Document:

2016 10-K Exhibit 10.34

EXHIBIT 10.34

STOCK OPTION AND RESTRICTED STOCK AGREEMENT FOR THE GRANT OF
NON-QUALIFIED STOCK OPTIONS AND RESTRICTED STOCK UNDER THE

PERNIX THERAPEUTICS HOLDINGS, INC. 2015 OMNIBUS INCENTIVE PLAN, AS AMENDED

THIS AGREEMENT is entered into as of Enter Date Here by and between Pernix Therapeutics Holdings, Inc., a Maryland corporation ("Pernix"),
and NAME OF EMPLOYEE (the "Participant").

WHEREAS, the Participant is an officer, director, key employee, consultant or advisor of Pernix or one of its subsidiaries and Pernix considers it desirable and
in its best interest that the Participant be given an added incentive to advance the interests of Pernix by possessing an option to purchase shares of the common stock of Pernix, $0.01 par
value per share (the "Common Stock") and/or restricted shares of Common Stock in accordance with the Pernix Therapeutics Holdings, Inc. 2015 Omnibus Incentive Plan (the
"Plan"), as amended, which has been approved by the shareholders of Pernix an annual meeting of shareholder held on June 18, 2015.  Pernix and its subsidiaries shall be
collectively referred to herein as the "Company."

NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties as follows:

I.

Stock Options

1.1   Grant of Options.  Pernix hereby grants to the Participant effective DATE OF OPTION (the "Date of Grant") the right, privilege and option
to purchase Number of Shares shares of Common Stock (the "Option") at an exercise price of DOLLAR AMOUNT$ per share (the "Exercise Price").  The Option shall
be exercisable at the times specified in Section 1.2 below.  With respect to all of the shares subject to the Option, the Option is intended to be a non-qualified stock option.  

1.2   Time of Exercise.  

	Subject to the provisions of the Plan and the other provisions of this Section I, the Option shall be vested and exercisable in the amounts and on the dates
provided below, if the Participant continues to be employed by the Company or, with respect to non-employees, continues to perform services to the Company on such date:

	
Date Exercisable
	
Non-Qualified

Stock Option

Shares

	
XX-XX-XXXX
	
XXX

	
XX-XX-XXXX
	
XXX

	
XX-XX-XXXX
	
XXX

	
XX-XX-XXXX
	
XXX

                                                                                                   1

	The Option shall terminate ten years following the Date of Grant and may terminate earlier in the event of termination of the Participant's services as provided
below or a Change of Control of Pernix as provided in the Plan.  During Participant's lifetime, the Option may be exercised only by the Participant or the Participant's curator if the Participant
has been interdicted.

	If the Participant's service with the Company terminates, other than as a result of death or disability within the meaning of Section 22(e)(3) ("Disability")
of the Internal Revenue Code of 1986, as amended, (the "Code") or retirement, the Option may be exercised, but only to the extent otherwise exercisable on the date of
termination of service, within 90 days following termination of service, but in no event later than ten years after the Date of Grant.

	If the Participant's service with the Company is terminated because of Disability or because of retirement, the Option may be exercised, but only to the extent
otherwise exercisable on the date of termination of service, within two years from the date of termination of service, but in no event later than ten years after the Date of Grant.  

	In the event of the Participant's death, the Option may be exercised by the Participant's estate, or by the person to whom such right devolves from him by reason
of the Participant's death, but only to the extent otherwise exercisable on the date of death, within two years from the date of death, but in no event later than ten years after the Date of
Grant.

	The Option shall become fully exercisable upon a Change of Control of Pernix as provided in the Plan.

	Any portion of the Option that is not exercisable at the time of termination of service shall be terminated upon termination of service.  Any portion of the Option that
is exercisable but not exercised within the permitted time period following termination of service provided in this Section I, shall be terminated upon expiration of such permitted time
period.

1.3   Method of Exercise of Option.

	The Participant may exercise all or a portion of the Option by delivering to the Company a signed written notice of his intention to exercise the Option, specifying
therein the number of shares to be purchased.  Upon receiving such notice, and after the Company has received full payment of the Exercise Price in accordance with the Plan, including as
provided in Section 1.3(b) below, the appropriate officer of the Company shall cause the transfer of title of the shares purchased to Participant on Pernix's stock records and cause to be
issued to Participant a stock certificate for the number of shares being acquired.  Participant shall not have any rights as a shareholder until the stock certificate is issued to him.

	As permitted in the Plan, the Committee has authorized the use of the net exercise procedure described in the Plan for the exercise of the non-qualified stock
options granted pursuant to this Agreement.

1.4   Non-Transferability.  Unless permitted by the Committee in an amendment to this Agreement as provided in the Plan, the Option granted hereby may not
be transferred, assigned, pledged or hypothecated in any manner, by operation of law or otherwise, other than by will or by the laws of descent and distribution and shall not be subject to
execution, attachment or similar process.

                                                                                                   2

II.

Restricted Stock

2.1   Grant of Restricted Stock.  Pernix hereby grants to Participant a restricted stock award effective on the XXXXXX (the "Date of Grant")
Date of Grant of XXXXXX shares of Common Stock (the "Restricted Stock") subject to the terms, conditions, and restrictions set forth in the Plan and in this Agreement.  

2.1   Award Restrictions.  The period during which the restrictions imposed on the Restricted Stock by the Plan and this Agreement are in effect is referred to
herein as the "Restricted Period."  During the Restricted Period, the Participant shall be entitled to all rights of a stockholder of Pernix, including the right to vote the shares and to
receive all dividends and other distributions declared thereon.  The right to vote the Restricted Stock and any right to receive dividends thereon may not be sold, assigned, transferred,
exchanged, pledged, hypothecated, or otherwise encumbered during the Restricted Period.  

2.2   Vesting Terms.

	Types of Restricted Stock.  XXXXXX of the shares of Restricted Stock shall vest based on the Participant's continued service with the Company as
provided in Section 2.3(b) below (the "Time-Based Restricted Stock"). 

	Time-Based Restricted Stock.  The Restricted Period for the Time-Based Restricted Stock shall end and the shares of Time-Based Restricted Stock shall
become vested and freely transferable as set forth below, subject to the Participant's continued service with the Company on such dates:

	
Percentage of Time-Based
Restricted Stock
	
Vesting Date

	 	 
	 	 
	 	 
	 	 
	 	 

	All Restricted Stock.  The Restricted Period shall end and the Restricted Stock will become fully vested and freely transferable by the Participant or his
estate upon the death of the Participant or if the Participant becomes Disabled.  Termination of Participant's service to the Company for any other reason prior to the end of the Restricted
Period shall result in forfeiture of all Restricted Stock.  The shares of Restricted Stock shall also become fully vested and the Restricted Period shall end in the event of a Change of Control of
Pernix as provided in the Plan.

                                                                                                   3

III.

Book Entry

3.1   The Company's Stock Issuance Records.  A book entry in the Company's stock issuance records shall reflect the Restricted Stock as registered in
the name of the Participant and that during the Restricted Period the transferability of shares of Restricted Stock is restricted in accordance with the terms and conditions (including conditions
of forfeiture) contained in the Plan and this Agreement and that copies of the Plan and Agreement are on file in the office of the Secretary of Pernix.

3.1   Removal of Restrictions.  Upon termination of the Restricted Period with respect to all or a portion of the Restricted Stock, Pernix shall cause the
restrictions on transfer reflected in the book entry with respect to such shares to be removed and upon the Participant's request, shall cause a stock certificate without a restrictive legend
covering the vested Restricted Stock to be issued in the name of the Participant or his nominee.  Upon removal of the restrictive legend from the book entry or upon receipt of a stock
certificate without a restrictive legend, the Participant is free to hold or dispose of such shares, subject to applicable securities laws.

IV.

Defined Terms

The definition of all capitalized terms used herein and not otherwise defined herein shall be as provided in the Plan.

V.

Recovery Right of the Company

The Company has the right to recover any Options or Restricted Stock issued under the Plan to the Participant, if (a) the grant, vesting or value of such awards
was based on the achievement of financial results that were subsequently the subject of a restatement; (b) the Participant engaged in intentional misconduct that caused or partially caused
the need for the restatement; and (c) the effect of the restatement was to decrease the financial results such that such grant would not have been earned or would have had a lesser value.
The Participant accepts the Options and the Restricted Stock subject to such recovery rights of the Company and in the event the Company exercises such rights, the Participant shall
promptly return the Options (or the shares acquired upon exercise) and the Restricted Stock to the Company upon demand.  If the Participant no longer holds the shares subject to the
Options or the Restricted Stock at the time of demand by the Company, the Participant shall pay to the Company, without interest, all cash, securities or other assets received by the
Participant upon the sale or transfer of such shares.  The Company may, if it chooses, effect such recovery by withholding from other amounts due to the Participant by the Company.

VI.

Withholding Taxes

6.1   Options.  At any time that the Participant is required to pay to the Company an amount required to be withheld under applicable income tax laws in
connection with the exercise of an Option, the Participant may satisfy this obligation in whole or in part by electing (the "Election") to deliver currently owned shares of Common
Stock or to have the Company withhold from the distribution shares of Common Stock, in each case having a value equal to the minimum statutory amount required to be withheld.
Notwithstanding the terms of the Plan, the Committee shall not have the right to disapprove of an Election.  The value of the shares to be delivered or withheld shall be based on the Fair
Market Value of the Common Stock on the date that the amount of tax to be withheld shall be determined (the "Tax Date").  Each Election must be made prior to the Tax Date.

                                                                                                   4

6.2   Restricted Stock.  At any time that the Participant is required to pay to the Company an amount required to be withheld under the applicable income tax
laws in connection with the lapse of restrictions on Restricted Stock, unless the Participant has previously provided the Company with payment of all applicable withholding taxes, the
Company shall withhold from the shares of Restricted Stock on which the restrictions are lapsing shares with a value equal to the minimum statutory amount required to be withheld.  The
value of the shares to be withheld shall be based on the Fair Market Value of the Common Stock on the Tax Date.

VII.

No Contract of Employment Intended

Nothing in this Agreement shall confer upon the Participant any right to continue in the employment of the Company, or to interfere in any way with the right of the
Company to terminate the Participant's employment or service relationship with the Company at any time.

VIII.

Binding Effect

This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators and successors.

IX.

Amendment, Modification or Termination

The Committee may amend, modify or terminate any outstanding Option at any time prior to exercise and any Restricted Stock at any time prior to vesting in any
manner not inconsistent with the terms of the Plan. Notwithstanding the foregoing, no amendment, modification or termination may materially impair the rights of a Participant hereunder
without the consent of the Participant.

X.

Inconsistent Provisions

The Options and Restricted Stock granted hereby are subject to the provisions of the Plan, as in effect on the date hereof and as it may be amended.  In the event
any provision of this Agreement conflicts with such a provision of the Plan, the Plan provision shall control.  The Participant acknowledges that a copy of the Plan was distributed to the
Participant and that the Participant was advised to review such Plan prior to entering into this Agreement.  The Participant waives the right to claim that the provisions of the Plan are not
binding upon the Participant and the Participant's heirs, executors, administrators, legal representatives and successors.

                                                                                                   5

XI.

Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey.

XII.

Severability

If any term or provision of this Agreement, or the application thereof to any person or circumstance, shall at any time or to any extent be invalid, illegal or
unenforceable in any respect as written, the Participant and Pernix intend for any court construing this Agreement to modify or limit such provision so as to render it valid and enforceable to
the fullest extent allowed by law.  Any such provision that is not susceptible of such reformation shall be ignored so as to not affect any other term or provision hereof, and the remainder of
this Agreement, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid, illegal or unenforceable, shall not be affected thereby
and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law.

XIII.

Entire Agreement; Modification

The Plan and the Agreement contain the entire agreement between the parties with respect to the subject matter contained herein.  The Agreement may not be
modified without the approval of the Committee and the Participant, except as provided in the Plan, as it may be amended from time to time in the manner provided therein, or in this
Agreement, as it may be amended from time to time.  Any oral or written agreements, representations, warranties, written inducements, or other communications with respect to the subject
matter contained herein made prior to the execution of the Agreement shall be void and ineffective for all purposes.

XIV.

Section 83(b) Election

The Participant has reviewed with the Participant's own tax advisors the federal, state, local and foreign tax consequences of the transactions contemplated by
this Agreement.  The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.  The Participant understands that the
Participant (and not the Company) shall be responsible for the Participant's own tax liability that may arise as a result of the transactions contemplated by this Agreement.  The Participant
understands that the Participant may elect to be taxed at the time the shares of Restricted Stock are granted by filing an election under Section 83(b) of the Code with the IRS within thirty
days from the Date of Grant and providing a copy to the Company.  The Participant acknowledges that it is the Participant's sole responsibility and not the Company's to file timely the election
under Section 83(b), even if the Participant requests the Company or its representatives to make this filing on the Participant's behalf.

                                                                                                   6

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

Pernix Therapeutics Holdings, Inc.

_________________________________
Name of EMPLOYEE

________________________________
Michael Golembiewski, VP 

Corporate Controller

   

   

   

   

                                                                                                   72016 10-K Exhibit 10.35

EXHIBIT 10.35

AMENDED AND RESTATED 

                   PERNIX THERAPEUTICS HOLDINGS, INC. 

                   2015 OMNIBUS INCENTIVE PLAN

RESTRICTED SHARE UNIT AGREEMENT

                   COVER SHEET

Pernix Therapeutics Holdings, Inc., a Maryland corporation (the "Company"), hereby grants restricted share units relating to
shares of its common stock, par value $0.01 per share (the "Common Stock"), to the Grantee named below (the "RSU").  Additional terms
and conditions of the grant are set forth on this Cover Sheet and in the attached Restricted Share Unit Agreement (together, the
"Agreement"), in the Company's Amended and Restated 2015 Omnibus Incentive Plan (as further amended from time to time, the "Plan")
and in your Offer Letter with the Company, dated as of [ ] (the "Employment Agreement").

Grantee Name: [ •] 

Grant Date: [ •] 

Number of Restricted Share Units: [ •]  

Vesting Start Date: [ •] 

Vesting Schedule:  [ •] 

By your signature below, you agree to all of the terms and conditions described in the Agreement and in the Plan, a copy of which will be provided
on request.  You agree that your Offer Letter will control in the event any provision of this Agreement should appear to be inconsistent with your Offer Letter.  You further
acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent with the
Plan.

   

	
Grantee:
	
 
	
 
	
Date:
	
 
	
 

	
 
	
[ •]
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
Company:
	
 
	
 
	
Date:
	
 
	
 

	
 
	
[ •]

 
	
 
	
 
	
 
	
 

Attachment

This is not a share certificate or a negotiable instrument.

AMENDED AND RESTATED

PERNIX THERAPEUTICS HOLDINGS, INC. 

2015 OMNIBUS INCENTIVE PLAN

RESTRICTED SHARE UNIT AGREEMENT

	
Restricted Share Units
	
This Agreement evidences an award of RSUs in the number set forth on the Cover Sheet of this Agreement and subject to the vesting and other terms and conditions set
forth in this Agreement and in the Plan.  

	
Vesting
	
The RSUs will vest in accordance with the Vesting Schedule set forth on the Cover Sheet, subject to your continued service through each vesting date.
You may not vest in more than the number of shares of Common Stock covered by your RSUs, as set forth on the Cover Sheet of this Agreement. You will immediately and automatically forfeit
to the Company all of your unvested RSUs in the event your service terminates for any reason. 

 

	
Change of Control
	
In the event of a Change of Control, your RSUs will be treated in the manner so provided in Section 10 of the Plan.  

	
Leaves of Absence 
	
For purposes of the RSUs, your service does not terminate when you go on a bona fide employee leave of absence that the Company approves
in writing if the terms of the leave provided for continued service crediting or when continued service crediting is required by applicable law or contract.  Your service terminates in any event
when the approved leave ends unless you immediately return to active employment.  The Company, in its sole discretion, determines which leave counts for this purpose and when your service
terminates for all purposes under the Plan. 

	
Dividend Equivalents
	
Should any dividend be declared and paid with respect to the shares of Common Stock during the period between the Grant Date and the date on which
the RSUs are delivered as shares of Common Stock, the Company shall credit to a dividend equivalent bookkeeping account the value of such dividends that would have been paid if the
outstanding RSUs at the time of the declaration of the dividend were outstanding shares of Common Stock.  At the same time that the corresponding RSUs are converted to shares of Common
Stock and delivered to you, the Company shall pay to you a lump sum cash payment equal to the value of the dividends credited to the dividend equivalent bookkeeping account that correspond
to such RSUs that have become vested; provided, however, that any dividend equivalents that were credited to your dividend equivalent bookkeeping account that are attributable to RSUs that
have been forfeited shall be forfeited and not be payable to you.  No interest shall accrue on any dividend equivalents credited to your dividend equivalent bookkeeping account. 

	
Evidence of Issuance
	
The issuance of shares of Common Stock with respect to the RSUs will be evidenced in such a manner as the Company, in its discretion, deems
appropriate, including, without limitation, book-entry, registration, or issuance of one or more share certificates. 

	
Delivery
	
Delivery of the shares of Common Stock represented by your vested RSUs shall be made within thirty (30) days after your RSUs vest. 

	
Withholding
	
You agree as a condition to this Agreement that you will make acceptable arrangements to pay any withholding or other taxes that may be due relating to
the RSUs or the issuance of shares of Common Stock with respect to the RSUs.  If the Company determines that any tax or withholding payment is required relating to the RSUs or the issuance
of shares of Common Stock with respect to the RSUs under applicable laws, the Company will have the right to require such payments from you, or withhold such amounts from other payments
due to you from the Company or any affiliate.  You may elect to satisfy this withholding obligation, in whole or in part, by delivering currently owned shares of Common Stock or having the
Company withhold shares of Common Stock, in each case having a value equal to the minimum statutory amount required to be withheld under federal, state and local law.  The value of the
shares of Common Stock to be delivered or withheld shall be based on the Market Price of the Common Stock on the date that the amount of tax to be withheld shall be determined
("Tax Date"), and such shares may not be subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.  Any such election must be made
prior to the Tax Date.  If you are not subject to Section 16 of the 1934 Act, the Committee may disapprove of any such election, may suspend or terminate the right to make such elections, or
may provide that the right to make such elections shall not apply to the RSUs.  

	
Transferability 

 
	
The RSUs may not be sold, pledged, hypothecated, assigned, margined or otherwise transferred or encumbered by you in any manner except: (a) by
will; (b) by the laws of descent and distribution; or (c) pursuant to a domestic relations order, as defined in the Code.  Any attempted assignment, transfer, pledge, hypothecation or other disposition of the RSUs, or levy of attachment or similar process upon the RSUs not specifically permitted herein,
shall be null and void and without effect.

	
Retention Rights
	
This Agreement and the RSUs evidenced by this Agreement do not give you the right to be retained by the Company or any affiliate in any capacity.
Unless otherwise specified in any employment or other written agreement between you and the Company or any affiliate, including your Offer Letter, the Company and any affiliate reserve the
right to terminate your service at any time and for any reason. 

	
Shareholder Rights
	
You, or your estate or heirs, have no rights as a shareholder of the Company until the shares of Common Stock have been issued and either a certificate
evidencing the shares of Common Stock has been issued or an appropriate entry has been made on the Company's books.  No adjustments are made for dividends, distributions, or other rights
if the applicable record date occurs before your certificate is issued or the appropriate book entry is made, except as described in the Plan. 

The RSUs will be subject to the terms of any applicable agreement of merger, liquidation, or reorganization in the event that the Company is subject to such corporate
activity. 

	
Applicable Law
	
The validity and construction of this Agreement will be governed by, and construed and interpreted in accordance with, the laws of the State of Maryland,
other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive laws of any other jurisdiction. 

	
The Plan
	
The text of the Plan is incorporated into this Agreement. 

Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning set forth in the Plan, unless otherwise referenced as being defined
in the Offer Letter. 

This Agreement and the Plan constitute the entire understanding between you and the Company regarding the RSUs.  Any prior agreements, commitments, or
negotiations concerning the RSUs are superseded; except that the Offer Letter and any other written
confidentiality, non-competition, non-solicitation, and/or severance agreement, or any other written agreement between you and the Company or any affiliate, as applicable, will supersede this
Agreement with respect to its subject matter. 

	
Data Privacy
	
To administer the Plan, the Company may process personal data about you.  This data includes, without limitation, information provided in this
Agreement and any changes to such information, other appropriate personal and financial data about you, including your contact information, payroll information and any other information that
the Company deems appropriate to facilitate the administration of the Plan. 

By accepting the RSUs, you give explicit consent to the Company to process any such personal data. 

	
Code Section 409A
	
The grant of your RSUs under this Agreement is intended to comply with Section 409A of the Code ("Section 409A") to the
extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement will be interpreted and administered to be in compliance with Section 409A.  Notwithstanding anything
to the contrary in this Agreement, the Company is not making any representation hereunder as to the particular tax treatment of the RSUs.

To the extent that the RSUs constitute "deferred compensation" under Section 409A, a termination of service occurs only upon an event that would be a
"separation from service" within the meaning of Section 409A.  If, at the time of your separation from service, (i) you are a "specified employee" within the meaning of
Section 409A, and (ii) the Company makes a good faith determination that an amount payable on account of your separation from service constitutes deferred compensation (within the meaning
of Section 409A), the payment of which is required to be delayed pursuant to the six (6)-month delay rule set forth in Section 409A to avoid taxes or penalties under Section 409A (the
"Delay Period"), then the Company will not pay such amount on the otherwise scheduled payment date but will instead pay it in a lump sum on the first business day
after the Delay Period (or upon your death, if earlier), without interest.  Each installment of RSUs that vest under this Agreement (if there is more than one installment) will be considered one of a
series of separate payments for purposes of Section 409A.

	
Disclaimer of Rights
	
The grant of RSUs under this Agreement will in no way be interpreted to require the Company to transfer any amounts to a third-party trustee or
otherwise hold any amounts in trust or escrow for payment to you.  You will have no rights under this Agreement or the Plan other than those of a general unsecured creditor of the Company.
RSUs represent unfunded and unsecured obligations of the Company, subject to the terms and conditions of the Plan and this Agreement. 

	
Notice Delivery
	
By accepting the RSUs, you agree that notices may be given to you in writing either at your home or mailing address as shown in the records of the
Company or any affiliate or by electronic transmission (including e-mail or reference to a website or other URL) sent to you through the normal process employed by the Company or any affiliate,
as applicable, for communicating electronically with its employees. 

By signing this Agreement, you agree to all of the terms and conditions described above and in the Plan.

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