Document:

Exhibit 10.2

 

Execution Version

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made and entered into as of July 8, 2020, by and between ELITE PHARMACEUTICALS,
INC., a Nevada corporation (the “Company”), and LINCOLN PARK CAPITAL FUND, LLC, an Illinois limited
liability company (together with it permitted assigns, the “Buyer”). Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings set forth in the Purchase Agreement by and between the parties hereto, dated
as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”).

 

WHEREAS:

 

The Company has agreed,
upon the terms and subject to the conditions of the Purchase Agreement, to sell to the Buyer up to Twenty-Five Million Dollars
($25,000,000) of Purchase Shares and to induce the Buyer to enter into the Purchase Agreement, the Company has agreed to provide
certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar
successor statute (collectively, the “Securities Act”), and applicable state securities laws.

 

NOW, THEREFORE,
in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:

 

1. DEFINITIONS.

 

As used in this Agreement,
the following terms shall have the following meanings:

 

a. “Investor”
means the Buyer, any transferee or assignee thereof to whom a Buyer assigns its rights under this Agreement in accordance with
Section 9 and who agrees to become bound by the provisions of this Agreement, and any transferee or assignee thereof to whom a
transferee or assignee assigns its rights under this Agreement in accordance with Section 9 and who agrees to become bound by the
provisions of this Agreement.

 

b. “Person”
means any individual or entity including but not limited to any corporation, a limited liability company, an association, a partnership,
an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency.

 

c. “Register,”
“registered,” and “registration” refer to a registration effected by preparing and filing
one or more registration statements of the Company in compliance with the Securities Act and pursuant to Rule 415 under the Securities
Act or any successor rule providing for offering securities on a continuous basis (“Rule 415”), and the declaration
or ordering of effectiveness of such registration statement(s) by the United States Securities and Exchange Commission (the “SEC”).

 

d. “Registrable
Securities” means all of the Commitment Shares and all of the Purchase Shares that may, from time to time, be issued or
become issuable to the Investor under the Purchase Agreement (without regard to any limitation or restriction on purchases), and
any and all shares of capital stock issued or issuable with respect to the Purchase Shares, the Commitment Shares or the Purchase
Agreement as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, without regard
to any limitation on purchases under the Purchase Agreement.

 

e. “Registration
Statement” means one or more registration statements of the Company covering only the sale of the Registrable Securities.

 

     

     

    

 

2. REGISTRATION.

 

a. Mandatory
Registration. The Company shall, as soon as practicable after the date hereof, file with the SEC an initial Registration Statement
on Form S-3 (without reliance upon General Instruction I.B.6. of Form S-3) covering all of the Registrable Securities so as to
permit the resale of such Registrable Securities by the Investor under Rule 415 under the Securities Act at then prevailing market
prices (and not fixed prices), subject to the aggregate number of authorized shares of the Company’s Common Stock then available
for issuance in its Articles of Incorporation. The initial Registration Statement shall register only the Registrable Securities.
The Investor and its counsel shall have a reasonable opportunity to review and comment upon such Registration Statement and any
amendment or supplement to such Registration Statement and any related prospectus prior to its filing with the SEC, and the Company
shall give due consideration to all reasonable comments. The Investor shall furnish all information reasonably requested by the
Company for inclusion therein. The Company shall use its reasonable best efforts to have the Registration Statement and any amendment
declared effective by the SEC at the earliest possible date. The Company shall use reasonable best efforts to keep the Registration
Statement effective pursuant to Rule 415 promulgated under the Securities Act and available for the resale by the Investor of all
of the Registrable Securities covered thereby at all times until the date on which the Investor shall have resold all the Registrable
Securities covered thereby and no Available Amount remains under the Purchase Agreement (the “Registration Period”).
The Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading.

 

b. Rule
424 Prospectus. The Company shall, as required by applicable securities regulations, from time to time file with the SEC, pursuant
to Rule 424 promulgated under the Securities Act, the prospectus and prospectus supplements, if any, to be used in connection with
sales of the Registrable Securities under the Registration Statement. The Investor and its counsel shall have a reasonable opportunity
to review and comment upon such prospectus prior to its filing with the SEC, and the Company shall give due consideration to all
such comments. The Investor shall use its reasonable best efforts to comment upon such prospectus within one (1) Business Day from
the date the Investor receives the final pre-filing version of such prospectus.

 

c. Ineligibility
to Use Form S-3. In the event that the Company shall become ineligible to use Form S-3 to register the resale of Registrable
Securities in accordance with the terms of this Agreement at any time after the effective date of the initial Registration Statement
filed pursuant to Section 2(a), the Company shall (i) as promptly as practicable upon becoming aware of the Company’s ineligibility
(or impending ineligibility) to use the Registration Statement on Form S-3, file a post-effective amendment to the Registration
Statement on Form S-1 (or another appropriate form reasonably acceptable to the Buyer) with the SEC to register the resale of the
Registrable Securities on Form S-1 pursuant to Rule 415 promulgated under the Securities Act at then-prevailing market prices,
and not fixed prices, and (ii) as promptly as practicable thereafter upon becoming eligible to use Form S-3, file an additional
post-effective amendment to the Registration Statement on Form S-3 with the SEC to register the resale of the Registrable Securities
on Form S-3 pursuant to Rule 415 promulgated under the Securities Act, provided that the Company shall maintain the effectiveness
of the Registration Statement then in effect until such time as such post-effective amendment to the Registration Statement on
Form S-3 covering the Registrable Securities has been declared effective by the SEC. The Company shall use reasonable efforts to
have each such post-effective amendment to the Registration Statement declared effective by the SEC at the earliest possible date
after the filing thereof.

 

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d. Sufficient
Number of Shares Registered. In the event the number of shares available under the Registration Statement is insufficient to
cover all of the Registrable Securities, the Company shall amend the Registration Statement or file a new Registration Statement
(a “New Registration Statement”), so as to cover all of such Registrable Securities as soon as practicable,
but in any event not later than ten (10) Business Days after the necessity therefor arises, subject to any limits that may be imposed
by the SEC pursuant to Rule 415 under the Securities Act. The Company shall use its reasonable best efforts to cause such amendment
and/or New Registration Statement to become effective as soon as practicable following the filing thereof.

 

e. Offering. If
the staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant to a Registration
Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration Statement
to become effective and be used for resales by the Investor under Rule 415 at then-prevailing market prices (and not fixed prices),
or if after the filing of the initial Registration Statement with the SEC pursuant to Section 2(a), the Company is otherwise required
by the Staff or the SEC to reduce the number of Registrable Securities included in such initial Registration Statement, then the
Company shall reduce the number of Registrable Securities to be included in such initial Registration Statement (after consulting
with the Investor and its legal counsel as to the specific Registrable Securities to be removed therefrom) until such time as the
Staff and the SEC shall so permit such Registration Statement to become effective and be used as aforesaid. In the event of any
reduction in Registrable Securities pursuant to this paragraph, the Company shall file one or more New Registration Statements
in accordance with Section 2(d) until such time as all Registrable Securities have been included in Registration Statements that
have been declared effective and the prospectus contained therein is available for use by the Investor. Notwithstanding any provision
herein or in the Purchase Agreement to the contrary, the Company’s obligations to register Registrable Securities (and any
related conditions to the Investor’s obligations) shall be qualified as necessary to comport with any requirement of the
SEC or the Staff as addressed in this Section 2(e).

 

3. RELATED
OBLIGATIONS.

 

With respect to the
Registration Statement and whenever any Registrable Securities are to be registered pursuant to Section 2 including on any New
Registration Statement, the Company shall use its commercially reasonable efforts to effect the registration of the Registrable
Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following
obligations:

 

a. The
Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any Registration
Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule
424 promulgated under the Securities Act, as may be necessary to keep the Registration Statement or any New Registration Statement
effective at all times during the Registration Period, and, during such period, comply with the provisions of the Securities Act
with respect to the disposition of all Registrable Securities of the Company covered by the Registration Statement or any New Registration
Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods
of disposition by the Investor as set forth in such Registration Statement.

 

b. The
Company shall permit the Investor to review and comment upon the Registration Statement or any New Registration Statement and all
amendments and supplements thereto at least two (2) Business Days prior to their filing with the SEC, and not file any such document
in a form to which Investor reasonably objects. The Investor shall use its reasonable best efforts to comment upon the Registration
Statement or any New Registration Statement and any amendments or supplements thereto within two (2) Business Days from the date
the Investor receives the final version thereof. Company shall furnish to the Investor, without charge any correspondence from
the SEC or the staff of the SEC to the Company or its representatives relating to the Registration Statement or any New Registration
Statement.

 

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c. Upon
request of the Investor, the Company shall furnish to the Investor, (i) promptly after the same is prepared and filed with the
SEC, at least one copy of such Registration Statement and any amendment(s) thereto, including financial statements and schedules,
all documents incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any Registration Statement, a
copy of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number
of copies as the Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final
prospectus, as the Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable
Securities owned by the Investor. For the avoidance of doubt, any filing available to the Investor via the SEC’s live EDGAR
system shall be deemed “furnished to the Investor” hereunder.

 

d. The
Company shall use commercially reasonable efforts to (i) register and qualify the Registrable Securities covered by a Registration
Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investor reasonably
requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to
such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period,
(iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during
the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities
for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition
thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section
3(d), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any
such jurisdiction. The Company shall promptly notify the Investor who holds Registrable Securities of the receipt by the Company
of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for
sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice
of the initiation or threatening of any proceeding for such purpose.

 

e. As
promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor in writing of the happening
of any event or existence of such facts as a result of which the prospectus included in any Registration Statement, as then in
effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly prepare
a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and deliver a copy of such
supplement or amendment to the Investor (or such other number of copies as the Investor may reasonably request). The Company shall
also promptly notify the Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has
been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness
shall be delivered to the Investor by email or facsimile on the same day of such effectiveness and by overnight mail), (ii) of
any request by the SEC for amendments or supplements to any Registration Statement or related prospectus or related information,
and (iii) of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate.

 

f. The
Company shall use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness
of any Registration Statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction
and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment
and to notify the Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation
or threat of any proceeding for such purpose.

 

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g. The
Company shall (i) cause all the Registrable Securities to be listed on each securities exchange on which securities of the same
class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted
under the rules of such exchange, or (ii) secure designation and quotation of all the Registrable Securities on the Principal Market.
The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section.

 

h. The
Company shall cooperate with the Investor to facilitate the timely issuance of the Registrable Securities to be offered pursuant
to any Registration Statement, it being agreed that such Registrable Securities shall be issued as DWAC Shares and in such denominations
or amounts as the Investor may reasonably request and registered in such names as the Investor may request.

 

i. The
Company shall at all times provide a transfer agent and registrar with respect to its Common Stock.

 

j. If
reasonably requested by the Investor, the Company shall (i) promptly incorporate in a prospectus supplement or post-effective amendment
such information as the Investor believes should be included therein relating to the sale and distribution of Registrable Securities,
including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase price
being paid therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of such prospectus
supplement or post-effective amendment as soon as practicable upon notification of the matters to be incorporated in such prospectus
supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration Statement or New Registration
Statement.

 

k. The
Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by any Registration Statement
to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition
of such Registrable Securities.

 

l. Within
one (1) Business Day after any Registration Statement which includes the Registrable Securities is declared effective by the SEC,
the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable
Securities (with copies to the Investor) confirmation that such Registration Statement has been declared effective by the SEC in
the form attached hereto as Exhibit A. Thereafter, if requested by the Buyer at any time, the Company shall require its
counsel to deliver to the Buyer a written confirmation whether or not the effectiveness of such Registration Statement has lapsed
at any time for any reason (including, without limitation, the issuance of a stop order) and whether or not the Registration Statement
is current and available to the Buyer for sale of all of the Registrable Securities.

 

m. The
Company shall use its reasonable best efforts to maintain eligibility for use of Form S-3 (or any successor form thereto) for the
registration of the resale of all the Registrable Securities.

 

n. The
Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of the Registrable
Securities pursuant to any Registration Statement.

 

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4. OBLIGATIONS
OF THE INVESTOR.

 

a. The
Company shall notify the Investor in writing of the information the Company reasonably requires from the Investor in connection
with any Registration Statement hereunder. The Investor shall furnish to the Company such information regarding itself, the Registrable
Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required
to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration
as the Company may reasonably request.

 

b. The
Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing
of any Registration Statement hereunder.

 

c. The
Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the kind
described in Section 3(f) or the first sentence of 3(e), the Investor will immediately discontinue disposition of Registrable Securities
pursuant to any Registration Statement(s) covering such Registrable Securities until the Investor’s receipt of the copies of a
notice regarding the resolution or withdrawal of the stop order or suspension as contemplated by Section 3(f) or the supplemented
or amended prospectus as contemplated by the first sentence of 3(e). Notwithstanding anything to the contrary, the Company shall
cause its transfer agent to promptly deliver shares of Common Stock without any restrictive legend in accordance with the terms
of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor has entered into
a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the kind described
in Section 3(f) or the first sentence of Section 3(e) and for which the Investor has not yet settled.

 

5. EXPENSES
OF REGISTRATION.

 

All reasonable expenses,
other than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections
2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees
and disbursements of counsel for the Company, shall be paid by the Company.

 

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6. INDEMNIFICATION.

 

a. To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, the members,
the directors, officers, partners, employees, agents, representatives of the Investor and each Person, if any, who controls the
Investor within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
(each, an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties,
charges, costs, attorneys’ fees, amounts paid in settlement or expenses, joint or several, (collectively, “Claims”)
incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from
the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending
or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”), to which
any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the Registration Statement,
any New Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification
of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are
offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a
material fact contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement
thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made
therein, in light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged
violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities
law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration
Statement or any New Registration Statement or (iv) any material violation by the Company of this Agreement (the matters in the
foregoing clauses (i) through (iv) being, collectively, “Violations”). The Company shall reimburse each Indemnified
Person promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses
incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained
herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising
out of or based upon a Violation which occurs in reliance upon and in conformity with information about the Investor furnished
in writing to the Company by any Indemnified Person expressly for use in connection with the preparation of the Registration Statement,
any New Registration Statement or any such amendment thereof or supplement thereto or prospectus contained therein, if such Registration
Statement, New Registration Statement or amendment thereof or supplement thereto or prospectus contained therein was timely made
available by the Company pursuant to Section 3(c) or Section 3(e); (ii) with respect to any superseded prospectus, shall not inure
to the benefit of any Indemnified Person from whom the Indemnified Person asserting any such Claim purchased the Registrable Securities
that are the subject thereof (or to the benefit of any person controlling such Indemnified Person) if the untrue statement or omission
of material fact contained in the superseded prospectus was corrected in the revised prospectus, as then amended or supplemented,
if such revised prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified
Person was promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation and such
Indemnified Person, notwithstanding such advice, used it; (iii) shall not be available to the extent such Claim is based on a failure
of the Investor to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely
made available by the Company pursuant to Section 3(c) or Section 3(e); and (iv) shall not apply to amounts paid in settlement
of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably
withheld. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified
Person and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 9.

 

b. In
connection with the Registration Statement or any New Registration Statement, the Investor agrees to indemnify, hold harmless and
defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of
its officers who signs the Registration Statement or any New Registration Statement, each Person, if any, who controls the Company
within the meaning of the Securities Act or the Exchange Act (collectively and together with an Indemnified Person, an “Indemnified
Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the
Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case
to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information about
the Investor set forth on Exhibit B attached hereto and furnished to the Company by the Investor expressly for use in connection
with such registration statement; and, subject to Section 6(d), the Investor will reimburse any legal or other expenses reasonably
incurred by any Indemnified Party in connection with investigating or defending any such Claim; provided, however, that the indemnity
agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply
to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which
consent shall not be unreasonably withheld; provided, further, however, that the Investor shall be liable under this Section 6(b)
for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the sale
of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities
by the Investor pursuant to Section 9.

 

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c. Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or
proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall,
if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party
a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense
thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the
case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel
with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying
party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate
due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented
by such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party
in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying
party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or claim.
The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times as to the status of the
defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action,
claim or proceeding effected without its written consent, provided, however, that the indemnifying party shall not unreasonably
withhold, delay or condition its consent. No indemnifying party shall, without the consent of the Indemnified Party or Indemnified
Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability
in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated
to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating
to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified
Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability
to defend such action.

 

d. The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or Indemnified Damages are incurred.

 

e. The
indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party
or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject
to pursuant to law.

 

7. CONTRIBUTION.

 

To the extent any indemnification
by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect
to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however,
that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation;
and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received
by such seller from the sale of such Registrable Securities.

 

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8. REPORTS
AND DISCLOSURE UNDER THE SECURITIES ACTS.

 

With a view to making
available to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation
of the SEC that may at any time permit the Investor to sell securities of the Company to the public without registration (“Rule
144”), the Company agrees, at the Company’s sole expense, to:

 

a. make
and keep public information available, as those terms are understood and defined in Rule 144;

 

b. file
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange
Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required
for the applicable provisions of Rule 144;

 

c. furnish
to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company
that it has complied with the reporting and or disclosure provisions of Rule 144, the Securities Act and the Exchange Act, (ii)
a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company,
and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule
144 without registration; and

 

d. take
such additional action as is requested by the Investor to enable the Investor to sell the Registrable Securities pursuant to Rule
144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions to
the Company’s Transfer Agent as may be requested from time to time by the Investor and otherwise fully cooperate with Investor
and Investor’s broker to effect such sale of securities pursuant to Rule 144.

 

The Company agrees that
damages may be an inadequate remedy for any breach of the terms and provisions of this Section 8 and that Investor shall, whether
or not it is pursuing any remedies at law, be entitled to seek equitable relief in the form of a preliminary or permanent injunctions,
without having to post any bond or other security, upon any breach or threatened breach of any such terms or provisions.

 

9.
ASSIGNMENT OF REGISTRATION RIGHTS.

 

The Company shall not
assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor. The Investor may
not assign its rights under this Agreement without the written consent of the Company, other than to an affiliate of the Investor
controlled by Jonathan Cope or Josh Scheinfeld, in which case the assignee must agree in writing to be bound by the terms and conditions
of this Agreement.

 

    9

     

    

 

10. AMENDMENT
OF REGISTRATION RIGHTS.

 

No provision of this
Agreement may be amended or waived by the parties from and after the date that is one Business Day immediately preceding the initial
filing of the Registration Statement with the SEC. Subject to the immediately preceding sentence, no provision of this Agreement
may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than in a written instrument
signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise any right or remedy under
this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

 

11. MISCELLANEOUS.

 

a. A
Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the
same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered
owner of such Registrable Securities.

 

b. Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be
in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by facsimile or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the
sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case
properly addressed to the party to receive the same. The addresses for such communications shall be:

 

If to the Company:

	 	Elite Pharmaceuticals, Inc.
	 	165 Ludlow Avenue
	 	Northvale, NJ 07647
	 	Telephone: 	(201) 750-2646
	 	Facsimile:	(201) 750-2755
	 	E-mail:	
	 	Attention: 	Nasrat Hakim, President and CEO

 

With a copy to (which shall not
constitute notice or service of process):

	 	Richard Feiner, Esq.
	 	Wall Street Plaza
	 	88 Pine Street, 22nd Floor
	 	New York, NY 10005
	 	Telephone: 	(646) 822-1170
	 	Facsimile:	(917) 720-0863
	 	Email:	rfeinerlaw@silverfirm.com
	 	Attention:	Richard Feiner, Esq.

 

If to the Investor:

	 	Lincoln Park Capital Fund, LLC
	 	440 North Wells, Suite 410
	 	Chicago, IL 60654
	 	Telephone: 	312-822-9300
	 	Facsimile:	312-822-9301
	 	E-mail:	jscheinfeld@lpcfunds.com/jcope@lpcfunds.com
	 	Attention:	Josh Scheinfeld/Jonathan Cope

 

    10

     

    

 

With a copy to (which
shall not constitute notice or service of process):

	 	Dorsey & Whitney LLP
	 	51 West 52nd Street
	 	New York, NY 10019
	 	Telephone: 	(212) 415-9214
	 	Facsimile:	(212) 953-7201
	 	E-mail:	marsico.anthony@dorsey.com
	 	Attention:	Anthony J. Marsico, Esq.

 

or at such other address and/or facsimile
number and/or to the attention of such other person as the recipient party has specified by written notice given to each other
party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient
of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile
machine or email account containing the time, date, recipient facsimile number or email address, as applicable, or (C) provided
by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or
email, or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

c. The
corporate laws of the State of Nevada shall govern all issues concerning the relative rights of the Company and its stockholders.
All other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by
the internal laws of the State of Illinois, without giving effect to any choice of law or conflict of law provision or rule (whether
of the State of Illinois or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than
the State of Illinois. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
the State of Illinois, County of Cook, for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction,
such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that
jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

d. This
Agreement and the Purchase Agreement constitute the entire agreement among the parties hereto with respect to the subject matter
hereof and thereof. There are no restrictions, promises, warranties or undertakings among the parties hereto, other than those
set forth or referred to herein and therein. This Agreement and the Purchase Agreement supersede all prior agreements and understandings
among the parties hereto with respect to the subject matter hereof and thereof.

 

    11

     

    

 

e. Subject
to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties hereto.

 

f. The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

g. This
Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission
or by e-mail in a “.pdf” format data file of a copy of this Agreement bearing the signature of the party so delivering
this Agreement.

 

h. Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

i. The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules
of strict construction will be applied against any party.

 

j. This
Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns, and is not for
the benefit of, nor may any provision hereof be enforced by, any other Person.

 

*  *  *  *  *  *

 

    12

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Registration Rights Agreement to be duly executed as of day and year first above written.

 

	 	THE COMPANY:
	 	 
	 	ELITE PHARMACEUTICALS, INC.
	 	 
	 	By: 	/s/ Nasrat Hakim
	 	Name: 	Nasrat Hakim
	 	Title: 	President and Chief Executive Officer
	 	 
	 	BUYER:
	 	 
	 	LINCOLN PARK CAPITAL FUND, LLC
	 	BY: LINCOLN PARK CAPITAL, LLC
	 	BY: ROCKLEDGE CAPITAL CORPORATION
	 	 
	 	By:  	/s/ Josh Scheinfeld
	 	Name: 	Josh Scheinfeld
	 	Title: 	President

 

    13

     

    

 

EXHIBIT A

 

TO REGISTRATION
RIGHTS AGREEMENT

 

FORM OF NOTICE
OF EFFECTIVENESS

OF REGISTRATION
STATEMENT

 

[Date]

 

[NAME/ADDRESS]

 

Re: Elite Pharmaceuticals, Inc.

 

Ladies and Gentlemen:

 

We are counsel to
Elite Pharmaceuticals, Inc., a Nevada corporation (the “Company”), and have represented the Company in connection
with that certain Purchase Agreement, dated as of July 8, 2020 (the “Purchase Agreement”), entered into by and
between the Company and Lincoln Park Capital Fund, LLC (the “Buyer”), pursuant to which the Company has issued
to the Buyer the Initial Commitment Shares (defined below), and may in the future issue to the Buyer the Additional Commitment
Shares (defined below) on a proportionate basis at such times as the Company may issue and sell to the Buyer shares of the Company’s
common stock, par value $0.001 per share (the “Common Stock”), in an amount up to an additional Twenty-Five
Million Dollars ($25,000,000), in accordance with the terms of the Purchase Agreement. In connection with the transactions contemplated
by the Purchase Agreement, the Company has registered with the U.S. Securities and Exchange Commission (the “SEC”)
the following shares of Common Stock:

 

		(1)	Up to 250,548,286 shares of Common Stock to be issued to the Buyer upon purchase by the Buyer from
the Company from time to time in accordance with the terms of the Purchase Agreement (the “Purchase Shares”);

 

		(2)	5,975,857 shares of Common Stock that have been issued to the Buyer as an initial commitment fee
on the date of the Purchase Agreement (the “Initial Commitment Shares”); and

 

	 	(3)	up to 5,975,857 shares of Common Stock to be issued to the Buyer as an additional commitment fee from time to time in accordance with the terms of the Purchase Agreement (the “Additional Commitment Shares” and, collectively with the Initial Commitment Shares, the “Commitment Shares”).

 

Pursuant to the Purchase
Agreement, the Company also has entered into a Registration Rights Agreement, dated as of July 8, 2020, with the Buyer (the “Registration
Rights Agreement”) pursuant to which the Company agreed, among other things, to register the Purchase Shares and the
Commitment Shares under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the
Company’s obligations under the Purchase Agreement and the Registration Rights Agreement, on [________], 2020, the Company filed
a Registration Statement (File No. 333-[_________]) (the “Registration Statement”) with the SEC relating to
the resale of the Purchase Shares and the Commitment Shares.

 

In connection with
the foregoing, we advise you that the SEC has entered an order declaring the Registration Statement effective under the Securities
Act at [_____] [A.M./P.M.] on [__________], 2020 and we have no knowledge, after review of the stop order notification website
maintained by the SEC, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose
are pending before, or threatened by, the SEC and the Purchase Shares and the Commitment Shares are available for resale under
the Securities Act pursuant to the Registration Statement and may be issued without any restrictive legend or stop transfer orders
maintained against them.

 

	 	Very truly yours,
	 	 
	 	By:	

 

		cc:	Lincoln Park Capital Fund, LLC

     

     

    

 

EXHIBIT B

 

TO REGISTRATION
RIGHTS AGREEMENT

 

Information About The Investor Furnished
To The Company By The Investor 

Expressly For Use In Connection With
The Registration Statement

 

Information With Respect to Lincoln
Park Capital

 

As of the date of the Purchase Agreement,
Lincoln Park Capital Fund, LLC, beneficially owned 5,975,857 shares of our common stock. Josh Scheinfeld and Jonathan Cope, the
Managing Members of Lincoln Park Capital, LLC, the manager of Lincoln Park Capital Fund, LLC, are deemed to be beneficial owners
of all of the shares of common stock owned by Lincoln Park Capital Fund, LLC. Messrs. Cope and Scheinfeld have shared voting and
investment power over the shares being offered under the prospectus filed with the SEC in connection with the transactions contemplated
under the Purchase Agreement. Lincoln Park Capital, LLC is not a licensed broker dealer or an affiliate of a licensed broker dealer.Exhibit 10.1

 

Execution Version

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(“Agreement”) is made and entered into by and between Inter-American Management LLC, a Delaware limited
liability company (the “Company”), and Jeffrey Busch (“Employee”) effective
as of July 9, 2020 (the “Effective Date”).

 

Background

 

Prior to the Effective
Date, the Company served as the external manager of GMR (as defined below) pursuant to a management agreement between the Company
and GMR. On the Effective Date, GMR has completed the acquisition of the Company and, as a result, the Company is now a subsidiary
of GMR and the management agreement has been terminated. This Agreement supersedes and replaces in all respects the Prior Agreement
(as defined below).

 

1.     
Employment. During the Employment Period (as defined in Section 4), the Company shall employ Employee,
and Employee shall serve, as Chief Executive Officer and President of the Company and Global Medical REIT Inc., a Maryland corporation
(“GMR”) and in such other related position or positions, including positions with other direct or indirect
subsidiaries of GMR, as may be reasonably assigned from time to time by the board of directors (the “Board”)
of GMR. Employee shall also serve as Chairman of the Board during the Employment Period.

 

2.     
Duties and Responsibilities of Employee.

 

(a)              
During the Employment Period, Employee shall, subject to the terms of this Section 2(a), devote Employee’s
best efforts and full time and attention to the businesses of GMR and its direct and indirect subsidiaries as may exist from time
to time (collectively, GMR and its direct and indirect subsidiaries, including the Company, are referred to as the “Company
Group”) as may be necessary to discharge Employee’s duties and responsibilities hereunder.  Employee’s
duties and responsibilities shall include those that are usual and customary to the position(s) identified in Section 1,
as well as such additional duties relating to such position(s) as may be reasonably assigned to Employee by the Board from time
to time. Notwithstanding the foregoing, Employee may, and it shall not be considered a violation of this Agreement for Employee
to, (i) as a passive investment, own publicly traded securities; (ii) engage in or serve such professional, charitable, trade
association, community, educational, religious, civic or similar types of organizations and activities, as Employee may select;
(iii) serve on the boards of directors or advisory committees of any entities; and (iv) attend to Employee’s personal matters
and/or Employee’s and/or his family’s personal finances, investments and business affairs, so long as such service
or activities described in clauses (i)-(iv) immediately preceding do not interfere with Employee’s performance of Employee’s
duties and responsibilities under this Agreement and are not competitive with the Business (as defined herein) of any member of
the Company Group, and so long as such service or activities do not result in Employee’s violation of the terms of Sections
9 or 10 below.

 

     

     

    

 

(b)              
Employee hereby represents and warrants that Employee is not the subject of, or a party to, any non-competition, non-solicitation,
restrictive covenant, non-disclosure or similar agreement that would prohibit Employee from executing this Agreement or fully
performing each of Employee’s duties and responsibilities hereunder, or would in any manner, directly or indirectly, limit
or affect any of the duties and responsibilities that may now or in the future be assigned to Employee hereunder. Employee expressly
acknowledges and agrees that Employee is strictly prohibited from using or disclosing any confidential information belonging to
any prior employer in the course of performing services for any member of the Company Group, and Employee promises that Employee
shall not do so. Employee shall not introduce documents or other materials containing confidential information of any prior employer
to the premises or property (including computers and computer systems) of any member of the Company Group.

 

(c)              
Employee’s duties hereunder are in addition to, and not in lieu of, Employee’s fiduciary duties and other legal
obligations to each member of the Company Group under applicable law.

 

3.     
Compensation.

 

(a)              
Base Salary. During the Employment Period, the Company shall pay to Employee an annualized base salary of $600,000
(the “Base Salary”) in consideration for Employee’s services under this Agreement, payable
in substantially equal installments in conformity with the Company’s customary payroll practices for similarly situated
employees as may exist from time to time, but no less frequently than monthly.

 

(b)              
Bonus. Beginning with the 2021 calendar year (so long as Employee is still employed hereunder), Employee
shall be eligible for annual performance-based, cash bonus compensation with a target bonus of 100% of Employee’s Base Salary
for each calendar year that Employee is employed by the Company hereunder (the “Annual Bonus”). The
performance goals for an applicable calendar year (the “Bonus Year”) shall be established by the Board
(or a committee thereof), following consultation with Employee, and communicated to Employee within the first thirty (30) days
of the applicable Bonus Year. The amount of the Annual Bonus earned by Employee may be greater or lesser than the target bonus,
based on achievement of the performance goals associated with the target bonus (with the actual amount of the Annual Bonus earned
by Employee for an applicable Bonus Year determined pursuant a formula established by the Board (or a committee thereof) when
it establishes the performance goals for the applicable Bonus Year). Notwithstanding the foregoing, Employee shall be eligible
to receive a pro rata portion of the Annual Bonus for the portion of the 2020 calendar year that Employee is employed by the Company
following the Effective Date (the “Post-Closing 2020 Bonus”); provided, however,
that the amount of the Post-Closing 2020 Bonus earned by Employee shall
be based on achievement, as reasonably determined by the Board (or a committee thereof) in its discretion, of the performance
goals for the 2020 calendar year that were established and in effect prior to the Effective Date.
Each Annual Bonus (and the Post-Closing 2020 Bonus), if any, shall be paid as soon as administratively feasible after the Board
(or a committee thereof) certifies whether the applicable performance targets for the applicable Bonus Year (or 2020, for the
Post-Closing 2020 Bonus) have been achieved, but in no event later than March 15 following the end of such Bonus Year (or, for
the Post-Closing 2020 Bonus, no later than March 15, 2021). Except to the extent specifically provided under Section 7(f),
no Annual Bonus (or Post-Closing 2020 Bonus), if any, nor any portion thereof, shall be payable unless Employee remains continuously
employed by the Company from the Effective Date through the date on which such Annual Bonus (or, for the Post-Closing 2020 Bonus,
the Post-Closing 2020 Bonus) is paid. With respect to Employee’s eligibility to receive any bonus with respect to the portion
of the 2020 calendar year preceding the Effective Date (a “Pre-Closing 2020 Bonus”), such Pre-Closing
2020 Bonus (if any) shall be determined and paid pursuant to, and subject to the terms of, any applicable bonus program or plan
applicable to Employee and in effect immediately prior to the Effective Date; provided, however, that any such Pre-Closing
2020 Bonus shall be reduced on a pro-rata basis to reflect the payment of a Pre-Closing 2020 Bonus (if any) that is attributable
only to the portion of the calendar year from January 1, 2020 through the Effective Date.

 

    2 

     

    

 

(c)              
Long-Term Incentive. During the Employment Period, Employee
shall be eligible to participate in the Global Medical REIT Inc. 2016 Equity Incentive Plan, as amended from time to time (together
with any successor equity incentive plans adopted by GMR or the Company, as applicable, the “LTIP”).
Such eligibility and any awards granted to Employee under the LTIP shall be subject in all respects to, and governed by, the terms
and conditions set forth in the LTIP, as in effect from time to time, and the applicable award agreement(s) evidencing any such
awards.

 

(d)              
Internalization Award. In consideration of Employee entering into this Agreement and as an inducement to remain
with the Company, on the Effective Date, Employee shall be granted, under the LTIP, a one-time award of LTIP Units (as defined
in the LTIP) with an aggregate dollar value on the Effective Date equal to $2,000,000
(the “Internalization Award”), which Internalization Award shall be evidenced by the award agreement
that is attached hereto as Exhibit I (the “Internalization Award Agreement”). All other terms
and conditions of the Internalization Award shall be governed by the terms and conditions of the LTIP as in effect from time to
time and the Internalization Award Agreement.

 

4.     
Term of Employment. The initial term of Employee’s employment under this Agreement shall be for the
period beginning on the Effective Date and ending on the fourth (4th) anniversary of the Effective Date (the “Initial
Term”). On the fourth (4th) anniversary of the Effective Date and on each subsequent anniversary thereafter,
the term of Employee’s employment under this Agreement shall automatically renew and extend for a period of twelve (12)
months (each such twelve (12)-month period being a “Renewal Term”) unless written notice of non-renewal
is delivered by either party to the other not less than ninety (90) days prior to the expiration of the then-existing Initial
Term or Renewal Term, as applicable. Notwithstanding any other provision of this Agreement, Employee’s employment pursuant
to this Agreement may be terminated at any time in accordance with Section 7. The period from the Effective Date through
the expiration of this Agreement or, if sooner, the termination of Employee’s employment pursuant to this Agreement, regardless
of the time or reason for such termination, shall be referred to herein as the “Employment Period.”

 

5.     
Business Expenses. Subject to Section 23, the Company shall reimburse Employee for Employee’s
reasonable out-of-pocket business-related expenses actually incurred in the performance of Employee’s duties under this
Agreement so long as Employee timely submits all documentation for such expenses, as required by Company policy in effect from
time to time. Any such reimbursement of expenses shall be made by the Company upon or as soon as practicable following receipt
of such documentation (but in any event not later than the close of Employee’s taxable year following the taxable year in
which the expense is incurred by Employee). In no event shall any reimbursement be made to Employee for any expenses incurred
after the date of Employee’s termination of employment with the Company.

 

    3 

     

    

 

6.     
 Benefits. During the Employment Period, Employee
shall be eligible to participate in the same benefit plans and programs in which other similarly situated Company employees are
eligible to participate, subject to the terms and conditions of the applicable plans and programs in effect from time to time.
The Company shall not, however, by reason of this Section 6, be
obligated to institute, maintain, or refrain from changing, amending, or discontinuing, any such plan or policy, so long as such
changes are similarly applicable to similarly situated Company employees generally.

 

7.     
Termination of Employment.

 

(a)              
Company’s Right to Terminate Employee’s Employment
for Cause. The Company shall have the right to terminate Employee’s employment hereunder at any time for Cause.

 

(i)                       
For purposes of this Agreement, “Cause” shall mean:

 

(A)            
Employee’s material breach of this Agreement or any other written agreement between Employee and one or more members
of the Company Group;

 

(B)             
Employee’s material breach of any law relating to the workplace or any of the Company’s (or, if applicable
to Employee, another member of the Company Group’s) written policies or codes of conduct, including written policies regarding
anti-harassment, anti-discrimination, or anti-retaliation;

 

(C)             
Employee’s commission of an act of fraud, theft, dishonesty, embezzlement, or breach of fiduciary duty related to
any member of the Company Group or the performance of the Employee’s duties hereunder

 

(D)            
Employee’s commission of an act of gross negligence or willful misconduct related to any member of the Company Group
or the performance of the Employee’s duties hereunder, which results (or could reasonably be expected to result in) in material
and demonstrable damage to the Company Group;

 

(E)             
the conviction of Employee for, or plea of guilty or nolo contendere by Employee to, any felony (or state law equivalent)
or any crime involving moral turpitude; or the indictment of Employee of any felony (or state law equivalent) or any crime involving
moral turpitude, if not discharged or otherwise resolved within eighteen (18) months;

 

(F)             
Employee’s willful failure or refusal, other than due to Disability, to perform Employee’s obligations pursuant
to this Agreement or to follow any lawful directive from the Board; or

 

    4 

     

    

 

(G)            
notwithstanding Section 7(a)(i), Employee’s violation of any of the covenants set forth in Section 9 or
Section 10

 

provided,
however, that to the extent that any act or failure to act is pursuant to a resolution of the Board or upon the instructions
of the Board or taken in accordance with the advice of counsel for the Company, such act or failure to act shall not constitute
a Cause event.

 

(ii)                       
No termination of Employee’s employment under Sections 7(a)(i)(A), 7(a)(i)(B), or 7(a)(i)(F)
shall be effective as a termination for Cause unless the provisions set forth in this Section 7(a)(ii) shall first have
been complied with. Employee shall be given written notice by the Board (the “Cause Notice”) of its
intention to terminate his employment for Cause stating in detail the particular circumstances that constitute the grounds on
which the proposed termination for Cause is based, and the Cause Notice shall be received by Employee no more than ninety (90)
calendar days after the Board learns of such circumstances. If the Board determines that the applicable act or omission constituting
the Cause event is capable of cure, Employee shall have thirty (30) days after receiving such Cause Notice in which cure such
act or omission, and if cured within such period such act or omission shall not constitute a Cause event.

 

(b)              
Company’s Right to Terminate for Convenience. The Company shall have the right to terminate Employee’s
employment for convenience at any time and for any reason, or no reason at all, upon written notice to Employee.

 

(c)              
Employee’s Right to Terminate for Good Reason. Employee shall have the right to terminate Employee’s
employment with the Company at any time for Good Reason.

 

(i)                       
For purposes of this Agreement, “Good Reason” shall mean:

 

(A)            
The failure of the Board to appoint Employee as Chairman of the Board within ten (10) days after the Effective Date;

 

(B)             
a material diminution in Employee’s Base Salary or a material diminution in Employee’s title, authority, duties,
and responsibilities with the Company and the other members of the Company Group (considered as a whole); provided, however,
that if Employee is serving as an officer or member of the board of directors (or similar governing body) of any member of the
Company Group or any other entity in which a member of the Company Group holds an equity interest, in no event shall the removal
of Employee as an officer or board member, regardless of the reason for such removal, constitute Good Reason; provided further,
however, that notwithstanding the foregoing, any removal of Employee as Chairman of the Board shall constitute Good Reason
(so long as the conditions of Section 7(c)(ii) are satisfied);

 

(C)             
within the three (3) month period after the occurrence of a Change in Control (as defined below), any material duplication
that did not exist prior to the Change in Control with other executive employees of the Company Group of Employee’s title,
authorities, duties, or responsibilities;

 

(D)            
a material breach by the Company of any of its obligations to Employee under this Agreement;

 

    5 

     

    

 

(E)             
 the relocation of the geographic location of Employee’s principal place of employment by more than fifty (50) miles
from the Company’s headquarters in Bethesda, Maryland, as of the Effective Date; or

 

(F)             
any requirement that Employee report to a corporate officer or employee of the Company instead of reporting directly to
the Board.

 

(ii)                       
Notwithstanding the foregoing provisions of this Section ‎7(c), any assertion
by Employee of a termination for Good Reason shall not be effective unless all of the following conditions are satisfied: (A)
the condition giving rise to Employee’s termination of employment must have arisen without Employee’s consent; (B)
Employee must provide written notice to the Board of the existence of such condition(s) within ninety (90) days after the initial
occurrence of such condition(s); (C) the condition(s) specified in such notice must remain uncorrected for thirty (30) days following
the Board’s receipt of such written notice; and (D) the date of Employee’s termination of employment must occur within
sixty (60) days after the Board’s receipt of such written notice.

 

(d)              
Death or Disability. Employee’s employment with the Company shall automatically (and without any further action
by any person or entity) terminate upon the death of Employee and shall terminate upon written notice by the Company following
Employee’s Disability, in each case with no further obligation under this Agreement of either party hereunder; provided,
however, that Employee (or Employee’s estate, as applicable) shall be eligible to receive a Termination Bonus Payment
(as defined herein), the Accelerated Vesting (as defined herein), the Ongoing Vesting (as defined herein), and the COBRA Subsidy
(as defined herein), subject to the terms and conditions set forth in Section 7(f) (including, for the avoidance of doubt,
the requirement of timely execution and non-revocation of a Release by Employee or Employee’s estate, as applicable). For
purposes of this Agreement, a “Disability” shall exist if Employee is unable to perform the essential
functions of Employee’s position (after accounting for reasonable accommodation, if applicable and required by applicable
law), due to physical or mental impairment that continues, or can reasonably be expected to continue, for a period in excess of
one hundred-twenty (120) consecutive days or one hundred-eighty (180) days, whether or not consecutive (or for any longer period
as may be required by applicable law), in any twelve (12)-month period. Any question as to the existence of Employee’s Disability
as to which the Company and Employee cannot agree shall be determined in writing by a qualified independent physician mutually
acceptable to the Company and Employee. If the Company and Employee are unable to agree on a physician, such qualified independent
physician shall be selected by agreement of Employee’s physician and a physician selected by the Company.

 

(e)              
Employee’s Right to Terminate for Convenience. In addition to Employee’s right to terminate Employee’s
employment for Good Reason, Employee shall have the right to terminate Employee’s employment with the Company for convenience
at any time and for any other reason, or no reason at all, upon thirty (30) days’ advance written notice to the Company;
provided, however, that if Employee has provided notice to the Company of Employee’s termination of employment,
the Company may determine, in its sole discretion, that such termination shall be effective on any date prior to the effective
date of termination provided in such notice (and, if such earlier date is so required, then it shall not change the basis for
Employee’s termination of employment nor be construed or interpreted as a termination of employment pursuant to Section
‎7(b)).

 

    6 

     

    

 

(f)               
Effect of Termination.

 

(i)                       
If Employee’s employment hereunder terminates upon the expiration of the then-existing Initial Term or Renewal Term,
as applicable, as a result of a non-renewal of this Agreement by the Company pursuant to Section 4, is terminated by the
Company without Cause pursuant to Section ‎7(b), or is terminated by Employee
for Good Reason pursuant to Section ‎7(c), then so long as (and only if) Employee:
(A) executes on or before the Release Expiration Date (as defined below), and does not revoke within any time provided to do so
in such Release, a release of all claims in substantially the form attached hereto as Exhibit II (as such form may be revised
to reflect updates in applicable law) (the “Release”); and (B) abides by the terms of each of Sections
9, 10 and 11, then the Company shall: (1) make severance payments to Employee in a total amount equal to two
(2) times the sum of: (a) twelve (12) months’ worth of Employee’s Base Salary for the year in which such termination
occurs (disregarding any reduction thereto that may have given rise to Good Reason); and (b) Employee’s target Annual Bonus
for the Bonus Year in which such termination occurs or the Annual Bonus (if any) actually paid to Employee with respect to the
preceding Bonus Year, whichever is greater (such total severance payments being referred to as the “Severance Payment”);
(2) make a payment to Employee in an amount equal to the target Annual Bonus that Employee would have been eligible to receive
for the Bonus Year in which such termination occurs, multiplied by a fraction, the numerator of which is the number of days during
which Employee was employed by the Company in such Bonus Year, and the denominator of which is the total number of days during
such Bonus Year (the “Termination Bonus Payment”); (3) cause all unvested equity-based awards subject
to time-based vesting granted under the LTIP that are held by Employee as of the date immediately prior to the date on which Employee’s
employment terminates (such date of termination, the “Termination Date”) to immediately vest in full
and such awards shall be eligible for settlement in accordance with the terms and conditions provided in the applicable award
agreements governing such awards (the “Accelerated Vesting”); and (4) cause all unvested equity-based
awards subject to performance-based vesting granted under the LTIP that are held by Employee as of the date immediately prior
to the Termination Date to remain outstanding, notwithstanding Employee’s termination of employment, and eligible to continue
vesting based on actual performance through the end of the relevant performance period(s) in accordance with the terms and conditions
provided in the applicable award agreements governing such awards, including any pro-ration that is consistent with the terms
of other equity-based awards subject to performance-based vesting which were granted to Employee under the LTIP prior to the Effective
Date (the “Ongoing Vesting”).

 

    7 

     

    

 

(ii)                       
If the Company’s group health plans are subject to the continuation coverage requirements of the Consolidated Omnibus
Budget Reconciliation Act of 1985 (“COBRA”), and Employee’s employment hereunder is terminated
either (A) in circumstances in which Employee is eligible to receive a Severance Payment under Section ‎7(f)(i)
and Employee satisfies each of the conditions to receive a Severance Payment under Section ‎7(f)(i)
or (B) due to the death or Disability of Employee pursuant to Section 7(d) and Employee or Employee’s estate,
as applicable, executes a Release on or before the Release Expiration Date, and does not revoke such Release within any time provided
by the Company to do so, then, if Employee (or Employee’s estate, as applicable) elects to continue coverage for Employee
and/or Employee’s spouse and eligible dependents, if any, under COBRA, the Company shall promptly reimburse Employee (or
Employee’s estate, as applicable) on a monthly basis for the difference between the amount Employee (or Employee’s
estate, as applicable) pays to effect and continue such coverage and the employee contribution amount that similarly situated
employees of the Company pay for the same or similar coverage under such group health plans (the “COBRA Subsidy”).
Each payment of the COBRA Subsidy shall be paid to Employee (or Employee’s estate, as applicable) on the Company’s
first regularly scheduled pay date in the calendar month immediately following the calendar month in which Employee (or Employee’s
estate, as applicable) submits to the Company documentation of the applicable premium payment having been paid by Employee (or
Employee’s estate, as applicable), which documentation shall be submitted by Employee (or Employee’s estate, as applicable)
to the Company within thirty (30) days following the date on which the applicable premium payment is paid. Employee (or Employee’s
estate, as applicable) shall be eligible to receive such reimbursement payments until the earliest of: (1) the date that is eighteen
(18) months following the Termination Date (the “COBRA Expiration Date”); (2) the date Employee is no
longer eligible to receive COBRA continuation coverage (or, if Employee’s termination was due to Employee’s death,
the date Employee’s spouse and eligible dependents, if any, are no longer eligible to receive COBRA continuation coverage);
and (3) the date on which Employee becomes eligible to receive coverage under a group health plan sponsored by another employer
(and any such eligibility shall be promptly reported to the Company by Employee); provided, however, that the election of COBRA
continuation coverage and the payment of any premiums due with respect to such COBRA continuation coverage shall remain Employee’s
sole responsibility, and the Company shall not assume any obligation for payment of any such premiums relating to such COBRA continuation
coverage. Notwithstanding the foregoing, if (x) the Company’s group health plans are not subject to the continuation coverage
requirements of COBRA but Employee satisfies the conditions to receive COBRA Subsidy pursuant to the foregoing provisions of this
Section 7(f)(ii) or (y) if the provision of the COBRA Subsidy cannot be provided in the manner described above under the
terms of the applicable Company plan, practice, program, policy or without violating applicable law, then the Company shall pay
Employee an amount, less applicable taxes, deductions and withholdings, equal to the COBRA Subsidy that would have been paid to
Employee pursuant to the foregoing provisions of this Section 7(f)(ii) (the “Replacement Payment”).
Each Replacement Payment shall be paid to Employee on the Company’s first regularly scheduled pay date in the calendar month
immediately following the Termination Date. Employee shall be eligible to receive such Replacement Payment until the earliest
of (1) the COBRA Expiration Date or (2) the date on which Employee becomes eligible to receive coverage under a group health plan
sponsored by another employer (and any such eligibility shall be promptly reported to the Company by Employee). Collectively,
(i) the Severance Payment, (ii) any Termination Bonus Payment and (iii) the COBRA Subsidy or the Replacement Payment, as applicable,
are referred to herein as the “Termination Benefits”.

 

    8 

     

    

 

(iii)                       
 The Severance Payment will be divided into substantially equal installments paid over the twenty-four (24) month period
beginning on the Company’s first regularly scheduled pay date that is on or after the date that is sixty (60) days after
the Termination Date; provided, however, that to the extent, if any, that the aggregate amount of the installments
of the Severance Payment that would otherwise be paid pursuant to the preceding provisions of this Section 7(f)(iii) after
March 15 of the calendar year following the calendar year in which the Termination Date occurs (the “Applicable March
15”) exceeds the maximum exemption amount under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A), then such excess
shall be paid to Employee in a lump sum on the Applicable March 15 (or the first business day preceding the Applicable March 15
if the Applicable March 15 is not a business day) and the installments of the Severance Payment payable after the Applicable March
15 shall be reduced by such excess (beginning with the installment first payable after the Applicable March 15 and continuing
with the next succeeding installment until the aggregate reduction equals such excess). The Termination Bonus Payment, if any,
shall be paid to Employee on the later to occur of: (x) the date that the Annual Bonus for the Bonus Year in which the Termination
Date occurs is paid to other similarly-situated executives (but in no event later than March 15 of the calendar year following
the calendar year in which the Termination Date occurs); and (y) the date that the first installment of the Severance Payment
is paid to Employee.

 

(iv)                       
For the avoidance of doubt, notwithstanding anything herein to the contrary, the Termination Benefits (and any portion
thereof) shall not be payable if Employee’s employment hereunder terminates upon the expiration of the then-existing Initial
Term or Renewal Term, as applicable, as a result of a non-renewal of the term of Employee’s employment under this Agreement
by Employee pursuant to Section 4.

 

(v)                       
If the Release is not executed and returned to the Company on or before the Release Expiration Date, and the revocation
period specified in the Release has not fully expired without revocation of the Release by Employee, then Employee shall not be
entitled to any portion of the Severance Payment. As used herein, the “Release Expiration Date” is that
date that is twenty-one (21) days following the Termination Date or, in the event that such termination of employment is “in
connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination
in Employment Act of 1967), the date that is forty-five (45) days following the Termination Date.

 

    9 

     

    

 

(vi)                       
If Employee’s employment hereunder is terminated in circumstances in which: (A) Employee is eligible to receive a
Severance Payment under Section ‎7(f)(i); (B) such termination occurs within
the six (6) month period prior to a Change in Control, on the date of a Change in Control, or within the twelve (12) month period
following a Change in Control; and (C) Employee satisfies each of the conditions to receive a Severance Payment under Section
‎7(f)(i), then, subject to all of the other provisions in this Section 7(f)
and in addition to the payment of a Termination Bonus Payment (if any) and Accelerated Vesting under Section 7(f)(i):
(1) notwithstanding Section 7(f)(i) to the contrary, the Severance Payment shall be an amount equal to three (3) times
the sum of (a) twelve (12) months’ worth of Employee’s Base Salary for the year in which such termination occurs (disregarding
any reduction thereto that may have given rise to Good Reason) and (b) Employee’s target Annual Bonus for the Bonus Year
in which such termination occurs or the Annual Bonus (if any) actually paid to Employee with respect to the preceding Bonus Year,
whichever is greater; and (2) notwithstanding Section 7(f)(ii) to the contrary, the COBRA Expiration Date shall be the
date that is eighteen (18) months following the Termination Date. For the avoidance of doubt, the Severance Payment specified
under this Section 7(f)(vi) shall be in lieu of, and not in addition to, the Severance Payment specified under Section
7(f)(i). If Employee is eligible to receive any of the payments or benefits set forth in this Section 7(f)(vi) (and
has satisfied all conditions relating thereto), the Severance Payment and any Termination Bonus Payment (to the extent not already
paid) shall be paid in a lump sum on the later of (x) the Company’s first regularly scheduled pay date that is on or after
the date that is sixty (60) days after the Termination Date or (y) the date that is (60) days following the Change in Control,
and the Termination Bonus Payment shall be calculated by reference to pro-rated performance targets and achievement through the
Termination Date (as determined by the Board). If Employee’s employment terminates within the six (6) month period prior
to a Change in Control and, at the time any Severance Payment under this Section 7(f)(vi) is payable, Employee has been
paid any installments of the Severance Payment pursuant to Section 7(f)(i) (the “Prior Severance Payment”),
then Employee shall receive payment of an amount equal to the Severance Payment payable under this Section 7(f)(vi) less
the Prior Severance Payment (such amount, the “CIC Payment”), which CIC Payment shall be paid to
Employee in a lump sum cash payment within sixty (60) days following such Change in Control, and which payment shall fully and
finally satisfy and further obligation to provide any further payments with respect to the remaining portion of the Severance
Payment that otherwise would have been payable had the applicable Change in Control not occurred.

 

(vii)                       
For the purposes of this Agreement, “Change in Control” means and includes each of the following:

 

(A)            
the acquisition, either directly or indirectly, by any individual, entity or group (within the meaning of Sections 13(d)
and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial
ownership (within the meaning of Rule 13d-3 under the Exchange Act), of more than 50% of either (1) the then outstanding shares
of common stock of the Company, par value $0.001 per share (”Common Stock”), taking into account as
outstanding for this purpose such shares of Common Stock issuable upon the exercise of options or warrants, the conversion of
convertible shares or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding Company
Common Stock”) or (2) the combined voting power of the then outstanding voting securities of the Company entitled
to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided,
however, that the following acquisitions shall not constitute a Change in Control (a) any acquisition by the Company or any
of its subsidiaries, (b) any acquisition by a trustee or other fiduciary holding the Company’s securities under an employee
benefit plan sponsored or maintained by the Company or any of its Affiliates, (c) any acquisition by an underwriter, initial purchaser
or placement agent temporarily holding the Company’s securities pursuant to an offering of such securities or (d) any acquisition
by an entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of the then Outstanding Company Common Stock.

 

    10 

     

    

 

(B)             
the individuals who constitute Incumbent Directors at the beginning of any two-consecutive-year period, together with any
new Incumbent Directors who become members of the Board during such two-year period, cease to be a majority of the Board at the
end of such two-year period. For purposes of this Agreement, “Incumbent Directors” means the individuals
elected to the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named
as a nominee for director without objection to such nomination) and whose election or nomination for election to the Board was
approved by a vote of at least two-thirds of the directors serving on the Board at the time of the election or nomination, as
applicable, shall be an Incumbent Director. No individual designated to serve as a director by a person who shall have entered
into an agreement with the Company to effect a transaction described in Section 7(f)(vii)(A) or Section 7(f)(vii)(C)
and no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election
contest with respect to directors shall be an Incumbent Director.

 

(C)             
the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction
involving the Company that requires the approval of the Company’s stockholders, whether for such transaction or the issuance
of securities in the transaction (a “Business Combination”), in each case, unless following such Business
Combination:

 

(1)              
the individuals and entities who were the beneficial owners of the Outstanding Company Voting Securities immediately prior
to such Business Combination, beneficially own, directly or indirectly, more than 50% of the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of members of the board of directors (or the analogous
governing body) of the entity resulting from such Business Combination (the “Successor Entity”) (or,
if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities
to elect a majority of the members of the board of directors (or the analogous governing body) of the Successor Entity (the “Parent
Company”));

 

(2)              
no Person (as defined below) beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly,
more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election
of members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company,
the Successor Entity); and

 

(3)              
 at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or,
if there is no Parent Company, the Successor Entity) following the consummation of the Business Combination were Incumbent Directors
at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination.

 

    11 

     

    

 

(D)            
The direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries,
taken as a whole, to any Person that is not a subsidiary of the Company.

 

For purposes of this
Agreement, “Person” means any firm, corporation, partnership, or other entity and also includes any
individual, firm corporation, partnership, or other entity as defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act. Notwithstanding
the preceding sentence, the term “Person” does not include (i) the Company or any of its subsidiaries, (ii) any trustee
or other fiduciary holding securities under an employee benefit plan of the Company or any of the Company’s affiliates,
(iii) any underwriter temporarily holding securities pursuant to an offering of such securities or (iv) any corporation owned,
directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of the Common
Stock.

 

(g)       After-Acquired
Evidence. Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that Employee
is eligible to receive the Termination Benefits pursuant to Section 7(f) but, after such determination: (i) the Company
subsequently acquires evidence or determines that Employee has failed to abide by the terms of Sections 9, 10 or
11; or (ii) within ninety (90) days following the Termination Date, the Board first acquires evidence that a Cause condition
existed prior to the Termination Date that, had the Company been fully aware of such condition, would have given the Company the
right to terminate Employee’s employment pursuant to Section 7(a), then the Company shall have the right to cease
the payment of any future installments of the Termination Benefits and Employee shall promptly return to the Company all installments
of the Termination Benefits received by Employee prior to the date that the Company determines that the conditions of this Section
7(g) have been satisfied (less any amounts withheld or paid by Employee as taxes in respect of such installments).

 

8.     
Disclosures. During the Employment Period, promptly (and in any event, within three (3) Business Days) upon
becoming aware of any lawsuit, claim or arbitration filed against or involving Employee or any trust or vehicle owned or controlled
by Employee, Employee shall disclose such lawsuit, claim or arbitration to the Board.

 

    12 

     

    

 

9.     
Confidentiality. In the course of Employee’s employment with the Company and the performance of Employee’s
duties on behalf of the Company Group hereunder, Employee will be provided with, and will have access to, Confidential Information
(as defined below). In consideration of Employee’s receipt and access to such Confidential Information, Employee shall comply
with this Section 9.

 

(a)              
 Both during the Employment Period and thereafter, except as expressly permitted by this Agreement or by directive of the
Board, Employee shall not disclose any Confidential Information to any person or entity and shall not use any Confidential Information
except for the benefit of the Company Group. Employee shall follow all Company Group policies and protocols regarding the security
of all documents and other materials containing Confidential Information (regardless of the medium on which Confidential Information
is stored). The covenants of this Section ‎9(a) shall apply to all Confidential
Information, whether now known or later to become known to Employee during the period that Employee is employed by or affiliated
with the Company or any other member of the Company Group.

 

(b)              
Notwithstanding any provision of Section ‎9(a) to the contrary, Employee
may make the following disclosures and uses of Confidential Information:

 

(i)                       
disclosures to other employees of a member of the Company Group who have a need to know the information in connection with
the businesses of the Company Group;

 

(ii)                       
disclosures to customers and suppliers when, in the reasonable and good faith belief of Employee, such disclosure is in
connection with Employee’s performance of Employee’s duties under this Agreement and is in the best interests of the
Company Group;

 

(iii)                       
disclosures and uses that are approved in writing by the Board; or

 

(iv)                       
disclosures to a person or entity that has (x) been retained by a member of the Company Group to provide services to one
or more members of the Company Group and (y) agreed in writing to abide by the terms of a confidentiality agreement.

 

(c)              
Upon the expiration of the Employment Period, and at any other time upon reasonable request of the Company, Employee shall
promptly surrender and deliver to the Company all documents (including electronically stored information) and all copies thereof
and all other materials of any nature containing or pertaining to all Confidential Information and any other Company Group property
(including any Company Group-issued computer, mobile device or other equipment) in Employee’s possession, custody or control
and Employee shall not retain any such documents or other materials or property of the Company Group. Within five (5) days of
any such request, Employee shall certify to the Company in writing that all such documents, materials and property have been returned
to the Company.

 

    13 

     

    

 

(d)              
All trade secrets, non-public information, designs, ideas, concepts, improvements, product developments, discoveries and
inventions, whether patentable or not, that are conceived, made, developed or acquired by or disclosed to Employee, individually
or in conjunction with others, during the period that Employee is employed by the Company or any other member of the Company Group
(whether during business hours or otherwise and whether on the Company’s premises or otherwise) that relate to any member
of the Company Group’s businesses or properties, products or services (including all such information relating to corporate
opportunities, operations, future plans, methods of doing business, business plans, strategies for developing business and market
share, research, financial and sales data, pricing terms, evaluations, opinions, interpretations, acquisition prospects, the identity
of customers or acquisition targets or their requirements, the identity of key contacts within customers’ organizations
or within the organization of acquisition prospects, or marketing and merchandising techniques, prospective names and marks) is
defined as “Confidential Information.” Moreover, all documents, videotapes, written presentations, brochures,
drawings, memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs, e-mail, voice
mail, electronic databases, maps, drawings, architectural renditions, models and all other writings or materials of any type including
or embodying any of such information, ideas, concepts, improvements, discoveries, inventions and other similar forms of expression
are and shall be the sole and exclusive property of the Company or the other applicable member of the Company Group and be subject
to the same restrictions on disclosure applicable to all Confidential Information pursuant to this Agreement. For purposes of
this Agreement, Confidential Information shall not include any information that (i) is or becomes generally available to the public
other than as a result of a disclosure or wrongful act of Employee or any of Employee’s agents; (ii) was available to Employee
on a non-confidential basis before its disclosure by a member of the Company Group; or (iii) becomes available to Employee on
a non-confidential basis from a source other than a member of the Company Group; provided, however, that such source
is not bound by a confidentiality agreement with, or other obligation with respect to confidentiality to, a member of the Company
Group.

 

(e)              
Notwithstanding the foregoing, nothing in this Agreement shall prohibit or restrict Employee from lawfully: (i) initiating
communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise
assisting in an investigation by, any governmental authority regarding a possible violation of any law; (ii) responding to any
inquiry or legal process directed to Employee from any such governmental authority (including the U.S. Securities and Exchange
Commission); (iii) testifying, participating or otherwise assisting in any action or proceeding by any such governmental authority
relating to a possible violation of law; or (iv) making any other disclosures that are protected under the whistleblower provisions
of any applicable law. Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, an individual shall not be held
criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made
(1) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (2) solely
for the purpose of reporting or investigating a suspected violation of law; (B) is made to the individual’s attorney in
relation to a lawsuit for retaliation against the individual for reporting a suspected violation of law; or (C) is made in a complaint
or other document filed in a lawsuit or proceeding, if such filing is made under seal. Nothing in this Agreement requires Employee
to obtain prior authorization before engaging in any conduct described in this paragraph, or to notify the Company that Employee
has engaged in any such conduct.

 

    14 

     

    

 

10. 
Non-Competition; Non-Solicitation.

 

(a)              
The Company shall provide Employee access to Confidential Information for use only during the Employment Period, and Employee
acknowledges and agrees that the Company Group will be entrusting Employee, in Employee’s unique and special capacity, with
developing the goodwill of the Company Group, and in consideration of the Company providing Employee with access to Confidential
Information and as an express incentive for the Company to enter into this Agreement and employ Employee hereunder, and as further
consideration for the Internalization Award, Employee has voluntarily agreed to the covenants set forth in this Section 10.
Employee agrees and acknowledges that the limitations and restrictions set forth herein, including geographical and temporal restrictions
on certain competitive activities, are reasonable in all respects, do not interfere with public interests, will not cause Employee
undue hardship, and are material and substantial parts of this Agreement intended and necessary to prevent unfair competition
and to protect the Company Group’s Confidential Information, goodwill and legitimate business interests.

 

(b)              
During the Prohibited Period, Employee shall not, without the prior written approval of the Board, directly or indirectly,
for Employee or on behalf of or in conjunction with any other person or entity of any nature:

 

(i)                       
engage in or participate within the Market Area in competition with any member of the Company Group in any aspect of the
Business, which prohibition shall prevent Employee from directly or indirectly: (A) owning, managing, operating, or being an officer
or director of, any business that competes with any member of the Company Group in the Market Area, or (B) joining, becoming an
employee or consultant of, or otherwise being affiliated with, any person or entity engaged in, or planning to engage in, the
Business in the Market Area in competition, or anticipated competition, with any member of the Company Group in any capacity (with
respect to this clause (B)) in which Employee’s duties or responsibilities are the same as or similar to the duties or responsibilities
that Employee had on behalf of any member of the Company Group;

 

(ii)                       
appropriate any Business Opportunity of, or relating to, any member of the Company Group located in the Market Area;

 

(iii)                       
solicit, canvass, approach, encourage, entice or induce any customer or supplier of any member of the Company Group with
whom or which Employee had contact on behalf of any member of the Company Group to cease or lessen such customer’s or supplier’s
business with any member of the Company Group; or

 

(iv)                       
solicit, canvass, approach, encourage, entice or induce any employee or contractor of any member of the Company Group to
terminate his, her or its employment or engagement with any member of the Company Group.

 

(c)              
Because of the difficulty of measuring economic losses to the Company Group as a result of a breach or threatened breach
of the covenants set forth in Section 9 and in this Section 10, and because of the immediate and irreparable damage
that would be caused to the members of the Company Group for which they would have no other adequate remedy, the Company and each
other member of the Company Group shall be entitled to enforce the foregoing covenants, in the event of a breach or threatened
breach, by injunctions and restraining orders from any court of competent jurisdiction, without the necessity of showing any actual
damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security.
The aforementioned equitable relief shall not be the Company’s or any other member of the Company Group’s exclusive
remedy for a breach but instead shall be in addition to all other rights and remedies available to the Company and each other
member of the Company Group at law and equity.

 

    15 

     

    

 

 

(d)              
The covenants in this Section 10, and each provision and portion hereof, are severable and separate, and the unenforceability
of any specific covenant (or portion thereof) shall not affect the provisions of any other covenant (or portion thereof). Moreover,
in the event any arbitrator or court of competent jurisdiction shall determine that the scope, time or territorial restrictions
set forth are unreasonable, then it is the intention of the parties that such restrictions be enforced to the fullest extent which
such arbitrator or court deems reasonable, and this Agreement shall thereby be reformed.

 

(e)              
The following terms shall have the following meanings:

 

(i)                       
“Business” shall mean the business and operations that are the same or similar to those performed
by the Company and any other member of the Company Group for which Employee provides services or about which Employee obtains
Confidential Information during the Employment Period, which business and operations include the acquisition, development, asset
management and disposal of real estate assets underlying licensed healthcare facilities and medical office buildings (but excluding,
for the avoidance of doubt, the business operations of such assets).

 

(ii)                       
“Business Opportunity” shall mean any commercial, investment or other business opportunity relating
to the Business.

 

(iii)                       
“Market Area” shall mean: (A) the United States of America; and (B) and any other geographic
area or market where or with respect to which the Company or any other member of the Company Group conducts or has specific plans
to conduct the Business on or at any time during the twelve (12) month period prior to the Termination Date.

 

(iv)                       
“Prohibited Period” shall mean the period during which Employee is employed by any member of
the Company Group and continuing for a period of eighteen (18) months following the date that Employee is no longer employed by
any member of the Company Group.

 

11. 
Ownership of Intellectual Property. Employee agrees that the Company shall own, and Employee shall
(and hereby does) assign, all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights,
trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any
and all inventions (whether or not patentable), works of authorship, mask works, designs, know-how, ideas and information authored,
created, contributed to, made or conceived or reduced to practice, in whole or in part, by Employee during the period in which
Employee is or has been employed by or affiliated with the Company or any other member of the Company Group that either (a) relate,
at the time of conception, reduction to practice, creation, derivation or development, to any member of the Company Group’s
businesses or actual or anticipated research or development, or (b) were developed on any amount of the Company’s or any
other member of the Company Group’s time or with the use of any member of the Company Group’s equipment, supplies,
facilities or trade secret information (all of the foregoing collectively referred to herein as “Company
Intellectual Property”), and Employee shall promptly disclose all Company Intellectual Property to the Company.
All of Employee’s works of authorship and associated copyrights created during the period in which Employee is employed
by or affiliated with the Company or any other member of the Company Group and in the scope of Employee’s employment or
engagement shall be deemed to be “works made for hire” within the meaning of the Copyright Act. Employee shall perform,
during and after the period in which Employee is or has been employed by or affiliated with the Company or any other member of
the Company Group, all acts deemed necessary by the Company to assist each member of the Company Group, at the Company’s
expense, in obtaining and enforcing its rights throughout the world in the Company Intellectual Property. Such acts may include
execution of documents and assistance or cooperation (i) in the filing, prosecution, registration, and memorialization of assignment
of any applicable patents, copyrights, mask work, or other applications, (ii) in the enforcement of any applicable patents, copyrights,
mask work, moral rights, trade secrets, or other proprietary rights, and (iii) in other legal proceedings related to the Company
Intellectual Property.

 

    16

     

    

 

12. 
Arbitration.

 

(a)              
Subject to Section ‎12(b), any dispute, controversy or claim between
Employee and any member of the Company Group arising out of or relating to this Agreement or Employee’s employment or engagement
with any member of the Company Group will be finally settled by arbitration in Bethesda, Maryland, in accordance with the then-existing
American Arbitration Association (“AAA”) Employment Arbitration Rules. The arbitration award shall be
final and binding on both parties. Any arbitration conducted under this Section 12 shall be private, and shall be heard
by a single arbitrator (the “Arbitrator”) selected in accordance with the then-applicable AAA Employment
Arbitration Rules. The Arbitrator shall expeditiously hear and decide all matters concerning the dispute. Except as expressly
provided to the contrary in this Agreement, the Arbitrator shall have the power to (i) gather such materials, information, testimony
and evidence as the Arbitrator deems relevant and necessary to the dispute before him or her and proportionate to the claims and
defenses at issue (and each party will provide such materials, information, testimony and evidence requested by the Arbitrator),
and (ii) grant injunctive relief and enforce specific performance. All disputes shall be arbitrated on an individual basis,
and each party hereto hereby foregoes and waives any right to arbitrate any dispute as a class action or collective action or
on a consolidated basis or in a representative capacity on behalf of other persons or entities who are claimed to be similarly
situated, or to participate as a class member in such a proceeding. The decision of the Arbitrator shall be reasoned, rendered
in writing, and be final and binding upon the disputing parties. The parties agree that judgment upon the award may be entered
by any court of competent jurisdiction. The party whom the Arbitrator determines is the prevailing party in such arbitration shall
receive, in addition to any other award pursuant to such arbitration or associated judgment, reimbursement from the other party
of all reasonable legal fees and costs associated with such arbitration and associated judgment.

 

(b)              
Notwithstanding Section ‎12(a), either party may make a timely application
for, and obtain, judicial emergency relief or temporary or preliminary injunctive relief to enforce any of the provisions of Sections
9 through 11; provided, however, that the remainder of any such dispute (beyond the application for emergency
or temporary or preliminary injunctive relief) shall be subject to arbitration under this Section 12.

 

(c)              
 By entering into this Agreement and entering into the arbitration provisions of this Section 12, THE PARTIES EXPRESSLY
ACKNOWLEDGE AND AGREE THAT THEY ARE KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVING THEIR RIGHTS TO A JURY TRIAL.

 

    17

     

    

 

(d)              
Nothing in this Section 12 shall prohibit a party to this Agreement from (i) instituting litigation to enforce
this Section 12 or any arbitration award, or (ii) joining the other party to this Agreement in a litigation initiated by
a person or entity that is not a party to this Agreement. Further, nothing in this Section 12 precludes Employee from filing
a charge or complaint with a federal, state or other governmental administrative agency.

 

(e)              
Notwithstanding anything in this Section 12, to the extent that any dispute, controversy or claim between Employee
and the Company arises out of or relates to the LTIP or any awards granted thereunder, such dispute, controversy or claim shall
be governed by the terms and conditions set forth in the LTIP and the applicable
award agreement(s) evidencing any such awards, each as in effect from time to time.

 

13. 
Defense of Claims. During the Employment Period and thereafter, upon reasonable request from the Company,
Employee shall cooperate with the Company Group in the defense of any claims or actions that may be made by or against any member
of the Company Group that relate to Employee’s actual or prior areas of responsibility. Following the Employment Period,
the Company shall reimburse Employee for all reasonable out of pocket expenses incurred by Employee in rendering such services
that are approved by the Company.

 

14. 
Withholdings; Deductions. The Company may withhold and deduct from any benefits and payments made or to be
made pursuant to this Agreement (a) all federal, state, local and other taxes as may be required pursuant to any law or governmental
regulation or ruling and (b) any deductions consented to in writing by Employee.

 

15. 
Title and Headings; Construction. Titles and headings to Sections hereof are for the purpose of reference
only and shall in no way limit, define or otherwise affect the provisions hereof. Unless the context requires otherwise, all references
to laws, regulations, contracts, documents, agreements and instruments refer to such laws, regulations, contracts, documents,
agreements and instruments as they may be amended from time to time, and references to particular provisions of laws or regulations
include a reference to the corresponding provisions of any succeeding law or regulation. All references to “dollars”
or “$” in this Agreement refer to United States dollars. The words “herein”, “hereof”, “hereunder”
and other compounds of the word “here” shall refer to the entire Agreement, including all Exhibits attached hereto,
and not to any particular provision hereof. Unless the context requires otherwise, the word “or” is not exclusive.
Wherever the context so requires, the masculine gender includes the feminine or neuter, and the singular number includes the plural
and conversely. Any reference herein to a decision made by the Board relating to Employee’s terms of employment or compensation
as set forth herein shall be made by the Board sitting without Employee (if Employee is a member of the Board). All references
to “including” shall be construed as meaning “including without limitation.” Neither this Agreement nor
any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under any rule of construction
or otherwise. On the contrary, this Agreement has been reviewed by each of the parties hereto and shall be construed and interpreted
according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the parties hereto.

 

    18

     

    

 

16. 
Applicable Law; Submission to Jurisdiction. This Agreement shall in all respects be construed according to
the laws of the State of Delaware without regard to its conflict of laws principles that would result in the application of the
laws of another jurisdiction. With respect to any claim or dispute related to or arising under this Agreement, the parties hereby
consent to the arbitration provisions of Section 12 and recognize and agree that should any resort to a court be necessary
and permitted under this Agreement, then they consent to the exclusive jurisdiction, forum and venue of the state and federal
courts (as applicable) located in Bethesda, Maryland.

 

17. 
Entire Agreement and Amendment. This Agreement and the applicable award agreement documenting the Internalization
Awards, if any, contain the entire agreement of the parties with respect to the matters covered herein and supersede and replace
all prior and contemporaneous agreements and understandings, oral or written, between the parties hereto concerning the subject
matter hereof (including, for the avoidance of doubt that certain Employment Agreement by and between the Company and Employee
effective as of July 5, 2016) (collectively, the “Prior Agreement”). Employee acknowledges and agrees
that, except with respect to any earned but unpaid base salary for the pay period in which the Effective Date occurred or as expressly
provided under Section 3(b) with respect to any Pre-Closing 2020 Bonus, Employee has received all compensation and benefits
to which Employee has been entitled and to which Employee ever could be entitled under the Prior Agreement and Employee is not
eligible to receive any further or future payments or benefits (including any severance payments) in connection with the termination
of the Prior Agreement. For the avoidance of doubt, Employee shall not be eligible to participate in any other severance plan
of the Company or any other member of the Company Group, as Employee’s eligibility for severance pay and benefits as set
forth herein represents the entire agreement between Employee, on the one hand, and any member of the Company Group, on the other
hand, with respect to potential severance pay or benefits. This Agreement may be amended only by a written instrument executed
by both parties hereto.

 

18. 
Waiver of Breach. Any waiver of this Agreement must be executed by the party to be bound by such waiver.
No waiver by either party hereto of a breach of any provision of this Agreement by the other party, or of compliance with any
condition or provision of this Agreement to be performed by such other party, will operate or be construed as a waiver of any
subsequent breach by such other party or any similar or dissimilar provision or condition at the same or any subsequent time.
The failure of either party hereto to take any action by reason of any breach will not deprive such party of the right to take
action at any time.

 

19. 
Assignment. This Agreement is personal to Employee, and neither this Agreement nor any rights or obligations
hereunder shall be assignable or otherwise transferred by Employee. The Company may assign this Agreement without Employee’s
consent, including to any member of the Company Group and to any successor to or acquirer of (whether by merger, purchase or otherwise)
all or substantially all of the equity, assets or businesses of the Company.

 

    19

     

    

 

20. 
Notices. Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly
received (a) when delivered in person, (b) when sent by facsimile transmission (with confirmation of transmission) on a Business
Day to the number set forth below, if applicable; provided, however, that if a notice is sent by facsimile transmission
after normal business hours of the recipient or on a non-Business Day, then it shall be deemed to have been received on the next
Business Day after it is sent, (c) on the first Business Day after such notice is sent by express overnight courier service, or
(d) on the second Business Day following deposit with an internationally-recognized second-day courier service with proof of receipt
maintained, in each case, to the following address, as applicable:

 

If to the Company,
addressed to:

 

Inter-American Management LLC

2 Bethesda Metro Center, Suite 440

Bethesda, Maryland 20814

Attention: General Counsel and Corporate Secretary

 

If to Employee,
addressed to:

 

Jeffrey Busch

4515 Foxhall Crest NW

Washington, DC 20007

 

21. 
Counterparts. This Agreement may be executed in any number of counterparts, including by electronic mail
or facsimile, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute
one and the same instrument. Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by
one party, but together signed by both parties hereto.

 

22. 
Deemed Resignations. Except as otherwise determined by the Board or as otherwise agreed to in writing by
Employee and any member of the Company Group prior to the termination of Employee’s employment with the Company or any member
of the Company Group, any termination of Employee’s employment shall constitute, as applicable, an automatic resignation
of Employee: (a) as an officer of the Company and each member of the Company Group; (b) from the Board; and (c) from the board
of directors or board of managers (or similar governing body) of any member of the Company Group and from the board of directors
or board of managers (or similar governing body) of any corporation, limited liability entity, unlimited liability entity or other
entity in which any member of the Company Group holds an equity interest and with respect to which board of directors or board
of managers (or similar governing body) Employee serves as such Company Group member’s designee or other representative.

 

23. 
Section 409A.

 

(a)              
Notwithstanding any provision of this Agreement to the contrary, all provisions of this Agreement are intended to comply
with Section 409A of the Internal Revenue Code of 1986 (the “Code”), and the applicable Treasury regulations
and administrative guidance issued thereunder (collectively, “Section 409A”) or an exemption therefrom
and shall be construed and administered in accordance with such intent. If any provision of this Agreement (or of any award of
compensation, including equity compensation or benefits) would cause Employee to incur any additional tax or interest under Section
409A, the Company shall, after consulting with and receiving the approval of Employee, reform such provision to comply with Section
409A, to the extent such reformation is permitted under Section 409A.

 

    20

     

    

 

(b)              
Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary
separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes
of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to
be made under this Agreement upon a termination of Employee’s employment shall only be made if such termination of employment
constitutes a “separation from service” under Section 409A.

 

(c)              
To the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes
nonqualified deferred compensation (within the meaning of Section 409A), (i) any such expense reimbursement shall be made by the
Company no later than the last day of Employee’s taxable year following the taxable year in which such expense was incurred
by Employee, (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit,
and (iii) the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect
the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the
foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the
Code solely because such expenses are subject to a limit related to the period in which the arrangement is in effect.

 

(d)              
Notwithstanding any provision in this Agreement to the contrary, if any payment or benefit provided for herein would be
subject to additional taxes and interest under Section 409A if Employee’s receipt of such payment or benefit is not delayed
until the earlier of (i) the date of Employee’s death or (ii) the date that is six (6) months after the Termination
Date (such date, the “Section 409A Payment Date”), then such payment or benefit shall not be provided
to Employee (or Employee’s estate, if applicable) until the Section 409A Payment Date. Notwithstanding the foregoing, the
Company makes no representations that the payments and benefits provided under this Agreement are exempt from, or compliant with,
Section 409A and in no event shall any member of the Company Group be liable for all or any portion of any taxes, penalties, interest
or other expenses that may be incurred by Employee on account of non-compliance with Section 409A.

 

24. 
Certain Excise Taxes. Notwithstanding anything to the contrary in this Agreement, if Employee is a “disqualified
individual” (as defined in Section 280G(c) of the Code), and the payments and benefits provided for in this Agreement, together
with any other payments and benefits which Employee has the right to receive from the Company or any of its affiliates, would
constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided
for in this Agreement shall be either (a) reduced (but not below zero) so that the present value of such total amounts and benefits
received by Employee from the Company or any of its affiliates shall be one dollar ($1.00) less than three times Employee’s
 “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received
by Employee shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full, whichever produces the
better net after-tax position to Employee (taking into account any applicable excise tax under Section 4999 of the Code and any
other applicable taxes). The reduction of payments and benefits hereunder, if applicable, shall be made by reducing, first, payments
or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with
such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit
that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a similar order. The determination
as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary (or whether Employee
would be subject to such excise tax) shall be made at the expense of the Company by a firm of independent accountants, a law firm
or other valuation specialist selected by the Board in good faith. If a reduced payment or benefit is made or provided and through
error or otherwise that payment or benefit, when aggregated with other payments and benefits from the Company or any of its affiliates
used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times Employee’s
base amount, then Employee shall immediately repay such excess to the Company upon notification that an overpayment has been made.
Nothing in this Section 24 shall require the Company to provide a gross-up payment to Employee with respect to Employee’s
excise tax liabilities under Section 4999 of the Code.

 

    21

     

    

 

25. 
Clawback. To the extent required by applicable law, government regulation or any applicable securities exchange
listing standards, amounts paid or payable under this Agreement shall be subject to the provisions of any applicable clawback
policies or procedures adopted by the Company, GMR or any other applicable member of the Company Group pursuant to applicable
law, government regulation or applicable securities exchange listing requirements, which clawback policies or procedures may provide
for forfeiture and/or recoupment of amounts paid or payable under this Agreement to the extent there is a material financial restatement
that affects the Company, GMR or such other applicable member of the Company Group; provided, however, that such forfeiture
and/or recoupment shall be limited to the difference between the amounts paid or payable prior to such material financial restatement
and the amounts paid or payable after giving effect to the material financial restatement.  The Company, GMR and each member
of the Company Group reserves the right, without the consent of Employee, to adopt any such clawback policies and procedures that
are consistent with the preceding sentence, including such policies and procedures applicable to this Agreement with retroactive
effect.

 

26. 
Offset. In the event that an indemnification claim payable by Employee arises pursuant to Section 7.2 of
the Stock Purchase Agreement, dated as of July 9, 2020, by and among GMR, Zensun Enterprises Limited and Employee (the “Purchase
Agreement”), and such indemnification claim is not paid in full by Employee in cash or through a transfer from the
 “Escrow Account” of vested “LTIP Units” to the applicable “GMRE Indemnified Party” in accordance
with the terms and conditions set forth in the Purchase Agreement and the “Escrow Agreement,” Employee acknowledges
and agrees that the Company may offset against, and Employee authorizes the Company to deduct from, any Annual Bonus payments
payable to Employee pursuant to Section 3(b) in a total amount equal to the amount of such indemnification claim; provided,
however, that no such offset or deduction shall result in a violation of Section 409A. For purposes of this Section
26, quoted terms shall be defined as in the Purchase Agreement.

 

27. 
Effect of Termination. The provisions of Sections 7, 9-14 and 22 and those provisions
necessary to interpret and enforce them, shall survive any termination of this Agreement and any termination of the employment
relationship between Employee and the Company.

 

28. 
 Third-Party Beneficiaries. Each member of the Company Group that is not a signatory to this Agreement shall
be a third-party beneficiary of Employee’s representations, covenants, and obligations under Sections 2, 8,
9, 10, 11, 12, 13, and 22 and shall be entitled to enforce such obligations as if a party hereto.

 

29. 
Severability. If an arbitrator or court of competent jurisdiction determines that any provision of this Agreement
(or portion thereof) is invalid or unenforceable, then the invalidity or unenforceability of that provision (or portion thereof)
shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain
in full force and effect.

 

    22

     

    

 

IN WITNESS WHEREOF,
Employee and the Company each have caused this Agreement to be executed and effective as of the Effective Date.

 

	 	EMPLOYEE
	 	 
	 	/s/ Jeffrey Busch
	 	Jeffrey Busch
	 	 
	 	INTER-AMERICAN MANAGEMENT LLC

 

	 	By:	/s/ Jamie Barber
	 	 	Name: Jamie Barber
	 	 	Title: General Counsel

 

Signature
Page to Employment Agreement

 

    

     

    

 

EXHIBIT I

 

INTERNALIZATION AWARD AGREEMENT

 

[see attached]

 

 

Exhibit
I

 

    

     

    

 

EXHIBIT II

 

[FORM OF] GENERAL RELEASE OF CLAIMS

 

This GENERAL RELEASE
OF CLAIMS (this “Release”) is entered into by Jeffrey Busch (“Employee”)
and is that certain Release referred to in Section 7(a) of the Employment Agreement effective as of July 9, 2020 by and between
Inter-American Management LLC, a Delaware limited liability company (the “Company”) and Employee. Capitalized
terms not defined herein have the meaning given to them in the Employment Agreement.

 

1.       Termination
Benefits. Employee acknowledges and agrees that the last day of Employee’s employment with the Company was ___________,
2___ (the “Separation Date”). If (a) Employee executes this Release on or after the Separation Date
and returns it to the Company, care of [NAME] [ADDRESS] [E-MAIL] so that it is received by [NAME] no later than 11:59 p.m., Bethesda,
Maryland time on [DATE THAT IS 21 OR 45 DAYS (AS APPLICABLE) FOLLOWING THE SEPARATION DATE] and (b) does not exercise his revocation
right pursuant to Section 7 below, then the Company will provide Employee the [applicable Termination Benefits pursuant
to Section 7 of the Employment Agreement] [and] [accelerated vesting of the Internalization Award contemplated by Section 3(d)
of the Employment Agreement].

 

2.       Release
of Liability for Claims. 

 

(a)              
In consideration of Employee’s receipt of the [applicable Termination Benefits (and any portion thereof)] [and] [accelerated
vesting of the Internalization Award contemplated by Section 3(d) of the Employment Agreement], Employee hereby releases, discharges
and acquits the Company, Global Medical REIT Inc. and its direct
and indirect subsidiaries, and each of the foregoing entities’ respective past, present and future subsidiaries, affiliates,
stockholders, members, partners, directors, officers, managers, employees, agents, attorneys, heirs, predecessors, successors
and representatives in their personal and representative capacities, as well as all employee benefit plans maintained by the Company
or any of its subsidiaries or other affiliates and all fiduciaries and administrators of any such plans, in their personal and
representative capacities (collectively, the “Company Parties”), from liability for, and Employee hereby
waives, any claims, damages, or causes of action related to Employee’s employment with any Company Party or the termination
of such employment existing on or prior to the date on which Employee signs this Release (the “Signing Date”),
including (i) any alleged violation through such date of: (A) any federal, state or local anti-discrimination or anti-retaliation
law, including the Age Discrimination in Employment Act of 1967 (including as amended by the Older Workers Benefit Protection
Act), Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, Sections 1981 through 1988 of Title 42 of the United
States Code, and the Americans with Disabilities Act of 1990; (B) the Employee Retirement Income Security Act of 1974 (“ERISA”);
(C) the Immigration Reform Control Act; (D) the National Labor Relations Act; (E) the Occupational Safety and Health Act; (F)
the Family and Medical Leave Act of 1993; (G) any federal, state or local wage and hour law; (H) the Maryland Equal Pay Act or
Title 20 of the State Government Article of the Maryland Annotated Code; (I) any other local, state or federal law, regulation,
ordinance or orders which may have afforded any legal or equitable causes of action of any nature; or (J) any public policy, contract,
tort, or common law claim or claim for defamation, emotional distress, fraud or misrepresentation of any kind; (ii) any allegation
for costs, fees, or other expenses including attorneys’ fees incurred in, or with respect to, a Released Claim; (iii) any
and all rights, benefits, or claims Employee may have under any employment contract (including the Employment Agreement), incentive
or compensation plan or agreement or under any other benefit plan, program or practice; and (iv) any claim for compensation, damages
or benefits of any kind not expressly set forth in this Agreement (collectively, the “Released Claims”).
Notwithstanding the foregoing or any other term of this Release, in no event shall the Released Claims include (1) any claims
for Base Salary earned in the pay period in which the Separation Date occurred, (2) any claim for employee benefits that Employee
may be entitled to under the Company’s employee benefit plans as of the Separation Date, (3) any claim for reimbursement
for expenses that remain unreimbursed as of the Separation Date (subject to the Company's expense reimbursement policies as then
in effect), (4) any claim for the applicable Termination Benefits, (5) any claim that first arises after the Signing Date, including
any claim with respect to the LTIP or under any award agreement relating Employee’s equity ownership in the Company or any
other Company Party that survives the Separation Date, (6) any claim to vested benefits under an employee benefit plan governed
by ERISA.

 

Exhibit
II

 

    

     

    

 

(b)              
Further notwithstanding this release of liability, nothing in this Agreement prevents Employee from filing any non-legally
waivable claim (including a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission (“EEOC”)
or other governmental agency (collectively, “Governmental Agencies”) or participating in any investigation
or proceeding conducted by the EEOC or other Governmental Agency or cooperating with such an agency or providing documents or
other information to a Governmental Agency; however, Employee understands and agrees that, to the extent permitted by law,
Employee is waiving any and all rights to recover any monetary or personal relief from a Company Party as a result of such EEOC
or other Governmental Agency proceeding or subsequent legal actions. Further notwithstanding this release of liability, nothing
in this Agreement limits Employee’s right to receive an award for information provided to a Governmental Agency.

 

3.       Representation
About Claims. Employee represents and warrants that, as of the Signing Date, Employee has not filed any claims, complaints,
charges, or lawsuits against any of the Company Parties with any governmental agency or with any state or federal court or arbitrator
for or with respect to a matter, claim, or incident that occurred or arose out of one or more occurrences that took place on or
prior to the Signing Date. Employee further represents and warrants that Employee has made no assignment, sale, delivery, transfer
or conveyance of any rights Employee has asserted or may have against any of the Company Parties with respect to any Released
Claim.

 

4.       Employee’s
Acknowledgments. By executing and delivering this Release, Employee expressly acknowledges that:

 

(a)       Employee
has carefully read this Release and has had sufficient time (and at least [21] [45] days) to consider this Release before signing
it and delivering it to the Company;

 

(b)       Employee
has been advised, and hereby is advised in writing, to discuss this Release with an attorney of Employee’s choice and Employee
has had adequate opportunity to do so prior to executing this Release;

 

Exhibit
II

 

    

     

    

 

(c)       Employee
fully understands the final and binding effect of this Release; the only promises made to Employee to sign this Release are those
stated herein; and Employee is signing this Release knowingly, voluntarily and of Employee’s own free will, and understands
and agrees to each of the terms of this Release;

 

(d)       The
only matters relied upon by Employee and causing Employee to sign this Release are the provisions set forth in writing within
the Employment Agreement and this Release; and

 

(e)       Employee
would not otherwise have been entitled to the Termination Benefits but for Employee’s agreement to be bound by the terms
of this Release.

 

5.       Severability.
Any term or provision of this Release (or part thereof) that renders such term or provision (or part thereof) or any other term
or provision hereof (or part thereof) invalid or unenforceable in any respect shall be severable and shall be modified or severed
to the extent necessary to avoid rendering such term or provision (or part thereof) invalid or unenforceable, and such modification
or severance shall be accomplished in the manner that most nearly preserves the benefit of the bargain set forth in the Employment
Agreement and hereunder.

 

6.       Withholding
of Taxes and Other Deductions. Employee acknowledges that the Company may withhold from the Termination Benefits all federal,
state, local, and other taxes and withholdings as may be required by any law or governmental regulation or ruling.

 

7.       Revocation
Right.Notwithstanding the initial effectiveness of this Release, Employee may revoke the delivery (and therefore the
effectiveness) of this Release within the seven-day period beginning on the date Employee executes this Release (such seven day
period being referred to herein as the “Release Revocation Period”).  To be effective, such revocation
must be in writing signed Employee and must be received by [NAME] [ADDRESS] [E-MAIL] before 11:59 p.m., Bethesda, Maryland time,
on the last day of the Release Revocation Period.  If an effective revocation is delivered in the foregoing manner and timeframe,
no Termination Benefits shall be provided and this Release shall be null and void.

 

8.       Interpretation.
 Titles and headings to Sections hereof are for the purpose of reference only and shall in no way limit, define or otherwise
affect the provisions hereof. All references herein to a statute, agreement, instrument or other document shall be deemed to refer
to such statute, agreement, instrument or other document as amended, supplemented, modified and restated from time to time. The
word “or” as used herein is not exclusive and is deemed to have the meaning “and/or.” The words “herein”,
 “hereof”, “hereunder” and other compounds of the word “here” shall refer to the entire Release
and not to any particular provision hereof. The use herein of the word “including” following any general statement,
term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately
following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation”,
 “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer
to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or
matter.

 

Exhibit
II

 

    

     

    

 

IN WITNESS WHEREOF,
Employee has executed this Release as of the date set forth below, effective for all purposes as provided above.

 

	 	 
	 	Jeffrey Busch
	 	 
	 	Date:	 

 

Exhibit
II

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