Document:

Exhibit 10.37

 

EXECUTION VERSION

 

AMENDMENT NO. 1 AND ACKNOWLEDGEMENT
TO AMENDED

AND RESTATED LOAN AND SECURITY AGREEMENT

 

This Amendment
No. 1 and Acknowledgement to Amended and Restated Loan and Security Agreement (this "Amendment"), dated as of
November 3, 2009, is made by LeapFrog Enterprises, Inc., a Delaware corporation (the "Borrower"), the Required
Lenders (as such term is defined in the Loan Agreement referred to below) party hereto, and Bank of America, N.A., as Agent (the
"Agent").

 

RECITALS

 

Reference is hereby
made to the Amended and Restated Loan and Security Agreement dated as of August 13, 2009 among the Borrower, the Lenders from time
to time party thereto and the Agent (the "Loan Agreement").

 

The parties hereto
agree, among other things, to amend the Loan Agreement as set forth herein on the terms and conditions set forth herein.

 

AGREEMENT

 

NOW THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending
to be legally bound, hereby agree as follows:

 

1.           Definitions.
Unless otherwise expressly defined herein, all capitalized terms used herein and defined in the Loan Agreement shall be used herein
as so defined. Unless otherwise expressly stated herein, all Section references herein shall refer to Sections of the Loan Agreement.

 

2.           Amendments
to Loan Agreement.

 

(a)          The
definition of "Compliance Certificate" in Section 1.1 is amended by replacing the words "Sections 10.2.3 and
10.3" with the words "Section 10.3".

 

(b)          The
definition of "Permitted Purchase Money Debt" in Section 1.1 is amended by deleting the words "and its incurrence
does not violate Section 10.2.3".

 

(c)          Section
10.2.1 is amended by (1) designating existing subsection (q) as new subsection (r) and (2) inserting new subsection (q) to read
as follows:

 

"(q)
Debt consisting of the financing of insurance premiums in an aggregate amount not to exceed $2,500,000 at any time; and".

 

3.            Acknowledgment.
The Required Lenders hereby acknowledge that no Default or Event of Default arose as a result of the Borrower's entering into (i)
that certain Commercial Insurance Premium Finance and Security Agreement dated as of August 25, 2009 between the Borrower and BankDirect
Capital Finance, LLC and (ii) that certain Commercial Insurance Premium Finance and Security Agreement dated as of September 24,
2009 between the Borrower and BankDirect Capital Finance, LLC.

 

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EXECUTION VERSION

 

4.          Conditions
Precedent. This Amendment shall become effective as of the date first above written (the "Amendment No. 1 Effective
Date") if on or before November 3, 2009, (a) the Agent shall have received counterparts of this Amendment executed by
the Borrower and the Required Lenders (or, as to any of the Lenders, advice satisfactory to the Agent that such Lender has executed
this Amendment); and (b) all fees and expenses due and payable under the Loan Agreement shall have been paid.

 

5.          Representations
and Warranties. The Borrower hereby represents and warrants to the Agent and the Lenders that, as of the Amendment No. 1 Effective
Date and after giving effect to this Amendment, (a) all representations and warranties set forth in the Loan Documents are true
and correct in all material respects as if made again on and as of the Amendment No. 1 Effective Date (except for those which
by their terms specifically refer to an earlier date, in which case such representations and warranties shall be true and correct
in all material respects as of such earlier date), (b) no Default or Event of Default has occurred and is continuing and (c) the
Loan Agreement (as amended by this Amendment) and all other Loan Documents are and remain legal, valid, binding and enforceable
obligations of the Obligors in accordance with the trems thereof except as may be limited by bankruptcy,  insolvencv,
accordance Will the terms theror except as by bankruptcy,reorganization, moratorium or similar laws relating to or limiting creditors'
rights generally or by equitable principles (regardless of whether enforcement is sought in equity or at law).

 

6.          Reference
to Agreement. Each of the Loan Documents, including the Loan Agreement, and any and all other agreements, documents or instruments
now or hereafter executed and/or delivered pursuant to the terms hereof or pursuant to the terms of the Loan Agreement as amended
hereby, are hereby amended so that any reference in such Loan Documents to the Loan Agreement, whether direct or indirect, shall
mean a reference to the Loan Agreement as amended hereby. This Amendment shall constitute a Loan Document.

 

7.          Costs
and Expenses. The Company shall pay on demand all reasonable costs and expenses of the Agent and the Lenders (including the
reasonable fees, costs and expenses of counsel to the Agent and the Lenders) incurred in connection with the preparation, execution
and delivery of this Amendment.

 

8.          Governing
Law. This Amendment shall be construed in accordance with and governed by the laws of the State of California.

 

9.          Execution.
This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Amendment by facsimile shall be effective as delivery of a manually
executed counterpart of this Amendment.

 

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

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers thereunto duly authorized
as of the date first written above.

 

	 	LEAPFROG ENTERPRISES, INC.,
	 	as Borrower
	 	 
	 	By:	/s/
    William B. Chiasson
	 	 	Name: WILLIAM B. CHIASSON
	 	 	Title: CFO

 

Amendment No. 1 and Acknowledgement to Amended
and Restated Loan and Security Agreement

 

    	 

    	 

    

 

	 	BANK OF AMERICA, N.A.,
	 	as Agent and Lender
	 	 
	 	By:	/s/ Steven W.Sharp
	 	 	Name: STEVEN W.SHARP
	 	 	Title:  VICE PRESIDENT

 

Amendment No. 1 and Acknowledgement to Amended
and Restated Loan and Security Agreement

 

    	 

    	 

    

 

	 	WACHOVIA CAPITAL FINANCE

CORPORATION (WESTERN),
	 	as Lender
	 	 
	 	By:	/s/ Robin Van Meter
	 	 	Name: Robin Van Meter 
	 	 	Title:  Vice President

 

Amendment No. 1 and Acknowledgement to Amended
and Restated Loan and Security AgreementExhibit 10.3

AMENDMENT AGREEMENT

 

This Amendment Agreement
(the “Agreement”), dated February 28, 2012, is by and between Elite Pharmaceuticals, Inc., a Nevada corporation
(the “Company”) and Socius CG II, Ltd., a Bermuda exempted company (the “Investor”).

 

RECITALS

 

A.    Pursuant
to that certain Securities Purchase Agreement (the “Purchase Agreement”), dated as of December 30, 2011, by
and between the Company and the Investor, the Company has agreed to issue and sell to the Investor, and the Investor has agreed
to purchase from the Company, subject to the terms and conditions of the Purchase Agreement, (i) the Preferred Shares, (ii) the
Additional Investment Right, (iii) the Additional Investment Shares, (iii) the Warrant, and (iv) the Warrant Shares, in each
case as more fully described in the Purchase Agreement. Capitalized terms used in this Agreement that are not otherwise defined
have the meanings set forth in the Purchase Agreement. Notwithstanding the foregoing, as the Company recently changed its state
of incorporation from Delaware to Nevada and the “Certificate of Designations”, as defined in the Purchase Agreement,
has been incorporated into the Company’s Nevada Articles of Incorporation, all references to the “Certificate of Designations”
means Section 4.7 of the Articles of Incorporation.

 

B.The Company and the
Investor now desire to amend certain of the terms of the Purchase Agreement, the Warrant and certain of the other Transaction Documents.

 

AGREEMENT

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

 

1.              Purchase Agreement.

 

(a)               
Section 2.3(c)(i) of the Purchase Agreement is hereby deleted in its entirety and replaced
with the following:

 

“Warrant.  On
each Tranche Notice Date, that portion of the Warrant equal to 35% of the Tranche Amount shall vest and become exercisable, and
shall be automatically exercised, at the price per share set forth in the Warrant, all as more fully set forth in the Warrant.  Investor
shall document the automatic exercise of such portion of the Warrant by delivering an Exercise Notice to the Company and shall
make payment for the shares issuable upon such exercise through the issuance of a recourse note in the form attached as Exhibit
G to this Agreement as set forth in the Warrant. An Exercise Notice in respect of an automatic exercise of the Warrant, and
the payment of the exercise price in respect thereof, shall be delivered on or before 4:00 p.m., New York City time, on the Trading
Day immediately following the date on which the Tranche Notice is deemed to have been delivered.”

 

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(b)              
Section 2.3(c)(ii) of the Purchase Agreement is hereby deleted in its entirety and replaced
with the following:

 

“Additional
Investment Shares.   On each Tranche Notice Date, Investor shall become obligated, pursuant to a right automatically
vesting and automatically exercised on such Tranche Notice Date (each, an “Additional Investment Right”), to
purchase that number of shares of Common Stock (“Additional Investment Shares”) equal in dollar amount to 100%
of the Tranche Amount set forth in the Tranche Notice, at an exercise price per share of $0.10 (the “Additional Investment
Exercise Price”). Investor shall document the automatic exercise of the Additional Investment Right by delivering an
Investment Right Exercise Notice to the Company and shall pay for the Additional Investment Shares through the issuance of a recourse
note in the form attached as Exhibit G to this Agreement. An Investment Right Exercise Notice, and the payment of the exercise
price in respect thereof, shall be delivered on or before 4:00 p.m., New York City time, on the Trading Day immediately following
the date on which the Tranche Notice is deemed to have been delivered.”

 

(c)               
Section 2.3(c)(v) of the Purchase Agreement is hereby deleted in its entirety and replaced
with the following:

 

“Security
Agreement. When Investor pays for the exercise of any portion of the Warrant or the Additional Investment Right with a recourse
note in the form attached hereto as Exhibit G, the Investor and the Company shall execute and deliver to each other a security
agreement in the form attached hereto as Exhibit H simultaneously with the delivery of the first recourse note in connection
with such exercise.”

 

(d)              
Section 2.3(g) of the Purchase Agreement is hereby deleted in its entirety and replaced
with the following:

 

“Limitation
on Obligations to Purchase and Sell.  Notwithstanding anything herein to the contrary, in the event the Closing Bid
Price of the Common Stock during any one or more of the nine (9) Trading Days on or immediately following the Tranche Notice Date
falls below 75.0% of the Closing Bid Price of the Common Stock on the Trading Day immediately prior to the Tranche Notice Date,
the Company shall not issue any Tranche Shares on the Tranche Closing Date, Investor shall not purchase any of the Tranche Shares,
and the Tranche shall automatically be cancelled; provided, however, that upon such cancellation, the Investor shall
redeem any outstanding recourse note tendered by Investor in payment for Additional Investment Shares or Warrant Shares issued
in connection with the applicable Tranche Notice for the principal amount of the recourse note plus accrued interest in exchange
for (a) 92% of any gross proceeds received by the Investor upon the sale of such Additional Investment Shares or Warrant Shares
issued to Investor in connection with such Tranche Notice and (b) the return to the Company of any unsold Additional Investment
Shares or Warrant Shares issued to Investor in connection with such Tranche Notice.”

 

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(e)               
Section 6.3 of the Purchase Agreement is hereby deleted in its entirety and replaced with
the following:

 

“Amendments;
Waivers.  No provision of this Agreement may be waived or amended by either party hereto.”

 

(f)               
Section 6.5 of the Purchase Agreement is hereby deleted in its entirety and replaced with
the following:

 

“Successors
and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their successors and
permitted assigns.  Neither the Company nor the Investor may assign this Agreement or any rights or obligations hereunder. Notwithstanding
anything to the contrary contained herein, the Investor shall not transfer any Preferred Shares purchased by it except to an Affiliate
of Investor or except pursuant to a redemption of the Preferred Shares, including a redemption by offset, exchange, and cancellation
with the Company as set forth in the Certificate of Designations.”

 

(g)              
Exhibit A-2 to the Purchase Agreement is hereby deleted in its entirety and replaced with
the Investment Right Exercise Notice attached to this Agreement as Exhibit I.

 

(h)              
The last sentence of Section 3 of the form of Secured Promissory Note attached as Exhibit G to the Purchase Agreement
is hereby deleted in its entirety and replaced with the following:

 

“This
Note shall be subject to exchange, offset and cancellation as more fully set forth in the Certificate of Designations notwithstanding
any transfer or assignment of this Note by the Company or any subsequent holder of this Note.”

(i)                
The second “Whereas” clause of the form of Security Agreement attached as Exhibit H to the Purchase Agreement
is hereby deleted in its entirety and replaced with the following:

 

“WHEREAS, Secured Party has agreed
to accept one or more secured promissory notes (as amended, restated, supplemented and otherwise modified from time to time, collectively,
the “Promissory Notes”) in lieu of cash paid in satisfaction of the exercise price of any of the shares
of Common Stock issuable upon exercise of the Warrant (the “Warrant Shares”) and/or the Additional Investment
Right (the “Additional Investment Shares”);”

 

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(j)                
The third “Whereas” clause of the form of Security Agreement attached as Exhibit H to the Purchase Agreement
is hereby deleted in its entirety and replaced with the following:

 

“WHEREAS, in connection with
the payment of the exercise price of the Warrant Shares and/or the Additional Investment Shares through Grantor’s issuance
of a Promissory Note to Secured Party, Grantor must execute and deliver to Secured Party a security agreement in substantially
the form hereof simultaneously with the issuance of such Promissory Note; and”

 

2.             Warrant.

 

(a)               
The Exercise Price of the Warrant held by the Investor (the “Investor’s Warrant”) is hereby automatically
increased to $0.10, subject to further adjustment as provided therein, and the Investor’s Warrant is hereby amended to reflect
the foregoing.

 

(b)              
The initial Warrant Share Amount (as defined in the Investor’s Warrant) is hereby automatically reduced to 17,500,000
shares of Common Stock (as defined in the Investor’s Warrant), subject to further adjustment as provided therein, and the
Investor’s Warrant is hereby amended to reflect the foregoing.

 

(c)               
Section 1.1(a) of the Investor’s Warrant is hereby deleted in its entirety and replaced with the following:

 

“Subject to the terms and conditions
hereof, this Warrant shall be automatically exercised by the Holder on each Tranche Notice Date, in whole or in part. Within one
(1) Trading Day following such Tranche Notice Date and automatic exercise, Holder shall (i) deliver, for record keeping purposes,
a written notice to the Company, in the form attached hereto as Appendix 1 (the “Exercise Notice”)(it being
understood and agreed that the delivery of an Exercise Notice shall not be a condition to the automatic exercise of this Warrant),
and (ii) pay to the Company an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as
to which this Warrant is being exercised (the “Aggregate Exercise Price”), which payment shall be made by the
issuance and delivery of a recourse promissory note substantially in the form attached as Exhibit G to the Purchase Agreement (each,
a “Recourse Note”), or, if applicable and permitted by Section 1.4, by cashless exercise pursuant to
Section 1.4. The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder.  Execution
and delivery of the Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation
of the original Warrant certificate and issuance of a new Warrant certificate evidencing the right to purchase the remaining number
of Warrant Shares.”

 

(d)              
Section 1.4 of the Investor’s Warrant is hereby deleted in its entirety and replaced with the following:

 

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“Cashless Exercise.  Notwithstanding
anything contained herein to the contrary (other than Section 1.6 below), if at the time of exercise hereof a registration
statement is not effective (or the prospectus contained therein is not available for use) for the resale by the Holder of all of
the Warrant Shares, then the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making
the payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect
instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following
formula (a “Cashless Exercise”):

 

Net Number = (B-C) x A

                                
                                           B

 

For purposes of the foregoing formula:

 

A = the total number of shares with respect to which this
Warrant is then being exercised.

 

B = the average of the Closing Bid Prices of the shares
of Common Stock (as reported by Bloomberg) for the five (5) consecutive Trading Days ending on the date immediately preceding
the date of the Exercise Notice.

 

C = the Exercise Price then in effect for the applicable
Warrant Shares at the time of such exercise.”

 

(e)           The last sentence of Section 6.1 of the Investor’s Warrant is hereby deleted in its entirety and replaced with
the following:

 

“Notwithstanding the foregoing,
no transfer shall relieve the Holder of its obligations to exercise this Warrant in accordance with its terms.”

 

(f)            Article 8 of the Investor’s Warrant is hereby deleted in its entirety and replaced with the following:

 

“Neither the Company nor the
Holder may amend or waive any provision of this Warrant; provided, however, and without implication that the contrary
would otherwise be true, the foregoing shall have no effect on any adjustments to the Exercise Price, Warrant Share Amount or otherwise
as contemplated by the terms of this Warrant.”

 

(g)           Appendix 1 to Investor’s Warrant is hereby deleted in its entirety and replaced
with the Exercise Notice attached to this Agreement as Exhibit II.

 

3.             Certificate
of Designations; Redemption of Series F Preferred Stock. Notwithstanding anything to the contrary in Section 6(d) of
the Certificate of Designations, the Company covenants and agrees that in the event that the Company elects or is required to
redeem the Series F Preferred Stock held by Investor, the Company shall pay the Corporation Redemption Price (as defined in the
Certificate of Designations) solely in accordance with clause (ii) of Section 6(d) of the Certificate of Designations which
provides as follows:

 

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“by offset against and in cancellation
of all amounts due and owing under all outstanding promissory notes payable from Holder to the Corporation that were issued by
Holder in connection with the exercise of warrants or additional investment rights by such Holder (the “Promissory Notes”)
(it being understood that following such offset and cancellation, no further amounts are or shall be due or payable with respect
to such shares of Series F Preferred Stock or such Promissory Notes and all of such shares of Series F Preferred Stock and Promissory
Notes shall no longer be outstanding).”

 

4.             Disclosure.
The Company shall, on or before 8:30 a.m., New York time, on the second (2nd) Business Day after the date of this
Agreement file a Current Report on Form 8-K describing all the material terms of the transactions contemplated by this Agreement
in the form required by the Exchange Act and attaching this Agreement as an exhibit thereto.

 

5.             Entire Agreement; Amendment; Construction. This Agreement, together with the exhibits attached hereto, supersedes
all other prior oral or written agreements between the Investor and the Company solely with respect to the matters contained herein,
and this Agreement, together with the exhibits attached hereto, contains the entire understanding of the parties solely with respect
to the matters covered herein; provided, however, nothing contained in this Agreement or any other Transaction Document shall (or
shall be deemed to), except as expressly contemplated by Sections 1, 2 and 3 of this Agreement, (i) have any effect on any agreements
the Investor has entered into with the Company (including, without limitation, the Transaction Documents) prior to the date hereof
with respect to any prior investment made by the Investor in the Company, (ii) waive, alter, modify or amend in any respect any
obligations of the Company, or any rights of or benefits to the Investor or any other Person, in any agreement entered into prior
to the date hereof (including, without limitation, the Transaction Documents) between the Company and the Investor and all such
agreements shall continue in full force and effect or (iii) without limiting the foregoing, waive, or constitute a waiver of, any
breach or default that has occurred on, or prior to, the date hereof. Except as specifically set forth herein, neither the Company
nor the Investor makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this
Agreement may be amended or waived. The Recitals set forth above are hereby incorporated into this Agreement by reference. The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no
rules of strict construction will be applied against any party.

 

6.             Transaction Documents. It is expressly understood and agreed that (i) this Agreement and, without implication that
the contrary would otherwise be true, the Purchase Agreement (as amended hereby) and the Investor’s Warrant (as amended hereby)
shall each be “Transaction Documents” and (ii) the Transaction Documents are hereby amended to give full force and
effect to the transactions contemplated by this Agreement. Except as otherwise expressly provided herein, (i)  each other
Transaction Document and each of the obligations of the Company thereunder and each of the rights of and benefits to the Investor
thereunder is, and shall continue to be, in full force and effect and each is hereby ratified and confirmed in all respects, except
that on and after the date hereof (A) all references in the Purchase Agreement to “this Agreement,” “hereto,”
“hereof,” “hereunder” or words of like import referring to the Purchase Agreement shall mean the Purchase
Agreement as amended by this Agreement, (B) all references in the other Transaction Documents to the “Purchase Agreement,”
“Securities Purchase Agreement”, “thereto,” “thereof,” “thereunder” or words of
like import referring to the Purchase Agreement shall mean the Purchase Agreement as amended by this Agreement, (C) all references
in the Investor’s Warrant to “this Warrant,” “hereto,” “hereof,” “hereunder”
or words of like import referring to the Investor’s Warrant shall mean the Investor’s Warrant as amended by this Agreement,
and (D) all references in the other Transaction Documents to the “Warrant,” “thereto,” “thereof,”
“thereunder” or words of like import referring to the Investor’s Warrant shall mean the Investor’s Warrant
as amended by this Agreement and (ii) the execution, delivery and effectiveness of this Agreement shall not operate as an amendment
or waiver of any right, power or remedy of the Investor under any Transaction Document, nor constitute an amendment or waiver of
any provision of any Transaction Document and all of them shall continue in full force and effect, as amended or modified by this
Agreement.

 

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7.             Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York,
without regard to the principles of conflicts of law that would require or permit the application of the laws of any other jurisdiction.  Each
party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated
by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees
or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.  Each party
hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, borough
of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein (including with respect to the enforcement of this Agreement), and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is improper or inconvenient venue for such proceeding.  Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect
for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law.  The parties hereby waive all rights to a trial by jury.  If either party shall commence
an action or proceeding to enforce any provisions of this Agreement, then the prevailing party in such action or proceeding shall
be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses reasonably incurred in connection
with the investigation, preparation and prosecution of such action or proceeding.

 

8.             Further Assurances; Acknowledgments. Each party shall do and perform, or cause to be done and performed, all such
further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents (including,
without limitation, stock powers) as any other party may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated hereby. Without limiting the foregoing, if requested
by the Investor, the Company will deliver to the Investor an amended warrant certificate to the address specified by the Investor
that reflect the amendments set forth herein within five (5) days after such request, and such amended warrant certificate shall
replace the Investor’s Warrant and the Investor shall be obligated to return the original Investor’s Warrant to the
Company. For clarification purposes, it is understood and agreed that the amendments set forth herein are effective as of the date
hereof regardless of whether such amended warrant certificate is so requested or delivered. The Company represents and warrants
that neither the Company, nor any of its Subsidiaries nor any of their respective officers, directors, employees or agents has
delivered to Investor any material, non-public information with respect to the Company or any of its Subsidiaries. Without implication
that the contrary would otherwise be true, the Company expressly acknowledges and agrees that Investor has not had, and shall not
have (unless expressly agreed to by the Investor after the date hereof in a written definitive and binding agreement executed by
the Company and the Investor), any duty of confidentiality with respect to, or a duty not to trade on the basis of, any material,
non-public information regarding the Company or any of it Subsidiaries.

 

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9.             Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

 

10.           Headings; Severability. The headings of this Agreement are for convenience of reference and shall not form part of,
or affect the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed
to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found. If any provision of this Agreement shall be invalid or unenforceable in
any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this
Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.

 

11.           Remedies.  In addition to being entitled to exercise all rights provided herein or granted by law, including
recovery of damages, each of Investor and the Company will be entitled to specific performance under this Agreement.  The
parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
under this Agreement and hereby agrees to waive in any action for specific performance of any such obligation the defense that
a remedy at law would be adequate, the necessity of showing economic loss and without any bond or other security being required.
Neither the Company nor Investor shall be liable for special, indirect, consequential or punitive damages suffered or alleged to
be suffered by the other party or any third party, whether arising from or related to the this Agreement.

 

[signature page follows]

 

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IN WITNESS WHEREOF, the Investor and the Company
have caused their respective signature page to this Agreement to be duly executed as of the date first written above.

	 	ELITE PHARMACEUTICALS, INC.

	 	 	 
	 	By:	s/Jerry Treppel
	 	Name:	 Jerry Treppel
	 	Title:	Chairman & CEO
	 	 	 

 

	 	SOCIUS CG II, LTD.

	 	 	 
	 	By:	s/Terren Peizer
	 	Name:	Terren Peizer
	 	Title:	Managing Director

 

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EXHIBIT I

 

Exhibit A-2

 

Investment Right Exercise Notice

 

INVESTMENT RIGHT EXERCISE NOTICE

 

The undersigned,
Socius CG II, Ltd., a Bermuda exempted company (the “Investor”), hereby exercises the right to purchase ___________________
shares of common stock, par value $0.001 per share (the “Common Stock”), of Elite Pharmaceuticals, Inc., a
Nevada corporation (“Company”), pursuant to the Additional Investment Right contained in the Securities Purchase
Agreement, dated as of December 30, 2011, as amended, between the Company and the Investor (the “Purchase Agreement”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Purchase Agreement.

	(1)	Payment shall take the form of a recourse promissory note(s).
	(2)	Tranche Amount: $                                                    
	(3)	Applicable Exercise Price: $___________ per share of Common Stock
	(4)	Number of shares of Common Stock to be Issued:                 shares of Common Stock
	(5)	DWAC Instructions:
	 	Number of shares of Common Stock for DWAC: ___________________________
	 	Name and Contact for Broker: _________________________________________
	  	                     _________________________________________
	 	Broker no: ________________________________________________________
	 	Account no:_______________________________________________________
	 	Account holder:____________________________________________________ 

	SOCIUS CG II, LTD.
	 	 	 
	 	 	 
	By:	 	 
	Name: 	 	 
	Title:	 	 

 

    	

    	 

    
 

EXHIBIT II

 

 

APPENDIX 1

 

EXERCISE NOTICE

 

ELITE PHARMACEUTICAL, INC.

 

The undersigned hereby
exercises the right to purchase ________________ shares of Common Stock (“Warrant Shares”) of Elite Pharmaceuticals,
Inc., a Nevada corporation (“Company”), evidenced by the attached Warrant to Purchase Common Stock (“Warrant”).  Capitalized
terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.  The Holder
intends that payment of the Exercise Price shall be made as:

  

	___      	Cashless Exercise with respect to ____________ Warrant Shares having an exercise price of $______ per share ___
	 	 
	___     	Recourse Note Exercise with respect to ____________ Warrant Shares having an exercise price of $______ per share

 

Shares are to be issued
in electronic form to the Deposit/Withdrawal at Custodian (DWAC) account with Depository Trust Company (DTC) specified below:

  

Name and Contact for Broker: _________________________________

                                                     _________________________________

Broker no:________________________________________________

Account no: ______________________________________________

Account holder: ___________________________________________

 

	HOLDER NAME:
	
         

         

         

         

	 	 
	By:	 
	Name:	 
	 	 
	Title:	 

 

    	

    	 

    

 

 

ACKNOWLEDGMENT

 

The Company hereby acknowledges
the foregoing Exercise Notice and hereby directs [_____________] to issue the above indicated number of shares of Common Stock
as specified above, in accordance with the Transfer Agent Instructions dated  , 2012 from the Company, and
acknowledged and agreed to by the transfer agent.

 

	 	ELITE PHARMACEUTICALS, INC.

 

	 	By:
	 	Name:
	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00200-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00200-of-00352.parquet"}]]