Document:

Exhibit 10.4

  

   

  

  
    Execution Version

  

  

  

  
    CONTINGENT VALUE RIGHTS AGREEMENT

     

    THIS CONTINGENT VALUE RIGHTS AGREEMENT, dated as of November 5, 2020 (this “Agreement”), is entered into by and among Rexahn
      Pharmaceuticals, Inc., a Delaware corporation (“Parent”), Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as representative of the
      Holders (the “CVR Representative”), and Olde Monmouth Stock Transfer Co., Inc., as Rights Agent.

     

    RECITALS

     

    WHEREAS, Parent, Razor Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and Ocuphire Pharma, Inc., a Delaware corporation (the “Company”), have entered into an Agreement and Plan of Merger and Reorganization, dated as of June 17, 2020 and amended on June 29, 2020 (as it may be further amended or supplemented from time to
      time pursuant to the terms thereof, the “Merger Agreement”), pursuant to which Merger Sub will merge with and into the Company, with the Company surviving the Merger as a subsidiary of
      Parent; and

     

    WHEREAS, pursuant to the Merger Agreement, Parent has agreed to provide to the holders of record of Parent’s common stock, par value $0.0001 per share (“Parent Common Stock”), immediately prior to the Effective Time, the right to receive certain contingent cash payments, on the terms and subject to the conditions hereinafter described.

     

    NOW, THEREFORE, in consideration of the foregoing and the consummation of the transactions referred to above, Parent, the CVR Representative and Rights Agent agree, for the proportionate benefit of
      all Holders (as hereinafter defined), as follows:

     

    
      	
              1.

            	
              DEFINITIONS; CERTAIN RULES OF CONSTRUCTION

            

    

     

    1.1        Definitions. Capitalized terms used but not otherwise defined herein will have the meanings ascribed to them in the Merger Agreement, unless
      expressly set forth otherwise herein. As used in this Agreement, the following terms will have the following meanings:

     

    “Acquiror” has the meaning set forth in Section 7.3(a).

     

    “Acquisition” has the meaning set forth in Section 7.3(a).

     

    “Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, controls,
      is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of more than fifty percent (50%) of the voting
      securities entitled to vote for directors (or similar officials) of a Person or the possession, by contract or otherwise, of the authority to direct the management and policies of a Person.

     

    “Agreement” has the meaning set forth in the Preamble.

     

    
      
        

    

    
    “Aggregate CVR Payment Amount” means, for each CVR Payment Period, an amount equal to the sum of the BioSense Payment Amount, the HaiChang
      Payment Amount, and the Parent IP Payment Amount.

     

    “Assignee” has the meaning set forth in Section 7.3(a).

     

    “BioSense” means BioSense Global LLC or its successor or any of their respective Affiliates.

     

    “BioSense Agreement” means that certain License and Assignment Agreement, dated as of February 25, 2019, by and between BioSense and
      Parent, as amended by Amendment No. 1, dated August 24, 2019, and as further amended by Amendment No. 2, dated March 10, 2020.

     

    “BioSense Payment Amount” means, for each CVR Payment Period, an amount equal to ninety percent (90%) of all payments received, without
      duplication, by Parent or one or more of Parent’s Affiliates during such CVR Payment Period from or on behalf of BioSense pursuant to Article 6 of the BioSense Agreement, or otherwise on account of the fees, payments or royalties payable by BioSense
      under such Article 6 of the BioSense Agreement minus the amount of any fees, costs or expenses paid by Parent and its Affiliates during such CVR Payment Period related to the performance of Parent’s obligations under the BioSense Agreement or
      incurred by Parent and its Affiliates in connection with enforcing Parent’s rights under the BioSense Agreement, including, without limitation, Parent’s compliance with Section 4.3 below.

     

    “Board of Directors” means the board of directors of Parent.

     

    “Board Resolution” means a copy of a resolution certified by the secretary or an assistant secretary of Parent to have been duly adopted by
      the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Rights Agent.

     

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

     

    “Company” has the meaning set forth in the Recitals.

     

    “CVR Payment” has the meaning set forth in Section 2.4(c).

     

    “CVR Payment Amount” means, with respect to each CVR Payment Period and each Holder, an amount equal to the Aggregate CVR Payment Amount
      divided by the total number of CVRs and then multiplied by the total number of CVRs held by such Holder as reflected on the CVR Register (rounded down to the nearest whole cent).

     

    “CVR Payment Period” means each calendar quarter during the CVR Term, with the first CVR Payment Period commencing on the date hereof and
      ending on December 31, 2020.

     

    “CVR Payment Statement” means, for a given CVR Payment Period, a written statement of Parent, setting forth in reasonable detail, (a) the
      Aggregate CVR Payment Amount for such CVR Payment Period, (b) a description of the total amounts received during such CVR Payment Period from each of the BioSense Agreement, the HaiChang Agreement and a Parent IP Deal, as applicable, (c) a
      delineation and calculation of the Permitted Parent IP Deductions applicable to a Parent IP Deal during such CVR Payment Period, and (d) to the extent that any Aggregate CVR Payment Amount or Permitted Parent IP Deduction is recorded in any currency
      other than United States dollars during such CVR Payment Period, the exchange rates used for conversion of such currency into United States dollars.

     

    
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    “CVR Register” has the meaning set forth in Section 2.3(b).

     

    “CVR Representative” means the CVR Representative named in the Preamble or any direct or indirect successor CVR Representative designated
      in accordance with Section 6.3.

     

    “CVR Shortfall” has the meaning set forth in Section 4.5(b).

     

    “CVR Term” means the period beginning on the date hereof and ending fifteen (15) years thereafter.

     

    “CVRs” means the rights of Holders to receive contingent cash payments pursuant to the Merger Agreement and this Agreement.

     

    “DTC” means The Depository Trust Company or any successor thereto.

     

    “Funds” has the meaning set forth in Section 7.9.

     

    “Governmental Entity” means any foreign or domestic arbitrator, court, nation, government, any state or other political subdivision thereof
      and an entity exercising executive, legislative, judicial regulatory or administrative functions of, or pertaining to, government.

     

    “HaiChang” means Zhejiang HaiChang Biotechnology Co., Ltd. or its successor or any of their respective Affiliates.

     

    “HaiChang Agreement” means that certain Exclusive License Agreement, dated as of February 8, 2020, by and between HaiChang and Parent.

     

    “HaiChang Payment Amount” means, for each CVR Payment Period, an amount equal to ninety percent (90%) of all payments received, without
      duplication, by Parent or one or more of Parent’s Affiliates during such CVR Payment Period from or on behalf of HaiChang pursuant to Article 4 of the HaiChang Agreement, or otherwise on account of the fees, payments or royalties payable by HaiChang
      under such Article 4 of the HaiChang Agreement minus the amount of any fees, costs or expenses paid by Parent and its Affiliates during such CVR Payment Period related to the performance of Parent’s obligations under the HaiChang Agreement or
      incurred by Parent and its Affiliates in connection with enforcing Parent’s rights under the HaiChang Agreement, without limitation, Parent’s compliance with Section 4.3 below.

     

    “Holder” means a Person in whose name a CVR is registered in the CVR Register at the applicable time.

     

    
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    “Independent Accountant” means an independent certified public accounting firm of nationally recognized standing designated either (a)
      jointly by the CVR Representative and Parent, or (b) if the CVR Representative and Parent fail to make a designation, jointly by an independent public accounting firm selected by Parent and an independent public accounting firm selected by the CVR
      Representative.

     

    “License Agreements” means the BioSense Agreement and the HaiChang Agreement.

     

    “Merger Agreement” has the meaning set forth in the Recitals.

     

    “Merger Sub” has the meaning set forth in the Recitals.

     

    “Officer’s Certificate” means a certificate signed by the chief executive officer, president, chief financial officer, any vice president,
      the controller, the treasurer or the secretary, in each case of Parent, in his or her capacity as such an officer, and delivered to the Rights Agent.

     

    “Parent” has the meaning set forth in the Preamble.

     

    “Parent Common Stock” has the meaning set forth in the Recitals.

     

    “Parent IP” means any and all Parent IP listed on Schedule A hereto.

     

    “Parent IP Deal” means any transaction (a) that is entered into during the period beginning on the date hereof and ending ten (10) years
      thereafter and (b) pursuant to which Parent or its Affiliate grants, sells or otherwise transfers to a Third Party any rights to the Parent IP or any rights to research, develop or commercialize the Parent IP, including a license, option, or sale of
      assets with respect to the Parent IP. For clarity, the sale of all or substantially all of Parent’s or an Affiliate’s stock or assets (to the extent such asset sale includes assets unrelated to the Parent IP), or a merger, acquisition or similar
      transaction shall not be deemed a Parent IP Deal.

     

    “Parent IP Payment Amount” means, for each CVR Payment Period, an amount equal to seventy five percent (75%) of the following amounts: (a)
      all cash consideration paid by a Third Party to Parent or its Affiliates during the applicable CVR Payment Period in connection with any Parent IP Deal, plus (b) with respect to any non-cash consideration received by Parent or its Affiliates from a
      Third Party during the applicable CVR Payment Period in connection with any Parent IP Deal, all amounts received by Parent and its Affiliates for such non-cash consideration at the time such non-cash consideration is monetized by the Parent or its
      Affiliates (which amounts will be subject to payment to the Rights Agent when such non-cash consideration is monetized and such amounts are received by Parent or any of its Affiliates), minus any Permitted Parent IP Deductions during such CVR Payment
      Period. If a Parent IP Deal also involves assets that are not related to Parent IP but are related to other proprietary technology, products or assets of Parent or its Affiliates, then the total consideration will be allocated between all such
      technology, products and assets, and only that consideration allocated to the Parent IP will be included in the Parent IP Payment Amount.

     

    
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    “Permitted Parent IP Deductions” means, with respect to each CVR Payment Period, and without duplication, the sum of: (a) all fees,
      milestones, royalties and other payments paid by Parent and its Affiliates during such CVR Payment Period to any Third Party licensor in consideration for a license to such Third Party’s patents that would be infringed, absent such license, by the
      practice of such Parent IP, plus (b) all patent prosecution and maintenance costs, and drug product storage costs, paid by Parent and its Affiliates during such CVR Payment Period with respect to the Parent IP that are not otherwise reimbursed or
      reimbursable, plus (c) all out-of-pocket transaction costs incurred by Parent and its Affiliates to Third Parties during such CVR Payment Period for the negotiation, entry into and closing of a Parent IP Deal, including any broker fees, finder’s
      fees, advisory fees, accountant or attorney’s fees.

     

    “Permitted Transfer” means a transfer of CVRs (a) on death of a Holder by will or intestacy; (b) by instrument to an inter vivos or
      testamentary trust in which the CVRs are to be passed to beneficiaries upon the death of the trustee; (c) pursuant to a court order; (d) made by operation of law (including a consolidation or merger) or without consideration in connection with the
      dissolution, liquidation or termination of any corporation, limited liability company, partnership or other entity; (e) in the case of CVRs held in book-entry or other similar nominee form, from a nominee to a beneficial owner (through an
      intermediary if applicable) or from a nominee to another nominee for the same beneficial owner, to the extent allowable by the Rights Agent; (f) or a transfer from a participant’s account in a tax-qualified employee benefit plan to the participant or
      to such participant’s account in a different tax-qualified employee benefit plan or to a tax-qualified individual retirement account for the benefit of such participant; or (g) to Parent for any or no consideration.

     

    “Person” means any natural person, corporation, limited liability company, trust, unincorporated association, partnership, joint venture or
      other entity.

     

    “Record Time” has the meaning set forth in Section 2.3(e).

     

    “Rights Agent” means the Rights Agent named in the Preamble, until a successor Rights Agent will have become such pursuant to the
      applicable provisions of this Agreement, and thereafter “Rights Agent” will mean such successor Rights Agent.

     

    “Third Party” means any Person other than Parent, Rights Agent or their respective Affiliates.

     

    1.2          Rules of Construction. Except as otherwise explicitly specified to the contrary, (a) references to a Section means a Section of this Agreement
      unless another agreement is specified, (b) the word “including” (in its various forms) means “including without limitation,” (c) references to a particular statute or regulation include all rules and regulations thereunder and any predecessor or
      successor statute, rules or regulation, in each case as amended or otherwise modified from time to time, (d) words in the singular or plural form include the plural and singular form, respectively, (e) references to a particular Person include such
      Person’s successors and assigns to the extent not prohibited by this Agreement and (f) all references to dollars or “$” refer to United States dollars. For clarity, the parties agree that the phrase “materially adverse” when used in this Agreement
      with respect to the Holders includes any amendment or other action, as applicable, that does or would be reasonably expected to reduce, eliminate, or materially delay (y) any payment to the Holders under this Agreement, or (z) any payment to Parent
      or its successor or their Affiliates under the BioSense Agreement or HaiChang Agreement that would otherwise be included in the Aggregate CVR Payment Amount.

     

    
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              2.

            	
              CONTINGENT VALUE RIGHTS

            

    

     

    2.1          CVRs; Appointment of Rights Agent.

     

    (a)         Each Holder is entitled to one CVR for each share of Parent Common Stock held by such Holder as of the Record Time. The CVRs represent the rights of
      Holders to receive contingent cash payments pursuant to the Merger Agreement and this Agreement. The initial Holders will be the holders of Parent Common Stock as of immediately prior to the Effective Time.

     

    (b)          Parent hereby appoints the Rights Agent to act as rights agent for Parent as contemplated hereby in accordance with the express terms and conditions
      set forth in this Agreement (and no implied terms or conditions), and the Rights Agent hereby accepts such appointment.

     

    2.2         Nontransferable. The CVRs shall not be sold, assigned, transferred, pledged, encumbered or in any other manner
      transferred or disposed of, in whole or in part, other than through a Permitted Transfer.

     

    2.3          No Certificate; Registration; Registration of Transfer; Change of Address.

     

    (a)          The CVRs will not be evidenced by a certificate or other instrument.

     

    (b)         The Rights Agent will create and keep a register (the “CVR Register”)
      for the purpose of registering CVRs and transfers of CVRs as permitted herein. The CVR Register will be created, and CVRs will be distributed, pursuant to written instructions to the Rights Agent from Parent. The CVR Register will initially show one
      position for Cede & Co. representing all the shares of Parent Common Stock held by DTC on behalf of the street name holders of the shares of Parent Common Stock held by such holders as of immediately prior to the Effective Time. The Rights Agent
      will have no responsibility whatsoever directly to the street name holders with respect to transfers of CVRs unless and until such CVRs are transferred into the name of such street name holders in accordance with Section 2.2 of this
      Agreement. With respect to any payments to be made under Section 2.4(c) below, the Rights Agent will accomplish the payment to any former street name holders of shares of Parent Common Stock by sending one lump payment to DTC. The Rights
      Agent will have no responsibilities whatsoever with regard to the distribution of payments by DTC to such street name holders.

     

    (c)         Subject to the restrictions on transferability set forth in Section 2.2, every request made to transfer a CVR must be in writing and
      accompanied by a written instrument of transfer in form reasonably satisfactory to the Rights Agent, duly executed by the Holder thereof or the Holder’s attorney duly authorized in writing, personal representative or survivor and setting forth in
      reasonable detail the circumstances relating to the transfer. Upon receipt of such written notice, the Rights Agent will, subject to its reasonable determination that the transfer instrument is in proper form and the transfer otherwise complies with
      the other terms and conditions of this Agreement (including the provisions of Section 2.2), register the transfer of the CVRs in the CVR Register. No service charge shall be made for any registration of transfer of a CVR, but Parent and
      Rights Agent may require payment of a sum sufficient to cover any stamp or other tax or governmental charge that is imposed in connection with any such registration of transfer. The Rights Agent shall have no duty or obligation to take any action
      under any section of this Agreement that requires the payment by a Holder of applicable taxes or charges unless and until the Rights Agent is satisfied that all such taxes or charges have been paid or will be paid. All duly transferred CVRs
      registered in the CVR Register will be the valid obligations of Parent and will entitle the transferee to the same benefits and rights under this Agreement as those held immediately prior to the transfer by the transferor. No transfer of a CVR will
      be valid until registered in the CVR Register.

     

    
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    (d)         A Holder may make a written request to the Rights Agent to change such Holder’s address of record in the CVR Register. The written request must be
      duly executed by the Holder. Upon receipt of such written notice, the Rights Agent will promptly record the change of address in the CVR Register.

     

    (e)         Parent will provide written instructions to the Rights Agent for the distribution of CVRs to holders of Parent Common
      Stock as of immediately prior to the Effective Time (the “Record Time”). Subject to the terms and conditions of this Agreement and Parent’s prompt confirmation of the Effective Time, the
      Rights Agent shall effect the distribution of the CVRs, less any applicable tax withholding, to each holder of Parent Common Stock as of the Record Time by the mailing of a statement of holding reflecting such CVRs.

     

    2.4          Payment Procedures.

     

    (a)         Within thirty (30) days after the end of each CVR Payment Period during the CVR Term, Parent shall deliver to the CVR
      Representative and Rights Agent a CVR Payment Statement for such CVR Payment Period. Concurrent with the delivery of each CVR Payment Statement, Parent shall provide the CVR Representative with reasonable documentation to support its calculation of
      the Aggregate CVR Payment Amount (including any allocations applied when calculating the Parent IP Payment Amount component thereof and including its determination of the applicable fair market value(s)) and pay the Rights Agent in U.S. dollars an
      amount equal to the Aggregate CVR Payment Amount (if any) with respect to the applicable CVR Payment Period. For clarity, to the extent that any non-cash consideration in the Parent IP Payment Amount is monetized after the end of the CVR Term, Parent
      will include a description of such non-cash consideration in the CVR Payment Statement for the CVR Payment Period in which it is received, and will make the applicable payment to the Rights Agent upon monetization of such non-cash consideration
      (regardless of whether such monetization occurs after the end of the CVR Term). The CVR Payment Statements shall reflect any Representative Losses payable to the CVR Representative, and the CVR Payment Statement for the first CVR Payment Period shall
      include the payment of $60,000 to the CVR Representative, in any case, deducted from the CVR Payment payable to the Holders on a pro rata basis.

     

    (b)         All payments by Parent to the Rights Agent under this Agreement shall be made in U.S. dollars. The rate of exchange to be used in computing the amount
      of currency equivalent in U.S. dollars shall be made at the average of the closing exchange rates reported in The Wall Street Journal (U.S., Eastern Edition) for the ten (10) Business Days preceding the date of the CVR Payment Statement.

     

    
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    (c)         The Rights Agent will promptly, and in any event
      within ten (10) Business Days after receipt of a CVR Payment Statement under Section 2.4(a), send each Holder at its address set forth on the CVR Register a copy of such statement. If the Rights Agent also receives any payment under Section
        2.4(a) (each, a “CVR Payment”), then within ten (10) Business Days after the receipt of each CVR Payment, the Rights Agent will also pay to each Holder, by check mailed to the address
      of each Holder as reflected in the CVR Register as of the close of business on the date of the receipt of the CVR Payment Statement, such Holder’s CVR Payment Amount, and to the extent applicable, pay any Representative Losses to the CVR
      Representative. Upon the first CVR Payment to be made hereunder, the Rights Agent is hereby authorized and directed to pay $60,000 to the CVR Representative.

     

    (d)         Parent and the Rights Agent shall be entitled to deduct and withhold from any CVR Payment Amount otherwise payable or otherwise deliverable pursuant
      to this Agreement, in each case directly or through an authorized payroll agent, such amounts as are reasonably determined to be required to be deducted or withheld therefrom under the Code or any other provision of any applicable federal, state,
      local or non-U.S. Tax Law. To the extent such amounts are so deducted or withheld and paid over or deposited with the relevant Tax authority, such amounts shall be treated for all purposes under this Agreement as having been paid to the Holder(s) to
      whom such amounts would otherwise have been paid or delivered. Prior to making any such Tax withholdings or causing any such Tax withholdings to be made with respect to any Holder, the Rights Agent shall, to the extent practicable, provide notice to
      the Holder of such potential withholding and a reasonable opportunity for the Holder to provide any necessary Tax forms (including an IRS Form W-9 or an applicable IRS Form W-8) in order to avoid or reduce such withholding amounts; provided that the
      time period for payment of a CVR Payment Amount by the Rights Agent set forth in Sections 2.4(c) shall be extended by a period equal to any delay caused by the Holder providing such forms; provided, further, that in no event shall such period
      be extended for more than ten (10) Business Days, unless otherwise requested by the Holder for the purpose of delivering such forms and agreed to by the Rights Agent.

     

    (e)        Any portion of any CVR Payment that remains undistributed to the Holders six months after the CVR Payment is received by the Rights Agent from the
      Parent, provided that the Rights Agent has fully complied with Section 2.4(c), will be delivered by the Rights Agent to Parent, upon demand, and any Holder will thereafter look only to Parent for payment of its share of such returned CVR
      Payment, without interest.

     

    (f)        Neither Parent nor the Rights Agent will be liable to any person in respect of any CVR Payment Amount delivered to a public official pursuant to any
      applicable abandoned property, escheat or similar Law. If, despite Parent’s and/or the Rights Agent’s reasonable best efforts to deliver a CVR Payment Amount to the applicable Holder, such CVR Payment Amount has not been paid immediately prior to the
      date on which such CVR Payment Amount would otherwise escheat to or become the property of any Governmental Entity, any such CVR Payment Amount will, to the extent permitted by applicable Law, become the property of Parent, free and clear of all
      claims or interest of any person previously entitled thereto. In addition to and not in limitation of any other indemnity obligation herein, Parent agrees to indemnify and hold harmless Rights Agent with respect to any liability, penalty, cost or
      expense Rights Agent may incur or be subject to in connection with transferring such property to Parent.

     

    
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    2.5          No Voting, Dividends or Interest; No Equity or Ownership Interest in Parent.

     

    (a)          The CVRs will not have any voting or dividend rights, and interest will not accrue on any amounts payable on the CVRs to any Holder.

     

    (b)          The CVRs will not represent any equity or ownership interest in Parent or in any constituent company to the Merger.

     

    (c)          Each Holder acknowledges and agrees to the appointment and authority of the CVR Representative to act as the exclusive representative, agent and
      attorney-in-fact of such Holder and all Holders as set forth in this Agreement. Each Holder agrees that such Holder will not challenge or contest any action, inaction, determination or decision of the CVR Representative or the authority or power of
      the CVR Representative and will not threaten, bring, commence, institute, maintain, prosecute or voluntarily aid any action, which challenges the validity of or seeks to enjoin the operation of any provision of this Agreement, including, without
      limitation, the provisions related to the authority of the CVR Representative to act on behalf of such Holder and all Holders as set forth in this Agreement.

     

    2.6         Ability to Abandon CVR. A Holder may at any time, at such Holder’s option, abandon all of such Holder’s remaining rights in a CVR by
      transferring such CVR to Parent without consideration therefor. Nothing in this Agreement is intended to prohibit Parent from offering to acquire CVRs for consideration in its sole discretion.

     

    
      	
              3.

            	
              THE RIGHTS AGENT

            

    

     

    3.1         Certain Duties and Responsibilities. The Rights Agent will not have any liability for any actions taken or not taken in connection with this
      Agreement, except to the extent of its willful misconduct, bad faith or gross negligence.

     

    3.2         Certain Rights of Rights Agent. The Rights Agent undertakes to perform such duties and only such duties as are specifically set forth
      in this Agreement, and no implied covenants or obligations will be read into this Agreement against the Rights Agent. In addition:

     

    (a)          the Rights Agent may rely and will be protected by Parent in acting or refraining from acting upon any resolution, certificate, statement,
      instrument, opinion, report, notice, request, direction, consent, order or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties;

     

    (b)          whenever the Rights Agent will deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder,
      the Rights Agent may, in the absence of bad faith, gross negligence or willful misconduct on its part, request and rely upon an Officer’s Certificate with respect to such matter;

     

    (c)        the Rights Agent may engage and consult with counsel of its selection and the written advice of such counsel or any opinion of counsel will be full and
      complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

     

    
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    (d)          the permissive rights of the Rights Agent to do things enumerated in this Agreement will not be construed as a duty;

     

    (e)          the Rights Agent will not be required to give any note or surety in respect of the execution of such powers or otherwise in respect of the premises;

     

    (f)          Parent agrees to indemnify Rights Agent for, and hold Rights Agent harmless against, any loss, liability, claim, demands, suits or expense arising
      out of or in connection with Rights Agent’s duties under this Agreement, including the costs and expenses of defending Rights Agent against any claims, charges, demands, suits or loss, unless such loss has been determined by a court of competent
      jurisdiction to be a result of Rights Agent’s gross negligence, bad faith or willful or intentional misconduct; and

     

    (g)         Parent agrees (i) to pay the fees and expenses of the Rights Agent in connection with this Agreement as agreed upon in writing by Rights Agent and
      Parent on or prior to the date hereof, and (ii) to reimburse the Rights Agent for all taxes and governmental charges, reasonable expenses and other charges of any kind and nature incurred by the Rights Agent in the execution of this Agreement (other
      than taxes imposed on or measured by the Rights Agent’s net income and franchise or similar taxes imposed on it (in lieu of net income taxes)). The Rights Agent will also be entitled to reimbursement from Parent for all reasonable and necessary
      out-of-pocket expenses paid or incurred by it in connection with the administration by the Rights Agent of its duties hereunder.

     

    3.3          Resignation and Removal; Appointment of Successor.

     

    (a)          The Rights Agent may resign at any time by giving written notice thereof to Parent and the CVR Representative specifying a date when such resignation
      will take effect, which notice will be sent at least sixty (60) days prior to the date so specified. Parent has the right to remove the Rights Agent at any time by a Board Resolution specifying a date when such removal will take effect. Notice of
      such removal will be given by Parent to the Rights Agent, which notice will be sent at least sixty (60) days prior to the date so specified.

     

    (b)        If the Rights Agent provides notice of its intent to resign, is removed or becomes incapable of acting, Parent, by a Board Resolution, will as soon as
      is reasonably possible appoint a qualified successor Rights Agent who, unless otherwise consented to in writing by the CVR Representative, shall be a stock transfer agent or national reputation or the corporate trust department of a commercial bank.
      The successor Rights Agent so appointed will, forthwith upon its acceptance of such appointment in accordance with Section 3.4, become the successor Rights Agent.

     

    (c)         Parent will give notice to each Holder of each resignation and each removal of a Rights Agent and each appointment of a successor Rights Agent by
      mailing written notice of such event by first-class mail to the Holders as their names and addresses appear in the CVR Register. Each notice will include the name and address of the successor Rights Agent. If Parent fails to send such notice within
      ten (10) Business Days after acceptance of appointment by a successor Rights Agent, the successor Rights Agent will cause the notice to be mailed at the expense of Parent.

     

    
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    3.4        Acceptance of Appointment by Successor. Every successor Rights Agent appointed hereunder will
      execute, acknowledge and deliver to Parent and to the retiring Rights Agent an instrument accepting such appointment and a counterpart of this Agreement, and thereupon such successor Rights Agent, without any further act, deed or conveyance, will
      become vested with all the rights, powers, trusts and duties of the retiring Rights Agent. On request of Parent or the successor Rights Agent, the retiring Rights Agent will execute and deliver an instrument transferring to the successor Rights Agent
      all the rights (except such rights of the predecessor Rights Agent which survive pursuant to Section 3.3 of this Agreement), powers and trusts of the retiring Rights Agent.

     

    
      	
              4.

            	
              COVENANTS

            

    

     

    4.1         List of Holders. Parent will furnish or cause to be furnished to the Rights Agent in such form as Parent receives from Parent’s transfer agent
      (or other agent performing similar services for Parent), the names and addresses of the Holders within ten (10) Business Days of the Effective Time.

     

    4.2          Payment of CVR Payment Amounts. If any CVR Payment is due under Section 2.4(a), Parent will deposit the CVR Payment with the Rights Agent for
      payment to the Holders in accordance with Section 2.4(c).

     

    4.3         License Agreements. Without the prior written consent of Holders of not less than a majority of the
      then-outstanding CVRs, neither Parent nor any of its Affiliates shall (i) amend, restate, supplement, terminate or otherwise modify either of the License Agreements in a manner materially adversely affecting the Holders’ rights under this Agreement,
      (ii) take any action or fail to take any action, including by waiving any right or failing to enforce any right under either of the License Agreements, in a manner materially adversely affecting the Holders’ rights under this Agreement or (iii)
      permit or agree to any of the foregoing. Without limiting the foregoing, Parent and its Affiliates shall pursue their rights under each of the License Agreements in good faith, and not take any action intended to avoid, reduce, or materially delay
      any payment to the Holders hereunder.  Notwithstanding the foregoing, nothing in this Agreement shall require Parent or any of its Affiliates to take any action outside of the terms and conditions set forth in the License Agreements, including,
      without limitation, the prosecution or maintenance of any intellectual property rights that may revert back to Parent or its Affiliates under the terms of the License Agreements.

     

    4.4          Records. Parent shall, and shall cause its Affiliates to, keep true, complete and accurate records in sufficient detail to enable the Holders and their consultants
      or professional advisors to confirm (a) whether any payments related to either License Agreement giving rise to any CVR Payment Amounts have been received by Parent or its successors or Affiliates and (b) the applicable CVR Payment Amount payable to
      each Holder hereunder in accordance with the terms specified in this Agreement.

     

    
      11

      
        

    

    4.5          Audit Rights.

     

    (a)          Upon the written request of the CVR Representative provided to Parent not less than forty-five (45) days in advance (such request not to be made more
      than four times in any twelve (12) month period), Parent shall permit, and shall cause its Affiliates to permit, the Independent Accountant to have access during normal business hours to such of the records of Parent or its Affiliates as may be
      reasonably necessary to determine the accuracy of the Aggregate CVR Payment Amount reported by Parent. Parent shall, and shall cause its Affiliates to, furnish to the Independent Accountant such access, work papers and other documents and information
      reasonably necessary for the Independent Accountant to calculate and verify the Aggregate CVR Payment Amount; provided that Parent may, and may cause its Affiliates to, redact documents and information not relevant for such calculation pursuant to
      this Section 4.5. The Independent Accountant shall disclose to Parent and the CVR Representative any matters directly related to its findings to the extent reasonably necessary to verify the Aggregate CVR Payment Amount.

     

    (b)         If the Independent Accountant concludes that a CVR Payment that was properly due was not paid to the Rights Agent, or that
      any CVR Payment made was in an amount less than the amount due, Parent shall pay the CVR Payment or underpayment thereof to the Rights Agent for further distribution to the Holders (such amount being the “CVR Shortfall”). The CVR Shortfall shall be paid within ten (10) Business Days after the date the Independent Accountant delivers to Parent and the CVR Representative the Independent Accountant’s written report. The decision of the
      Independent Accountant shall be final, conclusive and binding on Parent and the Holders, shall be non-appealable and shall not be subject to further review. The fees charged by the Independent Accountant shall be paid by Parent.

     

    (c)         Each Person seeking to receive information from Parent in connection with a review pursuant to this Section 4.5 shall enter into, and shall
      cause its accounting firm to enter into, a reasonable and mutually satisfactory confidentiality agreement with Parent or any controlled Affiliate obligating such party to retain all such information disclosed to such party in confidence pursuant to
      such confidentiality agreement.

     

    
      	
              5.

            	
              AMENDMENTS

            

    

     

    5.1          Amendments
        without Consent of Holders.

     

    (a)         Without the consent of any Holders or the CVR Representative, Parent, when authorized by a Board Resolution, at any time and from time to time, and
      the Rights Agent may enter into one or more amendments hereto, solely to evidence any successor to or permitted assignee of Parent and the assumption by any such successor or permitted assignee of the covenants of Parent herein as provided in Section
        7.3.

     

    (b)          Without the consent of any Holders, Parent, when authorized by a Board Resolution, and the Rights Agent, in the Rights Agent’s sole and absolute
      discretion, at any time and from time to time, may enter into one or more amendments hereto, solely for any of the following purposes:

     

    (i)          to evidence the succession of another Person as a successor Rights Agent in accordance with Section 3 and the assumption by any successor of
      the covenants and obligations of the Rights Agent herein;

     

    
      12

      
        

    

    (ii)         to add to the covenants of Parent such further covenants, restrictions, conditions or provisions as Parent and the Rights Agent consider to be for
      the protection of the Holders; provided that, in each case, such provisions do not adversely affect the interests of the Holders;

     

    (iii)        to cure any ambiguity, to correct or supplement any provision herein that may be defective or inconsistent with any other provision herein, or to
      make any other provisions with respect to matters or questions arising under this Agreement; provided that, in each case, such provisions do not adversely affect the interests of the Holders;

     

    (iv)        as may be necessary or appropriate to ensure that the CVRs are not subject to registration under the Securities Act or the Exchange Act; provided
      that, in each case, such provisions do not adversely affect the interests of the Holders; or

     

    (v)          any other amendments hereto for the purpose of adding, eliminating or changing any provisions of this Agreement, unless such addition, elimination
      or change is adverse to the interests of the Holders or the CVR Representative.

     

    (c)         Promptly after the execution by Parent and the Rights Agent of any amendment pursuant to the provisions of this Section 5.1, Parent will mail
      (or cause the Rights Agent to mail) a notice thereof by first class mail to the Holders at their addresses as they appear on the CVR Register, setting forth in general terms the substance of such amendment.

     

    5.2          Amendments with Consent of Holders.

     

    (a)         Subject to Section 5.1 (which amendments pursuant to Section 5.1 may be made without the consent of the Holders), with the consent of
      Holders of not less than a majority of the then-outstanding CVRs, whether evidenced in writing or taken at a meeting of the Holders, CVR Representative, Parent, when authorized by a Board Resolution, and the Rights Agent may enter into one or more
      amendments hereto for the purpose of adding, eliminating or changing any provisions of this Agreement, even if such addition, elimination or change is materially adverse to the interest of the Holders. Parent and the Rights Agent agree to fully
      cooperate with the CVR Representative in soliciting and obtaining the consent of the Holders of not less than a majority of the then-outstanding CVRs as required hereunder.

     

    (b)         Promptly after the execution by Parent, the CVR Representative and the Rights Agent of any amendment pursuant to the provisions of this Section
        5.2, Parent will mail (or cause the Rights Agent to mail) a notice thereof by first class mail to the Holders at their addresses as they appear on the CVR Register, setting forth in general terms the substance of such amendment.

     

    5.3          Execution of Amendments. In executing any amendment permitted by this Section 5, the Rights Agent will be entitled to receive, and will
      be fully protected in relying upon, an opinion of counsel selected by Parent stating that the execution of such amendment is authorized or permitted by this Agreement. The Rights Agent may, but is not obligated to, enter into any such amendment that
      affects the Rights Agent’s own rights, privileges, covenants or duties under this Agreement or otherwise. No supplement or amendment to this Agreement shall be effective unless duly executed by the Rights Agent.

     

    
      13

      
        

    

    5.4          Effect of Amendments. Upon the execution of any amendment under this Section 5, this Agreement will be modified in accordance therewith, such
      amendment will form a part of this Agreement for all purposes and every Holder will be bound thereby.

     

    
      	
              6.

            	
              CVR REPRESENTATIVE

            

    

     

    6.1         Appointment of CVR Representative. To the extent valid and binding under applicable Law, the CVR Representative is hereby appointed,
      authorized and empowered to be the exclusive representative, agent and attorney-in-fact of each Holder, with full power of substitution, to make all decisions and determinations and to act (or not act) and execute, deliver and receive all agreements,
      documents, instruments and consents on behalf of and as agent for each Holder at any time in connection with, and that may be necessary or appropriate to accomplish the intent and implement the provisions of this Agreement and to facilitate the
      consummation of the transactions contemplated hereby, including without limitation for purposes of (i) negotiating and settling, on behalf of the Holders, any dispute that arises under this Agreement after the Effective Time, (ii) confirming the
      satisfaction of Parent’s obligations under this Agreement and (iii) negotiating and settling matters with respect to the amounts to be paid to the Holders pursuant to this Agreement.

     

    6.2         Authority. To the extent valid and binding under applicable Law, the appointment of the CVR Representative by the Holders upon the Effective
      Time is coupled with an interest and may not be revoked in whole or in part (including, without limitation, upon the death or incapacity of any stockholder). Subject to the prior qualifications, such appointment shall be binding upon the heirs,
      executors, administrators, estates, personal representatives, officers, directors, security holders, successors and assigns of each Holder. To the extent valid and binding under applicable Law, all decisions of the CVR Representative shall be final
      and binding on all Holders. Parent and the Rights Agent shall be entitled to rely upon, without independent investigation, any act, notice, instruction or communication from the CVR Representative and any document executed by the CVR Representative
      on behalf of any Holder and shall be fully protected in connection with any action or inaction taken or omitted to be taken in reliance thereon, absent willful misconduct by Parent or the Rights Agent (as such willful misconduct is determined by a
      final, non-appealable judgment of a court of competent jurisdiction). The CVR Representative shall not be responsible for any loss suffered by, or liability of any kind to, the Holders arising out of any act done or omitted by the CVR Representative
      in connection with the acceptance or administration of the CVR Representative’s duties hereunder, unless such act or omission directly resulted from the CVR Representative’s gross negligence or willful misconduct. In the event of any losses,
      liabilities, damages, claims, penalties, fines, forfeitures, actions, fees, costs and expenses (including the fees and expenses of counsel and experts and their staffs and all expense of document location, duplication and shipment) incurred by the
      CVR Representative (collectively, “Representative Losses”) arising out of or in connection with the CVR Representative’s execution and performance of this Agreement and any agreements
      ancillary hereto, the CVR Representative will provide Parent and the Rights Agent with a written notice of such Representative Loss, which will be deducted from the next CVR Payment and paid by the Rights Agent to the CVR Representative; provided,
      that in the event that any such Representative Loss is finally adjudicated to have been directly caused by the gross negligence or willful misconduct of the CVR Representative, the CVR Representative will pay the amount of such indemnified
      Representative Loss to the extent attributable to such gross negligence or willful misconduct to the Rights Agent for further distribution to the Holders. In no event will the CVR Representative be required to advance its own funds on behalf of the
      Holders or otherwise. Parent, the Company and the Rights Agent acknowledge and agree that the CVR Representative has entered into this Agreement solely in such capacity, and the CVR Representative shall not be responsible for any loss suffered by, or
      liability of any kind to, Parent, the Company, the Rights Agent or any other person except for losses or liabilities arising out of or in connection with this Agreement and directly caused by the CVR Representative’s actions.  The exculpation of the
      CVR Representative set forth in this Section 6.2 shall survive the termination of this Agreement and the resignation or removal of the CVR Representative.

     

    
      14

      
        

    

    6.3         Successor CVR Representative. The CVR Representative may be removed for any reason or no reason by written consent
      of Holders of not less than a majority of the then-outstanding CVRs. The CVR Representative may resign upon twenty (20) days’ written notice to Parent and the Rights Agent in the event of circumstances rendering it impracticable for the CVR
      Representative to continue to effectively serve, including amendments increasing the CVR Representative’s responsibilities without its consent or failure to pay amounts due to the CVR Representative, and upon the effectiveness of such resignation,
      shall have no further obligations or liabilities hereunder. In the event that the CVR Representative becomes unable to perform its responsibilities hereunder or resigns or is removed from such position, Holders of not less than a majority of the
      then-outstanding CVRs shall be authorized to and shall select another representative to fill such vacancy and such substituted representative shall be deemed to be the CVR Representative for all purposes of this Agreement. The newly-appointed CVR
      Representative shall notify Parent, the Rights Agent and any other appropriate Person in writing of its appointment, provide evidence that the Holders of not less than a majority of the then-outstanding CVRs approved such appointment and provide
      appropriate contact information for purposes of this Agreement. Parent and the Rights Agent shall be entitled to rely upon, without independent investigation, the identity and validity of such newly-appointed CVR Representative as set forth in such
      written notice. In the event that within thirty (30) days after the CVR Representative becomes unable to perform its responsibilities hereunder or resigns or is removed from such position, no successor CVR Representative has been so selected, Parent
      shall cause the Rights Agent to notify the Person holding the largest quantity of the outstanding CVRs (and who is not Parent or, to the Rights Agent’s actual knowledge, any Affiliate of Parent) that such Person is the successor CVR Representative,
      and such Person shall be the successor CVR Representative hereunder. If such Person notifies the Rights Agent in writing that such Person declines to serve, the Rights Agent shall forthwith notify the Person holding the next-largest quantity of the
      outstanding CVRs (and who is not Parent or, to the Rights Agent’s actual knowledge, any Affiliate of Parent) that such next-largest-quantity Person is the successor CVR Representative, and such next-largest-quantity Person shall be the successor CVR
      Representative hereunder. (And so on, to the extent as may be necessary.) The Holders are intended third party beneficiaries of this Section 6.3. If a successor CVR Representative is not appointed pursuant to the preceding procedure within
      sixty (60) days after the CVR Representative becomes unable to perform its responsibilities hereunder or resigns or is removed from such position, Parent shall appoint a successor CVR Representative.

     

    6.4         Termination of Duties and Obligations. The CVR Representative’s duties and obligations under this Agreement shall survive until no CVRs remain
      outstanding or until this Agreement expires or is terminated pursuant to Section 7.7, whichever is earlier.

     

    
      15

      
        

    

    
      	
              7.

            	
              OTHER PROVISIONS OF GENERAL APPLICATION

            

    

     

    7.1          Notices to Rights Agent, Parent and CVR Representative. Any notice or other communication required or permitted
      hereunder shall be in writing and shall be deemed given when delivered in person, by overnight courier or by electronic mail, or two (2) Business Days after being sent by registered or certified mail (postage prepaid, return receipt requested), as
      follows:

     
      If to the Rights Agent, to it at:

       

      

    

    
      	 	
              Olde Monmouth Stock Transfer Co., Inc.

            
	 	
              Telephone:

            	
              (732) 872-2727, Ext. 101

            
	 	
              Email:

            	
              matt@oldemonmouth.com

            
	 	
              Attention:

            	
              Matthew J. Troster, President

            
	 	 
	 	
              If to Parent, to it at:

            
	 	 
	 	
              Rexahn Pharmaceuticals, Inc.

            
	 	
              37000 Grand River Ave, Suite 120

            
	 	
              Farmington Hills, MI 48335

            
	 	
              Telephone:

            	
              (248) 681-9815

            
	 	
              Email:

            	
              msooch@ocuphire.com

            
	 	
              Attention:

            	
              Mina Sooch

            
	 	 	 
	 	
              with a copy to:

            
	 	 	 
	 	
              Honigman LLP

            
	 	
              650 Trade Centre Way

            
	 	
              Suite 200

            
	 	
              Kalamazoo, MI 49002-0402

            
	 	
              Attention: Phillip D. Torrence

            
	 	
              Email: ptorrence@honigman.com

            
	 	 
	 	
              If to the CVR Representative, to it at:

            
	 	 
	 	
              Shareholder Representative Services LLC

            
	 	
              950 17th Street, Suite 1400

            
	 	
              Denver, CO 80202

            
	 	
              Telephone:

            	
              (303) 648-4085

            
	 	
              Email:

            	
              deals@srsacquiom.com

            
	 	
              Attention:

            	
              Managing Director

            
	 	 
	 	
              with a copy to:

            
	 	 	 
	 	
              Hogan Lovells US LLP

            
	 	
              100 International Drive, Suite 2000

            
	 	
              Baltimore, MD 21202

            
	 	
              Attention: Asher M. Rubin; William I. Intner

            
	 	
              Email: asher.rubin@hoganlovells.com; william.intner@hoganlovells.com

            

    

     

    

     The Rights Agent, Parent or CVR Representative may specify a different address, email address by giving notice to each other in accordance with this Section 7.1 and to the Holders in accordance with Section
        7.2. 

     

    

    
      16

      
        

    

    

    7.2        Notice to Holders. Where this Agreement provides for notice to Holders, such notice will be sufficiently given
      (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at the Holder’s address as it appears in the CVR Register, not later than the latest date, and not earlier than
      the earliest date, if any, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder will affect the
      sufficiency of such notice with respect to other Holders.

     

    7.3          Parent Successors and Assigns.

     

    (a)         Parent may not assign this Agreement without the prior written consent of the CVR Representative, provided that (i) Parent
      may assign, in its sole discretion and without the consent of any other party, any or all of its rights, interests and obligations hereunder to one or more direct or indirect wholly-owned subsidiaries of Parent for so long as they remain wholly owned
      subsidiaries of Parent (each, an “Assignee”); provided that the Assignee agrees to assume and be bound by all of the terms of this Agreement; provided, however, that in connection with any
      assignment to an Assignee, Parent shall, and shall agree to, remain liable for the performance by such Assignee of all obligations of Parent hereunder, with such Assignee substituted for Parent under this Agreement, and (ii) Parent may assign this
      Agreement in its entirety without the consent of any other party to its successor in interest in connection with the sale of all or substantially all of its assets or of its stock, or in connection with a merger, acquisition or similar transaction
      (such successor in interest, the “Acquiror”, and such transaction, the “Acquisition”). This Agreement will be binding upon, inure
      to the benefit of and be enforceable by Parent’s successors, acquirers and each Assignee. Each reference to “Parent” in this Agreement shall be deemed to include Parent’s successors,
      acquirers and all Assignees. Each of Parent’s successors, acquirers and assigns shall expressly assume by an instrument supplemental hereto, executed and delivered to the Rights Agent, the due and punctual payment of the CVR Payments and the due and
      punctual performance and observance of all of the covenants and obligations of this Agreement to be performed or observed by Parent.

     

    (b)         Any Person into which the Rights Agent or any successor Rights Agent may be merged or with which it
      may be consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the stock transfer or other shareholder services business of the
      Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such Person would be
      eligible for appointment as a successor Rights Agent under the provisions of the Agreement. The purchase of all or substantially all of the Rights Agent’s assets employed in the performance of transfer agent activities shall be deemed a merger or
      consolidation for purposes of this Section 7.3(b).

     

    
      17

      
        

    

    7.4         Benefits of Agreement. Parent and the Rights Agent hereby agree that the respective covenants and agreements set forth herein are intended to
      be for the benefit of, and shall be enforceable by, the CVR Representative (on behalf of itself and the Holders) and the Holders, acting by the written consent of Holders of not less than a majority of the then-outstanding CVRs, all of whom are
      intended third-party beneficiaries hereof. Nothing in this Agreement, express or implied, will give to any Person (other than the Rights Agent, Parent, Parent’s successors and permitted assignees, and the Holders and their respective successors and
      permitted assignees) any benefit or any legal or equitable right, remedy or claim under this Agreement or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the Rights Agent, Parent,
      Parent’s successors and permitted assignees, and the Holders and their respective successors and permitted assignees. The rights of Holders are limited to those expressly provided in this Agreement and the Merger Agreement.  Notwithstanding anything
      to the contrary contained herein, any Holder may agree to renounce, in whole or in part, such Holder’s rights under this Agreement by written notice to the Rights Agent and Parent, which notice, if given, shall be irrevocable.  In such event, such
      Holder’s CVRs will not be included for determining the number of outstanding CVRs held by other Holders and the Aggregate CVR Payment Amount shall be distributed to the Holders based on the number of the CVRs then outstanding.

     

    7.5        Governing Law. This Agreement, the CVRs and all claims and causes of action based upon, arising out of or in connection herewith shall
      be governed by, and construed in accordance with, the Laws of the State of Delaware, without regard to Laws that may be applicable under conflicts of laws principles (whether of the State of Delaware or any other jurisdiction) that would cause the
      application of the Laws of any jurisdiction other than the State of Delaware.

     

    Each of the parties hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Court of Chancery of the State of Delaware or, if such court does
      not have jurisdiction, any Delaware state court, or federal court of the United States of America, sitting in Delaware, and any appellate court from any thereof, in any Legal Proceeding arising out of or relating to this Agreement or the transactions
      contemplated hereby or for recognition or enforcement of any judgment relating thereto, and each of the parties hereby irrevocably and unconditionally (i) agrees not to commence any such Legal Proceeding except in such courts, (ii) agrees that any
      claim in respect of any such Legal Proceeding may be heard and determined in such court, (iii) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such
      Legal Proceeding in any such court, and (iv) waives, to the fullest extent permitted by Law, the defense of an inconvenient forum to the maintenance of such Legal Proceeding in any such court. Each of the parties agrees that a final judgment in any
      such Legal Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each party to this Agreement irrevocably consents to service of process in the manner provided for
      notices in Section 7.1. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by Law.

     

    
      18

      
        

    

    7.6         Severability. If any term or other provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or
      incapable of being enforced by any rule of Law or public policy, all other terms, conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
      contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
      this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable Law and in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent
      possible.

     

    7.7         Counterparts and Signature. This Agreement may be signed in any number of counterparts,
      including by electronic transmission, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

     

    7.8        Termination. This Agreement will expire and be of no force or effect, the parties hereto will have no liability hereunder (other than with
      respect to monies due and owing by Parent to Rights Agent or any other rights of the Rights Agent which expressly survive the termination of this Agreement), and no additional payments will be required to be made, upon the later of (i) the conclusion
      of the CVR Term and (ii) the payment of the full amount of all CVR Payments to the Rights Agent and the payment of the full amount of all CVR Payment Amounts to the Holders by the mailing by the Rights Agent of each applicable CVR Payment Amount to
      each Holder at the address reflected in the CVR Register.

     

    7.9          Funds. All funds received by the Rights Agent under this Agreement that are to be distributed or applied by the
      Rights Agent in the performance of services hereunder (the “Funds”) shall be held by the Rights Agent as agent for the Parent and deposited in one or more bank accounts to be maintained by
      the Rights Agent in its name as agent for the Parent. Until paid pursuant to the terms of this Agreement, the Rights Agent will hold the Funds through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or
      with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). The Rights Agent shall have no
      responsibility or liability for any diminution of the Funds that may result from any deposit made by the Rights Agent in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other Third
      Party. The Rights Agent may from time to time receive interest, dividends or other earnings in connection with such deposits. The Rights Agent shall not be obligated to pay such interest, dividends or earnings to the Parent, any Holder or any other
      party.

     

    7.10      Entire Agreement. This Agreement and the Merger Agreement (including the schedules, annexes and exhibits thereto, the documents and instruments
      referred to therein and the documents delivered pursuant thereto) constitute the entire agreement of the parties and supersede all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the
      subject matter hereof and, except as otherwise expressly provided herein or therein, are not intended to confer upon any other Person any rights or remedies hereunder or thereunder. If and to the extent that any provision of this Agreement is
      inconsistent or conflicts with the Merger Agreement, this Agreement will govern and control.

     

    
      19

      
        

    

    7.11       Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
      UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT
      OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
      REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY
      AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.11.

     

    [Remainder of page intentionally left blank]

     

    
      20

      
        

    

    IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its behalf by its duly authorized officers as of the day and year first above written.

     

    
      	 	
              REXAHN PHARMACEUTICALS, INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Douglas J. Swirsky

            
	 	
              Name:  Douglas J. Swirsky

            
	 	
              Title:  President and Chief Executive Officer

            
	 	 	 
	 	
              OLDE MONMOUTH STOCK TRANSFER CO., INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Matthew Troster

            
	 	
              Name:  Matthew Troster

            
	 	
              Title:  President

            

    

    

    

    
      	 	
              SHAREHOLDER REPRESENTATIVE SERVICES LLC, solely in its capacity as the CVR Representative

            
	 	 	 
	 	
              By:

            	
              /s/ Kip Wallen

            
	 	
              Name:  Kip Wallen

            
	 	
              Title:  Director

            

    

    

    

    
      [Signature Page to Contingent Value Rights Agreement]

    

    

    

    
      
        

    

    SCHEDULE A

     

    PARENT IP

     

     

    

  

  
    A-1Exhibit 10.8

  

  
     

    

    OCUPHIRE PHARMA, INC.

    INDEMNITY AGREEMENT

     

    This Indemnity Agreement (this “Agreement”) is made and entered into as
      of _______________, by and between Ocuphire Pharma, Inc. a Delaware corporation (the “Company”), and [Insert

        Name] (“Indemnitee”).

     

    Recitals

     

    Whereas, highly competent persons have become more reluctant to serve corporations as
      directors or officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on
      behalf of the corporation;

     

    Whereas, although furnishing of insurance to protect persons serving a corporation and its
      subsidiaries from certain liabilities has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be
      available to it in the future only at higher premiums and with more exclusions.  At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and
      time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself.  The Bylaws and Certificate of Incorporation of the Company require indemnification
      of the executive officers and directors of the Company and permit indemnification of other officers and certain other persons.  Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the “DGCL”).  The Bylaws, Certificate of Incorporation, and the DGCL expressly provide that their respective indemnification provisions are not exclusive, and contemplate that contracts may be
      entered into between the Company and members of the Board, officers, and other persons with respect to indemnification;

     

    Whereas, the uncertainties relating to such liability insurance and to indemnification have
      increased the difficulty of attracting and retaining such persons;

     

    Whereas, the Board has determined that the increased difficulty in attracting and retaining
      such persons is detrimental to the best interests of the Company’s stockholders, and that the Company should act to assure such persons that there will be increased certainty of protection in the future;

     

    Whereas, it is reasonable, prudent, and necessary for the Company to contractually obligate
      itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;

     

    Whereas, this Agreement is a supplement to and in furtherance of the Company’s Bylaws and
      Certificate of Incorporation and any resolutions adopted pursuant to such indemnification, and will not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee;

     

    
      1

      
        

    

    Whereas, Indemnitee does not regard the protection available under the Company’s Bylaws and
      Certificate of Incorporation and insurance as adequate in the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company desires Indemnitee to serve in such capacity.  Indemnitee is
      willing to serve, continue to serve, and to take on additional service for or on behalf of the Company on the condition that he or she be so indemnified;

     

    Whereas, Indemnitee may have certain rights to indemnification and insurance provided by
      other entities or organizations which Indemnitee and such other entities and organizations intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided in this Agreement, with the Company’s acknowledgement and
      agreement to the foregoing being a material condition to Indemnitee’s willingness to serve on the Board; and

     

    Whereas, this Agreement supersedes and replaces in its entirety any previous indemnification
      agreement entered into between the Company and Indemnitee.

     

    Agreement

     

    Now, Therefore, in consideration of Indemnitee’s agreement to serve as an officer or a director from and after the +date first
      written above, the parties agree as follows:

     

    1.          Indemnity of Indemnitee.  The Company
      agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law, as such may be amended from time to time in accordance with the terms of this Agreement.  In furtherance of the this indemnification, and without limiting the
      generality of such indemnification:

     

    (a)        Proceedings Other Than Proceedings by or in the Right of the Company.  Indemnitee will be entitled to the
      rights of indemnification provided in this Section 1(a) if, by reason of his or her Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding other than a Proceeding by or in the right of the
      Company.  Pursuant to this Section 1(a), Indemnitee will be indemnified against all Expenses, judgments, penalties, fines, and amounts paid in settlement actually and reasonably incurred by him or her, or on his or her behalf, in connection
      with such Proceeding or any claim, issue, or matter.  This indemnification is provided if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to
      any criminal Proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful.

     

    (b)         Proceedings by or in the Right of the Company.  Indemnitee will be entitled to the rights of
      indemnification provided in this Section 1(b) if, by reason of his or her Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company.  Pursuant to this Section

        1(b), Indemnitee will be indemnified against all Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably
      believed to be in, or not opposed to, the best interests of the Company.  Indemnification will not be provided against such Expenses if made in respect of any claim, issue, or matter in such Proceeding as to which Indemnitee will have been adjudged
      to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware will determine that such indemnification may be made.

     

    
      2

      
        

    

    (c)         Indemnification for Expenses of a Party Who is Wholly or Partly Successful.  Notwithstanding any other
      provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he or she will be indemnified to the maximum extent permitted by law
      against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.  If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less
      than all claims, issues or matters in such Proceeding, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue, or
      matter.  For purposes of this Section 1(c), the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result as to such claim, issue, or matter.

     

    2.           Additional Indemnity.  In addition to,
      and without regard to any limitations on, the indemnification provided for in Section 1, the Company agrees to indemnify and hold Indemnitee harmless against all Expenses, judgments, penalties, fines, and amounts paid in settlement actually
      and reasonably incurred by him or her or on his or her behalf if, by reason of his or her Corporate Status, he or she is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the
      Company), including, without limitation, any and all liability arising out of the negligence or active or passive wrongdoing of Indemnitee.  The only limitation that will exist on the Company’s obligations pursuant to this Agreement will be that the
      Company will not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, in Sections 6 and 7) to be unlawful.

     

    3.           Contribution.

     

    (a)         Whether or not the indemnification provided in Sections 1 and 2 is available, in respect of any threatened, pending, or completed
      action, suit, or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit, or proceeding), the Company will pay, in the first instance, the entire amount of any judgment or settlement of such
      action, suit, or proceeding without requiring Indemnitee to contribute to such payment, and the Company waives and relinquishes any right of contribution it may have against Indemnitee.  The Company will not enter into any settlement of any action,
      suit, or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit, or proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.  The
      Company will not settle any action or claim in a manner that would impose any penalty or admission of guilt or liability on Indemnitee without Indemnitee’s written consent.

     

    
      3

      
        

    

    (b)         Without diminishing or impairing the obligations of the Company in the preceding subparagraph, if Indemnitee elects or is required to pay all or
      any portion of any judgment or settlement in any threatened, pending, or completed action, suit, or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit, or proceeding), the Company will
      contribute to the amount of Expenses, judgments, fines, and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors, or
      employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit, or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such action, suit
      or proceeding arose.  To the extent necessary to conform to law, the proportion determined on the basis of relative benefit may be further adjusted by reference to the relative fault of the Company and all officers, directors, or employees of the
      Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such expenses,
      judgments, fines, or settlement amounts, as well as any other equitable considerations which the applicable law may require to be considered.  The relative fault of the Company and all officers, directors, or employees of the Company, other than
      Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, will be determined by reference to, among other things, the degree to which their
      actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary, and the degree to which their respective conduct is active or passive.

     

    (c)         The Company agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by the Company’s officers,
      directors, or employees, other than Indemnitee, who may be jointly liable with Indemnitee.

     

    (d)        To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any
      reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement or for Expenses, in connection
      with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding to reflect: (i) the relative benefits received by the Company and
      Indemnitee as a result of the events and transactions giving cause to such Proceeding; and (ii) the relative fault of the Company (and its directors, officers, employees, and agents) and Indemnitee in connection with such events and transactions.

     

    4.          Indemnification for Expenses of a Witness.  Notwithstanding any other provision
      of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not a party, he or she will be indemnified
      against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.

     

    5.           Advancement of Expenses.  Notwithstanding any other provision of this
      Agreement, the Company will advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within 30 days after the receipt by the Company of a statement from Indemnitee
      requesting such advance or advances, whether prior to or after final disposition of such Proceeding.  Such statement will reasonably evidence the Expenses incurred by Indemnitee and will include or be preceded or accompanied by a written undertaking
      by or on behalf of Indemnitee to repay any Expenses advanced if it is ultimately determined that Indemnitee is not entitled to be indemnified against such Expenses.  Any advances and undertakings to repay pursuant to this Section 5 will be
      unsecured and interest free.

     

    
      4

      
        

    

    6.          Procedures and Presumptions for Determination of Entitlement to Indemnification. 
      It is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware.  Accordingly, the parties agree that the following procedures and
      presumptions will apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement:

     

    (a)        To obtain indemnification under this Agreement, Indemnitee will submit to the Company a written request with such documentation and information as
      is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification.  The Secretary of the Company will, promptly on receipt of such a request for indemnification, advise
      the Board in writing that Indemnitee has requested indemnification.  Notwithstanding the foregoing, any failure of Indemnitee to provide such request to the Company, or to provide such a request in a timely fashion, will not relieve the Company of
      any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company.

     

    (b)       On written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a), Indemnitee’s entitlement to
      indemnification will be determined in the specific case:

     

    (1)          by one of the following four methods, which will be at the election of the Board, unless a Change in Control has occurred:

     

    (i)           by a majority vote of the Disinterested Directors, even though less than a quorum;

     

    (ii)         by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum;

     

    (iii)        if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a
      copy of which will be delivered to Indemnitee; or

     

    (iv)        if so directed by the Board, by the stockholders of the Company; or

     

    (2)          if a Change in Control has occurred, by Independent Counsel in a written opinion to the Board, a copy of which will be delivered to Indemnitee

     

    Disinterested Directors are those members of the Board who are not parties to the action, suit, or proceeding that indemnification is sought by Indemnitee.

     

    
      5

      
        

    

    (c)         If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b), the Independent
      Counsel will be selected as provided in this Section 6(c).  The Independent Counsel will be selected by the Board and notify Indemnitee by written notice.  Within 10 days after such notice has been given, Indemnitee may deliver the Company a
      written objection to such selection.  But, that objection may only be asserted on the ground that the Independent Counsel does not meet the requirements of “Independent Counsel” as defined
      in Section 13, and the objection will include with particularity the factual basis of such assertion.  Absent a proper and timely objection, the person so selected will act as Independent Counsel.  If a written objection is made and
      substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit.  If no Independent Counsel will have been selected and
      not objected to within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a), either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of
      competent jurisdiction for resolution of any objection made by Indemnitee to the Company’s selection of Independent Counsel or for the appointment of a person selected by the court or by such other person as the court designates to serve as
      Independent Counsel.  The person with respect to whom all objections are so resolved or the person so appointed will act as Independent Counsel under Section 6(b).  The Company will pay any and all reasonable fees and expenses of Independent
      Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b), and the Company will pay all reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in
      which such Independent Counsel was selected or appointed.  In no event will Indemnitee be liable for fees and expenses incurred by such Independent Counsel.

     

    (d)         In making a determination with respect to entitlement to indemnification under this Agreement, the person or persons or entity making such
      determination will presume that Indemnitee is entitled to indemnification under this Agreement.  Anyone seeking to overcome this presumption will have the burden of proof and the burden of persuasion by clear and convincing evidence.  Neither the
      failure of the Company (including by its Board or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the
      applicable standard of conduct, nor an actual determination by the Company (including by its Board or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that
      Indemnitee has not met the applicable standard of conduct.

     

    (e)          Indemnitee will be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise,
      including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the
      Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise.  In addition, the knowledge and actions, or failure to act, of any director, officer, agent, or employee of
      the Enterprise will not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.  Whether or not the foregoing provisions of this Section 6(e) are satisfied, it will in any event be presumed that
      Indemnitee has at all times acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the Company.  Anyone seeking to overcome this presumption will have the burden of proof and the burden of
      persuasion by clear and convincing evidence.

     

    
      6

      
        

    

    (f)          If the person, persons, or entity empowered or selected under Section 6 to determine whether Indemnitee is entitled to indemnification has
      not have made a determination within 60 days after receipt by the Company of the request, the requisite determination of entitlement to indemnification will be deemed to have been made, and Indemnitee will be entitled to such indemnification absent
      (i) a misstatement by Indemnitee of a material fact or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading in connection with the request for indemnification, or (ii) a prohibition of such indemnification
      under applicable law.  Such 60-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person, persons, or entity making such determination with respect to entitlement to indemnification in good faith requires
      such additional time to obtain or evaluate documentation or information relating thereto.  The provisions of this Section 6(f) will not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to
      Section 6(b) and if (A) within 15 days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their
      consideration at an annual meeting to be held within 75 days after such receipt, and such determination is made at that annual meeting, or (B) a special meeting of stockholders is called within 15 days after such receipt for the purpose of making
      such determination, such meeting is held for such purpose within 60 days after having been so called and such determination is made at that annual meeting.

     

    (g)        Indemnitee will cooperate with the person, persons, or entity making such determination with respect to Indemnitee’s entitlement to indemnification,
      including providing such person, persons, or entity on reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
      to such determination.  Any Independent Counsel, member of the Board, or stockholder of the Company will act reasonably and in good faith in making a determination regarding Indemnitee’s entitlement to indemnification under this Agreement.  Any costs
      or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons, or entity making such determination will be borne by the Company (irrespective of the determination as to Indemnitee’s
      entitlement to indemnification), and the Company indemnifies and agrees to hold Indemnitee harmless therefrom.

     

    (h)        The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense,
      delay, distraction, disruption, and uncertainty.  In the event that any action, claim, or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement
      of such action, claim or proceeding with or without payment of money or other consideration) it will be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit, or proceeding.  Anyone seeking to overcome this
      presumption will have the burden of proof and the burden of persuasion by clear and convincing evidence.

     

    
      7

      
        

    

    (i)         The termination of any Proceeding or of any claim, issue, or matter in any Proceeding, by judgment, order, settlement or conviction, or on a plea
      of nolo contendere or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a
      manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

     

    7.           Remedies of Indemnitee.

     

    (a)          In the event that (i) a determination is made pursuant to Section 6 that Indemnitee is not entitled to indemnification under this
      Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5, (iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) within 90 days after receipt by the Company of the request for
      indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within 10 days after receipt by the Company of a written request for such payment, or (v) payment of indemnification is not made within 10 days after a
      determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6, Indemnitee will be entitled to an adjudication in an appropriate court of the State of
      Delaware, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification.  Indemnitee will commence such proceeding seeking an adjudication within 1 year following the date on which Indemnitee first has the right
      to commence such proceeding pursuant to this Section 7(a).  The Company will not oppose Indemnitee’s right to seek any such adjudication.

     

    (b)        In the event that a determination has been made pursuant to Section 6(b) that Indemnitee is not entitled to indemnification, any judicial
      proceeding commenced pursuant to this Section 7 will be conducted in all respects as a de novo trial on the merits, and Indemnitee will not be prejudiced by reason of the adverse determination under Section 6(b).

     

    (c)          If a determination has been made pursuant to Section 6(b) that Indemnitee is entitled to indemnification, the Company will be bound by
      such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement by Indemnitee of a material fact or an omission of a material fact necessary to make Indemnitee’s misstatement not materially
      misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable law.

     

    (d)        In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his or her rights under, or to recover damages
      for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company will pay on his or her behalf, in advance, any and all expenses (of the types described in the
      definition of Expenses) actually and reasonably incurred by him or her in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses, or insurance recovery.

     

    
      8

      
        

    

    (e)          The Company will be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures and
      presumptions of this Agreement are not valid, binding, and enforceable, and will stipulate in any such court that the Company is bound by all the provisions of this Agreement.  The Company will indemnify Indemnitee against any and all Expenses and,
      if requested by Indemnitee, will (within 10 days after receipt by the Company of a written request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action
      brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is
      determined to be entitled to such indemnification, advancement of Expenses, or insurance recovery, as the case may be.

     

    (f)          Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement will be
      required to be made prior to the final disposition of the Proceeding.

     

    8.           Non-Exclusivity; Survival of Rights; Insurance; Primacy of
        Indemnification; Subrogation.

     

    (a)         The rights of indemnification as provided by this Agreement will not be deemed exclusive of any other rights to which Indemnitee may at any time be
      entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution of Board, or otherwise.  No amendment, alteration, or repeal of this Agreement or of any provision of this Agreement will
      limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration, or repeal.  To the extent that a change in the DGCL,
      whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Certificate of Incorporation, Bylaws, and this Agreement, it is the intent of the parties of this Agreement that Indemnitee will enjoy
      all greater benefits so afforded by such change.  No right or remedy in this Agreement conferred is intended to be exclusive of any other right or remedy, and every other right and remedy will be cumulative and in addition to every other right and
      remedy given under this Agreement or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy under this Agreement, or otherwise, will not prevent the concurrent assertion or employment of any
      other right or remedy.

     

    (b)       To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents,
      or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan, or other enterprise that such person serves at the request of the Company, the Company will procure such insurance policy or policies
      under which Indemnitee will be covered in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent, or fiduciary under such policy or policies.  If, at the time of the receipt of a
      notice of a claim pursuant to the terms of this Agreement, the Company has director and officer liability insurance in effect, the Company will give prompt notice of the commencement of such proceeding to the insurers in accordance with the
      procedures in the respective policies.  The Company will thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such
      policies.

     

    
      9

      
        

    

    (c)          The Company acknowledges that Indemnitee has or may have in the future certain rights to indemnification, advancement of expenses, or insurance
      provided by other entities or organizations (collectively, the “Secondary Indemnitors”).  The Company agrees that (i) it is the indemnitor of first resort (i.e., its obligations to
      Indemnitee are primary and any obligation of the Secondary Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) it will be required to advance the full amount
      of expenses incurred by Indemnitee and will be liable for the full amount of all Expenses, judgments, penalties, fines, and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement, the Company’s
      Certificate of Incorporation or Bylaws (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Secondary Indemnitors, and (iii) it irrevocably waives, relinquishes, and releases the
      Secondary Indemnitors from any and all claims against the Secondary Indemnitors for contribution, subrogation, or any other recovery of any kind in respect thereof.  The Company further agrees that no advancement or payment by the Secondary
      Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company will affect the foregoing and the Secondary Indemnitors will have a right of contribution and be subrogated to the extent
      of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.  The Company and Indemnitee agree that the Secondary Indemnitors are express third party beneficiaries of the terms of this Section 8(c).

     

    (d)         Except as provided in Section 8(c), in the event of any payment under this Agreement, the Company will be subrogated to the extent of such
      payment to all of the rights of recovery of Indemnitee (other than against the Secondary Indemnitors), who will execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to
      enable the Company to bring suit to enforce such rights.

     

    (e)          Except as provided in Section 8(c), the Company will not be liable under this Agreement to make any payment of amounts otherwise
      indemnifiable under this Agreement if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement, or otherwise.

     

    (f)          Except as provided in Section 8(c), the Company’s obligation to indemnify or advance Expenses under this Agreement to Indemnitee who is or
      was serving at the request of the Company as a director, officer, employee, or agent of any other corporation, partnership, joint venture, trust, employee benefit plan, or other enterprise will be reduced by any amount Indemnitee has actually
      received as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan, or other enterprise.

     

    9.           Exceptions to Right of Indemnification.  Notwithstanding any provision in this
      Agreement, the Company will not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

     

    
      10

      
        

    

    (a)          for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with
      respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing will not affect the rights of Indemnitee or the Secondary Indemnitors in Section 8(c);

     

    (b)         for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning
      of Section 16(b) of the Exchange Act, or similar provisions of state statutory law or common law;

     

    (c)          in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any
      Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees, or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, or (ii) the Company provides
      the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law;

     

    (d)         with respect to remuneration paid to Indemnitee if it is determined by final judgment or other final adjudication that such remuneration was in
      violation of law (and, in this respect, both the Company and Indemnitee have been advised that the Securities and Exchange Commission believes that indemnification for liabilities arising under the federal securities laws is against public policy and
      is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication, as indicated in the last paragraph of this Section 9);

     

    (e)          a final judgment or other final adjudication is made that Indemnitee’s conduct was in bad faith, knowingly fraudulent or deliberately dishonest or
      constituted willful misconduct (but only to the extent of such specific determination);

     

    (f)          in connection with any claim for reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or
      of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of
      the Sarbanes-Oxley Act, or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant to any
      settlement); or

     

    (g)        on account of conduct that is established by a final judgment as constituting a breach of Indemnitee’s duty of loyalty to the Company or resulting
      in any personal profit or advantage to which Indemnitee is not legally entitled.

     

    For purposes of this Section 9, a final judgment or other adjudication may be reached in either the underlying proceeding or action in connection with which indemnification is sought or a
      separate proceeding or action to establish rights and liabilities under this Agreement.

     

    
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    Any provision herein to the contrary notwithstanding, the Company will not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee or otherwise act in violation of any
      undertaking appearing in and required by the rules and regulations promulgated under the Securities Act, or in any registration statement filed with the SEC under the Securities Act.  Indemnitee acknowledges that paragraph (h) of Item 512 of
      Regulation S-K promulgated under the Securities Act currently generally requires the Company to undertake, in connection with any registration statement filed under the Securities Act, to submit the issue of the enforceability of Indemnitee’s rights
      under this Agreement in connection with any liability under the Securities Act on public policy grounds to a court of appropriate jurisdiction and to be governed by any final adjudication of such issue.  Indemnitee specifically agrees that any such
      undertaking will supersede the provisions of this Agreement and to be bound by any such undertaking.

     

    10.         Duration of Agreement.  All agreements and obligations of the Company contained
      herein will continue during the period Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or
      other enterprise) and will continue thereafter so long as Indemnitee will be subject to any Proceeding (or any proceeding commenced under Section 7) by reason of his or her Corporate Status, whether or not he or she is acting or serving in
      any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.  This Agreement will be binding on and inure to the benefit of and be enforceable by the parties of this Agreement and
      their respective successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors, and personal and legal
      representatives.

     

    11.          Security.  To the extent requested by Indemnitee and approved by the Board, the
      Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations under this Agreement through an irrevocable bank line of credit, funded trust, or other collateral.  Any such security, once provided to
      Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.

     

    12.          Enforcement.

     

    (a)          The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it to induce Indemnitee
      to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying on this Agreement in serving as an officer or director of the Company.

     

    (b)       Other than as provided in this Agreement, this Agreement constitutes the entire agreement between the parties with respect to this subject matter and
      supersedes all prior agreements and understandings, oral, written and implied, between the parties with respect to this subject matter.

     

    13.          Definitions.  For purposes of this Agreement:

     

    (a)         “Beneficial Owner” has the meaning given to such term in Rule 13d-3 under the Exchange
      Act; provided, however, that Beneficial Owner will exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another entity.

     

    
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    (b)          “Board” means the Board of Directors of the Company.

     

    (c)          “Change in Control” means the earliest to occur after the date of this Agreement of
      any of the following events:

     

    (1)          Acquisition of Stock by Third Party.  Any Person is or becomes the Beneficial Owner (as defined above),
      directly or indirectly, of securities of the Company representing twenty five percent (25%) or more of the combined voting power of the Company’s then outstanding securities ;

     

    (2)          Change in Board.  During any period of two (2) consecutive years (not including any period prior to the
      execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction
      described in clause (i), (iii) or (iv) of this definition of Change in Control) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office
      who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a least a majority of the members of the Board;

     

    (3)         Corporate Transactions.  The effective date of a merger or consolidation of the Company with any other
      entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into
      voting securities of the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the
      Board or other governing body of such surviving entity;

     

    

    (4)        Liquidation.  The approval by the stockholders of the Company of a complete liquidation of the Company or
      an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; and

     

    (5)        Other Events.  There occurs any other event of a nature that would be required to be reported in response
      to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement.

     

    (d)        “Corporate Status” describes the status of a person who is or was a director, officer,
      employee, agent or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company.

     

    (e)        “Disinterested Director” means a non-executive director of the Company who is not and
      was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

     

    
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    (f)          “Enterprise” means the Company and any other corporation, partnership, joint venture,
      trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

     

    (g)          “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     

    (h)        “Expenses” includes all documented and reasonable attorneys’ fees, retainers, court
      costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in
      connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding. 
      Expenses also will include Expenses incurred in connection with any appeal resulting from any Proceeding and any federal, state, local, or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this
      Agreement, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent.  Expenses will not include amounts paid in settlement by Indemnitee or the amount
      of judgments or fines against Indemnitee.

     

    (i)          “Independent Counsel” means a law firm, or a member of a law firm, that is experienced
      in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee
      under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification under this Agreement.  Notwithstanding the foregoing, the term “Independent
      Counsel” will not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under
      this Agreement.  The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement
      or its engagement pursuant hereto.

     

    (j)         “Person” for purposes of the definition of Beneficial Owner and Change in Control set
      forth above, will have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person will exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the
      Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

     

    (k)      “Proceeding” includes any threatened, pending or completed action, suit, arbitration,
      alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative
      or investigative, in which Indemnitee was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an officer or director of the Company, by reason of any action taken by him or her or of any inaction on his or
      her part while acting as an officer or director of the Company, or by reason of the fact that he or she is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint
      venture, trust or other Enterprise; in each case whether or not he or she is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending
      on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his or her rights under this Agreement.

     

    
      14

      
        

    

    (l)          “Sarbanes-Oxley Act” will mean the Sarbanes-Oxley Act of 2002, as amended.

     

    (m)        “SEC” will mean the Securities and Exchange Commission.

     

    (n)         “Securities Act” will mean the Securities Act of 1933, as amended.

     

    14.         Severability.  The invalidity or unenforceability of any provision hereof will
      in no way affect the validity or enforceability of any other provision.  Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable
      laws.  In the event any provision hereof conflicts with any applicable law, such provision will be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

     

    15.        Modification and Waiver.  No supplement, modification, termination or amendment
      of this Agreement will be binding unless executed in writing by both of the parties hereto.  No waiver of any of the provisions of this Agreement will be deemed or will constitute a waiver of any other provisions hereof (whether or not similar) nor
      will such waiver constitute a continuing waiver.

     

    16.       Notice By Indemnitee.  Indemnitee agrees promptly to notify the Company in writing
      upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered under this Agreement.  The
      failure to so notify the Company will not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.

     

    17.         Notices.  All notices and other communications given or made pursuant to this
      Agreement will be in writing and will be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so
      confirmed, then on the next business day, (c) 5 days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next
      day delivery, with written verification of receipt.  All communications will be sent:

     

    
      15

      
        

    

    (a)          To Indemnitee at the address on the books and records of the Company.

     

    (b)          To the Company at:

     

    Ocuphire Pharma, Inc.

    37000 Grand River Ave, Suite 120

    Farmington Hills, Michigan 48335

    Attention: Chief Executive Officer

    

    

    or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

     

    18.         Counterparts.  This Agreement may be executed in two or more counterparts, each
      of which will be deemed an original, but all of which together will constitute one and the same Agreement.  This Agreement may also be executed and delivered by facsimile signature, electronic mail (including .pdf or any electronic signature
      complying with the U.S. Federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same
      instrument and be deemed to have been duly and validly delivered and be valid and effective for all purposes.

     

    19.         Headings.  The headings of the paragraphs of this Agreement are inserted for
      convenience only and will not be deemed to constitute part of this Agreement or to affect the construction thereof.

     

    20.        Governing Law and Consent to Jurisdiction.  This

      Agreement and the legal relations among the parties will be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.  The Company and Indemnitee hereby irrevocably
      and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement will be brought only in the Chancery Court of the State of Delaware (the “Delaware
        Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding
      arising out of or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably The Corporation Trust Company as its agent in the State of Delaware for
      acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of
      venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

     

    Signatures on the Following Page

     

    
      16

      
        

    

    In Witness Whereof, the parties have executed this Agreement on and as of the day and year first above written.

     

    
      	
              Indemnitee:

            	 	
              The Company:

            	 
	 	 	 	 
	 	 	
              Ocuphire Pharma, Inc.

            	 
	 	 	 	 
	 	 	
              By:

            	 	 	 
	
              [Insert Name]

            	 	
              Name:

            	 	 
	 	 	
              Title:

            	 	 

    

    

    

  

  
    Signature Page to

    Ocuphire Pharma, Inc. Indemnity Agreement

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