<SEC-DOCUMENT>0001193125-15-387907.txt : 20151125
<SEC-HEADER>0001193125-15-387907.hdr.sgml : 20151125
<ACCEPTANCE-DATETIME>20151125092737
ACCESSION NUMBER:		0001193125-15-387907
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20151119
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20151125
DATE AS OF CHANGE:		20151125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIGAND PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0000886163
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				770160744
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33093
		FILM NUMBER:		151254586

	BUSINESS ADDRESS:	
		STREET 1:		11119 NORTH TORREY PINES ROAD
		STREET 2:		SUITE 200
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037
		BUSINESS PHONE:		858-550-7500

	MAIL ADDRESS:	
		STREET 1:		11119 NORTH TORREY PINES ROAD
		STREET 2:		SUITE 200
		CITY:			LA JOLLA
		STATE:			CA
		ZIP:			92037
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d45645d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): November&nbsp;19, 2015 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>LIGAND PHARMACEUTICALS INCORPORATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD WIDTH="32%"></TD></TR>


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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-33093</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>77-0160744</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>11119 North Torrey Pines Road, Suite 200, La Jolla, California 92037 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(858) 550-7500 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N/A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or
former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Information. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;19, 2015, Ligand Pharmaceuticals Incorporated
(&#147;Ligand&#148;) entered into a License Agreement and a Supply Agreement with Vireo Health, LLC (&#147;Vireo&#148;) granting Vireo an exclusive right in certain states within the United States and certain global territories to use Captisol<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP> in Vireo&#146;s development and commercialization of pharmaceutical-grade cannabinoid-based products. Vireo operates in the medical-model cannabis industry with an established team of licensed
physicians, pharmaceutical chemists, and personnel with appropriate legal, regulatory, financial and operational experience. Vireo has received state licenses to operate fully-integrated pharmaceutical-grade medical cannabis businesses in New York
and Minnesota. Vireo is planning to expand as additional states conduct their licensure processes, and it also plans to seek appropriate federal or other pharmaceutical regulatory authorities approval for marketing products with Captisol in the
United States and multiple other countries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the License Agreement, Ligand will receive an upfront payment and could also
potentially receive milestone payments, plus tiered royalties from 4% to 10% on net sales for products that use the Captisol technology.&nbsp;Ligand will also receive revenue from any shipment of Captisol to Vireo for clinical and commercial
use.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The ability to use Captisol, a patented cyclodextrin solubilizing agent used in numerous drugs approved by the U.S. Food and Drug
Administration (the &#147;FDA&#148;), may help scientists and physicians at Vireo overcome formulation hurdles unique to cannabinoid-based products. Vireo believes that peer-reviewed scientific literature supports the utility and potential for
significant benefits of using cyclodextrins with cannabinoids, illustrating improved solubility, chemical stability and bioavailability. Vireo&#146;s goal is to incorporate Captisol into cannabinoid-based medicines in order to design novel,
patent-protected, FDA-approved dosage formats that have been previously unavailable to physicians, caregivers and patients. Possible methods of administration include oral, nasal, topical and nebulized delivery. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Vireo&#146;s territories include states of the United States in which Vireo or its affiliates have a valid state license, certification or
approval to produce and/or dispense cannabis included or derived medicines, and countries where Vireo is seeking or plans to seek federal pharmaceutical regulatory authority approval. Notwithstanding any state law, Ligand&#146;s agreements with
Vireo and its conduct pursuant to those agreements may be challenged under United States federal law.&nbsp;Defending such charges could involve significant legal expenses and any violation could result in substantial penalties and fines.&nbsp;Either
party may terminate the agreements or key provisions or geographies thereunder for breach, bankruptcy of the other party, or convenience. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Current
Report on Form 8-K contains forward-looking statements by Ligand that involve risks and uncertainties and reflect Ligand&#146;s judgment as of the date of this release. Words such as &#147;plans,&#148; &#147;believes,&#148; &#147;expects,&#148;
&#147;anticipates,&#148; and &#147;will,&#148; and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding: Vireo&#146;s development and
commercialization plans, the potential for Captisol to improve solubility, chemical stability or bioavailability in Vireo&#146;s drug candidates, the possibility of state or Federal enforcement of laws involving cannabinoids, and Vireo&#146;s plans
to expand its licensure procedures to other territories. Actual events or results may differ from Ligand&#146;s expectations. For example, the federal government could choose to enforce existing federal laws prohibiting cannibinoids, states which
currently permit medical-model cannibinoids could prohibit the use, sale and development of such products in the future, the FDA may reject any new drug application involving cannibinoids, or Vireo may change its development plans away from
FDA-approved drug candidates. Additional information concerning these and other risk factors affecting Ligand can be found in prior press releases available at www.ligand.com as well as in Ligand&#146;s public periodic filings with the Securities
and Exchange Commission available at </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
www.sec.gov. Ligand disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(d)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Exhibits. </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" NOWRAP ALIGN="center">Exhibit<BR>No.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Description</TD></TR>


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<TD VALIGN="top" NOWRAP>99.1&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">License Agreement, dated November&nbsp;19, 2015, between CyDex Pharmaceuticals, Inc. and Vireo Health, LLC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>99.2&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Supply Agreement, dated November 19, 2015, between CyDex Pharmaceuticals, Inc. and Vireo Health, LLC.</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#134;
Confidential treatment has been requested for portions of this exhibit. These portion have been omitted and submitted separately to the Securities and Exchange Commission. </P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>LIGAND PHARMACEUTICALS INCORPORATED</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Date: November 25, 2015</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Charles S. Berkman</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Charles S. Berkman</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice President, General Counsel and Secretary</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d45645dex991.htm
<DESCRIPTION>EX-99.1
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<HTML><HEAD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN MATERIAL (INDICATED BY AN ASTERISK) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED
MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>LICENSE AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>T<SMALL>HIS</SMALL> L<SMALL>ICENSE</SMALL> A<SMALL>GREEMENT</SMALL></B><SMALL></SMALL> (this &#147;<B>Agreement</B>&#148;) is made this 19<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day of November, 2015 (the &#147;<B>Effective Date</B>&#148;) between CyDex Pharmaceuticals,&nbsp;Inc., a Delaware corporation (&#147;<B>CyDex</B>&#148;), and Vireo Health, LLC, a Minnesota limited
liability company (&#147;<B>Company</B>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>W<SMALL>HEREAS</SMALL></B><SMALL></SMALL>, CyDex is engaged in the business of developing and commercializing novel drug delivery
technologies designed to enhance the solubility and effectiveness of existing and development-stage drugs; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>W<SMALL>HEREAS</SMALL></B><SMALL></SMALL>, CyDex is the exclusive worldwide supplier of Captisol<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, a patented drug formulation system designed to enhance the solubility and stability of drugs; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>W<SMALL>HEREAS</SMALL></B><SMALL></SMALL>, Company desire to obtain an exclusive worldwide license to use the Captisol<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP> patented drug formulation system in connection with its development and commercialization of one or more Licensed Products (defined below) and CyDex is willing to grant such an exclusive license
to Company under the terms and conditions set forth herein; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>W<SMALL>HEREAS</SMALL></B><SMALL></SMALL>, CyDex desires to sell Captisol<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP> sulfobutylether &szlig;(beta) cyclodextrin, sodium salt to Company, and Company desires to purchase Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> sulfobutylether
&szlig;(beta) cyclodextrin, sodium salt from CyDex, in accordance with the terms and conditions of that certain Supply Agreement between the parties of even date herewith (the &#147;<B>Supply Agreement</B>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>N<SMALL>OW</SMALL>, T<SMALL>HEREFORE</SMALL></B><SMALL></SMALL>, in consideration of the following mutual promises and other good and
valuable consideration, the receipt and sufficiency of which are acknowledged, the parties, intending to be legally bound (and hereby expressly waiving any defense to the validity or enforceability of this Agreement based on the purpose or subject
matter of this Agreement), agree as follows: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>D<SMALL>EFINITIONS</SMALL>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of this Agreement, the following terms
shall have the meanings as defined below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Added Eligible Country</B>&#148; means a country which as of the Effective Date is not
an Eligible Country but which thereafter becomes an Eligible Country, and which thereafter Company or one of its Affiliates exercises its option hereunder to cause it to be added to the Territory as an Added Eligible Country. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Added Eligible Federated State</B>&#148; means a federated state (within a non-United States country) which as of the Effective Date
is not an Eligible Federated State but which thereafter becomes an Eligible Federated State, and which thereafter Company or one of its Affiliates exercises its option hereunder to cause it to be added to the Territory as an Added Eligible Federated
State. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Added Eligible State</B>&#148; means a state within the United States which as of the
Effective Date is not an Eligible State but which thereafter becomes an Eligible State, and which thereafter Company or one of its Affiliates exercises its option hereunder to cause to be added to the Territory as an Added Eligible State. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Adverse Event</B>&#148; means any undesirable medical occurrence in an animal or human patient or clinical investigation subject
administered Captisol or a Licensed Product (whether or not necessarily having a causal relationship with Captisol or a Licensed Product). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Affiliate</B>&#148; means, with respect to any party, any entity controlling, controlled by, or under common control with such party,
during and for such time as such control exists. For these purposes, &#147;control&#148; shall refer to the ownership, directly or indirectly, of at least 50% of the voting securities or other ownership interest of the relevant entity or having the
actual power, either directly or indirectly through one or more intermediaries, to direct the management and policies of the relevant entity (e.g., by contract or otherwise). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Captisol</B>&#148; means sulfobutylether &szlig;(beta) cyclodextrin, sodium salt. CyDex supplies a uniquely modified form of such
material under the Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> brand. For avoidance of doubt: the uniquely modified form of such material supplied by CyDex under the
Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> brand shall be deemed to be included among the products which are within the defined term &#147;Captisol.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Captisol Data Package</B>&#148; means (a)&nbsp;all toxicology/safety and other relevant scientific safety data owned, licensed or
developed by CyDex and its Affiliates relating to Captisol; (b)&nbsp;all toxicology/safety and other relevant scientific data owned, licensed or developed by the licensees or sublicensees of CyDex or its Affiliates or other Third Parties (to the
extent permitted in the applicable license or other agreements between CyDex and/or its Affiliates and such licensees, sublicensees or other Third Parties); and (c)&nbsp;the open portion of the DMF for Captisol<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, in each case to the extent relating to Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> alone (and not in conjunction with a product formulation). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Captisol Improvement</B>&#148; means any technology or improvement related to Captisol, including without limitation any method of
combining or formulating Captisol with an active compound, whether or not patentable, that is developed by Company or its Affiliates or Sublicensees, solely or jointly with a Third Party. For the avoidance of doubt, Captisol Improvement shall not
include a (a)&nbsp;a Licensed Product, (b)&nbsp;any method of combining or formulating Captisol to formulate a Licensed Product (as opposed to active compounds generally) or (c)&nbsp;any resulting product developed from the direct or indirect
combining of Captisol with a product containing cannabis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Claim</B>&#148; has the meaning specified in <B>Section&nbsp;10.1</B>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Company Indemnitees</B>&#148; has the meaning specified in <B>Section&nbsp;10.1</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Competing Product</B>&#148; means any product, not covered by any license granted hereunder, that incorporates a Compound as an
active pharmaceutical ingredient prepared or combined with or formulated using Captisol as a solubilizing agent for ultimate use in humans or animals within the Field. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Compound</B>&#148; means natural or synthetic cannabis, cannabis extracts, or isolates therefrom. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Confidential Information</B>&#148; has the meaning specified in <B>Section&nbsp;8.1</B>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Contract Manufacturer</B>&#148; has the meaning specified in <B>Section&nbsp;2.4</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>CyDex</B> I<B>ndemnitees</B>&#148; has the meaning specified in <B>Section&nbsp;10.2</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Disclosing Party</B>&#148; has the meaning specified in <B>Section&nbsp;8.1</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Discovery</B>&#148; has the meaning specified in <B>Section&nbsp;12.1(b)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>DMF</B>&#148; means a Drug Master File for Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, as filed as of the
Effective Date, or as hereafter updated from time to time during the Term, by CyDex with the FDA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Eligible Country</B>&#148;
means a country in which the Company or one of its Affiliates has a valid countrywide license, certification or approval to produce and/or dispense cannabis included or derived medicine. In no way limiting the forgoing, in the event that
(a)&nbsp;Company receives FDA approval to market one or more Licensed Products as a drug or a botanical drug or (ii)&nbsp;the United States federal government reclassifies cannabis and/or cannabis derived products such that their manufacture,
distribution and or possession with intent to distribute are no longer illegal under United States federal law, then the United States shall become an Eligible Country. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Eligible Federated State</B>&#148; means a federated state (within a non-United States country which as of the Effective Date is not
an Eligible Country) in which Company or one of its Affiliates has a valid federated-state license, certification or approval to produce and/or dispense cannabis included or derived medicine. For avoidance of doubt: &#147;federated state&#148;
includes provinces, cantons, territories, etc., as the case and the nomenclature may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Eligible State</B>&#148; means a state
within the United States (including the District of Columbia, Puerto Rico and Guam) in which Company or one of its Affiliates has a valid state or territory license, certification or approval to produce and/or dispense cannabis included or derived
medicine. In the event that the US federal government reclassifies cannabis and/or cannabis derived products such that their manufacture, distribution and possession with intent to distribute are no longer illegal under US federal law, all US states
which do not prohibit their manufacture, distribution and possession with intent to distribute under state law will be deemed to be Eligible States. In the event that Company or one of its Affiliates receives FDA approval to market one or more
Licensed Products as a drug or a botanical drug, all US states (including the District of Columbia, Puerto Rico and Guam) will be deemed to be Eligible States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Excepted Liabilities</B>&#148; has the meaning specified in <B>Section&nbsp;11.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>FDA</B>&#148; means the United States Food and Drug Administration, or any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Field</B>&#148; means the entire field of prevention, diagnosis and treatment of all human and animal diseases and disorders with the
exceptions of: [***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP>. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>First Commercial Sale</B>&#148; means, with respect to a Licensed Product, the first
commercial transfer or disposition for cash (or other) consideration of the Licensed Product in the Territory to a Third Party (other than to a governmental regulatory entity or in connection with a Study or other R&amp;D effort) by Company, an
Affiliate of Company or a Sublicensee of Company. For the sake of clarity, if a First Commercial Sale occurs at the Company level and is later made for the same Licensed Product by an Affiliate or Sublicensee of the Company or if a First Commercial
Sale occurs at the Company Affiliate or Sublicensee level and is later made for the same Licensed Product by the Company, then only one First Commercial Sale will be deemed to have occurred and be due and payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Generic Supply</B>&#148; has the meaning specified in <B>Section&nbsp;4.1(c)(i) </B>for the applicable Licensed Product type. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Indemnified Party</B>&#148; has the meaning specified in <B>Section&nbsp;10.4</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Indemnifying Party</B>&#148; has the meaning specified in <B>Section&nbsp;10.4</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Indication&#148;</B> means a generally acknowledged disease or condition, a significant manifestation of a disease or condition, or
symptoms associated with a disease or condition or a risk for a disease or condition, which a Licensed Product is actually intended to address or is in any manner marketed by Company or its Affiliates or Sublicensees to address. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Initial Eligible Country</B>&#148; means a country which as of the Effective Date is an Eligible Country. Company represents to CyDex
that there are no Initial Eligible Countries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Initial Eligible Federated State</B>&#148; means a federated state (within a
non-United States country which as of the Effective Date is not an Eligible Country) which as of the Effective Date is an Eligible Federated State. Company represents to CyDex that there are no Initial Eligible Federated States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Initial Eligible State</B>&#148; means a state of the United States which as of the Effective Date is an Eligible State. Company
represents to CyDex that Minnesota and New York are the Initial Eligible States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Know-How</B>&#148; means all scientific and
technical information and knowhow, trade secrets, data and technology, including inventions (whether patentable or not), discoveries, trade secrets, specifications, instructions, processes, formulae, materials, expertise and other technology
applicable to compounds, formulations, compositions or products or to their manufacture, development, registration, use or commercialization or methods of assaying or testing them or processes for their manufacture, formulations containing them,
compositions incorporating or comprising them and including all biological, chemical, pharmacological, biochemical, toxicological, pharmaceutical, physical and analytical, safety, quality control, manufacturing, preclinical and clinical data,
instructions, processes, formulae, expertise and information, regulatory filings and copies thereof, that relate to or are directed to Captisol or its manufacture and/or use. Notwithstanding the foregoing, the defined term Know-How (and derivative
defined terms thereof) shall not include Licensed Patents or inventions claimed thereby, nor any portion of the DMF not within the definition of Captisol Data Package. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Licensed Intellectual Property</B>&#148; means the Licensed Patents and the Licensed
Know-How Rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Licensed Know-How Rights</B>&#148; means, collectively, all trade secret and Know-How rights of CyDex which
relate to the preparation, combination and/or formulation of a Compound with Captisol, including proprietary and confidential information contained in the Captisol Data Package. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Licensed Patents</B>&#148; means all worldwide patents and patent applications which cover Captisol or any Licensed Product and which
now or at any time during the Term are owned by or licensed to CyDex or any CyDex Affiliate with the right to sublicense, including any and all extensions, renewals, continuations, substitutions, continuations-in-part, divisionals,
patents-of-addition, reissues, reexaminations and/or supplementary protection certificates to any such patents, including those set forth in <B><I>Exhibit&nbsp;A</I></B> attached hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Licensed Product</B>&#148; means a pharmaceutical composition in and for the Field made, had made (pursuant to
<B>Section&nbsp;2.4</B>), used, sold, marketed, offered for sale, imported or otherwise commercially exploited by Company or its Affiliates or Sublicensees (which satisfies both (a)&nbsp;and (b)) that (a)&nbsp;includes the Compound as the sole
active pharmaceutical ingredient and (b)&nbsp;is prepared or combined with or formulated using Captisol. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Losses</B>&#148; has
the meaning specified in <B>Section&nbsp;10.1</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Net Sales</B>&#148; means, with respect to a particular time period, the
total gross amounts invoiced by Company (including a Company Affiliate) or any Sublicensee thereof to unrelated Third Parties, excluding to any Sublicensee, for Licensed Products in or for use in the Territory, less the following deductions to the
extent actually allowed or incurred with respect to such sales: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. Trade, cash, quantity and similar discounts; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. Discounts, refunds, rebates actually taken, chargebacks, retroactive price adjustments, and any other allowances which effectively reduce
the net selling price (other than such which have already diminished the gross amount invoiced), including, without limitation, Medicaid, institutional and governmental rebates (other than such which have already diminished the gross amount
invoiced); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. Credits or allowances granted on returns of Licensed Product actually sold; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">d. Amounts invoiced for Licensed Product sales but actually written off in good faith as uncollectible (net of any recoveries on written-off
debt); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">e. Shipping, handling, freight, postage, insurance, transportation and similar charges, but all only to the extent included as one
or more separate line items in the gross amount invoiced; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">f. Any tax imposed on the procurement, production, sale, delivery or use of
the Licensed Product, including, without limitation, import, export, sales, use, excise or value added taxes and customs and duties, but all only to the extent included as one or more separate line items (e.g., &#147;taxes&#148;) in the gross amount
invoiced. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Such amounts shall be determined from the books and records of Company and its Affiliates and
Sublicensees, maintained in accordance with United States generally accepted accounting principles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Resales of Licensed Product between
Company, its Affiliates or Sublicensees shall not be included in the calculation for Net Sales. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Nonexclusive LIP</B>&#148; has
the meaning specified in <B>Section&nbsp;2.1(a)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Notice of Termination</B>&#148; has the meaning specified in
<B>Section&nbsp;13.3</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">[***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP>
has the meaning specified in <B>Section&nbsp;8.5</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Quality Agreement</B>&#148; means any document developed, approved, and
updated between CyDex and Company that sets forth the quality expectations, responsibilities, rights (including, as applicable and agreed upon, audit requirements) and requirements relating to the manufacture and supply of Captisol. Any such
agreement may be amended from time to time by written agreement between the parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Receiving Party</B>&#148; has the meaning
specified in <B>Section&nbsp;8.1</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>SEC</B>&#148; means the United States Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Study</B>&#148; has the meaning specified in <B>Section&nbsp;6.3</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sublicense</B>&#148; has the meaning specified in <B>Section&nbsp;2.3</B>. &#147;<B>Sublicensee</B>&#148; has a correlative meaning.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Supply Agreement</B>&#148; has the meaning specified in the Recitals; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Term</B>&#148; has the meaning specified in <B>Section&nbsp;13.1</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Technical Feasibility Milestone</B>&#148; means [***]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Territory</B>&#148; means </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. Each Initial Eligible State and each Added Eligible State; provided, that if a US state is an Initial Eligible State or has become an Added
Eligible State, but thereafter ceases to be an Eligible State, it shall be excluded from the definition of Territory as of the date it ceases to be an Eligible State unless and until it becomes an Eligible State again. In the event that the US
federal government reclassifies cannabis and/or cannabis derived products such that their manufacture, distribution and possession with intent to distribute are no longer illegal under US federal law, every US state shall be included within the
Territory. In the event that Company or one of its Affiliates receives FDA approval to market one or more Licensed Products as a drug or a botanical drug, every US state shall be included within the Territory; </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. Each Initial Eligible Country and each Added Eligible Country; provided, that if a country is
an Initial Eligible Country or has become an Added Eligible Country, but thereafter ceases to be an Eligible Country, it shall be excluded from the definition of Territory as of the date it ceases to be an Eligible Country unless and until it
becomes an Eligible Country again; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. Each Initial Eligible Federated State and each Added Federated State; provided, that if a
federated state is an Initial Federated State or has become an Added Federated State, but thereafter ceases to be an Eligible Federated State, it shall be excluded from the definition of Territory as of the date it ceases to be an Eligible Federated
State unless and until it becomes an Eligible Federated State again. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Third Party</B>&#148; means any person or entity or
authority other than CyDex or Company or an Affiliate of either of them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Third Party Infringement</B>&#148; has the meaning
specified in <B>Section&nbsp;12.3</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Upstream Licensor</B>&#148; has the meaning specified in <B>Section&nbsp;2.6</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Valid Claim</B>&#148; means a claim which, but for the license granted hereunder, would be infringed by Company&#146;s use,
manufacture or sale of a Licensed Product in the Territory, and which is covered by an issued and unexpired patent included within the Licensed Patents which has not lapsed or been revoked, abandoned or held unenforceable or invalid by a final
decision of a court or governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been disclaimed, denied or admitted to be invalid, canceled or unenforceable by the owner through
re-issue, re-examination or disclaimer, opposition procedure, nullity suit, or otherwise. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>G<SMALL>RANT</SMALL> <SMALL>OF</SMALL> <SMALL>RIGHTS</SMALL>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.1 License Grants
from CyDex to Company. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(a) Licensed Intellectual Property</B>. Subject to the terms and conditions of this Agreement, including
but not limited to payment of the amounts set forth in <B>Section&nbsp;4.1</B> below, CyDex hereby grants to Company an exclusive, nontransferable (except with respect to the assignment provision in <B>Section&nbsp;14.13</B>) license during the Term
under the Licensed Intellectual Property, solely to develop, make, have made (pursuant to <B>Section&nbsp;2.4</B>), use, sell, market, offer for sale, import and otherwise commercially exploit the Licensed Products in and for the Territory in and
for the Field. Notwithstanding the foregoing, (i)&nbsp;to the extent that any Licensed Intellectual Property is licensed to CyDex or its Affiliates by a Third Party on a nonexclusive basis (the &#147;<B>Nonexclusive LIP</B>&#148;), then although the
license granted to Company and its Affiliates in the foregoing sentence shall continue to be exclusive, Company&#146;s rights in the Nonexclusive LIP will be nonexclusive and (ii)&nbsp;it is understood that the geographies within the Territory will
vary from time to time. Company shall not directly or indirectly develop, make, use, sell, offer for sale, or import the Licensed Products other than as expressly permitted in this Agreement. Company is not granted the right to and agrees that it
shall not directly or indirectly sublicense the Licensed Intellectual Property, except as expressly set forth in <B>Sections&nbsp;2.3</B> and <B>2.4</B> below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(b) Option to Add Eligible States, Countries and Federated States</B>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(i) </B>Whenever a state within the United States which as of the Effective Date is not an
Eligible State and which has not theretofore become an Added Eligible State, becomes an Eligible State, Company shall have an option to cause such state to become an Added Eligible State and thereby to be added to the Territory. Company may in each
respective case exercise such option, if at all and if ever, only by delivering to CyDex, within [***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP> days after such state has become an
Eligible State, written notice of exercise of the option, accompanied by (A)&nbsp;documentary evidence that such state has become an Eligible State and (B)&nbsp;[***] for the option exercise price. In the event that the US federal government
reclassifies cannabis and/or cannabis derived products such that their manufacture, distribution, and possession with intent to distribute are no longer illegal under US federal law, all US states which do not prohibit their manufacture,
distribution, and possession with intent to distribute under state law will be deemed to be Eligible States. In the event that Company or one of its Affiliates receives FDA approval to market one or more Licensed Products as a drug, all US states
will be deemed to be Eligible States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(ii) </B>Whenever a country which as of the Effective Date is not an Eligible Country and which
has not theretofore become an Added Eligible Country, becomes an Eligible Country, Company shall have an option to cause such country to become an Added Eligible Country and thereby to be added to the Territory. Company may in each respective case
exercise such option, if at all and if ever, only by delivering to CyDex, within [***] days after such country has become an Eligible Country, written notice of exercise of the option, accompanied by (A)&nbsp;documentary evidence that such country
has become an Eligible Country and (B)&nbsp;[***] for the option exercise price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(iii) </B>Whenever a federated state within a non-US
country which as of the Effective Date is not an Eligible Country and which has not theretofore become an Added Eligible Federated State, becomes an Eligible Federated State, Company shall have an option to cause such federated state to become an
Added Eligible Federated State and thereby to be added to the Territory. Company may in each respective case exercise such option, if at all and if ever, only by delivering to CyDex, within [***] days after such federated state has become an
Eligible Federated State, written notice of exercise of the option, accompanied by (A)&nbsp;documentary evidence that such federated state has become an Eligible Federated State and (B)&nbsp;[***] for the option exercise price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(c) Scope of Licenses</B>. CyDex grants no licenses or rights to use Captisol other than as expressly set forth herein or in the Supply
Agreement. Without limiting the generality of the foregoing, CyDex grants no rights to Company to manufacture, import, sell or offer for sale bulk Captisol; <I>provided, however</I>, that Company or one of its Affiliates may provide Captisol to bona
fide Third Party collaborators in order to help Company or one of its Affiliates to develop, make, have made (pursuant to <B>Section&nbsp;2.4</B>), use, sell, offer for sale, import or otherwise commercially exploit the Licensed Products in the
Territory in the Field. Company acknowledges that not all rights of CyDex related to Captisol are included within the rights licensed hereunder, given that CyDex shall supply Company&#146;s requirements of Captisol for the Licensed Products. Company
shall not attempt to reverse engineer, deconstruct or in any way determine the structure or composition of Captisol except as and to the extent reasonably required to determine an optimal formulation of the Licensed Product, and such structure and
composition of Captisol (as and if so determined) shall be considered Confidential Information of CyDex; <I>provided, however</I>, such optimal formulation of the Licensed Product shall be considered the Confidential Information of Company. Although
Company accepts </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to
the omitted portions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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that CyDex shall not be liable to Company for violation of Company&#146;s exclusive rights hereunder by Third Parties which are not Affiliates or licensees of CyDex or its Affiliates except to
the extent CyDex or one of its Affiliates has supported or contributed to such violation, CyDex represents that as of the Effective Date it is not aware of any Third Party that is or will likely be violating Company&#146;s exclusive rights hereunder
and covenants that to the extent that CyDex becomes aware of a Third Party violating or potentially violating Company&#146;s exclusive rights hereunder, (A)&nbsp;CyDex and its Affiliates will use commercially reasonable efforts to force such Third
Party from such violation and (B)&nbsp;CyDex shall promptly notify the Company of such violation or potential violation. Company acknowledges and agrees that except as is expressly set forth in this Agreement (i)&nbsp;CyDex shall not be required to
obtain or maintain patent rights for the Licensed Patents to the extent that it complies with its <B>Section&nbsp;12.2</B> obligations, (ii)&nbsp;CyDex shall not be restricted in making sales of Captisol or, except as provided herein for the
Licensed Products and/or Competing Products, licensing rights to other parties to the extent that CyDex does not breach or violate the exclusive rights expressly provided Company hereunder in doing so, and (iii)&nbsp;CyDex does not warrant or
indemnify Licensee or its Affiliates and Sublicensees against the Licensed Products infringing Third Party rights other than as identified in <B>Section&nbsp;10.1(f)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.2 Grant of License from Company to CyDex</B>. Company hereby grants to CyDex a nonexclusive, transferable, perpetual, worldwide and
royalty-free license, with the right to grant sublicenses (through multiple tiers of sublicensees), under Company&#146;s and its Affiliates&#146; and Sublicensees&#146; rights in and to Captisol Improvements to develop, make, have made, use, market,
distribute, import, sell and offer for sale Captisol, any Captisol Improvement and products formulated with Captisol or any Captisol Improvement (other than the Licensed Products in the Field or Competing Products) however only to the extent that
CyDex does not breach or violate the exclusive rights provided Company and its Affiliates hereunder in doing so. If during the Term any of (a)&nbsp;Company, (b)&nbsp;Affiliates to whom Company has provided rights under the licenses granted to
Company by CyDex pursuant to <B>Section&nbsp;2.1</B>, or (c)&nbsp;Sublicensees pursuant to the practice of their respective sublicenses from Company under <B>Section&nbsp;2.3</B>, file any patent application claiming any Captisol Improvement
anywhere in the world, CyDex shall be deemed automatically to have a nonexclusive, transferable, perpetual, worldwide and royalty-free license, with the right to grant sublicenses (through multiple tiers of sublicensees), under the claims relating
specifically to any Captisol Improvement to make, have made, use, market, distribute, import, sell, and offer for sale Captisol and all products formulated with Captisol (other than the Licensed Products in the Field or Competing Products) however
only to the extent that CyDex does not breach or violate the exclusive rights provided Company and its Affiliates hereunder in doing so. Company shall provide prompt notice of any Captisol Improvement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.3 Sublicensing</B>. Company shall have the right to grant sublicenses (collectively &#147;<B>Sublicenses</B>&#148;) under the licenses
granted to Company pursuant to <B>Section&nbsp;2.1</B>; provided, however, that the granting by Company of a Sublicense shall not relieve Company of any of its obligations hereunder and provided, further, that Company&#146;s right to grant an
Affiliate or a Third Party a Sublicense shall be subject to the condition that Company shall advise such Sublicensee of the restrictions set forth in this Agreement with respect to the rights sublicensed to such Sublicensee, shall include within
such Sublicense express provisions binding the Sublicensee to all of the duties, obligations, restrictions and acknowledgements hereunder of Company (with CyDex being an express third-party beneficiary thereof), and stating that the Sublicense shall
automatically terminate upon the expiration or earlier termination of this Agreement, and shall reasonably promptly deliver to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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CyDex a true and complete copy of such Sublicense. Notwithstanding the foregoing sentence, it is not required that a Sublicense include provisions for the Sublicensee to pay royalties or make
milestone payments or other payments directly to CyDex or to provide royalty reports directly to CyDex. Company shall ensure that all of its Sublicensees shall comply with the terms and conditions of this Agreement (as applicable to them) and
Company shall be and remain fully responsible to CyDex for the compliance by such Sublicensees with the terms and conditions of this Agreement (as applicable to them) as if such Sublicensees were Company hereunder. Except for Sublicenses as
expressly allowed herein, Company acknowledges that it has no right to, and agrees not to purport to, grant to anyone a sublicense under the Licensed Intellectual Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.4 Contracting</B>. Company may manufacture the Licensed Products (but not the bulk Captisol) or contract the manufacture of the Licensed
Products (but not the manufacture of bulk Captisol) with Affiliate or Third Party manufacturers (collectively &#147;<B>Contract Manufacturers</B>&#148;). To the extent necessary to engage a Contract Manufacturer for a Licensed Product, Company shall
be permitted under this Agreement to grant any such Contract Manufacturer a sublicense under the licenses granted to Company pursuant to <B>Section&nbsp;2.1</B> solely for such purposes; provided, however, that such permission is subject to the
conditions that (a)&nbsp;any such Contract Manufacturer shall first be advised of the restrictions set forth in this Agreement with respect to the rights licensed to Company and its Sublicensees hereunder and (b)&nbsp;any such Contract Manufacturer
shall enter into an agreement with Company (with CyDex named as an intended third-party beneficiary) pursuant to which such Contract Manufacturer shall acknowledge and agree to observe and be bound by the applicable restrictions set forth in this
Agreement and (c)&nbsp;Company shall reasonably promptly deliver to CyDex a true and complete copy of such agreement. Company shall ensure that all of its Contract Manufacturers shall comply with the terms and conditions of this Agreement and shall
remain fully responsible to CyDex for the compliance by such Contract Manufacturers with the terms and conditions of this Agreement as if such Contract Manufacturers were Company hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.5 Bankruptcy Code</B>. All rights and licenses granted under or pursuant to this Agreement by CyDex to Company are, and shall otherwise
be deemed to be, for purposes of Section&nbsp;365(n) of the Bankruptcy Code, licenses of rights to &#147;intellectual property&#148; as defined under Section&nbsp;101 of the Bankruptcy Code. The parties agree that Company, as a licensee of such
rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the Bankruptcy Code. All rights and licenses granted under or pursuant to this Agreement by Company to CyDex are, and shall otherwise be deemed to
be, for purposes of Section&nbsp;365(n) of the Bankruptcy Code, licenses of rights to &#147;intellectual property&#148; as defined under Section&nbsp;101 of the Bankruptcy Code. The parties agree that, as a licensee of such rights under this
Agreement, CyDex shall retain and may fully exercise all of its rights and elections under the Bankruptcy Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.6 Compliance with
Upstream Licenses</B>. CyDex shall be solely responsible for paying directly to any and all Third Parties having rights in any of the Licensed Intellectual Property (each an &#147;<B>Upstream Licensor</B>&#148;) any royalties or other amounts due to
such Upstream Licensors as a result of CyDex issuing the licenses granted under this Agreement or the Company exercising its rights hereunder. In addition, CyDex represents and warrants that it is not in breach and will not become in breach of any
of its obligations to such Upstream Licensors and covenants that it shall use all reasonable commercial efforts to maintain its rights under and to comply with the terms of its agreements with such Upstream Licensors throughout the Term.
Furthermore, CyDex covenants and warrants that it shall not amend, modify or supplement the terms of, or waive any rights under any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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such agreements if the same would have the effect of limiting Company&#146;s rights or expanding Company&#146;s obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.7 Negative Covenants by CyDex. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(a) </B>During the Term, neither CyDex nor any of its Affiliates shall directly or indirectly themselves, nor provide any Third Party any
assistance whatsoever, nor grant any Third Party any title, right, claim, interest or license under, in or to any of the Licensed Intellectual Property to, research, develop, modify, make, have made, import, export, use, promote, market, distribute,
package, offer for sale, sell, or otherwise commercially exploit anywhere in the world any Licensed Products or any Competing Products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(b) </B>During the Term, neither CyDex nor any of its Affiliates shall directly or indirectly supply Captisol to any Third Party (other
than a Company designee) which it knows, should know or could know after reasonable investigation, will use it for a Licensed Product or a Competing Product anywhere in the world. If during the Term, any Third Party utilizes Captisol (supplied by
CyDex, any of its Affiliates or Third Party Manufacturers) in a Licensed Product or Competing Product anywhere in the world, CyDex shall immediately cease and cause its Affiliates and any other Third Party, including Third Party Manufacturers, to
immediately (i)&nbsp;cease supplying Captisol to the offending Third Party for the duration of the Term or until (if sooner) assurances reasonably satisfactory to Company that the infringing use has ended and will not resume have been obtained and
(ii)&nbsp;notify Company of such use of Captisol by a Third Party (supplied by CyDex, any of its Affiliates or Third Party Manufacturers) in a Licensed Product or Competing Product anywhere in the world. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(c) </B>During the Term, neither CyDex nor any of its Affiliates shall sue or threaten to sue, or take any similar action against, or aid,
abet or enable any Third Party to sue, threaten to sue or take any similar action against, Company, or any Sublicensees, or any of their respective Affiliates, or any customers or end-users of any Licensed Products, claiming that the manufacture,
use, sale, offer for sale or importation of any Licensed Product infringes any Captisol-related patents or patent applications owned, licensed, sublicensed or otherwise controlled by, now or in the future, CyDex or any of its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.8 Knowledge and Technology Transfer</B>. For a period of one year after the Effective Date, CyDex shall make its personnel available (and
shall request its Third Party Manufacturer to make its personnel available) to Company and its Contract Manufacturers to respond to informational inquiries and provide a reasonable amount of technical assistance related to the Licensed Know-How
Rights, Licensed Product development, and technical project management at no charge. Thereafter, Company shall compensate CyDex at the rate of
[***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP> per hour for the time of CyDex personnel incurred to provide such services, if requested and documented, to Company or its Contract
Manufacturers. Such knowledge and technology transfer and support shall not include information related to the manufacture of bulk Captisol. All such knowledge and technology transfer and support shall (unless either CyDex or Company hereafter
expressly requests telecommunication or a different location and the other party consents, such consent not to be unreasonably withheld, delayed or </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to
the omitted portions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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conditioned) be provided in Colorado. Company shall be responsible for any and all reasonable travel and lodging costs in connection therewith. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>M<SMALL>ANUFACTURE</SMALL> <SMALL>AND</SMALL> S<SMALL>UPPLY</SMALL> <SMALL>OF</SMALL> C<SMALL>APTISOL</SMALL>. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The provisions of the Supply Agreement and any related Quality Agreement shall govern the manufacture and supply of Captisol<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP> sulfobutylether &szlig;(beta) cyclodextrin, sodium salt for use in the preparation, formulation and production of the Licensed Products. Company acknowledges and agrees that CyDex is the
exclusive manufacturer of Captisol for Company and its Affiliates and Sublicensees and nothing set forth herein shall be deemed to grant Company or its Affiliates or Sublicensees the right to manufacture Captisol nor the right to contract the
manufacture of Captisol to a Third Party. It is understood that it shall be Company&#146;s responsibility to obtain, at Company&#146;s sole expense and from sources other than CyDex, all materials (including all quantities of the Compound, but
excluding Captisol) needed by Company for its activities in connection with this Agreement and in connection with manufacturing Licensed Products - it being further understood, of course, that Company is to obtain at Company&#146;s sole expense and
solely from CyDex (pursuant to the Supply Agreement) all Captisol needed by Company in connection with developing and manufacturing Licensed Products. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>C<SMALL>OMPENSATION</SMALL>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.1 Payments and Royalties for Licenses. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(a) One-Time Fee</B>. Company shall within 10 days after the Effective Date pay CyDex
[***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP> in cash as an upfront license fee for this Agreement. Such upfront license fee shall be non-refundable and shall be deemed to be in
partial consideration of the rights granted to Company under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(b) Milestone Payments.</B> Within 10 days following the
achievement of each and any milestone event&nbsp;listed below, Company shall, in further consideration of the rights granted Company hereunder, provide written notice to CyDex of the achievement of such milestone event, accompanied by payment to
CyDex of the applicable non-refundable cash milestone fee listed next to such event in further consideration of the rights granted Company hereunder. For avoidance of doubt and notwithstanding anything in this subsection (b)&nbsp;to the contrary,
each respective milestone payment of types &#147;(A)&#148; and &#147;(B)&#148; can be earned a maximum of 10 times and as a result, the maximum payments that Company and its Affiliates, in the aggregate, can be responsible for under this subsection
(b)&nbsp;cannot exceed [***] If as to any Licensed Product, milestone&nbsp;(B) is achieved before milestone&nbsp;(A) has been actually achieved, then milestone&nbsp;(A) shall be deemed to have thereby been achieved, and the milestone payment for
such deemed-achieved milestone shall also be payable within such 10 days. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:50.85pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>M<SMALL>ILESTONE</SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>M<SMALL>ILESTONE</SMALL><BR>P<SMALL>AYMENT</SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(A)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Upon achieving Technical Feasibility Milestone for a Licensed Product</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(B)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Upon the First Commercial Sale of a Licensed Product</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(c) Royalties.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(i) </B>In addition to amounts payable pursuant to <B>Sections&nbsp;4.1(a) </B>and<B> 4.1(b)</B> above, Company shall for all Net Sales of
Licensed Products within the Term pay to CyDex, on a calendar quarterly basis, tiered royalties on such Net Sales in an amount equal to (A)&nbsp;until cumulative (lifetime) Net Sales of Licensed Products reach $10,000,000, 4% of said part of the Net
Sales, and (B)&nbsp;after cumulative (lifetime) Net Sales of Licensed Products reach $10,000,000, 7% of said part of the Net Sales, and (C)&nbsp;after cumulative (lifetime) Net Sales of Licensed Products reach $20,000,000, 10% of said part of the
Net Sales. For this purpose, Net Sales during the calendar quarter in which either of such thresholds is crossed shall be prorated. Notwithstanding the foregoing, as a method of implementing a royalty-rate step-down, 33% of the erstwhile Net Sales
(in a country within the Territory) of a Licensed Product which are made after expiry of the last-to-expire Licensed Patent containing a Valid Claim pertaining to such Licensed Product shall be excluded from the Net Sales figure for the purposes of
this calculation. Moreover, an additional 25% of the erstwhile Net Sales (in a country within the Territory) of a Licensed Product which is not covered by a Valid Claim at the time of such sale shall be excluded from the Net Sales figure for the
purposes of this calculation if for the calendar quarter in which such sale occurs a Generic Supply of such Licensed Product is being lawfully commercialized in such country. A &#147;Generic Supply&#148; of a Licensed Product shall be deemed to be
being commercialized in a country if and only if the aggregate market share of all generic versions of such Licensed Product in such country in the calendar quarter in question is at least 5%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(ii) </B>In the event that a Licensed Product is commercialized in combination with one or more products which are themselves not Licensed
Products under this Agreement for a single price, the Net Sales for such Licensed Product shall be calculated by multiplying the gross amount invoiced for such combination sale by the fraction A/(A+B) where A is the fair market value of the Licensed
Product and B is the fair market value of the other product(s) in the combination sale, and allocating applicable &#147;Net Sales&#148; deductions in the same proportion. Company&#146;s determination of the fair market values identified in this
subpart (ii)&nbsp;shall be used to the extent that such determinations are reasonable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(iii) </B>Unless this Agreement is earlier
terminated pursuant to <B>Section&nbsp;13</B>, royalties shall be payable, on a Licensed Product-by-Licensed Product basis, during the period from the First Commercial Sale of a given Licensed Product until the later of (a)&nbsp;expiry of the
last-to-expire Licensed Patent containing a Valid Claim; or (b)&nbsp;the 10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> anniversary of the First Commercial Sale of such Licensed Product. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(d) </B>All royalties payable to CyDex pursuant to <B>Section&nbsp;4.1(c)</B> shall be due and payable within 30 days after the conclusion
of each calendar quarter, provided that within 90 days after the conclusion of each Company fiscal year Company may provide notice to CyDex of any adjustments necessary to account for any royalties which were overpaid or underpaid for such prior
fiscal year&#146;s calendar quarters (as determined from Company&#146;s end of fiscal year external audit), and the parties shall promptly true-up for any such adjustments which are mutually determined in good faith to be correct; provided however,
the lapse of such 90-day period shall not impact the right of a party to credit or recover any overpayments or underpayments discovered during an audit under <B>Section&nbsp;5.3</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(e) </B>In establishing the royalty structure hereunder, the parties recognize, and Company acknowledges, the substantial value of the
various obligations being undertaken by CyDex </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
under this Agreement, in addition to the grant of the license under the Licensed Intellectual Property, to enable the rapid and effective market introduction of the Licensed Products. The parties
have agreed to the payment structure set forth herein as a convenient and fair mechanism to compensate CyDex for these obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.2 Taxes</B>. All amounts due hereunder exclude and shall be paid in full to CyDex without reduction for all applicable sales, use, and
other taxes and duties applicable to Company, and Company shall be responsible for payment of all such taxes (other than taxes based on CyDex&#146;s income) and duties and any related penalties and interest, arising from the payment of amounts due
under this Agreement. The parties agree to cooperate with one another and use reasonable efforts to avoid or reduce tax withholding or similar obligations in respect of royalties, milestone payments, and other payments made by Company to CyDex under
this Agreement. To the extent Company is required to withhold taxes on any payment to CyDex, Company shall pay the amounts of such taxes to the proper governmental authority in a timely manner and promptly transmit to CyDex official receipts issued
by the appropriate taxing authority and/or an official tax certificate, or such other evidence as CyDex may reasonably request, to establish that such taxes have been paid. CyDex shall provide Company any tax forms that may be reasonably necessary
or reasonably requested in order for Company to not withhold tax or to withhold tax at a reduced rate under applicable law or an applicable bilateral income tax treaty. Each party shall provide the other with reasonable assistance to enable the
recovery, as permitted by applicable law, of withholding taxes, value added taxes, or similar obligations resulting from payments made under this Agreement, such recovery to be for the benefit of the party bearing such withholding tax or value added
tax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.3 Payment</B>s. Accrual and payment of interest shall not be deemed to excuse or cure breaches of contract arising from late
payment or nonpayment. Cumulative with and not exclusive of any and all other available remedies, payments that are not made when due hereunder, and which are not otherwise subject to a good faith dispute, shall accrue interest, from due date until
paid, at an annual rate equal to the prime rate, as reported in The Wall Street Journal, Eastern U.S. Edition, on the date such payment is due, plus an additional 200 basis points (2%). All amounts due hereunder are stated in, and shall be paid in,
U.S. Dollars. With respect to sales not denominated in U.S. Dollars, Company shall convert the Net Sales from the applicable foreign currency into U.S. Dollars at the exchange rate reported in The Wall Street Journal, Eastern U.S. Edition, for the
last trading day of the applicable calendar quarter. Based on the resulting sales in U.S. Dollars, the then applicable royalties shall be calculated. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>R<SMALL>ECORDS</SMALL>; R<SMALL>EPORTS</SMALL>; A<SMALL>UDIT</SMALL>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.1
Records</B>. During the Term and for a period of two years thereafter, Company shall, and shall require its Affiliates and Sublicensees to, maintain accurate records relating to Net Sales of the Licensed Products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.2 Royalty Reports</B>. Within 30 calendar days following the conclusion of each calendar quarter after the First Commercial Sale of the
relevant Licensed Product and until the end of the first full calendar quarter after the end of the Term, Company shall deliver to CyDex, together with the applicable royalty payment due, a written report, on a Licensed Product-by-Licensed Product
basis, of (a)&nbsp;gross invoiced (or otherwise charged) amounts of sales, by Company and its Affiliates and Sublicensees, of Licensed Products subject to royalty payments for such calendar quarter, (b)&nbsp;amounts deducted by category (following
the definition of Net Sales) from such gross </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
invoiced amounts to calculate Net Sales, (c)&nbsp;Net Sales subject to royalty payments for such calendar quarter and calendar year to date, (d)&nbsp;exclusions pursuant to
<B>Section&nbsp;4.1(c)(i)</B>, and (e)&nbsp;the corresponding royalty. Such report shall be deemed &#147;Confidential Information&#148; of Company and shall be subject to the obligations of <B>Section&nbsp;8</B> of this Agreement. For three years
after each sale of a Licensed Product (whether covered by a Valid Claim or not), Company shall keep (and shall ensure that its Affiliates and Sublicensees shall keep) complete and accurate records of such sale in sufficient detail to confirm the
accuracy of the royalty calculations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.3 Audit</B>. Upon at least 14 days advance written notice by CyDex, Company shall
permit, and shall cause its Affiliates and Sublicensees to permit, an independent certified public accounting firm of nationally recognized standing selected by CyDex (who has not been engaged by CyDex to provide services in any other capacity at
any time during the three-year period before such selection and who executes a standard and customary confidentiality agreement prepared by Company), and reasonably acceptable to Company or such Affiliate or Sublicensee, to have access to and to
review, during normal business hours upon reasonable prior written notice, the applicable records of Company and its Affiliates or Sublicensees to verify the accuracy of the royalty payments under this <B>Section&nbsp;5</B>. Such review may only
cover: (a)&nbsp;the records for sales made in any calendar year ending not more than three years before the date of such request, and (b)&nbsp;only those periods that have not been subject to a prior audit. Except as described hereafter, all such
audits shall be conducted at the expense of CyDex. Such audits shall be conducted not more than once in each calendar year and not more than once for each audited period. In the event such accountant concludes that additional payments of any kind as
required by this Agreement were owed to CyDex during such period, the additional amounts shall be paid within 30 days of the date CyDex delivers to Company such accountant&#146;s written report so concluding unless Company disputes the results of
such audit in accordance with <B>Section&nbsp;14.3</B>. The fees charged by such accountant shall be paid by CyDex, unless the audit discloses that the amounts payable by Company for the audited period are more than 110% of the amounts actually paid
for such period, in which case Company shall pay the reasonable fees and expenses charged by the accountant for such audit (pending the results of any dispute initiated by either party pursuant to <B>Section&nbsp;14.3 </B>with respect to the same).
In the event such accountant concludes that there was an overpayment by Company to CyDex during such period, at Company&#146;s option, the overpayment shall be paid by CyDex to Company within 30 days of the date of the written report. The
independent certified public accountant shall keep confidential any information obtained during such inspection in accordance with the provisions set forth in <B>Section&nbsp;8</B> hereof and shall report to CyDex and Company only the amounts of Net
Sales and royalties/milestone payments due and payable. The parties agree that all information subject to review under this <B>Section&nbsp;5.3 </B>or under any Sublicense agreement is the Confidential Information of Company and that CyDex shall
cause its accountant to retain all such information in confidence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.4 Annual Milestone Reports</B>. By November&nbsp;1<SUP
STYLE="font-size:85%; vertical-align:top">st</SUP> of each calendar year during the Term, Company shall provide CyDex with written reports that describe in reasonable detail Company&#146;s progress made toward achievement of the milestones specified
in <B>Section&nbsp;4.1(b)</B> above during such calendar year&nbsp;and set forth such other information regarding Licensed Products and/or Captisol as mutually agreed upon by the parties. Company shall also provide quarterly updates to the extent
that significant changes to the expected completion of any such milestones outlined in the annual report have occurred. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.5 Semiannual Development Reports</B>. During the Term, Company shall, no less often than
every six months, provide to CyDex a written update report of Company&#146;s activities, progress and outlook in developing Licensed Products. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>D<SMALL>EVELOPMENT</SMALL> <SMALL>AND</SMALL> C<SMALL>OMMERCIALIZATION</SMALL> <SMALL>BY</SMALL> C<SMALL>OMPANY</SMALL>. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.1 Diligence</B>. As between CyDex and Company, from and after the Effective Date Company shall be responsible for all non-clinical and
clinical development of the Licensed Products, all commercialization of the Licensed Products, and all storage, handling and use of physical quantities of the Compound and/or the Compound prepared, combined and/or formulated with Captisol.
Notwithstanding the preceding sentence, Company agrees that, during the Term, it shall use, and shall require its Affiliates and Sublicensees to use, commercially reasonable efforts to develop Licensed Products based on the Compound and to market,
promote, and sell Licensed Products thereafter in each Eligible State. For clarity, Company shall be under no obligation to develop, market or promote a Licensed Product if it determines, in its reasonable business judgment, that such an effort is
not appropriate or commercially viable for Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.2 Costs and Expenses</B>. Company shall be solely responsible for all
decision-making, compliance with law, costs and expenses related to its development, manufacturing and commercialization of the Licensed Products, including without limitation costs and expenses associated with all preclinical activities and
clinical trials, and all regulatory filings and proceedings relating to the Licensed Products, and all commercialization of Licensed Products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.3 In Vivo Studies</B>. If Company wishes to conduct any in vivo study (preclinical or clinical, in animals and/or in humans, each a
&#147;<B>Study</B>&#148;) of a Licensed Product utilizing Captisol, the following provisions shall apply: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(a) Dosing</B>. Company
shall not exceed the maximum allowable dosing levels of Captisol specified in CyDex&#146;s then-current clinical dosing matrix (which shall be provided by CyDex to Company from time to time or upon Company&#146;s request) without the written consent
of CyDex, which consent shall be deemed provided unless CyDex responds in writing objecting thereto within 15 days after CyDex&#146;s receipt of Company&#146;s request to exceed the maximum dosage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(b) Compliance with Laws</B>. Company represents and warrants that each Study shall be performed in accordance with all applicable laws,
regulations and requirements; provided, that Company shall not be in violation of this <B>Section&nbsp;6.3(b)</B> or any other provision of this Agreement or the Supply Agreement resulting from or based upon the Compound or Company including
cannabis in the Licensed Products and also it being expressly understood that CyDex shall not be entitled to terminate this Agreement or the Supply Agreement due solely to the fact that the Licensed Products contain cannabis (provided that this
shall not be deemed to restrict CyDex&#146;s right to exclude all US states, the District of Columbia and all other US territories and jurisdictions from the Territory for convenience pursuant to <B>Section&nbsp;13.6</B> below). Company shall
provide or cause to be provided all appropriate warnings to participants enrolled in each Study and obtain or cause to be obtained appropriate documentation of informed consent from all participants in each such Study. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(c) Adverse Events</B>. Company agrees to forthwith inform CyDex if any adverse effects are observed and ascribed to Captisol in any Study
in accordance with <B>Section&nbsp;7.3</B> hereof. To accurately track adverse events and preserve the validity of each Study, Company agrees that, for </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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so long as CyDex is providing supply pursuant to the Supply Agreement, it shall only use Captisol supplied by CyDex for each such Study conducted under the scope of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(d) Reporting and Study Data</B>. Within three months after receipt of the final Study report for a Study, Company shall provide to CyDex a
summary of the data and results of each Study that pertain solely to Captisol, and subject to <B>Section&nbsp;8</B>, Company hereby grants to CyDex a nonexclusive, royalty-free license (with the right to sublicense) to use and disclose such data (on
a participant non-identifiable basis) solely as necessary for regulatory purposes, including without limitation to update the DMF for Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(e) Responsibility</B>. Company has the freedom to design each Study, and (as between Company and CyDex) Company is solely responsible for
executing each Study; and so it is reasonable that, and the parties agree that, Company shall be solely responsible therefor and for any effects or consequences of the design and execution of each Study. Notwithstanding the foregoing, each Study
shall (unless either CyDex or Company hereafter expressly requests a different location and the other party consents, such consent not to be unreasonably withheld, delayed or conditioned) be conducted solely in Colorado. The parties agree that,
barring a change in applicable law, it would be unreasonable to withhold, delay or condition such consent if such requested different location is in Minnesota, New York, Israel or Canada. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(f) Review of Regulatory Filings and Publications</B>. At least 10 days before a submission of any proposed written publication material or
regulatory submission (which shall be subject to the restrictions of <B>Section&nbsp;8</B> hereof), Company shall provide to CyDex for CyDex&#146;s review and comment a copy of any proposed written publication, material or regulatory submission
reporting results of a Study where such publication material refers to Captisol. Company shall give due consideration to any input that CyDex provides regarding Captisol. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.4 Access to Company&#146;s Data</B>. CyDex shall have the right to reference and utilize all toxicology/safety and other relevant
scientific data developed on Captisol alone (and not in conjunction with a Licensed Product) by Company, its Sublicensees or Affiliates, at no cost to CyDex. Upon request by CyDex, Company shall either provide CyDex, at CyDex&#146;s sole expense,
with a copy of all such data or shall make such data accessible to CyDex at times and locations reasonably agreeable to CyDex and Company subject to the provisions of <B>Section&nbsp;8</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.5 Insurance</B>. During the Term and for two years thereafter, Company shall obtain and maintain, at its own cost and expense, commercial
general liability insurance that includes product liability insurance coverage, of a minimum of [***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP>, with CyDex identified as an additional
named insured. It is understood and agreed that this insurance shall not be construed to limit Company&#146;s liability with respect to its indemnification obligations hereunder. Company shall provide to CyDex upon request a certificate evidencing
the insurance Company is required to obtain and keep in force under this <B>Section&nbsp;6.5</B>. During the Term and for two years thereafter, CyDex shall obtain and maintain, at its own cost and expense, commercial general liability insurance and
product liability insurance in amounts, that are reasonable and customary in the United States pharmaceutical and biotechnology industry for companies engaged in comparable activities and of similar size of CyDex, with Company identified as an
additional named insured. It is understood and agreed that this </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to
the omitted portions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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insurance shall not be construed to limit CyDex&#146;s liability with respect to its indemnification obligations hereunder. CyDex shall provide to Company upon request a certificate evidencing
the insurance CyDex is required to obtain and keep in force under this <B>Section&nbsp;6.5</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.6 </B>.<B>Patent Marking</B>.
Company agrees that with respect to each unit or package of Licensed Products sold in the Territory, Company shall comply with the customary patent marking laws and practices as to the applicable Licensed Patents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.7 Trademarks</B>. As between CyDex and Company, Company shall have the sole authority to select trademarks for Licensed Products and
Company or its Affiliates shall own all such trademarks. CyDex does not grant Company the right to use any trademarks of CyDex or its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.8 No Guaranty of Favorable Outcomes</B>. CyDex does not warrant that Company&#146;s preclinical studies and evaluation and/or
Company&#146;s clinical studies (if any) will produce any particular results or any favorable results, or that Licensed Products can ever be duly, successfully or profitably commercialized. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>R<SMALL>EGULATORY</SMALL> M<SMALL>ATTERS</SMALL>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.1 Captisol Information Submitted
for Regulatory Review</B>. Except as otherwise set forth herein, Company shall be solely responsible for all communications with regulatory agencies in connection with the Licensed Products, provided CyDex shall reasonably cooperate with Company and
its Affiliates with respect to any interactions with regulatory authorities concerning Captisol. Company shall provide CyDex with copies of the portions of all regulatory submissions containing Captisol data alone (and not in conjunction with any
Licensed Product) 10 days before submission and shall allow CyDex to review and comment upon said submissions. The contents of each such submission shall be deemed to be Confidential Information of Company, subject to the terms and provisions of
<B>Section&nbsp;8</B> below. Company shall promptly inform CyDex of meetings with the FDA (or other regulatory agencies in the Territory) regarding Captisol. If Company submits written responses to the FDA that include data on Captisol alone, CyDex
shall be permitted to review such written materials 10 days before submission. If CyDex reasonably objects to the contents of such written responses relating to Captisol, the parties agree to cooperate in working toward a reasonable and mutually
agreeable response; <I>provided, however</I>, that Company and its Affiliates shall be entitled to in good faith and with full regard for CyDex&#146;s interests and concerns make the final determination as to the contents of any such materials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.2 Material Safety</B>. CyDex shall provide Company, in writing, from time to time and upon Company&#146;s request, with (a)&nbsp;relevant
material information currently known to it regarding handling precautions, toxicity and hazards with respect to Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, and (b)&nbsp;the then-current material safety data sheet for Captisol<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP>. Notwithstanding the foregoing or anything in this Agreement to the contrary, Company is solely responsible for (x)&nbsp;use of all documentation provided by CyDex, including without limitation,
use in any regulatory submission to the FDA or any other regulatory agency in the Territory, (y)&nbsp;document control and retention, and (z)&nbsp;determining the suitability of any documentation provided by CyDex hereunder for use in any regulatory
submission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.3 Adverse Event Reporting</B>. Company shall adhere, and shall require that its Affiliates, Sublicensees, co-marketers
and distributors adhere, to all requirements of applicable law </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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and regulations that relate to the reporting and investigation of any adverse event, including without limitation an unfavorable and unintended diagnosis, symptom, sign (including an abnormal
laboratory finding), syndrome or disease, whether or not considered Captisol or Licensed <FONT STYLE="white-space:nowrap">Product-</FONT> related, which occurs or worsens following administration of Captisol or a Licensed Product. Each party shall
provide the other with copies of all reports it obtains (either directly or through any Sublicensee or licensee) of any adverse event which is serious (e.g., any such adverse event involving Captisol or a Licensed Product that results in death, is
life-threatening, requires or prolongs inpatient hospitalization, results in disability, congenital anomaly or is medically important (i.e., may require other medical or surgical intervention to prevent other serious criteria from occurring)) which
such party has reason to believe are associated with Captisol within 14 days following (a)&nbsp;submission of any such report to any regulatory agency, or (b)&nbsp;receipt from such party&#146;s Sublicensee, licensee, co-marketer or distributor of
any such report to any regulatory agency. Company shall also advise CyDex regarding any proposed labeling or registration dossier changes affecting Captisol. Reports from Company shall be delivered to the attention of Chief Scientific Officer,
CyDex, with a copy to Chief Executive Officer, CyDex, at the address set forth in <B>Section&nbsp;14.7 </B>and reports to Company shall be delivered to the attention of Chief Medical Officer, with a copy to Chief Executive Officer of Company at the
address set forth in Section&nbsp;14.7. The parties shall mutually cooperate with regard to investigation of any such serious adverse event, whether experienced by Company, CyDex or any other Affiliate, Sublicensee, sublicensee, co-marketer or
distributor of CyDex or Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.4 Certification Under Drug Price Competition and Patent Restoration Act.</B> A party shall promptly
give written notice to the other party of any certification of which such party becomes aware filed pursuant to 21 U.S.C. Section&nbsp;355(b)(2)(A) (or any amendment or successor statute thereto) claiming that any Licensed Patents covering a
Licensed Product, or the manufacture or use thereof, are invalid or unenforceable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>C<SMALL>ONFIDENTIALITY</SMALL>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.1 Definition</B>. The parties recognize that
disclosures of Confidential Information between them before the Effective Date were subject to the Confidential Disclosure Agreement between Ligand Pharmaceuticals Incorporated and Company dated
[***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP>. Company and CyDex each recognizes that during the Term, a party (the &#147;<B>Disclosing Party</B>&#148;) may from time to time elect to
or may be required by express provisions of this Agreement or the Supply Agreement to provide Confidential Information (as defined herein) to the other party (the &#147;<B>Receiving Party</B>&#148;). It shall be deemed for purposes hereof that the
Disclosing Party&#146;s Confidential Information is highly valuable, and that untoward disclosure of or use of such Confidential Information would be highly prejudicial to the Disclosing Party. The disclosure and use of Confidential Information
shall be governed by the provisions of this <B>Section&nbsp;8</B>. For purposes of this Agreement, &#147;<B>Confidential Information</B>&#148; means all information disclosed by the Disclosing Party or one of its Affiliates or one of their
respective employees, agents, subcontractors, advisors or representatives to the Receiving Party or one of its Affiliates or one of their respective employees, agents, subcontractors, advisors or representatives regardless of the form or medium used
to disclose including but not limited to written, oral, remote transmission, etc. which is designated in writing by the Disclosing Party as &#147;Confidential&#148; (or equivalent) or which reasonably ought to have been understood to be confidential
and/or non-public information at the time disclosed to the Receiving Party, including but not limited to product </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to
the omitted portions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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specifications, data, know-how, formulations, product concepts, sample materials, business and technical information, financial data, batch records, inventions, works of authorship, trade
secrets, processes, techniques, algorithms, programs, designs, drawings, and any other information related to a party&#146;s present or future products, sales, suppliers, customers, employees, investors or business. Without limiting the generality
of the foregoing, CyDex&#146;s Confidential Information includes all materials provided as part of the Captisol Data Package. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.2
Obligation</B>. CyDex and Company agree that they may disclose the other party&#146;s Confidential Information to its own (or its Affiliates&#146; or Sublicensees&#146;) managers, officers, employees, consultants, Third Party service providers,
attorneys, accountants, bankers, lenders and agents, in each case only if and to the extent necessary to carry out their respective responsibilities under this Agreement or in accordance with the exercise of their rights under this Agreement, and
such disclosure shall be limited to the maximum extent possible consistent with such responsibilities and rights; and CyDex and Company agree that they may disclose this Agreement and/or the Supply Agreement or a summary thereof to their own (or
their Affiliates&#146;) bona fide prospective and/or current lenders or financial investors. Except as set forth in the foregoing sentence, neither party (nor their Affiliates) shall disclose Confidential Information of the other to any Third Party
without the other&#146;s prior written consent. In all events, however, any and all disclosure to a Third Party (or to any such Affiliate or Sublicensee) shall be pursuant to the terms of a non-disclosure/nonuse agreement no less restrictive than
this <B>Section&nbsp;8</B> (or, in the case of attorneys, to a duty and obligation of nondisclosure/nonuse pursuant to the applicable rules of the profession). The party which disclosed Confidential Information of the other to any Third Party (or to
any such Affiliate or Sublicensee) shall be responsible and liable for any disclosure or use by such Third Party, Affiliate or Sublicensee (or its disclosees) which would have violated this Agreement if committed by the party itself. Neither party
shall use Confidential Information of the other except as expressly allowed by and for the purposes of this Agreement or the Supply Agreement. Each party shall take such action to preserve the confidentiality of each other&#146;s Confidential
Information as it would customarily take to preserve the confidentiality of its own Confidential Information (but in no event less than a reasonable standard of care). Upon expiration or termination of this Agreement, each party, upon the
other&#146;s request, promptly shall return or destroy (at Disclosing Party&#146;s discretion) all the Confidential Information disclosed to the other party pursuant to this Agreement, including all copies, reflections, analyses and extracts of
documents, except for one archival copy (and such electronic copies that exist as part of the party&#146;s computer systems, network storage systems and electronic backup systems) of such materials solely to be able to monitor its obligations that
survive under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.3 Exceptions</B>. The non-use and non-disclosure obligations set forth in this <B>Section&nbsp;8</B>
shall not apply to any Confidential Information, or portion thereof, that the Receiving Party can demonstrate: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(a) </B>is at the time
of Receiving Party&#146;s receipt is in the public domain; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(b) </B>after Receiving Party&#146;s receipt, becomes part of the general
public domain, by publication or otherwise, through no fault of and or without violation of any duty of confidentiality of the Receiving Party or its disclosees; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(c) </B>at the time of disclosure is already in the Receiving Party&#146;s possession with no duty of confidentiality, and such prior
possession can be demonstrated by the Receiving Party by </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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written proof (provided that this subsection shall not apply to Confidential Information exchanged between the parties before the execution of this Agreement); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(d) </B>is rightfully received by the Receiving Party on a non-confidential basis from an independent Third Party where Receiving Party has
no knowledge of or reason to believe that such Third Party had an obligation of confidentiality related to such information; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(e)
</B>is independently developed by or expressly for the Receiving Party, in either case solely by personnel without any access to or use of the Disclosing Party&#146;s Confidential Information, as shown by Receiving Party&#146;s competent,
contemporaneous written evidence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Receiving Party may disclose the Disclosing Party&#146;s Confidential Information that
is required to be disclosed by law, by a valid order of a court or by order or regulation of a governmental agency including but not limited to, regulations of the SEC or in the course of arbitration or litigation; <I>provided, however</I>, that in
all cases where legally able, the Receiving Party shall give the Disclosing Party prompt notice of the pending disclosure and make a reasonable effort to obtain, or to assist the Disclosing Party in obtaining, a protective order or
confidential-treatment order preventing or limiting (to the greatest possible extent and for the longest possible period) the disclosure and/or requiring that the Confidential Information so disclosed be used only for the purposes for which the law
or regulation required, or for which the order was issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.4 Injunction</B>. Each party agrees that should it breach or threaten to
breach any provisions of this <B>Section&nbsp;8</B>, the Disclosing Party will suffer irreparable damages and its remedy at law will be inadequate. Upon any breach or threatened breach by the Receiving Party of this <B>Section&nbsp;8</B>, the
Disclosing Party shall be entitled to seek temporary, preliminary and/or permanent injunctive relief in addition to any other remedy which it may have, without need to post any bond or security, in addition to any and all other legal and equitable
rights and remedies available to the Disclosing Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.5 Third Party Information. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(a) </B>Company acknowledges that CyDex&#146;s Confidential Information includes information developed by [***]<SUP
STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP> that is confidential to both CyDex and [***]. Only to the extent that confidential information of [***] is disclosed to Company hereunder, and only
as required by CyDex&#146;s pre-existing contractual obligations to [***], then [***] is a limited third party beneficiary of only this <B>Section&nbsp;8</B> of this Agreement and may seek remedies pursuant to it, but only in accordance with its
terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(b) </B>The parties acknowledge that the defined term &#147;Confidential Information&#148; shall include not only a Disclosing
Party&#146;s own Confidential Information but also Confidential Information of an Affiliate or of a Third Party which is in the possession of a Disclosing Party. Both parties agree not to disclose to the other party any Confidential Information of a
Third Party which is in the possession of such party, unless the other party has given an express prior written consent (which specifies the owner of such Confidential Information) to receive such particular Confidential Information. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.6 Public Announcements</B>. The parties shall mutually agree on a press release or press
releases (either joint or separate, as the parties may agree) to be issued upon execution of this Agreement. Neither party shall make any subsequent public announcement concerning this Agreement or the terms hereof not previously made public without
the prior written approval of the other party with regard to the form, content, and precise timing of such announcement, except as may be required to be made by either party or its parent in order to comply with applicable law, regulations, court
orders, or tax, securities filings, financing arrangements, acquisitions, or sublicenses (including, if CyDex or its parent so determines, attaching the text of this Agreement and the Supply Agreement as an exhibit to a SEC Form 8-K or Form 10-K
report). Such consent shall not be unreasonably withheld, conditioned or delayed by such other party. Before any such public announcement, the party wishing to make the announcement shall submit a draft of the proposed announcement to the other
party sufficiently in advance of the scheduled disclosure to afford such other party a reasonable opportunity to review and comment upon the proposed text and the timing of such disclosure, and shall consider all reasonable comments of the other
party regarding such disclosure. (Provided, that neither party shall use the trademark or logo of the other party, its Affiliates or their respective employee(s) in any publicity, promotion, news release or public disclosure relating to this
Agreement or its subject matter, except as may be required by law or required by the rules of an applicable US national securities exchange or except with the prior express written permission of such other party, such permission not to be
unreasonably withheld, conditioned or delayed.) Notwithstanding the above, once a public disclosure has been made, either party shall be free to disclose to Third Parties any information contained in said public disclosure, without further
pre-review or pre-approval. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.1
Mutual Representations and Warranties</B>. Each party represents and warrants to the other that, as of the Effective Date: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(a) </B>it
is a corporation or limited liability company, as the case may be, duly organized and validly existing under the laws of the state of its incorporation or formation, as the case may be; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(b) </B>excluding any effect of the fact that the manufacture, distribution, or possession with intent to distribute of cannabis and/or
cannabis derived products are illegal under US federal law and under the laws of certain countries and states, it has the full power and right to enter into this Agreement and to perform its obligations hereunder and it is expressly understood that
neither party shall be entitled to terminate this Agreement for violation of this <B>Section&nbsp;9.1(b)</B> due solely to noncompliance which arises solely from the fact that the Licensed Products contain cannabis; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(c) </B>this Agreement has been duly authorized, executed and delivered by such party and constitutes a legal, valid and binding obligation
of such party enforceable against such party in accordance with its terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent transfer, or other similar laws affecting
the rights and remedies of creditors generally and by general principles of equity; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(d) </B>the execution, delivery and performance of
this Agreement by such party does not and will not conflict with, breach or create in any Third Party the right to accelerate, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


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terminate or modify any agreement or instrument to which such party is a party or by which such party is bound, nor (excluding any effect of the fact that the manufacture, distribution, or
possession with intent to distribute of cannabis and/or cannabis derived products are illegal under US federal law and under the laws of certain countries and states) violate any law or regulation of any court, governmental body or administrative or
other agency having authority over such party; it is expressly understood that neither party shall be entitled to terminate this Agreement for violation of this <B>Section&nbsp;9.1(d)</B> due solely to noncompliance which arises solely from the fact
that the Licensed Products contain cannabis; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(e) </B>Excluding any effect of the fact that the manufacture, distribution, or
possession with intent to distribute of cannabis and/or cannabis derived products are illegal under US federal law and under the laws of certain countries and states, all consents, approvals and authorizations from all governmental authorities or
other Third Parties required to be obtained by such party in connection with the execution and delivery of this Agreement have been obtained and the execution, delivery and performance of this Agreement by such party does not and will not violate
any law or regulation of any governmental jurisdiction or body having authority over such party; it is expressly understood that neither party shall be entitled to terminate this Agreement for violation of this <B>Section&nbsp;9.1(e)</B> due solely
to noncompliance which arises solely from the fact that the Licensed Products contain cannabis; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(f) </B>no person or entity has or
will have, as a result of the transactions contemplated by this Agreement, any right, interest or valid claim against or upon such party for any commission, fee or other compensation as a finder or broker because of any act by such party or its
Affiliates or agents, or in addition, with respect to Company, because of any act by its Sublicensees; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(g) </B>it has not entered
into any agreement with any Third Party that is in conflict with the rights granted to the other party pursuant to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.2
CyDex Representations and Warranties</B>. CyDex hereby represents and warrants (and, where applicable, covenants) to Company that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(a)
</B>Neither CyDex nor any of its Affiliates will, during the Term, enter into an agreement or understanding with a Third Party whereby Captisol would be produced for or supplied to such Third Party where CyDex or its Affiliate knew or had reason to
know that such Third Party would be using a Compound as an active ingredient prepared or combined with or formulated using Captisol. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(b) </B>As of the Effective Date, there are no unsettled past or current, and CyDex and its Affiliates have not received notice of any
threatened, patent, trade secret or other intellectual property dispute with any Third Party that actually or is reasonably likely to have an adverse effect on the Licensed Intellectual Property; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(c) </B>As of the Effective Date, the Licensed Intellectual Property is not subject to any outstanding injunction, judgment, order, ruling
or charge, and neither CyDex nor its Affiliates knows of any pending or threatened claim or action, in each instance which challenges the validity, legality, enforceability or use of the Licensed Intellectual Property and to CyDex and its
Affiliate&#146;s </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


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knowledge, CyDex wholly owns or properly licenses all intellectual property rights necessary to grant to Company the licenses granted hereunder; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(d) </B>As of the Effective Date, excluding any effect of the fact that the manufacture, distribution, and possession with intent to
distribute of cannabis and/or cannabis derived products are illegal under US federal law and under the laws of certain countries and states, CyDex has the full right, power and authority to grant all of the licenses granted to Company under this
Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(e) </B>CyDex has not granted as of the Effective Date and will not grant during the Term, to any Third Party any license
to any of the Licensed Intellectual Property which conflicts with the exclusive license hereunder; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(f) </B>As of the Effective Date
and (subject to the effect of future expiration of Licensed Patents in a given country) throughout the Term, CyDex is and will continue to be the exclusive worldwide manufacturer and supplier of Captisol which conforms to the Specifications; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(g) </B>As of the Effective Date, the Licensed Intellectual Property constitutes all Captisol-related rights owned or controlled by CyDex
or its Affiliates that pertain to Company&#146;s and its Affiliates&#146; research, development, manufacture, use and commercialization of the Licensed Products as contemplated by this Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(h) </B>As of the Effective Date, there is no Nonexclusive LIP except as so identified in <B><I>Exhibit&nbsp;A</I></B> attached hereto.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.3 Disclaimer</B>. Notwithstanding the representations and warranties set forth in this <B>Section&nbsp;9</B>, Company acknowledges
and accepts the risks inherent in attempting to develop and commercialize any pharmaceutical product. There is no implied representation that any Licensed Products can be successfully developed or commercialized. The express warranties set forth in
this <B>Section&nbsp;9</B> above and elsewhere in this Agreement are provided in lieu of, <B>and EACH PARTY HEREBY DISCLAIMS, all other warranties, express and implied, relating to the subject matter of this Agreement, Captisol, the Licensed
Intellectual Property, or the Licensed Products, including but not limited to the implied warranties of merchantability and fitness for a particular purpose, title and non-infringement of third party rights</B>. Each party&#146;s representations
and/or warranties under this Agreement are solely for the benefit of the other party and may be asserted only by the other party and not by any Affiliate, Sublicensee or Third Party (including without limitation any customer of the other party, its
Affiliates or Sublicensees). Each party, its Affiliates and Sublicensees shall be solely responsible for all representations and warranties that it, its Affiliates or Sublicensees make to any customer (or other Third Party), Affiliates or
Sublicensees. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>I<SMALL>NDEMNIFICATION</SMALL>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.1 By CyDex</B>. CyDex shall defend, indemnify and
hold Company and its Affiliates, and each of their respective directors, managers, officers, agents and employees (collectively, the &#147;<B>Company Indemnitees</B>&#148;), harmless from and against any and all losses, judgments, damages,
liabilities, settlements, penalties, fines, costs and expenses (including the reasonable costs and expenses of attorneys and other professionals) (collectively, &#147;<B>Losses</B>&#148;; it being expressly understood,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


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however, that incidental, special, indirect and consequential damages and lost profits, lost savings and interruptions of business are expressly excluded therefrom and from such defined term)
incurred by the Company Indemnitees as a result of any claim, demand, action or other proceeding, whether civil, criminal, administrative or otherwise (each, a &#147;<B>Claim</B>&#148;) by a Third Party, to the extent such Losses arise out of
(a)&nbsp;CyDex&#146;s breach of this Agreement or the Supply Agreement, including without limitation any of its covenants, representations and warranties set forth herein or therein; (b)&nbsp;any breach or violation of any applicable law by CyDex or
its Affiliates, or any of their respective officers, directors, managers, employees, or agents, in connection with the activities contemplated by this Agreement or the Supply Agreement including but not limited to those listed in subsections
(c)&nbsp;and (d)&nbsp;below, (c)&nbsp;the research, development, manufacture, use, handling, promotion, marketing, distribution, importation, sale or offering for sale of Captisol by CyDex, its Affiliates, licensees or agents (for clarity, such
terms shall not include Company in any event); (d)&nbsp;interactions and communications by CyDex, its Affiliates, manufacturers or agents with governmental authorities, physicians or other Third Parties relating to Captisol, including the Captisol
Data Package; (e)&nbsp;the grossly negligent or willful misconduct of CyDex or its Affiliates or any of their respective officers, directors, managers, employees or agents; or (f)&nbsp;a Claim that the development, making, use, selling, marketing,
offering for sale, importing or other commercial exploitation of the Licensed Products in and for the Field by any Company Indemnitees infringes the rights of any Third Party to the extent the Claim is based upon or arises out of the Licensed
Patents, and for each of subsections (a)-(f), all except to the extent that such Losses are primarily caused by a Company Indemnitee&#146;s breach of applicable law (other than with respect to applicable law that states that the Compound in the
Licensed Product is not permitted or illegal), breach of a material provision of this Agreement or the Supply Agreement, gross negligence or willful misconduct. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.2 By Company</B>. Company shall defend, indemnify and hold CyDex and its Affiliates, and each of their respective directors, managers,
officers, agents and employees (collectively, the &#147;<B>CyDex Indemnitees</B>&#148;), harmless from and against any and all Losses incurred by the CyDex Indemnitees as a result of any Claim by a Third Party, to the extent such Losses arise out
of: (a)&nbsp;Company&#146;s breach of this Agreement or the Supply Agreement, including without limitation any of its covenants, representations and warranties herein or therein; (b)&nbsp;any breach or violation of any applicable law by Company, its
Affiliates, sublicensees or subcontractors, or any of their respective managers, officers, directors, employees, or agents in connection with the activities contemplated by this Agreement or the Supply Agreement including but not limited to those
listed in subsections (c), (d)&nbsp;and (e)&nbsp;below, (c)&nbsp;any Study conducted by or on behalf of Company, but only to the extent that such claim is unrelated to a Defect, as defined in the Supply Agreement; (d)&nbsp;the research, development,
manufacture, use, handling, promotion, marketing, distribution, importation, sale or offering for sale of Licensed Products by Company, its Affiliates, Sublicensees, Contract Manufacturers, distributors or agents (for clarity, such terms shall not
include CyDex in any event), but only to the extent not attributable directly to Captisol, CyDex, its Affiliates or CyDex&#146;s/its Affiliates&#146;, contractors and/or subcontractors for such activity; (e)&nbsp;infringement of a Third Party&#146;s
intellectual property rights in the making, having made, using, selling, offering for sale and importing of Licensed Products, but only to the extent that any such infringement Claim is unrelated to Captisol or the Licensed Intellectual Property;
(f)&nbsp;interactions and communications (and failures to interact or engage) by Company, its Affiliates, Sublicensees, distributors or agents with governmental authorities, physicians or other Third Parties relating to Licensed Products and/or
Captisol; (g)&nbsp;any death or adverse physical or mental reaction to any person arising from any Licensed Product but only to the extent not attributable to a Defect, as defined in the Supply Agreement; or (h)&nbsp;the grossly
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


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negligent or willful misconduct of Company or its Affiliates, Sublicensees, Contract Manufacturers, distributors or agents or any of their respective managers, officers, directors, managers,
employees or agents; and for each of subsections (a)-(h), all except to the extent that such Losses are primarily caused by a CyDex Indemnitee&#146;s breach of applicable law, this Agreement or the Supply Agreement, gross negligence or willful
misconduct. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.3 Expenses</B>. As the parties intend complete indemnification, all reasonable costs and expenses of enforcing any
provision of this <B>Section&nbsp;10</B> shall also be reimbursed by the Indemnifying Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.4 Procedure</B>. The party or other
Indemnitee intending to claim indemnification under this <B>Section&nbsp;10</B> (an &#147;<B>Indemnified Party</B>&#148;) shall promptly notify the other party (the &#147;<B>Indemnifying Party</B>&#148;) of any Claim in respect of which the
Indemnified Party intends to claim such indemnification (provided, that no delay or deficiency on the part of the Indemnified Party in so notifying the Indemnifying Party will relieve the Indemnifying Party of any liability or obligation under this
Agreement except to the extent the Indemnifying Party has suffered actual prejudice directly caused by the delay or other deficiency), and the Indemnifying Party shall assume the defense thereof (with counsel selected by the Indemnifying Party and
reasonably satisfactory to the Indemnified Party) whether or not such Claim is rightfully brought; <I>provided, however</I>, that an Indemnified Party shall have the right to retain its own counsel and participate in the defense thereof, with the
fees and expenses to (unless the Indemnifying Party does not assume the defense or unless a representation of both the Indemnified Party and the Indemnifying Party by the same counsel would be inappropriate due to the actual or potential differing
interests between them, in which case the reasonable fees and expenses of counsel retained by the Indemnified Party shall be paid by the Indemnifying Party) be paid by the Indemnified Party. (Provided, that in no event shall the Indemnifying Party
be required to pay for more than one separate counsel no matter the number or circumstances of all Indemnified Parties.) If the Indemnifying Party shall fail to timely assume the defense of and reasonably defend such Claim, the Indemnified Party
shall have the right to retain or assume control of such defense and the Indemnifying Party shall pay (as incurred and on demand) the fees and expenses of counsel retained by the Indemnified Party and all other expenses of investigation and
litigation. The Indemnified Party, and its directors, managers, officers, advisers, agents and employees, shall cooperate fully with the Indemnifying Party and its legal representatives in the investigations of any Claim. The Indemnifying Party
shall not be liable for the indemnification of any Claim settled (or resolved by consent to the entry of judgment) without the written consent of the Indemnifying Party. Also, if the Indemnifying Party shall control the defense of any such Claim,
the Indemnifying Party shall have the right to settle such Claim; <I>provided</I>, that the Indemnifying Party shall obtain the prior written consent (which shall not be unreasonably withheld, conditioned or delayed) of the Indemnified Party before
entering into any settlement of (or resolving by consent to the entry of judgment upon) such Claim unless (A)&nbsp;there is no finding or admission of any violation of law or any violation of the rights of any person or entity by an Indemnified
Party, no requirement that the Indemnified Party admit fault or culpability, and no adverse effect on any other claims that may be made by or against the Indemnified Party and (B)&nbsp;the sole relief provided is monetary damages that are paid in
full by the Indemnifying Party and such settlement does not require the Indemnified Party to take (or refrain from taking) any action. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regardless of who
controls the defense, the other party hereto shall reasonably cooperate in the defense as may be requested. Without limitation, the party hereto which is not the Indemnifying </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


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Party and (if different) the Indemnified Party, and their respective directors, managers, officers, advisers, agents and employees, shall cooperate fully with the Indemnifying Party and its legal
representatives in the investigation and defense of any Claim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.5 Other Scenarios</B>. Subject to <B>Section&nbsp;11</B>, this
<B>Section&nbsp;10</B> shall not be construed to suggest that a party has no remedy other than under this <B>Section&nbsp;10</B> (or does not have any particular remedy) for Losses and diminutions in value which arise from breaches of this Agreement
or of the Supply Agreement but which are not incurred as a result of a Claim. Further, Company agrees that if any CyDex Indemnitee incurs any Losses (including without limitation additional legal costs, issues with one&#146;s auditing independent
registered public accounting firm or need to change one&#146;s auditing independent registered public accounting firm, shareholder lawsuits, etc.) as a direct result of (subparts (i)&nbsp;through (iii)&nbsp;all being satisfied): (i)&nbsp;the
Licensed Product containing the Compound, (ii)&nbsp;cannabis and/or cannabis derived products being illegal under US federal law or any applicable foreign or state law) and (iii)&nbsp;CyDex being a party to and performing this Agreement/the Supply
Agreement, then if Company is not otherwise required pursuant to this Agreement/the Supply Agreement to indemnify such CyDex Indemnitee for such Loss, Company and CyDex (and such CyDex Indemnitee, if the CyDex Indemnitee is not CyDex itself) shall
negotiate in good faith an agreement for Company to reimburse such CyDex Indemnitee for an equitable portion of such Losses. Notwithstanding anything in this <B>Section&nbsp;10.5</B> to the contrary, under no circumstance shall Company&#146;s
maximum liability under this <B>Section&nbsp;10.5</B> to any and all CyDex Indemnities claiming Losses during the Term, in the aggregate, exceed the lesser of (a)&nbsp;[***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP
STYLE="font-size:85%; vertical-align:top"></SUP> or (b)&nbsp;[***].</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>L<SMALL>IMITATION</SMALL> <SMALL>OF</SMALL> L<SMALL>IABILITY</SMALL>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">E<SMALL>XCEPT</SMALL>
F<SMALL>OR</SMALL> C<SMALL>OMPANY</SMALL>&#146;<SMALL>S</SMALL> O<SMALL>BLIGATIONS</SMALL> T<SMALL>O</SMALL> P<SMALL>AY</SMALL> A<SMALL>N</SMALL> A<SMALL>MOUNT</SMALL> T<SMALL>O</SMALL> C<SMALL>Y</SMALL>D<SMALL>EX</SMALL> T<SMALL>O</SMALL>
T<SMALL>HE</SMALL> E<SMALL>XTENT</SMALL> S<SMALL>UCH</SMALL> A<SMALL>MOUNT</SMALL> B<SMALL>ECOMES</SMALL> P<SMALL>ROPERLY</SMALL> D<SMALL>UE</SMALL> A<SMALL>ND</SMALL> P<SMALL>AYABLE</SMALL> W<SMALL>HICH</SMALL> M<SMALL>AY</SMALL>
I<SMALL>NCLUDE</SMALL> A<SMALL>N</SMALL> U<SMALL>PFRONT</SMALL> L<SMALL>ICENSE</SMALL> F<SMALL>EE</SMALL>, M<SMALL>ILESTONE</SMALL> P<SMALL>AYMENTS</SMALL>, R<SMALL>OYALTIES</SMALL> A<SMALL>ND</SMALL> I<SMALL>NTEREST</SMALL>, A
P<SMALL>ARTY</SMALL>&#146;<SMALL>S</SMALL> I<SMALL>NDEMNIFICATION</SMALL> O<SMALL>BLIGATIONS</SMALL> S<SMALL>ET</SMALL> F<SMALL>ORTH</SMALL> I<SMALL>N</SMALL> <B>S<SMALL>ECTION</SMALL>&nbsp;10 </B>O<SMALL>F</SMALL> T<SMALL>HIS</SMALL>
A<SMALL>GREEMENT</SMALL> (<SMALL>AND</SMALL> A<SMALL>S</SMALL> I<SMALL>NCORPORATED</SMALL> I<SMALL>NTO</SMALL> T<SMALL>HE</SMALL> S<SMALL>UPPLY</SMALL> A<SMALL>GREEMENT</SMALL>), C<SMALL>OMPANY</SMALL>&#146;<SMALL>S</SMALL> O<SMALL>BLIGATION</SMALL>
T<SMALL>O</SMALL> P<SMALL>AY</SMALL> F<SMALL>OR</SMALL> C<SMALL>APTISOL</SMALL> T<SMALL>HAT</SMALL> I<SMALL>S</SMALL> P<SMALL>ROPERLY</SMALL> A<SMALL>ND</SMALL> T<SMALL>IMELY</SMALL> D<SMALL>ELIVERED</SMALL> P<SMALL>URSUANT</SMALL> T<SMALL>O</SMALL>
T<SMALL>HE</SMALL> S<SMALL>UPPLY</SMALL> A<SMALL>GREEMENT</SMALL>, A P<SMALL>ARTY</SMALL>&#146;<SMALL>S</SMALL> O<SMALL>BLIGATIONS</SMALL> A<SMALL>ND</SMALL>/O<SMALL>R</SMALL> B<SMALL>REACHES</SMALL> U<SMALL>NDER</SMALL> <B>S<SMALL>ECTIONS</SMALL>
</B>[***] O<SMALL>F</SMALL> T<SMALL>HE</SMALL> S<SMALL>UPPLY</SMALL> A<SMALL>GREEMENT</SMALL>, B<SMALL>REACHES</SMALL> O<SMALL>F</SMALL> <B>S<SMALL>ECTIONS</SMALL> </B>[***] O<SMALL>F</SMALL> T<SMALL>HIS</SMALL> A<SMALL>GREEMENT</SMALL>
(<SMALL>ALL</SMALL> T<SMALL>OGETHER</SMALL>, T<SMALL>HE</SMALL> &#147;<B><SMALL>EXCEPTED</SMALL> L<SMALL>IABILITIES</SMALL></B><SMALL></SMALL>&#148;), I<SMALL>N</SMALL> N<SMALL>O</SMALL> E<SMALL>VENT</SMALL> S<SMALL>HALL</SMALL> A
P<SMALL>ARTY</SMALL>&#146;<SMALL>S</SMALL> T<SMALL>OTAL</SMALL> A<SMALL>GGREGATE</SMALL> L<SMALL>IABILITY</SMALL> F<SMALL>OR</SMALL> A<SMALL>LL</SMALL> C<SMALL>LAIMS</SMALL> A<SMALL>RISING</SMALL> O<SMALL>UT</SMALL> O<SMALL>F</SMALL>
O<SMALL>R</SMALL> R<SMALL>ELATED</SMALL> T<SMALL>O</SMALL> T<SMALL>HIS</SMALL> A<SMALL>GREEMENT</SMALL> A<SMALL>ND</SMALL>/O<SMALL>R</SMALL> T<SMALL>HE</SMALL> S<SMALL>UPPLY</SMALL> A<SMALL>GREEMENT</SMALL> E<SMALL>XCEED</SMALL> T<SMALL>HE</SMALL>
G<SMALL>REATER</SMALL> O<SMALL>F</SMALL> (<SMALL>I</SMALL>)&nbsp;[***] O<SMALL>R</SMALL> (<SMALL>II</SMALL>) [***]. <SUP STYLE="font-size:85%; vertical-align:top">. </SUP>O<SMALL>THER</SMALL> T<SMALL>HAN</SMALL> W<SMALL>ITH</SMALL>
R<SMALL>ESPECT</SMALL> T<SMALL>O</SMALL> E<SMALL>XCEPTED</SMALL> L<SMALL>IABILITIES</SMALL>, I<SMALL>N</SMALL> N<SMALL>O</SMALL> E<SMALL>VENT</SMALL> S<SMALL>HALL</SMALL> E<SMALL>ITHER</SMALL> P<SMALL>ARTY</SMALL> B<SMALL>E</SMALL>
L<SMALL>IABLE</SMALL> F<SMALL>OR</SMALL> A<SMALL>NY</SMALL> I<SMALL>NCIDENTAL</SMALL>, S<SMALL>PECIAL</SMALL>, I<SMALL>NDIRECT</SMALL> O<SMALL>R</SMALL> C<SMALL>ONSEQUENTIAL</SMALL> D<SMALL>AMAGES</SMALL>, E<SMALL>XPENSES</SMALL>,
L<SMALL>OST</SMALL> P<SMALL>ROFITS</SMALL>, L<SMALL>OST</SMALL> S<SMALL>AVINGS</SMALL>, I<SMALL>NTERRUPTIONS</SMALL> O<SMALL>F</SMALL> B<SMALL>USINESS</SMALL>, A<SMALL>RISING</SMALL> O<SMALL>UT</SMALL> O<SMALL>F</SMALL> O<SMALL>R</SMALL>
R<SMALL>ELATED</SMALL> T<SMALL>O</SMALL> T<SMALL>HIS</SMALL> A<SMALL>GREEMENT</SMALL> O<SMALL>R</SMALL> T<SMALL>HE</SMALL> S<SMALL>UPPLY</SMALL> A<SMALL>GREEMENT</SMALL> O<SMALL>R</SMALL> R<SMALL>ESULTING</SMALL> F<SMALL>ROM</SMALL>
T<SMALL>HE</SMALL> D<SMALL>EVELOPMENT</SMALL>, R<SMALL>EGULATORY</SMALL> P<SMALL>ROSECUTION</SMALL>, M<SMALL>ANUFACTURE</SMALL>, H<SMALL>ANDLING</SMALL>, M<SMALL>ARKETING</SMALL>, S<SMALL>ALE</SMALL>, D<SMALL>ISTRIBUTION</SMALL> O<SMALL>R</SMALL>
U<SMALL>SE</SMALL> O<SMALL>F</SMALL> L<SMALL>ICENSED</SMALL> P<SMALL>RODUCTS</SMALL> O<SMALL>R</SMALL> T<SMALL>HE</SMALL> L<SMALL>ICENSED</SMALL> I<SMALL>NTELLECTUAL</SMALL> P<SMALL>ROPERTY</SMALL>, R<SMALL>EGARDLESS</SMALL> O<SMALL>F</SMALL>
T<SMALL>HE</SMALL> F<SMALL>ORM</SMALL> O<SMALL>F</SMALL> A<SMALL>CTION</SMALL>, W<SMALL>HETHER</SMALL> I<SMALL>N</SMALL> C<SMALL>ONTRACT</SMALL>, T<SMALL>ORT</SMALL>, S<SMALL>TRICT</SMALL> L<SMALL>IABILITY</SMALL> O<SMALL>R</SMALL>
O<SMALL>THERWISE</SMALL>, E<SMALL>VEN</SMALL> I<SMALL>F</SMALL> S<SMALL>UCH</SMALL> P<SMALL>ARTY</SMALL> W<SMALL>AS</SMALL> A<SMALL>DVISED</SMALL> O<SMALL>F</SMALL> T<SMALL>HE</SMALL> P<SMALL>OSSIBILITY</SMALL> O<SMALL>F</SMALL> S<SMALL>UCH</SMALL>
D<SMALL>AMAGES</SMALL>. E<SMALL>ACH</SMALL> P<SMALL>ARTY</SMALL> S<SMALL>HALL</SMALL> H<SMALL>AVE</SMALL> N<SMALL>O</SMALL> R<SMALL>EMEDY</SMALL> O<SMALL>F</SMALL> O<SMALL>R</SMALL> I<SMALL>N</SMALL> T<SMALL>HE</SMALL> N<SMALL>ATURE</SMALL>
O<SMALL>F</SMALL> D<SMALL>AMAGES</SMALL>, A<SMALL>ND</SMALL> E<SMALL>ACH</SMALL> P<SMALL>ARTY</SMALL> S<SMALL>HALL</SMALL> H<SMALL>AVE</SMALL> N<SMALL>O</SMALL> L<SMALL>IABILITY</SMALL> F<SMALL>OR</SMALL> O<SMALL>R</SMALL> I<SMALL>N</SMALL>
T<SMALL>HE</SMALL> N<SMALL>ATURE</SMALL> O<SMALL>F</SMALL> D<SMALL>AMAGES</SMALL>, O<SMALL>THER</SMALL> T<SMALL>HAN</SMALL> A<SMALL>S</SMALL> E<SMALL>XPRESSLY</SMALL> S<SMALL>ET</SMALL> F<SMALL>ORTH</SMALL> I<SMALL>N</SMALL> T<SMALL>HIS</SMALL>
A<SMALL>GREEMENT</SMALL> A<SMALL>ND</SMALL> T<SMALL>HE</SMALL> S<SMALL>UPPLY</SMALL> A<SMALL>GREEMENT</SMALL> A<SMALL>ND</SMALL> S<SMALL>UBJECT</SMALL> T<SMALL>O</SMALL> T<SMALL>HE</SMALL> F<SMALL>OREGOING</SMALL> S<SMALL>ENTENCE</SMALL>.
N<SMALL>O</SMALL> A<SMALL>CTION</SMALL>, R<SMALL>EGARDLESS</SMALL> O<SMALL>F</SMALL> F<SMALL>ORM</SMALL>, A<SMALL>RISING</SMALL> O<SMALL>UT</SMALL> O<SMALL>F</SMALL> O<SMALL>R</SMALL> R<SMALL>ELATED</SMALL> T<SMALL>O</SMALL> T<SMALL>HIS</SMALL>
A<SMALL>GREEMENT</SMALL> M<SMALL>AY</SMALL> B<SMALL>E</SMALL> B<SMALL>ROUGHT</SMALL> B<SMALL>Y</SMALL> E<SMALL>ITHER</SMALL> P<SMALL>ARTY</SMALL> M<SMALL>ORE</SMALL> T<SMALL>HAN</SMALL> T<SMALL>WO</SMALL> Y<SMALL>EARS</SMALL> </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to
the omitted portions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


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<SMALL>AFTER</SMALL> <SMALL>SUCH</SMALL> <SMALL>PARTY</SMALL> <SMALL>HAS</SMALL> <SMALL>KNOWLEDGE</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>OCCURRENCE</SMALL> <SMALL>THAT</SMALL>
<SMALL>GAVE</SMALL> <SMALL>RISE</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> <SMALL>CAUSE</SMALL> <SMALL>OF</SMALL> <SMALL>ACTION</SMALL> <SMALL>OR</SMALL> <SMALL>AFTER</SMALL> <SMALL>EXPIRATION</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL>
<SMALL>APPLICABLE</SMALL> <SMALL>STATUTORY</SMALL> <SMALL>LIMITATIONS</SMALL> <SMALL>PERIOD</SMALL>, <SMALL>WHICHEVER</SMALL> <SMALL>IS</SMALL> <SMALL>SOONER</SMALL>. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>M<SMALL>ANAGEMENT</SMALL> <SMALL>OF</SMALL> I<SMALL>NTELLECTUAL</SMALL> P<SMALL>ROPERTY</SMALL>. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.1 Ownership. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(a)
Existing and Acquired Rights</B>. Each party shall maintain its ownership and other rights with respect to intellectual property owned or controlled by such party before the Effective Date. Each party shall own any intellectual property acquired by
such party outside of this Agreement after the Effective Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(b) New Rights</B>. The ownership of discoveries, inventions,
improvements and other technology, whether or not patentable (each, a &#147;<B>Discovery</B>&#148;), made by Company&#146;s and/or CyDex&#146;s personnel and related to the subject matter of this Agreement, will be determined in accordance with U.S.
Patent laws and ownership shall follow inventorship. The party other than the owning party agrees to cooperate fully in protecting the owning party&#146;s rights and interests in to such Discovery. CyDex agrees to promptly disclose to Company any
Discovery related to the Licensed Products. With respect to any Discovery related to the Licensed Products (as opposed to Captisol per se) made by CyDex personnel or made jointly by CyDex and Company (or its Affiliates&#146;) personnel, CyDex hereby
grants to Company an exclusive transferable, perpetual, and royalty-free license, in the Territory with the right to grant sublicenses (through multiple tiers of Sublicensees), to develop, make, have made, use, market, distribute, import, sell and
offer for sale products and/or services incorporating the Discovery. If during the Term, CyDex files any patent application claiming any Discovery related to the Licensed Products (as opposed to Captisol per se), anywhere in the world, Company shall
be deemed automatically to have an exclusive transferable, perpetual, and royalty-free license in and for the Territory, with the right to grant sublicenses (through multiple tiers of Sublicensees), under the claims relating specifically to any
Discovery related to the Licensed Products (as opposed to Captisol per se) and to make, have made, use, market, distribute, import, sell, and offer for sale products and/or services incorporating the Discovery. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.2 Prosecution and Maintenance. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(a) Existing Rights (Licensed Patents)</B>. [***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP
STYLE="font-size:85%; vertical-align:top"></SUP>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(b) New Rights</B>. The parties shall cooperate to take whatever, if any, actions
they mutually agree upon in writing and in their respective discretion to prosecute patent applications and maintain patents covering rights which are jointly owned in accordance with <B>Section&nbsp;12.1(b)</B>. Such agreement shall include actions
to be taken by each party and the allocation of expenses related to such action. Neither party shall seek patent protection covering such rights without such agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(c) </B>For the avoidance of doubt, subject to <B>Sections&nbsp;12.2(a)</B>&nbsp;and <B>(b)</B>&nbsp;each party shall be solely responsible
for all decisions and actions pertaining to the prosecution and maintenance of patents owned solely by such party. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.3 Infringement by Third Parties. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(a) </B>Each party shall promptly notify the other party in writing of any actual or threatened infringement, misappropriation or other
violation by a Third Party of any Licensed Intellectual Property in the Field (&#147;<B>Third Party Infringement</B>&#148;) of which it becomes aware. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(b) Existing Rights (Licensed Patents)</B>. [***]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(c) New Rights</B>. The parties shall cooperate to take whatever, if any, actions they mutually agree upon in writing and in their
respective discretion against the alleged infringer of rights which are jointly owned in accordance with <B>Section&nbsp;12.1(b)</B>. Such agreement shall include actions to be taken by each party and the allocation of expenses and recoveries
related to such action. Neither party shall take any such action against the alleged infringer without the written consent of the other party although Company may take such action to the extent that CyDex determines not to without the requirement of
additional consent from CyDex. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(d) </B>For the avoidance of doubt, subject to <B>Sections&nbsp;12.3(a)</B>, <B>(b)</B>&nbsp;and
<B>(c)</B>, each party shall be solely responsible for all decisions and actions pertaining to the enforcement of patents owned solely by such party. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>T<SMALL>ERM</SMALL> <SMALL>AND</SMALL> T<SMALL>ERMINATION</SMALL>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.1 Term</B>.
The term of this Agreement (the &#147;<B>Term</B>&#148;) shall commence on the Effective Date and shall continue in effect thereafter until
[***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP>. The parties confirm that subject to this <B>Section&nbsp;13.1</B>, this Agreement shall not be terminated or invalidated by any future
determination that any or all of the Licensed Patents have expired or been invalidated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.2 Survival</B>. Notwithstanding any other
provisions of this Agreement, any liability or obligation of either party to the other for acts or omissions before the termination or expiration of this Agreement shall survive the termination or expiration of this Agreement. Such termination or
expiration shall not relieve either party from obligations that are expressly indicated or obviously intended to survive termination or expiration of this Agreement, nor shall any termination or expiration of this Agreement relieve Company of its
obligation to pay CyDex, subject to the terms herein, (a)&nbsp;royalties (or payments in the nature of royalties) for all Licensed Products sold by Company, its Affiliates or Sublicensees before the effective date of the termination or expiration,
(b)&nbsp;sums due for milestone payments earned before the effective date of the termination or expiration but not yet paid, and (c)&nbsp;sums due in respect of Captisol shipped before termination or expiration of this Agreement.
<B>Sections&nbsp;2.2 </B>(Grant of License from Company to CyDex), <B>4.2 </B>(Taxes), <B>4.3 </B>(Late Payments), <B>5</B> (Records; Reports; Audit), <B>6.3(d)&nbsp;</B>(Reporting and Study Data), <B>6.4 </B>(Access to Company&#146;s Data), <B>7.3
</B>(Adverse Event Reporting), <B>8</B> (Confidentiality), <B>9.3 </B>(Disclaimer), <B>10</B> (Indemnification), <B>11</B> (Limitation of Liability), <B>12</B> (Management of Intellectual Property), <B>13</B> (Term and Termination), and <B>14</B>
(General Provisions) shall survive termination or expiration of this Agreement. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.3 Termination for Breach</B>. If either party should violate or fail to perform any
material term or covenant of this Agreement, then the other party may give written notice of such default to such party. If such party should fail to cure such default within 30 days after such notice, the other party shall have the right to (in
addition to and not in lieu of all other available rights and remedies) terminate this Agreement by a second written notice (a &#147;<B>Notice of Termination</B>&#148;) to such party. If Notice of Termination is sent to such party, this Agreement
shall automatically terminate on the effective date of such notice. The parties agree that any failure by Company to pay when due (subject to the 30-day cure period) 100% of such portion of any amount of money owing from Company to CyDex as is not
disputed in good faith by Company shall conclusively be deemed to constitute a &#147;material&#148; breach. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.4 Termination for
Bankruptcy</B>. Either party may, to the extent permitted by applicable law, terminate this Agreement immediately upon written notice to the other party in the event that the other party has a petition in bankruptcy filed against it that is not
dismissed within 60 days of such filing, files a petition in bankruptcy, or makes an assignment for the benefit of creditors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.5
Termination of the Supply Agreement</B>. If the Supply Agreement is terminated in accordance with its terms, by Company, Company shall have the right to terminate this Agreement with five days&#146; prior written notice to CyDex. If the Supply
Agreement is terminated in accordance with its terms by CyDex, CyDex shall have the right to terminate this Agreement if it does so within 30 days following the termination of the Supply Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.6 Convenience. </B>CyDex may exclude all US states, the District of Columbia and all other US territories and jurisdictions from the
Territory, for convenience, at any time upon [***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP> prior written notice to Company. In the event that CyDex exercises this
<B>Section&nbsp;13.6</B> exclusion for convenience right, then neither CyDex nor any of its Affiliates shall directly themselves or through the use of any Third Party, grant any Third Party any title, right, claim, interest or license under, in or
to any of the Licensed Intellectual Property to research, develop, modify, make, have made, import, export, use, promote, market, distribute, package, offer for sale, sell, or otherwise commercially exploit in all US states, the District of Columbia
and all other US territories and jurisdictions any product that incorporates a Compound as an active pharmaceutical ingredient prepared or combined with or formulated using Captisol for a period of 3 years from the effective date of such exclusion
for convenience. Company may terminate this Agreement for convenience at any time upon [***] prior written notice to CyDex. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.7
Effect of Expiration. </B>Upon the natural expiration of the Term, the licenses granted in <B>Section&nbsp;2.1</B> shall become perpetual, fully paid-up and royalty-free throughout the Territory. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>13.8 Effect of Termination.</B> Following the termination (other than in connection with CyDex&#146;s termination under
<B>Section&nbsp;13.3</B>) of this Agreement, (a)&nbsp;each party shall promptly return all Confidential Information of the other party and its Affiliates and also all relevant records and materials in its possession or control containing the other
party&#146;s Confidential Information with respect to which the former party does not retain rights hereunder, except for one archival copy (and such electronic copies that exist as part of the receiving party&#146;s computer systems, network
storage systems and electronic backup systems) of such materials solely to be able to monitor its obligations </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to
the omitted portions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


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that survive under this Agreement and (b)&nbsp;for a period not to exceed 180 days following the effective date of termination Company and its Affiliates and Sublicensees shall have the right to
research, develop, modify, make, have made, import, export, use, promote, market, distribute, package, offer for sale, sell, or otherwise commercially exploit in the Territory any Licensed Products in their possession or in the process of being
manufactured as of the effective date of termination, subject to the obligation to pay royalties per <B>Section&nbsp;4.1(c)</B> on Net Sales made during such period. Notwithstanding the foregoing, in the case of exclusion for convenience pursuant to
<B>Section&nbsp;13.6</B>, Company and its Affiliates and Sublicensees shall have no right from and after the effective date of exclusion for convenience to research, develop, modify, make, have made, import, export, use, promote, market, distribute,
package, offer for sale, sell, or otherwise commercially exploit in all US states, the District of Columbia and all other US territories and jurisdictions any Licensed Products, although such exclusion for convenience shall have no effect on their
right to continue to do so in the other geographies, if any, within the Territory besides all US states, the District of Columbia and all other US territories and jurisdictions. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>G<SMALL>ENERAL</SMALL> P<SMALL>ROVISIONS</SMALL>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.1 Relationship of Parties</B>.
Each of the parties hereto is an independent contractor and nothing in this Agreement is intended or shall be deemed to constitute a partnership, agency, employer-employee or joint venture relationship between the parties. Neither party shall have
the right to, and each party agrees not to purport to, incur any debts or make any commitments or contracts for the other. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.2
Compliance with Law</B>. Company agrees that in the use of the Licensed Intellectual Property and Captisol by it and its Affiliates and Sublicensees, and the development, study, manufacture, handling, marketing, sale, distribution and use of
Licensed Products, it and its Affiliates and Sublicensees shall comply with all applicable international, federal, state and local laws, rules and regulations, including, but not limited to, import/export restrictions, laws, rules and regulations
governing use and patent, copyright and trade secret protection; provided, that it is expressly understood that CyDex shall not be entitled to terminate this Agreement for violation of this <B>Section&nbsp;14.2</B> due to noncompliance which arises
solely from the fact that the Licensed Products contain cannabis or may be deemed illegal substances in certain portions of the Territory. CyDex agrees that its manufacture, handling, marketing, sale, distribution and use of Captisol hereunder shall
comply with all applicable international, federal, state and local laws, rules and regulations, including, but not limited to, import/export restrictions, laws, rules and regulations governing use and patent, copyright and trade secret protection;
provided, that it is expressly understood that Company shall not be entitled to terminate this Agreement for violation of this <B>Section&nbsp;14.2 </B>due to noncompliance which arises solely from the fact that the Licensed Products contain
cannabis or may be deemed illegal substances in certain portions of the Territory. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.3 Arbitration. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(a) Procedure</B>. Any and all disputes or controversies arising out of or relating to this Agreement shall be exclusively and finally
resolved by binding arbitration in accordance with the commercial arbitration rules of JAMS then in effect, in Denver, Colorado. The arbitration shall be conducted by an arbitrator reasonably knowledgeable about the pharmaceutical industry and
Colorado Revised Statutes, 13-22-601, and acceptable to CyDex and Company. If CyDex and Company cannot agree on a single arbitrator within 30 days after a demand for arbitration has been </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


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made, CyDex shall appoint an arbitrator, Company shall appoint an arbitrator, the two arbitrators shall appoint a third arbitrator, and the three arbitrators shall hear and decide the issue in
controversy. If either party fails to appoint an arbitrator within 45 days after service of the demand for arbitration, then the arbitrator appointed by the other party shall arbitrate any controversy in accordance with this
<B>Section&nbsp;14.3(a)</B>. Except as to the selection of arbitrators, the arbitration proceedings shall be conducted promptly and in accordance with the commercial arbitration rules of JAMS then in effect. The expenses of any arbitration,
including the reasonable attorney fees of the prevailing party, shall be borne by the party deemed to be at fault or on a pro-rata basis should the arbitration conclude in a finding of mutual fault. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(b) Confidentiality of Proceedings</B>. All arbitration proceedings hereunder shall be confidential and the arbitrator(s) shall issue
appropriate protective orders to safeguard each party&#146;s Confidential Information. Except as required by law, neither party shall make (or instruct the arbitrator(s) to make) any public announcement with respect to the proceedings or decision of
the arbitrator(s) without prior written consent of the other party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(c) Interim Equitable Relief</B>. Each party shall, in addition to
all other remedies accorded by law (or in equity) and permitted by this Agreement, be entitled to equitable relief (including but not limited to interim injunctive relief) in any court having jurisdiction to protect its interests. Neither party
shall commence any court proceeding or action against the other to resolve any dispute, except (i)&nbsp;to enforce an arbitral award rendered pursuant to this <B>Section&nbsp;14.3</B>, or (ii)&nbsp;for such injunctive relief. Neither party shall
commence any federal court proceeding or action against the other to resolve any dispute whatever, nor seek to remove any state court proceeding or action whatever against the other to federal court; and each party hereby expressly waives its rights
to bring federal court proceedings or actions against the other and/or to remove any state court proceedings or actions against the other to federal court. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(d) Equitable Relief Generally</B>. Each party recognizes that the covenants and agreements herein and their continued performance as set
forth in this Agreement are necessary and critical to protect the legitimate interests of the other party, that the other party would not have entered into this Agreement in the absence of such covenants and agreements and the assurance of continued
performance as set forth in this Agreement, and that a party&#146;s breach or threatened breach of such covenants and agreements may cause the opposed party irreparable harm and significant injury, the amount of which will be extremely difficult to
estimate and ascertain, thus potentially making any remedy at law or in damages inadequate. Therefore, each party confirms and agrees that an opposed Party shall be entitled to seek specific performance, an order restraining any breach or threatened
breach (of <B>Section&nbsp;8</B> and/or of any or all other provisions of this Agreement), and any other equitable relief (including but not limited to temporary, preliminary and/or permanent injunctive relief), all without need to post any bond or
security, and (except as provided in <B>Section&nbsp;11</B>) in addition to and not exclusive of any other remedy available to such other Party at law or in equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>(e) Binding Effect</B>. The provisions of this <B>Section&nbsp;14.3</B> shall survive any expiration or termination of this Agreement, and
shall be severable and binding on the parties hereto, notwithstanding that any other provision of this Agreement may be held or declared to be invalid, illegal or unenforceable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.4 Costs and Expenses</B>. Except as otherwise expressly provided in this Agreement, each
party shall bear all costs and expenses associated with the performance of such party&#146;s obligations under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.5
Further Assurances</B>. The parties hereby covenant and agree without the necessity of any further consideration, to execute, acknowledge and deliver any and all such other documents and instruments and take any such other action as may be
reasonably necessary or appropriate to carry out the intent and purposes of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.6 Force Majeure</B>. Neither party
shall be liable for failure to perform, or delay in the performance of, its obligations under this Agreement (other than payment obligations) when such failure or delay is caused by an event of force majeure. For purposes of this Agreement, an event
of force majeure means any event or circumstance beyond the reasonable control of the affected party and not reasonably preventable after using all commercially available and reasonable efforts to address and resolve, including but not limited to
war, insurrection, riot, fire, flood or other unusual weather condition, explosion, act of God, peril of the sea, sabotage, accident, embargo, act of governmental authority, compliance with governmental order on national defense requirements, or
inability due to general industry wide shortages to obtain fuel, power, raw materials, labor or transportation facilities. If, due to any event of force majeure, either party shall be unable to fulfill its obligations under this Agreement (other
than payment obligations), the affected party shall immediately notify the other party of such inability and of the period during which such inability is expected to continue, shall use all reasonable commercial efforts to cure and remedy such
non-performance and the time for performance shall be extended for a number of days equal to the duration of the force majeure, and the parties shall meet promptly to determine an equitable solution to the effects of such event. To the extent that a
Force Majeure impacting CyDex&#146;s obligations under this Agreement or the Supply Agreement continues for a period of at least [***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP> days, Company may at its sole discretion, terminate the
Supply Agreement and/or this Agreement upon written notice to CyDex. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.7 Notices</B>. Any notice, request, approval or consent
required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been sufficiently given if delivered in person, sent by certified US mail, postage pre-paid, or transmitted by email or by express courier service
to the party to which it is directed at its physical or email address shown below or such other physical or email address as such party shall have last given by notice to the other party in accordance with this <B>Section&nbsp;14.7</B>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>If to CyDex, to: </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CyDex Pharmaceuticals,
Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Ligand Pharmaceuticals Incorporated </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11119 North
Torrey Pines Road, Suite 200 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">La Jolla, CA 92037 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention:
Vice President and Secretary </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: [***] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>With a copy to: </I></P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ligand Pharmaceuticals Incorporated </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11119 North Torrey Pines Road, Suite 200 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">La Jolla, CA 92037 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: [***] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>If to Company, to: </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vireo Health, LLC
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">207 South 9<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Minneapolis, MN 55402 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Chief Executive Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: [***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>With a copy to: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vireo Health, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">207 South 9<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Minneapolis, MN 55402 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Chief Financial Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email: [***] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If sent by overnight courier, the next business day after the date of deposit with such courier (by the courier&#146;s stated time for
enabling next-business-day delivery) shall be deemed to be the date on which such notice, request or communication was given. If sent by certified mail, the third business day after the date of mailing shall be deemed the date on which such notice,
request or communication was given. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.8 Governing Law</B>. This Agreement shall be governed by and construed in accordance with the
laws of the State of Colorado applicable to contracts entered into in Colorado between Colorado residents and to be performed in Colorado (without giving effect to any conflicts of law principles that require the application of the law of a
different state or country). The parties agree that the United Nations Convention on Contracts for the International Sale of Goods shall be inapplicable to this Agreement and the Supply Agreement and transactions hereunder and thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.9 Entire Agreement; Amendment</B>. This Agreement and the Supply Agreement and all Exhibits attached hereto or thereto contain the
entire agreement of the parties relating to the subject matter hereof and thereof and supersede any and all prior or contemporaneous agreements, written or oral, between CyDex and Company relating to the subject matter hereof and thereof.
Notwithstanding the foregoing, neither party shall be relieved from any liability for any past breach of any such prior written agreements or from any express indemnification obligation thereunder. In addition, any confidential information which was
disclosed under such prior agreements shall remain confidential and shall be subject to the nondisclosure and nonuse provisions set forth in <B>Section&nbsp;8</B> of this Agreement. CyDex has made no promises, representations, warranties, covenants,
or undertakings, other than those expressly set forth or referred to herein and in the Supply Agreement, to induce Company to execute or authorize the execution of this Agreement and the Supply Agreement, and Company acknowledges that Company has
not executed or authorized the execution </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">*** Certain information on this page has
been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
of this Agreement and the Supply Agreement in reliance upon any such promise, representation, or warranty, covenant or undertaking not contained herein or in the Supply Agreement. This Agreement
may not be amended unless agreed to in writing by both parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.10 Binding Effect</B>. This Agreement shall be binding upon, and
the rights and obligations hereof shall apply to CyDex and Company and any successor(s) and permitted assigns. The name of a party appearing herein shall be deemed to include the names of such party&#146;s successors and permitted assigns to the
extent necessary to carry out the intent of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.11 Waiver</B>. The rights of either party under this Agreement may be
exercised from time to time, singularly or in combination, and the exercise of one or more such rights shall not be deemed to be a waiver of any one or more of the others. No waiver of any breach of a term, provision or condition of this Agreement
shall be deemed to have been made by either party unless such waiver is addressed in writing and signed by an authorized representative of that party. The failure of either party to insist upon the strict performance of any of the terms, provisions
or conditions of this Agreement, or to exercise any option contained in this Agreement, shall not be construed as a waiver or relinquishment for the future of any such term, provision, condition or option or the waiver or relinquishment of any other
term, provision, condition or option. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.12 Severability</B>. This Agreement is severable. When possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under applicable law; but if any provision of this Agreement is determined by a final and binding court or arbitration judgment to be invalid, illegal or unenforceable to any
extent, such provision shall not be not affected or impaired up to the limits of such invalidity, illegality or unenforceability; the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected or
impaired in any way; and the parties agree to negotiate in good faith to replace such invalid, illegal and unenforceable provision (or portion of provision) with a valid, legal and enforceable provision that achieves, to the greatest lawful extent
under this Agreement, the economic, business and other purposes of such invalid, illegal or unenforceable provision (or portion of provision). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.13 Assignment</B>. Either party may assign in whole or in part its rights and/or delegate in whole or in part its obligations under this
Agreement to an Affiliate or to any Third Party successors (including with respect to Company, Third Party successors to one or more Licensed Products), whether by way of merger, IPO, license or sale of all or substantially all assets to which this
Agreement relates, sale of a majority equity stake or otherwise, without prior written consent. Provided, however, that as a condition to any such permitted assignment hereunder, the assignee (if it is a different entity or person than the party)
must expressly assume (for the express benefit of the party hereto which is not the assignor) the performance of the terms and obligations of this Agreement by such assignee. (Such assignment/delegation shall not constitute a novation, and the
assignor/delegator shall remain contractually responsible under this Agreement as well.) CyDex also has the right to assign its rights (but not to delegate its obligations) under this Agreement, in whole or in part, by operation of law or otherwise,
to any third party, without any requirement for consent of Company. Company also has the right to assign its rights (but not to delegate its obligations) under this Agreement, in whole or in part, by operation of law or otherwise, to any third party
provided that CyDex gives it prior written consent; CyDex agrees not to unreasonably withhold, delay or condition such consent. For clarity, each party may sublicense its rights, and use its Affiliates and Third Parties to perform its obligations or
exercise its rights, under this Agreement to the extent permitted by and in accordance with the express terms and conditions of this Agreement. Except as provided herein, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
neither party may assign its rights or delegate its obligations under this Agreement, in whole or in part, by operation of law or otherwise, to any Third Party without the prior written consent
of the other party, which consent shall not be unreasonably withheld, conditioned or delayed. Any assignment not in accordance with this <B>Section&nbsp;14.13</B> shall be void. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.14 No Implied License</B>. No right or license is granted to either party hereunder by implication, estoppel, or otherwise to any
know-how, patent or other intellectual property right owned or controlled by such party or its Affiliates, except by an express license granted hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.15 Third-Party Beneficiaries</B>. Except for the rights of Indemnified Parties pursuant to <B>Section&nbsp;10</B> hereof, and subject to
[***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP> rights under <B>Section&nbsp;8.5</B> hereof, the terms and provisions of this Agreement are intended solely for the benefit of each party
hereto, their Affiliates and their respective successors or permitted assigns and it is not the intention of the parties to confer third-party beneficiary rights upon any other person, including without limitation Sublicensees. The enforcement of
any obligation of CyDex under this Agreement shall only be pursued by Company (or its successor or permitted assign) or a Company Indemnitee, and not Sublicensees (unless otherwise a Company Indemnitee). The enforcement of any obligation of Company
under this Agreement shall only be pursued by CyDex (or its successor or permitted assign) or a CyDex Indemnitee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.16 Remedies
Cumulative; Right of Set-Off</B>. Except as provided in <B>Section&nbsp;11 </B>and <B>Section&nbsp;14.3</B>, any enumeration of a party&#146;s rights and remedies in this Agreement is not intended to be exclusive, and a party&#146;s rights and
remedies are intended to be cumulative to the extent permitted by law and include any rights and remedies authorized in law or in equity. Notwithstanding anything to the contrary in this Agreement or in the Supply Agreement, Company shall not have a
right to set-off any royalties, milestone payments or other amount due to CyDex under this Agreement and/or the Supply Agreement against any damages incurred by Company for a breach by CyDex of this Agreement and/or the Supply Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.17 Interpretation</B>. The language used in this Agreement is the language chosen by the parties to express their mutual intent, and no
provision of this Agreement shall be interpreted for or against any party because that party or its attorney drafted the provision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.18 Headings</B>. The descriptive headings of this Agreement are for convenience only, and shall be of no force or effect in construing
or interpreting any of the provisions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.19 Construction</B>. Any reference in this Agreement to an Article,
Section, subsection, paragraph, clause or Exhibit&nbsp;shall be deemed to be a reference to an Article, Section, subsection, paragraph, clause or Exhibit, of or to, as the case may be, this Agreement, unless otherwise indicated. Unless the context
of this Agreement otherwise requires, (a)&nbsp;words of any gender include each other gender, (b)&nbsp;words such as &#147;herein&#148;, &#147;hereof&#148;, and &#147;hereunder&#148;&#146; refer to this Agreement as a whole and not merely to the
particular provision in which such words appear, (c)&nbsp;words using the singular shall include the plural, and vice versa, and (d)&nbsp;the words &#147;include,&#148; &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by
the phrase &#147;but not limited to&#148;, &#147;without limitation&#148;, &#147;inter alia&#148; or words of similar import. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>14.20 Counterparts</B>. This Agreement may be executed and delivered in counterparts
(facsimile and portable document format (.pdf)/electronic transmission included), each of which shall constitute an original document, but both of which shall constitute one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[The remainder of this page has intentionally been left blank.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the parties have executed this License Agreement as of the Effective
Date. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>CYDEX PHARMACEUTICALS,&nbsp;INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>VIREO HEALTH, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top">Title:</TD>
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<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>

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<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
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<TYPE>EX-99.2
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<DESCRIPTION>EX-99.2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN MATERIAL (INDICATED BY AN ASTERISK) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED
MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SUPPLY AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>T<SMALL>HIS</SMALL> S<SMALL>UPPLY</SMALL> A<SMALL>GREEMENT</SMALL></B><SMALL></SMALL> (this &#147;<B>Agreement</B>&#148;) is made this 19th
day of November, 2015 (the &#147;<B>Effective Date</B>&#148;) between CyDex Pharmaceuticals,&nbsp;Inc., a Delaware corporation (&#147;<B>CyDex</B>&#148;), and Vireo Health, LLC, a Minnesota limited liability company (&#147;<B>Company</B>&#148;).
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>W<SMALL>HEREAS</SMALL></B><SMALL></SMALL>, CyDex is the exclusive supplier of
Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, a drug formulation system designed to enhance the solubility and stability of drugs; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>W<SMALL>HEREAS</SMALL></B><SMALL></SMALL>, CyDex desires to supply and Company desires to purchase Captisol from CyDex, under the terms and
conditions set forth herein; <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>W<SMALL>HEREAS</SMALL></B><SMALL></SMALL>, CyDex and Company are contemporaneously entering into
a License Agreement (the &#147;<B>License Agreement</B>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>N<SMALL>OW</SMALL></B><SMALL></SMALL>,<B>
T<SMALL>HEREFORE</SMALL></B><SMALL></SMALL>, in consideration of the following mutual promises and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties, intending to be legally bound, agree as
follows: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>D<SMALL>EFINITIONS</SMALL>.</B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of this Agreement, the following
definitions shall apply: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Captisol&#148;</B>means sulfobutylether &szlig;(beta) cyclodextrin, sodium salt. CyDex supplies a
uniquely modified form of such material under the Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> brand, manufactured in accordance with the Specifications. For avoidance of doubt: the uniquely modified form of such material
supplied by CyDex under the Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> brand shall be deemed to be included among the substances/products which are within the defined term &#147;Captisol,&#148; as are the Commercial Grade
Captisol and Pre-Commercial Grade Captisol that are supplied hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Commercial Grade Captisol</B>&#148; means Captisol<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP> brand sulfobutylether &szlig;(beta) cyclodextrin, sodium salt which (a)&nbsp;has been manufactured under GMP conditions, (b)&nbsp;is intended for use in humans, and (c)&nbsp;is intended for
commercial sale of the Licensed Products. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Commercial Grade Shortfall</B>&#148; shall have the meaning defined in
<B>Section&nbsp;4.2</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Defect</B>&#148; and &#147;<B>Defective</B>&#148; shall have the meanings defined in
<B>Section&nbsp;3.6(b)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Detailed Forecast</B>&#148; shall have the meaning defined in <B>Section&nbsp;3.2</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>First Commercial Order Date</B>&#148; shall have the meaning defined in <B>Section&nbsp;3.1</B>. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>GMP</B>&#148; means manufactured under conditions of current good manufacturing
practices for bulk excipients as set forth in U.S. Pharmacopeia &lt;1078&gt; as of the Effective Date or any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Latent Defect</B>&#148; shall have the meaning defined in <B>Section&nbsp;3.6(c)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Minimum Remaining Shelf Life</B>&#148; means [***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Notice of Termination</B>&#148; shall have the meaning defined in <B>Section&nbsp;6.2</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Permitted Purchaser Requirements</B>&#148; means the requirements during the Term of all Permitted Purchasers for Captisol to be used
in Licensed Products in and for the Territory, including without limitation all Commercial Grade Captisol and Pre-Commercial Grade Captisol. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Permitted Purchasers</B>&#148; means, collectively: (a)&nbsp;Company; (b)&nbsp;Affiliates of Company; (c)&nbsp;Sublicensees of
Company; and (d)&nbsp;all Contract Manufacturers for Company, Affiliates of Company and Sublicensees permitted in accordance with the License Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Pre-Commercial Grade Captisol</B>&#148; means Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> brand
sulfobutylether &szlig;(beta) cyclodextrin, sodium salt which (a)&nbsp;has been manufactured under GMP conditions, (b)&nbsp;is intended for use in humans and/or in animals, and (c)&nbsp;is intended for use for research or clinical trials for the
Licensed Products. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Purchase Volume Limitations</B>&#148; shall have the meaning defined in <B>Section&nbsp;3.3</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Q1</B>&#148;, &#147;<B>Q2</B>&#148;, &#147;<B>Q3</B>&#148; and &#147;<B>Q4</B>&#148; shall have the meanings defined in
<B>Section&nbsp;3.2</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Specifications</B>&#148; means the specifications for Captisol set forth in <B><I>Exhibit&nbsp;B
</I></B>hereto, as such may be amended from time to time pursuant to <B>Section&nbsp;3.10</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Term</B>&#148; shall have the
meaning defined in <B>Section&nbsp;6.1</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Testing Methods</B>&#148; shall have the meaning defined in
<B>Section&nbsp;3.6(a)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Third-Party Manufacturer</B>&#148; shall have the meaning defined in <B>Section&nbsp;2.3</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, any capitalized terms not separately defined herein, including &#147;<B>Affiliate</B>&#148;, <B>&#147;Confidential
Information&#148;, </B>&#147;<B>Contract Manufacturer&#148;, &#147;DMF&#148;, &#147;Eligible State&#148;, &#147;FDA</B>&#148;, &#147;<B>Licensed Product</B>&#148;, &#147;<B>Quality Agreement</B>&#148;, &#147;<B>Sublicensee</B>&#148;,
&#147;<B>Territory</B>&#148; and <B>&#147;Third Party&#148;</B> shall have the respective meanings defined in the License Agreement. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>P<SMALL>URCHASE</SMALL> <SMALL>AND</SMALL> S<SMALL>UPPLY</SMALL> <SMALL>OF</SMALL> C<SMALL>APTISOL</SMALL>. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.1 Purchase Commitment.</B> Subject to the provisions of this Agreement and during the Term of this Agreement, Company agrees that Company
and the other Permitted Purchasers shall purchase from CyDex and CyDex shall supply 100% of the Permitted Purchaser Requirements for Captisol with respect to Licensed Products during the Term. This Agreement and the License </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to
the omitted portions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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Agreement do not grant Company or any other Permitted Purchaser the right to manufacture (or have manufactured on their behalf) under any CyDex intellectual property rights, Captisol, without
CyDex&#146;s prior written consent except as otherwise set forth in this Agreement or in the License Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.2 Supply
Commitment.</B> CyDex agrees that CyDex shall produce (or have produced for it as set forth in <B>Section&nbsp;2.3</B>), sell, supply and timely deliver to Company and the other Permitted Purchasers 100% of the Permitted Purchaser Requirements,
subject to the provisions of this Agreement. CyDex shall only be required to sell and deliver the Permitted Purchaser Requirements for Captisol pursuant to this Agreement. Company shall place orders for Captisol on behalf of itself and the other
Permitted Purchasers, and shall directly pay to CyDex all amounts payable with respect thereto. This Agreement does not grant Company or any other Permitted Purchaser the right to manufacture (or have manufactured on their behalf) under any CyDex
intellectual property rights, Captisol. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.3 Third-Party Manufacturers.</B> Without limiting CyDex&#146;s responsibility under this
Agreement, CyDex shall have the right, upon written notice to Company, to satisfy its supply obligations to Company hereunder either in whole or in part through arrangements with third parties engaged by CyDex to perform services or supply
facilities or goods in connection with the manufacture or testing of Captisol (each, a &#147;<B>Third-Party Manufacturer</B>&#148;). CyDex shall and hereby does guarantee the performance of all Third-Party Manufacturers and shall promptly notify
Company of the name and other relevant information of any Third-Party Manufacturer intended to be used by CyDex to satisfy its supply obligations of Captisol to any Permitted Purchasers hereunder. CyDex shall and hereby does warrant that such
Captisol shall, at a minimum, meet and satisfy the Specifications as set forth in <B><I>Exhibit B</I></B><B>, </B>not have any Defects, comply with all Quality Agreement obligations and the Minimum Remaining Shelf Life and have in all material
respects been manufactured in accordance with all applicable laws and regulations, including under conditions of GMP. The parties hereby agree that The Hovione Group is an approved Third-Party Manufacturer as of the Effective Date of this Agreement,
and unless otherwise instructed by CyDex Company shall reference The Hovione Group&#146;s manufacturing processes, and no others, in any regulatory applications and filings which require disclosure of manufacturing processes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.4 Restrictions. </B>Company covenants and agrees that: (a)&nbsp;all Captisol supplied by CyDex pursuant to this Agreement shall be used
only in Licensed Products in and for the Territory, including, without limitation, the development, approval and manufacture of Licensed Products (provided, however, that Company may separately use Captisol for testing, product research and
development of Licensed Products, for such purposes and/or requirements arising under or in regards to applicable law (including, without limitation, the Food, Drug and Cosmetics Act, in each instance as may be required by Company, Permitted
Purchasers and/or regulatory authorities or governmental agencies in connection with Licensed Products); (b)&nbsp;Company shall obtain the written agreement (for the express benefit of CyDex) of each Permitted Purchaser to not resell Captisol as a
standalone product and only use Captisol in accordance with (a)&nbsp;above; (c)&nbsp;Company shall not make or have made, and shall not permit any other Permitted Purchaser to make or have made, Captisol; (d)&nbsp;Company and its Affiliates shall
not sell, deliver or transfer to anyone any Captisol supplied by CyDex pursuant to this Agreement, except to the extent it is incorporated into a Licensed Product in and for the Territory or is otherwise expressly permitted in this Section or
elsewhere in this Agreement and/or in the License Agreement; and (e)&nbsp;Company shall, and shall cause the other Permitted Purchasers to, use only Commercial Grade Captisol in Licensed Products sold
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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commercially, and shall not use any Pre-Commercial Grade Captisol in any Licensed Products sold commercially. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>S<SMALL>UPPLY</SMALL> T<SMALL>ERMS</SMALL>.</B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.1 Long-Term Forecast.</B> Company
shall use reasonable efforts to provide to CyDex, at least six months before the date on which Company anticipates issuing its first purchase order to CyDex for Commercial Grade Captisol (the &#147;<B>First Commercial Order Date</B>&#148;), a
non-binding forecast setting forth Company&#146;s estimate of the required quantities of Commercial Grade Captisol for each of the following two years. Such non-binding long-term forecast shall thereafter be updated by Company at least once every 12
months. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.2 Binding Detailed Forecast. </B>At least one calendar quarter before the First Commercial Order Date, Company shall provide
to CyDex a detailed rolling forecast setting forth Company&#146;s requirements (inclusive of all Permitted Purchaser Requirements) and anticipated delivery schedules for Commercial Grade Captisol for each calendar quarter during a 12 month period
(the &#147;<B>Detailed Forecast</B>&#148;) which includes the calendar quarter in which the First Commercial Order Date is to occur and the three following calendar quarters. For purposes of this Agreement, a calendar quarter means the consecutive
three month period ending March&nbsp;31,&nbsp;June&nbsp;30,&nbsp;September&nbsp;30, and December&nbsp;31, respectively. The Detailed Forecast shall thereafter be updated by Company quarterly on a rolling basis, no later than the first day of each
calendar quarter, so that in each calendar quarter CyDex shall have been provided with a rolling Detailed Forecast for each calendar quarter during the 12 month period commencing on the first day of the next calendar quarter following the date on
which such Detailed Forecast is submitted. The Detailed Forecast shall be firm and binding on Company, subject to the permissible variances set forth in <B>Section&nbsp;3.3 </B>below, with respect to the first, second and third calendar quarters
covered by such updated Detailed Forecast (<B>&#147;Q1&#148;</B>, &#147;<B>Q2</B>&#148;, &#147;<B>Q3</B>&#148;, respectively, and where the fourth calendar quarter shall be &#147;<B>Q4</B>&#148;). Q4 of such Detailed Forecast shall not be binding
and shall be provided for the sole purpose of planning; provided, that if Company fails to provide any updated Detailed Forecast in accordance with this <B>Section&nbsp;3.2</B>, the Detailed Forecast last provided by Company shall be deemed to be
Company&#146;s binding Detailed Forecast (in the subsequent time period when no Detailed Forecast was provided), with the prior Q4 forecasted quantity and timing being the new Q3 forecasted quantity and timing, the prior Q3 forecasted quantity and
timing being the new Q2 forecasted quantity and timing and the prior Q2 forecasted quantity and timing being the new Q1 forecasted quantity and timing, and with the same quantity and timing as had been forecasted (or deemed to be forecasted) for the
fourth quarter of the prior Detailed Forecast being repeated as the forecasted quantity and timing for the new Detailed Forecast&#146;s fourth quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.3 Detailed Forecast Variances. </B>Each updated Detailed Forecast may modify the amount of Commercial Grade Captisol estimated in the
previous Detailed Forecast in accordance with the following limitations (the &#147;<B>Purchase Volume Limitations</B>&#148;): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">a. for the
Q1 covered by such updated Detailed Forecast, no change in excess of a [***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP>% volume increase or decrease may be made to the forecast provided
for the Q2 in the immediately preceding Detailed Forecast without the prior express written consent of CyDex; </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">b. for the Q2 covered by such updated Detailed Forecast, no change in excess of a [***]<SUP
STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP>% volume increase or decrease may be made to the forecast provided for the Q3 in the immediately preceding Detailed Forecast without the prior
express written consent of CyDex; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">c. for the Q3 covered by such updated Detailed Forecast, no change in excess of a [***]% volume
increase or decrease may be made to the forecast provided for the Q4 in the immediately preceding Detailed Forecast without the prior express written consent of CyDex. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.4 Supply. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
<B>Purchase Orders. </B>Together with each Detailed Forecast provided under <B>Section&nbsp;3.2</B>, Company shall place a firm purchase order with CyDex, for Company&#146;s order of Commercial Grade Captisol for the first calendar quarter of the
Detailed Forecast for delivery consistent with the Detailed Forecast. Each purchase order, for all grades of Captisol, shall specify: (i)&nbsp;the grade of Captisol ordered (<I>i.e.</I>, Commercial Grade Captisol or Pre-Commercial Grade Captisol);
(ii)&nbsp;quantities; (iii)&nbsp;delivery dates; and (iv)&nbsp;reasonable shipping instructions and packaging requirements. Any firm purchase order for Captisol, to the extent it does not request more or less than the Purchase Volume Limitations (in
the case of Commercial Grade Captisol ordered) nor request a delivery date less than [***] nor more than [***] days after the date of such purchase order (in the case of any grade of Captisol ordered), shall be deemed accepted by CyDex upon receipt
by CyDex. With respect to quantities of Commercial Grade Captisol ordered pursuant to such purchase order that exceed the Purchase Volume Limitations, CyDex shall not be obligated to accept the excess portion of such purchase order but nevertheless
shall use good faith efforts to fill such orders for such excess quantities. If CyDex, despite the use of good faith efforts, is unable to supply as requested such quantities that exceed the Purchase Volume Limitations for Commercial Grade Captisol,
such inability to supply shall not be deemed for any purpose to be a breach of this Agreement by CyDex or an inability by CyDex to supply. CyDex shall use commercially reasonable efforts to notify Company as soon as possible, but no less than within
14 days, after its receipt of a purchase order of its ability to fill any amounts of such order that are in excess of the Purchase Volume Limitation for Commercial Grade Captisol. If any purchase order or other document submitted by Company
hereunder or any other document passing between the parties contains terms or conditions in addition to or inconsistent with the terms of this Agreement, the terms of this Agreement shall control and prevail and the parties hereby agree that such
additional or inconsistent terms shall simply be ignored and deemed not to exist, unless they are handwritten and expressly identified as being additional to or inconsistent with this <B>Section&nbsp;3.4 </B>and are signed by officers of both
parties next to the handwriting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <B>Safety Stock. </B>CyDex may establish and maintain, solely for the benefit of the Permitted
Purchasers, a commercially reasonable safety stock of Captisol. CyDex shall keep Company reasonably informed of the level of inventory identified as the safety stock and shall notify Company in the event any deliveries to Company deplete safety
stock levels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.5 Delivery. </B>CyDex shall deliver or have delivered by any Third-Party Manufacturers approved pursuant to the
provisions of Section&nbsp;2.3 above the quantities of Captisol defined in any accepted purchase order. Unless Company hereafter expressly requests a different airport and CyDex consents, such consent not to be unreasonably withheld, delayed or
conditioned), Captisol shall be <B> </B></P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to
the omitted portions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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</B>delivered FOB (Incoterms 2010) Denver, Colorado (the indicated delivery airport being the &#147;<B>Delivery Location</B>&#148;). Title to Captisol, and risk of loss and/or damage to Captisol,
shall pass to Company upon arrival of the Captisol at the Delivery Location. Quantities actually delivered to Company pursuant to an accepted purchase order may vary from the quantities reflected in such purchase order by up to 5% and still be
deemed to be in compliance with such purchase order; provided, however, that Company shall only be invoiced and required to pay for the quantities of Captisol that Company actually ordered and CyDex actually delivered to Company. CyDex shall use
commercially reasonable efforts to include in the next shipment of Captisol to Company, any quantities ordered pursuant to an accepted purchase order but not previously delivered.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.6 Quality Control; Acceptance and Rejection. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <B>Quality Control</B>. The Parties shall, if Company requests, negotiate in good faith a mutually agreeable Quality Agreement. It is
anticipated that the Quality Agreement would clearly describe audit rights and procedures, which shall be consistent with this Agreement. CyDex shall conduct or have conducted quality control testing of Captisol before shipment in accordance with
the Quality Agreement, Specifications, all applicable laws and regulations, including GMP and other CyDex-approved quality control testing procedures (the &#147;<B>Testing Methods</B>&#148;). CyDex shall retain or have retained accurate and complete
records pertaining to such testing. Each shipment of Captisol hereunder shall be accompanied by a certificate of analysis for each lot of Captisol therein signed by the responsible quality control official of CyDex. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <B>Acceptance Testing.</B> Company shall have a period of 30 days from the date of receipt to test or cause to be tested Captisol supplied
under this Agreement, with an eye to possible rejection of the shipment. Company or its designee shall have the right to reject by notice to CyDex any shipment of Captisol that does not conform in all material respects with the Specifications, the
Quality Agreement, the Minimum Remaining Shelf Life, applicable laws and regulations, including GMP or is otherwise defective or not in compliance with the applicable purchase order (including any packaging instructions set forth therein) or the
terms of this Agreement at the time of delivery pursuant to <B>Section&nbsp;3.5</B> when tested in accordance with the Testing Methods (such Captisol thereby having a &#147;<B>Defect</B>&#148; and upon proper rejection, deemed
&#147;<B>Defective</B>&#148;). All shipments of Captisol shall be deemed accepted by Company unless CyDex receives written notice of rejection (email is acceptable) from Company within such 30-day period describing the reasons for the rejection in
reasonable detail. Once a delivery of Captisol is accepted or deemed accepted hereunder, Company shall have no recourse against CyDex in the event Captisol is subsequently deemed unsuitable for use for any reason, except as provided in
<B>Section&nbsp;10.1</B> of the License Agreement or except in circumstances where the Defect is deemed a Latent Defect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <B>Latent
Defects. </B>As soon as either party becomes aware of any Defect in any Captisol lot which either (i)&nbsp;existed at the time of acceptance but was not discovered or (ii)&nbsp;arose, solely based on the fault of any Permitted Purchasers and/or any
of their agents, contractors or carriers, before the [***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP> day after actual or deemed acceptance (each such Defect, a &#147;<B>Latent
Defect</B>&#148;), it shall promptly notify the other party of such event (including reasonable details and the lot involved). If Captisol accepted by Company becomes non-conforming by virtue of the Latent Defect, Company may place the lot on
quality assurance hold pending CyDex&#146;s prompt investigation and a final resolution of the claimed Latent Defect. In the event that such Captisol is found to </P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to
the omitted portions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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contain a Latent Defect, such Captisol shall be deemed rejected as of the date of the notice, and the rights and obligations of the parties with respect to the rejected Captisol shall thereafter
be governed by the same process as governs acceptance testing set forth below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <B>Confirmation. </B>After its receipt of a notice of
rejection from Company pursuant to <B>Section&nbsp;3.6(b) </B>or <B>(c)</B>&nbsp;above, CyDex shall promptly notify Company whether it accepts Company&#146;s basis for rejection and Company shall cooperate with CyDex in determining whether such
rejection was necessary or justified. If CyDex does not notify the Company that it accepts or rejects the basis for the Company&#146;s rejection within [***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP
STYLE="font-size:85%; vertical-align:top"></SUP> days of its receipt of Company&#146;s notice, then CyDex shall be deemed to have accepted Company&#146;s basis for rejection. If CyDex does respond within [***] days and the parties are unable to
agree as to whether a shipment of Captisol supplied by CyDex or its Third-Party Manufacturer hereunder is Defective, such question shall be submitted to an independent quality control laboratory mutually agreed upon by the parties. The findings of
such independent laboratory shall be binding upon the parties. The cost of the independent quality control laboratory shall be borne by the party whose results are shown by such laboratory to have been incorrect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <B>Return or Destruction of Rejected Shipments. </B>Company may not return or destroy any batch of Captisol until either (i)&nbsp;it
receives written notification from CyDex that CyDex does not dispute that the batch or a portion thereof is Defective or (ii)&nbsp;CyDex fails to respond to Company&#146;s rejection within the [***] day period identified in
<B>Section&nbsp;3.6(d)</B>. Under subpart (ii), Company may either destroy or return the rejected Captisol at Company&#146;s option. If under subpart (i), CyDex shall indicate in its notice either that Company shall destroy the rejected batch of
Captisol or that Company shall return the rejected Captisol, in which case Company shall promptly destroy the rejected batch of Captisol and provide CyDex with written certification of such destruction, or, if the notice so states, Company shall
promptly return the rejected batch of Captisol to CyDex. In each case, CyDex shall reimburse Company for the documented, reasonable costs associated with the destruction or return of the rejected Captisol, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <B>Refund or Replacement. </B>Company shall not be required to pay any invoice with respect to any shipment of Captisol properly rejected
pursuant to this <B>Section&nbsp;3.6</B>. Nor shall such properly rejected Captisol count against Company or Company Affiliates or in any way comprise a failure of Company or Company Affiliates to satisfy a Detailed Forecast, minimum purchase or
other duties and obligations under this Agreement, the License Agreement or otherwise. Notwithstanding the foregoing, Company shall be obligated to pay in full for any rejected shipment of Captisol that is not subsequently determined to be Defective
(unless CyDex already provided Company with acceptance of its rejection under <B>Section&nbsp;3.6</B>), irrespective of whether Company has already paid CyDex for a replacement shipment. If Company pays in full for a shipment of Captisol and
subsequently properly rejects such shipment in accordance with this <B>Section&nbsp;3.6</B>, Company shall be entitled, upon its receipt of CyDex&#146;s acceptance of such rejection or confirmation that such shipment or material portion thereof is
Defective, at its election, either: (i)&nbsp;to a prompt refund or credit equal to the purchase price and the reasonable costs associated with the destruction or return, including but not limited to, shipping and insurance paid with respect to such
rejected shipment (or destruction costs to the extent destroyed); or (ii)&nbsp;to require CyDex to promptly replace such rejected shipment with non-Defective Captisol at no additional cost to Company. Company acknowledges and agrees that, except for
the indemnification obligations set forth in <B>Section&nbsp;10.1</B> of the License </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to
the omitted portions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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Agreement (to the extent applicable) and/or Company&#146;s right to terminate this Agreement for material breach by CyDex (to the extent applicable), Company&#146;s rights to a refund or credit
for or to receive replacement of properly rejected shipments of Captisol hereunder shall be Company&#146;s sole and exclusive remedy, and CyDex&#146;s sole obligation, with respect to Defective or non-conforming Captisol delivered hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <B>Exceptions.</B> Company&#146;s rights of rejection, return, refund and replacement set forth in this <B>Section&nbsp;3.6</B> shall not
apply to that portion of the delivered Captisol that is Defective due to damage (i)&nbsp;caused by Company, its Affiliates or Permitted Purchasers or their respective employees, agents, contractors or carriers, including but not limited to misuse,
neglect, improper storage, transportation or use beyond any dating provided or (ii)&nbsp;that occurs after arrival of the Captisol at the Delivery Location, including but not limited to any damage caused thereafter by accident, fire or other hazard;
and CyDex shall have no liability or responsibility to Company with respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.7 Facilities and Inspections.</B> CyDex shall
permit, and shall use reasonable commercial efforts to induce each Third-Party Manufacturer to permit, a reasonable number of Company and the Permitted Purchaser&#146;s authorized representatives, during normal working hours and upon reasonable
prior notice to CyDex but in no event less than 20 days&#146; prior notice (subject to Third-Party Manufacturer&#146;s consent to be reasonably sought by CyDex), to confidentially inspect for a reasonable number of days that portion of all CyDex
facilities utilized for the manufacture, preparation, processing, storage or quality control of Captisol and/or such facilities of any Third-Party Manufacturer, no more frequently than once per calendar year or more frequently if a Defect has been
identified. Company&#146;s authorized representatives shall be accompanied by CyDex personnel (and, if Third-Party Manufacturer so requests, Third-Party Manufacturer personnel) at all times, shall be qualified to conduct such manufacturing audits,
shall comply with all applicable rules and regulations relating to facility security, health and safety. Company shall ensure that its authorized representatives conduct each manufacturing audit in such a manner as to not unreasonably interfere with
the normal and ordinary operations of CyDex or its Third-Party Manufacturer. Except as expressly set forth in this <B>Section&nbsp;3.7</B>, Company, Permitted Purchasers and their respective employees or representatives shall not have access to
CyDex&#146;s facilities or the facilities of any Third-Party Manufacturer. To the extent that a governmental authority requests the ability to inspect CyDex or any Third Party Manufacturing facility, CyDex will use reasonable efforts to promptly
support and facilitate such request. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.8 Inability to Supply. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <B>Additional Site</B><B><I>.</I></B> CyDex may in its discretion seek to induce its current Third-Party Manufacturer to undertake and
complete validation, qualification and regulatory approvals for a secondary site for the manufacture of Captisol utilizing the same Specifications and manufacturing processes as its initial site. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <B>Notice. </B>CyDex shall, within 14 days after CyDex&#146;s receipt of a purchase order from Company, notify Company if CyDex knows it
will be unable to supply at the scheduled delivery time any quantity of Captisol ordered by Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <B>Allocation. </B>If CyDex is
unable to supply to Company and/or its Permitted Purchasers the quantity of non-Defective Captisol that CyDex is required to supply hereunder, CyDex shall (i)&nbsp;first utilize any safety stock maintained pursuant to <B>Section&nbsp;3.4(b)</B>
solely for the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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benefit of the Permitted Purchasers, (ii)&nbsp;allocate any remaining inventories of Captisol among Company and/or Permitted Purchasers and any other purchasers of Captisol with which CyDex then
has an on-going contractual relationship, in proportion to the quantity of Captisol for which each of them has orders pending at such time, (iii)&nbsp;require its Third-Party Manufacturer to utilize the additional site discussed in
<B>Section&nbsp;3.8(a)</B> (if any such additional site has been established) for the supply of any shortfall amounts of Captisol and (iv)&nbsp;use all commercially reasonable efforts to minimize supply delays; provided, [***]<SUP
STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.9 Product Recalls. [***]
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.10 Regulatory Status and Specifications. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) CyDex shall be solely responsible for obtaining and maintaining the necessary approvals and authorizations for Captisol, including but not
limited to its production, sale and delivery, from all applicable regulatory authorities, including updating and maintaining the DMF. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)
CyDex shall promptly notify Company in writing on becoming aware of any matters that are likely to affect adversely the regulatory status of Captisol or the ability of CyDex to supply Captisol in accordance with the terms of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Except as set forth herein, CyDex may, after at least [***] months&#146; prior written notice to Company, make reasonable, insignificant
changes to the Specifications or the manufacturing process for Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> without Company&#146;s prior written consent, provided such changes do not (i)&nbsp;require Company to conduct
additional process validation or stability testing, (ii)&nbsp;require Company to comply with additional clinical study requirements from the FDA and/or applicable State regulators or administrators that would be beyond that required for the Licensed
Products formulated with Captisol meeting the unmodified Specifications/ manufacturing process, (iii)&nbsp;delay Company&#146;s development or regulatory approval of a Licensed Product, (iv)&nbsp;negatively affect the solubility, stability, shelf
life, safety, or efficacy of a Licensed Product, or (v)&nbsp;affect the regulatory status of any Licensed Product or require any material additional regulatory approvals. In addition, CyDex may, after at least [***] months&#146; prior written notice
to Company, make changes to the Specifications or the manufacturing process for Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> without Company&#146;s prior written consent, even if such changes (i)&nbsp;require Company to conduct
additional process validation or stability testing, (ii)&nbsp;require Company to comply with additional clinical study requirements from the FDA that would be beyond that required for the Licensed Products formulated with Captisol meeting the
unmodified Specifications/ manufacturing process, (iii)&nbsp;delay Company&#146;s development or regulatory approval of a Licensed Product, (iv)&nbsp;negatively affect the solubility, stability, shelf life, safety, or efficacy of a Licensed Product,
and/or (v)&nbsp;affect the regulatory status of any Licensed Product or any additional regulatory approvals. CyDex shall provide Company with an opportunity to evaluate and comment upon the reasonableness of any proposed change to the Specifications
or the manufacturing process for Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>. In the event of any permitted change to the Specifications or the manufacturing process for
Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> effected by CyDex hereunder, CyDex shall nonetheless continue to provide Company with Captisol under the unmodified Specifications and manufacturing process under the terms of this
Agreement until such time that Company has obtained any required approvals for the Specification change or the manufacturing process, as applicable, for Captisol by </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to
the omitted portions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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the FDA and/or applicable State regulators or administrators (but only for so long as Company has not failed to reasonably pursue all required approvals for the Specification change or the
manufacturing process, as applicable, from the FDA and/or applicable State regulators or administrators). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) In the event that the FDA
and/or applicable State regulators or administrators requires Company to implement any changes to the Specifications or the manufacturing process for Captisol, or Company desires to change (including to narrow any ranges within) the Specifications
or the manufacturing process for Captisol<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> and CyDex elects in its sole discretion to accommodate such desire, CyDex shall make all such changes required by the FDA or other applicable
regulatory agency or requested by Company. CyDex shall promptly advise Company as to any lead-time changes or other terms that may result from a change to the Specifications or the manufacturing process for Captisol. (In such a case, the lead-times
specified in and the other provisions of <B>Section&nbsp;3.10(c)</B> shall be inapplicable.) Company shall bear the costs CyDex actually incurred for materials already purchased expressly for Company, its Affiliates or Sublicensees which cannot be
sold to a third party and are rendered unusable by a change in Specifications or the manufacturing process for Captisol requested by Company and agreed to by CyDex. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) The parties shall use commercially reasonable efforts to cooperate with each other in order to carry out the intent and purposes of this
<B>Section&nbsp;3.10</B>. In addition to the rights set forth above, before a change in any of the Specifications or the manufacturing process for Captisol (other than a change required by the FDA or another applicable regulatory agency having
jurisdiction), Company shall have the right to make a one-time bulk purchase of Captisol (in addition to any amounts previously forecast) pursuant to a separately issued purchase order and CyDex shall use commercially reasonable efforts to
accommodate and deliver the same in a reasonably timely manner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.11 Orders of Pre-Commercial Grade Captisol</B>. During or before
Company&#146;s clinical development of any Licensed Product, (a)&nbsp;Company or a Permitted Purchaser shall provide CyDex with purchase orders from time to time as needed for Pre-Commercial Grade Captisol, and (b)&nbsp;CyDex shall accept and
fulfill all such purchase orders for Pre-Commercial Grade Captisol, provided that such purchase order is consistent with the terms of <B>Section&nbsp;3.4(a)</B>. <B>Sections 3.4, 3.5 </B>and<B> 3.6 </B>shall apply to such order. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>C<SMALL>OMPENSATION</SMALL>.</B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.1 Pricing.</B> The purchase prices for Captisol
pursuant to this Agreement are as specified in <B><I>Exhibit&nbsp;A</I></B>. CyDex reserves the right to increase such purchase prices set forth in <B><I>Exhibit&nbsp;A</I></B> on each January&nbsp;1 during the Term, upon not less than 30 days&#146;
prior written notice to Company, by a percentage equal to the aggregate percentage increase, if any, in the Producer Price Index, Pharmaceutical Preparation Mfg - pcu325412325412 PCU as reported by the Bureau of Labor Statistics, U.S. Department of
Labor, for the 12 month period ending October&nbsp;31 of the prior year, subject to an annual cap of [***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP>. In addition, CyDex reserves the
right to, upon not less than five days&#146; prior written notice to Company, decrease such purchase prices at any time to any lower price selected by CyDex, provided that if CyDex does so it shall also have the right to at any time, upon not less
than 30 days&#146; prior written notice to Company, increase such purchase prices back to the </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to
the omitted portions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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original prices from which the decrease occurred, or to any in-between prices; and in the event of such an increase pursuant to this sentence, CyDex shall have the right to make annual increases
thereafter (from such increased price point) pursuant to the preceding sentence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.2 Shortfall Reimbursement (Take or Pay). </B>If
Company fails to order (pursuant to and in compliance with <B>Article&nbsp;3</B>) for the Q1 of any Detailed Forecast a quantity of Commercial Grade Captisol to be delivered during such Q1 (or within 100 days after the firm purchase order is placed)
that is equal to or greater than the quantity of Commercial Grade Captisol Company is obligated to purchase pursuant to the applicable Detailed Forecast (the difference between the quantity of Commercial Grade Captisol Company is obligated to
purchase in Q1 pursuant to the applicable Detailed Forecast and the amount of Commercial Grade Captisol that Company actually orders for delivery in Q1 (or within 60 days after the firm purchase order is placed), the &#147;<B>Commercial Grade
Shortfall</B>&#148;), then Company shall either (a)&nbsp;pay CyDex [***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP>% of the purchase price hereunder for the Commercial Grade Shortfall
amount and in such case shall not be entitled to receive delivery of such Commercial Grade Shortfall amount or (b)&nbsp;pay CyDex [***]% of the purchase price hereunder for the Commercial Grade Shortfall amount and in such case shall be entitled to
receive delivery of such Commercial Grade Shortfall amount. In either event, such payment must be made within 20 days after the end of the Q1. This <B>Section&nbsp;4.2</B> is based on the time stated for delivery in the original order, as opposed to
the time delivery is actually made. Notwithstanding the forgoing provided for in this Section&nbsp;4.2, the Company shall still be entitled to the variances identified in <B>Section&nbsp;3.3(a)</B> before application of this <B>Section&nbsp;4.2</B>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.3 Payments; Taxes. </B>All amounts due hereunder are stated in, and shall be paid in, U.S. Dollars. Payment of CyDex&#146;s invoices
shall be made, except to the extent disputed in good faith, within 30 days after Company&#146;s receipt of such invoices. The purchase prices for Captisol specified in <B><I>Exhibit&nbsp;A </I></B>exclude and shall be paid in full to CyDex without
reduction for all applicable sales, use, and other taxes applicable to Company and/or in respect of the transactions contemplated by this Agreement, and Company shall be responsible for payment of all such taxes (other than taxes based on
CyDex&#146;s income), fees, duties, and charges, and any related penalties and interest, arising from the payment of amounts due hereunder. Accrual and payment of interest shall not be deemed to excuse or cure breaches of contract arising from late
payment or nonpayment. Cumulative with and not exclusive of any and all other available remedies, unpaid and undisputed balances shall accrue interest, from due date until paid, at an annual rate equal to the prime rate, as reported in The Wall
Street Journal, Eastern U.S. Edition, on the date such payment is due (or the last previous publication date if such date is not a publication date), plus an additional 200 basis points (2%). If any amount due hereunder and not subject to a
reasonable, good-faith dispute by Company remains outstanding for more than 30 days after its due date, CyDex may, in addition to any other rights or remedies it may have, refuse to ship Captisol hereunder except upon payment by Company in advance.
</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.1
Limited Warranty. </B>CyDex covenants and warrants solely to Company that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) All Captisol sold to Company pursuant to this Agreement
shall conform to the respective Specifications (as applicable for Pre-Commercial Grade Captisol or Commercial Grade Captisol), the Minimum Remaining Shelf Life, the Quality Agreement and all applicable laws, </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to
the omitted portions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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including GMP, at the time of delivery and shall not, before the 270th day after actual or deemed acceptance, be subject to any Latent Defects; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) CyDex, its Affiliates and its Third-Party Manufacturers hold and operate, and will continue to hold and operate in material compliance
with, all permits, licenses, franchises, authorizations and clearances of the FDA and/or any other regulatory authority required in connection with the manufacture and supply of Captisol, except where the failure to so hold or be so operating does
not have and would not reasonably be expected to have an adverse effect on (i)&nbsp;CyDex and its ability to supply Captisol and (ii)&nbsp;Company and its ability to obtain Captisol and its ability to exploit Licensed Products; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) As of the Effective Date, CyDex and its Affiliates does not know of any actual or threatened enforcement actions relating to the
manufacture and/or supply of Captisol against CyDex, its Affiliates or its Third-Party Manufacturers by the FDA or any other federal or state regulatory authority; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) As of the Effective Date and until the last-to-expire of the Licensed Patents (or, if sooner, the end of the Term), CyDex is and will be
the exclusive manufacturer and supplier in the United States of Captisol which conforms to the Specifications; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Excluding any
effect of the fact that the manufacture, distribution, and possession with intent to distribute of cannabis and/or cannabis derived products are illegal under federal law and under the laws of certain states, CyDex has and will continue throughout
the Term (and its Third Party Manufacturers has and will continue throughout the Term) all required approvals and authorizations to enter into this Agreement and to perform the production, transportation and sale of Captisol hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.2 Representations, Warranties. </B>The provisions of <B>Section&nbsp;9.1</B> and <B>Section&nbsp;9.2</B> of the License Agreement are
incorporated herein by reference as if fully set forth herein, with references therein to &#147;this Agreement&#148; being understood to refer to this Supply Agreement rather than to the License Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.3 Disclaimer. </B>Notwithstanding the representations and warranties set forth in this <B>Section&nbsp;5</B>, Company acknowledges and
accepts the risks inherent in attempting to develop and commercialize any pharmaceutical product. There is no implied representation that any Licensed Products can be successfully developed or commercialized. The express warranties set forth in this
<B>Section&nbsp;5</B> above and elsewhere in this Agreement are provided in lieu of, <B>and EACH PARTY HEREBY DISCLAIMS, all other warranties, express and implied, relating to the subject matter of this Agreement, Captisol, the Licensed Intellectual
Property, or the Licensed Products, including but not limited to the implied warranties of merchantability and fitness for a particular purpose</B>. CyDex&#146;s warranties under this Agreement are solely for the benefit of Company and
Company&#146;s operative Affiliates and may be asserted only by Company, and Company&#146;s operative Affiliates or their successor and not any Affiliate (other than an operative Affiliate), Permitted Purchaser or other Third Party (other than a
Company Indemnitee with respect to an indemnification claim). Company shall be solely responsible for all representations and warranties that Company or its Affiliates make to any Permitted Purchaser or direct or indirect customer of Licensed
Products. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>T<SMALL>ERM</SMALL> <SMALL>AND</SMALL> T<SMALL>ERMINATION</SMALL>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.1 Term. </B>The
term of this Agreement (the &#147;<B>Term</B>&#148;) shall commence on the Effective Date and, unless terminated earlier as set forth herein, shall continue until the expiration or termination of the License Agreement in its entirety. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.2 Termination for Breach. </B>If either party should breach or violate or fail to perform any material term or covenant of this
Agreement, then the other party may give written notice of such default to the first party. If such party should fail to cure such default within 30 days after the date of such notice, the other party shall have the right to terminate this Agreement
by a second written notice (a &#147;<B>Notice of Termination</B>&#148;) to the first party. If Notice of Termination is sent to such first party, this Agreement shall automatically terminate on the effective date of such notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.3 Termination for Bankruptcy.</B> Either party may terminate this Agreement immediately upon written notice to the other party in the
event that the first party has a petition in bankruptcy filed against it that is not dismissed within 60 days of such filing, files a petition in bankruptcy or makes an assignment for the benefit of creditors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.4 Effect of Termination.</B> Upon any termination of this Agreement, Company shall no longer have any rights to purchase Captisol from
CyDex or its Affiliates. In no way limiting the confidentiality obligations of CyDex and its Third-Party Manufacturers under this Agreement and the License Agreement, for a period of two years following the expiration or termination of this
Agreement, CyDex shall not and shall ensure that it and its Affiliates&#146; respective employees, agents and Third-Party Manufacturers will not use or share any of the confidential information of the Company that Company provided or that such
parties were provided access to. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.5 Survival</B>. Notwithstanding any other provisions of this Agreement, any liability or obligation
of either party to the other for acts or omissions before the termination or expiration of this Agreement shall survive the termination or expiration of this Agreement. Such termination or expiration shall not relieve either party from obligations
that are expressly indicated to survive termination or expiration of this Agreement, nor shall any termination or expiration of this Agreement relieve Company of its obligation to pay CyDex sums due in respect of non-Defective Captisol shipped
before termination or expiration of this Agreement. <B>Sections 2.4</B> (Restrictions),&nbsp;<B>3.5</B> (Delivery), <B>3.6</B> (Quality Control; Acceptance and Rejection), <B>3.7</B> (Facilities and Inspections), <B>3.9</B> (Product Recalls),
<B>4.3</B> (Payments; Taxes), <B>5.1</B> (Limited Warranty), <B>5.2</B> (Representations, Warranties), <B>5.3</B> (Disclaimer), <B>6.4</B> (Effect of Termination), <B>6.5</B> (Survival) and <B>7</B> (General Provisions) shall survive termination or
expiration of this Agreement. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>G<SMALL>ENERAL</SMALL> P<SMALL>ROVISIONS</SMALL>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following <B>Sections</B> of the License
Agreement are incorporated into this Agreement by this reference as if fully set forth herein, with references therein to &#147;this Agreement&#148; being understood to refer to this Supply Agreement rather than to the License Agreement: 4.2
(Taxes), 7.2 (Material Safety), 7.3 (Adverse Event Reporting), 8 (Confidentiality), 10 (Indemnification), 11 (Limitation of Liability), 12 (Management of Intellectual Property), and 14 (General Provisions). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the parties have executed this Supply Agreement as of the Effective
Date. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><B>CYDEX PHARMACEUTICALS, INC.</B></TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top">Name:</TD>
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<TD VALIGN="top">Title:</TD>
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<TD VALIGN="top" COLSPAN="3"><B>VIREO HEALTH, LLC</B></TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top">Name:</TD>
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<TD VALIGN="top">Title:</TD>
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<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PURCHASE PRICES FOR CAPTISOL </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>All prices are FOB (Incoterms 2010) the Delivery Location. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>All prices exclude shipping and insurance</I>.<I> </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:56.80pt; font-size:8pt; font-family:Times New Roman">Grade of Captisol</P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Price&nbsp;per&nbsp;Kg</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Minimum&nbsp;Order&nbsp;Size</TD>
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<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pre-Commercial Grade</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commercial Grade</P></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[***]</TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Such prices are subject to adjustment pursuant to </I><B><I>Section&nbsp;4.1</I></B><I>. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT B: SPECIFICATIONS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***]<SUP STYLE="font-size:85%; vertical-align:top"></SUP> </P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top">Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>

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