SEC Contract Filing

Filing Date: 2023-10-13

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2328340d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 212.55pt; text-align: right"><B>Exhibit&nbsp;10.1</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This binding term
sheet (the &ldquo;<B><U>Term Sheet</U></B>&rdquo;), dated as of October&nbsp;4, 2023 sets forth the terms of a compromise and settlement
by and among (i)&nbsp;RVL Pharmaceuticals,&nbsp;Inc. (f/k/a, RevitaLid,&nbsp;Inc.) (&ldquo;<U>RVL</U>&rdquo;) and its subsidiaries and
affiliates, including the Buyer (as defined below) (collectively, with RVL, the &ldquo;<B><U>Company</U></B>&rdquo;) and (ii)&nbsp;the
undersigned &ldquo;Sellers&rdquo; under the SPA (as defined below) that have executed and delivered counterpart signature pages&nbsp;to
this Term Sheet (the &ldquo;<B><U>Consenting Sellers</U></B>&rdquo;) (the parties set forth in the foregoing clauses (i)&nbsp;and (ii),
collectively, the &ldquo;<B><U>Parties,</U></B>&rdquo; and each a &ldquo;<B><U>Party</U></B>&rdquo;), in connection with cases anticipated
to be filed under chapter 11 of the United States Bankruptcy Code by RVL and certain of its affiliates (collectively, the &ldquo;<B><U>Debtors</U></B>&rdquo;).</P>

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 <TD STYLE="padding-top: 5pt; border: black 1pt solid; padding-left: 36.7pt; width: 23%; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subject</B></FONT></TD>
 <TD STYLE="padding-top: 5pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 77%; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement Terms</B></FONT></TD></TR>
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 <TD STYLE="padding-top: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SPA Rejection</B></FONT></TD>
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 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.25pt; text-align: justify">That certain Stock Purchase Agreement,
 dated as of October&nbsp;24, 2017 (as amended, restated, supplemented or otherwise modified, the &ldquo;<B><U>SPA</U></B>&rdquo;), by
 and among VOOM, LLC, Nephron Pharmaceuticals Corporation, Point Guard Partners, LLC, Tom Riednammer, Avery Family Trust, and Vision Question
 Holdings, LLC, as Sellers under the SPA (collectively, the &ldquo;<B><U>Sellers</U></B>&rdquo;), and RevitaLid Pharmaceutical Corp. (f/k/a
 Osmotica Pharmaceutical Corp.), as buyer (the &ldquo;<B><U>Buyer</U></B>&rdquo;), will be rejected by the Debtors in the Chapter 11 Cases
 pursuant to section 365 of the Bankruptcy Code.</P>
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 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.25pt; text-align: justify">All of the Buyer&rsquo;s obligations
 and liabilities under the SPA will be forever released and terminated, including, without limitation, the Company&rsquo;s or any assignee&rsquo;s
 obligation to make any &ldquo;earn-out payments&rdquo; under section 2.3 of the SPA and any other terms or conditions of the SPA that
 would otherwise survive termination of the SPA.</P></TD></TR>
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 <TD STYLE="padding-top: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assumption of the License</B></FONT></TD>
 <TD STYLE="padding-top: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.25pt; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That certain License Agreement, dated as of August&nbsp;31, 2011 (as amended pursuant to that certain letter agreement dated July&nbsp;21, 2020, and as may be further amended, restated, supplemented or otherwise modified prior to or during the Chapter 11 Cases, the &ldquo;<B><U>License</U></B>&rdquo;), by and between VOOM, LLC, as Licensor, and RVL will be assumed or assumed and assigned by the Company or the Buyer during the Chapter 11 Cases.</FONT></TD></TR>
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