Document:

Midsummer Securities Exchange Agreement

 Exhibit 10.3 

SECURITIES EXCHANGE AGREEMENT 

This Securities Purchase Agreement (this “Agreement”) is dated as of August 2, 2010, between GeoPharma, Inc., a
Florida corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively, the “Purchasers”).

 WHEREAS, the Purchasers currently hold Series C Convertible Preferred Stock of the Company (the “Series C Preferred
Stock”) that was issued, pursuant to a Securities Exchange Agreement, dated October 15, 2009 (“2009 Exchange Agreement”) for Series B Convertible Preferred Stock of the Company (the “Series B Preferred
Stock”) that was issued pursuant to a securities purchase agreement dated on or about March 5, 2004 (the “2004 Purchase Agreement”); 

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Sections 3(a)(9) and 4(2) of the Securities Act
of 1933, as amended (the “Securities Act”), the Company desires to issue preferred stock in exchange for the Series C Preferred Stock and each Purchaser, severally and not jointly, desires to receive preferred stock in exchange for
its Series C Preferred Stock, as more fully described in this Agreement; 
 WHEREAS, simultaneously with the closing of the
forgoing exchange, the Company intends to consummate (1) a repayment and restructuring of its senior credit facility with Whitebox Pharmaceutical Growth Fund, Ltd., a British Virgin Islands business company, pursuant to the terms of the Note
Purchase and Repayment Agreement dated as of the date hereof, a copy of which has been provided to Purchaser (the “Whitebox Transactions”), and (2) the sale of the assets of Belcher Pharmaceuticals, Inc. and the issuance of
shares of common stock of the Company to Belcher Pharmaceuticals Acquisition, LLC, a related party, pursuant to the terms of the Asset and Stock Purchase Agreement dated as of the date hereof, a copy of which has been provided to Purchaser (the
“Belcher Transactions”); 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this
Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows: 

ARTICLE I. 

DEFINITIONS 

1.1 Definitions. In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise
defined herein have the meanings given to such terms in the Certificate of Designation (as defined herein), and (b) the following terms have the meanings set forth in this Section 1.1: 

“Acquiring Person” shall have the meaning ascribed to such term in Section 4.7. 

“Action” shall have the meaning ascribed to such term in Section 3.1(j). 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or
is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

 “Board of Directors” means the board of directors of the
Company. 
 “Business Day” means any day except any Saturday, any Sunday, any day which is a
federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close. 

“Certificate of Designation” means the Certificate of Designation to be filed prior to the Closing by the
Company with the Secretary of State of Florida, in the form of Exhibit A attached hereto. 

“Closing” means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 “Closing Date” means the Trading Day on which all of the Transaction Documents have been
executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to proceed with the Closing and (ii) the Company’s obligations to deliver the Securities, in each case,
have been satisfied or waived. 
 “Closing Shares” shall mean the shares of Common Stock issued
pursuant to Section 2.2(a)(iv). 
 “Commission” means the United States Securities and
Exchange Commission. 
 “Common Stock” means the common stock of the Company, par value $0.01
per share, and any other class of securities into which such securities may hereafter be reclassified or changed. 

“Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle
the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise
entitles the holder thereof to receive, Common Stock. 
 “Company Counsel” means Shumaker,
Loop & Kendrick, LLP, Bank of America Plaza, 101 East Kennedy Boulevard, Suite 2800, Tampa, FL 33602. 

“Conversion Price” shall have the meaning ascribed to such term in the Certificate of Designation.

 “Disclosure Schedules” shall have the meaning ascribed to such term in Section 3.1.

 “Evaluation Date” shall have the meaning ascribed to such term in Section 3.1(r).

  

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 “Exchange Act” means the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder. 
 “Exchange Amount” shall
mean, as to each Purchaser, the aggregate stated value on its Series C Preferred Stock, as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading “Exchange Amount.” The Exchange Amount
shall not include unpaid dividends on the Series C Preferred Stock, any and all of which are being waived by Purchasers at Closing. 

“Exempt Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers
or directors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for
such purpose, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date
of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities, and
(c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that any such issuance shall only be to a Person (or to the equity holders of a Person)
which is, itself or through its subsidiaries, an operating company or an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not
include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities. 

“Existing Transaction Documents” means, collectively, the “Transaction Documents” as defined
under the 2004 Purchase Agreement and the 2009 Exchange Agreement. 
 “FDA” shall have the
meaning ascribed to such term in Section 3.1(kk). 
 “FDCA” shall have the meaning ascribed
to such term in Section 3.1(kk). 
 “GAAP” shall have the meaning ascribed to such term in
Section 3.1(h). 
 “GeoPharma Excluded Entities” means Dynamic Health Products, Inc. and
its subsidiaries, including Online Meds Rx,. Inc., Dynamic Marketing I, Inc., Pharma Labs Rx., Inc., Bob O’Leary Health Food Distributor Co., Inc., Belcher Pharmaceuticals, Inc. and Breakthrough Engineered Nutrition, Inc. 

“Indebtedness” shall have the meaning ascribed to such term in Section 3.1(aa). 

 

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 “Intellectual Property Rights” shall have the meaning
ascribed to such term in Section 3.1(o). 
 “Legend Removal Date” shall have the meaning
ascribed to such term in Section 4.1(c). 
 “Liens” means a lien, charge, security
interest, encumbrance, right of first refusal, preemptive right or other restriction. 
 “Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b). 

“Material Permits” shall have the meaning ascribed to such term in Section 3.1(m). 

“Maximum Rate” shall have the meaning ascribed to such term in Section 5.17. 

“Participation Maximum” shall have the meaning ascribed to such term in Section 4.12(a). 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Pharmaceutical Product” shall have the meaning ascribed to such term in Section 3.1(kk).

 “Preferred Stock” means the up to 3,500 shares of the Company’s Series D Convertible
Preferred Stock issued hereunder having the rights, preferences and privileges set forth in the Certificate of Designation, in the form of Exhibit A hereto. 

“Pre-Notice” shall have the meaning ascribed to such term in Section 4.12(b). 

“Pro Rata Portion” shall have the meaning ascribed to such term in Section 4.12(e). 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an
informal investigation or partial proceeding, such as a deposition), whether commenced or threatened. 

“Public Information Failure” shall have the meaning ascribed to such term in Section 4.3(b).

 “Public Information Failure Payments” shall have the meaning ascribed to such term in
Section 4.3(b). 
 “Purchaser Party” shall have the meaning ascribed to such term in
Section 4.10. 
  

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 “Required Approvals” shall have the meaning ascribed to
such term in Section 3.1(e). 
 “Required Minimum” means, as of any date, the maximum
aggregate number of shares of Common Stock then issued or potentially issuable in the future pursuant to the Transaction Documents, including any Underlying Shares issuable upon conversion in full of all shares of Preferred Stock, ignoring any
conversion or exercise limits set forth therein, and assuming that any previously unconverted shares of Preferred Stock are held until the four year anniversary of the Closing Date. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may
be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may
be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 

“SEC Reports” shall have the meaning ascribed to such term in Section 3.1(h). 

“Securities” means the Preferred Stock, the Underlying Shares and the Closing Shares. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Shareholder Approval” means such approval as may be required by the shareholders
of the Company to increase the Company’s authorized common stock to 250,000,000. 
 “Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include the location and/or reservation of borrowable shares of Common Stock). 

“Stated Value” means $1,000 per share of Preferred Stock. 

“Subsequent Financing” shall have the meaning ascribed to such term in Section 4.12(a). 

“Subsequent Financing Notice” shall have the meaning ascribed to such term in Section 4.12(b).

 “Subsidiary” means any subsidiary of the Company as set forth on Schedule 3.1(a) and
shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof. 
  

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 “Trading Day” means a day on which the principal Trading
Market is open for trading. 
 “Trading Market” means any of the following markets or exchanges
on which the Common Stock is listed or quoted for trading on the date in question: the NYSE AMEX, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange or the OTC Bulletin Board (or any
successors to any of the foregoing). 
 “Transaction Documents” means this Agreement, the
Certificate of Designation, the Voting Agreement, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder. 

“Transfer Agent” means Registrar and Transfer Company, the current transfer agent of the Company, with a
mailing address of 10 Commerce Drive, Cranford, NJ 07016 and a facsimile number of (908) 497-2311, and any successor transfer agent of the Company. 

“Underlying Shares” means the shares of Common Stock issued and issuable upon conversion or redemption of
the Preferred Stock. 
 “Variable Rate Transaction” shall have the meaning ascribed to such term
in Section 4.13(b). 
 “Voting Agreement” means the written agreement, in the form of
Exhibit B attached hereto, of all of the officers, directors and stockholders holding more than 10% of the issued and outstanding shares of Common Stock on the date hereof to vote all Common Stock over which such Persons have voting control
as of the record date for the meeting of stockholders of the Company, amounting to, in the aggregate, at least 50% of the issued and outstanding Common Stock. 

“VWAP” means, for any date, the price determined by the first of the following clauses that applies:
(a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or
quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTC Bulletin Board is not a Trading Market, the volume weighted average price of the Common Stock
for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink
Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair
market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company. 
  

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 “WS” means Weinstein Smith LLP with offices located at 420
Lexington Avenue, Suite 2620, New York, New York 10170-0002. 
 ARTICLE II. 

PURCHASE AND SALE 

2.1 Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, concurrent with the execution and
delivery of this Agreement by the parties hereto, the Company shall issue to each Purchaser, in exchange for such Purchaser’s Series C Preferred Stock, shares of Preferred Stock as determined in Section 2.2(a) Upon satisfaction of the
covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of WS or such other location as the parties shall mutually agree. 

2.2 Deliveries. 

(a) On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 (i) this Agreement duly executed by the Company; 

(ii) board resolutions, officers certificates and other corporate documents relating to this transaction reasonably
requested by the Purchaser; 
 (iii) a certificate evidencing a number of shares of Preferred Stock equal to such
Purchaser’s Exchange Amount divided by the Stated Value, registered in the name of such Purchaser, and evidence of the filing and acceptance of the Certificate of Designation from the Secretary of State of Florida; 

(iv) two (2) million shares of Common Stock issued to the Purchasers, which shall be delivered to each Purchaser
electronically through the Depository Trust Company (“DTC”) to the DTC account of such Purchaser set forth on the signature page hereto; and 

(v) the Voting Agreements. 

(b) On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

  

	 	(i)	this Agreement duly executed by such Purchaser; and 

  

	 	(ii)	all certificates representing shares of Series A Preferred Stock, Series B Preferred Stock or Series C Preferred Stock owned by Purchaser, which shares shall be
cancelled and shall be deemed cancelled effective as of the Closing Date. 

  

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 2.3 Closing Conditions. 

(a) The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being
met: 
 (i) the accuracy in all material respects on the Closing Date of the representations and warranties of
the Purchasers contained herein (unless as of a specific date therein); 
 (ii) all obligations, covenants and
agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed; 

(iii) the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement; and 

(iv) the closing of the Whitebox Transactions and the Belcher Transactions shall have been consummated. 

(b) The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following
conditions being met: 
 (i) the accuracy in all material respects when made and on the Closing Date of the
representations and warranties of the Company contained herein (unless as of a specific date therein); 
 (ii)
all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed; 

(iii) the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement; 

(iv) the closing of the Whitebox Transactions and the Belcher Transactions shall have been consummated, and the delivery
by the Company of evidence thereof; 
 (v) there shall have been no Material Adverse Effect with respect to the
Company since the date hereof; and 
 (vi) from the date hereof to the Closing Date, trading in the Common Stock
shall not have been suspended by the Commission (except for any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated prior to the Closing), nor shall a banking moratorium have been declared either
by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in,
any financial market which, in each case, in the reasonable judgment of each Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing. 
  

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 ARTICLE III. 

REPRESENTATIONS AND WARRANTIES 

3.1 Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules
shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations
and warranties to each Purchaser: 
 (a) Subsidiaries. All of the direct and indirect subsidiaries of the
Company are set forth on Schedule 3.1(a). The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital
stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or any of
them in the Transaction Documents shall be disregarded. 
 (b) Organization and Qualification. The Company
and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use
its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other
organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the
legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a
whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse
Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification. 

(c) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to
consummate the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of each of the Transaction Documents by the Company and the consummation by
it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders in
connection therewith other than in connection with the Required Approvals. Each Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms
hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 
  

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 (d) No Conflicts. The execution, delivery and performance by the
Company of the Transaction Documents, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby to which it is a party do not and will not: (i) conflict with or violate any provision
of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both
would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice,
lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of
the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or
governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each
of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect. 

(e) Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or
order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the
Transaction Documents, other than: (i) the filings required pursuant to Section 4.6 of this Agreement, (ii) the filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws
and (iii) Shareholder Approval (collectively, the “Required Approvals”). 
 (f) Issuance
of the Securities. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by
the Company other than restrictions on transfer provided for in the Transaction Documents. The Underlying Shares, when issued in accordance with the terms of the Transaction Documents, will be validly issued, fully paid and nonassessable, free and
clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The Company has reserved from its duly authorized capital stock a number of shares of Common Stock for issuance of the
Underlying Shares at least equal to the Required Minimum on the date hereof. 
  

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 (g) Capitalization. The capitalization of the Company is as set forth
on Schedule 3.1(g), which Schedule 3.1(g) shall also include the number of shares of Common Stock owned beneficially, and of record, by Affiliates of the Company as of the date hereof. The Company has not issued any capital stock since
its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of Common Stock to employees pursuant to the
Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. No Person has any right of first
refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as a result of the purchase and sale of the Securities, there are no outstanding options,
warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or
acquire any shares of Common Stock, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. The issuance and sale
of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise, conversion,
exchange or reset price under any of such securities. All of the outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none
of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any stockholder, the Board of Directors or others is required for the
issuance and sale of the Securities. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or
among any of the Company’s stockholders. 
 (h) SEC Reports; Financial Statements. The Company has
filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date
hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as
the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied
in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial
statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial
statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial
statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of
and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. 

 

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 (i) Material Changes; Undisclosed Events, Liabilities or
Developments. Since the date of the latest audited financial statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof: (i) there has been no event, occurrence or
development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred
in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the
Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any
shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before the Commission any
request for confidential treatment of information. Except for the issuance of the Securities contemplated by this Agreement or as set forth on Schedule 3.1(i), no event, liability, fact, circumstance, occurrence or development has occurred or
exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective business, properties, operations, assets or financial condition, that would be required to be disclosed by the Company under
applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made. 

(j) Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to
the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state,
county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an
unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or
liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any
current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the
Securities Act. 
  

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 (k) Labor Relations. No material labor dispute exists or, to the
knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’ employees is a member of a
union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their
relationships with their employees are good. No executive officer, to the knowledge of the Company, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information
agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries
to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and
conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(l) Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no
event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under
or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived),
(ii) is in violation of any judgment, decree or order of any court, arbitrator or governmental body or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without
limitation all foreign, federal, state and local laws applicable to its business and all such laws that affect the environment, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect. 

(m) Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits
issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to
result in a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit. 

 

 13 

 (n) Title to Assets. The Company and the Subsidiaries have good and
marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens,
except for Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and Liens for the payment of federal, state or
other taxes, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the
Company and the Subsidiaries are in compliance. 
 (o) Patents and Trademarks. The Company and the
Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights as
described in the SEC Reports as necessary or material for use in connection with their respective businesses and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”).
Neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of the Intellectual Property Rights used by the Company or any Subsidiary violates or infringes upon the rights of any Person. To the knowledge of the
Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect
the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(p) Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage at least equal to the
aggregate Exchange Amount. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as
may be necessary to continue its business without a significant increase in cost. 
 (q) Transactions With
Affiliates and Employees. Except as set forth in the SEC Reports and except with regard to the Belcher Transactions, none of the officers or directors of the Company and, to the knowledge of the Company, none of the employees of the Company is
presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by,
providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has
a substantial interest or is an officer, director, trustee or partner, in each case in excess of $120,000 other than for: (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of
the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company. 
  

 14 

 (r) Sarbanes-Oxley; Internal Accounting Controls. The Company is in
material compliance with all provisions of the Sarbanes-Oxley Act of 2002 which are applicable to it as of the Closing Date. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable
assurance that: (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to
maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any differences. The Company has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and designed such
disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the
Commission’s rules and forms. The Company’s certifying officers have evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by the Company’s most recently filed
periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of
the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the Company’s internal control over financial reporting (as such term is defined in the
Exchange Act) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. 

(s) Certain Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company to any
broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or
with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents. 

(t) Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in
Section 3.2, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers as contemplated hereby. 
  

 15 

 (u) Investment Company. The Company is not, and is not an Affiliate
of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a
manner so that it will not become an “investment company” subject to registration under the Investment Company Act of 1940, as amended. 

(v) Registration Rights. Other than each of the Purchasers, no Person has any right to cause the Company to effect
the registration under the Securities Act of any securities of the Company. 
 (w) Listing and Maintenance
Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of
the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration. The Common Stock is not listed or quoted for trading on any Trading Market as of the date
hereof. 
 (x) Application of Takeover Protections. The Company and the Board of Directors have taken all
necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s
certificate of incorporation (or similar charter documents) or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or exercising their
rights under the Transaction Documents, including without limitation as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities. 

(y) Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the
Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material,
non-public information. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the
Purchasers regarding the Company, its business and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date of this
Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they
were made and when made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in
Section 3.2 hereof. 
  

 16 

 (z) No Integrated Offering. Assuming the accuracy of the
Purchasers’ representations and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or
solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of
any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated. 

(aa) Solvency. Based on the consolidated financial condition of the Company as of the Closing Date, and assuming
the closing of all of the transactions contemplated hereby and by the Belcher Transactions and the Whitebox Transactions: (i) the fair saleable value of the Company’s assets exceeds the amount that will be required to be paid on or in
respect of the Company’s existing debts and other liabilities (including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry on its business as now conducted
and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company, and projected capital requirements and capital availability thereof, and (iii) the
current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of
its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its
debt). Other than with regard to the GeoPharma Excluded Entities, the Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of
any jurisdiction within one year from the Closing Date. Schedule 3.1(aa) sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has
commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business),
(y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s balance sheet (or the notes thereto), except guaranties by
endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in
accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness. 

(bb) Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be
expected to result in a Material Adverse Effect, the Company and each Subsidiary has filed all necessary federal, state and foreign income and franchise tax returns and has paid or accrued all taxes shown as due thereon, and the Company has no
knowledge of a tax deficiency which has been asserted or threatened against the Company or any Subsidiary. 
  

 17 

 (cc) No General Solicitation. Neither the Company nor any person
acting on behalf of the Company has offered or sold any of the Securities by any form of general solicitation or general advertising. The Company has offered the Securities for sale only to the Purchasers and certain other “accredited
investors” within the meaning of Rule 501 under the Securities Act. 
 (dd) Foreign Corrupt
Practices. Neither the Company, nor to the knowledge of the Company, any agent or other person acting on behalf of the Company, has: (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other
unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds,
(iii) failed to disclose fully any contribution made by the Company (or made by any person acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material respect any provision of the
Foreign Corrupt Practices Act of 1977, as amended. 
 (ee) Accountants. The Company’s accounting firm
is set forth on Schedule 3.1(ee) of the Disclosure Schedules. To the knowledge and belief of the Company, such accounting firm: (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its
opinion with respect to the financial statements to be included in the Company’s Annual Report for the year ending March 31, 2010. 

(ff) Seniority. As of the Closing Date, no Indebtedness or other claim against the Company is senior to the
Preferred Stock in right of payment, whether with respect to interest or upon liquidation or dissolution, or otherwise, other than indebtedness secured by purchase money security interests (which is senior only as to underlying assets covered
thereby) and capital lease obligations (which is senior only as to the property covered thereby). 
 (gg) No
Disagreements with Accountants and Lawyers. There are no disagreements of any kind presently existing, or reasonably anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the
Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company’s ability to perform any of its obligations under any of the Transaction Documents. 

(hh) Acknowledgment Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that
each of the Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a
financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents
in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further represents to each Purchaser that the Company’s decision to
enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives. 

 

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 (ii) Acknowledgment Regarding Purchaser’s Trading Activity.
Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(f) and 4.15 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers have been asked by the Company to
agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Securities for any specified term,
(ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or “derivative” transactions, before or after the closing of this or future private placement
transactions, may negatively impact the market price of the Company’s publicly-traded securities, (iii) any Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or
indirectly, may presently have a “short” position in the Common Stock and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party in any “derivative”
transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding, including, without limitation, during the
periods that the value of the Underlying Shares deliverable with respect to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing stockholders’ equity interests in the Company at
and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents. 

(jj) Regulation M Compliance. The Company has not, and to its knowledge no one acting on its behalf has,
(i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for,
purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the
case of clauses (ii) and (iii), compensation paid to the Company’s placement agent in connection with the placement of the Securities. 
  

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 (kk) FDA. As to each product subject to the jurisdiction of the U.S.
Food and Drug Administration (“FDA”) under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured, packaged, labeled, tested, distributed, sold, and/or
marketed by the Company or any of its Subsidiaries (each such product, a “Pharmaceutical Product”), such Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed by the Company in
compliance with all applicable requirements under FDCA and similar laws, rules and regulations relating to registration, investigational use, premarket clearance, licensure, or application approval, good manufacturing practices, good laboratory
practices, good clinical practices, product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse Effect. There is no pending, completed or, to
the Company’s knowledge, threatened, action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries, and none of the Company
or any of its Subsidiaries has received any notice, warning letter or other communication from the FDA or any other governmental entity, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses of, the
distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any Pharmaceutical Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders
the withdrawal of advertising or sales promotional materials relating to, any Pharmaceutical Product, (iii) imposes a clinical hold on any clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins production at any
facility of the Company or any of its Subsidiaries, (v) enters or proposes to enter into a consent decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or
regulations by the Company or any of its Subsidiaries, and which, either individually or in the aggregate, would have a Material Adverse Effect. The properties, business and operations of the Company have been and are being conducted in all material
respects in accordance with all applicable laws, rules and regulations of the FDA. The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United States of any product proposed to be
developed, produced or marketed by the Company nor has the FDA expressed any concern as to approving or clearing for marketing any product being developed or proposed to be developed by the Company. 

(ll) Form S-3 Eligibility. The Company is eligible to register the resale of the Underlying Shares for resale by
the Purchaser on Form S-3 promulgated under the Securities Act. 
 (mm) Stock Option Plans. Each stock
option granted by the Company under the Company’s stock option plan was granted (i) in accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair market value of the
Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company’s stock option plan has been backdated. The Company has not knowingly granted, and there is no and
has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its
Subsidiaries or their financial results or prospects. 
  

 20 

 (nn) Holding Period for Preferred Stock. Pursuant to Rule 144, the
holding period of the Preferred Stock (and Underlying Shares issuable upon conversion and redemption thereof, as applicable) shall tack back to March 5, 2004, the original issue date of the Series B Convertible Preferred Stock. The Company
agrees not to take a position contrary to this Section 3.1(nn). The Company agrees to take all actions, including, without limitation, the issuance by its legal counsel of any necessary legal opinions, necessary to issue to the Preferred Stock
(and Underlying Shares issuable upon conversion and redemption thereof, as applicable) without restriction and not containing any restrictive legend without the need for any action by the Purchaser. 

3.2 Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and
warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein): 

(a) Organization; Authority. Such Purchaser is either an individual or an entity duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization with full right, corporate or partnership power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to
carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in
accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other
equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 

(b) Receipt of Information. The Company has provided Purchaser sufficient opportunity to ask questions and receive
answers from the Company’s management concerning the Company’s business, management and financial affairs and the terms and conditions of the transactions contemplated hereby (which the Company possesses or can acquire without unreasonable
effort or expense) as may be necessary to verify the accuracy of information furnished to Purchaser. Purchaser has made an independent decision to acquire the Securities as contemplated by this Agreement on the information available to Purchaser,
which Purchaser has determined is adequate for that purpose. Purchaser is not relying on any representation or warranty of the Company, except as expressly set forth herein. 

(c) Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it
is: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act.
Such Purchaser is not required to be registered as a broker-dealer under Section 15 of the Exchange Act. 
  

 21 

 (d) Experience of Such Purchaser. Such Purchaser, either alone or
together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the
merits and risks of such investment. Such Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment. 

(e) General Solicitation. Such Purchaser is not exchanging the Securities as a result of any advertisement,
article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.

 (f) Certain Transactions and Confidentiality. Other than consummating the transactions contemplated
hereunder, such Purchaser has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, executed any purchases or sales, including Short Sales, of the securities of the Company
during the period commencing as of the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material terms of the transactions contemplated hereunder
and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets
and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall only apply with respect to the portion
of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement, such Purchaser has maintained the confidentiality of all
disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or
preclude any actions, with respect to the identification of the availability of, or securing of, available shares to borrow in order to effect Short Sales or similar transactions in the future. 

(g) Purchaser understands that the Preferred Stock and the Closing Shares have not been, and the Underlying Shares will
not be, registered under the Securities Act or any state securities laws by reason of their contemplated issuance in transactions exempt from the registration requirements of the Securities Act and applicable state securities laws, and that
they may not be transferred or resold without an exemption from the requirements of the Securities Act and applicable state securities laws 

The Company acknowledges and agrees that the representations contained in Section 3.2 shall not modify, amend or affect such Purchaser’s right
to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection
with this Agreement or the consummation of the transaction contemplated hereby. 
  

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 ARTICLE IV. 

OTHER AGREEMENTS OF THE PARTIES 

4.1 Transfer Restrictions. 

(a) The Securities may only be disposed of in compliance with state and federal securities laws. As a condition of
transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement. 
 (b) None of
the Securities shall bear any legend. The Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest in some or all of the
Securities to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such Purchaser may transfer pledged or secured Securities to
the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice
shall be required of such pledge. At the appropriate Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably request in connection with a pledge or
transfer of the Securities, including, if the Securities are subject to registration, the preparation and filing of any required prospectus supplement under Rule 424(b)(3) under the Securities Act or other applicable provision of the Securities Act
to appropriately amend the list of Selling Stockholders thereunder. 
 (c) Certificates evidencing the Securities
shall not contain any legend. The Company agrees that at all times following the date hereof it will, no later than three Trading Days following the delivery by a Purchaser to the Company or the Transfer Agent of a certificate representing
Underlying Shares, as applicable, issued with a restrictive legend (such third Trading Day, the “Legend Removal Date”), deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free from all
restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4. Certificates for Underlying Shares subject to
legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository Trust Company System as directed by such Purchaser. 

(d) In addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, as
partial liquidated damages and not as a penalty, for each $1,000 of Underlying Shares (based on the VWAP of the Common Stock on the date such Securities are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject
to Section 4.1(c), $10 per Trading Day (increasing to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend Removal Date until such certificate is delivered without a
legend. Nothing herein shall limit such Purchaser’s right to pursue actual damages for the Company’s failure to deliver certificates representing any Securities as required by the Transaction Documents, and such Purchaser shall have the
right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief. 
  

 23 

 4.2 Acknowledgment of Dilution. The Company acknowledges that the issuance of the
Securities may result in dilution of the outstanding shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations under the Transaction Documents, including, without
limitation, its obligation to issue the Underlying Shares pursuant to the Transaction Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution
or any claim the Company may have against any Purchaser and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the Company. 

4.3 Furnishing of Information; Public Information. 

(a) Until the earliest of the time that no Purchaser owns Securities, the Company covenants to maintain the registration
of the Common Stock under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof
pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act. As long as any Purchaser owns Securities, if the Company is not required to file reports pursuant to the Exchange Act, it will
prepare and furnish to the Purchasers and make publicly available in accordance with Rule 144(c) such information as is required for the Purchasers to sell the Securities, including without limitation, under Rule 144. The Company further covenants
that it will take such further action as any holder of Securities may reasonably request, to the extent required from time to time to enable such Person to sell such Securities without registration under the Securities Act, including without
limitation, within the requirements of the exemption provided by Rule 144. 
 (b) Until such
time that all of the Securities may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company shall fail for any reason to satisfy the
current public information requirement under Rule 144(c) (a “Public Information Failure”) then, in addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, as partial liquidated
damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell the Securities, an amount in cash equal to two percent (2.0%) of the aggregate Exchange Amount of such Purchaser’s Securities on the day of a
Public Information Failure and on every thirtieth
(30th) day (pro rated for periods totaling less than
thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required for the Purchasers to transfer the Underlying Shares pursuant to
Rule 144. The payments to which a Purchaser shall be entitled pursuant to this Section 4.3(b) are referred to herein as “Public Information Failure Payments.” Public Information Failure Payments shall be paid on the
earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are incurred and (ii) the third
(3rd) Business Day after the event or failure giving
rise to the Public Information Failure Payments is cured. In the event the Company fails to make Public Information Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate of 1.5% per
month (prorated for partial months) until paid in full. Nothing herein shall limit such Purchaser’s right to pursue actual damages for the Public Information Failure, and such Purchaser shall have the right to pursue all remedies available to
it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief. 
  

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 4.4 Integration. The Company shall not sell, offer for sale or solicit offers to buy
or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act of the
sale of the Securities or that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other
transaction unless shareholder approval is obtained before the closing of such subsequent transaction. 
 4.5 Conversion
Procedures. The form of Notice of Conversion included in the Certificate of Designation sets forth the totality of the procedures required of the Purchasers in order to convert the Preferred Stock. No additional legal opinion, other information
or instructions shall be required of the Purchasers to convert their Preferred Stock. The Company shall honor conversions of the Preferred Stock and shall deliver Underlying Shares in accordance with the terms, conditions and time periods set forth
in the Transaction Documents. 
 4.6 Securities Laws Disclosure; Publicity. The Company shall, by 9:30 a.m. (New York
City time) on the Trading Day immediately following the date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and within 2 Trading Days file a Current Report on Form 8-K which includes the
Transaction Documents as exhibits thereto. From and after the issuance of such press release, the Company shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its
subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. The Company and each Purchaser shall consult with each other in issuing any other press
releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any
press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which
case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of
any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except: (a) as required by federal securities law in connection with the filing of final
Transaction Documents (including signature pages thereto) with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of
such disclosure permitted under this clause (b). 
  

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 4.7 Shareholder Rights Plan. No claim will be made or enforced by the Company or,
with the consent of the Company, any other Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar
anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or
under any other agreement between the Company and the Purchasers. 
 4.8 Non-Public Information. Except with respect to
the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company covenants and agrees that neither it, nor any other Person acting on its behalf, will provide any Purchaser or its agents or counsel with
any information that the Company believes constitutes material non-public information, unless prior thereto such Purchaser shall have executed a written agreement with the Company regarding the confidentiality and use of such information. The
Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. 

4.9 [RESERVED]. 

4.10 Indemnification of Purchasers. Subject to the provisions of this Section 4.10, the Company will indemnify and hold each
Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each
Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a
functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any and all losses, liabilities,
obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a
result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against a Purchaser in any
capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is based upon
a breach of such Purchaser’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser may have with any such stockholder or any violations by such Purchaser of state or federal
securities laws or any conduct by such Purchaser which constitutes fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this
Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall
have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof
has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel,
a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.
The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or
(z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this
Agreement or in the other Transaction Documents. 
  

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 4.11 Reservation and Listing of Securities. 

(a) Subject to Shareholder Approval, the Company shall maintain a reserve from its duly authorized shares of Common Stock
for issuance pursuant to the Transaction Documents in such amount as may then be required to fulfill its obligations in full under the Transaction Documents. 

(b) If, after the date that Shareholder Approval is obtained and deemed effective, on any date, the
number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than 130% of (i) the Required Minimum on such date, minus (ii) the number of shares of Common Stock previously issued pursuant to the Transaction
Documents, then the Board of Directors shall use commercially reasonable efforts to amend the Company’s certificate or articles of incorporation to increase the number of authorized but unissued shares of Common Stock to at least the Required
Minimum at such time (minus the number of shares of Common Stock previously issued pursuant to the Transaction Documents), as soon as possible and in any event not later than the
75th day after such date; provided that the Company will
not be required at any time to authorize a number of shares of Common Stock greater than the maximum remaining number of shares of Common Stock that could possibly be issued after such time pursuant to the Transaction Documents. 

(c) In addition, the Company shall hold a special meeting of shareholders (which may also be at the annual meeting of
shareholders) at the earliest practical date after the date hereof, and in any event on or before December 15, 2010, for the purpose of obtaining Shareholder Approval, with the recommendation of the Company’s Board of Directors that such
proposal be approved, and the Company shall solicit proxies from its shareholders in connection therewith in the same manner as all other management proposals in such proxy statement and all management-appointed proxyholders shall vote their proxies
in favor of such proposal. If the Company does not obtain Shareholder Approval at the first meeting, the Company shall call a meeting every two months thereafter to seek Shareholder Approval until the earlier of the date Shareholder Approval is
obtained or the Preferred Stock is no longer outstanding. 
  

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 4.12 Participation in Future Financing. 

(a) From the date hereof until the date that the Preferred Stock is no longer outstanding, upon any issuance by the
Company or any of its Subsidiaries of Common Stock, Common Stock Equivalents for cash consideration, Indebtedness (or a combination of units hereof) (a “Subsequent Financing”), each Purchaser shall have the right to participate in
up to an amount of the Subsequent Financing equal to 100% of the Subsequent Financing (the “Participation Maximum”) on the same terms, conditions and price provided for in the Subsequent Financing. 

(b) At least five (5) Trading Days prior to the closing of the Subsequent Financing, the Company shall deliver to
each Purchaser a written notice of its intention to effect a Subsequent Financing (“Pre-Notice”), which Pre-Notice shall ask such Purchaser if it wants to review the details of such financing (such additional notice, a
“Subsequent Financing Notice”). Upon the request of a Purchaser, and only upon a request by such Purchaser, for a Subsequent Financing Notice, the Company shall promptly, but no later than one (1) Trading Day after such
request, deliver a Subsequent Financing Notice to such Purchaser. The Subsequent Financing Notice shall describe in reasonable detail the proposed terms of such Subsequent Financing, the amount of proceeds intended to be raised thereunder and the
Person or Persons through or with whom such Subsequent Financing is proposed to be effected and shall include a term sheet or similar document relating thereto as an attachment. 

(c) Any Purchaser desiring to participate in such Subsequent Financing must provide written notice to
the Company by not later than 5:30 p.m. (New York City time) on the fifth
(5th) Trading Day after all of the Purchasers have
received the Pre-Notice that the Purchaser is willing to participate in the Subsequent Financing, the amount of the Purchaser’s participation, and representing and warranting that the Purchaser has such funds ready, willing, and available for
investment on the terms set forth in the Subsequent Financing Notice. If the Company receives no such notice from a Purchaser as of such fifth
(5th) Trading Day, such Purchaser shall be deemed to
have notified the Company that it does not elect to participate. 
 (d) If by 5:30 p.m. (New
York City time) on the fifth (5th) Trading Day after
all of the Purchasers have received the Pre-Notice, notifications by the Purchasers of their willingness to participate in the Subsequent Financing (or to cause their designees to participate) is, in the aggregate, less than the total amount of the
Subsequent Financing, then the Company may effect the remaining portion of such Subsequent Financing on the terms and with the Persons set forth in the Subsequent Financing Notice. 

(e) If by 5:30 p.m. (New York City time) on the fifth
(5th) Trading Day after all of the Purchasers have
received the Pre-Notice, the Company receives responses to a Subsequent Financing Notice from Purchasers seeking to purchase more than the aggregate amount of the Participation Maximum, each such Purchaser shall have the right to purchase its Pro
Rata Portion (as defined below) of the Participation Maximum. “Pro Rata Portion” means the ratio of (x) the Exchange Amount of Securities purchased on the Closing Date by a Purchaser participating under this Section 4.12
and (y) the sum of the aggregate Exchange Amounts of Securities purchased on the Closing Date by all Purchasers participating under this Section 4.12. 
  

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 (f) The Company must provide the Purchasers with a second Subsequent
Financing Notice, and the Purchasers will again have the right of participation set forth above in this Section 4.12, if the Subsequent Financing subject to the initial Subsequent Financing Notice is not consummated for any reason on the terms
set forth in such Subsequent Financing Notice within thirty (30) Trading Days after the date of the initial Subsequent Financing Notice. 

(g) Notwithstanding the foregoing, this Section 4.12 shall not apply in respect of (i) an Exempt Issuance, or
(ii) an underwritten public offering of Common Stock. 
 4.13 Subsequent Equity Sales. 

(a) From the date hereof until such time as no Purchaser holds any of the Securities, the Company shall be prohibited from
effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents for cash consideration (or a combination of units thereof) involving a Variable Rate Transaction.
“Variable Rate Transaction” means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive, additional
shares of Common Stock either (A) at a conversion price, exercise price or exchange rate or other price that is based upon, and/or varies with, the trading prices of or quotations for the shares of Common Stock at any time after the initial
issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or
contingent events directly or indirectly related to the business of the Company or the market for the Common Stock or (ii) enters into any agreement, including, but not limited to, an equity line of credit, whereby the Company may sell
securities at a future determined price. Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages. 

(b) Unless Shareholder Approval has been obtained and deemed effective, neither the Company nor any Subsidiary shall make
any issuance whatsoever of Common Stock or Common Stock Equivalents which would cause any adjustment of the Conversion Price to the extent the holders of Preferred Stock would not be permitted, pursuant to Section 6(e) of the Certificate of
Designation to convert their respective outstanding Preferred Stock in full, ignoring for such purposes the other conversion or exercise limitations therein. Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude
any such issuance, which remedy shall be in addition to any right to collect damages. 
  

 29 

 (c) Notwithstanding the foregoing, this Section 4.13 shall not apply in
respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance. 
 4.14 Equal Treatment
of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of the Transaction Documents unless the same
consideration is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is
intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise. 

4.15 Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that
neither it, nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales, of any of the Company’s securities during the period commencing with the execution of this
Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release and Current Report as described in Section 4.6. Each Purchaser, severally and not
jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release and Current Report as described in Section 4.6,
such Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included in the Transaction Documents and the Disclosure Schedules. Notwithstanding the foregoing, and notwithstanding anything
contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the
Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release and Current Report as described in Section 4.6, (ii) no Purchaser shall be restricted or
prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the
initial press release and Current Report as described in Section 4.6 and (iii) no Purchaser shall have any duty of confidentiality to the Company or its Subsidiaries after the issuance of the initial press release and Current Report as
described in Section 4.6. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio
managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the
portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. 
 4.16 Form D;
Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Closing Shares as required under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the
Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky” laws of the states of the United States,
and shall provide evidence of such actions promptly upon request of any Purchaser. 
  

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 4.17 Capital Changes. Until the one year anniversary of the Closing Date, the Company
shall not undertake a reverse or forward stock split or reclassification of the Common Stock without the prior written consent of the Purchasers holding a majority in interest of the shares of Preferred Stock. 

4.18 Amendments and Waivers under the Existing Transaction Documents. 

(a) Amendment to the Exercise Price of the Warrants. The Exercise Price of the Warrants issued pursuant to the 2004
Purchase Agreement (the “Warrants”) shall be reduced to $0.20, subject to further adjustment pursuant to the Warrants. 

(b) Amendment to Termination Date of Warrants. The definition of “Termination Date” in the first
paragraph of the Warrants is hereby amended and restated as follows: 
 “,...and on or prior to July
    , 2015 (the “Termination Date”).” 
 (c) The following
Triggering Events, as they exist as of the date hereof, are hereby waived by the Purchaser (provided that such waiver shall not apply to any breach under this Agreement that occurs as a result of such events or the Company’s failure to remedy
such Triggering Events after the date hereof): 
 (i) The Company’s failure to file its Annual Report on
Form 10-K for the year ended March 31, 2010, provided that such report is duly filed in form and substance on or before August 31, 2010; 

(ii) The Company’s failure to have a sufficient number of shares of Common Stock Authorized for the issuance of all
Underlying Shares, provided that the Company increases its authorized share capital on or before December 31, 2010; 

(iii) The consummation of the Belcher and Whitebox Transactions entered into concurrently herewith; 

(iv) The failure of the Company to maintain a listing or quotation on a Trading Market, provided that such listing or
quotation is obtained on or before December 31, 2010; and 
 (v) The existence of the following judgment or
tax liens: June 25, 2009 Judgment entered for Fisher Scientific Company, LLC against Geopharma, Inc., et al., in the amount of $64,864.69 plus costs, February 19, 2010 Judgment entered in favor of Naturex, Inc. against Geopharma,
Inc. f/k/a Innovative Health Products, Inc., in the amount of $46,303.62 plus costs; April 30, 2010 Judgment entered in favor of Bell Chem Corp, Inc. against Geopharma, Inc. f/k/a Innovative Health Products, Inc., in the amount of
$84,005.52. 
  

 31 

 (d) Except as expressly set forth above, all of the terms and conditions of
the Existing Transaction Documents shall continue in full force and effect after the execution of this Agreement and shall not be in any way waived, changed, modified or superseded by the terms set forth herein. 

4.19 Quotation on the OTCBB. The Company shall use best efforts to obtain quotation on the OTC Bulletin Board as soon as possible
after the date hereof. 
 ARTICLE V. 

MISCELLANEOUS 

5.1 Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only
and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before August 2, 2010; provided, however,
that such termination will not affect the right of any party to sue for any breach by the other party (or parties). 
 5.2
Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such
party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to
the Purchasers. 
 5.3 Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto,
contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such
documents, exhibits and schedules. 
 5.4 Notices. Any and all notices or other communications or
deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
number set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second
(2nd) Trading Day following the date of mailing, if
sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages
attached hereto. 
  

 32 

 5.5 Amendments; Waivers. No provision of this Agreement may be waived, modified,
supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchasers holding at least 67% in interest of the Securities then outstanding or, in the case of a waiver, by the party against whom
enforcement of any such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a
waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. 

5.6 Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to
limit or affect any of the provisions hereof. 
 5.7 Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). Any
Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by
the provisions of the Transaction Documents that apply to the “Purchasers.” 
 5.8 No Third-Party
Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as
otherwise set forth in Section 4.10. 
 5.9 Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party
agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of
the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is
improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then, in
addition to the obligations of the Company under Section 4.10, the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such action or proceeding. 
  

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 5.10 Survival. The representations and warranties contained herein shall survive the
Closing and the delivery of the Securities. 
 5.11 Execution. This Agreement may be executed in two or more
counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need
not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 

5.12 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto
shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared
to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

5.13 Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar
provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein
provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights;
provided, however, that in the case of a rescission of a conversion of the Preferred Stock, the applicable Purchaser shall be required to return any shares of Common Stock subject to any such rescinded conversion notice concurrently
with restoration of such Purchaser’s right to acquire such shares pursuant (including, issuance of a replacement certificate evidencing such restored right). 

5.14 Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of
evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated
with the issuance of such replacement Securities. 
  

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 5.15 Remedies. In addition to being entitled to exercise all rights provided herein
or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss
incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.

 5.16 Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any
Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or
federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not
been made or such enforcement or setoff had not occurred. 
 5.17 Usury. To the extent it may lawfully do so, the Company
hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection
with any claim, action or proceeding that may be brought by any Purchaser in order to enforce any right or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction Document, it is expressly
agreed and provided that the total liability of the Company under the Transaction Documents for payments in the nature of interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”), and,
without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums in the nature of interest that the Company may be obligated to pay under the Transaction Documents
exceed such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Transaction Documents is increased or decreased by statute or any official governmental action subsequent to the date hereof,
the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to the Transaction Documents from the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances
whatsoever, interest in excess of the Maximum Rate is paid by the Company to any Purchaser with respect to indebtedness evidenced by the Transaction Documents, such excess shall be applied by such Purchaser to the unpaid principal balance of any
such indebtedness or be refunded to the Company, the manner of handling such excess to be at such Purchaser’s election. 

5.18 Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction
Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing
contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a
presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its
rights, including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose.
Each Purchaser has been represented by its own separate legal counsel in their review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate
with the Company through WS. WS does not represent any of the Purchasers and only represents Midsummer. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not
because it was required or requested to do so by any of the Purchasers. 
  

 35 

 5.19 Liquidated Damages. The Company’s obligations to pay any partial liquidated
damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the
instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled. 

5.20 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day. 

5.21 Construction. The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to
revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any
amendments hereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other
similar transactions of the Common Stock that occur after the date of this Agreement. 
 5.22 WAIVER OF JURY
TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 
 (Signature Pages Follow) 

 

 36 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

							
	GEOPHARMA, INC. 	 		 	Address for Notice:
				
	By:	 	  
	 		 	Fax:
		 	Name:	 		 	
		 	Title:	 		 	
	With a copy to (which shall not constitute notice):	 		 	

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

SIGNATURE PAGE FOR PURCHASER FOLLOWS] 
  

 37 

 [PURCHASER SIGNATURE PAGES TO GORX SECURITIES EXCHANGE AGREEMENT] 

IN WITNESS WHEREOF, the undersigned have caused this Securities Exchange Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above. 
 Name of Purchaser:
                                         
                                         
                                         
                  
 Signature of Authorized
Signatory of Purchaser:
                                         
                        

Name of Authorized Signatory:
                                         
                                        

Title of Authorized Signatory:
                                         
                                        

Email Address of Authorized Signatory:
                                         
                                         
                                         
  
 Facsimile Number of Authorized Signatory:
                                         
                                         
                                       

Address for Notice of Purchaser: 
 DTC Account:

 Exchange
Amount:                     
 Shares
of Series D Preferred Stock:                     

EIN Number: [PROVIDE THIS UNDER SEPARATE COVER] 

[SIGNATURE PAGES CONTINUE] 
  

 38Belcher Asset and Stock Purchase Agreement

 Exhibit 10.4 

ASSET AND STOCK PURCHASE AGREEMENT 

THIS ASSET AND STOCK PURCHASE AGREEMENT is made and entered into as of August 2, 2010 by and among Belcher Pharmaceuticals, Inc., a Florida
corporation (“Seller”), GeoPharma, Inc., a Florida corporation (“GeoPharma”), and Belcher Pharmaceuticals Acquisition, LLC, a Florida limited liability company (“Buyer”). 

Recitals: 

A. Seller is engaged in the business of manufacturing, marketing and selling FDA approved pharmaceuticals (the “Business”) from
its three rented facilities located at 6911 Bryan Dairy Road, Largo, FL 33777 and 12393 Belcher Road, Suites 420 and 430, Largo, FL 33773 (collectively, the “Premises”). 

B. GeoPharma owns all of the outstanding shares of Seller’s capital stock. 

C. GeoPharma is negotiating with its senior secured lender, Whitebox Pharmaceutical Growth Fund, Ltd., a British Virgin Islands business
company (“Whitebox”), a transaction pursuant to which, among other things, GeoPharma is required to (i) pay $2,000,000 in cash to Whitebox (the “Whitebox Cash Payment”), (ii) convey title to the real property located at
6950 Bryan Dairy Road, Largo, FL 33777 to Whitebox and (iii) issue to Whitebox an unsecured, subordinated promissory note in the original principal amount of $3,000,000, in full satisfaction of all outstanding Whitebox senior secured promissory
notes and in consideration of the cancellation of all outstanding warrants to purchase GeoPharma common stock owned by Whitebox (the “Whitebox Restructuring”). 

D. Additionally, GeoPharma is negotiating with its primary preferred stockholder, Midsummer Investment Ltd. (“Midsummer”), a
transaction pursuant to which Midsummer will exchange its 3,500 shares of Series C convertible preferred stock in GeoPharma, all accrued preferred returns thereon and the warrants associated therewith for (i) 3,500 shares of Series D
convertible preferred stock (the “Series D Shares”), with a conversion price of $0.15 per share based on a stated value of $1,000 per share, a zero percent coupon, and a bullet feature at four years, and (ii) 2,000,000 shares of
GeoPharma common stock (the “Midsummer Restructuring”). If Midsummer converts all of its Series D Shares, it would receive 23,333,333 shares of Common Stock of GeoPharma. 

E. GeoPharma desires to sell and issue to Buyer 50,701,874 shares of Common Stock of GeoPharma, which shall equal approximately 51% of
the total outstanding shares of Common Stock of GeoPharma outstanding immediately after the Closing, assuming the issuance of all of the shares set forth on Exhibit A attached hereto (the “Subject Shares”) and Seller desires to
sell, assign, transfer and convey to Buyer substantially all of Seller’s assets, rights and interests relating to the Business (as define in Recital A above), and Buyer desires to purchase and acquire the Subject Shares and such assets, in
consideration of (i) the payment by Buyer to Seller of $3,000,000 in cash, (ii) the assumption by Buyer of certain liabilities and obligations of Seller specifically identified in this Agreement, and (iii) the issuance of 3,000,000
shares of Buyer’s Class B Membership Units, with the rights and preferences set forth in Exhibit B attached hereto (the “Class B Membership Units”), all on the terms and subject to the conditions set forth in this Agreement.

 F. Vétoquinol USA, Inc. (“Vétoquinol”) paid to Seller $183,000.00 as
an advance royalty payment, which Vétoquinol and Seller agreed would be offset in equal amounts from each of the March 31, 2010, June 30, 2010 and September 30, 2010 quarterly royalty payments made by Vétoquinol to
Seller (the “Royalty Setoff”) pursuant to that certain September 11, 2003, Supply and Licensing Agreement, by and between Seller and Vet Solutions, L.P. n/k/a Vétoquinol, a copy of which has been provided to Buyer (the
“Vétoquinol Agreement”). The September 30, 2010 quarterly payment will belong to Buyer, pursuant to this Agreement, and, accordingly, the parties desire that, at the Closing, Seller reimburse Buyer for the $61,000.00 setoff
that Vétoquinol will deduct from such quarterly payment (the “Vétoquinol Setoff”). 
 G. Buyer, through
one of its affiliates, has advanced $70,000 to Seller and/or GeoPharma, as detailed in Exhibit C attached hereto, and the parties desire that, at the Closing, Seller reimburse Buyer for such sums (the “Advance Repayment”).

 Agreement: 

NOW, THEREFORE, in consideration of the mutual promises and agreements hereinafter contained and other good and valuable consideration,
Buyer and Seller hereby agree as follows: 
 ARTICLE I. PURCHASE AND SALE OF ASSETS 

1.1 Sale and Transfer of Assets. At the Closing (as defined herein), Buyer shall purchase and acquire from Seller, and
Seller shall sell, assign, transfer, convey and deliver to Buyer, free and clear of any and all liens, equities, claims, prior assignments, mortgages, charges, security interests, pledges, conditional sales contracts, collateral security
arrangements and other title retention arrangements, restrictions and encumbrances whatsoever (collectively, “Liens”), other than the Permitted Liens (as defined in Section 5.1(d) below) all of the assets owned by Seller in the
operation of or otherwise relating to the Business (as define in Recital A above), other than the Retained Assets (as defined herein), as the same shall exist as of the Effective Date (as defined in Section 4.1 below), including without
limitation the following (collectively, the “Acquired Assets”): 
 (a) Inventory. All
inventories of equipment, parts and supplies relating to the Business located at the Premises, including that listed on Schedule 1.1(a) ̧ plus all new inventory purchased or acquired after the date of such Schedule less any inventory
sold in the ordinary course of business (“Inventory”); 
 (b) Tangible Property. All tangible
personal property, machinery and equipment owned, leased or otherwise used, occupied or held by or for the benefit of or otherwise employed in or related to the Business located at the Premises, including but not limited to the equipment, office
furniture and equipment and other tangible personal property set forth on Schedule 1.1(b); 
 (c)
Business Records. All business books and records relating to the Business that has been reduced to writing or stored electronically or otherwise; 
  

 2 

 (d) Rights under Warranties. To the extent assignable by Seller, all
rights, claims and benefits of Seller in, to and under any express or implied warranties from the suppliers of goods or services relating to the Business, including any coverage rights under product liability or other insurance maintained by any of
such suppliers for the benefit of Seller; 
 (e) Customer List. A list of all Persons (as hereinafter
defined) to whom or to which Seller has sold or otherwise furnished any products or services at any time during the three-year period ending on the Effective Date (including any assignee or successor of any such Person by consolidation, merger, sale
of assets or otherwise); 
 (f) Contracts. Subject to Section 1.2, all rights, claims,
benefits and other interests of Seller in, to and under all licenses, leases, contracts and other agreements, commitments and undertakings relating to the Business or the Acquired Assets and listed and described on Schedule 1.1(g)
(collectively, “Assigned Contracts”); 
 (g) Permits. To the extent transferable, all licenses,
permits, approvals, consents, waivers and variances (collectively, “Permits”) issued by any federal, state or local governmental entity or subdivision thereof or any court or other governmental agency, authority, board, bureau, commission,
department or instrumentality (collectively, “Governmental Authorities”) and used in or necessary to the operation of the Business; 

(h) ANDAs. To the extent assignable, all Abbreviated New Drug Applications owned by Seller and listed on
Schedule 1.1(i) (collectively, the ANDAs”) shall be assigned to Buyer; 
 (i) Intellectual
Property Rights. All trademarks, trade names, service marks, copyrights, licenses, data and other confidential information and intellectual and similar intangible property rights, and any and all applications for, and any rights therein owned,
used or held by or for the benefit of, or otherwise used in the conduct of or related to, the Business, including but not limited to all of Seller’s rights and interests in and to the name “Belcher Pharmaceuticals” and all derivatives
thereof, Seller’s websites and all software and source codes related thereto, and all related logos, trade names and trademarks; and 

(j) Telephone Numbers. All assignable rights and privileges of Seller to the telephone numbers, facsimile number
and yellow page advertising used in the operation of the Business. 
 1.2 Retained Assets. Anything in
Section 1.1 to the contrary notwithstanding, the following assets (collectively, “Retained Assets”) shall be retained by Seller, and Buyer shall in no way be deemed to have purchased or acquired (or to be obligated to purchase
or acquire) any interest whatsoever in any of the following: 
 (a) Cash and Cash Equivalents. All of
Seller’s cash and cash equivalents; 
 (b) Accounts Receivable. All of Seller’s rights and
interests in and to the accounts receivable relating to the Business arising on or prior to the Effective Date, including without limitation the quarterly royalty payment from Vétoquinol for the quarter ended June 30, 2010 (the
“Accounts Receivable”); 
  

 3 

 (c) Nonassigned Contracts. All contracts, agreements, commitments and
undertakings that are not set forth on Schedule 1.1(g) (collectively, “Nonassigned Contracts” and, together with the Assigned Contracts, “Contracts”); and 

(d) Corporate Records. Seller’s minute books, stock transfer books and stock ledger and corporate seal.

 1.3 Sale and Issuance of Subject Shares. At the Closing, Buyer shall purchase and acquire from GeoPharma, and
GeoPharma shall issues, sell and deliver to Buyer, free and clear of any and all Liens, the Subject Shares. 
 1.4
Adjustment to Subject Shares. As set forth in Recital E above, it is the intent of the parties that Buyer receive shares of Common Stock of GeoPharma equal to 51% of the total outstanding shares of Common Stock of GeoPharma outstanding
immediately after the Closing (assuming the issuance of all of the shares set forth on Exhibit A attached hereto). The parties acknowledge that should Midsummer convert any of its Series D Shares, Buyer’s percentage ownership would be
diluted below 51%. Accordingly, each time Midsummer converts any of its Series D Shares, if ever, GeoPharma shall issue to Buyer one (1) share of Common Stock for each share of Common Stock received by Midsummer in such conversion. Thus,
assuming Midsummer converts all its Series D Shares and receives 23,333,333 shares of Common Stock, GeoPharma will issue an additional 23,333,333 shares of Common Stock to Buyer, which will increase Buyer’s shares to 74,035,207 and the total
outstanding shares to 146,082,105, giving Buyer approximately a 51% ownership interest. 
 1.5 Assignability and
Consents. Schedule 1.4 hereto sets forth a list of all Acquired Assets (including Permits and Assigned Contracts) that are nonassignable or nontransferable or cannot be assigned to Buyer without the consent of some other individual,
association, corporation, joint stock company, joint venture, limited liability company, partnership, trust or Governmental Authority or other entity or enterprise (collectively, “Persons”). Seller shall take, or cause to be taken by
others, all necessary actions required to obtain or satisfy, at the earliest practicable date, all consents, approvals, authorizations, novations, requirements (including filing and registration requirements), waivers and agreements (collectively,
“Consents”) from any Persons necessary to authorize, approve or permit the full and complete sale, assignment, transfer, conveyance or sublease of the Acquired Assets to Buyer. 

ARTICLE II. LIABILITIES 

2.1 Assumption of Liabilities. On the terms and subject to the conditions set forth in this Agreement, Buyer shall assume
at the Closing, but effective as of the Effective Date (as defined below), and shall thereafter pay, perform and discharge as and when due, the following liabilities and obligations of Seller (collectively, “Assumed Liabilities”):

 (a) All liabilities relating to the Business arising from and after the Effective Date (as defined below);

  

 4 

 (b) One-half of all amounts due to the landlords through the Effective Date
and arising under the leases related to the Premises listed in Schedule 2.1 (the “Mosk Leases”), whether arising prior to or after the Closing; 

(c) All license fees for Seller’s FDA CVM License, whether arising prior to or after the Closing; 

(d) All state, county and local ad valorem and tangible Taxes (as defined below) on real or personal property, including
equipment, included in the Acquired Assets, whether arising prior to or after the Closing; and 
 (e) $128,000.00
of the amounts due to G.E. Capital that arose prior to the Closing. 
 Notwithstanding the forgoing or anything else to the contrary, Buyer
shall only be required to pay a maximum of $500,000 of the Assumed Liabilities. If Buyer pays any Assumed Liabilities in excess of $500,000 in the aggregate, it shall be entitled to deduct such excess actually paid from any payments due GeoPharma
pursuant to the Redemption Obligation (as defined in, and as further contemplated by, Exhibit B). 
 2.2 Retained
Liabilities. Except as provided in Section 2.1, Seller shall retain, and Buyer shall not assume or be responsible or liable for, any liabilities or obligations of Seller or otherwise relating to the Business, whether associated
with or arising from any of the Acquired Assets and whether known or unknown, fixed, contingent or otherwise, (collectively, “Retained Liabilities”). 

ARTICLE III. PURCHASE PRICE 

3.1 Purchase Price. In consideration of the Acquired Assets and the Subject Shares, Buyer shall (a) pay to Seller
$3,000,000, in cash minus the Vétoquinol Setoff and the Advance Repayment (the “Cash Component”) and (b) issue to Seller certificates evidencing 3,000,000 Class B Membership Units (collectively, the “Purchase Price”).
Immediately upon the execution of this Agreement, Buyer shall deposit $1,000,000 in cash with Seller’s counsel, Shumaker, Loop & Kendrick, LLP (the “Escrow Deposit”). At the Closing, the Escrow Deposit shall be released to
Seller and shall be credited toward the Cash Component, Buyer shall pay the balance of the Cash Component ($2,000,000) in cash directly to Whitebox, and Buyer shall issue the 3,000,000 Class B Membership Units to Seller. 

3.2 Purchase Price Allocation. The Purchase Price payable hereunder represents the amount agreed upon by the parties to be
the aggregate value of the Acquired Assets and Subject Shares and shall be allocated among the Acquired Assets and Subject Shares in accordance with the respective values of the Acquired Assets and Subject Shares in compliance with all applicable
laws and regulations, as reasonably determined by Buyer. Each of the parties shall report the purchase and sale of the Acquired Assets, including but not limited to in all federal, state, local and other Tax (as hereinafter defined) returns and
reports prepared and filed by or for Buyer or any Seller Party in accordance with the forgoing basis of allocation. 
  

 5 

 ARTICLE IV. CLOSING 

4.1 General. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at
10:00 a.m. Florida time as soon as practicable after the date hereof at Shumaker, Loop & Kendrick, LLP’s offices in Tampa, provided that all of the conditions set forth in Section 4.2 which have not been waived by Buyer,
and all the conditions set forth in Section 4.3 which have not been waived by Seller, shall have been fulfilled. The date on which Closing occurs is referred to herein as the “Closing Date.” Notwithstanding the actual Closing
Date, the transactions contemplated hereby shall be deemed to be effective, for tax, accounting and all other purposes, and legal and equitable title with respect to the Acquired Assets and Subject Shares shall be deemed to pass to Buyer, as of
12:01 a.m. (local time) on July 1, 2010 (the “Effective Date”). 
 4.2 Conditions Precedent to Buyer’s
Obligation to Close. Each and every obligation of Buyer to enter into and complete the Closing is subject, at Buyer’s option, to the fulfillment and satisfaction of each of the following conditions: 

(a) The representations and warranties of Seller contained in this Agreement will be true and correct in all material
respects on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date, and Seller shall have performed and complied with all covenants and agreements required by this Agreement to be performed or complied
with by them prior to the Closing Date, and Seller shall have delivered to Buyer a certificate, dated the Closing Date and signed by such Seller to the foregoing effect and stating that all conditions to Buyer’s obligations hereunder have been
satisfied; 
 (b) No action, suit or proceeding shall have been instituted before any court or governmental body
or instituted or threatened by any Person which could materially affect the Acquired Assets or Assumed Liabilities, financial condition or prospects of Seller or the Business or restrain or prevent the carrying out of the transactions contemplated
hereby or seek damages in connection with such transactions; 
 (c) All necessary approvals and/or filings
(including Consents) for the transactions contemplated hereby to be obtained and/or made by Seller shall have been obtained and/or made, as the case may be, and shall be in full force and effect; 

(d) Buyer, Seller and the landlord of the Mosk Leases shall have reached an agreement mutually acceptable to each of them
with regard to the repayment of amounts due to landlord and the lease terms for the Premises from and after Closing; 

(e) All Liens on the Acquired Assets, other than the Permitted Liens, shall have been properly released; 

(f) Seller shall have delivered or caused to be delivered the following to Buyer: 

(i) copies of the resolutions of each of Seller’ board of directors authorizing and approving this Agreement and all
transactions and other documents, instruments and agreements contemplated hereby; 
  

 6 

 (ii) a bill of sale transferring the Acquired Assets from Seller to Buyer,
free and clear of any and all Liens, duly executed by Seller; 
 (iii) good standing certificates for Seller from
the State of Florida dated as of a recent date; 
 (iv) stock certificates evidencing the Subject Shares, duly
executed by GeoPharma; and 
 (v) such other deeds, bills of sale, endorsements, assignments and other
instruments of sale, assignment, transfer and conveyance in form and substance satisfactory to Buyer and its counsel, as are required to effectively vest in Buyer good and marketable title in and to all of the Acquired Assets and Subject Shares,
free and clear of any and all Liens. 
 4.3 Conditions Precedent to Seller’ Obligations to Close. Each and
every obligation of Seller to enter into and complete the Closing is subject, at their option, to the fulfillment and satisfaction of each of the following conditions: 

(a) The representations and warranties of Buyer contained in this Agreement will be true and correct in all material
respects on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date, and Buyer shall have performed and complied with all covenants and agreements required by this Agreement to be performed or complied
with by them prior to the Closing Date, and Buyer shall have delivered to Seller a certificate, dated the Closing Date and signed by Buyer to the foregoing effect and stating that all conditions to Seller’ obligations hereunder have been
satisfied; 
 (b) Except as set forth on Schedule 5.1(h), no action, suit or proceeding shall have
been instituted before any court or governmental body or instituted or threatened by any Person which could materially affect the Acquired Assets or Assumed Liabilities, financial condition or prospects of Seller or the Business or restrain or
prevent the carrying out of the transactions contemplated hereby or seek damages in connection with such transactions; 

(c) All necessary approvals and/or filings (including Consents) for the transactions contemplated hereby shall have been
obtained and/or made, as the case may be, and shall be in full force and effect; and 
 (d) Buyer, Seller and the
landlord of the Mosk Leases shall have reached an agreement mutually acceptable to each of them with regard to the repayment of amounts due to landlord and the lease terms for the Premises from and after Closing; 

(e) Buyer shall have paid the Cash Component in cash; 

 

 7 

 (f) GeoPharma’s general counsel and president/registered agent shall
have resigned as officers of GeoPharma and Seller; 
 (g) The employment agreements of GeoPharma’s general
counsel, president/registered agent and Chairman of the Board with the GeoPharma shall have been terminated and each of them shall have released GeoPharma from all obligations related thereto; 

(h) Buyer shall have issued and delivered certificates representing Class B Membership Units, duly executed by Buyer; and

 (i) The Whitebox Restructuring and the Midsummer Restructuring shall have been consummated. 

ARTICLE V. REPRESENTATIONS AND WARRANTIES 

5.1 Representations and Warranties of Seller. Subject only to those exceptions and qualifications listed and described on
the Schedules attached to this Agreement, Seller hereby jointly and severally represent and warrant to Buyer that, unless otherwise indicated, as of the date hereof and as of the Closing Date: 

(a) Organization and Standing; Power and Authority. Each of Seller is a corporation duly organized, validly
existing and in good standing under the laws of the State of Florida. Seller has full corporate power and authority to operate the Business, to own or lease the Acquired Assets, and to carry on the Business as now being conducted. Each of Seller has
full corporate power and authority to enter into and perform this Agreement and the transactions and other agreements and instruments contemplated by this Agreement. Seller has no subsidiary corporations, owns no direct or indirect interest in any
other business enterprise, firm or corporation, and is the only business enterprise, firm or corporation through which the Business is conducted, or which owns, leases or uses assets related to the Business. Seller is duly qualified or licensed to
do business as a foreign corporation and is in good standing in each jurisdiction in which the ownership or lease of the Acquired Assets or the operation of the Business requires such qualification. This Agreement and each of the other agreements
and instruments executed and delivered, or to be executed and delivered, in connection herewith (collectively, “Transaction Documents”), have been (or, upon execution thereof, will be) duly executed and delivered by, and constitute (or,
upon execution thereof, will constitute) the valid and binding obligations of each Seller Party that is a party thereto, enforceable in accordance with their respective terms. 

(b) Ownership. GeoPharma owns all of the outstanding shares of the capital stock of Seller. 

(c) Conflicts and Defaults. Neither the execution and delivery of this Agreement and the other Transaction
Documents by any Seller Party nor the performance by any Seller Party of the transactions contemplated hereby or thereby will (i) violate, conflict with, or constitute a default under, any provision of Seller’s articles of incorporation or
bylaws or any provisions of, or result in the acceleration of any obligation under, any contract, sales commitment, license, purchase order, security agreement, mortgage, note, deed, lien, lease, agreement or instrument (including but not limited to
the Contracts), or any Law (as hereinafter defined), relating to the Business or any of the Acquired Assets or by which Seller or any of the Acquired Assets are bound, (ii) result in the creation or imposition of any Liens or other claims in
favor of any third Person against any of the Acquired Assets, (iii) constitute an event that, after notice or lapse of time or otherwise, would result in any such violation, conflict, default (except defaults that would not individually or in
the aggregate have a material adverse effect), acceleration, or creation or imposition of Liens or other claims or (iv) constitute an event that, after notice or lapse of time or otherwise, would create, or cause to be exercisable or
enforceable, any option, agreement or right of any kind to purchase any of the Acquired Assets. Except as set forth on Schedule 1.4(a), no Consent will be required to be obtained or satisfied for the continued performance by Buyer
following the Closing of any Assigned Contract. Seller is not in violation of or in default under its articles of incorporation or bylaws, and no Seller Party is in violation of or in default under any provision of any contract or other agreement,
commitment, obligation or undertaking (including but not limited to the Contracts) or Law relating to the Business or any of the Acquired Assets or by which any Seller Party or any of the Acquired Assets are bound, or in the payment of any monetary
obligations or debts of any Seller Party relating to the Business, and there exists no condition or event that, after notice or lapse of time or otherwise, would result in any such violation or default. 

 

 8 

 (d) Acquired Assets; Title to Acquired Assets. Except for the
Retained Assets, the Acquired Assets are the only assets, properties, rights and interests used by Seller in connection with the Business. The Acquired Assets constitute all of the assets, properties, rights and interests necessary to conduct the
Business in substantially the same manner as conducted by Seller prior to the Effective Date. All of the Acquired Assets used in connection with the operation of the Business are in good operating condition and repair and are adequate and sufficient
for the uses to which they are put in the Business. The consummation of the transactions contemplated by this Agreement will not adversely affect such title or rights or any terms of the applicable agreements evidencing, creating or granting such
title or rights. Seller has the right under valid and existing leases to occupy, use or control all properties and assets leased by it and included in the Acquired Assets. The delivery to Buyer of the instruments of transfer of ownership
contemplated by this Agreement will vest in Buyer good, marketable and exclusive title to (or, in the case of Acquired Assets not owned by Seller, the full right to possess and use) the Acquired Assets, free and clear of all Liens and other claims
of any kind and nature whatsoever, other that those listed in Schedule 5.1(d) (the “Permitted Liens”). Schedule 1.1(b) contains a true, complete and correct list of all fixed assets and other tangible personal property
used in connection with the Business. 
 (e) Real Property. Schedule 2.1 contains a true, complete
and correct list of all leases creating any interest or right in the Premises. True, complete and correct copies of the Mosk Leases have been delivered to Buyer. Each such Lease is, as of the date hereof, in full force and effect and is a legal,
binding, and enforceable obligation of the parties thereto. Seller is in breach of the Mosk Leases. Neither the whole nor any portion of any of the Premises has been condemned, requisitioned or otherwise taken by any Governmental Authority and, to
Seller’ knowledge, no such condemnation, requisition or taking is threatened or contemplated. All buildings, fixtures and other structures, improvements and appurtenances comprising part of the Premises have been well maintained and, except for
normal wear and tear, are in good condition. Seller does not conduct the Business from any location other than the Premises. 
  

 9 

 (f) Contracts. Schedule 1.1(g) contains a complete list
of all the Assigned Contracts. Each of the Assigned Contracts is a legal, binding and enforceable obligation of or against any Seller Party that is a party thereto and, to Seller’ knowledge, is a legal, binding and enforceable obligation of or
against the other party or parties thereto. 
 (g) Liabilities. The amount of each of the Assumed
Liabilities is as set forth on Schedule 2.1 and the aggregate amount of the Assumed Liabilities does not exceed the total reflected on Schedule 2.1. 

(h) Litigation. Except as set forth on Schedule 5.1(h), no Seller Party is subject to any order of, or
written agreement or memorandum or understanding with, any Governmental Authority, and there exists no litigation, action, suit, claim, investigation or proceeding pending or, to Seller’ knowledge, any litigation, action, suit, claim,
investigation or proceeding threatened against or affecting any Seller Party, the Business or any of the Acquired Assets or which would adversely affect the transactions contemplated by this Agreement and, to Seller’ knowledge, no one has
grounds to assert any such litigation, action, suit, claim, investigation or proceeding. 
 (i) Legal
Compliance. Except as set forth on Schedule 5.1(j), the Business has been conducted, the Acquired Assets have been maintained, and Seller is currently in compliance in all material respects with, all applicable statutes, codes,
ordinances, rules, regulations, judgments, orders, decrees, writs, injunctions and other laws of any Governmental Authority (collectively, “Laws”). Seller is not in default under, and no event has occurred that, with notice or the lapse of
time or otherwise, could result in default under, the terms of any judgment, order, decree, writ or injunction of any Governmental Authority. 

(j) Brokers, Finders and Agents. No Seller Party is directly or indirectly obligated to anyone acting as a broker,
finder or in any other similar capacity in connection with this Agreement or the transactions contemplated hereby. 

(k) Intellectual Property. Schedule 5.1(k) sets forth a complete and correct list (with an indication
of the record owner and identifying number) of all trademarks, trade names, service marks and copyrights for which registrations have been obtained (and all applications for, and extensions and reissuances of, any of the foregoing) that are or have
been used in the conduct of, or which otherwise relate to, the Business. Except as set forth on Schedule 5.1(k), Seller is the sole owner and has the exclusive right to use, free and clear of any payment, restriction or encumbrance, all such
trademarks, trade names, service marks and copyrights. 
 (l) Taxes. Except as set forth on Schedule
5.1(l), Seller has prepared in good faith and duly filed or caused to be duly filed all Tax returns and reports required to be filed by it with any Governmental Authority which are due to be filed on or prior to the Effective Date, and all Taxes
owed to any Governmental Authority by Seller for periods covered by such returns and reports, and all assessments, claims, costs, demands, expenses and judgments connected therewith, have been paid in full. No extensions for the filing of any
returns or the payment of any Taxes have been requested or granted. Except as set forth on Schedule 5.1(l), no Seller Party is a party to any action or proceeding and, to Seller’ knowledge, no such action or proceeding is contemplated or
threatened for the assessment or collection of any Taxes, and no deficiency notices or reports have been received by any Seller Party in respect of any Tax. For the purposes of this Agreement, “Tax” or “Taxes” means all real
estate, personal property, federal, state and local net income and gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property
or windfall profits taxes, customs duties or other taxes, fees, charges or assessments of any kind whatsoever, including any interest, penalties, additions to tax or other additional amounts imposed by any taxing authority. 

 

 10 

 (m) Disclaimer of other Representations and Warranties. Except as
expressly set forth in this Section 5,1, Seller make no representation or warranty, express or implied, at law or in equity, in respect of any of its assets (including, without limitation, the Acquired Assets), liabilities or operations,
including, without limitation, with respect to merchantability or fitness for any particular purpose, and any such other representations or warranties are hereby expressly disclaimed. Buyer hereby acknowledges and agrees that, except to the extent
specifically set forth in this Section 5.1, Buyer is purchasing the Acquired Assets on an “as-is, where-is” basis. 

5.2 Representations and Warranties of Buyer. Buyer represents and warrants to Seller that, as of the date hereof and as of
the Closing Date: 
 (a) Organization and Standing; Power and Authority. Buyer is a limited liability
company duly organized, validly existing and in good standing under the laws of the State of Florida and has full power and authority to enter into and perform this Agreement and the transactions and other agreements and instruments contemplated by
this Agreement. Buyer was formed on July 1, 2010 for the purpose of entering into this Agreement and has no operations prior to the Closing. This Agreement and each of the other Transaction Documents to which Buyer is a party have been (or,
upon execution thereof, will be) duly executed and delivered by, and constitute (or, upon execution thereof, will constitute) the valid and binding obligations of Buyer, enforceable in accordance with their respective terms. 

(b) Conflicts and Defaults. Neither the execution and delivery of this Agreement and other Transaction Documents by
Buyer nor the performance by Buyer of its obligations hereunder and thereunder will (i) violate, conflict with, or constitute a default under, any provision of Buyer’s articles of incorporation or bylaws or any provisions of, or result in
the acceleration of any obligation under, any contract, sales commitment, license, purchase order, security agreement, mortgage, note, deed, lien, lease, agreement or instrument, or any Law by which Buyer is bound or (ii) constitute an event
that, after notice or lapse of time or otherwise, would result in any such violation, conflict, default (except defaults that would not individually or in the aggregate have a material adverse effect), acceleration, or creation or imposition of
Liens or other claims. 
  

 11 

 (c) Capitalization of Buyer. The authorized membership units of Buyer
consists of 6,000,000 Class A units and 3,000,000 Class B Units. As of the Closing, all of the Class B Units shall be owned by Seller. 

(d) Liabilities. Buyer does not have any liabilities immediately prior to Closing. 

(e) Litigation. Buyer is not subject to any order of, or written agreement or memorandum or understanding with, any
Governmental Authority, and there exists no litigation, action, suit, claim, investigation or proceeding pending or, to Buyer’s knowledge, any litigation, action, suit, claim, investigation or proceeding threatened against or affecting Buyer,
or which would adversely affect the transactions contemplated by this Agreement and, to Buyer’s knowledge, no one has grounds to assert any such litigation, action, suit, claim, investigation or proceeding. 

(f) Brokers, Finders and Agents. Buyer is not directly or indirectly obligated to anyone as a broker, finder or in
any other similar capacity in connection with this Agreement or the transactions contemplated hereby. 
 5.3
Representations and Warranties Related to Securities Matters. Buyer and Seller, each individually and on their own behalf, hereto represent, warrant and agree with one another, as of the date hereof and as of the Closing Date, as
follows: 
 (i) Buyer is acquiring the Subject Shares as principal for its own account for investment purposes
only and not with a view to or for distributing or reselling the Subject Shares or any part thereof and (i) does not have any agreement or understanding, directly or indirectly, with any Person to distribute any of the Subject Shares,
(ii) has no present plan, intention or understanding and has made no arrangement to sell any of the Subject Shares at any predetermined time or for any predetermined price, and (iii) has not purchased, sold or entered into any put option,
short position or similar arrangement with respect to the Subject Shares. 
 (ii) Seller is acquiring the Class B
Membership Units as principal for their own account for investment purposes only and not with a view to or for distributing or reselling Class B Membership Units or any part thereof and (i) do not have any agreement or understanding, directly
or indirectly, with any Person to distribute any of Class B Membership Units, (ii) have no present plan, intention or understanding and has made no arrangement to sell any of Class B Membership Units at any predetermined time or for any
predetermined price, and (iii) have not purchased, sold or entered into any put option, short position or similar arrangement with respect to Class B Membership Units. 

(iii) Buyer, and each shareholder of Buyer, is an “accredited investor” within the meaning of Rule 501 of
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). 
 (iv) Seller is an
“accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act. 
  

 12 

 (v) Buyer acknowledges that the issuance of the Subject Shares has not been
registered with the Securities and Exchange Commission or under any federal or state securities laws and that the Subject Shares are restricted shares and may not be resold by Buyer without either registering the resale of the Subject Shares or
securing an exemption from such registration requirements. Buyer further acknowledges that the certificate representing the Subject Shares shall contain an appropriate legend to reflect the restricted nature of the Subject Shares. 

(vi) Seller acknowledges that the issuance of Class B Membership Units has not been registered with the Securities and
Exchange Commission or under any federal or state securities laws and that the Class B Membership Units are restricted shares and may not be resold by Seller without either registering the resale of Class B Membership Units or securing an exemption
from such registration requirements. Seller further acknowledges that the certificate representing the Class B Membership Units shall contain an appropriate legend to reflect the restricted nature of the Class B Membership Units. 

(vii) Buyer has made an independent decision to purchase the Subject Shares based on the information available to Buyer,
which Buyer has determined is adequate for that purpose, and Buyer has not relied on any information (in any form, whether written or oral) furnished by Seller or on their behalf in making that decision. 

(viii) Seller has made an independent decision to purchase the Class B Membership Units based on the information available
to Seller, which Seller has determined is adequate for that purpose, and Seller has not relied on any information (in any form, whether written or oral) furnished by Buyer or on their behalf in making that decision. 

(ix) No Party hereto has given any investment advice or rendered any opinion to any other Party as to whether the purchase
or sale of the Subject Shares or the Class B Membership Units is prudent or suitable, and no Party is relying on any representation or warranty by any other Party, except as expressly set forth herein. 

(x) Each Party hereto is a sophisticated investor and has adequate information concerning the business and financial
condition of the other Parties and understands the disadvantage to which any Party may be subject on account of any disparity of information that may exist between the Parties. Each Party believes, by reason of its business or financial experience,
that it is capable of evaluating the merits and risks of the purchase and sale and of protecting its own interest in connection with the purchase and sale of the Subject Shares and the Class B Membership Units, as applicable. 

(xi) Each Party acknowledges that each other Party and its affiliates may possess material non-public information not
known to it regarding or relating to the Parties, including, but not limited to, information concerning the business, financial condition, results of operations, prospects or future plans of the Parties, and each Party acknowledges that it has not
requested any such information and agrees that the other Parties shall not have any liability whatsoever (and each Party hereby waives and releases all claims that it may otherwise have) with respect to the nondisclosure of any such information,
whether before or after the date of this Agreement. 
  

 13 

 (xii) Each Party expressly, irrevocably and unconditionally waives and
releases each other Party, its affiliates and its and their respective officers, directors, employees, agents and controlling persons from any and all liabilities or claims (whether for damages, rescission or any other relief) with respect to such
Party’s possession of, or the failure to disclose to the other Party, non-public information, and each Party agrees not to make a claim against the other Party, its affiliates and its and their respective officers, directors, employees, agents
and controlling persons relating to any possession or, or failure to disclose, such non-public information. Each Party further confirms that it understands the significance of the foregoing waiver and release. 

(xiii) Each Party hereto acknowledges and agrees that the foregoing representations, warranties and covenants are being
executed and delivered as a material inducement to each Party’s willingness to enter into this Agreement and to consummate the purchase and sale of the Subject Shares and the Class B Membership Units. 

5.4 General. The representations and warranties made in this Agreement shall survive the Closing for a period of one
(1) year. 
 ARTICLE VI. PRE-CLOSING COVENANTS OF SELLER PARTIES 

6.1 Conduct of Business Pending Closing. Between the date hereof and the Closing hereunder, Seller will use its best
efforts to undertake the following, but Buyer acknowledges that Seller may not be able to do so because, among other reasons, Seller is in default of its senior credit facility, in breach of the Mosk Leases and is in financial distress and has
severely limited liquidity): 
 (a) not take or suffer or permit any action which would render untrue any of the
representations or warranties of Seller herein contained, and not omit to take any action within its power, the omission of which would render untrue any such representation or warranty; 

(b) conduct the Business in the ordinary and usual course, preserve the Business intact, keep available the services of
its employees, and preserve its relationships with customers, suppliers and others with whom it deals; 
 (c)
keep the premises occupied by the Business and all of its equipment and other tangible personal property in good order and repair and perform all necessary repairs and maintenance within normal time frames of scheduled maintenance; 

(d) continue to maintain all of its usual business books and records in accordance with its past practices; 

(e) not waive any right or cancel any claim, in each case applicable to the Business; 

 

 14 

 (f) maintain its entity existence and not merge or consolidate with any
other entity; 
 (g) comply with all provisions of any Assigned Contract applicable to the Business and comply
with all applicable Laws; 
 (h) not accelerate the collection of Accounts Receivable, nor delay the payment of
Accounts Payable; 
 (i) effectuate the transactions contemplated by this Agreement, and to do all things
whatsoever necessary and proper to effect the transactions and agreements contemplated herein. 
 ARTICLE VII.
POST-CLOSING COVENANTS OF SELLER PARTIES 
 7.1 Maintenance of and Access to Records. After the Closing
Date, Seller shall provide Buyer with access (and the opportunity to make copies), from time to time during normal business hours and upon reasonable notice, to any records relating to the Business that are retained by Seller. Seller shall preserve
and maintain any books and records relating to the Business and retained by Seller for at least three years after the Closing Date. 

7.2 Further Assurances. Each Party shall use its best efforts to implement the provisions of this Agreement, and for such
purpose each Party, at the request of any other Party at or after the Closing and without further consideration, shall promptly execute and deliver, or cause to be executed and delivered, such certificates, deeds, assignments, bills of sale,
Consents and other instruments in addition to those required by this Agreement, in form and substance satisfactory to the other Party, and take all such other actions as the other Party may reasonably deem necessary or desirable to implement any
provision of this Agreement or to more effectively transfer, convey and assign (a) to Buyer good and marketable title to, and to put Buyer in actual possession and operating control of, all of the Acquired Assets and the Subject Shares, free
and clear of all Liens, and (b) to Seller good and marketable title to, and to put Seller in actual possession and operating control of, the Class B Membership Units, free and clear of all Liens. 

7.3 Cooperation in the Defense of Claims. In the event that a claim is asserted against Buyer or any of its officers,
directors, shareholders, employees or agents with respect to events or conditions occurring or existing in connection with or arising out of the operation of the Business prior to the Closing or the ownership, possession, use or sale of the Acquired
Assets prior to the Closing, Seller shall cooperate in all reasonable respects in the defense of any such claim. Nothing in this Section 7.3 shall be construed as limiting in any way whatsoever Buyer’s rights under
Article IX. 
 7.4 Transition of Business. From and after closing, for a period of up to one
(1) month, Seller shall cooperate with Buyer in the transition of Seller’s Business to Buyer and shall undertake all actions in connection therewith reasonably requested by Buyer. 

7.5 Employment Matters. From and after Closing, unless otherwise agreed by Seller and Buyer, Seller will terminate, and
Buyer shall hire, all of the employees of Seller set forth on Schedule 7.5 (the “Employees”). Seller shall be solely responsible for all WARN Act responsibilities and effects (if any). Seller shall be liable for and shall pay any
and all accrued salary and benefits of all the Employees up to the Effective Date. Buyer shall be liable for and shall pay any and all salary and benefits of all the Employees commencing on the Effective Date until such time as Buyer no longer
employs the Employees. Buyer shall honor all accrued vacation days and sick leave of the Employees, and Seller shall reimburse Buyer for the cost of such accrued vacation and sick leave as the Employees actually take the accrued vacation and sick
leave. 
  

 15 

 7.6 Change in Corporate Name. Promptly after the Closing, Seller will change
its corporate name to a name that does not include the trade name “Belcher” and shall thereafter cease using such name. 

ARTICLE VIII. POST-CLOSING COVENANTS OF BUYER 

8.1 Maintenance of and Access to Records. After the Closing Date, Buyer shall provide Seller with access (and the
opportunity to make copies), from time to time during normal business hours and upon reasonable notice, to such business records delivered to Buyer pursuant to this Agreement as may be required by Seller for any legitimate purpose (such as an audit
or investigation by a Governmental Authority or a matter relating to insurance coverage or third party claims) relating to the operation of the Business by Seller prior to the Closing. Buyer shall preserve and maintain the records relating to the
Business that are part of the Acquired Assets for at least three years after the Closing Date. 
 8.2 Cooperation in
Defense of Claims. In the event that a claim is asserted against Seller or any of its officers, directors, shareholders, employees or agents with respect to events or conditions occurring or existing in connection with, or arising out of,
the operation of the Business subsequent to the Closing or the ownership, possession, use or sale of the Acquired Assets subsequent to the Closing, Buyer shall cooperate in all reasonable respects in the defense of any such claim. Nothing in this
Section 8.2 shall be construed as limiting in any what whatsoever Seller’s rights under Article IX. 

ARTICLE IX. INDEMNIFICATION 

9.1 Indemnification by Buyer. From and after the Closing, Buyer shall indemnify, defend and hold harmless Seller and their
respective directors, officers, employees, agents and representatives from and against any and all actions, assessments, claims, costs, damages, demands, expenses, judgments, liabilities and losses, including but not limited to interest, penalties,
attorneys’ fees, accounting fees and investigation costs (collectively, “Losses”), that may be incurred by Seller or any such Person resulting or arising from, related to or otherwise incurred in connection with (a) the Assumed
Liabilities or (b) any breach of any representation, warranty, covenant or agreement of Buyer contained herein or in any other Transaction Document. 

9.2 Indemnification by Seller. From and after the Closing, Seller jointly and severally shall indemnify, defend and hold
harmless Buyer and its shareholders, directors, officers, employees, agents and representatives from and against any and all Liabilities that may be incurred by Buyer or any such Person resulting or arising from, related to or otherwise incurred in
connection with (a) the Retained Liabilities or (b) any breach of any representation, warranty, covenant or agreement of a Seller Party contained herein or in any other Transaction Document; provided, however, that so long as any Class B
Membership Units remain outstanding, any such indemnity obligation shall first be achieved by deducting the amount of such indemnity obligation from the Redemption Obligation (as defined in, and as further contemplated by, Exhibit B) and
thereafter from the Seller’s separate funds. 
  

 16 

 9.3 Certain Limitations. The indemnifying Party’s liability under this
Article IX shall be limited as follows. 
 (a) Threshold. No amount shall be payable by Buyer, on
the one hand, or Seller, on the other hand, under Sections 9.1 or 9.2 unless and until the aggregate amount otherwise payable by Buyer, on the one hand, or Seller, on the other hand, under this Article IX exceeds $50,000 (the
“Indemnity Threshold”). At such time as the total aggregate amount payable by Buyer or Seller, as the case may be, exceeds the Indemnity Threshold, the applicable indemnitee(s) shall be entitled to be indemnified against the full amount of
all damages that have been incurred or suffered by such indemnitee(s) in connection with the transactions contemplated by this Agreement (and not merely the portion of such damages exceeding the Indemnity Threshold). 

(b) Ceiling. Neither Buyer, on the one hand, nor Seller, on the other hand, shall have liability pursuant to
Sections 9.1 or 9.2 in excess of fifty percent (50%) of the total Purchase Price. 
 (c)
Survival. This Article IX shall survive the Closing until the first anniversary of the Closing. After the first anniversary of the Closing, unless a Party has instituted an indemnification claim prior to such anniversary, the Parties
shall no longer have any rights under this Article IX. 
 9.4 Notice of Claim; Right to Participate in and Defend
Third Party Claim. 
 (a) If any indemnified party receives notice of the assertion of any claim, the commencement of any
action, suit or proceeding, or the imposition of any penalty or assessment by a third party in respect of which indemnity may be sought hereunder (“Third Party Claim”), and the indemnified party intends to seek indemnity hereunder, then
the indemnified party shall promptly provide the indemnifying party with prompt written notice of the Third Party Claim, but in any event not later than 30 calendar days after receipt of such notice of Third Party Claim. The failure by an
indemnified party to notify an indemnifying party of a Third Party Claim shall not relieve the indemnifying party of any indemnification responsibility under this Article IX, unless such failure materially prejudices the ability of the
indemnifying party to defend such Third Party Claim. 
 (b) The indemnifying party may at its expense defend a Third Party
Claim, if the indemnifying party utilizes counsel reasonably satisfactory to the indemnified party and promptly commences the defense of the Third Party Claim, pursues such defense with diligence, and has the financial ability to pay the alleged
damages; provided, however, that the indemnifying party shall secure the consent of the indemnified party, which shall not be unreasonably withheld, to any settlement of a Third Party Claim. The indemnified party may participate in the defense of
any such Third Party Claim at its expense and, until the indemnifying party has agreed to defend such Third Party Claim, the indemnified party may, at the indemnifying party’s expense, file any motion, answer or other pleading or take such
other action as the indemnified party deems appropriate to protect its interests. If an indemnifying party does not defend any Third Party Claim for which indemnity is owing under this Agreement, the indemnifying party shall be bound by the results
obtained with respect thereto, and the reasonableness of the costs, fees and expenses incurred, by the indemnified party, including the amount of any settlement of such Third Party Claim. 

 

 17 

 (c) Any claim asserted hereunder that is not a Third Party Claim shall be asserted by the
indemnified party by promptly delivering notice thereof to the indemnifying party. If the indemnifying party does not respond to such notice within 30 days after its receipt, it shall have no further right to contest the validity of such claim.

 ARTICLE X. TERMINATION 

10.1 Right to Terminate. Notwithstanding anything to the contrary set forth in this Agreement, this Agreement may be
terminated and the transactions contemplated herein abandoned at any time prior to the Closing: 
 (a) by mutual
written consent of Buyer and Seller; 
 (b) by Buyer, on the one hand, or Seller, on the other hand, if the
Closing shall not have occurred by July 31, 2010, provided, however, that the right to terminate this Agreement under this Section 10.1 shall not be available to any Party whose failure to fulfill any obligation under this Agreement
has been the cause of, or resulted in, the failure of the Closing to occur on or before such date; 
 (c) by
Buyer, on the one hand, or Seller, on the other hand, if a court of competent jurisdiction shall have issued an order, decree or ruling permanently restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement, and
such order, decree, ruling or other action shall have become final and nonappealable; 
 (d) by Buyer if Seller
(x) breaches their representations and warranties in any material respect, or (y) fail to comply in any material respect with any of their respective covenants or agreements contained herein; or 

(e) by Seller if Buyer (x) breaches its representations and warranties in any material respect, or (y) fails to
comply in any material respect with any of its respective covenants or agreements contained herein. 
 10.2 Obligations to
Cease. In the event that this Agreement shall be terminated pursuant to Section 10.1 hereof, all obligations of the parties hereto under this Agreement shall terminate and there shall be no liability of any party hereto to any
other party. Notwithstanding the foregoing, nothing contained in this Section 10.2 will release Seller or Buyer from liability for any breach of this Agreement prior to its termination (it being agreed that irreparable damage would occur
in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and, accordingly, the parties hereto shall be entitled to an injunction or injunctions to prevent
breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in addition to any other remedy to which they are entitled at law or in equity). 

 

 18 

 ARTICLE XI. MISCELLANEOUS 

11.1 Amendments. This Agreement may be amended only by a written instrument executed by all of the Parties hereto.

 11.2 Entire Agreement. This Agreement and the other Transaction Documents set forth the entire understanding of
the Parties hereto with respect to the subject matter hereof and supersede all prior contracts, agreements, arrangements, communications, discussions, representations and warranties, whether oral or written, among the Parties. 

11.3 Governing Law. This Agreement shall in all respects be governed by and construed in accordance with the laws of the
State of Florida, without regard to its conflicts of law principles. 
 11.4 Notices. Any notice, request or other
communication required or permitted hereunder shall be in writing and shall be deemed to have been duly given (a) when received, if personally delivered or sent by telecopy, (b) within three business days after being deposited with the
United States Postal Service, if sent by registered or certified mail, return receipt requested and postage prepaid, or (c) within one business day after being deposited with an established overnight courier for priority delivery, in each case
to the Parties at their respective addresses set forth below. 
  

			
	To Seller:	  	6950 Bryan Dairy Road
		  	Largo, FL 33777
		  	Attention: Carol Dore-Falcone
		
	with a copy to:	  	Shumaker, Loop & Kendrick, LLP
		  	101 East Kennedy Boulevard, Suite 2800
		  	Tampa, Florida 33602
		  	Attention: Julio C. Esquivel, Esq.
		
	To Buyer:	  	Belcher Pharmaceuticals Acquisition, LLC
		  	6950 Bryan Dairy Road
		  	Largo, FL 33773
		  	Attention: Mandeep Taneja
		
	with a copy to:	  	The Cohrs Law Group, P.A.
		  	1901 Ulmerton Road, Suite 425
		  	Clearwater, FL 33762
		  	Attention: Denis A. Cohrs, Esq.

 Any Party by written notice
to the others given in accordance with this Section 10.4 may change the address or the Persons to whom notices or copies thereof shall be directed. 
  

 19 

 11.5 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, and all of which together will constitute one and the same instrument. 

11.6 Assignment. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of each of the
Parties hereto, but no rights, obligations or liabilities hereunder shall be assignable by any Party without the prior written consent of the other Parties. 

11.7 Waivers. Any Party hereto may waive in writing compliance by any of the other Parties hereto (to the extent such
compliance is for the benefit of the Party giving such waiver) with any of the terms, covenants or conditions contained in this Agreement or in any of the other Transaction Documents (except such as may be imposed by Law). Any waiver by any Party of
any violation of, breach of or default under any provision of this Agreement or any of the other Transaction Documents by any other Party shall not be construed as, or constitute, a continuing waiver of such provision or waiver of any other
violation of, breach of or default under any other provision of this Agreement or any of the other Transaction Documents. 

11.8 Third Parties. Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer upon or
give any Person or entity other than the Parties hereto any rights or remedies under or by reason of this Agreement. 
 11.9
Schedules and Exhibits. References in this Agreement to “Schedules” or “Exhibits” are to the Schedules and Exhibits attached to this Agreement. The Schedules and Exhibits attached to this Agreement are incorporated
herein and shall be part of this Agreement for all purposes. 
 11.10 Headings. The headings in this Agreement are
solely for convenience of reference and shall not be given any effect in the construction or interpretation of this Agreement. 

11.11 Remedies Not Exclusive. No remedy conferred by any of the specific provisions of this Agreement is intended to be
exclusive of any other remedy, and each remedy shall be cumulative and shall be in addition to every other remedy given hereunder or hereafter existing at law or in equity or by statute or otherwise. Except as otherwise expressly provided herein, no
remedy shall be deemed to be a limitation on the amount or measure of damages resulting from any breach of this Agreement. The election of any one or more remedies shall not constitute a waiver of the right to pursue other available remedies.

 11.12 Expenses; Transfer Taxes. Each Party hereto will bear the legal, accounting and other expenses incurred
by such Party in connection with the negotiation, preparation and execution of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated hereby and thereby. All sales, transfer, recordation and
documentary Taxes and fees that may be payable in connection with the transactions contemplated by this Agreement shall be borne by Buyer. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

 20 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	SELLER PARTIES
	
	Belcher Pharmaceuticals, Inc.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	GeoPharma, Inc.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	BUYER
	
	Belcher Pharmaceuticals Acquisition, LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

 21 

 EXHIBIT A 

SHARE CALCULATION 

GeoPharma, Inc 
  

						
	 	  	Shares:	  	Percentage:	 
	 Shares Outstanding as of 6/24/2010
	  	28,859,020	  	29	% 
			
	 Shares to be issued at Closing or soon thereafter:
	  		  		
	 Employee Stock Awards due (a)
	  	2,350,000	  	2.3	% 
	 Shares issued in lieu of salary (b)
	  	6,640,909	  	6.6	% 
	 Share Reserve for Legal settlement Jax (c)
	  	3,863,636	  	3.8	% 
	 MidSummer Shares (d)
	  	2,000,000	  	2	% 
	 Whitebox Shares (e)
	  	5,000,000	  	5	% 
		  	 	  	 	 
	 Total
	  	48,713,565	  	49	% 
			
	 Belcher Pharmaceuticals Acquisition, LLC (f)
	  	50,701,874	  	51	% 
		  	 	  	 	 
	 Total
	  	99,415,439	  	100	% 

  

	(a)	Represents share grants to employees approved by Board between 1/1/09 and 6/30/10, but not yet issued. 

	(b)	Represents share grants to employees and directors in lieu of unpaid cash salary approved by the Board, but not yet issued. 

	(c)	Represents a reserve of shares that could be issued in connection with the settlement of the Jax litigation, but not yet issued, and may never be issued.

	(d)	Represents the 2,000,000 shares of Common Stock that MidSummer is receiving at Closing. In addition, MidSummer will continue to own preferred stock, which is
convertible into additional shares of Common Stock. 

	(e)	Represents the 5,000,000 shares of Common Stock that Whitebox is receiving at Closing. The Company believes that Whitebox already owns additional shares, but is not
certain of the amount. 

	(f)	Represents the shares that Belcher Pharmaceuticals Acquisition, LLC is receiving at closing, which the Company has agreed should equal 51% of the total outstanding
shares after Closing. 

 EXHIBIT B 

Rights and Preferences of Class B Membership Units 

The Class B Membership Units have the following powers, preferences and relative, participating, optional and other rights: 

 

	 	a)	Stated Value. The stated value of each issued Class B Membership Unit shall be deemed to be $1.00 (the “Stated Value”). 

 

	 	b)	Dividends. The Class B Membership Units shall not accrue or pay a dividend or be entitled to any distribution from the earnings of the Company except as
expressly set forth herein. 

  

	 	c)	Voting. Holders of the Class B Membership Units (the “Class B Members”) shall not have the right to vote on any matters presented to the members;
provided, however, that so long as any Class B Membership Units remains issued and outstanding, without the approval of the holders owning at least a majority of the issued and outstanding Class B Membership Units, Buyer may not (i) make any
amendment to the Articles of Organization or the Operating Agreement which impairs the rights of or creates additional obligations for the Class B Member; (ii) issue any additional Class B Membership Interests; or, (iii) make any amendment
to the Articles of Organization or the Operating Agreement which would create a redemption or liquidation right preferential to the Class B Member with respect to the source of redemption or liquidation granted the Class B Membership Interests by
this Agreement. 

  

	 	d)	Liquidation, Dissolution, or Winding-Up. Upon any liquidation, dissolution or winding-up of Buyer, whether voluntary or involuntary, Buyer shall liquidate and
sell all of its Cephalexin ANDAs, inventory, products, and intellectual property (including patents, know-how, trademarks and trade secrets related to Cephalexin) (collectively, the “Cephalxin Assets”) in an arms length transaction and
distribute 10% of the net income (as defined by U.S. Generally Accepted Accounting Principals) derived from such transaction to the Class B Member, up to but not in excess of the sum of $3,000,000., less all amounts theretofore paid to the Class B
Member in redemption of the Class B Membership Units. 

  

	 	e)	Redemption. 

  

	 	i)	Commencing six months after the first commercial production by the Company of Cephalexin and within thirty (30) days after the close of each fiscal quarter and
after a Sale of the Cephalexin Assets (as defined below), Buyer shall apply 10% of the net income (as defined by U.S. Generally Accepted Accounting Principals), if any, derived in any manner from the Cephalexin Assets during the preceding quarter or
in connection with such Sale of the Cephalexin Assets to redeem the Class B Membership Units, in cash, at a price equal to the Stated Value per Class B Membership Unit, until each Class Be Membership Unit has been so redeemed (the “Redemption
Obligation”), provided, that in no event will the total cumulative amount paid to the Class B Member ever exceed $3,000,000. 

  

 2 

	 	ii)	To the extent Buyer actually pays more than $500,000.00 to settle or satisfy the cumulative total of the Assumed Liabilities, the Retained Liabilities or the
liabilities to which the Acquired Assets are taken subject to, the Buyer shall be entitled to deduct and offset the actual amount of such excess cash so paid from the redemption amount that otherwise would be due to the Class B Member, as further
contemplated in Sections 2.1 and 9.2 of the Asset and Stock Purchase Agreement, provided that such right of offset shall not negate the Seller’s continued obligation for the reimbursement of the Seller’s obligations paid by the
Buyer, if any. 

  

	 	iii)	“Sale of Cephalexin Assets” means either (i) the sale, lease, transfer, conveyance or other disposition, in one transaction or a series of related
transactions, of all or substantially all of the Cephalexin Assets of Buyer, or (ii) a transaction or series of transactions (including by way of merger, consolidation, recapitalization, reorganization or sale of securities by the holders of
securities of Buyer) the result of which is that the members immediately prior to such transaction are (after giving effect to such transaction) no longer, in the aggregate, the “beneficial owners” (as such term is defined in Rule 13d-3
and Rule 13d-5 promulgated under the Securities Exchange Act), directly or indirectly through one or more intermediaries, of more than 50% of the voting power of the outstanding voting securities of Buyer. 

 

	 	f)	Waiver. Any of the rights, powers, or preferences of the holders of Class B Membership Units set forth herein may be waived by the affirmative consent or vote of
the holder of the Class B Membership Units then outstanding. 

  

 3 

 EXHIBIT C 

List of Advances from Buyer to Seller 
  

				
	 Paul Carey
	  	$	45,000.00
		
	 Julio Esquivel
	  	$	15,000.00
		
	 Total
	  	$	60,000.00

  

 4

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