<SEC-DOCUMENT>0001019687-14-002014.txt : 20140519
<SEC-HEADER>0001019687-14-002014.hdr.sgml : 20140519
<ACCEPTANCE-DATETIME>20140519161931
ACCESSION NUMBER:		0001019687-14-002014
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20140515
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140519
DATE AS OF CHANGE:		20140519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIMULATIONS PLUS INC
		CENTRAL INDEX KEY:			0001023459
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		IRS NUMBER:				954595609
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32046
		FILM NUMBER:		14854847

	BUSINESS ADDRESS:	
		STREET 1:		42505 10TH STREET WEST
		STREET 2:		*
		CITY:			LANCASTER
		STATE:			CA
		ZIP:			93534-7059
		BUSINESS PHONE:		661-723-7723

	MAIL ADDRESS:	
		STREET 1:		42505 10TH STREET WEST
		CITY:			LANCASTER
		STATE:			CA
		ZIP:			93534-7059
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>simulations_8k-051514.htm
<DESCRIPTION>SIMULATIONS PLUS, INC.
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>May 15, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Date of earliest event reported)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>California</B></FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>001-32046</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>95-4595609</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">File Number)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>42505 10th Street West, Lancaster, California
93534-7059</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices,
zip code)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>661-723-7723</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">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
(<U>see</U> General Instruction A.2. below):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[ ] Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[ ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[ ] Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[ ] Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Item 1.01 Entry Into
a Material Definitive Agreement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 15, 2014, Simulations Plus, Inc.,
a California corporation (the &ldquo;Company&rdquo;) entered into a Termination and Non-Assertion Agreement (the &ldquo;Agreement&rdquo;)
with TSRL, Inc., a Michigan corporation (&ldquo;TSRL&rdquo;). Under the terms of the Agreement the Company and TSRL agreed to terminate
that certain Exclusive Software Licensing Agreement dated June 30, 1997 (the &ldquo;License Agreement&rdquo;), under which TSRL
licensed to the Company certain Software Technology and Databases (as defined in the License Agreement), and pursuant to which
the Company paid royalties to TSRL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Agreement, TSRL has relinquished
any rights and claims to any GastroPlus Products (as defined in the Agreement), and to any claims to royalties or other payments
under the License Agreement. Pursuant to the Agreement, the Company agreed not to assert any claims against TSRL or its affiliates
on account of the development, marketing, sale or use by TSRL or its affiliates of any content licensed by TSRL to the Company
pursuant to the License Agreement, provided that the foregoing does not apply to any development, marketing, sale or use of GastroPlus
Products by TSRL, its affiliates, licensees, or direct or indirect customers or distributors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Agreement the Company will pay
TSRL total consideration of $6,000,000 as follows: a) by May 20, 2014, $3,500,000 (comprised of cash in the amount of $2,500,000
and the issuance of $1,000,000 worth of the Company&rsquo;s common stock (164,745 shares of the Company&rsquo;s common stock based
upon the April 25, 2014 closing price per share of the Company&rsquo;s common stock of $6.07 per share), b) $750,000 payable on
or before April 25, 2015, c) $750,000 payable on or before April 25, 2016, and d) $1,000,000 payable on or before April 25, 2017.
The Company&rsquo;s payment obligations described above are non-interest bearing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of the Agreement is attached hereto
as Exhibit 10.1 and incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 1.02 Termination of a Material
Definitive Agreement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information provided above in &ldquo;Item
1.01 &ndash; Entry Into a Material Definitive Agreement&rdquo; is incorporated by reference into this Item 1.02.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 3.02 Unregistered Sales of Equity
Securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information provided above in &ldquo;Item
1.01 &ndash; Entry Into a Material Definitive Agreement&rdquo; is incorporated by reference into this Item 3.02.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7.01&#9;Regulation FD Disclosure</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 19, 2014, the Company, issued a
press release announcing that it has entered into the Agreement with TSRL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of the press release is attached
hereto as Exhibit 99.1 and incorporated herein by reference.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.1pt">The information in
this Current Report on Form 8-K furnished pursuant to Item 7.01 (the &ldquo;Item 7.01 Information&rdquo;) is not deemed to be &ldquo;filed&rdquo;
for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (&ldquo;Exchange Act&rdquo;), or otherwise subject
to the liabilities of that section, and such information is not incorporated by reference into any registration statements or other
document filed under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof,
regardless of the general incorporation language contained in such filing, except as shall be expressly set forth by specific reference
to this filing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.1pt">By providing the Item
7.01 Information, the Company makes no admission as to the materiality of the Item 7.01 Information. The Item 7.01 Information
is intended to be considered in the context of the Company&rsquo;s filings with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
and other public announcements that the Company makes, by press release or otherwise, from time to time. The Company undertakes
no duty or obligation to publicly update or revise the Item 7.01 Information, although it may do so from time to time as its management
believes is appropriate. Any such updating may be made through the filing of other reports or documents with the SEC, through press
releases or through other public disclosure.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAUTION REGARDING FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.1pt">This Current Report
on Form 8-K may contain forward-looking statements that are made pursuant to the safe harbor provisions of Section 21E of the Exchange
Act. The forward-looking statements in this Current Report on Form 8-K are not historical facts, do not constitute guarantees of
future performance and are based on numerous assumptions which, while believed to be reasonable, may not prove to be accurate.
Any forward-looking statements in this Current Report on Form 8-K do not constitute guarantees of future performance and involve
a number of factors that could cause actual results to differ materially, including risks more fully described in the Company&rsquo;s<FONT STYLE="text-underline-style: double"><U>
</U></FONT>most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K. The Company assumes no obligation
to update any forward-looking information contained in this Current Report.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01&#9;Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>10.1</TD><TD STYLE="text-align: justify">Termination and Non-Assertion
Agreement, dated May 15, 2014, by and between  the Company and Therapeutic Systems Research Laboratories.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.75in">99.1</TD><TD>Press release issued on May 19, 2014.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SIGNATURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.1pt">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.5pt; text-indent: -23.5pt">&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">SIMULATIONS PLUS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Date: May 19, 2014</TD><TD>&nbsp;</TD>
    <TD>By:</TD><TD STYLE="border-bottom: Black 1pt solid">/s/
<I>John R. Kneisel</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 45%"></TD><TD STYLE="width: 5%"></TD>
    <TD STYLE="width: 5%">&nbsp;</TD><TD STYLE="width: 45%">John R. Kneisel</TD></TR>                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>Chief Financial Officer</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>simulations_8k-ex1001.htm
<DESCRIPTION>TERMINATION AND NON-ASSERTION AGREEMENT
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.1</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TERMINATION AND NON-ASSERTION AGREEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Termination and Non-Assertion Agreement
is entered into on May 15, 2014 (&ldquo;Effective Date&rdquo;) by and between TSRL, Inc., a Michigan corporation with its principal
place of business at 540 Avis Drive, Suite A, Ann Arbor, Michigan 48108 (&ldquo;TSRL&rdquo;), and Simulations Plus, Inc., a California
Corporation, with its principal place of business at 42505 10<SUP>th</SUP> Street West, Lancaster, CA 93534-7059 (&quot;Simulations
Plus&quot;) (each a &ldquo;Party&rdquo; and collectively, the &ldquo;Parties&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>RECITALS:</U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify">TSRL and Simulations Plus are parties to that certain Exclusive Software Licensing Agreement dated
June 30, 1997 (&ldquo;License Agreement&rdquo;) under which TSRL licensed to Simulations Plus rights to use certain Software Technology
and Databases (as defined in the License Agreement);</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify">Certain disputes have arisen between the Parties regarding the scope of Simulations Plus&rsquo;
royalty obligations, what constitutes Software Technology and Databases, and regarding other issues under the License Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">C.</TD><TD STYLE="text-align: justify">The Parties have agreed to settle their differences and disputes concerning the License Agreement
by the mutual termination thereof and the non-assertion by each party of certain Claims (defined below), mutual general releases
as set forth herein, certain payments by Simulations Plus to TSRL pursuant to the terms set forth below, and in consideration of
the covenants, agreements and releases hereinafter set forth.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, in consideration
of the foregoing recitals, and the mutual provisions contained herein, the receipt and sufficiency of which are hereby acknowledged,
the Parties to this Agreement agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>TERMS</U>:</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.</FONT></TD><TD STYLE="text-align: justify">RESPECTIVE OBLIGATIONS OF THE PARTIES</TD></TR>

<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Termination of License Agreement</U>. The Parties hereby agree that the License Agreement shall
be terminated in its entirety and shall be of no further force or effect as of the Effective Date.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><U>Payment to TSRL</U>. Simulations Plus shall pay to TSRL total consideration in the amount of
Six Million Dollars ($6,000,000.00) as follows:</TD></TR>                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">Not later than five (5) days following the execution of this Agreement, Simulations Plus shall:</TD></TR>                                                                                                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(1)</FONT></TD><TD STYLE="text-align: justify">pay to TSRL the sum of Two Million Five Hundred Thousand Dollars ($2,500,000.00); and</TD></TR>                                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(2)</FONT></TD><TD STYLE="text-align: justify">transfer to TSRL common stock in Simulations Plus having a total value of $1 million ($1,000,000.00)
based upon the April 25, 2014 closing price per share of Simulations Plus common stock of $6.07 for a total number of shares equaling
164,745.</TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
                  <TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in">&nbsp;</TD><TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">On or before April 25, 2015, Simulations Plus shall pay TSRL by wire transfer the total sum of
Seven Hundred and Fifty Thousand Dollars ($750,000.00);</TD></TR>                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">On or before April 25, 2016, Simulations Plus shall pay TSRL by wire transfer the total sum of
Seven Hundred and Fifty Thousand Dollars ($750,000.00); and</TD></TR>                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">On or before April 25, 2017, Simulations Plus shall pay TSRL by wire transfer the total sum of
One Million Dollars ($1,000,000.00).</TD></TR>                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in">The foregoing payments
shall be made to TSRL via wire transfer pursuant to bank wire transfer instructions provided by TSRL.<BR>
<BR>
The foregoing payments shall not accrue interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><U>No Legal Proceedings</U>. Each Party warrants and represents to the other that no legal proceedings
have been instituted by such Party as of the Effective Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.</FONT></TD><TD STYLE="text-align: justify">NON-ASSERTION</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Definitions</U></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">&ldquo;Affiliates&rdquo; means any corporation or business entity that, directly or indirectly
controls, is controlled by, or is under common control with a Party at any time during the Term. The term &ldquo;control&rdquo;
means, in the case of a corporation, ownership, directly or indirectly, of fifty percent (50%) or more of the votes for the election
of directors, or in the case of a non-stock company, the legal power to direct or cause the direction of the general management
and policies of such company. A corporation or business entity shall be deemed an Affiliate hereunder only during the term of the
requisite control;</TD></TR>                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">&ldquo;Claims&rdquo; refers to and includes all claims, demands, rights, causes of action, rights
of action, rights of subrogation, rights of indemnity, rights to reimbursement, rights to payments, rights to ownership interests,
liens and remedies of each and every kind or nature whatsoever, whether the same or any of the same is at law, in equity, or otherwise,
and whether the same are or any of the same is known or unknown to any Party at the time of its execution of this Agreement;</TD></TR>                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">&ldquo;GastroPlus Products&rdquo; means any and all products developed by Simulations Plus or its
Affiliates, whether prior to of subsequent to the Effective Date, relating to gastrointestinal tract absorption prediction or any
other related or ancillary modules or products, including, but not limited to GastroPlus&trade;, Optimization, Metabolism &amp;
Transporter, IVIVCPlus&trade;, PBPKPlus&trade;, PDPlus&trade;, PKPlus&trade;, Drug-Drug Interaction, Additional Dosage Routes and
ADMET Predictor&trade;, and any improvements, enhancements, localizations or other versions or releases thereof;</TD></TR>                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">&ldquo;Intellectual Property Rights&rdquo; means all United States and worldwide trademarks, service
marks, trade dress, logos, copyrights, rights of authorship, inventions, patents, rights of inventorship, trade secrets, rights
under unfair competition and unfair trade practices laws, and all other intellectual and industrial property rights related thereto;</TD></TR>                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">&ldquo;Obligations&rdquo; refers to and includes all obligations, duties, covenants, liabilities,
royalties, license fees, damages, costs, fees (including, without limitation, all attorneys&rsquo; fees), expenses and debts of
each and every kind or nature whatsoever, whether the same are or any of the same is known or unknown to any Party at the time
of its execution of this Agreement;</TD></TR>                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify">&ldquo;On Account Of&rdquo; means directly or indirectly arising out of, resulting from, connected
with, based upon or in any manner related to, in the past, or at present, the subject to which that phrase refers.</TD></TR>                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><U>Non-Assertion by TSRL</U>. TSRL, on behalf of itself and any of its Affiliates, covenants not
to assert any Claims, including, but not limited to, claims of infringement under Intellectual Property Rights owned or licensable
by TSRL or any TSRL Affiliate, against Simulations Plus, Simulations Plus Affiliates, or Simulations Plus&rsquo; direct or indirect
customers or distributors, in any case On Account Of the development, marketing, sale or use of any GastroPlus Products (including
components thereof) or any new products, improvements or services in any way related thereto.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><U>Non-Assertion by Simulations Plus</U>. Simulations Plus, on behalf of itself and any of its
Affiliates, covenants not to assert any Claims, including, but not limited to, claims of infringement under Intellectual Property
Rights owned or licensable by Simulations Plus or any Simulations Plus Affiliate, against TSRL, its Affiliates, licensees, direct
or indirect customers or distributors, in any case On Account Of the development, marketing, sale or use by such entities of any
content licensed by TSRL to Simulations Plus pursuant to the License Agreement; <I>provided, however</I>, the Parties expressly
agree that this paragraph is not intended to, nor shall it be construed to, apply to any development, marketing, sale or use of
GastroPlus Products by TSRL, its Affiliates, licensees, or direct or indirect customers or distributors.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify"><U>No Further Obligations or Limitations</U>. Notwithstanding anything in the foregoing to the
contrary, no further Obligations, including, but not limited to, royalty or other payments, are or will be due from Simulations
Plus to TSRL pursuant to the License Agreement, such obligations having been fully terminated herein. For the avoidance of doubt,
any limitations placed on the parties in the License Agreement are also terminated.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify"><U>Further Assurances</U>. Each Party is executing this Agreement in consideration of all of the
promises, covenants, agreements and acknowledgments described herein. Each Party promises to take or cause to be taken all lawful
acts to execute or cause to be executed all documents necessary to implement this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">3.</FONT></TD><TD STYLE="text-align: justify">MUTUAL GENERAL RELEASES</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><U>General Release</U>. Except for the Obligations of the Parties set forth in Sections 1 and 2
above, each Party hereto, on its own behalf and on behalf of its predecessors-in-interest, successors-in-interest, transferees,
officers, directors, shareholders, Affiliates, employees, representatives and assigns, and each of them (collectively, the &ldquo;Releasors&rdquo;),
hereby unconditionally and irrevocably relieves, releases, forgives, remises, acquits and forever discharges the other Party hereto,
and each of their predecessors-in-interest, successors-in-interest, assigns, officers, shareholders, Affiliates, representatives,
agents, any other fiduciary or representative, and attorneys (collectively, &ldquo;Releasees&rdquo;), and each of them, from any
and all Claims and Obligations, of any kind or nature whatsoever, known or unknown, foreseen or unforeseen, suspected or unsuspected,
vested or contingent, accrued or unaccrued, which the Releasors either together or severally now have, or may hereafter have against
the Releasees, or any of them, by reason of any matter, cause of thing whatsoever, from the beginning of time, through and including
the Effective Date. For purposes of clarity and the avoidance of doubt, and without in any manner limiting the scope of the foregoing,
the foregoing includes, but is not limited to, any Claims and Obligations On Account Of the License Agreement, including, but not
limited, any Obligations thereunder or their termination hereby, and any other prior business relationship between the Releasees
and the Releasors related to the License Agreement, the Software Technology and Databases or otherwise (the &ldquo;Released Matters&rdquo;).
Notwithstanding the foregoing, this release is not intended by the Parties to operate as a release of any claim which relates or
arises out of conduct or actions which arise from this Agreement or any breach hereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><U>Waiver of Unknown Claims</U>. It is the intention of each Party in accepting the consideration
provided for herein and in executing this Agreement that this instrument shall be effective as a full and final accord and satisfaction
and release of each and every Released Matter. In furtherance of this intention, each Party acknowledges that it is familiar with,
or has had explained to it, Section 1542 of the California Civil Code, which provides as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&quot;A GENERAL RELEASE DOES NOT
EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH
IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Each Party waives and relinquishes
every right or benefit which it has or may have under Section 1542 of the Civil Code of the State of California (and any statute
or common law rule of similar effect in any State or Territory of the United States) to the full extent that it may lawfully waive
such right or benefit pertaining to the subject matter of this Agreement. In connection with such waiver and relinquishment, each
Party acknowledges that it is aware that it may hereafter discover facts in addition to or different from those which each Party
now knows or believes to be true with respect to the subject matter of this instrument, but that it is each Party's intention hereby
fully, finally and forever to settle and release all Released Matters, disputes and differences, known or unknown, suspected or
unsuspected, which now exist, or heretofore have existed between Simulation Plus&rsquo; Releasees and TSRL&rsquo;s Releasees, and
that in furtherance of such intention, this Agreement given herein shall be and remain in effect as a full and complete general
release, upon the terms herein, notwithstanding the discovery or existence of any such additional or different facts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><U>No Admission of Liability</U>. The execution of this Agreement effects a settlement of claims
which are denied and contested. Nothing contained herein shall be construed as an admission of any liability of any kind by any
Party hereto to the other or to any other person. This Agreement shall constitute an absolute bar to any claim of any kind, whether
any such claim is based on contract, tort, warranty, mistake or any other theory, whether legal, statutory or equitable.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">4.</FONT></TD><TD STYLE="text-align: justify">REPRESENTATIONS AND WARRANTIES</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">Each of the
Parties to this Agreement represents, warrants and agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">Each Party acknowledges and warrants that it has been represented by independent counsel of its
own choice throughout all negotiations which preceded the execution of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">Each Party hereby warrants and represents to the other Party that it has not heretofore assigned
or transferred, or purported to assign or transfer, to any person whomsoever not a party hereto any Released Matters which it has
released in this instrument. The assigning or transferring Party shall indemnify and hold the other Party harmless from and against
any claims, demand, damage, debt, liability, account, reckoning, obligation, cost, expense, lien, action or cause of action, including
reasonable attorneys&rsquo; fees, based on, in connection with or arising out of any such assignment or transfer or purported or
claimed assignment or transfer by such Party of the Released Matters.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">5.</FONT></TD><TD STYLE="text-align: justify">MISCELLANEOUS</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Waiver of Fees and Costs</U>. Each Party will bear its own costs, expenses and attorneys&rsquo;
fees, whether taxable or otherwise, incurred in or in any way arising out of or relating to the matters released herein.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><U>No Reliance on Representations of Another Party</U>. This Agreement is entered into and executed
without reliance upon any promise, warranty or representation or the lack of any promise, warranty or representation by any Party
or any representative of any Party, other than those expressly contained in this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><U>Governing Law</U>. This Agreement shall be deemed to have been made and entered into in the
State of California and shall all respects be interpreted, enforced and governed by and under the laws of the State of California.
In the event of litigation or arbitration relating to this Agreement, the prevailing Party shall be entitled to reasonable attorneys'
fees and costs.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify"><U>Terms to be Construed Neutrally</U>. The Parties acknowledge that the drafting and negotiation
of this Agreement has been participated in by each of the Parties and, for purposes of interpreting this Agreement, it shall be
deemed to have been jointly drafted by the Parties.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify"><U>Entire Agreement</U>. This Agreement contains the entire agreement among the Parties and constitutes
the complete, final and exclusive embodiment of their agreement with respect to the subject matter hereof, and all prior or contemporaneous
agreements, understandings, representations and statements, whether oral or written, concerning the subject matter hereof are hereby
merged into and superseded by this Agreement. The terms of this Agreement are contractual and not mere recitals.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify"><U>Modification</U>. The Parties agree that no waiver, amendment or modification of any of the
terms of this Agreement shall be effective unless in writing and signed by an authorized representative of all Parties affected
by the waiver, amendment or modification. No waiver of any term, condition or default of any term of this Agreement shall be construed
as a waiver of any other term, condition or default.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify"><U>Execution in Counterparts</U>. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, all of which together shall constitute one and the same instrument. The Parties agree that
a facsimile signature on this Agreement shall have the same effect as an original source.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify"><U>Invalid Provisions</U>. If any term or provision of this Agreement is held by any court, arbitrator
or tribunal to be void, invalid or unenforceable, in whole or in part, then the remaining terms and provisions shall nevertheless
remain in full force and effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Parties have each
executed this Agreement on the dates set forth below.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 45%">SIMULATIONS PLUS, INC.</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%">TSRL, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Walter Woltosz</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Gordon Amidon</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Walter Woltosz, Chairman and CEO</TD>
    <TD>&nbsp;</TD>
    <TD>Gordon Amidon, Ph.D.,Chairman</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>May 15, 2014</TD>
    <TD>&nbsp;</TD>
    <TD>May 15, 2014</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>simulations_8k-ex9901.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0; text-align: right">Exhibit 99.1</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #006677">May 19, 2014 12:00 UTC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #006677">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 16pt">Simulations
Plus Announces Agreement with License Provider</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>Company
Buys Out Perpetual Royalty Agreement</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">LANCASTER, Calif.--(BUSINESS WIRE)-- Simulations Plus, Inc.
(NASDAQ: SLP), a leading provider of simulation and modeling software for pharmaceutical discovery and development, today announced
that it has entered into a Termination and Non-Assertion Agreement (the &ldquo;Agreement&rdquo;) with TSRL, Inc., a Michigan corporation
(&ldquo;TSRL&rdquo;). Under the terms of the Agreement, the Company and TSRL agreed to terminate that certain Exclusive Software
Licensing Agreement dated June 30, 1997 (the &ldquo;License Agreement&rdquo;), under which TSRL licensed to the Company certain
Software Technology and Databases (as defined in the License Agreement), and pursuant to which the Company paid royalties to TSRL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Agreement, TSRL has relinquished any rights
and claims to any GastroPlus&trade; Products (as defined in the Agreement), and to any claims to royalties or other payments under
the License Agreement. Pursuant to the Agreement, the Company agreed not to assert any claims against TSRL or its affiliates on
account of the development, marketing, sale or use by TSRL or its affiliates of any content licensed by TSRL to the Company pursuant
to the License Agreement, provided that the foregoing does not apply to any development, marketing, sale or use of GastroPlus Products
by TSRL, its affiliates, licensees, or direct or indirect customers or distributors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Agreement, the Company will pay TSRL total consideration
of $6 million as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">by May 20, 2014, $3.5 million, comprised of cash in the amount of
$2.5 million and the issuance of $1 million worth of the Company&rsquo;s common stock (164,745 shares of the Company&rsquo;s common
stock based upon the April 25, 2014 closing price per share of the Company&rsquo;s common stock of $6.07 per share), </FONT></TD></TR>                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">$750,000 payable on or before April 25, 2015, </FONT></TD></TR>                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">$750,000 payable on or before April 25, 2016, and </FONT></TD></TR>                                                                                                                                                                                                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">$1 million payable on or before April 25, 2017. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s payment obligations described above are
non-interest-bearing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Walt Woltosz, chairman and chief executive officer of Simulations
Plus, said, &ldquo;By concluding this agreement with TSRL, we have ended the royalty payments we have been making on the core GastroPlus&trade;
software program since 1998. Utilizing some of our cash to buy out this agreement allows us to amortize the consideration over
its estimated economic life of 10 years at the fixed rate of $600,000 per year. Royalties paid in fiscal year 2013 amounted to
approximately $626,000. As we anticipate continued growth in the GastroPlus product line for the foreseeable future, the savings
to expenses is expected to increase. After the amortization period is completed, the savings to expenses will be the entire amount
that might have been paid under the perpetual agreement. Therefore, using cash up-front is expected to reduce expenses going forward,
beginning with the current quarter.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. John R. Kneisel, chief financial officer of Simulations
Plus, added: &ldquo;This agreement allows the company to move forward with growth and expansion of our product lines without the
hindrance of increased royalty expenses based on growing volume of sales.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Simulations Plus, Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Simulations Plus, Inc., is a premier developer of groundbreaking
drug discovery and development simulation and modeling software which is licensed to and used in the conduct of drug research by
major pharmaceutical, biotechnology, agrochemical, and food industry companies worldwide. The Company is headquartered in Southern
California and trades on the NASDAQ Capital Market under the symbol &ldquo;SLP.&rdquo; For more information, visit our web site
at www.simulations-plus.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995</B> &ndash; With the exception of historical information, the matters discussed in this press release are forward-looking
statements that involve a number of risks and uncertainties. Words like &ldquo;believe,&rdquo; &ldquo;expect&rdquo; and &ldquo;anticipate&rdquo;
mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results
or events will actually take place, so our actual future results could differ significantly from those statements. Factors that
could cause or contribute to such differences include, but are not limited to: our ability to maintain our competitive advantages,
acceptance of new software and improved versions of our existing software by our customers, the general economics of the pharmaceutical
industry, our ability to finance growth, our ability to continue to attract and retain highly qualified technical staff, our ability
to identify and close acquisitions on terms favorable to the Company, and a sustainable market. Further information on our risk
factors is contained in our quarterly and annual reports as filed with the U.S. Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #0076B6; color: white"><B>Contacts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Simulations Plus Investor Relations</U><BR>
Ms. Ren&eacute;e Bouch&eacute;, 661-723-7723<BR>
renee@simulations-plus.com<BR>
or<BR>
<U>Hayden IR</U><BR>
Mr. Cameron Donahue, 651-653-1854<BR>
cameron@haydenir.com</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source: Simulations Plus, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;<IMG SRC="image_002.gif" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">View this news release online at:<BR>
http://www.businesswire.com/news/home/20140519005455/en</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



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