Document:

AMENDED AND RESTATED
                            OPTION TO PURCHASE SHARES

         THIS GRANT OF OPTION is made  between  Elite  Pharmaceuticals,  Inc., a
Delaware corporation ("Elite"), and Dr. Atul M. Mehta, Ph.D. (the "Optionee") on
the 18th day of October, 2004.

                                    RECITALS

         WHEREAS, Elite and the Optionee has entered into a Settlement Agreement
and Mutual Release, dated April 21, 2004 (the "Settlement Agreement"),  pursuant
to which,  inter alia, the parties thereto agreed that the Optionee held options
to  purchase  770,000  shares of Common  Stock,  par value  $0.01 per share (the
"Common Stock"), of Elite;

         WHEREAS,  Elite,  through its  designees,  desires to purchase from the
Optionee, Mehta Partners, LP, Asha Mehta, Amar Mehta, Atul Mehta c/f Anand Mehta
(collectively,  the "Mehta Holders") any or all shares of capital stock of Elite
owned by the Mehta Holders;

         WHEREAS,  pursuant  to an  agreement,  dated as of October 7, 2004 (the
"Agreement"), by and among Elite and the Mehta Holders, the Mehta Holders agreed
to sell any or all shares of capital  stock of Elite owned by the Mehta  Holders
subject to certain  conditions  precedent,  including the termination of options
held by the  Optionee  to  purchase  100,000  shares  of  Common  Stock  and the
modification  of the expiration  date of all, and the exercise price of some, of
the remaining  options held by the Optionee to purchase 670,000 shares of Common
Stock; and

         WHEREAS,  this Amended and Restated Grant of Option  replaces any prior
grant of options  and is  intended by the parties to be the sole grant of option
by Elite to the Optionee.

                                    AGREEMENT

         In consideration of the Mehta Holders entering into the Agreement,  and
other valuable  consideration  rendered, the receipt and sufficiency of which is
hereby acknowledged, it is agreed as follows:

         1. OPTION.  In full  replacement of any options held by the Optionee at
any time prior to the date hereof, Elite hereby grants to the Optionee the right
to purchase six hundred and seventy  thousand  (670,000) shares of Common Stock,
par value $0.01 per share,  of Elite (the  "Shares") to be exercised as provided
herein (collectively, the "Options").

<PAGE>

         2. EXERCISE OF OPTIONS.  All Options  granted  hereunder shall be fully
vested and shall have the exercise  prices set forth below (which exercise price
shall be payable by check or wire transfer):

     -----------------------------------------------------------------------
     Options to Purchase Common      Exercise Price Per Share for such
     Stock:                          Options:
     -----------------------------------------------------------------------
                100,000                           $1.00
     -----------------------------------------------------------------------
                100,000                           $1.50
      -----------------------------------------------------------------------
                100,000                           $2.00
     -----------------------------------------------------------------------
                 70,000                           $2.34
     -----------------------------------------------------------------------
                100,000                           $2.34
     -----------------------------------------------------------------------
                100,000                           $2.50
     -----------------------------------------------------------------------
                100,000                           $3.00
     -----------------------------------------------------------------------

In the event that prior to the exercise in full of the Options, Elite shall have
effected  one  or  more  stock   dividends,   stock   splits,   reorganizations,
recapitalizations,  combinations  of shares,  mergers,  consolidations  or other
changes in the  corporate  structure or stock of the  corporation,  the Board of
Directors shall equitably adjust the number,  kind and exercise price of the per
share of the shares of Common Stock issuable upon exercise of the Options.

         3. MANNER OF EXERCISE.  The Options may be exercised by written  notice
and tender of the exercise price being delivered to Elite at any time before the
time  of the  expiration  of  the  Option.  Options  may be  exercised  only  in
increments of one thousand (1,000) shares or multiples thereof.

         4.  EXPIRATION.  All Options  shall  expire on  December  31, 2007 (the
"Expiration  Date");  provided,  however,  that if within one hundred and eighty
(180) days prior to the  Expiration  Date,  the shares of Common Stock  issuable
upon  exercise  of the  Options  (the  "Registrable  Securities")  have not been
registered pursuant to a registration statement that has been declared effective
by the  Securities and Exchange  Commission,  and pursuant to which the Optionee
can sell such shares  (whether or not the Optionee in fact sells any Registrable
Securities), the Expiration Date shall be extended by additional one hundred and
eighty (180) day increments until such registration  occurs.  If, at the time of
the effectiveness of a registration statement pursuant to which the Optionee can
sell the Registrable  Securities  (whether or not the Optionee in fact sells any
Registrable  Securities),  the  Options  are to expire less than one hundred and
eighty (180) days after the  effectiveness of such registration  statement,  the
Expiration  Date shall be extended such that the extended  Expiration Date shall
be at least one hundred and eighty  (180) days after the  effectiveness  of such
registration statement. Notwithstanding the foregoing, the Expiration Date shall
not be  extended  with  respect to any  Options as to which (i) Elite shall have
offered to have  included in a  registration  statement to be filed by Elite the
Registrable  Securities  for which such Options may be  exercised  and (ii) such
inclusion  is  refused  or denied

                                        2
<PAGE>

by the Optionee (or the then holder of such Options); provided that the Optionee
shall not be obligated to include any Registrable Securities if the registration
as to which  inclusion is sought would require the Optionee to agree to be bound
by an  underwriters  agreement  which would in any way affect the ability of the
Optionee  to sell  such  Registrable  Securities  or incur  any  liabilities  or
additional costs.

         5. RESTRICTIONS.  The Optionee may not assign, pledge or encumber these
Options  at any  time  to any  party.  Upon  the  death  of  the  Optionee,  the
administrator  or executor of the Optionee's  estate may exercise the Options in
the  Optionee's  place  until the date of  termination.  This Option may only be
exercised by the Optionee or the administrator or executor of Optionee's estate.

         6. ENTIRE  AGREEMENT.  This Grant of Option,  the Settlement  Agreement
(other  than as to the number and terms of options  held by the  Optionee  which
shall be govern by this Grant of Option) and the  Agreement  contains the entire
agreement  between the parties,  and  supercedes  all other grants,  agreements,
promises or  representations  concerning the subject matter of this  instrument.
Elite and the  Optionee  agree that the Options  evidenced  by this  Amended and
Restated  Grant of Option  constitute  all options to purchase  capital stock of
Elite held by the  Optionee and the  Optionee  has no other  options,  warrants,
subscriptions or other rights to purchase any shares of Elite's capital stock.

         7. BINDING  EFFECT.  This Grant of Option shall be binding on Elite and
any successor corporation.

         8. NOTICES.  Any notices to be made under this Agreement  shall be made
by certified mail to the parties at the following addresses:

                  To Elite:      Elite Pharmaceuticals, Inc.
                                 165 Ludlow Avenue
                                 Northvale, NJ 07647
                                 Facsimile: 201-750-2755

                                       3
<PAGE>

                                        Attention: President

                  with a copy to:       Reitler Brown & Rosenblatt LLC
                                        800 Third Avenue, 21st Floor
                                        New York, New York 10022
                                        Facsimile: (212) 371-5500
                                        Attention: Scott H. Rosenblatt, Esq.

                  To the Optionee:      Atul M. Mehta, Ph.D.
                                        76 Walsh Drive
                                        Mahwah, NJ 07430

                  with a copy to:       KMZ Rosenman
                                        575 Madison Ave.
                                        New York, New York 10022-2585
                                        Facsimile:  212-894-5505
                                        Attention: Howard S. Jacobs, Esq.

Either party may change such party's address by giving notice to the other party
in accordance with this provision.

         9. CAPTIONS. The captions used in this document are included solely for
convenience,  and under no  circumstances  shall be used in the  construction or
interpretation of any provision in this Agreement.

         10. GOVERNING LAW AND VENUE.  This Grant of Option shall be governed by
the laws of the  State of  Delaware.  The venue  for any  action  or  proceeding
relating to this Grant of Option shall be in a court of competent subject matter
jurisdiction in the State of New Jersey.

         11.  AMENDMENT.  The terms of this Grant of Option shall not be amended
or modified except in a writing signed by Elite and the Optionee.

                                    ELITE PHARMACEUTICALS, INC.

                                    By: /s/ Bernard Berk
                                        ------------------------------
                                          Bernard Berk, President

                                       4
<PAGE>

                                    THE OPTIONEE

                                    /s/ Dr. Atul M. Mehta
                                    ----------------------------------
                                     Dr. Atul M. Mehta

                                       5Exhibit 10.22

                              CONSULTING AGREEMENT

     Agreement made and entered into as of the [___] day of [_____], 2004, by
and between VIPER MOTORCYCLE COMPANY, having offices at 5733 International
Parkway, New Hope, Minnesota (the "Company"), and LANE CAPITAL MARKETS, LLC,
having offices at 263 Queens Grant Road, Fairfield, Connecticut (the
"Consultant").

                               W I T N E S S E T H

     WHEREAS, the Company desires to retain the Consultant and the Consultant
desires to be retained by the Company, all pursuant to the terms and conditions
hereinafter set forth;

     NOW, THEREFORE, in consideration of the foregoing and the mutual promises
and covenants herein contained, it is agreed as follows:

     1. RETENTION. The Company hereby retains the Consultant to perform
consulting services related to corporate finance and other financial services
matters, and the Consultant hereby accepts such retention and shall perform for
the Company the duties described herein, faithfully and to the best of its
ability. In this regard, Consultant shall devote such business time and
attention to matters on which the Company shall request its services, subject to
the direction of the President of the Company, as shall be determined by
Consultant.

     2. TERM The Consultant's retention hereunder shall be for a term of three
years, unless earlier terminated as provided in Section 4.

     3. COMPENSATION.

          (a) The Consultant shall be compensated at the rate of $108,000
payable to the Consultant on the date hereof.

          (b) The Company shall pay such reasonable expenses as shall be
incurred by the officers and employees of the Consultant in connection with the
discharge of their duties hereunder, including travel and entertainment, but not
including expenses relating to Consultant's office operations; such payment
shall be made upon presentation by the Consultant of the details of, and
vouchers for, such expenses.

     4. TERMINATION. This agreement may be terminated by either party upon two
weeks' written notice to the other party. Further, this Agreement shall
terminate immediately upon mutual agreement of the Consultant and the Company.
The Company shall not be entitled to a refund of any portion of the fee
hereunder if it terminates this Agreement prior to the end of its term.

     5. NOTICES. Any notices hereunder shall be sent to the Company and the
Consultant at their respective addresses above set forth. Any notice shall be
given by registered or certified mail, postage prepaid, and shall be deemed to
have been given when deposited in the United States mail. Either party may
designate any other addresses to which notice shall be given, by giving written
notice to the other of such change of address in the manner herein provided.

<PAGE>

     6. GOVERNING LAW. This Agreement has been made in the State of New York and
shall be construed as governed in accordance with the laws thereof.

     7. ENTIRE AGREEMENT. This Agreement contains the entire agreement between
the parties, may not be altered or modified, except in writing and signed by the
party to be charged thereby and supersedes any and all previous agreements
between the parties.

     8. BINDING EFFECT. This Agreement shall be binding upon the parties hereto
and their respective heirs, administrators, successors and assigns.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day
and year first above written.

VIPER MOTORCYCLE COMPANY                               LANE CAPITAL MARKETS, LLC

By:                                                     By:
   -------------------------                               ---------------------
Name:                                                   Name:
Title:                                                  Title:

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