Document:

EX-10.1

 Exhibit 10.1 

EXECUTIVE EMPLOYMENT AGREEMENT 

for 
 Morgan Brown

 This Executive Employment Agreement (the “Agreement”), made between Lipocine Inc. (the “Company”)
and Morgan Brown (“Executive”) (collectively, the “Parties”), is effective as of September 15, 2013. 

WHEREAS, the Company desires for Executive to provide services to the Company; and 

WHEREAS, Executive is willing to perform services for the Company on the terms and conditions set forth
in this Agreement; 
 NOW, THEREFORE, in consideration of the mutual promises and
covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows: 

1. Employment by the Company. 

1.1 Position. Executive shall serve as the Company’s Executive Vice President and Chief Financial Officer. During the term of
Executive’s employment with the Company, Executive will devote Executive’s best efforts and substantially all of Executive’s business time and attention to the business of the Company, except for approved vacation periods and
reasonable periods of illness or other incapacities permitted by the Company’s general employment policies. 
 1.2 Duties and
Location. Executive shall perform such duties as are required by the Company’s Chief Executive Officer, to whom Executive will report. Executive’s primary office location shall be the Company’s offices located in Salt Lake City,
Utah. The Company reserves the right to reasonably require Executive to perform Executive’s duties at places other than Executive’s primary office location from time to time, and to require reasonable business travel. 

1.3 Policies and Procedures. The employment relationship between the Parties shall be governed by the general employment policies and
practices of the Company, except that when the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control. 

2. Compensation. 
 2.1
Salary. For services to be rendered hereunder, Executive shall initially receive a base salary at the rate of Two Hundred Fifty Thousand Dollars ($250,000) per year (the “Base Salary”), subject to standard payroll deductions and
withholdings and payable in accordance with the Company’s regular payroll schedule. 

  
 1. 

 2.2 Bonus. Executive will be eligible for an annual discretionary bonus of up to
Twenty-Five Percent (25%) of Executive’s Base Salary (to be prorated for 2013). Whether Executive receives an annual bonus, and the amount of any such annual bonus, will be determined by the Company’s Board of Directors
(“Board”) in its sole discretion based upon the Company’s and Executive’s achievement of objectives and milestones to be determined on an annual basis by the Board. Bonuses are generally paid by March 15 following the
applicable bonus year, and Executive must be an active employee on the date any Annual Bonus is paid in order to earn any such Annual Bonus. Executive will not be eligible for, and will not earn, any Annual Bonus (including a prorated bonus) if
Executive’s employment terminates for any reason before the date Annual Bonuses are paid except as agreed to in Section 3.2. 

2.3 Sign-On Bonus. Executive will receive a sign-on bonus of twenty-five thousand dollars ($25,000) (less standard deductions and
withholdings) to be paid out in three equal installments 30, 60 and 90 days post Executive’s start date and contingent on Executive’s continued employment on each date. 

2.4 Standard Company Benefits. Executive shall be entitled to participate in all employee benefit programs for which Executive is
eligible under the terms and conditions of the benefit plans that may be in effect from time to time and provided by the Company to its employees. The Company reserves the right to cancel or change the benefit plans or programs it offers to its
employees at any time. 
 2.5 Expenses. The Company will reimburse Executive for reasonable travel, entertainment or other expenses,
including cellular phone, incurred by Executive in furtherance or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time.
Additionally, Company will reimburse Executive for expenses related to his certified public accountant status including continuing professional education (including travel and class costs with prior approval of CEO), license renewal, and membership
fees for the AICPA and UACPA. 
 2.6 Equity. Subject to approval by the Board, Executive shall be granted (a) an option to
purchase 50,000 shares of common stock in the Company at the fair market value on the date of grant (the “Option”), and (b) an RSA of 12,000 shares (the “RSA”). Both the Option and RSA shall be governed in all
respects by the terms of the Lipocine Inc. Amended and Restated 2011 Equity Incentive Plan, as well as the applicable option agreement or restricted stock agreement. Both the Option and RSA will be subject to vesting whereby 1/3 of the shares
subject to the Option and RSA will vest on the one year anniversary of the date of grant; with the remaining 2/3 of the shares subject to the Option and RSA vesting monthly on a pro-rata basis over the two years after the first anniversary of the
date of grant. 
 2.7 Other. The Company has D&O insurance coverage and will specifically name Executive as a covered employee
under that policy before the Executive will be required to sign any Securities and Exchange Commission filings. The Company will also enter into its standard Indemnification Agreement with Executive. 

  
 2. 

 3. Termination of Employment; Severance. 

3.1 At-Will Employment. Executive’s employment relationship is at-will. Either Executive or the Company may terminate the
employment relationship at any time, with or without Cause or advance notice. Upon termination for any reason, Executive shall receive (i) all unpaid salary and unpaid vacation accrued through the separation date; (ii) any
payments/benefits to which the Executive is entitled under the express terms of any applicable Company employee benefit plan; (iii) any unreimbursed valid business expenses for which the Executive has submitted properly documented reimbursement
requests; and (iv) Executive’s then outstanding equity awards as governed by their applicable terms. 
 3.2 Termination Without
Cause; Resignation for Good Reason. 
 (i) The Company may terminate Executive’s employment with the Company at any time
without Cause (as defined below). Further, Executive may resign at any time for Good Reason (as defined below). 
 (ii) In the event
Executive’s employment with the Company is terminated by the Company without Cause, or Executive resigns for Good Reason, then provided such termination constitutes a “separation from service” (as defined under Treasury Regulation
Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”), and provided that Executive remains in compliance with the terms of this Agreement and satisfies the requirements set
forth in Section 4, then Executive shall receive the following severance benefits: 
 (a) Severance (the
“Severance”) in an amount equal to the sum of the following: 
 (1) One (1) week of Base Salary for each month
that Executive has been employed by the Company (rounding up for partial months), up to a maximum of thirty-nine (39) weeks of Base Salary; and 

(2) An amount equal to the product of the number of weeks of Severance Executive is to receive (not to exceed thirty-nine
(39) weeks) multiplied by Executive’s Base Salary immediately prior to the separation date multiplied by Executive’s annual bonus percentage target as in effect immediately prior to the separation date. 

The Severance shall be subject to standard payroll deductions and withholdings, and payable in a lump-sum on the 60th day following Executive’s
Separation from Service. 

  
 3. 

 (b) If Executive timely elects continued coverage under COBRA for himself and his covered
dependents under the Company’s group health plans following such termination, then the Company shall pay the COBRA premiums necessary to continue Employee’s and his covered dependents’ health insurance coverage in effect for himself
on the termination date for the number of weeks of Severance that Executive shall receive under Section 3.2(a)(1)(not to exceed thirty-nine (39) weeks), with such payments to cease in the event Executive becomes eligible for health
insurance coverage in connection with new employment or Executive ceases to be eligible for COBRA continuation coverage for any reason. Notwithstanding the foregoing, if at any time the Company determines that its payment of COBRA premiums on
Executive’s behalf would result in a violation of applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of paying COBRA premiums pursuant to this Section, the Company shall pay
Executive on the last day of each remaining month of the payment period, a fully taxable cash payment equal to the COBRA premium for such month, subject to applicable tax withholding, to be made without regard to Executive’s payment of COBRA
premiums. 
 (iii) If Executive’s termination without Cause or resignation for Good Reason occurs within twelve
(12) months following the closing of a Corporate Transaction, then in lieu of the benefits set forth in Section 3.2(ii)(a) and (b), Executive shall receive the following severance benefits: 

(a) Severance in an amount equal to the sum of the following (shall be subject to standard payroll deductions and withholdings, and
payable in a lump-sum on the 60th day following Executive’s Separation from Service): 
 (1) Thirty-nine (39) weeks of
Base Salary; and 
 (2) The product of thirty-nine multiplied by Executive’s Base Salary immediately prior to the separation
date multiplied by Executive’s annual bonus percentage target as in effect immediately prior to the separation date. 
 (b) If
Executive timely elects continued coverage under COBRA for himself and his covered dependents under the Company’s group health plans following such termination, then the Company shall pay the COBRA premiums necessary to continue Employee’s
and his covered dependents’ health insurance coverage in effect for himself on the termination date for nine (9) months, subject to the terms and conditions set forth in Section 3.2(ii)(b). 

(c) The vesting of all of Executive’s equity interests in the Company (including the Option and RSA) shall be accelerated such
that all equity interests shall be deemed vested and exercisable as of Executive’s last day of employment. 

  
 4. 

 3.3 Termination for Cause; Resignation Without Good Reason; Death or Disability. 

(i) The Company may terminate Executive’s employment with the Company at any time for Cause. Further, Executive may resign at any
time without Good Reason. Executive’s employment with the Company may also be terminated due to Executive’s death or disability. 

(ii) If Executive resigns without Good Reason, or the Company terminates Executive’s employment for Cause, or upon
Executive’s death or disability, then (a) Executive will no longer vest in the Option or RSA, (b) all payments of compensation by the Company to Executive hereunder will terminate immediately (except as to amounts already earned), and
(c) Executive will not be entitled to any severance benefits, including the Severance. 
 4. Conditions to Receipt of the Severance
Benefits. Executive’s receipt of the severance benefits set forth in Sections 3.2(ii) and (iii) will be subject to Executive signing and not revoking a separation agreement and release of claims in a form reasonably satisfactory to the
Company (the “Separation Agreement”). No severance benefits will be paid or provided until the Separation Agreement becomes effective. 

5. Section 409A. It is intended that all of the severance benefits and other payments payable under this Agreement satisfy, to the
greatest extent possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions, and to the extent no so exempt, this Agreement (and any definitions hereunder) will be
construed in a manner that complies with Section 409A. For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)),
Executive’s right to receive any installment payments under this Agreement (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment
hereunder shall at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed by the Company at the time of Executive’s Separation from Service to be a
“specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon Separation from Service set forth herein and/or under any other agreement with the Company are deemed to be “deferred
compensation”, then to the extent delayed commencement of any portion of such payments is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation under Section 409A,
such payments shall not be provided to Executive prior to the earliest of (i) the expiration of the six-month period measured from the date of Executive’s Separation from Service with the Company, (ii) the date of Executive’s
death or (iii) such earlier date as permitted under Section 409A without the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments
deferred pursuant to this Paragraph shall be paid in a lump sum to Executive, and any remaining payments due shall be paid as otherwise provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred. 

  
 5. 

 6. Definitions.  

(i) Cause. For purposes of this Agreement, “Cause” for termination will have the meaning set forth in the Lipocine Inc.
Amended and Restated 2011 Equity Incentive Plan. 
 (ii) Good Reason. For purposes of this Agreement, Executive shall have
“Good Reason” for resignation of employment with the Company if any of the following actions are taken by the Company without Executive’s prior written consent: (a) a material reduction in Executive’s base salary,
which the Parties agree is a reduction of at least 10% of Executive’s base salary; (b) a material reduction in Executive’s duties, including responsibilities and/or authorities (it shall be deemed to be a material diminution of
Executive’s duties, responsibilities and authorities if the Executive is no longer the sole Chief Financial Officer of the Company (or if the Company has a parent entity, then the Executive must be its sole Chief Financial Officer)); or
(c) relocation of Executive’s principal place of employment to a place that increases Executive’s one-way commute by more than twenty-five (25) miles as compared to Executive’s then-current principal place of employment
immediately prior to such relocation. In order to resign for Good Reason, Executive must provide written notice to the Company’s Board within 30 days after the first occurrence of the event giving rise to Good Reason setting forth the basis for
Executive’s resignation, allow the Company at least 30 days from receipt of such written notice to cure such event, and if such event is not reasonably cured within such period, Executive must resign from all positions Executive then holds with
the Company not later than 90 days after the expiration of the cure period. 
 (iii) Corporate Transaction. For purposes of this
Agreement, “Corporate Transaction” will have the meaning set forth in the Lipocine Inc. Amended and Restated 2011 Equity Incentive Plan. 

7. Proprietary Information Obligations. Executive shall be required to executed and abide by the Company’s standard form of
Employee Proprietary Information and Inventions Agreement. 
 8. Outside Activities During Employment. 

8.1 Non-Company Business. Except with the prior written consent of the Board, Executive will not during the term of Executive’s
employment with the Company undertake or engage in any other employment, occupation or business enterprise, other than ones in which Executive is a passive investor. Executive may engage in civic and not-for-profit activities so long as such
activities do not materially interfere with the performance of Executive’s duties hereunder. 
 8.2 No Adverse Interests.
Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise. 

  
 6. 

 9. Code Section 280G. If any payment or benefit Executive would receive from the
Company or otherwise in connection with a Corporate Transaction or other similar transaction (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but
for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount. The “Reduced Amount” will be either (x) the
largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever amount ((x) or (y)), after taking into account
all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt of the greater economic benefit notwithstanding that all or some
portion of the Payment may be subject to the Excise Tax. If a Reduced Amount will give rise to the greater after tax benefit, the reduction in the Payments will occur in the following order: (a) reduction of cash payments; (b) cancellation
of accelerated vesting of equity awards other than stock options; (c) cancellation of accelerated vesting of stock options; and (d) reduction of other benefits paid to Executive. Within any such category of payments and benefits (that is,
(a), (b), (c) or (d)), a reduction will occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A and then with respect to amounts that are. In the event that acceleration of
compensation from Executive’s equity awards is to be reduced, such acceleration of vesting will be canceled, subject to the immediately preceding sentence, in the reverse order of the date of grant. The registered public accounting firm engaged
by the Company for general audit purposes as of the day prior to the effective date of the event described in Section 280G(b)(2)(A)(i) of the Code will perform the foregoing calculations. If the registered public accounting firm so engaged by
the Company is serving as accountant or auditor for the acquirer or is otherwise unable or unwilling to perform the calculations, the Company will appoint a nationally recognized firm that has expertise in these calculations to make the
determinations required hereunder. The Company will bear all expenses with respect to the determinations by such independent registered public accounting firm required to be made hereunder. Any good faith determinations of the independent registered
public accounting firm made hereunder will be final, binding and conclusive upon the Company and Executive. 
 10. General
Provisions. 
 10.1 Notices. Any notices provided must be in writing and will be deemed effective upon the earlier of personal
delivery (including personal delivery by fax) or the next day after sending by overnight carrier, to the Company at its primary office location and to Executive at the address as listed on the Company payroll. 

10.2 Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in 

  
 7. 

 
any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement
will be reformed, construed and enforced in such jurisdiction to the extent possible in keeping with the intent of the parties. 
 10.3
Waiver. Any waiver of any breach of any provisions of this Agreement must be in writing to be effective, and it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.

 10.4 Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to this
subject matter and is the complete, final, and exclusive embodiment of the Parties’ agreement with regard to this subject matter. This Agreement is entered into without reliance on any promise or representation, written or oral, other than
those expressly contained herein, and it supersedes any other such promises, warranties or representations. It is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified
or amended except in a writing signed by a duly authorized officer of the Company. 
 10.5 Counterparts. This Agreement may be
executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement. 

10.6 Headings. The headings of the paragraphs hereof are inserted for convenience only and shall not be deemed to constitute a part
hereof nor to affect the meaning thereof. 
 10.7 Successors and Assigns. This Agreement is intended to bind and inure to the benefit
of and be enforceable by Executive and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign any of his duties hereunder and he may not assign any of his rights hereunder
without the written consent of the Company, which shall not be withheld unreasonably. 
 10.8 Tax Withholding and Indemnification.
All payments and awards contemplated or made pursuant to this Agreement will be subject to withholdings of applicable taxes in compliance with all relevant laws and regulations of all appropriate government authorities. Executive acknowledges and
agrees that the Company has neither made any assurances nor any guarantees concerning the tax treatment of any payments or awards contemplated by or made pursuant to this Agreement. Executive has had the opportunity to retain a tax and financial
advisor and fully understands the tax and economic consequences of all payments and awards made pursuant to the Agreement. 
 10.9 Choice
of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the laws of the State of Utah. 

  
 8. 

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

			
	LIPOCINE INC.
		
	By	 	 /s/ Mahesh Patel

		 	      Mahesh Patel, Ph.D.
		 	      President and CEO
	
	EXECUTIVE
	
	 /s/ Morgan Brown

	Morgan Brown

  
 9.EX-10.1

 Exhibit 10.1 

The Secretary of State for Business, Innovation and Skills 

Department for Business, Innovation and Skills 
 1 Victoria Street

 London 
 SW1H 0ET 

12 September 2013 
 Molecular Profiles Ltd
Regional Growth Fund Assistance 
 In consideration of the Secretary of State for Business, Innovation and Skills (the “Secretary of State”)
being willing, at our request, to make Molecular Profiles Ltd an offer of up to £1,600,000 (One Million Six Hundred Thousand Pounds) under the terms of the Grant Offer Letter dated 5 September 2013 under reference 01.09.02/1268C or under
the terms of any letter relating to the same grant which varies or supersedes that letter (together the “Grant Offer Letter”) Columbia Laboratories Inc hereby undertakes to provide sufficient funds to enable Molecular Profiles Ltd to
perform its obligations in accordance with the terms of the Grant Offer Letter. 
 In this guarantee “Guaranteed Obligations” means all monies,
debts and liabilities of any nature (whether actual or contingent) from time to time due, owing or incurred by or from Molecular Profiles Ltd to the Secretary of State under or in connection with the Grant Offer Letter. 

Columbia Laboratories Inc guarantees to the Secretary of State that, whenever Molecular Profiles Ltd does not pay any of the Guaranteed Obligations when due,
to pay on demand the Guaranteed Obligations. 
 Columbia Laboratories Inc will make any payments under this guarantee in full, without any deduction or
withholdings whatsoever. 
 Further, Columbia Laboratories Inc agrees that if any payments due from Molecular Profiles Ltd are not recoverable from Columbia
Laboratories Inc as guarantor or surety for Molecular Profiles Ltd for any reason whatsoever those payments shall nevertheless be recoverable from Columbia Laboratories Inc as principal debtor and shall be payable by Columbia Laboratories Inc on
demand. 
 Columbia Laboratories Inc as principal debtor and as a separate and independent obligation and liability agrees to indemnify and keep indemnified
the Secretary of State in full and on demand from and against all and any losses, costs, claims, liabilities, damages, demands and expenses suffered or incurred by the Secretary of State arising out of, or in connection with, any failure of
Molecular Profiles Ltd to perform or discharge any of its obligations or liabilities in respect of the Guaranteed Obligations. 
 Any amounts due from
Columbia Laboratories Inc shall carry interest at 1.5% above the base rate for the time being of the Bank of England or at the European Commission’s reference rate for the United Kingdom as published in the Official Journal from time to time,
whichever is the higher, from the date of demand to the date of payment. 
 The Secretary of State may claim under this guarantee at the same time as or
after making demand of Molecular Profiles Ltd or before, at the same time as, or after taking any action to claim under or enforce any other right, security or guarantee which it may hold from time to time in respect of the Guaranteed Obligations.

 Columbia Laboratories Inc shall accept a certificate or other document signed by the Secretary of State or on his/her behalf as conclusive evidence of
amounts repayable by Molecular Profiles Ltd. 
 Columbia Laboratories Inc has not received any security from Molecular Profiles Ltd for giving this
guarantee and we shall not take any security for its liability under this guarantee for so long as any sums may become 

  
 Page 1 of 2 

 
repayable under the Grant Offer Letter without first obtaining written consent from the Secretary of State. If, in contravention of that undertaking, Columbia Laboratories Inc takes any security
Columbia Laboratories Inc shall hold the security and all or any amounts realised by Columbia Laboratories Inc from it on trust for the Secretary of State. 

Columbia Laboratories Inc shall not take any steps to enforce any right or claim against Molecular Profiles Ltd or any
co-guarantor in respect of any monies paid by Columbia Laboratories Inc to the Secretary of State pursuant to this guarantee or any other liabilities between Molecular Profiles Ltd and Columbia Laboratories
Inc unless and until all of the Guaranteed Obligations owing to the Secretary of State (both actual and contingent) have been performed and discharged in full. 

This guarantee is a continuing guarantee and will remain in force until the Guaranteed Obligations have been performed and discharged in full. Columbia
Laboratories Inc’s liability under this guarantee will not be affected by: (a) any concession, time, indulgence or release granted by the Secretary of State to Molecular Profiles Ltd or any other person, (b) the Secretary of
State’s failure to take, perfect, enforce or hold unimpaired any security, indemnity or guarantee taken for the Guaranteed Obligations (c) any payment or dealing or anything else (whether by or relating to Molecular Profiles Ltd, Columbia
Laboratories Inc or any other person) which would, but for this paragraph, operate to discharge or reduce the Guaranteed Obligations or (d) any termination, amendment, variation, novation, replacement or supplement of or to any of the
Guaranteed Obligations (including without limitation any change in the purpose of, any increase in or extension of, the Guaranteed Obligations. 
 This
guarantee and any non-contractual obligations arising out of or in connection with it shall be governed by the laws of England. Columbia Laboratories Inc agrees that the courts of England will have jurisdiction to hear and settle any dispute which
arises in connection with this guarantee, although this shall not limit the right of the Secretary of State to bring proceedings against Columbia Laboratories Inc in any other court of competent jurisdiction. Columbia Laboratories Inc irrevocably
agree only to bring proceedings in the courts of England. Columbia Laboratories Inc agrees in connection with proceedings in England that any writ, judgment or other notice of process shall be sufficiently and effectively served on Columbia
Laboratories Inc if delivered to 8 Orchard Place, Nottingham Business Park, Nottingham, NG8 6PX. 
 This guarantee shall be in addition to any other
guarantee for the Guaranteed Obligations under the Grant Offer Letter by Molecular Profiles Ltd signed by Columbia Laboratories Inc that the Secretary of State may hold. 

This guarantee shall remain in full force and effect even if Columbia Laboratories Inc or Molecular Profiles Ltd have merged or amalgamated with another
company or if Columbia Laboratories Inc or Molecular Profiles Ltd have changed their respective constitutional documents. 
 Any demand or other
communication concerning this guarantee should be sent to Columbia Laboratories Inc at our registered office for the time being. 
 Signed: ..../s/ Frank
Condella.................................. 
 Print name: ....Frank
Condella.................................. 
 Company Director 

for and on behalf of: 
 Columbia Laboratories Inc 

  
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