5	Assignments; Cure Amounts	8
	 	 	 
	1.6	Further Assurances	9
	 	 	 
	1.7	PILOT Program	9
	 	 	 
	1.8	Bulk Sales Laws	10
	 	 	 
	ARTICLE II	PURCHASE PRICE	10
	 	 	 
	2.1	Purchase Price	10
	 	 	 
	2.2	Closing Date Payment	10
	 	 	 
	2.3	Good Faith Deposit	11
	 	 	 
	2.4	Adjustment to Base Purchase Price	11
	 	 	 
	2.5	Allocation of Purchase Price	13
	 	 	 
	2.6	Closing Date	13
	 	 	 
	2.7	Deliveries of Buyer	13
	 	 	 
	2.8	Deliveries of Sellers	14
	 	 	 
	2.9	Withholding Rights	15
	 	 	 
	2.10	Transfer of Aceto Shanghai Interests	16
	 	 	 
	ARTICLE III	REPRESENTATIONS AND WARRANTIES OF SELLERS	17
	 	 	 
	3.1	Organization	17
	 	 	 
	3.2	Acquired Subsidiaries	18
	 	 	 
	3.3	Corporate Authority Relative to this Agreement; Consents and Approvals; No Violation	18
	 	 	 
	3.4	Financial Statements	19
	 	 	 
	3.5	Compliance with Law; Permits	19
	 	 	 
	3.6	Environmental Matters	20
	 	 	 
	3.7	Employee Benefit Plans	20
	 	 	 
	3.8	Litigation	21
	 	 	 
	3.9	Tax Matters	22
	 	 	 
	3.10	Employment and Labor Matters	23
	 	 	 
	3.11	Real and Tangible Property	23

 

    	 	 i	 

     

    

 

	3.12	Intellectual Property	23
	 	 	 
	3.13	Material Contracts	24
	 	 	 
	3.14	Certain Regulatory Matters	24
	 	 	 
	3.15	Finders or Brokers	25
	 	 	 
	3.16	Sufficiency of Assets	25
	 	 	 
	3.17	Inventory	25
	 	 	 
	3.18	No Other Representations or Warranties	25
	 	 	 
	ARTICLE IV	REPRESENTATIONS AND WARRANTIES OF BUYER	26
	 	 	 
	4.1	Organization	26
	 	 	 
	4.2	Corporate Authority Relative to this Agreement; Consents and Approvals; No Violation	26
	 	 	 
	4.3	Litigation	26
	 	 	 
	4.4	Buyer Information	27
	 	 	 
	4.5	Finders or Brokers	27
	 	 	 
	4.6	Solvency	27
	 	 	 
	4.7	Adequate Assurances Regarding the Buyer Assumed Agreements	27
	 	 	 
	4.8	Certain Arrangements; Ownership of Sellers	27
	 	 	 
	4.9	Guarantee	28
	 	 	 
	4.10	Investment Intention	28
	 	 	 
	4.11	Investigation; No Other Representations	28
	 	 	 
	ARTICLE V	COVENANTS AND AGREEMENTS	29
	 	 	 
	5.1	Conduct of Business	29
	 	 	 
	5.2	Access	30
	 	 	 
	5.3	Employees and Employee Benefit Plans	31
	 	 	 
	5.4	Regulatory Approvals; Efforts	33
	 	 	 
	5.5	Notification of Certain Matters	35
	 	 	 
	5.6	Adequate Assurances regarding the Buyer Assumed Agreements	35
	 	 	 
	5.7	Bankruptcy Court Approval	35
	 	 	 
	5.8	Taxes	35
	 	 	 
	5.9	Public Announcements	37
	 	 	 
	5.10	Consents; Notices	37
	 	 	 
	5.11	WARN Act	38
	 	 	 
	5.12	Directors and Officers	38
	 	 	 
	5.13	Cooperation with Financing	39
	 	 	 
	5.14	Controlled Substances	40
	 	 	 
	ARTICLE VI	CONDITIONS TO THE PURCHASE AND SALE	41
	 	 	 
	6.1	Conditions to Each Party’s Obligation to Close	41

 

    	 	 ii	 

     

    

 

	6.2	Conditions to Obligation of Sellers to Close	41
	 	 	 
	6.3	Conditions to Obligation of Buyer to Close	41
	 	 	 
	ARTICLE VII	TERMINATION	42
	 	 	 
	7.1	Termination	42
	 	 	 
	7.2	Effect of Termination	44
	 	 	 
	7.3	Break-Up Fee; Expense Reimbursement	44
	 	 	 
	7.4	Return of Good Faith Deposit	45
	 	 	 
	ARTICLE VIII	MISCELLANEOUS	45
	 	 	 
	8.1	No Survival	45
	 	 	 
	8.2	Expenses	45
	 	 	 
	8.3	Counterparts; Effectiveness	45
	 	 	 
	8.4	Governing Law; Jurisdiction	45
	 	 	 
	8.5	Remedies	46
	 	 	 
	8.6	WAIVER OF JURY TRIAL	46
	 	 	 
	8.7	Notices	46
	 	 	 
	8.8	Assignment; Binding Effect	48
	 	 	 
	8.9	Severability	48
	 	 	 
	8.10	Entire Agreement	48
	 	 	 
	8.11	Amendments; Waivers	48
	 	 	 
	8.12	Headings	48
	 	 	 
	8.13	No Third-Party Beneficiaries	48
	 	 	 
	8.14	Interpretation	49
	 	 	 
	8.15	Non-Recourse	49
	 	 	 
	8.16	Definitions	49
	 	 	 
	8.17	Sellers Disclosure Schedule	62
	 	 	 
	8.18	Limitation on Good Faith Deposit Escrow Holder’s Liability	63

 

    	 	 iii	 

     

    

  

SCHEDULES

 

	Schedule 1.1(c)	Assumed Contracts
	Schedule 1.1(d)	Assumed Real Property Lease(s)
	Schedule 1.1(e)	Owned Real Property
	Schedule 1.1(f)	Products
	Schedule 1.1(g)	Tangible Personal Property
	Schedule 1.1(i)	Intellectual Property
	Schedule 1.1(l)	Assumed Equipment Leases
	Schedule 1.1(m)	Excluded Claims
	Schedule 1.1(o)	Assumed Plans
	Schedule 1.1(r)	Additional Purchased Assets
	Schedule 1.2(o)	Additional Excluded Assets
	Schedule 1.3(b)	Accounts Payable
	Schedule 1.4(e)	Excluded Accrued Liabilities
	Schedule 1.4(f)	Excluded Environmental Liabilities
	Schedule 1.5	Cure Costs
	Schedule 2.8(h)	Share Transfer Requirements
	Schedule 2.8(i)	Additional Sellers’ Closing Deliverables
	 	 
	Sellers Disclosure Schedule
	Buyer Disclosure Schedule

 

 EXHIBITS

 

	EXHIBIT A:	Purchase Price Allocation Constraints
	EXHIBIT B:	Form of Assignment and Assumption Agreement
	EXHIBIT C:	Form of Bill of Sale

 

    	 	 iv	 

     

    

 

ASSET PURCHASE AGREEMENT

 

This AMENDED AND RESTATED
ASSET PURCHASE AGREEMENT (this “Agreement”), dated as of April
14, 2019 (the “Agreement Date”), is by and among Aceto Corporation, a New York corporation (“Parent”),
Aceto Realty LLC, a New York limited liability company (“Aceto Realty”), and Aceto Agricultural Chemicals Corporation,
a New York corporation (“NY Agri” and together with Parent and Aceto Realty, “Sellers” and
each, a “Seller”), and NMC Atlas, L.P., a Delaware limited partnership (“Buyer”). Capitalized
terms used in this Agreement and not otherwise defined above or in the text below have the meanings given to them in Section
8.16.

 

WHEREAS,
Parent, collectively with its direct and indirect wholly-owned subsidiaries (including NY Agri), is an international company engaged
in the development, marketing, sales and distribution of finished dosage form generic pharmaceuticals, nutraceutical products,
pharmaceutical active ingredients, pharmaceutical intermediates, and specialty performance chemicals, including agricultural intermediates
and agricultural protection products (collectively, the “Business”);

 

WHEREAS,
the Business is organized along product lines into three principal segments: (i) Human Health, (ii) Pharmaceutical Ingredients,
and (iii) Performance Chemicals;

 

WHEREAS, on February
19, 2019, Sellers and Buyer entered into an Asset Purchase Agreement the “Original Agreement”) pursuant to which
Sellers agreed to sell to Buyer all of the Purchased Assets (as defined in the Original Agreement), subject to the assumption by
Buyer of the Assumed Liabilities (as defined in the Original Agreement) (which Purchased Assets and Assumed Liabilities generally
comprise the Chemical Plus Business), and Buyer agreed to purchase from Sellers such Purchased Assets and assume such Assumed Liabilities,
in each case, upon the terms and conditions set forth in the Original Agreement;

 

WHEREAS,
Sellers and certain of their Affiliates filed voluntary petitions for relief commencing cases (collectively, the “Bankruptcy
Case”) under Chapter 11 of Title 11 of the United States Code, 11 U.S.C. §§ 101, et seq. (the “Bankruptcy
Code”), on February 19, 2019 (the “Petition Date”) in the United States Bankruptcy Court for the District
of New Jersey (the “Bankruptcy Court”) under Case No. 19-13448;

 

WHEREAS,
Sellers and Buyer desire to amend and restate in its entirety the Original Agreement as set forth herein;

 

WHEREAS, the Parties
intend to effectuate the transactions contemplated hereby, including the purchase and sale of the Purchased Assets and the assumption
of the Assumed Liabilities (the “Asset Purchase”), pursuant to Section 363 and 365 of the Bankruptcy Code;

 

WHEREAS, Buyer is the
“Successful Bidder” as such term is defined in the Bidding Procedures Order (as defined herein);

 

WHEREAS, the execution
and delivery of this Agreement and Sellers’ ability to consummate the transactions contemplated hereby are subject, among
other things, to the entry of the Sale Order pursuant to, inter alia, Sections 363 and 365 of the Bankruptcy Code;

 

WHEREAS, the Parties
desire to consummate the transactions contemplated hereby as promptly as practicable after the Bankruptcy Court enters the Sale
Order; and

 

    	 	1	 

     

    

 

WHEREAS, the Parties
desire to make certain representations, warranties, covenants and agreements specified herein.

 

NOW, THEREFORE, in
consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, and intending to
be legally bound hereby, Buyer and Sellers hereby agree to amend and restate the Original Agreement as follows:

 

ARTICLE I

PURCHASE AND SALE

 

1.1          Purchased
Assets. In addition to all properties and assets of the Acquired Subsidiaries (which shall remain properties and assets of
such entities upon the Closing, but which shall not constitute Purchased Assets for purposes of this Agreement), on the terms and
subject to the conditions set forth in this Agreement, at the Closing, Sellers shall sell, transfer, assign, convey and deliver
to Buyer, and Buyer shall purchase, free and clear of all Liabilities and Liens (other than Liens created by Buyer and Permitted
Liens), the right, title and interest of Sellers in, to or under all of the properties and assets of Sellers used primarily in
the Chemical Plus Business (other than the Excluded Assets), including the following (herein collectively called the “Purchased
Assets”):

 

(a)       all
outstanding shares of capital stock or other equity interests of the Purchased Subsidiaries (other than (i) 8,401 shares of Aceto
HK that are owned by Aceto Bermuda and (ii) 70% of the outstanding equity interests of the Joint Venture, which are owned by United
Phosphorus Inc.); provided, notwithstanding anything contained herein to the contrary, Buyer may, upon prior written notice
to Sellers, assign the right to purchase such shares of capital stock or other equity interests to one or more wholly-owned Subsidiaries
of the Buyer; provided, further, that no such assignment shall relieve Buyer of any Liability or obligation under
this Agreement; provided further that, at the request of Buyer, NY Agri will transfer to Aceto Bermuda, contemporaneously
with Closing, the one share of capital stock of Aceto HK owned by NY Agri;

 

(b)       the
Accounts Receivable and Intercompany Accounts Receivable of Sellers outstanding as of the Closing Date;

 

(c)       to
the extent assignable pursuant to Sections 363 and 365 of the Bankruptcy Code, the Contracts listed or described on Schedule
1.1(c) as of the Assumption Deadline, as may be amended by Buyer as provided herein (the “Assumed Contracts”),
and all purchase orders of the Sellers in respect of the Acquired Business that are issued in the Ordinary Course of Business and
outstanding as of the Closing Date (the “Assumed Purchase Orders”);

 

(d)       to
the extent assignable pursuant to Sections 363 and 365 of the Bankruptcy Code, the Real Property Lease(s) of Sellers, and rights
thereunder, listed or described on Schedule 1.1(d) (such Real Property Lease(s), the “Assumed Real Property Lease(s)”);

 

(e)       subject
to Section 1.7, any Owned Real Property of a Seller set forth on Schedule 1.1(e);

 

(f)       all
rights (including goodwill, if any) in and to the products set forth on Schedule 1.1(f) (the “Products”)
and all Product registrations and related registration information (including applications that are in the process of being prepared
by a Seller or an Acquired Subsidiary for Product registrations);

 

    	 	2	 

     

    

 

(g)       the
equipment, machinery, forklifts, vehicles, fixtures, furniture, furnishings, signage, leasehold improvements and other tangible
personal property owned by each Seller as of the Closing Date that are (A) located on or at the Acquired Real Property and held
primarily for, or used primarily in, the Acquired Business, (B) held primarily for, or used primarily in, the Acquired Business
and existing as of the Closing or (C) set forth on Schedule 1.1(g);

 

(h)       to
the extent assignable pursuant to Sections 363 and 365 of the Bankruptcy Code, all Permits and pending applications therefor;

 

(i)       to
the extent assignable pursuant to Sections 363 and 365 of the Bankruptcy Code, all Intellectual Property that is owned or licensed
by each Seller (A) held primarily for, or used primarily in, the Acquired Business and existing as of the Closing or (B) set forth
on Schedule 1.1(i);

 

(j)       all
Books and Records related primarily to the Acquired Business, except those: (i) relating primarily to any Excluded Asset or
Excluded Liability; (ii) relating primarily to employees of a Seller or any Purchased Subsidiary who are not Transferred Employees;
or (iii) that a Seller or any Purchased Subsidiary is not permitted to transfer under applicable Law;

 

(k)       all
telephone and facsimile numbers, email and web addresses, social media accounts and other directory listings used primarily in
connection with the Acquired Business, to the extent assignable;

 

(l)       to
the extent assignable pursuant to Sections 363 and 365 of the Bankruptcy Code, the equipment leases listed or described on Schedule
1.1(l) (the “Assumed Equipment Leases” and together with the Assumed Contracts and Assumed Real Property
Lease(s), the “Buyer Assumed Agreements”);

 

(m)       other
than as set forth on Schedule 1.1(m), any rights, claims, credits, refunds, causes of action, choses in action, rights of
recovery and rights of setoff of each Seller against third parties arising out of, or primarily related to, the Purchased Assets
or the Acquired Business, including any rights in connection with product returns, rebates, credits and related claims and any
rights under or pursuant to any and all warranties, representations and guarantees made by suppliers, manufacturers and contractors
relating to products sold, or services provided, to each Seller primarily related to the Purchased Assets or the Acquired Business;

 

(n)       all
rights of each Seller under non-disclosure or confidentiality, non-disparagement, non-compete, or non-solicitation agreements with
the Transferred Employees or any employees of each Seller terminated within two (2) years prior to the Closing Date, or with any
agents of each Seller or with third parties, in each case, related primarily to the Acquired Business;

 

(o)       (1)
the Seller Benefit Plans listed on Schedule 1.1(o)(1), solely to the extent such pertains to a Transferred Employee and
(2) the Seller Benefit Plans listed on Schedule 1.1(o)(2), whether or not pertaining to a Transferred Employee (collectively,
the “Assumed Plans”), and any trusts, assets, reserves, credits and service agreements, but only to the extent
of the Transferred Employees, and all documents created, filed or maintained in connection with the Assumed Plans to the extent
transferable in accordance with the existing terms and conditions of such Assumed Plans, any applicable insurance policies related
to the Assumed Plans and Bankruptcy Court approval;

 

(p)       all
Purchased Deposits;

 

    	 	3	 

     

    

 

(q)       all
Inventory held by each Seller primarily for use in the Acquired Business as of the Closing Date;

 

(r)       the
additional assets listed on Schedule 1.1(r);

 

(s)       all
rights under insurance policies of the Sellers to the extent relating to any Assumed Liability;

 

(t)       all
goodwill as of the Closing Date that is associated with the Acquired Business not expressly referenced in Sections 1.1(a)
through 1.1(s); and

 

(u)       all
avoidance actions (including any proceeds thereof), including all claims and causes of action arising under Sections 544 through
553 of the Bankruptcy Code or any analogous state law, but only to the extent such actions are against the following parties (collectively,
the “Designated Parties”): (i) any of the Sellers’ vendors, suppliers, customers, or trade creditors in
regards or related to the Purchased Assets or Acquired Business and (ii) any counterparties to any Buyer Assumed Agreements (collectively,
the “Purchased Avoidance Actions”); provided, that it is understood and agreed by the parties that the
Buyer will not assert or pursue any Purchased Avoidance Actions against any of the Designated Parties other than as a defense,
offset, or counterclaim against any claim or cause of action raised or asserted by such Designated Party.

 

Buyer shall have the
right at any time prior to 5:00 p.m. prevailing Eastern Time on the day that is one (1) day prior to the Auction to amend Schedule
1.1(c) in accordance with the Bidding Procedures and Bidding Procedures Order so as to exclude any Contract from being an Assumed
Contract. A schedule of Assumed Contracts and any Cure Costs relating thereto (to the extent such Assumed Contracts have not already
been included on one or more notices of potential assumption and assignment of executory contracts and unexpired leases filed by
Sellers with the Bankruptcy Court) shall be filed by Sellers with the Bankruptcy Court and served on the counterparties to the
Assumed Contracts in accordance with the Bidding Procedures Order. Notwithstanding anything to the contrary, in connection with
any change to Schedule 1.1(c) described in the preceding sentence, (i) any Purchased Assets exclusively related to any Contract
that is excluded shall become an Excluded Asset to the extent applicable in accordance with Section 1.2, (ii) Sellers shall
be permitted to update the Sellers Disclosure Schedule as necessary to correct or complete any such disclosure contained therein,
(iii) Buyer acknowledges and agrees that there shall be no reduction in the Purchase Price if it elects to remove any Contract
listed on Schedule 1.1(c), and (iv) the Cure Cost shall be adjusted, as applicable.

 

1.2          Excluded
Assets. Notwithstanding the provisions of Section 1.1, nothing herein contained shall be deemed to sell, transfer, assign
or convey to Buyer (i) the assets of the Excluded Subsidiaries or (ii) the Excluded Assets. The Excluded Subsidiaries shall retain
all right, title and interest to, in and under the assets of the Excluded Subsidiaries, and the Sellers shall retain all right,
title and interest to, in and under the Excluded Assets. For all purposes of and under this Agreement, the term “Excluded
Assets” shall mean the following assets of each Seller:

 

(a)       all
shares of capital stock or other equity interest of each Seller and the Excluded Subsidiaries or any securities convertible into,
exchangeable, or exercisable for shares of capital stock or other equity interest of Sellers or any of the Excluded Subsidiaries;

 

(b)       all
Cash of Sellers;

 

(c)       any
Contracts other than Buyer Assumed Agreements;

 

    	 	4	 

     

    

 

(d)       any
lease of Leased Real Property, and rights thereunder, that is not a Buyer Assumed Agreement (the “Excluded Real Property
Leases”);

 

(e)       any
equipment leases other than Assumed Equipment Leases (the “Excluded Equipment Leases”);

 

(f)       all
minute books, stock ledgers, corporate seals and stock certificates of each Seller and other similar Books and Records (1) that
are primarily related to any Excluded Assets or Excluded Liabilities, or (2) which a Seller or any of the Excluded Subsidiaries
is required by Law or determines are necessary or advisable to retain, including all Tax Returns and related workpapers (other
than Tax Returns and related workpapers of the Acquired Subsidiaries), financial statements and corporate or other entity filings
(but copies of such Books and Records identified in this clause (f) shall be retained by Sellers and made available to Buyer upon
Buyer’s reasonable request and at Buyer’s expense);

 

(g)       all
Seller Benefit Plans, except the Assumed Plans, and trusts or other assets attributable thereto (except to the extent provided
by Section 5.3(f)), including any assets, reserves, credits and service agreements, and all documents created, filed or
maintained in connection with such Seller Benefit Plans and any applicable insurance policies related to such Seller Benefit Plans;

 

(h)       any
rights, claims or causes of action of each Seller under this Agreement or the Ancillary Documents and as set forth on Schedule
1.1(m);

 

(i)        all
receivables, claims or causes of action related primarily to any Excluded Asset or Excluded Liability, including any such item
to the extent arising under any guarantee, warranty, indemnity or similar right in favor of a Seller or any of the Excluded Subsidiaries
in respect of an Excluded Asset or Excluded Liability;

 

(j)        all
refunds, credits and rebates of Taxes;

 

(k)       all
rights under insurance policies relating to claims for losses pending as of the Closing Date except to the extent such losses are
an Assumed Liability;

 

(l)        all
Intellectual Property owned or licensed by Sellers that is neither: (i) held primarily for, nor (ii) used primarily in, the Acquired
Business, with respect to subclauses (i) and (ii) other than as set forth on Schedule 1.1(i);

 

(m)      all
post-petition adequate assurance deposits provided to utilities and any deposits provided to suppliers or service providers to
a Seller on a prepetition or post-petition basis;

 

(n)       all
derivative financial instruments, including, except to the extent assigned pursuant to Section 1.1(r), future foreign currency
contracts;

 

(o)       all
other assets set forth on Schedule 1.2(o);

 

(p)       any
and all accounts receivable owed to any Seller from any other Seller or any Affiliate of a Seller (other than an Acquired Subsidiary);
and

 

(q)       all
avoidance actions (including any proceeds thereof), including all claims or causes of action arising under Sections 544 through
553 of the Bankruptcy Code or any analogous state law, other than the Purchased Avoidance Actions.

 

    	 	5	 

     

    

 

For the avoidance of doubt, no goodwill
or other intangible assets not expressly set forth in this Section 1.2 shall constitute “Excluded Assets.”

 

1.3          Assumed
Liabilities. In addition to the Liabilities of the Acquired Subsidiaries (which shall remain Liabilities of such entities upon
the Closing, but which shall not constitute Assumed Liabilities for purposes of this Agreement), upon the terms and subject to
the conditions set forth in this Agreement, at the Closing, Buyer shall assume and agree to pay, perform and discharge, when due
(in accordance with its respective terms and subject to the respective conditions thereof), only the following Liabilities (without
duplication) (collectively the “Assumed Liabilities”) and no others:

 

(a)       any
and all Liabilities of each Seller arising under the Buyer Assumed Agreements and the Assumed Purchase Orders;

 

(b)       (i)
the obligation to pay the amounts owed (and no other Liabilities) for goods or services received by each Seller in the Ordinary
Course of Business in respect of any trade and vendor accounts payable due as of, or after, the Petition Date, including the amounts
set forth on Schedule 1.3(b), but only to the extent incurred in connection with the Acquired Business, and excluding any
amounts owed to professionals retained by an order of the Bankruptcy Court under Section 327, 328, 1102 or 1103 of the Bankruptcy
Code (such payables, the “Accounts Payable”) and (ii) any accounts payable from any Seller to any Acquired Subsidiary
outstanding as of the Closing Date;

 

(c)       all
Accrued Liabilities;

 

(d)       any
and all Liabilities arising under any Assumed Plan, if any (to the extent transferable in accordance with the existing terms and
conditions of the applicable Assumed Plan);

 

(e)       other
than as set forth on Schedule 1.4(f), any Liability directly related to the Acquired Business arising under Environmental
Laws attributable to or incurred as a result of any acts, omissions, or conditions first occurring after the Closing, including
any Liability with respect to the release, handling, discharge, treatment, storage, generation, disposal, or presence of Regulated
Substances at any location and compliance with any Environmental Laws, in each case first occurring after the Closing, relating
to the foregoing;

 

(f)       all
Liabilities arising out of the conduct of the Acquired Business, ownership of the Purchased Assets, or associated with the Transferred
Employees on or after the Closing Date;

 

(g)       all
Taxes arising out of the conduct of the Acquired Business, ownership of the Purchased Assets or associated with the Transferred
Employees, in each case, attributable to periods (or portions thereof) beginning after the Closing Date; and

 

(h)       all
Liabilities under the WARN Act arising as a result of a failure of Buyer to comply with Section 5.11.

 

1.4          Excluded
Liabilities. Notwithstanding any provision in this Agreement to the contrary, Buyer shall not assume and shall not be obligated
to assume or be obliged to pay, perform or otherwise discharge any Liability of any Seller, and each Seller shall be solely and
exclusively liable with respect to all Liabilities of such Seller, other than the Assumed Liabilities (collectively, the “Excluded
Liabilities”). For the avoidance of doubt and notwithstanding anything to the contrary in this Agreement, the Excluded
Liabilities with respect to each Seller include (i) any claims under Sections 503 and 507 of the Bankruptcy Code and (ii) the following:

 

    	 	6	 

     

    

 

(a)       any
Liability of such Seller, arising out of, or relating to, this Agreement or the transactions contemplated hereby, whether incurred
prior to, at or subsequent to the Closing Date, including all finder’s or broker’s fees and expenses and any and all
fees and expenses of any Representatives of such Seller, but excluding (x) any Liabilities of such Seller arising from or otherwise
attributable to a breach of the covenant in Section 5.8(a), and (y) any Transfer Taxes as provided in Section 5.8(b);

 

(b)       any
Liability incurred by either Seller’s respective directors, officers, managers, stockholders, members, partners, agents or
employees (acting in such capacities);

 

(c)       any
Liability of such Seller to any Person on account of any Proceeding to the extent relating to facts, circumstances or events that
existed or occurred before the Closing;

 

(d)       any
Liability to the extent relating to, resulting from, or arising out of the ownership or operation of an Excluded Asset;

 

(e)       the
accrued Liabilities of such Seller set forth on Schedule 1.4(e); provided, however, notwithstanding anything
to the contrary set forth in this Agreement, in no event shall any Accrued Liability constitute an Excluded Liability;

 

(f)       any
Liability arising out of or incurred as a result of any actual or alleged violation by any Seller of any Law prior to the Closing,
or related to the Acquired Business that arises under or relates to a violation of or obligation under Environmental Laws with
respect to acts, omissions or conditions occurring on or prior to the Closing, including any Liability of any Seller or related
to the Acquired Business with respect to the release, handling, discharge, treatment, storage, generation, disposal or presence
of Regulated Substances occurring on or prior to the Closing at any location,, including as set forth on Schedule 1.4(f);

 

(g)       all
checks and drafts that have been written or submitted by such Seller prior to the close of business on the Closing Date but have
not yet cleared;

 

(h)       other
than as explicitly included in Assumed Liabilities, any Liability of such Seller for any Indebtedness, including Indebtedness under
the Credit Facility, any Indebtedness owed to any stockholder or other Affiliate of any such Seller, and any Contract evidencing
any such financing arrangement;

 

(i)       all
Liabilities under the WARN Act to the extent resulting from an employment loss or layoff (as defined in the WARN Act) initiated
by Seller or any of its Affiliates or the purchaser of the Pharma Business;

 

(j)       all
Liabilities in respect of any employee or other service provider of Seller or any of its Affiliates who does not become a Transferred
Employee (whether arising prior to, on or after the Closing Date), and all Liabilities (other than any Assumed Liability) in respect
of any Transferred Employee arising prior to the Closing Date;

 

(k)       other
than (x) Tax Liabilities included in clauses (ii) or (vii) of the definition of Accrued Liabilities, and (y) Transfer Taxes for
which Buyer is responsible pursuant to Section 5.8(b), (i) all Liabilities for Taxes of such Seller or its Affiliates (other
than the Acquired Subsidiaries) for any taxable period, and (ii) Liabilities for Taxes relating to the Acquired Business or the
Purchased Assets attributable under the principles of Section 5.8(c) to periods (or portions thereof) ending on or prior
to the Closing Date, except for any Taxes of an Acquired Subsidiary, in each case;

 

    	 	7	 

     

    

 

(l)       any
and all accounts payable owed by any Seller to any other Seller or any Affiliate of a Seller (other than an Acquired Subsidiary);
and

 

(m)       other
than as specifically set forth herein, fees or expenses of such Seller incurred with respect to the transactions contemplated by
this Agreement.

 

1.5          Assignments;
Cure Amounts.

 

(a)       Notwithstanding
anything to the contrary contained herein, Buyer reserves the right, in consultation with Sellers, to amend or supplement, at any
time prior 5:00 p.m. prevailing Eastern Time on the day that is one (1) day prior to the Auction (the “Assumption Deadline”),
Schedule 1.1(c) to add any contracts, so long as any such contract to be added to Schedule 1.1(c) (x) is not to be
assumed or available to be assumed pursuant to any other sale or transaction previously approved by the Bankruptcy Court in connection
with the Bankruptcy Case, and (y) is added to such schedule(s) prior to the entry of any Order of the Bankruptcy Court approving
the rejection of such contract or lease, and subject to the party to such contract or lease receiving information evidencing Buyer’s
adequate assurance of future performance and having an opportunity to object within seven (7) days or such other period of time
set forth in an Order of the Bankruptcy Court of the receipt of such information to the assignment of such contract or lease on
the ground that Buyer has not demonstrated adequate assurance of future performance of such contract or lease pursuant to Section
365 of the Bankruptcy Code. Any contract added to Schedule 1.1(c) (to the extent consistent with the prior sentence) shall
be deemed an Assumed Contract. Each Seller shall transfer and assign all Buyer Assumed Agreements (that such Seller is a party
thereto and to the extent assignable pursuant to Sections 363 and 365 of the Bankruptcy Code) to Buyer, and Buyer shall assume
all Buyer Assumed Agreements from a Seller that is a party thereto, as of the Assumption Deadline pursuant to Section 365 of the
Bankruptcy Code and the Sale Order. In connection with and as a prerequisite to such assignment and assumption, Buyer shall pay
in full all costs (as determined by such Seller that is party thereto based on the Books and Records of such Seller or as otherwise
determined by the Bankruptcy Court) to cure all defaults under such Buyer Assumed Agreements to the extent required by Section
365(b) of the Bankruptcy Code (such amounts, the “Cure Costs”) and Sellers shall have no Liability therefore.
The Cure Costs for each Buyer Assumed Agreement are set forth opposite the name of each Buyer Assumed Agreement set forth on Schedule
1.5, but for the avoidance of doubt, to the extent that the Cure Costs for any Buyer Assumed Agreement are determined by the
Bankruptcy Court to be higher than the amounts listed on Schedule 1.5, Buyer shall be fully responsible to pay such higher
Cure Costs.

 

(b)       The
Sale Order shall provide that as of the Closing, each Seller shall assign to Buyer the Buyer Assumed Agreements to which it is
a party, with each Buyer Assumed Agreement identified by its name and date (if available), the other party to such Buyer Assumed
Agreement and the address of such party for notice purposes, all included on one or more exhibit(s) attached to either the motion
filed in connection with the Sale Order or one or more motion(s) or notice(s) regarding such Seller’s intention to have such
Buyer Assumed Agreement assumed by, and assigned to, Buyer. Such exhibit(s) shall also (i) set forth the Cure Costs (if any) necessary
to cure any defaults under each Buyer Assumed Agreement and (ii) delineate a procedure for transferring to Buyer the rights
to any Purchased Deposits in the form of cash or letters of credit on deposit with the other party to any Assumed Real Property
Lease.

 

(c)       In
the case of licenses, certificates, approvals, authorizations, leases, Contracts and other commitments included in the Purchased
Assets that cannot be transferred or assigned effectively without the consent of third parties, which consent has not been obtained
prior to the Closing (after giving effect to the Sale Order and the Bankruptcy Code), Sellers shall, at Buyer’s sole cost
and expense, paid in advance, subject to any approval of the Bankruptcy Court that may be required and the terms set forth in Section
5.4, cooperate with Buyer in endeavoring to obtain such consent (or restructure the acquisition of the underlying asset and
unwind any associated agreements to enable the acquisition thereof) and this Agreement shall not operate as an assignment thereof
in violation of any such license, certificate, approval, authorization, Real Property Lease, Contract or other commitment. For
the avoidance of doubt, Sellers shall not be obligated to pay any consideration to any third party from whom consent or approval
is requested or otherwise incur any out-of-pocket costs or expenses, or to initiate any litigation or Proceedings to obtain any
such consent or approval.

 

    	 	8	 

     

    

 

1.6          Further
Assurances.

 

(a)       At
the Closing, and at all times thereafter as may be necessary, Sellers and Buyer shall, at Buyer’s sole cost and expense,
execute and deliver such other instruments of transfer as shall be reasonably necessary to vest in Buyer title to the Purchased
Assets free and clear of all Liens (other than Permitted Liens), and such other instruments as shall be reasonably necessary to
evidence the assignment by Sellers and the assumption by Buyer or its designee of the Assumed Liabilities, including the Buyer
Assumed Agreements. Each of Sellers, on the one hand, and Buyer, on the other hand, shall cooperate with one another to execute
and deliver such other documents and instruments as may be reasonably required to carry out the transactions contemplated by this
Agreement; provided, however, that Sellers’ compliance with its obligations under this Section 1.6 shall, in
each case, be conditioned upon Buyer’s advancement of any expenses to be incurred by Sellers in connection therewith. At
the Closing, and at all times thereafter as may be necessary, Buyer shall cooperate with Sellers, at Parent’s request, to
facilitate the procurement, possession and return to Sellers of any Excluded Assets, including any equipment subject to any lease
which does not constitute an Assumed Equipment Lease.

 

(b)       At
the Closing, and at all times thereafter as may be necessary, Sellers shall, at the reasonable request and expense of Buyer, execute,
deliver, and file, or cause to be executed, delivered, and filed, such other instruments of conveyance and transfer and take such
other actions as Buyer may reasonably request, in order to more effectively consummate the transactions contemplated hereby and
to vest in Buyer good and marketable title to the Intellectual Property included in the Purchased Assets, including executing,
filing, and recording, with all appropriate intellectual property registration authorities and other relevant entities, all assignment
instruments and other filings that are necessary to correctly record the prior chain of title with respect to ownership of the
Intellectual Property included in the Purchased Assets.

 

1.7          PILOT
Program. Aceto Realty shall use its commercially reasonable efforts to, prior to Closing, exercise its option to terminate
the arrangements set forth on Schedule 1.7 and repurchase the real property to which such arrangements relate (the “Port
Washington Property” and, such exercise of such option and repurchase of the Port Washington Property, the “PILOT
Unwind”), in which case, Aceto Realty shall sell, convey, transfer, deliver and assign all of its right, title and interest
in and to the Port Washington Property to Buyer at the Closing and such real property shall constitute “Owned Real Property”
for all purposes of this Agreement. If Aceto Realty is unable to complete the PILOT Unwind prior to the Closing: (a) Aceto Realty
shall retain, and not assign to Buyer, the lease(s) and other arrangements set forth on Schedule 1.7, (b) Aceto Realty shall
cooperate with Buyer, at Buyer’s sole expense, in any lawful and reasonable arrangement reasonably proposed by Buyer under
which Buyer shall use the Port Washington Property and otherwise obtain the economic claims, rights and benefits thereunder (including
subcontracting, sublicensing or subleasing), and (c) Aceto Realty shall complete the PILOT Unwind as soon as practicable after
the Closing, and upon such completion sell, convey, transfer, deliver and assign all of its right, title and interest in and to
the Port Washington Property to Buyer. Prior to the Closing, Aceto Realty shall use its commercially reasonable efforts to cooperate
with Buyer, at Buyer’s sole expense, in connection with any lawful and reasonable alternative to the PILOT Unwind requested
by Buyer for transferring to Buyer at Closing either the Port Washington Property or the arrangements set forth on Schedule 1.7.
For the avoidance of doubt, provided that Aceto Realty has complied with its obligations set forth in this Section 1.7, neither
completion of the PILOT Unwind, nor completion of any alternatives thereto requested by Buyer, shall be a condition to Closing.

 

    	 	9	 

     

    

 

1.8          Bulk
Sales Laws. Buyer hereby waives compliance by Sellers with the requirements and provisions of any “bulk-transfer”
Law of any jurisdiction that may otherwise be applicable with respect to the sale of any or all of the Purchased Assets to Buyer.
Pursuant to Section 363(f) of the Bankruptcy Code, the transfer of the Purchased Assets shall be free and clear of any and all
Liens and Liabilities in the Purchased Assets (other than Permitted Liens), including any Liens or claims arising out of any bulk-
transfer Laws, and the Parties shall take such steps as may be necessary or appropriate to so provide in the Sale Order.

 

ARTICLE II

PURCHASE PRICE

 

2.1          Purchase
Price. The aggregate consideration for the Purchased Assets (the “Base Purchase Price”) shall be the sum
of the following:

 

(a)       the
Good Faith Deposit; plus

 

(b)       (i)
cash in the amount of three hundred thirty-two million four hundred forty thousand dollars ($332,440,000), plus (ii) the
amount, if any, by which Net Current Assets exceeds one hundred twelve million four hundred nine thousand seven hundred eighty-eight
dollars ($112,409,788), minus (iii) the amount, if any, by which Net Current Assets are less than one hundred twelve million
four hundred nine thousand seven hundred eighty-eight dollars ($112,409,788), minus (iv) Net Debt (such amount, as adjusted pursuant
to Section 2.4 below, the “Cash Balance”); plus

 

(c)       the
Cure Costs; plus

 

(d)       if
the Closing occurs on or after April 30, 2019, for any reason other than an adjournment of the Sale Hearing, at the initial request
of the Sellers (and not at the initial request of the Bankruptcy Court, the U.S. Trustee or any other party in interest), to a
date that is after April 26, 2019, the Prepetition Credit Agreement Penalty (if any); plus

 

(e)       the
assumption by Buyer of the Assumed Liabilities.

 

2.2          Closing
Date Payment. At the Closing, Buyer shall satisfy the Base Purchase Price as follows:

 

(a)       Buyer
shall deliver the Estimated Cash Balance less the Adjustment Escrow Amount, via wire transfer of immediately available funds
into the account(s) designated in writing by Parent;

 

(b)       Buyer
shall deposit an amount equal to ten million dollars ($10,000,000) (the “Adjustment Escrow Amount”) via wire
transfer of immediately available funds into an escrow account (the “Adjustment Escrow”) with Citibank, N.A.
or such other financial institution as shall be satisfactory to Parent and Buyer (the “Escrow Agent”), to be
held and disbursed by the Escrow Agent in accordance with the terms and conditions of this Agreement and an escrow agreement (the
“Escrow Agreement”) with the Escrow Agent, such escrow agreement to be mutually acceptable to the Parties. The
fees and expenses of the Escrow Agent shall be borne and paid by Buyer;

 

    	 	10	 

     

    

 

(c)       Buyer
shall pay directly to the obligees identified on Schedule 1.5 the Cure Costs;

 

(d)       If
determined to be payable in accordance with Section 2.1(d), Buyer shall pay to Parent an amount in cash equal to the Prepetition
Credit Agreement Penalty via wire transfer of immediately available funds into the account(s) designated in writing by Parent;
and

 

(e)       Buyer
shall assume the Assumed Liabilities; provided, however, that to the extent any such Assumed Liabilities are able
to be satisfied at Closing, without preventing the transfer of the Purchased Assets or the assumption of the Assumed Liabilities,
Buyer shall satisfy such Assumed Liabilities either at Closing or, in Buyer’s sole discretion, in the ordinary course of
business.

 

2.3          Good
Faith Deposit. Buyer has deposited into an escrow account (the “Good Faith Deposit Escrow”) at Bank of America
maintained by Lowenstein Sandler LLP, counsel to Sellers (the “Good Faith Deposit Escrow Holder”), an amount
equal to thirty-three million eight hundred thousand dollars $33,800,000 (the “Good Faith Deposit”) in immediately
available funds. The Good Faith Deposit has been funded by Buyer pursuant to the Bidding Procedures. Following the execution of
this Agreement by the Parties, other than upon termination of this Agreement by Sellers pursuant to Section 7.1(d) or Section
7.1(k), in which case, the Good Faith Deposit shall be nonrefundable and paid to Sellers pursuant to the terms of this Section
2.3, the Good Faith Deposit shall be refunded to Buyer upon the termination of this Agreement for any reason. At the Closing,
the Good Faith Deposit (and any interest or income accrued thereon) shall be paid over to Sellers by the Good Faith Deposit Escrow
Holder and, upon such payment, the Good Faith Deposit shall be credited and applied toward payment of the Purchase Price (but shall
not reduce the amount of the Cash Balance). In the event the Good Faith Deposit is finally determined by the Bankruptcy Court to
have become nonrefundable as provided herein before the Closing by reason of Sellers terminating this Agreement pursuant to Section
7.1(d) or Section 7.1(k), the Good Faith Deposit Escrow Holder shall immediately disburse the Good Faith Deposit and
all interest or income accrued thereon to Sellers to be retained by Sellers for their own account. Sellers’ retention of
the Good Faith Deposit pursuant to the preceding sentence shall constitute liquidated damages and shall be the exclusive damages
available to the Sellers in the event of any termination by Sellers pursuant to Section 7.1(d) (except in the case of a
Willful Breach of this Agreement by Buyer, in which case Sellers’ retention of the Good Faith Deposit shall be in addition
to any other remedies the Sellers may have under Section 8.5) or Section 7.1(k). If this Agreement terminates in
accordance with the termination provisions hereof for any reason other than by Sellers pursuant to Section 7.1(d) or Section
7.1(k), Sellers shall cause the Good Faith Deposit Escrow Holder to return to Buyer, without prejudice to Buyer’s right
to receive the Break-Up Fee and Expense Reimbursement, if any, when payable in accordance with Section 7.3(a), the Good
Faith Deposit (together with all income or interest accrued thereon), within three (3) Business Days after this Agreement is so
terminated. The Parties hereto agree that, prior to the earliest of (i) application of the Good Faith Deposit against the payment
of the Purchase Price, (ii) the Good Faith Deposit becoming nonrefundable as provided herein before the Closing by reason of Sellers
terminating this Agreement pursuant to Section 7.1(d) or Section 7.1(k) or (iii) the return of the Good Faith Deposit
to Buyer under the provisions of this Section 2.3, the Good Faith Deposit shall be treated for federal, and applicable state
and local, income Tax purposes as owned by Buyer.

 

2.4          Adjustment
to Base Purchase Price.

 

(a)      Not later than
three (3) Business Days prior to the Closing, Parent shall deliver to Buyer a statement setting forth Parent’s good faith
and reasonably detailed estimate of Net Current Assets (the “Estimated Net Current Assets”), Net Debt (“Estimated
Net Debt”), and the Cash Balance based thereon (the “Estimated Cash Balance”). 

 

    	 	11	 

     

    

 

(b)       Not
later than forty-five (45) days following the Closing, Buyer shall deliver to Parent a statement (the “Closing Statement”)
setting forth Buyer’s good faith and reasonably detailed calculation of Net Current Assets, Net Debt and the Cash Balance
based thereon. If the Cash Balance, as finally determined by this Section 2.4, is less than the Estimated Cash Balance,
the Base Purchase Price shall be adjusted downward by the absolute value of such difference (the “Shortfall”).
If the Cash Balance, as finally determined by this Section 2.4, is greater than the Estimated Cash Balance, the Base Purchase
Price shall be adjusted upward by the absolute value of such difference (the “Surplus”).

 

(c)       The
Adjustment Escrow Amount shall be payable in accordance with the Closing Statement and Section 2.4(d) no later than forty-five
(45) days after receipt by Parent of the Closing Statement (and Sellers and Buyer shall instruct the Escrow Agent accordingly)
unless and to the extent Parent delivers a notice of disagreement in accordance with the following sentence, setting forth the
basis for such disagreement and Parent’s calculation of Net Current Assets, Net Debt and the Cash Balance based thereon.
During the forty five (45) day period referred to above, Buyer shall and shall cause the Acquired Subsidiaries to provide Parent
and its representatives reasonable access to the relevant books, records, facilities and employees of the Acquired Business and
the Acquired Subsidiaries to evaluate the calculation of Net Current Assets, Net Debt and the Cash Balance based thereon. In the
event of any such disagreement, Parent shall so notify Buyer in writing prior to the end of the forty five (45) day period referred
to above, and the Parties shall use their commercially reasonable efforts to resolve such disagreement. If the Parties are unable
to resolve their disagreement through such consultation, the Parties shall refer the disagreement to the Accounting Firm to review
promptly the Closing Statement and the disputed items or amounts. Promptly, but no later than twenty (20) days after acceptance
of its appointment, the Accounting Firm shall determine (it being understood that in making such determination, the Accounting
Firm shall be functioning as an expert and not as an arbitrator), based solely on written submissions by Buyer and Parent, and
not by independent review, only those issues in dispute and shall render a written report as to the resolution of those issues
in dispute and the resulting computation of Net Current Assets, Net Debt and the Cash Balance based thereon, as the case may be,
which shall be conclusive and binding on the Parties. In resolving any disputed item, the Accounting Firm (x) shall be bound by
the provisions of this Section 2.4 and (y) may not assign a value to any item greater than the greatest value for such items
claimed by either Party or less than the smallest value for such items claimed by either Party or include in its computation any
item not included in the computation provided by either Party. The Party (either Buyer, on the one hand, or Parent on behalf of
Sellers, on the other hand) whose determination of the amount of the adjusted Cash Balance was farthest from the final determination
of the adjusted Cash Balance by the Accounting Firm shall bear the fees and expenses of the Accounting Firm plus any out-of-pocket
expenses (including attorneys’ and accountants’ fees) of the Party whose determination of the adjusted Cash Balance
was closest to the final determination by the Accounting Firm. If the determination of the adjusted Cash Balance by the Accounting
Firm is equidistant between the determinations of the parties, the fees of the Accounting Firm shall be borne equally by Buyer,
on the one hand, and Sellers, on the other hand, and each of Buyer, on the one hand, and Sellers, on the other hand, shall bear
the cost of their own out-of-pocket expenses.

 

(d)       Any
Shortfall shall be paid to Buyer and satisfied solely from the Adjustment Escrow Amount and the remainder, if any, of the Adjustment
Escrow Amount shall be promptly paid over to Sellers by wire transfer of immediately available funds into the account(s) designated
in writing by Parent (and Sellers and Buyer shall instruct the Escrow Agent accordingly promptly upon final resolution of such
Shortfall in accordance with Section 2.4(c)). Sellers shall have no liability for a Shortfall in excess of the Adjustment
Escrow Amount. Any Surplus shall be satisfied by payment of the amount of the Surplus to Sellers from Buyer via wire transfer of
immediately available funds to the account(s) designated in writing by Parent (and, in such case, the full Adjustment Escrow Amount
shall be promptly paid over to Sellers by wire transfer of immediately available funds into the account(s) designated in writing
by Parent, and Sellers and Buyer shall instruct the Escrow Agent accordingly promptly upon final resolution of such Surplus in
accordance with Section 2.4(c)). Buyer shall have no liability for a Surplus in excess of the Adjustment Escrow Amount.

 

    	 	12	 

     

    

 

(e)       The
Base Purchase Price less the Shortfall, if any, or plus the Surplus, if any, shall be the “Purchase Price”.

 

2.5          Allocation
of Purchase Price. Within one hundred and twenty (120) calendar days after the Closing Date, Parent shall deliver to Buyer
an allocation of the Purchase Price (and all other capitalized costs) as determined for tax purposes, among the Purchased Assets.
Such allocation shall be made pursuant to Code Section 1060 and the Treasury Regulations thereunder (and any similar provision
of state, local or non-U.S. Law, as appropriate). If, within thirty (30) calendar days of Buyer’s receipt of Parent’s
proposed allocation, Buyer does not deliver to Parent written notice (a “Buyer Allocation Objection Notice”)
of any objections that it has to such allocation, Parent’s proposed allocation shall be final. If Buyer timely delivers to
Parent a Buyer Allocation Objection Notice, then Parent and Buyer shall work together in good faith to resolve the disputed items.
If Parent and Buyer are unable to resolve all of the disputed items within thirty (30) calendar days of Parent’s receipt
of the Buyer Allocation Objection Notice (or such later date as Parent and Buyer may agree), then Parent and Buyer shall refer
the disputed items for resolution, consistent with the side constraints set forth in Exhibit A, to the Accounting Firm in
accordance with procedures analogous to those set forth in Section 2.4(c). Notwithstanding anything in this Section 2.5
to the contrary, in no event will the allocation finalized pursuant to this Section 2.5 include any allocations contrary
to the restrictions set forth in Exhibit A. Sellers and Buyer agree that the allocation determined under this Section
2.5 shall be binding on all Parties, and that Sellers and Buyer will (and Buyer will cause the Acquired Subsidiaries to) report,
act and file Tax Returns (including, but not limited to IRS Form 8594) in all respects and for all purposes consistent with such
allocation, except to the extent inconsistent with applicable Law.  Neither Sellers nor Buyer shall (and Buyer will not permit
an Acquired Subsidiary to) take any position (whether in audits, tax returns or otherwise) that is inconsistent with such allocation
unless required to do so by applicable Law.

 

2.6          Closing
Date. Upon the terms and conditions set forth in this Agreement, the consummation of the transactions contemplated by this
Agreement (the “Closing”) shall take place at the offices of Lowenstein Sandler LLP, 1251 Avenue of the Americas,
New York, New York 10020, at 10:00 a.m. local time on the third Business Day following the day on which the last of the conditions
set forth in ARTICLE VI are satisfied or waived (other than those conditions that by their nature are to be satisfied at
the Closing, but subject to the satisfaction or waiver of such conditions in accordance with this Agreement), or at such other
place or time as Buyer and Sellers may agree in writing; provided, however, that without the prior written consent
of Parent, the Closing shall not occur earlier than the earlier of (i) the date of the consummation of the sale of the Pharma Business
pursuant to Section 363 of the Bankruptcy Code (provided, however, that Sellers shall keep Buyer reasonably informed of the progress
of such sale and the anticipated consummation date thereof) and (ii) July 1, 2019; provided, further, however, that if all of the
conditions set forth in ARTICLE VI are satisfied or waived (other than those conditions that by their nature are to be satisfied
at the Closing, but subject to the satisfaction or waiver of such conditions in accordance with this Agreement) on or before 5:00
p.m. Eastern Time on April 28, 2019, the Closing shall take place no later than April 29, 2019. Notwithstanding anything to the
contrary herein, the Closing shall not take place prior to April 26, 2019 without the consent of Buyer (in its sole discretion).
The date on which the Closing actually occurs is referred to as the “Closing Date.”

 

2.7          Deliveries
of Buyer. At or prior to the Closing, Buyer shall:

 

(a)       satisfy
the Base Purchase Price in accordance with Section 2.2; and

 

(b)       deliver
to Sellers:

 

    	 	13	 

     

    

 

(i)       the
Assignment and Assumption Agreement, the Assignment and Assumption of Leases, the Escrow Agreement and each other Ancillary Document
to which the Buyer is a party, each dated as of the Closing Date and duly executed by Buyer (and in the case of the Escrow Agreement,
duly executed by the Escrow Agent);

 

(ii)      a
copy of resolutions of the governing body of the Buyer approving and authorizing the Asset Purchase;

 

(iii)     the
officer’s certificate required to be delivered pursuant to Section 6.2(c); and

 

(iv)     such
resale certificates for sales tax purposes as are reasonably requested by a Seller.

 

2.8          Deliveries
of Sellers. At or prior to the Closing, Sellers shall deliver to Buyer the following:

 

(a)       the
Bill of Sale, the Assignment and Assumption Agreement, the Escrow Agreement and each other Ancillary Document to which a Seller
is a party, dated as of the Closing Date and duly executed by such Seller (and in the case of the Escrow Agreement, duly executed
by the Escrow Agent);

 

(b)       instruments
of assignment of the Registered Intellectual Property (the “Assignment of Intellectual Property”) that are owned
by a Seller and included in the Purchased Assets, if any, dated as of the Closing Date, duly executed by such Seller, in form for
recordation with the appropriate Governmental Entities, in form reasonably acceptable to the Parties;

 

(c)       a
copy of the final Sale Order;

 

(d)       the
officer’s certificates required to be delivered pursuant to Section 6.3(c);

 

(e)       (i)
with respect to each Seller that is not a disregarded entity (as defined for purposes of Treasury Regulations Section 1.1445-2(b)(2)(iii)),
a statement from such Seller, dated as of the Closing Date prepared in accordance with Treasury Regulations Section 1.1445-2(b)(2)
and Section 1446(f) of the Code certifying such Seller’s non-foreign status for purposes of Section 1445 and 1446(f)(2) of
the Code; and (ii) with respect to each Seller that is a disregarded entity (as defined for purposes of Treasury Regulations Section
1.1445-2(b)(2)(iii)), a statement from the Person treated for federal income Tax purposes as the owner of such Seller, dated as
of the Closing Date and in form reasonably satisfactory to Buyer, certifying (A) such Seller’s status as a disregarded entity
(as defined for purposes of Treasury Regulations Section 1.1445-2(b)(2)(iii)) whose separate existence from such Person is disregarded
and (B) such Person’s non-foreign status for purposes of Section 1445 and 1446(f)(2) of the Code;

 

(f)       instruments
of assignment and assumption of the Assumed Real Property Lease(s), dated as of the Closing Date, in form reasonably acceptable
to the Parties (the “Assignment and Assumption of Leases”), duly executed by the applicable Seller, in form
for recordation with the appropriate public land records, if necessary, and any other related documentation or instruments necessary
for the conveyance of any Assumed Real Property Lease;

 

(g)       a
copy of resolutions of the governing body of each Seller approving and authorizing the Asset Purchase;

 

    	 	14	 

     

    

 

(h)       share
certificates (or an affidavit of lost or stolen share certificate, in form and substance acceptable to the Parties), with stock
powers duly endorsed in blank, or other evidence of Sellers’ or each Purchased Subsidiaries’ ownership interest, if
any, in each of the Acquired Subsidiaries and such other documents, if any, that may be required to effectively deliver title thereto
under applicable non-U.S. Law as set forth on Schedule 2.8(h);

 

(i)       such
other bills of sale, deeds, endorsements, assignments and instruments of conveyance and transfer listed on Schedule 2.8(i),
dated as of the Closing Date and in form reasonably satisfactory to Buyer, as Buyer may reasonably request to vest in Buyer all
the right, title and interest of Sellers in, to or under any or all of the Purchased Assets; and

 

(j)       one
or more powers of attorney or other authorization letters, notices or filings as required by applicable Law in form and substance
reasonably satisfactory to Sellers and Buyer (the “Powers of Attorney”) reasonably necessary to permit Buyer
and/or its Subsidiaries to utilize Sellers’ DEA, FDA, EPA, FIFRA and state controlled substance registrations, licenses and/or
permits and any other registrations, licenses and/or permits issued by a Governmental Entity that the Sellers and Buyer reasonably
agree require Powers of Attorney (collectively, the “Registrations”) after the Closing until the Buyer or one
of its Subsidiaries, as applicable, has obtained its own Registrations. The Powers of Attorney shall authorize the appropriate
personnel of Buyer or its Subsidiaries to take reasonable actions under the Sellers’ Registrations including, but not limited
to, as applicable, (a) placing and filling orders for controlled substances as well as importing and exporting controlled substances
and DEA listed chemicals in accordance with applicable regulations and recordkeeping and reporting requirements, (b) producing
and distributing pesticide products (including all products licensed by Sellers for sale as supplemental distributor products)
under the existing state and federal pesticide registrations at the contract production facilities used by Sellers, using existing
commercial labels, until the EPA or other applicable Governmental Entity approves the transfers of the Registrations to Buyer or
Buyer’s applicable Subsidiary and (c) maintaining and renewing the existing Registrations. The Powers of Attorney shall not
be revocable until Buyer or an applicable Subsidiary of Buyer has obtained its own Registrations (“Buyer Registrations”)
provided that Buyer is in compliance with the terms and conditions of the Powers of Attorney during the term of the Powers of Attorney
and has used its commercially reasonable efforts to obtain such Buyer Registrations as promptly as possible at Buyer’s expense.

 

2.9          Withholding
Rights. Buyer, the Escrow Agent, the Acquired Subsidiaries and any agent or affiliate thereof shall be entitled to deduct and
withhold with respect to any payments made pursuant to this Agreement or any Ancillary Document such amounts that are required
to be deducted and withheld with respect to any such payments under the Code (or any other provision of applicable Law). To the
extent that such amounts are withheld and remitted to the appropriate Taxing Authority, such withheld amounts shall be treated
for all purposes of this Agreement or the applicable Ancillary Document as having been paid to such Persons in respect of which
such deduction and withholding was made. Notwithstanding anything to the contrary, any compensatory amounts payable to an employee
pursuant to or as contemplated by this Agreement or any Ancillary Document shall be remitted to the applicable payor for payment
to the applicable Person through regular payroll procedures, as applicable. Prior to the withholding, Buyer shall (a) notify the
Sellers of any anticipated withholding, (b) consult with the Sellers in good faith to determine whether such deduction and withholding
is required under applicable Tax law, and (c) cooperate with the Sellers in good faith to minimize the amount of any applicable
withholding.

 

    	 	15	 

     

    

 

2.10        Transfer
of Aceto Shanghai Interests. Notwithstanding anything to the contrary herein:

 

(a)       If
the PRC Transfer Approvals have not been obtained (including acceptance of any filings, as applicable) prior to Closing, then from
and after the Closing, and until such time as all PRC Transfer Approvals have been obtained (or filings accepted, as applicable)
(the “Deferral Period”), except with the prior written consent of Buyer, the Sellers shall use commercially
reasonable efforts, to the extent Sellers have the corporate power to do so, with all necessary personnel and administrative support
supplied by Buyer, in each case, at no cost to Sellers, to (i) cause Aceto Shanghai (including all Cash generated with respect
thereto) to be managed and operated by Sellers and their Affiliates (with Buyer’s personnel and administrative support) for
Buyer’s (or its designated Affiliate’s) sole benefit or detriment, including, for the avoidance of doubt, all items
of income, expense, gain and loss, with respect to the Deferral Period, (ii) not permit Aceto Shanghai to make any distribution
or payment to any Seller, any affiliate of any Seller, or any third party other than a customer, supplier or employee (i.e.,
in respect of payroll) of Aceto Shanghai or Sellers, or others doing business with Aceto Shanghai or Sellers, in each case, in
the Ordinary Course of Business, and (iii) not transfer or take any action to transfer or purport to transfer the equity of Aceto
Shanghai to any Person other than Buyer or its designated Affiliate. During the Deferral Period, Sellers will, to the extent Sellers
have the corporate power to do so (with Buyer’s personnel and administrative support), cause Aceto Shanghai to be operated
in the Ordinary Course of Business or, unless prohibited by applicable Law, otherwise in such manner as Buyer shall reasonably
request in writing, and Seller’s pre-Closing obligations pursuant to Section 5.1 will, to the extent Sellers have
the corporate power to do so, with the personnel and administrative support supplied by Buyer, in each case, at no cost to Sellers,
continue in force with respect to Aceto Shanghai, until all PRC Transfer Approvals have been obtained (or filings accepted, as
applicable).

 

(b)       If
the PRC Transfer Approvals have not been obtained (including acceptance of any filings, as applicable) on or prior to the first
anniversary of the Closing Date, then Buyer and Sellers shall enter into one or more separate asset purchase agreements (the “Shanghai
APA”) with respect to the assets and Liabilities of Aceto Shanghai (the “Shanghai Assets”), pursuant
to which, among other things, to the extent permitted under applicable Law, Aceto Shanghai shall assign to Buyer (or its designated
Affiliate) for no additional consideration other than the Tax Adjustment (as defined below) all assets, and Buyer shall assume
all Liabilities, of Aceto Shanghai, including all Accounts Receivable, Accounts Payable, inventory, Contracts, Owned Real Property,
books and records, Intellectual Property, equipment leases, rights, claims and causes of action against third parties and all goodwill
of and used by Aceto Shanghai and all Permits required by the applicable Governmental Entity to operate the business of Aceto Shanghai
on terms and conditions reasonably satisfactory to Buyer and Sellers. If any Shanghai Assets cannot be so transferred, then Sellers
will cooperate with Buyer to establish an agency, services or similar arrangement (including by means of any subcontracting, sublicensing
or subleasing arrangement) reasonably satisfactory to Sellers and Buyer intended to provide Buyer, to the fullest extent practicable,
the claims, rights, benefits, costs and Liabilities of those assets that cannot be transferred.

 

(c)       If
the Shanghai Assets are sold pursuant to Section 2.10(b), then the amount of the Purchase Price allocated to the equity
of Aceto Shanghai (as adjusted for the Tax Adjustment (as defined below)) shall be instead allocated among the Shanghai Assets
in accordance with this Section 2.10(c). Within forty-five (45) calendar days after the first anniversary of the Closing
Date, Buyer shall deliver to Parent an allocation of the Purchase Price allocated to the equity of Aceto Shanghai (as adjusted
for the Tax Adjustment (as defined below) and all other capitalized costs) as determined for tax purposes, among the Shanghai Assets.
Such allocation shall be made pursuant to Code Section 1060 and the Treasury Regulations thereunder (and any similar provision
of state, local or non-U.S. Law, as appropriate). If, within ten (10) calendar days of Parent’s receipt of Buyer’s
proposed allocation, Parent does not deliver to Buyer written notice (a “Parent Shanghai Allocation Objection Notice”)
of any objections that it has to such allocation, Buyer’s proposed allocation shall be final. If Parent timely delivers to
Buyer a Parent Shanghai Allocation Objection Notice, then Buyer shall consider in good faith Parent’s comments. Sellers and
Buyer agree that the allocation determined under this Section 2.10(c) shall be binding on all Parties, and that Sellers
and Buyer will (and Buyer will cause the Acquired Subsidiaries to and Sellers will cause Aceto Shanghai to) report, act and file
Tax Returns (including, but not limited to IRS Form 8594) in all respects and for all purposes consistent with such allocation,
except to the extent inconsistent with applicable Law.  Neither Sellers nor Buyer shall (and Buyer will not permit an Acquired
Subsidiary to and Sellers will not permit Aceto Shanghai to) take any position (whether in audits, tax returns or otherwise) that
is inconsistent with such allocation unless required to do so by applicable Law.

 

    	 	16	 

     

    

 

(d)       The
Buyer agrees to indemnify Sellers and Aceto Shanghai for any additional Tax owed by Sellers or Aceto Shanghai (including Tax owed
by Sellers or Aceto Shanghai due to this indemnification payment) resulting from (x) any transaction engaged in by Sellers or Aceto
Shanghai pursuant to Sections 2.10(b), (c) and (d) and (y) the operations of Aceto Shanghai from the Closing
Date through the last of the Shanghai Asset Closing Dates. Buyer shall pay to Parent, in cash, the amount of additional consideration
necessary to cause Sellers’ after-Tax net proceeds from the sale of the Shanghai Assets on the Shanghai Asset Closing Dates
pursuant to Sections 2.10(b), (c) and (d), taking into account any Taxes attributable to payments pursuant
to this Section 2.10 and Taxes resulting from the operations of Aceto Shanghai from the Closing Date through the last of
the Shanghai Asset Closing Dates, to be equal to the after-Tax net proceeds that Sellers would have received from the sale of Aceto
Shanghai stock on the Closing Date, taking into account all appropriate federal, state, local and non-U.S. Tax implications (the
“Tax Adjustment”). Parent shall provide Buyer with a calculation of the amount of the Tax Adjustment within
ninety (90) days after the last of the Shanghai Asset Closing Dates. If, within thirty (30) calendar days of Buyer’s receipt
of Parent’s proposed calculation computing the amount of the Tax Adjustment, Buyer does not deliver to Parent written notice
(a “Buyer Tax Adjustment Objection Notice”) of any objections that it has to such schedule, Parent’s proposed
calculation shall be final. If Buyer timely delivers to Parent a Buyer Tax Adjustment Objection Notice, then Parent and Buyer shall
work together in good faith to resolve the disputed items. If Parent and Buyer are unable to resolve all of the disputed items
within thirty (30) calendar days of Parent’s receipt of the Buyer Tax Adjustment Objection Notice (or such later date as
Parent and Buyer may agree), then Parent and Buyer shall refer the disputed items for resolution to the Accounting Firm in accordance
with procedures analogous to those set forth in Section 2.4(c). Sellers and Buyer agree that the amount of the Tax Adjustment
determined under this Section 2.10 shall be binding on all Parties.  The amount of the Tax Adjustment shall be paid
to Parent within ten (10) days after the finalization by the Parties of the amount of the Tax Adjustment.

 

(e)       Except
as set forth in this Section 2.10, the equity interests of Aceto Shanghai shall be deemed transferred to Buyer or its designee
as of the Closing for purposes of this Agreement.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF SELLERS

 

As an inducement to
Buyer to enter into this Agreement and to consummate the transactions contemplated hereby, except (a) as disclosed in any form,
document or report publicly filed with or publicly furnished to the U.S. Securities and Exchange Commission (the “SEC”)
by Parent or any of its Subsidiaries from and after July 1, 2015 and prior to the Agreement Date (excluding any disclosures set
forth in any “risk factors,” “forward-looking statements” or “market risk” sections to the
extent they are cautionary, predictive or forward-looking in nature) (collectively, the “Parent SEC Disclosures”),
(b) as disclosed in any Bankruptcy Court filings by Sellers or any of their respective Subsidiaries made prior to the Agreement
Date (the “Bankruptcy Court Filings”), or (c) as disclosed in the disclosure schedule delivered by Sellers to
Buyer concurrently with the execution of this Agreement (the “Sellers Disclosure Schedule”), each Seller, jointly
and severally, represents and warrants to Buyer as follows:

 

3.1          Organization.
Such Seller is a legal entity duly incorporated, validly existing and in good standing under the laws of the State of New York.
Subject to the limitations imposed on such Seller as a result of having filed a petition for relief under the Bankruptcy Code,
such Seller has full power and authority to own, lease and operate its properties and assets and to carry on its business as presently
conducted in the Acquired Business, except where the failure to have such power or authority would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect.

 

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3.2          Acquired
Subsidiaries.

 

(a)       Section
3.2 of the Sellers Disclosure Schedule sets forth the name of each Acquired Subsidiary, and, with respect to each such entity,
the jurisdiction in which it is incorporated or organized, the jurisdictions, if any, in which it is qualified to do business,
the names of all shareholders or other equity owners and the number of shares of stock owned by each such shareholder or the amount
of equity owned by each such equity owner. Each Acquired Subsidiary is a legal entity duly organized, validly existing and (where
such concept is recognized) in good standing under the Laws of its respective jurisdiction of organization and has all requisite
corporate or similar power and authority to own, lease and operate its properties and assets and to carry on its business as presently
conducted. Each Acquired Subsidiary (other than the Joint Venture) is duly qualified or licensed, and has all necessary governmental
approvals, to do business and is in good standing (where such concept is recognized) in each jurisdiction in which the property
owned, leased or operated by it or the nature of the business conducted by it makes such approvals, qualification or licensing
necessary, except where the failure to be so duly approved, qualified or licensed and in good standing (where such concept is recognized)
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(b)       The
outstanding shares of capital stock of each Acquired Subsidiary are duly authorized, validly issued, fully paid and non-assessable
and free of pre-emptive rights, and all such shares or other equity interests are owned by the applicable holder free and clear
of any and all Liens (other than Permitted Liens and Liens created by Buyer). Sellers own, directly or indirectly, all of the issued
and outstanding shares of capital stock or other equity interests of the Acquired Subsidiaries (other than the Joint Venture).
There is no existing option, warrant, call, right or Contract to which any Acquired Subsidiary (other than the Joint Venture) is
a party requiring, and there are no convertible securities of any Acquired Subsidiary (other than the Joint Venture) outstanding
which upon conversion would require, the issuance of any shares of capital stock or other equity interests of any Acquired Subsidiary
(other than the Joint Venture) or other securities convertible into shares of capital stock or other equity interests of any Acquired
Subsidiary (other than the Joint Venture).

 

3.3          Corporate
Authority Relative to this Agreement; Consents and Approvals; No Violation.

 

(a)       Such
Seller has the full corporate power and authority to execute and deliver this Agreement and the Ancillary Documents to which it
is a party and, subject to the entry of the Sale Order and such other authorization as is required by the Bankruptcy Code, perform
its obligations under and consummate the transactions contemplated by this Agreement, including the Asset Purchase, and the Ancillary
Documents to which it is a party. The execution, delivery and performance by such Seller of this Agreement and the Ancillary Documents
to which it is a party and the consummation of the transactions contemplated hereby and thereby, including the Asset Purchase,
have been duly and validly authorized by such Seller’s board of directors (or a committee thereof) and no other actions on
the part of such Seller, subject to the entry of the Sale Order and such other authorization as is required by the Bankruptcy Code,
are necessary to authorize the execution and delivery by such Seller of this Agreement and the Ancillary Documents to which it
is a party or the consummation of the transactions contemplated hereby or thereby, including the Asset Purchase. This Agreement
has been, and the Ancillary Documents to which it is a party have been (or will be at Closing) duly and validly executed and delivered
by such Seller and, assuming this Agreement constitutes the legal, valid and binding agreement of Buyer, this Agreement and the
Ancillary Documents to which it is a party constitute (or upon execution at Closing will constitute, as applicable), the entry
of the Sale Order and such other authorization as is required by the Bankruptcy Code, the legal, valid and binding agreements of
such Seller, enforceable against such Seller in accordance with their terms, except as and to the extent that such validity and
enforceability may be limited by equitable principles of general applicability (whether considered in a proceeding at law or in
equity) (the “Enforceability Exceptions”).

 

    	 	18	 

     

    

 

(b)       Other
than in connection with or in compliance with (i) the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the
rules and regulations promulgated thereunder (the “HSR Act”), (ii) the approvals set forth in Section 3.3(b)
of the Sellers Disclosure Schedule (covering the applicable Laws or other legal restraints of foreign countries designed to govern
competition or trade regulation or to prohibit, restrict or regulate actions with the purpose or effect of monopolization or restraint
of trade (collectively, “Antitrust Laws”)) and (iii) the Sale Order (clauses (i) through (iii),
collectively, the “Transaction Approvals”), and subject to the accuracy of Buyer’s representations and
warranties set forth in Section 4.2(b), no authorization, consent, order, license, permit or approval of, or registration,
declaration, notice or filing with, any Governmental Entity is required to be made or obtained under applicable Law for the consummation
by such Seller of the transactions contemplated hereby, except for such authorizations, consents, orders, licenses, permits, approvals,
registrations, declarations, notices and filings that are not required to be made or obtained prior to the consummation of such
transactions or that the failure to make or obtain would not, in the case of this Section 3.3(b), reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect.

 

(c)       Except
as set forth in Section 3.3(c) of the Sellers Disclosure Schedule (the “Consents”), the execution and
delivery by such Seller of this Agreement does not, and (assuming the Transaction Approvals are obtained and after giving effect
to the Sale Order and such other authorization as is required by the Bankruptcy Code) the consummation of the transactions contemplated
hereby and compliance with the provisions hereof will not, (i) require any consent or approval under, violate, conflict with, result
in any breach of or any loss of any benefit under, constitute an impermissible change of control or default under, or result in
termination or give to others any right of termination, vesting, amendment, acceleration or cancellation of, or result in the creation
of a Lien (other than Permitted Liens) upon any of the respective properties or assets of such Seller or any of the Acquired Subsidiaries
pursuant to, any Contract to which such Seller or any of the Acquired Subsidiaries is a party or by which they or any of their
respective properties or assets are bound, except as would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, (ii) conflict with or result in any violation of any provision of the Organizational Documents of such
Seller or (iii) conflict with or violate any applicable Laws except as would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect.

 

3.4          Financial
Statements. Sellers have made available to Buyer copies of the audited balance sheet of the Acquired Business as of June 30,
2018 (the “Most Recent Balance Sheet”), the related audited income statement and audited statement of cash flows
for the twelve month period ended June 30, 2018, together with the accompanying notes thereto (collectively, the “Financial
Statements”). Each of the Financial Statements has been prepared in all material respects in conformity with U.S. generally
accepted accounting principles (“GAAP”) (except as permitted by the SEC in connection with financial statements
prepared on a carve-out basis) applied on a consistent basis during the periods involved (except as may be indicated therein or
in the notes thereto), and presents fairly in all material respects the consolidated financial position, results of operations
and cash flows of the Acquired Business as at the dates and for the periods indicated therein.

 

3.5          Compliance
with Law; Permits.

 

(a)       Except
as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, such Seller and the Acquired
Subsidiaries (other than the Joint Venture) are, and since July 1, 2016 have been, in compliance with all applicable federal, state,
local and foreign laws, statutes, ordinances, rules, regulations, judgments, Orders, injunctions, decrees or agency requirements
of Governmental Entities (collectively, “Laws” and each, a “Law”) applicable to the Purchased
Assets, the Acquired Subsidiaries or the operation of the Acquired Business. Except as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, since July 1, 2016, Sellers and the Acquired Subsidiaries (other than
the Joint Venture) have not received any written notice or, to Sellers’ knowledge, other communication from any Governmental
Entity regarding any actual or alleged failure to comply with any Law applicable to the Purchased Assets, any Acquired Subsidiary
or the operation of the Acquired Business.

 

    	 	19	 

     

    

 

(b)       Except
as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and subject to the limitations
imposed on Sellers as a result of having filed a petition for relief under the Bankruptcy Code, Sellers and the Acquired Subsidiaries
(other than the Joint Venture) hold all authorizations, licenses, permits, certificates, variances, exemptions, approvals, orders,
registrations and clearances of any Governmental Entity necessary for Sellers and the Acquired Subsidiaries (other than the Joint
Venture) to own, lease and operate the Purchased Assets, and to carry on and operate the Acquired Business as currently conducted.

 

(c)       Except
as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, neither Sellers, nor
the Acquired Subsidiaries (other than the Joint Venture), or, to Sellers’ knowledge, any of their respective directors or
officers, in each case, acting on behalf of Sellers or the Acquired Subsidiaries (other than the Joint Venture), has in the past
three years, directly or indirectly in respect of the Acquired Business, (i) used any funds of the Acquired Business for unlawful
contributions, unlawful gifts, unlawful entertainment or other unlawful expenses relating to political activity; (ii) made any
unlawful payment to foreign or domestic governmental officials or employees or to foreign or domestic political parties or campaigns
from funds of the Acquired Business; or (iii) violated or is in violation of applicable Bribery Legislation of any jurisdiction
in which the Acquired Business operates.

 

3.6          Environmental
Matters. Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (a)
Parent (solely in respect of the Acquired Business), NY Agri and the Acquired Subsidiaries (other than the Joint Venture) are,
to Sellers’ knowledge, in compliance with applicable Environmental Laws, and each has, or has timely applied for, all Environmental
Permits necessary for the conduct and operation of the Acquired Business as presently conducted, (b) since July 1, 2016, neither
Sellers, nor the Acquired Subsidiaries (other than the Joint Venture), have received any written notice, demand, letter or claim
alleging that Parent (solely in respect of the Acquired Business), NY Agri or such Acquired Subsidiary (other than the Joint Venture)
is in violation of, or liable under, any Environmental Law and (c) neither any Sellers, nor the Acquired Subsidiaries (other than
the Joint Venture), are subject to any Order in respect of the Acquired Business relating to compliance with Environmental Laws,
Environmental Permits or the investigation, sampling, monitoring, treatment, remediation, removal or cleanup of Regulated Substances.
Notwithstanding anything herein to the contrary, the representations and warranties contained in this Section 3.6 (together
with the representations and warranties in Section 3.5) are the sole and exclusive representations of Sellers with respect to Environmental
Laws, Environmental Permits, Regulated Substances or any other matter related to the environment or the protection of human health
and worker safety.

 

3.7          Employee
Benefit Plans.

 

(a)       Section
3.7(a) of the Sellers Disclosure Schedule sets forth a correct and complete list, as of the Agreement Date, of each Seller
Benefit Plan. With respect to each Assumed Plan, to the extent applicable, correct and complete copies of the following have been
delivered or made available to Buyer by Sellers: (i) the most recent plan document (which, for the avoidance of doubt, with respect
to any Assumed Plan for which a form agreement is used, shall consist of a copy of such form); (ii) the most recent related trust
document; (iii) the most recent annual report (Form 5500) filed with the Internal Revenue Service (the “IRS”);
(iv) the most recent determination, opinion or advisory letter from the IRS for any Assumed Plan that is intended to qualify under
Section 401(a) of the Code; (v) the most recent summary plan description and (vi) with respect to the Aceto Corporation 2013 Senior
Executive Retirement Plan and the Aceto Corporation Supplemental Executive Deferred Compensation Plan (the “Seller Deferred
Compensation Plans”), an accurate accounting as of March 22, 2019 of the account balances of each employee as of the
Agreement Date, and copies of all written elections made by such employees under the Seller Deferred Compensation Plans.

 

    	 	20	 

     

    

 

(b)       Except
(i) as set forth on Section 3.7(b) of the Sellers Disclosure Schedule or (ii) as would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect, (x) each U.S. Seller Benefit Plan has been established, operated
and administered in accordance with its terms and the requirements of all applicable Laws, including ERISA and the Code, and (y)
there are no pending or, to Sellers’ knowledge, threatened in writing claims (other than claims for benefits in the Ordinary
Course of Business) with respect to any Seller Benefit Plan.

 

(c)       Except
as set forth on Section 3.7(c) of the Sellers Disclosure Schedule, none of the Sellers, the Acquired Subsidiaries (other
than the Joint Venture) or any of their respective ERISA Affiliates, sponsor, maintain, or contribute to, any employee benefit
plan that is (i) subject to Title IV of ERISA or Section 412 of the Code, (ii) a “multiple employer plan” within the
meaning of Sections 4063 or 4064 of ERISA, or (iii) a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA
(a “Multiemployer Plan”).

 

(d)       Except
as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, each Non-U.S. Seller
Benefit Plan (i) if intended to qualify for special tax treatment, meets all the requirements for such treatment, (ii) if required
to be funded, book-reserved or secured by an insurance policy, is funded, book-reserved, or secured by an insurance policy, as
applicable, based on reasonable actuarial assumptions in accordance with applicable accounting principles, and (iii) has been maintained
in compliance with all applicable Laws.

 

(e)       Except
(i) as set forth on Section 3.7(e) of the Sellers Disclosure Schedule, or (ii) as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, neither the execution of this Agreement nor the completion of the
transactions contemplated by this Agreement (either alone or in conjunction with any other event) will result in (x) any compensation
payment becoming due to any employee of Parent (who is or was primarily employed in respect of the Acquired Business), NY Agri
or of the Acquired Subsidiaries (other than the Joint Venture), (y) the acceleration of vesting or payment to any employee of Parent
(who is or was primarily employed in respect of the Acquired Business), NY Agri or of the Acquired Subsidiaries (other than the
Joint Venture), or (z) any increase to the compensation or benefits otherwise payable under any Seller Benefit Plan.

 

3.8          Litigation.
As of the Agreement Date, neither such Seller, nor any Acquired Subsidiary (other than the Joint Venture), is a party to any pending
or, to such Seller’s knowledge, threatened Proceeding relating to the Acquired Business or the Purchased Assets that would
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. As of the Agreement Date, neither
Sellers, nor the Acquired Subsidiaries (other than the Joint Venture), are subject to any outstanding Order relating to the Acquired
Business or the Purchased Assets that would reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect.

 

    	 	21	 

     

    

 

3.9          Tax
Matters. For purposes of this Section 3.9, the Joint Venture shall not be treated as either a Purchased Subsidiary or
Acquired Subsidiary. Except as set forth on Section 3.9 of the Sellers Disclosure Schedule:

 

(a)       Parent
(solely in respect of the Acquired Business), NY Agri and the Acquired Subsidiaries have timely filed (taking into account any
extension of time within which to file) all income and other material Tax Returns required to be filed by any of them and all such
filed Tax Returns are complete and accurate in all material respects; (ii) Parent (solely in respect of the Acquired Business),
NY Agri and the Acquired Subsidiaries have paid all income and other material Taxes that are required to be paid by any of them,
except, in each case of clauses (i) and (ii), with respect to matters contested in good faith or for which adequate
reserves have been established in the Most Recent Balance Sheet, in accordance with GAAP; and (iii) there are not pending, or to
Sellers’ knowledge, threatened in writing, audits, examinations, investigations or other administrative or judicial Proceedings
in respect of material Taxes of Parent (solely in respect of the Acquired Business), NY Agri or the Acquired Subsidiaries, in each
case, other than in respect of matters for which adequate reserves have been established in the Most Recent Balance Sheet, in accordance
with GAAP.

 

(b)       There
are no Liens for Taxes on any of the Purchased Assets or the assets of the Acquired Subsidiaries other than Permitted Liens.

 

(c)       Sellers
have not participated in any “listed transaction” within the meaning of Treasury Regulation Section 1.6011-4(b)(2).

 

(d)       No
Acquired Subsidiary (and no Seller in respect of the Acquired Business) has waived any statute of limitations in respect of Taxes
or agreed to any extension of time with respect to a Tax assessment or deficiency which waiver or extension remains outstanding.

 

(e)       The
Acquired Subsidiaries that are organized outside the United States are not subject to income Tax in any country other than their
respective countries of incorporation or formation. Sellers expect to recognize a de minimis amount of Tax as a result of
the inclusion of Subpart F income (as defined for purposes of Section 951(a)(1)(A) of the Code) and global intangible low-taxed
income (as defined in Section 951A of the Code) through the Closing Date (exclusive of any election under Section 338(g) of the
Code), determined as though the taxable year of the Acquired Subsidiaries ended on the Closing Date and calculated taking into
account foreign Taxes paid and creditable and the Tax attributes of the Sellers, including the deduction available under Section
250 of the Code.

 

(f)       Section
3.9(f) of the Sellers Disclosure Schedule lists the U.S. federal income tax classification of each of the Acquired Subsidiaries
and all entity classification elections (and related effective dates) under Treasury Regulations Section 301.7701-3 made with respect
to any of the Acquired Subsidiaries.

 

(g)      The Most Recent Balance Sheet reflects all Liabilities for unpaid Taxes of the Acquired Subsidiaries for periods (or portions of
periods) through the date of the Most Recent Balance Sheet. Since the date of the Most Recent Balance Sheet, none of Parent (solely
in respect of the Acquired Business), NY Agri or the Acquired Subsidiaries has incurred any liability for Taxes outside the Ordinary
Course of Business.

 

(h)       Notwithstanding
anything herein to the contrary, the representations and warranties in this Section 3.9 and, to the extent related to Taxes
or Tax matters, Section 3.7, are the sole and exclusive representations of such Seller with respect to Taxes and Tax matters.

 

    	 	22	 

     

    

 

3.10        Employment
and Labor Matters.

 

(a)       Neither
Parent (solely in respect of the Acquired Business), NY Agri, nor any Acquired Subsidiary (other than the Joint Venture) is a party
to any collective bargaining agreement, works council agreement, labor union contract, or trade union agreement (each, a “Collective
Bargaining Agreement”) covering employees in the United States or any foreign jurisdiction.

 

(b)       Except
as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) there is not currently,
nor has there been in the past year, any strike, lockout, slowdown, or work stoppage against Parent (solely in respect of the Acquired
Business), NY Agri or the Acquired Subsidiaries (other than the Joint Venture) pending or, to Sellers’ knowledge, threatened
in writing; (ii) there is no pending charge or complaint against Parent (solely in respect of the Acquired Business), NY Agri or
the Acquired Subsidiaries (other than the Joint Venture) by the National Labor Relations Board or any comparable Governmental Entity;
and (iii) Parent (solely in respect of the Acquired Business), NY Agri and the Acquired Subsidiaries (other than the Joint Venture)
have complied with all Laws regarding employment and employment practices (including anti-discrimination), terms and conditions
of employment and wages and hours (including classification of employees and equitable pay practices) and other Laws in respect
of any reduction in force (including notice, information and consultation requirements), and no claims against Parent (solely in
respect of the Acquired Business), NY Agri or the Acquired Subsidiaries (other than the Joint Venture) relating to non-compliance
with the foregoing are pending or, to Sellers’ knowledge, threatened in writing.

 

3.11        Real
and Tangible Property. Such Seller or an Acquired Subsidiary has good and valid title to the Owned Real Property set forth
on Schedule 1.1(e) (which constitutes all parcels of Owned Real Property) and to all of the buildings, structures and other
improvements thereon. Such Seller or an Acquired Subsidiary has a good and valid leasehold interest in each of the Assumed Real
Property Leases listed on Schedule 1.1(d). A copy of each Assumed Real Property Lease has been delivered to the Buyer, and
no changes have been made to any Assumed Real Property Lease since the date of delivery. Except as would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect, (a) neither Sellers, nor the Acquired Subsidiaries, have
received written notice of any default under any agreement evidencing any Lien affecting the Owned Real Property set forth on Schedule
1.1(e) or any Assumed Real Property Lease, which default continues on the Agreement Date, and (b) such Seller or an Acquired
Subsidiary has good and marketable title to, a good and enforceable leasehold interest in or a valid and enforceable license to,
all of the tangible Purchased Assets, free and clear of all Liens (other than Permitted Liens).

 

3.12        Intellectual
Property.

 

(a)       The
Patents, pending Patent applications, registered Marks, pending applications for registration of Marks and registered Copyrights
owned by Sellers or the Acquired Subsidiaries (other than the Joint Venture) and used primarily or held primarily for use in the
Acquired Business are referred to collectively as the “Registered Intellectual Property.”

 

(b)       Sellers
and/or the Acquired Subsidiaries own all right, title, and interest, free and clear of all Liens (except for Permitted Liens) to
all Registered Intellectual Property, except as would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect.

 

(c)       Except
as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) to Sellers’
knowledge, as of the Agreement Date, the conduct of the Acquired Business does not infringe, violate or constitute misappropriation
of any Intellectual Property of any third Person; (ii) to Sellers’ knowledge, as of the Agreement Date, no third Person is
infringing, violating, or misappropriating any Intellectual Property that is a Purchased Asset; and (iii) as of the Agreement Date,
there is no pending claim asserted in writing against a Seller or any Acquired Subsidiary (other than the Joint Venture) (including
any “cease and desist” letters and invitations to license) asserting that Sellers’ or any Acquired Subsidiary’s
(other than the Joint Venture’s) conduct of the Acquired Business has infringed, violated or misappropriated, or is infringing,
violating or misappropriating, any Intellectual Property rights of any third Person.

 

    	 	23	 

     

    

 

(d)       Except
as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) Sellers and the Acquired
Subsidiaries (other than the Joint Venture) comply with their internal policies and procedures and any other legal requirements,
to the extent applicable, relating to privacy, data protection, and the collection, retention, protection and use of personal information
collected, used, or held for use in the operation of the Acquired Business and (ii) there are no claims pending or, to Sellers’
knowledge, threatened against Sellers or any Acquired Subsidiary (other than the Joint Venture) alleging a violation of any third
Person’s privacy or personal information or data rights, solely with respect to the operation of the Acquired Business.

 

3.13         Material
Contracts.

 

(a)       Section
3.13(a) of the Sellers Disclosure Schedule sets forth each material Contract relating to the Purchased Assets and the Assumed
Liabilities (the “Material Contracts”).

 

(b)       Each
Material Contract is a valid and binding obligation of a Seller and, to Sellers’ knowledge, the other party or parties thereto
in accordance with its terms and conditions, except as and to the extent that such validity and enforceability may be limited by
(i) bankruptcy, insolvency, or other similar laws affecting the enforcement of creditors’ rights generally, (ii) the Enforceability
Exceptions and (iii) the obligation to pay Cure Costs under Section 365 of the Bankruptcy Code and Section 1.3.

 

(c)       With
respect to any Material Contract, no event has occurred or not occurred through such Seller’s action or inaction or, to Sellers’
knowledge, prior to the Agreement Date, through the action or inaction of any third party which, with notice or the lapse of time
or both, would constitute a default or result in the termination of or a right of termination or cancelation under any Material
Contract, accelerate the performance or obligations required thereby, or result in the loss of any benefit under the terms of any
Material Contract to which such Seller is a party, except for the obligation to pay Cure Costs and/or such events that would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

3.14         Certain
Regulatory Matters.

 

(a)       The
facilities of Sellers used in the operation of the Acquired Business and the facilities of the Acquired Subsidiaries (other than
the Joint Venture) are in compliance with the FDCA, to the extent applicable, except as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

 

(b)       Except
as set forth in Section 3.14(b) of the Sellers Disclosure Schedule, as of the Agreement Date and for the three (3) years
prior thereto, none of the Products have been subject to any material recall or market withdrawal and no material recall or market
withdrawal is currently under consideration by such Seller or the Acquired Subsidiaries (other than the Joint Venture).

 

    	 	24	 

     

    

 

(c)       Since
July 1, 2016, neither Parent (solely in respect of the Acquired Business), NY Agri, nor any Acquired Subsidiaries (other than the
Joint Venture) have been the subject of any material enforcement action by the FDA (solely in respect of the Acquired Business).

 

(d)       Notwithstanding
anything herein to the contrary, the representations and warranties in this Section 3.14 (together with the representations
and warranties in Section 3.5) are the sole and exclusive representations and warranties of Sellers with respect to the
regulatory matters expressly set forth in this Section 3.14.

 

3.15         Finders
or Brokers. Other than PJT Partners, Inc. and AP Services LLC, no broker, finder or investment banker is entitled to any broker’s,
finder’s or financial advisor’s fee or commission in connection with the transactions contemplated hereby based upon
arrangements made by or on behalf of Sellers, the Acquired Subsidiaries or a Seller’s board of directors.

 

3.16         Sufficiency
of Assets. The Purchased Assets, together with the assets of the Acquired Subsidiaries, (a) constitute all of the material
assets used by Sellers in the current operations of the Acquired Business and (b) are sufficient for Buyer to operate the Acquired
Business immediately following the Closing in substantially the same manner as it is currently conducted.

 

3.17         Inventory.
All Inventory, whether or not reflected in the Closing Statement, consists of a quality and quantity usable and salable in the
Ordinary Course of Business, except for obsolete, damaged, defective or slow-moving items that have been written off or written
down to fair market value or for which adequate reserves have been established.

 

3.18         No
Other Representations or Warranties. THE PURCHASED ASSETS SOLD PURSUANT TO THIS AGREEMENT ARE SOLD, CONVEYED, TRANSFERRED,
AND ASSIGNED ON AN “AS IS, WHERE IS” BASIS “WITH ALL FAULTS”, NOTWITHSTANDING ANYTHING SET FORTH HEREIN
(OTHER THAN AS EXPRESSLY SET FORTH IN THIS ARTICLE III, AS QUALIFIED BY THE SELLERS DISCLOSURE SCHEDULE AND
THE PARENT SEC DISCLOSURES AND BANKRUPTCY COURT FILINGS) OR IN ANY ANCILLARY DOCUMENT (INCLUDING ANY CERTIFICATE DELIVERED
PURSUANT TO THIS AGREEMENT) TO THE CONTRARY. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS ARTICLE
III (AS QUALIFIED BY THE SELLERS DISCLOSURE SCHEDULE AND THE PARENT SEC DISCLOSURES
AND BANKRUPTCY COURT FILINGS) OR IN ANY ANCILLARY DOCUMENT (INCLUDING ANY CERTIFICATE DELIVERED PURSUANT TO THIS AGREEMENT),
NONE OF SELLERS, ANY OF THEIR AFFILIATES OR ANY OTHER PERSON ON BEHALF OF SELLERS OR THEIR AFFILIATES MAKES ANY REPRESENTATIONS
OR WARRANTIES (INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WHICH WARRANTIES ARE ALSO
HEREBY EXPRESSLY DISCLAIMED), TERMS, CONDITIONS, UNDERSTANDINGS OR COLLATERAL ASSIGNMENTS OF ANY NATURE OR KIND, EXPRESS OR IMPLIED,
BY STATUTE OR OTHERWISE WITH RESPECT TO (A) THE PURCHASED ASSETS, THE ACQUIRED BUSINESS, SELLERS, OR THEIR RESPECTIVE BUSINESSES,
OR WITH RESPECT TO ANY OTHER INFORMATION PROVIDED, OR MADE AVAILABLE, TO BUYER OR ITS AFFILIATES OR THEIR OFFICERS, DIRECTORS,
EMPLOYEES, ACCOUNTANTS, CONSULTANTS, LEGAL COUNSEL, INVESTMENT BANKERS, ADVISORS, REPRESENTATIVES OR AUTHORIZED AGENTS (COLLECTIVELY,
“REPRESENTATIVES”) IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING THE ACCURACY OR COMPLETENESS
THEREOF OR (B) THE CONDITION OF ANY REAL PROPERTY OWNED, LEASED OR USED IN THE ACQUIRED BUSINESS OR WITH REGARD TO THE USE, EXISTENCE
OR RELEASE OF ANY REGULATED SUBSTANCES AT, ON, UNDER OR AROUND ANY REAL PROPERTY OWNED, LEASED OR USED IN THE ACQUIRED BUSINESS.
NOTWITHSTANDING THE FOREGOING, NOTHING CONTAINED IN THIS SECTION SHALL LIMIT OR OTHERWISE IMPAIR IN ANY MANNER BUYER’S RIGHT
TO MAKE A CLAIM FOR ACTUAL FRAUD.

 

    	 	25	 

     

    

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF BUYER

 

As an inducement to
Sellers to enter into this Agreement and to consummate the transactions contemplated hereby, except as disclosed in the disclosure
schedule delivered by Buyer to Sellers concurrently with the execution of this Agreement (the “Buyer Disclosure Schedule”),
Buyer represents and warrants to Sellers as follows:

 

4.1          Organization.
Buyer is a limited partnership duly formed, validly existing and in good standing under the laws of the Delaware. Buyer has all
requisite limited partnership power and authority to own, lease and operate its properties and assets and to carry on its business
as presently conducted.

 

4.2          Corporate
Authority Relative to this Agreement; Consents and Approvals; No Violation.

 

(a)       Buyer
has the requisite limited partnership power and authority to execute and deliver this Agreement and the Ancillary Documents to
which it is a party and to consummate the transactions contemplated hereby, including the Asset Purchase. The execution, delivery
and performance by Buyer of this Agreement and the Ancillary Documents to which it is a party and the consummation by Buyer of
the transactions contemplated hereby, including the Asset Purchase, have been duly and validly authorized by the general partner
of Buyer and, no other action or proceedings on the part of Buyer, or vote of Buyer’s partners, are necessary to authorize
the execution and delivery by Buyer of this Agreement and the Ancillary Documents to which it is a party and the consummation of
the transactions contemplated hereby, including the Asset Purchase. This Agreement and the Ancillary Documents to which it is a
party have been duly and validly executed and delivered by Buyer and, assuming this Agreement constitutes the legal, valid and
binding agreement of Sellers, this Agreement and the Ancillary Documents to which it is a party constitute the legal, valid and
binding agreements of Buyer and are enforceable against Buyer in accordance with their terms, except as such enforcement may be
subject to the Enforceability Exceptions.

 

(b)       Other
than in connection with or in compliance with the Transaction Approvals, no authorization, consent, order, license, permit or approval
of, or registration, declaration, notice or filing with, any Governmental Entity or other third party, is required to be made or
obtained, under applicable Law, for the consummation by Buyer of the transactions contemplated hereby, including the Asset Purchase,
except for such authorizations, consents, orders, licenses, permits, approvals, registrations, declarations, notices and filings
that are not required to be made or obtained prior to the consummation of such transactions.

 

(c)       The
execution and delivery by Buyer of this Agreement does not, and (assuming the Transaction Approvals are obtained) the consummation
of the transactions contemplated hereby, including the Asset Purchase, and compliance with the provisions hereof will not, (i)
require the making by Buyer of any declaration, filing or registration with, any Person, other than filings with the Bankruptcy
Court, (ii) conflict with or result in any violation of any provision of the Organizational Documents of Buyer or (iii) conflict
with or violate any applicable Laws.

 

4.3          Litigation.
There is no Proceeding to which Buyer or any of its Subsidiaries is a party pending or, to Buyer’s knowledge, threatened,
and Buyer is not subject to any outstanding Order, in each case that would reasonably be expected to have, individually or in the
aggregate, a material adverse effect on the ability of Buyer to perform its obligations under this Agreement and the Ancillary
Documents to which it is a party, for Buyer to assume and perform the Assumed Liabilities or for Buyer to consummate on a timely
basis the transactions contemplated hereby or thereby.

 

    	 	26	 

     

    

 

4.4          Buyer
Information. None of the information supplied or to be supplied by Buyer to Parent in writing for inclusion or incorporation
by reference in any filings required under the applicable U.S. federal securities Laws, including the rules and regulations of
the SEC thereunder, relating to the Asset Purchase will, at the time such documents are filed with the SEC or at any time such
documents are amended or supplemented, contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made,
not misleading. Notwithstanding the foregoing, no representation or warranty is made by Buyer with respect to statements made or
incorporated by reference therein based on information supplied by or on behalf of Sellers expressly for inclusion or incorporation
by reference therein.

 

4.5          Finders
or Brokers. Other than CIM Partners and Vasto Advisors, no broker, finder or investment banker is entitled to any broker’s,
finder’s or financial advisor’s fee or commission in connection with the transactions contemplated hereby based upon
arrangements made by or on behalf of Buyer or Buyer’s board of directors (or similar governing body).

 

4.6          Solvency.
Buyer has, as of the Agreement Date, and will have at and as of the Closing Date sufficient available funds to consummate the Asset
Purchase and to promptly make, when due, all payments required to be made in connection with this Agreement, including payment
of the Cash Balance, and satisfaction of all of the Assumed Liabilities and the Cure Costs. As of the Agreement Date, Buyer has
no reason to believe that the representations contained in the immediately preceding sentence will not be true at and as of the
Closing Date. Based on the accuracy of the representations and warranties set forth in Article III, immediately after giving
effect to the transactions contemplated hereby, (a) Buyer and its Subsidiaries, taken as a whole, will not (i) be insolvent as
defined in Section 101 of the Bankruptcy Code, (ii) have incurred Indebtedness beyond their ability to pay such Indebtedness as
it matures or becomes due and (iii) have unreasonably small capital to carry on their businesses as presently conducted or as proposed
to be conducted, (b) the then present fair saleable value of the assets of Buyer and its Subsidiaries, taken as a whole, will exceed
the amount that will be required to pay their Liabilities (including the amount of all contingent Liabilities) and Indebtedness
as it becomes absolute or matured, and (c) the assets of Buyer and its Subsidiaries, taken as a whole, at a fair valuation, will
exceed their Liabilities (including the amount of all contingent Liabilities) and Indebtedness.

 

4.7          Adequate
Assurances Regarding the Buyer Assumed Agreements. As of the Closing, Buyer will be capable of satisfying the conditions contained
in Sections 365(b)(1)(C) and 365(c) of the Bankruptcy Code with respect to the Buyer Assumed Agreements.

 

4.8          Certain
Arrangements; Ownership of Sellers. There are no contracts, undertakings, commitments, agreements, obligations or understandings,
whether written or oral, between Buyer or any of its Affiliates, on the one hand, and any member of Sellers’ management or
Sellers’ boards of directors, on the other hand, relating in any way to Sellers (including with respect to the management
or control of Sellers), the transactions contemplated hereby or to the operations of Parent (solely related to the Acquired Business),
NY Agri and the Acquired Subsidiaries after the Closing. Buyer does not hold, directly or indirectly, any beneficial or other ownership
interest in any of Sellers or their Subsidiaries or any of their respective securities.

 

    	 	27	 

     

    

 

4.9         Guarantee.
Concurrently with the execution of this Agreement, New Mountain Partners V, L.P., a Delaware limited partnership (the “Guarantor”),
has delivered to Sellers a duly executed limited guarantee pursuant to which the Guarantor has guaranteed certain obligations under
this Agreement (the “Guarantee”). The Guarantee is in full force and effect, has not been amended or modified
and is a legal and valid and binding obligation of the Guarantor. No event has occurred which, with or without notice, lapse of
time or both, would constitute a default or breach or failure to satisfy a condition under the terms and conditions of the Guarantee
on the part of the Guarantor under the Guarantee.

 

4.10        Investment
Intention. Buyer is acquiring the capital stock of the Acquired Subsidiaries for its own account, for investment purposes only
and not with a view to the distribution (as such term is used in Section 2(a)(11) of the Securities Act). Buyer understands that
the capital stock of the Acquired Subsidiaries may not have been registered under the Securities Act and may not be sold unless
subsequently registered under the Securities Act or an exemption from such registration is available

 

4.11        Investigation;
No Other Representations.

 

(a)       BUYER
HAS CONDUCTED ITS OWN INDEPENDENT REVIEW AND ANALYSIS OF THE BUSINESS, OPERATIONS, ASSETS, CONTRACTS, INTELLECTUAL PROPERTY, REAL
ESTATE, TECHNOLOGY, LIABILITIES (CONTINGENT, PRESENT AND OTHERWISE), RESULTS OF OPERATIONS, FINANCIAL CONDITION AND PROSPECTS OF
SELLERS, THE ACQUIRED SUBSIDIARIES AND THE ACQUIRED BUSINESS, AND ACKNOWLEDGES THAT IT AND ITS REPRESENTATIVES HAVE RECEIVED ACCESS
TO SUCH BOOKS AND RECORDS, FACILITIES, EQUIPMENT, CONTRACTS AND OTHER ASSETS AND PROPERTIES OF SELLERS, THE ACQUIRED SUBSIDIARIES
AND THE ACQUIRED BUSINESS THAT IT AND ITS REPRESENTATIVES HAVE REQUESTED TO REVIEW AND THAT IT AND ITS REPRESENTATIVES HAVE HAD
THE OPPORTUNITY TO MEET WITH THE MANAGEMENT OF SELLERS AND TO DISCUSS THE RESPECTIVE BUSINESSES AND ASSETS OF PARENT (IN RESPECT
OF THE ACQUIRED BUSINESS), NY AGRI AND THE ACQUIRED SUBSIDIARIES AND THE ACQUIRED BUSINESS. BUYER, ON BEHALF OF ITSELF AND ON BEHALF
OF ITS RESPECTIVE AFFILIATES AND REPRESENTATIVES, ACKNOWLEDGES THAT THE PURCHASED ASSETS SOLD PURSUANT TO THIS AGREEMENT ARE SOLD,
CONVEYED, TRANSFERRED, AND ASSIGNED ON AN “AS IS, WHERE IS” BASIS “WITH ALL FAULTS” AND THAT, NOTWITHSTANDING
ANYTHING SET FORTH HEREIN OR IN ANY OTHER ANCILLARY DOCUMENT TO THE CONTRARY, OTHER THAN THE REPRESENTATIONS AND WARRANTIES EXPRESSLY
SET FORTH IN ARTICLE III (AS QUALIFIED BY THE SELLERS DISCLOSURE SCHEDULE AND THE PARENT SEC DISCLOSURES AND BANKRUPTCY
COURT FILINGS) OR IN ANY ANCILLARY DOCUMENT (INCLUDING ANY CERTIFICATE DELIVERED PURSUANT TO THIS AGREEMENT),
NONE OF SELLERS, THE ACQUIRED SUBSIDIARIES, ANY OF THEIR RESPECTIVE AFFILIATES OR ANY OTHER PERSON ON BEHALF OF SELLERS, THE ACQUIRED
SUBSIDIARIES OR THEIR AFFILIATES MAKES ANY REPRESENTATIONS OR WARRANTIES (INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE, WHICH WARRANTIES ARE ALSO HEREBY EXPRESSLY DISCLAIMED), TERMS, CONDITIONS, UNDERSTANDINGS OR
COLLATERAL ASSIGNMENTS OF ANY NATURE OR KIND, EXPRESS OR IMPLIED, BY STATUTE OR OTHERWISE WITH RESPECT TO (A) THE PURCHASED ASSETS,
THE ACQUIRED BUSINESS, SELLERS OR THE ACQUIRED SUBSIDIARIES, OR WITH RESPECT TO ANY OTHER INFORMATION PROVIDED, OR MADE AVAILABLE,
TO BUYER OR ITS AFFILIATES OR REPRESENTATIVES IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING THE ACCURACY OR
COMPLETENESS THEREOF, OR (B) THE CONDITION OF ANY REAL PROPERTY OWNED, LEASED OR USED IN THE ACQUIRED BUSINESS OR WITH REGARD TO
THE USE, EXISTENCE OR RELEASE OF ANY REGULATED SUBSTANCES AT, ON, UNDER OR AROUND ANY REAL PROPERTY OWNED, LEASED OR USED IN THE
ACQUIRED BUSINESS.

 

    	 	28	 

     

    

 

(b)       WITHOUT
LIMITING THE FOREGOING, BUYER ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR ANY REMEDIES AVAILABLE UNDER THIS AGREEMENT WITH RESPECT
TO THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN ARTICLE III (AS QUALIFIED BY THE SELLERS DISCLOSURE SCHEDULE
AND THE PARENT SEC DISCLOSURES AND BANKRUPTCY COURT FILINGS) OR IN ANY ANCILLARY DOCUMENT (INCLUDING ANY CERTIFICATE DELIVERED
PURSUANT TO THIS AGREEMENT), NONE OF SELLERS, THE ACQUIRED SUBSIDIARIES OR ANY OTHER PERSON
WILL HAVE OR BE SUBJECT TO ANY LIABILITY OR OTHER OBLIGATION TO BUYER OR ITS REPRESENTATIVES OR AFFILIATES OR ANY OTHER PERSON
RESULTING FROM BUYER’S, ITS REPRESENTATIVES’ OR AFFILIATES’ USE OF ANY INFORMATION, DOCUMENTS, PROJECTIONS, FORECASTS
OR OTHER MATERIAL MADE AVAILABLE TO BUYER OR ITS REPRESENTATIVES OR AFFILIATES, INCLUDING ANY INFORMATION MADE AVAILABLE IN THE
ELECTRONIC DATA ROOM MAINTAINED BY OR ON BEHALF OF SELLERS OR THEIR REPRESENTATIVES FOR PURPOSES OF THE TRANSACTIONS CONTEMPLATED
HEREBY, TEASERS, MARKETING MATERIALS, CONSULTING REPORTS OR MATERIALS, CONFIDENTIAL INFORMATION MEMORANDA, MANAGEMENT PRESENTATIONS,
FUNCTIONAL “BREAK-OUT” DISCUSSIONS, RESPONSES TO QUESTIONS SUBMITTED ON BEHALF OF BUYER OR ITS REPRESENTATIVES OR IN
ANY OTHER FORM IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREBY. IN CONNECTION WITH THE DUE DILIGENCE INVESTIGATION OF SELLERS,
THE ACQUIRED SUBSIDIARIES AND THE ACQUIRED BUSINESS BY BUYER, BUYER HAS RECEIVED AND MAY CONTINUE TO RECEIVE FROM SELLERS OR THEIR
REPRESENTATIVES CERTAIN ESTIMATES, PROJECTIONS, FORECASTS AND OTHER FORWARD-LOOKING INFORMATION, AS WELL AS CERTAIN BUSINESS PLAN
INFORMATION, REGARDING SELLERS, THE ACQUIRED SUBSIDIARIES, THE PURCHASED ASSETS AND/OR THE ACQUIRED BUSINESS. BUYER HEREBY ACKNOWLEDGES,
ON BEHALF OF ITSELF AND ITS AFFILIATES AND REPRESENTATIVES, THAT THERE ARE UNCERTAINTIES INHERENT IN ATTEMPTING TO MAKE SUCH ESTIMATES,
PROJECTIONS, FORECASTS AND OTHER FORWARD-LOOKING STATEMENTS, AS WELL AS IN SUCH BUSINESS PLANS, WITH WHICH BUYER IS FAMILIAR, THAT
BUYER AND ITS AFFILIATES AND REPRESENTATIVES ARE NOT RELYING ON, AND ARE TAKING FULL RESPONSIBILITY FOR MAKING THEIR OWN EVALUATION
OF, THE ADEQUACY AND ACCURACY OF ALL ESTIMATES, PROJECTIONS, FORECASTS AND OTHER FORWARD-LOOKING INFORMATION, AS WELL AS SUCH BUSINESS
PLANS, SO FURNISHED TO THEM (INCLUDING THE REASONABLENESS OF THE ASSUMPTIONS UNDERLYING SUCH ESTIMATES, PROJECTIONS, FORECASTS,
FORWARD-LOOKING INFORMATION OR BUSINESS PLANS). NOTWITHSTANDING THE FOREGOING, NOTHING CONTAINED IN THIS SECTION SHALL LIMIT OR
OTHERWISE IMPAIR IN ANY MANNER BUYER’S RIGHT TO MAKE A CLAIM FOR ACTUAL FRAUD.

 

ARTICLE V

COVENANTS AND AGREEMENTS

 

5.1          Conduct
of Business. During the period from the Agreement Date until the earlier of the termination of this Agreement in accordance
with its terms or the Closing, Sellers shall, and shall cause the Acquired Subsidiaries to, use commercially reasonable efforts
to maintain the Purchased Assets and conduct the Acquired Business in all material respects in the Ordinary Course of Business,
except (i) as may be required by applicable Law, (ii) with the prior written consent of Buyer (which shall not be unreasonably
withheld, conditioned or delayed), (iii) as may be required by the Bankruptcy Court, (iv) as expressly permitted or contemplated
or required by this Agreement (including Section 5.8(d)), (v) as set forth in Section 5.1 of the Sellers Disclosure
Schedule or (vi) to the extent the effect their being in bankruptcy may have on them and the Acquired Business.

 

    	 	29	 

     

    

 

5.2          Access.

 

(a)       For
purposes of furthering the transactions contemplated hereby, Sellers shall afford Buyer and its Representatives reasonable access
during normal business hours upon reasonable advance notice to Sellers, throughout the period from the Agreement Date until the
earlier of the termination of this Agreement and the Closing, to Sellers’ and any Acquired Subsidiary’s personnel,
properties, contracts, commitments, Books and Records and such other information concerning the business, properties and personnel
of the Acquired Business as Buyer may reasonably request; provided that Sellers shall not be obligated to provide or give
access to any minutes of meetings or resolutions of a Seller’s or any Acquired Subsidiary’s board of directors (or
similar governing body) or any committees thereof or any other business records or reports of or communication with any of its
advisors relating to the evaluation or negotiation of this Agreement or the transactions contemplated hereby or any alternatives
thereto. Notwithstanding anything to the contrary contained in this Section 5.2(a), any document, correspondence or information
or other access provided pursuant to this Section 5.2(a) may be redacted or otherwise limited to prevent disclosure of information
concerning any aspect of the Pharma Business, the valuation of Sellers and/or the Acquired Business and the purchase of the Purchased
Assets or other similarly confidential or competitively sensitive information. All access pursuant to this Section 5.2(a)
shall be (i) conducted in such a manner as not to interfere unreasonably with the normal operations of Sellers and the Acquired
Subsidiaries and (ii) coordinated exclusively through the designated Representatives of Sellers. For the avoidance of doubt,
Buyer shall not contact any customers, suppliers, employees, contractors or landlords of Sellers or any of its Subsidiaries, including
the Acquired Subsidiaries, without Sellers’ prior written consent, which shall not be unreasonably withheld.

 

(b)       Notwithstanding
anything to the contrary contained in this Section 5.2, neither a Seller nor any Acquired Subsidiary shall be required to
provide any access, or make available any document, correspondence or information, if doing so would, in the reasonable judgment
of such Seller’s legal counsel, (i) jeopardize the attorney-client privilege of a Seller or any Acquired Subsidiary or (ii) conflict
with any Law applicable to a Seller or any Acquired Subsidiary or the assets or operation of the Acquired Business; provided
that in such instances, Sellers shall inform Buyer of the general nature of the information being withheld and, upon Buyer’s
request, reasonably cooperate with the other party to provide such information, in whole or in part, in a manner that would not
result in any of the outcomes described in the foregoing clauses (i) and (ii).

 

(c)       The
parties hereto hereby agree that all information provided to them or their respective Representatives in connection with this Agreement
and the consummation of the transactions contemplated hereby shall be governed in accordance with the Confidentiality Agreement,
dated as of October 19, 2018, between Parent and New Mountain Capital, L.L.C. (the “Confidentiality Agreement”),
which shall continue in full force and effect in accordance with its terms.

 

    	 	30	 

     

    

 

(d)       In
order to facilitate a Seller’s efforts to (i) administer and close the Bankruptcy Case, including for purposes of administering
and closing any insurance claims and any Proceedings to which any Seller or any of its Subsidiaries is a party (other than in connection
with any Proceeding with Buyer) (together, the “Post-Close Proceedings”), and (ii) prepare Tax Returns (together,
the “Post-Close Filings”), for a period of seven (7) years following the Closing, Buyer shall permit Sellers
and Sellers’ counsel, accountants and other Representatives (collectively, “Permitted Access Parties”)
during regular business hours, with reasonable notice, and subject to reasonable rules and regulations, reasonable access to the
financial and other Books and Records which comprised part of the Purchased Assets, and to employees, officers, advisors and accountants
of Buyer, in each case to the extent required to complete the Post-Close Filings or to administer and close the Post-Close Proceedings,
which access shall include (A) the right of such Permitted Access Parties to copy, at such Permitted Access Parties’ expense,
such required documents and records and (B) Buyer’s copying and delivering to the relevant Permitted Access Parties such
documents or records as they require, but only to the extent such Permitted Access Parties furnish Buyer with reasonably detailed
written descriptions of the materials to be so copied and applicable Permitted Access Party reimburses Buyer for the reasonable
costs and expenses thereof; provided, however, that the foregoing rights of access shall not be exercisable in such a manner
as to interfere with the normal operations of Buyer’s business. For a period of seven (7) years following the Closing, or
such longer period as may be required by applicable Law or necessitated by applicable statutes of limitations, Buyer shall, and
shall cause its Subsidiaries to, maintain all such Books and Records in the jurisdiction in which such Books and Records were located
prior to the Closing Date and shall not destroy, alter or otherwise dispose of any such Books and Records. On and after the end
of such period, Buyer shall, and shall cause its Subsidiaries to, provide Sellers with at least ten (10) Business Days prior written
notice before destroying, altering or otherwise disposing any such Books and Records, during which period the Sellers may elect
to take possession, at its own expense, of such Books and Records. Notwithstanding anything contained in this Section 5.2
to the contrary, in no event shall a Seller have access to any information that, based on advice of Buyer’s counsel, could
(i) reasonably be expected to create liability under applicable Law, or waive any legal privilege, (ii) result in the discharge
of any Trade Secrets of Buyer, its affiliates or any third parties or (iii) violate any obligation of Buyer with respect to
confidentiality. The Official Committee of the Unsecured Creditors in the Bankruptcy Case (through its court retained professionals
and not members of the creditors committee individually, the “Unsecured Creditors”) shall be a Permitted Access
Party under this Section 5.2(d) until two (2) years after the Closing, subject to the terms, conditions and limitations
hereof, including without limitation the reimbursement obligation hereunder and subject to the same limitations regarding confidential
or competitively sensitive information as are set forth in Section 5.2(a) and, provided that the Unsecured Creditors
execute a confidentiality agreement with Buyer and Sellers, in form and substance that is mutually acceptable to such parties.

  

5.3          Employees
and Employee Benefit Plans.

 

(a)       Transferred
Employees. Prior to the date hereof, Buyer offered employment to Sellers’ employees who are exclusively employed in respect
of the Acquired Business as of the date of the Original Agreement (the “Business Employees”) and who remain
employed by Sellers or such Acquired Subsidiary immediately prior to the Closing (including employees on approved leave of absence)
and who were listed on Section 5.3(b) of the Seller Disclosure Schedule as of the date of the Original Agreement, with Comparable
Positions and Comparable Compensation and Benefits. Offer letters were not sent to employees of the Acquired Subsidiaries. As soon
as practicable after the date hereof, and in any event no later than five Business Days prior to the Closing, Buyer shall offer
employment to the four employees listed on Section 5.3(b) of the Seller Disclosure Schedule who were not listed on Section 5.3(b)
of the Seller Disclosure Schedule as of the date of the Original Agreement, with Comparable Positions and Comparable Compensation
and Benefits. Those employees who accept Buyer’s offer of employment and commence working for Buyer on the Closing Date (or
upon return to work from approved leave of absence) shall hereafter be referred to as “Transferred Employees.”

 

(b)       Business
Employees. Section 5.3(b) of the Sellers Disclosure Schedule sets out a complete and accurate list of all Business Employees,
including, for each employee: (i) name (or to the extent not permitted by applicable Law, employee identification number); (ii)
job title; (iii) hire date; (iv) work location; (v) current annual base compensation; (vi) commission, target bonus or other incentive-based
compensation; (vii) leave status (including estimated return date), and (viii) visa or other work permit status (if applicable).

 

    	 	31	 

     

    

 

(c)       Credit
under Buyer Benefit Plans. Buyer will take commercially reasonable best efforts to cause any employee benefit plans of Buyer
(or any Affiliate thereof sponsoring or maintaining such plans) in which the Transferred Employees are eligible to participate
following the Closing Date (the “Buyer Benefit Plans”) to take into account for purposes of eligibility, vesting
and accrual of and entitlement to benefits (but not for accrual of benefits under any “defined benefit plan,” as defined
in Section 3(35) of ERISA), and all other purposes, all service by the Transferred Employees with Sellers prior to the Closing
as if such service were with Buyer or its Affiliates, to the same extent such service was credited under a comparable Seller Benefit
Plan prior to the Closing (except to the extent it would result in the duplication of benefits). In addition, with respect to each
Buyer Benefit Plan that is a “welfare benefit plan” (as defined in Section 3(1) of ERISA), Buyer shall, or shall cause
an Affiliate of Buyer sponsoring or maintaining such Buyer Benefit Plan, to take commercially reasonable best efforts to (i) cause
there to be waived any pre-existing condition exclusions, actively at work requirements, insurability requirements or other eligibility
limitations to the extent such exclusions, requirements or limitations were waived or were inapplicable under a comparable Seller
Benefit Plan prior to the Closing, and (ii) give effect, in determining any deductible, co-insurance and maximum out-of-pocket
limitations, to claims incurred and amounts paid by, and amounts reimbursed to, the Transferred Employees and their dependents
under a comparable Seller Benefit Plan prior to the Closing. Buyer shall be solely responsible for complying with the requirements
of Part 6 of Subtitle B of Title I of ERISA and Section 4980B of the Code for any employee of any Seller who is an “M&A
qualified beneficiary” as defined in Q&A-4 of Treas. Reg. §54.4980B-9 in connection with the transactions contemplated
hereby.

 

(d)       Employment
Tax Reporting. With respect to Transferred Employees, Buyer and Sellers shall use the alternate procedure set forth in Revenue
Procedure 2004-53, 2004-34 I.R.B. 320, provided that Sellers provide to Buyer all information necessary for Buyer to complete such
alternate procedure and that third party payroll provider agrees it can accommodate utilization of the alternate procedure to properly
report and remit federal and state payroll.

 

(e)       No
Obligation. Nothing contained in this Agreement shall be construed to require the employment of (or prevent the termination
of employment of) any individual, require minimum benefit levels or prevent any change in the employee benefits provided to any
individual Transferred Employee. No provision of this Agreement shall create any third party beneficiary rights in any employee
or former employee of a Seller or any Acquired Subsidiary or any other Person (including any beneficiary or dependent thereof)
of any nature or kind whatsoever, including in respect of continued employment (or resumed employment) for any specified period.
Nothing contained herein, express or implied, shall (i) be construed to establish, amend or modify any Seller Benefit Plan or other
benefit plan, program, agreement or arrangement or (ii) alter or limit the ability of Sellers, Buyer or any of their respective
Affiliates to amend, modify, or terminate any benefit plan, program, agreement or arrangement at any time assumed, established,
sponsored or maintained by any of them. Nothing in this Section 5.3 is intended to interfere with Buyer’s right from
and after the Closing to terminate the employment of, or change the compensation and benefits available to, any Transferred Employee.

 

(f)       Nonqualified
Deferred Compensation Plans. To the extent that any Transferred Employee has any benefit payable to him or her as of the Closing
Date in the nonqualified deferred compensation plans of Sellers (each, a “NQ Plan”), Sellers shall, and shall
cause its Affiliates to, as soon as practical after the Closing Date, split such NQ Plans into one or more separate plans that
contains only the benefits payable to Transferred Employees to the extent such benefits are not otherwise distributed upon or promptly
following the Closing Date under the terms of such NQ Plan. Buyer and Sellers intend and agree in accordance with Treasury Regulation
Section 1.409A-1(h)(4) that the transfer of employment of the Transferred Employees from Sellers (or their respective Affiliates)
to Buyer (or its Affiliates) in connection with the transactions contemplated by this Agreement (and the related termination of
employment of the Transferred Employees from Sellers) shall not constitute a “separation from service” for purposes
of Code Section 409A and the Treasury Regulations thereunder. If Seller maintains a “rabbi trust” with respect to a
NQ Plan (each an “Existing NQ Trust”), to the extent transferred pursuant to Section 1.1(o), either (i)
Seller shall, as soon as practical after the Closing Date, establish a new rabbi trust (each a “New NQ Trust”)
and cause the assets of the Existing NQ Trust, to the extent payable to a Transferred Employee who has a benefit as of the Closing
Date in the NQ Plan that is not otherwise distributed upon or promptly following the Closing Date under the terms of the applicable
NQ Plan (the “Transferable Assets”), to be transferred to the New NQ Trust, which New NQ Trust shall be assumed
by Buyer, or (ii) Buyer shall, as soon as practical after the Closing Date, establish a new rabbi trust in form and substance satisfactory
to the Sellers for the benefit of Transferred Employees who have benefits payable to them as of the Closing Date in the NQ Plan
that are not otherwise distributed upon or promptly following the Closing Date under the terms of the applicable NQ Plan (the “Buyer
Trust”), and Seller shall cause the Transferable Assets to be transferred to the Buyer Trust, and Buyer shall cause the
Buyer Trust to accept the Transferable Assets, as soon as practical after such Buyer Trust is established.

 

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5.4          Regulatory
Approvals; Efforts.

 

(a)       Prior
to the Closing, Buyer and Sellers shall, and shall cause their respective Affiliates to, use their respective reasonable best efforts
to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary, proper or advisable under any
applicable Laws to consummate the Asset Purchase as promptly as practicable, including (i) preparing and filing all forms,
registrations and notifications with any Governmental Entities or third parties required to be filed to consummate the Asset Purchase,
(ii) using reasonable best efforts to satisfy the conditions to consummating the Asset Purchase, (iii) using reasonable best efforts
to obtain (and to cooperate with each other in obtaining) any consent, authorization, expiration or termination of a waiting period,
permit, Order or approval of, waiver or any exemption by, any Governmental Entity required to be obtained or made by Buyer, Sellers
or any of their respective Affiliates in connection with the Asset Purchase or the taking of any action contemplated hereby, (iv)
defending any lawsuits or other legal Proceedings, whether judicial or administrative, challenging this Agreement or the consummation
of the Asset Purchase, and (v) using reasonable best efforts with respect to the execution and delivery of all such instruments,
deeds, assignments or assurances and do all other things reasonably necessary or desirable to consummate the Asset Purchase and
to fully carry out the purposes or intent of this Agreement.

 

(b)       Buyer,
on the one hand, and Sellers, on the other hand, shall each keep the other apprised of the status of matters relating to the consummation
of the Closing and work cooperatively in connection with obtaining all required consents, authorizations, Orders or approvals of,
or any exemptions by, any Governmental Entity undertaken pursuant to the provisions of this Section 5.4. In that regard,
prior to the Closing, each party shall promptly consult with the other parties to this Agreement with respect to and provide any
necessary information and assistance as the other parties may reasonably request with respect to (and, in the case of correspondence,
provide the other parties (or their counsel and, if reasonably determined necessary, advisable or convenient to protect attorney-client
privilege or competitively sensitive information, outside counsel only basis) with copies of) all notices, submissions or filings
made by or on behalf of such party or any of its Affiliates with any Governmental Entity or any other information supplied by or
on behalf of such party or any of its Affiliates to, or correspondence with, a Governmental Entity in connection with this Agreement
and the Asset Purchase. Each party to this Agreement shall promptly inform the other parties to this Agreement, and if in writing,
furnish the other parties with copies of (or, in the case of oral communications, advise the other parties orally of) any communication
from or to any Governmental Entity regarding the Asset Purchase, and permit the other parties to review and discuss in advance,
and consider in good faith the views of the other parties in connection with, any proposed communication or submission with any
such Governmental Entity. No party or any of its Affiliates shall participate in any meeting or teleconference with any Governmental
Entity in connection with this Agreement and the Asset Purchase unless it consults with the other parties in advance and, to the
extent not prohibited by such Governmental Entity, gives the other parties the opportunity to attend and participate thereat. Notwithstanding
the foregoing, Buyer and Sellers may, as each deems advisable and necessary, reasonably designate any competitively sensitive material
provided to the other under this Section 5.4(b) as “Antitrust Counsel Only Material.” Such materials and the
information contained therein shall be given only to the outside counsel of the recipient and will not be disclosed by such outside
counsel to employees, officers or directors of the recipient unless express permission is obtained in advance from the source of
the materials (Buyer or Sellers, as the case may be) or its legal counsel. Notwithstanding anything to the contrary contained in
this Section 5.4, materials provided pursuant to this Section 5.4 may be redacted (i) to remove references concerning
the valuation of the Acquired Business and the purchase of the Purchased Assets, (ii) as necessary to comply with contractual arrangements
and (iii) as necessary to address reasonable privilege concerns.

 

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(c)       Sellers
and Buyer acknowledge that they have filed prior to the date hereof with the appropriate Governmental Entity all filings, forms,
registrations and notifications required to be filed to consummate the purchase of the Purchased Assets under the HSR Act and any
other applicable Antitrust Law, and that early termination of the applicable waiting period under the HSR Act was granted effective
March 18, 2019. Sellers and Buyer shall cause their respective Affiliates to, as promptly as practicable, respond to inquiries
from Governmental Entities, or provide any supplemental information that may be requested by Governmental Entities, in connection
with filings made with such Governmental Entities.

 

(d)       Notwithstanding
anything to the contrary set forth in this Agreement, Buyer shall, in order to comply with Section 5.4(b) and so as to permit
the Closing to occur as promptly as practicable and in any event before the End Date (i) propose, negotiate, commit to, effect
and agree to, by consent decree, hold separate order, or otherwise, the sale, divestiture, license, holding separate, and other
disposition of and restriction on the businesses, assets, properties, product lines, and equity interests of, or changes to the
conduct of business of, the Acquired Business and Sellers, Buyer and their respective Affiliates (including, with respect to Sellers
and the Acquired Subsidiaries), and (ii) create, terminate, or divest relationships, ventures, contractual rights or obligations
of Buyer or its Affiliates or, solely in respect of the Acquired Business, Sellers, the Acquired Subsidiaries or their respective
Affiliates,. If requested by Buyer, Sellers will agree to any action contemplated by this Section 5.4; provided that
any such agreement or action is conditioned on the consummation of the Asset Purchase. Without limiting the foregoing, in no event
will a Seller (and such Seller will not permit any of its Affiliates to) propose, negotiate, effect or agree to any such actions
without the prior written consent of Buyer, such consent not to be unreasonably withheld, conditioned or delayed.

 

(e)       In
furtherance and not in limitation of the covenants of the parties contained in this Section 5.4, if any administrative or
judicial action or Proceeding, including any Proceeding by a private party, is instituted (or threatened to be instituted) challenging
the Asset Purchase or any other transaction contemplated hereby as violative of any Antitrust Law, Sellers and Buyer shall use
reasonable best efforts to contest and resist any such action or Proceeding and to have vacated, lifted, reversed or overturned
any decree, judgment, injunction or other order, whether temporary, preliminary or permanent, that is in effect and that prohibits,
prevents or restricts consummation of the Asset Purchase.

 

(f)       Except
as specifically required by this Agreement, Buyer shall not, and shall not permit any of its Affiliates to, knowingly take any
action, or knowingly refrain from taking any action, the effect of which would be to delay or impede the ability of the parties
hereto to consummate the transactions contemplated hereby. Without limiting the generality of the foregoing, Buyer shall not, and
shall not permit any of its Affiliates to, acquire or agree to acquire by merging or consolidating with, or by purchasing a substantial
portion of the assets of or equity in, or by any other manner, any Person or portion thereof, or otherwise acquire or agree to
acquire any assets, if the entering into of a definitive agreement relating to or the consummation of such acquisition, merger
or consolidation could reasonably be expected to (i) impose any delay in the obtaining of, or increase the risk of not obtaining,
any consent, approval, authorization, declaration, waiver, license, franchise, permit, certificate or order of any Governmental
Entity necessary to consummate the transactions contemplated hereby or the expiration or termination of any applicable waiting
period, (ii) increase the risk of any Governmental Entity entering an Order prohibiting the consummation of the transactions contemplated
hereby or (iii) delay the consummation of the transactions contemplated hereby.

 

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(g)       The
fees and expenses for all filings under the HSR Act and any other necessary filings or submissions to any Governmental Entity pursuant
to this ‎Section 5.4 shall be borne in full by Buyer as and when due.

 

5.5          Notification
of Certain Matters. Except for litigations or other Proceedings commenced, filed or pending in the Bankruptcy Court, each Party
shall promptly (and in any event, within two (2) Business Days) notify the other Parties in writing of any litigation or other
Proceeding brought or threatened in writing against it or its directors or executive officers or other Representatives relating
to this Agreement, the Asset Purchase and/or the other transactions contemplated hereby and shall keep the other Parties informed
on a reasonably current basis with respect to the status thereof (including by promptly furnishing to the other Parties and their
respective Representatives such information relating to such litigation or other Proceeding as may be reasonably requested). Each
Party shall, subject to the preservation of the attorney-client and similar privileges and confidential information, give the other
Parties the opportunity to participate in (but not control) the defense or settlement of any litigation or other Proceeding against
it and/or its directors or executive officers or other Representatives relating to this Agreement, the Asset Purchase or the other
transactions contemplated hereby and shall give due consideration to such other Parties’ advice with respect to such litigation
or other Proceeding.

 

5.6          Adequate
Assurances regarding the Buyer Assumed Agreements. With respect to each Buyer Assumed Agreement, Buyer will use commercially
reasonable efforts to provide adequate assurance as required under the Bankruptcy Code of the future performance by Buyer of each
such Buyer Assumed Agreement. Sellers and Buyer agree that they will promptly take all actions reasonably required to assist in
obtaining a Bankruptcy Court finding that there has been an adequate demonstration of adequate assurance of future performance
under the Buyer Assumed Agreements, such as furnishing affidavits, non-confidential financial information or other documents or
information for filing with the Bankruptcy Court and making Sellers’ and Buyer’s employees and representatives available
to testify before the Bankruptcy Court.

 

5.7          Bankruptcy
Court Approval. Sellers and Buyer acknowledge that this Agreement and the sale of the Purchased Assets are subject to Bankruptcy
Court approval. To assist in obtaining such approval, Buyer agrees that it will promptly take such actions as are reasonably requested
by Sellers to assist in obtaining entry of the Sale Order and a finding of adequate assurance of future performance by Buyer with
respect to the Buyer Assumed Agreements., including furnishing affidavits or other documents or information for the purposes, among
others, of providing necessary assurances of performance by Buyer under this Agreement and demonstrating that Buyer is a “good
faith” purchaser under Section 363(m) of the Bankruptcy Code.

 

5.8          Taxes.

 

(a)       Without
the prior written consent of Sellers, Buyer shall not make any election under Section 336 or 338 of the Code for or with respect
to any Acquired Subsidiary in connection with the transactions provided for herein. The provisions of this Section 5.8(a)
shall expressly survive Closing or any earlier termination of this Agreement.

 

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(b)       Without
limiting the other terms set forth in this Agreement, any sales Tax, use Tax, real property transfer, real property records recordation
fees, documentary or stamp Tax, excise Tax or similar non-income Tax attributable to the sale or transfer of the Purchased Assets
and not exempted under the Sale Order (“Transfer Taxes”) shall be borne by Buyer. Buyer shall, at its own expense,
file any necessary Tax Returns relating to Transfer Taxes and other documentation with respect to any Transfer Taxes, and Sellers
will provide such cooperation as Buyer shall reasonably request in connection with such filings, provided that Buyer shall reimburse
Sellers for any reasonable and out of pocket expenses Sellers incur in connection with such cooperation. For the avoidance of doubt,
any China Enterprise Income Tax (“EIT”) imposed on any capital gain in connection with a transfer of the Aceto
(Shanghai) Ltd. shares (“Applicable EIT”) shall not be a Transfer Tax and shall not be borne by Buyer and shall
be borne by Sellers. Buyer is entitled to withhold any amounts required to be withheld in respect of the Applicable EIT from amounts
payable to Sellers pursuant to this Agreement and Sellers agree to provide any information reasonably requested by Buyer and such
cooperation as may be reasonably requested by Buyer in order to permit the calculation of such Tax, and the making of required
withholding and filings and other compliance with requirements of applicable Law. Any amounts withheld by Buyer in respect of Applicable
EIT in excess of the amounts required to be paid in respect of Applicable EIT shall be paid to Sellers reasonably promptly following
the determination that there is such an excess amount. Any refunds received by Buyer or any Acquired Subsidiary of any Applicable
EIT imposed in connection with the transactions provided for herein paid with funds received or withheld from Sellers shall be
paid by Buyer to Sellers reasonably promptly following such receipt. Notwithstanding anything to the contrary in this Agreement,
any EIT imposed on any gain in connection with a direct or indirect transfer of the shares of Aceto HK (including indirect transfer
of the real property owned by Aceto HK in China) shall be treated as a Transfer Tax for all purposes of this Agreement and borne
by Buyer Any Tax, termination fee or similar payment attributable to an early termination of the “PILOT” (“payment
in lieu of taxes”) program of the Nassau County Industrial Development Agency (“NCIDA”) applicable or
otherwise relating to the Port Washington, NY property as to which Aceto Realty is the tenant pursuant to a sale leaseback arrangement
with the NCIDA resulting from the transactions provided for herein shall be treated as a “Transfer Tax” for all purposes
of this Agreement. The provisions of this Section 5.8(b) shall expressly survive Closing.

 

(c)       Tax
Liabilities for a period that includes but does not end on the Closing Date shall be treated for purposes of determining the amount
attributable to the portion of such period that ends on the Closing Date as follows: (i) in the case of any sales, use, value-added,
employment, or withholding Tax and any Tax based on or measured by income, profits, gains, receipts or the level of any item or
on a transactional basis shall be determined based on an interim closing of the books as of the end of the day on the Closing Date,
except that exemptions, allowances or deductions that are calculated on an annual basis (including depreciation and amortization
deductions), other than with respect to property placed in service after the Closing, shall be allocated on a per diem basis, unless
otherwise required by applicable law, and (ii) in the case of all other Taxes, shall be deemed to be the amount of such Taxes for
the entire period multiplied by a fraction, the numerator of which is the number of calendar days in the portion of the period
ending on the Closing Date and the denominator of which is the number of calendar days in the entire period; provided that for
these purposes any event occurring on the Closing Date following the Adjustment Time shall be treated as occurring on the day after
the Closing Date to the extent such event is not provided for in this Agreement except that events on the Closing Date following
the Adjustment Time but before the Closing that are not in the Ordinary Course of Business and are not contemplated or required
by this Agreement shall be treated as occurring on the day before the Closing Date.

 

(d)       It
is intended by Sellers that, prior to Closing, NY Agri will merge into a newly formed Delaware corporation, with such Delaware
corporation surviving, in a transaction intended to qualify as a reorganization under Section 368(a)(1)(F) of the Code and that
such surviving Delaware corporation will, following such merger, convert to a limited liability company under the Delaware conversion
statute. The Parties agree that nothing in this Agreement, including Section 5.1, shall prevent such merger or conversion
or impose any Liability upon any Seller as a result of such conversion.

 

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(e)       In
addition to the provisions of Section 5.2(d) with respect to Post-Closing Filings, Buyer and Sellers shall use commercially
reasonable efforts (with respect to Sellers, taking into account the impact of the filing of the Bankruptcy Case and operating
in bankruptcy) to cooperate with each other regarding Tax matters relating to the Purchased Assets, the Acquired Subsidiaries or
the Acquired Business and shall make available to each other as reasonably requested all information, records and documents regarding
Taxes relating to the Purchased Assets, the Acquired Subsidiaries or the Acquired Business until the expiration of the applicable
statute of limitations or extension thereof or the conclusion of all audits, appeals or litigation with respect to such Taxes.

 

5.9          Public
Announcements. Neither Sellers, on the one hand, nor Buyer, on the other hand, shall, without the approval of the other Parties,
make any press release or other public announcement concerning the transactions contemplated hereby, except as and to the extent
that any such Party shall be so obligated by Law, including as may be required by the Bankruptcy Case, securities laws, or the
rules of any stock exchange, in which case, each Party shall be advised prior to such disclosure, consult with each other before
issuing such press release or public announcement and consider in good faith any comments received from the other Party at least
two (2) Business Days prior to such issuance. The provisions of this Section 5.9 shall expressly survive Closing or any
earlier termination of this Agreement.

 

5.10         Consents;
Notices. At or prior to the Closing, Buyer and Sellers shall use commercially reasonable efforts to obtain all Consents and
give all notices required for Sellers to assign the Buyer Assumed Agreements to which they are a party to Buyer to the extent not
assignable without any such approval, consent, or notice pursuant to Section 363 or Section 365 of the Bankruptcy Code. If any
Consent is not obtained prior to the Closing, then, subject to Sellers having appropriate levels of resources and personnel, Sellers,
at the sole cost of Buyer, shall continue to use commercially reasonable efforts after the Closing to obtain the Consents and,
to the extent permitted by applicable Law, will establish an agency type or other similar arrangement reasonably satisfactory to
Sellers and Buyer under which Buyer would obtain, to the extent practicable, all rights under the Buyer Assumed Agreements and
assume the corresponding Assumed Liabilities for the period of time that the Consents are not obtained and the Buyer Assumed Agreements
are not assigned. For the avoidance of doubt, the Parties agree and acknowledge that (a) the failure by Sellers to obtain any Consents
shall not relieve any party of its obligations to consummate the transactions contemplated hereby, (b) there will not be any adjustment
to the Purchase Price if any Consents are not obtained or certain Buyer Assumed Agreements are not assigned, and (c) Buyer shall
not have any claim against Sellers after the Closing in respect of any such Consents not being obtained or Buyer Assumed Agreements
not being assigned. Buyer (or its applicable Subsidiary) shall use commercially reasonable efforts (at its expense) to obtain Buyer
Registrations prior to Closing or as soon thereafter as reasonably possible. If Buyer (or an applicable Subsidiary of Buyer) has
not obtained Buyer Registrations prior to Closing, the applicable Seller entities which hold the Sellers’ Registrations prior
to Closing shall not dissolve their legal existence until Buyer (or an applicable Subsidiary of Buyer) has obtained its own Registrations.
Notwithstanding anything to the contrary in this Agreement, upon confirmation of a Chapter 11 plan in the Bankruptcy Cases, Sellers
may dissolve their legal existence and file their respective certificates of dissolution (or equivalent filings) but only upon
fifteen (15) calendar days’ written notice to Buyer, which notice shall contain Sellers’ good faith reasonable estimate
of all costs and expenses of continuing as a legal entity in good standing, including, without limitation, payment of all carrying
costs and post-confirmation quarterly fees due to the U.S. Trustee on behalf of Sellers (all such costs and expenses, the “Costs”);
provided, that, if Buyer provides a written request within ten (10) calendar days after receiving Sellers’ notice
that it desires any such Seller not to make such filing(s), then Sellers shall not make such filing(s) until the earlier of (x)
the first anniversary of the Closing, and (y) the date that Buyer obtains Buyer Registrations, provided that Buyer shall not make
such request unless Buyer agrees (in a manner reasonably acceptable to Sellers) to pay, in advance, all Costs, as such Costs are
reasonably estimated by Sellers in good faith. Nothing in this Section 5.10, or in Section 2.8(j) or Section 2.10,
shall prevent any Seller from filing and seeking confirmation of a Chapter 11 plan.

 

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5.11         WARN
Act. Buyer shall, or shall cause the Acquired Subsidiaries to, provide any required notice under and to otherwise comply with,
the WARN Act with respect to any event affecting the Transferred Employees on or after the Closing Date. Seller shall cooperate
with Buyer in determining whether any event affecting the Transferred Employees on or after the Closing Date requires notification
under the WARN Act. Buyer shall not, and shall cause the Acquired Subsidiaries not to, take any action on or after the Closing
that would cause Seller or any of its Affiliates to incur liability under the WARN Act.

 

5.12         Directors
and Officers. After the Closing, Buyer shall cause the Acquired Subsidiaries to, honor all the Acquired Subsidiaries’
obligations to, exculpate, indemnify, defend and hold harmless (including advancing funds for expenses), to the fullest extent
permitted by Law, the current and former directors and officers of the Acquired Subsidiaries, and any employee of the Acquired
Subsidiaries who acts as a fiduciary under any employee benefit plan, in each case, solely with respect to acts or omissions by
such persons occurring at or before the Closing and solely with respect to acts or omissions by such persons in their capacity
as a director, officer or employee of the Acquired Subsidiaries (and not with respect to any other position with Sellers), and
such obligations shall survive the Closing and shall continue in full force and effect in accordance with the terms of the certificate
of incorporation and by-laws (or similar organizational documents) of the Acquired Subsidiaries and any individual indemnity agreements
or other applicable documents that have been made available to Buyer at least two Business Days prior to the Agreement Date from
the Closing until the expiration of the applicable statute of limitations with respect to any claims against such persons arising
from, relating to, or otherwise in respect of, such acts or omissions. After the Closing, Buyer shall cause the Acquired Subsidiaries
to maintain in effect substantially similar exculpation, indemnification and advancement of expenses provisions of the certificates
of incorporation and by-laws or similar organizational documents of the Acquired Subsidiaries and any indemnification agreements
of the Acquired Subsidiaries with any of their respective directors, officers or employees that have been made available to Buyer
at least two Business Days prior to the Agreement Date, in each case as in effect as of the date hereof, and shall not amend, repeal
or otherwise modify any such provisions in any manner that would materially adversely affect the rights thereunder of any individuals
with respect to such periods on or prior to the Closing Date who at the time of the Closing were current or former directors, officers
or employees of the Acquired Subsidiaries. If Buyer or any of its successors or assigns (i) consolidates with or merges into any
other Person and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers
or conveys all or substantially all its properties and assets, then, and in each case, Buyer shall ensure that such surviving corporation
or entity or the transferees of such properties or assets assume the obligations set forth in this Section 5.12.

 

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5.13        Cooperation
with Financing.

 

(a)       Prior
to the Closing, the Sellers shall use commercially reasonable efforts to, and shall cause the Acquired Subsidiaries to use their
commercially reasonable efforts to, provide to Buyer, at Buyer’s sole cost and expense, such cooperation as is reasonably
requested by Buyer, or as otherwise reasonably necessary, in connection with the arrangement and consummation of any debt financing
to be incurred by Buyer on the Closing Date to finance the consummation of the transactions contemplated hereunder (the “Debt
Financing”) (provided that such requested cooperation does not unreasonably interfere with the operations of the
Sellers or the Acquired Subsidiaries), including (i) providing prior to the Closing Date (a) the Financial Statements and (b) an
unaudited balance sheet of the Acquired Business as of December 31, 2018 and, if the Closing has not occurred on or before May
14, 2019, to the extent such financials would otherwise be produced prior to the Closing in the ordinary course of business, March
31, 2019, and the related income statement and statement of cash flows for the six (6)-month period ended December 31, 2018 and,
if the Closing has not occurred on or before May 1, 2019, to the extent such financials would otherwise be produced prior to the
Closing in the ordinary course of business for the nine (9)-month period ended March 31, 2019 (all such statements and information
referred to in this clause (i), the “Required Information”); (ii) assist with obtaining customary legal opinions,
appraisals, surveys, title insurance, insurance certificates and endorsements, waivers, environmental reports and other customary
documentation and items contemplated by the Debt Financing as reasonably requested by Buyer; (iii) facilitating the granting of
a security interest (and perfection thereof) in collateral, guarantees, mortgages or other certificate or documents as may reasonably
be requested by Buyer, in each case effective on or after the Closing, including obtaining releases of existing liens; (iv) furnish
no later than four (4) Business Days prior to the Closing all documentation and other information required by a Governmental Entity
under applicable “know your customer” and anti-money laundering rules and regulations, including the U.S.A. Patriot
Act of 2001, but in each case, solely as relating to the Acquired Subsidiaries to the extent requested at least nine (9) days prior
to the Closing; and (v) assist in the preparation, execution and delivery of one or more credit agreements, pledge and security
documents and other definitive financing documents as may be reasonably requested by Buyer. The Sellers hereby consent to the reasonable
use of all of its and the Acquired Subsidiaries’ logos, names, and trademarks in connection with the Debt Financing; provided,
however, that such logos, names and trademarks are used solely in a manner that is not intended to or reasonably likely
to harm or disparage the Sellers or the reputation or goodwill of the Sellers or any of their respective products, services, offerings
or intellectual property rights; provided, further, that prior to the Closing Date no financing sources in connection
with the Debt Financing (including any Affiliates thereof) shall obtain rights in such logos, names or trademarks. Sellers shall,
and shall cause the Acquired Subsidiaries to, use reasonable best efforts to promptly supplement the Required Information and all
other information provided pursuant to this Section 5.13 to the extent that any such Required Information and all other
information, to the knowledge of Sellers, when taken as a whole, contains any untrue statement of a material fact or omits to state
any material fact necessary to make the statements made in such Required Information, in light of the circumstances under which
they were made, not materially misleading. Buyer shall keep Sellers informed on a current basis and in reasonable detail of the
status of its efforts to arrange the Debt Financing and promptly upon request provide to Sellers copies (including drafts) of any
definitive debt financing agreement and any other material documents relating to the Debt Financing. No obligations of Sellers,
the Acquired Subsidiaries or any of their Subsidiaries or any of their respective officers, directors, employees, accountants,
consultants, legal counsel, agents and other representatives under any definitive debt financing agreement executed pursuant to
this Section 5.13 shall be required to be effective until the Closing. In addition, notwithstanding anything in this Section
5.13 to the contrary, in fulfilling its obligations pursuant to this Section 5.13, none of Sellers, their Subsidiaries
or their respective officers, directors, employees, accountants, consultants, legal counsel, agents and other representatives shall
be required to (i) pay any commitment or other fee, provide any security or incur any Liability or obligation in connection with
the Debt Financing or any other financing, (ii) take or permit the taking of any action that would reasonably be expected to conflict
with, result in any violation or breach of, or default (with or without lapse of time, or both) under, the Organizational Documents
of Sellers or any of their Subsidiaries, or any applicable Law or material contracts of Sellers or any of their Subsidiaries, (iii)
pass resolutions or consents or approve or authorize the execution of the Debt Financing or any definitive debt financing agreements,
(iv) provide any cooperation that would unreasonably interfere with the ongoing operations of the Acquired Business or (v) disclose
any information which is legally privileged. Buyer acknowledges that the information being provided to it in connection with the
Debt Financing is subject to the terms of Section 5.9 and the Confidentiality Agreement, and none of Sellers or any of Sellers’
Subsidiaries or Affiliates shall have any liability to Buyer or any other Person in respect of any financial statements, other
financial information or data or other information provided pursuant to this Section 5.13.

 

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(b)       Buyer
shall, following request by Sellers, immediately reimburse Sellers for all reasonable and documented out-of-pocket fees, costs
and expenses incurred by Sellers and their Subsidiaries in cooperating with the Debt Financing (including reasonable attorneys’
fees). Buyer shall indemnify, defend, and hold harmless the Sellers and the Acquired Subsidiaries (and their respective Representatives)
from and against any and all liabilities, losses, damages, claims, costs and expenses suffered or incurred by them in connection
with the Debt Financing or any other financing (including the arrangement thereof) and its assistance to Buyer in connection with
the Debt Financing or any other financing (including the arrangement thereof) and any information utilized in connection therewith
(other than any liabilities, losses, damages, claims, costs or expenses resulting from any Required Information or other financial
statements provided pursuant to this Section 5.13 by the Sellers or the Acquired Subsidiaries to Buyer).

 

(c)       With
respect to information disclosed to any rating agency (the “Confidential Rating Agency Information”), Buyer
shall (i) inform such rating agency of the confidential nature of the Confidential Rating Agency Information and mark any such
information provided in writing to such rating agency as “confidential” and (ii) require such rating agency not to
disclose the Confidential Rating Agency Information to any third party or to specifically exclude such information in such ratings
agency’s ratings report. Buyer shall be responsible for any breach of this covenant by any such rating agency. Notwithstanding
anything in this Agreement to the contrary, in no event shall the receipt or availability of any funds or financing (including
the Debt Financing) by or to Buyer or any of its Affiliates or any other financing transaction be a condition to any of Buyer’s
obligations hereunder.

 

5.14        Controlled
Substances. All controlled substances and DEA listed chemicals will be inventoried by Buyer as of the Closing Date and will
be maintained by Buyer or one of its Subsidiaries at Buyer’s or such Subsidiary’s expense as inventory of the applicable
Seller under the authority and control of the Sellers’ Registrations in accordance with existing Seller-established security
systems and procedures. Such controlled substances and DEA listed chemicals will be used, added to and distributed from the registered
address, specified by Buyer with Sellers’ consent (not to be unreasonably withheld), in accordance with the Sellers’
Registrations until the earlier of (x) such date as the requisite Buyer Registrations are issued to Buyer or one of its Subsidiaries
or (y) the date on which Sellers are permitted to dissolve their legal existence pursuant to the terms herein. The controlled substances
and DEA listed chemicals will be inventoried and transferred to Buyer or its applicable Subsidiary under the Buyer Registrations.
With respect to transactions entered into with suppliers and customers, and internal use and transfer of controlled substances,
the internal and external documentation of such transactions and activities, including recordkeeping, reporting and invoicing,
shall be kept in accordance with the Sellers’ Registrations; provided, however, to the extent permitted under
applicable regulations or guidance, documentation may be issued and maintained in the name of Buyer or its Subsidiaries. Buyer
agrees that, during the period it or its Subsidiaries are operating using the Powers of Attorney, all ownership of title, service
and invoicing is Buyer’s (or such Subsidiary’s) sole responsibility and all documents using Sellers’ license
or registration numbers, if required, will disclose that the shipper is “NMC Atlas, L.P. or one of its subsidiaries under
Power of Attorney from [the appropriate Sellers’ organization that holds the license or Registration]” or such other
disclosure as deemed necessary and appropriate by Buyer, provided such disclosure is approved by the DEA or other applicable Governmental
Entity.

 

    	 	40	 

     

    

 

ARTICLE VI

CONDITIONS TO THE PURCHASE AND SALE

 

6.1          Conditions
to Each Party’s Obligation to Close. The respective obligations of each Party to effect the Asset Purchase shall be subject
to the fulfillment (or waiver in a writing signed by the waiving party, to the extent permissible under applicable Law and provided
that such waiver shall only be effective as to the conditions of the waiving party) at or prior to the Closing of the following
conditions:

 

(a)       no
injunction by any court or other tribunal of competent jurisdiction shall have been entered and shall continue to be in effect
and no Law shall have been adopted that remains in effect, in each case, that prevents, enjoins, prohibits or makes illegal the
consummation of the Asset Purchase; and

 

(b)       any
waiting periods applicable to the Asset Purchase under any Antitrust Laws of the Federal Republic of Germany or the Republic of
Austria have expired or been terminated and/or the relevant approvals under such Laws have been acquired.

 

6.2          Conditions
to Obligation of Sellers to Close. The obligation of Sellers to sell the Purchased Assets at Closing is further subject to
the fulfillment (or waiver in a writing signed by Sellers, to the extent permissible under applicable Law) at or prior to the Closing
of the following conditions:

 

(a)       the
representations and warranties of Buyer contained herein shall be true and correct in all material respects as of the Agreement
Date and as of the Closing Date as though made on and as of such date (except to the extent such representations and warranties
speak as of an earlier date, in which case, such representations and warranties shall be true and correct in all material respects
as of such earlier date);

 

(b)       Buyer
shall have performed and complied in all material respects with all covenants required by this Agreement to be performed or complied
with by Buyer prior to Closing;

 

(c)       Buyer
shall have delivered to Sellers a certificate, dated the Closing Date and signed by a duly authorized executive officer (in such
officer’s capacity as such and not individually) of Buyer, certifying to the effect that the conditions set forth in Section
6.2(a) and Section 6.2(b) have been satisfied;

 

(d)       Buyer
shall have satisfied the Base Purchase Price in accordance with Section 2.2;

 

(e)       Buyer
shall be prepared to deliver, or cause to be delivered, to Sellers the items set forth in Section 2.7; and

 

(f)       the
Sale Order shall have been entered, is not subject to any stay and is in effect.

 

6.3          Conditions
to Obligation of Buyer to Close. The obligation of Buyer to purchase the Purchased Assets at Closing is further subject to
the fulfillment (or the waiver in a writing signed by Buyer, to the extent permissible under applicable Law) at or prior to the
Closing of the following conditions:

 

(a)       (i)
the representations and warranties contained in Section 3.2 (other than the second sentence of Section 3.2(a)) shall
be true and correct as of the Agreement Date and as of the Closing Date as though made on and as of such date (except to the extent
such representations and warranties speak as of an earlier date, in which case, such representations and warranties shall be true
and correct in all respects as of such earlier date) in all respects except for de minimis inaccuracies and (ii) each of
the representations and warranties contained herein (other than those listed in clause (i)) shall be true and correct as of the
Agreement Date and as of the Closing Date as though made on and as of such date (except to the extent such representations and
warranties speak as of an earlier date, in which case, such representations and warranties shall be true and correct in all respects
as of such earlier date), interpreted without giving effect to any Material Adverse Effect or materiality qualifications or exceptions
contained therein, except where all failures of such representations and warranties to be true and correct, in the aggregate, do
not have, or would not reasonably be expected to have, a Material Adverse Effect;

 

    	 	41	 

     

    

 

(b)       Sellers
shall have performed and complied in all material respects with all covenants required by this Agreement to be performed or complied
with by them prior to the Closing (which, for the avoidance of doubt, shall not include Section 5.13 or the transactions
referred to in Section 5.8(d));

 

(c)       each
Seller shall have delivered to Buyer a certificate, dated the Closing Date and signed by a duly authorized executive officer (in
such officer’s capacity as such and not individually) of such Seller, certifying to the effect that the conditions set forth
in Section 6.3(a) and Section 6.3(b) have been satisfied;

 

(d)       Sellers
shall be prepared to deliver, or cause to be delivered, to Buyer all of the items set forth in Section 2.8; provided,
however, that (i) provision of the certifications referenced in Section 2.8(e) shall not be a condition to Closing
and (ii) the sole remedy for failure to provide such certifications shall be that Buyer shall be entitled to withhold any amount
required to be withheld pursuant to applicable Law;

 

(e)       the
Sale Order shall have been entered, is not subject to any stay, is in effect and has become a Final Order; and

 

(f)       from
the date of this Agreement until the Closing, there shall not have been a Material Adverse Effect.

 

ARTICLE VII

TERMINATION

 

7.1          Termination.
Notwithstanding anything in this Agreement to the contrary, this Agreement may be terminated, and the transactions contemplated
hereby may be abandoned, at any time prior to the Closing, as follows:

 

(a)       by
the mutual written consent of Sellers and Buyer;

 

(b)       by
either Sellers or Buyer, if the transactions contemplated hereby (other than the transactions referred to in Section 5.8(d)),
including the Asset Purchase, shall not have been consummated on or prior to 5:00 p.m. New York City Time, on September 30, 2019
(the “End Date”); provided that, if as of the End Date any of the conditions set forth in Section
6.1(a) (solely to the extent such condition has not been satisfied due to an order or injunction arising under any Antitrust
Law) or Section 6.1(b) shall not have been satisfied or waived, the End Date may be extended on one occasion by either Buyer
or Sellers for a period of up to ninety (90) days by written notice to the other Party, and such date, as so extended, shall be
the End Date; provided further that the right to terminate this Agreement pursuant to this Section 7.1(b) shall not
be available to a Party if the failure of the transactions contemplated hereby to be consummated by such date shall be due to the
breach by such Party of any covenant or other agreement of such Party set forth in this Agreement;

 

(c)       by
either Sellers or Buyer, if an Order by a Governmental Entity of competent jurisdiction shall have been issued permanently restraining,
enjoining or otherwise prohibiting the consummation of the transactions contemplated hereby and such Order shall have become final
and nonappealable; provided that the right to terminate this Agreement pursuant to this Section 7.1(c) shall not
be available to a Party if such Order resulted from, or could have been avoided but for, the breach by such Party of any covenant
or other agreement of such Party set forth in this Agreement;

 

    	 	42	 

     

    

 

(d)       by
Sellers, if Buyer shall have materially breached or there is a material inaccuracy in any of its representations or warranties,
or shall have materially breached or materially failed to perform any covenants or other agreements contained in this Agreement,
which material breach, material inaccuracy or material failure to perform (i) if it occurred or was continuing to occur on the
Closing Date, would result in a failure of a condition set forth in Section 6.2(a) or Section 6.2(b) and (ii) is
either not curable or is not cured by the End Date; provided that the Sellers’ right to terminate this Agreement pursuant
to this Section 7.1(d) shall not be available to Sellers if a Seller shall have materially breached or there is any material
inaccuracy in any of its representations or warranties, or shall have materially breached or materially failed to perform any of
its covenants or other agreements contained in this Agreement;

 

(e)       by
Buyer, if Sellers shall have materially breached or there is a material inaccuracy in any of their representations or warranties,
or shall have materially breached or materially failed to perform any of their covenants or other agreements contained in this
Agreement, which material breach, material inaccuracy or material failure to perform (i) if it occurred or was continuing to occur
on the Closing Date, would result in a failure of a condition set forth in Section 6.3(a) or Section 6.3(b) and (ii)
is either not curable or is not cured by the End Date; provided that the Buyer’s right to terminate this Agreement
pursuant to this Section 7.1(e) shall not be available to Buyer if Buyer shall have materially breached or there is any
material inaccuracy in any of its representations or warranties, or shall have materially breached or materially failed to perform
any of its covenants or other agreements contained in this Agreement;

 

(f)        by
Buyer, if, subject to Section 7.1(j), the Sale Order has not been entered by the Bankruptcy Court by April 30, 2019;

 

(g)       by
Buyer, if the Bankruptcy Case is dismissed or converted to a case under Chapter 7 of the Bankruptcy Code for any reason prior to
the Closing Date;

 

(h)       by
Buyer, if the Sale Order is modified in any material respect to the detriment of Buyer without the consent of Buyer, such consent
not to be unreasonably withheld, conditioned or delayed;

 

(i)        by
Buyer, if the Bankruptcy Court enters an order pursuant to Section 362 of the Bankruptcy Code lifting or modifying the automatic
stay with respect to any material portion of the Purchased Assets;

 

(j)        by
either Sellers or Buyer, if (A) the Bankruptcy Court approves, and Sellers consummate, an Alternative Transaction or (B) Buyer
is not the Successful Bidder at the Auction; provided that, if Buyer is not the Successful Bidder at the Auction, but is
the Back-Up Bidder, then notwithstanding anything to the contrary contained herein, (i) Buyer shall not be permitted to terminate
this Agreement pursuant to this Section 7.1(j), Section 7.1(f) or Section 7.1(h) until the Back-Up Period
End Date; provided, further, that Buyer shall not be permitted to terminate this Agreement pursuant to this Section
7.1(j) if Buyer is then in breach of the terms of this Agreement, which such breach would give rise to the failure of a condition
set forth in Section 6.2 and cannot be cured or, if such breach can be cured, has not been cured within twenty (20) days
following delivery of written notice of such breach; or

 

    	 	43	 

     

    

 

(k)       by
Sellers, if (i) all of the conditions set forth in Sections 6.1 and 6.3 are satisfied (except for any conditions
that by their nature can only be satisfied on the Closing Date, but subject to satisfaction of such conditions on the Closing Date
or waiver by the Party entitled to waive such conditions in accordance with the terms thereof), (ii) Sellers have irrevocably confirmed
in writing to Buyer that (A) all of the conditions set forth in Sections 6.1 and 6.2 to Sellers’ obligations
have been satisfied or waived (except for any conditions that by their nature can only be satisfied on the Closing Date, but subject
to the satisfaction of such conditions on the Closing Date or waiver by the Party entitled to waive such conditions in accordance
with the terms thereof), and (B) they are ready, willing and able to take the actions within their control to cause the Closing
to occur, and (iii) Buyer fails to consummate the transactions contemplated by this Agreement, on the terms and subject to the
conditions set forth in this Agreement, within five (5) Business Days (time being of the essence) following delivery of the confirmation
by Sellers required by clause (ii) of this Section 7.1(k); provided, however, that (A) the confirmation required
by clause (ii) of this Section 7.1(k) shall not be delivered to Buyer until the date on or after April 29, 2019 that is
the third Business Day following satisfaction or waiver of all conditions to the Parties’ obligations set forth in ARTICLE
VI (except for any conditions that by their nature can only be satisfied on the Closing Date, but subject to satisfaction of such
conditions on the Closing Date or waiver by the Party entitled to waive such conditions in accordance with the terms thereof),
and if it is delivered prior to such date, the delivery date shall be deemed to be the third Business Day on or after April 29,
2019 following satisfaction or waiver of all conditions as set forth above and (B) for the avoidance of doubt, Sellers shall not
be entitled to terminate this Agreement or retain the Good Faith Deposit as a result of the Closing not occurring prior to May
9, 2019.

 

7.2          Effect
of Termination. In the event of termination of this Agreement pursuant to Section 7.1, this Agreement shall terminate
(except that the Confidentiality Agreement, Section 2.3, the last sentence of Section 5.8(d), Section 5.13(b),
this Section 7.2, Section 7.3, and ARTICLE VIII shall survive any termination), and there shall be no other
Liability on the part of Sellers or Buyer to the other Party, other than as set forth in Section 2.3; provided that
nothing herein shall relieve any Party from Liability for a Willful Breach of its covenants or agreements set forth in this Agreement
prior to such termination or relieve Buyer from Liability for any Willful Breach of its obligations to consummate the transactions
contemplated hereby, in which case, the aggrieved Party shall be entitled to all rights and remedies available at law or in equity.
In the event of termination of this Agreement, and regardless of the reason for the termination, the Confidentiality Agreement
shall continue in full force and effect in accordance with its terms and any such termination shall not amend, modify, release,
waive or otherwise limit any rights or obligations under the Confidentiality Agreement.

 

7.3          Break-Up
Fee; Expense Reimbursement.

 

(a)       Sellers
acknowledge (i) that Buyer has made a substantial investment in time and incurred substantial out-of-pocket expenses in connection
with the negotiation and execution of this Agreement, its due diligence with respect to the Purchased Assets, and its efforts to
consummate the transactions contemplated hereby, and (ii) that Buyer’s efforts have substantially benefited Sellers and will
benefit Sellers and will benefit the bankruptcy estate of Sellers through the submission of the offer reflected in this Agreement
which will serve as a minimum bid on which other potentially interested bidders can rely. Therefore, as compensation for entering
into this Agreement, taking action to attempt to consummate the transactions contemplated hereby and incurring the costs and expenses
related thereto and other losses and damages, including foregoing other opportunities, subject to limitations set forth in the
Bidding Procedures, Sellers agree, jointly and severally, to pay to Buyer the Expense Reimbursement, plus an amount equal to six
million seven hundred sixty thousand dollars ($6,760,000.00) (the “Break-Up Fee”) promptly following (a) this
Agreement being validly terminated by Buyer or Sellers pursuant to Section 7.1(j) and (b) Sellers receiving the cash consideration
in connection with the closing of the Alternative Transaction.

 

    	 	44	 

     

    

 

7.4          Return
of Good Faith Deposit. In the event that this Agreement is validly terminated pursuant to Section 7.1(a), 7.1(b),
7.1(c), 7.1(e), 7.1(f), 7.1(g), 7.1(h), 7.1(i), or 7.1(j), the Good Faith Deposit
Escrow Holder shall disburse to Buyer any amounts held in the Good Faith Deposit Escrow pursuant to the Bidding Procedures.

 

ARTICLE VIII

MISCELLANEOUS

 

8.1          No
Survival. The representations, warranties, covenants and agreements in this Agreement or in any instrument delivered pursuant
to this Agreement shall not survive the Closing and shall be extinguished by the Closing and the consummation of the transactions
contemplated hereby, except for covenants and agreements that, by their terms, contemplate performance after, or otherwise expressly
by their terms survive, the Closing.

 

8.2          Expenses.
Except as otherwise provided in this Agreement, whether or not the Asset Purchase is consummated, all costs and expenses incurred
in connection with the Asset Purchase, this Agreement and the transactions contemplated hereby shall be paid by the Party incurring
or required to incur such expenses; provided that Buyer shall pay all filing fees required under the HSR Act and all fees
and expenses of the Escrow Agent.

 

8.3          Counterparts;
Effectiveness. This Agreement may be executed in counterparts, each of which shall be an original, with the same effect as
if the signatures thereto and hereto were upon the same instrument, and shall become effective when one or more counterparts have
been signed by each of the Parties and delivered (by telecopy, electronic delivery or otherwise) to the other Parties. Signatures
to this Agreement transmitted by facsimile transmission, by electronic mail in “portable document format” form, or
by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same
effect as physical delivery of the paper document bearing the original signature.

 

8.4          Governing
Law; Jurisdiction.

 

(a)       This
Agreement, and all claims or causes of action (whether at Law, in contract, in tort or otherwise) that may be based upon, arise
out of or relate to this Agreement or the negotiation, execution or performance hereof, shall be governed by and construed in accordance
with the laws of the State of New York, without giving effect to any choice or conflict of law provision or rule (whether of the
State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State
of New York.

 

(b)       All
Proceedings arising out of or relating to this Agreement, including the resolution of any and all disputes hereunder, shall be
heard and determined in the Bankruptcy Court, and the Parties irrevocably submit to the exclusive jurisdiction of the Bankruptcy
Court in any such Proceeding and irrevocably waive the defense of an inconvenient forum to the maintenance of any such Proceeding.
The Parties consent to service of process by mail (in accordance with Section 8.7) or any other manner permitted by law.

 

    	 	45	 

     

    

 

8.5          Remedies.

 

(a)       The
Parties agree and acknowledge that if any of the provisions of this Agreement were not performed in accordance with their specific
terms or were otherwise breached, irreparable damage would occur, no adequate remedy at law would exist and damages would be difficult
to determine, and accordingly (i) each of the Parties shall be entitled to, and may seek in the alternative, such remedies as are
available at law and in equity, and (ii) (A) except as otherwise provided in Section 8.5(b) and Section 8.5(c), the
Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and shall be entitled to specific
performance of the terms hereof, in each case, in the Bankruptcy Court (as set forth in Section 8.4(b)), this being in addition
to any other remedy to which they are entitled at law or in equity, (B) the Parties waive any requirement for the securing or posting
of any bond in connection with the obtaining of any specific performance or injunctive relief and (C) the Parties agree, in any
action for specific performance, that there is no adequate remedy at law. In circumstances where Buyer is obligated to consummate
the Asset Purchase and the Asset Purchase has not been consummated, Buyer expressly acknowledges and agrees that Sellers shall
have suffered irreparable harm, that monetary damages will be inadequate to compensate Sellers, and that Sellers shall be entitled
(in addition to any other remedy that may be available to them whether in law or equity, including monetary damages) to enforce
specifically Buyer’s obligations to consummate the Asset Purchase. Sellers’ pursuit of specific performance at any
time will not be deemed an election of remedies or waiver of the right to pursue any other right or remedy to which Sellers may
be entitled. In no event shall the Parties be entitled to receive both a grant of specific performance of the consummation of the
Asset Purchase pursuant to this Section 8.5 and monetary damages to which it is entitled pursuant to this Agreement with
respect to termination of this Agreement. For the avoidance of doubt, the Parties shall be entitled to seek the remedies provided
herein in the alternative, and not be required to elect their remedies, in any Proceeding brought to seek redress for the failure
of Buyer to consummate the Asset Purchase pursuant to this Agreement.

 

(b)       In
the event of any breach prior to the Closing by Sellers of any of Sellers’ agreements, representations, or warranties contained
herein or in the Bidding Procedures Order or the Sale Order, including any Willful Breach, Buyer’s sole and exclusive remedies
shall be (i) to exercise Buyer’s rights to terminate this Agreement pursuant to ARTICLE VII, in accordance with the
terms of such ARTICLE VII, (ii) the return of the Good Faith Deposit as provided in Section 2.3, and (iii) to the
Break-Up Fee or the Expense Reimbursement, as applicable, if earned in accordance with Section 7.3, and Buyer shall not
have any further cause of action for damages, specific performance, or any other legal or equitable relief against Sellers with
respect thereto.

 

(c)       In
the event of any breach prior to the Closing by Buyer of any of Buyer’s agreements, representations, or warranties contained
herein, including any Willful Breach, Sellers’ sole and exclusive remedies shall be (i) to exercise Sellers’ rights
to terminate this Agreement pursuant to ARTICLE VII, in accordance with the terms of such ARTICLE VII, (ii) the payment
of the Good Faith Deposit as provided in Section 2.3, and (iii) to enforce any provision of this Agreement pursuant to clause
(ii) of Section 8.5(a) and the two sentences that immediately follow such clause (and, in the case of a Willful Breach of
this Agreement by Buyer, to enforce any provision of this Agreement pursuant to any provision of Section 8.5(a)).

 

8.6          WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY.

 

8.7          Notices.
All notices and other communications hereunder shall be in writing and shall be deemed given (a) upon personal delivery to the
Party to be notified; (b) when received when sent by email or facsimile by the Party to be notified; provided that notice
given by email or facsimile shall not be effective unless either (i) a duplicate copy of such email or fax notice is promptly given
by one of the other methods described in this Section 8.7 or (ii) the receiving Party delivers a written confirmation of
receipt for such notice either by email or fax or any other method described in this Section 8.7; or (c) when delivered
by a courier (with confirmation of delivery); in each case to the Party to be notified at the following address:

 

    	 	46	 

     

    

 

To Buyer:

 

c/o New Mountain Capital, L.L.C. 

787 Seventh Avenue, 49th
Floor 

New York, New York 10019 

Attention:Andre Moura; Joe
Walker 

Email:AMoura@newmountaincapital.com;
JWalker@newmountaincapital.com

 

with a copy (which
shall not constitute notice) to:

 

Ropes & Gray LLP 

1211 Avenue of the Americas 

New York, New York 10036 

Attention:John E. Sorkin;
Robb Tretter; Matthew Roose 

Email:john.sorkin@ropesgray.com;
robb.tretter@ropesgray.com;

Matthew.Roose@ropesgray.com

 

To Sellers:

 

Aceto Corporation

4 Tri Harbor Ct.

Port Washington, NY 11050

Attention: Steven S. Rogers, Chief Legal Officer

Facsimile: (516) 478-9857

Email: srogers@aceto.com

 

with a copy (which
shall not constitute notice) to:

 

Lowenstein Sandler LLP

1251 Avenue of the Americas

New York, New York 10020

Facsimile:    (973) 597-2507

Attention:    Steven E. Siesser, Esq.

Peter H. Ehrenberg, Esq.

		Email:	ssiesser@lowenstein.com

pehrenberg@lowenstein.com

 

or to such other address as any Party shall
specify by written notice so given, and such notice shall be deemed to have been delivered as of the date so telecommunicated or
personally delivered. Any Party may notify any other Party of any changes to the address or any of the other details specified
in this Section 8.7; provided that such notification shall only be effective on the date specified in such notice
or five (5) Business Days after the notice is given, whichever is later. Rejection or other refusal to accept or the inability
to deliver because of changed address of which no notice was given shall be deemed to be receipt of the notice as of the date of
such rejection, refusal or inability to deliver.

 

    	 	47	 

     

    

 

8.8          Assignment;
Binding Effect. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned or delegated
by any of the Parties without the prior written consent of the other Parties. Subject to the first sentence of this Section
8.8, this Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and
assigns. Any purported assignment not permitted under this Section 8.8 shall be null and void. Notwithstanding anything
in this Section 8.8 to the contrary, Buyer may, without any required consent from any other Party, assign or transfer this
Agreement or any of its rights or obligations hereunder (a) to any of its Affiliates, (b) to any acquirer of all or substantially
all of the business or assets of the Acquired Business or Buyer after the Closing or (c) as a collateral assignment to its or its
Affiliates lenders in connection with any debt financing arrangements of Buyer or its Affiliates; provided, that no such
assignment shall relieve Buyer of any Liability or obligation hereunder until such Liability or obligation has been performed.

 

8.9          Severability.
Any term or provision of this Agreement that is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms
and provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable,
such provision shall be interpreted to be only so broad as is enforceable.

 

8.10         Entire
Agreement. This Agreement together with the exhibits hereto, schedules hereto and the Confidentiality Agreement constitute
the entire agreement, and supersede all other prior agreements and understandings, both written and oral, between the Parties,
or any of them, with respect to the subject matter hereof and thereof, and this Agreement is not intended to grant standing to
any Person other than the Parties. If the Parties or any of their Affiliates are required by Law to enter into any local transfer
(or similar) agreements to effect the transfer of any share certificates as contemplated by Section 2.8(h) (each, a “Local
Transfer Agreement”), the Parties agree that such Local Transfer Agreements shall serve purely to effect the legal transfer
of such shares and shall not expand or limit the rights and obligations of the Parties beyond those provided for in this Agreement.
In furtherance of the foregoing, no Local Transfer Agreement shall provide for any additional rights or obligations of the Parties
or their respective Affiliates that are not provided for in this Agreement. In the event of any conflict between the terms of this
Agreement and any Local Transfer Agreement, the Parties agree and acknowledge that the terms of this Agreement shall control.

 

8.11         Amendments;
Waivers. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and
signed, in the case of an amendment, by Sellers and Buyer or, in the case of a waiver, by the Party against whom the waiver is
to be effective. Notwithstanding the foregoing, no failure or delay by any Party in exercising any right hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise of any other right
hereunder.

 

8.12         Headings.
Headings of the Articles and Sections of this Agreement are for convenience of the Parties only and shall be given no substantive
or interpretive effect whatsoever. The table of contents to this Agreement is for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement.

 

8.13         No
Third-Party Beneficiaries. Each of Sellers and Buyer agree that, except to the extent expressly provided in this Agreement
(a) its representations, warranties, covenants and agreements set forth herein are solely for the benefit of the other Parties,
in accordance with and subject to the terms of this Agreement, and (b) this Agreement is not intended to, and does not, confer
upon any Person other than the Parties any rights or remedies hereunder, including the right to rely upon the representations and
warranties set forth herein.

 

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8.14        Interpretation.
When a reference is made in this Agreement to an Article or Section, such reference shall be to an Article or Section of this Agreement
unless otherwise indicated. Whenever the words “include,” “includes” or “including” are used
in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement, unless the context otherwise requires. The word “or”
shall not be deemed to be exclusive. The word “extent” and the phrase “to the extent” when used in this
Agreement shall mean the degree to which a subject or other thing extends, and such word or phrase shall not mean simply “if.”
All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered
pursuant thereto unless otherwise defined therein. The definitions contained in this Agreement are applicable to the singular as
well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. References
in this Agreement to specific laws or to specific provisions of laws shall include all rules and regulations promulgated thereunder.
Each of the Parties has participated in the drafting and negotiation of this Agreement. If an ambiguity or question of intent or
interpretation arises, this Agreement must be construed as if it is drafted by all the Parties, and no presumption or burden of
proof shall arise favoring or disfavoring any Party by virtue of authorship of any of the provisions of this Agreement.

 

8.15        Non-Recourse.
Notwithstanding anything herein to the contrary, no director, manager, officer, agent or representative of, Affiliate (or director,
manager, officer, agent or representative of an Affiliate) of, or direct or indirect equity owner in, any Sellers shall have any
personal liability to either Buyer or any other Person as a result of the breach of any representation, warranty, covenant, agreement
or obligation of Sellers in this Agreement, and no director, manager, officer, agent or representative of, Affiliate (or director,
manager, officer, agent or representative of an Affiliate) of, or direct or indirect equity owner in, Buyer shall have any personal
liability to Sellers or any other Person as a result of the breach of any representation, warranty, covenant, agreement or obligation
of Buyer in this Agreement.

 

8.16        Definitions.

 

(a)       Certain
Specified Definitions. As used in this Agreement:

 

“Accounting
Firm” means an accounting firm of national reputation mutually acceptable to Buyer and Sellers, with no existing relationship
with either Buyer or Sellers.

 

“Accounting
Principles” means GAAP applied using the same accounting methods, practices, principles, policies and procedures, with
consistent classifications, judgments and valuation and estimation methodologies that were used in the preparation of the Most
Recent Balance Sheet and the Illustrative Calculation, subject to the modifications and limitations set forth on Section 8.16(a)
of the Sellers Disclosure Schedule. For the avoidance of doubt, all intercompany accounts payable and intercompany accounts receivable
shall be excluded from the Illustrative Calculation and the definition of “Net Current Assets.”

 

“Accounts
Receivable” means all third party accounts receivable and other rights to payment of Sellers or the Acquired Subsidiaries,
and the full benefit of all security for such accounts receivable or rights to payment, including all accounts receivable in respect
of goods shipped or products sold or services rendered to customers by Sellers or the Acquired Subsidiaries, any other miscellaneous
accounts receivable of Sellers or the Acquired Subsidiaries, and any claim, remedy or other right of Sellers or the Acquired Subsidiaries
related to any of the foregoing, in each case derived primarily from the operation of the Acquired Business, as reflected in the
Closing Statement prepared in accordance with the Accounting Principles and consistent with the Illustrative Calculation.

 

    	 	49	 

     

    

 

“Accrued Liabilities”
means, without duplication, any Liabilities of the Acquired Business for: (i) deferred income (including any profit sharing arrangements);
(ii) accrued payroll (including, for the avoidance of any doubt, both the employee and employer portions of accrued payroll Taxes,
Assumed Plan contributions and premium payments and unemployment contributions); (iii) accrued (to the extent not paid by Sellers)
and unused vacation and paid time off (“PTO”) to which the employees of the Acquired Business are entitled pursuant
to the PTO policies of Sellers applicable to such employees immediately prior to the Closing Date; (iv) retention bonus and key
employee incentive obligations, severance obligations, enhanced executive severance arrangements and change of control payments;
(v) any liabilities in connection with product returns, rebates, credits and related claims and any rights under or pursuant to
any and all warranties, representations and guarantees made by suppliers, manufacturers and contractors relating to products sold,
or services provided, to each Seller; (vi) unearned revenue; (vii) accrued and unpaid property, public utility commission and sales
Taxes of Sellers attributable under the principles of Section 5.8(c) to periods (or portions thereof) ending on or before
the Closing Date (as determined in accordance with the past practices of the relevant Seller and reduced (but not below zero) by
refunds, credits or other receivables (including VAT receivable) in respect of such Taxes) and (viii) annual bonuses, annual cash
incentives, short-term cash bonuses or commissions, in each case as reflected in the Closing Statement prepared in accordance with
the Accounting Principles and consistent with the Illustrative Calculation.

 

“Aceto Bermuda”
means Aceto Ltd., a company organized under the laws of Bermuda.

 

“Aceto HK”
means Aceto (Hong Kong) Ltd., a company organized under the laws of the Hong Kong Special Administrative Region of the People's
Republic of China.

 

“Aceto Shanghai”
means Aceto (Shanghai) Ltd.

 

“Acquired
Business” means the Chemical Plus Business as conducted by Sellers and the Acquired Subsidiaries as of the Agreement
Date. For the avoidance of doubt, the Acquired Business excludes the assets and liabilities primarily related to the Pharma Business.

 

“Acquired
Real Property” means the Owned Real Property and Leased Real Property subject to Assumed Real Property Lease(s).

 

“Acquired
Subsidiaries” means, collectively, the Purchased Subsidiaries and the Subsidiaries of the Purchased Subsidiaries (including,
for the avoidance of doubt, the Joint Venture).

 

“Adjustment
Time” means 12:01 a.m. New York, New York time on the Closing Date.

 

“Affiliate”
means, as to any Person, any other Person which directly or indirectly controls, or is under common control with, or is controlled
by, such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled
by” and “under common control with”) shall mean possession, directly or indirectly, of the power to direct or
cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests,
by contract or otherwise) of such Person.

 

“Alternative
Bid” means a higher or better competing bid, including in consideration of any sale, transfer, liquidation, or disposition
of the Acquired Business, the Purchased Assets or the Acquired Subsidiaries or of a plan of reorganization or liquidation with
respect to the Acquired Business, the Purchased Assets or the Acquired Subsidiaries.

 

“AMR”
means the State Administration of Market Regulation of the PRC or its local counterpart.

 

    	 	50	 

     

    

 

“Alternative
Transaction” means one or more agreements to sell, transfer, liquidate or otherwise dispose of any material portion of
the Purchased Assets, either alone or together with any other portion of the Business, in a transaction or series of transactions
(other than in the Ordinary Course of Business) with one or more Persons, other than Buyer, pursuant to an Alternative Bid that
actually closes.

 

“Ancillary
Documents” means the Bill of Sale, the Assignment and Assumption Agreement, the Assignment of Intellectual Property,
the Assignment and Assumption of Leases, the Escrow Agreement and each other agreement, document or instrument (other than this
Agreement) executed and delivered by the Parties in connection with the consummation of the transactions contemplated hereby.

 

“Assignment
and Assumption Agreement” means an assignment and assumption agreement in substantially the form of Exhibit B.

 

“Auction”
has the meaning specified in the Bidding Procedures Order.

 

“Back-Up Bidder”
has the meaning specified in the Bidding Procedures Order.

 

“Back-Up Period
End Date” means the earliest of (a) the date upon which an Alternative Transaction has been consummated following approval
by the Bankruptcy Court, (b) 90 days after entry of the Order of the Bankruptcy Court pursuant to, inter alia, Section 363
and/or Section 365 of Bankruptcy Code approving the sale of the Acquired Business (or a substantial portion thereof) to the Successful
Bidder (to the extent the Successful Bidder is not Buyer) and (c) August 15, 2019.

 

“Bidding Procedures”
means the bidding procedures attached as Exhibit 1 to the Bidding Procedures Order.

 

“Bidding Procedures
Order” means the order of the Bankruptcy Court entered on March 15, 2019 at docket number 142.

 

“Bill of Sale”
means a bill of sale in substantially the form attached hereto as Exhibit C.

 

“Books and
Records” means all Tax Returns, books, records, files, invoices, inventory records, personnel records and Forms I-9,
product specifications, advertising, marketing, and promotional materials, customer lists, cost and pricing information, supplier
lists, business plans, catalogs, customer literature, quality control records and manuals, research and development files, records
and laboratory books and credit records of customers (including all data and other information stored on discs, tapes or other
media).

 

“Bribery Legislation”
means all and any of the following: the Foreign Corrupt Practices Act of 1977, as amended; the Organization For Economic Co-operation
and Development Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and related
implementing legislation; the relevant common law or legislation in England and Wales relating to bribery and/or corruption, including,
the Public Bodies Corrupt Practices Act 1889; the Prevention of Corruption Act 1906 as supplemented by the Prevention of Corruption
Act 1916 and the Anti-Terrorism, Crime and Security Act 2001; the Bribery Act 2010; the Proceeds of Crime Act 2002; and any applicable
anti-bribery or anti-corruption related provisions in criminal and anti-competition laws and/or anti-bribery, anti-corruption and/or
anti-money laundering laws of any jurisdiction in which the Acquired Business operates.

 

“Business
Day” means any day other than a Saturday, Sunday or any other calendar day on which commercial banks in New York, New
York are authorized or required by Law to remain closed.

 

    	 	51	 

     

    

 

“Cash”
means, as of Adjustment Time, all cash and cash equivalents of the Acquired Business, as determined in accordance with GAAP using
the same accounting methods, policies, practices and procedures, with consistent classifications, judgments and estimation methodology,
as were used in the preparation of the Most Recent Balance Sheet, excluding the effects of transactions on the Closing Date after
the Closing outside of the Ordinary Course of Business. Notwithstanding the foregoing, “Cash” shall include
uncashed and uncleared checks and other deposits or transfers received or deposited for the accounts of Sellers or the Acquired
Subsidiaries, including ACH transactions and other wire transfers, but shall exclude all outbound ACH and issued but uncleared
checks, in each case, as of the Adjustment Time.

 

“Chemical
Plus Business” means the Nutritional Business Sub Segment, Performance Chemicals, and Pharmaceutical Ingredients.

 

“Claim”
has the meaning given that term in Section 101(5) of the Bankruptcy Code and includes, inter alia, all rights, claims, causes
of action, defenses, debts, demands, damages, offset rights, setoff rights, recoupment rights, obligations and liabilities of any
kind or nature under contract, at law or in equity, known or unknown, contingent or matured, liquidated or unliquidated, and all
rights and remedies with respect thereto.

 

“Closing Cash
Amount” means, as of the Adjustment Time, an amount equal to (a) Cash of the Acquired Subsidiaries up to an amount equal
to $8,000,000 (such amount, the “Operating Cash Amount”) and (b) (i) Cash of the Acquired Subsidiaries in excess
the Operating Cash Amount multiplied by (ii) 0.90 (such amount, the “Excess Cash Amount”), in each case,
calculated as of the Adjustment Time and calculated less any amounts of Cash used on the Closing Date after the Adjustment Time
and prior to the Closing to repay Indebtedness of the Acquired Subsidiaries or Transaction Expenses that would have otherwise been
taken into account in calculating the Purchase Price if unpaid at the Closing.

 

“Closing Debt
Amount” means the aggregate amount of Indebtedness of the Acquired Subsidiaries (including any intercompany Indebtedness
owed to the Sellers or their respective Affiliates (other than another Acquired Subsidiary)) existing as of the time of the Closing.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

“Comparable
Compensation and Benefits” means a base salary, wage rate, annualized fixed or guaranteed remuneration, and opportunities
to receive target incentive, commission or performance pay (other than equity compensation, change-in-control, retention, and severance,
in each case, other than any such obligations under the Assumed Plans), as applicable, and other employee benefit plans and arrangements
(including medical insurance plans and other welfare benefit plans and 401(k) or retirement plans, but excluding any retiree medical
benefits, qualified defined benefit plans, or nonqualified deferred compensation plans, in each case, other than any such obligations
under the Assumed Plans), that are generally comparable in the aggregate to those provided to the applicable employee by Sellers
and the Acquired Subsidiaries immediately prior to the Closing Date.

 

“Comparable
Position” means, with respect to any employee, a position that is substantially similar to the type and geographic location
of the position held by such employee immediately prior to the Closing Date.

 

“Contract”
means any written contract, note, bond, mortgage, indenture, deed of trust, license, lease, agreement, arrangement, commitment
or other instrument or obligation that is legally binding.

 

    	 	52	 

     

    

 

“Credit Facility”
means that certain Second Amended and Restated Credit Agreement, dated as of December 21, 2016 (as it may be amended or modified
from time to time), among Parent, as borrower, the other loan parties party thereto, the lenders party thereto and Wells Fargo
Bank, National Association, as administrative agent.

 

“DEA”
means the United States Drug Enforcement Administration.

 

“Environmental
Law” means any Law (i) relating to pollution or the protection, preservation or restoration of the environment (including
air, surface water, groundwater, drinking water supply, surface land, subsurface land, plant and animal life or any other natural
resource), or any exposure to or release of, or the management of (including the use, storage, recycling, treatment, generation,
transportation, processing, handling, labeling, production or disposal of) any Regulated Substances or (ii) that regulates, imposes
liability (including for enforcement, investigatory costs, cleanup, removal or response costs, natural resource damages, contribution,
injunctive relief, personal injury or property damage) or establishes standards of care with respect to any of the foregoing. The
term “Environmental Law” includes any common law or equitable doctrine (including injunctive relief and tort
doctrines such as negligence, nuisance, trespass and strict liability) that may impose liability or obligations for injuries or
damages due to or threatened as a result of the presence of, exposure to, or ingestion of, any Regulated Substance.

 

“Environmental
Permit” means any permit, certificate, registration, notice, approval, identification number, license or other authorization
required under any applicable Environmental Law.

 

“EPA”
means the United States Environmental Protection Agency.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA Affiliate”
means, with respect to any entity, trade or business, any other entity, trade or business that is a member of a group described
in Section 414(b), (c), (m) or (o) of the Code that includes or included the first entity, trade or business.

 

“Excluded
Subsidiaries” means the Subsidiaries of Sellers other than the Acquired Subsidiaries.

 

“Expense Reimbursement”
means the actual out-of-pocket legal, accounting and other third party advisory or service costs and expenses of Buyer in connection
with the transactions contemplated hereby, in an amount not to exceed two million dollars ($2,000,000).

 

“FDA”
means the U.S. Food and Drug Administration or a successor thereto.

 

“FDCA”
means the Federal Food, Drug and Cosmetic Act of 1938, as amended.

 

“FIFRA”
means the Federal Insecticide, Fungicide, and Rodenticide Act.

 

“Final Order”
means an action taken or Order issued by the applicable Governmental Entity as to which: (i) no request for stay of the action
or Order is pending, no such stay is in effect, and, if any deadline for filing any such request is designated by statute or regulation,
it is passed, including any extensions thereof; (ii) no petition for rehearing or reconsideration of the action or Order, or protest
of any kind, is pending before the Governmental Entity and the time for filing any such petition or protest is passed; (iii) the
Governmental Entity does not have the action or Order under reconsideration or review on its own motion and the time for such reconsideration
or review has passed; and (iv) the action or Order is not then under judicial review, there is no notice of appeal or other application
for judicial review pending, and the deadline for filing such notice of appeal or other application for judicial review has passed,
including any extensions thereof.

 

    	 	53	 

     

    

 

“Governmental
Entity” means any federal, state, local or foreign governmental entity, transnational governmental organization or any
subdivision, court of competent jurisdiction, judicial authority, court, tribunal, arbitral, self-regulatory organization, agency,
authority, department, board, bureau, official or commission or instrumentality, in each case, whether domestic or foreign.

 

“Human Health”
means the business segment of the Sellers historically identified as “Human Health” and comprised of: (i) finished
dosage form generic drugs and nutraceutical products, including the sale of generic prescription products and over-the-counter
pharmaceutical products to leading wholesalers, chain drug stores, distributors and mass merchandisers and (ii) the Nutritional
Business Sub Segment.

 

“Illustrative
Calculation” means the illustrative calculation set forth in Section 8.16(b) of the Sellers Disclosure Schedule.

 

“Indebtedness”
means, as to any Person, without duplication, as of the date of determination (i) all obligations of such Person for borrowed money,
including accrued and unpaid interest, and any prepayment fees or penalties, (ii) all obligations of such Person evidenced by bonds,
debentures, notes or similar instruments, (iii) all lease obligations of such Person capitalized on the Books and Records of such
Person, (iv) all Indebtedness of others secured by a Lien on property or assets owned or acquired by such Person, whether or not
the Indebtedness secured thereby has been assumed, (v) all letters of credit or performance bonds issued for the account of such
Person, to the extent drawn upon, and (vi) all guarantees of such Person of any Indebtedness of any other Person other than a wholly
owned subsidiary of such Person.

 

“Intellectual
Property” means all intellectual property and similar proprietary rights existing anywhere in the world associated with
(i) patents and patent applications, including continuations, divisionals, continuations-in-part, reissues or reexaminations and
patents issuing thereon (collectively, “Patents”), (ii) trademarks, service marks, trade dress, logos, corporate
names, trade names and Internet domain names, together with the goodwill exclusively associated with any of the foregoing, and
all applications and registrations therefor (collectively, “Marks”), (iii) copyrights (including such rights
in software) and registrations and applications therefor, and works of authorship (collectively, “Copyrights”),
(iv) designs, databases and data compilations, and (v) trade secrets and other proprietary and confidential information, including
know-how, inventions (whether or not patentable), processes, formulations, technical data and designs, in each case, excluding
any rights in respect of any of the foregoing that comprise or are protected by Patents (collectively, “Trade Secrets”);
in each case, used for the operation of the Acquired Business.

 

“Intercompany
Accounts Receivable” means all accounts receivable and other rights to payment of any Seller from any Acquired Subsidiary,
and the full benefit of all security for such accounts receivable or rights to payment, including all accounts receivable in respect
of goods shipped or products sold or services rendered to such Acquired Subsidiary by Sellers, any other miscellaneous accounts
receivable of any Seller from any Acquired Subsidiary, and any claim, remedy or other right of any Seller from any Acquired Subsidiary
related to any of the foregoing, in each case derived primarily from the operation of the Acquired Business.

 

“Inventory”
means inventories of materials, parts, raw materials, packaging materials, supplies, spare parts, work-in-process, goods in transit,
finished goods and products, in each case, primarily related to the Acquired Business.

 

    	 	54	 

     

    

 

“Joint Venture”
means Canegrass LLC, a Delaware limited liability company.

 

“knowledge”
means (i) with respect to Buyer, the actual knowledge, after due inquiry, of the individuals listed in Section 8.16(c) of
the Buyer Disclosure Schedule, and (ii) with respect to Sellers, the actual knowledge, after due inquiry, of the individuals listed
on Section 8.16(d) of the Sellers Disclosure Schedule.

 

“Leased Real
Property” means real property leased by, licensed to or otherwise used or occupied (but not owned) by one or more Seller
or any Acquired Subsidiary (other than the Joint Venture) with respect to the Acquired Business.

 

“Liability”
means any debt, loss, Claim, damage, demand, fine, judgment, penalty, liability or obligation (whether direct or indirect, known
or unknown, absolute or contingent, asserted or unasserted, accrued or unaccrued, matured or unmatured, determined or determinable,
liquidated or unliquidated, or due or to become due, and whether in contract, tort, strict liability, successor liability or otherwise),
and including all costs and expenses relating thereto (including fees, discounts and expenses of legal counsel, experts, engineers
and consultants and costs of investigations).

 

“Lien”
means any “Interest” as that term is used in Section 363(f) of the Bankruptcy Code, lien (including any mechanics lien),
encumbrance, pledge, mortgage, indenture, deed of trust, security interest, pledge, hypothecation, claim, lease, charge, escrow,
option, right of first offer, right of first refusal, preemptive right, easement, servitude, reservation, covenant, encroachment,
right of use, right of way, security agreement or other similar agreement, arrangement, contract, commitment, understanding or
obligation (whether written or oral and whether or not relating in any way to credit or the borrowing of money) of any kind with
respect to any Person, or any proxy, voting trust or agreement, transfer restriction under any shareholder or similar agreement
or encumbrance or any other right of a third party in respect of an asset of such Person.

 

“Material
Adverse Effect” means, with respect to Parent (but solely with respect to the Acquired Business), NY Agri and the Acquired
Subsidiaries, any change, effect, event, occurrence or development that has had, or would reasonably be expected to have, individually
or in the aggregate, a material adverse effect on the business, operations or financial condition of Sellers and the Acquired Subsidiaries,
taken as a whole and primarily in respect of the Acquired Business, excluding, however, the impact of (i) the filing of the Bankruptcy
Case or operating in bankruptcy, (ii) any changes or developments in domestic, foreign or global markets or domestic, foreign or
global economic conditions generally, including (A) any changes or developments in or affecting the domestic or any foreign securities,
equity, credit or financial markets and the industry in which Sellers or Acquired Subsidiaries are engaged or (B) any changes or
developments in or affecting domestic or any foreign interest or exchange rates and the industry in which Sellers or Acquired Subsidiaries
are engaged, (iii) changes in GAAP or any official interpretation or enforcement thereof, (iv) changes in Law or any
changes or developments in the official interpretation or enforcement thereof by Governmental Entities, (v) changes in domestic,
foreign or global political conditions (including the outbreak or escalation of war, military actions, or acts of terrorism), including
any worsening of such conditions threatened or existing on the Agreement Date, (vi) changes or developments in the business conditions
or regulatory conditions affecting the industries in which the Acquired Business operates, (vii) the announcement or the existence
of, compliance with or performance under, this Agreement or the transactions contemplated hereby (including the impact thereof
on the relationships, contractual or otherwise, of Sellers or any Acquired Subsidiary with employees, labor unions, financing sources,
customers, suppliers or partners), (viii) weather conditions or other acts of God (including storms, earthquakes, tornados, floods
or other natural disasters), (ix) a decline in the trading price or trading volume of Parent’s common stock or any change
in the ratings or ratings outlook for Parent (provided that the underlying causes thereof may be considered in determining whether
a Material Adverse Effect has occurred if not otherwise excluded hereunder), (x) the failure to meet any projections guidance,
budgets, forecasts or estimates (provided that the underlying causes thereof may be considered in determining whether a
Material Adverse Effect has occurred if not otherwise excluded hereunder), (xi) taken or omitted to be taken by a Seller or any
Acquired Subsidiary at the written request of Buyer or that is not prohibited by this Agreement, (xii) any Proceeding threatened,
made or brought by any of the current or former shareholders of a Seller (or on their behalf or on behalf of such Seller) against
such Seller or any of their respective directors, officers or employees arising out of this Agreement or the transactions contemplated
hereby, (xiii) any Proceeding threatened, made or brought against a Seller for breach of a Material Contract in connection with
the collection of payment due thereunder (whether alone or with other claims) or any modification of credit, cash on delivery or
similar terms of a Material Contract, (xiv) the failure to obtain any approvals or consents from any Governmental Entity in connection
with the transactions contemplated hereby, and (xv) changes in legislation or Law that directly or indirectly affect the purchasing
or selling of products or services sold or provided by Sellers and the Acquired Subsidiaries; except, with respect to clauses
(ii), (iv), (vi), (viii) and (xv), to the extent that such impact is disproportionately adverse
to Sellers and the Acquired Subsidiaries, taken as a whole and primarily in respect of the Acquired Business, relative to others
in the industry or industries in which the Acquired Business operates.

 

    	 	55	 

     

    

 

“MOFCOM”
means the Ministry of Commerce of the PRC and the local counterpart.

 

“Net Current
Assets” means (x) the sum of Inventory, Accounts Receivable and Purchased Deposits and other current assets of the Acquired
Subsidiaries as set forth on the Illustrative Calculation minus (y) the sum of Accounts Payable, Accrued Liabilities (other
than the liabilities described in clause (iv) of the definition of Accrued Liabilities) and other current liabilities of the Acquired
Subsidiaries as set forth on the Illustrative Calculation and, without duplication of any items included in Accrued Liabilities,
accrued and unpaid Tax Liabilities of the Acquired Subsidiaries (limited to 30% of such Tax Liabilities in the case of the Joint
Venture) attributable under the principles of Section 5.8(c), to periods (or portions thereof) ending on or before the Closing
Date (as determined in accordance with the past practices of the relevant Acquired Subsidiary and reduced (potentially below zero)
by any rights to refunds, credits or other receivables (including VAT receivables) in respect of such Taxes), as calculated in
a manner consistent with the Illustrative Calculation and the Accounting Principles as of the Adjustment Time (other than, in the
case of Tax liabilities and Tax assets as contemplated by Section 5.8(c)). For the avoidance of doubt, none of (i) Cash, (ii) Cure
Costs, (iii) time deposits, (iv) Transfer Taxes for which Buyer is responsible pursuant to Section 5.8(b) or (v) Applicable
EIT liability shall be included in the calculation of Net Current Assets.

 

“Net Debt”
means the Closing Debt Amount plus the Transaction Expenses minus the Closing Cash Amount.

 

“Non-U.S.
Seller Benefit Plan” means each Seller Benefit Plan that is maintained outside the jurisdiction of the United States.

 

“Nutritional
Business Sub Segment” means the supply of ingredients and raw materials used in the production of food, nutritional and
packaged dietary supplements, including vitamins, supplements, botanical extracts, amino acids, minerals, iron compounds and biochemicals
used in pharmaceutical and nutritional preparations.

 

“Order”
means any order, injunction, judgment, decree, ruling, writ, assessment or arbitration award of a Governmental Entity.

 

    	 	56	 

     

    

 

“Ordinary
Course of Business” means the ordinary and usual course of day-to-day operations of the Acquired Business (including
acts and omissions of a Seller in the ordinary and usual course) through the date hereof, consistent with past practice or operations
in or pending a bankruptcy.

 

“Organizational
Documents” means (a) the articles or certificates of incorporation and the by-laws of a corporation, (b) the partnership
agreement and any statement of partnership of a general partnership, (c) the limited partnership agreement and the certificate
of limited partnership of a limited partnership, (d) the operating or limited liability company agreement and the certificate of
formation of a limited liability company, (e) any charter, joint venture agreement or similar document adopted or filed in connection
with the creation, formation or organization of a Person not described in clauses (a) through (d), and (f) any amendment to or
equivalent of any of the foregoing.

 

“Owned Real
Property” means any real property and interests in real property owned by a Seller or any Acquired Subsidiary (other
than the Joint Venture) and used primarily for the operation of the Acquired Business, together with all buildings, structures,
fixtures and improvements erected thereon, and any and all rights, privileges, easements, licenses, hereditaments and other appurtenances
of a Seller or such Acquired Subsidiary relating thereto, but excluding any leasehold, license or other use or occupancy real property
interest).

 

“Party”
or “Parties” means, individually or collectively, Buyer and each Seller.

 

“Performance
Chemicals” means the business segment of the Sellers historically identified as “Performance Chemicals” and
consisting of the sourcing and distribution of specialty chemicals, including the supply to various industrial segments of chemicals
used in the manufacture of plastics, surface coatings, cosmetics and personal care, textiles, fuels and lubricants, and agricultural
protection products.

 

“Permits”
means all material approvals, permits, certificates, qualifications, authorizations, licenses, franchises, consents, Orders and
registrations, together with all modifications, amendments, supplements and extensions thereof, of all United States federal, state
and local Governmental Entities and any other Person that are necessary for Sellers to own and operate the Acquired Business.

 

“Permitted
Liens” means (i) any Liens for Taxes not yet due or that are being contested in good faith by appropriate Proceedings
or for which adequate reserves have been established by a Seller or any Acquired Subsidiary in accordance with GAAP, (ii) vendors’,
mechanics’, materialmen’s, carriers’, workers’, landlords’, repairmen’s, warehousemen’s,
construction and other similar Liens (A) with respect to Liabilities that are not yet due and payable or, if due, are not delinquent
or (B) that are being contested in good faith by appropriate Proceedings and for which adequate reserves (based on good faith estimates
of management) have been set aside for the payment thereof or (C) arising or incurred in the Ordinary Course of Business and which
are not, individually or in the aggregate, material to the operation of the Acquired Business and do not materially adversely affect
the market value or continued use of the asset encumbered thereby, (iii) Liens imposed or promulgated by applicable Law or any
Governmental Entity with respect to real property, including zoning, building or similar restrictions but only to the extent that
Sellers and the Acquired Subsidiaries and their respective assets are materially in compliance with the same, (iv) pledges or deposits
in connection with workers’ compensation, unemployment insurance, and other social security legislation, (v) Liens relating
to intercompany borrowings among a Person and its wholly owned subsidiaries, (vi) utility easements, minor encroachments, rights
of way, imperfections in title, charges, easements, rights of way (whether recorded or unrecorded), restrictions, declarations,
covenants, conditions, defects and similar Liens or Claims, but not including any monetary Liens, that are imposed by any Governmental
Entity having jurisdiction thereon or otherwise are typical for the applicable property type and locality as do not individually
or in the aggregate materially interfere with the present occupancy under the real property interest, or the use or market value
of the real property interest, or materially impair the operation of the Acquired Business, (vii) Intellectual Property licenses,
(viii) Liens to be released at or prior to Closing, (ix) Liens that do not have and would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect and (x) liens consented to in writing by Buyer; provided that, in each case of clause
(i) through (ix) above, such Lien shall only be a Permitted Lien if it cannot be satisfied solely through the payment of money
or otherwise removed, discharged, released or transferred, as the case may be, pursuant to Section 363(f) of the Bankruptcy Code
or otherwise.

 

    	 	57	 

     

    

 

“Person”
means any individual, corporation, partnership, joint venture, limited liability company, association, joint-stock company, trust,
unincorporated organization, Governmental Entity or other entity.

 

“Pharma Business”
means Human Health, excluding the Nutritional Business Sub Segment.

 

“Pharmaceutical
Ingredients” means the business segment of the Sellers historically identified as “Pharmaceutical Ingredients”
and comprised of the following two product groups: Active Pharmaceutical Ingredients (APIs) and Pharmaceutical Intermediates.

 

“PRC”
means the People’s Republic of China, excluding Hong Kong and Macao Special Administration Regions and Taiwan area, only
for the purpose of this Agreement.

 

“PRC Transfer
Approvals” means any filing required to be made with, or consent or approval required to be obtained from, any Governmental
Entity in the PRC to effectively transfer the equity interests of Aceto Shanghai to Buyer or its designee pursuant to this Agreement,
including the filing of any amendment with the AMR, MOFCOM and the SAFE.

 

“Prepetition
Credit Agreement Penalty” means, if determined to be payable pursuant to Section 2.1(d), and (i) the Closing occurs on
or before May 30, 2019, an amount equal to the actual portion of the Waiver Fee (as defined in Section 2.12(e) of the Credit Facility)
that becomes due and payable on April 30, 2019 pursuant to Section 2.12(e) of the Credit Facility, which as of the date hereof
is estimated to be $4,100,000 (the “Initial Penalty”) or (ii) the Closing occurs after May 30, 2019, an amount equal
to the Initial Penalty plus the remaining portion of the Waiver Fee that becomes due and payable on May 31, 2019 pursuant to Section
2.12(e) of the Credit Facility.

 

“Proceeding”
means any action, suit, claim, hearing, arbitration, litigation or other proceeding, in each case, by or before any Governmental
Entity.

 

“Purchased
Deposits” means all deposits (including customer deposits and security deposits for rent (including such deposits made
by a Seller, as lessee, or to a Seller, as lessor, in connection with the Assumed Real Property Lease(s)) and prepaid charges and
expenses of, and advance payments made by a Seller, in each case, primarily for the operation of the Acquired Business and reflected
in the Closing Statement.

 

“Purchased
Subsidiaries” means Aceto (Shanghai) Ltd., Aceto Bermuda, Aceto Agricultural Chemicals Corp Mx S. de R.L. de CV, Aceto
Agricultural Chemicals Corporation Ltd., the Joint Venture and Aceto HK; provided, however, that Aceto HK shall not
be a Purchased Subsidiary (but will be an Acquired Subsidiary) if NY Agri, at the request of Buyer, transfers to Aceto Bermuda,
contemporaneously with Closing, the one share of capital stock of Aceto HK owned by NY Agri.

 

“Real Property
Lease” means any lease, sublease, license or other agreement under which a Seller or any Acquired Subsidiary (other than
the Joint Venture) leases, subleases, licenses, uses or occupies (in each case whether as landlord, tenant, sublandlord, subtenant
or by other occupancy arrangement), or has the right to use or occupy, now or in the future, any real property, in each case, used
for the operation of the Acquired Business.

 

    	 	58	 

     

    

 

“Regulated
Substances” means pollutants, contaminants, radioactive, hazardous or toxic substances, compounds or related materials
or chemicals, hazardous materials, solid or hazardous wastes, flammable explosives, radon, radioactive materials, asbestos, urea
formaldehyde foam insulation, polychlorinated biphenyls, petroleum and petroleum products (including waste petroleum and petroleum
products) as regulated under applicable Environmental Laws.

 

“SAFE”
means the State Administration of Foreign Exchange or its local counterpart.

 

“Sale Hearing”
means the hearing conducted by the Bankruptcy Court to approve the transactions contemplated hereby or a competing transaction.

 

“Sale Motion”
means the motion filed by Sellers in the Bankruptcy Case at docket number 45 pursuant to, inter alia, Sections 363 and 365
of the Bankruptcy Code to secure entry of the Sale Order by the Bankruptcy Court.

 

“Sale Order”
means an Order of the Bankruptcy Court in substantially the form attached to the Sale Motion or otherwise in a form and substance
reasonably acceptable to Buyer, pursuant to, inter alia, Sections 105, 363 and 365 of the Bankruptcy Code (i) approving
this Agreement and the terms and conditions hereof, (ii) authorizing and approving, inter alia, the sale of the Purchased
Assets to Buyer on the terms and conditions set forth herein free and clear of all Liabilities and Liens (other than Permitted
Liens), the assignment to Buyer of, and the assumption by Buyer of, the Assumed Liabilities, and the assignment to Buyer of, and
the assumption by Buyer of, the Buyer Assumed Agreements and (iii) containing certain findings of facts, including a finding that
Buyer is a good faith purchaser pursuant to Section 363(m) of the Bankruptcy Code.

 

“Seller Benefit
Plan” means any material “employee benefit plan” (within the meaning of Section 3(3) of ERISA) and any
other material pension, retirement, profit-sharing, supplemental retirement or deferred compensation, stock option, change in control,
retention, equity or equity-based compensation, stock purchase, employee stock ownership, severance pay, employment (including
offer letters), consultancy, vacation, bonus or other incentive plans, medical or other welfare, retiree medical, vision, dental
or other health plans, or life insurance plan, program, agreement, or arrangement, funded or unfunded, or insured or self-insured,
(i) that is maintained, established, or sponsored by a Seller or any Acquired Subsidiary for the benefit of any current or former
employee, officer or director of Parent (who are or were primarily employed in respect of the Acquired Business), NY Agri or any
Acquired Subsidiary, or (ii) to which Parent (in respect of the Acquired Business), NY Agri or any Acquired Subsidiary contributes
or is obligated to contribute or has any material Liability, other than a Multiemployer Plan and other than any plan or program
maintained by a Governmental Entity to which Parent (in respect of the Acquired Business), NY Agri or any Acquired Subsidiary contributes
pursuant to applicable Law.

 

“Shanghai
Asset Closing Dates” means the dates on which the assignment by Aceto Shanghai to Buyer (or its designated Affiliate)
of any assets or Liabilities of Aceto Shanghai pursuant to Section 2.10 becomes effective.

 

“Subsidiaries”
means, as to any Person, any corporation, partnership, association, trust or other form of legal entity of which (i) 50% or more
of the voting power of the outstanding voting securities are directly or indirectly owned by such Person or (ii) such Person or
any Subsidiary of such Person is a general partner.

 

    	 	59	 

     

    

 

“Successful
Bidder” means the bidder who shall have submitted the highest or otherwise best bid at the conclusion of the Auction
in accordance with the Bidding Procedures and Bidding Procedures Order.

 

“Tax”
or “Taxes” means any and all federal, state, local or foreign taxes imposed by any Taxing Authority, including
all net income, gross receipts, capital, sales, use, ad valorem, value added, transfer, franchise, profits, inventory, capital
stock, license, withholding, payroll, employment, social security, unemployment, excise, severance, environmental, stamp, occupation,
premium, and property (real or personal) taxes, including any and all interest, penalties, additions to tax or additional amounts
imposed by any Governmental Entity with respect thereto.

 

“Tax Return”
means any return, declaration, report or similar filing required to be filed with respect to Taxes, including any information return,
claim for refund, amended return, or declaration of estimated Taxes.

 

“Taxing Authority”
means any Governmental Entity responsible for the administration or the imposition of any Tax.

 

“Transaction
Expenses” means, without duplication, the unpaid amount of (i) any finder’s, broker’s or dealer’s fees
incurred by any Acquired Subsidiary in connection with the Closing as a result of the consummation of the transactions contemplated
by this Agreement (including the Bankruptcy Case) and (ii) any third party legal, accounting or similar advisor fees and expenses
incurred by any Acquired Subsidiary in connection with the negotiation, execution and delivery of this Agreement or the consummation
of the transactions contemplated hereby (including the Bankruptcy Case) (except to the extent any such amount is caused by actions
of the Buyer or any of its Affiliates after the Closing Date), in each case that are to be paid by any Acquired Subsidiary and
that have not yet been paid as of the Closing; provided, that in no event shall “Transaction Expenses” be deemed
to include any fees and expenses to the extent incurred by or at the direction of Buyer or any of its Affiliates otherwise relating
to Buyer’s or its Affiliates’ financing (including obtaining any consent or waiver relating thereto) for the transactions
contemplated hereby or any other liabilities or obligations incurred or arranged by or on behalf of Buyer or its Affiliates in
connection with the transactions contemplated hereby (including any fees payable to any financing institution or the Sellers’
or the Acquired Subsidiaries’ accountants on behalf of Buyer or its Affiliates).

 

“U.S. Seller
Benefit Plan” means, each Seller Benefit Plan that is not a Non-U.S. Seller Benefit Plan.

 

“VAT”
means any value added Tax or similar Tax.

 

“WARN Act”
means, collectively, the Worker Adjustment and Retraining Notification Act of 1988, as amended, and any other similar statutes
or regulations of any jurisdiction relating to any plant closing or mass layoff (or such similar terms used in such statutes or
regulations).

 

“Willful Breach”
means, with respect to any representation, warranty, agreement or covenant, an action or omission where the breaching party knows
such action or omission is a breach of such representation, warranty, agreement or covenant.

 

    	 	60	 

     

    

 

(b)       The
following terms are defined elsewhere in this Agreement, as indicated below: 

 

	Defined Term	 	Section	 	Defined Term 	 	Section 
	Accounts Payable	 	1.3(b)	 	Confidentiality Agreement	 	5.2(c)
	Aceto Realty	 	Preamble	 	Consents	 	3.3(c)
	Adjustment Escrow	 	10	 	Costs	 	5.10
	Adjustment Escrow Amount	 	2.2(b)	 	Cure Costs	 	1.5(a)
	Agreement	 	Preamble	 	Debt Financing	 	5.13(a)
	Agreement Date	 	Preamble	 	Deferral Period	 	2.10(a)
	Antitrust Laws	 	3.3(b)	 	Designated Parties	 	1.1(u)
	Applicable EIT	 	5.8(b)	 	EIT	 	5.8(b)
	Asset Purchase	 	Recitals	 	End Date	 	7.1
	Assignment and Assumption of Leases	 	2.8(f)	 	Enforceability Exceptions	 	3.3(a)
	Assignment of Intellectual Property	 	2.8(b)	 	Escrow Agent	 	10
	Assumed Contracts	 	1.1(c	 	Escrow Agreement	 	2.2(b)
	Assumed Equipment Leases	 	1.1(l)	 	Estimated Cash Balance	 	2.4(a)
	Assumed Liabilities	 	1.3	 	Estimated Net Current Assets	 	2.4(a)
	Assumed Plans	 	1.1(o)	 	Estimated Net Debt	 	2.4(a)
	Assumed Purchase Orders	 	1.1(c)	 	Excluded Assets	 	1.2
	Assumed Real Property Lease(s)	 	1.1(d)	 	Excluded Equipment Leases	 	1.2(e)
	Assumption Deadline	 	1.5(a)	 	Excluded Liabilities	 	1.4
	Bankruptcy Case	 	Recitals	 	Excluded Real Property Leases	 	1.2(d)
	Bankruptcy Code	 	Recitals	 	Existing NQ Trust	 	5.3(f)
	Bankruptcy Court	 	Recitals	 	Financial Statements	 	3.4
	Bankruptcy Court Filings	 	Article III	 	GAAP	 	3.4
	Base Purchase Price	 	2.1	 	Good Faith Deposit	 	2.3
	Break-Up Fee	 	7.3(a)	 	Good Faith Deposit Escrow	 	2.3
	Business	 	Recitals	 	Good Faith Deposit Escrow Holder	 	2.3
	Business Employees	 	5.3(a)	 	Guarantee	 	4.9
	Buyer	 	Preamble	 	Guarantor	 	4.9
	Buyer Allocation Objection Notice	 	2.5	 	HSR Act	 	3.3(b)
	Buyer Assumed Agreements	 	1.1(l)	 	IRS	 	3.7(a)
	Buyer Benefit Plans	 	5.3(c)	 	Law	 	3.5(a)
	Buyer Disclosure Schedule	 	ARTICLE IV	 	Laws	 	3.5(a)
	Buyer Registrations	 	2.8(j)	 	Local Transfer Agreement	 	8.10
	Buyer Tax Adjustment	 	 	 	Material Contracts	 	3.13(a)
	Objection Notice	 	2.10(d)	 	Most Recent Balance Sheet	 	3.4
	Buyer Trust	 	5.3(f)	 	Multiemployer Plan	 	3.7(c)
	Cash Balance	 	2.1(b)	 	NCIDA	 	5.8(b)
	Closing	 	2.6	 	New NQ Trust	 	5.3(f)
	Closing Date	 	2.6	 	NQ Plan	 	5.3(f)
	Closing Statement	 	2.4(b)	 	NY Agri	 	Preamble
	Collective Bargaining Agreement	 	3.10(a)	 	Original Agreement	 	Recitals
	Confidential Rating Agency	 	 	 	Parent	 	Preamble
	Information	 	5.13(c)	 	Parent SEC Disclosures	 	ARTICLE III

 

    	 	61	 

     

    

  

	Defined Term 	 	Section	 	Defined Term 	 	Section
	Parent Shanghai Allocation	 	 	 	Required Information	 	5.13(a)
	Objection Notice	 	2.10(c)	 	SEC	 	ARTICLE III
	Permitted Access Parties	 	5.2(d)	 	Seller	 	Preamble
	Petition Date	 	Recitals	 	Seller Deferred Compensation Plans	 	3.7(a)
	PILOT Unwind	 	1.7	 	Sellers	 	Preamble
	Port Washington Property	 	1.7	 	Sellers Disclosure Schedule	 	ARTICLE III
	Post-Close Filings	 	5.2(d)	 	Shanghai APA	 	2.10(b)
	Post-Close Proceedings	 	5.2(d)	 	Shanghai Assets	 	16
	Powers of Attorney	 	2.8(j)	 	Shortfall	 	2.4(b)
	Products	 	1.1(f)	 	Surplus	 	2.4(b)
	Purchase Price	 	2.4(e)	 	Tax Adjustment	 	2.10(d)
	Purchased Assets	 	1.1	 	Transaction Approvals	 	3.3(b)
	Purchased Avoidance Actions	 	1.1(u)	 	Transfer Taxes	 	5.8(b)
	Registered Intellectual Property	 	3.12(a)	 	Transferable Assets	 	5.3(f)
	Registrations	 	2.8(j)	 	Transferred Employees	 	5.3(a)
	REPRESENTATIVES	 	3.18	 	Unsecured Creditors	 	5.2(d)

  

(c)       Other
Definitional and Interpretive Matters. Unless otherwise expressly provided, for purposes of this Agreement, the following rules
of interpretation shall apply:

 

(i)       Calculation
of Time Period. When calculating the period of time before which, within which or following which any act is to be done or
step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the
last day of such period is a non-Business Day, the period in question shall end on the next succeeding Business Day.

 

(ii)       Dollars.
Any reference in this Agreement to $ shall mean U.S. dollars.

 

(iii)      Exhibits/Schedules.
All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as
if set forth in full herein. Any capitalized terms used in any Schedule or Exhibit but not otherwise defined therein shall be defined
as set forth in this Agreement.

 

8.17         Sellers
Disclosure Schedule. The Sellers Disclosure Schedule is qualified in its entirety by reference to specific provisions of this
Agreement and is not intended to constitute, and shall not be construed as constituting, representations, warranties and covenants
of Sellers, except as and to the extent expressly provided in this Agreement. Each section or subsection referenced in the Sellers
Disclosure Schedule corresponds to the section or subsection set forth in this Agreement; provided, however, that
any matter set forth in any section or subsection of the Sellers Disclosure Schedule shall be deemed to be referred to and incorporated
in all other sections or subsections of the Sellers Disclosure Schedule to which the relevance of such matter is reasonably apparent
on its face to inform Buyer that such information is relevant to such other section or subsection. The inclusion of any information
or reference in the Sellers Disclosure Schedule shall not be deemed to be an admission, acknowledgment or representation, in and
of itself, that such information is required by the terms hereof to be disclosed, is material, has resulted in a Material Adverse
Effect, is outside the Ordinary Course of Business or defines further the meaning of such terms for purposes of this Agreement.
Nothing in this Agreement or in the Sellers Disclosure Schedule constitutes an admission (i) to any third party of any liability
or obligation of Sellers to any third-party or (ii) that any information disclosed, set forth or incorporated by reference in the
Sellers Disclosure Schedule or in this Agreement is material or has (or may result in) a Material Adverse Effect.

 

    	 	62	 

     

    

 

8.18         Limitation
on Good Faith Deposit Escrow Holder’s Liability. The Good Faith Deposit Escrow Holder’s responsibilities and liabilities
shall be limited as follows:

 

(a)       The
Good Faith Deposit Escrow Holder shall not be responsible for or be required to enforce any of the terms or conditions of this
Agreement or any other agreement between Sellers and Buyer. The Good Faith Deposit Escrow Holder shall not be responsible or liable
in any manner whatsoever for the performance by Sellers or Buyer or any other party for their respective obligations under this
Agreement, nor shall the Good Faith Deposit Escrow Holder be responsible or liable in any manner whatsoever for the failure of
the other parties to this Agreement or of any third party to honor any of the provisions of this Agreement.

 

(b)       The
duties and obligations of the Good Faith Deposit Escrow Holder shall be limited to and determined solely by the express provisions
of this Agreement and no implied duties or obligations shall be read into this Agreement against the Good Faith Deposit Escrow
Holder. The Good Faith Deposit Escrow Holder is not bound by and is under no duty to inquire into the terms or validity of any
other agreements or documents, including any agreements which may be related to, referred to in or deposited with the Good Faith
Deposit Escrow Holder in connection with this Agreement.

 

(c)       The
Good Faith Deposit Escrow Holder shall be entitled to rely upon and shall be protected in acting in reliance upon any instruction,
notice, information, certificate, instrument or other document which is submitted to it in connection with its duties under this
Agreement and which the Good Faith Deposit Escrow Holder in good faith believes to have been signed or presented by the proper
party or parties. The Good Faith Deposit Escrow Holder shall have no liability with respect to the form, execution, validity or
authenticity thereof.

 

(d)       The
Good Faith Deposit Escrow Holder shall not be liable for any act which the Good Faith Deposit Escrow Holder may do or omit to do
hereunder, or for any mistake of fact or law, or for any error of judgment, or for the misconduct of any employee, agent or attorney
appointed by it, while acting in good faith, unless caused by or arising from its own willful misconduct.

 

(e)       The
Good Faith Deposit Escrow Holder shall be entitled to consult with counsel of its own selection and the opinion of such counsel
shall be full and complete authorization and protection to the Good Faith Deposit Escrow Holder in respect of any action taken
or omitted by the Good Faith Deposit Escrow Holder hereunder in good faith and in accordance with the opinion of such counsel.

 

(f)       The
Good Faith Deposit Escrow Holder shall have the right at any time to resign for any reason and be discharged of its duties as Good
Faith Deposit Escrow Holder hereunder by giving written notice of its resignation to the parties hereto prior to the date specified
for such resignation to take effect. All obligations of the Good Faith Deposit Escrow Holder hereunder shall cease and terminate
on the effective date of its resignation and its sole responsibility thereafter shall be to hold the Good Faith Deposit, for a
period of no more than thirty (30) calendar days following the effective date of resignation, at which time:

 

(i)       if
a successor holder of the Good Faith Deposit shall have been appointed, by the mutual consent of Buyer and the Sellers, and written
notice thereof shall have been given to the resigning Good Faith Deposit Escrow Holder by the parties hereto and such successor
holder, then the resigning Good Faith Deposit Escrow Holder shall deliver the Good Faith Deposit to such successor holder; or

 

    	 	63	 

     

    

 

(ii)       if
a successor holder of the Good Faith Deposit shall not have been appointed, for any reason whatsoever, the resigning holder of
the Good Faith Deposit shall deliver the Good Faith Deposit to a court of competent jurisdiction in the county in which the Good
Faith Deposit is then being held and give written notice of the same to the parties hereto.

 

The resigning Good Faith Deposit Holder
shall be reimbursed by Buyer and Sellers for any expenses incurred in connection with its resignation and transfer of the Good
Faith Deposit Holder pursuant to and in accordance with the provisions of this Section 8.18.

 

(g)       Buyer
and Sellers, jointly and severally, agree to indemnify and hold the Good Faith Deposit Holder harmless from and against any and
all liabilities, causes of action, claims, demands, judgments, damages, costs and expenses (including reasonable attorneys’
fees and expenses) that may arise out of or in connection with the Good Faith Deposit Holder’s acceptance of or performance
of its duties and obligations under this Agreement. The Good Faith Deposit Holder shall be under no duty to institute any suit,
or to take any remedial procedures under this Agreement, or to enter any appearance or in any way defend any suit in which it may
be made a defendant hereunder until it shall be indemnified as provided above.

 

(h)       If
the Good Faith Deposit Holder shall be uncertain as to its duties or rights hereunder or shall receive instructions with respect
to the Good Faith Deposit which, in its sole discretion, are in conflict either with other instructions received by it or with
any provision of this Agreement, the Good Faith Deposit Holder shall have the absolute right to suspend all further performance
under this Agreement (except for the safekeeping of the Good Faith Deposit) until such uncertainty or conflicting instructions
have been resolved to the Good Faith Deposit Holder’s sole satisfaction by final judgment of a court of competent jurisdiction,
joint written instructions from all of the other parties hereto, or otherwise.

 

(i)      The parties
acknowledge that Lowenstein Sandler LLP, as Good Faith Deposit Holder, has agreed to serve in such capacity as an accommodation
to the parties on the condition that it be allowed to continue to act as legal counsel to Sellers. Buyer acknowledges that Lowenstein
Sandler LLP has acted as legal counsel to Sellers in connection with this Agreement, the transactions contemplated hereby and other
matters relating thereto and that Lowenstein Sandler LLP shall continue such representation of Sellers, including with respect
to the Seller’s rights and obligations under this Agreement, and all other matters. Nothing in this Agreement, nor Lowenstein
Sandler LLP’s serving as Good Faith Deposit Holder hereunder, shall prevent or inhibit Lowenstein Sandler LLP from continuing
to serve as legal counsel to Sellers and Buyer hereby consents to the continued representation of Sellers by Lowenstein Sandler
LLP as its legal counsel.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	64	 

     

    

  

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed the day and year first above written.

 

	 	BUYER:
	 	 
	 	NMC ATLAS, L.P.
	 	 
	 	By: NMC Atlas GP, L.L.C., its general partner

 

	 	By: 	/s/ Joseph Walker 
	 	 	Name: Joseph Walker
	 	 	Title: Vice President and Secretary

 

[Signature Page to Asset Purchase Agreement]

 

     

     

    

  

	 	SELLERS:
	 	 
	 	ACETO CORPORATION

 

	 	By: 	/s/ William C. Kennally, III 
	 	 	Name: William C. Kennally, III
	 	 	Title: Chief Executive Officer and President

 

	 	ACETO REALTY LLC

 

	 	By: 	/s/ William C. Kennally, III 
	 	 	Name: William C. Kennally, III
	 	 	Title: Chief Executive Officer

 

	 	ACETO AGRICULTURAL CHEMICALS CORPORATION

 

	 	/s/ William C. Kennally, III 
	 	 	Name: William C. Kennally, III
	 	 	Title: Authorized Signatory

 

[Signature Page to Asset Purchase Agreement]

 

     

     

    

 

EXHIBIT A

 

PURCHASE PRICE ALLOCATION CONSTRAINTS

 

		·	The purchase price allocable to 100% of the shares of Aceto (Shanghai) Ltd. will be limited to
the greater of: (i) 4.21% of the Purchase Price, which represents Aceto (Shanghai) Ltd.’s percentage of the total gross margin
of the Purchased Assets, or (ii) the book net equity value of Aceto (Shanghai) Ltd. as of the Closing.

 

		·	The purchase price allocable to 100% of the shares of Aceto Agricultural Chemicals Corp Mx S. de
R.L. de CV shall not exceed $1.00.

 

     

     

    

 

EXHIBIT B

 

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT

 

     

     

    

 

Agreed Form

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

THIS ASSIGNMENT
AND ASSUMPTION AGREEMENT (this “Agreement”), dated as of [●], 2019, is made and entered into by and
among Aceto Corporation, a New York corporation (“Parent”), Aceto Realty LLC, a New York limited liability company
(“Aceto Realty”), and Aceto Agricultural Chemicals Corporation, a New York corporation (“NY Agri”
and together with Parent and Aceto Realty, “Sellers” and each, a “Seller”), each a debtor
and debtor in possession under Case No. 19-13448 pending in the United States Bankruptcy Court for the District of New Jersey,
on the one hand, and NMC Atlas, L.P., a Delaware limited partnership (“Buyer”), on the other hand. As used in
this Agreement, “Party” or “Parties” means, individually or collectively, Sellers and Buyer.
Unless otherwise defined herein, all capitalized terms used in this Agreement shall have the meanings ascribed to such terms in
that certain Amended and Restated Asset Purchase Agreement dated as of April [●], 2019 (as it may be amended from time to
time, the “Purchase Agreement”), by and among Sellers and Buyer.

 

WHEREAS, concurrently
with the execution and delivery of this Agreement, Sellers and Buyer are consummating the transactions contemplated by the Purchase
Agreement.

 

NOW, THEREFORE,
in consideration of the premises and the mutual promises herein made, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and as contemplated by the Purchase Agreement, Sellers and Buyer hereby agree
as follows:

 

1.             Assignment.
Each Seller hereby sells, transfers, assigns, conveys and delivers to Buyer, free and clear of all Liens, sales, transfer or transaction
taxes of any kind whatsoever, all of such Seller’s right, title and interest in, to or under the Purchased Assets. Notwithstanding
the foregoing, the Parties acknowledge that the Purchased Assets constituting the Assumed Real Property Leases are being assigned
to, and assumed by, Buyer pursuant to the Assignment and Assumption of Leases and not pursuant this Agreement.

 

2.             Assumption.
(a) Each Seller hereby delegates to Buyer such Seller’s Assumed Liabilities (to the extent assumed by Buyer herein or in
the Purchase Agreement), and (b) Buyer hereby assumes and agrees to discharge when due (in accordance with its respective terms
and subject to the respective conditions thereof) only the Assumed Liabilities and no others. Notwithstanding any provision in
this Agreement to the contrary, Buyer shall not assume and shall not be obligated to assume or be obligated to pay, perform or
otherwise discharge any Excluded Liability, and Sellers shall be solely and exclusively liable with respect to all Excluded Liabilities.

 

3.             Delivery
Pursuant to Purchase Agreement. Notwithstanding anything to the contrary herein, Sellers and Buyer are executing and delivering
this Agreement in accordance with and subject to all of the terms and provisions of the Purchase Agreement, including, without
limitation, the provisions of Section 3.23 thereof. To the extent of any conflict between the terms and conditions of this Agreement
and the terms and conditions of the Purchase Agreement, the terms and conditions of the Purchase Agreement shall govern, supersede
and prevail.

 

     

     

    

 

		4.	Successors and Assigns; Binding Effect.

 

(a)       Except
as expressly permitted in this Agreement, the rights and obligations of the Parties under this Agreement shall not be assignable
by such Parties without the written consent of the other Parties hereto; provided, however, that Buyer shall be entitled
to assign any or all of its rights under this Agreement to one or more of its Affiliates; provided that Buyer is not relieved
of any of its obligations hereunder by virtue of any such assignment.

 

(b)       This
Agreement shall be binding upon and inure to the benefit of the Parties and their successors and permitted assigns. The successors
and permitted assigns hereunder shall include any permitted assignee as well as the successors in interest to such permitted assignee
(whether by merger, consolidation, liquidation (including successive mergers, consolidations or liquidations) or otherwise). Nothing
in this Agreement, expressed or implied, is intended or shall be construed to confer upon any Person other than the Parties and
successors and assigns permitted by this Section 4 any right, remedy or claim under or by reason of this Agreement.

 

5.            Amendments.
This Agreement shall not be amended, modified or supplemented except by a written instrument signed by an authorized representative
of each of the Parties.

 

6.            Governing
Law.

 

(a)       This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed
in and to be performed in that State.

 

(b)       All
Actions arising out of or relating to this Agreement, including the resolution of any and all disputes hereunder, shall be heard
and determined in the Bankruptcy Court, and the Parties hereby irrevocably submit to the exclusive jurisdiction of the Bankruptcy
Court in any such Proceeding and irrevocably waive the defense of an inconvenient forum to the maintenance of any such Proceeding.
The Parties hereby consent to service of process by mail (in accordance with Section 9.7 of the Purchase Agreement) or any other
manner permitted by law.

 

(c)       THE
PARTIES HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED IN CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF SELLERS, BUYER, OR THEIR RESPECTIVE REPRESENTATIVES
IN THE NEGOTIATION OR PERFORMANCE HEREOF.

 

7.             Headings.
The section and paragraph headings contained in this Agreement are for reference purposes only and shall not in any way affect
the meaning or interpretation of this Agreement.

 

8.             Execution
in Counterparts. This Agreement may be executed in counterparts, each of which shall be considered an original instrument,
but all of which shall be considered one and the same agreement, and shall become binding when one or more counterparts have been
signed by and delivered to each of the Parties. Delivery of an executed counterpart of a signature page to this Agreement by facsimile
or electronic delivery (i.e., by electronic mail of a PDF signature page) shall be effective as delivery of a manually executed
counterpart of this Agreement.

 

[SIGNATURE PAGE FOLLOWS] 

 

    	 	-2-	 

     

    

 

IN WITNESS WHEREOF,
this Agreement has been duly executed and delivered by the parties hereto as of the date first above written.

 

	
         
	SELLERS:
	 	 
	 	ACETO CORPORATION

 

	 	By: 	 
	 	 	Name: 
	 	 	Title:

 

	 	ACETO REALTY, LLC

 

	 	By: 	 
	 	 	Name: 
	 	 	Title:

 

	 	ACETO AGRICULTURAL CHEMICALS CORPORATION

 

	 	By: 	 
	 	 	Name: 
	 	 	Title:

 

	 	BUYER:
	 	 
	 	NMC ATLAS, L.P.

 

	 	By: 	 
	 		Name: 
	 	 	Title:

 

[Signature Page to Assignment and Assumption
Agreement]

 

     

     

    

 

EXHIBIT C

 

FORM OF BILL OF SALE

 

     

     

    

 

Agreed Form

 

BILL OF SALE

 

[•], 2019

 

Pursuant to that certain
Amended and Restated Asset Purchase Agreement, dated as of April [●], 2019 (as it may be amended from time to time, the “Purchase
Agreement”), by and among Aceto Corporation, a New York corporation (“Parent”), Aceto Realty, LLC,
a New York limited liability company (“Aceto Realty”), and Aceto Agricultural Chemicals Corporation, a New York
corporation (“NY Agri” and together with Parent and Aceto Realty, “Sellers” and each, a “Seller”),
each a debtor and debtor in possession under Case No. 19-13448 pending in the United States Bankruptcy Court for the District of
New Jersey, on the one hand, and NMC Atlas, L.P., a Delaware limited partnership (“Buyer”), on the other hand,
and for good and valuable consideration, the receipt and sufficiency of which Sellers hereby expressly acknowledge, each Seller
hereby sells, transfers, assigns, conveys and delivers to Buyer and Buyer’s successors and assigns, free and clear of all
Liens, sales, transfer or transaction taxes of any kind whatsoever, to have and to hold forever, all of its right, title and interest
in and to each of the Purchased Assets.

 

Except for terms specifically
defined in this Bill of Sale, all capitalized terms used herein shall have the meanings ascribed to such terms in the Purchase
Agreement.

 

Each Seller does hereby
irrevocably constitute and appoint Buyer and Buyer’s successors and assigns, such Seller’s true and lawful attorney,
with full power of substitution, in its name or otherwise, and on behalf of such Seller, or for its own use, to claim, demand,
collect and receive at any time and from time to time any and all of the Purchased Assets, and to prosecute the same at law or
in equity and, upon discharge thereof, to complete, execute and deliver any and all necessary instruments of satisfaction and release.

 

Notwithstanding anything
to the contrary herein, each Seller is executing and delivering this Bill of Sale in accordance with and subject to all of the
terms and provisions of the Purchase Agreement, including, without limitation, the provisions of Section 3.23 thereof, and Buyer
accepts this Bill of Sale on such basis. To the extent of any conflict between the terms and conditions of this Bill of Sale and
the terms and conditions of the Purchase Agreement, the terms and conditions of the Purchase Agreement shall govern, supersede
and prevail. This Bill of Sale shall not be amended, modified or supplemented except by a written instrument signed by an authorized
representative of each of the Parties. This Bill of Sale shall be governed by, and construed in accordance with, the laws of the
State of New York applicable to contracts executed in and to be performed in that State. This Bill of Sale is for the sole benefit
of Buyer and nothing herein, express or implied, is intended to or shall confer upon any other person any legal or equitable benefit,
claim, cause of action, remedy or right of any kind.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

IN WITNESS WHEREOF,
Sellers have caused this Bill of Sale to be executed as of the date first above written.

 

	 	SELLERS:
	 	 
	 	ACETO CORPORATION

 

	 	By: 	 
	 	 	Name: 
	 	 	Title:

 

	 	ACETO REALTY, LLC

 

	 	By: 	 
	 	 	Name: 
	 	 	Title:

 

	 	ACETO AGRICULTURAL CHEMICALS CORPORATION

 

	 	By: 	 
	 	 	Name: 
	 	 	Title:

 

[Signature Page to Bill of Sale]

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