SEC Contract Filing

Filing Date: 2022-01-31

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm224898d2_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THIRD AMENDMENT TO THE LOAN AND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITY AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: 0.5in">THIS THIRD AMENDMENT to the Loan and
Security Agreement (this &ldquo;<B>Amendment</B>&rdquo;) is made effective as of January&nbsp;27, 2022 (the &ldquo;<B>Amendment Date</B>&rdquo;)
and made by and among <B>WESTERN ALLIANCE BANK</B>, an Arizona corporation (&ldquo;<B>Bank</B>&rdquo;) and <B>FENNEC PHARMACEUTICALS</B>,&nbsp;<B>INC.,
</B>a Delaware corporation (&ldquo;<B>Borrower</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: 0.5in">WHEREAS, Bank and Borrower have entered
into that certain Loan and Security Agreement, dated as of February&nbsp;1, 2019 (as amended, supplemented, restated or otherwise modified
from time to time, the &ldquo;<B>Loan Agreement</B>&rdquo;) pursuant to which Bank has provided to Borrower certain loans in accordance
with the terms and conditions thereof; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: 0.5in">WHEREAS, Bank and Borrower desire to
amend certain provisions of the Loan Agreement as provided herein and subject to the terms and conditions set forth herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: 0.5in">NOW, THEREFORE, in consideration of
the promises, covenants and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, Bank and Borrower hereby agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in">1.&#8239;&#8239;&#8239;&#8239;Capitalized
terms used herein but not otherwise defined shall have the respective meanings given to them in the Loan Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in">2.&#8239;&#8239;&#8239;&#8239;&#8239;Section&nbsp;1.1
of the Loan Agreement is hereby amended by adding the following definitions therein in alphabetical order:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in">&ldquo;Resubmission Event&rdquo; is the resubmission by Borrower
for final NDA approval from the U.S. Food and Drug Administration for Borrower&rsquo;s drug candidate currently named PEDMARK on or before
March&nbsp;31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in">3.&#8239;&#8239;&#8239;&#8239;&#8239;Section&nbsp;1.1
of the Loan Agreement is hereby amended by amending and restating the following definitions therein as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in">&ldquo;Approval Event&rdquo; is the receipt of the final NDA
approval by Borrower from the U.S. Food and Drug Administration for Borrower&rsquo;s drug candidate currently named PEDMARK on or before
September&nbsp;30, 2022.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left">&ldquo;Second Draw Period&rdquo; is the period commencing of
the date of the occurrence of the Approval Event and ending on the earlier of (i)&nbsp;September&nbsp;30, 2022 and (ii)&nbsp;the occurrence
of an Event of Default; provided, however, that the Second Draw Period shall not commence if on the date of the occurrence of the Approval
Event an Event of Default has occurred and is continuing.</P>

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