Document:

Pledge Agreement dated July 14, 2009

 Exhibit 10.46 
 AMENDED AND RESTATED 
 PLEDGE AGREEMENT 
 THIS AMENDED AND RESTATED PLEDGE AGREEMENT dated as of July 14, 2009 (as amended and modified, the “Pledge Agreement” or this
“Agreement”) by those parties identified as “Pledgors” on the signature pages hereto and such other parties as may become Pledgors hereunder after the date hereof (the “Pledgors”) in favor of BANK OF
AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) for the Lenders (as hereinafter defined) under the Credit Agreement described below and any Affiliates of Lenders which are party to any Hedge
Agreements. 
 W I T N E S S E T H 
 WHEREAS, the Lenders have made loans and extensions of credit to Speedway Motorsports, Inc., a Delaware corporation (“Speedway Motorsports”), and Speedway Funding, LLC, a Delaware limited liability company
(“Speedway Funding”—hereinafter Speedway Motorsports and Speedway Funding may be referred to collectively as the “Borrowers”), upon the terms and conditions provided in that Credit Agreement dated as
May 16, 2003 (as amended, modified, renewed, restated, replaced or supplemented prior to the date hereof, the “Existing Credit Agreement”) among the Borrowers, the Guarantors, the several banks and financial institutions
identified therein and Bank of America, N.A., as Administrative Agent; 
 WHEREAS, in connection with the Existing Credit Agreement, the
Borrowers, the Guarantors and the Agent entered into (i) that certain Pledge Agreement dated as of May 16, 2003, (ii) that certain Pledge Agreement dated as of June 28, 2004, (iii) that certain Pledge Agreement dated as of
May 15, 2006 and (iv) that certain Pledge Agreement dated as of January 23, 2008 (as amended, modified, extended, renewed, restated, replaced or supplemented prior to the date hereof, the “Existing Pledge
Agreements”); 
 WHEREAS, the Borrowers, the Guarantors, the Lenders and the Agent have entered into that certain Amended and
Restated Credit Agreement dated as of the date hereof (as amended, modified, extended, renewed, restated, replaced or supplemented from time to time, the “Credit Agreement”), pursuant to which the Existing Credit Agreement has been
amended and restated and the obligations under the Existing Credit Agreement have been continued; and 
 WHEREAS, in connection with the
Credit Agreement, the Lenders and the Pledgors have agreed to amend and restate (but not effect a novation of) the Existing Pledge Agreements in accordance with the terms of this Pledge Agreement. 
 NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce
the Lenders to make their respective loans and extensions of credit thereunder, the Pledgors hereby agree with the Administrative Agent, for the ratable benefit of the Lenders, to amend and restate the Existing Pledge Agreement in its entirety as
follows: 

 1. Defined Terms. (a) Unless otherwise defined herein, terms defined in the Credit Agreement
and used herein shall have the meanings given to them in the Credit Agreement; provided, for purposes hereof, “Lender” shall include any Affiliate of a Lender that has entered into a Hedge Agreement with any Credit Party. 
 (b) The following terms shall have the following meanings: 
 “Collateral”: the Pledged Stock and all Proceeds thereof. 
 “Collateral Account”: any account established to hold money Proceeds, maintained under the sole dominion and control of the Administrative Agent, subject to withdrawal by the Administrative Agent for the account of the
Lenders as provided in Section 8(a) hereof. 
 “Issuers”: the collective reference to the companies
identified on Schedule 1 hereto as the issuers of the Pledged Stock; individually, each an “Issuer.” 
 “Pledged Stock”: the shares of capital stock listed on Schedule 1 hereto, together with all stock certificates, options or rights of any nature whatsoever that may be issued or granted by any Issuer to a Pledgor in
respect of the Pledged Stock while this Agreement is in effect, including but not limited to the following: 
 (i) all
shares, securities, membership interests or other equity interests representing a dividend on any of the Pledged Stock, or representing a distribution or return of capital upon or in respect of the Pledged Stock, or resulting from a stock split,
revision, reclassification or other exchange therefor, and any subscriptions, warrants, rights or options issued to the holder of, or otherwise in respect of, the Pledged Stock; and 
 (ii) without affecting the obligations of the Pledgor under any provision prohibiting such action hereunder or under the Credit
Agreement, in the event of any consolidation or merger involving the Issuer in which the Issuer is not the surviving entity, all Capital Stock of the successor entity formed by or resulting from such consolidation or merger. 
 “Proceeds”: all “proceeds” as such term is defined in the Uniform Commercial Code as in effect in the State of
North Carolina on the date hereof. 
 “Secured Obligations”: the collective reference to the following:

 (a) All Borrowers’ Obligations; and 
 (b) the prompt payment, performance and observance by the Guarantors of all obligations of the Guarantors under the Credit Agreement and
any other Credit Documents to which any of the Guarantors is a party (including, 

  

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without limitation, payment of their guaranty obligations under the Credit Agreement). 
 “Securities Act”: the Securities Act of 1933, as amended. 
 “Uniform Commercial Code” or “UCC”: the Uniform Commercial Code from time to time in effect in the
State of North Carolina. 
 (c) The words “hereof,” “herein” and “hereunder” and words of
similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and section and paragraph references are to this Agreement unless otherwise specified. 
 (d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 2. Pledge; Grant of Security Interest. Each of the Pledgors hereby delivers to the Administrative Agent, for the ratable benefit of
the Lenders, all the Pledged Stock and hereby grants to the Administrative Agent, for the ratable benefit of the Lenders, a first security interest in the Collateral, as collateral security for the prompt and complete payment and performance when
due (whether at the stated maturity, by acceleration or otherwise) of the Secured Obligations. 
 Without limiting the generality of the
foregoing, it is hereby specifically understood and agreed that the Pledgor may from time to time hereafter deliver additional Capital Stock to the Administrative Agent as collateral security for the Secured Obligations. Upon delivery to the
Administrative Agent, such additional Capital Stock shall be deemed to be part of the Collateral and shall be subject to the terms of this Pledge Agreement whether or not Schedule 1 is amended to refer to such additional Capital Stock.

 3. Stock Powers. Concurrently with the delivery to the Administrative Agent of each certificate representing one or more shares of
Pledged Stock, each of the Pledgors shall deliver an undated stock power covering such certificate, duly executed in blank with, if the Administrative Agent so requests, signature guaranteed. 
 4. Representations and Warranties. Each Pledgor represents and warrants that: 
 (a) The Pledged Stock constitutes (i) 100% of the issued and outstanding shares of all classes of capital stock of each Domestic
Subsidiary of the Borrowers (other than Unrestricted Subsidiaries) and (ii) 65% (or such greater percentage which would not result in material adverse tax consequences) of the issued and outstanding capital stock entitled to vote (within the
meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100% of the issued and outstanding capital stock not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) of each Foreign Subsidiary of the Borrowers. 
  

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 (b) All of the Pledged Stock has been duly and validly issued and are fully paid and
nonassessable. 
 (c) The Pledgor is the record and beneficial owner of, and has good and marketable title to, the Pledged
Stock of such Pledgor, free of any and all Liens or options in favor of, or claims of, any other Person, except the security interests created by this Agreement. 
 (d) Upon delivery to the Administrative Agent of any stock certificates evidencing the Pledged Stock, the security interest created by
this Agreement will constitute a valid, perfected first priority security interest in the Collateral, enforceable in accordance with its terms against all creditors of the Pledgor and any Persons purporting to purchase any Collateral from the
Pledgor, except as affected by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a
proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 
 (e) Except as previously disclosed
to the Administrative Agent, none of the Pledged Stock consisting of partnership or limited liability company interests (i) is dealt in or traded on a securities exchange or in a securities market, (ii) by its terms expressly provides that
it is a security governed by Article 8 of the UCC, (iii) is an investment company security, (iv) is held in a securities account or (v) constitutes a “Security” (as such term is defined in the UCC). 
 5. Covenants. Each Pledgor covenants and agrees with the Administrative Agent and the Lenders that, from and after the date of this Agreement
until the Secured Obligations have been satisfied in full and the Commitments have been terminated: 
 (a) If the Pledgor
shall, as a result of its ownership of the Pledged Stock, become entitled to receive or shall receive any stock certificate (including, without limitation, any certificate representing a stock dividend or a distribution in connection with any
reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights, whether in addition to, in substitution of, as a conversion of, or in exchange for any shares of the Pledged
Stock, or otherwise in respect thereof, the Pledgor shall accept the same as the agent of the Administrative Agent and the Lenders, hold the same in trust for the Administrative Agent and the Lenders and deliver the same forthwith to the
Administrative Agent in the exact form received, duly indorsed by the Pledgor to the Administrative Agent, if required, together with an undated stock power covering such certificate duly executed in blank by the Pledgor and with, if the
Administrative Agent so requests, signature guaranteed, to be held by the Administrative Agent, subject to the terms hereof, as additional collateral security for the Secured Obligations. Any sums paid to a Pledgor upon or in respect of the Pledged
Stock upon the liquidation or dissolution of any Issuer shall be paid over to the Administrative Agent to be held by it hereunder as additional collateral security for the Secured Obligations, and in case any distribution of capital 

  

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shall be made on or in respect of the Pledged Stock or any property shall be distributed upon or with respect to the Pledged Stock pursuant to the
recapitalization or reclassification of the capital of the Issuer or pursuant to the reorganization thereof, the property so distributed shall be delivered to the Administrative Agent to be held by it hereunder as additional collateral security for
the Secured Obligations. If any sums of money or property so paid or distributed in respect of the Pledged Stock shall be received by the Pledgor, the Pledgor shall, until such money or property is paid or delivered to the Administrative Agent, hold
such money or property in trust for the Lenders, segregated from other funds of the Pledgor, as additional collateral security for the Secured Obligations. 
 (b) Without the prior written consent of the Administrative Agent, the Pledgor will not (i) vote to enable, or take any other action
to permit, any Issuer to issue any stock or other equity securities of any nature or to issue any other securities convertible into or granting the right to purchase or exchange for any stock or equity securities of any nature of any Issuer,
(ii) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Collateral, (iii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of
the Collateral, or any interest therein, except for the security interests created by this Agreement or (iv) enter into any agreement or undertaking restricting the right or ability of the Pledgor or the Administrative Agent to sell, assign or
transfer any of the Collateral. 
 (c) The Pledgor shall maintain the security interests created by this Agreement as first,
perfected security interests and shall defend such security interests against claims and demands of all Persons whomsoever. At any time and from time to time, upon the written request of the Administrative Agent, and at the sole expense of the
Pledgor, the Pledgor will promptly and duly execute and deliver such further instruments and documents and take such further actions as the Administrative Agent may reasonably request for the purposes of obtaining or preserving the full benefits of
this Agreement and of the rights and powers herein granted. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, other instrument or chattel paper, such promissory note,
instrument or chattel paper shall be immediately delivered to the Administrative Agent, duly endorsed in a manner satisfactory to the Administrative Agent, to be held as Collateral pursuant to this Agreement. 
 (d) The Pledgor shall pay, and save the Administrative Agent and the Lenders harmless from, any and all liabilities with respect to, or
resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement,
except for any such liabilities which result from the gross negligence or willful misconduct of the Administrative Agent. 
 (e) The Pledgor shall not, without executing and delivering, or causing to be executed and delivered, to the Administrative Agent such agreements, documents and instruments as the Administrative Agent may require, issue or acquire any
Capital Stock 

  

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consisting of an interest in a partnership or a limited liability company that (i) is dealt in or traded on a securities exchange or in a securities
market, (ii) by its terms expressly provides that it is a security governed by Article 8 of the UCC, (iii) is an investment company security, (iv) is held in a securities account or (v) constitutes a “Security (as such term
is defined in the UCC). 
 6. Cash Dividends; Voting Rights. Unless an Event of Default has occurred and the Administrative Agent has
given notice to the Pledgors of the Administrative Agent’s intent to exercise its corresponding rights pursuant to Section 7 hereof, the Pledgors shall be permitted to receive all cash dividends, to the extent permitted in the Credit
Agreement, in respect of the Pledged Stock and to exercise all voting and corporate rights with respect to the Pledged Stock; provided, however, that no vote shall be cast or corporate right exercised or other action taken which, in
the Administrative Agent’s reasonable judgment, would impair the Collateral or which would be inconsistent with or result in any violation of any provision of the Credit Agreement, this Agreement or any other Credit Document. 
 7. Rights of the Lenders and the Administrative Agent. (a) All money Proceeds received by the Administrative Agent hereunder shall be held by
the Administrative Agent for the benefit of the Lenders in a Collateral Account. All Proceeds while held by the Administrative Agent in a Collateral Account (or by the Pledgors in trust for the Administrative Agent and the Lenders) shall continue to
be held as collateral security for all the Secured Obligations and shall not constitute payment thereof until applied as provided in Section 8(a) hereof. 
 (b) At any time after an Event of Default has occurred and the Administrative Agent has given notice to the Pledgors of its intent to exercise the following rights to the Pledgors, (i) the Administrative Agent
shall have the right to receive any and all cash dividends paid in respect of the Pledged Stock and make application thereof to the Secured Obligations in the order set forth is Section 9.3 of the Credit Agreement, and (ii) all of the
Pledged Stock shall be registered in the name of the Administrative Agent or its nominee, and the Administrative Agent or its nominee may thereafter exercise (A) all voting, corporate and other rights pertaining to the Pledged Stock at any
meeting of shareholders of any Issuer or otherwise and (B) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to the Pledged Stock as if it were the absolute owner thereof (including,
without limitation, the right to exchange at its discretion any and all of the Pledged Stock upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate structure of any Issuer, or upon the exercise
by any Pledgor or the Administrative Agent of any right, privilege or option pertaining to the Pledged Stock, and in connection therewith, the right to deposit and deliver any and all of the Pledged Stock with any committee, depositary, transfer
agent, registrar or other designated agency upon such terms and conditions as the Administrative Agent may determine), all without liability except to account for property actually received by it, but the Administrative Agent shall have no duty to
the Pledgors to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. 
 8. Remedies. (a) At any time after an Event of Default has occurred, at the Administrative Agent’s election, the Administrative Agent may apply all or any part of Proceeds 

  

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held in any Collateral Account in payment of the Secured Obligations in the order set forth in Section 9.3 of the Credit Agreement. 
 (b) At any time after an Event of Default has occurred, the Administrative Agent, on behalf of the Lenders, may exercise, in addition to all other rights
and remedies granted in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Secured Obligations, all rights and remedies of a secured party under the Uniform Commercial Code. Without limiting the
generality of the foregoing, the Administrative Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Pledgors or any
other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell,
assign, give an option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, in the over-the-counter market,
at any exchange, broker’s board or office of the Administrative Agent or any Lender or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery
without assumption of any credit risk. The Administrative Agent or any Lender shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the
Collateral so sold, free of any right or equity of redemption in any Pledgor, which right or equity of redemption is hereby waived and released. The Administrative Agent shall apply any Proceeds from time to time held by it and the net proceeds of
any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable costs and expenses of every kind incurred in respect thereof or incidental to the care or safekeeping of any of the Collateral or in any way
relating to the Collateral or the rights of the Administrative Agent and the Lenders hereunder, including, without limitation, reasonable attorneys’ fees and disbursements of counsel to the Administrative Agent, to the payment in whole or in
part of the Secured Obligations, in the order set forth in Section 9.3 of the Credit Agreement, and only after such application and after the payment by the Administrative Agent of any other amount required by any provision of law, need the
Administrative Agent account for the surplus, if any, to any Pledgor. To the extent permitted by applicable law, each Pledgor waives all claims, damages and demands it may acquire against the Administrative Agent or any Lender arising out of the
exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 20 days before such sale or other
disposition. The Pledgors shall remain liable for any deficiency if the proceeds of any sale or other disposition of Collateral are insufficient to pay the Secured Obligations and the reasonable fees and disbursements of any attorneys employed by
the Administrative Agent or any Lender to collect such deficiency. 
 9. Registration Rights; Private Sales. (a) If the
Administrative Agent shall determine to exercise its right to sell any or all of the Pledged Stock pursuant to Section 8 hereof, and if in the opinion of the Administrative Agent it is necessary or advisable to have the Pledged Stock, or that
portion thereof to be sold, registered under the provisions of the Securities Act, the Pledgors will cause the Issuer thereof to (i) execute and deliver, and cause the directors and 

  

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officers of such Issuer to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts as may be, in the opinion
of the Administrative Agent, necessary or advisable to register the Pledged Stock, or that portion thereof to be sold, under the provisions of the Securities Act, (ii) to use its best efforts to cause the registration statement relating thereto
to become effective and to remain effective for a period of one year from the date of the first public offering of the Pledged Stock, or that portion thereof to be sold, and (iii) to make all amendments thereto and/or to the related prospectus
which, in the opinion of the Administrative Agent, are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission applicable thereto. Each Pledgor
acknowledges and agrees to cause such Issuer to comply with the provisions of the securities or “Blue Sky” laws of any and all jurisdiction which the Administrative Agent shall designate and to make available to its security holders, as
soon as practicable, an earnings statement (which need not be audited) which will satisfy the provisions of Section 11(a) of the Securities Act. 
 (b) Each Pledgor recognizes that the Administrative Agent may be unable to effect a public sale of any or all the Pledged Stock, by reason of certain prohibitions contained in the Securities Act and applicable state
securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obligated to agree, among other things, to acquire such securities for their own account for
investment and not with a view to the distribution or resale thereof. Each Pledgor agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances,
agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Administrative Agent shall be under no obligation to delay a sale of any of the Pledged Stock for the period of time necessary to permit the
Issuer thereof to register such securities for public sale under the Securities Act, or under applicable state securities laws, even if such Issuer agrees to do so. 
 (c) Each Pledgor further agrees to use its commercially reasonable efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales of all or any portion of the Pledged Stock
pursuant to Sections 8 and 9(a) valid and binding and in compliance with any and all other applicable Requirements of Law. Each Pledgor further agrees that a breach of any of the covenants contained in Sections 8 and 9(a) will cause irreparable
injury to the Administrative Agent and the Lenders, that the Administrative Agent and the Lenders have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in Sections 8 and 9(a) shall be
specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred. 

10. Irrevocable Authorization and Instruction to Issuer. Each Pledgor hereby authorizes and instructs each Issuer to comply with any
instruction received by it from the Administrative Agent in writing that (a) states that an Event of Default has occurred and (b) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from
such Pledgor, and such Pledgor agrees that each Issuer shall be fully protected by the Pledgors in so complying. 
  

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 11. Administrative Agent’s Appointment as Attorney-in-Fact. (a) Each Pledgor hereby
irrevocably constitutes and appoints the Administrative Agent and any officer or agent of the Administrative Agent, with full power of substitution, as its true and lawful attorney-in-fact with fully irrevocable power and authority in the place and
stead of such Pledgor and in the name of such Pledgor or in the Administrative Agent’s own name, from time to time in the Administrative Agent’s discretion, for the purpose of carrying out the terms of this Agreement, to take any and all
appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement, including, without limitation, any financing statements, endorsements, assignments or other
instruments of transfer. 
 (b) Each Pledgor hereby ratifies all that said attorneys shall lawfully do or cause to be done pursuant to the
power of attorney granted in Section 11(a) hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until the Secured Obligations have been satisfied in full and the
Commitments have been terminated. 
 12. Duty of Administrative Agent. The Administrative Agent’s sole duty with respect to the
custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the Uniform Commercial Code or otherwise, shall be to deal with it in the same manner as the Administrative Agent deals with similar
securities and property for its own account, except that the Administrative Agent shall have no obligation to invest funds held in any Collateral Account and may hold the same as demand deposits. Neither the Administrative Agent, any Lender nor any
of their respective directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any
Collateral upon the request of any Pledgor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. 
 13. Authorization of Financing Statements. Pursuant to Section 9-708 of the Uniform Commercial Code, each Pledgor authorizes the Administrative Agent to prepare and file financing statements with respect
to the Collateral in such form and in such filing offices as the Administrative Agent reasonably determines appropriate to perfect the security interests of the Administrative Agent under this Agreement. Such financing statements may describe the
collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as the Administrative Agent may determine is necessary or advisable to ensure the perfection
of the security interest in the collateral granted to the Administrative Agent in connection herewith. 
 14. Authority of Administrative
Agent. Each Pledgor acknowledges that the rights and responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of
any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Administrative Agent and the Lenders, be governed by the Credit Agreement and by such other
agreements with respect 

  

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thereto as may exist from time to time among them, but, as between the Administrative Agent and such Pledgor, the Administrative Agent shall be conclusively
presumed to be acting as agent for the Lenders with full and valid authority so to act or refrain from acting, and neither any Pledgor nor any Issuer shall be under any obligation, or entitlement, to make any inquiry respecting such authority.

 15. Notices. All notices shall be given or made in accordance with Section 11.1 of the Credit Agreement. 
 16. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
 17. Amendments in Writing; No Waiver; Cumulative Remedies. (a) None of the terms or provisions of this
Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by the Pledgors and the Administrative Agent, provided that any provision of this Agreement may be waived by the Administrative Agent
and the Lenders in a letter or agreement executed by the Administrative Agent or by facsimile transmission from the Administrative Agent. 
 (b) Neither the Administrative Agent nor any Lender shall by any act (except by a written instrument pursuant to Section 17(a) hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or
to have acquiesced in any Default or Event of Default or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising on the part of the Administrative Agent or any Lender, any right, power or
privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by
the Administrative Agent or any Lender of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Administrative Agent or such Lender would otherwise have on any future occasion. 

(c) The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or
remedies provided by law. 
 18. Section Headings. The section headings used in this Agreement are for convenience of reference only
and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 19. Successors and
Assigns. This Agreement shall be binding upon the successors and assigns of the Pledgors and shall inure to the benefit of the Administrative Agent and the Lenders and their successors and assigns, provided that the Pledgors may not assign any
of their rights or obligations under this Agreement without the prior written consent of the 

  

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Administrative Agent and any such purported assignment without such prior written consent shall be null and void. 
 20. Term of Agreement. This Agreement and the security interests granted hereunder shall remain in full force and effect until the Secured
Obligations have been satisfied in full and the Commitments have been terminated, at which time the Administrative Agent shall release and terminate the security interests granted to it hereunder. Upon such release and termination, (i) the
Pledgors shall be entitled to the return, at the Pledgors’ expense, of any and all funds in the Collateral Account and such of the Collateral held by the Administrative Agent as shall not have been sold or otherwise applied pursuant to the
terms hereof and (ii) the Administrative Agent shall, at the Pledgors’ expense, execute and deliver to the Borrowers such UCC termination statements and other documents as the Borrower shall reasonably request to evidence such release and
termination. 
 21. Joint and Several Obligations of Pledgors. 
 (a) Each of the Pledgors is accepting joint and several liability hereunder in consideration of the financial accommodation to be
provided by the holders of the Secured Obligations, for the mutual benefit, directly and indirectly, of each of the Pledgors and in consideration of the undertaking of each of the Pledgors to accept joint and several liability for the obligations of
each of them. 
 (b) Each of the Pledgors jointly and severally hereby irrevocably and unconditionally accepts, not merely as
a surety but also as a co-debtor, joint and several liability with the other Pledgors with respect to the payment and performance of all of the Secured Obligations arising under this Pledge Agreement, the other Credit Documents and any other
documents relating to the Secured Obligations, it being the intention of the parties hereto that all the Secured Obligations shall be the joint and several obligations of each of the Pledgors without preferences or distinction among them.

 (c) Notwithstanding an provision to the contrary contained herein, in any other of the Credit Documents or in any other
documents relating to the Secured Oblations the obligations of each Guarantor under the Credit Agreement and the other Credit Documents shall be limited to an aggregate amount equal to the largest amount that would not render such obligations
subject to avoidance under Section 548 of the Bankruptcy Code or any comparable provisions of any applicable state law. 
 22.
GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NORTH CAROLINA. 
  

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 IN WITNESS WHEREOF, the undersigned have caused this Pledge Agreement to be duly executed and delivered
as of the date first above written. 
  

			
	PLEDGORS:
	
	 CHARLOTTE MOTOR SPEEDWAY, LLC,
 a North
Carolina limited liability company

		
	By:	 	/s/    William R. Brooks         
	Name:	 	 William R. Brooks

	Title:	 	 Executive Vice President

  

			
	 LAS VEGAS MOTOR SPEEDWAY, LLC,
 a Delaware limited liability company

		
	By:	 	/s/    William R. Brooks         
	Name:	 	 William R. Brooks

	Title:	 	 Vice President

  

			
	 SPEEDWAY MOTORSPORTS, INC.,
 a Delaware corporation

		
	By:	 	/s/    William R. Brooks         
	Name:	 	 William R. Brooks

	Title:	 	 Vice Chairman and CFO

  

			
	 SPEEDWAY PROPERTIES COMPANY, LLC,
 a Delaware limited liability company

		
	By:	 	/s/    William R. Brooks         
	Name:	 	 William R. Brooks

	Title:	 	 President

  

			
	 SMISC HOLDINGS, INC.,
 a North Carolina corporation

		
	By:	 	/s/    William R. Brooks         
	Name:	 	 William R. Brooks

	Title:	 	 Executive Vice President

							
		 	 ADMINISTRATIVE
 AGENT:
	 	BANK OF AMERICA, N.A.,
		 		 	as Administrative Agent
				
		 		 	By:	 	/s/    Bridgett J. Manduk        
		 		 	Name:	 	 Bridgett J. Manduk

		 		 	Title:	 	 Assistant Vice PresidentEmployment Agreement

 Exhibit 10.25 
 EXECUTION COPY 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of April 29, 2009 (the “Effective Date”) between Abraxis
BioScience, Inc., a Delaware corporation (“Parent”), and its wholly-owned operating subsidiary Abraxis BioScience, LLC, a Delaware limited liability company (the “Company”), on the one hand, and Leon O. Moulder, Jr.
(“Executive”), on the other hand. 
 RECITAL 
 Parent and the Company desire to employ Executive, and Executive desires to be so employed by Parent and the Company, on the terms and subject to the conditions set forth in this Agreement. 
 AGREEMENT 
 NOW, THEREFORE, in
consideration of the premises and the mutual promises set forth in this Agreement, the parties hereby agree as follows: 
 1.
Definitions. Unless otherwise defined herein, the capitalized terms defined in Exhibit A shall have the meanings therein specified for all purposes of this Agreement. 
 2. Employment. 
 (a)
Subject to the terms and conditions contained herein, Parent and the Company hereby agree to employ Executive, and Executive accepts such employment, on the Effective Date until the Termination Date (the “Employment Term”). 
 (b) During Executive’s employment under this Agreement, Executive shall render services to the Company and Parent in the positions
of President and Chief Executive Officer of the Company and Parent and President and Chief Executive Officer of Abraxis Oncology, an operating division of the Company, plus such additional title or titles as may be assigned to Executive by the board
of directors of Parent (the “Board”). Executive shall perform the duties and have the authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized
public companies, subject to additional duties (that are not materially inconsistent with duties and responsibilities as are normally related to such positions) as may be assigned by the Board and subject to the terms and conditions hereof.
Executive will report to the Board. In addition, so long as Patrick Soon-Shiong, M.D. serves as the Executive Chairman of the Board (whether before or after any Spin Transaction), Executive will also report to Dr. Soon-Shiong as Executive
Chairman. As of the Effective Date, the Board shall appoint Executive as Vice Chairman of the Board. 
 (c) Except as set
forth on the Reporting Schedule, all employees of the Company and Parent shall report to Executive or his designee. In performing his services hereunder, Executive shall abide by the rules, regulations and practices of the Company and Parent as
adopted or modified from time to time in the sole discretion of the Company and Parent. 
  

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 (d) Executive will devote substantially all of his entire business time, energy,
attention and skill to the services of the Company and Parent and to the promotion of its interests. So long as Executive is employed by the Company, Executive shall not, without the written consent of the Company (except as provided below):

 (i) engage in any other activity for compensation, profit or other pecuniary advantage, whether received during or after
the term of this Agreement; or 
 (ii) render or perform services of a business, professional, or commercial nature other
than to or for the Company, Parent and their affiliates, either alone or as an employee, consultant, director, officer, or partner of another business entity (including serving on boards of directors), whether or not for compensation; 
 provided, that it shall not be a violation of this Agreement for Executive, without the Company’s or Board’s consent, to (A) serve on
civic or charitable boards, (B) manage personal and family investments, (C) serve on corporate boards of those companies as the Chairman of the Board or the Board may approve, or (D) engage in such other activities as the Chairman of
the Board or the Board may approve, in each case so long as such activities do not interfere materially with the performance of Executive’s duties and responsibilities to the Company and Parent. 
 (e) Prior to or concurrently with the execution of this Agreement, Executive has executed a Proprietary Interest Protection Agreement
(the “Confidentiality Agreement”) and Parent’s standard form of indemnification agreement (the “Indemnification Agreement”), copies of which are attached hereto as Exhibit B and Exhibit C, respectively. To the
extent any part of this Agreement conflicts or is inconsistent with any part of the Confidentiality Agreement or the Indemnification Agreement, the terms and conditions of this Agreement shall govern, and the conflicting or inconsistent provisions
of the Confidentiality Agreement and the Indemnification Agreement shall have no force or effect. 
 3. Location of Employment.
Executive’s principal place of employment shall be at the Company’s offices in Bridgewater, New Jersey; provided, that Executive shall from time to time be required to travel to various domestic and foreign locations for purposes
consistent with his duties hereunder. 
 4. Compensation. 
 (a) In exchange for full performance of Executive’s obligations and duties under this Agreement, the Company shall pay Executive a
salary at the rate of Six Hundred Fifty Thousand Dollars ($650,000.00) per year (“Base Salary”). The Base Salary shall be paid in accordance with the Company’s regularly established payroll practice. The Base Salary will be reviewed
from time to time in accordance with the established procedures of the Company for increasing salaries for executive officers and may be increased in the sole discretion of the Board or Parent’s Compensation Committee. The Base Salary shall not
be reduced except in the case of a reduction of base salary applied generally to the other executive officers of the Company, provided that such reduction of Executive’s Base Salary is no more than ten percent (10%) from the highest Base
Salary during the Employment Term. Any such adjusted salary shall become the “Base Salary.” 
  

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 (b) During Executive’s employment under this Agreement, Executive shall also be
reimbursed by the Company for reasonable business expenses actually incurred or paid by Executive, consistent with the policies established by the Company, in rendering to the Company, Parent and their affiliates the services provided for in this
Agreement. All business expense reimbursements shall be made in accordance with the Company’s reimbursement policy. 
 (c) Executive shall be entitled to vacation and sick leave on terms equivalent to those of other executive officers of the Company. Executive shall accrue vacation at the rate of four (4) weeks per year of employment with the Company
in accordance with the Company’s standard vacation policy. 
 (d) Executive shall be entitled to participate in all
benefit plans (including, but not limited to, any medical, dental, life insurance, retirement and disability plans) and to all perquisites which shall be available from time to time to the executive officers of the Company generally. Executive
acknowledges and agrees that the Company may, in its discretion, terminate at any time or modify from time to time any such benefit plans so long as such termination or modification is applicable to all executive officers. 
 (e) To assist Executive and his immediate family with relocating to the New Jersey area, the Company will pay or reimburse Executive up
to an aggregate of $50,000 for (i) all reasonable moving costs, (ii) the reasonable costs for up to two exploratory trips to the New Jersey area, including airfare, lodging, meals, rental car and other incidental expenses, and
(iii) reasonable temporary housing in the New Jersey area for up to six (6) months; provided, that Executive must incur such costs on or before December 31, 2009 and must provide the Company with reasonably detailed backup
documentation supporting the costs incurred; provided, further, that the Company shall not be responsible for broker’s fees, real estate transfer taxes or any other costs associated with the relocation of Executive or his immediate family. If
the Company terminates Executive’s employment for Cause pursuant to Section 6(c) or Executive voluntarily terminates his employment with the Company pursuant to Section 6(e) (other than for Good Reason as set forth in
Section 6(f)), in each case on or before the expiration of the one (1) year anniversary of the Effective Date, then Executive shall repay the Company all relocation costs paid or reimbursed by the Company pursuant to this
subsection (e) within thirty (30) days of his Termination Date. 
 (f) As of the Effective Date, Parent will grant
Executive with an option to purchase two hundred thousand (200,000) shares of Parent’s common stock under Parent’s 2007 Stock Incentive Plan, which option shall (a) have an exercise price equal to the closing trading price of
Parent’s common stock on the grant date, (b) vest in equal annual installments over a four-year period, starting on the first anniversary of the grant date, (c) vest in full upon the consummation of a Transaction, provided Executive
either (i) is employed with the Company on the date of such Transaction or (ii) was terminated without Cause or resigned for Good Reason within six (6) months prior to such Transaction and such termination or event permitting a
resignation for Good Reason is in contemplation of a Transaction and (d) be subject to the terms and conditions of the stock option agreement substantially in the form attached hereto as Exhibit D. 
  

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 (g) As of the Effective Date, Parent will grant Executive fifty thousand (50,000)
restricted stock units under Parent’s 2007 Stock Incentive Plan, which restricted stock units shall (a) entitle Executive to one share of Parent’s common stock for each vested restricted stock unit, (b) vest in equal annual
installments over a four-year period, starting on the first anniversary of the grant date, (c) vest in full upon the consummation of a Transaction, provided Executive either (i) is employed with the Company on the date of such Transaction
or (ii) was terminated without Cause or resigned for Good Reason within six (6) months prior to such Transaction and such termination or event permitting a resignation for Good Reason is in contemplation of a Transaction and (d) be
subject to the terms and conditions of the restricted stock unit agreement substantially in the form attached hereto as Exhibit E. 
 (h) As of the Effective Date, Parent will grant Executive two hundred thousand (200,000) restricted stock units under Parent’s 2007 Stock Incentive Plan, which restricted stock units shall (a) entitle
Executive to one share of Parent’s common stock for each vested restricted stock unit, (b) vest only in accordance with Schedule A and (c) be subject to the terms and conditions of the restricted stock unit agreement
substantially in the form attached hereto as Exhibit F. 
 (i) Beginning in 2010 and in each fiscal year during the
Employment Term afterwards, Executive shall be eligible to receive a long-term equity incentive award, consistent with awards to other executive officers of the Company, in such amount and form, and subject to such terms and conditions, as may be
determined in the sole discretion of the Board or Parent’s Compensation Committee. 
 (j) Executive shall be eligible to
receive an annual bonus in such amount, and subject to such performance targets and other factors, as may be determined in the sole discretion of the Board or Parent’s Compensation Committee (“Annual Bonus”), and performance targets
for Executive shall be established at the same time such amounts and targets are established for the other executive officers of the Company. The target amount of each Annual Bonus for each fiscal year during the Employment Term shall not be less
than seventy-five percent (75%) of Executive’s Base Salary (“Target Bonus”). As the Annual Bonus is subject to the attainment of performance targets, it may be paid, to the extent earned or not earned, at below target levels, and
above target levels (with a maximum of 150% of Target Bonus for the applicable fiscal year). Subject to the Company’s policies or practices regarding vesting of the Annual Bonus, any Annual Bonus earned shall be paid at the same time as bonuses
for other executive officers but in no event later than March 15th of the calendar year immediately following the year in which such Annual Bonus becomes vested. The Company and Parent acknowledge that Executive’s target Annual Bonus
amount for the 2009 fiscal year will be seventy-five percent (75%) of his Base Salary for the partial fiscal year. 
 (k) Within thirty (30) days after the Effective Date, the Company shall pay to Executive a one-time sign on bonus of One Hundred Thousand Dollars ($100,000.00) in cash (“Sign On Bonus”), subject to any required withholdings
pursuant to Section 4(l). If the Company terminates Executive’s employment for Cause pursuant to Section 6(c) or Executive voluntarily 

  

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terminates his employment with the Company pursuant to Section 6(e) (other than for Good Reason as set forth in Section 6(f)), in each case on or
before the expiration of the one (1) year anniversary of the Effective Date, Executive shall repay the Company the Sign On Bonus in cash within thirty (30) days of his Termination Date. 
 (l) The Company and Parent shall cover Executive under directors’ and officers’ liability insurance both during and, while
potential liability exists, after employment in the same amount and to the same extent as the Company and Parent provides to its other officers and directors. These obligations shall survive the termination of Executive’s employment with the
Company. 
 (m) Notwithstanding anything else herein to the contrary, the Company and/or Parent may withhold (or cause there
to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement or otherwise such non-U.S., U.S., federal, state and local income, employment, or other taxes as may be required to be withheld
pursuant to any applicable law or regulation. 
 5. Term. Executive’s employment hereunder shall commence on the Effective Date
and shall continue in effect until terminated pursuant to Section 6 below. 
 6. Termination. Executive’s employment
hereunder may be terminated as follows: 
 (a) The employment of Executive under this Agreement shall terminate on the date
of Executive’s death. 
 (b) The employment of Executive under this Agreement may be terminated by the Company
immediately upon giving Executive notice if Executive becomes Disabled. Notwithstanding the foregoing, in the event that as a result of earlier absence because of a mental or physical incapacity Executive incurs a “separation from service”
pursuant to Treasury Regulation 1.409A-1(h)(1)(i) Executive shall on such date automatically be terminated from employment because Executive has become Disabled. 
 (c) The employment of Executive under this Agreement may be terminated by the Company upon giving Executive notice following the
occurrence of an event constituting Cause. 
 (d) In addition to the circumstances described in subsection (c) above,
the Company may terminate Executive’s employment at any time (immediately upon giving notice to Executive) for any reason or no reason, with or without Cause or prior notice; provided, that a cessation of the Company’s employment of
Executive in connection with a Transaction shall not be deemed for purposes of this Agreement to be a termination of Executive by the Company if the Successor assumes and agrees in writing to perform the Company’s obligations hereunder.

 (e) Executive may voluntarily terminate his employment with or without Good Reason (subject to Section 6(f) below)
under this Agreement by giving the Chairman of the Board or the Board written notice of his resignation signed by Executive. 
  

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 (f) Executive’s voluntary termination shall be deemed for purposes hereof to have
occurred for Good Reason only if (i) Executive provides written notice to the Company prior to resignation and within thirty (30) days following the first occurrence of circumstances giving rise to Good Reason, (ii) the Company fails
to correct the circumstances giving rise to Good Reason prior to resignation and within thirty (30) days following receipt of such notice and (iii) Executive resigns within fifteen (15) days following such thirty (30) day period.

 7. Consequences of Termination. 
 (a) If the employment of Executive under this Agreement is terminated pursuant to Sections 6(a) (death), 6(b) (Disability), 6(c) (termination with Cause) or 6(e) (voluntary termination, other than for Good Reason),
then (i) the Company shall pay Executive (or, as applicable, his heirs, estate or representative) the Accrued Compensation, (ii) the Company shall provide to Executive (or his dependents, as applicable) such benefits, if any, as may be
required to be provided by the Company under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) and any disability policy of the Company applicable to Executive, (iii) Executive (or, as applicable, his heirs, estate or
representative) shall be entitled to any then-vested benefits, stock options and other equity awards as applicable pursuant to the terms of such benefits, options or awards and (iv) Executive shall not be entitled to any other compensation or
benefits from the Company or Parent or their respective affiliates under this Agreement or otherwise (other than as provided in Section 17 and 21 hereof). Notwithstanding the foregoing, if Executive’s employment is terminated pursuant to
Section 6(a) (death) or 6(b) (Disability), Executive (or, as applicable, his heirs, estate or representative) shall be entitled to an amount equal to the Target Bonus for the year in which termination occurs, prorated based on the number of
days of employment during the year in which the termination has occurred relative to 365 days, payable at the time an Annual Bonus would otherwise be paid, but no later than March 15th following the end of the year in which the termination
occurred (the “Pro-Rata Bonus”). 
 (b) If the employment of Executive under this Agreement is terminated by the
Company without Cause as provided in Section 6(d) or by Executive for Good Reason pursuant to Section 6(f) in connection with or within one (1) year following a Transaction, then Executive shall not be entitled to any compensation or
benefits from the Company under this Agreement or otherwise, except for the following: (i) the Accrued Compensation; (ii) the Company shall pay Executive a lump sum payment equal to twenty-four (24) months of Base Compensation plus
two times the Target Bonus for the year in which termination occurs; (iii) the Pro-Rata Bonus; and (iv) the Company shall provide reimbursement of Executive’s COBRA premiums until he obtains new employment, up to a maximum of six
(6) months from the Termination Date, subject to Executive’s submission of appropriate documentation; provided, that Executive shall not be entitled to receive or retain any post-termination benefits described in this subsection
(b) unless, within twenty-one (21) days (or forty-five (45) days if required by applicable law) following the Termination Date, he executes and delivers to the Company a Release of Claims in the form attached as Exhibit H hereto,
and does not revoke such Release of Claims during any applicable revocation period. Any payments due pursuant to this subsection (b) (other than the Accrued Compensation and the Pro-Rata Bonus, which shall be paid in accordance with the payment
provisions of such defined terms) shall be made during the second month following the month in which the Termination Date occurs, subject to any delay required by Section 21(b)below. Benefits provided under this Section 7(b) 

  

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shall be in lieu of any benefits provided pursuant to Section 7(c) below. In the event of the consummation of a Transaction within six (6) months
following the termination of Executive’s employment by the Company without Cause or by Executive for Good Reason and and such termination is in contemplation of a Transaction, then Executive shall be entitled to receive the difference between
those benefits provided pursuant to this subsection (b) and those benefits already provided pursuant to Section 7(c). Such benefits (other than the COBRA reimbursement premiums) shall be paid in a lump sum within two and one half
(2.5) months following the consummation of the Transaction. 
 (c) Subject to subsection (b) above, if the
employment of Executive under this Agreement is terminated by the Company without Cause as provided in Section 6(d) or by Executive for Good Reason pursuant to Section 6(f), then Executive shall not be entitled to any compensation or
benefits from the Company under this Agreement or otherwise (other than as provided in Section 17 and 21 hereof), except for the following: 
 (i) the Company shall pay to Executive all Accrued Compensation; 
 (ii) the Company shall
pay Executive a lump sum amount equal to (a) twelve (12) months of Base Compensation plus (b) the Pro-Rata Bonus; 
 (iii) the Company shall provide reimbursement of Executive’s COBRA premiums until he obtains new employment, up to a maximum of six (6) months from the Termination Date, subject to Executive’s submission of appropriate
documentation; and 
 (iv) the vesting of the stock options and other equity awards (other than those restricted stock units
granted pursuant to Section 4(h)) granted to Executive shall accelerate so that an additional twenty-five percent (25%) of the underlying shares shall vest on the Termination Date; provided, that no more than 100% of the underlying shares
subject to such options or other equity awards then-outstanding shall vest in the event the unvested portion on the Termination Date is less than twenty-five percent (25%); 
 provided, that Executive shall not be entitled to receive or retain any post-termination benefits described in clauses (ii), (iii) and
(iv) of this subsection (c) unless, within twenty-one (21) days (or forty-five (45) days if required by applicable law) following the Termination Date, he executes and delivers to the Company a Release of Claims in the form
attached as Exhibit H hereto, and does not revoke such Release of Claims during any applicable revocation period. Any payments due pursuant to this subsection (b) (other than the Accrued Compensation and the Pro-Rata Bonus, which shall be
paid in accordance with the payment provisions of such defined terms ) shall be made during the second month following the month in which the Termination Date occurs, subject to any delay required by Section 21(b)below. 
 (d) Executive agrees that all property (including, without limitation, all equipment, tangible proprietary information, documents,
records, notes, contracts and computer-generated materials) furnished to or created or prepared by Executive incident to Executive’s employment belongs to the Company (or, as applicable, Parent) and shall be promptly returned to the Company
upon termination of Executive’s employment. Executive may retain Executive’s rolodex and similar address books. To the extent that Executive is provided with a cell phone number by the Company or Parent during employment, the Company or
Parent shall reasonably cooperate with Executive in transferring such cell phone number to Executive’s individual name following termination. 
  

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 (e) Upon termination of Executive’s employment, Executive shall be deemed to have
resigned from all offices and directorships then held with the Company, Parent, and each of their subsidiaries. Following any termination of employment, Executive shall reasonably cooperate with the Company (i) in the winding up of pending work
on behalf of the Company and the orderly transfer of work to other employees and (ii) in the defense of any action brought by any third party against the Company or Parent that relates to Executive’s employment by the Company; provided,
that the Company provides Executive with reasonable notice and the timing and location of such cooperation shall be in a manner that does not interfere in any material respect with Executive’s business or personal obligations. The Company shall
reimburse Executive for any reasonable and documented out-of-pocket fees and expenses incurred by Executive in connection with such cooperation. 
 8. Additional Post-Termination Obligations. 
 (a) Executive acknowledges that (i) because of his
position with the Company, he will have access to information about the operations, business strategies and customers, and other valuable proprietary information and trade secrets, of the Company, Parent and their affiliates, (ii) the use or
disclosure of such information and trade secrets in violation of this Agreement would be extremely difficult to detect or prove and (iii) any activities restricted by this Section 8 would necessarily involve the use or disclosure of the
Company’s and/or Parent’s trade secrets and/or proprietary information. Accordingly, Executive agrees that from the date hereof until after the twelve (12) month anniversary of the Termination Date, Executive will not, directly or
indirectly: 
 (i) own, manage, operate, control or otherwise engage in any business activity or participate in, or be
connected to, as an owner, partner, advisor, member of the board of directors of, employee of, or consultant to, a Competitor of the Company or Parent (or any of their subsidiaries or affiliates); provided, that nothing in this Agreement
shall be deemed to prohibit Executive from (a) owning not more than one percent (1%) of any class of publicly traded securities of a Competitor or (b) providing services to a subsidiary, division or unit of any Competitor so long as
Executive and such subsidiary, division or unit does not engage in a business competitive with the Company or Parent (or any of their subsidiaries or affiliates); 
 (ii) solicit, raid, entice or induce any employee of the Company or Parent (or any of their subsidiaries or affiliates) to be employed by
any other company (except to the extent that such employee has first responded to a general advertisement or general employment search by Executive’s place of employment at the time or Executive serving as a reference, upon request, for any
employee of the Company, Parent or any of their affiliates); or 
 (iii) solicit competing business for any Competitor from,
or transact such business for any Competitor with, any person, firm or corporation which at the time of termination of employment or within one (1) year prior thereto was a customer of the Company or Parent (or any of their subsidiaries or
affiliates); 
 (iv) knowingly assist any person or entity in taking such action. 
  

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 (b) The parties agree that Executive and the Company and Parent (which shall include the
directors and officers of the Company and Parent only for the purposes of this Section 8(b)) for twelve (12) months following the Termination Date will not directly or indirectly, individually or in concert with others, engage in any
conduct or make any statement calculated or likely to have the effect of undermining the other, disparaging the other or otherwise reflecting poorly upon (i) if the Company and Parent, the business or the business reputation of the Company or
Parent (or any of their subsidiaries or affiliates) or their respective employees, officers, directors, customers, suppliers, successors and assigns, including, without limitation, negative comments about any such company, its management methods,
policies and/or practices or (ii) if Executive, the business and personal reputation of Executive. Notwithstanding the foregoing, nothing herein shall prohibit the parties from responding accurately and fully to any question, inquiry or request
made in connection with any governmental inquiry, investigation, review, audit or proceeding, or as otherwise required by law. 
 (c) If Executive materially breaches his obligations under this Section 8, then the Company may, in addition to any rights and remedies then available to the Company (under Section 11 hereof or otherwise), cease providing the
payments and benefits described in Section 7(b) or 7(c) and terminate any then-outstanding stock options and other equity awards, which such benefits shall be reinstated if Executive has cured such material breach, to the extent curable, within
ten (10) days following receipt of notice from the Company. 
 9. Representations. 
 (a) Executive represents that he has full authority to enter into this Agreement and is not under any contractual restraint which would
prohibit Executive from satisfactorily performing his duties to the Company (and, if applicable, Parent) under this Agreement. 
 (b) Executive acknowledges that he is free to seek advice from independent counsel with respect to this Agreement. Executive has either obtained such advice or, after carefully reviewing this Agreement, has decided to forego such advice.
Executive is not relying on any representation or advice from the Company or Parent or any of their respective officers, directors, attorneys or other representatives regarding this Agreement, its content or effect. 
 10. Arbitration. Subject to Section 11 below, the parties acknowledge and agree to the provisions of the Arbitration Agreement attached
hereto as Exhibit H and incorporated by this reference. 
 11. Equitable Relief. Notwithstanding Section 10 above, Executive
acknowledges that the Company and Parent are relying for its protection upon the existence and validity of the provisions of this Agreement, that the services to be rendered by Executive are of a 

  

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special, unique and extraordinary character, and that irreparable injury will result to the Company and/or Parent from any violation or continuing violation
of the provisions of Section 8 for which damages may not be an adequate remedy. Accordingly, Executive hereby agrees that in addition to the remedies available to the Company and/or Parent by law or under this Agreement, the Company and/or
Parent shall be entitled to obtain such equitable relief as may be permitted by law in a court of competent jurisdiction including, without limitation, injunctive relief from any violation or continuing violation by Executive of any term or
provision of Section 8. 
 12. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with
the internal substantive laws (and not the laws of conflicts) of the State of New Jersey. 
 13. Entire Agreement. It is understood,
acknowledged and agreed that there are no oral agreements between the parties hereto or their affiliates and that this Agreement constitutes the parties’ and their affiliates’ entire agreement and supersedes and cancels any and all
previous negotiations, arrangements, agreements and understandings, if any, between the parties hereto and their affiliates, and none thereof shall be used to interpret or construe this Agreement. This Agreement, and the exhibits attached hereto,
the Confidentiality Agreement and the Indemnification Agreement contain all of the terms, covenants, conditions, warranties and agreements of the parties and their affiliates, shall be considered to be the only agreement between the parties hereto
and their affiliates and their respective representatives and agents with respect thereto. Except as expressly stated in this Agreement, no party or its affiliates has made any statement or representation to the other party or its affiliates
regarding any fact, which statement or representation is relied upon by the other party in entering into this Agreement. Except as expressly stated in this Agreement, in connection with the execution of this Agreement, no party to this Agreement or
its affiliates has relied upon any statement, representation or promise of the other party or its affiliates not expressly contained herein. 
 14. Assignability. 
 (a) This Agreement is personal in nature and Executive shall not, without the written
consent of the Company, assign or transfer this Agreement or any rights or obligations hereunder. 
 (b) Nothing expressed or
implied in this Agreement is intended or shall be construed to confer upon or give to any person, other than the parties to this Agreement, any right, remedy or claim under or by reason of this Agreement or of any term, covenant or condition of this
Agreement; provided, that Section 11 hereof shall run to the benefit of, and be enforceable by, Parent. 
 (c) In the
event of a Transaction, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor (if any) and such successor shall discharge and perform all the promises, covenants, duties, and obligations
of the Company hereunder. 
 (d) The Company may assign this Agreement only to a successor to all or substantially all of the
business and/or assets of the Company, provided that the Company shall require such successor to expressly assume in writing and agree to perform this 

  

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Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this
Agreement, “Company” shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise. 

15. Amendments; Waivers. This Agreement may be amended, modified, superseded, canceled, renewed or extended and the terms or covenants of this
Agreement may be waived only by a written instrument executed by the parties to this Agreement or, in the case of a waiver, by the party waiving compliance. The failure of any party at any time or times to require performance of any provision of
this Agreement shall in no manner affect the right at a later time to enforce the same. No waiver by any party of the breach of any term or provision contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall
be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 
 16. Notice. All notices, requests or consents required or permitted under this Agreement shall be made in writing and shall be given to the other party by personal delivery, registered or certified mail (with
return receipt), overnight air courier (with receipt signature) or facsimile transmission (with “answerback” confirmation of transmission), sent to such party’s addresses or telecopy numbers as are set forth below such party’s
signature to this Agreement in the case of the Company or Parent or the address listed on the Company’s records in the case of Executive, or such other addresses or telecopy numbers of which the parties have given notice pursuant to this
Section 16. Each such notice, request or consent shall be deemed effective upon the date of actual receipt, receipt signature or confirmation of transmission, as applicable (or if given by registered or certified mail, upon the earlier of
(i) actual receipt or (ii) three (3) days after deposit thereof in the United States mail). 
 17. Parachute Payment Excise
Tax. 
 (a) Subject to Section 17(b), in the event that any payments or benefits (within the meaning of
Section 280G(b)(2) of the Code) to Executive or for Executive’s benefit, paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise in connection with, or arising out of, Executive’s
employment with the Company or a Transaction (a “Payment” or “Payments”) are deemed “parachute payments” (as that term is defined in Section 280G(b)(2) of the Code, but determined without regard to
Section 280G(b)(2)(A)(ii)) (the “Parachute Payments”), would be subject to the excise tax imposed by Code Section 4999, or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax,
together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then Executive will be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after
payment by Executive of all taxes (including any interest or penalties (other than interest and penalties imposed by reason of Executive’s failure to file timely a tax return or pay taxes shown due on Executive’s return) imposed with
respect to such taxes and the Excise Tax), including any Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. 
  

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 (b) Notwithstanding any other provision to the contrary, in the event the total amount of
Payments does not exceed 110% of the Capped Amount, no Gross-Up Payment shall be made, and instead the total amount of Payments shall be reduced or limited to the Capped Amount. The reduction of the amounts payable hereunder, if applicable, shall be
made by first reducing any cash payments. The “Capped Amount” means three (3) times Executive’s “base amount,” within the meaning of Section 280G(b)(3) of the Code, minus one dollar ($1). 
 (c) Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the
payment by the Company of the Gross-Up Payment or any additional Gross-Up Payment. Such notification shall be given as soon as practicable, but no later than 10 business days after Executive is informed of such claim. Executive shall apprise the
Company of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which Executive gives such notice to the Company (or
such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies Executive prior to the expiration of such period that the Company desires to contest such claim, Executive shall:

 (i) give the Company any information reasonably requested by the Company relating to such claim, 
 (ii) take such action in connection with contesting such claim as the Company may reasonably request from time to time, including,
without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company, 
 (iii) cooperate with the Company in good faith in order effectively to contest such claim, and 
 (iv) permit the
Company to participate in any proceedings relating to such claim; 
 provided, that the Company shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection with such contest, and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax, income tax, and all other applicable taxes (including
interest and penalties) imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 17(c), the Company shall control all proceedings taken in connection with such
contest, and, at its sole discretion, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the applicable taxing authority in respect of such claim and may, at its sole discretion, either direct
Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one
or more appellate courts, as the Company shall determine; provided, that, if the Company directs Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to Executive, on an interest-free basis, and
shall indemnify and hold Executive harmless, on an 

  

 12 

 
after-tax basis, from any Excise Tax or income tax (including interest or penalties) imposed with respect to such advance or with respect to any imputed
income in connection with such advance; and provided, further, that any extension of the statute of limitations relating to payment of taxes for the taxable year of Executive with respect to which such contested amount is claimed to be due is
limited solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which the Gross-Up Payment would be payable hereunder, and Executive shall be entitled to settle or contest,
as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
 (d) As a result
of the uncertainty in the application of Sections 4999 and 280G of the Code, it is possible that a Gross-Up Payment (or a portion thereof) will be paid which should not have been paid (an “Excess Payment”). 
 (e) An Excess Payment shall be deemed to have occurred upon a Final Determination (as hereinafter defined) that the Excise Tax shall not
be imposed upon a Payment or Payments (or portion thereof) with respect to which Executive had previously received a Gross-Up Payment. A “Final Determination” shall be deemed to have occurred when Executive has received from the applicable
government taxing authority a refund of taxes or other reduction in Executive’s tax liability by reason of the Excise Payment and upon either (A) the date a determination is made by, or an agreement is entered into with, the applicable
governmental taxing authority which finally and conclusively binds Executive and such taxing authority, or in the event that a claim is brought before a court of competent jurisdiction, the date upon which a final determination has been made by such
court and either all appeals have been taken and finally resolved or the time for all appeals has expired or (B) the statute of limitations with respect to Executive’s applicable tax return has expired. If an Excess Payment is determined
to have been made, the amount of the Excess Payment shall be promptly repaid by Executive to the Company. 
 (f)
Notwithstanding anything contained in this Agreement to the contrary, in the event that an Excise Tax will be imposed on any Payment or Payments, the Company shall pay to the applicable government taxing authorities, as Excise Tax withholding, the
amount of the Excise Tax that the Company has actually withheld from the Payment or Payments. 
 (g) Nothing in this
Section 17 is intended to violate the Sarbanes-Oxley Act of 2002 and to the extent that any advance or repayment obligation hereunder would do so, such obligation shall be modified so as to make the advance a nonrefundable payment to Executive
and the repayment obligation null and void. 
 (h) Any Gross-Up Payment payable hereunder shall be made to Executive no later
than the end of the tax year following the tax year in which Executive remits payment of the applicable Excise Taxes to the applicable government taxing authority. 
 18. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

 13 

 19. Construction. Executive and Company acknowledge and agree that (a) each party hereto is
of equal bargaining strength, (b) each such party has actively participated in the drafting, preparation and negotiation of this Agreement, (c) each such party has consulted with such party’s own, independent counsel, and such other
professional advisors as such party has deemed appropriate, relating to any and all matters contemplated under this Agreement, (d) each such party and such party’s counsel and advisors have reviewed this Agreement, (e) each such party
has agreed to enter into this Agreement following such review and the rendering of such advice and (f) any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not apply in the interpretation
of this Agreement, or any portions hereof, or any amendments hereto. 
 20. Survival. The representations and agreements of the
parties set forth in Sections 4(l) (Liability Insurance), 7 (Consequences of Termination), 8 (Additional Post-Termination Obligations), 9 (Representations), 10 (Arbitration), 11 (Equitable Relief), 17 (Parachute Payment Excise Tax) and 21
(General 409A Compliance) shall survive the expiration or termination of this Agreement (irrespective of the reason for such expiration or termination). 
 21. General 409A Compliance. 
 (a) The intent of the parties is that payments and
benefits under this Agreement comply with or be exempt from Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If Executive notifies the Company (with specificity
as to the reason therefor) that Executive believes that any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause Executive to incur any additional tax or interest under
Section 409A and the Company concurs with such belief, or outside counsel to the Company makes such determination and informs the Company thereof, the Company shall, after consulting with Executive, to the extent legally permitted, reform such
provision to try to comply with Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Section 409A. To the extent that any provision hereof is modified in order to comply with or be
exempt from Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Executive and the Company of the applicable provision without
violating the provisions of Section 409A. 
 (b) A termination of employment shall not be deemed to have occurred for
purposes of any provision of this Agreement providing for the payment of any amounts or benefits that is considered nonqualified deferred compensation under Section 409A upon or following a termination of employment unless such termination is
also a “separation from service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean
“separation from service.” If Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B), then with regard to any payment that is considered
nonqualified deferred compensation under Section 409A payable on account of a “separation from service,” such payment or benefit shall be made or provided at the date which is the earlier of (i) the expiration of the six
(6)-month period measured from the date of such “separation from service” of Executive, and (ii) the date of Executive’s death (the “Delay 

  

 14 

 
Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 21(b) (whether they would have
otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to Executive in a lump sum with interest at the prime rate as published in The Wall Street Journal on the first business day
of the Delay Period, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. 
 (c) With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by
Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, of 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 (ii) shall not be violated without regard to expenses reimbursed under any
arrangement covered by Internal Revenue Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before the last day of
Executive’s taxable year following the taxable year in which the expense occurred. Any tax gross-up payment as provided herein shall be made in any event no later than the end of the calendar year immediately following the calendar year in
which Executive remits the related taxes, and any reimbursement of expenses incurred due to a tax audit or litigation shall be made no later than the end of the calendar year immediately following the calendar year in which the taxes that are the
subject of the audit or litigation are remitted to the taxing authority, or, if no taxes are to be remitted, the end of the calendar year following the calendar year in which the audit or litigation is completed. 
 (d) For purposes of Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be
treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days
following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company. 
  

 15 

 IN WITNESS WHEREOF, the parties to this Employment Agreement have executed this Employment Agreement as
of the date first above written. 
  

	
	Abraxis BioScience, LLC
	
	 /s/ Patrick Soon-Shiong, M.D.

	 By: Patrick Soon-Shiong, M.D.

	 Its: Chief Executive Officer

  

			
	Address for Notices:	 	Abraxis BioScience, LLC
		 	11755 Wilshire Blvd., Suite 2000
		 	Los Angeles, California 90025
		 	Attention: General Counsel

  

	
	Abraxis BioScience, Inc.
	
	 /s/ Patrick Soon-Shiong, M.D.

	 By: Patrick Soon-Shiong, M.D.

	 Its: Chief Executive Officer

  

			
	Address for Notices:	 	Abraxis BioScience, Inc.
		 	11755 Wilshire Blvd., Suite 2000
		 	Los Angeles, California 90025
		 	Attention: General Counsel

 By signing below, the undersigned acknowledges and agrees that, except as expressly set forth in a
written agreement signed by an authorized representative of the Company, the undersigned (i) has not been promised any equity interests in the Company or any of its subsidiaries, affiliates or predecessors and (ii) does not and will not
have any right to any equity interests in the Company or any of its subsidiaries, affiliates or predecessors. 
  

	
	
	 /s/ Leon O. Moulder, Jr.

	Leon O. Moulder, Jr.

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