Case BLS Doc 258 Filed 01/31/19 Page 1 of 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE

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1 Case BLS Doc 258 Filed 01/31/19 Page 1 of 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ) In re: ) Chapter 11 ) EGALET CORPORATION, et al., ) Case No (BLS) ) ) Jointly Administered Debtors. 1 ) ) THIRD AMENDED PLAN SUPPLEMENT FOR DEBTORS FIRST AMENDED JOINT PLAN OF REORGANIZATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE, AS MODIFIED In accordance with Debtors First Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code, as Modified [Docket No. 223] (including all exhibits thereto and as amended, modified, or supplemented from time to time, the Plan ) 2, attached hereto are amended 3 forms of certain documents relating to the Plan and/or to be executed, delivered, assumed, and/or performed in connection with the consummation of the Plan on the Effective Date, which, along with the exhibits A, B, C, E, H, I, J, K, L, and N of the Amended Plan Supplement [Docket No. 233] (the Amended Plan Supplement ), and exhibits D and G of the Second Amended Plan Supplement (the Second Amended Plan Supplement ), comprise the third amended Plan Supplement The Debtors in these Chapter 11 Cases, along with the last four digits of their respective federal tax identification numbers, are: Egalet Corporation (5334), Egalet US Inc. (6649), and Egalet Ltd. (Foreign). The Debtors corporate headquarters and mailing address is located at 600 Lee Road, Suite 100, Wayne, PA Capitalized Terms used herein, but not otherwise defined, have the meaning given to them in the Plan. For those documents that have been amended since the filing of the Second Amended Plan Supplement, blacklines against the versions filed with the Amended Plan Supplement have been provided for the convenience of the Court and interested parties. For the avoidance of doubt, the exhibits not listed in the table below have not been amended from the versions filed with the Amended Plan Supplement.

2 Case BLS Doc 258 Filed 01/31/19 Page 2 of 2 Exhibit F M Plan Supplement Document Blackline of Terms of New Egalet Common Stock Blackline of Identities of the individuals that will serve on the new board of directors of the Reorganized Debtors and the officers of the Reorganized Debtors Dated: January 31, 2019 Wilmington, Delaware Respectfully submitted, By: /s/ Sean T. Greecher YOUNG CONAWAY STARGATT & TAYLOR, LLP Robert S. Brady (No. 2847) Sean T. Greecher (No. 4484) 1000 North King Street Wilmington, DE Telephone: (302) Facsimile: (302) and - DECHERT LLP Michael J. Sage (admitted pro hac vice) Brian E. Greer (admitted pro hac vice) Stephen M. Wolpert (admitted pro hac vice) Alaina R. Heine (admitted pro hac vice) 1095 Avenue of the Americas New York, New York Telephone: (212) Facsimile: (212) Attorneys for the Debtors and Debtors-in-Possession

3 Case BLS Doc Filed 01/31/19 Page 1 of 3 Exhibit F Terms of New Egalet Common Stock

4 Case BLS Doc Filed 01/31/19 Page 2 of 3 The terms of the New Egalet Common Stock 1 will be as set forth in the Reorganized Corp Constituent Documents and Delaware law. The number of shares of New Egalet Common Stock issued and outstanding as of the Effective Date (including shares issuable pursuant to the New Warrants) will be between [16,750,000 and 26,250,000]. 2 approximately 14,333, Capitalized terms not defined herein have the meanings ascribed to them in the Debtors First Amended Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code (the Plan ). 2 The exact number of issued and outstanding shares as of the Effective Date remains subject to further discussion among the Debtors, the Supporting Noteholders, and Iroko. To the extent such exact number fall outside of the expected range set forth above, the Debtors will file an amended Exhibit F.

5 Case BLS Doc Filed 01/31/19 Page 3 of 3 Summary report: Litera Change-Pro for Word Document comparison done on 1/30/ :52:24 PM Style name: Dechert Default Intelligent Table Comparison: Active Original filename: Exhibit F.docx Modified filename: Revised Exhibit F.docx Changes: Add 1 Delete 3 Move From 0 Move To 0 Table Insert 0 Table Delete 0 Table moves to 0 Table moves from 0 Embedded Graphics (Visio, ChemDraw, Images etc.) 0 Embedded Excel 0 Format changes 0 Total Changes: 4

6 Case BLS Doc Filed 01/31/19 Page 1 of 7 Exhibit M List of Officers and Directors of the Reorganized Debtors

7 Case BLS Doc Filed 01/31/19 Page 2 of 7 A. Directors Identities of Initial Directors and Officers of the Reorganized Debtors As of the Effective Date, 1 the boards of directors of the Reorganized Debtors will consist of the following individuals: 2 a. Board of Directors of Reorganized Corp 3 i. Robert S. Radie Mr. Radie is Egalet Corp.'s current President and Chief Executive Officer and a member of the Boards of Directors of Egalet Corp., Egalet US Inc. and Egalet Limited, positions he has held since March From November 2010 to October 2011, Mr. Radie served as President and Chief Executive Officer of Topaz Pharmaceuticals Inc., a specialty pharmaceutical company acquired by Sanofi Pasteur in the fourth quarter of From March 2009 to November 2010, Mr. Radie served as President and Chief Executive Officer of Transmolecular, Inc., a biotechnology company developing cancer diagnostic and treatment products, after serving as a consultant to Transmolecular from December 2008 through March From September 2007 to September 2008, Mr. Radie served as the Chief Business Officer of Prestwick Pharmaceuticals, Inc., a specialty pharmaceutical company. Before joining Prestwick, Mr. Radie served in senior management positions with a number of pharmaceutical and biotechnology companies, including Morphotek, Inc., Vicuron Pharmaceuticals, Inc. and Eli Lilly and Company, and as a director of Affinium Pharmaceuticals, Ltd. from July 2012 to March 2014, when a majority of Affinium s assets were acquired by a third party. Mr. Radie has been a member of the board of directors of Paratek Pharmaceuticals since November 2014 and Veloxis Pharmaceuticals A/S since June 2016, and has also served as a director of Life Sciences Pennsylvania, a life sciences industry group, since January 2016 and Horse Power For Life, a non-profit organization dedicated to improving the quality of life for individuals diagnosed with cancer, since Mr. Radie received his B.S. in Chemistry from Boston College. ii. Andrea Heslin Smiley Ms. Smiley has served as a member of Egalet Corp.'s Board of Directors since April Ms. Smiley is an experienced life sciences industry executive and, since January 2011, she has served as President and CEO of VMS BioMarketing, which she joined in 2008 as Vice President, Strategic Marketing. Prior to joining VMS BioMarketing, Ms. Smiley served in various positions of increasing responsibility at Eli Lilly and Company for 18 years, including as the marketing leader for the launch of Humalog Mix75/25 TM and the sales and marketing leader for Humatrope. Earlier in her career, Ms. 1 Capitalized terms not defined herein have the meanings ascribed to them in the Debtors First Amended Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code (the Plan ). 2 The Supporting Noteholders, Iroko and the Debtors reserve all rights to amend the below lists of directors and officers prior to the Effective Date. If any amendments are made, the Debtors shall file an amended Plan Supplement disclosing any such amendments. 3 The seventh initial director on the Board of Directors of Reorganized Corp will be disclosed by amendment prior to the Confirmation Date.

8 Case BLS Doc Filed 01/31/19 Page 3 of 7 Smiley worked as a management consultant for Putnam Associates, where she led consulting teams and advised brands in the biotech, pharmaceutical and managed healthcare fields on products launches and access strategies. She serves on the Boards of several nonprofit corporations, including AppianRx, a privately held, technology based specialty pharmacy and patient support solutions company, and the Indiana Chapter of the Alzheimer s Association. Ms. Smiley earned her B.A. in Economics from DePauw University. iii. Timothy P. Walbert Mr. Walbert has been a member of Egalet Corp.'s Board of Directors since March 2014 and has served as its Chair since June Mr. Walbert has been the President and Chief Executive Officer of Horizon Pharma plc since June 2008 and has been the Chairman of the Horizon board since Previously, he served as President, Chief Executive Officer, and director of IDM Pharma, Inc., a publiclyheld biopharmaceutical company which was acquired by Takeda America Holdings, Inc., or Takeda, in June Prior to IDM, Mr. Walbert served as Executive Vice President, Commercial Operations, at NeoPharm, Inc., a publicly-held biopharmaceutical company. From 2001 to 2005, Mr. Walbert served as divisional Vice President and General Manager, Immunology, where he built and led the global development and launch of the multi-indication biologic HUMIRA, which achieved approximately $19.0 billion in 2017 sales and divisional Vice President, Global Cardiovascular Strategy, at Abbott, now AbbVie. From 1998 to 2001, Mr. Walbert served as Director, CELEBREX North America, and arthritis team leader, Asia Pacific, Latin America, and Canada at G.D. Searle & Company, now Pfizer. From 1991 to 1998, Mr. Walbert also held sales and marketing roles with increasing responsibility at G.D. Searle, Merck & Co., Inc. and Wyeth. Mr. Walbert received his B.A. in business from Muhlenberg College. In addition to the Egalet board of directors, Mr. Walbert serves on the Biotechnology Innovation Organization (BIO), Illinois Biotechnology Innovation Organization (ibio), World Business Chicago (WBC) and Greater Chicago Arthritis Foundation boards. Mr. Walbert is also co-chairman of MATTER Chicago. Previously, he served on the boards of Raptor, Inc. (acquired by Horizon Pharma plc) from 2010 to 2014, XOMA Corp. from 2009 to 2017, and Sucampo Pharmaceuticals, Inc. (acquired by Mallinckrodt plc) from 2015 to 2018, all of which are/were public biotechnology companies. iv. Joseph McInnis Mr. McInnis is a Principal at Murrin Construction, a position he has held since July Prior to joining Murrin Construction, Mr. McInnis served as Managing Director and Investment Analyst at Greywolf Capital from 2004 to 2015 and as an Investment Analyst in Goldman Sachs Special Situations Investing Group from 2001 to Mr. McInnis currently serves on the boards of Aspire Oil & Gas, a privately held oil and gas exploration and production company, and the Washington Mutual, Inc. Liquidating Trust, a liquidating trust for a former bank holding company and the owner of Washington Mutual Bank, positions he has held since November Mr. McInnis previously served on the board of Lumara Healthcare, a provider of women s specialty pharmaceuticals, from September 2013 to November Mr. McInnis earned his Bachelor of Commerce in Finance from the University of British Columbia. v. Luke Düster Mr. Düster is a member of the Founders Group at CRG, [a healthcare-focused investment firm,] and serves as Partner and member of CRG s investment committee. Prior to CRG, Mr. Düster was an

9 Case BLS Doc Filed 01/31/19 Page 4 of 7 investment banker at Harris Williams & Co., an investment firm, where he served as [Vice President]. Mr. Düster also held investment banking roles at the Wallach Company, a regional investment banking boutique, and at the Nord Companies, a healthcare advisory firm. Mr. Düster received a bachelor s degree from the University of Colorado at Boulder in 1997, where he graduated summa cum laude. He received an M.B.A with honors from the Wharton School at the University of Pennsylvania in vi. Todd Holmes Mr. Holmes serves as a Principal at CRG[, a healthcare-focused investment firm]. Prior to joining CRG, Todd was an investor and founding member of Gurnet Point Capital where he led investments and acquisitions and was actively involved on company boards. Previously, Mr. Holmes was a member of Third Rock Ventures where he held investment and operational roles and was part of the founding team at Ember Therapeutics, an investor at BVF Partners, a biotechnology-focused hedge fund, and a member of the commercial lending practice at Silicon Valley Bank. Mr. Holmes received a Bachelor's degree in Economics from Colgate University and an MBA from the Wharton School at the University of Pennsylvania. In addition to these six individuals, a seventh director for Reorganized Corp is in the process of being selected by the Debtors, the Supporting Noteholders and Iroko in accordance with the Plan. Such director will not be an insider of the Debtors. Once selected, the Debtors will file an update to the Plan Supplement disclosing the identity of such director. As of the Effective Date, board members for the Reorganized Debtors that are insiders of the Debtors will be compensated on the same terms as their current compensation. vii. Matthew Pauls Mr. Pauls has served as Chief Executive Officer of Strongbridge Biopharma plc since August 2014 and as a member of its board of directors since September Mr. Pauls has served as a member of the board of directors of Savara Inc. (formerly Mast Therapeutics, Inc.), a publicly traded biopharmaceutical company, since October Prior to joining Strongbridge, Mr. Pauls was Chief Commercial Officer of Insmed, Inc., a publicly traded biopharmaceutical company, from April 2013 to August Prior to Insmed, Mr. Pauls worked at Shire Pharmaceuticals, a publicly traded specialty biopharmaceutical company, beginning in 2007 until March 2013, most recently as Senior Vice President, Head of Global Commercial Operations. Mr. Pauls also held positions at Bristol-Myers Squibb, a publicly traded pharmaceutical company, in Brand Management and Payor Marketing, and at Johnson & Johnson, a publicly traded medical devices, pharmaceutical and consumer packaged goods manufacturer, in various U.S. and global commercial roles. He is a volunteer board member of the Pennington School in Pennington, New Jersey, and the Boys & Girls Clubs of Philadelphia. Mr. Pauls holds B.S. and M.B.A. degrees from Central Michigan University and a J.D. from Michigan State University College of Law b. Board of Directors of Reorganized Egalet US Inc. i. Robert S. Radie (see biography above) ii. Mark Strobeck, Ph.D.

10 Case BLS Doc Filed 01/31/19 Page 5 of 7 Dr. Strobeck is the Executive Vice President and Chief Operating Officer of Egalet Corp., a position he has held since September 2015, and a director of Egalet US Inc. and Egalet Limited, positions he has held since October Dr. Strobeck previously served as Egalet Corp.'s Chief Business Officer from January 2014 to September Prior to his employment at Egalet, he served as an advisor to Egalet from June 2012 to December From January 2012 to December 2013, Dr. Strobeck served as President and Chief Executive Officer and a director of Corridor Pharmaceuticals, Inc., which was acquired by AstraZeneca in From December 2010 to October 2011, Dr. Strobeck served as Chief Business Officer of Topaz Pharmaceuticals Inc., a specialty pharmaceutical company acquired by Sanofi Pasteur in the fourth quarter of From June 2010 to November 2010 and October 2011 to January 2012, Dr. Strobeck worked as a consultant. From January 2008 to May 2010, Dr. Strobeck served as Chief Business Officer of Trevena, Inc., a pharmaceutical company. Prior to joining Trevena, Dr. Strobeck held management roles at GlaxoSmithKline, SR One Limited and EuclidSR Partners, L.P. Dr. Strobeck currently serves on the Board of Directors of Horse Power For Life, a non-profit organization dedicated to improving the quality of life for individuals diagnosed with cancer, a position he has held since Dr. Strobeck received his B.S. in Biology from St. Lawrence University and his Ph.D. in Pharmacology from the University of Cincinnati, and completed his post-doctoral fellowship at the University of Pennsylvania. B. Officers c. Board of Directors of Reorganized Egalet Limited i. Robert S. Radie (see biography above) ii. Mark Strobeck, Ph.D. (see biography above) The officers of the Reorganized Debtors as of the Effective Date will be as follows: a. Robert S. Radie President and Chief Executive Officer See biography above. b. Mark Strobeck, Ph.D. Executive Vice President and Chief Operating Officer See biography above. c. Barbara Carlin [Senior] Vice President and Chief Accounting Officer Ms. Carlin has served as Egalet Corp.'s Senior Vice President since March 2018 and its Chief Accounting Officer since January Ms. Carlin served as Egalet Corp.'s Vice President from January 2014 to March 2018 and as a consultant to the company from September 2013 to December Prior to joining Egalet, she was Finance Director at Sobi North America, a company focused on developing and commercializing rare disease treatments, from February 2012 to August Ms. Carlin has held leadership positions at several biotechnology and specialty pharmaceutical companies including Topaz Pharmaceuticals Inc., moksha8 Pharmaceuticals, Inc., Genaera Corporation and Vicuron Pharmaceuticals, Inc. She began her career in accounting at Deloitte and Touche LLP. Ms. Carlin received a B.S. in

11 Case BLS Doc Filed 01/31/19 Page 6 of 7 Accounting from St. Joseph s University and is a certified public accountant in the Commonwealth of Pennsylvania. d. Megan Timmins Senior Vice President, General Counsel and Secretary Ms. Timmins has been Egalet Corp.'s Senior Vice President and General Counsel since March From September 2017 until March 2018, she served as Egalet's Vice President and Acting General Counsel. From October 2016 to August 2017, Ms. Timmins served as Egalet's Deputy General Counsel and from April 2016 to October 2016, she served as a consultant to the company. Prior to joining Egalet, Ms. Timmins was an independent consultant from April 2015 to March Prior to that, she served in positions of increasing responsibility at Aramark, most recently as Vice President, Associate General Counsel and Assistant Secretary from January 2011 until March Ms. Timmins received her B.A. in Government and Economics from the University of Notre Dame and her J.D. from the William and Mary School of Law. e. Patrick M. Shea Senior Vice President and Chief Commercial Officer Mr. Shea has served as Egalet Corp.'s Senior Vice President since June 2017 and its Chief Commercial Officer since September From June 2016 to August 2016, Mr. Shea was an independent consultant. From April 2014 to May 2016, he served as Chief Commercial Officer at Clarus Therapeutics, Inc., a men s health specialty pharmaceutical company. Prior to Clarus, he served as Vice President of Sales and Marketing for the U.S. commercial operations at CSL Behring from December 2012 to April 2014, where he oversaw strategic efforts for sales, marketing and managed care business. From June 2011 to November 2012, he was an independent consultant. From 2006 to June 2011, he served in various roles at Astellas Pharmaceuticals, most recently as Senior Vice President of Sales and Marketing for the U.S. pharmaceutical operations from 2007 to June Prior to that, Mr. Shea held various sales and marketing leadership roles at Ligand Pharmaceuticals Incorporated and Boehringer Ingelheim. Mr. Shea received his bachelor s degree in Psychology from Alfred University. The officers of the Reorganized Debtors will be compensated in accordance with their existing employment agreements, which will be assumed under the Plan. In addition, the officers may have the opportunity to participate in the Management Incentive Plan in accordance with its terms and the terms of the MIP Term Sheet.

12 Case BLS Doc Filed 01/31/19 Page 7 of 7 Summary report: Litera Change-Pro for Word Document comparison done on 1/30/ :49:48 PM Style name: Dechert Default Intelligent Table Comparison: Active Original filename: Exhibit M.DOCX Modified filename: Revised Exhibit M.docx Changes: Add 4 Delete 4 Move From 0 Move To 0 Table Insert 0 Table Delete 0 Table moves to 0 Table moves from 0 Embedded Graphics (Visio, ChemDraw, Images etc.) 0 Embedded Excel 0 Format changes 0 Total Changes: 8