Document:

Exhibit 4.3

 

Form
of Nonqualified Stock Option INDUCEMENT AWARD Agreement

 

This Nonqualified
Stock Option Inducement Award Agreement (“Award Agreement”) is made and effective as of January 8, 2019 (“Date of Grant”) between Akorn, Inc. (the “Company”)
and Douglas S. Boothe (the “Participant”) pursuant and subject to
the terms and conditions set forth below.

 

1.       Award
of Nonqualified Stock Options. The Company shall and hereby does award to the Participant on the Date of Grant 405,938
nonqualified stock options (the “Nonqualified Stock Options”), subject to the terms and conditions
of this Award Agreement. The Nonqualified Stock Options are being granted as an inducement grant, and not under any
pre-existing equity incentive compensation program of the Company. Notwithstanding the preceding sentence, this Award
Agreement shall be construed as if such Units had been granted under the Akorn, Inc. 2017 Omnibus Incentive Compensation Plan
(the “Plan”), the terms of which are incorporated herein by reference (other than as to the Share
limitations set forth in Section 4(a) of the Plan); provided that, except as expressly set forth herein, in the event
of a conflict between the terms and conditions of the Plan and the terms and conditions of this Award Agreement, the terms
and conditions of this Award Agreement shall prevail. Any capitalized term not otherwise defined herein shall have the
meaning ascribed thereto in the Plan.

 

2.       Vesting
Schedule. Subject to the other terms of this Award Agreement, these Nonqualified Stock Options shall become vested and exercisable
in installments on the applicable date for such installment as set forth below (each such date, a “Normal Vesting Date”),
in each case subject to the Participant’s continued employment through the applicable Normal Vesting Date. For purposes of
this Award Agreement, except as otherwise determined by the Committee, the Participant’s employment with the Company shall
be deemed to continue so long as the Participant is employed by, or is otherwise providing services as a director, officer or consultant
to, the Company or any of its Subsidiaries or Affiliates.

 

	Vesting Date	 	Number of Shares
	 	 	 
	January 8, 2020	 	101,485
	 	 	 
	January 8, 2021	 	101,485
	 	 	 
	January 8, 2022	 	101,484
	 	 	 
	January 8, 2023	 	101,484

 

Subject to Section 6,
any unvested Nonqualified Stock Options shall immediately and automatically terminate and be forfeited as of the date of the Participant’s
termination of employment with the Company for any reason or as of the date of the Participant’s death or Disability, in
each case prior to the applicable Normal Vesting Date set forth above. For purposes of this Award Agreement, “Disability”
means total and permanent disability as defined in Section 22(e)(3) of the Code.

 

     

     

    

 

3.       Exercise
Price. The exercise price of the Nonqualified Stock Options is $3.94  per Share, which is not less than 100% of Fair
Market Value of each share price on the Date of Grant.

 

4.       Payment
of Exercise Price; Withholding. 

 

(a)       No
Shares shall be delivered pursuant to any exercise of a Nonqualified Stock Option until payment in full of the aggregate exercise
price therefor is received by the Company, and the Participant has paid to the Company (or the Company has withheld in accordance
with clause (c) of this Section 4) an amount equal to any Federal, state, local and foreign income and employment taxes required
to be withheld. 

 

(b)       The
Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right and
is hereby authorized to withhold from the Nonqualified Stock Options, the amount of any applicable withholding taxes in respect
of the Nonqualified Stock Option and to take such other action as may be necessary in the opinion of the Committee or the Company
to satisfy all obligations for the payment of such taxes.

 

(c)       Such
payments described in clause (a) and clause (b) of this Section 4 may be made in cash (or its equivalent) or, in the Committee’s
sole and plenary discretion, (1) by exchanging Shares owned by the Participant (which are not the subject of any pledge or
other security interest), (2) if there shall be a public market for the Shares at such time, subject to such rules as may
be established by the Committee, through delivery of irrevocable instructions to a broker to sell the Shares otherwise deliverable
upon the exercise of the Nonqualified Stock Option and to deliver cash promptly to the Company, (3) by having the Company withhold
Shares from the Shares otherwise issuable pursuant to the exercise of the Nonqualified Stock Option; provided that the combined
value of all cash and cash equivalents and the Fair Market Value of any such Shares so tendered to the Company, together with any
Shares withheld by the Company in accordance with this Section 4(c)) as of the date of such tender, is at least equal to such aggregate
exercise price and the amount of any Federal, state, local or foreign income or employment taxes required to be withheld, if applicable.

 

5.       Term
of Award. 

 

(a)       Subject
to Section 6, in the event the Participant’s employment is terminated for any reason other than due to the Participant’s
death, Disability or by the Company for Cause, the Participant may exercise his or her previously vested Nonqualified Stock Options
hereunder within three (3) months following the Participant’s termination. 

 

(b)       In
the event the Participant’s employment is terminated due to the Participant’s death or Disability, the Participant
(or in the event of death, the authorized representative of the Participant) may exercise his or her vested Nonqualified Stock
Options hereunder within twelve (12) months following the Participant’s death or Disability.

 

(c)       In
the event the Participant’s employment is terminated by the Company for Cause (as defined below), all of the Participant’s
vested and unvested Nonqualified Stock Options hereunder shall be forfeited as of such date of termination and shall not be exercisable.

 

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(d)       Notwithstanding
anything in this Award Agreement to the contrary, in no event may the Nonqualified Stock Options hereunder or any part thereof
be exercised after the expiration of ten (10) years from the Date of Grant.

 

6.       Change
of Control. 

 

(a)       In
the event of a Change of Control, unless provision is made in connection with the Change of Control for (1) assumption of the Nonqualified
Stock Options or (2) substitution for the Nonqualified Stock Options of new awards covering stock of a successor corporation or
its “parent corporation” (as defined in Section 424(e) of the Code) or “subsidiary corporation” (as defined
in Section 424(f) of the Code) with appropriate adjustments as to the exercise price of, and number and kinds of shares underlying,
the Nonqualified Stock Options, all unvested Nonqualified Stock Options shall automatically vest and become exercisable as of immediately
prior to such Change of Control.

 

(b)       In
the event the Nonqualified Stock Options are assumed or substituted by the successor company or its Affiliate in connection with
a Change of Control, if the Participant’s employment is terminated without Cause or by the Participant for Good Reason (a
“Qualifying Termination”) following the Change of Control, all unvested Nonqualified Stock Options shall
automatically vest and become exercisable immediately prior to such termination. Notwithstanding Section 2, in the event a Qualifying
Termination occurs prior to a Change of Control at the request of a third party who had indicated an intention or taken steps reasonably
calculated to effect a Change of Control, the Nonqualified Stock Options shall cease vesting pursuant to their normal vesting schedule
on the date of the Qualifying Termination but shall not lapse or be forfeited on such date. Instead, the Nonqualified Stock Options
shall remain outstanding during the 90-day period immediately following the date of such Qualifying Termination, and in the event
a Change of Control involving such third party (or a party competing with such third party to effectuate a Change of Control) subsequently
occurs during such 90-day period, the Nonqualified Stock Options shall become vested on the date of such Change of Control involving
such third party (or a party competing with such third party to effectuate a Change of Control) as if the Qualifying Termination
occurred immediately following, and on the same day as, the Change of Control. In the event a Change of Control involving such
third party (or a party competing with such third party to effectuate a Change of Control) does not subsequently occur during such
90-day period, the unvested Nonqualified Options shall immediately and automatically terminate and be forfeited as of the end of
such 90-day period and any vested Nonqualified Stock Options shall otherwise be treated in accordance with the terms of Section
5.

 

(c)       For
purposes of this Award Agreement: 

 

(i)       “Cause”
means the Participant’s (1) personal dishonesty, (2) misconduct, (3) breach of fiduciary duty, (4) incompetence, (5) intentional
failure to perform stated obligations, (6) willful violation of any law, rule, regulation or final cease and desist order, or (7)
any material breach of any provision of the Plan, this Award Agreement, or any employment agreement; and

 

(ii)       “Good
Reason” means, without the Participant’s prior written consent, (i) the Company’s requiring the
Participant to be based at a location outside a 50-mile radius from the Participant’s job location or residence, except for
travel that is reasonably necessary in connection with the Company’s business or (ii) within the 90-day period prior
to or the 12-month period immediately following the Change of Control, the occurrence of one or more of the following:

 

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(1)       a
change in the Participant’s employment status or responsibilities with the Company which represents a material and adverse
change from the Participant’s status or responsibilities, or the assignment to the Participant of any employment duties or
responsibilities which are materially inconsistent with the Participant’s employment status or responsibilities, or any action
by the Company that results in a material diminution in the Participant’s position, authority, duties or responsibilities
(in either case without sole regard to any change in title or the Company’s status as a public or private entity);

 

(2)       a
reduction in the Participant’s base salary for employment with the Company to a level below that in effect at any time previously
(except to the extent such reduction is not due to a Change of Control and is part of a comprehensive reduction in salary applicable
to employees of the Company generally, so long as such reduction applicable to the Participant is comparable to the reduction applied
to other employees of the Company at the same career level); or

 

(3)       the
failure of the Company to obtain an agreement, satisfactory to the Participant, from any successor company or assigns to assume
or substitute and agree to maintain this Award Agreement;

 

provided,
however, that the Participant shall be treated as having terminated for Good Reason only if he or she provides the Company
with a notice of termination within 90 days of the initial existence of one of the conditions described above, following which
the Company shall have 30 days from the receipt of the notice of termination to cure the event specified in the notice of termination
and, if the Company fails to so cure the event, the Participant must terminate his or her employment not later than 30 days following
the end of such cure period.

 

7.       Participant
Acknowledgments. By executing this Award Agreement, the Participant acknowledges and agrees as follows:

 

(a)       The
Participant understands that upon exercise of the Nonqualified Stock Options hereunder he or she may be subject to alternative
minimum tax as a result of such exercise.

 

(b)       The
Company is not providing the Participant with advice, warranties or representations regarding any of the legal or tax effects to
the Participant with respect to this Award Agreement.

 

(c)       The
Participant acknowledges that he or she is (1) familiar with the terms of the grant made to him or her under this Award Agreement
and the Plan, (2) has been encouraged by the Company to discuss the grant and the Plan with his or her own legal and tax advisers,
and (3) agrees to be bound by the terms of the grant (and the Plan provisions incorporated herein).

 

8.       Notice
of Exercise. The Nonqualified Stock Options hereunder may be exercised, to the extent specified above, through the online portal
of the Company’s designated vendor. 

 

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9.       Rights
as Stockholder. None of the Participant or holder or beneficiary of the Nonqualified Stock Options shall have any rights as
a stockholder with respect to any Shares deliverable under this Award Agreement until he or she has become the holder of such Shares,
at which point the Participant shall have all the rights of a stockholder of the Company, including with respect to voting such
Shares and receipt of dividends and distributions on such Shares. In no event shall the Participant be entitled to receive dividends
or dividend equivalents with respect to any Shares issuable under this Award Agreement prior to the exercise and settlement of
the Nonqualified Stock Options. In no event shall the Participant be entitled to receive dividends or dividend equivalents with
respect to any Shares deliverable under this Award Agreement with respect to the 90-day period described in Section 6(b).

 

10.       Transferability;
Successors and Assigns. During the Participant’s lifetime, prior to exercise and issuance of Shares, no Nonqualified
Stock Option (or any rights and obligations related thereto) may be assigned, alienated, pledged, attached, sold or otherwise transferred
or encumbered by the Participant otherwise than by will or by the laws of descent and distribution, and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate;
provided that, (a) the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment,
sale, transfer or encumbrance and (b) the Board or the Committee may permit further transferability, on a general or specific basis,
and may impose conditions and limitations on any permitted transferability. Notwithstanding the foregoing, in no event shall the
Nonqualified Stock Options be transferred to a third party for value unless such transfer is specifically approved by the Committee.
All terms and conditions of the Award Agreement (and the Plan provisions incorporated herein) shall be binding upon any permitted
successors and assigns.

 

11.       State
Securities Laws. Notwithstanding the other provisions of this Award Agreement, in the event the Participant is or becomes a
resident of any state other than the State of Illinois, the Company may, in its reasonable discretion, determine that the registration
or qualification of the Shares covered by this Award Agreement is necessary or desirable as a condition of or in connection with
the exercise of the Nonqualified Stock Options hereunder. If the Company makes such a determination, the Nonqualified Stock Options
may not be exercised in whole or in part unless and until such registration or qualification shall have been effected or obtained
free of any conditions not acceptable to the Company in its reasonable discretion. The Company shall use good faith reasonable
efforts to obtain or effect such registration or qualification, but is not required to obtain or effect such registration or qualification.
Further, the Company shall in no case be required to qualify as a foreign corporation or to take any action that would subject
it to general service of process in any such jurisdiction where it is not presently qualified or where it would be subject to taxation
as a foreign corporation.

 

12.       Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
on the second business day following the date mailed by United States Mail, postage prepaid, to the parties or their assignees
at the following addresses, or at such other address as shall be given in writing by either party to the other:

 

	 	Company:	Human Resources Department
	 	 	cc: Legal Department Akorn, Inc.  
	 	 	1925 West Field Court Suite #300
	 	 	Lake Forest, Illinois 60045
	 	 	 
	 	Participant:	Douglas S. Boothe

 

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13.       Choice
of Law and Venue. The Plan and this Award Agreement and all questions relating to its validity, interpretation, performance
and enforcement shall be governed by and construed in accordance with the laws of the State of Illinois, without giving effect
to the conflict of laws provisions thereof. Any legal proceeding arising out of this Award Agreement shall be brought only in a
state or Federal court of competent jurisdiction located in Chicago, Illinois.

 

14.       Amendment.
Except as otherwise set forth in the Plan, this Award Agreement may be amended or modified only by the written agreement of the
parties hereto.

 

15.       Entire
Agreement. The Plan and this Award Agreement and the other documents delivered hereunder (if any) constitute the full and entire
understanding and agreement between the parties with regard to the subject matter hereof, and supersedes all prior agreements,
understandings, inducements or conditions, express or implied, oral or written, relating to the subject matter hereof, except as
herein contained. The express terms of the Plan and this Award Agreement control and supersede any course of performance or usage
of trade inconsistent with any of the terms hereof.

 

16.       Attorneys’
Fees. If any legal action is necessary to enforce the terms of this Award Agreement, the prevailing party shall be entitled
to recover, in addition to other amounts to which the prevailing party may be entitled, actual attorneys’ fees and costs.

 

17.       Severability.
If any provision of this Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction
or as to any Person, or would disqualify this Award Agreement under any law deemed applicable by the Committee, such provision
shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without,
in the determination of the Committee, materially altering the intent of this Award Agreement, such provision shall be construed
or deemed stricken as to such jurisdiction or Person and the remainder of this Award Agreement shall remain in full force and effect.

 

18.       Counterparts.
This Award Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against
any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Signatures by
facsimile and other electronic means shall be valid and enforceable.

 

19.       Additional
Conditions to Issuance of Shares. The vesting and exercise of the Nonqualified Stock Options and the issuance and transfer
of Shares shall be subject to compliance by the Company and the Participant with all applicable requirements of Federal and state
securities laws and with all applicable requirements of any stock exchange on which the Company’s Shares may be listed. No
Shares shall be issued pursuant to this Award Agreement unless and until any then applicable requirements of Federal or state laws
and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Participant understands
that the Company is under no obligation to register the Shares with the Securities and Exchange Commission, any state securities
commission or any stock exchange to effect such compliance. If at any time the Company shall determine, in its sole discretion,
that the listing, registration, qualification or rule compliance of the Shares upon any securities exchange or under any state
or Federal law, the tax code and related regulations or the consent or approval of any governmental regulatory authority is necessary
or desirable as a condition to the issuance of Shares to the Participant (or his or her estate) hereunder, such issuance shall
not occur unless and until such listing, registration, qualification, rule compliance, consent or approval shall have been completed,
effected or obtained free of any conditions not acceptable to the Company. Where the Company determines that the issuance of any
Shares will violate U.S. Federal securities laws or any other applicable securities or exchange control laws, the Company shall
defer issuance until the earliest date on which the Company reasonably concludes, in its sole discretion, that the issuance of
such Shares will no longer cause such violation. The Company shall make all reasonable efforts to meet the requirements of any
such Federal or state law or securities exchange and to obtain any such consent or approval of any such governmental authority
or securities exchange. 

 

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20.       Clawback
Policy. Notwithstanding any provision of the Plan or this Award Agreement to the contrary, outstanding Nonqualified Stock Options
may be cancelled, and the Company may require the Participant to return Shares (or the Fair Market Value of such Shares as of the
date on which such Shares were delivered to the Participant) and any other amount required by the Dodd-Frank Wall Street Reform
and Consumer Protection Act or other applicable law, or the Company’s Clawback Policy or any other applicable policy of the
Company or its Subsidiaries, including as may be adopted following the date hereof.

 

21.       Section
409A.

 

(a)       It
is intended that the Nonqualified Stock Options granted pursuant to this Award Agreement comply with, or are exempt from, Section
409A of the Code, and all provisions of the Award Agreement shall be construed and interpreted in a manner consistent with the
requirements for avoiding taxes or penalties under Section 409A of the Code.

 

(b)       Notwithstanding
any provision of the Plan or this Award Agreement to the contrary, in light of the uncertainty with respect to the proper application
of Section 409A of the Code, the Company reserves the right to make amendments to this Award Agreement as the Company deems necessary
or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code. In any case, the Participant shall be
solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on the Participant or for the
Participant’s account in connection with this Award Agreement (including any taxes and penalties under Section 409A of the
Code), and neither the Company nor any of its Affiliates shall have any obligation to indemnify or otherwise hold the Participant
harmless from any or all of such taxes or penalties. 

 

ACCEPTANCE
AND ACKNOWLEDGMENT

 

I,
Douglas S. Boothe a resident of the State of New Jersey, accept
this Award of Nonqualified Stock Options described in this Award Agreement, and acknowledge receipt of a copy of the Plan and this
Award Agreement. I further acknowledge that I have read the Plan and Award Agreement carefully, I fully understand their contents,
and I agree to be bound by the same.

 

	 	 	 
	 	 	 
	Douglas S. Boothe	 	Date
	 	 	 
	 	 	 
	 	 	 
	Gregory P. Lawless, CHRO	 	Date

 

    	 	7Exhibit 4.4

 

FORM OF PERFORMANCE STOCK UNIT INDUCEMENT
AWARD AGREEMENT

 

This Performance Stock Unit Inducement Award
Agreement (this “Award Agreement”) is made and effective as of January 8, 2019 (the “Date
of Grant”) between Akorn, Inc. (the “Company”) and Douglas S. Boothe (the “Participant”),
pursuant and subject to the terms and conditions set forth below.

 

1.       Award
of Performance Stock Units. The Company shall and hereby does award to the Participant on the Date of Grant  253,807
performance stock units (the “Performance Stock Units” and, such number of Shares, the
“Target Shares”), subject to the terms and conditions of this Award Agreement. The Performance
Stock Units are being granted as an inducement grant, and not under any pre-existing equity incentive compensation program of
the Company. Notwithstanding the preceding sentence, this Award Agreement shall be construed as if such Performance Stock
Units had been granted under the Akorn, Inc. 2017 Omnibus Incentive Compensation Plan (the “Plan”),
the terms of which are incorporated herein by reference (other than as to the Share limitations set forth in Section 4(a) of
the Plan); provided that, except as expressly set forth herein, in the event of a conflict between the terms and
conditions of the Plan and the terms and conditions of this Award Agreement, the terms and conditions of this Award Agreement
shall prevail. Any capitalized term not otherwise defined herein shall have the meaning ascribed thereto in the Plan.

 

2.       Vesting
Schedule. The Performance Stock Units are subject to forfeiture as of the Date of Grant and shall vest and cease to be forfeitable
with respect to a certain percentage of the Target Shares between 0% and 300% based upon attainment of the performance objectives
described in Annex A (the “Performance Criteria”) during the period commencing on the Grant Date and
ending on the day immediately prior to the fourth anniversary of the Grant Date (the “Performance Period”),
subject to the Participant’s continued employment through the date such Performance Stock Units are settled in accordance
with Section 5 below. For purposes of this Award Agreement, except as otherwise provided in Section 19 or as otherwise determined
by the Committee, the Participant’s employment with the Company shall be deemed to continue so long as the Participant is
employed by, or is otherwise providing services as a director, officer or consultant to, the Company or any of its Subsidiaries
or Affiliates. Subject to Section 3, any Performance Stock Units shall immediately and automatically terminate and be forfeited
as of the date of the Participant’s termination of employment with the Company for any reason or as of the date of the Participant’s
death or Disability, in each case prior to the date such Performance Stock Units are settled in accordance with Section 5 below.
For purposes of this Award Agreement, “Disability” means total and permanent disability as defined in Section 22(e)(3)
of the Code.

 

3.       Change
of Control.

 

(a)       In
the event of a Change of Control, unless provision is made in connection with the Change of Control for (1) assumption of the Performance
Stock Units or (2) substitution for the Performance Stock Units of new awards covering stock of a successor corporation or its
“parent corporation” (as defined in Section 424(e) of the Code) or “subsidiary corporation” (as defined
in Section 424(f) of the Code) with appropriate adjustments as to the number and kinds of shares underlying the Performance
Stock Units, all unvested Performance Stock Units shall automatically vest based on actual performance as of immediately prior
to such Change of Control, as determined by the Committee in its sole discretion (such determination, the “CIC Achievement
Level”), and shall be settled in accordance with Section 5.

 

(b)       In
the event the Performance Stock Units are assumed or substituted by the successor company or its Affiliate in connection with a
Change of Control, the Performance Criteria shall be deemed to be satisfied based on the CIC Achievement Level, and the outstanding
Performance Stock Units thus determined thereafter shall vest subject to the Participant’s continued employment as described
in Section 2 through the completion of the Performance Period and shall be settled in accordance with Section 5 (each such converted
Performance Stock Unit, a “Converted Unit”); provided, however, that if the Participant’s
employment is terminated without Cause or by the Participant for Good Reason (a “Qualifying Termination”)
following the Change of Control, all the Converted Units shall automatically vest immediately prior to such termination and shall
be settled in accordance with Section 5. Notwithstanding Section 2, in the event a Qualifying Termination occurs prior to a Change
of Control at the request of a third party who had indicated an intention or taken steps reasonably calculated to effect a Change
of Control, the Performance Stock Units shall cease vesting pursuant to their normal vesting schedule on the date of the Qualifying
Termination but shall not lapse or be forfeited on such date. Instead, the Performance Stock Units shall remain outstanding during
the 90-day period immediately following the date of such Qualifying Termination, and in the event a Change of Control involving
such third party (or a party competing with such third party to effectuate a Change of Control) subsequently occurs during such
90-day period, the Performance Stock Units shall become vested on the date of such Change of Control involving such third party
(or a party competing with such third party to effectuate a Change of Control) as if the Qualifying Termination occurred immediately
following, and on the same day as, the Change of Control. In the event a Change of Control involving such third party (or a party
competing with such third party to effectuate a Change of Control) does not subsequently occur during such 90-day period, the Performance
Stock Units shall immediately and automatically terminate and be forfeited as of the end of such 90-day period. For purposes of
this Award Agreement:

 

     

     

    

 

(1)       “Cause”
means the Participant’s (1) personal dishonesty, (2) misconduct, (3) breach of fiduciary duty, (4) incompetence, (5) intentional
failure to perform stated obligations, (6) willful violation of any law, rule, regulation or final cease and desist order, or (7)
any material breach of any provision of the Plan, this Award Agreement or any employment agreement; and

 

(2)       “Good
Reason” means, without the Participant’s prior written consent, (i) the Company’s requiring the
Participant to be based at a location outside a 50-mile radius from the Participant’s job location or residence, except for
travel that is reasonably necessary in connection with the Company’s business or (ii) within the 90-day period prior
to or the 12-month period immediately following the Change of Control, the occurrence of one or more of the following:

 

A.       a
change in the Participant’s employment status or responsibilities with the Company which represents a material and adverse
change from the Participant’s status or responsibilities, or the assignment to the Participant of any employment duties or
responsibilities which are materially inconsistent with the Participant’s employment status or responsibilities, or any action
by the Company that results in a material diminution in the Participant’s position, authority, duties or responsibilities
(in either case without sole regard to any change in title or the Company’s status as a public or private entity);

 

B.       a
reduction in the Participant’s base salary for employment with the Company to a level below that in effect at any time previously
(except to the extent such reduction is not due to a Change of Control and is part of a comprehensive reduction in salary applicable
to employees of the Company generally, so long as such reduction applicable to the Participant is comparable to the reduction applied
to other employees of the Company at the same career level); or

 

C.       the
failure of the Company to obtain an agreement, satisfactory to the Participant, from any successor company or assigns to assume
or substitute and agree to maintain this Award Agreement;

 

provided, however, that the Participant
shall be treated as having terminated for Good Reason only if he or she provides the Company with a notice of termination within
90 days of the initial existence of one of the conditions described above, following which the Company shall have 30 days from
the receipt of the notice of termination to cure the event specified in the notice of termination and, if the Company fails to
so cure the event, the Participant must terminate his or her employment not later than 30 days following the end of such cure period.

 

4.       Vesting
Date. The “Vesting Date” means the date that a Performance Stock Unit is no longer subject to forfeiture
and is vested in accordance with Section 2 or Section 3, as applicable.

 

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5.       Settlement.
Each Performance Stock Unit represents the right to receive one Share on the applicable Vesting Date. The Participant shall have
no right to settlement of any such Performance Stock Units prior to the applicable Vesting Date. Prior to payment of any vested
Performance Stock Unit, such Performance Stock Unit shall represent an unsecured obligation of the Company, payable (if at all)
only from the general assets of the Company. Any Performance Stock Units that vest in accordance with Section 2 or Section 3 (as
applicable) shall be paid to the Participant in whole Shares, subject to the Participant satisfying any applicable related tax
liabilities. Subject to the provisions of Section 6, such vested Performance Stock Units shall be paid in whole Shares as soon
as practicable after vesting, but in no event later than sixty days following the Vesting Date. In no event shall the Participant
be permitted, directly or indirectly, to specify the taxable year of the payment of any Performance Stock Units payable under this
Award Agreement. The payment of Shares pursuant to this Award Agreement shall in all cases be paid at a time or in a manner that
is exempt from, or complies with, Section 409A.

 

6.       Withholding.

 

(a)       The
Participant shall be required to pay to the Company or any Affiliate the amount of any applicable withholding taxes in respect
of the Performance Stock Units and to take such other action as may be necessary in the opinion of the Committee or the Company
to satisfy all obligations for the payment of such taxes.

 

(b)       Without
limiting the generality of Section 6(a), subject to the Committee’s discretion, the Participant may satisfy, in whole or
in part, the foregoing withholding liability by having the Company withhold from the number of Shares otherwise issuable pursuant
to the vesting of the Performance Stock Units a number of Shares having a Fair Market Value equal to such withholding liability.

 

(c)       Notwithstanding
any provision of this Award Agreement to the contrary, no certificate representing the Shares shall be issued to the Participant
until the Participant satisfies all withholding and payment obligations payable upon vesting of the Performance Stock Units which
the Company determines must be withheld with respect to such Shares.

 

7.       Participant
Acknowledgments. By executing this Award Agreement, the Participant acknowledges and agrees as follows:

 

(a)       The
Company is not providing the Participant with advice, warranties or representations regarding any of the legal or tax effects to
the Participant with respect to this Award Agreement.

 

(b)       The
Participant acknowledges that he or she is (1) familiar with the terms of the grant made to him or her under this Award Agreement
and the Plan, (2) has been encouraged by the Company to discuss the grant and the Plan with his or her own legal and tax advisers,
and (3) agrees to be bound by the terms of the grant (and the Plan provisions incorporated herein).

 

8.       Rights
as Stockholder. None of the Participant or holder or beneficiary of the Performance Stock Units shall have any rights as a
stockholder with respect to any Shares to be distributed under this Award Agreement until he or she has become the holder of such
Shares, at which point the Participant shall have all the rights of a stockholder of the Company, including with respect to voting
such Shares and receipt of dividends and distributions on such Shares. In no event shall the Participant be entitled to receive
dividends or dividend equivalents with respect to any Shares deliverable under this Award Agreement prior to the vesting and settlement
of the Performance Stock Units. In no event shall the Participant be entitled to receive dividends or dividend equivalents with
respect to any Shares deliverable under this Award Agreement with respect to the 90-day period described in Section 3(b).

 

    	 	3	 

     

    

 

9.       Transferability;
Successors and Assigns. During the Participant’s lifetime, prior to the applicable Vesting Date, no Performance Stock
Unit (or any rights and obligations related thereto) may be assigned, alienated, pledged, attached, sold or otherwise transferred
or encumbered by the Participant otherwise than by will or by the laws of descent and distribution, and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate;
provided that, (a) the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment,
sale, transfer or encumbrance and (b) the Board or the Committee may permit further transferability, on a general or specific basis,
and may impose conditions and limitations on any permitted transferability. Notwithstanding the foregoing, in no event shall the
Performance Stock Units be transferred to a third party for value unless such transfer is specifically approved by the Committee.
All terms and conditions of the Award Agreement (and the Plan provisions incorporated herein) shall be binding upon any permitted
successors and assigns.

 

10.       Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
on the second business day following the date mailed by United States Mail, postage prepaid, to the parties or their assignees
at the following addresses, or at such other address as shall be given in writing by either party to the other:

 

	 	Company:	Human Resources Department
	 	 	cc: Legal Department Akorn, Inc.  
	 	 	1925 West Field Court Suite #300
	 	 	Lake Forest, Illinois 60045
	 	 	 
	 	Participant:	Douglas S. Boothe

 

11.       Choice
of Law and Venue. The Plan and this Award Agreement and all questions relating to its validity, interpretation, performance
and enforcement shall be governed by and construed in accordance with the laws of the State of Illinois, without giving effect
to the conflict of laws provisions thereof. Any legal proceeding arising out of this Award Agreement shall be brought only in a
state or Federal court of competent jurisdiction located in Chicago, Illinois.

 

12.       Amendment.
Except as otherwise set forth in the Plan, this Award Agreement may be amended or modified only by the written agreement of the
parties hereto.

 

13.       Entire
Agreement. The Plan and this Award Agreement and the other documents delivered hereunder (if any) constitute the full and entire
understanding and agreement between the parties with regard to the subject matter hereof, and supersedes all prior agreements,
understandings, inducements or conditions, express or implied, oral or written, relating to the subject matter hereof, except as
herein contained. The express terms of the Plan and this Award Agreement control and supersede any course of performance or usage
of trade inconsistent with any of the terms hereof.

 

14.       Attorneys’
Fees. If any legal action is necessary to enforce the terms of this Award Agreement, the prevailing party shall be entitled
to recover, in addition to other amounts to which the prevailing party may be entitled, actual attorneys’ fees and costs.

 

15.       Severability.
If any provision of this Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction
or as to any Person, or would disqualify this Award Agreement under any law deemed applicable by the Committee, such provision
shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without,
in the determination of the Committee, materially altering the intent of this Award Agreement, such provision shall be construed
or deemed stricken as to such jurisdiction or Person and the remainder of this Award Agreement shall remain in full force and effect.

 

16.       Counterparts.
This Award Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against
any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Signatures by
facsimile and other electronic means shall be valid and enforceable.

 

    	 	4	 

     

    

 

17.       Additional
Conditions to Issuance of Shares. The vesting of the Performance Stock Units and the issuance and transfer of Shares shall
be subject to compliance by the Company and the Participant with all applicable requirements of Federal and state securities laws
and with all applicable requirements of any stock exchange on which the Company’s Shares may be listed. No Shares shall be
issued pursuant to this Award Agreement unless and until any then applicable requirements of Federal or state laws and regulatory
agencies have been fully complied with to the satisfaction of the Company and its counsel. The Participant understands that the
Company is under no obligation to register the Shares with the Securities and Exchange Commission, any state securities commission
or any stock exchange to effect such compliance. If at any time the Company shall determine, in its sole discretion, that the listing,
registration, qualification or rule compliance of the Shares upon any securities exchange or under any state or Federal law, the
tax code and related regulations or the consent or approval of any governmental regulatory authority is necessary or desirable
as a condition to the issuance of Shares to the Participant (or his or her estate) hereunder, such issuance shall not occur unless
and until such listing, registration, qualification, rule compliance, consent or approval shall have been completed, effected or
obtained free of any conditions not acceptable to the Company. Where the Company determines that the delivery of the payment of
any Shares will violate U.S. Federal securities laws or any other applicable securities or exchange control laws, the Company shall
defer delivery until the earliest date on which the Company reasonably concludes, in its sole discretion, that the delivery of
such Shares will no longer cause such violation. The Company shall make all reasonable efforts to meet the requirements of any
such Federal or state law or securities exchange and to obtain any such consent or approval of any such governmental authority
or securities exchange.

 

18.       Clawback
Policy. Notwithstanding any provision of the Plan or this Award Agreement to the contrary, outstanding Performance Stock Units
may be cancelled, and the Company may require the Participant to return Shares (or the Fair Market Value of such Shares as of the
date on which such Shares were delivered to the Participant) and any other amount required by the Dodd-Frank Wall Street Reform
and Consumer Protection Act or other applicable law, or the Company’s Clawback Policy or any other applicable policy of the
Company or its Subsidiaries, including as may be adopted following the date hereof.

 

19.       Section
409A.

 

(a)       It
is intended that the Performance Stock Units granted pursuant to this Award Agreement comply with, or are exempt from, Section
409A of the Code, and all provisions of the Award Agreement shall be construed and interpreted in a manner consistent with the
requirements for avoiding taxes or penalties under Section 409A of the Code.

 

(b)       If,
at the time of the Participant’s separation from service (within the meaning of Section 409A of the Code), (1) the Participant
shall be a specified employee (within the meaning of Section 409A of the Code and using the identification methodology selected
by the Company from time to time) and (2) the Company makes a good faith determination that an amount payable pursuant to this
Award Agreement constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required
to be delayed pursuant to the six-month delay rule set forth in Section 409A of the Code in order to avoid taxes or penalties under
Section 409A of the Code, then the Company shall not pay such amount on the otherwise scheduled payment date but shall instead
pay it on the first business day after such six-month period. Such amount shall be paid without interest, unless otherwise determined
by the Committee, in its sole discretion.

 

(c)       A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Award Agreement providing
for the payment of any amount upon or following a termination of employment that is nonqualified deferred compensation subject
to Section 409A of the Code unless such termination is also a “separation from service” within the meaning of Section
409A of the Code and, for purposes of this Award Agreement, all references to “termination of employment” and correlative
phrases shall be construed to require a “separation from service” within the meaning of Section 409A of the Code.

 

    	 	5	 

     

    

 

(d)       Notwithstanding
any provision of the Plan or this Award Agreement to the contrary, in light of the uncertainty with respect to the proper application
of Section 409A of the Code, the Company reserves the right to make amendments to this Award Agreement as the Company deems necessary
or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code. In any case, the Participant shall be
solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on the Participant or for the
Participant’s account in connection with this Award Agreement (including any taxes and penalties under Section 409A of the
Code), and neither the Company nor any of its Affiliates shall have any obligation to indemnify or otherwise hold the Participant
harmless from any or all of such taxes or penalties.

 

(e)       Each
payment payable under this Award Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2)
of the Treasury Regulations.

 

ACCEPTANCE AND ACKNOWLEDGMENT

 

I, Douglas S. Boothe a resident of the State
of New Jersey, accept this Award of Performance Stock Units described in this Award Agreement and acknowledge receipt of a copy
of the Plan and this Award Agreement. I further acknowledge that I have read the Plan and Award Agreement carefully, I fully understand
their contents, and I agree to be bound by the same.

 

	 	 	 
	 	 	 
	Douglas S. Boothe	 	Date
	 	 	 
	 	 	 
	 	 	 
	Gregory P. Lawless, CHRO	 	Date

 

    	 	6	 

     

    

 

ANNEX A

 

	Percent
of Target Shares vesting upon completion of the Performance Period

                                                                                
	 	AKRX
                                         Closing Stock Price (as

                                                                                defined below)

	0	 	Less than $8.00
	50%	 	$8.00
	100%	 	$11.00
	150%	 	$13.00
	200%	 	$15.00
	300%	 	$20.00

 

The
“AKRX Closing Stock Price” means the average of the closing per-share sales price of Shares as reported by the Nasdaq (or
any other national stock exchange or quotation system on which the Shares may be listed or quoted) on each of the 10 consecutive
trading days ending on the last trading day that is on or prior to the end of the Performance Period.

 

Intermediate values between
AKRX Closing Stock Prices specified in the table above are deemed to be equal to the lower such specified AKRX Closing Stock
Price.

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