Document:

Exhibit 4.4

 

AGREEMENT FOR
AMENDMENT TO SERIES A AND SERIES B WARRANTS

 

THIS AGREEMENT FOR AMENDMENT TO SERIES A AND
SERIES B WARRANTS (this “Amendment Agreement”) is dated as of December 11, 2017, by and between Repros
Therapeutics, Inc., a Delaware corporation (the “Company”) and the investor listed in the signature page
attached hereto (the “Holder”).

 

“Series A Warrants”
and “Series B Warrants” shall mean the Series A Warrants and Series B Warrants, dated as of May 23, 2017,
issued by the Company. “Warrants” shall mean the Series A and Series B Warrants, collectively. Capitalized
terms used but not defined herein have the meanings assigned to such terms in the applicable Warrant(s).

 

WHEREAS, on May 23, 2017, in connection
with an offering of common stock of the Company, par value $0.001 per share (“Common Stock”), the Company
issued to the Holder and certain other investors Series A Warrants and Series B Warrants;

 

WHEREAS, as of the date hereof, the Holder
holds (i) a Series A Warrant to purchase such aggregate number of shares of Common Stock set forth on its signature page attached
hereto and (ii) a Series B Warrant to purchase such aggregate number of shares of Common Stock set forth on its signature page
attached hereto;

 

WHEREAS, concurrently herewith, the Company
is entering into, with certain other holders of Series A Warrants and Series B Warrants (each, an “Other Holder”
and together with the Holder, the “Holders”), agreements substantially in the form of this Amendment
Agreement (each an “Other Amendment Agreement” and together with this Amendment Agreement, the “Amendment
Agreements”);

 

WHEREAS, other than with respect to (a)
the identity of the Holder, (b) any provision regarding the reimbursement of legal fees, (c) the grant of a right of participation
to Hudson Bay Master Fund Ltd. (“Hudson Bay”) and Alto Master Opportunity Master Fund SPC – Segregated
Master Portfolio B (“Alto”) and (d) proportional changes reflecting the different holdings of such Other
Holders, the Amendment Agreements are substantially identical;

 

WHEREAS, Section 9 of each of the Warrants
states that except as otherwise provided in the Warrants (as to which there is no exception applicable to the amendments contemplated
by this Amendment Agreement), the provisions of the Warrants may be amended or waived and the Company may take any action therein
prohibited, or omit to perform any act therein required to be performed by it, only if the Company has obtained the written consent
of the holders of a majority of the Registered Warrants and, so long as the Lead Investor holds any Registered Warrants, the Lead
Investor; and

 

WHEREAS, the Holders, collectively, include
the Lead Investor and a majority of each of the (x) the Warrants, (y) the Series A Warrants and (z) the Series B Warrants, in each
case, outstanding as of the date hereof;

 

WHEREAS, the Company and the Holder wish
to amend the Warrants as provided in Section 1 hereof, which amendments shall be automatically effective and binding, without any
action on the part of any Person as of the execution and delivery of this Amendment Agreement by the Company and the Holder and
the execution and delivery of the Other Amendment Agreements each by the Company and Other Holders collectively constituting the
Required Holders (the “Effective Time”).

 

     

     

    

 

NOW THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.          Amendments
to Warrants.

 

a.          As
of the Effective Time, Section 1, EXERCISE OF WARRANT, of each Warrant shall be automatically amended, without any action on the
part of any Person, by adding a new Section 1(h) at the end thereof, as follows:

 

“(h) Alternative Cashless Exercise.
If (A) the Repurchase Option (as defined below) is not exercised by the Company prior to the close of business on December 15,
2017, (B) the Repurchase Option is so exercised, but the Company does not consummate the Repurchase (as defined below) of this
Warrant thereunder in accordance with the terms of the Repurchase Option on or prior to applicable Repurchase Outside Date (as
defined below), (C) an Amendment Cancellation Event (as defined below) has occurred or (D) the Company delivers irrevocable notice
to the Holder and all holders of the Registered Warrants and the Other Warrants that the Alternative Cashless Exercise (as defined
below) has become effective and exercisable by such Holders at their discretion (an “Alternative Cashless Exercise
Availability Notice”) (the earliest date on which any of the foregoing occurs, the “Exchange Trigger
Date”), then, notwithstanding anything in this Warrant to the contrary, but subject to the limitation set forth in
Section 1(f), the Holder may from time to time, in its sole discretion, exercise (the “Alternative Cashless Exercise”)
this Warrant, in whole or in part, and, in lieu of the Cashless Exercise contemplated in Section 1(d) or of making any cash payment
otherwise contemplated in Section 1(a) to be made to the Company upon such exercise in payment of the Aggregate Exercise Price,
elect instead to receive upon such exercise three (3) shares of Common Stock (as adjusted for any stock split, stock dividend,
stock combination, recapitalization or similar transaction occurring after December 11, 2017 (the “Signing Date”))
for each Warrant Share issuable upon exercise of this Warrant pursuant to Section 1(a) without giving effect to any limitation
on exercise set forth herein. If the Repurchase Price (as defined below) is not paid to the Holder in full on or before the applicable
Repurchase Outside Date, then, for purposes of Sections 3, 4(a) and 4(b), the Company shall, or shall cause the Successor Entity
to, promptly, but in any event before the second (2nd) Business Day following such Repurchase Outside Date, deliver
to the Holder any deliverable that was due to the Holder pursuant to Section 4(b) and the Holder shall, for purposes thereof, be
deemed to hold a Warrant exercisable for the number of shares of Common Stock calculated pursuant to an Alternative Cashless Exercise
(without regard to any limitation on exercise set forth herein), regardless of whether an Exchange Trigger Date has occurred.

 

     

     

    

 

In the event the aggregate number of
shares to be issued pursuant to the Alternative Cashless Exercise provision of this Warrant and equivalent provisions in the Registered
Warrants and Other Warrants would exceed the aggregate number of shares of Common Stock which the Company may issue without breaching
the Company’s obligations under the rules or regulations of the Principal Market (such number of shares, the “Exchange
Cap”) and the Company has not obtained stockholder approval to as required
by the applicable rules of the Principal Market for issuances of Common Stock in excess of such amount, then, unless the
Company voluntarily delists its Common Stock from the Principal Market, the Company shall issue to the Holder such number of shares
of Common Stock equal to the Holder’s Pro Rata Allocation of the Exchange Cap and the Company shall issue to the Holder a
Senior Note in the form attached hereto as Exhibit A (the “Senior Note”) in lieu of the number
of shares of Common Stock exceeding the product of the Exchange Cap, multiplied by the Holder’s Pro Rata Allocation (such
number of shares, the “Exchange Cap Excess Shares”). The original principal amount of the Senior Note
issued to the Holder shall be determined by the product of (x) the number of Exchange Cap Excess Shares otherwise issuable to the
Holders, and (y) the highest Weighted Average Price of the Common Stock during the five (5) consecutive Trading Days ending on
the Trading Day immediately prior to the Exchange Trigger Date. Upon the issuance of the Senior Note, the number of shares of Common
Stock issuable upon exercise of this Warrant shall be reduced by the Exchange Cap Excess Shares. The Holder shall be entitled to
elect how to allocate the Holder’s Exchange Cap Excess Shares between this Warrant and the Holder’s Other Warrant,
if any. As used herein, “Pro Rata Allocation” means a fraction, the numerator of which is the number
of shares underlying this Warrant and the Holder’s Other Warrant, if any (in each case, without giving effect to any limitation
on exercise set forth herein or therein) held by the Holder as of the Exchange Trigger Date and the denominator of which is the
number of shares underlying all of the Registered Warrants and Other Warrants, if any (in each case, without giving effect to any
limitation on exercise set forth herein or therein) outstanding as of the Exchange Trigger Date.”

 

b.         As
of the Effective Time, Section 7, Reissuance of Warrants, of each Warrant shall be automatically amended, without any action on
the part of any Person, by adding a new clause (e) as follows:

 

“(e) Amendment No. 1. Following
the effectiveness of Amendment No. 1 to Series A and Series B Warrants, which amends this Warrant, no sale, transfer, assignment
or other conveyance of this Warrant shall be recognized by the Company as effective unless and until the original copy of this
Warrant has been surrendered to the Company and replaced, prior to such sale, transfer, assignment or other conveyance, by a replacement
copy of this Warrant reflecting such Amendment No. 1 to Series A and Series B Warrants.”

 

c.         As of the Effective Time, Section 17, Company
Optional Redemption, of each Warrant shall be automatically amended, without any action on the part of any Person, as follows:

 

i.           the
existing paragraph constituting Section 17 shall be designated clause (a) of Section 17.

 

ii.          a
new clause (b) shall be added to Section 17, as follows:

 

     

     

    

 

“(b)       (i)          At
any time after the effectiveness of Amendment No. 1 to Series A and Series B Warrants, which amends this Warrant, and prior to
December 15, 2017 (the “Repurchase Option Period”), the Company may, by delivery of a written notice
via e-mail to the Holder, which e-mail address has been previously provided to the Company (the “Repurchase Notice”
and the date the Holder and all the holders of the Registered Warrants and the Other Warrants receive the Repurchase Notice, the
“Repurchase Notice Date”), elect (the “Repurchase Option”) to repurchase (the
“Repurchase”) all of this Warrant that is then outstanding for an aggregate price (the “Repurchase
Price”) equal to the product of the number of shares of the Common Stock issuable upon exercise of the Warrant as
of the date the Company elects to exercise the Repurchase Option (without regard to any limitation on exercise set forth herein),
multiplied by the applicable Repurchase Price, as set forth below:

 

(1)         If
the highest Weighted Average Price of the Common Stock during the five (5) consecutive Trading Days ending on the Trading Day immediately
prior to the date on which the Repurchase Price is paid in full to the Holder (such price, the “Reference Price”)
is less than or equal to $0.50 (as adjusted for any stock split, stock dividend, stock combination, recapitalization or similar
transaction occurring after the Signing Date), $0.78673 (as adjusted for any stock split, stock dividend, stock combination, recapitalization
or similar transaction occurring after the Signing Date).

 

(2)         If
the Reference Price is greater than $0.50 (as adjusted for any stock split, stock dividend, stock combination, recapitalization
or similar transaction occurring after the Signing Date), but less than, or equal to, $0.60 (as adjusted for any stock split, stock
dividend, stock combination, recapitalization or similar transaction occurring after the Signing Date), $0.88735 (as adjusted for
any stock split, stock dividend, stock combination, recapitalization or similar transaction occurring after the Signing Date).

 

(3)         If
the Reference Price is greater than $0.60 (as adjusted for any stock split, stock dividend, stock combination, recapitalization
or similar transaction occurring after the Signing Date), then the higher of (A) $0.88735 (as adjusted for any stock split, stock
dividend, stock combination, recapitalization or similar transaction occurring after the Signing Date) and (B) the Black Scholes
Value of the Warrant, calculated as of the Trading Day immediately prior to the date on which the Repurchase Price is paid in full
to the Holder, divided by the number of shares of Common Stock underlying this Warrant (without regard to any limitation on exercise
set forth herein).

 

     

     

    

 

(ii)         Unless
an Amendment Cancellation Event (as defined below) has occurred, the Repurchase Price shall be payable to the Holder in cash by
wire transfer of immediately available funds pursuant to wire instructions provided in writing by the Holder to the Company, which
instructions shall be provided by no later than five (5) Business Days following the Repurchase Notice Date (or if the Holder does
not timely provide its wire instructions to the Company, such payment shall be made in lawful money of the United States of America
by a check drawn on the account of the Company and sent via overnight courier service to such Person at such address as previously
provided to the Company in writing), at any time on or prior to the Repurchase Outside Date (as defined below), such date of payment
to be determined by the Company and communicated to the Holder by notice promptly after such determination, but in no event less
than five (5) Business Days prior to such date of payment. In the event the Repurchase Outside Date as set forth in the Repurchase
Notice changes pursuant to the terms and conditions of the definition thereof, the Company shall promptly, but in any event within
two (2) Business Days, provide notice (which may be delivered via e-mail as contemplated in Section 17(b)(i)) to the Holder and
all the holders of the Registered Warrants and the Other Warrants providing for the new Repurchase Outside Date; provided that
in no event shall such notice contain any material, nonpublic information of the Company or any of its subsidiaries. The “Repurchase
Outside Date” means January 22, 2018; provided, that if at any time on or prior thereto the Company (i) enters
into a definitive agreement the consummation of the transactions contemplated thereby would reasonably be expected to result in
a Fundamental Transaction or (ii) enters into a definitive agreement the consummation of the transactions contemplated thereby
would reasonably be expected to result in a financing that results in net proceeds to the Company in an amount equal to at least
the amount of the aggregate Repurchase Price for all of the Registered Warrants and Other Warrants then outstanding (a “Qualified
Financing”), then the Repurchase Outside Date shall be adjusted such that the Repurchase Outside Date will occur
not later than the earliest of (x) second (2nd) Business Day following the date on which such Fundamental Transaction
or Qualified Financing, as applicable, is consummated, (y) the outside date, if any, for the consummation of such Fundamental Transaction
or Qualified Financing, as applicable, and (z) March 31, 2018. The Company’s obligations under this Warrant shall terminate
upon payment in full of the Repurchase Price to the Holder.

 

(iii)        Unless
an Amendment Cancellation Event has occurred, following the Company’s exercise of the Repurchase Option and prior to the
Repurchase Outside Date, the Holder may not exercise its right to exercise this Warrant under Section 1 of this Warrant, and the
provisions set forth in Section 4 of this Warrant shall not be operative or applicable; provided, however, that the
provisions of Sections 4(a) and 4(b) shall apply if the Repurchase Price is not paid to the Holder in full on or before the applicable
Repurchase Outside Date, in which event the Company shall, or shall cause the Successor Entity to, promptly, but in any event before
the second (2nd) Business Day following such Repurchase Outside Date, deliver to the Holder any deliverable that was
due to the Holder pursuant to Section 4(b) and the Holder shall, for purposes thereof, be deemed to hold a Warrant exercisable
for the number of shares of Common Stock calculated pursuant to an Alternative Cashless Exercise (without regard to any limitation
on exercise set forth herein). Until the earlier to occur (x) the Company’s payment in full to the Holder of the Repurchase
Price and (y) the Exchange Trigger Date, the Company shall not declare or make any Distribution or grant, issue or sell any Purchase
Rights. For the avoidance of doubt, following the termination of the Payment Period, the Holder shall be entitled to exercise this
Warrant, including pursuant to Section 1(h).

 

     

     

    

 

(iv)        The
Company shall, on or prior to the date that is five (5) Business Days following the Repurchase Notice Date, deposit or cause to
be deposited into an escrow reasonably acceptable to the Required Holders, to be held by a third party escrow agent reasonably
acceptable to the Required Holders (the “Escrow Agent”), an amount in cash at least equal to the aggregate
Repurchase Price for this Warrant, all Registered Warrants and all Other Warrants then outstanding, which Repurchase Price shall
be calculated assuming that the Weighted Average Price of the Common Stock is greater than $0.50 (as adjusted for any stock split,
stock dividend, stock combination, recapitalization or similar transaction occurring after the Signing Date) (the “Escrow
Amount”). The Escrow Amount shall be maintained in escrow until the occurrence of the earliest of one of the following
events: (a) the Company directs the Escrow Agent to pay the Escrow Amount to the Holder and the holders of the Registered Warrants
and the Other Warrants as payment of the Repurchase Price thereunder, (b) a substitute escrow fund reasonably acceptable to the
Required Holders, in like amount, is provided to be governed by substantially the same escrow terms or (c) the Company delivers
an Alternative Cashless Exercise Availability Notice. In the event the Escrow Amount is not placed into escrow as contemplated
above by the close of business on the fifth (5th) Business Day following the Repurchase Notice Date or if the Escrow Amount is
at any time released from escrow other than in circumstances described in clause (a) or (b) above, then Section 17(b) shall automatically
be voided without any further action by the Company and/or the Holder (an “Amendment Cancellation Event”).
For the avoidance of doubt, Section 1(h) shall then become available to the Holder from time to time at its sole discretion.

 

(v)         If
the Company elects to deliver a Repurchase Notice to the Holder, it shall also deliver a Repurchase Notice (as defined in the Registered
Warrants and the Other Warrants) to all, but not less than all, of the holders of the Registered Warrants and the Other Warrants.”

 

2.          Effect
on Warrant. This Warrant is not modified or amended other than as expressly indicated herein, and all other terms and conditions
of this Warrant shall remain in full force and effect.

 

3.          Most
Favored Nation. The Company hereby represents and warrants as of the date hereof and covenants and agrees from and after
the date hereof that none of the terms offered to any Person relating to the amendment of any Warrants (each an “Amendment
Document”), is or will be more favorable to such Person than those of the Holder and this Amendment Agreement (other
than the reimbursement of legal fees and the grant of a right of participation to Hudson Bay and Alto (collectively, the “Specified
Changes”). If, and whenever on or after the date hereof, the Company enters into an Amendment Document, then (i)
the Company shall provide written notice thereof to the Holder immediately following the occurrence thereof and (ii) the terms
and conditions of this Amendment Agreement shall be, without any further action by the Holder or the Company, automatically amended
and modified in an economically and legally equivalent manner such that the Holder shall receive the benefit of the more favorable
terms and/or conditions (as the case may be) set forth in such Amendment Document, provided that upon written notice to the Company
at any time the Holder may elect not to accept the benefit of any such amended or modified term or condition, in which event the
term or condition contained in this Amendment Agreement shall apply to the Holder as it was in effect immediately prior to such
amendment or modification as if such amendment or modification never occurred with respect to the Holder. The provisions of this
Section 3 shall apply similarly and equally to each Amendment Document.

 

     

     

    

 

4.          Disclosure
of Transactions and Other Material Information. The Company shall, on or before 8:30 a.m., New York City Time, not later
than the second (2nd) Business Day following the date hereof, file a Current Report on Form 8-K disclosing all material
terms of the transactions contemplated hereby attaching the form of this Amendment Agreement as an exhibit to such filing (including
all attachments thereto, including without limitation the form of the Senior Note), the “8-K Filing”).
From and after the filing of the 8-K Filing, the Holder shall not be in possession of any material, nonpublic information received
from the Company, any of its subsidiaries or any of its respective officers, directors, employees, agents or Affiliates, that is
not disclosed in the 8-K Filing. In addition, effective upon the filing of the 8-K Filing, the Company acknowledges and agrees
that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any
of its subsidiaries or any of their respective officers, directors, Affiliates, employees or agents, on the one hand, and the Holder
or any of its Affiliates, on the other hand, shall terminate and be of no further force or effect. The Company shall not, and shall
cause each of its subsidiaries and each of their respective officers, directors, employees, agents and Affiliates, not to, provide
the Holder with any material, nonpublic information regarding the Company or any of its subsidiaries from and after the date hereof
without the express prior written consent of the Holder. To the extent that the Company delivers any material, non-public information
to the Holder without the Holder’s express prior written consent, the Company hereby covenants and agrees that the Holder
shall not have any duty of confidentiality to the Company, any of its subsidiaries or any of their respective officers, directors,
employees, Affiliates or agents with respect to, or a duty to the Company, any of its subsidiaries or any of their respective officers,
directors, employees, Affiliates or agents not to trade on the basis of, such material, non-public information. The Company understands
and confirms that the Holder and its Affiliates will rely on the foregoing representations in effecting transactions in securities
of the Company. The Company shall not disclose the name of the Holder in any filing, announcement, release or otherwise, unless
such disclosure is required by law or regulation.

 

5.          Rule
144. The Company agrees not to take a position contrary or inconsistent with the following: For purposes of Rule 144 of
the 1933 Act, (a) the holding period of each Warrant, as amended by the Amendment Agreements, commenced on May 23, 2017, and (b)
the holding period of this Warrant may be tacked onto the holding period of the Senior Note issued in exchange for this Warrant
pursuant to Section 1(h).

 

6.          Independent
Nature of Holder’s Obligations and Rights. Notwithstanding the fact that, upon the execution of Amendment Agreements
by the Holders, the amendments set forth in Section 1 hereof shall be applicable to all Registered Warrants and Other Warrants,
any obligations of the Holder under this Amendment Agreement are several and not joint with the obligations of any Other Holder,
and the Holder shall not be responsible in any way for the performance of the obligations of any Other Holder under any Other Amendment
Agreement. Nothing contained herein or in any Other Amendment Agreement, and no action taken by the Holder pursuant hereto, shall
be deemed to constitute the Holder and Other Holders as a partnership, an association, a joint venture or any other kind of entity,
or create a presumption that the Holder and Other Holders are in any way acting in concert or as a group with respect to such obligations
or the transactions contemplated by this Amendment Agreement or any Other Amendment Agreement and the Company acknowledges that,
to the best of its knowledge, the Holder and the Other Holders are not acting in concert or as a group with respect to such obligations
or the transactions contemplated by this Amendment Agreement or any Other Amendment Agreement. The Company and the Holder confirm
that the Holder has independently participated in the negotiation of the transactions contemplated hereby with the advice of its
own counsel and advisors. The Holder shall be entitled to independently protect and enforce its rights, including, without limitation,
the rights arising out of this Amendment Agreement, and it shall not be necessary for any Other Holder to be joined as an additional
party in any proceeding for such purpose.

 

     

     

    

 

7.           Equal
Treatment. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any
provision of any of the Amendment Agreements or the Warrants unless the same consideration (other than the Specified Changes) also
is offered to all of the parties to the Amendment Agreements or holders of the Warrants.

 

8.           Legal
Fees. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all
other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Amendment
Agreement. The Company shall pay all stamp and other taxes and duties levied in connection with the transactions contemplated hereby,
if any.

 

9.           Governing
Law; Jurisdiction. The validity, interpretation, and performance of this Amendment shall be shall be governed by and construed
and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this
Amendment shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of New York.

 

10.         Counterparts.
This Amendment may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature
to this Amendment transmitted electronically shall have the same authority, effect and enforceability as an original signature.

 

11.         Severability.
This Amendment shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not
affect the validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such
invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

12.         Release.

 

(a)          The
Holder acknowledges that the Company may have possession of material, nonpublic information (collectively, the “Information”)
concerning the Company or its securities (the “Securities”). The Information may include information
about the Company’s business, assets, liabilities, results of operations and prospects. As a consequence, there may exist
a disparity of information between the Company and the Holder with respect to the Company and its Securities, including the Warrants.
The Holder acknowledges that the Information could be indicative of a value of the Warrants that is more or less than the Repurchase
Price or could otherwise be adverse to the Holder and that the Information may be material to the Holder’s decision to enter
into this Amendment Agreement. Notwithstanding this, the Holder desires to enter into this Amendment Agreement for its own business
purposes.

 

     

     

    

 

(b)          The
Holder represents that it has not requested the Information and agrees that the Company shall not be obligated to disclose any
Information or have any liability with respect to any such non-disclosure or the failure of the Holder to review the Information.
As a condition to the Company’s agreement to enter into this Amendment Agreement, to the fullest extent permitted by law,
the Holder hereby releases and waives any and all claims, causes of action, actions, proceedings, suits, judgments, liens and executions,
whether known or unknown and whether now or hereafter arising (collectively, “Claims”) against the Company
and its officers, directors, shareholders, employees, agents, representatives, affiliates and successors (collectively, the “Released
Persons”), based upon or relating to such non-disclosure or the Holder’s failure to review the Information
(including any Claims it may have or hereafter acquire under federal or state securities laws) and further covenants not to sue
any of the Released Persons (or institute or maintain any Claims against them) for any loss, damage or liability arising from or
relating to the non-disclosure of the Information. The Holder intends to effect a complete and knowing waiver of their rights as
set forth herein.

 

(c)          The
Holder represents, warrants and acknowledges that it: (a) is a sophisticated investor, (b) has adequate information concerning
the Securities, (c) has adequate information concerning the business and financial condition of the Company, (d) has conducted,
to the extent it deemed necessary, an independent investigation of such matters as, in its judgment, is necessary for it to make
an informed investment decision with respect to this Amendment Agreement, and (e) has not relied upon the Company for any investigation
into, assessment of, or evaluation with respect to this Amendment Agreement. The Holder further acknowledges that the Company has
not made any representation or warranty whatsoever with respect to the business, condition (financial or otherwise), properties,
prospects, creditworthiness, status or affairs of the Company or with respect to the value the Warrants. The Holder further acknowledges
that the Company is relying on the acknowledgments and agreements contained herein in entering into this Amendment Agreement, and
would not enter into this Amendment Agreement in the absence of the acknowledgments and agreements contained herein.

 

[Signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have
caused this Amendment to be duly executed as of the day and year first above written.

 

Repros Therapeutics, Inc.

 

	/s/ Katherine Anderson	 
	Name: Katherine Anderson	 
	Title: Chief Financial Officer	 

 

Acknowledged and Agreed to:

 

Warberg Warrant Fund V

 

	/s/ Jonathan Blumberg	 
	Name: Jonathan Blumberg	 
	Title: Manager	 
	Shares of common stock underlying Warrants owned:	 
	Series A Warrants - 36,500 shares; and	 
	Series B Warrants - 24,333 shares.	 

 

Date: December 11, 2017

 

[Signature Page to Agreement for Amendment
to Series A and Series B Warrants]

 

     

     

    

 

Exhibit A

 

[FORM OF SENIOR NOTE]

 

THE ISSUANCE AND SALE OF THE SECURITY REPRESENTED
BY THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY),
IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE
TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

Repros
Therapeutics, Inc.

 

Senior
Note

 

	Issuance Date:  [●]1	Original Principal Amount: U.S. $[●]2

 

FOR VALUE RECEIVED,
Repros Therapeutics, Inc., a Delaware corporation (the “Company”), hereby promises to pay to the order of [SPECIFIED
HOLDER] or its registered assigns (“Holder”) the amount set forth above as the Original Principal Amount (as
reduced pursuant to the terms hereof pursuant to redemption or otherwise, the “Principal”) when due, whether
upon the Maturity Date (as defined below), acceleration, redemption or otherwise (in each case in accordance with the terms hereof)
and to pay interest (“Interest”) on any outstanding Principal at a rate per annum equal to the Interest Rate
(as defined below), from the date set out above as the Issuance Date (the “Issuance Date”) until the same becomes
due and payable, whether upon an Interest Date (as defined below), the Maturity Date, acceleration, redemption or otherwise (in
each case in accordance with the terms hereof). This Senior Note (including all Senior Notes issued in exchange, transfer or replacement
hereof, this “Note”) is one of an issue of Senior Notes issued pursuant to Series A and Series B Warrants of
the Company, as amended as of December [●], 2017 (the “Signing Date”), each by and between the Company
and the investor listed on the signature page attached thereto, as amended from time to time (collectively, the “Notes”,
and such other Senior Notes, the “Other Notes”). Certain capitalized terms used herein are defined in Section
25.

 

 

1
Insert applicable Exchange Trigger Date.

2
Insert dollar amount equal to the product of (i) the Holder's Exchange Cap Excess Shares (as defined in the Warrants) and (ii)
the highest Weighted Average Price (as defined in the Warrants) of the Common Stock during the five (5) consecutive Trading Days
ending on the Trading Day immediately prior to the Issuance Date.

 

     

     

    

 

1.           PAYMENTS
OF PRINCIPAL. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal,
accrued and unpaid Interest and accrued and unpaid Late Charges (as defined in Section 17(c)) on such Principal and Interest. The
Company may prepay any portion of the outstanding Principal, accrued and unpaid Interest or accrued and unpaid Late Charges on
Principal and Interest, if any, on this Note from time to time at its discretion, including without limitation pursuant to a redemption
required or permitted by this Note, should such redemption be deemed or determined by a court of competent jurisdiction to be a
prepayment of the Note by the Company.

 

2.           INTEREST;
INTEREST RATE. Interest on this Note shall accrue commencing accruing on the Issuance Date at a rate of five percent (5.0%)
per annum (the “Interest Rate”) and shall be computed on the basis of a 360-day year and twelve 30-day months
and shall be payable in arrears for each calendar month on the first Business Day of each calendar month following the Issuance
Date (each, an “Interest Date”). Interest shall be payable in cash by wire transfer of immediately available
funds pursuant to wire instructions provided by the Holder in writing to the Company on each Interest Date to the record holder
of this Note on the applicable Interest Date. Prior to the payment of Interest on an Interest Date, Interest on this Note shall
accrue at the Interest Rate and be payable by way of inclusion of the Interest in the Outstanding Amount on each Redemption Date
in accordance with the terms of this Note. From and after the occurrence and during the continuance of an Event of Default (as
defined in Section 3(a)), the Interest Rate shall be increased to eighteen percent (18.0%) per annum. In the event that such Event
of Default is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective as of the date
of such cure; provided, that the Interest as calculated and unpaid at such increased rate during the continuance of such
Event of Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default through
and including the date of cure of such Event of Default; provided, further, that for the purpose of this Section
2, such Event of Default shall not be deemed cured unless and until any accrued and unpaid Interest shall be paid to the Holder,
including, without limitation, Interest accrued at the increased rate of eighteen percent (18.0%) per annum.

 

3.           RIGHTS
UPON EVENT OF DEFAULT.

 

(a)          Event
of Default. Each of the following events shall constitute an “Event of Default” and each of the events in
clauses (iii), (iv) and (v) below shall constitute a “Bankruptcy Event of Default”:

 

(i)          the
Company’s or any subsidiary’s failure to pay to the Holder any amount of Principal, Interest, Late Charges or other
amounts when and as due under this Note (including, without limitation, the Company’s or any subsidiary’s failure to
pay any redemption payments or amounts hereunder) or any other agreement, document, certificate or other instrument delivered in
connection with the transactions contemplated hereby and thereby, except, in the case of a failure to pay Interest and Late Charges
when and as due, in which case only if such failure remains uncured for a period of at least two (2) Trading Days;

 

(ii)         the
occurrence of any default under, redemption of or acceleration prior to maturity of at least $100,000, individually or in the aggregate,
of Indebtedness of the Company or any of its subsidiaries, other than with respect to any Other Notes;

 

    	 	2	 

     

    

 

(iii)        bankruptcy,
insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted by or
against the Company or any subsidiary and, if instituted against the Company or any subsidiary by a third party, shall not be dismissed
within forty five (45) days of their initiation;

 

(iv)        the
commencement by the Company or any subsidiary of a voluntary case or proceeding under any applicable federal, state or foreign
bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or
insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect of the Company or
any subsidiary in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization
or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it
of a petition or answer or consent seeking reorganization or relief under any applicable federal, state or foreign law, or the
consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of the Company or any subsidiary or of any substantial part of its property,
or the making by it of an assignment for the benefit of creditors, or the execution of a composition of debts, or the occurrence
of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability to pay its debts
generally as they become due, the taking of corporate action by the Company or any subsidiary in furtherance of any such action
or the taking of any action by any Person to commence a Uniform Commercial Code foreclosure sale or any other similar action under
federal, state or foreign law;

 

(v)         the
entry by a court of (i) a decree, order, judgment or other similar document in respect of the Company or any subsidiary of a voluntary
or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other
similar law or (ii) a decree, order, judgment or other similar document adjudging the Company or any subsidiary as bankrupt or
insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition
of or in respect of the Company or any subsidiary under any applicable federal, state or foreign law or (iii) a decree, order,
judgment or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or any subsidiary or of any substantial part of its property, or ordering the winding up or liquidation
of its affairs, and the continuance of any such decree, order, judgment or other similar document or any such other decree, order,
judgment or other similar document unstayed and in effect for a period of forty five (45) consecutive days;

 

    	 	3	 

     

    

 

(vi)        a
final judgment or judgments for the payment of money aggregating in excess of $250,000 are rendered against the Company and/or
any of its subsidiaries and which judgments are not, within forty five (45) days after the entry thereof, bonded, discharged, settled
or stayed pending appeal, or are not discharged within forty five (45) days after the expiration of such stay; provided,
however, any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in
calculating the $250,000 amount set forth above so long as the Company provides the Holder a written statement from such insurer
or indemnity provider (which written statement shall be reasonably satisfactory to the Holder) to the effect that such judgment
is covered by insurance or an indemnity and the Company or such subsidiary (as the case may be) will receive the proceeds of such
insurance or indemnity within forty five (45) days of the issuance of such judgment;

 

(vii)       the
Company and/or any subsidiary, individually or in the aggregate, either (i) fails to pay, when due, or within any applicable grace
period, any payment with respect to any Indebtedness in excess of $100,000 due to any third party (other than, with respect to
unsecured Indebtedness only, payments contested by the Company and/or such subsidiary (as the case may be) in good faith by proper
proceedings and with respect to which adequate reserves have been set aside for the payment thereof in accordance with GAAP) or
is otherwise in breach or violation of any agreement for monies owed or owing in an amount in excess of $100,000, which breach
or violation permits the other party thereto to declare a default or otherwise accelerate amounts due thereunder, or (ii) suffer
to exist any other circumstance or event that would, with or without the passage of time or the giving of notice, result in a default
or event of default under any agreement binding the Company or any subsidiary, which default or event of default would or is likely
to have a material adverse effect on the business, assets, operations (including results thereof), liabilities, properties, condition
(including financial condition) or prospects of the Company or any of its subsidiaries, individually or in the aggregate;

 

(viii)      other
than as specifically set forth in another clause of this Section 3(a), the Company or any subsidiary breaches in any material respect
any representation, warranty, covenant or other term or condition of any or any other agreement, document, certificate or other
instrument delivered in connection with the transactions contemplated hereby and thereby, except, in the case of a breach of a
covenant or other term or condition that is curable, only if such breach remains uncured for a period of five (5) consecutive Trading
Days;

 

(ix)         any
breach or failure in any material respect by the Company or any subsidiary to comply with any provision of Section 9 of this Note,
except, in the case of a breach or failure that is curable, only if such breach or failure remains uncured for a period of five
(5) consecutive Trading Days;

 

(x)          at
any time after the Issuance Date, any shares of Common Stock issued or issuable upon exercise of the Warrants (disregarding any
limitation on exercise of the Warrants) shall fail to be eligible for resale pursuant to Rule 144 promulgated under the 1933 Act,
but only if such failure remains uncured for a period of ten (10) consecutive Trading Days;

 

(xi)         any
Change of Control occurs; or

 

    	 	4	 

     

    

 

(xii)        any
Event of Default (as defined in the Other Notes) occurs with respect to any Other Notes.

 

(b)          Notice
of an Event of Default; Redemption Right. Upon the occurrence of an Event of Default with respect to this Note or any Other
Note, the Company shall within two (2) Business Days deliver written notice thereof via facsimile and overnight courier (an “Event
of Default Notice”) to the Holder. At any time after the earlier of the Holder’s receipt of an Event of Default
Notice and the Holder becoming aware of an Event of Default, the Holder may require the Company to redeem all or any portion of
this Note by delivering written notice thereof (the “Event of Default Redemption Notice”) to the Company, which
Event of Default Redemption Notice shall indicate the portion of this Note the Holder is electing to cause the Company to redeem.
Each portion of this Note subject to redemption by the Company pursuant to this Section 3(b) shall be redeemed by the Company at
a price in cash equal to the product of (i) the Outstanding Amount multiplied by (ii) the Redemption Premium (the “Event
of Default Redemption Price”). Redemptions required by this Section 3(b) shall be made in accordance with the provisions
of Section 7. To the extent redemptions required by this Section 3(b) are deemed or determined by a court of competent jurisdiction
to be prepayments of the Note by the Company, such redemptions shall be deemed to be voluntary prepayments.

 

(c)          Mandatory
Redemption upon Bankruptcy Event of Default. Notwithstanding anything to the contrary herein, upon any Bankruptcy Event of
Default, whether occurring prior to or following the Maturity Date, the Company shall immediately pay to the Holder an amount in
cash equal to the Event of Default Redemption Price, in addition to any and all other amounts due hereunder, without the requirement
for any notice or demand or other action by the Holder or any other person or entity, provided that the Holder may, in its sole
discretion, waive such right to receive payment upon a Bankruptcy Event of Default, in whole or in part, and any such waiver shall
not affect any other rights of the Holder hereunder, including any other rights in respect of such Bankruptcy Event of Default,
and any right to payment of the Event of Default Redemption Price or any other Redemption Price, as applicable.

 

4.           RIGHTS
UPON FUNDAMENTAL TRANSACTION. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor
Entity assumes in writing all of the obligations of the Company under this Note and any other agreement, document, certificate
or other instrument delivered in connection with the transactions contemplated hereby and thereby in accordance with the provisions
of this Section 4 pursuant to written agreements in form and substance satisfactory to the Required Holders and approved by the
Required Holders prior to such Fundamental Transaction, including agreements to deliver to each holder of Notes in exchange for
such Notes a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to
the Notes, including, without limitation, having a principal amount and interest rate equal to the principal amounts and the interest
rates of the Notes held by such holder and having similar ranking to the Notes, and satisfactory to the Required Holders. Upon
the occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and
after the date of such Fundamental Transaction, the provisions of this Note referring to the “Company” shall refer
instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Note with the same effect as if such Successor Entity had been named as the Company herein. The provisions
of this Section shall apply similarly and equally to successive Fundamental Transactions.

 

    	 	5	 

     

    

 

5.           COMPANY
MANDATORY REDEMPTION. At any time and from time to time after the Issuance Date, to the extent the Company or any of its subsidiaries
consummates a Subsequent Placement (the date of the consummation of such a Subsequent Placement, a “Subsequent Placement
Date”), the Company shall be required to use 100% of the net proceeds raised in such Subsequent Placement to redeem the
Outstanding Amount then remaining under this Note and the Other Notes (a “Company Mandatory Redemption Amount”)
on the applicable Company Mandatory Redemption Date (as defined below) (a “Company Mandatory Redemption”). For
the avoidance of doubt, if the net proceeds raised by the Company in a Subsequent Placement exceed the Outstanding Amount of this
Note, the Company shall not be required to pay to the Holder more than the Company Mandatory Redemption Price hereunder. The Company
shall effect multiple Company Mandatory Redemptions, as necessary, to redeem in full all Outstanding Amounts under this Note and
the Other Notes. The portion of this Note subject to redemption pursuant to this Section 5 shall be redeemed by the Company in
cash at a price (a “Company Mandatory Redemption Price”) equal to 100% of the Outstanding Amount being redeemed
as of the applicable Company Mandatory Redemption Date. The Company shall effect a Company Mandatory Redemption under this Section
5 by delivering a written notice thereof within no later than one (1) Business Day of the applicable Subsequent Placement Date
by facsimile or electronic mail and overnight courier to all, but not less than all, of the holders of Notes (a “Company
Mandatory Redemption Notice” and the date all of the Holder and the holders of the Other Notes receive such notice is
referred to as a “Company Mandatory Redemption Notice Date”). Each Company Mandatory Redemption Notice shall
be irrevocable. Each Company Mandatory Redemption Notice shall (x) state the date on which the applicable Company Mandatory Redemption
shall occur (a “Company Mandatory Redemption Date”) which date shall not be more than three (3) Trading Days
following the applicable Subsequent Placement Date, (y) certify that no Event of Default has occurred or is continuing and (z)
state the aggregate Outstanding Amount of the Notes which is being redeemed in such Company Mandatory Redemption from the Holder
pursuant to this Section 5 and all of the holders of the Other Notes pursuant to analogous provisions under the Other Notes on
the applicable Company Mandatory Redemption Date. Notwithstanding anything herein to the contrary, (i) if no Event of Default has
occurred as of the applicable Company Mandatory Redemption Notice Date but an Event of Default occurs at any time prior to the
related Company Mandatory Redemption Date, (A) the Company shall provide the Holder a subsequent notice to that effect and (B)
unless the Holder waives such Event of Default, such Company Mandatory Redemption shall be cancelled and the applicable Company
Mandatory Redemption Notice shall be null and void. If the Company elects to cause a Company Mandatory Redemption of this Note
pursuant to Section 5, then it must simultaneously take the same action with respect to all of the Other Notes, and if any Company
Mandatory Redemption of this Note pursuant to Section 5 is for a portion of this Note, then the Company Mandatory Redemption of
each of the Other Notes shall be for a portion of such Other Note, on a pro rata basis based on the principal amount of Notes then
outstanding.

 

    	 	6	 

     

    

 

6.           NONCIRCUMVENTION.
The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation, Bylaws
or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of
securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Note,
and will at all times in good faith carry out all of the provisions of this Note and take all action as may be required to protect
the rights of the Holder of this Note.

 

7.           REDEMPTIONS.

 

(a)          Mechanics.
The Company shall deliver the applicable Event of Default Redemption Price to the Holder in cash within five (5) Business Days
after the Company’s receipt of the Holder’s Event of Default Redemption Notice (the “Event of Default Redemption
Date”). The Company shall deliver the applicable Company Mandatory Redemption Price to the Holder in cash on the applicable
Company Mandatory Redemption Date. Notwithstanding anything herein to the contrary, in connection with any redemption hereunder
at a time the Holder is entitled to receive a cash payment under any other agreement, document, certificate or other instrument
delivered in connection with the transactions contemplated hereby and thereby, at the option of the Holder delivered in writing
to the Company, the applicable Redemption Price hereunder shall be increased by the amount of such cash payment owed to the Holder
under any such other agreement, document, certificate or other instrument delivered in connection with the transactions contemplated
hereby and thereby and, upon payment in full in accordance herewith, shall satisfy the Company’s payment obligation under
such other agreement, document, certificate or other instrument delivered in connection with the transactions contemplated hereby
and thereby. In the event of a redemption of less than all of the Outstanding Amount of this Note, the Company shall promptly cause
to be issued and delivered to the Holder a new Note (in accordance with Section 12(d)) representing the outstanding Principal which
has not been redeemed. In the event that the Company does not pay the applicable Redemption Price to the Holder within the time
period required, at any time thereafter and until the Company pays such unpaid Redemption Price in full, the Holder shall have
the option, in lieu of redemption, to require the Company to promptly return to the Holder all or any portion of this Note representing
the Outstanding Amount that was submitted for redemption and for which the applicable Redemption Price (together with any Late
Charges thereon) has not been paid. Upon the Company’s receipt of such notice, (x) the applicable Redemption Notice shall
be null and void with respect to such Outstanding Amount, and (y) the Company shall immediately return this Note, or issue a new
Note (in accordance with Section 12(d)), to the Holder, and in each case the principal amount of this Note or such new Note
(as the case may be) shall be increased by an amount equal to the difference between (1) the applicable Redemption Price (as the
case may be, and as adjusted pursuant to this Section 7, if applicable) minus (2) the Principal portion of the Outstanding Amount
submitted for redemption. The Holder’s delivery of a notice voiding a Redemption Notice and exercise of its rights following
such notice shall not affect the Company’s obligations to make any payments of Late Charges which have accrued prior to the
date of such notice with respect to the Outstanding Amount subject to such notice.

 

    	 	7	 

     

    

 

(b)          Redemption
by Other Holders. Upon the Company’s receipt of notice from any of the holders of the Other Notes for redemption or repayment
as a result of an event or occurrence substantially similar to the events or occurrences described in Section 3(a) (each, an “Other
Redemption Notice”), the Company shall immediately, but no later than one (1) Business Day of its receipt thereof, forward
to the Holder by facsimile or electronic mail a copy of such notice. If the Company receives a Redemption Notice and one or more
Other Redemption Notices, during the seven (7) Business Day period beginning on and including the date which is two (2) Business
Days prior to the Company’s receipt of the Holder’s applicable Redemption Notice and ending on and including the date
which is two (2) Business Days after the Company’s receipt of the Holder’s applicable Redemption Notice and the Company
is unable to redeem all principal, interest and other amounts designated in such Redemption Notice and such Other Redemption Notices
received during such seven (7) Business Day period, then the Company shall redeem a pro rata amount from each holder of the Notes
(including the Holder) based on the principal amount of the Notes submitted for redemption pursuant to such Redemption Notice and
such Other Redemption Notices received by the Company during such seven (7) Business Day period.

 

8.           VOTING
RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by law (including, without limitation,
the Delaware General Corporation Law) and as expressly provided in this Note.

 

9.           COVENANTS.
Until all of the Notes have been prepaid, redeemed or otherwise satisfied in accordance with their terms:

 

(a)          Rank.
All payments due under this Note (a) shall rank pari passu with all Other Notes and (b) shall be senior to all other Indebtedness
of the Company and its subsidiaries.

 

(b)          Incurrence
of Indebtedness. The Company shall not, and the Company shall cause each of its subsidiaries to not, directly or indirectly,
incur or guarantee, assume or suffer to exist any Indebtedness (other than (i) the Indebtedness evidenced by this Note and the
Other Notes and (ii) other Permitted Indebtedness).

 

(c)          Existence
of Liens. The Company shall not, and the Company shall cause each of its subsidiaries to not, directly or indirectly, allow
or suffer to exist any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or assets
(including accounts and contract rights) owned by the Company or any of its subsidiaries (collectively, “Liens”)
other than Permitted Liens.

 

(d)          Restricted
Payments. The Company shall not, and the Company shall cause each of its subsidiaries to not, directly or indirectly, redeem,
defease, repurchase, repay or make any payments in respect of, by the payment of cash or cash equivalents (in whole or in part,
whether by way of open market purchases, tender offers, private transactions or otherwise), all or any portion of any Indebtedness
(other than the Notes) whether by way of payment in respect of principal of (or premium, if any) or interest on, such Indebtedness
if at the time such payment is due or is otherwise made or, after giving effect to such payment, (i) an event constituting an Event
of Default has occurred and is continuing or (ii) an event that with the passage of time and without being cured would constitute
an Event of Default has occurred and is continuing.

 

    	 	8	 

     

    

 

(e)          Restriction
on Redemption and Cash Dividends. The Company shall not, and the Company shall cause each of its subsidiaries to not, directly
or indirectly, redeem, repurchase or declare or pay any cash dividend or distribution on any of its capital stock.

 

(f)           Restriction
on Transfer of Assets. The Company shall not, and the Company shall cause each of its subsidiaries to not, directly or indirectly,
sell, lease, license, assign, transfer, spin-off, split-off, close, convey or otherwise dispose of any assets or rights of the
Company or any subsidiary owned or hereafter acquired whether in a single transaction or a series of related transactions, other
than (i) sales, leases, licenses, assignments, transfers, conveyances and other dispositions of such assets or rights by the Company
and its subsidiaries in the ordinary course of business consistent with its past practice and (ii) sales of inventory and product
in the ordinary course of business consistent with its past practice.

 

(g)          Maturity
of Indebtedness. The Company shall not, and the Company shall cause each of its subsidiaries to not, directly or indirectly,
permit any Indebtedness of the Company or any of its subsidiaries to mature or accelerate prior to the Maturity Date.

 

(h)          Change
in Nature of Business. The Company shall not, and the Company shall cause each of its subsidiaries to not, directly or
indirectly, engage in any material line of business substantially different from those lines of business conducted by or publicly
contemplated to be conducted by the Company and each of its subsidiaries on the Signing Date or any business substantially related
or incidental thereto. The Company shall not, and the Company shall cause each of its subsidiaries to not, directly or indirectly,
modify its or their corporate structure or purpose in any material respect.

 

(i)           Preservation
of Existence, Etc. The Company shall maintain and preserve, and cause each of its subsidiaries to maintain and preserve, in
all material respects, its existence, rights and privileges, and become or remain, and cause each of its subsidiaries to become
or remain, duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by
it or in which the transaction of its business makes such qualification necessary.

 

(j)           Maintenance
of Properties, Etc. The Company shall maintain and preserve, and cause each of its subsidiaries to maintain and preserve, all
of its properties which are necessary or useful in any material respect in the proper conduct of its business in good working order
and condition, ordinary wear and tear excepted, and comply, and cause each of its subsidiaries to comply in all material respects,
at all times, with the provisions of all leases to which it is a party as lessee or under which it occupies property, so as to
prevent any loss or forfeiture thereof or thereunder.

 

(k)          Maintenance
of Intellectual Property. The Company will, and will cause each of its subsidiaries to, take all action necessary or advisable
to maintain all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations,
copyrights, licenses, inventions, trade secrets and similar rights of the Company and/or any of its subsidiaries that are necessary
or material to the conduct of its business in full force and effect.

 

    	 	9	 

     

    

 

(l)           Maintenance
of Insurance. The Company shall maintain, and cause each of its subsidiaries to maintain, insurance with responsible and reputable
insurance companies or associations (including, without limitation, comprehensive general liability, hazard, rent and business
interruption insurance) with respect to its properties (including all real properties leased or owned by it) and business, in such
amounts and covering such risks as is required by any governmental authority having jurisdiction with respect thereto or as is
carried generally in accordance with sound business practice by companies in similar businesses similarly situated.

 

(m)         Transactions
with Affiliates. The Company shall not, nor shall it permit any of its subsidiaries to, enter into, renew, extend or be a party
to, any transaction or series of related transactions (including, without limitation, the purchase, sale, lease, transfer or exchange
of property or assets of any kind or the rendering of services of any kind) with any affiliate, except in the ordinary course of
business in a manner and to an extent consistent with past practice and necessary or desirable for the prudent operation of its
business, for fair consideration and on terms no less favorable to it or its subsidiaries than would be obtainable in a comparable
arm’s length transaction with a Person that is not an affiliate thereof.

 

(n)          Restricted
Issuances. The Company shall not, directly or indirectly, without the prior written consent of the holders of a majority in
aggregate principal amount of the Notes then outstanding, (i) issue any Notes or (ii) issue any other securities that would cause
a breach or default under the Notes or the Warrants.

 

(o)          Independent
Investigation. At the request of the Holder either (x) at any time when an Event of Default has occurred and is continuing,
(y) upon the occurrence of an event that with the passage of time or giving of notice would constitute an Event of Default or (z)
at any time the Holder reasonably believes an Event of Default may have occurred or be continuing, the Company shall hire an independent,
reputable investment bank selected by the Company and approved by the Holder to investigate as to whether any breach of this Note
has occurred (the “Independent Investigator”). If the Independent Investigator determines that such breach of
this Note has occurred, the Independent Investigator shall notify the Company of such breach and the Company shall deliver written
notice to each holder of a Note of such breach. In connection with such investigation, the Independent Investigator may, during
normal business hours, inspect all contracts, books, records, personnel, offices and other facilities and properties of the Company
and its subsidiaries and, to the extent available to the Company after the Company uses reasonable efforts to obtain them, the
records of its legal advisors and accountants (including the accountants’ work papers) and any books of account, records,
reports and other papers not contractually required of the Company to be confidential or secret, or subject to attorney-client
or other evidentiary privilege, and the Independent Investigator may make such copies and inspections thereof as the Independent
Investigator may reasonably request. The Company shall furnish the Independent Investigator with such financial and operating data
and other information with respect to the business and properties of the Company as the Independent Investigator may reasonably
request. The Company shall permit the Independent Investigator to discuss the affairs, finances and accounts of the Company with,
and to make proposals and furnish advice with respect thereto to, the Company’s officers, directors, key employees and independent
public accountants or any of them (and by this provision the Company authorizes said accountants to discuss with such Independent
Investigator the finances and affairs of the Company and any subsidiaries), all at such reasonable times, upon reasonable notice,
and as often as may be reasonably requested.

 

    	 	10	 

     

    

 

10.         AMENDING
THE TERMS OF THIS NOTE. The affirmative vote at a meeting duly called for such purpose or the written consent without a meeting
of the Required Holders shall be required for any change or amendment or waiver of any provision to this Note or any of the Other
Notes. Any change, amendment or waiver by the Company and the Required Holders shall be binding on the Holder of this Note and
all holders of the Other Notes.

 

11.         TRANSFER.
This Note may be offered, sold, assigned or transferred by the Holder without the consent of the Company.

 

12.         REISSUANCE
OF THIS NOTE.

 

(a)          Transfer.
If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company will forthwith issue
and deliver upon the order of the Holder a new Note (in accordance with Section 12(d)), registered as the Holder may request, representing
the outstanding Principal being transferred by the Holder and, if less than the entire outstanding Principal is being transferred,
a new Note (in accordance with Section 12(d)) to the Holder representing the outstanding Principal not being transferred.

 

(b)          Lost,
Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated below shall suffice
as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company
in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall
execute and deliver to the Holder a new Note (in accordance with Section 12(d)) representing the outstanding Principal.

 

(c)          Note
Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Note or Notes (in accordance with Section 12(d) and in principal amounts of at least $1,000) representing
in the aggregate the outstanding Principal of this Note, and each such new Note will represent such portion of such outstanding
Principal as is designated by the Holder at the time of such surrender.

 

    	 	11	 

     

    

 

(d)          Issuance
of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new Note (i) shall
be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal remaining outstanding
(or in the case of a new Note being issued pursuant to Section 12(a) or Section 12(c), the Principal designated by the Holder which,
when added to the principal represented by the other new Notes issued in connection with such issuance, does not exceed the Principal
remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have an issuance date, as indicated
on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have the same rights and conditions
as this Note, and (v) shall represent accrued and unpaid Interest and Late Charges on the Principal and Interest of this Note,
from the Issuance Date.

 

13.         REMEDIES,
CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note and any other agreement, document, certificate or other instrument
delivered in connection with the transactions contemplated hereby and thereby at law or in equity (including a decree of specific
performance and/or other injunctive relief), and nothing herein shall limit the Holder’s right to pursue actual and consequential
damages for any failure by the Company to comply with the terms of this Note. The Company covenants to the Holder that there shall
be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein
with respect to payments, redemptions and the like (and the computation thereof) shall be the amounts to be received by the Holder
and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof).
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the
remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened
breach, the Holder shall be entitled, in addition to all other available remedies, to specific performance and/or temporary, preliminary
and permanent injunctive or other equitable relief from any court of competent jurisdiction in any such case without the necessity
of proving actual damages and without posting a bond or other security. The Company shall provide all information and documentation
to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and
conditions of this Note.

 

14.         PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection or enforcement
or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts due under this
Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership of the Company
or other proceedings affecting Company creditors’ rights and involving a claim under this Note, then the Company shall pay
the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization,
receivership or other proceeding, including, without limitation, attorneys’ fees and disbursements. The Company expressly
acknowledges and agrees that no amounts due under this Note shall be affected, or limited, by the fact that the purchase price
paid for this Note was less than the original Principal amount hereof.

 

    	 	12	 

     

    

 

15.         CONSTRUCTION;
HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the initial Holder and shall not be construed
against any such Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part
of, or affect the interpretation of, this Note. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed
to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Note
instead of just the provision in which they are found. Unless expressly indicated otherwise, all section references are to sections
of this Note. Terms used in this Note and not otherwise defined herein, but defined in any other agreement, document, certificate
or other instrument delivered in connection with the transactions contemplated hereby and thereby, shall have the meanings ascribed
to such terms on the Signing Date in any such other agreement, document, certificate or other instrument delivered in connection
with the transactions contemplated hereby and thereby as amended from time to time prior to the applicable date of determination,
unless otherwise consented to in writing by the Holder.

 

16.         FAILURE
OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it is in writing and
signed by an authorized representative of the waiving party.

 

17.         NOTICES;
CURRENCY; PAYMENTS.

 

(a)          Notices.
Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance
with Section 8 of the Warrants. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to
this Note, including in reasonable detail a description of such action and the reason therefore.

 

(b)          Currency.
All dollar amounts referred to in this Note are in United States Dollars (“U.S. Dollars”), and all amounts owing
under this Note shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be converted into the
U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate”
means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Note, the U.S. Dollar exchange
rate as published in the Wall Street Journal on the relevant date of calculation (it being understood and agreed that where an
amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date of such period
of time).

 

(c)          Payments.
Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, unless otherwise expressly set forth
herein, such payment shall be made in lawful money of the United States of America by a certified check drawn on the account of
the Company and sent via overnight courier service to such Person at such address as previously provided to the Company in writing,
provided that the Holder may elect to receive a payment of cash via wire transfer of immediately available funds by providing the
Company with prior written notice setting out such request and the Holder’s wire transfer instructions. Whenever any amount
expressed to be due by the terms of this Note is due on any day which is not a Business Day, the same shall instead be due on the
next succeeding day which is a Business Day. Any amount of Principal or other amounts due under any other agreement, document,
certificate or other instrument delivered in connection with the transactions contemplated hereby and thereby which is not paid
when due shall result in a late charge being incurred and payable by the Company in an amount equal to interest on such amount
at the rate of eighteen percent (18.0%) per annum from the date such amount was due until the same is paid in full (“Late
Charge”).

 

    	 	13	 

     

    

 

18.         CANCELLATION.
After all Principal, accrued Interest, Late Charges and other amounts at any time owed on this Note have been paid in full, this
Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued.

 

19.         WAIVER
OF NOTICE. To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest and all
other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note.

 

20.         GOVERNING
LAW. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal laws of the State of New York, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits
to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. Nothing contained herein (i) shall be deemed or operate to preclude the Holder from bringing suit
or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations to the
Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling
in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL
FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED
HEREBY.

 

21.         JUDGMENT
CURRENCY.

 

(a)          If
for the purpose of obtaining or enforcing judgment against the Company in any court in any jurisdiction it becomes necessary to
convert into any other currency (such other currency being hereinafter in this Section 21 referred to as the “Judgment
Currency”) an amount due in U.S. dollars under this Note, the conversion shall be made at the Exchange Rate prevailing
on the Trading Day immediately preceding:

 

    	 	14	 

     

    

 

(i)          the
date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other jurisdiction
that will give effect to such conversion being made on such date: or

 

(ii)         the
date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as
of which such conversion is made pursuant to this Section 21(a)(ii) being hereinafter referred to as the “Judgment Conversion
Date”).

 

(b)          If
in the case of any proceeding in the court of any jurisdiction referred to in Section 21(a)(ii) above, there is a change in the
Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable
party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted
at the Exchange Rate prevailing on the date of payment, will produce the amount of US dollars which could have been purchased with
the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion
Date.

 

(c)          Any
amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained
for any other amounts due under or in respect of this Note.

 

22.         SEVERABILITY.
If any provision of this Note is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Note so long as this Note as so modified continues to express, without material
change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties
or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good
faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which
comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

23.         MAXIMUM
PAYMENTS. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other charges
in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid or other charges
hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against amounts owed
by the Company to the Holder and thus refunded to the Company.

 

    	 	15	 

     

    

 

24.         DISCLOSURE.
At any time from and after the initial Issuance Date, upon receipt or delivery by the Company of any notice in accordance with
the terms of this Note, unless the Company has in good faith determined that the matters relating to such notice do not constitute
material, non-public information relating to the Company or any of its subsidiaries, the Company shall within one (1) Business
Day after any such receipt or delivery publicly disclose such material, non-public information on a Current Report on Form 8-K
or otherwise. In the event that the Company believes that a notice contains material, non-public information relating to the Company
or any of its subsidiaries, the Company so shall indicate to the Holder contemporaneously with delivery of such notice, and in
the absence of any such indication, the Holder shall be allowed to presume that all matters relating to such notice do not constitute
material, non-public information relating to the Company or any of its subsidiaries. If the Company or any of its subsidiaries
provides material non-public information to the Holder that is not simultaneously filed in a Current Report on Form 8-K and the
Holder has not agreed to receive such material non-public information, the Company hereby covenants and agrees that the Holder
shall not have any duty of confidentiality to the Company, any of its subsidiaries or any of their respective officers, directors,
employees, affiliates or agents with respect to, or a duty to any of the foregoing not to trade on the basis of, such material
non-public information. Nothing contained in this Section 24 shall limit any obligations of the Company, or any rights of the Holder,
under the Warrants.

 

25.         CERTAIN
DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

 

(a)          “1933
Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

(b)          “1934
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

(c)          “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person, it being understood for purposes of this definition that “control” of a Person means the
power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors
of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

(d)          “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed.

 

(e)          “Change
of Control” means any Fundamental Transaction other than (i) any merger of the Company or any of its, direct or indirect,
wholly-owned subsidiaries with or into any of the Company or any of its direct or indirect wholly-owned subsidiaries, (ii) any
reorganization, recapitalization or reclassification of the shares of Common Stock in which holders of the Company’s voting
power immediately prior to such reorganization, recapitalization or reclassification continue after such reorganization, recapitalization
or reclassification to hold publicly traded securities and, directly or indirectly, are, in all material respects, the holders
of the voting power of the surviving entity (or entities with the authority or voting power to elect the members of the board
of directors (or their equivalent if other than a corporation) of such entity or entities) after such reorganization, recapitalization
or reclassification, or (iii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation
of the Company or any of its subsidiaries.

 

    	 	16	 

     

    

 

(f)           “Common
Stock” means (i) the Company’s common stock, par value $0.001 per share, and (ii) any share capital into which
such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock.

 

(g)          “Common
Stock Equivalents” means, collectively, Options and Convertible Securities.

 

(h)          “Contingent
Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect
to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring
such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will
be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will
be protected (in whole or in part) against loss with respect thereto.

 

(i)           “Convertible
Securities” means any stock or securities (other than Options) convertible into or exercisable or exchangeable for shares
of Common Stock.

 

    	 	17	 

     

    

 

(j)           “Fundamental
Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or
otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving
corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of
the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of Regulation
S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be
subject to or have its Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or exchange
offer that is accepted by the holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50% of the outstanding
shares of Common Stock calculated as if any shares of Common Stock held by all Subject Entities making or party to, or Affiliated
with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number
of shares of Common Stock such that all Subject Entities making or party to, or Affiliated with any Subject Entity making or party
to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934
Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with
one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) at least
50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common Stock calculated as if any
shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party
to, such stock purchase agreement or other business combination were not outstanding; or (z) such number of shares of Common Stock
such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least
50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its Common Stock, (B) that the Company
shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, allow
any Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial owner” (as
defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance,
tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation, business combination, reorganization,
recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner
whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock,
(y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock not held by all such
Subject Entities as of December [●], 2017 calculated as if any shares of Common Stock held by all such Subject Entities were
not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding shares of Common
Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory short form merger
or other transaction requiring other shareholders of the Company to surrender their shares of Common Stock without approval of
the shareholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one
or more related transactions, the issuance of or the entering into any other instrument or transaction structured in a manner to
circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct this definition
or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument or transaction.

 

(k)          “GAAP”
means United States generally accepted accounting principles, consistently applied.

 

(l)           “Group”
means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

 

    	 	18	 

     

    

 

(m)         “Indebtedness”
of any Person means, without duplication (i) all indebtedness for borrowed money, (ii) all obligations issued, undertaken or assumed
as the deferred purchase price of property or services, including (without limitation) “capital leases” in accordance
with GAAP (other than trade payables entered into in the ordinary course of business), (iii) all reimbursement or payment obligations
with respect to letters of credit, surety bonds and other similar instruments, (iv) all obligations evidenced by notes, bonds,
debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of property,
assets or businesses, (v) all indebtedness created or arising under any conditional sale or other title retention agreement, or
incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even
though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or
sale of such property), (vi) all monetary obligations under any leasing or similar arrangement which, in connection with GAAP,
consistently applied for the periods covered thereby, is classified as a capital lease, (vii) all indebtedness referred to in clauses
(i) through (vi) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise,
to be secured by) any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or assets
(including accounts and contract rights) owned by any Person, even though the Person which owns such assets or property has not
assumed or become liable for the payment of such indebtedness, and (viii) all Contingent Obligations in respect of indebtedness
or obligations of others of the kinds referred to in clauses (i) through (vii) above.

 

(n)          “Maturity
Date” shall mean [●]3;
provided, however, the Maturity Date may be extended at the option of the Holder (i) in the event that, and for so
long as, an Event of Default shall have occurred and be continuing or any event shall have occurred and be continuing that with
the passage of time and the failure to cure would result in an Event of Default or (ii) through the date that is the later of (x)
twenty (20) Business Days after the consummation of a Fundamental Transaction in the event that a Fundamental Transaction is publicly
announced prior to the consummation of such Fundamental Transaction or (y) twenty (20) Business Days after the announcement of
a Fundamental Transaction in the event that a Fundamental Transaction is not publicly announced prior to the consummation of such
Fundamental Transaction.

 

(o)          “Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

(p)          “Outstanding
Amount” means the sum of (A) the portion of the Principal to be redeemed or otherwise with respect to which this determination
is being made, (B) accrued and unpaid Interest with respect to such Principal and (C) accrued and unpaid Late Charges with respect
to such Principal and Interest.

 

(q)          “Parent
Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock
or equivalent equity security is quoted or listed on an Eligible Market (as defined in the Warrants), or, if there is more than
one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation
of the Fundamental Transaction.

 

(r)           “Permitted
Indebtedness” means (i) Indebtedness evidenced by this Note and the Other Notes, (ii) Indebtedness set forth on Schedule
25(r)(ii) attached hereto, as in effect as of the Signing Date, (iii) Indebtedness secured by Permitted Liens or unsecured
but as described in clauses (iv) and (v) of the definition of Permitted Liens, and (iv) Permitted Subordinated Indebtedness.

 

 

3
Insert the date that is ninety (90) dates immediately following the Issuance Date, or, if such date falls on a day
that is not a Business Day, the next day that is a Business Day.

 

    	 	19	 

     

    

 

(s)          “Permitted
Subordinated Indebtedness” means any Indebtedness that: (i) is made expressly subordinate in right of payment to the
Indebtedness evidenced by the Notes in form and substance satisfactory to the Required Holders, (ii) does not provide at any time
for the payment, prepayment, repayment, repurchase or defeasance, directly or indirectly, of any principal or premium, if any,
thereon until at least ninety-one (91) days after the Maturity Date, and (iii) until such time as the Notes are no longer outstanding,
no proceeds of any Subsequent Placement may be used to repay all, or any part, of such Indebtedness.

 

(t)           “Permitted
Liens” means (i) any Lien for taxes not yet due or delinquent or being contested in good faith by appropriate proceedings
for which adequate reserves have been established in accordance with GAAP, (ii) any statutory Lien arising in the ordinary course
of business by operation of law with respect to a liability that is not yet due or delinquent, (iii) any Lien created by operation
of law, such as materialmen’s liens, mechanics’ liens and other similar liens, arising in the ordinary course of business
with respect to a liability that is not yet due or delinquent or that are being contested in good faith by appropriate proceedings,
(iv) Liens (A) upon or in any equipment acquired or held by the Company or any of its subsidiaries to secure the purchase price
of such equipment or Indebtedness incurred solely for the purpose of financing the acquisition or lease of such equipment, or (B)
existing on such equipment at the time of its acquisition, provided that the Lien is confined solely to the property so acquired
and improvements thereon, and the proceeds of such equipment, in either case, with respect to Indebtedness in an aggregate amount
not to exceed $50,000, (v) Liens incurred in connection with the extension, renewal or refinancing of the Indebtedness secured
by Liens of the type described in clause (iv) above, provided that any extension, renewal or replacement Lien shall be limited
to the property encumbered by the existing Lien and the principal amount of the Indebtedness being extended, renewed or refinanced
does not increase, (vi) Liens in favor of customs and revenue authorities arising as a matter of law to secure payments of custom
duties in connection with the importation of goods, and (vii) Liens arising from judgments, decrees or attachments in circumstances
not constituting an Event of Default under Section 3(a)(vi).

 

(u)          “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

(v)          “Principal
Market” means The NASDAQ Capital Market.

 

(w)         “Redemption
Dates” means, collectively, the Event of Default Redemption Dates, and the Company Mandatory Redemption Dates, and each
of the foregoing, individually, a “Redemption Date.”

 

(x)           “Redemption
Notices” means, collectively, the Event of Default Redemption Notices and the Company Mandatory Redemption Notices, and
each of the foregoing, individually, a “Redemption Notice.”

 

(y)          “Redemption
Premium” means 125%.

 

    	 	20	 

     

    

 

(z)           “Redemption
Prices” means, collectively, the Event of Default Redemption Prices, and the Company Mandatory Redemption Prices, and
each of the foregoing, individually, a “Redemption Price.”

 

(aa)         “Required
Holders” means the holders of Notes representing at least a majority of the aggregate principal amount of the Notes then
outstanding.

 

(bb)         “Series
A Warrants” means those certain Series A Warrants issued by the Company on May 23, 2017, as amended from time to time,
including, without limitation, pursuant to those certain Amendments No. 1 to Series A and Series B Warrants dated as of the Signing
Date, each by and between the Company and the investor listed on the signature page attached thereto, and shall include all warrants
issued in exchange therefor or replacement thereof.

 

(cc)         “Series
B Warrants” means those certain Series B Warrants issued by the Company on May 23, 2017, as amended from time to time,
including, without limitation, pursuant to those certain Amendments No. 1 to Series A and Series B Warrants dated as of the Signing
Date, each by and between the Company and the investor listed on the signature page attached thereto, and shall include all warrants
issued in exchange therefor or replacement thereof.

 

(dd)         “Subject
Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 

(ee)         “Subsequent
Placement” means any direct or indirect, offer, sale, grant any option to purchase, or other disposition of (or announcement
of any offer, sale, grant or any option to purchase or other disposition of) any of its or its subsidiaries’ debt, equity
or equity equivalent securities, including, without limitation, any debt, preferred stock or other instrument or security that
is, at any time during its life and under any circumstances, convertible into or exchangeable or exercisable for Common Stock or
Common Stock Equivalents.

 

(ff)          “Successor
Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving
any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction
shall have been entered into.

 

(gg)         “Trading
Day” means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock,
any day on which the Common Stock is traded on the Principal Market (as defined in the Warrants), or, if the Principal Market is
not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which
the Common Stock is then traded, provided that “Trading Day” shall not include any day on which the Common Stock is
scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading
during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing
time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise
designated as a Trading Day in writing by the Holder or (y) with respect to all determinations other than price determinations
relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

 

(hh)         “Warrants”
means, collectively, the Series A Warrants and the Series B Warrants.

 

    	 	21	 

     

    

 

[signature page follows]

 

    	 	22	 

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Note to be duly executed as of the Issuance Date set out above.

 

	 	REPROS THERAPEUTICS, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

Schedule 25(r)(ii)

 

[INSERT DESCRIPTION OF EXISTING INDEBTEDNESS]Exhibit 10.1

 

ESCROW AGREEMENT

 

THIS ESCROW AGREEMENT (as
the same may be amended or modified from time to time pursuant hereto, this “Agreement”) is entered into as of December
[ ], 2017, by and among Allergan Sales, LLC (“Parent”), Repros Therapeutics Inc. (the “Company”, and together
with Parent, sometimes referred to individually as “Party” and collectively as the “Parties”), and JPMorgan
Chase Bank, N.A. (“Escrow Agent”).

 

WHEREAS, on the date
hereof, the Parties are entering into the Agreement and Plan of Merger, dated as of December [ ], 2017 (as such agreement may be
amended or modified from time to time, the “Merger Agreement”), among Parent, Celestial Merger Sub, Inc., a Delaware
corporation and wholly owned subsidiary of Parent and the Company. Capitalized terms used in this Agreement and not otherwise defined
herein shall have the respective meanings given to them in the Merger Agreement; provided, however, that it is understood
and agreed that Escrow Agent shall have no knowledge of, nor have any obligation to understand or ascertain the meaning of any
term not defined within this Agreement; and

 

WHEREAS,
pursuant to the Merger Agreement, the Parties have agreed to execute and deliver this Agreement and for Parent to deposit in escrow
with Escrow Agent a cash amount equal to $3,400,000 (the “Escrow Deposit”), such Escrow Deposit to be subject to the
terms and conditions set forth herein.

 

NOW THEREFORE, in
consideration of the foregoing and of the mutual covenants hereinafter set forth, the parties hereto agree as follows:

 

1.            Appointment.
The Parties hereby appoint Escrow Agent as their escrow agent for the purposes set forth herein, and Escrow Agent hereby accepts
such appointment under the terms and conditions set forth herein.

 

2.            Fund;
Investment. (a) Parent agrees to deposit or cause to be deposited with Escrow Agent, in accordance with Section 7.14(a) of
the Merger Agreement, the Escrow Deposit. Escrow Agent shall hold the Escrow Deposit, together with interest and other amounts
earned thereon (the “Fund”), in escrow in one or more demand deposit accounts and shall invest and reinvest the Fund
in a Money Market Deposit Account (“MMDA”), or a successor investment offered by Escrow Agent and agreed to in a joint
writing executed by an Authorized Representative (as defined in Section 3 below) of each of the Parties. MMDA have rates of compensation
that may vary from time to time as determined by Escrow Agent. The Parties recognize and agree that instructions to make any other
investment (“Alternative Investment”), and any instruction to change investments must be in a joint writing executed
by an Authorized Representative (as defined in Section 3 below) of each of the Parties and shall specify the type and identity
of the investments to be purchased and/or sold. Escrow Agent is hereby authorized to execute purchases and sales of investments
through the facilities of its own trading or capital markets operations or those of any affiliated entity.

 

(b) Escrow Agent will not
provide supervision, recommendations or advice relating to either the investment of moneys held in the Fund or the purchase, sale,
retention or other disposition of any investment described herein, and each Party acknowledges that it was not offered any investment,
tax or accounting advice or recommendation by Escrow Agent with regard to any investment and has made an independent assessment
of the suitability for its own purposes of any investment hereunder. Market values, exchange rates and other valuation information
(including, without limitation, market value, current value or notional value) of any Alternative Investment furnished in any report
or statement may be obtained from third party sources and is furnished for the exclusive use of the Parties.  Escrow Agent
has no responsibility whatsoever to determine the market or other value of any Alternative Investment and makes no representation
or warranty, express or implied, as to the accuracy of any such valuations or that any values necessarily reflect the proceeds
that may be received on the sale of an Alternative Investment.  Escrow Agent shall not have any liability for any loss sustained
as a result of any investment made pursuant to the terms of this Agreement or as a result of any liquidation of any investment
prior to its maturity or for the failure of an Authorized Representative of either of the Parties to give Escrow Agent instructions
to invest or reinvest the Fund. Escrow Agent shall have the right to liquidate any investments held in order to provide funds necessary
to make required payments under this Agreement.

 

     

     

    

 

(c) All interest and other
income earned on the Fund under this Agreement shall be allocated to Parent and reported by Escrow Agent to the IRS, or any other
taxing authority, on IRS Form 1099 or 1042S (or other appropriate form) as income earned from the Escrow Deposit by Parent whether
or not said income has been distributed during such year. Notwithstanding the foregoing, the Parties agree that the proceeds of,
including interest on, the Fund shall be disbursed in accordance with Section 3. Escrow Agent shall withhold any taxes, in the
absence of proper tax documentation, as required by law, and shall remit such taxes to the appropriate authorities. The Parties
hereby represent to Escrow Agent that no other tax reporting of any kind is required by the Escrow Agent given the underlying transaction
giving rise to this Agreement.

 

3.            Disposition
and Termination.

 

(a) Instruction Certificates.

 

(i) If the Parties
are obligated or entitled under Section 2.7 or 7.14(b) of the Merger Agreement (which need not be verified by Escrow Agent) to
instruct Escrow Agent to release any amount from the Fund (such Party, an “Instructing Party”), the Parties jointly
shall prepare and deliver to Escrow Agent a certificate with respect to such instruction (an “Instruction Certificate”)
in substantially the form of Exhibit A-1, which shall set forth the amounts to be released (the “Owed Amounts”),
the person(s) to whom such amounts are owed, and the provision of the Merger Agreement under which such Instructing Party is obligated
or entitled to instruct Escrow Agent to release such Owed Amounts. Unless the Instruction Certificate is jointly executed by the
Parties, the Fund shall be subject to and paid only in accordance with the procedures set forth in Section 3(a)(ii). Escrow Agent
shall, not later than the second (2nd) Business Day following receipt of such jointly executed Instruction Certificate, pay to
the person(s) specified in the applicable Instruction Certificate, from the Fund, by wire transfer of immediately available funds
to the bank account(s) designated in such Instruction Certificate, the Owed Amounts set forth in such Instruction Certificate.

 

(ii) Notwithstanding
Section 3(a)(i), if the Escrow Agent receives an Instruction Certificate in substantially the form of Exhibit A-2 executed
by either Party, together with a copy of the applicable notice of termination of the Merger Agreement, the Escrow Agent shall,
on the second (2nd) Business Day following receipt of such executed Instruction Certificate and such notice of termination, release
all amounts in the Fund to Parent in accordance with Section 3(b)(ii). Either Party delivering an Instruction Certificate in substantially
the form of Exhibit A-2 to the Escrow Agent shall simultaneously send a copy thereto to the other Party.

 

(b) Security Procedures.

 

(i) Any instructions
setting forth, claiming, containing, objecting to, or in any way related to the transfer or distribution of the Fund must be in
writing and executed by the appropriate Party or Parties as evidenced by the signatures of the person or persons signing this Agreement
or one of their designated persons as set forth on the Designation of Authorized Representatives attached hereto as Schedules 1-A
and 1-B (each an “Authorized Representative”), and delivered to Escrow Agent only by confirmed facsimile or as a Portable
Document Format (“PDF”) attached to an email only at the fax number or email address set forth in Section 8 below.
Each Designation of Authorized Representatives shall be signed by a Secretary, any Assistant Secretary or other duly authorized
officer of the named Party. No instruction for or related to the transfer or distribution of the Fund shall be deemed delivered
and effective unless Escrow Agent actually shall have received it by facsimile or as a PDF attached to an email only at the fax
number or email address set forth in Section 8 and in the case of a facsimile, as evidenced by a confirmed transmittal to the Party’s
or Parties’ transmitting fax number and Escrow Agent has been able to satisfy any applicable security procedures as may be
required hereunder. Any instruction actually received by Escrow Agent on a day that is not a Business Day shall be deemed to have
been received by Escrow Agent on the next succeeding Business Day. Escrow Agent shall not be liable to any Party or other person
for refraining from acting upon any instruction for or related to the transfer or distribution of the Fund if delivered to any
other fax number or email address, including but not limited to a valid email address of any employee of Escrow Agent.

 

    	 	2	 

     

    

 

(ii) The Parties
each acknowledge that Escrow Agent is authorized to use the following funds transfer instructions to disburse any funds due to
Parent without a verifying call-back as set forth in Section 3(b)(iii):

 

Bank name: Bank of America

Bank ABA Number: 026009593

Account Name: Allergan Sales, LLC

Account Number: 3299792129

 

(iii) In the
event any other funds transfer instructions are set forth in a permitted instruction from a Party or the Parties in accordance
with this Section 3, Escrow Agent is authorized to seek confirmation of such funds transfer instructions by a single telephone
call-back to one of the Authorized Representative and Escrow Agent may reasonably in good faith rely upon the confirmation of anyone
purporting to be that Authorized Representative. The persons designated as Authorized Representatives and telephone numbers designated
for call-backs may be changed only in a writing executed by an Authorized Representative or other duly authorized officer of the
applicable Party setting forth such changes and actually received by Escrow Agent via facsimile or as a PDF attached to an email.
Except as set forth in Section 3(b)(ii), no funds will be disbursed until an Authorized Representative is able to confirm such
instructions by telephone call-back. Escrow Agent, any intermediary bank and the beneficiary’s bank in any funds transfer
may rely upon the identifying number of the beneficiary’s bank or any intermediary bank included in a funds transfer instruction
provided by a Party or the Parties and confirmed by an Authorized Representative. Further, the beneficiary’s bank included
in a funds transfer instruction may make payment on the basis of the account number provided in such Party’s or the Parties’
instruction and confirmed by an Authorized Representative even though it identifies a person different from the named beneficiary.

 

(c) As used in this Section
3, “Business Day” shall mean any day other than a Saturday, Sunday or any other day on which Escrow Agent located at
the notice address set forth below is authorized or required by law or executive order to remain closed. The Parties acknowledge
that the security procedures set forth in this Section 3 are commercially reasonable. Upon delivery of the full amount of the moneys
held in the Fund by Escrow Agent pursuant to this Section 3 in accordance with the terms set forth herein, this Agreement shall
terminate, and the related account(s) shall be closed, subject to the provisions of Section 6.

 

4.            Escrow
Agent. Escrow Agent shall have only those duties as are specifically and expressly provided herein, which shall be deemed purely
ministerial in nature, and no other duties, including but not limited to any fiduciary duty, shall be implied. Escrow Agent has
no knowledge of, nor any obligation to comply with, the terms and conditions of any other agreement between the Parties, nor
shall Escrow Agent be required to determine if any Party has complied with any other agreement. Notwithstanding the terms of any
other agreement between the Parties, the terms and conditions of this Agreement shall control the actions of Escrow Agent. Escrow
Agent may conclusively rely upon any written notice, document, instruction or request delivered by the Parties and reasonably and
in good faith believed by it to be genuine and to have been signed by an Authorized Representative(s), as applicable, without inquiry
and without requiring substantiating evidence of any kind and Escrow Agent shall be under no duty to inquire into or investigate
the validity, accuracy or content of any such document, notice, instruction or request. Escrow Agent shall not be liable for any
action taken, suffered or omitted to be taken by it in good faith in accordance herewith except to the extent that Escrow Agent’s
gross negligence or willful misconduct was the cause of any direct loss to either Party. Escrow Agent may execute any of its powers
and perform any of its duties hereunder directly or through affiliates or agents. In the event Escrow Agent is in good faith uncertain
as to whether there is some ambiguity as to its duties or rights hereunder, or receives instructions, claims or demands from any
Party hereto which in Escrow Agent’s judgment conflict with the provisions of this Agreement, or if Escrow Agent receives
conflicting instructions from the Parties, Escrow Agent shall be entitled either to: (a) refrain from taking any action until it
shall be given (i) a joint written direction executed by Authorized Representatives of the Parties which eliminates such conflict
or ambiguity or (ii) an order or judgment issued by a court of competent jurisdiction (it being understood that Escrow Agent shall
be entitled conclusively to rely and act upon any such order or judgment and shall have no obligation to determine whether any
such order or judgment is final); or (b) file an action in interpleader. Escrow Agent shall have no duty to solicit any payments
which may be due it or the Fund, including, without limitation, the Escrow Deposit nor shall Escrow Agent have any duty or obligation
to confirm or verify the accuracy or correctness of any amounts deposited with it hereunder. Anything in this Agreement to the
contrary notwithstanding, in no event shall Escrow Agent be liable for special, incidental, punitive, indirect or consequential
loss or damage of any kind whatsoever (including but not limited to lost profits), even if Escrow Agent has been advised of the
likelihood of such loss or damage and regardless of the form of action.

 

    	 	3	 

     

    

 

5.            Succession.
Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving no less than thirty (30) days’
advance notice in writing of such resignation to the Parties or may be removed by the Parties, with or without cause, at any time
by the Parties giving not less than thirty (30) days’ advance written notice (signed by both Parties) of such removal to
the Escrow Agent. Except as otherwise provided in this Section 5, Escrow Agent’s sole responsibility after such thirty (30)
day notice period expires shall be to hold the Fund (without any obligation to reinvest the same). In the event of such resignation
or removal, Escrow Agent shall deliver the Fund to a designated substitute or successor escrow agent, if any, appointed by the
Parties, or such other person designated by the Parties, or in accordance with the directions of a final order or judgment of a
court of competent jurisdiction. If prior to the effective resignation or removal date, the Parties have failed to appoint a successor
escrow agent, or to instruct Escrow Agent to deliver the Fund to another person as provided above, or if such delivery is contrary
to applicable law, at any time on or after the effective resignation or removal date, Escrow Agent may interplead the Fund with
a court located in the State of Delaware and the costs, expenses and reasonable attorney’s fees which are incurred in connection
with such proceeding may be charged against and withdrawn from the Fund. Any appointment of a successor escrow agent shall be binding
upon the Parties and no appointed successor escrow agent shall be deemed to be an agent of Escrow Agent. Escrow Agent shall deliver
the Fund to any appointed successor escrow agent, at which time Escrow Agent’s obligations under this Agreement shall cease
and terminate. Any entity into which Escrow Agent may be merged or converted or with which it may be consolidated, or any entity
to which all or substantially all of the escrow business may be transferred, shall be Escrow Agent under this Agreement without
further act.

 

6.            Compensation;
Acknowledgment. (a) The Company shall pay Escrow Agent upon execution of this Agreement and from time to time thereafter reasonable
compensation for the services to be rendered hereunder, which unless otherwise agreed in writing by all parties hereto, shall be
as described in Schedule 2.

 

(b) Each of the Parties
further agrees to the disclosures and agreements set forth in Schedule 2.

 

7.            Indemnification and Reimbursement. The Parties agree jointly and severally to indemnify, defend, hold harmless, pay or reimburse
Escrow Agent and its affiliates and their respective successors, assigns, directors, agents and employees (the “Indemnitees”)
from and against any and all losses, damages, claims, liabilities, costs or expenses (including reasonable and documented fees
of outside counsel) (collectively “Losses”), resulting directly or indirectly from (a) Escrow Agent’s performance
of this Agreement, except to the extent that such Losses are determined by a court of competent jurisdiction to have been caused
by the gross negligence, willful misconduct, or bad faith of such Indemnitee; and (b) Escrow Agent’s following, accepting
or acting upon any instructions or directions, whether joint or singular, from the Parties received in accordance with this Agreement.
It is understood that Escrow Agent does not have a contractual right of set-off or contractual security interest under this Agreement;
provided, however, that nothing herein shall be construed as a waiver of any statutory or common law rights to which Escrow Agent
may otherwise be entitled with respect thereto. Escrow Agent shall notify each Party in writing of any receipt by an Indemnitee
of a claim against such Indemnitee, or any action commenced against such Indemnitee as soon as practicable after such Indemnitee’s
receipt of written notice of such claim. However, Escrow Agent’s failure to so notify the Parties shall not operate in any
manner whatsoever to relieve the Parties from any liability that they may have otherwise on account of this Section 7, except to
the extent that the Parties are materially prejudiced by Escrow Agent’s failure to give such notice. The obligations set
forth in this Section 7 shall survive the resignation, replacement or removal of Escrow Agent or the termination of this Agreement.

 

8.            Notices.
Except as otherwise provided in Section 3, all communications hereunder shall be in writing or set forth in a PDF attached to an
email, and shall be delivered in accordance with the terms of this Agreement by facsimile, email or overnight courier only to the
appropriate fax number, email address, or notice address set forth for each party as follows:

 

	If to Parent:	Allergan Sale, LLC
	 	5 Giralda Farms, Madison, NJ 07940,
	 	Attention: Chief Legal Officer Tel: Fax:
	 	Tel No.: 862-261-7000
	 	Fax No.: 862-261-7922
	 	Email Address: Treasury@Allergan.com and Robert.Carnevale@allergan.com.

 

    	 	4	 

     

    

 

With copies (which shall
not constitute notice) to:

 

	 	Covington & Burling LLP
	 	620 Eighth Avenue
	 	New York, NY 10018
	 	Attention: Andrew W. Ment
	 	Facsimile: (646) 441-9012
	 	Email: ament@cov.com
	 	 
	If to the Company:	Repros Therapeutics Inc.
	 	2408 Timberloch Place, Suite B7
	 	The Woodlands, TX 77380
	 	Attention: Chief Financial Officer
	 	Tel No.: (281) 719-3454
	 	Fax No.: (281) 719-3446
	 	Email Address: anderson@reprosrx.com
	 	 
	With copies to:	Morgan, Lewis & Bockius LLP
	 	1701 Market Street
	 	Philadelphia, PA 19103
	 	Attention: Justin W. Chairman
	 	Tel No.: (215) 963-5061
	 	Fax No.: (215) 963-5001
	 	Email Address: justin.chairman@morganlewis.com
	 	 
	If to Escrow Agent:	JPMorgan Chase Bank, N.A.
	 	Escrow Services
	 	4 New York Plaza, 11th Floor
	 	New York, N.Y. 10004
	 	Attention: Li Hom
	 	Fax No.: 212.552.2812
	 	Email Address: ec.escrow@jpmorgan.com

 

9.            Compliance
with Court Orders. In the event that a legal garnishment, attachment, levy, restraining notice or court order is served with
respect to any of the Fund, or the delivery thereof shall be stayed or enjoined by an order of a court, Escrow Agent is hereby
expressly authorized, in its sole discretion, to obey and comply with all such orders so entered or issued, which it is advised
by legal counsel of its own choosing is binding upon it, whether with or without jurisdiction, and in the event that Escrow Agent
obeys or complies with any such order it shall not be liable to any of the Parties hereto or to any other person by reason of such
compliance notwithstanding such order be subsequently reversed, modified, annulled, set aside or vacated.

 

    	 	5	 

     

    

 

10.          Miscellaneous.
(a) The provisions of this Agreement may be waived, altered, amended or supplemented, in whole or in part, only by a writing signed
by Escrow Agent and the Parties. Neither this Agreement nor any right or interest hereunder may be assigned in whole or in part
by any Party without the prior consent of Escrow Agent (which may not be unreasonably withheld, conditioned or delayed) and the
other Party; provided that Parent may, without consent of the Company or Escrow Agent, assign, in its sole discretion, any of or
all of its rights, interests and obligations under this Agreement to any Affiliate of Parent, so long as Escrow Agent receives,
reviews and approves requested identity verification documents for such assignee in accordance with Schedule 2 (Patriot Act Disclosure)
and such assignee has executed documents joining such assignee and fully obligating such assignee as a party under this Agreement.
This Agreement shall be governed by and construed under the laws of the State of Delaware regardless of the laws that might otherwise
govern under the applicable principles of conflicts of laws thereof. Each Party and Escrow Agent irrevocably waives any objection
on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably consents to service of process by mail or
in any other manner permitted by applicable law and consents to the jurisdiction of the courts located in the State of Delaware.
To the extent that in any jurisdiction either Party may now or hereafter be entitled to claim for itself or its assets, immunity
from suit, execution, attachment (before or after judgment) or other legal process, such Party shall not claim, and hereby irrevocably
waives, such immunity. Escrow Agent and the Parties further hereby waive any right to a trial by jury with respect to any lawsuit
or judicial proceeding arising or relating to this Agreement. No party to this Agreement is liable to any other party for losses
due to, or if it is unable to perform its obligations under the terms of this Agreement because of, acts of God, fire, war, terrorism,
floods, strikes, electrical outages, equipment or transmission failure, or other causes reasonably beyond its control. This Agreement
and any joint instructions or certificates from the Parties may be executed in one or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument or instruction, as applicable. All signatures
of the parties to this Agreement may be transmitted by facsimile or as a PDF attached to an email, and such facsimile or PDF will,
for all purposes, be deemed to be the original signature of such party whose signature it reproduces, and will be binding upon
such party. If any provision of this Agreement is determined to be prohibited or unenforceable by reason of any applicable law
of a jurisdiction, then such provision shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions thereof, and any such prohibition or unenforceability in such jurisdiction shall
not invalidate or render unenforceable such provisions in any other jurisdiction. Each Party represents, warrants and covenants
that (i) to its knowledge, each document, notice, instruction or request provided by such Party to Escrow Agent shall comply with
applicable laws and regulations, (ii) such Party has full power and authority to enter into, execute and deliver this Agreement
and to perform all of the duties and obligations to be performed by it hereunder; and (iii) the person(s) executing this Agreement
on such Party’s behalf and certifying Authorized Representatives in the applicable Schedule 1 have been duly and properly
authorized to do so, and each Authorized Representative of such Party has been duly and properly authorized to take the actions
specified for such person in the applicable Schedule 1. Except as expressly provided in Section 7 above, nothing in this Agreement,
whether express or implied, shall be construed to give to any person or entity other than Escrow Agent and the Parties any legal
or equitable right, remedy, interest or claim under or in respect of the Fund or this Agreement.

 

(b) Information. The
Parties authorize Escrow Agent to disclose information with respect to this Agreement and the account(s) established hereunder,
the Parties, or any transaction hereunder if such disclosure is: (i) necessary in Escrow Agent’s opinion, for the purpose
of allowing Escrow Agent to perform its duties and to exercise its powers and rights hereunder or for compliance with legal, tax
and regulatory requirements, including without limitation FATCA; (ii) to a proposed assignee of the rights of Escrow Agent; (iii)
to a branch, affiliate, subsidiary, employee or agent of the Escrow Agent or to their auditors, regulators or legal advisers or
to any competent court; (iv) to the auditors of any of the Parties; or (v) required by applicable law, regardless of whether the
disclosure is made in the country in which each Party resides, in which the Fund is maintained, or in which the transaction is
conducted. The Parties agree that such disclosures by Escrow Agent and its affiliates may be transmitted across national boundaries
and through networks, including those owned by third parties.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date set forth above.

 

	ALLERGAN SALES, LLC	 	JPMORGAN CHASE BANK, N.A.,
		 	As Escrow Agent
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	A. Robert D. Bailey	 	Name:	 
	Title:	President	 	Title:	 

 

	REPROS THERAPEUTICS INC.	 	 
	 	 	 	 
	By:	 	 	 
	Name:	 	 	 
	Title:	 	 	 

 

Signature
Page to Escrow Agreement

 

    	 	7	 

     

    

 

EXHIBIT A-1

 

FORM OF INSTRUCTION CERTIFICATE 

 

JPMorgan Chase Bank, N.A., Escrow Services

4 New York Plaza, 11th Floor

New York, N.Y. 10004

Attention: Li Hom

Fax No.: 212.552.2812

Email Address: ec.escrow@jpmorgan.com

 

Date:

 

Re: Allergan Sales, LLC and Repros Therapeutics Inc. –
Escrow Agreement dated December [ ], 2017

Escrow Account no. [ ]

 

Dear Sir/Madam:

 

We refer to an escrow agreement dated December [ ], 2017 between
Allergan Sales, LLC (“Parent”), Repros Therapeutics Inc. (the “Company”) and JPMorgan Chase
Bank, N.A., as Escrow Agent (the “Escrow Agreement”).

 

Capitalized terms in this letter that are not otherwise defined
shall have the same meaning given to them in the Escrow Agreement.

 

Pursuant to Section 3(a)(i) of the Escrow Agreement and Section
[2.7][7.14(b)] of the Merger Agreement, Parent and the Company instruct the Escrow Agent to release from the Fund (i) the amounts
specified below to the parties specified below and (ii) any amount remaining in the Fund to Parent, in accordance with Section
3(b)(ii) of the Escrow Agreement

 

Amount

(In writing)

Beneficiary

City

Country

 

US Instructions:

Bank

Bank address

ABA Number:

Credit A/C Name:

Credit A/C #:

Credit A/C Address:

If Applicable:

FFC A/C Name:

FFC A/C #:

FFC A/C Address:

 

International Instructions:

Bank Name:

Bank Address

SWIFT Code:

US Pay Through ABA:

Credit A/C Name:

Credit A/C # (IBAN #):

Credit A/C Address:

 

    	 	8	 

     

    

 

If Applicable:

FFC A/C Name:

FFC A/C # (IBAN #):

FFC A/C Address:

 

Amount

(In writing)

Beneficiary

City

Country

 

US Instructions:

Bank

Bank address

ABA Number:

Credit A/C Name:

Credit A/C #:

Credit A/C Address:

If Applicable:

FFC A/C Name:

FFC A/C #:

FFC A/C Address:

 

International Instructions:

Bank Name:

Bank Address

SWIFT Code:

US Pay Through ABA:

Credit A/C Name:

Credit A/C # (IBAN #):

Credit A/C Address:

If Applicable:

FFC A/C Name:

FFC A/C # (IBAN #):

FFC A/C Address:

 

Amount

(In writing)

Beneficiary

City

Country

 

US Instructions:

Bank

Bank address

ABA Number:

Credit A/C Name:

Credit A/C #:

Credit A/C Address:

If Applicable:

FFC A/C Name:

FFC A/C #:

FFC A/C Address:

 

    	 	9	 

     

    

 

International Instructions:

Bank Name:

Bank Address

SWIFT Code:

US Pay Through ABA:

Credit A/C Name:

Credit A/C # (IBAN #):

Credit A/C Address:

If Applicable:

FFC A/C Name:

FFC A/C # (IBAN #):

FFC A/C Address:

 

Amount

(In writing)

Beneficiary

City

Country

 

US Instructions:

Bank

Bank address

ABA Number:

Credit A/C Name:

Credit A/C #:

Credit A/C Address:

If Applicable:

FFC A/C Name:

FFC A/C #:

FFC A/C Address:

 

International Instructions:

Bank Name:

Bank Address

SWIFT Code:

US Pay Through ABA:

Credit A/C Name:

Credit A/C # (IBAN #):

Credit A/C Address:

If Applicable:

FFC A/C Name:

FFC A/C # (IBAN #):

FFC A/C Address:

 

	FOR AND ON BEHALF OF PARENT:	 
	 	 
	 	 
	Name	 
	Date:	 
	Title:	 
	 	 
	FOR AND ON BEHALF OF THE COMPANY:	 
	 	 
	 	 
	Name:	 
	Date:	 
	Title:	 

 

    	 	10	 

     

    

 

EXHIBIT A-2

 

FORM OF INSTRUCTION CERTIFICATE 

 

JPMorgan Chase Bank, N.A., Escrow Services

4 New York Plaza, 11th Floor

New York, N.Y. 10004

Attention: Li Hom

Fax No.: 212.552.2812

Email Address: ec.escrow@jpmorgan.com

 

Date:

 

Re: Allergan Sales, LLC and Repros Therapeutics Inc. –
Escrow Agreement dated December [ ], 2017

Escrow Account no. [ ]

 

Dear Sir/Madam:

 

We refer to an escrow agreement dated December [ ], 2017 between
Allergan Sales, LLC (“Parent”), Repros Therapeutics Inc. (the “Company”) and JPMorgan Chase
Bank, N.A., as Escrow Agent (the “Escrow Agreement”).

 

Capitalized terms in this letter that are not otherwise defined
shall have the same meaning given to them in the Escrow Agreement.

 

[Parent /The Company] certifies that a notice of termination has
been delivered to [Parent /the Company] pursuant to Section [ ] of the Merger Agreement. Attached hereto as Annex I is a copy of
such notice of termination. [Parent /The Company] also certifies that a copy of this instruction certificate has been delivered
to [Parent /the Company].

 

Pursuant to Section 3(a)(ii) of the Escrow Agreement and Section
9.2(a) of the Merger Agreement, [Parent /the Company] instructs the Escrow Agent to release the Fund to Parent in accordance with
Section 3(b)(ii) of the Escrow Agreement.

 

[NAME OF PARTY]

 

	By:  	 	 
	 	 	 
	Title: 	 	 
	 	 	 
	Date:	 	 

 

    	 	11	 

     

    

 

Annex I

 

[see attachment]

 

    	 	12	 

     

    

 

Schedule 1-A

 

Allergan Sales, LLC

 

DESIGNATION OF AUTHORIZED

REPRESENTATIVES

 

The undersigned, A. Robert
D. Bailey, being the duly elected, qualified and acting President of Allergan Sales, LLC (“Parent”), does hereby certify:

 

1.       That
each of the following persons is at the date hereof an Authorized Representative, as such term is defined in the Escrow Agreement,
dated December __, 2017, by and among Parent, the Company and Escrow Agent (the “Escrow Agreement”), that the signature
appearing opposite each Authorized Representative’s name is the true and genuine signature of such Authorized Representative,
and that each Authorized Representative’s contact information is current and up-to-date at the date hereof. Each of the Authorized
Representatives is authorized to issue instructions, confirm funds transfer instructions by call-back and effect changes in Authorized
Representatives, all in accordance with the terms of the Escrow Agreement.

 

	NAME	SIGNATURE	 	TELEPHONE & CELL NUMBERS
	 	 	 	 
	Stephen M. Kaufhold	 	 	(ph) 862-261-8274
	 	 	 	(cell) 862-222-3422
	James D’Arecca	 	 	 
	 	 	 	(ph) 862-261-8557
	 	 	 	(cell) 908-406-0139

 

2.
      This Schedule may be signed in counterparts.

 

3.       That
pursuant to Parent’s governing documents, as amended, the undersigned has the power and authority to execute this Designation
on behalf of Parent, and that the undersigned has so executed this Designation this _____ day of ______, 2017.

 

	 	Signature:	 
	 	 	 
	 	Name:	A. Robert. D. Bailey
	 	 	 
	 	Title:	President

 

 

FOR YOUR SECURITY, PLEASE CROSS
OUT ALL UNUSED SIGNATURE LINES ON THIS SCHEDULE 1-A

 

All instructions, including but not limited to funds
transfer instructions, whether transmitted by facsimile or set forth in a PDF attached to an email, must include the signature
of the Authorized Representative authorizing said funds transfer on behalf of such Party.

 

    	 	13	 

     

    

 

Schedule 1-B

 

Repros Therapeutics Inc.

 

DESIGNATION OF AUTHORIZED REPRESENTATIVES

 

The undersigned, ___________________,
being the duly elected, qualified and acting [_____________] of Repros Therapeutics Inc. (the “Company”), does hereby
certify:

 

1.       That
each of the following persons is at the date hereof an Authorized Representative, as such term is defined in the Escrow Agreement,
dated December [ ], 2017, by and among Allergan Sales, LLC, the Company and Escrow Agent (the “Escrow Agreement”),
that the signature appearing opposite each Authorized Representative’s name is the true and genuine signature of such Authorized
Representative, and that each Authorized Representative’s contact information is current and up-to-date at the date hereof.
Each of the Authorized Representatives is authorized to issue instructions, confirm funds transfer instructions by callback or
email confirmation and effect changes in Authorized Representatives, all in accordance with the terms of the Escrow Agreement.

 

	NAME	 	SIGNATURE	 	TELEPHONE & CELL NUMBERS

     and EMAIL ADDRESS
	 	 	 	 	 	 
	 	 	 	 	(ph)	 
	 	 	 	 	(cell)	 
	 	 	 	 	(email)	 
	 	 	 	 	 	 
	 	 	 	 	(ph)	 
	 	 	 	 	(cell)	 
	 	 	 	 	(email)	 
	 	 	 	 	 	 
	 	 	 	 	(ph)	 
	 	 	 	 	(cell)	 
	 	 	 	 	(email)	 

 

2.       Email
confirmation is only permitted to a corporate email address for purposes of this Schedule. Any personal email addresses provided
will not be used for email confirmation.

 

3.
       This Schedule may be signed in counterparts.

 

4.       That
pursuant to the Company’s governing documents, as amended, the undersigned has the power and authority to execute this Designation
on behalf of the Company, and that the undersigned has so executed this Designation this _____ day of ______, 2017.

 

	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

FOR YOUR SECURITY, PLEASE CROSS
OUT ALL UNUSED SIGNATURE LINES ON THIS SCHEDULE 1-B

 

All instructions, including but not limited to funds
transfer instructions, whether transmitted by facsimile or set forth in a PDF attached to an email, must include the signature
of the Authorized Representative authorizing said funds transfer on behalf of such Party.

 

    	 	14	 

     

    

 

Schedule
2

 

 

 

Schedule of Fees and Disclosures for Escrow
Agent Services

 

Account Acceptance Fee...................................................................
WAIVED

Encompassing review, negotiation and execution
of governing documentation, opening of the account, and completion of all due diligence documentation. Payable upon closing.

 

Annual
Administration Fee.............................................................. $2,500

The Administration Fee covers our usual and
customary ministerial duties, including record keeping, distributions, document compliance and such other duties and responsibilities
expressly set forth in the governing documents for each transaction. Payable upon closing and annually in advance thereafter, without
pro-ration for partial years.

 

Extraordinary Services and Out-of Pocket
Expenses: Any additional services beyond our standard services as specified above, and all reasonable out-of-pocket expenses
including attorney’s or accountant’s fees and expenses will be considered extraordinary services for which related
costs, transaction charges, and additional fees will be billed at Escrow Agent's then standard rate. Escrow Agent may impose, charge,
pass-through and modify fees and/or charges for any account established and services provided by Escrow Agent, including but not
limited to, transaction, maintenance, balance-deficiency, and service fees, agency or trade execution fees, and other charges,
including those levied by any governmental authority.

 

Fee Disclosure & Assumptions: Please
note that the fees quoted are based on a review of the transaction documents provided and an internal due diligence review. Escrow
Agent reserves the right to revise, modify, change and supplement the fees quoted herein if the assumptions underlying the activity
in the account, level of balances, market volatility or other factors change from those used to set the fees described herein.

 

Payment of the invoice is due upon receipt.

 

Disclosures and Agreements

 

Representations Relating to Section 15B
of the Securities Exchange Act of 1934 (Rule 15Ba1-1 et seq.) (the “Municipal Advisor Rule). Each Party represents
and warrants to Escrow Agent that for purposes of the Municipal Advisor Rules, none of the funds (if any) currently invested, or
that will be invested in the future, in money market funds, commercial paper or treasury bills under this Agreement constitute
or contain (i) proceeds of municipal securities (including investment income therefrom and monies pledged or otherwise legally
dedicated to serve as collateral or a source or repayment for such securities) or (ii) municipal escrow investments (as each such
term is defined in the Municipal Advisor Rule).  Each Party also represents and warrants to Escrow Agent that the person providing
this certification has access to the appropriate information or has direct knowledge of the source of the funds to be invested
to enable the forgoing representation to be made.  Further, each Party acknowledges that Escrow Agent will rely on this representation
until notified in writing otherwise.

 

Patriot Act Disclosure. Section 326
of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
(“USA PATRIOT Act”) requires Escrow Agent to implement reasonable procedures to verify the identity of any person that
opens a new account with it. Accordingly, the Parties acknowledge that Section 326 of the USA PATRIOT Act and Escrow Agent’s
identity verification procedures require Escrow Agent to obtain information which may be used to confirm the Parties’ identity
including without limitation name, address and organizational documents (“identifying information”). The Parties agree
to provide Escrow Agent with and consent to Escrow Agent obtaining from third parties any such identifying information required
as a condition of opening an account with or using any service provided by Escrow Agent.

 

OFAC Disclosure. Escrow Agent is required
to act in accordance with the laws and regulations of various jurisdictions relating to the prevention of money laundering and
the implementation of sanctions, including but not limited to regulations issued by the U.S. Office of Foreign Assets Control.
Escrow Agent is not obligated to execute payment orders or effect any other transaction where the beneficiary or other payee is
a person or entity with whom Escrow Agent is prohibited from doing business by any law or regulation applicable to Escrow Agent,
or in any case where compliance would, in Escrow Agent’s opinion, conflict with applicable law or banking practice or its
own policies and procedures. Where Escrow Agent does not execute a payment order or effect a transaction for such reasons, Escrow
Agent may take any action required by any law or regulation applicable to Escrow Agent including, without limitation, freezing
or blocking funds. Transaction screening may result in delays in the posting of transactions.

 

Abandoned Property. Escrow Agent is
required to act in accordance with the laws and regulations of various states relating to abandoned property, escheatment or similar
law and, accordingly, shall be entitled to remit dormant funds to any state as abandoned property in accordance with such laws
and regulations.

 

    	 	15	 

     

    

 

Foreign Exchange. If Escrow Agent accepts
a funds transfer instruction under this Agreement for payment in a currency (the “Non-Account Currency”) other than
the currency of the account (the “Account Currency”), Escrow Agent is authorized to enter into a foreign exchange transaction
to sell to the Party or Parties the amount of Non-Account Currency required to complete the funds transfer and debit the account
for the purchase price of the Non-Account Currency. If Escrow Agent accepts payment to the account in a Non-Account Currency, Escrow
Agent is authorized to purchase the Non-Account Currency from the Party or Parties, and to credit the purchase price to the account
in lieu of the Non-Account Currency. The purchase price for the foregoing transactions shall be at a rate and spread as Escrow
Agent determines in its discretion and may differ from rates at which comparable transactions are entered into with other customers
or the range of foreign exchange rates at which Escrow Agent otherwise enters into foreign exchange transactions on the relevant
date. Further, (i) Escrow Agent has full discretion to execute such foreign exchange transactions in such manner as Escrow Agent
determines in its sole discretion and (ii) Escrow Agent may manage the associated risks of Escrow Agent’s own position in
the market in a manner it deems appropriate without regard to the impact of such activities on the Parties. Imbedded within the
applicable foreign exchange rate or otherwise generated in connection with Escrow Agent’s execution of any such transaction
or management of its risk related thereto may be a profit to Escrow Agent. Any such foreign exchange transaction will be between
Escrow Agent and a Party or Parties as principals, and Escrow Agent will not be acting as agent or fiduciary for the Parties.

 

Acknowledgment of Compensation and Multiple
Roles. Escrow Agent is authorized to act under this Agreement notwithstanding that Escrow Agent or any of its subsidiaries
or affiliates (such subsidiaries and affiliates hereafter individually called an “Affiliate” and collectively called
“Affiliates”) may (A) receive fees or derive earnings (float) as a result of providing an investment product or account
on the books of Escrow Agent pursuant to this Agreement or for providing services or referrals with respect to investment products,
or (B) (i) act in the same transaction in multiple capacities, (ii) engage in other transactions or relationships with the same
entities to which Escrow Agent may be providing escrow or other services under this Agreement (iii) refer clients to an Affiliate
for services or (iv) enter into agreements with clients or third parties for referrals of escrow or related transactions to Escrow
Agent. JPMorgan Chase Bank, N.A. may earn compensation from any of these activities in addition to the fees charged for services
under this Agreement.

 

THE FOLLOWING DISCLOSURES ARE REQUIRED TO
BE PROVIDED UNDER APPLICABLE U.S. REGULATIONS, INCLUDING, BUT NOT LIMITED TO, FEDERAL RESERVE REGULATION D. WHERE SPECIFIC INVESTMENTS
ARE NOTED BELOW, THE DISCLOSURES APPLY ONLY TO THOSE INVESTMENTS AND NOT TO ANY OTHER INVESTMENT.

 

Demand Deposit Account Disclosure. Escrow
Agent is authorized, for regulatory reporting and internal accounting purposes, to divide an escrow demand deposit account maintained
in the U.S. in which the Fund is held into a non-interest bearing demand deposit internal account and a non-interest bearing savings
internal account, and to transfer funds on a daily basis between these internal accounts on Escrow Agent’s general ledger
in accordance with U.S. law at no cost to the Parties. Escrow Agent will record the internal accounts and any transfers between
them on Escrow Agent’s books and records only. The internal accounts and any transfers between them will not affect the Fund,
any investment or disposition of the Fund, use of the escrow demand deposit account or any other activities under this Agreement,
except as described herein. Escrow Agent will establish a target balance for the demand deposit internal account, which may change
at any time.  To the extent funds in the demand deposit internal account exceed the target balance, the excess will be transferred
to the savings internal account, unless the maximum number of transfers from the savings internal account for that calendar month
or statement cycle has already occurred.  If withdrawals from the demand deposit internal account exceeds the available balance
in the demand deposit internal account, funds from the savings internal account will be transferred to the demand deposit internal
account up to the entire balance of available funds in the savings internal account to cover the shortfall and to replenish any
target balance that Escrow Agent has established for the demand deposit internal account.  If a sixth transfer is needed
during a calendar month or statement cycle, it will be for the entire balance in the savings internal account, and such funds will
remain in the demand deposit internal account for the remainder of the calendar month or statement cycle.

 

MMDA Disclosure and Agreement. If MMDA
is the investment for the Escrow Deposit as set forth above or anytime in the future, the Parties acknowledge and agree that U.S.
law limits the number of pre-authorized or automatic transfers or withdrawals or telephonic/electronic instructions that can be
made from an MMDA to a total of six (6) per calendar month or statement cycle or similar period. Escrow Agent is required by U.S.
law to reserve the right to require at least seven (7) days’ notice prior to a withdrawal from a money market deposit account.

 

Unlawful Internet Gambling. The use of any account to conduct
transactions (including, without limitation, the acceptance or receipt of funds through an electronic funds transfer, or by check,
draft or similar instrument, or the proceeds of any of the foregoing) that are related, directly or indirectly, to unlawful Internet
gambling is strictly prohibited.

 

    	 	16

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