Document:

EXHIBIT 10.5

 

	 	Confidential	Execution Version

 

Confidential Treatment has been requested for portions of this exhibit.
The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”.
A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 

LICENSE AGREEMENT

 

between

 

OPIANT PHARMACEUTICALS, INC.

 

and

 

AEGIS THERAPEUTICS, LLC

 

Effective DateJanuary 1, 2017

 

     

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

TABLE OF CONTENTS

  

	1.	DEFINITIONS	1
	 	 	 	 
	2.	REPRESENTATIONS AND WARRANTIES	1
	 	 	 	 
	 	2.1	Both Parties	1
	 	 	 	 
	 	2.2	AEGIS Additional Representations and Warranties	2
	 	 	 	 
	 	2.3	Disclaimer of Warranties	4
	 	 	 	 
	3.	LICENSE GRANTS; SUBLICENSING AND SUBCONTRACTING	4
	 	 	 	 
	 	3.1	AEGIS Technology	4
	 	 	 	 
	 	3.2	Sublicenses	5
	 	 	 	 
	 	3.3	Manufacture; Right of Reference	5
	 	 	 	 
	 	3.4	Contract Research	5
	 	 	 	 
	 	3.5	Exclusivity; Non-Competition	6
	 	 	 	 
	 	3.6	Technology Disclosure; Assistance	6
	 	 	 	 
	 	3.7	Diligence Efforts	6
	 	 	 	 
	 	3.8	Research and Development Plans and Reports	7
	 	 	 	 
	 	3.9	Excipient Toxicity Studies	8
	 	 	 	 
	4.	PAYMENTS	8
	 	 	 	 
	 	4.1	License Issuance Fee	8
	 	 	 	 
	 	4.2	Developmental Milestone Payments	9
	 	 	 	 
	 	4.3	Commercialization Milestones	10
	 	 	 	 
	 	4.4	Royalties	10
	 	 	 	 
	 	4.5	Royalty Reports	12
	 	 	 	 
	 	4.6	Audits	13
	 	 	 	 
	 	4.7	Payment Method	13
	 	 	 	 
	 	4.8	Taxes and Duties	14
	 	 	 	 
	 	4.9	Sublicense Revenue	14
	 	 	 	 
	5.	OWNERSHIP AND RIGHTS FOR DATA AND TECHNOLOGY	14
	 	 	 	 
	 	5.1	AEGIS Technology	14
	 	 	 	 
	 	5.2	OPIANT Technology	14
	 	 	 	 
	 	5.3	Inventorship	15
	 	 	 	 
	 	5.4	Inventions Related to the Compound	15
	 	 	 	 
	 	5.5	Inventions Related to the Excipient	15
	 	 	 	 
	 	5.6	Joint Inventions	16
	 	 	 	 
	 	5.7	Rights	16

 

     

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

TABLE OF CONTENTS (continued)

 

	6.	PATENT RIGHTS	16
	 	 	 	 
	 	6.1	Prosecution and Maintenance of AEGIS Patent Rights	16
	 	 	 	 
	 	6.2	Prosecution and Maintenance of OPIANT Patent Rights	17
	 	 	 	 
	 	6.3	Prosecution and Maintenance of Joint Patent Rights	18
	 	 	 	 
	 	6.4	Orange Book Listings	18
	 	 	 	 
	 	6.5	Enforcement	18
	 	 	 	 
	 	6.6	FDA Matters	20
	 	 	 	 
	 	6.7	Joint Research Agreement	20
	 	 	 	 
	7.	CONFIDENTIALITY	20
	 	 	 	 
	 	7.1	Confidentiality	20
	 	 	 	 
	 	7.2	Terms of License Agreement	21
	 	 	 	 
	 	7.3	Permitted Disclosures	21
	 	 	 	 
	 	7.4	Publicity	21
	 	 	 	 
	8.	INDEMNIFICATION AND INSURANCE	22
	 	 	 	 
	 	8.1	Indemnification by OPIANT	22
	 	 	 	 
	 	8.2	Indemnification by AEGIS	22
	 	 	 	 
	 	8.3	Procedure	22
	 	 	 	 
	 	8.4	Insurance	23
	 	 	 	 
	9.	TERM; TERMINATION	23
	 	 	 	 
	 	9.1	Term	23
	 	 	 	 
	 	9.2	Termination for Breach or Bankruptcy	23
	 	 	 	 
	 	9.3	Termination by OPIANT	23
	 	 	 	 
	 	9.4	Effect of Expiration or Termination	23
	 	 	 	 
	10.	GENERAL PROVISIONS	24
	 	 	 	 
	 	10.1	Governing Law	24
	 	 	 	 
	 	10.2	Arbitration	24
	 	 	 	 
	 	10.3	Modification; Waiver	25
	 	 	 	 
	 	10.4	Rights Under U.S. Bankruptcy Code	25
	 	 	 	 
	 	10.5	Assignment	25

 

     

    Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

TABLE OF CONTENTS (continued)

 

	 	10.6	Independent Contractors	26
	 	 	 	 
	 	10.7	Further Actions	26
	 	 	 	 
	 	10.8	Notices	26
	 	 	 	 
	 	10.9	No Implied Licenses	27
	 	 	 	 
	 	10.10	Force Majeure	27
	 	 	 	 
	 	10.11	No Consequential Damages	27
	 	 	 	 
	 	10.12	Complete Agreement	27
	 	 	 	 
	 	10.13	Counterparts	27
	 	 	 	 
	 	10.14	Severability	27
	 	 	 	 
	 	10.15	Headings	28
	 	 	 	 
	EXHIBIT A – DEFINITIONS	 
	 	 	 
	EXHIBIT B – AEGIS PATENT RIGHTS	 

 

     

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

  

LICENSE AGREEMENT

 

THIS LICENSE AGREEMENT
(this “License Agreement”) effective as of January 1, 2017 (the “Effective Date”), and entered
into by the Parties on June 22, 2017 (“Execution Date”) by and between AEGIS
THERAPEUTICS, LLC, a California limited liability company (“AEGIS”),
and OPIANT PHARMACEUTICALS, INC.,
a Delaware corporation (“OPIANT” and together with “AEGIS,”
the “Parties”).

 

Recitals

 

A.       AEGIS
has rights in certain proprietary technology regarding the chemically synthesizable delivery enhancement and stability agents
that, among other things, allow non-invasive systemic delivery of potent peptide, protein, and large molecule drugs.

 

B.        OPIANT
desires to develop and commercialize therapeutic products that utilize such proprietary technology of AEGIS
for the delivery of the Compound (as defined in Exhibit A).

 

C.        OPIANT
desires to obtain from AEGIS, and AEGIS is willing
to grant to OPIANT, a license to develop and commercialize such therapeutic products, on the
terms and conditions set forth below.

 

In consideration of the
foregoing Recitals and the mutual covenants set forth below, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree as follows:

 

		1.	DEFINITIONS

 

For purposes of this License
Agreement, the terms defined in Exhibit A attached hereto shall have the defined meanings as set forth in Exhibit A,
and the terms defined in this License Agreement shall have the corresponding meanings set forth in this License Agreement.

 

		2.	REPRESENTATIONS AND WARRANTIES

 

2.1       Both
Parties. Each Party represents and warrants to the other Party as follows:

 

2.1.1       Organization.
Such Party is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is organized.

 

2.1.2       Authorization
and Enforcement of Obligations. Such Party (a) has the requisite power and authority and the legal right to enter into this
License Agreement and to perform its obligations hereunder; and (b) has taken all requisite action on its part to authorize the
execution and delivery of this License Agreement and the performance of its obligations hereunder. This License Agreement has been
duly executed and delivered on behalf of such Party, and constitutes a legal, valid, binding obligation, enforceable against such
Party in accordance with its terms.

 

2.1.3       Consents.
All necessary consents, approvals and authorizations of all governmental authorities and other persons or entities required to
be obtained by such Party in connection with this License Agreement have been obtained.

 

    	 	1	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

2.1.4       No
Conflict. The execution and delivery of this License Agreement and the performance of such Party’s obligations hereunder
(a) do not conflict with or violate any requirement of applicable laws, regulations or orders of governmental bodies; and (b) do
not conflict with, or constitute a default under, any contractual obligation of such Party.

 

2.2       AEGIS
Additional Representations and Warranties. AEGIS hereby represents and warrants
to OPIANT that:

 

		2.2.1	Intellectual Property Matters.

 

(a)       Exhibit
B sets forth a true, correct and complete list of all AEGIS Patents Rights existing as
of the Execution Date, and for each such patent and patent application AEGIS has identified
(i) the owner, (ii) the countries in which such listed item is patented or registered or in which an application for patent or
for registration is pending, (iii) the application number, (iv) the patent or registration number, as applicable, (v) the earliest
relied upon priority filing date for determination of the expiration date, (vi) the expiration date, as applicable, including any
applicable patent term extensions or supplemental protection certificates, and (vii) the due date(s) for any applicable maintenance,
annuity or renewal fee.

 

(b)       Each
of the patents and patent applications included on Exhibit B properly identifies each and every inventor of the claims thereof
as determined in accordance with the laws of the jurisdiction in which such patent is issued or such application is pending.

 

(c)       Each
person, including without limitation any employee, independent contractor, consultant, or agent of AEGIS,
who has or has had any rights in or to each of the patents and patent applications included in the AEGIS
Patents Rights, has executed an agreement assigning his, her or its entire right, title and interest in and to such AEGIS
Patents Rights to the owner thereof as identified on Exhibit B.

 

(d)       To
AEGIS’ knowledge, each owner and inventor of each of the AEGIS
Patents Rights has complied with all applicable duties of candor and good faith in dealing with any patent office, including
the duty to disclose to any applicable patent office all information known to be material to patentability.

 

(e)       To
AEGIS’ knowledge, neither AEGIS nor any third party
has undertaken or omitted to undertake any acts, and to its knowledge, no circumstances or grounds exist, that would invalidate,
reduce or eliminate, in whole or in part, the enforceability, validity or scope of any of the AEGIS
Patents Rights.

 

(f)       AEGIS
is the sole and exclusive owner or exclusive licensee of the patents and patent applications listed in Exhibit B,
free and clear of all Encumbrances. Subject to the license granted to OPIANT hereunder, AEGIS
has the exclusive right to Exploit the AEGIS Technology, including without limitation
any and all patent rights licensed to AEGIS by UAB pursuant to the UAB Agreement, for use
with the Compound in the Field in the Territory. AEGIS has the right to grant all rights and
licenses it grants to OPIANT under this License Agreement with respect to the AEGIS
Technology, including without limitation any and all patent rights licensed to AEGIS by
UAB pursuant to the UAB Agreement.

 

    	 	2	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

(g)       Other
than pursuant to this License Agreement and the Prior Agreements, AEGIS has not assigned,
licensed, sublicensed, granted any interest in or options to, nor has AEGIS otherwise entered
into any existing agreement with respect to, the AEGIS Technology for use with the Compound
in the Field and shall not do so prior to the expiration or termination of this License Agreement.

 

(h)       AEGIS
has taken commercially reasonable precautions to protect the secrecy, confidentiality and value of the AEGIS
Technology.

 

(i)       To
AEGIS’ knowledge, AEGIS Technology constitutes all of the intellectual property that
is useful or necessary for the use of the Excipient.

 

(j)       As
of the Execution Date, to AEGIS’ knowledge, the use of the AEGIS
Technology in accordance with the terms of this License Agreement does not infringe the intellectual property rights of
any third party and does not constitute a misappropriation of the trade secrets or other intellectual property rights of any third
party in the Territory.

 

(j)       As
of the Execution Date, to AEGIS’ knowledge, no third party has interfered with, infringed
upon or misappropriated the AEGIS Technology in the Field for use with the Compound.

 

(k)       As
of the Execution Date, AEGIS has not been served with notice of any interference action or
litigation with respect to the AEGIS Technology nor has AEGIS
received any written communication which expressly threatens any interference action, requests that AEGIS
obtain a license from any third party or otherwise threatens or contemplates litigation with respect to the AEGIS
Technology, whether before any patent and trademark office, court, or any other governmental authority. To AEGIS’
knowledge, as of the Execution Date: (i) no such action or litigation has been threatened, and (ii) no event has occurred or circumstance
exists that may give rise to or serve as a basis for the commencement of any such action or litigation.

 

		2.2.2	Regulatory Matters.

 

(a)       As
of the Execution Date, to AEGIS’ knowledge, AEGIS holds,
and is operating in compliance with, any and all exceptions, permits, licenses, franchises, authorizations and clearances of the
FDA and/or any other governmental authority required in connection with the development to date of the Excipients.

 

(b)       AEGIS
has not received any warning letters or written correspondence from the FDA and/or any other governmental authority requiring
the termination, suspension or modification of any clinical or pre-clinical studies or tests with respect to the Excipients.

 

(c)       As
of the Execution Date, there are no actual or, to AEGIS’ knowledge, threatened enforcement
actions relating to any Excipient by the FDA or any other governmental authority which has jurisdiction over AEGIS’
or any applicable third-party manufacturer’s operations or products, including, without limitation, any fines, injunctions
civil or criminal penalties, investigations, debarments or suspensions.

 

    	 	3	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

(d)       AEGIS
is not, and to AEGIS’ knowledge, no person involved in the performance of AEGIS’
or any services under this License Agreement is, debarred or suspended under 21 U.S.C. §335(a) or (b).

 

2.2.3       Compliance
with Laws. As of the Execution Date, to AEGIS’ knowledge, AEGIS
is in compliance in all respects with all Laws that are applicable to the ownership, operation or use of any of the Excipients
or AEGIS Technology. To AEGIS’ knowledge, there
are no events, conditions, circumstances, activities, practices, incidents or actions of AEGIS relating
to the AEGIS Technology that would interfere with or prevent compliance with or give rise
to any liabilities or investigative, corrective or remedial obligations with respect to the AEGIS
Technology under applicable Laws.

 

2.2.4       Supply
Matters. Any Excipients supplied by AEGIS will be done so in accordance with the Supply
Agreement.

 

2.2.5       UAB
Licensing Agreement. The UAB Licensing Agreement is a legal and valid obligation binding upon the parties thereto and enforceable
in accordance with its terms. Attached hereto as Exhibit C is a true and correct copy of the UAB Licensing Agreement, with
the financial terms and sponsored research terms redacted. No provisions of the UAB Licensing Agreement or any other agreement
with any third party restrict or limit AEGIS’ right to grant OPIANT
the rights and licenses granted by AEGIS to OPIANT in
this License Agreement. AEGIS has not received any notice of default, and is not in default,
of any of its obligations under the UAB Licensing Agreement, and no circumstances or grounds exist that would reasonably be expected
to give rise to a claim of material breach or right of rescission, termination, revision, or amendment of the UAB Licensing Agreement.
To AEGIS’ knowledge, UAB is not in default, of any of its obligations under the UAB
Licensing Agreement. AEGIS has obtained all required consents from UAB for it to grant to
OPIANT the rights and licenses granted by AEGIS hereunder.

 

2.3       Disclaimer
of Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS SECTION 2, AEGIS MAKES NO REPRESENTATIONS OR WARRANTIES IN THIS LICENSE
AGREEMENT, EXPRESS OR IMPLIED, REGARDING THE AEGIS TECHNOLOGY, INCLUDING WITHOUT LIMITATION ANY REPRESENTATION OR WARRANTY REGARDING
VALIDITY, ENFORCEABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NONINFRINGEMENT, AND ALL RIGHTS IN THE AEGIS TECHNOLOGY
PROVIDED TO OPIANT HEREUNDER ARE PROVIDED “AS IS.”

 

		3.	LICENSE GRANTS; SUBLICENSING AND SUBCONTRACTING

 

3.1       AEGIS
Technology. AEGIS hereby grants to OPIANT an
exclusive (even as against AEGIS except for use pursuant to and in accordance with the Supply
Agreement), sublicensable (as set forth in Section 3.2), worldwide, license, under the AEGIS Technology,
to Exploit Compound(s) and Product(s) in the Field (the “License”).

 

    	 	4	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

3.2       Sublicenses.
OPIANT shall have the right to grant sublicenses under any portion or all of the license set
forth in Section 3.1 to one or more Affiliates and/or third parties without the prior written consent of AEGIS.
OPIANT shall give AEGIS prompt written notice of each
sublicense under this License Agreement, and shall deliver a copy of each sublicense to AEGIS within
thirty (30) days after execution of the same Each sublicense shall be subject to the applicable terms and conditions of this License
Agreement, including an obligation on the sublicensee to file royalty reports to OPIANT, which
reports shall be subject to audit by OPIANT (but not AEGIS).
OPIANT agrees to audit such sublicensees at AEGIS’
reasonable request; provided that the timing and scope of any such audit are consistent with OPIANT’s
business practices and such requests by AEGIS shall not exceed one (1) request per Calendar
Year per sublicensee. OPIANT shall remain liable to AEGIS for
sublicensee’s exercise of any of OPIANT’s rights and sublicensee’s performance
of OPIANT’s obligations under this License Agreement, including, but not limited to,
payment of royalties, keeping of records and reporting of sales as if the sublicensee’s sales were OPIANT’s
sales. For purposes of clarity, the right to “have manufactured” and to “have sold” shall not be considered
to be a sublicense under this License Agreement.

 

 3.3      Manufacture; Right of Reference.

 

3.3.1       Except
as set forth in this Section 3.3 or the Supply Agreement, notwithstanding the license granted under Section 3.1 to manufacture
Excipients, OPIANT hereby covenants and agrees to not exercise such right to make or have
made Excipients except as specified in the Supply Agreement. Upon termination of the Supply Agreement, a supply failure or supply
shortage, or as otherwise set forth for in the Supply Agreement, AEGIS shall provide reasonable
assistance to OPIANT to facilitate the disclosure and transfer of copies of any AEGIS
Know-How Rights or other technology reasonably required to permit OPIANT or any such
contract manufacturer to manufacture Excipients.

 

3.3.2       OPIANT
shall have the right to reference the AEGIS Data, and all regulatory filings in AEGIS’
control containing such AEGIS Data, in connection with the Exploitation of Product(s), including without limitation the applicable
drug master files pertaining to the Excipients. Such right shall extend to any contract manufacturer engaged by OPIANT,
any of its Affiliates and/or any sublicensees to manufacture Excipients. As requested by OPIANT,
AEGIS shall provide a letter of authorization to the FDA authorizing the FDA to access AEGIS’
drug master files exclusively for submissions associated with the Product(s).

 

3.4       Contract
Research.

 

3.4.1       The
license granted under Section 3.1 to conduct research and to develop Products shall automatically extend to any contract research
organization and/or contract analytical organization engaged by OPIANT (without the need to
sublicense), any of its Affiliates and/or any sublicensee in connection with research and development efforts for the Products.
At OPIANT’s request, AEGIS shall provide reasonable
assistance to OPIANT to facilitate the disclosure and transfer of copies of any AEGIS
Know-How Rights or other technology reasonably required to permit any such contract research organization and/or contract
analytical organization to conduct research and development efforts for the Products, at no additional cost to OPIANT.

 

3.4.2       In
the event that OPIANT desires to engage a contract research organization in connection with
its research and development efforts, if any, solely related to the Excipients, OPIANT agrees
to provide a request for quotation of services to UAB at the same time as when providing such requests to other potential service
providers. Such request shall allow for a commercially reasonable period of time to provide a response from all potential contractors.
The Parties understand and agree that OPIANT shall have no obligation to utilize the services
of UAB or any other party and that this Section 3.4.2 shall not apply to the development of the Product or any other development
matters not related solely to the Excipients.

 

    	 	5	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

3.5       Exclusivity;
Non-Competition.

 

3.5.1       Until
the expiration of the Royalty Term in each country in the Territory, neither AEGIS nor any
of its Affiliates shall, directly or indirectly engage in any activities or participate in any business or otherwise compete with
OPIANT (including without limitation by developing, researching, manufacturing, selling, offering
for sale, licensing, offering for license, covenant not to sue a third party, agreeing to sell or license, divesting or transferring
rights, including without limitation any AEGIS Technology, to any third party) anywhere in
the Territory with respect to the Exploitation of any therapeutic containing a Compound or derivative or active metabolite of a
Compound without the prior written consent of OPIANT.

 

3.5.2       Each
of the Parties recognizes that the restrictions contained in, and the terms of, this Section 3.5 are properly required for the
adequate protection of the license set forth in Section 3.1 and OPIANT’s rights under
this License Agreement, and agree that if any provision in this Section 3.5 is determined by any court to be unenforceable by reason
of its extending for too great a period of time or over too great a geographic area, or by reason of its being too extensive in
any other respect, such covenant shall be interpreted to extend only for the longest period of time and over the greatest geographic
area, and to otherwise have the broadest application as shall be enforceable.

 

3.6       Technology
Disclosure; Assistance. Within thirty (30) days after the Execution Date, AEGIS shall
deliver, at AEGIS’ expense, to OPIANT, or provide
OPIANT with copies of (a) the AEGIS Know-How Rights,
consisting of (i) copies of any publications related to the application of Excipients, including without limitation the Excipient
known as Intravail®, (ii) basic formulation ingredients, concentration data, formulation protocols, etc., (iii) access to all
toxicology and safety information relating to Excipients, including without limitation the Excipient known as Intravail® (excluding
third party confidential information), and (iv) access to the drug master file(s) (excluding the CMC portion and third party confidential
information) pertaining to the Excipients; and (b) all AEGIS Patent Rights and all relevant
material information related thereto available to AEGIS. Additionally, at such time in the
future during the term of this License Agreement if AEGIS or its Affiliates acquires additional
AEGIS Technology which either Party reasonably believes to be necessary or useful for Opiant
to Exploit the Product, Aegis shall promptly disclose the same to Opiant, together with the material information and documents
concerning the same which are available to Aegis. At Opiant’s request and expense, throughout the term of this License Agreement,
Aegis shall provide reasonable assistance to Opiant to facilitate the disclosure and transfer of copies of any Aegis Data, Aegis
Know-How Rights, or other technology reasonably required to permit Opiant to Exploit the Excipients for the Product(s), including
without limitation to permit OPIANT or any sublicensee or contract manufacturer of OPIANT
to develop and/or manufacture Excipients for purposes of manufacturing Product(s) if and when permitted in accordance with
Section 3.3, but subject to the limitation of Section 3.1.

 

3.7       Diligence
Efforts.

 

3.7.1       OPIANT
shall use Commercially Reasonable Efforts (defined below) to obtain regulatory approval for the Product and to thereafter
maximize sales of the Product in the Territory.

 

    	 	6	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

3.7.2       The
term “Commercially Reasonable Efforts” shall mean that level of effort that a biotechnology or pharmaceutical
company of comparable size, capabilities and financials would normally apply in the United States and the EU, as applicable, in
pursuing the development and commercialization of a pharmaceutical product with a similar efficacy and safety profile to the Product
(taking into account at all times the relevant patent, medical/scientific, technical, regulatory, development cost, market potential,
or commercial profile of same), subject to intervening Regulatory Authority actions or requests, new legislation, any breach of
the AEGIS’ obligations under this License Agreement and/or Supply Agreement or any other
third-party action not within the reasonable control of OPIANT.

 

3.7.3       In
the event OPIANT does not (directly or with or through any of its Affiliates or sublicensees)
use Commercially Reasonable Efforts to Exploit a Product, then AEGIS will have the right to
terminate the License with respect to such Product as provided in this Section 3.7.3, and such termination shall be the sole remedy
for such failure. Said termination will occur upon AEGIS delivering to OPIANT
a written notice of termination, unless OPIANT responds within sixty (60) days after
receipt of said notice with evidence which demonstrates that OPIANT (or any of its Affiliates
or sublicensees) is using Commercially Reasonable Efforts to Exploit a Product.

 

(a)       If
there is a dispute between the Parties regarding whether OPIANT (or any of its Affiliates
or sublicensees) is using Commercially Reasonable Efforts to Exploit a Product, the dispute resolution procedures pursuant to Section
10.2 shall apply and no termination will occur unless and until it is finally determined pursuant to such procedures that OPIANT
has not (directly or with or through any of its Affiliates or sublicensees) used Commercially Reasonable Efforts to Exploit
such Product. In the event that it is finally determined pursuant to such procedures that OPIANT
has not (directly or with or through any of its Affiliates or sublicensees) used Commercially Reasonable Efforts to Exploit
such Product, then AEGIS shall not have the right to terminate the License for such Product
if OPIANT puts in place and begins implementation of a commercially reasonable plan, mutually
agreed to by the Parties, for compliance with its obligation to use Commercially Reasonable Efforts to Exploit such Product within
sixty (60) days after such final determination.

 

(b)       If
AEGIS terminates the License granted with respect to a Product as permitted by Section 3.7.3,
OPIANT shall assign and transfer exclusively to AEGIS (even
as to OPIANT) all data and intellectual property and any Joint Patent Rights owned by OPIANT
that relates solely to such Product, at AEGIS’ expense; provided, however, that
such assignment and transfer shall exclude any data and intellectual property solely related to the Compound. AEGIS’
rights to terminate the License under this Section 3.7.3 shall not begin until two (2) years after the Execution Date.

 

3.8       Research
and Development Plans and Reports.

 

3.8.1       During
the term of this License Agreement, AEGIS may offer its recommendations to OPIANT
for development as to any ways which may be more effective for utilizing the Excipient(s). For avoidance of doubt, neither
party shall have any legally binding obligations or liabilities concerning the foregoing recommendations.

 

3.8.2       Within
ninety (90) days following the end of each Calendar Year during the term of this License Agreement, OPIANT
shall prepare and deliver to AEGIS a written report which shall describe, in reasonable
detail, OPIANT’s efforts and results for researching and developing Products during
such Calendar Year.

 

    	 	7	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

3.8.3       The
plans and report and contents thereof shall be owned exclusively by OPIANT. AEGIS
shall treat the foregoing plans and reports and their contents as Confidential Information of OPIANT
consistent with Section 7.

 

3.8.4       OPIANT
shall furnish to AEGIS a copy of all clinical protocol(s) and the related patient informed
consent form for any clinical trial study, which involves an Excipient or the AEGIS Technology;
and AEGIS shall be entitled to share such documents with the AEGIS
insurance carriers to the extent required to comply with its contractual obligations to such entities. AEGIS
agrees that any personally identifiable information or protected health information, which comes into AEGIS’
possession under this License Agreement will be protected and acted on in accordance with applicable data protection legislation,
such as the Health Insurance Portability and Accountability Act of 1996 as well as all other applicable laws and regulations.

 

3.9       ****
Studies. In the event that **** conducts any **** studies **** (the “**** Studies”), **** agrees to provide to
**** a draft copy of the intended protocol(s) to be used for such **** Studies; and **** will give due considerations to any recommendations
which **** may give for improving the protocol(s) for the ****Studies. **** agrees to provide any **** arising from the **** Studies
(“****”) to ****within thirty (30) days after **** receives the ****, which ****shall be subject to the confidentiality
obligations set forth in this Agreement. **** may include in its **** such portions of or information from the **** as is required
or appropriate for inclusion in ****, provided that prior to sharing with any third party, **** shall redact all **** Confidential
Information including all references to ****; provided however that the ****.

 

4.            PAYMENTS

 

4.1       License
Issuance Fee. As partial consideration for the grant to OPIANT of the License, OPIANT
shall pay to AEGIS a (i) one-time, nonrefundable and noncreditable license fee of ****
U.S. dollars (U.S. $****) as of the Execution Date; and (ii) one-time, nonrefundable and noncreditable license fee of **** U.S.
dollars (U.S. $****) upon the earlier of ****or ****.

 

OPIANT
may elect to pay up to 50% of the License Issuance Fee by issuing to AEGIS shares of
OPIANT’S common stock subject to the following:

 

(a)       There
must be a public market for OPIANT’S shares and
OPIANT must be current with all statutory filings;

 

(b)       The
shares shall be issued pursuant to Rule 144 of the Securities Act of 1933;

 

(c)       The
number of shares to be issued shall be calculated as seventy-five percent (75%) of the average closing price for the previous twenty
(20) trading days;

 

(d)       As
soon as AEGIS has satisfied the statutory holding period, OPIANT’S
legal counsel shall provide a legal opinion so that the shares can be sold in accordance with Rule 144 of the Securities
Act of 1933.

 

    	 	8	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

4.2       Developmental
Milestone Payments. As partial consideration for the grant to OPIANT of the rights under
Section 3.1 the Parties agree to the following:

 

4.2.1       ****
Products. As partial consideration for the grant to OPIANT of the rights under Section
3.1 the Parties agree to the following milestones for the first Product containing ****:

 

	Milestone	 	Amount	 
	Successful Completion of the first pilot PK study in humans	 	$	****	 
	Upon the Successful Completion of the first PK study in humans;  provided, that if OPIANT has not initiated a first PK study in humans  by ****, then such milestone shall be due on ****	 	$	****	 
	Approval of the first NDA or its equivalent	 	$	****	 

 

At the time when any milestone
payment listed in the table above is due, if OPIANT has not paid all other milestone payments
(if any) previously listed in such table, then at such time OPIANT shall pay all such unpaid
previous milestone payments.

 

The term “Successful
Completion” shall mean the decision made by OPIANT, in its sole discretion, within
forty-five (45) days after the availability of top-line data from such study whether to advance the development program for such
Product or such other period mutually agreed upon by the Parties, which decision to advance shall be considered successful completion
and achievement of the milestone for such Product. In the event OPIANT fails to advance such
program specific to the Product, then all rights granted to OPIANT for such Product shall
be terminated.

 

4.2.2       ****
Products. As partial consideration for the grant to OPIANT of the rights under Section
3.1 the Parties agree to the following milestones for the first Product containing ****:

 

	Milestone	 	Amount	 
	Successful Completion of the first pilot PK study in humans	 	$	****	
	Upon the Successful Completion of the first PK study in humans;  provided, that if OPIANT has not initiated a first PK study in  humans by ****, then such milestone shall be due on ****	 	$	 ****	 
	Approval of the first NDA or its equivalent	 	$	 ****	 

 

At the time when any milestone
payment listed in the table above is due, if OPIANT has not paid all other milestone payments
(if any) previously listed in such table, then at such time OPIANT shall pay all such unpaid
previous milestone payments.

 

4.2.3       ****
Products. As partial consideration for the grant to OPIANT of the rights under Section
3.1 the Parties agree to the following milestones for the first Product containing ****:

 

    	 	9	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

  

	Milestone	 	Amount	 
	Successful Completion of the first pilot PK study in humans	 	$	****	
	Upon the Successful Completion of the first PK study in humans;  provided, that if OPIANT has not initiated a first PK study in humans  by ****, then such milestone shall be due on ****	 	$	****	 
	Successful Completion of the first Phase II study	 	$	****	 
	Successful Completion of the second Phase III study	 	$	****	 
	Approval of the first NDA or its equivalent	 	$	****	 

 

At the time when any milestone
payment listed in the table above is due, if OPIANT has not paid all other milestone payments
(if any) previously listed in such table, then at such time OPIANT shall pay all such unpaid
previous milestone payments.

 

Notwithstanding the foregoing, in the event
that a Product contains two Compounds in combination, then OPIANT shall: (i) pay to Aegis
a one-time fee in the amount of **** U.S. dollars (U.S. $****); and (ii) upfront milestones payments for the higher of the two
Compounds with respect to such Product under Sections 4.1, 4.2.1, 4.2.2 and 4.2.3.

 

4.3       Commercialization
Milestones. As partial consideration for the grant to OPIANT of the rights under Section
3.1, the following milestone payments will be paid, on a Product-by-Product basis for the first Product for each respective Compound:
****. For Annual Net Sales milestones, the first time in the first Calendar Year that the total aggregate Net Sales of the applicable
Product in a Calendar Year by OPIANT, its Affiliates and its sublicensees in the Territory
reach the amounts set forth in the table in this Section 4.3, below. Within thirty (30) days following the achievement of each
of the following milestones, OPIANT shall give written notice to AEGIS
thereof and shall pay to AEGIS the corresponding one time only milestone payments described
below.

 

	Milestone	 	Amount	 
	First commercial sale of the first Product containing each  of the following Compounds: ****	 	$	****	
	 	 	 	 	 
	First time Annual Net Sales for each Product is greater than or equal to $****	 	$	 ****	 

 

4.4       Royalties.

 

4.4.1       Within
thirty (30) days following the First Commercial Sale of a Product in each country in the Territory, OPIANT
shall give written notice to AEGIS thereof.

 

4.4.2       As
partial consideration for the grant to OPIANT of the rights under Section 3.1, during the
applicable Royalty Term, OPIANT shall pay to AEGIS royalties
on Annual Net Sales of Products, on a country-by-country and Product-by-Product basis in accordance with this Section 4.4, in an
amount equal to the applicable rate set forth in the table in this Section 4.4.2, below, times the Annual Net Sales of Products
by OPIANT, its sublicensees (subject to Section 4.9) and their respective Affiliates, subject
to the applicable reductions as set forth in Sections 4.4.3 through 4.4.5; but in no event will the royalty rate be reduced pursuant
to Sections 4.4.3 through 4.4.5 by more than fifty percent (50%) (although any such unused reduction sum will be carried forward
and applied against future payments).

 

    	 	10	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

  

	Annual Net Sales (U.S. $)	 	Royalty Rate	 
	 	 	 	 
	Aggregate Annual Net Sales during a Calendar Year less than or equal to **** Dollars (U.S. $****)	 	 	****	%
	 	 	 	 	 
	Aggregate Annual Net Sales during a Calendar Year greater than ****  Dollars (U.S. $****) and less than or equal to **** Dollars (U.S. $****)	 	 	****	%
	 	 	 	 	 
	Aggregate Annual Net Sales during a Calendar Year greater than **** Dollars (U.S. $****) and less than or equal to **** Dollars (U.S. $****)	 	 	****	%
	 	 	 	 	 
	Aggregate Annual Net Sales during a Calendar Year greater than **** Dollars (U.S. $****) and less than or equal to **** Dollars (U.S. $****)	 	 	****
 
	%
	 	 	 	 	 
	Aggregate Annual Net Sales during a Calendar Year greater than **** Dollars (U.S. $****)	 	 	****	%

 

4.4.3       The
royalty percentage then applicable under this Section 4.4 to Net Sales of any Product made in any country in the Territory shall
be reduced by fifty percent (50%) if at the time of the sale of such Product in such country, the use, manufacture, offer for sale,
sale and import of such Product in such county is not covered by a Valid Claim.

 

4.4.4       In
the event that a Generic Product enters the market and such Generic Product causes a price reduction of at least 25% for two consecutive
Calendar Quarters, OPIANT may reduce the royalty payments for sales of such Product by fifty
percent (50%); provided, no payment to AEGIS shall be reduced by more than fifty percent
(50%) of the amount payable before any reductions or credits (although any unused excess credit may be carried forward and applied
against future payments). After any such reduction, if the Net Sales of the Product are restored for a period of at least two (2)
Consecutive Quarters, to the volume and price which existed immediately prior to the entry of a Generic Product, then the royalty
rates shall also be restored to the rates in effect prior to the entry of such Generic Product.

 

4.4.5       If
the level of competition, patent protection or the general commercial environment for such Product affects in any material respect
the commercial viability of a Product at the then applicable royalty rate due under this Agreement for any country(ies) in the
Territory, upon written request from OPIANT, AEGIS will
negotiate in good faith with OPIANT for a reduction of such royalty rates, as applicable to
such Product in such country.

 

4.4.6       Third
Party Licenses.

 

(a)       If
OPIANT determines, in its reasonable judgment (subject to subpart c below), that the intellectual
property rights of a third party are necessary for the Exploitation of a Product or practice of any AEGIS
Technology in accordance with this License Agreement, then the royalty and milestone amounts owed to AEGIS
hereunder for Exploiting the AEGIS Technology in the country (or countries) where such
third party intellectual property rights are enforceable shall be subject to a credit reduction in an amount equal to one hundred
percent (100%) of the amount of any payments that OPIANT (or any of its sublicensees) pays
such third party to use such third party intellectual property rights; provided, no payment to AEGIS
shall be reduced by more than fifty percent (50%) of the amount payable before any reductions or credits (although any unused
excess credit may be carried forward and applied against future payments).

 

    	 	11	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

  

(b)       If
OPIANT determines, in its reasonable judgment, that the technology, and/or a license to intellectual
property rights, of a third party is useful, but not necessary, for the development, manufacture, or commercialization of any Product
or for the practice (or sublicensing) of any AEGIS Technology in accordance with this License
Agreement, then the royalty and milestone amounts owed to AEGIS hereunder for Exploiting the
AEGIS Technology in the country (or countries) where such third party intellectual property
rights are enforceable shall be subject to a credit reduction in an amount equal to fifty percent (50%) of the amount of any third
party technology payments that OPIANT (or any of its sublicensees) pays such third party to
obtain such technology and/or rights; provided, no payment to AEGIS shall be reduced
by more than fifty percent (50%) of the amount payable before any reductions or credits (although any unused excess credit may
be carried forward and applied against future payments).

 

(c)       If
AEGIS disputes OPIANT’s determination under Section
4.4.5(a) that the technology, and/or a license to intellectual property rights, of such third party is necessary for the practice
of any AEGIS Technology in accordance with this License Agreement, AEGIS
may submit such dispute to an independent third party arbiter, mutually agreed to by the Parties, such agreement not to
be unreasonably withheld, delayed, or conditioned, and such arbiter to have at least ten (10) years' experience in the biopharmaceutical
industry overseeing drug development or patent law, who shall determine within thirty (30) days whether, in the absence of rights
granted by such third party, the practice of any AEGIS Technology in accordance with this
License Agreement would likely or actually infringe or misappropriate such third party’s intellectual property. Such arbiter’s
determination shall be final and binding on the Parties, and any dispute with respect to such arbiter’s determination shall
not be submitted for resolution pursuant to Section 10.2. Additionally, any determination of likely or actual infringement shall
be deemed a determination that such license to intellectual property rights of a third party is “necessary” for purposes
of Section 4.4.5(a).

 

4.5       Royalty
Reports.

 

4.5.1       After
the First Commercial Sale of the first Product, OPIANT shall keep complete and accurate records
in sufficient detail to properly reflect all gross sales and Net Sales, and to enable the royalties payable to AEGIS
under Section 4.4 to be determined.

 

4.5.2       Within
forty-five (45) days after the end of each Calendar Quarter during the term of this License Agreement following the First Commercial
Sale of the first Product by OPIANT, its sublicensees (subject to Section 4.9) or their respective
Affiliates, OPIANT shall furnish to AEGIS a written report
showing in reasonable detail, on a country-by-country and Product-by-Product basis), (a) the Net Sales of Products sold by OPIANT,
its Affiliates and sublicensees during such Calendar Quarter; (b) the calculation of the royalties which shall have accrued based
upon such Net Sales; (c) the withholding taxes, if any, required by law to be deducted with respect to such Net Sales; and (d)
the exchange rates, if any, used in determining the amount of U.S. dollars.

 

4.5.3       All
royalties shown to have accrued by each royalty report provided under this Section 4.5 shall be payable on the date such royalty
report is due. Payment of royalties in whole or in part may be made in advance of such due date. All royalty reports are the Confidential
Information of OPIANT.

 

    	 	12	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

  

4.6       Audits.

 

4.6.1       Upon
the written request of AEGIS and not more than once in each Calendar Year, OPIANT
shall permit an independent certified public accounting firm of nationally recognized standing, selected by AEGIS
and reasonably acceptable to OPIANT, at AEGIS’
expense, to have access during normal business hours to such of the records of OPIANT as may
be reasonably necessary to verify the accuracy of the royalty reports under Section 4.5 for any year ending not more than thirty-six
(36) months prior to the date of such request. The accounting firm shall be required to sign a confidentiality agreement for the
benefit of, and in a form reasonably acceptable to, OPIANT, and shall disclose to AEGIS
and OPIANT only whether the reports are correct or not and the specific details concerning
any discrepancies. No other information shall be shared.

 

4.6.2       If
such accounting firm concludes that additional royalties were owed during the audited period, OPIANT
shall pay such additional royalties within thirty (30) days after the date AEGIS delivers
to OPIANT such accounting firm’s written report so concluding. If such accounting firm
concludes that OPIANT has overpaid royalties during the audited period, OPIANT
shall have the right to credit the amount of the overpayment against each subsequent quarterly payment due to AEGIS
until the overpayment has been fully applied to pay such additional royalties. If the overpayment is not fully applied prior
to the final quarterly payment of royalties due hereunder, AEGIS shall promptly refund to
OPIANT an amount equal to any remaining overpayment. The fees charged by such accounting firm
shall be paid by AEGIS  provided, however, if the audit discloses that the royalties
payable by OPIANT for such period are more than one hundred ten percent (110%) of the royalties
actually paid for such period, then OPIANT shall pay the reasonable fees and expenses charged
by such accounting firm.

 

4.6.3       OPIANT
shall include in each permitted sublicense granted by it pursuant to the License Agreement a provision requiring the sublicensee
to make reports to OPIANT, and to keep and maintain records of sales made pursuant to such
sublicense, and to permit audits by OPIANT of such records. OPIANT
shall grant access to such reports by AEGIS’ independent accountant as set forth
in Section 4.6.1.

 

4.6.4       AEGIS
shall treat all financial information subject to review under this Section 4.6 as Confidential Information of OPIANT
consistent with Section 7, and shall cause its accounting firm to retain all such financial information in confidence.

 

4.7       Payment
Method. All payments owed under this License Agreement shall be paid in United States Dollars in immediately available funds
and shall be made by wire transfer from a United States bank located in the United States to such bank account as designated from
time to time by AEGIS to OPIANT. For the purposes of
computing Net Sales of Products commercialized by OPIANT that are sold in a currency other
than U.S. dollars, such currency shall be converted into U.S. dollars as calculated at the actual average rates of exchange for
the pertinent month as reported in the Wall Street Journal, or at such other exchange ratio as the Parties may mutually approve
in writing.

 

    	 	13	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

  

4.8       Taxes
and Duties. If OPIANT is required to withhold any tax to the tax or revenue authorities
in any country regarding any payment to AEGIS due to the applicable laws of such country,
such amount shall be deducted from the payment to be made by OPIANT, and OPIANT
shall promptly notify AEGIS of such withholding. Within a reasonable amount of time
after making such deduction, OPIANT shall furnish AEGIS with
copies of any documentation evidencing such withholding and the related payment by OPIANT to
the applicable tax authority. Each Party agrees to cooperate with the other in claiming exemptions from such deductions or withholdings
under any agreement or treaty from time to time in effect, and in obtaining papers from or filing papers with the applicable tax
authority. However, any such deduction or withholding shall be an expense of and borne solely by AEGIS.

 

4.9       Sublicense
Revenue. In the event OPIANT, or its Affiliates, grants any sublicenses to third parties
pursuant to Section 3.2 of this License Agreement, in lieu of any license maintenance fees, milestones or royalties which may be
due to AEGIS under this License Agreement, OPIANT shall
pay to AEGIS the Sublicense Rate (defined below) of the Sublicense Revenue (defined below)
received by OPIANT or its Affiliate (the “Sublicense Fee”). Upon OPIANT’s
request from time to time, AEGIS shall use commercially reasonable efforts to assist OPIANT
in establishing any such sublicense agreement, including, without limitation, cooperating in the due diligence review by
prospective sublicensees, provided OPIANT shall reimburse AEGIS
for any third party expenses, including but not limited to legal fees for support of intellectual property due diligence,
incurred by AEGIS in support of such activities. For clarity, the value of any and all equity
received by AEGIS from OPIANT shall be specifically excluded
from the Sublicense Fee. However, in no event shall AEGIS’s share of royalties received
from sublicensees and included in the Sublicense Fee be less than ****% of Net Sales of Products by the relevant sublicensee, for
sublicenses granted by OPIANT (or its Affiliate).

 

“Sublicense Rate” shall be negotiated
in good faith by the Parties upon the request of OPIANT.

 

“Sublicense Revenue”
means all upfront, milestone and royalty payments and other consideration received by OPIANT and
its Affiliates from third party sublicensees to the extent attributable to sublicenses under the AEGIS
Technology, excluding: (i) reimbursement or funding for R&D activities performed by or on behalf of OPIANT,
(ii) amounts for purchase of stock or other equity or debt interests in OPIANT, (iii) reimbursement
of patent costs and other out-of-pocket costs actually incurred by OPIANT, (iv) payments received
for the supply of goods (including Products) or services, including sales and marketing support, co-promotion activities and sales
force reimbursement, and (v) payments for the sale of substantially all of the business or assets of OPIANT,
whether by merger, sale of stock, sale of assets or otherwise. To the extent that a payment made by a sublicensee pursuant to items
(i), (ii) or (iv) of the preceding sentence is in excess of the then-current fair market value, as determined in compliance with
GAAP, of each of the corresponding items, then such excess shall be considered Sublicense Revenue.

 

5.           OWNERSHIP
AND RIGHTS FOR DATA AND TECHNOLOGY 

 

5.1       AEGIS
Technology. Subject to the rights and licenses specified in this License Agreement, AEGIS
shall solely own all right, title, and interest in the AEGIS Data, AEGIS
Inventions, AEGIS Know-How Rights, and AEGIS Patent
Rights.

 

5.2       OPIANT
Technology. Subject to the rights and licenses specified in this License Agreement, OPIANT
shall solely own all right, title, and interest in the OPIANT Data, OPIANT
Inventions, OPIANT Know-How Rights, and OPIANT Patent
Rights.

 

    	 	14	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

  

5.3       Inventorship.
Inventorship of Inventions shall be determined in accordance with U.S. patent laws (Title 35, United States Code), and, except
as expressly provided otherwise in Section 5.4, 5.5 or 5.6, the inventor of an invention (whether AEGIS,
OPIANT, or AEGIS and OPIANT
jointly) shall be the owner of such Inventions and any patent rights and other intellectual property rights in and to such
Inventions. AEGIS personnel have executed, or will cause to be executed, agreements requiring
such personnel to assign to AEGIS all Inventions made by such personnel, and OPIANT
personnel have executed, or will cause to be executed, agreements requiring such personnel to assign to OPIANT
all Inventions made by such personnel.

 

5.4       Inventions
Related to the Compound.

 

5.4.1       Ownership.
As between AEGIS and OPIANT, OPIANT
is the owner of all right, title and interest in and to the Compound, which shall be included in OPIANT
Technology and:

 

(a)       AEGIS
shall not (and shall not attempt or purport to) file or prosecute in any country any patent application which claims or
uses or purports to claim or use the Compound or the Product (other than a Joint Invention), or any information or other materials
directly or indirectly derived therefrom, without the prior express written consent of OPIANT.

 

(b)       If
there is an Invention covering the a Compound (without use of an Excipient) made or conceived by employees, consultants, agents
and others conducting work on behalf of AEGIS or its Affiliate, whether alone or jointly with
one or more employees, consultants, agents and others conducting work on behalf of OPIANT,
AEGIS agrees to promptly disclose such invention to OPIANT and
supply OPIANT with a copy of the disclosure for OPIANT’S
evaluation purposes. If such invention relates to a Compound (without use of an Excipient), OPIANT
shall have the sole right to determine what, if any, patent applications should be filed on such Invention. AEGIS
hereby assigns to OPIANT all right, title and interest in any such Inventions and shall
execute, and require its and its Affiliates personnel and contractors to execute, any documents reasonably required to confirm
OPIANT’s ownership of such Inventions, and any documents required to apply for, maintain
and enforce any patent rights in such Inventions.

 

5.4.2       No
Implied License. This License Agreement shall not grant any license or other rights to AEGIS
in any patent rights or other intellectual property rights of OPIANT, and no rights
are provided to AEGIS under any patents, patent applications, trade secrets or other proprietary
rights of OPIANT. In particular, no rights are provided to use the Compound and any patents
or intellectual property of any kind to AEGIS for profit-making, commercial or research purposes,
including but not limited to sale of the Compound, use in manufacturing, provision of a service to a third party in exchange for
consideration, or use in research or consulting by a commercial or not for-profit entity or by AEGIS
itself.

 

5.5       Inventions
Related to the Excipient.

 

5.5.1       Ownership.
As between AEGIS and OPIANT, AEGIS
is the owner of all right, title and interest in and to the Excipient, which shall be included in AEGIS
Technology and;

 

(a)       OPIANT
shall not (and shall not attempt or purport to) file or prosecute in any country any patent application which claims or
uses or purports to claim or use the Excipient, without the prior express written consent of AEGIS.

 

    	 	15	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

  

(b)       If
there is an Invention covering the Excipient made or conceived by employees, consultants, agents and others conducting work on
behalf of OPIANT, whether alone or jointly with one or more employees, consultants, agents
and others conducting work on behalf of AEGIS, OPIANT agrees
to promptly disclose such invention to AEGIS and supply AEGIS
with a copy of the disclosure for AEGIS’ evaluation purposes. AEGIS
shall have the sole right to determine what, if any, patent applications should be filed on such Invention. OPIANT
hereby assigns to AEGIS all right, title and interest in any such Inventions and shall
execute, and require its and its Affiliates personnel and contractors to execute, any documents reasonably required to confirm
AEGIS’ ownership of such Inventions, and any documents required to apply for, maintain
and enforce any patent rights in such Inventions. For the avoidance of doubt, such Inventions shall be AEGIS
Technology and be subject to the terms of the License.

 

5.5.2       No
Implied License. Except for the License, this License Agreement shall not be construed to grant any license or other rights
to OPIANT in the AEGIS Technology (other than Joint Inventions
and Joint Patent Rights).

 

5.6       Joint
Inventions. “Joint Invention” shall mean (a) any Invention that embodies a Product, including without limitation
any invention relating to the use of Excipient for administering or stabilizing such Compound, or (b) any Invention that is (i)
made or conceived jointly by one or more employees, consultants, agents and others conducting work on behalf of Aegis and one or
more employees, consultants, agents and others conducting work on behalf of Opiant in connection with the performance of, and during
the term of, this License Agreement and/or the Supply Agreement and/or any of the Prior Agreements and (ii) is not an Invention
subject to the provisions of Section 5.4.1 or Section 5.5.1 shall be a “Joint Invention”. As between Aegis and
Opiant, Aegis shall be the owner of the Joint Inventions. The Parties shall meet and confer regarding any Joint Invention, and
for clarity, all Joint Inventions shall be included in the license grant set forth in Article 3.

 

5.7       Rights.
For clarity, nothing herein shall affect the right of Opiant to invent and seek intellectual property protection for inventions
that do not comprise the AEGIS Technology. For further clarity, nothing herein shall affect
the right of Aegis to invent and seek intellectual property protection for inventions that do not comprise the OPIANT
Technology.

 

6.           PATENT
RIGHTS

 

6.1       Prosecution
and Maintenance of AEGIS Patent Rights.

 

6.1.1       Subject
to Section 6.1.4, AEGIS shall have the sole right (but not the obligation), at its expense,
to prepare, file, prosecute and maintain the AEGIS Patent Rights. AEGIS
shall give OPIANT a reasonable opportunity, before filing, to review and comment on
any patent application within the AEGIS Patent Rights that covers the Product and take into
good faith consideration OPIANT’S comments. After
filing, AEGIS shall provide OPIANT with a copy of such
patent application as filed, together with notice of its filing date and serial number. OPIANT shall,
at AEGIS’ reasonable expense, cooperate with AEGIS,
execute all lawful papers and instruments and make all rightful oaths and declarations as may be necessary in the preparation,
prosecution and maintenance of the AEGIS Patent Rights.

 

6.1.2       To
the extent reasonably expected to adversely affect the AEGIS Patent Rights or the Product,
AEGIS shall promptly provide OPIANT with copies of correspondence
or materials received from the PCT, the U.S. Patent & Trademark Office, or equivalent intellectual property regulatory authority
in any other country.

 

    	 	16	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

  

6.1.3       If
OPIANT reasonably believes that AEGIS may fail to make
any required payments or take any action required for the preparation, filing, prosecution, defense or maintenance of the AEGIS
Patent Rights specific to the Product(s) within a reasonable time, OPIANT shall provide
AEGIS with written notice of such deficiency. If AEGIS fails
to take any action required for the preparation, filing, prosecution, defense or maintenance of the AEGIS
Patent Rights specific to the Product(s) within the shorter of (i) forty-five (45) days of notice from OPIANT
or (ii) thirty (30) days before the deadline for taking such action, OPIANT shall have
the right to thereafter make any such required payments or take any such required action, and deduct and offset such payments and
any related costs and expenses from any milestone payments, royalties or other payments which may be required under this License
Agreement or otherwise by Opiant, its Affiliates or sublicensees to Aegis. Upon OPIANT taking
such action, Aegis shall have thirty (30) days to (a) provide OPIANT with written notice of
its intent to have prepared, filed, prosecuted, defended or maintained the Aegis Patent Rights specific to the Product(s), and
election to continue preparation, filing, prosecution, or maintenance of such Aegis Patent Rights specific to the Product (s),
and (b) reimburse OPIANT for all of its cost and expenses incurred in connection with the
filing, preparation, prosecution, defense or maintenance of the foregoing Aegis Patent Rights specific to the Product(s); provided,
however, that in the event that Aegis fails to meet subsection (a) and (b), Aegis shall assign all right, title and interest in
and to such Aegis Patent Rights specific to the Product(s) to OPIANT for no additional consideration.

 

6.1.4       OPIANT
shall reimburse AEGIS for the reasonable actual costs incurred by AEGIS
under the AEGIS Patent Rights that are specific only to the Compound(s) and/or Product(s),
including but not limited to all divisionals, continuations, continuations-in-part, reissues, renewals, extensions or additions
to any such patents and patent applications; provided, however, that (a) for all AEGIS Patent
Rights that are specific only to the Compound(s) (“Compound Specific Aegis Patent Rights”), OPIANT,
with patent counsel of its choice shall direct and manage such preparation, prosecution and maintenance of such AEGIS Patent Rights,
and (b) for all AEGIS Patent Rights that are specific to the Compound and Product(s) or Product, AEGIS shall be responsible, with
patent counsel of its choice, for the preparation, prosecution and maintenance of such AEGIS Patent Rights subject to the directions
provided by OPIANT. For all Compound Specific Aegis Patent Rights, OPIANT
shall give AEGIS a reasonable opportunity, before filing, to review and comment on any patent application within the AEGIS
Patent Rights and take into good faith consideration AEGIS’ comments. For clarity,
the AEGIS Patent Rights do not include Joint Patent Rights and the obligations relating to Joint Patent Rights is set forth in
Section 6.3.

 

6.2       Prosecution
and Maintenance of OPIANT Patent Rights. OPIANT shall
have the sole right (but not the obligation), at its expense, to prepare, file, prosecute and maintain the OPIANT
Patent Rights. At OPIANT’s expense, AEGIS shall
cooperate with OPIANT, execute all lawful papers and instruments and make all rightful oaths
and declarations as may be necessary in the preparation, prosecution and maintenance of the OPIANT
Patent Rights.

 

    	 	17	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

 

6.3           Prosecution
and Maintenance of Joint Patent Rights. AEGIS and OPIANT
shall cooperate in the review of potential Joint Inventions and in the preparation, filing, prosecution and maintenance
the Joint Patent Rights. AEGIS and OPIANT shall meet
periodically to discuss the status of the Aegis Patent Rights, the Joint Patent Rights, and potential new inventions that may claim
any AEGIS Patent Right or Joint Patent Right. AEGIS shall
have the primary right, but not the obligation, at its expense, to prepare, file, prosecute and maintain the Joint Patent Rights.
OPIANT shall have the right to cooperate equally in, contribute to, and approve the preparation,
filing, and prosecution of Joint Patent Rights, which cooperation, contribution, and approval shall not unreasonably be delayed,
withheld or conditioned. Should AEGIS choose not to file, prosecute, or maintain a Joint Patent
specific to the Product(s), AEGIS shall provide OPIANT forty-five
(45) days advance written notice prior to any event that would abandon or action required to file, prosecute, or maintain such
Joint Patent specific to the Product(s), and OPIANT shall have the right, at its cost and
expense to prepare, file, prosecute or maintain such Joint Patent specific to the Product(s). Upon such event and OPIANT
taking such action, AEGIS shall assign all right, title and interest in and to such
Joint Patent specific to the Product(s) to OPIANT and such Joint Patent specific to the Product(s)
shall become an OPIANT Patent. At AEGIS’s expense,
OPIANT shall cooperate with AEGIS, execute all lawful
papers and instruments, and make all rightful oaths and declarations as may be necessary in the preparation, prosecution, and maintenance
of the Joint Patent Rights.

 

6.4           Orange
Book Listings. OPIANT shall have the sole right (but not the obligation) to list any appropriate
patents within the AEGIS Patent Rights, Joint Patent Rights, and OPIANT
Patent Rights in the FDA Orange Book with respect to any Product.

 

6.5           Enforcement.

 

6.5.1           Notification.
Each Party shall notify the other Party of any infringement known to such Party of any AEGIS Patent
Rights, OPIANT Patent Rights, or Joint Patent Rights for any Product for use in the Field
and shall provide the other Party with the available evidence, if any, of such infringement.

 

6.5.2           Paragraph
IV Claims. Except to the extent otherwise agreed by the Parties in writing, the costs for any patent infringement litigation
suit based on a Paragraph IV certification or any equivalent action outside the United States (i.e., an ANDA patent infringement
litigation involving a patent listed pursuant to 21 U.S.C. Section 355(a)(2)(A)(iv)) involving the AEGIS
Patent Rights, Joint Patent Rights or OPIANT Patent Right (to the extent covering a
Product), in which a third party sends a notice letter or where OPIANT is a named defendant,
or by OPIANT where OPIANT is a named plaintiff, in each
case irrespective of whether AEGIS is also named as a defendant or plaintiff (a “Paragraph
IV Claim”), shall be borne equally by the Parties; provided however that said costs involve the AEGIS
Patent Rights or Joint Patent Rights. OPIANT shall have sole right to institute, prosecute,
defend and control such litigation. AEGIS shall cooperate fully in such litigation, and in
the case where OPIANT desires to bring such litigation, at OPIANT’s
request, AEGIS agrees to join any such litigation to enforce the AEGIS
Patent Rights or Joint Patent Rights against the third party or parties that made such Paragraph IV certification. AEGIS
shall have the right to approve any settlement that would adversely affect the AEGIS Patent
Rights or AEGIS’s rights under this License Agreement or result in any liability or
admission on behalf of AEGIS, such approval not to be unreasonably withheld, conditioned or
delayed. Any recovery realized as a result of such litigation shall be first applied to the prorata reimbursement of any reasonable
litigation expenses of OPIANT and AEGIS under this Section
6.5.2. Any remaining recovery realized from litigation brought pursuant to this Section 6.5.2 shall be treated as profits on sales
of Products for purposes of determining Net Sales under this License Agreement, with AEGIS receiving
the applicable royalty for purposes of Section 4.4 on such deemed Net Sales, and OPIANT receiving
the remainder. For purposes of illustration, if the recovery under this Section 6.5.2 is $100 Million (U.S. $100,000,000), after
reimbursement of any reasonable litigation expenses, and OPIANT’s gross margin for the
Product as determined for the most-recent Calendar Quarter completed prior to the initial certification or infringing action was
eighty percent (80%), then the Net Sales would be deemed to be One Hundred Twenty-Five Million U.S. dollars ($125,000,000) and
such amount would be included in the next royalty report pursuant to Section 4.5. All other patent infringement litigation involving
the AEGIS Patent Rights shall be subject to the provisions of Sections 6.5.3.

 

    	 	18	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

6.5.3           AEGIS
Patent Rights. Except as set forth in Section 6.5.2, AEGIS, at its sole expense,
shall have the right to determine the appropriate course of action to enforce the AEGIS Patent
Rights or otherwise abate the infringement thereof, to take (or refrain from taking) appropriate action to enforce the AEGIS
Patent Rights, to control any litigation or other enforcement action and to enter into, or permit, the settlement of any
such litigation or other enforcement action with respect to the AEGIS Patent Rights, and shall
consider, in good faith, the interests of OPIANT in so doing. If AEGIS
does not, within ninety (90) days after receipt of any notice from OPIANT under Section
6.4.1, either abate the infringement of the AEGIS Patent Rights for any Product in the Field
or file suit to enforce the AEGIS Patent Rights against at least one infringing party, or,
to the extent UAB has the first right to do so pursuant to the UAB Licensing Agreement, cause UAB to do so, OPIANT
shall have the right, upon prior written notice to AEGIS, to take whatever action it
deems appropriate to enforce the AEGIS Patent Rights for any Product in the Field and if OPIANT
provides to AEGIS an opinion issued by a nationally recognized patent attorney opining
that AEGIS is an indispensable party plaintiff to such suit then AEGIS
shall agree to join such litigation as a party upon OPIANT’S
written request.

 

6.5.4           Joint
Patent Rights.

 

(a)          OPIANT,
at its sole expense, shall have the right to determine the appropriate course of action to enforce any Joint Patent Rights that
claim Compound(s), Product(s), and/or Excipient(s) used in Product(s) or otherwise abate the infringement thereof, to take (or
refrain from taking) appropriate action to enforce such Joint Patent Rights, to control any litigation or other enforcement action
and to enter into, or permit, the settlement of any such litigation or other enforcement action with respect to such Joint Patent
Rights, and shall consider, in good faith, the interests of AEGIS in so doing. If OPIANT
does not, within ninety (90) days after receipt of any notice from AEGIS under Section
6.5.1, either abate the infringement of such Joint Patent Rights or file suit to enforce such Joint Patent Rights against at least
one infringing party, AEGIS shall have the right, upon prior written notice to OPIANT,
to take whatever action it deems appropriate to enforce such Joint Patent Rights; provided, however, that, within
thirty (30) days after receipt of notice of AEGIS’ intent to file such suit, OPIANT
shall have the right to join such suit as a co-plaintiff or co-defendant with AEGIS and
to fund up to one-half (1/2) the costs of such suit.

 

(b)          AEGIS,
at its sole expense, shall have the right to determine the appropriate course of action to enforce the Joint Patent Rights that
claims Excipient(s), and do not claim Compound(s), Product(s), and/or Excipient(s) used in Product(s), or otherwise abate the infringement
thereof, to take (or refrain from taking) appropriate action to enforce such Joint Patent Rights, to control any litigation or
other enforcement action and to enter into, or permit, the settlement of any such litigation or other enforcement action with respect
to such Joint Patent Rights, and shall consider, in good faith, the interests of OPIANT in
so doing. If AEGIS does not, within ninety (90) days after receipt of any notice from OPIANT
under Section 6.5.1, abate the infringement of such Joint Patent Rights or file suit to enforce such Joint Patent Rights
against at least one infringing party, OPIANT shall have the right, upon prior written notice
to AEGIS, to take whatever action it deems appropriate to enforce such Joint Patent Rights;
provided, however, that, within thirty (30) days after receipt of notice of OPIANT’s
intent to file such suit, AEGIS shall have the right to join such suit as a co-plaintiff or
co-defendant with OPIANT and to fund up to one-half (1/2) the costs
of such suit.

 

    	 	19	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

6.5.5           Cooperation;
Recovery. OPIANT and AEGIS shall reasonably cooperate
with each other in the planning and execution of any action under Sections 6.5.3 or 6.5.4. The Party controlling any such enforcement
action shall not settle the action or otherwise consent to an adverse judgment in such action that diminishes the rights or interests
of the non-controlling Party without the prior written consent of the other Party. Except as otherwise agreed to by the Parties
as part of a cost-sharing arrangement, any recovery realized as a result of such litigation shall be first applied to the prorata
reimbursement of any reasonable litigation expenses of OPIANT and AEGIS.
Any remaining recovery realized from such litigation shall be treated as profits on sales of Products for purposes of determining
Net Sales under this License Agreement, with AEGIS receiving the applicable royalty for purposes
of Section 4.4 on such deemed Net Sales, and OPIANT receiving the remainder. For purposes
of illustration, if the recovery under Sections 6.5.3 or 6.5.4 is One Hundred Million U.S. dollars (U.S. $100,000,000), after reimbursement
of any reasonable litigation expenses, and OPIANT’s gross margin for the Product as
determined for the most-recent Calendar Quarter completed prior to the initial infringing action was eighty percent (80%), then
the Net Sales would be deemed to be One Hundred Twenty-Five Million U.S. dollars ($125,000,000) and such amount would be included
in the next royalty report pursuant to Section 4.5.

 

6.5.6           OPIANT
Patent Rights. OPIANT, at its sole expense, shall have the right to determine the
appropriate course of action to enforce the OPIANT Patent Rights or otherwise abate the infringement
thereof, to take (or refrain from taking) appropriate action to enforce the OPIANT Patent
Rights, to control any litigation or other enforcement action and to enter into, or permit, the settlement of any such litigation
or other enforcement action with respect to the OPIANT Patent Rights.

 

6.6           FDA
Matters. AEGIS covenants that it will not in the performance of its obligations under
this License Agreement use the services of any person debarred or suspended under 21 U.S.C. §335(a) or (b). AEGIS
will not hire, as an officer or an employee any person who has been convicted of a felony under the laws of the United States
for conduct relating to the regulation of any drug product under the United States Food, Drug and Cosmetic Act.

 

6.7           Joint
Research Agreement. The Parties hereby agree that this Agreement shall constitute a joint research agreement as such term is
used and defined in 35 U.S.C. §102(c).

 

7.          CONFIDENTIALITY

 

7.1           Confidentiality.
During the term of this License Agreement and for a period of ten (10) years following the expiration or earlier termination hereof,
each Party shall maintain in confidence the Confidential Information of the other Party, shall not use or grant the use of the
Confidential Information of the other Party except as expressly permitted hereby, and shall not disclose the Confidential Information
of the other Party. Notwithstanding the previous sentence, the receiving Party may disclose the Confidential Information of the
disclosing Party solely on a “need to know basis”, to Affiliates, and their and each of the Parties’ respective
directors, employees, contractors and agents, each of whom prior to disclosure must be bound by obligations of nondisclosure and
non-use no less restrictive than the obligations set forth in this Section 7; provided, however, that, in each of
the above situations, the receiving Party shall remain responsible for any failure by any person or entity that receives Confidential
Information pursuant to this Section 7.1 to treat such Confidential Information as required under this Section 7. To the extent
that disclosure to any person is authorized by this License Agreement, prior to disclosure, a Party shall obtain written agreement
of such person to hold in confidence and not disclose, use or grant the use of the Confidential Information of the other Party
except as expressly permitted under this License Agreement. Each Party shall notify the other Party promptly upon discovery of
any unauthorized use or disclosure of the other party’s Confidential Information.

 

    	 	20	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

7.2           Terms
of License Agreement. Except as otherwise set forth in this Agreement, neither party shall disclose any terms or conditions
of this License Agreement to any third party without the prior consent of the other Party; provided, however, that
a Party may disclose the terms or conditions of this License Agreement, (a) on a need-to-know basis to its legal and financial
advisors to the extent such disclosure is reasonably necessary, and (b) to a third party in connection with (i) an equity investment
in, or lending arrangement with, such third party, (ii) a sublicense, collaboration, co-promotion, strategic partnership, merger,
consolidation or similar transaction by such Party, or (iii) the sale of all or substantially all of the assets of such Party.
In addition, OPIANT acknowledges that AEGIS is required
and shall have the right to provide a copy of this License Agreement (and any subsequent amendment hereto), to UAB under the confidentiality
provisions of the UAB Licensing Agreement. AEGIS shall use reasonable efforts to enforce the
confidentiality provisions of the UAB Licensing Agreement to the fullest extent permitted thereby so as to preserve the confidentiality
of this License Agreement and its terms, and shall not consent to any disclosure of this License Agreement or its terms to any
third party by UAB. Notwithstanding the foregoing, either Party may disclose the fact that the Parties have entered into this exclusive
license agreement, and a general description of the AEGIS Patent Rights, the Product, and
the Field covered by this License Agreement.

 

7.3           Permitted
Disclosures. The confidentiality obligations under this Section 7 shall not apply to any portion of Confidential Information
to the extent that a Party is required to disclose such portion by applicable Law, regulation or order of a governmental agency
or a court of competent jurisdiction; provided, however, that, to the extent practicable (based on regulation or
applicable Law), such Party shall provide written notice thereof to the other Party, consult with the other Party with respect
to such disclosure and provide the other Party sufficient opportunity to object to any such disclosure or to request confidential
treatment thereof.

 

7.4           Publicity.
If either Party wishes to make a public disclosure concerning this License Agreement, such Party shall provide the other Party
in advance with a copy of such proposed disclosure and the other Party shall have two (2) Business Days within which to approve
or disapprove the content of the proposed disclosure. Neither Party shall unreasonably withhold approval of such disclosure. Failure
to respond within such two (2) Business Day period shall constitute approval. Either Party may disclose the existence of this License
Agreement and the terms and conditions hereof, without the prior written consent of the other Party, as may be required by applicable
Law (including, without limitation, disclosure requirements of any Regulatory Authority (including without limitation the FDA and
the U.S. Securities and Exchange Commission, or the NYSE, NASDAQ or any other stock exchange), in which case the Party seeking
to disclose the information shall provide written notice thereof to the other Party, consult with the other Party with respect
to such disclosure and provide the other Party sufficient opportunity to object to any such disclosure or to request confidential
treatment thereof. Once a Party has approved the substance of any disclosure concerning this License Agreement, whether in a press
release, a filing with a Regulatory Authority or otherwise, such Party may thereafter republish such disclosure in any other medium
without again obtaining the prior approval of the other Party.

 

    	 	21	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

8.          INDEMNIFICATION
AND INSURANCE

 

8.1           Indemnification
by OPIANT. Except to the extent that AEGIS is obligated
to indemnify OPIANT under Section 8.2, OPIANT shall indemnify
and hold harmless AEGIS, its Affiliates and its and their directors, officers, employees,
agents, successors and assigns from and against all losses, liabilities, damages and expenses, including reasonable attorneys’
fees and costs, arising from any claims, demands, actions or other proceedings by any third party arising from (a) the breach of
any representation, warranty or covenant by OPIANT under this License Agreement; or (b) the
Exploitation of the AEGIS Technology or Products by OPIANT,
its sublicensees or their respective Affiliates; provided, however, that such indemnification right shall not apply
to any losses, liabilities, damages or expenses to the extent directly attributable to the negligence, reckless misconduct, or
intentional misconduct of a Party seeking indemnification under this Section 8.1.

 

8.2           Indemnification
by AEGIS. AEGIS shall indemnify and hold harmless
OPIANT, its Affiliates and sublicensees, and its and their directors, officers, employees,
agents, successors and assigns, from and against all losses, liabilities, damages and expenses, including reasonable attorneys’
fees and costs, arising from any claims, demands, actions or other proceedings by any third party arising from (a) the breach of
any representation, warranty or covenant by AEGIS under this License Agreement; (b) the Exploitation
of the AEGIS Technology or Excipient(s) by AEGIS, its
licensees (excluding OPIANT) or their respective Affiliates and sublicensees; (c) any claim
of any third party that AEGIS willfully disclosed or made available to OPIANT
any AEGIS Technology in violation of an obligation of AEGIS
to such third party; or (d) any claim of any third party that the AEGIS TECHNOLOGY
infringes or misappropriates any third party intellectual property right; provided, however, that such indemnification
right shall not apply to any losses, liabilities, damages or expenses to the extent directly attributable to the negligence, reckless
misconduct, or intentional misconduct of a Party seeking indemnification under this Section 8.2.

 

8.3           Procedure.
A Party that intends to claim indemnification under this Section 8 (the “Indemnitee”) shall promptly notify
the other Party (the “Indemnitor”) in writing of any claim, demand, action or other proceeding for which the
Indemnitee intends to claim indemnification; provided, however, that the failure to provide written notice of such
claim within a reasonable period of time will not relieve the Indemnitor of any of its obligation hereunder, except to the extent
that the Indemnitor is prejudiced by such failure to provide prompt notice. The Indemnitor shall have the right to participate
in, and to the extent the Indemnitor so desires to assume the defense thereof with counsel selected by the Indemnitor; provided,
however, that the Indemnitee, shall have the right to retain its own counsel, with the fees and expenses to be paid by the
Indemnitee, if representation of the Indemnitee by the counsel retained by the Indemnitor would be inappropriate due to actual
or potential differing interests between the Indemnitee and any other party represented by such counsel in such proceedings. The
Indemnitor may not settle or otherwise consent to an adverse judgment in any such claim, demand, action or other proceeding, that
diminishes the rights or interests of the Indemnitee without the prior express written consent of the Indemnitee, which consent
shall not be unreasonably withheld, delayed, or conditioned, unless (a) there is no finding or admission of any violation of Law
or any violation of the rights of any person and no effect on any other claims that may be made against the Indemnitee and (b)
the sole relief provided is monetary damages that are paid in full by the Indemnitor.

 

    	 	22	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

8.4           Insurance.
Each Party shall maintain insurance with respect to its activities under this License Agreement as is normal and customary in the
pharmaceutical industry generally for parties similarly situated. Each Party shall, upon request of the other Party, provide the
requesting Party with a copy of the foregoing policies of insurance, along with any amendments and revisions thereto. OPIANT
shall be named as an additional insured on any such policies maintained hereunder by AEGIS,
and AEGIS shall be named as an additional insured on any such policies maintained hereunder
by OPIANT. If there are any additional costs for adding a Party as an additional insured,
that Party shall pay such additional costs.

 

9.          TERM;
TERMINATION

 

9.1           Term.
This License Agreement shall commence on the Effective Date and, unless earlier terminated pursuant to Section 9.2 or 9.3, shall
continue in effect until the expiration of OPIANT’s obligation to pay royalties hereunder.

 

9.2           Termination
for Breach or Bankruptcy.

 

9.2.1           If
OPIANT has breached any of its obligations to pay any of the undisputed (in good faith) payments
to which AEGIS is entitled under Section 5, and such breach shall continue for thirty (30)
days after written notice of such breach was provided to OPIANT by AEGIS,
AEGIS shall have the right at its option to terminate this License Agreement effective at
the end of such thirty (30) day period.

 

9.2.2           If
a Party has materially breached any of its obligations under this License Agreement (except as specified in Section 9.2.1), and
such material breach shall continue for sixty (60) days after written notice of such breach was provided to the breaching Party
by the nonbreaching Party, the nonbreaching Party shall have the right at its option to terminate this License Agreement effective
at the end of such sixty (60) day period.

 

9.2.3           Either
Party may terminate this License Agreement, to the extent permissible under applicable Law, upon the occurrence of one or more
of the following:

 

(a)          immediately
upon written notice to the other Party in the event such other Party becomes insolvent or initiates a voluntary proceeding under
the U.S. Bankruptcy Code (beginning at 11 U.S.C. 101, as amended) (the “Bankruptcy Code”); or

 

(b)          immediately
upon written notice to the other Party in the event such other Party becomes the subject of an involuntary proceeding under the
U.S. Bankruptcy Code and such proceeding is not dismissed or stayed within ninety (90) days of its commencement.

 

9.3           Termination
by OPIANT. OPIANT may terminate this License Agreement
in whole or in part, on a Product-by-Product, country-by-country basis at any time upon thirty (30) days prior written notice to
AEGIS for any reason or no reason.

 

9.4           Effect
of Expiration or Termination.

 

9.4.1           Expiration
or termination of this License Agreement shall be without prejudice to any rights which shall have accrued to the benefit of a
Party prior to the effective date of such expiration or termination. Without limiting the foregoing, Sections 1, 5, 7, 8, 10 and
Sections 4.6, 6.1, 6.2, 6.4, and 9.4 shall survive any expiration or termination of this License Agreement.

 

    	 	23	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

9.4.2           Upon
expiration of this License Agreement under Section 9.1, OPIANT shall have a non-exclusive,
paid-up license for the same rights previously covered by this License Agreement.

 

9.4.3           If
OPIANT elects to terminate this License Agreement under Section 9.2.2, OPIANT
may nevertheless continue to have the same license rights previously covered by this License Agreement, so long as OPIANT
continues to pay royalties, milestones, and other sums that are payable to AEGIS under
this License Agreement; provided that OPIANT shall have the right to credit against
any such royalties, milestones, and other sums payable an amount equal to any actual direct damages suffered by OPIANT
as a result of the breach by AEGIS which gave rise to the termination under Section
9.2.2.

 

9.4.4           Except
as may be necessary or useful for the exercise of the licenses set forth in Sections 9.4.1, 9.4.2 and 9.4.3, promptly upon the
expiration or earlier termination of this License Agreement, (a) OPIANT shall destroy or return
(at AEGIS’ expense) to AEGIS (as AEGIS
shall direct) all AEGIS Technology; and (b) each Party shall return to the other Party
all tangible items regarding the Confidential Information of the other Party and all copies thereof; provided, however,
that each Party shall have the right to retain one (1) copy for its legal files for the sole purpose of determining its obligations
hereunder.

 

10.         GENERAL
PROVISIONS

 

10.1         Governing
Law. This License Agreement shall be governed by, interpreted and construed in accordance with the laws of the State of California,
without giving effect to any conflicts of law principles that would result in the application of the laws of any state other than
the State of California.

 

10.2         Arbitration.
Any dispute, controversy or claim initiated by either Party arising out of, resulting from or relating to this License Agreement,
or the performance by either Party of any obligation under this License Agreement, whether before or after termination of this
License Agreement, shall be finally resolved by binding arbitration. Whenever a Party shall decide to institute arbitration proceedings,
it shall give written notice to that effect to the other Party. Any such arbitration shall be conducted under the Commercial Arbitration
Rules of the American Arbitration Association by a panel of three arbitrators appointed in accordance with such rules. Any such
arbitration shall be held in San Diego, California. The method and manner of discovery in any such arbitration proceeding shall
be governed by the Commercial Arbitration Rules of the American Arbitration Association. Each Party shall choose one (1) arbitrator
within thirty (30) days after receipt of notice of the intent to arbitrate. Such arbitrators shall thereafter choose a third arbitrator
within thirty (30) days of their appointment. If one or both of the Parties fails to make a timely appointment of its arbitrator,
then such missing arbitrator(s) will be appointed by the American Arbitration Association. The arbitrators shall have the authority
to grant specific performance and to allocate between the Parties the costs of arbitration in such equitable manner as they determine.
The arbitrators shall make their award and decision by majority approval, which shall be made in accordance with the terms of this
License Agreement and applicable law. Judgment upon the award so rendered may be entered in any court having jurisdiction or application
may be made to such court for judicial acceptance of any award and an order of enforcement, as the case may be. In no event shall
a demand for arbitration be made after the date when institution of a legal or equitable proceeding based upon such claim, dispute
or other matter in question would be barred by the applicable statute of limitations. Notwithstanding the foregoing, (i) either
Party shall have the right, without waiving any right or remedy available to such Party under this License Agreement or otherwise,
to seek and obtain from any court of competent jurisdiction any interim or provisional relief that is necessary or desirable to
protect the rights or property of such Party, pending the selection of the arbitrators hereunder or pending the arbitrators’
determination of any dispute, controversy or claim hereunder, and (ii) any and all issues regarding the scope, construction, validity,
and enforceability of one or more patents shall be determined in a court of competent jurisdiction under the local patent laws
of the jurisdictions having issued the patent or patents in question. Each of the Parties agrees that if certain material obligations
under this License Agreement are not performed in accordance with their specific terms or are otherwise breached, (a) severe and
irreparable damage may occur, (b) no adequate remedy at law would exist and (c) damages would be difficult to determine. Each of
the Parties agrees that, in such case, the injured Party or Parties shall be authorized and entitled to seek to obtain from any
court of competent jurisdiction injunctive relief, whether preliminary or permanent, as well as any other relief permitted by applicable
law, and the breaching Party shall waive any requirement that such Party or Parties post bond as a condition for obtaining any
such relief. All proceedings and decisions of the arbitrator(s) shall be deemed Confidential Information of each of the Parties,
and shall be subject to Section 7.

 

    	 	24	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

10.3         Modification;
Waiver. This License Agreement may not be altered, amended, supplemented, or modified in any way except by a writing signed
by each Party. No waiver by a Party of any breach or default of any of the covenants or agreements herein set forth shall be deemed
a waiver as to any subsequent and/or similar breach or default. The failure by either Party to take any action or assert any right
hereunder shall in no way be construed to be a waiver of such right, nor in any way be deemed to affect the validity of this License
Agreement or any part hereof, or the right of a Party to thereafter enforce each and every provision of this License Agreement.

 

10.4         Rights
Under U.S. Bankruptcy Code. All rights and licenses granted under or pursuant to this License Agreement by AEGIS
are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the Bankruptcy Code, licenses to intellectual
property as defined under Section 101 of the Bankruptcy Code. AEGIS agrees that OPIANT
shall retain and may fully exercise its rights and elections under the Bankruptcy Code.

 

10.5         Assignment.
Neither this License Agreement nor any right or obligation hereunder may be assigned or delegated, in whole or part, by either
Party without the prior express written consent of the other; provided, however, that (i) OPIANT
may, without the written consent of AEGIS, assign this License Agreement and its rights
and delegate its obligations hereunder in connection with the transfer or sale of all or substantially all of its business related
to the Product, or in the event of its merger, consolidation, change in control or similar transaction; (ii) AEGIS
may, without the written consent of OPIANT, assign this License Agreement and its rights
and delegate its obligations hereunder in connection with the transfer or sale of all or substantially all of its business, or
in the event of its merger, consolidation or change in control; and (iii) neither Party shall unreasonably withhold, delay or condition
its consent to any proposed assignment in any situation whereby all of its rights and entitlements are unaffected. Any permitted
assignee shall assume all obligations of its assignor under this License Agreement. Any purported assignment in violation of this
Section 10.5 shall be void. For avoidance of doubt, AEGIS may have the Excipients manufactured
by a third party contract manufacturer for the benefit of AEGIS and/or OPIANT,
which shall not be deemed to be an assignment or delegation restricted by this Section 10.5; provided, that AEGIS
shall remain responsible for all obligations with respect to any Excipients.

 

    	 	25	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

10.6         Independent
Contractors. The relationship of the Parties is that of independent contractors. The Parties are not deemed to be agents, partners
or joint venturers of the others for any purpose as a result of this License Agreement or the transactions contemplated thereby.

 

10.7         Further
Actions. Each Party agrees to execute, acknowledge and deliver such further documents and instruments and to perform all such
other acts as may be necessary or appropriate in order to carry out the purposes and intent of this License Agreement.

 

10.8         Notices.
Any notice, report, communication, or consent required or permitted by this License Agreement shall be in writing and shall be
sent by a Party (a) by prepaid registered or certified mail, return receipt requested, (b) by overnight express delivery service
by a nationally recognized courier, or (c) via confirmed facsimile, followed within five (5) days by a copy mailed in the preceding
manner, addressed to the other Party at the address shown below or at such other address as such Party gives notice hereunder.
Such notice will be deemed to have been given when delivered or, if delivery is not accomplished by some fault of the addressee,
when tendered.

 

If to AEGIS:

 

AEGIS Therapeutics,
LLC

11770 Bernardo Plaza Court, Suite 353

San Diego, CA 92128

Attn: Chief Executive Officer

Fax: (858) 618-1441

 

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

 

DLA Piper US LLP

4365 Executive Drive, Suite 1100

San Diego, California 92121

Attn: Knox Bell, Esq.

Fax: (858) 677-1401

 

If to OPIANT:

 

OPIANT Pharmaceuticals,
Inc.

401 Wilshire Boulevard, 12th Floor

Santa Monica, CA 90401

Attn: Chief Executive Officer

Fax: (917) 322-2105

 

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

 

DLA Piper US LLP

1650 Market Street

Suite 4900

Philadelphia, PA 19103

Attn: Fahd M.T. Riaz, Esq.

Fax: (215) 606 -2069

 

    	 	26	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

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

 

10.10       Force
Majeure. Nonperformance of a Party (other than for the payment of money) shall be excused to the extent that performance is
rendered impossible by strike, fire, earthquake, flood, governmental acts or orders or restrictions, failure of suppliers, or any
other reason where failure to perform is beyond the reasonable control and not caused by the negligence, intentional conduct or
misconduct of the nonperforming Party; provided, however, that the nonperforming Party shall use commercially reasonable
efforts to resume performance as soon as reasonably practicable.

 

10.11       No
Consequential Damages. EXCEPT WITH RESPECT TO A BREACH OF SECTION 7, IN NO EVENT SHALL A PARTY BE LIABLE FOR SPECIAL, INCIDENTAL,
CONSEQUENTIAL, OR PUNITIVE DAMAGES ARISING OUT OF THIS LICENSE AGREEMENT OR THE EXERCISE OF ITS RIGHTS HEREUNDER, INCLUDING WITHOUT
LIMITATION LOST PROFITS ARISING FROM OR RELATING TO ANY BREACH OF THIS LICENSE AGREEMENT, REGARDLESS OF ANY NOTICE OF SUCH DAMAGES.
NOTHING IN THIS SECTION 10.11 IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF EITHER PARTY UNDER
SECTION 8.

 

10.12     
Complete Agreement. This License Agreement, the Supply Agreement, and the Prior Agreements, constitute the entire agreement
between the Parties regarding the subject matter hereof, and all prior and contemporaneous representations, understandings and
agreements regarding the subject matter hereof, either written or oral, expressed or implied, are superseded and shall be and of
no effect; provided, however, that the terms of certain Mutual Confidentiality Agreement between AEGIS
and OPIANT dated as of November 13, 2013, shall remain in full force and effect as
to all confidential information disclosed thereunder.

 

10.13     
Counterparts. This License Agreement may be executed in counterparts, each of which shall be deemed to be an original and
together shall be deemed to be one and the same agreement. A facsimile copy of this License Agreement bearing the signature (original
or facsimile or .PDF version) of both Parties shall be binding on the Parties.

 

10.14     
 Severability.
If any provision of any provision of this License Agreement shall be found by a court to be void, invalid, or unenforceable, the
same shall be reformed to comply with applicable law or stricken if not so conformable, so as not to affect the validity or enforceability
of this License Agreement; provided that no such reformation or striking shall be effective if the result materially changes
the economic benefit of this License Agreement to any Party. In the event that any provision of this License Agreement becomes
or is declared by a court of competent jurisdiction to be void, invalid, or unenforceable, and reformation or striking of such
provision would materially change the economic benefit of this License Agreement to any Party, the Parties shall modify such provision
in accordance with Section 10.3 to obtain a legal, valid, and enforceable provision and provide an economic benefit to the Parties
that most nearly effects the Parties’ intent on entering into this License Agreement.

 

    	 	27	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

10.15     
 Headings.
The captions to the several sections hereof are not a part of this License Agreement, but are included merely for convenience of
reference only and shall not affect its meaning or interpretation.

 

[SIGNATURE
PAGE NEXT]

 

    	 	28	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

IN WITNESS WHEREOF,
the Parties have caused this License Agreement to be executed by their respective duly authorized officers as of the Execution
Date.

 

	
        
	AEGIS THERAPEUTICS, LLC
	 	 	 
	 	By:	/s/ Edward T. Maggio, Ph.D. 
	 	 	Edward T. Maggio, Ph.D.
	 	 	Chief Executive Officer
	 	 	 
	 	OPIANT PHARMACEUTICALS, INC.
	 	 	 
	 	By:	/s/ Roger Crystal
	 	 	Roger Crystal
	 	 	Chief Executive Officer

 

     

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

EXHIBIT A

DEFINITIONS

 

“AEGIS”
shall have the meaning set forth in the preamble to the License Agreement and the Supply Agreement.

 

“AEGIS
Data” shall mean any data regarding the Compound(s), Excipient(s), and/or Product(s) in which AEGIS
has an ownership or licensable interest at any time during the term of the License Agreement and/or Supply Agreement, including
without limitation all relevant and available sections of the drug master file(s) for the Excipients, as filed by AEGIS
or its Affiliates with the FDA or any other governmental authority from time to time, but excluding third party confidential
information.

 

“AEGIS
Invention” shall mean any Invention made or conceived by employees, consultants, agents and others conducting
work on behalf of Aegis that relates to Compound(s), Excipient(s) , and/or Product(s), but excluding a Joint Invention.

 

“AEGIS
Know-How Rights” shall mean, collectively, all trade secret and other know-how rights relating to the Compound(s),
Excipient(s), and/or Product(s) in which AEGIS has an ownership or licensable interest at
any time during the term of the License Agreement.

 

“AEGIS
Patent Rights” shall mean, collectively, (a) any patent and patent application, which is owned by AEGIS,
licensed to AEGIS or otherwise controlled by AEGIS or
any of its Affiliates, as of the Effective Date or during the term of this Agreement and is necessary or useful to research, develop,
use or Exploit the Excipient or otherwise Exploit the Product, including without limitation those certain patent applications listed
on Exhibit B attached to the License Agreement and any patent rights for an AEGIS Invention;
(b) all patents that have issued or in the future may issue from any of the foregoing patent applications, including without limitation
utility models, design patents and certificates of invention; (c) all divisionals, continuations, continuations-in-part, reissues,
renewals, extensions or additions to any such patents and patent applications; and (d) all patents and patent applications that
may issue or be prepared in the future based on AEGIS Inventions, including without limitation
utility models, design patents, certificates of invention, and all divisionals, continuations, continuations-in-part, reissues,
renewals, extensions or additions to any such patents and patent applications.

 

“AEGIS
Technology” shall mean, collectively, (a) AEGIS Data; (b) AEGIS
Patent Rights; (c) AEGIS Know-How Rights; (d) AEGIS Inventions;
and (e) AEGIS’ interest in any Joint Inventions and/or Joint Patent Rights.

 

“Affiliate”
shall mean, with respect to any person or entity, any other person or entity that controls, is controlled by or is under common
control with such person or entity. For purposes of this definition, a person or entity shall be in “control” of an
entity if it owns or controls at least fifty percent (50%) of the equity securities of the subject entity entitled to vote in the
election of directors (or, in the case of an entity that is not a corporation, for the election of the corresponding managing authority),
or otherwise has the power to control the management and policies of such other entity.

 

     

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

“Annual Net
Sales” shall mean, with respect to any Annual Net Sales Period, the Net Sales earned in such Annual Net Sales Period.

 

“Annual Net
Sales Period” shall mean each of (a) the period from the date of the First Commercial Sale of the first Product through
December 31 of the Calendar Year in which the First Commercial Sale of the first Product takes place, and (b) each Calendar Year
thereafter.

 

“Approval”
shall mean, with respect to any Product in any jurisdiction, all approvals from any Regulatory Authority necessary for the sale
of the Product in such jurisdiction in accordance with applicable Laws, including without limitation receipt of pricing and reimbursement
approvals, where required.

 

“Bankruptcy
Code” shall have the meaning set forth in Section 9.2.3(a) of the License Agreement.

 

“Business
Day” means any day that is not a Saturday or a Sunday or a day on which the New York Stock Exchange is closed.

 

“Calendar
Quarter” means the respective periods of three (3) consecutive calendar months ending on March 31, June 30, September
30 and December 31; provided, however, that (a) the first Calendar Quarter of the License Agreement and the Supply Agreement shall
extend from the commencement of such respective agreement to the end of the first complete Calendar Quarter thereafter; and (b)
the last Calendar Quarter shall end upon the expiration or termination of the License Agreement or the Supply Agreement, as applicable.

 

“Calendar
Year” means (a) for the first Calendar Year of the term of the License Agreement and the Supply Agreement, the period
beginning on the Effective Date and ending on December 31, 2008, (b) for each Calendar Year of the term of the License Agreement
or the Supply Agreement, as applicable, thereafter, each successive period beginning on January 1 and ending twelve (12) consecutive
calendar months later on December 31, and (c) for the last Calendar Year of the term of the License Agreement or the Supply Agreement,
the period beginning on January 1 of the Calendar Year in which the License Agreement or the Supply Agreement, respectively, expires
or terminates and ending on the effective date of expiration or termination of the License Agreement or the Supply Agreement, respectively.

 

“Commercially
Reasonable Efforts” shall have the meaning set forth in Section 3.7.2 of the License Agreement.

 

“Compound”
shall mean any of the following: (a) **** and (b) any isomers, hydrates, anhydrides, solvates, esters, salt forms, free acids or
bases, prodrugs, complexes or polymorphs of the compounds set forth in clause (a) or any compounds covered by this clause (b).

 

“Confidential
Information” shall mean, with respect to a Party, all information (and all tangible and intangible embodiments thereof),
that is owned or controlled by such Party, is disclosed by or on behalf of such Party to the other Party pursuant to the License
Agreement and/or the Supply Agreement, and (if disclosed in writing or other tangible medium) is marked or identified as confidential
at the time of disclosure to the receiving Party or (if otherwise disclosed) is identified as confidential at the time of disclosure
to the receiving Party and described as such in writing within thirty (30) days after such disclosure. Notwithstanding the foregoing,
Confidential Information of a Party shall not include information which, and only to the extent, the receiving Party can establish
by written documentation (a) has been generally known prior to disclosure of such information by the disclosing Party to the receiving
Party; (b) has become generally known, without the fault of the receiving Party, subsequent to disclosure of such information by
the disclosing Party to the receiving Party; (c) has been received by the receiving Party at any time from a source, other than
the disclosing Party, rightfully having possession of and the right to disclose such information free of confidentiality obligations;
(d) has been otherwise known by the receiving Party free of confidentiality obligations prior to disclosure of such information
by the disclosing Party to the receiving Party; or (e) has been independently developed by employees or others on behalf of the
receiving Party without use of such information disclosed by the disclosing Party to the receiving Party (each, a “Confidentiality
Exception”).

 

    	 	A-2	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

“Confidentiality
Exception” shall have the meaning set forth in the preceding definition.

 

“Effective
Date” shall have the meaning set forth in the preamble to the License Agreement.

 

“EMA”
shall mean the European Medicines Agency, or the successor thereto.

 

“Encumbrance”
shall mean any lien, mortgage, deed of trust, pledge, security interest, charge, condition, equitable interest, right of first
refusal, community property interest, covenant, option, title defect, claim, restriction, variance, exception, license, or other
adverse claim or interest or encumbrance of any kind or nature whatsoever, whether or not perfected, including any restriction
on use, voting, transfer, receipt of income or exercise of any other attribute of ownership

 

“Excipients”
shall mean AEGIS’s proprietary chemically synthesizable delivery enhancement agents
(including without limitation the Intravail® absorption enhancement agents, ProTek® and HydroGel®), that, among other
things, allow non-invasive systemic delivery of potent peptide, protein, and small and large molecule drugs.

 

“EU” shall
mean the countries comprising the European Union as it may be constituted from time to time, and any successors to, or new countries
created from, any of the foregoing.

 

“Exploit,”
“Exploiting” or “Exploitation” shall mean to research, develop, make, have made, use, sell,
have sold, offer for sale, import, export and/or otherwise commercialize and dispose of.

 

“FDA”
shall mean the Food and Drug Administration of the United States, or the successor thereto.

 

“Field”
shall mean any and all indications, uses, or purposes of Compound(s) and/or Product(s) in any and all formulations, including without
limitation for the treatment, palliation, diagnosis, or prevention of any human or animal disease, disorder, or condition.

 

“First Commercial
Sale” shall mean, with respect to a Product, the first sale for which payment has been received for use or consumption
by the general public of such Product.

 

“GAAP” shall mean generally accepted
accounting principles.

 

“Generic Product” means,
with respect to a Product, a generic drug for which an application under section 505(j) of the U.S. Federal Food, Drug, and Cosmetic
Act (21 U.S.C. 355) or section 505(b)(2) of the U.S. Federal Food, Drug and Cosmetic Act, or an equivalent outside the United States,
is approved.

 

    	 	A-3	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

“GMP”
shall mean Good Manufacturing Practices, as specified by FDA, or similar standards or guidelines promulgated by the FDA from time-to-time,
or equivalent Regulatory Authority in countries other than the United States, as applicable.

 

“Government
Approval Application” shall mean, with respect to each country of the Territory, all filings with the FDA or the EMA
(or the equivalent health regulatory authority in each country within the Territory) for registrations, permits, licenses, authorizations,
approvals, or notifications that are required to develop, make, use, sell, import or export a Product, including without limitation
the equivalent of an NDA, as required by the FDA or the EMA or the counterpart of the FDA or the EMA in each such country.

 

“IND”
shall mean an investigational new drug application or similar application which is required to be filed with the FDA prior to commencing
a clinical investigation of a drug pursuant to 21 C.F.R. 312.

 

“Indemnitee”
shall have the meaning set forth in Section 8.3 of the License Agreement.

 

“Indemnitor”
shall have the meaning set forth in Section 8.3 of the License Agreement.

 

“Intravail®”
shall mean the Material described on Exhibit B attached to the Supply Agreement, manufactured in compliance with all applicable
Laws, including without limitation GMP.

 

“Invention”
shall mean any invention, discovery, know-how, technology or other enhancement, whether or not patentable that is made or conceived
by employees, consultants, agents and others conducting work on behalf of AEGIS, OPIANT
or both, in connection with the performance of, and during the term of and under the rights of, the License Agreement and/or
the Supply Agreement or any of the Prior Agreements.

 

“Joint Invention” shall
have the meaning set forth in Section 5.6 of the License Agreement.

 

“Joint Patent
Rights” shall mean, collectively, all patents and patent applications that may issue or be prepared in the future based
on a Joint Invention, including without limitation utility models, design patents, certificates of invention, and all divisionals,
continuations, continuations-in-part, reissues, renewals, extensions or additions to any such patents and patent applications.

 

“Law”
shall mean any federal, state or local law, statute or ordinance, or any rule, regulation, or published guidelines promulgated
by any governmental authority, including the United States Food, Drug and Cosmetic Act and applicable regulations promulgated thereunder.

 

“License
Agreement” shall have the meaning set forth in the preamble to that certain License Agreement entered into by OPIANT
and AEGIS as of the Effective Date.

 

“Material”
shall mean any Excipient supplied by AEGIS to OPIANT pursuant
to the Supply Agreement, including without limitation the AEGIS product known as Intravail®,
as further described in Exhibit B to the Supply Agreement, manufactured in compliance with all applicable Laws, including
without limitation GMP.

 

“Material
Tox Data” shall have the meaning set forth in Section 3.9 of the License Agreement.

 

    	 	A-4	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

“Material
Tox Studies” shall have the meaning set forth in Section 3.9 of the License Agreement.

 

“NDA”
shall mean a New Drug Application, Biologics License Application, Product License Application, or similar application which is
required to be filed with the FDA to obtain a marketing approval of a Product in the United States.

 

“Net Sales”
with respect to any Product, the invoiced sales price of such Product by OPIANT, its sublicensees
and their respective Affiliates billed to independent customers who are not Affiliates, less (a) credits, allowances, discounts
and rebates to, and chargebacks from the account of, such independent customers for spoiled, damaged, outdated, rejected or returned
Product; (b) actual freight and insurance costs incurred in transporting such Product to such customers; (c) cash, quantity and
trade discounts and other price reductions specific to the Product including government levied fees as a result of The Patient
Protection and Affordable Care Act of 2010); (d) sales, use, value-added and other direct taxes incurred; (e) customs duties, surcharges
and other governmental charges incurred in connection with the exportation or importation of such Product; and (f) bad debt and
uncollectible invoiced amounts that are actually written off; and plus (g) subsequent collections of bad debt and uncollectible
invoiced amounts that were actually written off. Sales between or among OPIANT and its Affiliates
or sublicensees shall be excluded from the computation of Net Sales except where such Affiliates or sublicensees are end users
of the Product, but Net Sales shall include the subsequent final sales to third parties by such Affiliates or sublicensees.

 

“OPIANT”
shall have the meaning set forth in the preamble to the License Agreement.

 

“OPIANT
Data” shall mean any data regarding the Compound(s), Excipient(s), and/or Product(s) developed by employees, consultants,
agents and others on behalf of OPIANT.

 

“OPIANT
Invention” shall mean any Invention made or conceived by employees, consultants, agents and others conducting
work on behalf of OPIANT that relates to Compound(s), Excipients or Product(s), but excluding
a Joint Invention.

 

“OPIANT
Know-How Rights” shall mean, collectively, all trade secret and other know-how rights relating to the Compound(s),
Excipient(s), and/or Product(s) in which OPIANT has an ownership or licensable interest at
any time during the term of the License Agreement.

 

“OPIANT
Patent Rights” shall mean, collectively, (a) any patent and patent application relating to Excipient(s), Compound(s)
or Product(s) which is owned, licensed or otherwise controlled by OPIANT or any of its Affiliates
as of the Effective Date or thereafter; (b) all patents that have issued or in the future may issue from any of the foregoing patent
applications, including without limitation utility models, design patents and certificates of invention; (c) all divisionals, continuations,
continuations-in-part, reissues, renewals, extensions or additions to any such patents and patent applications; and (d) all patents
and patent applications that may issue or be prepared in the future based on OPIANT Inventions,
including without limitation utility models, design patents, certificates of invention, and all divisionals, continuations, continuations-in-part,
reissues, renewals, extensions or additions to any such patents and patent applications.

 

“OPIANT
Technology” shall mean, collectively, (a) OPIANT Data; (b) OPIANT
Inventions; (c) OPIANT Know-How Rights; and (d) OPIANT
Patent Rights.

 

    	 	A-5	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

“Paragraph
IV Claim” shall have the meaning set forth in Section 6.4.2 of the License Agreement.

 

“Party” shall mean either AEGIS
or OPIANT.

 

“Phase I
Trial” means a human clinical trial of a product, the principal purpose of which is a preliminary determination of safety
in healthy individuals or patients, as described in 21 C.F.R. 312.21(a), or a similar clinical study prescribed by the relevant
Regulatory Authorities in a foreign country.

 

“Prior Agreements”
shall mean (a) that certain Material Transfer, Option and Research License Agreement between Aegis and Opiant dated as of December
1, 2014 as amended on December 16, 2014 and May 19, 2015; (b) the Amended and Restated Material Transfer, Option and Research License
Agreement executed on April 26, 2016 and effective as of December 1, 2014; (c) the Letter Agreement dated April 26, 2016; and (d)
that certain Mutual Confidentiality Agreement between Aegis and Opiant dated as of November 13, 2013.

 

“Product” shall mean any product
containing a Compound and formulated using the Excipient(s).

 

“Regulatory
Authority” shall mean any national or supranational governmental authority, including without limitation the FDA, EMA,
or Koseisho, that has responsibility over the development and/or commercialization of a Compound, an Excipient and/or a Product.

 

“Royalty
Term” shall mean, with respect to a Product in a country, the period that begins on the date of First Commercial Sale
of such Product in such country and ends on the later of: (a) expiration of the last Valid Claim that covers the manufacture, use,
offer for sale, sale, or import of such Product in such country and (b) fifteen (15) years after the date of the First Commercial
Sale of such Product in such country.

 

“Sublicense
Fee” shall have the meaning set forth in Section 4.9 of the License Agreement.

 

“Sublicense
Rate” shall have the meaning set forth in Section 4.9 of the License Agreement.

 

“Sublicense
Revenue” shall have the meaning set forth in Section 4.9 of the License Agreement.

 

“Subsequent
Product” shall mean a new Product (in addition to a previous Product) for which a new NDA Approval is required by the
FDA for marketing the Product.

 

“Supply Agreement”
shall have the meaning set forth in the preamble to that certain Supply Agreement entered into by OPIANT
and AEGIS as of the Effective Date.

 

“Territory” shall be worldwide.

 

“UAB” shall mean The UAB Research
Foundation, a not-for-profit corporation.

 

“UAB Licensing
Agreement” shall mean the Licensing Agreement between AEGIS and UAB, effective February
12, 2004.

 

    	 	A-6	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

“Valid Claim”
shall mean, on a country-by-country basis, either (a) a claim of an issued and unexpired patent in the AEGIS
Patent Rights, which has not been held permanently revoked, unenforceable or invalid by a decision of a court or other governmental
agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, or which has not been admitted
to be invalid or unenforceable through reissue or disclaimer or otherwise, or (b) a claim of a pending patent application in the
AEGIS Patent Rights, which claim was filed in good faith and has not been abandoned or finally
disallowed without the possibility of appeal or refiling of such application, and in any event has not been pending for more than
seven (7) years.

 

    	 	A-7	 

    Confidential
 
Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

    

 

EXHIBIT B

 

AEGIS PATENT RIGHTS

 

****EXHIBIT 10.6

 

Confidential Treatment has been requested
for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are
designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange
Commission.

 

SUPPLY AGREEMENT

 

between

 

OPIANT PHARMACEUTICALS, INC.

 

and

 

AEGIS THERAPEUTICS, LLC

 

Effective Date:      January 1,
2017

 

     

     

    

 

Confidential Treatment has been requested
for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are
designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange
Commission.

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1	DEFINITIONS	1
	 	 	 
	ARTICLE 2	SUPPLY AND PURCHASE	1
	 	 	 
	2.1	Supply and Purchase	1
	 	 	 
	2.2	Contract Manufacturers; Other Sources
    of Supply	2
	 	 	 
	2.3	Inventory	2
	 	 	 
	2.4	Default	2
	 	 	 
	2.5	Technology Transfer	3
	 	 	 
	ARTICLE 3	PRICING	3
	 	 	 
	3.1	Material for Preclinical Use	3
	 	 	 
	3.2	Material for Clinical and Commercial
    Use	3
	 	 	 
	3.3	PPI Increase	4
	 	 	 
	3.4	No Encumbrances	4
	 	 	 
	ARTICLE 4	SPECIFICATIONS FOR MATERIAL	5
	 	 	 
	4.1	Specifications	5
	 	 	 
	4.2	Process or Design Changes	5
	 	 	 
	ARTICLE 5	ORDERS; DELIVERY; INVOICES	6
	 	 	 
	5.1	Purchase Orders	6
	 	 	 
	5.2	Capacity and Supply Failure	6
	 	 	 
	5.3	No Minimum	6
	 	 	 
	5.4	Maximum	6
	 	 	 
	5.5	Delivery	7
	 	 	 
	5.6	Risk of Loss	7
	 	 	 
	5.7	Representative	7
	 	 	 
	5.8	Invoices and Payment	7
	 	 	 
	5.9	Payment Method	7
	 	 	 
	5.10	Delays	7
	 	 	 
	ARTICLE 6	QUALITY; INSPECTION; REMEDIES	8
	 	 	 
	6.1	Standards	8
	 	 	 
	6.2	Approval or Rejection of Material	8
	 	 	 
	6.3	Return of Defective Materials; Remedies	9
	 	 	 
	6.4	Batch Records	9

 

     

     

    

 

Confidential Treatment has been requested
for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are
designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange
Commission.

 

TABLE OF CONTENTS

(continued)

 

		 	Page
	 	 	 
	6.5	Contract Manufacturer	9
	 	 	 
	6.6	Inspections	10
	 	 	 
	6.7	Safety Information	11
	 	 	 
	6.8	Adverse Event Information	11
	 	 	 
	6.9	Recalls	11
	 	 	 
	6.10	Limitations of Liability	11
	 	 	 
	ARTICLE 7	CONFIDENTIALITY	12
	 	 
	ARTICLE 8	INDEMNIFICATION AND INSURANCE	12
	 	 	 
	8.1	Indemnification by Opiant	12
	 	 	 
	8.2	Indemnification by Aegis	12
	 	 	 
	8.3	Procedure	13
	 	 	 
	8.4	Insurance	13
	 	 	 
	ARTICLE 9	COMPLIANCE WITH LAWS; REPRESENTATIONS,
    WARRANTIES AND COVENANTS	13
	 	 	 
	9.1	Aegis	13
	 	 	 
	9.2	Opiant	16
	 	 	 
	9.3	Both Parties	16
	 	 	 
	9.4	No Implied Warranties	16
	 	 	 
	ARTICLE 10	TERM	17
	 	 	 
	10.1	Term	17
	 	 	 
	10.2	Termination	17
	 	 	 
	10.3	Duties Following Termination	17
	 	 	 
	10.4	Survival	17
	 	 	 
	ARTICLE 11	GENERAL PROVISIONS	18
	 	 	 
	11.1	Governing Law	18
	 	 	 
	11.2	Arbitration	18
	 	 	 
	11.4	Modification; Waiver	19
	 	 	 
	11.5	Rights Under U.S. Bankruptcy Code	19
	 	 	 
	11.6	Assignment	20
	 	 	 
	11.7	Independent Contractors	20
	 	 	 
	11.8	Further Actions	20

 

    ii 

     

    

 

Confidential Treatment has been requested
for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are
designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange
Commission.

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	11.9	Notices	20
	 	 	 
	11.10	No Implied Licenses	22
	 	 	 
	11.11	Force Majeure	22
	 	 	 
	11.12	Complete Agreement	22
	 	 	 
	11.13	Counterparts	22
	 	 	 
	11.14	Severability	22
	 	 	 
	11.15	Interpretation	23

 

EXHIBIT A – DEFINITIONS

 

EXHIBIT B – SPECIFICATION FOR MATERIAL

 

    iii 

     

    

 

Confidential Treatment has been requested
for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are
designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange
Commission.

 

SUPPLY AGREEMENT

 

THIS SUPPLY
AGREEMENT (this “Supply Agreement”), is effective as of the Effective Date and entered into on June 22, 2017
(“Execution Date”), by and between AEGIS THERAPEUTICS, LLC, a California limited liability company (“Aegis”),
and OPIANT PHARMACEUTICALS, INC., a Delaware corporation (“Opiant”).

 

RECITALS

 

A.           Aegis
has rights to certain proprietary technology regarding chemically synthesizable delivery enhancement and stability agents that,
among other things, allow non-invasive systemic delivery of potent peptide, protein, and large molecule drugs.

 

B.           Aegis
and Opiant have entered into that certain License Agreement, dated as of January 1, 2017 (the “License Agreement”)
to Exploit Products in the Field.

 

C.           The
Parties now desire to provide for the supply of the Materials by Aegis to Opiant for the manufacture of Product(s).

 

D.           Aegis
intends to use Contract Manufacturers for the manufacture and supply of Materials to Opiant.

 

In consideration
of the foregoing Recitals and the mutual covenants set forth below, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

ARTICLE 1 

DEFINITIONS

 

For purposes
of this Supply Agreement, capitalized terms used herein shall have the meanings set forth in this Supply Agreement or in Exhibit
A attached hereto, as applicable.

 

ARTICLE 2

SUPPLY AND PURCHASE

 

2.1           Supply
and Purchase. Subject to the terms and conditions of this Supply Agreement, during the Term, Aegis hereby agrees to sell to
Opiant, and Opiant hereby agrees to purchase from Aegis, such quantities of Material as may be ordered by Opiant from time to time
in accordance with the provisions of Article 5.1, which may include quantities ordered for Opiant’s Affiliates and sublicensees.

 

     

     

    

 

Confidential Treatment has been requested
for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are
designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange
Commission.

 

2.2           Contract
Manufacturers; Other Sources of Supply. Aegis is a party to manufacturing contracts with various Contract Manufacturers, including
**** and ****, for the manufacture and supply of the Materials. During the Term, Opiant shall not purchase Excipient(s) directly
from a Contract Manufacturer or from any other third party unless and until Opiant exercises its right to manufacture or have manufactured
the Excipient(s) as contemplated by Article 2.4, and Opiant shall not manufacture or have manufactured any such Material for use
in Products, except as set forth in this Supply Agreement. Aegis shall cause such Contract Manufacturers to supply Opiant Material
in accordance with the terms of this Agreement.

 

2.3           Inventory.
Throughout the Term, Aegis shall maintain and store reasonable quantities of inventory of Materials at Aegis’ expense,
and, if Opiant makes the election regarding a Minimum Amount pursuant to Article 5.1(c), in no event shall Aegis maintain and store,
during the Term, inventory of Materials amounting to less than **** Opiant’s then -current Minimum Amount. Aegis shall maintain
and store such inventory in accordance with the terms of this Supply Agreement and all applicable Law, including GMP, and Aegis
shall fulfill Orders for Material submitted by Opiant out of such inventory on a “first in, first out” basis and shall
accordingly replace the consumed inventory on a timely basis. Aegis shall be responsible for such Material until ownership of Material
is transferred to Opiant in accordance with the delivery terms of this Supply Agreement. Aegis and its Contract Manufacturer(s)
agree to provide Opiant with a periodic report of its manufacturing capacity utilization, inventory quantities and current lead
times for each Material. The Parties may agree from time to time to alter the number of Material units for each Material that need
to be maintained in the safety stock inventory.

 

2.4           Default.
Aegis shall use Commercially Reasonable Efforts to avoid and remedy any shortfalls in the supply of Material to Opiant. Aegis shall
promptly notify Opiant in writing in the event that Aegis is unable to supply Opiant with any portion of requested Material manufactured
in accordance with GMP guidelines and conforming to the Specifications, in whole or in part (including due to any inability of
its Contract Manufacturer(s) to supply Material to Aegis sufficient to meet the binding portion of Opiant’s forecast pursuant
to Article 5.1(c). At any time during the Term, in the event that (a) Aegis is unable to supply and sell any portion of Material
to Opiant in accordance with the terms of this Supply Agreement, after any applicable cure period under Article 10.2, or (b) the
Parties are unable to agree upon pricing as contemplated by Article 3.2.d after good faith negotiation which would constitute an
uncured material breach of Aegis pursuant to section 10.2(b), then Opiant may terminate this Agreement pursuant to Article 10.2
of this Supply Agreement and exercise its right pursuant to the License Agreement to manufacture or have manufactured the Excipient(s)
or Material or have manufactured the Excipient(s) or Material manufactured by any third party for use as permitted by the License
Agreement. In such event, Opiant may terminate this Agreement or request Aegis to continue to manufacture the Material or Excipient
under terms and conditions to be mutually agreed to by the parties in addition to such third party selected by Opiant.

 

    	 	2	 

     

    

 

Confidential Treatment has been requested
for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are
designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange
Commission.

 

2.5           Technology
Transfer.

 

2.5.1 Subject
to third party confidentiality and proprietary technologies and techniques, Aegis shall transfer all information, including Aegis
Technology (as defined under the License Agreement specific to the manufacturing of the Excipient) to Opiant (including without
limitation documentation and materials), as necessary or useful for Opiant to manufacture or have manufactured the Materials. For
clarity, such technology transfer shall include, subject to third party confidentiality and proprietary technologies and techniques
of the manufacturer of such Materials, all Aegis Technology specific to the manufacturing of the Excipient and contained in Aegis’
drug master files.

 

2.5.2 In the
event that Opiant does manufacture or have manufactured any such Material for use in Products, Opiant hereby covenants and agrees
that: (i) it will only manufacture or have manufactured any such Material for Opiant, its Affiliates or its sublicensees and will
not sell, transfer or otherwise supply the Material to any third party, other than Opiant sublicensees, without the express written
consent of Aegis; and (ii) all agreements specific to the manufacturing of any such Material shall contain language that the contract
manufacturer shall covenant and agree that it will not manufacture, sell or otherwise supply such Material to any other third party,
other than Opiant’s sublicensees, without the express written consent of Aegis.

 

2.5.3 If Opiant
asserts that Aegis has failed to transfer the information specific to the manufacturing of the Excipient to Opiant as contemplated
under this Article 2.5 and Opiant brings an action to enforce its rights under this Article 2.5, the prevailing party may recover
its actual and documented expenses, including, but not limited to reasonable attorneys’ fees, and such expenses shall not
be limited by Article 6.10.

 

ARTICLE 3 

PRICING

 

3.1           Material
for Preclinical Use. Aegis hereby agrees to supply and sell to Opiant up to **** grams of Intravail® for Opiant’s
use in preclinical studies ****. Such Material shall be delivered within thirty (30) days after receipt by Aegis of the Order to
purchase said Material. If additional quantities of such Material are needed for preclinical studies, the Parties will negotiate
in good faith pricing for such Materials.

 

3.2           Material
for Clinical and Commercial Use. Aegis hereby agrees to supply and sell to Opiant quantities of Intravail® for use by Opiant
in its clinical trials and for later commercial sales, in accordance with the following price schedule:

 

	Grams	 	Order Lead

 Time	 	 	Price per 
 Gram	 	 	Total	 
	500	 	 	****	 	 	$	****	 	 	$	****	 
	1,000	 	 	****	 	 	 	****	 	 	 	****	 
	2,500	 	 	****	 	 	 	****	 	 	 	****	 
	5,000	 	 	****	 	 	 	****	 	 	 	****	 
	>5,000	 	 	TBD	 	 	 	TBD	 	 	 	TBD	 

 

    	 	3	 

     

    

 

Confidential Treatment has been requested
for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are
designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange
Commission.

 

a.           The
prices set forth in the schedule above shall be subject to the Producer Price Index published by the U.S. Department of Labor for
Pharmaceutical Preparations (“PPI”) adjustment as set forth in Article 3.3.

 

b.           Each
Order shall be for a single delivery date; a single Order cannot be for two (2) or more different delivery dates. The price per
gram is based upon the number of grams of Intravail® in the Order.

 

c.           The
quantities set forth in the schedule above are fixed lot sizes. Any request for a quantity other than as set forth above (e.g.,
for 600 grams or 1,800 grams), shall be subject to good faith negotiations between the Parties as to price and lead time.

 

d.           For
quantities over 5,000 grams, the Parties shall negotiate in good faith the Order Lead Time and Price Per Gram. The Parties agree
that: (i) quantities must be based on Opiant’s, its Affiliates and sublicensees actual and documented requirements for such
Material; (ii) Order Lead Time shall be consistent with the Contract Manufacturers normal manufacturing process and scheduling;
(iii) the Price Per Gram shall not be less than the actual cost to manufacture such quantity of Material plus normal and customary
overhead allocations and profit margins for similar material and quantities; and (iv) Opiant must guarantee the purchase of such
Material and issue a purchase order within thirty (30) days.

 

3.3           PPI
Increase. The prices stated in this Supply Agreement shall be subject to increase on an annual basis, based upon any increase
in the PPI between Calendar Year 2017 and the Calendar Year immediately preceding the Calendar Year in which the Order is placed
and accepted. The Parties agree that there shall be no price increases through 2018. Price increase for 2019 will be the prices
stated in Article 3.2, increase by any PPI increase from 2017 to 2018. As a further example, the price for Intravail® ordered
in 2020 will be the price stated in Article 3.2, increase by any cumulative PPI increase from 2017 to 2019.

 

3.4           No
Encumbrances. All Material delivered to Opiant pursuant to an Order will be sold and delivered free of any Encumbrance, subject
to Opiant paying the purchase price for such Material in accordance with Article 5.8.

 

    	 	4	 

     

    

 

Confidential Treatment has been requested
for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are
designated as “****”. A complete version of this exhibit has been filed separately with the Securities and Exchange
Commission.

 

ARTICLE 4

 

SPECIFICATIONS FOR MATERIAL

 

4.1           Specifications.

 

4.1.1 All
Material supplied to Opiant by Aegis under this Supply Agreement shall conform to and meet the applicable Specifications. The Specifications
indicated in Exhibit B and the pricing schedule set forth in Article 3.2 apply to the supply of Intravail®, subject
to any modifications to such Specifications as permitted by this Agreement. The Parties acknowledge that Opiant may require a different
Material in the future, in which event, the Parties shall prepare a mutually approved new description of the Specifications for
such different Material, together with a new and commercially reasonable pricing schedule for such different Material. The Specifications
for any Material supplied pursuant to this Supply Agreement shall be attached as an exhibit to this Supply Agreement.

 

4.1.2 The
Parties acknowledge that the Specifications may need to be refined and modified as the Parties gain experience with the manufacture
of the Materials. Opiant acknowledges that other Aegis licensees may from time-to-time propose modification to the Specifications.
The Specifications shall not be modified without the prior written consent of both Parties and where necessary other Aegis licensees,
such approval not to be unreasonably withheld or delayed. The Parties agree to negotiate in good faith an equitable allocation
of any special costs of developing and implementing revised Specifications. In the event that the Parties agree to modify the Specifications,
Aegis shall, or shall cause the Contract Manufacturer to, perform all analytical or experimental work in connection with making
any such change. Opiant shall be responsible, at its expense, for filing all changes proposed by Opiant in connection with any
Approval, and for seeking approval of any such change required by each applicable Regulatory Authority, including costs for any
such filings specific to the applicable drug master file.

 

4.1.3 If any
applicable Regulatory Authority requires Opiant or Aegis to implement any changes to the Specifications, Aegis shall use commercially
reasonable efforts to facilitate such changes, including causing its Contract Manufacturer to do so. Aegis shall promptly advise
Opiant as to any lead-time changes, price changes, or other changed terms that may result from a change to the Specifications.
Aegis shall bear the costs incurred to generate and implement any such modified Specifications, unless such change was caused as
a result of changes or actions by Opiant.

 

4.1.4 If the
Specifications are modified in accordance with Article 4.1.2 or Article 4.1.3, the Parties will amend the applicable exhibits attached
to this Supply Agreement to reflect such modifications.

 

4.2           Process
or Design Changes. Unless otherwise covered in the Specifications, no process changes; manufacturing changes (including without
limitation equipment changes); design changes; changes regarding materials or the handling, cleaning or shipping of the Material;
or process step discontinuances affecting the performance (whether specified or not), the environmental compatibility or chemical
characteristics, or the life, reliability, or quality of Material shall be made or incorporated in Material without the prior written
approval of Opiant.

 

    	 	5	 

     

    

 

Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits
the information subject to the confidentiality request. Omissions are designated as “****”. A complete version of this
exhibit has been filed separately with the Securities and Exchange Commission.

 

ARTICLE
5

 

ORDERS;
DELIVERY; INVOICES

 

5.1           Purchase
Orders.

 

a.           Opiant
shall order Material by submitting to Aegis written purchase orders on standard Opiant purchase orders (each an “Order”),
which may be submitted via mail, fax, or electronic data interchange (EDI). Each Order shall specify the quantity of Material,
the requested delivery date and any special shipping instructions. Opiant shall submit each Order to Aegis at least sixty (60)
days or ninety (90) days in advance of the desired shipment date specified in the Order, depending on quantity, as set forth in
Article 3.2. Subject to Article 5.2, Aegis shall give to Opiant written acceptance of each Order within five (5) Business Days
after Aegis receives such Order.

 

b.           Opiant
shall not place more than one (1) Order in any thirty (30) day period without Aegis’ prior written consent, which consent
shall not be unreasonably withheld, delayed, or conditioned.

 

c.           Opiant
shall furnish to Aegis, beginning on June 30 following the initiation of the first Phase 2 trial, a three (3)-year non-binding
forecast of quarterly Orders for quantities of Material, thereafter to be updated quarterly based upon Opiant’s good faith
estimate of Opiant’s needs for Material. For each forecast providing for commercial supply quantities, Opiant may, in its
sole discretion, elect for the first twelve (12)-month period of such forecast to be binding as to the minimum quantity of Material
to be ordered during the period (the “Minimum Amount”). If Opiant makes such election, the inventory provisions
under Article 2.3 referencing the Minimum Amount shall be applicable. If Opiant makes such election but does not place firm Orders
for the Minimum Amount during the applicable twelve (12)-month period, then Opiant shall be obligated to purchase and pay for
the balance of such amount of Material, no later than thirty (30) days after the end of such twelve (12)-month period.

 

d.           If
any provision of an Order is inconsistent or conflicting with this Supply Agreement, the Supply Agreement will control and prevail,
unless both Parties agree otherwise in writing.

 

5.2           Capacity
and Supply Failure. If Aegis or any of its Contract Manufacturers experiences extraordinary and unforeseen customer orders,
or a shortage of raw materials, components or other items or supplies used in connection with the manufacture of Material, or
a force majeure event, or experiences an inability to supply Material to Opiant, Aegis shall, and shall cause its Contract Manufacturers
to, fairly allocate the production capacity among all customers, based upon purchase order requests from all customers during
the immediately preceding four (4) Calendar Quarters.

 

5.3           No
Minimum. There are no minimum purchase obligations of Opiant for any Material purchased under this Supply Agreement, except
to the extent elected by Opiant as set forth in Article 5.1(c).

 

5.4           Maximum.
There are no maximum quantities of Material which may be purchased under this Supply Agreement.

 

    	 	6	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

5.5           Delivery.
All Materials delivered pursuant to the terms of this Supply Agreement will be suitably packaged and delivered in accordance with
Opiant’s instructions and applicable Laws, to the address(es) specified in Opiant’s Orders. Aegis will ship Materials
to Opiant with actual freight and insurance for shipment to the applicable destination prepaid and charged to the account of Opiant
to meet delivery dates specified by Opiant in the Orders. The delivery date specified in the Orders and accepted by Aegis in compliance
with Article 5.1(a), or any other delivery period agreed in writing by the Parties, is a firm commitment by Aegis, and time of
delivery will be of the essence for all Orders under this Supply Agreement. Aegis will promptly notify Opiant, by fax, of any
prospective delay in delivery.

 

5.6           Risk
of Loss. Title, possession, control, responsibility and risk of loss for the applicable Order. Product damaged or lost during
shipment will be replaced by Aegis, at no additional cost to Opiant.

 

5.7           Representative.
Each Party will designate in writing to the other Party an individual or individuals (each a “Representative”)
who will be responsible for implementing and reviewing any questions concerning compliance with the terms and conditions of this
Supply Agreement. Opiant’s designated Representative will also be responsible for authorizing Orders and changes or modifications
to such Orders. Each Party may change its designated Representative(s) at any time upon written notice to the other Party.

 

5.8           Invoices
and Payment. Aegis will submit invoices to Opiant for the aggregate purchase price of each shipment of Material at the time
of such shipment. All undisputed payments due under this Article 5.8 shall be paid to Aegis within thirty (30) days after the
date of Opiant’s receipt of the shipment of Product.

 

5.9           Payment
Method. All payments by Opiant to Aegis hereunder shall be in U.S. dollars in immediately available funds and shall be made
by wire transfer from a bank located in the United States to such bank account as designated from time to time by Aegis to Opiant.

 

5.10         Delays.
TIME IS OF THE ESSENCE WITH RESPECT TO EACH ORDER placed by Opiant.

 

    	 	7	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

ARTICLE
6

 

QUALITY;
INSPECTION; REMEDIES

 

6.1           Standards.
Aegis represents that all material U.S. federal environmental, safety and FDA requirements are being and will be followed at the
facilities of any and all Contract Manufacturers, or any other facilities, where Material is manufactured. Aegis will contractually
require any and all Contract Manufacturers to register and maintain the registration of each establishment in which it engages
in the manufacture, packaging, processing, or distribution of Material and to make such filings with respect thereto as may be
necessary for it to comply with the requirements of applicable Law, as now in effect or hereafter amended, and such other Laws
and regulations as are applicable to the manufacture, packaging, processing and distribution contemplated under this Supply Agreement,
and will cause such Contract Manufacturers to certify the foregoing in writing at the request of Opiant. Opiant will have the
right (which may include its Affiliates and sublicensees), not more than once per Calendar Quarter (unless for cause (due to prior
audits findings of non-compliance)), to inspect at reasonable times during normal business hours, and at a mutually agreed upon
time, the operations (including without limitation records) and facilities where Material is manufactured, tested and stored for
shipping for the purpose of quality assurance auditing and to evaluate compliance with manufacturing, quality systems and procedures
for Material under this Supply Agreement, as well as under applicable Laws. Aegis will use diligent efforts to cause any and all
Contract Manufacturers to undertake necessary corrective action to correct or otherwise address audit items. Additionally, Aegis
will notify Opiant in writing of any regulatory inspection of such facilities that may impact Opiant’s ability to sell or
distribute Product which incorporate or utilize Material as soon as reasonably feasible, but in no event more than forty-eight
(48) hours after Aegis becomes aware of such inspection. Aegis will inform Opiant of any adverse findings from any regulatory
inspection that may impact Opiant’s ability to sell or otherwise distribute Product which incorporate or utilize Material
as soon as reasonably feasible, but in no event more than forty-eight (48) hours after receipt by Aegis of such adverse findings.

 

6.2           Approval
or Rejection of Material. The Parties hereby expressly agree that payment will not constitute final acceptance of Material.
For a period of thirty (30) business days following receipt of any Material ordered by Opiant hereunder, Opiant will have the
right to inspect and approve the Material in such delivery. Following such thirty (30) business days, unless Opiant has notified
Aegis as provided in this Article 6.2 that the Material (or part thereof) in such delivery fails to conform to the Specifications,
the Material in such delivery will be deemed accepted, except as set forth in the last sentence of this section. If Opiant’s
inspection discloses that some or all of the Material delivered fails to conform to the applicable Specifications for Material
or the terms of Aegis’ warranties under this Supply Agreement (“Defective Material”), Opiant shall within
such thirty (30) business day period notify Aegis that it has received Defective Material by furnishing Aegis with a written notice
of rejection (“Corrective Action Request”) specifying the Defective Material and providing relevant information,
if any, that substantiates its position that such Material is Defective Material. Aegis will have the opportunity to inspect and
test the Material that is claimed by Opiant to be Defective Material; provided, however, that, if Aegis elects to
inspect and test such Material, it will promptly do so at its sole cost and expense. Notwithstanding the foregoing, in the event
of a Latent Defect, Opiant shall have seven (7) business days after detection the Latent Defect to notify Aegis (provided that
such notice is prior to the expiration of the stated shelf life for the Material); and the term “Latent Defect”
is defined to mean a defect causing the Material to be Defective Material that Opiant can show, to the extent reasonably possible,
was present in the Material at the time of delivery, which defect could not reasonably be detected pursuant to a diligent inspection
promptly following delivery.

 

    	 	8	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

6.3           Return
of Defective Materials; Remedies. If Opiant receives Defective Materials and notifies Aegis of the defect no later than thirty
(30) business days after receipt of such Defective Material (or detection of any latent defect), Opiant shall return to Aegis
or, at Aegis’ written direction, destroy the Defective Materials, in each case at Aegis’ expense. Opiant shall not
be required to pay any invoice with respect to any shipment of Material rejected pursuant to Article 6.2. At Opiant’s option,
Opiant shall be entitled either: (a) to a refund, if the invoice was already paid, or credit equal to the purchase price paid
with respect to such rejected shipment (and any freight and insurance charges borne by Opiant); or (b) to require Aegis to promptly
replace such rejected shipment with conforming Materials at no additional cost to Opiant, if the invoice was already paid.

 

If
Aegis provides written notice that it disputes the Corrective Action Request within thirty (30) days of receiving the Corrective
Action Request from Opiant, such dispute shall be referred to a mutually acceptable independent third party with the appropriate
expertise to assess the conformity or non-conformity of the Materials to the applicable Specifications or the terms of Aegis’
warranties under this Supply Agreement. The Parties agree that such third party’s determination shall be final and binding
upon the Parties. The Party against whom the independent third party rules shall bear the costs of testing by such independent
third party, and if such third party determines that Opiant’s identification of Defective Material was incorrect, Opiant
will purchase and pay for both the initially rejected and replacement Material, if received. If Aegis does not provide written
notice that it disputes the rejection within fifteen (15) days of receiving a Corrective Action Request, it will be deemed to
have accepted such rejection.

 

6.4           Batch
Records. Upon Opiant’s request, Aegis shall request and use good faith efforts to provide to Opiant the applicable Contract
Manufacturer’s batch records relevant to lots of Material purchased by Opiant, subject to redaction or deletion of confidential
proprietary manufacturing process information.

 

6.5           Contract
Manufacturer. Without limiting Aegis’ obligation to comply with the terms of this Supply Agreement, Aegis shall have
the right at any time to satisfy its supply obligations to Opiant hereunder either in whole or in part through arrangements with
Contract Manufacturers; provided that (a) Aegis shall give Opiant prior written notice of any such arrangement with a Contract
Manufacturer with sufficient time to permit Opiant to evaluate the implications of any such arrangement on the existing or pending
development or approvals for Materials or Products; (b) any arrangement made or entered into after the Effective Date with a Contract
Manufacturer that will result in a delay in Aegis’ or such Contract Manufacturer’s ability to meet Opiant’s
delivery requirements for Materials pursuant to any Orders made pursuant to Article 5.1 shall require the prior written consent
of Opiant (including delay due to modifications or new approvals required in connection with such new Contract Manufacturer);
(c) Aegis shall otherwise remain responsible for all of its obligations set forth herein; and (d) Aegis shall promptly notify
Opiant upon Aegis becoming aware of any (i) any failure or reasonably expected failure by a Contract Manufacturer to supply Materials,
or (ii) performance by a Contract Manufacturer in a manner that would result in Aegis not being in material compliance with this
Supply Agreement. The Parties acknowledge that as of the Effective Date, **** and **** are acting as the only Contract Manufacturers,
and Opiant has accepted **** and **** as Contract Manufacturers. Aegis shall require its Contract Manufacturer(s) to comply in
all material respects with the requirements set forth in this Supply Agreement, including the establishment and deployment of
regular and as-needed inspections of the facilities of such Contract Manufacturer(s) by Opiant and the execution of regular and
as-needed audits of such Contract Manufacturer(s). Aegis shall not amend those agreements with Contract Manufacturer(s) to the
extent they apply to the Territory in a manner inconsistent or in conflict with the terms of this Supply Agreement nor terminate
them to the extent they apply to the Territory without prior written consent of Opiant, not to be unreasonably withheld.

 

    	 	9	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

6.6           Inspections.

 

6.6.1
Aegis will permit up to two (2) of Opiant’s authorized representatives (which may include its Affiliates and sublicensees),
during normal business hours and upon reasonable advance notice to Aegis, to inspect the portions of Aegis’ facilities utilized
and records maintained for the manufacture, preparation, processing, storage or quality control of Materials and any such facilities
and records of any Contract Manufacturer. With respect to inspection of a Contract Manufacturer’s facilities by Opiant,
Opiant will be responsible for any reasonable fees charged by Aegis’ Contract Manufacturer in connection with such inspections.
Opiant’s authorized representatives shall comply with all applicable Laws and rules of Aegis and the Contract Manufacturer
relating to confidentiality, security, health, and safety. Inspections under this Article 6.6.1 shall occur no more frequently
than once every twelve (12) months; provided that Opiant’s authorized representatives shall be permitted to conduct
inspections at any time upon reasonable advance notice (a) after there is a breach of Article 6.1 or either Party becomes aware
of a regulatory concern that could reasonably be expected to affect the continuity of supply of Materials to Opiant, until such
breach or concern is resolved to Opiant’s reasonable satisfaction or (b) for purposes of due diligence activities conducted
by a third party in connection with (i) the transfer or sale of all or substantially all of Opiant’s business related to
a Product, or in the event of a merger, consolidation, change in control or similar transaction, or (ii) a potential collaboration
or sublicense relating to a Product between such third party and Opiant, its Affiliates or sublicensees.

 

6.6.2
Aegis will make its facilities available for inspection by representatives of Regulatory Authorities in compliance with all applicable
Laws. Aegis will notify Opiant promptly, but in no event more than twenty-four (24) hours (by telephone and, if possible, in writing)
after receipt of any notice or any other indication whatsoever of any FDA or other Regulatory Authority inspection, investigation,
or other inquiry, or other notice or communication from any Regulatory Authority of any type, that could reasonably be expected
to affect the continuity of supply of Materials to Opiant. Aegis shall supply Opiant with copies of any such notice, related correspondence
or other documentation relating to the Materials. To the extent such inspection, investigation, or other inquiry relates to Materials,
Aegis shall allow representatives of Opiant (which may include its Affiliates and sublicensees) to be present during the applicable
portions of any such inspection, investigation, or other inquiry.

 

    	 	10	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

6.6.3
Aegis will make the applicable facilities of any Contract Manufacturer available for inspection by representatives of Regulatory
Authorities in compliance with all applicable Laws. Aegis will notify Opiant promptly, but in no event more than twenty-four (24)
hours after Aegis has knowledge of any Contract Manufacturer’s receipt of any correspondence from the FDA or other Regulatory
Authority regarding an inspection, investigation, or other inquiry, or other correspondence from any Regulatory Authority of any
type, involving Materials.

 

6.6.4
Aegis will require in any contracts or other arrangements entered into or made after the Effective Date with any Contract Manufacturer
of Materials that Opiant (including its Affiliates and sublicensees) will have the right to visit and inspect such Contract Manufacturer’s
facilities during reasonable business hours and upon reasonable advance notice.

 

6.7           Safety
Information. Aegis will provide Opiant, in writing, from time to time, with (a) information then currently known to it regarding
handling precautions, toxicity and hazards with respect to any and all Materials, and (b) the then current material safety data
sheet for any and all Materials. Opiant is solely responsible for (i) use of all documentation provided by Aegis, including without
limitation, in any regulatory submission to the FDA or any other Regulatory Authority in the Territory, (ii) document control
and retention, and (iii) determining the suitability of any documentation provided by Aegis hereunder for use in any regulatory
submission.

 

6.8           Adverse
Event Information. Aegis will provide Opiant with copies of all reports of any adverse event which Aegis must report to a
Regulatory Authority under applicable Law or which is serious, such as any adverse event involving Materials that results in death,
is life-threatening, requires or prolongs inpatient hospitalization, results in disability, congenital anomaly or is medically
important (i.e., may require other medical or surgical intervention to prevent other serious criteria from occurring), and which
Aegis has reason to believe is associated with any or all Materials as soon as reasonably practicable, but in no event more than
forty-eight (48) hours following receipt of notice thereof by Aegis, including without limitation from Aegis’ Contract Manufacturer
or customers. Each Party shall promptly advise the other Party of any complaints, adverse reaction reports, safety issues or toxicity
issues relating to any Material of which it becomes aware. If either Party determines that any Material causes an adverse event,
such Party shall notify the other Party as soon as reasonably practicable, but in no event more than forty-eight (48) hours following
such determination.

 

6.9           Recalls.
Opiant shall have the sole decision making authority with respect to a recall or withdrawal of its Product.

 

6.10         Limitations
of Liability. EXCEPT WITH RESPECT TO ARTICLE 2.5, 6.3 AND ARTICLE 7, NEITHER PARTY SHALL BE LIABLE OR OBLIGATED IN ANY MANNER
FOR ANY ACTUAL, DIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES ARISING OUT OF OR RELATING TO THIS SUPPLY
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREUNDER, EVEN IF EITHER PARTY IS INFORMED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES
OCCURRING. THIS LIMITATION IS SEPARATE AND INDEPENDENT OF ANY OTHER REMEDY LIMITATIONS AND WILL NOT FAIL IF SUCH OTHER LIMITATION
ON REMEDY FAILS. NOTHING IN THIS ARTICLE 6.10 SHALL BE CONSTRUED TO LIMIT EITHER PARTY’S INDEMNIFICATION RIGHTS OR OBLIGATIONS
UNDER ARTICLE 8.

 

    	 	11	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

ARTICLE
7

 

CONFIDENTIALITY

 

The
confidentiality provisions set forth in Article 7 of the License Agreement are incorporated herein by reference, and such provisions
shall also apply to all Confidential Information of the Parties (including proprietary information of the Contract Manufacturer(s)
provided by Aegis to Opiant).

 

ARTICLE
8

 

INDEMNIFICATION
AND INSURANCE

 

8.1           Indemnification
by Opiant. Opiant shall indemnify and hold harmless each of Aegis, its Affiliates and their respective directors, officers,
employees and agents, and successors and assigns, from and against any and all losses, liabilities, damages and expenses, including
reasonable attorneys’ fees and costs, incurred by any of them to the extent resulting from any claims, demands, actions
or other proceedings by any third party arising from (a) the breach of any representation, warranty or covenant by Opiant under
this Supply Agreement; or (b) the Exploitation of the Products by Opiant or its Affiliates or sublicensees; provided, however,
that such indemnification right shall not apply to any losses, liabilities, damages or expenses to the extent directly attributable
to the negligence, reckless misconduct, or intentional misconduct of an Indemnitee seeking indemnification under this Article
8.1.

 

8.2           Indemnification
by Aegis. Aegis shall indemnify and hold harmless each of Opiant, its Affiliates and their respective directors, officers,
employees and agents, and successors and assigns, from and against any and all losses, liabilities, damages and expenses, including
reasonable attorneys’ fees and costs, incurred by any of them to the extent resulting from any claims, demands, actions
or other proceedings by any third party arising from (a) the breach of any representation, warranty or covenant by Aegis under
this Supply Agreement; (b) the Exploitation of the Aegis Technology or Excipient(s) by Aegis, its licensees (excluding Opiant)
or their respective Affiliates or sublicensees; (c) any claim of any third party that Aegis willfully disclosed or made available
to Opiant any Aegis Technology in violation of an obligation of Aegis to such third party or (d) any claim of any third party
that the Materials supplied under this Agreement infringes or misappropriates any third party intellectual property right; provided,
however, that such indemnification right shall not apply to any losses, liabilities, damages or expenses to the extent
directly attributable to the negligence, reckless misconduct, or intentional misconduct of an Indemnitee seeking indemnification
under this Article 8.2.

 

    	 	12	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

8.3           Procedure.
A Party that intends to claim indemnification under Article 8 (the “Indemnitee”) shall promptly notify the
other Party (the “Indemnitor”) in writing of any claim, demand, action or other proceeding for which the Indemnitee
intends to claim indemnification; provided, however, that the failure to provide written notice of such claim within
a reasonable period of time will not relieve the Indemnitor of any of its obligation hereunder, except to the extent that the
Indemnitor is prejudiced by such failure to provide prompt notice. The Indemnitor shall have the right to participate in, and
to the extent the Indemnitor so desires, to assume the defense thereof with counsel selected by the Indemnitor; provided,
however, that the Indemnitee, shall have the right to retain its own counsel, with the fees and expenses to be paid by
the Indemnitee, if representation of the Indemnitee by the counsel retained by the Indemnitor would be inappropriate due to actual
or potential differing interests between the Indemnitee and any other party represented by such counsel in such proceedings. The
Indemnitor may not settle or otherwise consent to an adverse judgment in any such claim, demand, action or other proceeding, that
diminishes the rights or interests of the Indemnitee without the prior express written consent of the Indemnitee, which consent
shall not be unreasonably withheld, delayed, or conditioned, unless (a) there is no finding or admission of any violation of Law
or any violation of the rights of any person and no effect on any other claims that may be made against the Indemnitee and (b)
the sole relief provided is monetary damages that are paid in full by the Indemnitor. The Indemnitee shall cooperate fully with
the Indemnitor and its legal representatives in the investigation of any action with respect to a third party claim covered by
Article 8.

 

8.4           Insurance.
Each Party, at its own expense, shall maintain product liability and other appropriate insurance in an amount consistent with
sound business practice, customary in the pharmaceutical industry generally for parties similarly situated and reasonable in light
of the Party’s obligations under this Supply Agreement. Each Party shall, upon request of the other Party, provide a copy
of the foregoing insurance policies, along with any amendments and revisions thereto. OPIANT shall be named as an additional insured
on any such policies maintained hereunder by AEGIS, and AEGIS shall be named as an additional insured on any such policies maintained
hereunder by OPIANT. If there are any additional costs for adding a Party as an additional insured, the added Party shall pay
such additional costs.

 

ARTICLE
9

 

COMPLIANCE
WITH LAWS; REPRESENTATIONS, WARRANTIES AND COVENANTS

 

9.1           Aegis.

 

9.1.1
Aegis will comply, and will contractually require any and all Contract Manufacturers to comply, with all present and future Laws
applicable to the manufacture and supply of Materials, including, without limitation, applicable GMP or other regulations promulgated
from time to time by the FDA, defect notifications, and any other registration requirements that may be imposed on the manufacture
of Materials. Aegis represents and warrants to Opiant that all Materials supplied hereunder shall: (a) be manufactured, tested,
labeled, packaged, stored, handled, and shipped in conformance with GMP and all applicable Laws; (b) be manufactured, tested,
labeled, packaged, stored, handled, and shipped in conformance with the applicable Specifications; (c) be free and clear of all
liens, security interests and other encumbrances; and (d) have a shelf life of not less than three (3) years at the time delivered
to Opiant or its designee.

 

    	 	13	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

9.1.2
Aegis represents, warrants, and covenants to Opiant that: (a) Aegis holds and will hold, and is operating and will operate in
compliance with, any and all exceptions, permits, licenses, franchises, authorizations and clearances of the FDA and/or any other
governmental authority required in connection with the development to date of the Excipient(s), (b) Aegis is not debarred or suspended
under 21 U.S.C. §335(a) or (b) or comparable Laws in any other jurisdiction; (c) there are no actual or, to Aegis’
knowledge, threatened enforcement actions by the FDA or any other federal, state, or foreign Regulatory Authority which has jurisdiction
over Aegis’ operations or products, including, without limitation, any fines, injunctions civil or criminal penalties, investigations,
debarments, or suspensions; (d) Aegis has not received any warning letters or written correspondence from the FDA and/or any other
governmental authority requiring the termination, suspension or modification of any clinical or pre-clinical studies or tests
with respect to the Excipient(s); and (e) as of the Effective Date, there are no actual or, to the knowledge of Aegis, threatened
enforcement actions relating to any Excipient by the FDA or any other governmental authority that has jurisdiction over Aegis’
operations or products, including, without limitation, any fines, injunctions civil or criminal penalties, investigations, debarments
or suspensions.

 

9.1.3
Aegis represents, warrants, and covenants to Opiant that: (a) to Aegis’ knowledge, the applicable Contract Manufacturer
holds and will hold, and is operating and will operate in compliance with, any and all exceptions, permits, licenses, franchises,
authorizations and clearances of the FDA and/or any other governmental authority required in connection with the development of
the Excipient(s), (b) to Aegis’ knowledge, no person involved in the performance of Aegis’ services under this Supply
Agreement, including without limitation the applicable Contract Manufacturer, is debarred or suspended under 21 U.S.C. §335(a)
or (b) or comparable Laws in any other jurisdiction, and, in the event that Aegis becomes aware of the debarment or disqualification,
or a pending debarment or disqualification pursuant to 21 U.S.C. §335(a) or (b), of any person providing services to Aegis,
including any of Aegis and its Affiliates, Aegis shall immediately notify Opiant in writing, and Aegis shall cease employing,
contracting with, or retaining any such person to perform any services contemplated by this Supply Agreement; (c) there are no
actual or, to Aegis’ knowledge, threatened enforcement actions by the FDA or any other federal, state, or foreign Regulatory
Authority which has jurisdiction over any applicable Contract Manufacturer’s operations or products, including, without
limitation, any fines, injunctions civil or criminal penalties, investigations, debarments, or suspensions; (d) to Aegis’
knowledge, the applicable Contract Manufacturer has not received any warning letters or written correspondence from the FDA and/or
any other governmental authority requiring the termination, suspension or modification of any clinical or pre-clinical studies
or tests with respect to the Excipient(s); and (e) as of the Effective Date, there are no actual or, to the knowledge of Aegis,
threatened enforcement actions relating to any Excipient by the FDA or any other governmental authority that has jurisdiction
over any applicable third-party manufacturer’s operations or products, including, without limitation, any fines, injunctions
civil or criminal penalties, investigations, debarments or suspensions.

 

    	 	14	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

9.1.4
Aegis covenants that it will not in the performance of its obligations under this Supply Agreement employ or use the services
of any person who is or was debarred or suspended under 21 U.S.C. §335(a) or (b) or comparable Laws in any other jurisdiction.
Aegis represents and warrants that it does not currently have, and covenants that it will not hire, as an officer or an employee
any person who has been convicted of a felony under the laws of the United States for conduct relating to the regulation of any
drug product.

 

9.1.5
Aegis is aware of and understands that there are anti-bribery and anticorruption statutes (including but not limited to the U.S.
Foreign Corrupt Practices Act and the UK Bribery Act) to which Opiant is subject that prohibit the payment or offering, giving,
promising to give, or authorizing the giving of, directly or indirectly, anything of value to a government official, or any relative,
business associate or employee thereof, for the purpose of obtaining or retaining any business under this Agreement or inducing
or influencing any governmental act or decision affecting Opiant. Aegis hereby agrees to refrain from any activity in connection
with this Agreement, and require its Contract Manufacturers from refraining from any activity, that would constitute a violation
by Aegis or Opiant of such anti-bribery and anticorruption statutes, including sharing, directly or indirectly, any of the fees
paid to Aegis under this Agreement with a government official. Similarly, Aegis shall not, directly or indirectly, request, accept,
or agree to accept any item of value that could be seen as an attempt to compromise its independence of judgment or improperly
influence a business decision.

 

9.1.6
Aegis represents and warrants that its existing agreements with the Contract Manufacturer **** and **** enable Aegis to perform
this Supply Agreement in accordance with its terms. Aegis covenants that it will use diligent efforts to enforce its agreement
with such Contract Manufacturers for the benefit of Opiant. Aegis covenants to take any action to retain, and not to take any
action that would fail to retain, in full force and effect for the term of this Supply Agreement the long-term manufacturing agreement
with such Contract Manufacturer relating to Opiant’s rights hereunder. Moreover, Aegis will not agree, consent or acquiesce
to any amendment, waiver, supplement or other modification to such agreement in a way which would terminate, diminish or affect
Opiant’s rights under this Supply Agreement, without the prior written consent of Opiant. Aegis shall be solely responsible
for paying all fees and any other performance obligations to such Contract Manufacturer, except as set forth in Article 6.6.1.
In the event that Aegis receives notice that Aegis has committed a breach of its obligations under the agreement with such Contract
Manufacturer, or if Aegis anticipates such breach, such as may give rise to a right by such Contract Manufacturer to terminate,
diminish or affect Aegis’ rights thereunder and Opiant’s rights under this Supply Agreement, Aegis shall notify Opiant
promptly of such situation and shall use diligent efforts to promptly cure such breach. In addition to Opiant’s other remedies
under this Supply Agreement, if Aegis is unable to cure such breach, Aegis shall, to the extent reasonably feasible, permit Opiant
to cure such breach if Opiant desires to do so, with all reasonable fees and expenses (including attorneys’ fees) incurred
by Opiant being creditable by Opiant against future payment obligations under this Supply Agreement.

 

    	 	15	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

9.2           Opiant.
Other than FDA approvals relating to a manufacturing facility of the Material, Opiant will be responsible for obtaining and complying
with all necessary governmental or regulatory approvals applicable to the sale, distribution and/or use of Opiant’s Product
which use Material, including without limitation, FDA approvals. Aegis will provide to Opiant, at Opiant’s expense, reasonable
cooperation and assistance relating to Opiant obtaining and complying with all necessary governmental and regulatory approvals
applicable to the sale, distribution and/or use of Opiant’s Product which use Material, including without limitation, FDA
approvals.

 

9.3           Both
Parties. Each Party represents and warrants to the other Party as follows:

 

9.3.1
Organization. Such Party is duly organized, validly existing and in good standing under the laws of the jurisdiction in
which it is organized.

 

9.3.2
Authorization and Enforcement of Obligations. Such Party (a) has the requisite power and authority and the legal right
to enter into this Supply Agreement and to perform its obligations hereunder; and (b) has taken all requisite action on its part
to authorize the execution and delivery of this Supply Agreement and the performance of its obligations hereunder. This Supply
Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, binding obligation, enforceable
against such Party in accordance with its terms.

 

9.3.3
Consents. All necessary consents, approvals and authorizations of all governmental authorities and other persons or entities
required to be obtained by such Party in connection with the execution and delivery of this Supply Agreement have been obtained.

 

9.3.4
No Conflict. The execution and delivery of this Supply Agreement and the performance of such Party’s obligations
hereunder (a) do not conflict with or violate any requirement of applicable laws, regulations or orders of any court, governmental
body or administrative agency having jurisdiction over this Supply Agreement and the Party’s obligations hereunder; and
(b) do not conflict with, or constitute a default under, any contractual obligation of such Party.

 

9.4           No
Implied Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, EACH PARTY MAKES NO REPRESENTATIONS OR WARRANTIES IN
THIS SUPPLY AGREEMENT AND EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION
ANY REPRESENTATION OR WARRANTY REGARDING MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, QUALITY, OR CONDITION OF PRODUCT DELIVERED
UNDER THIS SUPPLY AGREEMENT OR NON-INFRINGEMENT OF THIRD PARTY RIGHTS, OR OTHERWISE, AND BOTH PARTIES EXPRESSLY DISCLAIM ANY AND
ALL IMPLIED OR STATUTORY WARRANTIES INCLUDING, BUT NOT LIMITED TO, ANY WARRANTY UNDER ARTICLE 2-312(3) OF THE UNIFORM COMMERCIAL
CODE.

 

    	 	16	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

ARTICLE
10 

TERM

 

10.1         Term.
This Supply Agreement shall commence on the Effective Date and, unless terminated earlier in accordance with this Supply Agreement,
shall continue in full force and effect until the earlier of (a) expiration or termination of the License Agreement or (b) the
twentieth (20th) anniversary of the Effective Date (the “Term”). The Term shall only be extended
by mutual written agreement of the Parties.

 

10.2         Termination.
Notwithstanding Article 10.1, this Supply Agreement may be terminated as follows:

 

a.           Either
Party may terminate this Supply Agreement at any time upon written agreement of both parties.

 

b.           Either
Party may terminate this Supply Agreement upon a material breach of this Supply Agreement by the other Party, after giving such
other Party written notice specifying the nature of and basis for the asserted material breach, and providing such other Party
a thirty (30) day opportunity to cure any monetary material breach and a sixty (60) day opportunity to cure any non-monetary material
breach.

 

10.3         Duties
Following Termination.

 

a.           Termination
of this Supply Agreement will not release either Party from the obligation to make payment of all undisputed amounts due and payable
prior to termination.

 

b.           Upon
the termination or cancellation of this Supply Agreement for any reason, all tangible Confidential Information of each disclosing
Party will be immediately returned to it or, at the option of the disclosing Party, destroyed (with reasonable documentation of
the destruction).

 

10.4         Survival.
Termination of this Supply Agreement shall not affect any right or obligation accruing prior to such termination. The obligations
and rights of the parties under Articles 10.3 and 10.4 and Articles 1, 2.5, 6, 7, 8, 9, and 11 shall survive termination of this
Supply Agreement.

 

    	 	17	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

ARTICLE
11

 

GENERAL
PROVISIONS

 

11.1         Governing
Law. This Supply Agreement and any disputes, claims or actions related hereto shall be governed by and construed in accordance
with the laws of the State of California, without giving effect to any conflicts of law principles that would result in the application
of the laws of any state other than the State of California. The United Nations Conventions on Contracts for the International
Sale of Goods shall not be applicable to this Supply Agreement.

 

11.2         Arbitration.
Any dispute, controversy or claim initiated by either Party arising out of, resulting from or relating to this Supply Agreement,
or the performance by either Party of any obligation under this Supply Agreement, whether before or after termination of this
Supply Agreement, shall be resolved by final and binding arbitration. Whenever a Party shall decide to institute arbitration proceedings,
it shall give written notice to that effect to the other Party. Any such arbitration shall be conducted under the Commercial Arbitration
Rules of the American Arbitration Association by a panel of three (3) neutral experts with relevant industry experience appointed
in accordance with such rules. Any such arbitration shall be held in San Diego, California. The method and manner of discovery
in any such arbitration proceeding shall be governed by the Commercial Arbitration Rules of the American Arbitration Association.
Each Party shall choose one (1) arbitrator within thirty (30) days after receipt of notice of the intent to arbitrate. Such arbitrators
shall thereafter choose a third arbitrator within thirty (30) days of their appointment. If one or both of the Parties fails to
make a timely appointment of its arbitrator, then such missing arbitrator(s) will be appointed by the American Arbitration Association.
Each Party shall bear its own attorneys’ fees, costs, and disbursements arising out of the arbitration, and shall pay an
equal share of the fees and costs of the arbitrators; provided, however, the arbitrators shall be authorized to determine whether
a Party is the prevailing Party, and at their discretion, to award to that prevailing Party reimbursement for its reasonable attorneys’
fees, costs and disbursements and/or the fees and costs of the arbitrators. The arbitrators shall make their award and decision
by majority approval, which shall be made in accordance with the terms of this Supply Agreement and applicable Law. Judgment upon
the award so rendered may be entered in any court of competent jurisdiction or application may be made to such court for judicial
acceptance of any award and an order of enforcement, as the case may be. In no event shall a demand for arbitration be made after
the date when institution of a legal or equitable proceeding based upon such claim, dispute or other matter in question would
be barred by the applicable statute of limitations.

 

11.3
Notwithstanding the foregoing, (i) either Party shall have the right, without waiving any right or remedy available to such Party
under this Supply Agreement or otherwise, to seek and obtain from any court of competent jurisdiction any interim or provisional
relief that is necessary or desirable to protect the rights or property of such Party, pending the selection of the arbitrators
hereunder or pending the arbitrators’ determination of any dispute, controversy or claim hereunder, and (ii) any and all
issues regarding the scope, construction, validity, and enforceability of one or more patents shall be determined in a court of
competent jurisdiction under the local patent laws of the jurisdictions having issued the patent or patents in question. Each
of the Parties agrees that if certain material obligations under this Supply Agreement are not performed in accordance with their
specific terms or are otherwise breached, (a) severe and irreparable damage may occur, (b) no adequate remedy at law would exist
and (c) damages would be difficult to determine. Each of the Parties agrees that, in such case, the injured Party or Parties shall
be authorized and entitled to seek to obtain from any court of competent jurisdiction injunctive relief, whether preliminary or
permanent, as well as any other relief permitted by applicable law, and the breaching Party shall waive any requirement that such
Party or Parties post bond as a condition for obtaining any such relief. All proceedings and decisions of the arbitrator(s) shall
be deemed Confidential Information of each of the Parties, and shall be subject to Article 7.

 

    	 	18	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

11.4         Modification;
Waiver. This Supply Agreement may not be altered, amended, supplemented, or modified in any way except by a writing signed
by both Parties. No waiver by a Party of any breach or default of any of the covenants or agreements herein set forth shall be
deemed a waiver as to any subsequent and/or similar breach or default. The failure by either Party to insist upon strict performance
or any provision of this Supply Agreement, to take any action or to exercise any right arising out of this Supply Agreement shall
in no way be construed to be a waiver of such right, nor in any way be deemed to affect the validity of this Supply Agreement
or any section hereof, or the right of a Party to thereafter enforce each and every provision of this Supply Agreement. Any waiver
by a Party of a particular provision or right shall be in writing, shall be as to a particular matter and, if applicable, for
a particular period of time and shall be signed by such Party.

 

11.5         Rights
Under U.S. Bankruptcy Code. All rights and licenses granted under or pursuant to this Supply Agreement by Aegis are, and shall
otherwise be deemed to be, for purposes of Section 365(n) of the Bankruptcy Code, licenses to intellectual property as defined
under Section 101 of the Bankruptcy Code. Aegis agrees that Opiant shall retain and may fully exercise its rights and elections
under the Bankruptcy Code. If a case is commenced during the term of this Supply Agreement by or against a Party under the Bankruptcy
Code then, unless and until this Supply Agreement is rejected as provided in the Bankruptcy Code, such Party (in any capacity,
including debtor-in-possession) and its successors and assigns (including a trustee) shall perform all of the obligations provided
in this Supply Agreement to be performed by such Party. If a case is commenced during the term of this Supply Agreement by or
against a Party under the Bankruptcy Code, this Supply Agreement is rejected or not assumed as provided in the Bankruptcy Code
and the other Party elects to retain its rights hereunder as provided in the Bankruptcy Code, then the Party subject to such case
under the Bankruptcy Code (in any capacity, including debtor-in-possession) and its successors and assigns (including a Title
11 trustee), shall provide to the other Party copies of all information necessary for such other Party to prosecute, maintain
and enjoy its rights under the terms of this Supply Agreement promptly upon such other Party’s written request therefor.
All rights, powers and remedies of the non-bankrupt Party as provided herein are in addition to and not in substitution for any
and all other rights, powers and remedies now or hereafter existing at law or in equity (including, without limitation, the Bankruptcy
Code) in the event of the commencement of a case by or against a Party under the Bankruptcy Code. Section 365(n) and the terms
of this Article 11.4 shall apply and shall be enforced in and by every court, tribunal, arbitrator, regulatory body or official
resolving disputes between the Parties with respect to rights in intellectual property, whether such court, tribunal, arbitrator,
regulatory body or official is located in the U.S. or in any other nation or jurisdiction.

 

    	 	19	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

11.6         Assignment.
Neither this Supply Agreement nor any right or obligation hereunder may be assigned or delegated, in whole or part, by either
Party without the prior express written consent of the other; provided, however, that (i) Opiant may, without the
written consent of Aegis, assign this Supply Agreement and its rights and delegate its obligations hereunder in connection with
the transfer or sale of all or substantially all of its business related to the Product, or in the event of its merger, consolidation,
a Change in Control or similar transaction; (ii) Aegis may, without the written consent of Opiant, assign this Supply Agreement
and its rights and delegate its obligations hereunder in connection with the transfer or sale of all or substantially all of its
business, or in the event of its merger, consolidation or a Change in Control; and (iii) neither Party shall unreasonably withhold,
delay or condition its consent to any proposed assignment in any situation whereby all of its rights and entitlements are unaffected.
The rights and obligations of the Parties under this Supply Agreement shall be binding upon and inure to the benefit of the successors
and permitted assigns of the Parties. Any assignment in violation of this Article 11.5 shall be void. For the avoidance of doubt,
Aegis may engage a third party contract manufacturer to manufacture the Excipient(s) for the benefit of Opiant, which shall not
be deemed to be an assignment or delegation restricted by this Article 11.5; provided that Aegis shall be responsible for all
obligations with respect to all Material to be supplied to Opiant and its Affiliates in connection with this Agreement.

 

11.7         Independent
Contractors. The relationship of the Parties, as established by this Supply Agreement, is solely that of independent contractors.
The Parties are not deemed to be agents, partners or joint venturers of the others for any purpose as a result of this Supply
Agreement or the transactions contemplated thereby. Neither Party can assume or create any obligation, representation, warranty
or guarantee, express or implied, on behalf of the other Party for any purpose whatsoever.

 

11.8         Further
Actions. Each Party agrees to execute, acknowledge and deliver such further documents and instruments and to perform all such
other acts as may be necessary or appropriate in order to carry out the purpose and intent of this Supply Agreement.

 

11.9         Notices.
Any notice, report, communication, or consent required or permitted by this Supply Agreement must be in writing and must be sent
by a Party (a) by prepaid registered or certified mail, return receipt requested, (b) by overnight express delivery service by
a nationally recognized courier, or (c) via confirmed facsimile, followed within five (5) days by a copy mailed in the manner
described by (a) or (b), addressed to the other Party at the address shown below or at any other address such Party has previously
designated by prior written consent to the other. Such notice shall be deemed sufficiently given for all purposes upon the earliest
of: (a) the date of actual receipt; (b) if delivered by overnight delivery service, three (3) business days after delivery; or
(c) if sent by facsimile, upon electronic confirmation of receipt.

 

    	 	20	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

If
to Aegis:

 

Aegis
Therapeutics, LLC

 

11770
Bernardo Plaza Court, Suite 353

 

San
Diego, CA 92128

 

Attn:
Chief Executive Officer

 

Fax:
(858) 618-1441

 

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

 

DLA
Piper US LLP

 

4365
Executive Drive, Suite 1100

 

San
Diego, California 92121

 

Attn:
Knox Bell, Esq.

 

Fax:
(858) 677-1401

 

If
to Opiant:

 

OPIANT
Pharmaceuticals, Inc.

 

401
Wilshire Boulevard, 12th Floor

 

Santa
Monica, CA 90401

 

Attn:
Chief Executive Officer

 

Fax:
(917) 322-2105

 

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

 

DLA
Piper US LLP

 

1650
Market Street

 

Suite
4900

 

Philadelphia,
PA 19103

 

Attn:
Fahd M.T. Riaz, Esq.

 

Fax:
(215) 606 -2069

 

    	 	21	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

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

 

11.11         Force
Majeure. Nonperformance of a Party (other than for the payment of money) shall be excused to the extent that performance is
rendered impossible by strike, fire, earthquake, flood, governmental acts or orders or restrictions, failure of suppliers, or
any other reason where failure to perform is beyond the reasonable control and not caused by the negligence, intentional conduct
or misconduct of the nonperforming Party; provided, however, that the nonperforming Party shall use commercially
reasonable efforts to resume performance as soon as reasonably practicable. Such excuse from performance shall be effective only
to the extent and duration of the event(s) causing the failure or delay in performance. Notice of a Party’s failure or delay
in performance due to force majeure must be given to the other Party

 

11.12         Complete
Agreement. This Supply Agreement, including the Exhibits hereto, and the License Agreement constitute the entire agreement
between the Parties regarding the subject matter hereof, and all prior and contemporaneous representations, understandings and
agreements regarding the subject matter hereof, either written or oral, expressed or implied, including without limitation, the
Prior Agreements, are superseded and shall be and of no effect.

 

11.13         Counterparts.
This Supply Agreement may be executed in counterparts, each of which shall be deemed to be an original document, and all of which
together with this writing shall be deemed one instrument. Signatures provided by facsimile transmission or in PDF sent by electronic
mail shall be deemed to be original signatures.

 

11.14         Severability.
If any provision of this Supply Agreement shall be found by a court of competent jurisdiction to be void, invalid, illegal or
unenforceable, such adjudication shall not affect or impair, in whole or in part, the validity, enforceability or legality of
any remaining portions of this Supply Agreement. All remaining portions shall remain in full force and effect as if the original
Supply Agreement had been executed without the invalidated, unenforceable or illegal part. The Parties shall use commercially
reasonable efforts to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s)
in a way that, to the extent practicable and legally permissible, implements the original intent of the Parties.

 

    	 	22	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

11.15         Interpretation.
The headings of each Article in this Supply Agreement are included merely for convenience of reference only and are not intended
to limit or expand on the meaning or interpretation of the language contained in the particular section. All references in this
Supply Agreement to the singular shall include the plural where applicable. Unless otherwise specified, references in this Supply
Agreement to any Article shall include all sections, subsections and paragraphs in such Article, references in this Supply Agreement
to any section shall include all subsections and paragraphs in such section and references in this Supply Agreement to any subsection
shall include all paragraphs in such subsection. The word “including” and similar words means including without limitation.
The word “or” means “and/or” unless the context dictates otherwise because the subject of the conjunction
are mutually exclusive. The words “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Supply Agreement as a whole and not to any particular section or other subdivision. All references to days
in this Supply Agreement shall mean calendar days, unless otherwise specified. Ambiguities and uncertainties in this Supply Agreement,
if any, shall not be interpreted against either Party, irrespective of which Party may be deemed to have caused the ambiguity
or uncertainty to exist. This Supply Agreement has been prepared in the English language and the English language shall control
its interpretation. In addition, all notices required or permitted to be given hereunder, and all written, electronic, oral or
other communications between the Parties regarding this Supply Agreement shall be in the English language.

 

[Signature
Page Next]

 

    	 	23	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

IN
WITNESS WHEREOF, the parties have caused this Supply Agreement to be executed by their respective duly authorized officers
as of the Execution Date.

 

	 	AEGIS THERAPEUTICS, LLC

 

	 	By:	/s/ Edward T. Maggio,
    Ph.D.
	 	 	 
	 	 	Edward T. Maggio, Ph.D.
	 	 	 
	 	 	Chief Executive Officer

 

	 	OPIANT PHARMACEUTICALS, INC.

 

	 	By:	/s/ Roger Crystal
	 	 	 
	 	 	Roger Crystal
	 	 	 
	 	 	Chief Executive Officer

 

    	 	24	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

EXHIBIT
A

DEFINITIONS

 

References
in the definitions to the Supply Agreement shall mean the applicable Supply Agreement between Aegis and a Company, and to Material(s),
Compound(s) and/or Product(s) shall mean to the applicable Material(s), Compound(s) and/or Product(s) that are the subject of
such Supply Agreement.

 

“Aegis”
shall have the meaning set forth in the preamble to the Supply Agreement.

 

“Aegis
Technology” shall have the meaning set forth in Exhibit A of the License Agreement.

 

“Affiliate”
shall mean, with respect to any person or entity, any other person or entity that controls, is controlled by or is under common
control with such person or entity. For purposes of this definition, a person or entity shall be in “control” of an
entity if it owns or controls at least fifty percent (50%) of the equity securities of the subject entity entitled to vote in
the election of directors (or, in the case of an entity that is not a corporation, for the election of the corresponding managing
authority), or otherwise has the power to control the management and policies of such other entity.

 

“Approval”
shall mean, with respect to any Product in any jurisdiction, all approvals from any Regulatory Authority necessary for the sale
of the Product in such jurisdiction in accordance with applicable Laws, including without limitation receipt of pricing and reimbursement
approvals, where required.

 

“Bankruptcy
Code” shall have the meaning set forth in Article 11.4 of the Supply Agreement.

 

“Business
Day” shall mean any day that is not a Saturday or a Sunday or a day on which the New York Stock Exchange is closed.

 

“Calendar
Quarter” shall mean the respective periods of three (3) consecutive calendar months ending on March 31, June 30, September
30 and December 31; provided, however, that (a) the first Calendar Quarter of the License Agreement and the Supply Agreement shall
extend from the commencement of such respective agreement to the end of the first complete Calendar Quarter thereafter; and (b)
the last Calendar Quarter shall end upon the expiration or termination of the License Agreement or the Supply Agreement, as applicable.

 

“Calendar
Year” shall mean (a) for the first Calendar Year of the term of the License Agreement and the Supply Agreement, the
period beginning on the Effective Date and ending on December 31, 2015, (b) for each Calendar Year of the term of the License
Agreement or the Supply Agreement, as applicable, thereafter, each successive period beginning on January 1 and ending twelve
(12) consecutive calendar months later on December 31, and (c) for the last Calendar Year of the term of the License Agreement
or the Supply Agreement, the period beginning on January 1 of the Calendar Year in which the License Agreement or the Supply Agreement,
respectively, expires or terminates and ending on the effective date of expiration or termination of the License Agreement or
the Supply Agreement, respectively.

 

    	 	A-1	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

“Change
in Control” shall mean the consummation of a reorganization, merger, share exchange, consolidation, or sale or disposition
of all or substantially all of the assets of the Company unless, in any case, the persons who beneficially own the voting securities
of the company immediately before that transaction beneficially own, directly or indirectly, immediately after the transaction,
more than fifty percent (50%) of the voting securities of the company or any other corporation or other entity resulting from
or surviving the transaction (including a corporation or other entity which, as the result of the transaction, owns all or substantially
all of voting securities of the company or all or substantially all of the company’s assets, either directly or indirectly
through one or more subsidiaries) in substantially the same proportion as their respective ownership of the voting securities
of the company immediately before that transaction.

 

“Commercially
Reasonable Efforts” shall have the meaning set forth in Article 3.7.2 of the License Agreement.

 

“Company”
shall mean a company that enters into a Supply Agreement with Aegis.

 

“Compound”
shall mean (a) **** as an active ingredient and (b) any isomers, hydrates, anhydrides, solvates, esters, salt forms, free acids
or bases, prodrugs, complexes or polymorphs of the compounds set forth in clause (a) or any compounds covered by this clause (b).

 

“Confidential
Information” shall mean, with respect to a Party, all information (and all tangible and intangible embodiments thereof),
that is owned or controlled by such Party, is disclosed by or on behalf of such Party to the other Party pursuant to the License
Agreement and/or the Supply Agreement, and (if disclosed in writing or other tangible medium) is marked or identified as confidential
at the time of disclosure to the receiving Party or (if otherwise disclosed) is identified as confidential at the time of disclosure
to the receiving Party and described as such in writing within thirty (30) days after such disclosure. Notwithstanding the foregoing,
Confidential Information of a Party shall not include information which, and only to the extent, the receiving Party can establish
by written documentation (a) has been generally known prior to disclosure of such information by the disclosing Party to the receiving
Party; (b) has become generally known, without the fault of the receiving Party, subsequent to disclosure of such information
by the disclosing Party to the receiving Party; (c) has been received by the receiving Party at any time from a source, other
than the disclosing Party, rightfully having possession of and the right to disclose such information free of confidentiality
obligations; (d) has been otherwise known by the receiving Party free of confidentiality obligations prior to disclosure of such
information by the disclosing Party to the receiving Party; or (e) has been independently developed by employees or others on
behalf of the receiving Party without use of such information disclosed by the disclosing Party to the receiving Party (each,
a “Confidentiality Exception”).

 

    	 	A-2	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

“Contract
Manufacturer” shall mean any contract manufacturer engaged by Aegis for the manufacture and supply of Materials to Opiant,
pursuant to the terms of this Supply Agreement.

 

“Control”
(including any variations such as “Controlled” and “Controlling”) shall mean, with respect
to any information, patents or other intellectual property rights, possession of the right, power and authority (whether by ownership,
license or otherwise, other than by virtue of any rights granted under this Supply Agreement) to grant access to, to grant use
of, or to grant a license or a sublicense to such information, patents or intellectual property rights without violating the terms
of any agreement or other arrangement with any third party.

 

“Corrective
Action Request” shall have the meaning set forth in Article 6.2 of the Supply Agreement.

 

“Defective
Material” shall have the meaning set forth in Article 6.2 of the Supply Agreement.

 

“Effective
Date” shall have the meaning set forth in the preamble to the License Agreement.

 

“EMA”
shall mean the European Medicines Agency, or the successor thereto.

 

“Encumbrance”
shall mean any lien, mortgage, deed of trust, pledge, security interest, charge, condition, equitable interest, right of first
refusal, community property interest, covenant, option, title defect, claim, restriction, variance, exception, license, or other
adverse claim or interest or encumbrance of any kind or nature whatsoever, whether or not perfected, including any restriction
on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

“Excipient(s)”
shall mean AEGIS’s proprietary chemically synthesizable delivery enhancement agents (including without limitation the Intravail®
absorption enhancement agents), that, among other things, allow non-invasive systemic delivery of potent peptide, protein, and
small and large molecule drugs.

 

“EU”
shall mean the countries comprising the European Union as it may be constituted from time to time, and any successors to, or new
countries created from, any of the foregoing.

 

“Exploit,”
“Exploiting” or “Exploitation” shall mean to research, develop, make, have made, use, sell,
have sold, offer for sale, import, export and/or otherwise commercialize, exploit and dispose of.

 

“FDA”
shall mean the U.S. Food and Drug Administration, or the successor thereto.

 

“Field”
shall mean any and all indications, uses, or purposes of Compound(s) and/or Product(s) in any and all formulations, including
without limitation for the treatment, palliation, diagnosis, or prevention of any human disease, disorder, or condition.

 

    	 	A-3	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

“GMP”
shall mean Good Manufacturing Practices, as specified by the FDA, or similar standards or guidelines promulgated by the FDA from
time-to-time, or equivalent Regulatory Authority in countries other than the United States, as applicable.

 

“Indemnitee”
shall have the meaning set forth in Article 8.3 of the Supply Agreement.

 

“Indemnitor”
shall have the meaning set forth in Article 8.3 of the Supply Agreement.

 

“Intravail®”
shall mean the Material described on Exhibit B attached to the Supply Agreement, manufactured in compliance with all applicable
Laws, including without limitation GMP.

 

“Law”
shall mean any federal, state or local law, statute or ordinance, or any rule, regulation, or published guidelines promulgated
by any governmental authority, including without limitation the United States Food, Drug and Cosmetic Act and applicable regulations
promulgated thereunder.

 

“License
Agreement” shall mean that certain License Agreement entered into by and between Opiant and Aegis as of the Effective
Date.

 

“Material”
shall mean any Excipient supplied by Aegis to Opiant pursuant to this Supply Agreement, including without limitation Intravail®,
as further described in Exhibit B hereto, manufactured in compliance with all applicable Laws, including without limitation
GMP.

 

“Opiant”
shall have the meaning set forth in the preamble to the Supply Agreement.

 

“Party”
shall mean, in the case of the Supply Agreement, Aegis or Opiant.

 

“PPI”
shall have the meaning set forth in Article 3.2a of the Supply Agreement.

 

“Prior
Agreements” shall mean (a) that certain Material Transfer, Option and Research License Agreement between Aegis and Opiant
dated as of December 1, 2014 as amended on December 16, 2014 and May 19, 2015; (b) the Amended and Restated Material Transfer,
Option and Research License Agreement executed on April 26, 2016 and effective as of December 1, 2014; (c) the Letter Agreement
dated April 26, 2016; and (d) that certain Mutual Confidentiality Agreement between Aegis and Opiant dated as of November 13,
2013.

 

“Product”
shall mean any product containing a Compound and formulated using the Excipient(s).

 

“Regulatory
Authority” means any national or supranational governmental authority, including without limitation the FDA, EMA, or
Koseisho, that has responsibility over the development and/or commercialization of a Compound, an Excipient and/or a Product.

 

“Supply
Agreement” shall mean this Supply Agreement.

 

“Term”
shall have the meaning set forth in Article 10.1 of the Supply Agreement.

 

“Territory”
shall mean worldwide.

 

    	 	A-4	 

     

    

 

Confidential
Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality
request. Omissions are designated as “****”. A complete version of this exhibit has been filed separately with the
Securities and Exchange Commission.

 

EXHIBIT B

 

SPECIFICATION
FOR MATERIAL

 

Specifications
for Intravail® A-3

 

 

    	 	B-1

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