Assignment of Promissory Note, Warrant and Security Agreement issued June 28, 2019 by John Schutte to Abuse Deterrent Pharmaceuticals, LLC
Assignment of Promissory Note, Warrant and Security Agreement
For value received, John Schutte (“Assignor”) hereby assigns and transfers to Abuse Deterrent Pharma, LLC, a Kentucky limited liability company (“Assignee”), all of the Assignor’s right, title and interest in and to (i) that certain Amended, Consolidated and Restated Convertible Secured Promissory Note (the “Note”) dated June 28, 2019 made and delivered by Acura Pharmaceuticals, Inc., a New York corporation (the “Company”), to Assignor in the aggregate principal sum of Six Million DOLLARS ($6,000,000), (ii) that certain Warrant to purchase common stock dated June 28, 2019 made and delivered by the Company to Assignor, and (iii) that certain Security Agreement dated June 28, 2019 made by the Company in favor of Assignor, each without recourse or any warranty.
Dated: June 28, 2019
|/S/ JOHN SCHUTTE|
By its execution below, and for the benefit of the Company, ASSIGNEE HEREBY makes each of the representations and warranties set forth in SECTION 8 of the Note and agrees to all other provisions of the Note AND SECURITY AGREEMENT as of the date hereof.
ABUSE DETERRENT PHARMA, LLC
By: /s/ John Schutte
John Schutte, Manager
By its execution below, ACURA PHARMACEUTICALS, INC. HEREBY ACKNOWLEDGES, AGREES AND CONSENTS TO THIS ASSIGNMENT:
ACURA PHARMACEUTICALS, INC.
By: /s/ Peter A. Clemens
Name: Peter A. Clemens
Title: Senior Vice President & Chief Financial Officer