Document:

Exhibit 10.2

 

VOTING AND SUPPORT AGREEMENT

 

This Voting and Support Agreement, dated
as of March 16, 2020 (this “Agreement”), among Alligator Zebra Holdings, Inc., a Delaware corporation (“Parent”),
and the stockholders of Zyla Life Sciences, a Delaware corporation (the “Company”) listed on Schedule A
hereto (each, a “Stockholder” and, collectively, the “Stockholders”).

 

RECITALS

 

WHEREAS,
concurrently herewith, Parent, Zebra Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger
Sub”), Assertio Therapeutics, Inc., a Delaware corporation (“Assertio”), and the Company are
entering into an Agreement and Plan of Merger (the “Merger Agreement”; capitalized terms used but not defined
in this Agreement shall have the meanings ascribed to them in the Merger Agreement), pursuant to which (and subject to the terms
and conditions set forth therein) Merger Sub will merge with and into the Company, with the Company continuing as the surviving
corporation in the merger and as a wholly-owned subsidiary of Parent (the “Merger”);

 

WHEREAS, each Stockholder is the record
or “beneficial owner” (within the meaning of Rule 13d-3 under the Exchange Act) of shares of common stock,
par value $0.001 per share, of the Company (“Shares”) as set forth on Schedule A hereto (with respect
to each Stockholder, the “Owned Shares”; the Owned Shares and any additional Shares or other voting securities
of the Company of which such Stockholder acquires record or beneficial ownership after the date hereof, including, without limitation,
by purchase, as a result of a stock dividend, stock split, recapitalization, combination, reclassification, exchange or change
of such shares, or upon exercise or conversion of any securities, such Stockholder’s “Covered Shares”);

 

WHEREAS, as a condition and material inducement
to Parent, Assertio, and Merger Sub’s willingness to enter into the Merger Agreement and to proceed with the transactions
contemplated thereby, including the Merger, Parent and the Stockholders are entering into this Agreement; and

 

WHEREAS, the Stockholders acknowledge that
Parent, Assertio, and Merger Sub are entering into the Merger Agreement in reliance on the representations, warranties, covenants
and other agreements of the Stockholders set forth in this Agreement and would not enter into the Merger Agreement if any Stockholder
did not enter into this Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, Parent and the Stockholders
hereby agree as follows:

 

1.             Agreement
to Vote. Prior to the Termination Date (as defined herein), each Stockholder irrevocably and unconditionally agrees that
it shall at any meeting of the stockholders of the Company (whether annual or special and whether or not an adjourned or
postponed meeting) called to vote upon the Merger or any Acquisition Proposal (a “Stockholder Meeting”),
however called, or in connection with any written consent of stockholders of the Company:

 

     

     

    

 

(a)           
when a Stockholder Meeting is held, appear at such meeting or otherwise cause the Covered Shares to be counted as present
thereat for the purpose of establishing a quorum, and respond to each request by the Company for written consent, if any, and

 

(b)          
subject to Section 4 below, vote, or cause to be voted at such meeting (or validly execute and return and cause such consent
to be granted with respect to), all Covered Shares:

 

(i)            
in favor of the Merger, the adoption of the Merger Agreement and any other matters necessary for consummation of the Merger
and the other transactions contemplated in the Merger Agreement, and

 

(ii)          
against:

 

(A)            
any Acquisition Proposal; and

 

(B)             
any other action that would reasonably be expected to impede, interfere with, delay, postpone or adversely affect the Merger
or any of the transactions contemplated by the Merger Agreement or this Agreement.

 

2.            
Grant of Irrevocable Proxy; Appointment of Proxy.

 

(a)           
Subject to Section 2(b) and Section 4 below, each Stockholder hereby grants to, and appoints, Parent, the executive officers
of Parent, and any other designee of Parent, each of them individually, such Stockholder’s irrevocable (until the Termination
Date) proxy and attorney-in-fact (with full power of substitution) to vote the Covered Shares as indicated in Section 1. Each
Stockholder intends this proxy to be irrevocable (until the Termination Date) and coupled with an interest and will take such further
action or execute such other instruments as may be necessary to effectuate the intent of this proxy and hereby revokes any proxy
previously granted by such Stockholder with respect to the Covered Shares (the Stockholder representing to the Parent that any
such proxy is not irrevocable).

 

(b)          
The proxy granted in this Section 2 shall automatically expire and terminate upon the termination of this Agreement.

 

3.            
No Inconsistent Agreements. Each Stockholder hereby represents, covenants and agrees that, except as contemplated
by this Agreement, such Stockholder: (a) has not entered into, and shall not enter into at any time prior to the Termination
Date, any tender, voting or other similar agreement or arrangement, or voting trust with respect to any Covered Shares and (b) has
not granted, and shall not grant at any time prior to the Termination Date, a proxy or power of attorney with respect to any Covered
Shares, in either case, which is inconsistent with such Stockholder’s obligations pursuant to this Agreement.

 

4.             
Partial Release of Covered Shares. Notwithstanding anything in this Agreement to the contrary and subject to Section
5, in the event of a Company Adverse Recommendation Change in accordance with, and as permitted by, Section 6.2 of the Merger Agreement,
the obligation of the Stockholders to vote the Covered Shares in the manner pursuant to Section 1(b) and to grant a proxy to vote
the Covered Shares pursuant to Section 2 in a manner consistent with Section 1(b) shall not apply to the portion of the Covered
Shares that are Excess Shares (such Excess Shares that are so released from such provisions, the “Released Shares”).
 “Excess Shares” means an aggregate number of Covered Shares held by the Stockholders that is in excess of thirty-five
percent (35%) of the total number of Shares issued and outstanding as of any applicable record date for a Stockholder Meeting.

 

    2

     

    

 

5.            
Termination. This Agreement and all obligations on the part of the Stockholders hereunder shall terminate upon the
earliest of: (a) the Effective Time, (b) the termination of the Merger Agreement in accordance with its terms, (c) the
entry without the prior written consent of the Stockholders into any amendment or modification to the Merger Agreement or any waiver
of any of Parent’s obligations under the Merger Agreement, in each case, that results in (i) a decrease in the Merger Consideration
or (ii) a change in the form of Merger Consideration and (d) written notice of termination of this Agreement by Parent to
the Stockholders (such earliest date being referred to herein as the “Termination Date”); provided, that
the provisions set forth in Sections 12 to 26 shall survive the termination of this Agreement; provided further, that any
liability incurred by any party hereto as a result of a breach of a term or condition of this Agreement prior to such termination
shall survive the termination of this Agreement.

 

6.            
Representations and Warranties of Stockholders. Each Stockholder, as to itself (severally and not jointly), hereby
represents and warrants to Parent as follows:

 

(a)          
Such Stockholder is the record or beneficial owner of, and has good and valid title to, the Covered Shares, free and clear
of Liens other than as created by this Agreement. Such Stockholder has sole voting power, sole power of disposition, sole power
to demand appraisal rights and sole power to agree to all of the matters set forth in this Agreement, in each case with respect
to all of such Covered Shares, with no limitations, qualifications or restrictions on such rights, subject to applicable federal
securities laws and the terms of this Agreement. As of the date hereof, other than the Owned Shares and, with respect to any Stockholder,
as set forth on Schedule A, such Stockholder does not own beneficially or of record any (i) shares of capital stock or voting
securities of the Company, (ii) securities of the Company convertible into or exchangeable for shares of capital stock or voting
securities of the Company or (iii) options or other rights to acquire from the Company any capital stock, voting securities or
securities convertible into or exchangeable for capital stock or voting securities of the Company. The Covered Shares are not subject
to any voting trust agreement or other Contract to which such Stockholder is a party restricting or otherwise relating to the voting
or Transfer (as defined below) of the Covered Shares. Such Stockholder has not appointed or granted any proxy or power of attorney
that is still in effect with respect to any Covered Shares, except as contemplated by this Agreement.

 

(b)           Each
such Stockholder which is an entity is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its formation and has all requisite power and authority to execute and deliver this Agreement and to perform
its obligations hereunder; each such Stockholder who is a natural person has full legal power and capacity to execute and
deliver this Agreement and to perform such Stockholder’s obligations hereunder. The execution, delivery and performance
of this Agreement by each such Stockholder which is an entity, the performance by such Stockholder of its obligations
hereunder and the consummation by such Stockholder of the transactions contemplated hereby have been duly and validly
authorized by such Stockholder and no other actions or proceedings on the part of such Stockholder are necessary to authorize
the execution and delivery by such Stockholder of this Agreement, the performance by such Stockholder of its obligations
hereunder or the consummation by such Stockholder of the transactions contemplated hereby. This Agreement has been duly and
validly executed and delivered by such Stockholder and, assuming due authorization, execution and delivery by Parent,
constitutes a legal, valid and binding obligation of such Stockholder, enforceable against such Stockholder in accordance
with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether
considered in a proceeding in equity or at law). If such Stockholder is married, and any of the Covered Shares of such
Stockholder constitute community property or otherwise need spousal or other approval for this Agreement to be legal, valid
and binding, this Agreement has been duly and validly executed and delivered by such Stockholder’s spouse and, assuming
due authorization, execution and delivery by Parent, constitutes a legal, valid and binding obligation of such
Stockholder’s spouse, enforceable against such Stockholder’s spouse in accordance with its terms, except as
enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ rights generally and by general principles of equity (regardless of whether considered in a proceeding in
equity or at law).

 

    3

     

    

 

(c)           
Except for the applicable requirements of the Exchange Act, (i) no filing with, and no permit, authorization, consent
or approval of, any Governmental Authority is necessary on the part of such Stockholder for the execution, delivery and performance
of this Agreement by such Stockholder or the consummation by such Stockholder of the transactions contemplated hereby and (ii) neither
the execution, delivery or performance of this Agreement by such Stockholder nor the consummation by such Stockholder of the transactions
contemplated hereby nor compliance by such Stockholder with any of the provisions hereof shall (A) conflict with or violate,
any provision of the organizational documents of any such Stockholder which is an entity, (B) result in any breach or violation
of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien on such property
or asset of such Stockholder pursuant to, any Contract to which such Stockholder is a party or by which such Stockholder or any
property or asset of such Stockholder is bound or affected or (C) violate any order, writ, injunction, decree, statute, rule
or regulation applicable to such Stockholder or any of such Stockholder’s properties or assets except, in the case of clause (B)
or (C), for breaches, violations or defaults that would not, individually or in the aggregate, materially impair the ability of
such Stockholder to perform its obligations hereunder.

 

(d)           There
is no action, suit, investigation, complaint or other proceeding pending against any such Stockholder or, to the knowledge of
such Stockholder, any other Person or, to the knowledge of such Stockholder, threatened against any Stockholder or any other
Person that restricts or prohibits (or, if successful, would restrict or prohibit) the exercise by Parent of its rights under
this Agreement or the performance by any party of its obligations under this Agreement.

 

(e)           
Such Stockholder understands and acknowledges that Parent and Merger Sub are entering into the Merger Agreement in reliance
upon such Stockholder’s execution and delivery of this Agreement and the representations and warranties of such Stockholder
contained herein.

 

7.            
Certain Covenants of Stockholder. Each Stockholder, for itself (severally and not jointly), hereby covenants and
agrees as follows:

 

(a)           
Prior to the Termination Date, and except as contemplated hereby, such Stockholder shall not (i) tender into any tender
or exchange offer, (ii) sell (constructively or otherwise), transfer, pledge, hypothecate, grant, encumber, assign or otherwise
dispose of (collectively “Transfer”), or enter into any contract, option, agreement or other arrangement or
understanding with respect to the Transfer of any of the Covered Shares or beneficial ownership or voting power thereof or therein
(including by operation of law), (iii) grant any proxies or powers of attorney, deposit any Covered Shares into a voting trust
or enter into a voting agreement with respect to any Covered Shares or (iv) knowingly take any action that would have the
effect of preventing or disabling such Stockholder from performing its obligations under this Agreement. Any Transfer in violation
of this provision shall be void.

 

    4

     

    

 

(b)          
Notwithstanding anything to the contrary in this Agreement, the Stockholder may Transfer any or all of the Covered Shares,
in accordance with applicable Law: (i) if Stockholder is an individual (A) to any member of Stockholder’s immediate family,
or to a trust for the benefit of Stockholder or any member of Stockholder’s immediate family, or (B) upon the death of Stockholder,
to any member of Stockholder’s immediate family, or to a trust for the benefit of any member of Stockholder’s immediate
family; or (ii) if Stockholder is not an individual, to one or more partners or members of Stockholder or to an affiliated entity
under common control with Stockholder; provided, however, that a Transfer referred to in this sentence shall be permitted
only if, (X) as a precondition to such Transfer, the transferee agrees in a written document, reasonably satisfactory in form
and substance to Parent, to be bound by all of the terms of this Agreement, and (Y) such Transfer is effected no later than
three Business Days prior to the record date for any Stockholder Meeting (or any adjournment or postponement thereof) and does
not delay, hinder or impede (1) the timely voting of the Covered Shares in accordance with Section 1 or (2) the consummation
of the Merger.

 

(c)           
Prior to the Termination Date, in the event that a Stockholder acquires record or beneficial ownership of, or the power
to vote or direct the voting of, any additional Shares or other voting interests with respect to the Company, such Shares or voting
interests shall, without further action of the parties, be deemed Covered Shares and subject to the provisions of this Agreement,
and the number of Shares held by such Stockholder set forth on Schedule A hereto will be deemed amended accordingly and such Shares
or voting interests shall automatically become subject to the terms of this Agreement. Each Stockholder shall promptly notify Parent
and the Company of any such event.

 

8.            
Stockholder Capacity. This Agreement is being entered into by each Stockholder solely in its capacity as a stockholder
of the Company and not in such Stockholder’s capacity as a director, officer or employee of the Company, and nothing in this
Agreement shall restrict or limit the ability of any Stockholder, any of its Affiliates, or any of their respective directors,
officers or employees who is a director or officer of the Company to take any action or inaction or voting on any matter in his
or her capacity as a director or officer of the Company, including taking any action specifically permitted by the Merger Agreement.

 

    5

     

    

 

9.            
Waiver of Appraisal and Dissenters’ Rights and Actions. Stockholder hereby:

 

(a)           
waives and agrees not to exercise any rights of appraisal or rights to dissent from the Merger that Stockholder may have,
and

 

(b)          
agrees (i) not to commence any claim, derivative or otherwise, against Parent, Merger Sub, the Company or any of their respective
successors, or (ii) not to commence or participate in, and to take all actions necessary to opt out of, any class in any class
action with respect to, any claim, derivative or otherwise, against Parent, Merger Sub, the Company or any of their respective
successors, in each case of clause (i) and (ii), (A) challenging the validity of, or seeking to enjoin the operation of, any provision
of this Agreement or the Merger Agreement, (B) alleging a breach of any fiduciary duty of the Board of Directors of the Company
in connection with the Merger Agreement or the Transactions contemplated thereby, (C) making any claim with respect to SEC disclosure
(or other disclosure to the Company’s stockholders) in connection with the negotiation, execution or delivery of this Agreement
or the Merger Agreement or the approval or consummation of the Merger, or (D) making any aiding and abetting or similar claim against
Parent or Merger Sub, or any of their respective Affiliates or Representatives, in connection with the foregoing.

 

10.          
Disclosure. Each Stockholder hereby authorizes Parent and the Company to publish and disclose in any announcement
or disclosure required by the SEC and in the Joint Proxy Statement such Stockholder’s identity and ownership of the Covered
Shares and the nature of such Stockholder’s obligations under this Agreement.

 

11.          
Non-Survival of Representations and Warranties. The representations and warranties of the Stockholders contained
herein shall not survive the termination of this Agreement or the closing of the transactions contemplated hereby and by the Merger
Agreement.

 

12.          
Amendment and Modification. This Agreement may not be amended, modified or supplemented in any manner, whether by
course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf
of each party and otherwise as expressly set forth herein.

 

13.           Waiver.
No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or
power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power.
The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies which they
would otherwise have hereunder. Any agreement on the part of a party to any such waiver shall be valid only if set forth in a
written instrument executed and delivered by such party.

 

    6

     

    

 

14.           
Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on
the date of delivery if delivered personally, or if by facsimile or e-mail, upon written confirmation of receipt by facsimile,
e-mail or otherwise, (b) on the first Business Day following the date of dispatch if delivered utilizing a next-day service
by a recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth Business Day following the date of
mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be
delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party
to receive such notice:

 

(i)            
If to a Stockholder, to the address set forth opposite such Stockholder’s name on Schedule A hereto.

 

(ii)           
If to Parent:

 

Assertio Therapeutics, Inc.

100 South Saunders Rd., Suite 300

Lake Forest, IL 60045

Attention: Legal Department

Facsimile: (510) 744-8001

E-mail: ____________________

 

with a copy (which shall not constitute notice) to:

 

Gibson, Dunn & Crutcher LLP

555 Mission St.

San Francisco, CA 94105

Attention: Ryan A. Murr

Facsimile: (415) 393-8200

E-mail: rmurr@gibsondunn.com

 

15.          
Entire Agreement. This Agreement constitutes the entire agreement, and supersedes all prior written agreements, arrangements,
communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings
between the parties with respect to the subject matter hereof.

 

16.          
No Third-Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to or shall confer upon
any Person other than the parties and their respective successors and permitted assigns any legal or equitable right, benefit or
remedy of any nature under or by reason of this Agreement.

 

17.           Governing
Law. This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions
contemplated hereby shall be governed by, and construed in accordance with, the internal laws of the State of Delaware,
without regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the
State of Delaware.

 

    7

     

    

 

18.          
Submission to Jurisdiction. Each of the parties irrevocably agrees that any legal action or proceeding arising out
of or relating to this Agreement brought by any party or its Affiliates against any other party or its Affiliates shall be brought
and determined in the Court of Chancery of the State of Delaware; provided, that if jurisdiction is not then available in
the Court of Chancery of the State of Delaware, then any such legal action or proceeding may be brought in any federal court located
in the State of Delaware or any other Delaware state court. Each of the parties hereby irrevocably submits to the jurisdiction
of the aforesaid courts for itself and with respect to its property, generally and unconditionally, with regard to any such action
or proceeding arising out of or relating to this Agreement and the transactions contemplated hereby. Each of the parties agrees
not to commence any action, suit or proceeding relating thereto except in the courts described above in Delaware, other than actions
in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in Delaware as described
herein. Each of the parties further agrees that notice as provided herein shall constitute sufficient service of process and the
parties further waive any argument that such service is insufficient. Each of the parties hereby irrevocably and unconditionally
waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action or proceeding arising
out of or relating to this Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject
to the jurisdiction of the courts in Delaware as described herein for any reason, (b) that it or its property is exempt or
immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice,
attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) that
(i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit,
action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such
courts.

 

19.          
Assignment; Successors. Neither this Agreement nor any of the rights, interests or obligations under this Agreement
may be assigned or delegated, in whole or in part, by operation of law or otherwise, by any party without the prior written consent
of the other parties, and any such assignment without such prior written consent shall be null and void; provided, however,
that Parent and Merger Sub may assign, in its sole discretion, any or all of its rights, interests and obligations under this Agreement
to Parent or any of its Affiliates at any time, in which case all references herein to Parent or Merger Sub, as applicable, shall
be deemed references to such other Affiliate. Subject to the preceding sentence, this Agreement will be binding upon, inure to
the benefit of, and be enforceable by, the parties and their respective successors and assigns.

 

20.           Enforcement.
The parties agree that irreparable damage would occur in the event that the parties hereto do not perform the provisions of
this Agreement in accordance with its terms or otherwise breach such provisions. Accordingly, prior to the Termination Date,
the parties acknowledge and agree that each party shall be entitled to an injunction, specific performance and other
equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the
Court of Chancery of the State of Delaware, provided, that if jurisdiction is not then available in the Court of
Chancery of the State of Delaware, then in any federal court located in the State of Delaware or any other Delaware state
court, this being in addition to any other remedy to which such party is entitled at law or in equity. Each of the parties
hereby further waives (a) any defense in any action for specific performance that a remedy at law would be adequate and
(b) any requirement under any law to post security as a prerequisite to obtaining equitable relief.

 

    8

     

    

 

21.          
Severability. Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted
in such manner as to be effective and valid under applicable Law, but if any provision or portion of any provision of this Agreement
is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule in any jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this
Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision
or portion of any provision had never been contained herein.

 

22.          
Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

23.          
Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and
the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered
to the other party.

 

24.          
Facsimile or .pdf Signature. This Agreement may be executed by facsimile or .pdf signature and a facsimile or .pdf
signature shall constitute an original for all purposes.

 

25.          
Confidentiality. The Stockholders agree (a) to hold any non-public information regarding this Agreement and
the Merger in strict confidence and (b) except as required by law or legal process not to divulge any such non-public information
to any third Person.

 

26.          
No Presumption Against Drafting Party. Each of the parties to this Agreement acknowledges that it has been represented
by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of law
or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the drafting party
has no application and is expressly waived.

 

[The remainder of this page is intentionally
left blank.]

 

    9

     

    

 

IN WITNESS WHEREOF, Parent and the Stockholders
have caused to be executed or executed this Agreement as of the date first written above.

 

	 	ALLIGATOR ZEBRA HOLDINGS,
    INC.
	 	 
	 	 
	 	Name:
	 	Title:
	 	 
	 	STOCKHOLDER:
	 	 
	 	 
	 	 
	 	Name:
	 	Title:
	 	 
	 	[Insert additional stockholders]

 

Signature Page to Voting
Agreement

 

     

     

    

 

SCHEDULE A

 

	Stockholder	Address	Owned Shares
	 	 	 
	 	 	 

 

    Schedule A
1Exhibit 10.3

 

TRANSITION AGREEMENT

 

This Transition Agreement
(this “Agreement”) is entered into by and between Arthur Higgins (“Executive”)
and Assertio Therapeutics, Inc., a Delaware corporation (“Assertio”) and is dated as of March 16, 2020.
The Executive and the Company shall collectively be referred to herein as the “Parties.”

 

RECITALS

 

WHEREAS, the Executive
has previously entered into: (i) that certain Offer Letter Agreement, dated March 28, 2017, with Assertio (the “Offer
Letter”) and (ii) that certain Amended and Restated Management Continuity Agreement with Assertio, as amended by
that certain First Amendment to the Amended and Restated Management Continuity Agreement (the “Management Continuity
Agreement”);

 

WHEREAS, Assertio has
entered into that certain Agreement and Plan of Merger, dated March [16], 2020, by and among Alligator Holdings, Inc., (the
 “Company”), Assertio, Zebra Merger Sub, Inc., a Delaware corporation, and Zyla Life Sciences, a Delaware
corporation (“Zyla”) (such agreement, the “Merger Agreement”), which contemplates
the acquisition of Zyla by the Company pursuant to the terms and conditions set forth in the Merger Agreement (the “Transaction”);

 

WHEREAS, Section 1.1(e)
of the Merger Agreement provides that, at the Effective Time (as defined in the Merger Agreement), the Executive, who currently
serves as the President and Chief Executive Officer of Assertio, shall serve as the Non-Executive Chairman of the Board of Directors
of the Company, whereupon he shall cease serving as the President and Chief Executive Officer of Assertio; and

 

WHEREAS, the Parties
desire to enter into a transition agreement on the terms and conditions set forth herein to memorialize all of the rights, duties
and obligations of the Parties with respect to the engagement of the Executive by the Company as the Non-Executive Chairman of
the Board of Directors of the Company.

 

NOW, THEREFORE, in
consideration of the mutual covenants undertaken in this Agreement, Executive and the Company hereby acknowledge and agree as follows:

 

AGREEMENT

 

		1)	Transaction Bonus; Transition and Service Term.

 

a)                  
On the Closing Date (as defined in the Merger Agreement), the Executive shall be paid by the Company a cash amount equal
to $400,000, subject to the Separation Contingencies (defined below). “Separation Contingencies” refers
to the occurrence of the following events or circumstances: (i) Executive’s continued service as President and Chief Executive
Officer of Assertio through the Closing Date, and (ii) the Executive’s execution and non-revocation of the release attached
hereto as Appendix A, which shall have become effective and irrevocable on the eighth (8th) day following the date the Executive
executes such release.

 

b)                 
As of the Closing Date, the Executive shall cease to serve as a full-time employee and the President and Chief Executive
Officer of Assertio and shall commence his engagement as the Non-Executive Chairman of the Board of Directors of the Company. The
Executive shall serve as the Non-Executive Chairman of the Board of Directors of the Company until the 2022 Annual Meeting of the
Stockholders of the Company, unless the Executive’s engagement with the Company is terminated prior to the date of such meeting
(such period of service, the “Service Term”).

 

c)                  
In the event that the Merger Agreement is terminated prior to the Effective Time, the terms set forth herein shall be void
ab initio and of no force and effect.

 

     

     

    

 

2)           
Director Compensation. During the Service Term, the Executive shall be eligible to receive the following compensation,
subject to the Executive’s continued engagement as Chairman of the Board of the Company:

 

a)                  
An annual cash retainer of $95,000, paid in quarterly installments in arrears;

 

b)                 
A restricted stock unit award granted in accordance with the equity-based compensation plan (as amended from time to time)
sponsored by the Company, as assumed by the Company (the “Parent Plan”) on the date of each Annual Meeting
of Stockholders of Assertio or the Company (as applicable) held in calendar years 2020 and 2021. The grant-date value of each RSU
award shall be $190,000 based on the “fair market value” (as such term is defined in the Parent Plan) of the common
stock of Assertio or the Company (as applicable) on the date of grant. Each such RSU shall vest on the first anniversary of the
date on which such award is made to the Executive. Such RSU shall be governed by the terms and conditions of the Parent Plan and
applicable award agreements. Such RSU award(s) shall be referred to herein as the “Director Equity Awards.”

 

3)            
Additional Payments. In addition to the payments set forth in Section 2) of this Agreement, the Executive shall also
be eligible to earn the following payments:

 

a)                  
A lump-sum cash payment equal to $1,200,000, which shall be paid no later than March 15, 2021, contingent upon Executive
executing and not revoking a supplemental release attached hereto as Appendix A, which release is effective and irrevocable on
the date of payment.

 

b)                 
A bonus payment in an amount up to $400,000 for the period commencing as of the date of this Agreement and ending on the
Closing Date, subject to the achievement of corporate and personal goals determined by the Compensation Committee of the Board
of Directors of Assertio in consultation with the Executive. Such payment shall be made to the Executive on the same date that
bonuses are otherwise paid to executive officers of the Company; provided, that such bonus shall be paid to the Executive no later
than March 15, 2021.

 

		4)	Treatment of Equity Compensation.

 

a)                  
The Parties acknowledge and agree that the Executive holds outstanding equity awards under the Second Amended and Restated
2004 Equity Incentive Plan of Assertio Therapeutics, Inc. (as amended from time to time) (the “2004 Plan”)
and the Assertio Therapeutics, Inc. Amended and Restated 2014 Omnibus Incentive Plan (as amended from time to time) (the “2014
Plan” and together with the 2004 Plan, the “Existing Plans”). Awards under the Existing
Plans issued through the Closing Date shall be referred to herein as the “Existing Awards” and, together
with the Director Equity Awards, the “Executive Awards.”

 

b)                 
The Executive Awards shall be treated as follows:

 

i)                   
The Executive Awards shall continue to vest through the 2022 Annual Meeting of the Stockholders of the Company, subject
to (A) the Executive’s continued service as the Non-Executive Chairman of the Board of Directors of the Company through the
date of such meeting and (B) the vesting schedule set forth in the applicable award agreements;

 

ii)                  Subject
to the Executive’s continued service as the Non-Executive Chairman of the Board of Directors of the Company through the
2022 Annual Meeting of the Stockholders of the Company, the Executive shall be credited with an additional twelve (12) months
of service for purposes of determining the vesting of his Existing Awards, which shall result in (A) the immediate vesting as
of the date of the 2022 Annual Meeting of the Stockholders of the Company of those otherwise unvested Existing Awards that
would have become vested if the Executive had completed an additional twelve (12) months of service following such date and
the risk of forfeiture of the Executive’s applicable number of Existing Awards shall lapse on such date and (B) the
vesting on the twelve (12) month anniversary of the 2022 Annual Meeting of the Stockholders of the Company with of the
Executive Awards subject to performance conditions with such vesting based on the achievement of applicable performance
conditions. Each such equity award shall be exercisable in accordance with the provisions of the award agreement and plan
pursuant to which such equity award was granted, including, in the case of stock options, the plan or award agreement
provisions regarding any post-termination period of exercisability.

 

     

     

    

 

iii)              
In the event the Executive is not reelected to serve as a member of the Board of Directors of the Company at the 2021 Annual
Meeting of the Stockholders of the Company, the Executive shall be credited with an additional twelve (12) months of service for
purposes of determining the vesting of his Exisiting Awards, which shall result in (A) the immediate vesting as of the date of
the 2021 Annual Meeting of the Stockholders of the Company of those otherwise unvested Exisiting Awards that would have become
vested if the Executive had completed an additional twelve (12) months of service following such date and the risk of forfeiture
of the Executive’s applicable number of Exisiting Awards shall lapse on such date and (B) the vesting on the twelve (12)
month anniversary of the 2021 Annual Meeting of the Stockholders of the Company of the Exisiting Awards subject to performance
conditions with such vesting based on the achievement of applicable performance conditions. Each such equity award shall be exercisable
in accordance with the provisions of the award agreement and plan pursuant to which such equity award was granted, including, in
the case of stock options, the plan or award agreement provisions regarding any post-termination period of exercisability.

 

iv)                
Notwithstanding the foregoing, in the event that:

 

(1)               
The Board of Directors of the Company terminates the Executive’s engagement without “Cause” (as such term
is defined in Appendix B), then the Executive Awards shall continue to vest through the 2023 Annual Meeting of the Stockholders
of the Company subject to the vesting schedule set forth in the applicable award agreements; and

 

(2)              
The Executive’s engagement as Non-Executive Chairman is terminated for Cause or he resigns voluntarily, then the unvested
Executive Awards shall be forfeited in exchange for no consideration.

 

5)            
COBRA. Commencing on the Closing Date, and subject to the Separation Contingencies, the Company shall provide the
Executive with the full cost of the health insurance benefits provided to the Executive and his spouse and dependents, as applicable,
immediately prior to the Closing Date pursuant to the terms of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
(“COBRA”) or other applicable law through the earlier of the end of the eighteen (18) month period following
the Closing Date or the date upon which the Executive is no longer eligible for such COBRA or other benefits under applicable law.

 

6)            
Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on
the date of delivery if delivered personally, or if by facsimile or e-mail, upon written confirmation of receipt by facsimile,
e-mail or otherwise, (b) on the first business day following the date of dispatch if delivered utilizing a next-day service by
a recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth business day following the date of mailing
if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered
to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive
such notice:

 

     

     

    

 

	 	To Company:	
        Assertio Therapeutics, Inc.

        100 South Saunders Road, Suite 300

        Lake Forest, Illinois 60045

        Attention: Chief Financial Officer

        Email: dpeisert@assertiotx.com

         

	 	To Executive:	
        Arthur Higgins

        Email: ahiggins@assertiotx.com

         

 

		7)	Miscellaneous.

 

a)                 
Amendment and Modification. This Agreement may not be amended, modified or supplemented in any manner, whether by
course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf
of each Party.

 

b)                 
Waiver. No failure or delay of either Party in exercising any right or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to
enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other
right or power. The rights and remedies of the Parties hereunder are cumulative and are not exclusive of any rights or remedies
which they would otherwise have hereunder. Any agreement on the part of either Party to any such waiver shall be valid only if
set forth in a written instrument executed and delivered by a duly authorized officer on behalf of such Party.

 

c)                  
Entire Agreement. This Agreement constitutes the entire agreement, and supersedes all prior written agreements, arrangements,
communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings
between the parties with respect to the subject matter hereof and thereof, except as otherwise set forth herein (including the
Offer Letter but excluding the Management Continuity Agreement).

 

d)                 
Governing Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State
of California, without regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles
of the State of California.

 

e)                 
Assignment; Successors. The Company may not assign this Agreement to anyone, at any time, without the Executive’s
prior written consent, except that the Company may assign its rights and obligations under this Agreement without the consent of
the Executive to any successor to the business or assets of the Company (whether by reorganization, consolidation merger, sale
or other transaction). This Agreement shall inure to the benefit of and be binding upon the Company’s predecessors, successors,
subsidiaries, permitted assignees, parents, branches, divisions or other affiliates, and upon Executive’s heirs, executors
and administrators.

 

f)                  
Severability. If any provision of this Agreement or its application is held invalid, the invalidity shall not affect
other provisions or applications of the Agreement which can be given effect without the invalid provisions or application and,
therefore, the provisions of this Agreement are declared to be severable. In addition, should any court of competent jurisdiction
determine that any provision of this Agreement is unenforceable, the parties agree that the court should modify the provision to
the minimum extent necessary to render said provision enforceable?

 

     

     

    

 

g)                 
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be considered one and
the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered
to the other party.

 

[The remainder of this page is intentionally
left blank.]

 

     

     

    

 

IN WITNESS WHEREOF,
the Company and the Executive have caused this Agreement to be executed as of the date first written above.

 

	ASSERTIO
    THERAPEUTICS, INC.	 	ARTHUR HIGGINS
	 	 	 
	By:	/s/ James
    L. Tyree	 	/s/
    Arthur Higgins
	Name: James
    L. Tyree	 	Arthur Higgins
	Title: Chairman
    Compensation Committee	 	 

     

     

    

 

Appendix A

 

Release

 

Assertio Therapeutics, Inc. has offered
to pay me the benefits (the “Benefits”) described in that certain Transition Agreement dated as of March [_],
2020 (the “Transition Agreement”), which were offered to me in exchange for my agreement, among other things,
to waive all of my, on behalf of myself and my dependents, successors, heirs, assigns, agents, and executors, claims against and
release Assertio Holdings, Inc. and its predecessors, successors and assigns (collectively referred to as the “Company”),
all of the affiliates (including parents and subsidiaries) of the Company (collectively referred to as the “Affiliates”)
and the Company’s and Affiliates’ directors and officers, employees and agents, insurers, employee benefit plans and
the fiduciaries and agents of said plans (collectively, with the Company and Affiliates, referred to as the “Corporate
Group”) from any and all claims, demands, actions, liabilities and damages arising out of or relating in any way to my
employment with or separation from the Company or the Affiliates; provided, however, that this Release shall not apply to (1) any
existing right I have to indemnification, contribution and a defense, (2) any directors and officers and general liability insurance
coverage, (3) any rights I may have as a shareholder of the Company, (4) any rights I have to the Benefits, (5) rights to vested
benefits under the Company’s benefit plans and (6) any rights which cannot be waived or released as a matter of law.

 

I understand that signing this Release
is an important legal act. I acknowledge that the Company has advised me in writing to consult an attorney before signing this
Release and has given me at least twenty-one (21) calendar days from the day I received a copy of this Release to sign it. 

 

In exchange for the payment to me of Benefits,
I (1) agree not to sue in any local, state and/or federal court regarding or relating in any way to my employment with or separation
from the Company or the Affiliates, (2) knowingly and voluntarily waive all claims and release the Corporate Group from any and
all claims, demands, actions, liabilities, and damages, whether known or unknown, arising out of or relating in any way to my employment
with or separation from the Company or the Affiliates and (3) waive any rights that I may have under any of the Company’s
involuntary severance benefit plans or any other severance agreement with the Company, except to the extent that my rights are
vested under the terms of an employee benefit plan sponsored by the Company or an Affiliate and except with respect to such rights
or claims as may arise after the date this Supplemental Release is executed. This Release includes, but is not limited to, claims
and causes of action under: Title VII of the Civil Rights Act of 1964, as amended (“Title VII”); the Age Discrimination
in Employment Act of 1967, as amended, including the Older Workers Benefit Protection Act of 1990 (“ADEA”);
the Civil Rights Act of 1866, as amended; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990 (“ADA”);
the Energy Reorganization Act, as amended, 42 U.S.C. §§ 5851; the Workers Adjustment and Retraining Notification Act
of 1988; the Sarbanes-Oxley Act of 2002; the Employee Retirement Income Security Act of 1974, as amended; the Family and Medical
Leave Act of 1993; the Fair Labor Standards Act; the Occupational Safety and Health Act; claims in connection with workers’
compensation or “whistle blower” statutes (except to the extent prohibited by law); and/or contract, tort, defamation,
slander, wrongful termination or any other state or federal regulatory, statutory or common law. Further, I expressly represent
that no promise or agreement which is not expressed herein has been made to me in executing this Release, and that I am relying
on my own judgment in executing this Release, and that I am not relying on any statement or representation of the Company, any
of the Affiliates or any other member of the Corporate Group or any of their agents. I agree that this Release is valid, fair,
adequate and reasonable, is entered into with my full knowledge and consent, was not procured through fraud, duress or mistake
and has not had the effect of misleading, misinforming or failing to inform me.

 

Notwithstanding the foregoing, nothing contained
in this Release is intended to prohibit or restrict me in any way from (1) bringing a lawsuit against the Company to enforce the
Company’s obligations under the Transition Agreement; (2) making any disclosure of information required by law; (3) providing

information to, or testifying or otherwise assisting in any
investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative body, any self-regulatory
organization, or the Company’s legal, compliance or human resources officers; (4) testifying or participating in or otherwise
assisting in a proceeding relating to an alleged violation of any federal, state or municipal law relating to fraud or any rule
or regulation of the Securities and Exchange Commission or any self-regulatory organization; or (5) filing any claims that are
not permitted to be waived or released under applicable law (although my ability to recover damages or other relief is still waived
and released to the extent permitted by law). Nothing contained in this Release is intended to waive any rights I may have related
to unemployment compensation and workers’ compensation and indemnification claims under applicable law.

 

     

     

    

 

I acknowledge that I may discover facts
different from or in addition to those which I now know or believe to be true and that this Release shall be and remain effective
in all respects notwithstanding such different or additional facts or the discovery thereof.

 

Should any of the provisions set forth in
this Release be determined to be invalid by a court, agency or other tribunal of competent jurisdiction, it is agreed that such
determination shall not affect the enforceability of other provisions of this Release. I acknowledge that this Release sets forth
the entire understanding and agreement between me and the Company or any other member of the Corporate Group concerning the subject
matter of this Release and supersede any prior or contemporaneous oral and/or written agreements or representations, if any, between
me and the Company or any other member of the Corporate Group on the same subject matter. I understand that for a period of
seven (7) calendar days following the date that I sign this Release, I may revoke this Release, provided that my written statement
of revocation is received on or before that seventh day by the Vice President, Human Resources, Assertio Therapeutics, Inc., 100
South Saunders Road, Suite 300, Lake Forest, Illinois 60045, in which case the Release will not become effective. In the event
I revoke my acceptance of this offer, the Company shall have no obligation to provide me the Benefits. I understand that failure
to revoke my acceptance of the offer within seven (7) calendar days from the date I sign this Release will result in this Release
being permanent and irrevocable.

 

I acknowledge that I have read this Release,
have had an opportunity to ask questions and have it explained to me and that I understand that this Release will have the effect
of knowingly and voluntarily waiving any action I might pursue, including breach of contract, personal injury, retaliation, discrimination
on the basis of race, age, sex, national origin, or disability and any other claims arising prior to the date of this Release.
By execution of this document, I do not waive or release or otherwise relinquish any legal rights I may have which are attributable
to or arise out of acts, omissions, or events of the Company or any other member of the Corporate Group which occur after the date
of the execution of this Release.

 

	Employee’s Name	 	Company Representative’s Signature
	 	 	 
	Employee’s Signature	 	Company’s Representative’s Name and Title
	 	 	 
	Employee’s Signature Date	 	Company’s Execution Date

 

     

     

    

 

Appendix B

 

Cause and Cause Cure Process

 

The Executive’s employment with the Company or the Executive’s
provision of services after the Closing Date may be terminated for “Cause”. For purposes of this Agreement, “Cause”
shall mean (i) gross negligence or willful misconduct in the performance of Executive’s duties to the Company where
such gross negligence or willful misconduct has resulted or is likely to result in substantial and material damage to the Company
or its subsidiaries, (ii) repeated unexplained or unjustified absence from the performance of services for the Company, (iii) a
material and willful violation of any federal or state law resulting or likely to result in substantial and material damage to
the Company or its subsidiaries; (iv) commission of any act of fraud with respect to the Company resulting or likely to result
in substantial and material damage to the Company or its subsidiaries, or (v) conviction of a felony or a crime involving
moral turpitude causing material harm to the standing and reputation of the Company, in each case subject to the Company’s
compliance with the “Cause Cure Process” as specified immediately below.

 

“Cause Cure Process” shall mean that (i) Company
reasonably determines that the Executive has engaged in behavior constituting “Cause”; (ii) Company notifies the
Executive in writing of the first occurrence of the behavior constituting “Cause” within ninety (90) days of the first
occurrence of such condition; (iii) the Executive shall have thirty (30) days following such notice (the “Cause Cure
Period”), to substantially remedy the condition, if curable; (iv) notwithstanding such efforts, the condition constituting
 “Cause” continues to exist; and (v) Company terminates the Executive’s service prior to the Separation Date
due to “Cause” within ninety (90) days after the end of the Cause Cure Period. For avoidance of doubt, if the behavior
constituting “Cause” is not substantially curable, then the Cause Cure Period shall end on the date the Executive receives
the Company’s written notice set forth in clause (ii) above.  If the Executive substantially cures the condition constituting
 “Cause” during the Cause Cure Period, such behavior constituting “Cause” shall be deemed not to have occurred.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]