<SEC-DOCUMENT>0001753926-26-000097.txt : 20260113
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ACCESSION NUMBER:		0001753926-26-000097
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20260112
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20260113
DATE AS OF CHANGE:		20260113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pelthos Therapeutics Inc.
		CENTRAL INDEX KEY:			0001919246
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				863335449
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41964
		FILM NUMBER:		26528522

	BUSINESS ADDRESS:	
		STREET 1:		4020 STIRRUP CREEK DRIVE
		STREET 2:		SUITE 110
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27703
		BUSINESS PHONE:		919-908-2422

	MAIL ADDRESS:	
		STREET 1:		4020 STIRRUP CREEK DRIVE
		STREET 2:		SUITE 110
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Channel Therapeutics Corp
		DATE OF NAME CHANGE:	20241118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Chromocell Therapeutics Corp
		DATE OF NAME CHANGE:	20220323
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<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNITED
STATES</b>&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b>&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Washington,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORM
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CURRENT
REPORT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="xdx_903_edei--EntityRegistrantName_c20260112__20260112_zQ68Wbq9mNA"><ix:nonNumeric contextRef="AsOf2026-01-12" id="Fact000011" name="dei:EntityRegistrantName">Pelthos
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of registrant as specified in its charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<tr>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
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    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&#8217;s
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Former
name or former address, if changed since last report.)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (see General Instruction A.2. below):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_edei--WrittenCommunications_c20260112__20260112_zACZ0VnogQ95"><ix:nonNumeric contextRef="AsOf2026-01-12" format="ixt:booleanfalse" id="Fact000022" name="dei:WrittenCommunications">&#9744;</ix:nonNumeric></span></span></td>
    <td style="width: 98%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written communications pursuant
    to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--SolicitingMaterial_c20260112__20260112_zJjyN8rmOhP"><ix:nonNumeric contextRef="AsOf2026-01-12" format="ixt:booleanfalse" id="Fact000023" name="dei:SolicitingMaterial">&#9744;</ix:nonNumeric></span></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting material pursuant to Rule 14a-12
    under the Exchange Act (17 CFR 240.14a-12)</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--PreCommencementTenderOffer_c20260112__20260112_zWDZEt6xJEF3"><ix:nonNumeric contextRef="AsOf2026-01-12" format="ixt:booleanfalse" id="Fact000024" name="dei:PreCommencementTenderOffer">&#9744;</ix:nonNumeric></span></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to
    Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--PreCommencementIssuerTenderOffer_c20260112__20260112_zyTTD8hCFjf"><ix:nonNumeric contextRef="AsOf2026-01-12" format="ixt:booleanfalse" id="Fact000025" name="dei:PreCommencementIssuerTenderOffer">&#9744;</ix:nonNumeric></span></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to
    Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <span id="xdx_90F_edei--EntityExTransitionPeriod_c20260112__20260112_zxy9yTn6L1Q5"><ix:nonNumeric contextRef="AsOf2026-01-12" format="ixt:booleanfalse" id="Fact000030" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
1.01. Entry into a Material Definitive Agreement.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 12, 2026 (the &#8220;<b>Closing Date</b>&#8221;),
Pelthos Therapeutics Inc., a Nevada corporation (the &#8220;<b>Company</b>&#8221;), LNHC, Inc., a Delaware corporation and a wholly owned
subsidiary of the Company (&#8220;<b>LNHC</b>&#8221;) and Channel Pharmaceutical Corporation, a Nevada corporation and a wholly subsidiary
of the Company (&#8220;<b>Channel</b>&#8221;), as co-borrowers (together with the Company, the &#8220;<b>Borrowers</b>&#8221;), entered
into a Venture Loan and Security Agreement (the &#8220;<b>Loan Agreement</b>&#8221;) by and among the Borrowers and Horizon Technology
Finance Corporation, a Delaware corporation, as lender and collateral agent (the &#8220;<b>Lender</b>&#8221;). The Loan Agreement provides
for a senior secured term loan facility in an aggregate principal amount of up to $50.0 million (collectively, the &#8220;<b>Term Loans</b>&#8221;).
The proceeds of the Term Loans will be used to support the commercialization of the Company&#8217;s existing commercialized pharmaceutical
product &#8211; ZELSUVMI<sup>TM</sup>, to launch two other recently-acquired products &#8211; Xepi<sup>&#174;</sup> and Xeglyze<sup>&#174;
</sup>&#8211; and for working capital and general corporate purposes. The Borrowers borrowed $30.0 million of Term Loans on the Closing
Date. The remaining $20.0 million of Terms Loans may be borrowed under the Loan Agreement upon the achievement by the Company of certain
milestones set forth in the Loan Agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowings
under the Loan Agreement accrue interest at a rate equal to the prime rate plus 3.75% with the prime rate having a floor of 6.75%. The
Term Loans are repayable in monthly interest-only payments from March 1, 2026 until February 1, 2029 (the &#8220;<b>Interest-Only Payment
Period</b>&#8221;). After the expiration of the Interest-Only Payment Period, beginning on March 1, 2029, the Term Loans will be repayable
in 24 equal monthly payments of principal and accrued interest until maturity. Alternatively, if the Borrowers achieve a trailing twelve-month
consolidated net revenue of at least $75.0 million, the Term Loans will be repayable in monthly interest-only payments from March 1,
2026 until February 1, 2030 (the &#8220;<b>Extended Interest-Only Payment Period</b>&#8221;). After the expiration of the Extended Interest-Only
Payment Period, the Term Loans will be repayable in 12 equal monthly payments of principal and accrued interest until maturity. The Term
Loans will mature on January 31, 2031 (the &#8220;<b>Maturity Date</b>&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Borrowers paid a commitment fee in the amount of $300,000 on the Closing Date. The Borrowers will pay an additional commitment
fee in the amount of 1.0% of the principal amount of the last six Term Loans concurrently with the funding of those six Term
Loans. Upon the payment in full of the Term Loans, the Borrowers will pay to the Lender a final payment in the amount of five
percent (5.0%) of the aggregate original principal amount of the Term Loans made under the Loan Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Borrowers&#8217; option, the Borrowers may prepay all of the outstanding Term Loans, subject to a prepayment premium equal
to (a) 3.0% of the Term Loans being prepaid if the prepayment is made during the Interest-Only Period or Extended Interest-Only
Period, as applicable; (b) 2.0% of the Term Loans being prepaid if the prepayment occurs within twelve (12) months after the Interest-Only
Period or Extended Interest-Only Period, as applicable; and (c) 1.0% of the Term Loans being prepaid if the prepayment occurs
any time thereafter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Borrowers&#8217; obligations under the Loan Agreement are secured by substantially all of the Borrowers&#8217; assets, including
intellectual property, subject to certain customary exceptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Loan Agreement, the Company issued to the Lender warrants to purchase up to 65,488 shares of common stock,
par value $0.0001 per share, of the Company (the &#8220;<b>Common Stock</b>&#8221;) at an exercise price of $27.49 per share (the
&#8220;<b>Warrants</b>&#8221;). The Warrants are exercisable for five years from the Closing Date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Loan Agreement contains customary affirmative and negative covenants, including covenants limiting the ability of the Borrowers
and their subsidiaries to, among other things, dispose of assets, enter into certain licensing arrangements, effect certain mergers,
incur debt, grant liens, pay dividends and distributions on their capital stock, make investments and acquisitions, and enter
into transactions with affiliates, in each case subject to customary exceptions for a loan facility of this size and type. The
Loan Agreement also includes customary events of default, including, among others, payment defaults, material misrepresentations,
breaches of covenants following any applicable cure period, cross defaults with certain other indebtedness, bankruptcy and insolvency
events, judgment defaults and the occurrence of certain events that could reasonably be expected to have a &#8220;material adverse
effect.&#8221; The occurrence of an event of default could result in the acceleration of the Borrowers&#8217; obligations under
the Loan Agreement, the termination of the Lenders&#8217; commitments, a 4.0% increase in the applicable rate of interest and
the exercise by Lender of other rights and remedies provided for under the Loan Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing descriptions of the Loan Agreement and the Warrants are not complete and are subject to and qualified in their entirety by
reference to the Loan Agreement and the Form of Warrant, copies of which are filed as Exhibits 10.1 and 4.1, respectively, to this
Current Report on Form 8-K and are incorporated by reference herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information set forth in Item 1.01 is incorporated into this Item 2.03 by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
3.02 Unregistered Sale of Equity Securities.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information set forth in Item 1.01 above regarding the Warrants issued to the Lender and the exercise of the Warrants into shares
of the Company&#8217;s Common Stock is incorporated into this Item 3.02 by reference. The Warrants and the shares of Common Stock
issuable upon exercise of the Warrants were offered and sold in reliance on the exemption from the registration requirements provided
by Section 4(a)(2) of the Securities Act as a transaction by an issuer not involving a public offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
7.01. Regulation FD Disclosure.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 13, 2026, the Company issued a press release announcing the closing of the Loan Agreement. The press release contains
statements intended as &#8220;forward-looking statements&#8221; which are subject to the cautionary statements about forward-looking
statements set forth therein. The press release is filed as Exhibit 99.1 to this Current Report on Form&#160;8-K&#160;and incorporated
herein by reference, except that the information contained on the websites referenced in the press release is not incorporated
herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
9.01. Financial Statements and Exhibits.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exhibits listed in the following Exhibit Index are filed as part of this report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; width: 20%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
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    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 81%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="g085079_ex4-1.htm">4.1</a></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="g085079_ex4-1.htm">Form of Warrant issued pursuant to Venture Loan and Security Agreement dated as of January 12, 2026, by and among Pelthos Therapeutics Inc., LNHC, Inc., Channel Therapeutics Corporation and Horizon Technology Finance Corporation</a></span></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="g085079_ex10-1.htm">10.1*</a></span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="g085079_ex10-1.htm">Venture Loan and Security Agreement, dated as of January 12, 2026, by and among Pelthos Therapeutics Inc., LNHC, Inc., Channel Therapeutics Corporation and Horizon Technology Finance Corporation.</a></span></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="g085079_ex99-1.htm">99.1</a></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="g085079_ex99-1.htm">Press Release.</a></span></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160; <span style="font: 10pt Times New Roman, Times, Serif"><br/> *Exhibits and/or schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish supplementally copies of any of the omitted exhibits and schedules upon request by the SEC;&#160;<span style="text-decoration: underline">provided</span>,&#160;<span style="text-decoration: underline">however</span>, that the registrant may request confidential treatment pursuant to Rule 24b-2 under the Exchange Act, for any exhibits or schedules so furnished.</span> <span style="font: 10pt Times New Roman, Times, Serif">&#160;</span> <span style="font: 10pt Times New Roman, Times, Serif">&#160;</span> <span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, thereunto duly authorized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pelthos Therapeutics Inc.</b></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: January 13, 2026</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td colspan="2" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Francis Knuettel II</span></td></tr>
<tr style="vertical-align: top">
    <td style="width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </span></td>
    <td style="width: 43%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Francis Knuettel II</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
</table>


<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>g085079_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><B>Exhibit 4.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION
MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY
SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE
GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING <FONT STYLE="text-transform: uppercase">in a manner reasonably satisfactory
to the Company</FONT> WITH THE PROVISIONS OF SECTION 7 OF THIS WARRANT.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>PELTHOS
THERAPEUTICS INC.</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Loan
[&#9679;])</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WARRANT
TO PURCHASE COMPANY SHARES</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
CERTIFIES THAT, for value received, HORIZON TECHNOLOGY FINANCE CORPORATION and its assignees are entitled to subscribe for and
purchase the fully paid and nonassessable number of Company Shares (determined pursuant to the next paragraph hereof and as adjusted
pursuant to <U>Section 4</U> hereof, the &ldquo;<U>Shares</U>&rdquo;) of PELTHOS THERAPEUTICS INC., a Nevada corporation (the
&ldquo;<U>Company</U>&rdquo;), at the price per share as is determined pursuant to the terms hereof, (as such price and such other
price as shall result, from time to time, from the adjustments specified in <U>Section 4</U> hereof, the &ldquo;<U>Warrant Price</U>&rdquo;),
subject to the provisions and upon the terms and conditions hereinafter set forth. As used herein, the term &ldquo;<U>Date of
Grant</U>&rdquo; shall mean January 12, 2026. The term &ldquo;<U>Warrant</U>&rdquo; as used herein shall mean this Warrant issued
by the Company in connection with the transaction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used in this Warrant, the term &ldquo;<U>Company Shares</U>&rdquo; means shares of common stock of the Company, par value $0.0001
per share (the &ldquo;<U>Common Stock</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of Shares of Common Stock for which this Warrant is initially exercisable shall be [&#9679;], representing the nearest
whole number determined by dividing 6% of Loan [&#9679;] by the Warrant Price.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrant Price for the shares of Common Stock received upon exercise of this Warrant shall initially be $27.49, representing the
dollar volume-weighted average price for share of Common Stock on the Nasdaq exchange during the period beginning 9:30:01 a.m.,
New York time, and ending 4:00: p.m. New York time, (such volume weighted average price, the &ldquo;<U>VWAP</U>&rdquo;) over the
five trading days immediately preceding the Date of Grant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;<U>Term</U>.
The purchase right represented by this Warrant is exercisable, in whole or in part, at any time and from time to time from the
Date of Grant through ten (10) years after the Date of Grant.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;<U>Method
of Exercise; Payment; Issuance of New Warrant</U>. Subject to <U>Section 1</U> hereof, the purchase right represented by this
Warrant may be exercised by the holder hereof, in whole or in part and from time to time, at the election of the holder hereof,
by (a) the surrender of this Warrant (with the notice of exercise substantially in the form attached hereto as <U>Exhibit A-1
</U>duly completed and executed) at the principal office of the Company and by the payment to the Company, by certified or bank
check, or by wire transfer to an account designated by the Company (a &ldquo;<U>Wire Transfer</U>&rdquo;) of an amount equal to
the then applicable Warrant Price multiplied by the number of Shares then being purchased; or (b) exercise of the &ldquo;net issuance&rdquo;
right provided for in <U>Section 10.2</U> hereof. The person or persons in whose name(s) any certificate(s) representing the Shares
shall be issuable upon exercise of this Warrant shall be deemed to have become the holder(s) of record of, and shall be treated
for all purposes as the record holder(s) of, the shares represented thereby (and such shares shall be deemed to have been issued)
immediately prior to the close of business on the date or dates upon which this Warrant is exercised. In the event of any exercise
of the rights represented by this Warrant, certificates for the shares of stock so purchased shall be delivered to the holder
hereof as soon as possible and in any event within thirty (30) days after such exercise and, unless this Warrant has been fully
exercised or expired, a new Warrant representing the portion of the Shares, if any, with respect to which this Warrant shall not
then have been exercised shall also be issued to the holder hereof as soon as possible and in any event within such thirty (30)
day period; <U>provided</U>, <U>however</U>, at such time as the Company is subject to the reporting requirements of the Securities
Exchange Act of 1934, as amended, if requested by the holder of this Warrant, the Company shall cause its transfer agent to deliver
the certificate representing Shares issued upon exercise of this Warrant to a broker or other person (as directed by the holder
exercising this Warrant) within the time period required to settle any trade made by the holder after exercise of this Warrant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;<U>Stock
Fully Paid; Reservation of Shares</U>. All Shares that may be issued upon the exercise of the rights represented by this Warrant
will, upon issuance pursuant to the terms and conditions herein, be fully paid and nonassessable, and free from all preemptive
rights and taxes, liens and charges with respect to the issue thereof. During the period within which the rights represented by
this Warrant may be exercised, the Company will at all times have authorized, and reserved for the purpose of the issue upon exercise
of the purchase rights evidenced by this Warrant, a sufficient number of Company Shares to provide for the exercise of the rights
represented by this Warrant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;<U>Adjustment
of Warrant Price and Number of Shares</U>. The number and kind of securities purchasable upon the exercise of this Warrant and
the Warrant Price shall be subject to adjustment from time to time upon the occurrence of certain events, as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;<U>Reclassification
or Merger</U>. (i) In case of any reclassification or change of securities of the class issuable upon exercise of this Warrant
(other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision
or combination), (ii) in case of any merger of the Company with or into another entity (other than a merger with another entity
in which the Company is the acquiring and the surviving entity and which does not result in any reclassification or change of
outstanding securities issuable upon exercise of this Warrant), or (iii) in case of any sale of all or substantially all of the
assets of the Company, the Company, or such successor or purchasing entity, as the case may be, shall duly execute and deliver
to the holder of this Warrant a new Warrant (in form and substance satisfactory to the holder of this Warrant), so that the holder
of this Warrant shall have the right to receive upon exercise of such new Warrant, at a total purchase price not to exceed that
payable upon the exercise of the unexercised portion of this Warrant, and in lieu of the Company Shares theretofore issuable upon
exercise of this Warrant, the kind and amount of shares of stock, other securities, money and property receivable upon such reclassification,
change, merger or sale by a holder of the number of Company Shares then purchasable under this Warrant. Notwithstanding anything
to the contrary in the foregoing, in the case of subclause (a)(i), (a)(ii) or (a)(iii), the holder shall have the same rights
as holders of Common Stock regarding the type and amount of shares, other securities, cash or property to be received in connection
with a merger or sale transaction. Any new Warrant shall provide for adjustments that shall be as nearly equivalent as may be
practicable to the adjustments provided for in this <U>Section 4</U>. The provisions of this <U>Section 4(a)</U> shall similarly
apply to successive reclassifications, changes, mergers and sales.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Subdivision
or Combination of Shares</U>. If the Company at any time while this Warrant remains outstanding and unexpired shall subdivide
or combine its outstanding Company Shares, the Warrant Price shall be proportionately decreased and the number of Shares issuable
hereunder shall be proportionately increased in the case of a subdivision and the Warrant Price shall be proportionately increased
and the number of Shares issuable hereunder shall be proportionately decreased in the case of a combination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;<U>Stock
Dividends and Other Distributions</U>. If the Company at any time while this Warrant is outstanding and unexpired shall (i) pay
a dividend with respect to its Company Shares payable in Company Shares, then the Warrant Price shall be adjusted, from and after
the date of determination of shareholders entitled to receive such dividend or distribution, to that price determined by multiplying
the Warrant Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which shall be
the total number of Company Shares outstanding immediately prior to such dividend or distribution, and (B) the denominator of
which shall be the total number of Company Shares outstanding immediately after such dividend or distribution; or (ii) make any
other distribution with respect to Company Shares (except any distribution specifically provided for in <U>Sections 4(a)</U> and
<U>4(b)</U>), then, in each such case, provision shall be made by the Company such that the holder of this Warrant shall receive
upon exercise of this Warrant a proportionate share of any such dividend or distribution as though it were the holder of the Shares
as of the record date fixed for the determination of the shareholders of the Company entitled to receive such dividend or distribution.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;<U>Adjustment
of Number of Shares</U>. Upon each adjustment in the Warrant Price, the number of Shares purchasable hereunder shall be adjusted,
to the nearest whole share, to the product obtained by multiplying the number of Shares purchasable immediately prior to such
adjustment in the Warrant Price by a fraction, the numerator of which shall be the Warrant Price immediately prior to such adjustment
and the denominator of which shall be the Warrant Price immediately thereafter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;<U>Notice
of Adjustments</U>. Whenever the Warrant Price or the number of Shares purchasable hereunder shall be adjusted pursuant to <U>Section
4</U> hereof, the Company shall promptly deliver to the holder of this Warrant by email a notice setting forth the Warrant Price
and the number of Shares purchasable hereunder after giving effect to such adjustment and a brief statement of the facts requiring
such adjustment.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;<U>Fractional
Shares</U>. No fractional Company Shares will be issued in connection with any exercise hereunder, but in lieu of such fractional
shares the Company shall, at its election, either make a cash payment therefor based on the fair market value of the applicable
Company Shares on the date of exercise as reasonably determined in good faith by the Company&rsquo;s Board of Directors or round
up to the next whole share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;<U>Compliance
with Securities Act; Disposition of Warrant or Company Shares</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;<U>Compliance
with Securities Act</U>. The holder of this Warrant, by acceptance hereof, agrees that this Warrant, and the Shares to be issued
upon exercise hereof are being acquired for investment and that such holder will not offer, sell or otherwise dispose of this
Warrant, or any Shares except under circumstances which will not result in a violation of the Securities Act of 1933, as amended
(the &ldquo;<U>Act</U>&rdquo;) or any applicable state securities laws. Upon exercise of this Warrant, unless the Shares being
acquired are registered under the Act and any applicable state securities laws or an exemption from such registration is available,
the holder hereof shall confirm in writing that the Shares so purchased are being acquired for investment and not with a view
toward distribution or resale in violation of the Act and shall confirm such other matters related thereto as may be reasonably
requested by the Company. This Warrant and all Shares issued upon exercise of this Warrant (unless registered under the Act and
any applicable state securities laws) shall be stamped or imprinted with a legend in substantially the following form:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;THE
SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS.
NO SALE OR DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL
OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION
LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING, <FONT STYLE="text-transform: uppercase">in
a manner reasonably satisfactory to the Company</FONT> WITH THE PROVISIONS OF SECTION 7 OF THE WARRANT UNDER WHICH THESE SECURITIES
WERE ISSUED, DIRECTLY OR INDIRECTLY.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Said
legend shall be removed by the Company, upon the request of a holder, at such time as the restrictions on the transfer of the
applicable security shall have terminated. In addition, in connection with the issuance of this Warrant, the holder specifically
represents to the Company by acceptance of this Warrant as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holder is aware of the Company&rsquo;s business affairs and financial condition and has acquired information about the Company
sufficient to reach an informed and knowledgeable decision to acquire this Warrant. The holder is acquiring this Warrant for its
own account for investment purposes only and not with a view to, or for the resale in connection with, any &ldquo;distribution&rdquo;
thereof in violation of the Act or any applicable state securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holder understands that this Warrant has not been registered under the Act in reliance upon a specific exemption therefrom, which
exemption depends upon, among other things, the bona fide nature of the holder&rsquo;s investment intent as expressed herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holder is an &ldquo;accredited investor&rdquo; as such term is defined in Rule 501 of Regulation D promulgated under the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Disposition
of Warrant or Shares</U>. With respect to any offer, sale or other disposition of this Warrant or any Shares acquired pursuant
to the exercise of this Warrant prior to registration of such Warrant or Shares or a bona fide exemption from registration under
the Act, the holder hereof agrees to give written notice to the Company prior thereto, describing briefly the manner thereof,
together with a written opinion of such holder&rsquo;s counsel, or other evidence, if reasonably satisfactory to the Company,
to the effect that such offer, sale or other disposition may be effected without registration or qualification (under the Act
as then in effect or any federal or state securities law then in effect) of this Warrant or the Shares and indicating whether
or not under the Act certificates for this Warrant or the Shares to be sold or otherwise disposed of require any restrictive legend
as to applicable restrictions on transferability in order to ensure compliance with such law. Upon receiving such written notice
and reasonably satisfactory opinion or other evidence, the Company, as promptly as practicable but no later than thirty (30) days
after receipt of the written notice, shall notify such holder that such holder may sell or otherwise dispose of this Warrant or
such Shares, all in accordance with the terms of the notice delivered to the Company. If a determination has been made pursuant
to this <U>Section 7(b)</U> that the opinion of counsel for the holder or other evidence is not reasonably satisfactory to the
Company, the Company shall so notify the holder promptly with details thereof after such determination has been made. Notwithstanding
the foregoing, this Warrant or such Shares may, as to such federal laws, be offered, sold or otherwise disposed of in accordance
with Rule 144 or 144A under the Act, <U>provided</U> that the Company shall have been furnished with such information as the Company
may reasonably request to provide a sufficient assurance that the provisions of Rule 144 or 144A have been satisfied. Each certificate
representing this Warrant or the Shares thus transferred (except a transfer pursuant to Rule 144 or 144A) shall bear a legend
as to the applicable restrictions on transferability in order to ensure compliance with such laws, unless in the aforesaid opinion
of counsel for the holder, such legend is not required in order to ensure compliance with such laws. The Company may issue stop
transfer instructions to its transfer agent in connection with such restrictions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;<U>Applicability
of Restrictions</U>. Subject to compliance with the Act and Section 7(b) hereof, for the avoidance of doubt, the holder of this
Warrant may transfer or grant a security interest in, this Warrant (and the Company Shares obtainable upon exercise thereof),
or any part hereof, without the consent of the Company, to: (i) a partner of the holder if the holder is a partnership, or to
a member of the holder if the holder is a limited liability company; (ii) a partnership of which the holder is a partner or to
a limited liability company of which the holder is a member; (iii) any affiliate of the holder if the holder is a corporation,
(iv) notwithstanding the foregoing, any corporation, company, limited liability company, limited partnership, partnership, or
other person managed or sponsored by Horizon Technology Finance Corporation (&ldquo;<U>HRZN</U>&rdquo;), or in which HRZN has
an interest; or (v) a lender to the holder of any of the foregoing; <U>provided</U>, <U>however</U>, in any such transfer, if
applicable, the transferee shall on the Company&rsquo;s request agree in writing to be bound by the terms of this Warrant as if
an original holder hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&nbsp;<U>Rights
as Shareholders; Information</U>. No holder of this Warrant, as such, shall be entitled to vote or receive dividends or be deemed
the holder of Company Shares which may at any time be issuable upon the exercise hereof for any purpose, nor shall anything contained
herein be construed to confer upon the holder of this Warrant, as such, any of the rights of a shareholder of the Company or any
right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to receive
notice of meetings, or to receive dividends or subscription rights or otherwise until this Warrant shall have been exercised and
the Shares purchasable upon the exercise hereof shall have become deliverable, as provided herein. Notwithstanding the foregoing,
the Company will transmit to the holder of this Warrant such information, documents and reports as are generally distributed to
the holders of any class or series of the securities of the Company concurrently with the distribution thereof to the shareholders.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&nbsp;<U>Registration
Rights</U>. For the period starting from the Date of Grant through the initial date that the holder of this Warrant is permitted
to offer, sell or dispose of the Warrant or Shares pursuant to Rule 144 under the Act, the Company grants registration rights
to the holder of this Warrant for any Shares obtained upon exercise of this Warrant as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;At
any time after the date hereof, if the Company shall determine to register for its account or for the account of others any of
its equity securities, the Company shall give notice (a &ldquo;<U>Registration Notice</U>&rdquo;) to the holder at least 10 days
prior to filing a registration statement, and shall, upon the written request of the holder hereof received by the Company no
later than 5 days following delivery of a Registration Notice, include in such registration statement the Shares, <U>provided</U>,
<U>however</U>, that the Company may reduce the number of Shares to be registered or not register the Shares in view of market
conditions or other conditions as determined in writing by the lead underwriter, if such registration statement is for an underwritten
offering, or by the Company&rsquo;s investment banker, which written determination the Company will share with the Lender. The
Company may not reduce the number of Shares included in such registration statement by a greater percentage than any other person
exercising piggyback registration rights; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;The registration rights are assignable by the holder of this Warrant in connection with a permitted transfer of this Warrant or
the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.&nbsp;<U>Additional
Rights</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acquisition
Transactions</U>. The Company shall provide the holder of this Warrant with at least five (5) Business Days&rsquo; written notice
prior to closing thereof of the terms and conditions of any of the following transactions (to the extent the Company has notice
thereof): (i) the sale, lease, exchange, conveyance or other disposition of all or substantially all of the Company&rsquo;s property
or business, or (ii) its merger into or consolidation with any other corporation (other than a wholly-owned subsidiary of the
Company), or any transaction (including a merger or other reorganization) or series of related transactions, in which more than
50% of the voting power of the Company is disposed of. For purposes hereof, (<I>x</I>) &ldquo;<U>Business Day</U>&rdquo; means
any day that is not a Saturday, Sunday, or other day on which banking institutions are authorized or required to close in New
York, and (<I>y</I>) &ldquo;notice&rdquo; of matters set forth in (i) and (ii) above shall be deemed satisfied by Company and
received by the holder to the extent the Company discloses such transaction in a public filing with the U.S. Securities and Exchange
Commission.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
to Convert Warrant into Stock: Net Issuance</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
to Convert</U>. In addition to and without limiting the rights of the holder under the terms of this Warrant, the holder shall
have the right to convert this Warrant or any portion thereof (the &ldquo;<U>Conversion Right</U>&rdquo;) into Company Shares
as provided in this <U>Section 10.2</U> at any time or from time to time during the term of this Warrant. Upon exercise of the
Conversion Right with respect to a particular number of shares subject to this Warrant (the &ldquo;<U>Converted Warrant Shares</U>&rdquo;),
the Company shall deliver to the holder (without payment by the holder of any exercise price or any cash or other consideration)
that number of fully paid and nonassessable Company Shares as is determined according to the following formula:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -1.5in"></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="text-align: right; width: 60pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X =&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 63pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B
       - A </FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Y</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 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: 81pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where:&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD><TD STYLE="width: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X
                                         = </FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         number of Company Shares that shall be issued to holder</FONT></TD></TR>
</TABLE>

<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: 81pt"></TD><TD STYLE="width: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Y
                             =</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         fair market value of one applicable Company Share</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 81pt"></TD><TD STYLE="width: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                             =</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         aggregate Warrant Price of the specified number of Converted Warrant Shares immediately
                                         prior to the exercise of the Conversion Right <I>(i.e.</I>, the number of Converted Warrant
                                         Shares <I>multiplied by</I> the Warrant Price)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 81pt"></TD><TD STYLE="width: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B
                             =</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         aggregate fair market value of the specified number of Converted Warrant Shares (<I>i.e.</I>,
                                         the number of Converted Warrant Shares <I>multiplied by</I> the fair market value of
                                         one Converted Warrant Share)</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
fractional shares shall be issuable upon exercise of the Conversion Right, and, if the number of shares to be issued determined
in accordance with the foregoing formula is other than a whole number, the Company shall pay to the holder an amount in cash equal
to the fair market value of the resulting fractional share on the Conversion Date (as hereinafter defined). For purposes of <U>Section
10</U> of this Warrant, shares issued pursuant to the Conversion Right shall be treated as if they were issued upon the exercise
of this Warrant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Method
of Exercise</U>. The Conversion Right may be exercised by the holder by the surrender of this Warrant at the principal office
of the Company together with a written statement (which may be in the form of <U>Exhibit A-1</U> hereto) specifying that the holder
thereby intends to exercise the Conversion Right and indicating the number of shares subject to this Warrant which are being surrendered
(referred to in <U>Section 10.2(a)</U> hereof as the Converted Warrant Shares) in exercise of the Conversion Right. Such conversion
shall be effective upon receipt by the Company of this Warrant together with the aforesaid written statement, or on such later
date as is specified therein (the &ldquo;<U>Conversion Date</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;<U>Determination
of Fair Market Value</U>. For purposes of this <U>Section 10.2</U>, &ldquo;fair market value&rdquo; as of a particular date (the
&ldquo;<U>Determination Date</U>&rdquo;) shall mean:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a share of Common Stock, the VWAP over the five (5) trading days immediately prior to the Determination Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise
Prior to Expiration. </U>To the extent this Warrant is not previously exercised as to all of the Shares subject hereto, and if
the fair market value of one share of the applicable Company Shares is greater than the Warrant Price then in effect, this Warrant
shall be deemed automatically exercised pursuant to <U>Section 10.2</U> above (even if not surrendered) immediately before its
expiration. For purposes of such automatic exercise, the fair market value of one share of the applicable Company Shares upon
such expiration shall be determined pursuant to <U>Section 10.2(c)</U>. To the extent this Warrant, or any portion thereof is
deemed automatically exercised pursuant to this <U>Section 10.3</U>, the Company agrees to promptly notify the holder hereof of
the number of Shares, if any, the holder hereof is to receive by reason of such automatic exercise.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&nbsp;<U>Representations
and Warranties</U>. The Company represents and warrants to the holder of this Warrant as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;This
Warrant has been duly authorized and executed by the Company and is a valid and binding obligation of the Company enforceable
in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors
and the rules of law or principles at equity governing specific performance, injunctive relief and other equitable remedies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;The
Shares have been duly authorized and reserved for issuance by the Company and, when issued in accordance with the terms hereof,
will be validly issued, fully paid and nonassessable and free from preemptive rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;The
rights, preferences, privileges and restrictions granted to or imposed upon the classes and series of the Company&rsquo;s capital
stock and the holders thereof are as set forth in the Company&rsquo;s Certificate of Incorporation as amended through the Date
of Grant (the &ldquo;<U>Charter</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;The
execution and delivery of this Warrant are not, and the issuance of the Shares upon exercise of this Warrant in accordance with
the terms hereof will not be, inconsistent with the Company&rsquo;s Charter or by-laws, do not and will not contravene any law,
governmental rule or regulation, judgment or order applicable to the Company, and do not and will not conflict with or contravene
any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument of which the Company is
a party or by which it is bound or require the consent or approval of, the giving of notice to, the registration or filing with
or the taking of any action in respect of or by, any Federal, state or local government authority or agency or other person, except
for the filing of notices pursuant to federal and state securities laws, which filings will be effected by the time required thereby.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;As
of the date hereof, there are no actions, suits, audits, investigations or proceedings pending or, to the knowledge of the Company,
threatened against the Company in any court or before any governmental commission, board or authority which, if adversely determined,
could have a material adverse effect on the ability of the Company to perform its obligations under this Warrant.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.&nbsp;<U>Modification
and Waiver</U>. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in
writing signed by the party against which enforcement of the same is sought.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.&nbsp;<U>Notices</U>.
Any notice, request, communication or other document required or permitted to be given or delivered to the holder hereof or the
Company shall be delivered, or shall be sent by certified or registered mail, postage prepaid, to each such holder at its address
as shown on the books of the Company or to the Company at the address indicated therefor on the signature page of this Warrant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.&nbsp;<U>Binding
Effect on Successors</U>. This Warrant shall be binding upon any corporation succeeding the Company by merger, consolidation or
acquisition of all or substantially all of the Company&rsquo;s assets, and all of the obligations of the Company relating to the
Shares issuable upon the exercise or conversion of this Warrant shall survive the exercise, conversion and termination of this
Warrant and all of the covenants and agreements of the Company shall inure to the benefit of the successors and assigns of the
holder hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.&nbsp;<U>Lost
Warrants or Stock Certificates</U>. The Company covenants to the holder hereof that, upon receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant or any stock certificate and, in the case of any
such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such
mutilation upon surrender and cancellation of such Warrant or stock certificate, the Company will make and deliver a new Warrant
or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.&nbsp;<U>Descriptive
Headings</U>. The descriptive headings of the various Sections of this Warrant are inserted for convenience only and do not constitute
a part of this Warrant. The language in this Warrant shall be construed as to its fair meaning without regard to which party drafted
this Warrant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.&nbsp;<U>Governing
Law</U>. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be governed by,
the laws of the State of Delaware.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.&nbsp;<U>Survival
of Representations, Warranties and Agreements</U>. All representations and warranties of the Company and the holder hereof contained
herein shall survive the Date of Grant, the exercise or conversion of this Warrant (or any part hereof) or the termination or
expiration of rights hereunder. All agreements of the Company and the holder hereof contained herein shall survive indefinitely
until, by their respective terms, they are no longer operative.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.&nbsp;<U>Remedies</U>.
In case any one or more of the covenants and agreements contained in this Warrant shall have been breached, the holders hereof
(in the case of a breach by the Company), or the Company (in the case of a breach by a holder), may proceed to protect and enforce
their or its rights either by suit in equity and/or by action at law, including, but not limited to, an action for damages as
a result of any such breach and/or an action for specific performance of any such covenant or agreement contained in this Warrant.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.&nbsp;<U>No
Impairment of Rights</U>. The Company will not, by amendment of its Charter or through any other means, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying
out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of
the holder of this Warrant against impairment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.&nbsp;<U>Severability</U>.
The invalidity or unenforceability of any provision of this Warrant in any jurisdiction shall not affect the validity or enforceability
of such provision in any other jurisdiction, or affect any other provision of this Warrant, which shall remain in full force and
effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.&nbsp;<U>Recovery
of Litigation Costs</U>. If any legal action or other proceeding is brought for the enforcement of this Warrant, or because of
an alleged dispute, breach, default, or misrepresentation in connection with any of the provisions of this Warrant, the successful
or prevailing party or parties shall be entitled to recover reasonable attorneys&rsquo; fees and other costs incurred in that
action or proceeding, in addition to any other relief to which it or they may be entitled.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.&nbsp;<U>Entire
Agreement; Modification</U>. This Warrant constitutes the entire agreement between the parties pertaining to the subject matter
contained in it and supersedes all prior and contemporaneous agreements, representations, and undertakings of the parties, whether
oral or written, with respect to such subject matter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[Signature
on following page]</I></FONT></P>

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


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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has caused this Warrant to be duly executed and delivered as of the Date of Grant specified above.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 211.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 211.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PELTHOS THERAPEUTICS INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; text-indent: 0in; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Address: 4020 Stirrup Creek
    Drive, Suite 110 <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Durham,
NC 27703</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 2.5in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[SIGNATURE PAGE TO PELTHOS WARRANT (LOAN
[&#9679;])]</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBIT
A-1</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTICE
OF EXERCISE</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To: <B>PELTHOS
THERAPEUTICS INC.</B> (the &ldquo;<U>Company</U>&rdquo;)</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned hereby:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">elects
                                         to purchase ________ shares of Common Stock of the Company pursuant to the terms of the
                                         attached Warrant, and tenders herewith payment of the purchase price of such shares in
                                         full, or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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">&#9744;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">elects
                                         to exercise its net issuance rights pursuant to <U>Section 10.2</U> of the attached Warrant
                                         with respect to ________ shares of Common Stock.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
issue a certificate or certificates representing ________ shares in the name of the undersigned or in such other name or names
as are specified below:</FONT></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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name)</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned represents that the aforesaid shares are being acquired for the account of the undersigned for investment and not
with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of
distributing or reselling such shares, all except as in compliance with applicable securities laws. The undersigned is an &ldquo;accredited
investor&rdquo; as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended.</FONT></P>

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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Signature)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Date)</FONT></P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>g085079_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B><I>Execution Version</I></B></P>

<P STYLE="margin: 0; text-align: right"><B><I>&nbsp;</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VENTURE
    LOAN AND SECURITY AGREEMENT</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated
    as of January 12, 2026</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
                                                <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         and among</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HORIZON
TECHNOLOGY FINANCE CORPORATION,&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
Delaware corporation</FONT>&nbsp;</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">312
        Farmington Avenue</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Farmington,
        CT 06032</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
        a Lender and Collateral Agent</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    </TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">And</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PELTHOS THERAPEUTICS INC.,</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a Nevada corporation,</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4020 Stirrup Creek Drive, Suite 110</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Durham, NC 27703</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">as Borrower Representative and a Co-Borrower</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD>
    </TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50%; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">LNHC, INC.,</P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">a Delaware corporation,</P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">4020 Stirrup Creek Drive, Suite 110</P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">Durham, NC 27703</P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">as a Co-Borrower</P></TD><TD STYLE="text-align: justify; width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">CHANNEL PHARMACEUTICAL</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">CORPORATION</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">a Nevada corporation,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">4020 Stirrup Creek Drive, Suite 110</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">Durham, NC 27703</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">as a Co-Borrower</P></TD>
</TR></TABLE>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
                    A [Tr1] Commitment Amount: $10,000,000</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        B [Tr1] Commitment Amount: $10,000,000</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        C [Tr1] Commitment Amount: $5,000,000</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        D [Tr1] Commitment Amount: $5,000,000</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        E [Tr2] Commitment Amount: $2,500,000</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        F [Tr2] Commitment Amount: $2,500,000</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        G [Tr3] Commitment Amount: $2,500,000</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        H [Tr3] Commitment Amount: $2,500,000</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        I [Tr4] Commitment Amount: $5,000,000</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        J [Tr4] Commitment Amount: $5,000,000</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 56%"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
                    A Commitment Termination Date: January 12, 2026</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        B Commitment Termination Date: January 12, 2026</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        C Commitment Termination Date: January 12, 2026</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        D Commitment Termination Date: January 12, 2026</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        E Commitment Termination Date: September 30, 2026</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        F Commitment Termination Date: September 30, 2026</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        G Commitment Termination Date: December 31, 2026</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        H Commitment Termination Date: December 31, 2026</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        I Commitment Termination Date: December 31, 2027</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
        J Commitment Termination Date: December 31, 2027</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Lender, Collateral Agent and Co-Borrowers hereby agree as follows:</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>AGREEMENT</U></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;<U>Definitions
and Construction</U>.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&nbsp;<U>Definitions</U>.
As used in this Agreement, the following capitalized terms shall have the following meanings (such meanings to be equally applicable
to both the singular and plural forms of the terms defined):</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Account
Control Agreement</U>&rdquo; means an agreement acceptable to Lender which perfects via control Lender&rsquo;s and Collateral
Agent&rsquo;s security interest in each Co-Borrower&rsquo;s deposit accounts and/or securities accounts.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any Person, any other Person that owns or controls directly or indirectly 25 % or more of the stock of
another entity of such Person, any other Person that controls or is controlled by or is under common control with such Person
and each of such Person&rsquo;s officers, directors, managers, joint venturers or partners. For purposes of this definition, the
term &ldquo;control&rdquo; of a Person means the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of such Person, whether through the ownership of voting Equity Securities, by contract or otherwise
and the terms &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo; shall have correlative meanings.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Agreement</U>&rdquo;
means this certain Venture Loan and Security Agreement by and among Co-Borrowers, Collateral Agent and Lender dated as of the
date on the cover page hereto (as it may from time to time be amended, restated, supplemented or otherwise modified in a writing
signed by Co-Borrowers, Collateral Agent and Lender).</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Allocable
Amount</U>&rdquo; has the meaning given such term in <U>Section 16.7(b)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Anti-Terrorism
Laws</U>&rdquo; means any laws relating to terrorism or money laundering, including Executive Order No. 13224 (effective September
24, 2001), the USA PATRIOT Act, the laws comprising or implementing the Bank Secrecy Act, and the laws administered by OFAC.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Borrower
Representative</U>&rdquo; means the Borrower Representative as set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Business
Day</U>&rdquo; means any day that is not a Saturday, Sunday, or other day on which banking institutions are authorized or required
to close in New York.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Cash
Covenant Milestone Date</U>&rdquo; has the meaning given such term in <U>Section 6.13(a)</U>.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Channel
Assets Intercreditor Agreement</U>&rdquo; means that certain Intercreditor Agreement, dated on or about the date hereof, by and
among Lender, Ligand, Nomis, Madison and each Co-Borrower.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Channel
Assets Purchase and Sale Agreement</U>&rdquo; means that certain Purchase and Sale Agreement, dated as of July 1, 2025, by and
among Channel Pharmaceutical and Borrower Representative (as successor in interest to Channel Therapeutics), as the Seller Parties
(as defined therein), and Ligand, Nomis and Madison, as Purchasers (as defined therein), as amended as of the date hereof, and
as further as amended, modified and supplemented from time to time in compliance with the Channel Assets Intercreditor Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Channel
Pharmaceutical</U>&rdquo; means Channel Pharmaceutical Corporation, a Nevada corporation and wholly-owned subsidiary of Borrower
Representative; provided however that subsequent to any Transfer contemplated by <U>Section 7.4(o)</U> of this Agreement, Borrower
Representative may own less than 50% of the Equity Securities of Channel Pharmaceutical.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Channel
Therapeutics</U>&rdquo; means Channel Therapeutics Corporation, a Nevada corporation and predecessor in interest to Borrower Representative.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Chromocell</U>&rdquo;
means Channel Pharmaceutical Corporation Pty Ltd f/k/a Chromocell Therapeutics Australia Pty Ltd, an Australian proprietary limited
company.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Claim</U>&rdquo;
has the meaning given such term in <U>Section 10.3</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Closing
Date</U>&rdquo; means the date of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Co-Borrower</U>&rdquo;
means, individually and/or collectively, as the context requires, each Co-Borrower as set forth on the cover page of this Agreement,
as well as any other entity that may, from time to time, be added as a Co-Borrower to this Agreement. All obligations, representations
and covenants herein and in other Loan Documents to which any Co-Borrower is a party, shall be joint and several unless otherwise
explicitly stated herein.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Code</U>&rdquo;
means the Uniform Commercial Code as adopted and in effect in the State of New York, as amended from time to time; <U>provided
</U>that if by reason of mandatory provisions of law, the creation and/or perfection or the effect of perfection or non-perfection
of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than
the State of New York, the term &ldquo;Code&rdquo; shall also mean the Uniform Commercial Code as in effect from time to time
in such jurisdiction for purposes of the provisions hereof relating to such creation, perfection or effect of perfection or non-perfection.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Collateral</U>&rdquo;
has the meaning given such term in <U>Section 4.1</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Collateral
Agent</U>&rdquo; means Horizon, or any successor collateral agent appointed by Lender.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Commitment
Amount</U>&rdquo; means the Loan A Commitment Amount, the Loan B Commitment Amount, the Loan C Commitment Amount, the Loan D Commitment
Amount, the Loan E Commitment Amount, the Loan F Commitment Amount, the Loan G Commitment Amount, the Loan H Commitment Amount,
the Loan I Commitment Amount or the Loan J Commitment Amount, as applicable.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Commitment
Fee</U>&rdquo; has the meaning given such term in <U>Section 2.6(c)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Competitor</U>&rdquo;
means any Person set forth on <U>Exhibit G</U> attached hereto, as such exhibit may be amended by Borrower Representative from
time to time with Lenders consent, not to be unreasonably withheld, conditioned or delayed.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Consolidated</U>&rdquo;
means the consolidation of accounts in accordance with GAAP.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Default</U>&rdquo;
means any event which with the passing of time or the giving of notice or both would become an Event of Default hereunder.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Default
Rate</U>&rdquo; means the per annum rate of interest equal to four percent (4%) over the Loan Rate, but such rate shall in no
event be more than the highest rate permitted by applicable law to be charged on commercial loans in a default situation.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Disclosed
Affiliate Transactions</U>&rdquo; has the meaning given such term in <U>Section 7.8</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Disclosure
Schedule</U>&rdquo; means <U>Exhibit A</U> attached hereto.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Disqualified
Institution</U>&rdquo; means any (a) Competitor, (b) Person set forth on <U>Exhibit F</U> attached hereto, or (c) an Affiliate
of any Person referred to in clause (a) or (b) above.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Environmental
Laws</U>&rdquo; means all foreign, federal, state or local laws, statutes, common law duties, rules, regulations, ordinances and
codes, together with all administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements
with, any Governmental Authorities, in each case relating to environmental, health, safety and land use matters, including the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Clean Air Act, the Federal Water Pollution Control
Act of 1972, the Solid Waste Disposal Act, the Federal Resource Conservation and Recovery Act, the Toxic Substances Control Act
and the Emergency Planning and Community Right-to-Know Act.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Equity
Securities</U>&rdquo; of any Person means (a) all common stock, preferred stock, participations, shares, partnership interests,
membership interests or other equity interests in and of such Person (regardless of how designated and whether or not voting or
non-voting) and (b) all warrants, options and other rights to acquire any of the foregoing.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>ERISA</U>&rdquo;
has the meaning given to such term in <U>Section 7.12</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Event
of Default</U>&rdquo; has the meaning given to such term in <U>Section 8</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Excluded
Accounts</U>&rdquo; means (a) any account used for payroll, payroll taxes, withholding and other employee wage and benefit payments
to or for the benefit of any Co-Borrower&rsquo;s or any of its Subsidiaries&rsquo; employees or contractors, so long as such account
is a zero balance account or is funded no earlier than the Business Day immediately prior to the date of any payroll disbursements
and in an amount not exceeding the same, (b) any account constituting a zero balance account, (c) any account constituting a trust
account, escrow account, fiduciary account (including any customer reserve or deposit account), and other accounts solely holdings
funds on account of, or for the benefit of, third parties that are not Affiliates (other than any Affiliates who are royalty purchasers
under any Purchase and Sale Agreement, as applicable) (including any cash collateral account that is subject to Permitted Liens),
so long as such account is a zero balance account or is funded no earlier than the Business Day immediately prior to the date
of any disbursements and in an amount not exceeding the same, (d) petty cash accounts, amounts on deposit in which do not exceed
$100,000 in the aggregate at any one time, (e) accounts to secure Co-Borrowers&rsquo; credit cards, amounts on deposit in which
do not exceed $250,000 in the aggregate, (f) withholding tax and fiduciary accounts, (g) if or when established pursuant to Section
6.4 of the Zelsuvmi Purchase and Sale Agreement, the Royalty Holder Collection Account (as defined and when established therein),
and (h) if or when established pursuant to Section 6.4 of the Channel Assets Purchase and Sale Agreement, the Royalty Holder Collection
Account (as defined and when established therein).</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Excluded
Equity</U>&rdquo; means the Equity Securities of Chromocell.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Excluded
Property</U>&rdquo; means, collectively:</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;(i)
Excluded Equity; (ii) each permit, license and other contractual obligation and entered into by any Co-Borrower or any Subsidiary
of a Co-Borrower (A) that prohibits or requires the consent of any Person other than a Co-Borrower and its Affiliates which has
not been obtained as a condition to the creation by such Co-Borrower or Subsidiary of a Lien on any right, title or interest in
such permit, license or contractual obligation or any Equity Securities related thereto or (B) to the extent that any requirement
of law applicable thereto prohibits the creation of a Lien thereon, but only, with respect to the prohibition in (A) and (B),
to the extent, and for as long as, such prohibition is not terminated or rendered unenforceable or otherwise deemed ineffective
by the UCC or any other requirement of law; (iii) property owned by any Co-Borrower or any Subsidiary of a Co-Borrower that is
subject to a purchase money Lien or a capital lease permitted under this Agreement if the contractual obligation pursuant to which
such Lien is granted (or in the document providing for such capital lease) prohibits or requires the consent of any Person other
than a Co-Borrower and its Affiliates which has not been obtained as a condition to the creation of any other Lien on such equipment;
(iv) the Excluded Accounts described in sub-parts (g) and (h) of the definition thereof; (v) those assets as to which the Collateral
Agent and the Borrower Representative agree that the burden or cost or other consequences (including any material adverse tax
consequences) of obtaining a security interest therein would be excessive in view of the practical benefits to be obtained by
the Secured Parties therefrom; (vi) any owned or leased real property; (vii) Equity Securities in any entity other than wholly-owned
Subsidiaries to the extent not permitted by the terms of such entity&rsquo;s organizational or joint venture documents (unless
any such restriction would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408, 9-409 or other applicable provisions
of the UCC of any relevant jurisdiction or any other applicable law), (viii) assets subject to certificates of title to the extent
that security interests in such assets cannot be perfected by the filing of UCC financing statements or PPSA financing statements,
(ix) any lease, license or other agreement, in each case to the extent permitted under this Agreement or any property subject
thereto to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement
or create a right of termination in favor of any other party thereto (other than a Co-Borrower) (unless any such term would be
rendered ineffective pursuant to Sections 9-406, 9-407, 9-408, 9-409 or other applicable provisions of the UCC of any relevant
jurisdiction or any other applicable law); provided that, immediately upon the ineffectiveness, lapse or termination of any such
term, such assets shall automatically cease to constitute Excluded Property, or (x) any &ldquo;intent-to-use&rdquo; application
for registration of a trademark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. &sect; 1051, prior to the filing of
a &ldquo;Statement of Use&rdquo; pursuant to Section 1(d) of the Lanham Act or an &ldquo;Amendment to Allege Use&rdquo; pursuant
to Section 1(c) of the Lanham Act with respect thereto, solely to the extent, if any, that and solely during the period, if any,
in which, the grant of a security interest therein would impair the validity or enforceability of any registration that issues
from such intent-to-use application under applicable federal law;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;the
&ldquo;Purchased Receivables&rdquo; (as such term is defined in the Zelsuvmi Purchase and Sale Agreement) and all proceeds thereof;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;the
&ldquo;Purchased Receivables&rdquo; (as such term is defined in the Channel Assets Purchase and Sale Agreement) and all proceeds
thereof;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;the
&ldquo;Assigned Rights&rdquo; and &ldquo;Sales Royalties&rdquo; (as each such term is defined the Reedy Creek Purchase and Sale
Agreement) and all proceeds thereof; and</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;the
&ldquo;Royalty Interest Right&rdquo; and the &ldquo;Sato Payment&rdquo; (as such terms are defined in the Xepi Purchase and Sale
Agreement) and all proceeds thereof;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provided
however, &ldquo;Excluded Property&rdquo; described in clause (a) above shall not include any proceeds, products, substitutions
or replacements of Excluded Property (unless such proceeds, products, substitutions or replacements would otherwise constitute
Excluded Property).</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Excluded
Subsidiary</U>&rdquo; means Chromocell.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Excluded
Taxes</U>&rdquo; means any of the following taxes imposed on or with respect to Lender or required to be withheld or deducted
from a payment to Lender, (a) taxes imposed on or measured by net income (however denominated), franchise taxes, and branch profits
taxes, in each case, (i) imposed as a result of Lender being organized under the laws of, or having its principal office or its
applicable lending office located in, the jurisdiction imposing such tax (or any political subdivision thereof) or (ii) that are
taxes imposed as a result of a present or former connection between Lender and the jurisdiction imposing such tax (other than
connections arising from Lender having executed, delivered, become a party to, performed its obligations under, received payments
under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document,
or sold or assigned an interest in any Loan or Loan Document), (b) U.S. federal withholding taxes imposed on amounts payable to
or for the account of Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the
date on which (i) Lender acquires such interest in the Loan or Commitment or (ii) Lender changes its lending office, except in
each case to the extent that, pursuant to <U>Section 2.4(c)</U>, amounts with respect to such taxes were payable either to such
Lender&rsquo;s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its
lending office, (c) taxes attributable to Lender&rsquo;s failure to comply with <U>Section 2.4(c)(iv)</U>, and (d) any withholding
taxes imposed under FATCA.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>FATCA</U>&rdquo;
has the meaning given to such term in <U>Section 2.4(c)(iv)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Ferrer
License</U>&rdquo; means that certain License and API Supply Agreement, dated as of November 6, 2025, by and between Pelthos and
Ferrer Internacional, S.A., and Interquim, S.A.U.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Funding
Certificate</U>&rdquo; means a certificate executed by a duly authorized Responsible Officer of Borrower Representative substantially
in the form of <U>Exhibit B</U> or such other form as Lender may agree to accept.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Funding
Date</U>&rdquo; means any date on which a Loan is made to or on account of any Co-Borrower under this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted accounting principles as in effect in the United States of America from time to time, consistently applied.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Good
Faith Deposit</U>&rdquo; has the meaning given such term in <U>Section 2.6(a)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Governmental
Authority</U>&rdquo; means (a) any federal, state, county, municipal or foreign government, or political subdivision thereof,
(b) any governmental or quasi-governmental agency, authority, board, bureau, commission, department, instrumentality or public
body, (c) any court or administrative tribunal, or (d) with respect to any Person, any arbitration tribunal or other non-governmental
authority to whose jurisdiction that Person has consented.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Guarantor
Payment</U>&rdquo; has the meaning given such term in <U>Section 16.7(a)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Hazardous
Materials</U>&rdquo; means all those substances which are regulated by, or which may form the basis of liability under, any Environmental
Law, including all substances identified under any Environmental Law as a pollutant, contaminant, hazardous waste, hazardous constituent,
special waste, hazardous substance, hazardous material, or toxic substance, or petroleum or petroleum derived substance or waste.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Horizon</U>&rdquo;
means Horizon Technology Finance Corporation, a Delaware corporation.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Indebtedness</U>&rdquo;
means, with respect to any Person, the aggregate amount of, without duplication, (a) all obligations of such Person for borrowed
money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations
of such Person to pay the deferred purchase price of property or services (excluding trade payables aged less than one hundred
eighty (180) days and customary working capital and similar purchase price adjustments and purchase price holdbacks), (d) all
capital lease obligations of such Person, (e) [reserved], (f) all obligations or liabilities of others guaranteed by such Person,
whether unsecured or secured by a Lien on any asset of such Person, (g) all obligations or liabilities incurred by such Person,
including, without limitation, any amounts paid to such Person, pursuant to such Person&rsquo;s execution of a SAFE, provided
that upon the issuance of the Equity Securities to be issued pursuant to such SAFE, such obligations and liabilities shall no
longer constitute Indebtedness and (h) any other obligations or liabilities which are required by GAAP to be shown as debt on
the balance sheet of such Person; provided, that Indebtedness shall not include (i) accrued expenses, including any accrued and
unpaid management fees, and deferred compensation and customary obligations under employment arrangements, (ii) operating leases,
(iii) non-royalty license and license pass-through payment obligations, (iv) commercial gross-to-net deductions and related accruals,
(v) inventory related minimum purchase commitments or related accruals, or (vi) deferred revenue amounts.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Indemnified
Person</U>&rdquo; has the meaning given such term in <U>Section 10.3</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Indemnified
Taxes</U>&rdquo; means taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any
obligation of a Co-Borrower under any Loan Document.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Initial
Loan Extended Interest Scheduled Payments</U>&rdquo; has the meaning given such term in <U>Section 2.2(a)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Initial
Loan Scheduled Payments</U>&rdquo; has the meaning given such term in <U>Section 2.2(a)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Intellectual
Property</U>&rdquo; means, with respect to any Person, all of such Person&rsquo;s right, title and interest in and to patents,
patent rights (and applications and registrations therefor and divisions, continuations, renewals, reissues, extensions and continuations-in-part
of the same), trademarks and service marks (and applications and registrations therefor and the goodwill associated therewith),
whether registered or not, inventions, copyrights (including applications and registrations therefor and like protections in each
work or authorship and derivative work thereof), whether published or unpublished, mask works (and applications and registrations
therefor), trade names, trade styles, software and computer programs, source code, object code, trade secrets, licenses, methods,
processes, know how, drawings, specifications, descriptions, and all memoranda, notes, and records with respect to any research
and development, all whether now owned or subsequently acquired or developed by such Person and whether in tangible or intangible
form or contained on magnetic media readable by machine together with all such magnetic media (but not including embedded computer
programs and supporting information included within the definition of &ldquo;goods&rdquo; under the Code).</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Intercreditor
Agreements</U>&rdquo; means, collectively, (i) the Channel Assets Intercreditor Agreement, (ii) the Xepi Intercreditor Agreement
and (iii) the Zelsuvmi Intercreditor Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Interest
Only Extension Milestone</U>&rdquo; means the achievement of Trailing Twelve-Month Net Revenue of at least $75,000,000.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Internal
Revenue Code</U>&rdquo; has the meaning given such term in <U>Section 5.20</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Investment</U>&rdquo;
means the purchase or acquisition of any capital stock, equity interest, or any obligations or other securities of, or any interest
in, any Person, or the extension of any advance, loan, extension of credit or capital contribution to, or any other investment
in, or deposit with, any Person.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>IRS</U>&rdquo;
means the United States Internal Revenue Service or any successor agency.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Landlord
Agreement</U>&rdquo; means an agreement substantially in the form provided by Lender to Co-Borrowers or such other form as Lender
may agree to accept in its reasonable discretion.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Lender</U>&rdquo;
means, individually and/or collectively, as the context requires, each Lender as set forth on the cover page of this Agreement,
as well as any other entity that may, from time to time, is permitted to be added as a Lender to this Agreement in accordance
with <U>Section 12.1</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Lender&rsquo;s
Expenses</U>&rdquo; means all of Lender&rsquo;s reasonable and documented costs or expenses (including reasonable and documented
attorneys&rsquo; fees and expenses) incurred in connection with the preparation, negotiation, documentation, drafting, amendment,
modification, administration, perfection and funding of the Loan Documents; and all of Lender&rsquo;s reasonable and documented
attorneys&rsquo; fees, costs and expenses incurred in enforcing or defending the Loan Documents (including reasonable and documented
fees and expenses of appeal or review), including the exercise of any rights or remedies afforded hereunder or under applicable
law, whether or not suit is brought, whether before or after bankruptcy or insolvency, including all fees and costs incurred by
Lender in connection with such Lender&rsquo;s enforcement of its rights in a bankruptcy or insolvency proceeding filed by or against
any Co-Borrower, any Subsidiary or their respective Property.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Lien</U>&rdquo;
means any voluntary or involuntary security interest, pledge, bailment, lease, mortgage, hypothecation, conditional sales and
title retention agreement, encumbrance or other lien with respect to any Property in favor of any Person.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Ligand</U>&rdquo;
means Ligand Pharmaceuticals Incorporated, a Delaware corporation.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Ligand
Letter Agreement</U>&rdquo; means that certain Letter Agreement, by and among Lender, Ligand and each Co-Borrower.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Ligand
Milestone Subordination Agreement</U>&rdquo; means that certain Subordination Agreement, dated on or about the date hereof, by
and among Lender, Ligand and each Co-Borrower.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Ligand
Purchase Option</U>&rdquo; means the &ldquo;Ligand Purchase Option&rdquo; as defined in the Ligand Letter Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>LNHC</U>&rdquo;
means LNHC, Inc., a Delaware corporation and wholly-owned subsidiary of Borrower Representative.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan</U>&rdquo;
means each advance of credit by Lender to the Co-Borrowers under this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
A</U>&rdquo; means the advance of credit by Lender to the Co-Borrowers under this Agreement in the Loan A Commitment Amount.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
A Commitment Amount</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
A Commitment Termination Date</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
A Final Payment</U>&rdquo; has the meaning given such term in <U>Section 2.2(g)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
Amortization Date</U>&rdquo; means, with respect to each Loan, the Payment Date on which Borrower is required, pursuant to <U>Section
2.2(a)</U> below, to commence making equal payments of principal plus accrued interest on the outstanding principal amount of
such Loan.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
B</U>&rdquo; means the advance of credit by Lender to the Co-Borrowers under this Agreement in the Loan B Commitment Amount.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
B Commitment Amount</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
B Commitment Termination Date</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
B Final Payment</U>&rdquo; has the meaning given such term in <U>Section 2.2(g)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
C</U>&rdquo; means the advance of credit by Lender to the Co-Borrowers under this Agreement in the Loan C Commitment Amount.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
C Commitment Amount</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
C Commitment Termination Date</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
C Final Payment</U>&rdquo; has the meaning given such term in <U>Section 2.2(g)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
D</U>&rdquo; means the advance of credit by Lender to the Co-Borrowers under this Agreement in the Loan D Commitment Amount.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
D Commitment Amount</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
D Commitment Termination Date</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
D Final Payment</U>&rdquo; has the meaning given such term in <U>Section 2.2(g)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
Documents</U>&rdquo; means, collectively, this Agreement, the Notes, the Warrants, the Intercreditor Agreements, the Subordination
Agreements, any Landlord Agreement, any Account Control Agreement and all other documents, instruments and agreements entered
into in connection with this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
E</U>&rdquo; means the advance of credit by Lender to the Co-Borrowers under this Agreement in the Loan E Commitment Amount.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
E Commitment Amount</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
E Commitment Termination Date</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
E Final Payment</U>&rdquo; has the meaning given such term in <U>Section 2.2(g)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
F</U>&rdquo; means the advance of credit by Lender to the Co-Borrowers under this Agreement in the Loan F Commitment Amount.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
F Commitment Amount</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
F Commitment Termination Date</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
F Final Payment</U>&rdquo; has the meaning given such term in <U>Section 2.2(g)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
G</U>&rdquo; means the advance of credit by Lender to the Co-Borrowers under this Agreement in the Loan G Commitment Amount.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
G Commitment Amount</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
G Commitment Termination Date</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
G Final Payment</U>&rdquo; has the meaning given such term in <U>Section 2.2(g)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
H</U>&rdquo; means the advance of credit by Lender to the Co-Borrowers under this Agreement in the Loan H Commitment Amount.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
H Commitment Amount</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
H Commitment Termination Date</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
H Final Payment</U>&rdquo; has the meaning given such term in <U>Section 2.2(g)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
I</U>&rdquo; means the advance of credit by Lender to the Co-Borrowers under this Agreement in the Loan I Commitment Amount.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
I Commitment Amount</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
I Commitment Termination Date</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
I Final Payment</U>&rdquo; has the meaning given such term in <U>Section 2.2(g)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
J</U>&rdquo; means the advance of credit by Lender to the Co-Borrowers under this Agreement in the Loan J Commitment Amount.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
J Commitment Amount</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
J Commitment Termination Date</U>&rdquo; has the meaning set forth on the cover page of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
J Final Payment</U>&rdquo; has the meaning given such term in <U>Section 2.2(g)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Loan
Rate</U>&rdquo; means, with respect to each Loan, the sum of (a) the per annum rate of interest from time to time published in
<U>The Wall Street Journal</U>, or any successor publication thereto, as the &ldquo;prime rate&rdquo; then in effect, plus (b)
3.75%; <U>provided</U> that, in the event such &ldquo;prime rate&rdquo; of interest is less than 6.75%, such &ldquo;prime rate&rdquo;
shall be deemed to be 6.75% for purposes of calculating the Loan Rate, <U>provided</U>, <U>further</U>, that if the &ldquo;prime
rate&rdquo;, (i) is no longer reported in <U>The Wall Street Journal</U>, (ii) is no longer widely used as a benchmark market
rate for new facilities of this type, or (iii) becomes permanently unavailable, Lender shall select a successor benchmark rate,
which successor rate shall be applied in a manner consistent with market practice, or if there is no consistent market practice,
such successor rate shall be applied in a manner reasonably determined by Lender. Notwithstanding the foregoing, in no event shall
the Loan Rate be less than 10.50%. Each Co-<FONT STYLE="background-color: white">Borrower acknowledges that the &ldquo;prime rate&rdquo;
is used for reference purposes only as an index and is not necessarily the lowest or the best interest rate charged to any borrower
of Lender.</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;<U>Madison</U>&rdquo;
means Madison Royalty LLC, a Colorado limited liability company.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Material
Adverse Effect</U>&rdquo; means a material adverse effect on (a) the condition (financial or otherwise), business, operations,
Properties of the Co-Borrowers and their Subsidiaries, taken as a whole, (b) the ability of the Co-Borrowers, taken as a whole,
to perform their Obligations under the Loan Documents or (c) the Collateral or Collateral Agent&rsquo;s or Lender&rsquo;s security
interest in the Collateral.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Material
Contract</U>&rdquo; means, with respect to any Person, all contracts or agreements as to which the breach, nonperformance, cancellation,
or failure to renew by any party could reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Maturity
Date</U>&rdquo; means, with respect to each Loan, January 31, 2031, or if earlier, the date of acceleration of such Loan following
an Event of Default or the date of prepayment, whichever is applicable.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Net
Revenue</U>&rdquo; means the Co-Borrowers&rsquo; and their Subsidiaries&rsquo; Consolidated revenue (as determined in accordance
with GAAP), less customary contractual, regulatory and commercial deductions approved by Lender in its reasonable discretion for
co-pay assistance programs, wholesaler distribution fees, mandatory government payor rebates (including Medicare, Public Health
Services, and Tricare), any commercial insurance rebates and product returns.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Nomis</U>&rdquo;
means Nomis Royaltyvest LLC, a Delaware limited liability company.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Note</U>&rdquo;
means each promissory note executed in connection with a Loan in substantially the form of <U>Exhibit C</U> attached hereto.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Novan</U>&rdquo;
means Novan, Inc., a Delaware corporation.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Obligations</U>&rdquo;
means all debt, principal, interest, fees, charges, expenses and attorneys&rsquo; fees and costs and other amounts, obligations,
covenants, and duties owing by any Co-Borrower to Collateral Agent or Lender of any kind and description (whether pursuant to
or evidenced by the Loan Documents (other than the Warrants), or by any other agreement between Lender and any Co-Borrower (other
than the Warrants), and whether or not for the payment of money), whether direct or indirect, absolute or contingent, due or to
become due, now existing or hereafter arising, including all Lender&rsquo;s Expenses.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>OFAC</U>&rdquo;
means the Office of Foreign Assets Control of the United States Department of the Treasury.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Officer&rsquo;s
Certificate</U>&rdquo; means a certificate executed by a Responsible Officer substantially in the form of <U>Exhibit E</U> or
such other form as Lender may agree to accept.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Payment
Date</U>&rdquo; has the meaning given such term in <U>Section 2.2(a)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Permitted
Acquisition</U>&rdquo; means an acquisition of the Equity Securities of another Person, or assets of another Person which constitute
all or substantially all of the assets of such Person or of a division, line of business or other business unit of such Person,
by a Co-Borrower or any of their Subsidiaries (the Person or division, line of business or other business unit of the Person to
be acquired in such acquisition shall be referred to herein as the &ldquo;<U>Target</U>&rdquo;), in each case that is a type of
business (or assets used in a type of business) permitted to be engaged in by the Co-Borrowers and their Subsidiaries pursuant
to the terms of this Agreement, in each case so long as:</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;no
Event of Default shall then exist or would exist after giving effect thereto;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;the
Collateral Agent shall have received (or shall receive in connection with the closing of such Permitted Acquisition) a perfected
security interest, to extent required by this Agreement, in all property constituting Collateral acquired with respect to the
Target in accordance with the terms hereof and the Target, if a Person, shall have executed a joinder agreement in accordance
with, and to the extent required by, this Agreement;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;the
Administrative Agent and the Lenders shall have received not less than ten (10) days (or such shorter period as the Administrative
Agent may reasonably agree) prior to the consummation of any such Permitted Acquisition (x) a description of the material terms
of such Permitted Acquisition, (y) audited financial statements (or, if unavailable, management-prepared financial statements)
of the Target for its two most recent fiscal years and for any fiscal quarters ended within the fiscal year to date, and (z) for
the ensuing four (4) fiscal quarters after such Permitted Acquisition, Consolidated projected income statements of the Borrower
and its Subsidiaries (giving effect to such Permitted Acquisition);</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;the
business acquired in connection with such Permitted Acquisition is not engaged, directly or indirectly, in any line of business
other than the businesses in which the Loan Parties are engaged on the Closing Date or any business activities that are substantially
similar, related, or incidental thereto;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;no
Co-Borrower shall, as a result of or in connection with any such Permitted Acquisition, assume or incur any direct or contingent
liabilities (whether relating to environmental, tax, litigation, or other matters) that could have a Material Adverse Effect;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;such
Permitted Acquisition shall not be a &ldquo;hostile&rdquo; acquisition and shall have been approved by the board of directors
(or equivalent) and/or shareholders (or equivalent) of the applicable Co-Borrower and the Target; and</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;with
respect to any such Permitted Acquisition of assets that do not become Collateral or of any Equity Interests of an entity that
does not become a Co-Borrower hereunder, the aggregate purchase price consideration of all such Permitted Acquisitions does not
exceed $2,000,000 in the aggregate.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Permitted
Indebtedness</U>&rdquo; means and includes:</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;Indebtedness
of Co-Borrowers to Lender under the Loan Documents;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;Indebtedness
arising from the endorsement of instruments in the ordinary course of business;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;Indebtedness
of any Co-Borrower or any Subsidiary of any Co-Borrower existing on the date hereof and set forth on the Disclosure Schedule;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;If
Borrower Representative shall have provided evidence to Lender acceptable to Lender in its sole discretion that Co-Borrowers have
achieved Trailing Twelve-Month Net Revenue in an amount not less than $40,000,000, Indebtedness of Borrower Representative in
an aggregate principal amount not exceeding $5,000,000, consisting of a revolving credit facility secured only by cash and accounts
receivable with a lender acceptable to Lender and subject to a subordination agreement acceptable to Lender in its sole discretion
at all times;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;(i)
intercompany Indebtedness owing by any Co-Borrower or any Subsidiary in their Subsidiaries outstanding on the date hereof and,
in the case of any Indebtedness owed by an Excluded Subsidiary to a Co-Borrower, set forth on the Disclosure Schedule; (ii) intercompany
Indebtedness owed by any Co-Borrower or Subsidiary to any Co-Borrower or any wholly-owned Subsidiary (other than any Excluded
Subsidiary), as applicable; and (iii) intercompany Indebtedness incurred after the date of this Agreement owed by Chromocell to
any Co-Borrower and its Subsidiaries; provided that any such Indebtedness pursuant to this class (iii), together with Investments
pursuant to clause (e)(iii) of the &ldquo;Permitted Investments&rdquo; definition, shall not exceed $3,000,000 in the aggregate
at any time; <U>provided</U> further that, if applicable, such Indebtedness is also permitted as a Permitted Investment and, in
the case of such Indebtedness owed to any Co-Borrower, such Indebtedness shall be evidenced by one or more promissory notes;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;extensions,
refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness under <U>subsections (c)</U>,
<U>(d)</U>, <U>(e)</U>, <U>(n)</U>, <U>(o)</U>, <U>(p)</U>, <U>(q)</U>, <U>(r)</U>, <U>(s)</U> and <U>(t)</U> of this definition;
<U>provided</U> that the principal amount thereof is not increased or the terms thereof are not modified to impose materially
more burdensome terms upon any Co-Borrower;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;to
the extent constituting Indebtedness, Indebtedness of LNHC incurred pursuant to the terms of the Zelsuvmi License Agreement (i.e.,
&ldquo;Milestone Payments&rdquo; in accordance with Section 6.2 therein, including any payments as a result of the &ldquo;Net
Sales Milestone Event&rdquo; defined therein), which Indebtedness is subject to the Ligand Milestone Subordination Agreement;
and royalties payable pursuant to Section 6.1 therein;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;to
the extent constituting Indebtedness, Indebtedness of LNHC incurred pursuant to the terms of the Zelsuvmi Purchase and Sale Agreement
(i.e., &ldquo;Purchased Receivables&rdquo; as defined therein), which Indebtedness is subject to the Zelsuvmi Intercreditor Agreement;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;to
the extent constituting Indebtedness, Indebtedness of Channel Pharmaceutical incurred pursuant to the terms of the Channel Assets
Purchase and Sale Agreement (i.e., &ldquo;Purchased Receivables&rdquo; as defined therein), which Indebtedness is subject to the
Channel Assets Intercreditor Agreement;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;to
the extent constituting Indebtedness, Indebtedness of LNHC incurred pursuant to the terms of the Reedy Creek Purchase and Sale
Agreement (i.e., &ldquo;Assigned Rights&rdquo; and &ldquo;Sales Royalties&rdquo; each as defined therein);</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;to
the extent constituting Indebtedness, Indebtedness of Pelthos incurred pursuant to the terms of the Xepi Purchase and Sale Agreement
(i.e., &ldquo;Royalty Interest Right&rdquo; and the &ldquo;Sato Payment&rdquo; as defined therein), which Indebtedness is subject
to the Xepi Intercreditor Agreement;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&nbsp;to
the extent constituting Indebtedness, Indebtedness of Pelthos incurred pursuant to the terms of the Xepi Convertible Notes, in
connection with the financing of the Xepi Acquisition pursuant to the Xepi Acquisition Agreement, in an aggregate principal amount
not exceeding $18,000,000 at any time, which Indebtedness is subject to the Xepi Convertible Notes Subordination Agreement;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&nbsp;
to the extent constituting Indebtedness, Indebtedness of Pelthos incurred pursuant to the terms of the Xepi Acquisition Agreement,
in connection with earnouts payable to Xepi Seller and/or its affiliates pursuant to the Xepi Acquisition Agreement, in an aggregate
amount not exceeding $7,000,000 at any time;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&nbsp;Indebtedness
not to exceed $250,000 in the aggregate at any time outstanding, consisting of capital leases and other similar obligations or
secured by Liens permitted under the definition of &ldquo;Permitted Liens&rdquo;;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)&nbsp;Indebtedness
not to exceed $500,000 in the aggregate at any time outstanding, consisting of letters of credit or bankers acceptances;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)&nbsp;Indebtedness
not to exceed $250,000 in the aggregate at any time in respect of employee credit card or purchase card programs, cash management
services (including netting services, overdraft protections and other similar services), payment processing services and other
like services, in each case incurred in the ordinary course of business;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)&nbsp;unsecured
Indebtedness consisting of earnouts, seller notes and other similar deferred purchase consideration not to exceed $500,000 in
the aggregate at any time and subject to one or more subordination agreements acceptable to Lender in its sole discretion at all
times;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)&nbsp;other
unsecured Indebtedness not to exceed $250,000 in the aggregate at any time outstanding;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)&nbsp;to
the extent constituting Indebtedness, Indebtedness of Pelthos incurred pursuant to the terms of Ferrer License, in connection
with the &ldquo;Upfront Payment&rdquo; and payable pursuant to Section 3.1 therein, subject to receipt by Pelthos of the initial
quantity of API purchased pursuant to Section 5.4 therein, where such API strictly complies with all of the requirements and representations
and warranties set forth therein, in an aggregate amount not exceeding $1,200,000, and royalties payable pursuant to Section 3.2
therein;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)&nbsp;
to the extent constituting Indebtedness, Indebtedness of LNHC incurred pursuant to the terms of UNC License Agreement; and</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)&nbsp;Indebtedness
arising under guaranties made in the ordinary course of business of obligations of any Co-Borrower or any of its Subsidiaries,
which obligations are otherwise permitted hereunder.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Permitted
Indebtedness Documents</U>&rdquo; means, collectively, the Zelsuvmi License Agreement, the Purchase and Sale Agreements, the Xepi
Convertible Notes, the Intercreditor Agreements, the Subordination Agreements, the Xepi Acquisition Agreement, the Ferrer License,
the UNC License Agreement and all other documents, instruments and agreements entered into in connection with any of the foregoing.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Permitted
Investments</U>&rdquo; means and includes any of the following Investments:</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;Deposits
and deposit accounts with commercial banks organized under the laws of the United States or a state thereof to the extent: (i)
the deposit accounts of each such institution are insured by the Federal Deposit Insurance Corporation up to the legal limit;
and (ii) each such institution has an aggregate capital and surplus of not less than $100,000,000;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;Investments
in marketable obligations issued or fully guaranteed by the United States and maturing not more than one (1) year from the date
of issuance;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;Investments
in open market commercial paper rated at least &ldquo;A1&rdquo; or &ldquo;P1&rdquo; or higher by a national credit rating agency
and maturing not more than one (1) year from the creation thereof;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;Investments
pursuant to or arising under currency agreements or interest rate agreements entered into in the ordinary course of business;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;(i)
Investments by any Co-Borrower or any Subsidiary in their Subsidiaries outstanding on the date hereof and, in the case of any
Investment by a Co-Borrower in an Excluded Subsidiary, set forth on the Disclosure Schedule; (ii) Investments by any Co-Borrower
and its Subsidiaries in any Co-Borrower; and (iii) Investments made after the date of this Agreement by any Co-Borrower and its
Subsidiaries in Chromocell; provided that any such Investments pursuant to this class (iii), together with Indebtedness pursuant
to clause (e)(iii) of the &ldquo;Permitted Indebtedness&rdquo; definition, shall not exceed $3,000,000 in the aggregate made after
the date of this Agreement;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;Investments
by any Co-Borrower and its Subsidiaries in any Co-Borrower or any Subsidiaries of any Co-Borrower; provided that any such investments
pursuant to this clause (f) in any Subsidiaries that are not guarantors of the Obligations shall not exceed such amounts necessary
to allow such Subsidiaries to pay franchise taxes, registered agent fees and other fees, costs and expenses incurred in connection
with the preservation of their corporate existence or otherwise incurred in the ordinary course of business;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;other
Investments existing on the date hereof and set forth on the Disclosure Schedule attached hereto;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;Investments
comprised of &ldquo;Permitted Indebtedness&rdquo; permitted pursuant to the definition thereof; provided that any such Investments
pursuant to this class (h), together with Permitted Indebtedness permitted pursuant to the definition thereof shall be subject
to the conditions set forth therein including, without limitation, any applicable caps on amounts in the aggregate at any time;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;Investments
acquired in connection with the settlement of delinquent obligations of suppliers or customers in the ordinary course of business
or in connection with the bankruptcy or reorganization of suppliers or customers;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;Investments
not to exceed $250,000 in the aggregate at any time consisting of loans made by Borrower Representative to officers, directors
and employees of a Co-Borrower or its Subsidiaries which are used by such Persons to purchase simultaneously Equity Securities
of Borrower Representative;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;Investments
not to exceed $250,000 in the aggregate at any time consisting of travel advances and employee relocation loans and other employee
loans and advances in the ordinary course of business;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&nbsp;Investments
in any joint ventures or partnerships resulting from the Transfer contemplated by <U>Section 7.4(o)</U> of this Agreement, and</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&nbsp;other
Investments aggregating not in excess of $250,000 at any time.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Permitted
Liens</U>&rdquo; means and includes:</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;the
Liens created by this Agreement;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;Liens
for fees, taxes, levies, imposts, tariffs, duties or other governmental charges of any kind which are not yet delinquent or which
are being contested in good faith by appropriate proceedings which suspend the collection thereof (<U>provided</U> that such appropriate
proceedings do not involve any substantial danger of the sale, forfeiture or loss of any portion of Collateral which in the aggregate
is material to any Co-Borrower, and that the Co-Borrowers have adequately bonded such Lien or reserves sufficient to discharge
such Lien have been provided on the books of Co-Borrowers);</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;Liens
identified on the Disclosure Schedule;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;carriers&rsquo;,
warehousemen&rsquo;s, mechanics&rsquo;, materialmen&rsquo;s, repairmen&rsquo;s or other similar Liens arising in the ordinary
course of business and which are not delinquent or remain payable without penalty or which are being contested in good faith and
by appropriate proceedings (<U>provided</U> that such appropriate proceedings do not involve any substantial danger of the sale,
forfeiture or loss of any material item of Collateral or Collateral which in the aggregate is material to any Co-Borrower, and
that Co-Borrowers have adequately bonded such Lien or reserves sufficient to discharge such Lien have been provided on the books
of Co-Borrowers);</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;Liens
granted in connection with Indebtedness permitted under <U>subsection (d)</U> of the definition of &ldquo;Permitted Indebtedness&rdquo;
and subordinated to the Liens in favor of Lender pursuant to a subordination agreement acceptable to Lender in its sole discretion
at all times;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;Liens
granted in connection with Indebtedness permitted under <U>subsections (h)</U>, <U>(i)</U>, <U>(j)</U>, <U>(k)</U> and (l) of
the definition of &ldquo;Permitted Indebtedness&rdquo; and subject to the Intercreditor Agreements in favor of Lender at all times;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;(i)
non-exclusive licenses of Intellectual Property entered into in the ordinary course of business and (ii) licenses for the use
of Intellectual Property that do not result in a legal transfer of ownership of the licensed property but that may be exclusive
in respects other than territory and that may be exclusive as to territory only as to discreet geographical areas outside of the
United States;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;Liens
consisting of judgment or judicial attachment liens (other than for payment of taxes), provided that the enforcement of such Liens
is effectively stayed and the existence of such judgment does not constitute an Event of Default under <U>Section 8.9</U> herein;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;(i)
Liens on any property acquired or held by any Co-Borrower or any Subsidiary of any Co-Borrower securing Indebtedness incurred
or assumed for the purpose of financing (or refinancing) all or any part of the cost of acquiring such property and permitted
under clause (n) of the definition of &ldquo;Permitted Indebtedness&rdquo;; provided that (x) such Lien attaches solely to the
property so acquired in such transaction and the proceeds thereof and (y) the principal amount of the Indebtedness secured thereby
does not exceed 100% of the cost of such property; and (ii) Liens securing capital lease obligations permitted under the definition
of &ldquo;Permitted Indebtedness&rdquo;;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;non-exclusive
licenses and sublicenses (other than in respect of Intellectual Property) granted by a Co-Borrower or any Subsidiary of a Co-Borrower
and leases and subleases (by a Co-Borrower or any Subsidiary of a Co-Borrower as lessor or sublessor) to third parties in the
ordinary course of business not interfering with the business of the Co-Borrowers or any of their Subsidiaries;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;Liens
in favor of collecting banks arising by operation of law under Section 4-210 of the UCC;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&nbsp;Liens
(including the right of set off) in favor of a bank or other depository institution arising as a matter of law encumbering deposits;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&nbsp;Liens
consisting solely of cash collateral securing obligations in respect of the letters of credit or bankers acceptances permitted
under clause (o) of the definition of &ldquo;Permitted Indebtedness&rdquo; in an amount not to exceed 105% of the face amount
of each such letter of credit;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&nbsp;Liens
arising from precautionary UCC financing statements (or equivalent filings or registrations) filed under any lease permitted by
this Agreement;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)&nbsp;holdbacks
and Liens on amounts deposited or certificates of deposit to secure obligations in respect of Indebtedness permitted hereby in
the ordinary course of business;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)&nbsp;Liens
incurred in the extension, renewal or refinancing of Permitted Indebtedness secured by Liens permitted hereby; provided that,
the principal amount of the Indebtedness may not increase and any such extension, renewal or replacement Lien must be limited
to the property encumbered by the existing Lien; and</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)&nbsp;other
Liens securing obligations otherwise permitted hereunder not exceeding $250,000 in the aggregate.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Person</U>&rdquo;
means and includes any individual, any partnership, any corporation, any business trust, any joint stock company, any limited
liability company, any unincorporated association or any other entity and any domestic or foreign national, state or local government,
any political subdivision thereof, and any department, agency, authority or bureau of any of the foregoing.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Property</U>&rdquo;
means any interest in any kind of property or asset, whether real, personal or mixed, whether tangible or intangible.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Purchase
and Sale Agreements</U>&rdquo; means, collectively, the Channel Assets Purchase and Sale Agreement, the Zelsuvmi Purchase and
Sale Agreement, the Reedy Creek Purchase and Sale Agreement and the Xepi Purchase and Sale Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Reedy
Creek</U>&rdquo; means Reedy Creek Investments LLC, a North Carolina limited liability company.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Reedy
Creek Purchase and Sale Agreement</U>&rdquo; means that certain Royalty and Milestone Payments Purchase Agreement, dated as of
April 29, 2019, by and between Novan and Reedy Creek, as amended by that certain Amendment, Assignment and Assumption Agreement,
dated as of September 11, 2023, by and between Novan, LNHC and Reedy Creek, as in effect on the date hereof.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Responsible
Officer</U>&rdquo; has the meaning given such term in <U>Section 6.3</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Restricted
Entity</U>&rdquo; means any Person who (a) is on the Specially Designated Nationals and Blocked Persons List, (b) is on the Non-SDN
Menu-Based Sanctions List, (c) is on the Sectoral Sanctions Identifications List, (d) is on the List of Foreign Financial Institutions
Subject to Correspondent Account or Payable-Through Account Sanctions, (e) is on the United Kingdom Office of Financial Sanctions
Implementation HM Treasury Consolidated List of Financial Sanctions Targets, (f) is designated under European Union sanctions
measures, (g) was formed pursuant to the laws of, or is domiciled in the Russian Federation, or (h) is a ministry, agency, state
owned entity, or sovereign wealth fund of the Russian Federation.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Restricted
License</U>&rdquo; means any license or other agreement with respect to which any Co-Borrower is the licensee and such license
or agreement is material to any Co-Borrower&rsquo;s business and (a) that prohibits or otherwise restricts any Co-Borrower from
granting a security interest in any Co-Borrower&rsquo;s interest in such license or agreement or any other property or (b) for
which a default under or termination of could interfere with Collateral Agent&rsquo;s or Lender&rsquo;s right to sell any Collateral.
For clarity, &ldquo;Restricted License&rdquo; does not include &ldquo;off-the-shelf&rdquo; or over-the-counter software or information
technology that is commercially available to the public (or to relevant consumers in the applicable industry), or any other license
for Intellectual Property that is not material to the operation of any Co-Borrower&rsquo;s business.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>SAFE</U>&rdquo;
means a simple agreement for future equity, or any similar agreement, whereby a Person (the &ldquo;<U>SAFE Issuer</U>&rdquo;)
issues any other Person the future right to own Equity Securities of the SAFE Issuer, in exchange for the payment of cash to be
converted into such Equity Securities.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Sanctions</U>&rdquo;
means any sanction administered or enforced by the United States Government (including, without limitation, OFAC and the United
States Department of State), the United Nations Security Council, the European Union, His Majesty&rsquo;s Treasury or other relevant
sanctions authority.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Scheduled
Payments</U>&rdquo; has the meaning given such term in <U>Section 2.2(a)</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Solvent</U>&rdquo;
has the meaning given such term in <U>Section 5.12</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Specified
Event of Default</U>&rdquo; means an Event of Default under any of (i) <U>Section 8.1</U> (Failure to Pay), (ii) <U>Section 8.2
</U>(solely for the failure to perform the obligations arising under <U>Section 6.13</U> (Cash on Deposit)), (iii) <U>Section
8.4</U> (Material Adverse Effect), (iv) <U>Section 8.13</U> (Involuntary Insolvency Proceeding), or (v) <U>Section 8.14</U> (Voluntary
Insolvency Proceeding).</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Subordination
Agreements</U>&rdquo; means, collectively, the Ligand Milestone Subordination Agreement and the Xepi Convertible Notes Subordination
Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Subsidiary</U>&rdquo;
means any corporation or other entity of which a majority of the outstanding Equity Securities entitled to vote for the election
of directors or other governing body (otherwise than as the result of a default) is owned by any Co-Borrower directly or indirectly
through Subsidiaries.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Trailing
Six-Month Net Revenue</U>&rdquo; means Net Revenue achieved over the six-month period immediately preceding the applicable date
of determination.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Trailing
Twelve-Month Net Revenue</U>&rdquo; means Net Revenue achieved over the 12-month period immediately preceding the applicable date
of determination.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Transfer</U>&rdquo;
has the meaning given such term in <U>Section 7.4</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>UNC
License Agreement</U>&rdquo; means that certain Amended, Restated and Consolidated License Agreement dated June 27, 2012 between
The University of North Carolina at Chapel Hill and LNHC, Inc., as successor-in-interest to Novan, Inc., as amended as of the
date hereof, and as further amended, modified and supplemented from time to time.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>U.S.
Tax Compliance Certificate</U>&rdquo; has the meaning given such term in Section 2.4(c)(iv) of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Warrant</U>&rdquo;
means the separate warrant or warrants dated on or about any Funding Date in favor of Lender or its designees to purchase securities
of Borrower Representative.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
3i Convertible Note</U>&rdquo; means that certain Senior Secured Convertible Note, dated as of November 6, 2025, in the aggregate
original principal amount of $1,000,000, issued by Pelthos in favor of 3i, LP, as in effect on the date hereof.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
Acquisition</U>&rdquo; means the acquisition of various assets related to XepiTM ozenoxacin from Xepi Seller pursuant to the terms
and conditions of the Xepi Acquisition Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
Acquisition Agreement</U>&rdquo; means that certain Asset Purchase Agreement, dated as of November 6, 2025, by and between Xepi
Seller and Pelthos, as in effect on the date hereof.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
Aperture Convertible Note</U>&rdquo; means that certain Senior Secured Convertible Note, dated as of November 6, 2025, in the
aggregate original principal amount of $250,000, issued by Pelthos in favor of Aperture Healthcare Ventures Ltd., as in effect
on the date hereof.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
Balmoral Convertible Note</U>&rdquo; means that certain Senior Secured Convertible Note, dated as of November 6, 2025, in the
aggregate original principal amount of $250,000, issued by Pelthos in favor of Balmoral Financial Group LLC, as in effect on the
date hereof.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
Boothbay Convertible Note</U>&rdquo; means that certain Senior Secured Convertible Note, dated as of November 6, 2025, in the
aggregate original principal amount of $1,000,000, issued by Pelthos in favor of Boothbay Absolute Return Strategies, LP, as in
effect on the date hereof.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
BPY Convertible Note</U>&rdquo; means that certain Senior Secured Convertible Note, dated as of November 6, 2025, in the aggregate
original principal amount of $580,000, issued by Pelthos in favor of BPY Limited, as in effect on the date hereof.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
Convertible Notes</U>&rdquo; means, collectively, the Xepi 3i Convertible Note, the Xepi Aperture Convertible Note, the Xepi Balmoral
Convertible Note, the Xepi Boothbay Convertible Note, the Xepi BPY Convertible Note, the Xepi Ligand Convertible Note, the Xepi
Nomis Bay Convertible Note and the Xepi Nomis Bay Opportunity Convertible Note.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
Convertible Notes Subordination Agreement</U>&rdquo; means that certain Subordination Agreement, dated on or about the date hereof,
by and between Lender and each holder of any Xepi Convertible Notes, which subordinates the payment of the Xepi Convertible Notes
to the repayment of the Obligations.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
Intercreditor Agreement</U>&rdquo; means that certain Intercreditor Agreement, dated on or about the date hereof, by and among
Lender, Ligand, Nomis and each Co-Borrower.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
Ligand Convertible Note</U>&rdquo; means that certain Senior Secured Convertible Note, dated as of November 6, 2025, in the aggregate
original principal amount of $9,000,000, issued by Pelthos in favor of Ligand, as in effect on the date hereof.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
Nomis Bay Convertible Note</U>&rdquo; means that certain Senior Secured Convertible Note, dated as of November 6, 2025, in the
aggregate original principal amount of $2,420,000, issued by Pelthos in favor of Nomis Bay LTD, as in effect on the date hereof.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
Nomis Bay Opportunity Convertible Note</U>&rdquo; means that certain Senior Secured Convertible Note, dated as of November 5,
2025, in the aggregate original principal amount of $3,500,000, issued by Pelthos in favor of Nomis Bay Opportunity Ltd., as in
effect on the date hereof.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
Purchase and Sale Agreement</U>&rdquo; means that certain Securities Purchase Agreement, dated November 6, 2024, by and among
Pelthos, and each of the parties signatory thereto as a Buyer (as defined therein), as amended, modified and supplemented from
time to time in compliance with the Xepi Intercreditor Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Xepi
Seller</U>&rdquo; means Biofrontera Inc.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Zelsuvmi
Intercreditor Agreement</U>&rdquo; means that certain Intercreditor Agreement, dated on or about the date hereof, by and among
Lender, Nomis and each Co-Borrower.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Zelsuvmi
License Agreement</U>&rdquo; means that certain Exclusive License and Sublicense Agreement, dated as of March 24, 2025, by and
between Ligand, as Licensor (as defined therein) and LNHC, as Licensee (as defined therein), as in effect on the date hereof.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Zelsuvmi
Purchase and Sale Agreement</U>&rdquo; means that certain Purchase and Sale Agreement, dated as of July 1, 2025, by and among
LNHC and Borrower Representative (as successor in interest to Channel Therapeutics), as the Seller Parties (as defined therein),
and Nomis, as the Purchaser (as defined therein), as amended as of the date hereof, and as further amended, modified and supplemented
from time to time in compliance with the Zelsuvmi Intercreditor Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2&nbsp;<U>Construction</U>.
References in this Agreement to &ldquo;Articles,&rdquo; &ldquo;Sections,&rdquo; &ldquo;Exhibits,&rdquo; &ldquo;Schedules&rdquo;
and &ldquo;Annexes&rdquo; are to recitals, articles, sections, exhibits, schedules and annexes herein and hereto unless otherwise
indicated. References in this Agreement and each of the other Loan Documents to any document, instrument or agreement shall include
(a) all exhibits, schedules, annexes and other attachments thereto, (b) all documents, instruments or agreements issued or executed
in replacement thereof, and (c) such document, instrument or agreement, or replacement or predecessor thereto, as amended, modified
and supplemented from time to time and in effect at any given time (subject, in the case of clauses (b) and (c), to any restrictions
on such replacement, amendment, modification or supplement set forth in the Loan Documents). The words &ldquo;hereof,&rdquo; &ldquo;herein&rdquo;
and &ldquo;hereunder&rdquo; and words of similar import when used in this Agreement or any other Loan Document shall refer to
this Agreement or such other Loan Document, as the case may be, as a whole and not to any particular provision of this Agreement
or such other Loan Document, as the case may be. The words &ldquo;include&rdquo; and &ldquo;including&rdquo; and words of similar
import when used in this Agreement or any other Loan Document shall not be construed to be limiting or exclusive. Unless the context
requires otherwise, any reference in this Agreement or any other Loan Document to any Person shall be construed to include such
Person&rsquo;s successors and assigns. Unless otherwise indicated in this Agreement or any other Loan Document, all accounting
terms used in this Agreement or any other Loan Document shall be construed, and all accounting and financial computations hereunder
or thereunder shall be computed, in accordance with GAAP, and all terms describing Collateral shall be construed in accordance
with the Code; provided that no change in the accounting principles used in the preparation of any financial statement hereafter
adopted by the Co-Borrowers shall be given effect for purposes of measuring compliance with any provision of the Loan Documents
unless the Co-Borrowers and Lender agree to modify such provisions to reflect such changes in GAAP and, unless such provisions
are modified, all financial statements and similar documents provided hereunder shall be provided together with a reconciliation
between the calculations and amounts set forth therein before and after giving effect to such change in GAAP. Notwithstanding
any provision of this Agreement to the contrary, all obligations of any Person that are or would have been treated as operating
leases for purposes of GAAP but for the effectiveness of FASB ASC-842 shall continue to be accounted for as operating leases for
all purposes of this Agreement, including, without limitation, for purposes of all financial definitions, calculations and covenants
hereunder (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations
are required in accordance with FASB ASC-842 (on a prospective or retroactive basis or otherwise) to be treated as capital lease
obligations in the financial statements. The terms and information set forth on the cover page of this Agreement are incorporated
into this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;<U>Loans;
Repayment</U>.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&nbsp;<U>Commitments.</U></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;<U>The
Commitment Amounts</U>. Subject to the terms and conditions of this Agreement, and relying upon the representations and warranties
herein set forth as and when made or deemed to be made, Lender agrees to lend to Co-Borrowers (i) prior to the Loan A Commitment
Termination Date, Loan A, (ii) prior to the Loan B Commitment Termination Date, Loan B, (iii) prior to the Loan C Commitment Termination
Date, Loan C, (iv) prior to the Loan D Commitment Termination Date, Loan D. Subject to the terms and conditions of this Agreement,
and relying upon representations and warranties set forth as and when made or deemed to be made, Lender, in its sole and absolute
discretion, may lend to Co-Borrowers (v) prior to the Loan E Commitment Termination Date, Loan E, (vi) prior to the Loan F Commitment
Termination Date, Loan F, (vii) prior to the Loan G Commitment Termination Date, Loan G, (viii) prior to the Loan H Commitment
Termination Date, Loan H, (ix) prior to the Loan I Commitment Termination Date, Loan I and (x) prior to the Loan J Commitment
Termination Date, Loan J.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>The
Loans and the Notes</U>. The obligation of Co-Borrowers to repay the unpaid principal amount of and interest on each Loan shall
be evidenced by a Note issued to the Lender.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;<U>Use
of Proceeds</U>. The proceeds of each Loan shall be used solely for working capital or general corporate purposes of Co-Borrowers
and their Subsidiaries.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;<U>Termination
of Commitment to Lend</U>. Notwithstanding anything in the Loan Documents, Lender&rsquo;s obligation to lend the undisbursed portion
of its Commitment Amount to Co-Borrowers hereunder shall terminate on the earlier of (i) at Lender&rsquo;s sole election, the
occurrence of any Event of Default hereunder, and (ii) with respect to Loan A, the Loan A Commitment Termination Date, with respect
to Loan B, the Loan B Commitment Termination Date, with respect to Loan C, the Loan C Commitment Termination Date and with respect
to Loan D, the Loan D Commitment Termination Date, with respect to Loan E, the Loan E Commitment Termination Date, with respect
to Loan F, the Loan F Commitment Termination Date, with respect to Loan G, the Loan G Commitment Termination Date, with respect
to Loan H, the Loan H Commitment Termination Date, with respect to Loan I, the Loan I Commitment Termination Date and, with respect
to Loan J, the Loan J Commitment Termination Date.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2&nbsp;<U>Payments.</U></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;<U>Scheduled
Payments</U>. Co-Borrowers shall make (i) a payment of accrued interest only to Lender on the outstanding principal amount of
each Loan on the first 36 Payment Dates specified in the Note applicable to such Loan and (ii) an equal payment of principal plus
accrued interest to Lender on the outstanding principal amount of each Loan on the next 24 Payment Dates as set forth in the Note
applicable to such Loan (collectively, the &ldquo;<U>Initial Loan Scheduled Payments</U>&rdquo;). Notwithstanding, and in lieu
of, the foregoing, if Co-Borrowers satisfy the Interest Only Extension Milestone, then Co-Borrowers shall make (A) a payment of
accrued interest only to each applicable Lender on the outstanding principal amount of each Loan on the first 48 Payment Dates
specified in the Note applicable to such Loan and (B) an equal payment of principal plus accrued interest to Lender on the outstanding
principal amount of each Loan on the next 12 Payment Dates as set forth in the Note applicable to such Loan (collectively, the
&ldquo;<U>Initial Loan Extended Interest Scheduled Payments</U>&rdquo;, and collectively with the Initial Loan Scheduled Payments,
the &ldquo;<U>Scheduled Payments</U>&rdquo;). Co-Borrowers shall make such Scheduled Payments commencing on the date set forth
in the Note applicable to such Loan and continuing thereafter on the first Business Day of each calendar month (each a &ldquo;<U>Payment
Date</U>&rdquo;) through the Maturity Date. In any event, all unpaid principal and accrued interest shall be due and payable in
full on the Maturity Date applicable to such Loan.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Interim
Payment</U>. Unless the Funding Date for a Loan is the first day of a calendar month, Co-Borrowers shall pay the per diem interest
(accruing at the Loan Rate from the Funding Date through the last day of that month) payable with respect to such Loan on the
first Business Day of the next calendar month.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;<U>Payment
of Interest</U>. Co-Borrowers shall pay interest on each Loan at a per annum rate of interest equal to the Loan Rate. Interest
on a Loan shall be charged commencing on the day that such Loan is made to or on behalf of any Co-Borrower, and shall continue
to accrue through the date on which such Loan is repaid in full. Changes to the Loan Rate based on changes to the &ldquo;prime
rate&rdquo; (or such substitute benchmark rate selected in accordance with the definition of &ldquo;Loan Rate&rdquo; set forth
in <U>Section 1.1</U> above) shall be effective on the effective date of any change to the &ldquo;prime rate&rdquo; (or such substitute
benchmark rate selected in accordance with the definition of &ldquo;Loan Rate&rdquo; set forth in <U>Section 1.1</U> above) and
to the extent of any such change. Interest (including interest at the Default Rate, if applicable) shall be computed on the basis
of a 360-day year for the actual number of days elapsed. Notwithstanding any other provision hereof, the amount of interest payable
hereunder shall not in any event exceed the maximum amount permitted by the law applicable to interest charged on commercial loans.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;<U>Application
of Payments</U>. All payments received by Lender prior to an Event of Default shall be applied as follows: (i) first, to Lender&rsquo;s
Expenses then due and owing; and (ii) second, ratably, to all Scheduled Payments then due and owing (<U>provided</U>, <U>however</U>,
if such payments are not sufficient to pay the whole amount then due, such payments shall be applied first to unpaid interest
at the Loan Rate, then to the remaining amounts then due). After an Event of Default, all payments and application of proceeds
shall be made as set forth in <U>Section 9.7</U>.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;<U>Late
Payment Fee</U>. Co-Borrowers shall pay to Lender a late payment fee equal to six percent (6%) of any Scheduled Payment not paid
when due to such Lender.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;
<U>Default Rate</U>. Co-Borrowers shall pay interest at a per annum rate equal to the Default Rate on any amounts required to
be paid by any Co-Borrower to Collateral Agent or Lender under this Agreement or the other Loan Documents (including Scheduled
Payments), payable with respect to any Loan, accrued and unpaid interest, and any fees or other amounts which remain unpaid after
such amounts are due. If an Event of Default has occurred and the Obligations have been accelerated (whether automatically or
by Lender&rsquo;s election), Co-Borrowers shall pay interest on the aggregate, outstanding accelerated balance hereunder from
the date of the Event of Default until all Events of Default are cured, at a per annum rate equal to the Default Rate.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;<U>Final
Payment</U>.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;<U>Loan
A Final Payment</U>. Co-Borrowers shall pay to Lender a payment in the amount of $500,000 (the &ldquo;<U>Loan A Final Payment</U>&rdquo;)
upon the earlier of (A) payment in full of the principal balance of Loan A, (B) an Event of Default and demand by Lender of payment
in full of Loan A or (C) the Maturity Date applicable to Loan A, as applicable.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;
<U>Loan B Final Payment</U>. Co-Borrowers shall pay to Lender a payment in the amount of $500,000 (the &ldquo;<U>Loan B Final
Payment</U>&rdquo;) upon the earlier of (A) payment in full of the principal balance of Loan B, (B) an Event of Default and demand
by Lender of payment in full of Loan B or (C) the Maturity Date applicable to Loan B, as applicable.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;<U>Loan
C Final Payment</U>. Co-Borrowers shall pay to Lender a payment in the amount of $250,000 (the &ldquo;<U>Loan C Final Payment</U>&rdquo;)
upon the earlier of (A) payment in full of the principal balance of Loan C, (B) an Event of Default and demand by Lender of payment
in full of Loan C or (C) the Maturity Date applicable to Loan C, as applicable.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;
<U>Loan D Final Payment</U>. Co-Borrowers shall pay to Lender a payment in the amount of $250,000 (the &ldquo;<U>Loan D Final
Payment</U>&rdquo;) upon the earlier of (A) payment in full of the principal balance of Loan D, (B) an Event of Default and demand
by Lender of payment in full of Loan D or (C) the Maturity Date applicable to Loan D, as applicable.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;<U>Loan
E Final Payment</U>. Co-Borrowers shall pay to Lender a payment in the amount of $125,000 (the &ldquo;<U>Loan E Final Payment</U>&rdquo;)
upon the earlier of (A) payment in full of the principal balance of Loan E, (B) an Event of Default and demand by Lender of payment
in full of Loan E or (C) the Maturity Date applicable to Loan E, as applicable.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;<U>Loan
F Final Payment</U>. Co-Borrowers shall pay to Lender a payment in the amount $125,000 (the &ldquo;<U>Loan F Final Payment</U>&rdquo;)
upon the earlier of (A) payment in full of the principal balance of Loan F, (B) an Event of Default and demand by Lender of payment
in full of Loan F or (C) the Maturity Date applicable to Loan F, as applicable.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;<U>Loan
G Final Payment</U>. Co-Borrowers shall pay to Lender a payment in the amount $125,000 (the &ldquo;<U>Loan G Final Payment</U>&rdquo;)
upon the earlier of (A) payment in full of the principal balance of Loan G, (B) an Event of Default and demand by Lender of payment
in full of Loan G or (C) the Maturity Date applicable to Loan G, as applicable.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&nbsp;<U>Loan
H Final Payment</U>. Co-Borrowers shall pay to Lender a payment in the amount $125,000 (the &ldquo;<U>Loan H Final Payment</U>&rdquo;)
upon the earlier of (A) payment in full of the principal balance of Loan H, (B) an Event of Default and demand by Lender of payment
in full of Loan H or (C) the Maturity Date applicable to Loan H, as applicable.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)&nbsp;<U>Loan
I Final Payment</U>. Co-Borrowers shall pay to Lender a payment in the amount $250,000 (the &ldquo;<U>Loan I Final Payment</U>&rdquo;)
upon the earlier of (A) payment in full of the principal balance of Loan I, (B) an Event of Default and demand by Lender of payment
in full of Loan I or (C) the Maturity Date applicable to Loan I, as applicable.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)&nbsp;<U>Loan
J Final Payment</U>. Co-Borrowers shall pay to Lender a payment in the amount $250,000 (the &ldquo;<U>Loan J Final Payment</U>&rdquo;)
upon the earlier of (A) payment in full of the principal balance of Loan J, (B) an Event of Default and demand by Lender of payment
in full of Loan J or (C) the Maturity Date applicable to Loan J, as applicable.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3&nbsp;<U>Prepayments</U>.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;<U>Mandatory
Prepayments</U>. If the Loans are accelerated following the occurrence of an Event of Default pursuant to <U>Section 9.1(a)</U>
hereof, then Co-Borrowers, in addition to any other amounts which may be due and owing hereunder, shall promptly (and in any event,
within one Business Day) pay to Lender the amount set forth in <U>Section 2.3(b)</U> below, as if Co-Borrowers had opted to prepay
on the date of such acceleration.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Optional
Prepayment</U>. Upon five Business Days&rsquo; prior written notice to Lender, Co-Borrowers may, at their option, at any time,
prepay all (and not less than all) of the outstanding Loans by simultaneously paying to Lender an amount equal to (i) any accrued
and unpaid interest on the outstanding principal balance of the Loans; <I>plus</I> (ii) an amount equal to (A) if such Loan is
prepaid on or before the Loan Amortization Date applicable to such Loan, three percent of the then outstanding principal balance
of such Loan, (B) if such Loan is prepaid after the Loan Amortization Date applicable to such Loan, but on or before the date
that is 12 months after such Loan Amortization Date, two percent of the then outstanding principal balance of such Loan, or (C)
if such Loan is prepaid more than 12 months after the Loan Amortization Date applicable to such Loan, one percent of the then
outstanding principal balance of such Loan; <I>plus</I> (iii) the outstanding principal balance of such Loan; <I>plus</I> (iv)
all other sums, if any, that shall have become due and payable hereunder.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4&nbsp;<U>Other
Payment Terms</U>.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;<U>Place
and Manner</U>. Co-Borrowers shall make all payments due to Lender in lawful money of the United States. All payments of principal,
interest, fees and other amounts payable by Co-Borrowers hereunder shall be made, in immediately available funds, not later than
2:00 p.m. New York time, on the date on which such payment is due. Any payment received by Lender after the time set forth in
the immediately preceding sentence will be deemed to have been received at the opening of business on the next Business Day, and
interest shall accrue through such date. Co-Borrowers shall make such payments to Lender via wire transfer or ACH as instructed
by Lender from time to time.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Date</U>.
Whenever any payment is due hereunder on a day other than a Business Day, such payment shall be made on the next succeeding Business
Day, and such extension of time shall be included in the computation of interest or fees, as the case may be.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;<U>Taxes</U>.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;Unless
otherwise required under applicable law, any and all payments made hereunder or under the Notes shall be made free and clear of
and without deduction for any taxes; <U>provided</U> that if any Co-Borrower shall be required to deduct any taxes from such payments,
then (A) in the case of Indemnified Taxes, the sum payable shall be increased as necessary so that after making all required deductions
(including deductions for Indemnified Taxes applicable to additional sums payable under this <U>Section 2.4(c)</U>) the Lender
receives an amount equal to the sum it would have received had no such deductions been made, (B) such Co-Borrower shall make such
deductions and (C) such Co-Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with
applicable law.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;Co-Borrowers
shall indemnify Lender, within ten (10) days after written demand therefor, for the full amount of any taxes imposed or asserted
directly on Lender by any Governmental Authority on or attributable to amounts payable under this Agreement solely as a result
of Lender entering into this Agreement to the extent such taxes are paid by Lender, and any penalties, interest and reasonable
expenses arising therefrom or with respect thereto, whether or not such taxes were correctly or legally imposed or asserted by
the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Co-Borrowers by
Lender shall be conclusive absent manifest error.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;As
soon as practicable after any payment of taxes by any Co-Borrower hereunder to a Governmental Authority, such Co-Borrower shall
deliver to Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment,
a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Lender.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;If
Lender is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which any Co-Borrower
is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement, Lender shall deliver
to such Co-Borrower, as reasonably requested by such Co-Borrower, such properly completed and executed documentation prescribed
by applicable law as will permit such payments to be made without withholding or at a reduced rate. If Lender is a &ldquo;United
States person&rdquo; under Section 7701(a)(30) of the Internal Revenue Code, such Lender shall deliver to the Borrower Representative
on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower Representative), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal
backup withholding tax. If Lender is not a &ldquo;United States person&rdquo; under Section 7701(a)(30) of the Internal Revenue
Code, such Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower Representative (in such number
of copies as shall be requested by the Borrower Representative) on or about the date on which such Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of the Borrower Representative), whichever of the
following is applicable: (A) in the case of a Lender claiming the benefits of an income tax treaty to which the United States
is a party (x) with respect to payments of interest under the Loan Documents, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the &ldquo;interest&rdquo; article of
such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the &ldquo;business profits&rdquo; or
&ldquo;other income&rdquo; article of such tax treaty; (B) executed copies of IRS Form W-8ECI; (C) in the case of a Lender claiming
the benefits of the exemption for portfolio interest under Section 881(c) of the Internal Revenue Code, (x) a certificate to the
effect that such Lender is not a &ldquo;bank&rdquo; within the meaning of Section 881(c)(3)(A) of the Code, a &ldquo;10 percent
shareholder&rdquo; of any Co-Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a &ldquo;controlled foreign corporation&rdquo;
related to any Co-Borrower as described in Section 881(c)(3)(C) of the Code (a &ldquo;<U>U.S. Tax Compliance Certificate</U>&rdquo;)
and (y) executed copies of IRS Form W-8BEN or IRS Form W 8BEN-E; or (D) to the extent a Lender is not the beneficial owner, executed
copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W 8BEN-E, a U.S. Tax Compliance Certificate,
IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable. If a payment made to a Lender under
any Loan Document would be subject to U.S. federal withholding tax imposed by Sections 1471 through 1474 of the Internal Revenue
Code (&ldquo;<U>FATCA</U>&rdquo;) if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including
those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower
Representative at the time or times prescribed by law and at such time or times reasonably requested by the Borrower Representative
such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code)
and such additional documentation reasonably requested by the Borrower Representative as may be necessary for the Co-Borrowers
to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender&rsquo;s obligations
under FATCA or to determine the amount, if any, to deduct and withhold from such payment.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;If
Lender receives a refund (or credit in lieu of a refund) in respect of taxes paid by any Co-Borrower pursuant to this <U>Section
2.4(c)</U>, which in the sole discretion of Lender exercised in good faith is allocable to such payment, it shall promptly pay
such refund, together with any other amounts paid by such Co-Borrower in connection with such refunded taxes, to such Co-Borrower,
net of all out-of-pocket expenses (including any taxes to which Lender has become subject as a result of its receipt of such refund)
of Lender incurred in obtaining such refund and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund); <U>provided</U> that Co-Borrowers, upon the request of the Lender, shall repay to Lender amounts
paid over pursuant to the preceding clause (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event that Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this paragraph (v), in no event will Lender be required to pay any amount to any Co-Borrower pursuant to this
paragraph (v) the payment of which would place Lender in a less favorable net after-tax position than Lender would have been in
if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not
be construed to require Lender to make available its tax returns (or any other information relating to its taxes that it deems
confidential) to any Co-Borrower or any other Person.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5&nbsp;<U>Procedure
for Making the Loans</U>.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;<U>Notice</U>.
Other than with respect to the Loans to be made on the Closing Date, Borrower Representative shall notify Lender of the date on
which Borrower Representative desires Lender to make any Loan at least three Business Days in advance of the desired Funding Date,
unless Lender elects at its sole discretion to allow the Funding Date for a Loan to be made by Lender to be within three Business
Days of Borrower Representative&rsquo;s notice. Each Co-Borrower&rsquo;s execution and delivery to Lender of one or more Notes
in respect of a Loan shall be such Co-Borrower&rsquo;s agreement to the terms and calculations thereunder with respect to such
Loan. Lender&rsquo;s obligation to make any Loan shall be expressly subject to the satisfaction of the conditions set forth in
<U>Section 3</U>.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Loan
Rate Calculation</U>. Prior to each Funding Date for any Loan, Lender shall establish the Loan Rate with respect to such Loan,
which shall be conclusive in the absence of a manifest error.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;<U>Disbursement</U>.
Lender shall disburse the proceeds of each Loan by wire transfer to Co-Borrowers at the account specified in the Funding Certificate
for such Loan.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6&nbsp;<U>Good
Faith Deposit; Legal and Closing Expenses; and Commitment Fee</U>.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;<U>Good
Faith Deposit</U>. Borrower Representative has delivered to Lender a good faith deposit in the amount of $150,000 (the &ldquo;<U>Good
Faith Deposit</U>&rdquo;). The Good Faith Deposit paid to Lender will be credited to the Commitment Fee payable to the Lender.
If the Funding Date does not occur, Lender shall retain the Good Faith Deposit as compensation for its time, expenses and opportunity
cost.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Legal,
Due Diligence and Documentation Expenses</U>. Concurrently with its execution and delivery of this Agreement, Co-Borrowers shall
pay to Lender all of Lender&rsquo;s reasonable legal, due diligence and documentation expenses in connection with the negotiation
and documentation of this Agreement and the Loan Documents.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;<U>Commitment
Fee</U>. Co-Borrowers shall pay, (i) concurrently with its execution and delivery of this Agreement, a commitment fee to Lender
in the amount of $300,000 and (ii) concurrently with the funding of Loan E, Loan F, Loan G, Loan H, Loan I and Loan J, in each
case, on the applicable Funding Date therefor, a commitment fee to Lender in the amount of 1.00% of the principal amount of such
Loan funded on such Funding Date (collectively, the &ldquo;<U>Commitment Fee</U>&rdquo;), less any amounts credited from the Good
Faith Deposit pursuant to <U>Section 2.6(a)</U>. The Commitment Fee shall be paid by Co-Borrowers as set forth in the applicable
Funding Certificate. The Commitment Fee (or any portion thereof) shall be retained by the Lender and be deemed fully earned upon
receipt.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;<U>Conditions
of Loans</U>.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1&nbsp;<U>Conditions
Precedent to Closing</U>. At the time of the execution and delivery of this Agreement, Lender shall have received, in form and
substance reasonably acceptable to Lender, all of the following (unless Lender has agreed to waive such condition or document,
in which case such condition or document shall be a condition precedent to the making of any Loan and shall be deemed added to
<U>Section 3.2</U>):</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;<U>Loan
Agreement</U>. This Agreement duly executed by each Co-Borrower, Collateral Agent and Lender.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Secretary&rsquo;s
Certificate</U>. A certificate of the secretary or assistant secretary of each Co-Borrower, dated as of the date hereof, with
copies of the following documents attached: (i) the certificate of incorporation and bylaws (or equivalent documents) of such
Co-Borrower certified such Co-Borrower as being complete and in full force and effect on the date thereof, (ii) incumbency and
representative signatures, and (iii) resolutions authorizing the execution and delivery of this Agreement and each of the other
Loan Documents.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;<U>Good
Standing Certificates</U>. A good standing certificate from each Co-Borrower&rsquo;s state of organization and the state in which
such Co-Borrower&rsquo;s principal place of business is located, each dated as of a date no earlier than thirty (30) days prior
to the date hereof.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;<U>Certificate
of Insurance</U>. Evidence of the insurance coverage required by <U>Section 6.8</U> of this Agreement.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;<U>Consents</U>.
All necessary consents of shareholders and other third parties with respect to the execution, delivery and performance of this
Agreement, the Warrants and the other Loan Documents.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;<U>Legal
Opinion</U>. A customary legal opinion of each Co-Borrower&rsquo;s counsel, dated as of the date hereof, in a form reasonably
acceptable to the Lender.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;<U>Account
Control Agreements</U>. Account Control Agreements for all of each Co-Borrower&rsquo;s deposit accounts and securities accounts
(other than any Excluded Accounts) maintained with Silicon Valley Bank, duly executed by all of the parties thereto.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;<U>Grants
of Security Interests in Intellectual Property</U>. Subject to Section 6.10(d), grants of security interests in any U.S. federally
registered Intellectual Property, in the forms provided by Lender.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;<U>Ligand
Letter Agreement</U>. Co-Borrowers shall have provided Lender with that certain Ligand Letter Agreement, duly executed by all
parties thereto.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;<U>Purchase
and Sale Agreements</U>. Co-Borrowers shall have provided Lender a copy of each Purchase and Sale Agreement, duly executed by
all parties thereto.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;<U>Intercreditor
Agreements</U>. Co-Borrowers shall have provided Lender each Intercreditor Agreement, duly executed by all parties thereto.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&nbsp;<U>Subordination
Agreements</U>. Co-Borrowers shall have provided Lender with each Subordination Agreement, duly executed by all parties thereto.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&nbsp;<U>[Reserved].</U></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&nbsp;<U>[Reserved].</U></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)&nbsp;<U>[Reserved].</U></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)&nbsp;<U>Fees
and Expenses</U>. Payment of all fees and expenses then due hereunder or under any other Loan Document.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>



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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Conditions Precedent to Making Loan A, Loan B, Loan C and Loan D</U>. The obligation of Lender to make Loan A, Loan B,
Loan C or Loan D on the Closing Date is further subject to satisfaction of the following conditions as of the Closing Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>No Default</U>. No Default or Event of Default shall have occurred that has not been waived by Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>[Reserved]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Note</U>. Each Co-Borrower shall have duly executed and delivered a Note in the amount of Loan A to Lender, a Note in
the amount of Loan B to Lender, a Note in the amount of Loan C to Lender and a Note in the amount of Loan D to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Warrants</U>. Borrower Representative shall have provided Lender with Warrants, dated as of the Closing Date, duly executed
by Borrower Representative, in form and substance acceptable to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>UCC Financing Statements</U>. Lender shall have received such documents, instruments and agreements, including UCC financing
statements or amendments to UCC financing statements and UCC financing statement searches, as Lender shall reasonably request to
evidence the perfection and priority of the security interests granted to Collateral Agent and Lender pursuant to <U>Section&nbsp;4</U>.
Each Co-Borrower authorizes Collateral Agent and Lender to file any UCC financing statements, continuations of or amendments to
UCC financing statements they deem necessary to perfect its security interest in the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Funding Certificate</U>. Borrower Representative shall have duly executed and delivered to Lender a Funding Certificate
for such Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Representations and Warranties</U>. The representations and warranties made by any Co-Borrower in <U>Section 5</U> and
in the other Loan Documents shall be true and correct in all material respects (without duplication of any materiality qualifier
contained therein) as of such Funding Date, except to the extent that such representation or warranty expressly relates to an earlier
date (in which event such representations and warranties shall be true and correct in all material respects (without duplication
of any materiality qualifier contained therein) as of such earlier date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Conditions Precedent to Making Loan E and Loan F</U>. If Lender elects, in its sole and absolute discretion, to make
Loan E and/or Loan F, the obligation of Lender to make Loan E or Loan F shall be further subject to satisfaction of the following
conditions as of the applicable Funding Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>No Default</U>. No Default or Event of Default shall have occurred that has not been waived by Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Note</U>. Each Co-Borrower shall have duly executed and delivered a Note in the amount of Loan E to Lender, and a Note
in the amount of Loan F to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</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: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Warrants</U>. Borrower Representative shall have provided Lender with Warrants, dated as of such Funding Date, duly executed
by Borrower Representative, in form and substance acceptable to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Funding Certificate</U>. Borrower Representative shall have duly executed and delivered to Lender a Funding Certificate
for such Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Twelve-Month Trailing Net Revenue</U>. Borrower Representative shall have provided evidence to Lender acceptable to Lender
in its sole discretion that Co-Borrowers and their Subsidiaries have achieved Trailing Twelve-Month Net Revenue in an amount not
less than $25,000,000 as of the last day of the calendar month immediately preceding the Funding Date of Loan E and Loan F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties</U>. The representations and warranties made by any Co-Borrower in <U>Section 5</U> and
in the other Loan Documents shall be true and correct in all material respects (without duplication of any materiality qualifier
contained therein) as of such Funding Date, except to the extent that such representation or warranty expressly relates to an earlier
date (in which event such representations and warranties shall be true and correct in all material respects (without duplication
of any materiality qualifier contained therein) as of such earlier date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Conditions Precedent to Making Loan G and Loan H</U>. If Lender elects, in its sole and absolute discretion, to make
Loan G and/or Loan H, the obligation of Lender to make Loan G or Loan H is further subject to satisfaction of the following conditions
as of the applicable Funding Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>No Default</U>. No Default or Event of Default shall have occurred that has not been waived by Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Note</U>. Each Co-Borrower shall have duly executed and delivered a Note in the amount of Loan G to Lender, and a Note
in the amount of Loan H to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Warrants</U>. Borrower Representative shall have provided Lender with Warrants, dated as of such Funding Date, duly executed
by Borrower Representative, in form and substance acceptable to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Funding Certificate</U>. Borrower Representative shall have duly executed and delivered to Lender a Funding Certificate
for such Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Twelve-Month Trailing Net Revenue</U>. Borrower Representative shall have provided evidence to Lender acceptable to Lender
in its sole discretion that Co-Borrowers and their Subsidiaries have achieved Trailing Twelve-Month Net Revenue in an amount not
less than $40,000,000 as of the last day of the calendar month immediately preceding the Funding Date of Loan G and Loan H.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties</U>. The representations and warranties made by any Co-Borrower in <U>Section 5</U> and
in the other Loan Documents shall be true and correct in all material respects (without duplication of any materiality qualifier
contained therein) as of such Funding Date, except to the extent that such representation or warranty expressly relates to an earlier
date (in which event such representations and warranties shall be true and correct in all material respects (without duplication
of any materiality qualifier contained therein) as of such earlier date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</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 0pt 4.5pt; text-align: justify; text-indent: 1in">3.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Conditions Precedent to Making Loan I and Loan J</U>. If Lender elects, in its sole and absolute discretion, to make
Loan I and/or Loan J, the obligation of Lender to make Loan I or Loan J is further subject to satisfaction of the following conditions
as of the applicable Funding Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>No Default</U>. No Default or Event of Default shall have occurred that has not been waived by Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Note</U>. Each Co-Borrower shall have duly executed and delivered a Note in the amount of Loan I to Lender, and a Note
in the amount of Loan J to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Warrants</U>. Borrower Representative shall have provided Lender with Warrants, dated as of such Funding Date, duly executed
by Borrower Representative, in form and substance acceptable to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Funding Certificate</U>. Borrower Representative shall have duly executed and delivered to Lender a Funding Certificate
for such Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Twelve-Month Trailing Net Revenue</U>. Borrower Representative shall have provided evidence to Lender acceptable to Lender
in its sole discretion that Co-Borrowers and their Subsidiaries have achieved Trailing Twelve-Month Net Revenue in an amount not
less than $70,000,000 as of the last day of the calendar month immediately preceding the Funding Date of Loan I and Loan J.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties</U>. The representations and warranties made by any Co-Borrower in <U>Section 5</U> and
in the other Loan Documents shall be true and correct in all material respects (without duplication of any materiality qualifier
contained therein) as of such Funding Date, except to the extent that such representation or warranty expressly relates to an earlier
date (in which event such representations and warranties shall be true and correct in all material respects (without duplication
of any materiality qualifier contained therein) as of such earlier date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">3.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Covenant to Deliver</U>. Each Co-Borrower agrees (not as a condition but as a covenant) to deliver to Lender each item
required to be delivered to Lender as a condition to each Loan, if such Loan is advanced. Each Co-Borrower expressly agrees that
the extension of any Loan prior to the receipt by Lender of any such item shall not constitute a waiver by Lender of any Co-Borrower&rsquo;s
obligation to deliver such item, and any such extension in the absence of a required item shall be in Lender&rsquo;s sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Creation of Security Interest</U>.</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 0pt 4.5pt; text-align: justify; text-indent: 1in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Grant of Security Interests</U>. Each Co-Borrower grants to Collateral Agent and Lender a valid, continuing security
interest in all presently existing and hereafter acquired or arising Collateral in order to secure prompt, full and complete payment
of any and all Obligations and in order to secure prompt, full and complete performance by each Co-Borrower of each of its covenants
and duties under each of the Loan Documents (other than the Warrants). The &ldquo;<U>Collateral</U>&rdquo; shall mean and include
all right, title, interest, claims and demands of each Co-Borrower in the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>All goods (and embedded computer programs and supporting information included within the definition of &ldquo;goods&rdquo;
under the Code) and equipment now owned or hereafter acquired, including all laboratory equipment, computer equipment, office equipment,
machinery, fixtures, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing, and all attachments,
accessories, accessions, replacements, substitutions, additions, and improvements to any of the foregoing, wherever located;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>All inventory now owned or hereafter acquired, including all merchandise, raw materials, parts, supplies, packing and shipping
materials, work in process and finished products including such inventory as is temporarily out of any Co-Borrower&rsquo;s custody
or possession or in transit and including any returns upon any accounts or other proceeds, including insurance proceeds, resulting
from the sale or disposition of any of the foregoing and any documents of title representing any of the above, and each Co-Borrower&rsquo;s
books relating to any of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>All contract rights and general intangibles (including Intellectual Property), now owned or hereafter acquired, including
goodwill, license agreements, franchise agreements, blueprints, drawings, purchase orders, customer lists, route lists, infringements,
claims, software, computer programs, computer disks, computer tapes, literature, reports, catalogs, design rights, income tax refunds,
payment intangibles, commercial tort claims, payments of insurance and rights to payment of any kind;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>All now existing and hereafter arising accounts, contract rights, royalties, license rights, license fees and all other
forms of obligations owing to any Co-Borrower arising out of the sale or lease of goods, the licensing of technology or the rendering
of services by any Co-Borrower (subject, in each case, to the contractual rights of third parties to require funds received by
any Co-Borrower to be expended in a particular manner), whether or not earned by performance, and any and all credit insurance,
guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by any Co-Borrower and each Co-Borrower&rsquo;s
books relating to any of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>All documents, cash, deposit accounts, letters of credit and letters of credit rights (whether or not the letter of credit
is evidenced by a writing) and other supporting obligations, certificates of deposit, instruments, promissory notes, chattel paper
(whether tangible or electronic) and investment property, including all securities, whether certificated or uncertificated, security
entitlements, securities accounts, commodity contracts and commodity accounts, and all financial assets held in any securities
account or otherwise, wherever located, now owned or hereafter acquired and each Co-Borrower&rsquo;s books relating to the foregoing;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>To the extent not covered by <U>clauses (a)</U> through <U>(e)</U>, all other personal property of each Co-Borrower, whether
tangible or intangible, and any and all rights and interests in any of the above and the foregoing and, any and all claims, rights
and interests in any of the above and all substitutions for, additions and accessions to and proceeds thereof, including insurance,
condemnation, requisition or similar payments and proceeds of the sale or licensing of Intellectual Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</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: justify; text-indent: 0.5in">Notwithstanding the
foregoing, the Collateral shall not include any Excluded Property.</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 0pt 4.5pt; text-align: justify; text-indent: 1in">4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>After-Acquired Property</U>. If any Co-Borrower shall at any time acquire a commercial tort claim, as defined in the
Code, with a value in excess of $250,000, Co-Borrowers shall promptly (and in any event, within one Business Day) notify Collateral
Agent and Lender in writing signed by Co-Borrowers of the brief details thereof and shall grant to Collateral Agent and Lender
in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing
to be in form and substance satisfactory to Collateral Agent and Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Duration of Security Interest</U>. Collateral Agent&rsquo;s and Lender&rsquo;s security interest in the Collateral shall
continue until the release or other disposition of such Collateral as permitted by this Agreement or indefeasible payment in full
and the satisfaction of all Obligations, and termination of Lender&rsquo;s commitment to fund the Loans, whereupon such security
interest shall automatically terminate, without delivery of any instrument or performance of any act by any party. Collateral Agent
and Lender shall, at Co-Borrowers&rsquo; sole cost and expense, execute such further documents and take such further actions as
may be reasonably necessary to make effective the release contemplated by this <U>Section&nbsp;4.3</U>, including duly authorizing
and delivering termination statements for filing in all relevant jurisdictions under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Location and Possession of Collateral</U>. Except for tangible Collateral having an aggregate value not to exceed $250,000
and Collateral in transit, all tangible Collateral is and shall remain in the possession of Co-Borrowers at its location listed
on the cover page hereof or as set forth in the Disclosure Schedule. Co-Borrowers shall remain in full possession, enjoyment and
control of the Collateral (except only as may be otherwise required by Collateral Agent or Lender for perfection of the security
interests therein created hereunder) and so long as no Event of Default has occurred, shall be entitled to manage, operate and
use the same and each part thereof with the rights and franchises appertaining thereto; <U>provided</U> that the possession, enjoyment,
control and use of the Collateral shall at all times be subject to the observance and performance of the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Delivery of Additional Documentation Required</U>. Each Co-Borrower shall from time to time execute and deliver to Collateral
Agent and Lender, at the reasonable request of Collateral Agent or Lender, all financing statements and other documents Collateral
Agent or Lender may reasonably request, in form reasonably satisfactory to Collateral Agent and Lender, to perfect and continue
Collateral Agent&rsquo;s and Lender&rsquo;s perfected security interests in the Collateral and in order to consummate fully all
of the transactions contemplated under the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">4.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Right to Inspect</U>. Collateral Agent and Lender (through any of their officers, employees, or agents) shall have the
right, upon reasonable prior notice, from time to time, during each Co-Borrower&rsquo;s usual business hours, to inspect the books
and records of each Co-Borrower and Subsidiaries and to make copies thereof and to inspect, test, and appraise the Collateral in
order to verify each Co-Borrower&rsquo;s financial condition or the amount, condition of, or any other matter relating to, the
Collateral. Any inspection, discussion, test or appraisal conducted hereunder shall be conducted at the sole cost and expense of
Co-Borrowers; provided that, the Co-Borrowers shall only be obligated to reimburse Lender and Collateral Agent for the costs and
expenses of one such inspection, test or appraisal per calendar year, unless an Event of Default has occurred and is continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">4.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Intellectual Property</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>[Reserved].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>Co-Borrowers shall notify Lender on or before the federal registration or filing by any Co-Borrower of any patent or patent
application, or trademark or trademark application, or copyright or copyright application that is material to the business of any
Co-Borrower, and at Lender&rsquo;s reasonable request, Co-Borrowers shall promptly execute and deliver to Lender any grants of
security interests in same, in form acceptable to Lender, to file with the United States Patent and Trademark Office or the United
States Copyright Office, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">4.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Protection of Intellectual Property</U>. Each Co-Borrower shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>protect, defend and maintain the validity and enforceability of its Intellectual Property, subject to each Co-Borrower&rsquo;s
reasonable business judgement and consistent with past business practices, and advise Collateral Agent in writing of material infringements
upon becoming aware of the same;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>not allow any Intellectual Property material to any Co-Borrower&rsquo;s business to be abandoned, forfeited or dedicated
to the public without Lender&rsquo;s written consent, except as determined in such Co-Borrower&rsquo;s reasonable business judgment
and consistent with past business practices;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT> provide written notice to Collateral Agent within ten (10) Business Days of entering or becoming bound by any Restricted
License; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>take such commercially reasonable efforts to take such steps as Collateral Agent or Lender reasonably requests in writing
to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed
&ldquo;Collateral&rdquo; and for Collateral Agent and Lender to have a security interest in it that might otherwise be restricted
or prohibited by law or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii)
Collateral Agent and Lender to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in
accordance with Collateral Agent&rsquo;s or Lender&rsquo;s rights and remedies under this Agreement and the other Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</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: justify; text-indent: 0.5in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties</U>. Except as set forth in the Disclosure Schedule, each Co-Borrower represents and warrants
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 0pt 4.5pt; text-align: justify; text-indent: 1in">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Organization and Qualification</U>. Each Co-Borrower and its Subsidiaries is an entity duly organized and validly existing
under the laws of its jurisdiction of incorporation or formation, as applicable, and qualified and licensed to do business in,
and is in good standing in, any jurisdiction in which the conduct of its business or its ownership of Property requires that it
be so qualified and licensed or in which the Collateral is located, except for such jurisdictions as to which any failure to so
qualify would not have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Authority</U>. Each Co-Borrower has all necessary power and authority to execute, deliver, and perform in accordance
with the terms thereof, the Loan Documents to which it is a party. Each Co-Borrower and its Subsidiaries has all requisite power
and authority to own and operate their Property and to carry on their businesses as now conducted, except to the extent where the
failure to do so would not reasonably be expected to have a Material Adverse Effect. Each Co-Borrower and its Subsidiaries have
obtained all licenses, permits, approvals and other authorizations necessary for the operation of their business, except to the
extent where the failure to do so would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Conflict with Other Instruments, etc</U>. Neither the execution and delivery of any Loan Document to which any Co-Borrower
is a party nor the consummation of the transactions therein contemplated nor compliance with the terms, conditions and provisions
thereof will conflict with or result in a breach of any of the terms, conditions or provisions of the articles or certificate of
incorporation or formation, as applicable, the by-laws, or any other organizational documents of any Co-Borrower or any law or
any regulation, order, writ, injunction or decree of any court or Governmental Authority by which any Co-Borrower or any Subsidiary
or any of their respective property or assets may be bound or affected, except where the breach of which would not reasonably be
expected to have a Material Adverse Effect, or any material agreement or instrument to which any Co-Borrower is a party or by which
it or any of its Property is bound or to which it or any of its Property is subject, or constitute a default thereunder or result
in the creation or imposition of any Lien, other than Permitted Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Authorization; Enforceability</U>. The execution and delivery of this Agreement, the granting of the security interest
in the Collateral, the incurrence of the Loans, the execution and delivery of the other Loan Documents to which any Co-Borrower
is a party and the consummation of the transactions herein and therein contemplated have each been duly authorized by all necessary
action on the part of each Co-Borrower. No authorization, consent, approval, license or exemption of, and no registration, qualification,
designation, declaration or filing with, or notice to, any Person is, was or will be necessary to (a) the valid execution and delivery
of any Loan Document to which any Co-Borrower is a party, (b) the performance of any Co-Borrower&rsquo;s obligations under any
Loan Document or (c) the granting of the security interest in the Collateral, except for (i) filings in connection with the perfection
of the security interest in any of the Collateral, (ii) those the failure of which to obtain would not reasonably be expected to
have a Material Adverse Effect, or (iii) the issuance of the Warrants. The Loan Documents have been duly executed and delivered
and constitute legal, valid and binding obligations of each Co-Borrower, enforceable in accordance with their respective terms,
except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws of general application relating
to or affecting the enforcement of creditors&rsquo; rights or by general principles of equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>No Prior Encumbrances</U>. Each Co-Borrower has good and marketable title to the Collateral, free and clear of Liens
except for Permitted Liens. Each Co-Borrower has good title and ownership of, or is licensed under, all of such Co-Borrower&rsquo;s
current Intellectual Property. Each Co-Borrower is the sole owner of the Intellectual Property which it owns or purports to own.
Each issued patent which it owns or purports to own and which is material to any Co-Borrower&rsquo;s business is valid, and to
the knowledge of such Co-Borrower, enforceable, and no part of the Intellectual Property which any Co-Borrower owns or purports
to own and which is material to any Co-Borrower&rsquo;s business has been judged invalid or unenforceable, in whole or in part.
No Co-Borrower is a party to, nor is it bound by, any Restricted License. No Co-Borrower has received any written communications
alleging that any Co-Borrower has violated, or by conducting its business as proposed, would violate any Intellectual Property
rights of any other Person in a material manner. No Co-Borrower has any knowledge of any infringement or violation by it of the
Intellectual Property rights of any third party and has no knowledge of any violation or infringement by a third party of any of
its Intellectual Property. The Collateral and the Intellectual Property constitute substantially all of the assets and property
of Co-Borrowers, and each Co-Borrower owns or otherwise has the necessary rights to use all Intellectual Property that is material
to with the business of such Co-Borrower and its Subsidiaries, free and clear of any Liens other than Permitted Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Security Interest</U>. The provisions of this Agreement create legal and valid security interests in the Collateral in
favor of Collateral Agent and Lender, and, assuming the proper filing of one or more financing statement(s) identifying the Collateral
with the proper state and/or local authorities, the security interests in the Collateral granted to Collateral Agent and Lender
pursuant to this Agreement (a) constitute and will continue to constitute first priority security interests (except to the extent
any Permitted Liens may have a superior priority to Collateral Agent&rsquo;s and Lender&rsquo;s Liens under this Agreement) to
the extent such security interest can be perfected by the filing of an appropriately prepared financing statement with the appropriate
jurisdiction and (b) are and will continue to be superior and prior to the rights of all other creditors of each Co-Borrower (except
to the extent any Permitted Liens may have a superior priority to Collateral Agent&rsquo;s and Lender&rsquo;s Liens under this
Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Name; Location of Chief Executive Office, Principal Place of Business and Collateral</U>. No Co-Borrower has done any
business under any name other than that specified on the signature page hereof. Each Co-Borrower&rsquo;s jurisdiction of incorporation
or formation, as applicable, chief executive office, principal place of business, and the place where such Co-Borrower maintains
its records concerning the Collateral are presently located in the state and at the address set forth on the cover page of this
Agreement. As of the date hereof, the Collateral is presently located at the address set forth on the cover page hereof or as set
forth in the Disclosure Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Litigation</U>. There are no actions or proceedings pending by or against any Co-Borrower or any Subsidiary before any
court, arbitral tribunal, regulatory organization, administrative agency or similar body in which an adverse decision would reasonably
be expected to have a Material Adverse Effect. No Co-Borrower has any knowledge of any such pending or threatened actions or proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Financial Statements</U>. All financial statements relating to any Co-Borrower, any Subsidiary that have been or may
hereafter be delivered by any Co-Borrower to Collateral Agent or Lender present fairly in all material respects such Co-Borrower&rsquo;s
Consolidated financial condition as of the date thereof and such Co-Borrower&rsquo;s Consolidated results of operations for the
period then ended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Adverse Effect</U>. No event has occurred and no condition exists which would reasonably be expected to have
a Material Adverse Effect since December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Full Disclosure</U>. No representation, warranty or other statement made by any Co-Borrower in any Loan Document (including
the Disclosure Schedule), certificate or written statement furnished to Collateral Agent or Lender (other than any forecasts or
projections), when taken as a whole, contains any untrue statement of a material fact or omits to state a material fact necessary
in order to make the statements contained in such certificates or statements, in light of the circumstances under which they are
made, not materially misleading as of the time when made or delivered. All projections and forecasts delivered to Collateral Agent
and Lender by any Co-Borrower, represent the Co-Borrowers&rsquo; good faith estimate of future financial performance and are based
on assumptions believed by the Co-Borrowers to be fair and reasonable in light of current market conditions, it being acknowledged
and agreed by Collateral Agent and Lender that projections and forecasts as to future events are not to be viewed as facts and
that the actual results during the period or periods covered by such projections or forecasts may differ from the projected or
forecasted results and such differences may be material. There is no fact known to any Co-Borrower which materially adversely affects,
or which could in the future be reasonably expected to materially adversely affect, its ability to perform its obligations under
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Solvency, Etc</U><I>.</I> The Co-Borrowers, taken as a whole, are Solvent (as defined below) and, after the execution
and delivery of the Loan Documents and the consummation of the transactions contemplated thereby, the Co-Borrowers, taken as a
whole, will be Solvent. &ldquo;<U>Solvent</U>&rdquo; means, with respect to any Person on any date, that on such date (a) the fair
value of the property of such Person is greater than the fair value of the liabilities (including contingent liabilities) of such
Person, (b) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay
the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and
does not believe that it will, incur debts or liabilities beyond such Person&rsquo;s ability to pay as such debts and liabilities
mature and (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction,
for which such Person&rsquo;s property would constitute an unreasonably small capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsidiaries</U>. As of the date hereof, no Co-Borrower has any Subsidiaries except as set forth in the Disclosure Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.14<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capitalization</U>. All issued and outstanding Equity Securities of each Co-Borrower and its Subsidiaries are duly authorized
and validly issued, fully paid and non-assessable, and such securities were issued in compliance with all applicable state and
federal laws concerning the issuance of securities, except for such compliance with such laws that would not reasonably be expected
to result in a Material Adverse Effect.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Catastrophic Events; Labor Disputes</U><I>.</I> No Co-Borrower, nor any Subsidiary, nor any of their respective Property
is or has been affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake,
embargo, act of God or other casualty that would reasonably be expected to have a Material Adverse Effect. There are no disputes
presently subject to grievance procedure, arbitration or litigation under any of the collective bargaining agreements, employment
contracts or employee welfare or incentive plans to which any Co-Borrower or any Subsidiary is a party, and there are no strikes,
lockouts, work stoppages or slowdowns, or, to the knowledge of any Co-Borrower, jurisdictional disputes or organizing activity
occurring or threatened which would reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Present Intention to Terminate</U>. To the knowledge of each Co-Borrower, no officer of any Co-Borrower, and no employee
of any Co-Borrower whose termination, either individually or in the aggregate, would reasonably be expected to have a Material
Adverse Effect, has any present intention of terminating his or her employment with such Co-Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Plan Assets</U>. No Co-Borrower nor any Subsidiary is an &ldquo;employee benefit plan,&rdquo; as defined in Section&nbsp;3(3)
of ERISA, that is subject to Title&nbsp;I of ERISA, and none of the assets of any Co-Borrower or any Subsidiary constitutes or
will constitute &ldquo;plan assets&rdquo; of one or more such plans within the meaning of 29 C.F.R. Section&nbsp;2510.3-101. In
addition, (a)&nbsp;no Co-Borrower nor any Subsidiary is a &ldquo;governmental plan&rdquo; within the meaning of Section&nbsp;3(32)
of ERISA and (b)&nbsp;transactions by or with any Co-Borrower or any Subsidiary are not subject to state statutes regulating investment
of, and fiduciary obligations with respect to, governmental plans similar to the provisions of Section&nbsp;406 of ERISA or Section&nbsp;4975
of the Internal Revenue Code currently in effect, which prohibit or otherwise restrict the transactions contemplated by this Loan
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.18<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sanctions, Etc</U>. No Co-Borrower, nor any Subsidiary, or, (i) to any Co-Borrower&rsquo;s knowledge, any director, officer,
employee, or agent of any Co-Borrower or any Subsidiary, or (ii) to any Co-Borrower&rsquo;s actual knowledge, any Affiliate of
any Co-Borrower or any Subsidiary, is a Person that is, or is owned or controlled by Persons that are, (a) the subject or target
of any Sanctions, (b) located, organized or resident in a country or territory that is, or whose government is, the subject of
Sanctions or (c) a Restricted Entity. To the best of each Co-Borrower&rsquo;s knowledge, as of the date hereof and at all times
throughout the term of this Agreement, including after giving effect to any transfers of interests permitted pursuant to the Loan
Documents, none of the funds of any Co-Borrower, any Subsidiary or, to any Co-Borrower&rsquo;s knowledge, of their respective Affiliates
have been (or will be) derived from any unlawful activity with the result that the investment in the respective party (whether
directly or indirectly), is prohibited by applicable law or the Loans are in violation of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.19<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Regulatory Compliance</U>. No Co-Borrower is a &ldquo;bank holding company&rdquo; or a direct or indirect subsidiary
of a &ldquo;bank holding company&rdquo; as defined in the Bank Holding Company Act of 1956, as amended, and Regulation&nbsp;Y thereunder
of the Board of Governors of the Federal Reserve System. No Co-Borrower nor any Subsidiary is an &ldquo;investment company&rdquo;
or a company controlled by an &ldquo;investment company&rdquo; under the Investment Company Act of 1940. No Co-Borrower is engaged
in the business of extending credit for the purpose of purchasing or carrying margin stock (as defined in Regulation U of the Board
of Governors of the Federal Reserve System) and no proceeds of any Loan will be used to purchase or carry margin stock or to extend
credit to others for the purpose of purchasing or carrying any margin stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.20<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Taxes</U>. All federal income and other material tax returns, reports and statements (including any required
attachments thereto or amendments thereof) of each Co-Borrower and its Subsidiaries filed or required to be filed by any of them
have been filed (or extensions have been obtained and such extensions have not expired) and all taxes shown on such tax returns
as due and payable and all other material taxes imposed on each Co-Borrower and its Subsidiaries that are due and payable and all
material governmental assessments, fees and other governmental charges upon any Co-Borrower, its Subsidiaries and their respective
properties, assets, income, businesses and franchises which are due and payable have been paid when due and payable, except for
the payment of any such taxes, assessments, fees and other governmental charges which are not yet delinquent or are being diligently
contested by Co-Borrowers in good faith by appropriate proceedings and for which adequate reserves have been made under GAAP. To
the knowledge of each Co-Borrower, no tax return of any Co-Borrower or any Subsidiary is currently under an audit or examination,
and no Co-Borrower has received written notice of any proposed audit or examination, in each case, where a material amount of tax
is at issue. No Co-Borrower is an &ldquo;S corporation&rdquo; within the meaning of Section 1361(a)(1) of the Internal Revenue
Code of 1986, as amended (the &ldquo;<U>Internal Revenue Code</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">5.21<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Anti-Terrorism Laws</U>. No Co-Borrower will, directly or indirectly, use the proceeds of the Loans, or lend, contribute
or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, (i) to fund any activities
or business of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is,
the subject of Sanctions, (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person
participating in the Loans, whether as lender, underwriter, advisor, investor or otherwise), or (iii) in any manner that would,
directly or indirectly, benefit any Restricted Entity. Lender hereby notifies Co-Borrowers that pursuant to the requirements of
Anti-Terrorism Laws, and Lender&rsquo;s policies and practices, Lender is required to obtain, verify and record certain information
and documentation that identifies each Co-Borrower and its principals, which information includes the name and address of such
Co-Borrower and its principals and such other information that will allow Lender to identify such party in accordance with Anti-Terrorism
Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Affirmative Covenants</U>. Each Co-Borrower, until the full and complete payment of the Obligations (other than contingent
indemnification obligations to the extent no claim giving rise thereto has been asserted), covenants and agrees that:</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 0pt 4.5pt; text-align: justify; text-indent: 1in">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Good Standing</U>. Each Co-Borrower shall maintain, and cause each of its Subsidiaries to maintain, its corporate existence
and its good standing in its jurisdiction of incorporation or formation, as applicable, and maintain qualification in each jurisdiction
in which the failure to so qualify would reasonably be expected to have a Material Adverse Effect. Each Co-Borrower shall maintain,
and cause each of its Subsidiaries to maintain, in force all licenses, approvals and agreements, the loss of which would reasonably
be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Government Compliance</U>. Each Co-Borrower shall comply, and cause each of its Subsidiaries to comply, with all statutes,
laws, ordinances and government rules and regulations to which it is subject, noncompliance with which could reasonably be expected
to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Financial Statements, Reports, Certificates</U>. Each Co-Borrower shall deliver to Lender: (a)&nbsp;as soon as available,
but in any event within 45 days after the end of each month, a Co-Borrower prepared balance sheet, income statement and cash flow
statement covering such Co-Borrower&rsquo;s operations during such period and for the period beginning with the first day of the
applicable fiscal year and ending on the last day of such month, and aging of Co-Borrower&rsquo;s accounts receivable and accounts
payable, to the extent such financial materials are prepared and delivered to the members of the board of directors of such Co-Borrower,
all certified by such Co-Borrower&rsquo;s president, treasurer or chief financial officer (each, a &ldquo;<U>Responsible Officer</U>&rdquo;);
(b) as soon as available, but in any event within 90 days after the end of each Co-Borrower&rsquo;s fiscal year, audited Consolidated
financial statements of each Co-Borrower prepared in accordance with GAAP, together with an unqualified opinion on such financial
statements of a nationally recognized or other independent public accounting firm reasonably acceptable to Lender; (c)&nbsp;as
soon as available, but in any event within 30 days after the end of each Co-Borrower&rsquo;s fiscal year, such Co-Borrower&rsquo;s
board-approved operating budget and plan for the next fiscal year; and (d) such other all other information (including, without
limitation, business or financial data, reports, appraisals and projections) concerning any Co-Borrower and its Subsidiaries, or
their respective properties or business, as Lender may reasonably request from time to time. In addition, each Co-Borrower shall
deliver to Lender (A)&nbsp;promptly upon becoming available, copies of all statements, reports and notices sent or made available
generally by such Co-Borrower to its security holders, (B)&nbsp;promptly (and in any event, within one Business Day) upon receipt
of notice thereof, a report of any material legal actions pending or threatened against any Co-Borrower or any Subsidiary or the
commencement of any action, proceeding or governmental investigation involving any Co-Borrower or any Subsidiary is commenced that
is reasonably expected to result in damages or costs to any Co-Borrower of $250,000 or more, (C) promptly following receipt, copies
of any material notices (including notices of default) received in connection with any Material Contract, and (D) promptly upon
receipt thereof, copies of all detailed financial and management reports submitted to any Co-Borrower by independent auditors in
connection with each annual or interim audit made by those auditors of the books of any Co-Borrower. Documents required to be delivered
pursuant to <U>Section 6.3(a)</U> or <U>(b)</U> may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i)&nbsp;on which the Borrower Representative files or furnishes such financial statements and other information
with the Securities and Exchange Commission via the EDGAR filing system or any successor electronic delivery procedures; or (ii)&nbsp;on
which such documents are posted on the Borrower Representative&rsquo;s behalf on an Internet or intranet website, if any, to which
the Lender has access (whether a commercial, third-party website or whether sponsored by the Lender).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Certificates of Compliance</U>. Each time financial statements are furnished pursuant to <U>Section&nbsp;6.3</U> above,
Borrower Representative shall deliver to Lender an Officer&rsquo;s Certificate signed by a Responsible Officer in the form of,
and certifying to the matters set forth in <U>Exhibit E</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">6.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Notice of Defaults</U>. As soon as possible, and in any event within (i) five (5) days after the discovery of a Default
or an Event of Default and (ii) two (2) Business Days following receipt of written notice from Ligand of any breach, default or
event of default under the Zelsuvmi License Agreement, Borrower Representative shall provide Lender with a certificate certified
by a Responsible Officer setting forth the facts relating to or giving rise to such Default, Event of Default or breach and the
action which Co-Borrowers propose to take with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">6.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Taxes</U>. Each Co-Borrower shall make, and cause each Subsidiary to make, due and timely payment or deposit of all material
federal, state, and local taxes required by law to be paid or imposed upon any Property belonging to it, and will execute and deliver
to Collateral Agent and Lender, on demand, appropriate certificates attesting to the payment or deposit thereof; and each Co-Borrower
will make, and cause each Subsidiary to make, timely payment or deposit of all material tax payments and withholding taxes required
of it by applicable laws to be paid or withheld by it, including those laws concerning F.I.C.A., F.U.T.A., state disability, and
local, state, and federal income taxes, and will, upon request, furnish Collateral Agent and Lender with proof satisfactory to
Lender indicating that such Co-Borrower and each Subsidiary has made such payments or deposits; <U>provided</U> that no Co-Borrower
shall be required to make any payment if the amount or validity of such payment is contested in good faith by appropriate proceedings
which suspend the collection thereof (<U>provided</U>, that such proceedings do not involve any substantial danger of the sale,
forfeiture or loss of any material item of Collateral or Collateral which in the aggregate is material to any Co-Borrower and that
Co-Borrowers have adequately bonded such amounts or reserves sufficient to discharge such amounts have been provided on the books
of Co-Borrowers in accordance with GAAP).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">6.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Use; Maintenance</U>. Each Co-Borrower shall keep and maintain all items of equipment and other similar types of personal
property that form any significant portion or portions of the Collateral in good operating condition and repair (except for ordinary
wear and tear incurred in the ordinary course of business) and shall make all necessary replacements thereof and renewals thereto
so that the value and operating efficiency thereof shall at all times be maintained and preserved, except where the failure to
do so would not reasonably be expected to cause a Material Adverse Effect. No Co-Borrower shall permit any such material item of
Collateral to become a fixture to real estate or an accession to other personal property, without the prior written consent of
Collateral Agent and Lender. No Co-Borrower shall permit any such material item of Collateral to be operated or maintained in violation
of any applicable law, statute, rule or regulation, except where the failure to do so would not reasonably be expected to cause
a Material Adverse Effect. With respect to items of leased equipment (to the extent Collateral Agent and Lender have any security
interest in any residual Co-Borrower&rsquo;s interest in such equipment under the lease), Co-Borrowers shall keep, maintain, repair,
replace and operate such leased equipment in accordance with the terms of the applicable lease, except where the failure to do
so would not reasonably be expected to cause a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">6.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Insurance</U>. Each Co-Borrower shall keep its business and the Collateral insured for risks and in amounts standard
for companies in such Co-Borrower&rsquo;s industry and location, and as Collateral Agent or Lender may reasonably request. Insurance
policies shall be in a form, with companies, and in amounts that are satisfactory to Collateral Agent and Lender. All property
policies shall have a lender&rsquo;s loss payable endorsement showing Collateral Agent and Lender as an additional loss payee and
all liability policies shall show Collateral Agent and Lender as an additional insured and all policies shall provide that the
insurer must give Collateral Agent at least 30 days&rsquo; notice before canceling its policy. At Collateral Agent&rsquo;s or Lender&rsquo;s
request, each Co-Borrower shall deliver certified copies of policies and evidence of all premium payments. Proceeds payable under
any property policy shall, at Collateral Agent&rsquo;s or Lender&rsquo;s option, be payable to Collateral Agent, for the benefit
of Lender, or to Lender on account of the Obligations. Notwithstanding the foregoing, so long as no Event of Default has occurred
that has not been waived by Lender, each Co-Borrower shall have the option of applying the proceeds of any property policy, toward
the replacement or repair of destroyed or damaged property; <U>provided</U> that (a) any such replaced or repaired property (i)
shall be of equal or like value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Collateral
Agent and Lender have been granted a first priority security interest (subject to Permitted Liens) and (b) after the occurrence
of an Event of Default all proceeds payable under such property policy shall, at the option of Collateral Agent or Lender, be payable
to Collateral Agent, for the benefit of Lender, or to Lender on account of the Obligations. If any Co-Borrower fails to obtain
insurance as required under <U>Section 6.8</U> or to pay any amount or furnish any required proof of payment to third persons and
Collateral Agent, Collateral Agent or Lender may make all or part of such payment or obtain such insurance policies required in
<U>Section 6.8</U>, and take any action under the policies Collateral Agent or Lender reasonably deems prudent. On or prior to
the first Funding Date and prior to each policy renewal, each Co-Borrower shall furnish to Collateral Agent certificates of insurance
or other evidence satisfactory to Collateral Agent that insurance complying with all of the above requirements is in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">6.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Further Assurances</U>. At any time, and from time to time, each Co-Borrower shall execute and deliver such further instruments
and take such further action as may reasonably be requested by Collateral Agent or Lender to make effective the purposes of this
Agreement, including the continued perfection and priority of Collateral Agent&rsquo;s and Lender&rsquo;s security interest in
the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">6.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Post-Closing Covenants.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Landlord Agreements</U>. Each Co-Borrower shall have used commercially reasonable efforts to provide Lender with a Landlord
Agreement executed and delivered by each landlord or third-party, as applicable, within forty-five (45) days of the Closing Date,
for each location where any Co-Borrower&rsquo;s books and records and the Collateral is located (unless a Co-Borrower is the fee
owner thereof) including, without limitation, the property located at 4020 Stirrup Creek Dr., Suite 110 Durham, NC 27703.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Reedy Creek Intercreditor Agreement</U>. Each Co-Borrower shall have used commercially reasonable efforts to provide
Lender with an intercreditor agreement, in form and substance substantially identical to the Intercreditor Agreements, executed
and delivered by Reedy Creek, within forty-five (45) days of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Reedy Creek Purchase and Sale Agreement</U>. Each Co-Borrower shall refrain from amending, restating, supplementing or
otherwise modifying the Reedy Creek Purchase Agreement as in effect on the date of this Agreement until the earlier to occur of
(i)&nbsp;delivery of an intercreditor agreement in form and substance substantially identical to the Intercreditor Agreement, executed
and delivered by Reedy Creek and each Co-Borrower, and (ii)&nbsp;the full and complete payment of the Obligations (other than contingent
indemnification obligations to the extent no claim giving rise thereto has been asserted).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</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: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>Each Co-Borrower shall provide Lender with grants of security interest in all of such Co-Borrower&rsquo;s patents and patent
applications, trademarks and trademarks applications, and copyrights and copyright applications, including, without limitation,
as listed on Schedule 6.10(d) of the Disclosure Schedule, in form acceptable to Lender, to file with the United States Patent and
Trademark Office or the United States Copyright Office, as applicable, within ten (10) Business Days of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">6.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsidiaries</U>. Each Co-Borrower, upon Lender&rsquo;s or Collateral Agent&rsquo;s request, shall cause any Subsidiary
(other than any Excluded Subsidiary) to provide Lender and Collateral Agent with a guaranty of the Obligations and a security interest
in such Subsidiary&rsquo;s assets to secure such guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">6.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Keeping of Books</U>. Each Co-Borrower shall keep proper books of record and account, in which full and correct in all
material respects entries shall be made of all financial transactions and the assets and business of such Co-Borrower and its Subsidiaries
in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">6.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cash on Deposit</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Commencing as of the date of this Agreement, and continuing until the date (the &ldquo;<U>Cash Covenant Milestone Date</U>&rdquo;)
on which Borrower Representative provides Lender with evidence acceptable to Lender in its sole discretion that Co-Borrowers have
achieved Trailing Six-Month Net Revenue in an amount not less than $30,000,000 as of the last day of the calendar month immediately
preceding the Cash Covenant Milestone Date, Co-Borrowers shall maintain cash on deposit, in accounts over which Lender maintains
an Account Control Agreement, in an aggregate amount not less than $10,000,000 at all times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>Subject to <U>Section 6.13(c)</U>, commencing as of the Cash Covenant Milestone Date and continuing until repayment in full
of all Obligations, Co-Borrowers shall maintain cash on deposit, in accounts over which Lender maintains an Account Control Agreement,
in an aggregate amount not less than $7,500,000 at all times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>If at any time following the Cash Covenant Milestone Date, the Trailing Six-Month Net Revenue shall be less than $30,000,000
as of any date of determination, Co-Borrowers shall comply with <U>Section 6.13(a)</U> as though such Cash Covenant Milestone Date
had not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>Each Co-Borrower shall take all steps reasonably required to ensure that Lender obtains and maintains, until the indefeasible
repayment in full of the Obligations, electronic, read-only access to each Co-Borrower&rsquo;s deposit accounts, to allow Lender
to view such deposit accounts, including the ability to view details on each transaction relating to each such deposit account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</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: justify; text-indent: 0.5in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Negative Covenants</U>. Each Co-Borrower, until the full and complete payment of the Obligations (other than contingent
indemnification obligations to the extent no claim giving rise thereto has been asserted), covenants and agrees that such Co-Borrower
shall not:</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 0pt 4.5pt; text-align: justify; text-indent: 1in">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Chief Executive Office</U>. Change its name, jurisdiction of incorporation or formation, as applicable, chief executive
office, principal place of business or any of the items set forth in Section 1 of the Disclosure Schedule without 10 days&rsquo;
prior written notice to Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Collateral Control</U>. Subject to its rights under <U>Sections 4.4</U> and <U>7.4</U>, remove any items of Collateral
from any Co-Borrower&rsquo;s facility located at the address(es) set forth on the cover page hereof or as set forth on the Disclosure
Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Liens</U>. Create, incur, allow or suffer, or permit any Subsidiary to create, incur, allow or suffer, any Lien on any
of its property, or assign or convey any right to receive income, including the sale of any accounts except for Permitted Liens,
or permit any Collateral not to be subject to the first priority security interest granted herein (except for Permitted Liens that
are permitted by the terms of this Agreement to have priority to Collateral Agent&rsquo;s and Lender&rsquo;s Liens), or enter into
any agreement, document, instrument or other arrangement (except with or in favor of Collateral Agent, for the benefit of Lender,
or Lender) with any Person which directly or indirectly prohibits or has the effect of prohibiting any Co-Borrower or any Subsidiary
from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any Co-Borrower&rsquo;s or any Subsidiary&rsquo;s
Intellectual Property, except (a) as otherwise permitted in <U>Section 7.4</U> hereof and (b) as permitted in the definition of
&ldquo;Permitted Liens&rdquo; herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">7.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Other Dispositions of Collateral</U>. Convey, sell, lease or otherwise dispose of, or permit any Subsidiary to convey,
sell, lease or otherwise dispose, of all or any part of the Collateral to any Person (collectively, a &ldquo;<U>Transfer</U>&rdquo;),
except for: (a) Transfers of inventory in the ordinary course of business including due to quality control protocols rendering
such inventory as non-salable; (b) Transfers of worn-out or obsolete equipment made in the ordinary course of business; (c) Transfers
permitted under <U>subsection (g)</U> of the definition of &ldquo;Permitted Liens&rdquo; with respect to Collateral; (d) Transfers
of cash equivalents in the ordinary course of business; (e) conversions of cash equivalents into cash or other cash equivalents;
(f) Transfers of past due accounts receivable in the ordinary course of business (including any discount and/or forgiveness thereof)
or, in the case of accounts receivable in default, in connection with the collection or compromise thereof and in any event, not
involving any securitization thereof; (g) (i) any termination of any lease in the ordinary course of business, (ii) any expiration
of any option agreement in respect of real or personal property and (iii) any surrender or waiver of contractual rights or the
settlement, release or surrender of contractual rights or litigation claims (including in tort) in the ordinary course of business;
(h) Transfers of property subject to foreclosure, casualty, eminent domain or condemnation proceedings (including in lieu thereof
or any similar proceeding); (i) Transfers of property by (i) a Co-Borrower or any Subsidiary of a Co-Borrower to a Co-Borrower
or (ii) Transfers by any Subsidiary that is not a guarantor of the Obligations to any other Subsidiary; (j) Transfers not otherwise
permitted hereunder which are made for fair market value in an aggregate amount not to exceed $500,000 in any fiscal year, provided
that at the time of such Transfer, no Event of Default shall exist or shall result from such Transfer; (k) to the extent constituting
a Transfer, transactions permitted under Section 7.5; (1) the abandonment or cancellation of patents, trademarks, copyrights or
other Intellectual Property which are, as of the date of abandonment, not material to the business of any Co-Borrower or any Subsidiary;
(m) licenses of Intellectual Property permitted pursuant to clause (g) of the definition of Permitted Liens; (n) Transfers pursuant
to the terms of the Permitted Indebtedness Documents; and (o) Transfers of the Equity Securities and/or assets of Channel Pharmaceutical,
Chromocell and their Subsidiaries so long as in the case of this clause (o), both (i) the proceeds of any such Transfer under this
clause (o) are deposited and held in Accounts of Co-Borrowers that are subject to Account Control Agreements and (ii) either (1)
such Transfer is approved by a majority of the members of the Board of Directors of Borrower Representative that are not representatives
of Ligand or any Affiliates of Ligand, or (2) none of Ligand nor any Affiliate of Ligand is a purchaser of or investor in the Equity
Securities and/or assets of Channel Pharmaceutical, Chromocell or their Subsidiaries, as applicable, in connection with the Transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">7.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Distributions</U>. (a) Pay any dividends or make any distributions, or permit any Subsidiary to pay any dividends or
make any distributions, on their respective Equity Securities; (b) purchase, redeem, retire, defease or otherwise acquire, or permit
any Subsidiary to purchase, redeem, retire, defease or otherwise acquire, for value any of their respective Equity Securities (other
than repurchases or similar payments with respect to equity or equity-like securities pursuant to the terms of employee stock purchase
plans, employee restricted stock agreements or similar arrangements in an aggregate amount not to exceed $250,000 in any fiscal
year); (c) return, or permit any Subsidiary to return, any capital to any holder of its Equity Securities as such (other than (i)
repurchases or similar payments with respect to equity or equity-like securities pursuant to the terms of employee stock purchase
plans, employee restricted stock agreements or other similar arrangements); (d) make, or permit any Subsidiary to make, any distribution
of assets, Equity Securities, obligations or securities to any holder of its Equity Securities as such; or (e) set apart any sum
for any such purpose; <U>provided</U>, <U>however</U>, (A) any Co-Borrower or Subsidiary may pay dividends solely to a Co-Borrower
or another wholly-owned Subsidiary (other than any Excluded Subsidiary), (B) any Co-Borrower or Subsidiary may pay dividends payable
solely in such Co-Borrower&rsquo;s or a Subsidiary&rsquo;s common stock, and (C) as otherwise permitted under Section 7.4 of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">7.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Mergers or Acquisitions</U>. Merge or consolidate, or permit any Subsidiary to merge or consolidate, with or into any
other Person or acquire, or permit any Subsidiary to acquire, all or substantially all of the capital stock or assets of another
Person; <U>provided</U> that (a) any Subsidiary may merge into another Subsidiary (other than any Excluded Subsidiary), (b) any
Subsidiary may merge into any Co-Borrower so long as such Co-Borrower is the surviving entity, (c) a Subsidiary may become a Subsidiary
of another Co-Borrower, and (d) any Co-Borrower may consummate a Permitted Acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">7.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Change in Business or Ownership</U>. Engage, or permit any Subsidiary to engage, in any business other than the businesses
currently engaged in by such Co-Borrower or such Subsidiary, as applicable, or reasonably related, similar or incidental thereto
or have a material change in such Co-Borrower&rsquo;s ownership equal to or greater than fifty percent (50%) other than to venture
capital investors so long as such Co-Borrower identifies to Lender and Collateral Agent the venture capital investors prior to
the execution of a definitive agreement relating to such change of ownership and any such venture capital investors that purchase
or otherwise acquire twenty-five percent (25%) or more of the ownership of such Co-Borrower in one or a series of transactions
have cleared Lender&rsquo;s &ldquo;know your customer&rdquo; checks. For the avoidance of doubt, nothing contained in this Agreement
shall preclude Borrower Representative from dissolving or disposing of Channel Pharmaceutical and/or Chromocell, so long as such
dissolution or disposition is made in conformity with the obligations set forth in Section 7.4(o) above and Borrower Representative
promptly provides Collateral Agent and Lender with evidence of the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">7.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Transactions With Affiliates; Creation of Subsidiaries</U>. (a) Enter, or permit any Subsidiary to enter, into any contractual
obligation with any Affiliate or engage in any other transaction with any Affiliate except existing transactions that have occurred
or are in effect as of the Closing Date and as set forth on the Disclosure Schedule (&ldquo;<U>Disclosed Affiliate Transactions</U>&rdquo;),
and including agreements entered into after the date hereof that are related to such Disclosed Affiliate Transactions, or upon
terms at least as favorable to such Co-Borrower or such Subsidiary, as applicable, as an arms-length transaction with Persons who
are not Affiliates of such Co-Borrower or as otherwise permitted under Section 7.4 of this Agreement, or (b) create a Subsidiary
without providing at least five (5) Business Days advance notice thereof to Lender and, if requested by Lender, such Subsidiary
guarantees the Obligations and grants a security interest in its assets to secure such guaranty, in each case on terms reasonably
satisfactory to Collateral Agent and Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">7.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Indebtedness Payments</U>. Prepay, redeem, purchase, defease or otherwise satisfy in any manner prior to the scheduled
repayment thereof any Indebtedness for borrowed money (other than Permitted Indebtedness and amounts due or permitted to be prepaid
under this Agreement, or otherwise in accordance with any applicable intercreditor or subordination agreement including any corresponding
Intercreditor Agreement or Subordination Agreement, as applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">7.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indebtedness</U>. Create, incur, assume or permit, or permit any Subsidiary to create, incur, or permit to exist, any
Indebtedness except for Permitted Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">7.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investments</U>. Make, or permit any Subsidiary to make, any Investment except for Permitted Investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">7.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance</U>. (a) Become, or permit any Subsidiary to become, an &ldquo;investment company&rdquo; or a company controlled
by an &ldquo;investment company&rdquo; under the Investment Company Act of 1940, or undertake as one of its important activities,
extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve
System), or use the proceeds of any Loan for that purpose; (b) become, or permit any Subsidiary to become, subject to any other
federal or state law or regulation which purports to restrict or regulate its ability to borrow money; or (c) (i) fail, or permit
any Subsidiary to fail, to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974, and its
regulations, as amended from time to time (&ldquo;<U>ERISA</U>&rdquo;) that could reasonably be expected to have a Material Adverse
Effect, or (ii) permit, or permit any Subsidiary to permit, any nonexempt Reportable Event or Prohibited Transaction, as defined
in ERISA Section 4043(c) (other than for which the 30-day notice period has not been waived) and ERISA Section 406 and Code Section
4975 of the Code, respectively, to occur that could reasonably be expected to have a Material Adverse Effect; (d) fail, or permit
any Subsidiary to fail, to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation
could reasonably be expected to have Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">7.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Accounts</U>. Except for Excluded Accounts, (a) maintain any deposit account or securities account except
accounts with respect to which Collateral Agent and Lender have obtained a perfected security interest in such accounts through
one or more Account Control Agreements or (b) grant or allow any other Person (other than Collateral Agent or Lender) to perfect
a security interest in, or enter into any agreements with any Persons (other than Collateral Agent or Lender) accomplishing perfection
via control as to, any of its deposit accounts or securities accounts other than in favor of the lender providing Borrower Representative
with Indebtedness permitted under <U>subsection (d)</U> of the definition of &ldquo;Permitted Indebtedness&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">7.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Negative Pledge Regarding Intellectual Property</U>. Create, incur, assume or suffer to exist, or permit any Subsidiary
to create, incur, assume or suffer to exist, any Lien of any kind upon any of its Intellectual Property or Transfer any such Intellectual
Property, whether now owned or hereafter acquired, other than Permitted Liens or as permitted by <U>Section 7.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Events of Default</U>. Any one or more of the following events shall constitute an &ldquo;<U>Event of Default</U>&rdquo;
by Co-Borrowers under this Agreement:</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 0pt 4.5pt; text-align: justify; text-indent: 1in">8.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Failure to Pay</U>. If any Co-Borrower fails to pay when due and payable or when declared due and payable in accordance
with the Loan Documents: (a) any Scheduled Payment on the relevant Payment Date or on the relevant Maturity Date; or (b) any other
portion of the Obligations within five (5) days after receipt of written notice from Lender that such payment is due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">8.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Certain Covenant Defaults</U>. If any Co-Borrower fails to perform any obligation arising under <U>Sections 6.5</U>,
<U>6.11</U> or <U>6.13</U> or violates any of the covenants contained in <U>Section&nbsp;7</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">8.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Other Covenant Defaults</U>. If any Co-Borrower fails or neglects to perform, keep, or observe any other term, provision,
condition, covenant, or agreement contained in this Agreement (other than as set forth in <U>Sections 8.1</U>, <U>8.2</U> or <U>8.4</U>
through <U>8.14</U>), or in any of the other Loan Documents and Co-Borrowers have failed to cure such default within 20 days of
the occurrence of such default. During this 20-day period, the failure to cure the default is not an Event of Default but no Loan
will be made during the cure period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">8.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Material Adverse Effect</U>. If there occurs a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">8.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Zelsuvmi License Agreement</U>. Any material breach shall exist and be continuing under the Zelsuvmi License Agreement
for which Ligand has delivered written notice to any Co-Borrower, which results in a right by Ligand, whether or not exercised,
to terminate the Zelsuvmi License Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">8.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Seizure of Assets, Etc</U>. (a) If any material portion of any Co-Borrower&rsquo;s or any Subsidiary&rsquo;s assets (i)
is attached, seized, subjected to a writ or distress warrant, or is levied upon or (ii) comes into the possession of any trustee,
receiver or Person acting in a similar capacity and such attachment, seizure, writ or distress warrant or levy has not been removed,
discharged or rescinded within 20 days, (b) if any Co-Borrower or any Subsidiary is enjoined, restrained or in any way prevented
by court order from continuing to conduct all or any material part of its business affairs, (c) if a judgment or other claim becomes
a lien or encumbrance upon any material portion of any Co-Borrower&rsquo;s or any Subsidiary&rsquo;s assets or (d) if a notice
of lien, levy, or assessment is filed of record with respect to any Co-Borrower&rsquo;s or any Subsidiary&rsquo;s assets by the
United States Government, or any department agency or instrumentality thereof, or by any state, county, municipal, or governmental
agency, and the same is not paid within 20 days after any Co-Borrower receives notice thereof; <U>provided</U> that none of the
foregoing shall constitute an Event of Default where such action or event is stayed or an adequate bond has been posted pending
a good faith contest by such Co-Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">8.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Service of Process</U>. (a) The service of process upon Collateral Agent or Lender seeking to attach by a trustee or
other process any funds of any Co-Borrower on deposit or otherwise held by Collateral Agent or Lender, (b) the delivery upon Collateral
Agent or Lender of a notice of foreclosure by any Person seeking to attach or foreclose on any funds of any Co-Borrower on deposit
or otherwise held by Collateral Agent or Lender or (c) the delivery of a notice of foreclosure or exclusive control to any entity
holding or maintaining any Co-Borrower&rsquo;s deposit accounts or accounts holding securities by any Person (other than Collateral
Agent or Lender) seeking to foreclose or attach any such accounts or securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">8.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Default on Indebtedness</U>. Any Event of Default shall exist and be continuing under any agreement with any third party
or parties which consists of the failure to pay any Indebtedness for borrowed money of any Co-Borrower or any Subsidiary at maturity
or which results in a right by such third party or parties, whether or not exercised, to accelerate the maturity of Indebtedness
in an aggregate amount in excess of $500,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">8.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Judgments</U>. If a judgment or judgments for the payment of money in an amount, individually or in the aggregate, of
at least $500,000 shall be rendered against any Co-Borrower or any Subsidiary and shall remain unsatisfied and unstayed for a period
of 30 days or more.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">8.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Misrepresentations</U>. If any material misrepresentation or material misstatement exists now or hereafter in any warranty,
representation, statement, certification, or report made to Collateral Agent or Lender by any Co-Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">8.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Breach of Warrant</U>. If Borrower Representative shall breach any material term of any Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">8.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Unenforceable Loan Document</U>. If any Loan Document shall in any material respect cease to be, or any Co-Borrower shall
assert that any Loan Document is not, a legal, valid and binding obligation of such Co-Borrower enforceable in accordance with
its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">8.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Involuntary Insolvency Proceeding</U>. (a) If a proceeding shall have been instituted in a court having jurisdiction
in the premises (i) seeking a decree or order for relief in respect of any Co-Borrower or any Subsidiary in an involuntary case
under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (ii) for the appointment of a receiver,
liquidator, administrator, assignee, custodian, trustee (or similar official) of any Co-Borrower or any Subsidiary or for any substantial
part of its Property or (iii) for the winding-up or liquidation of its affairs, and such proceeding shall remain undismissed or
unstayed and in effect for a period of 45 consecutive days or (b) such court shall enter a decree or order granting the relief
sought in any such proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">8.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voluntary Insolvency Proceeding</U>. If any Co-Borrower or any Subsidiary shall (a) commence a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (b) consent to the entry of an order for relief
in an involuntary case under any such law, (c) consent to the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian (or other similar official) of any Co-Borrower or any Subsidiary or for any substantial part of its Property,
(d) shall make a general assignment for the benefit of creditors, (e) shall fail generally to pay its debts as they become due
or (f) take any corporate action in furtherance of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lender&rsquo;s Rights and Remedies</U>.</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 0pt 4.5pt; text-align: justify; text-indent: 1in">9.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Rights and Remedies</U>. Upon the occurrence of any Default or Event of Default, Lender shall not have any further obligation
to advance money or extend credit to or for the benefit of any Co-Borrower. In addition, upon the occurrence of an Event of Default,
Collateral Agent and Lender, so long as such Event of Default has not been waived by Lender in writing, shall have the rights,
options, duties and remedies of a secured party as permitted by law and, in addition to and without limitation of the foregoing,
Collateral Agent, on behalf of Lender, or Lender may, at its election, without notice of election and without demand, do any one
or more of the following, all of which are authorized by each Co-Borrower:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Acceleration of Obligations</U>. Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan
Documents, or otherwise, including (i) any accrued and unpaid interest, (ii) the amounts which would have otherwise come due under
<U>Section 2.3(b)(ii)</U> if the Loans had been voluntarily prepaid, (iii) the unpaid principal balance of the Loans and (iv) all
other sums, if any, that shall have become due and payable hereunder, immediately due and payable (<U>provided</U> that upon the
occurrence of an Event of Default described in <U>Section 8.13</U> or <U>8.14</U> all Obligations shall become immediately due
and payable without any action by Collateral Agent or Lender);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Protection of Collateral</U>. Make such payments and do such acts as Collateral Agent or Lender considers necessary or
reasonable to protect Collateral Agent&rsquo;s and Lender&rsquo;s security interest in the Collateral. Each Co-Borrower agrees
to assemble the Collateral if Collateral Agent or Lender so requires and to make the Collateral available to Collateral Agent or
Lender as Collateral Agent or Lender may designate. Each Co-Borrower authorizes Collateral Agent, Lender and their designees and
agents to enter the premises where the Collateral is located, to take and maintain possession of the Collateral, or any part of
it, and to pay, purchase, contest, or compromise any Lien which in Collateral Agent&rsquo;s or Lender&rsquo;s determination appears
or is claimed to be prior or superior to its security interest and to pay all expenses incurred in connection therewith. With respect
to any Co-Borrower&rsquo;s owned premises, each Co-Borrower hereby grants Collateral Agent and Lender a license to enter into possession
of such premises and to occupy the same, without charge, for up to one hundred twenty (120) days in order to exercise any of Collateral
Agent&rsquo;s and Lender&rsquo;s rights or remedies provided herein, at law, in equity, or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</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: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Preparation of Collateral for Sale</U>. Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise
for sale, and sell (in the manner provided for herein) the Collateral. Collateral Agent, Lender and their agents and any purchasers
at or after foreclosure are hereby granted a non-exclusive, fully paid, royalty-free license or other right, solely pursuant to
the provisions of this <U>Section&nbsp;9.1</U>, to use, without charge, each Co-Borrower&rsquo;s Intellectual Property, including
labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising
matter, or any Intellectual Property of a similar nature, now or at any time hereafter owned or acquired by any Co-Borrower or
in which any Co-Borrower now or at any time hereafter has any rights; <U>provided</U> that such license (i) shall only be exercisable
in connection with the disposition of Collateral upon Collateral Agent&rsquo;s or Lender&rsquo;s exercise of its remedies hereunder;
(ii) may be exercised only upon the occurrence and so long as such Event of Default has not been waived by Lender in writing; and
(iii) applies to the use of the Co-Borrower&rsquo;s owned trademarks in connection with goods and services of similar type and
quality to those theretofore sold by any Co-Borrower under such trademark and consistent with the historical use (including the
associated standards of quality) of such trademark and the activities conducted thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Sale of Collateral</U>. Sell the Collateral at either a public or private sale, or both, by way of one or more contracts
or transactions, for cash or on terms, in such manner and at such places (including any Co-Borrower&rsquo;s premises) as Collateral
Agent or Lender determines are commercially reasonable; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Purchase of Collateral</U>. Credit bid and purchase all or any portion of the Collateral at any public sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Any deficiency that exists
after disposition of the Collateral as provided above will be paid promptly (and in any event, within one Business Day) by Co-Borrowers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 1in">9.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Set Off Right</U>. Upon the occurrence and so long as such Event of Default has not been waived by Lender in writing,
Collateral Agent and Lender may set off and apply to the Obligations any and all Indebtedness at any time owing to or for the credit
or the account of any Co-Borrower or any other assets of any Co-Borrower in Collateral Agent&rsquo;s or Lender&rsquo;s possession
or control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">9.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Effect of Sale</U>. Upon the occurrence of an Event of Default and so long as such Event of Default has not been waived
by Lender in writing, to the extent permitted by law, each Co-Borrower covenants that it will not at any time insist upon or plead,
or in any manner whatsoever claim or take any benefit or advantage of, any stay or extension law now or at any time hereafter in
force, nor claim, take nor insist upon any benefit or advantage of or from any law now or hereafter in force providing for the
valuation or appraisement of the Collateral or any part thereof prior to any sale or sales thereof to be made pursuant to any provision
herein contained, or to the decree, judgment or order of any court of competent jurisdiction; nor, after such sale or sales, claim
or exercise any right under any statute now or hereafter made or enacted by any state or otherwise to redeem the property so sold
or any part thereof, and, to the full extent legally permitted, except as to rights expressly provided herein, hereby expressly
waives for itself and on behalf of each and every Person, except decree or judgment creditors of any Co-Borrower, acquiring any
interest in or title to the Collateral or any part thereof subsequent to the date of this Agreement, all benefit and advantage
of any such law or laws, and covenants that it will not invoke or utilize any such law or laws or otherwise hinder, delay or impede
the execution of any power herein granted and delegated to Collateral Agent or Lender, but will suffer and permit the execution
of every such power as though no such power, law or laws had been made or enacted. Any sale, whether under any power of sale hereby
given or by virtue of judicial proceedings, shall operate to divest all right, title, interest, claim and demand whatsoever, either
at law or in equity, of each Co-Borrower in and to the Property sold, and shall be a perpetual bar, both at law and in equity,
against each Co-Borrower, its successors and assigns, and against any and all Persons claiming the Property sold or any part thereof
under, by or through any Co-Borrower, its successors or assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">9.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Power of Attorney in Respect of the Collateral</U>. Each Co-Borrower does hereby irrevocably appoint Collateral Agent,
on behalf of Lender (which appointment is coupled with an interest) the true and lawful attorney in fact of such Co-Borrower, with
full power of substitution and in its name to file any notices of security interests, financing statements and continuations and
amendments thereof pursuant to the Code or federal law, as may be necessary to perfect or to continue the perfection of Collateral
Agent&rsquo;s and Lender&rsquo;s security interests in the Collateral. Each Co-Borrower does hereby irrevocably appoint Collateral
Agent, on behalf of Lender (which appointment is coupled with an interest) on the occurrence of an Event of Default which has not
been waived by Lender in writing, the true and lawful attorney in fact of such Co-Borrower, with full power of substitution and
in its name: (a)&nbsp;to ask, demand, collect, receive, receipt for, sue for, compound and give acquittance for any and all rents,
issues, profits, avails, distributions, income, payment draws and other sums in which a security interest is granted under <U>Section&nbsp;4</U>
with full power to settle, adjust or compromise any claim thereunder as fully as if Collateral Agent or Lender were such Co-Borrower
itself; (b)&nbsp;to receive payment of and to endorse the name of such Co-Borrower to any items of Collateral (including checks,
drafts and other orders for the payment of money) that come into Collateral Agent&rsquo;s or Lender&rsquo;s possession or under
Collateral Agent&rsquo;s or Lender&rsquo;s control; (c)&nbsp;to make all demands, consents and waivers, or take any other action
with respect to, the Collateral; (d)&nbsp;in Collateral Agent&rsquo;s or Lender&rsquo;s reasonable discretion to file any claim
or take any other action or proceedings, either in its own name or in the name of such Co-Borrower or otherwise, which Collateral
Agent or Lender may reasonably deem necessary or appropriate to protect and preserve the right, title and interest of Collateral
Agent and Lender in and to the Collateral; (e) endorse such Co-Borrower&rsquo;s name on any checks or other forms of payment or
security; (f) sign such Co-Borrower&rsquo;s name on any invoice or bill of lading for any account or drafts against account debtors;
(g) make, settle, and adjust all claims under such Co-Borrower&rsquo;s insurance policies; (h) settle and adjust disputes and claims
about the accounts directly with account debtors, for amounts and on terms Collateral Agent or Lender determine reasonable; (i)
transfer the Collateral into the name of Collateral Agent, Lender or a third party as the Code permits; and (j)&nbsp;to otherwise
act with respect thereto as though Collateral Agent or Lender were the outright owner of the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">9.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Lender&rsquo;s Expenses</U>. If any Co-Borrower fails to pay any amounts or furnish any required proof of payment due
to third persons or entities, as required under the terms of this Agreement, then Collateral Agent or Lender may do any or all
of the following: (a)&nbsp;make payment of the same or any part thereof; or (b)&nbsp;obtain and maintain insurance policies of
the type discussed in <U>Section&nbsp;6.8</U> of this Agreement, and take any action with respect to such policies as Collateral
Agent or Lender reasonably deems prudent. Any amounts paid or deposited by Collateral Agent or Lender shall constitute Lender&rsquo;s
Expenses, shall be immediately due and payable, shall bear interest at the Default Rate and shall be secured by the Collateral.
Any payments made by Collateral Agent or Lender shall not constitute an agreement by Collateral Agent or Lender to make similar
payments in the future or a waiver by Collateral Agent or Lender of any Event of Default under this Agreement. Co-Borrowers shall
pay all reasonable fees and expenses, including Lender&rsquo;s Expenses, incurred by Collateral Agent or Lender in the enforcement
or attempt to enforce any of the Obligations hereunder not performed when due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">9.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Remedies Cumulative; Independent Nature of Lender&rsquo;s Rights</U>. Collateral Agent&rsquo;s and Lender&rsquo;s rights
and remedies under this Agreement, the Loan Documents, and all other agreements shall be cumulative. Collateral Agent and Lender
shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No failure
on the part of Collateral Agent or Lender to exercise, and no delay in exercising, any right or remedy hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise of any such right or remedy preclude any other or further exercise
thereof or the exercise of any other right. The Obligations of each Co-Borrower to Lender or Collateral Agent may be enforced by
Lender or Collateral Agent against any Co-Borrower in accordance with the terms of this Agreement and the other Loan Documents
and, to the fullest extent permitted by applicable law, it shall not be necessary for Collateral Agent or Lender, as applicable,
to be joined as an additional party in any proceeding to enforce such Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">9.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Application of Collateral Proceeds</U>. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds
and the avails of any remedy hereunder (as well as any other amounts of any kind held by Collateral Agent or Lender, at the time
of or received by Collateral Agent or Lender after the occurrence of an Event of Default hereunder and so long as such Event of
Default has not been waived by Lender in writing) shall be paid to and applied as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>First</U>, to the payment of out-of-pocket costs and expenses, including all amounts expended to preserve the value of
the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper
fees, expenses, liability and advances, including reasonable legal expenses and attorneys&rsquo; fees, incurred or made hereunder
by Collateral Agent or Lender, including Lender&rsquo;s Expenses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Second</U>, to the payment to Lender of the amount then owing or unpaid on the Loans for any accrued and unpaid interest,
the amounts which would have otherwise come due under <U>Section 2.3(b)(ii)</U>, if the Loans had been voluntarily prepaid, the
principal balance of the Loans, and all other Obligations with respect to the Loans (<U>provided</U>, <U>however</U>, if such proceeds
shall be insufficient to pay in full the whole amount so due, owing or unpaid upon the Loans, then <I>first</I>, to the unpaid
interest thereon ratably, <I>second</I>, to the amounts which would have otherwise come due under <U>Section 2.3(b)(ii)</U> ratably,
if the Loans had been voluntarily prepaid, <I>third</I>, to the principal balance of the Loans ratably, and <I>fourth</I>, to the
ratable payment of other amounts then payable to Lender under any of the Loan Documents); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Third</U>, to the payment of the surplus, if any, to Co-Borrowers, their successors and assigns or to the Person lawfully
entitled to receive the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</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 0pt 4.5pt; text-align: justify; text-indent: 1in">9.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Reinstatement of Rights</U>. If Collateral Agent or Lender shall have proceeded to enforce any right under this Agreement
or any other Loan Document by foreclosure, sale, entry or otherwise, and such proceedings shall have been discontinued or abandoned
for any reason or shall have been determined adversely, then and in every such case (unless otherwise ordered by a court of competent
jurisdiction), Collateral Agent and Lender shall be restored to their former position and rights hereunder with respect to the
Property subject to the security interest created under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">9.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>[Reserved]</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Waivers; Indemnification.</U></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 0pt 4.5pt; text-align: justify; text-indent: 1in">10.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Demand; Protest</U>. Each Co-Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice
of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal
of accounts, documents, instruments, chattel paper, and guarantees at any time held by Collateral Agent or Lender on which any
Co-Borrower may in any way be liable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">10.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lender&rsquo;s Liability for Collateral</U>. So long as Collateral Agent and Lender comply with their obligations, if
any, under the Code, neither Collateral Agent nor Lender shall in any way or manner be liable or responsible for: (a)&nbsp;the
safekeeping of the Collateral; (b)&nbsp;any loss or damage thereto occurring or arising in any manner or fashion from any cause
other than Collateral Agent&rsquo;s or Lender&rsquo;s gross negligence or willful misconduct; (c)&nbsp;any diminution in the value
thereof; or (d)&nbsp;any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person whomsoever. All
risk of loss, damage or destruction of the Collateral shall be borne by Co-Borrowers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">10.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification and Waiver</U>. Whether or not the transactions contemplated hereby shall be consummated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>General Indemnity</U>. Each Co-Borrower agrees upon demand to pay or reimburse Collateral Agent and Lender for all liabilities,
obligations and out-of-pocket expenses, including Lender&rsquo;s Expenses and reasonable fees and expenses of counsel for Collateral
Agent and Lender from time to time arising in connection with the enforcement or collection of sums due under the Loan Documents,
and in connection with any amendment or modification of the Loan Documents or any &ldquo;work-out&rdquo; in connection with the
Loan Documents. Each Co-Borrower shall indemnify, reimburse and hold Collateral Agent, Lender, and each of their respective successors,
assigns, agents, attorneys, officers, directors, equity holders, servants, agents and employees (each an &ldquo;<U>Indemnified
Person</U>&rdquo;) harmless from and against all liabilities, losses, damages, actions, suits, demands, claims of any kind and
nature (including claims relating to environmental discharge, cleanup or compliance), all costs and expenses whatsoever to the
extent they may be incurred or suffered by such Indemnified Person in connection therewith (including reasonable attorneys&rsquo;
fees and expenses), fines, penalties (and other charges of any applicable Governmental Authority), licensing fees relating to any
item of Collateral, damage to or loss of use of property (including consequential or special damages to third parties or damages
to any Co-Borrower&rsquo;s property), or bodily injury to or death of any person (including any agent or employee of any Co-Borrower)
(each, a &ldquo;<U>Claim</U>&rdquo;), directly or indirectly relating to or arising out of the use of the proceeds of the Loans
or otherwise, the falsity of any representation or warranty of any Co-Borrower or any Co-Borrower&rsquo;s failure to comply with
the terms of this Agreement or any other Loan Document. The foregoing indemnity shall cover, without limitation, (i) any Claim
in connection with a design or other defect (latent or patent) in any item of equipment or product included in the Collateral,
(ii) any Claim for infringement of any Intellectual Property arising from any Co-Borrower&rsquo;s actions (and excluding, for the
sake of clarity, any Claims arising from the Collateral Agent&rsquo;s and/or Lender&rsquo;s use of the Co-Borrower&rsquo;s Intellectual
Property pursuant to <U>Section 9.1(e)</U>), (iii) any Claim resulting from the presence on or under or the escape, seepage, leakage,
spillage, discharge, emission or release of any Hazardous Materials on the premises owned, occupied or leased by any Co-Borrower,
including any Claims asserted or arising under any Environmental Law, (iv) any Claim for negligence or strict or absolute liability
in tort or (v) any Claim asserted as to or arising under any Account Control Agreement or any Landlord Agreement; <U>provided</U>,
<U>however</U>, no Co-Borrower shall indemnify any Indemnified Person for any liability (x) incurred by such Indemnified Person
as a primary result of such Indemnified Person&rsquo;s gross negligence or willful misconduct, (y) to the extent such Indemnified
Person is in material breach of its duties hereunder, or (z) to the extent such liability has resulted primarily from a dispute
solely among Indemnified Persons not arising out of any act or omission on the part of the Co-Borrowers or their Affiliates. Such
indemnities shall continue in full force and effect, notwithstanding the expiration or termination of this Agreement. Upon Collateral
Agent&rsquo;s or Lender&rsquo;s written demand, Co-Borrowers shall assume and diligently conduct, at their sole cost and expense,
the entire defense of the Indemnified Persons against any indemnified Claim described in this <U>Section 10.3(a); </U>provided
that Co-Borrower&rsquo;s obligation to pay for such defense shall be limited to the reasonable and documented fees and disbursements
of one external counsel on behalf of all Indemnified Persons. Co-Borrowers shall not settle or compromise any Claim against or
involving Collateral Agent or Lender without first obtaining Collateral Agent&rsquo;s or Lender&rsquo;s written consent thereto,
which consent shall not be unreasonably withheld. This <U>Section 10.3(a)</U> shall not apply with respect to taxes, other than
taxes with respect to a non-tax claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Waiver</U>. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT OR ANYWHERE ELSE, EACH CO-BORROWER AGREES
THAT IT SHALL NOT SEEK FROM COLLATERAL AGENT OR LENDER UNDER ANY THEORY OF LIABILITY (INCLUDING ANY THEORY IN TORTS), ANY SPECIAL,
INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Survival; Defense</U>. The obligations in this <U>Section&nbsp;10.3</U> shall survive payment of all other Obligations
pursuant to <U>Section&nbsp;12.8</U>. At the election of any Indemnified Person, each Co-Borrower shall defend such Indemnified
Person using legal counsel satisfactory to such Indemnified Person in such Person&rsquo;s reasonable discretion, at the sole cost
and expense of Co-Borrowers; provided, that Co-Borrower&rsquo;s obligation to pay for such defense shall be limited to the reasonable
and documented fees and disbursements of one external counsel on behalf of all Indemnified Persons. All amounts owing under this
<U>Section&nbsp;10.3</U> shall be paid within thirty (30) days after written demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</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: justify; text-indent: 0.5in">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Notices</U>. Unless otherwise provided in this Agreement, all notices or demands by any party relating to this Agreement
or any other agreement entered into in connection herewith shall be in writing and (except for financial statements and other informational
documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by certified mail, postage
prepaid, return receipt requested, by prepaid nationally recognized overnight courier, or by prepaid facsimile to Borrower Representative,
to Collateral Agent or to Lender, as the case may be, at their respective addresses set forth below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; text-align: justify; font-size: 10pt; text-indent: 0; padding-left: 0.5in">Borrower Representative:</TD>
    <TD STYLE="width: 62%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">c/o PELTHOS THERAPEUTICS
        INC.</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">4020 Stirrup Creek Drive,
        Suite 110</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Durham, NC 27703</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Attention: Frank Knuettel,
        John Gay</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Ph: 919-208-2400</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Email: <U>fknuettel@pelthos.com</U>;
        <U>jgay@pelthos.com</U></P>
        </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; text-indent: 0; padding-left: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; padding-left: 0.5in; text-indent: 0">If to Lender or Collateral Agent:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Horizon Technology Finance Corporation<BR>
312 Farmington Avenue</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Farmington, CT 06032</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Attention: Legal Department<BR>
Ph: (860) 676-8654</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Email: <U>legal@horizontechfinance.com</U></P></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">The parties hereto
may change the address at which they are to receive notices hereunder, by notice in writing in the foregoing manner given to the
other.</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; text-indent: 0.5in">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>General Provisions.</U></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 0pt 4.5pt; text-align: justify; text-indent: 1in">12.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. This Agreement and the Loan Documents shall bind and inure to the benefit of the respective
successors and permitted assigns of each of the parties; <U>provided</U>, <U>however</U>, neither this Agreement nor any rights
hereunder may be assigned by any Co-Borrower without Lender&rsquo;s prior written consent, which consent may be granted or withheld
in Lender&rsquo;s sole discretion. Lender shall have the right, without the consent of or notice to any Co-Borrower to sell, transfer,
assign, negotiate, or grant participations in all or any part of, or any interest in Lender&rsquo;s rights and benefits hereunder;
provided, however, that unless a Specified Event of Default then exists, such assignee shall not be a Disqualified Lender without
the prior written consent of the Borrower Representative in its sole discretion. Notwithstanding the foregoing, if a Specified
Event of Default then exists, then no consent of or notice to any Co-Borrower shall be required including, without limitation,
to an assignee that is a Disqualified Lender; provided, further, that if an Event of Default that is not a Specified Event of Default
then exists, such assignee shall not be a Disqualified Lender without the prior written consent of the Borrower Representative
in its sole discretion. Collateral Agent and Lender may disclose the Loan Documents and any other financial or other information
relating to any Co-Borrower to any potential participant or assignee of any of the Loans; <U>provided</U> that such participant
or assignee agrees to be bound by provisions substantially similar to <U>Section 14</U> herein and to protect the confidentiality
of such documents and information using the same measures that it uses to protect its own confidential information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">12.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Time of Essence</U>. Time is of the essence for the performance of all obligations set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">12.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability of Provisions</U>. Each provision of this Agreement shall be severable from every other provision of this
Agreement for the purpose of determining the legal enforceability of any specific provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">12.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement; Construction; Amendments and Waivers</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement</U>. This Agreement and each of the other Loan Documents, taken together, constitute and contain the
entire agreement among each Co-Borrower, Collateral Agent and Lender and supersede any and all prior agreements, negotiations,
correspondence, understandings and communications between the parties, whether written or oral, respecting the subject matter hereof.
Each Co-Borrower acknowledges that it is not relying on any representation or agreement made by Collateral Agent, Lender or any
employee, attorney or agent thereof, other than the specific agreements set forth in this Agreement and the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Construction</U>. This Agreement is the result of negotiations between and has been reviewed by each Co-Borrower, Collateral
Agent and Lender as of the date hereof and their respective counsel; accordingly, this Agreement shall be deemed to be the product
of the parties hereto, and no ambiguity shall be construed in favor of or against any Co-Borrower, Collateral Agent or Lender.
Each Co-Borrower, Collateral Agent and Lender agree that they intend the literal words of this Agreement and the other Loan Documents
and that no parole evidence shall be necessary or appropriate to establish any Co-Borrower&rsquo;s, Collateral Agent&rsquo;s or
Lender&rsquo;s actual intentions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Amendments and Waivers</U>. Any and all discharges or waivers of, or consents to any departures from any provision of
this Agreement or of any of the other Loan Documents (excluding the Warrants, the provisions of which may be waived only in accordance
with the terms thereof) shall not be effective unless the same is in writing and signed by Lender and each Co-Borrower; <U>provided</U>
that no such discharge, waiver or consent affecting the rights or duties of the Collateral Agent under this Agreement or any other
Loan Document (excluding the Warrants, the provisions of which may be waived only in accordance with the terms thereof) shall be
effective unless the same is in writing and signed by Collateral Agent and each Co-Borrower. No amendment or modification of this
Agreement or of any of the other Loan Documents shall be effective unless the same is in writing and signed by Lender and each
Co-Borrower; <U>provided</U> that no such amendment or modification affecting the rights or duties of the Collateral Agent under
this Agreement or any other Loan Document (excluding the Warrants, the provisions of which may be waived only in accordance with
the terms thereof) shall be effective unless the same is in writing and signed by Collateral Agent. Any waiver or consent with
respect to any provision of the Loan Documents shall be effective only in the specific instance and for the specific purpose for
which it was given. No notice to or demand on any Co-Borrower in any case shall entitle any Co-Borrower to any other or further
notice or demand in similar or other circumstances. Any amendment, modification, waiver or consent affected in accordance with
this <U>Section&nbsp;12.4</U> shall be binding upon Collateral Agent, Lender and on each Co-Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">12.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reliance by Lender</U>. All covenants, agreements, representations and warranties made herein by any Co-Borrower shall
be deemed to be material to and to have been relied upon by Collateral Agent and Lender, notwithstanding any investigation by Collateral
Agent or Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">12.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Set-Offs by Co-Borrowers</U>. All sums payable by any Co-Borrower pursuant to this Agreement or any of the other Loan
Documents shall be payable without notice or demand and shall be payable in United States Dollars without set-off or reduction
of any manner whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">12.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts
(including signatures delivered by facsimile or other electronic means), each of which, when executed and delivered, shall be deemed
to be an original, and all of which, when taken together, shall constitute but one and the same Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">12.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Survival</U>. All covenants, representations and warranties made in this Agreement shall continue in full force and effect
so long as any Obligations or commitment to fund remain outstanding. The obligations of each Co-Borrower to indemnify Collateral
Agent and Lender with respect to the expenses, damages, losses, costs and liabilities described in <U>Section&nbsp;10.3</U> shall
survive until all applicable statute of limitations periods with respect to actions that may be brought against Collateral Agent
or Lender have run.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Relationship of Parties</U>. Each Co-Borrower and Lender acknowledge, understand and agree that the relationship between
each Co-Borrower, on the one hand, and Lender, on the other, is, and at all times shall remain solely that of a borrower and lender.
Lender shall not, under any circumstances, be construed to be a partner or a joint venturer of any Co-Borrower or any of their
respective Affiliates; nor shall Lender, under any circumstances, be deemed to be in a relationship of confidence or trust or a
fiduciary relationship with any Co-Borrower or any of their respective Affiliates, or to owe any fiduciary duty or any other duty
to any Co-Borrower or any of their respective Affiliates. Neither Collateral Agent nor Lender undertakes or assumes any responsibility
or duty to any Co-Borrower or any of their respective Affiliates to select, review, inspect, supervise, pass judgment upon or otherwise
inform such Co-Borrower or any of its Affiliates of any matter in connection with its or their Property, any Collateral held by
Collateral Agent or Lender or the operations of any Co-Borrower or any of their respective Affiliates. Each Co-Borrower and each
of its Affiliates shall rely entirely on their own judgment with respect to such matters, and any review, inspection, supervision,
exercise of judgment or supply of information undertaken or assumed by Collateral Agent or Lender in connection with such matters
is solely for the protection of Collateral Agent and Lender and no Co-Borrower nor any of their respective Affiliates is entitled
to rely thereon.</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; text-indent: 0.5in">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Confidentiality</U>. All information (other than periodic reports filed by Borrower Representative with the Securities
and Exchange Commission) disclosed by any Co-Borrower to Collateral Agent or Lender in writing or through inspection pursuant to
this Agreement that is marked confidential shall be considered confidential. Collateral Agent and Lender agree to use the same
degree of care to safeguard and prevent disclosure of such confidential information as Collateral Agent and Lender uses with its
own confidential information, but in any event no less than a reasonable degree of care. Neither Collateral Agent nor Lender shall
disclose such information to any third party (other than (a) to another party hereto, (b) to Collateral Agent&rsquo;s or Lender&rsquo;s
members, partners, attorneys, governmental regulators (including any self-regulatory authority) or auditors, (c) to Collateral
Agent&rsquo;s or Lender&rsquo;s subsidiaries and affiliates, (d) on a confidential basis, to any rating agency, (e) to prospective
transferees and purchasers of the Loans or any actual or prospective party (or its Affiliates) to any swap, derivative or other
transaction under which payments are to be made by reference to the Obligations, any Co-Borrower, any Loan Document or any payment
thereunder, all subject to the same confidentiality obligation set forth herein or (f) as required by law, regulation, subpoena
or other order to be disclosed) and shall use such information only for purposes of evaluation of its investment in Co-Borrowers
and the exercise of Collateral Agent&rsquo;s or Lender&rsquo;s rights and the enforcement of its remedies under this Agreement
and the other Loan Documents. The obligations of confidentiality shall not apply to any information that (i) was known to the public
prior to disclosure by the applicable Co-Borrower under this Agreement, (ii) becomes known to the public through no fault of Collateral
Agent or Lender, (iii) is disclosed to Collateral Agent or Lender on a non-confidential basis by a third party or (iv) is independently
developed by Collateral Agent or Lender. Notwithstanding the foregoing, Collateral Agent&rsquo;s and Lender&rsquo;s agreement of
confidentiality shall not apply if Collateral Agent or Lender has acquired indefeasible title to any Collateral or in connection
with any enforcement or exercise of Collateral Agent&rsquo;s or Lender&rsquo;s rights and remedies under this Agreement following
an Event of Default, including the enforcement of Collateral Agent&rsquo;s and Lender&rsquo;s security interest in the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</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: justify; text-indent: 0.5in">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER</U>. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF EACH CO-BORROWER, COLLATERAL AGENT AND LENDER HEREBY SUBMIT TO THE NON-EXCLUSIVE
JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF NEW YORK. EACH OF EACH CO-BORROWER, COLLATERAL AGENT AND LENDER
HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN
DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL
OTHER COMMON LAW OR STATUTORY CLAIMS.</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; text-indent: 0.5in">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Cross-Guaranty of Co-Borrowers</U>.</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 0pt 4.5pt; text-align: justify; text-indent: 1in">16.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cross-Guaranty.</U> Each Co-Borrower hereby agrees that such Co-Borrower is jointly and severally liable for, and hereby
absolutely and unconditionally guarantees to Lender and its successors and assigns, the full and prompt payment (whether at stated
maturity, by acceleration or otherwise) and performance of, all Obligations owed or hereafter owing to Lender by each other Co-Borrower.
Each Co-Borrower agrees that its guaranty obligation hereunder is a continuing guaranty of payment and performance and not of collection,
that its obligations under this <U>Section&nbsp;16</U> shall not be discharged until payment and performance, in full, of the Obligations
has occurred, and that its obligations under this <U>Section&nbsp;16</U> shall be absolute and unconditional, irrespective of,
and unaffected by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>the genuineness, validity, regularity, enforceability or any future amendment of, or change in, this Agreement, any other
Loan Document or any other agreement, document or instrument to which any Co-Borrower is or may become a party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>the absence of any action to enforce this Agreement (including this <U>Section&nbsp;16</U>) or any other Loan Document,
or the waiver or consent by Lender with respect to any of the provisions hereof or thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>the existence, value or condition of, or failure to perfect its Lien against, any security for the Obligations or any action,
or the absence of any action, by Lender in respect thereof (including the release of any such security);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>the insolvency of any Co-Borrower or any other Person; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety
or guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Co-Borrower shall
be regarded, and shall be in the same position, as principal debtor with respect to the Obligations guaranteed hereunder.</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 0pt 4.5pt; text-align: justify; text-indent: 1in">16.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waivers by Co-Borrowers.</U> Each Co-Borrower expressly waives all rights it may have now or in the future under any
statute, at common law, at law, in equity or otherwise, to compel Lender to marshal assets or to proceed in respect of the Obligations
guaranteed hereunder against any other Co-Borrower, any other party or against any security for the payment and performance of
the Obligations before proceeding against, or as a condition to proceeding against, such Co-Borrower. Each Co-Borrower and Lender
agrees that the foregoing waivers are of the essence of the transaction contemplated by this Agreement and the other Loan Documents
and that, but for the provisions of this <U>Section&nbsp;16</U> and such waivers, Lender would decline to enter into this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">16.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Benefit of Guaranty.</U> Each Co-Borrower agrees that the provisions of this <U>Section&nbsp;16</U> are for the benefit
of Lender and its successors, transferees, endorsees and assigns, and nothing herein contained shall impair, as between any other
Co-Borrower and Lender, the obligations of such other Co-Borrower under the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">16.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Subrogation, Etc.</U> Notwithstanding anything to the contrary in this Agreement or in any other Loan Document,
and except as set forth in <U>Section&nbsp;16.7</U>, each Co-Borrower hereby expressly and irrevocably waives any and all rights
at law or in equity to subrogation, reimbursement, exoneration, contribution, indemnification or set off and any and all defenses
available to a surety, guarantor or accommodation co-obligor until the Obligations are indefeasibly paid in full in cash. Each
Co-Borrower acknowledges and agrees that this waiver is intended to benefit Lender and shall not limit or otherwise affect such
Co-Borrower&rsquo;s liability hereunder or the enforceability of this <U>Section&nbsp;16</U>, and that Lender and its successors
and assigns are intended third party beneficiaries of the waivers and agreements set forth in this <U>Section&nbsp;16</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">16.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Election of Remedies.</U> If Lender may, under applicable law, proceed to realize its benefits under any of the Loan
Documents giving Lender a Lien upon any Collateral, whether owned by any Co-Borrower or by any other Person, either by judicial
foreclosure or by non-judicial sale or enforcement, Lender may, at its sole option, determine which of its remedies or rights it
may pursue without affecting any of its rights and remedies under this <U>Section&nbsp;16</U>. If, in the exercise of any of its
rights and remedies, Lender shall forfeit any of its rights or remedies (including, without limitation, its right to enter a deficiency
judgment against any Co-Borrower or any other Person), whether because of any applicable laws pertaining to &ldquo;election of
remedies&rdquo; or the like, each Co-Borrower hereby consents to such action by Lender and waives any claim based upon such action,
even if such action by Lender shall result in a full or partial loss of any rights of subrogation that each Co-Borrower might otherwise
have had but for such action by Lender. Any election of remedies that results in the denial or impairment of the right of Lender
to seek a deficiency judgment against any Co-Borrower shall not impair any other Co-Borrower&rsquo;s obligation to pay the full
amount of the Obligations. In the event Lender shall bid at any foreclosure or trustee&rsquo;s sale or at any private sale permitted
by law or the Loan Documents, Lender may bid all or less than the amount of the Obligations and the amount of such bid need not
be paid by Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether a Lender
or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the
difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of
the Obligations guaranteed under this <U>Section&nbsp;16</U>, notwithstanding that any present or future law or court decision
or ruling may have the effect of reducing the amount of any deficiency claim to which Lender might otherwise be entitled but for
such bidding at any such sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">16.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation.</U> Notwithstanding any provision herein contained to the contrary, each Co-Borrower&rsquo;s liability under
this <U>Section&nbsp;16</U> (which liability is in any event in addition to amounts for which such Co-Borrower is primarily liable
under this Agreement) shall be limited to an amount not to exceed as of any date of determination the lesser of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>the net amount of all Loans advanced to any other Co-Borrower under this Agreement and then re-loaned or otherwise transferred
to, or for the benefit of, such Co-Borrower; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>the amount that could be claimed by Lender from such Co-Borrower under this <U>Section&nbsp;16</U> without rendering such
claim voidable or avoidable under Section&nbsp;548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer
Act, Uniform Fraudulent Conveyance Act or similar statute or common law after taking into account, among other things, such Co-Borrower&rsquo;s
right of contribution and indemnification from each other Co-Borrower under <U>Section&nbsp;16.7</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">16.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Contribution with Respect to Guaranty Obligations.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>To the extent that any Co-Borrower shall make a payment under this <U>Section&nbsp;16</U> of all or any of the Obligations
(other than Loans made to such Co-Borrower for which it is primarily liable) (a &ldquo;<U>Guarantor&nbsp;Payment</U>&rdquo;) that,
taking into account all other Guarantor Payments then previously or concurrently made by any other Co-Borrower, exceeds the amount
that such Co-Borrower would otherwise have paid if each Co-Borrower had paid the aggregate Obligations satisfied by such Guarantor
Payment in the same proportion that such Co-Borrower&rsquo;s &ldquo;Allocable Amount&rdquo; (as defined below) (as determined immediately
prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of each of Co-Borrower as determined immediately prior
to the making of such Guarantor Payment, then, following indefeasible payment in full in cash of the Obligations and termination
of the commitments to lend hereunder, such Co-Borrower shall be entitled to receive contribution and indemnification payments from,
and be reimbursed by, each other Co-Borrower for the amount of such excess, pro rata based upon their respective Allocable Amounts
in effect immediately prior to such Guarantor Payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>As of any date of determination, the &ldquo;<U>Allocable Amount</U>&rdquo; of any Co-Borrower shall be equal to the maximum
amount of the claim that could then be recovered from such Co-Borrower under this <U>Section&nbsp;16</U> without rendering such
claim voidable or avoidable under Section&nbsp;548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer
Act, Uniform Fraudulent Conveyance Act or similar statute or common law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>This <U>Section&nbsp;16.7</U> is intended only to define the relative rights of each Co-Borrower and nothing set forth in
this <U>Section&nbsp;16.7</U> is intended to or shall impair the obligations of each Co-Borrower, jointly and severally, to pay
any amounts as and when the same shall become due and payable in accordance with the terms of this Agreement. Nothing contained
in this <U>Section&nbsp;16.7</U> shall limit the liability of any Co-Borrower to pay the Loans made directly or indirectly to such
Co-Borrower and accrued interest, fees and expenses with respect thereto for which such Co-Borrower shall be primarily liable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of
the applicable Co-Borrower to which such contribution and indemnification is owing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>The rights of the indemnifying Co-Borrower against other Co-Borrowers under this <U>Section&nbsp;16</U> shall be exercisable
upon the full and indefeasible payment of the Obligations and the termination of the commitments to lend hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">16.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liability Cumulative.</U> The liability of each Co-Borrower under this <U>Section&nbsp;16</U> is in addition to and shall
be cumulative with all liabilities of each Co-Borrower to the Lender under this Agreement and the other Loan Documents to which
such Co-Borrower is a party or in respect of any Obligations or obligation of the other Co-Borrowers, without any limitation as
to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">16.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Borrowing Agency Provisions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Each Co-Borrower hereby irrevocably designates Borrower Representative to be its attorney and agent and in such capacity
to (i) borrow, (ii) request advances, (iii) sign and endorse notes, (iv) execute and deliver all instruments, documents, applications,
security agreements and all other certificates, notice, writings and further assurances now or hereafter required hereunder and
(v) otherwise take action under and in connection with this Agreement and the Other Documents, all on behalf of and in the name
such Co-Borrower, and hereby authorizes Lender to pay over or credit all loan proceeds hereunder in accordance with the request
of Borrower Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</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: justify; text-indent: 1.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>The handling of this credit facility as a co-borrowing facility with a borrower representative in the manner set forth in
this Agreement is solely as an accommodation to Co-Borrowers and at their request. Lender shall not incur liability to Co-Borrowers
as a result thereof. To induce Lenders to do so and in consideration thereof, each Co-Borrower hereby indemnifies Lender and Lender
harmless from and against any and all liabilities, expenses, losses (other than, to the extent not constituting interest payable
in respect of any amount, lost profits), damages and claims of damage or injury asserted against Lender by any Person arising from
or incurred by reason of the handling of the financing arrangements of Co-Borrowers as provided herein, reliance by Lender on any
request or instruction from Borrower Representative or any other action taken by Lender with respect to this <U>Section 16.9</U>
except due to the gross negligence or willful misconduct of Lender (as determined by a court of competent jurisdiction in a final
and non-appealable judgment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

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

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<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: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed as of the date first above written.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B><U>CO-BORROWERS</U>: </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">PELTHOS THERAPEUTICS INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Scott M. Plesha</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Scott Plesha</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">LNHC, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Scott M. Plesha</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Scott Plesha</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CHANNEL PHARMACEUTICAL CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Francis Knuettel II</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Francis Knuettel II</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B><U>LENDER and COLLATERAL AGENT</U>: </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">HORIZON TECHNOLOGY FINANCE CORPORATION </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Daniel R. Trolio</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Daniel R. Trolio</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Executive Vice President, Chief Financial Officer and Treasurer</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[SIGNATURE PAGE TO VENTURE LOAN AND SECURITY AGREEMENT]</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%; text-align: left; text-indent: 0in">Exhibit A</TD>
    <TD STYLE="width: 92%; text-align: left">Disclosure Schedule</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0in">Exhibit B</TD>
    <TD STYLE="text-align: left">Funding Certificate</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0in">Exhibit C</TD>
    <TD STYLE="text-align: left">Secured Promissory Note</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0in">Exhibit D</TD>
    <TD>[Reserved]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0in">Exhibit E</TD>
    <TD STYLE="text-align: left">Form of Officer&rsquo;s Certificate&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0in">Exhibit F</TD>
    <TD STYLE="text-align: left">Disqualified Institutions</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0in">Exhibit G</TD>
    <TD>Competitors</TD></TR>
</TABLE>


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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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; text-indent: 0in"><U>EXHIBIT C</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>SECURED PROMISSORY
NOTE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>[(Loan [_])]</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">$____________________</TD>
    <TD STYLE="width: 50%; text-align: right">Dated: [_______, 20__]</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
the undersigned, PELTHOS THERAPEUTICS INC., a Nevada corporation (&ldquo;<U>Borrower Representative</U>&rdquo;), LNHC, INC, a Delaware
corporation (&ldquo;<U>LNHC</U>&rdquo;), and CHANNEL PHARMACEUTICAL CORPORATION, a Nevada corporation (&ldquo;<U>Channel</U>&rdquo;
and, together with Borrower Representative and LNHC, each a &ldquo;<U>Co-Borrower</U>&rdquo;) HEREBY PROMISES TO PAY to HORIZON
TECHNOLOGY FINANCE CORPORATION, a Delaware corporation (&ldquo;<U>Lender</U>&rdquo;), the principal amount of ____________ Dollars
($__________) or such lesser amount as shall equal the outstanding principal balance of Loan [_] (the &ldquo;<U>Loan</U>&rdquo;)
made to Co-Borrowers by Lender pursuant to the Loan Agreement (as defined below), and to pay all other amounts due with respect
to the Loan on the dates and in the amounts set forth in the Loan Agreement. Capitalized terms used but not defined herein shall
have the meaning ascribed thereto in the Loan Agreement.</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; text-indent: 0.5in">Interest on the principal
amount of this Secured Promissory Note (Loan [__]) (the &ldquo;<U>Note</U>&rdquo;) from the date of this Note shall accrue at the
Loan Rate or, if applicable, the Default Rate, each as established in accordance with the Loan Agreement (as defined below). The
Loan Rate for this Note is __% per annum based on a year of twelve 30-day months. Interest shall be computed on the basis of a
360-day year for the actual number of days elapsed. If the Funding Date is not the first day of the month, interim interest accruing
from the Funding Date through the last day of that month shall be paid on the first calendar day of the next calendar month. Commencing
[_], 202[_], through and including [_], 202[_], on the first day of each month (each an &ldquo;<U>Interest Payment Date</U>&rdquo;),
Co-Borrowers shall make payments of accrued interest only on the outstanding principal amount of the Loan. Commencing on [_], 202[_],
and continuing on the first day of each month thereafter (each a &ldquo;<U>Principal and Interest Payment Date</U>&rdquo; and,
collectively with each Interest Payment Date, each a &ldquo;<U>Payment Date</U>&rdquo;), Co-Borrowers shall make to Lender 24 equal
payments of principal plus accrued interest on the then outstanding principal amount due hereunder.</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; text-indent: 0.5in">Notwithstanding, and
in lieu of, the foregoing, if Co-Borrowers satisfy the Interest Only Extension Milestone (as defined in the Loan Agreement), then
(a) commencing [_], 202[_], through and including [_], 202[_], on the first day of each month (each an &ldquo;<U>Extended Interest
Payment Date</U>&rdquo;), Co-Borrowers shall make payments of accrued interest only on the outstanding principal amount of the
Loan, (b) commencing on [_], 202[_], and continuing on the first day of each month thereafter (each an &ldquo;<U>Amended Principal
and Interest Payment Date</U>&rdquo; and, collectively with each Interest Payment Date, each Principal and Interest Payment Date
and each Extended Interest Payment Date, each a &ldquo;<U>Payment Date</U>&rdquo;), Co-Borrowers shall make to Lender 12 equal
payments of principal plus accrued interest on the then outstanding principal amount due hereunder.</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; text-indent: 0.5in">On the earliest to
occur of (i) [_], 202[_], (ii) payment in full of the principal balance of the Loan or (iii) an Event of Default and demand by
Lender of payment in full of the Loan, Co-Borrowers shall make a payment of [[_] and 00/100 Dollars ($[_])] to Lender (the &ldquo;<U>Final
Payment</U>&rdquo;). If not sooner paid, all outstanding amounts hereunder and under the Loan Agreement shall become due and payable
on [_], 2031.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</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: justify; text-indent: 0.5in">Principal, interest
and all other amounts due with respect to the Loan, are payable in lawful money of the United States of America to Lender as set
forth in the Loan Agreement. The principal amount of this Note and the interest rate applicable thereto, and all payments made
with respect thereto, shall be recorded by Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which
is part of this Note.</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; text-indent: 0.5in">This Note is referred
to in, and is entitled to the benefits of, the Venture Loan and Security Agreement dated as of January 12, 2026 (the &ldquo;<U>Loan
Agreement</U>&rdquo;; with other capitalized terms used below having the meanings ascribed thereto in the Loan Agreement), by and
among Borrower Representative, the other Co-Borrowers from time to time party thereto, Lender and Horizon as Collateral Agent.
The Loan Agreement, among other things, (a) provides for the making of secured Loans to Co-Borrowers, and (b) contains provisions
for acceleration of the maturity hereof upon the happening of certain stated events.</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; text-indent: 0.5in">This Note may not be
prepaid, except as set forth in <U>Section 2.3</U> of the Loan Agreement.</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; text-indent: 0.5in">This Note and the obligation
of Co-Borrowers to repay the unpaid principal amount of the Loan, interest on the Loan and all other amounts due Lender under the
Loan Agreement is secured under the Loan Agreement.</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; text-indent: 0.5in">This Note is guaranteed
pursuant to <U>Section 16</U> of the Loan Agreement and reference is hereby made to such guarantee.</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; text-indent: 0.5in">Presentment for payment,
demand, notice of protest and all other demands and notices of any kind in connection with the execution, delivery, performance
and enforcement of this Note are hereby waived.</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; text-indent: 0.5in">Co-Borrowers shall
pay all fees and expenses, including attorneys&rsquo; fees and costs, incurred by Lender in the enforcement or attempt to enforce
any Co-Borrower&rsquo;s obligations hereunder not performed when due.</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; text-indent: 0.5in">Any reference herein
to Lender shall be deemed to include and apply to every subsequent holder of this Note. Reference is made to the Loan Agreement
for provisions concerning optional and mandatory prepayments, Collateral, acceleration and other material terms affecting this
Note.</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: center"><I>[Remainder of page intentionally left
blank.]</I></P>

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

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<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: justify; text-indent: 0.5in"><B>This Note shall
be governed by and construed under the laws of the State of New York. Each Co-Borrower agrees that any action or proceeding brought
to enforce or arising out of this Note may be commenced in the state or federal courts located within the State of New York.</B></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; text-indent: 0.5in">IN WITNESS WHEREOF,
the undersigned have caused this Note to be duly executed by one of its officers thereunto duly authorized on the date hereof.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 2%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="4"><B><U>CO-BORROWERS</U>: </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">PELTHOS THERAPEUTICS INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">LNHC, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">CHANNEL PHARMACEUTICAL CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[SIGNATURE PAGE TO SECURED PROMISSORY NOTE (LOAN [__])]</P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>g085079_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.1</B></FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_001.jpg" ALT=""></FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pelthos
Therapeutics Secures Up to $50 Million Senior Secured Term Loan Facility from Horizon Technology Finance</B></FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; margin-left: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
minimally dilutive funding will accelerate Pelthos&#8217; highly successful <BR>
commercialization efforts for its lead product, ZELSUVMI&#8482;
(berdazimer) topical gel, <BR>
10.3% for the treatment of <I>molluscum contagiosum</I>, two newly acquired FDA approved <BR>
cutaneous infectious
disease products and for working capital and general corporate purposes</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DURHAM,
N.C., January 13, 2026 &#8212; Pelthos Therapeutics Inc. (NYSE American: PTHS), a biopharmaceutical company committed to commercializing
innovative therapeutic products for unmet patient needs (&#8220;Pelthos&#8221;), today announced it has secured financing from Horizon
Technology Finance Corporation (&#8220;Horizon&#8221;) (NASDAQ: HRZN), an affiliate of&#160;Monroe Capital, with an initial funding of
$30 million, and up to $20 million to support future growth.</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;We
believe this transaction with Horizon gives Pelthos the flexibility and resources to accelerate the commercialization of our cutaneous
infectious disease product portfolio, strengthens our balance sheet, and most importantly, brings ZELSUVMI, the first and only FDA approved
treatment for molluscum for use at home and on the go to doctors, individuals, and families struggling with such a persistent and difficult
to treat infection. We will continue to execute on our corporate strategy, which focuses on providing innovative treatment options for
patients in need, particularly children and families struggling with highly communicable infections,&#8221; said Scott Plesha, CEO of
Pelthos.</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;We
are pleased to partner with Scott and the strong Pelthos management team as they advance important therapies for underserved cutaneous
indications. We believe the Pelthos team brings the experience, expertise and commitment needed to deliver meaningful results across
a portfolio addressing significant unmet needs. We look forward to supporting their continued growth as they expand access to innovative
dermatologic treatments,&#8221; said Paul Seitz, Chief Investment Officer of Horizon. </FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Horizon
funded $30 million at closing, with up to an additional $20 million available upon achieving certain milestones. The rate is Prime plus
3.75%, currently 10.50%, paid only on drawn capital. <FONT STYLE="color: Black">The term is sixty months with amortization beginning
at month thirty-six with the ability to begin&#160;in month 48, if certain milestones are met and interest only until amortization commences.</FONT>
In connection with the financing, Pelthos issued Horizon warrants to purchase 65,488 shares of its common stock, par value $0.0001 per
share, at an exercise price of $27.49 per share. Proceeds from the financing will be used to support the commercialization of ZELSUVMI&#8482;,
launch Xepi&#174; and Xeglyze&#174;, and for working capital and general corporate purposes.</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the limited number of shares of common stock issuable upon exercise of the warrants issued in connection with the facility, the
capital raised is non-dilutive to existing shareholders of the Company.</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;We
want to thank Horizon for their commitment to Pelthos, their professionalism and the depth of their work to complete this transaction.
Our experience with ZELSUVMI is that the more that investors understand the burden of this pox virus, and the unique features and benefits
of ZELSUVMI, the more excited they become about this opportunity. Importantly, we believe this credit facility demonstrates our intent
to manage our equity capitalization efficiently, without compromising the launch of our first three products,&#8221; said Frank Knuettel
II, CFO of Pelthos. </FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 30, 2025, Pelthos <FONT STYLE="color: Black">had cash, cash equivalents, and investments&#160;of $14.2 million, which was
augmented with the issuance on November 6, 2025 of $18.0 million in convertible notes. </FONT></FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oppenheimer
&amp; Co. served as financial advisor and Morgan, Lewis &amp; Bockius LLP and Sullivan &amp; Worcester LLP acted as legal advisors to
Pelthos. Holland &amp; Knight LLP served as legal advisor to Horizon. </FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About&#160;Horizon
Technology Finance</B></FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Horizon
Technology Finance Corporation&#160;(NASDAQ: HRZN), externally managed by&#160;Horizon Technology Finance Management LLC, an affiliate
of Monroe Capital, is a leading specialty finance company that provides capital in the form of secured loans to venture capital and private
equity-backed companies and publicly traded companies in the technology, life science, healthcare information and services, and sustainability
industries. The investment objective of Horizon is to maximize its investment portfolio&#8217;s return by generating current income from
the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered
in&#160;Farmington, Connecticut, with a regional office in&#160;Pleasanton, California, and investment professionals located throughout
the&#160;U.S. Monroe Capital&#160;is a premier asset management firm specializing in private credit markets across various strategies,
including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity. To learn more,
please visit&#160;<FONT STYLE="text-decoration: underline solid; color: rgb(24,133,201)">horizontechfinance.com</FONT>.</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About
Pelthos Therapeutics</B></FONT></P>

<P STYLE="font: 11pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pelthos
Therapeutics is a biopharmaceutical company committed to commercializing innovative, safe, and efficacious therapeutic products to help
patients with unmet treatment burdens. The company&#8217;s lead product ZELSUVMI&#8482; (berdazimer) topical gel, 10.3%, for the treatment
of <I>Molluscum contagiosum</I>, was approved by the U.S. Food and Drug Administration in 2024. More information is available at&#160;<FONT STYLE="text-decoration: underline solid; color: rgb(70,120,134)">www.pelthos.com</FONT>.
Follow Pelthos on&#160;<FONT STYLE="text-decoration: underline solid; color: rgb(70,120,134)">LinkedIn</FONT>&#160;and <FONT STYLE="text-decoration: underline solid; color: rgb(70,120,134)">X</FONT>.</FONT></P>

<P STYLE="font: 11pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Forward-Looking
Statements</B></FONT></P>

<P STYLE="font: 11pt Segoe UI, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
press release contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, regarding Pelthos&#8217;
current expectations. All statements, other than statements of historical fact, could be deemed to be forward-looking statements. In
some instances, words such as &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; and &#8220;will,&#8221;
and similar expressions, are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect our good faith beliefs (or those of the indicated third parties) and speak only as of the date
hereof. These forward-looking statements include, without limitation, references to our expectations regarding (i) our belief that the
credit facility will give the Company the flexibility and resources to accelerate the commercialization of the Company&#8217;s cutaneous
infectious disease product portfolio, strengthen the Company&#8217;s balance sheet and make ZELSUVMI more accessible to doctors, individuals
and families struggling with molluscum, (ii) the Company&#8217;s plans and timelines with respect to executing on its corporate strategy,
(iii) the Company&#8217;s intended use of proceeds from the credit facility, (iv) our belief that the credit facility demonstrates the
Company&#8217;s intent to manage its equity capitalization efficiently without compromising the launch of its first three products, and
(v) the Company&#8217;s future opportunities, strategy and plans in the market. These statements are not guarantees of future performance
and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results
to differ materially from those set forth in such forward-looking statements include, but are not limited to, risks and uncertainties
related to there being no guarantee that the trading price of the combined company&#8217;s Common Stock will be indicative of the combined
company&#8217;s value or that the combined company&#8217;s Common Stock will become an attractive investment in the future; we may rely
on collaborative partners for milestone payments, royalties, materials revenue, contract payments and other revenue projections and may
not receive expected revenue; we and our partners may not be able to timely or successfully advance any product(s) in our internal or
partnered pipeline or receive regulatory approval and there may not be a market for the product(s) even if successfully developed and
approved; and changes in general economic conditions, including as a result of war, conflict, epidemic diseases, the implementation of
tariffs, and ongoing or future litigation could expose us to significant liabilities and have a material adverse effect on us. These
and other risks and uncertainties are described more fully in our filings with the U.S. Securities and Exchange Commission. The information
in this press release is provided only as of the date of this press release, and we undertake no obligation to update any forward-looking
statements contained in this press release based on new information, future events, or otherwise, except as required by law.</FONT></P>

<P STYLE="font: 12pt/12pt Segoe UI, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>


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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Contacts</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors:<BR>
LifeSci Advisors, LLC<BR>
Mike Moyer, Managing Director<BR>
mmoyer@lifesciadvisors.com</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Media:<BR>
KWM Communications<BR>
Kellie Walsh<BR>
pelthos@kwmcommunications.com<BR>
(914) 315-6072</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Horizon
Investor Relations:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICR</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Garrett
Edson</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ir@horizontechfinance.com</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(860)
284-6450</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Horizon
Media Relations:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICR</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chris
Gillick</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HorizonPR@icrinc.com</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(646)
677-1819</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>pths-20260112_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Jan. 12, 2026</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jan. 12,  2026<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-41964<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Pelthos
Therapeutics Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001919246<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">86-3335449<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">NV<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">4020
Stirrup Creek Drive<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 110&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Durham<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NC<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">27703<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(919)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">908-2400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    Stock, par value $0.0001 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PTHS<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSEAMER<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityExTransitionPeriod', window );">Elected Not To Use the Extended Transition Period</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:centralIndexKeyItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityExTransitionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 7A<br> -Section B<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityExTransitionPeriod</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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