Document:

Exhibit 10.5

      

      

      Certain portions of this document have been omitted pursuant to Item 601(b)(10) of Regulation S‐K and, where applicable, have been marked with “[***]” to indicate where omissions have been made. The marked information
        has been omitted because it is (i) not material and (ii) would likely cause competitive harm to the registrant if publicly disclosed. The registrant hereby undertakes to provide further information regarding such marked information to the
        Securities and Exchange Commission upon request.

      

      

      BIOSPECIFICS TECHNOLOGIES CORPORATION

      2019 OMNIBUS INCENTIVE COMPENSATION PLAN

      PERFORMANCE STOCK UNIT AWARD AGREEMENT

       

      This PERFORMANCE STOCK UNIT AWARD AGREEMENT (the “Award Agreement”), dated as of February 3, 2020 (the “Date of Grant”), is delivered by BioSpecifics Technologies Corporation (the “Company”) to J. Kevin Buchi (the “Participant”).

       

      RECITALS

       

      The BioSpecifics Technologies Corporation 2019 Omnibus Incentive Compensation Plan (the “Plan”) provides for the grant of restricted stock units that vest if certain performance goals or
        other conditions are met (such restricted stock units shall be referred to as “performance stock units”), in accordance with the terms and conditions of the Plan.  The Committee has decided to make this Award of performance stock units as an
        inducement for the Participant to promote the best interests of the Company and its stockholders.  This Award Agreement is made pursuant to the Plan and is subject in its entirety to all applicable provisions of the Plan.  Capitalized terms used
        herein and not otherwise defined will have the meanings set forth in the Plan.

       

      1.           Grant of Performance Stock Units.  Subject to the terms anad conditions set forth in this Award Agreement and in the Plan, the Company hereby grants the Participant an Award of performance stock
        units (the “Performance Stock Units”), subject to the terms set forth below, in Exhibit A attached hereto (and which is incorporated by reference), and in the Plan.  The Participant is eligible to earn a target number of 28,333 Performance
        Stock Units.  Each Performance Stock Unit represents the right of the Participant to receive a share of common stock of the Company (“Company Stock”), if and when the specified conditions set forth below and on Exhibit A are met, on the
        applicable payment date set forth in Section 5 below.

       

      2.           Performance Stock Units.  Performance Stock Units represent hypothetical shares of Company Stock, and not actual shares of stock.  No shares of Company Stock shall be issued to the Participant at
        the time the Award is made, and the Participant shall not be, and shall not have any of the rights or privileges of, a stockholder of the Company with respect to any Performance Stock Units (including any right to receive dividends).  The
        Participant shall not have any interest in any fund or specific assets of the Company by reason of this Award.

       

      3.           Vesting.

       

      (a)          Vesting of the Performance Stock Units shall be subject to the terms of Section 3 and Section 4 of this Award Agreement and to the achievement of specified performance conditions set
        forth on Exhibit A attached hereto.  The performance conditions set forth on Exhibit A shall be measured over a one year performance period, commencing on January 1, 2020 and ending on December 31, 2020, and the number of Performance Stock Units
        that are earned based on the achievement of the performance conditions set forth on Exhibit A, as determined by the Committee in accordance with Exhibit A, shall be referred to herein as the “Achieved PSUs”.

       

      
        
          

      

      
      (b)          Except as set forth in Section 4 below, 50% of the Achieved PSUs shall vest on December 31, 2020, and 50% of the Achieved PSUs shall vest on December 31, 2021, if the Participant
        remains employed by the Company through the applicable vesting date.

       

      4.            Termination of Employment.

       

      (a)         Except as set forth in this Section 4, if the Participant ceases to be employed by the Company or its subsidiaries for any reason, any unvested Performance Stock Units shall
        automatically terminate and shall be forfeited as of the date of the Participant’s termination of employment.  No payment shall be made with respect to any unvested Performance Stock Units that terminate as described in this Section 4.

       

      (b)          If the Participant ceases to be employed by the Company or its subsidiaries as a result of termination by the Company or its subsidiaries without Cause or termination by the
        Participant for Good Reason, in either case on or after January 1, 2021 and prior to December 31, 2021, then subject to the Participant’s execution of the Release in accordance with the Employment Agreement, as of such termination date, the
        Participant shall become vested in a pro-rata portion of the unpaid Achieved PSUs.  Such pro-rata portion shall be equal to the product of the number of unpaid Achieved PSUs (if any), multiplied by a fraction, the numerator which is the number of
        days that elapsed during the fiscal year in which Participant’s termination of employment occurs, and the denominator of which is the number of calendar days in such fiscal year.

       

      (c)         If the Participant ceases to be employed by the Company or its subsidiaries as a result of  termination by the Company or its subsidiaries without Cause or termination by the
        Participant for Good Reason, in either case, within twelve months following a Change in Control, then subject to the Participant’s execution of the Release in accordance with the Employment Agreement, as of such termination date, the Participant
        shall become vested in the following: (i) if such termination occurs on or on or prior to December 31, 2020, the target number of Performance Stock Units set forth in Section 1 and (ii) if such termination occurs on or after January 1, 2021 and
        prior to December 31, 2021, 100% of the unvested Achieved PSUs, if any.

       

      (d)        Notwithstanding any provision of this Award Agreement, upon the Participant’s termination of employment by the Company or its subsidiaries for Cause, any Performance Stock Units which
        have not been paid as of the date of such termination (including for the avoidance of doubt, any Achieved PSUs and any vested but unpaid Performance Stock Units) shall automatically terminate and shall be forfeited as of the date of the
        Participant’s termination of employment and no payment shall be made with respect thereto.

       

      (e)          For purposes of this Award Agreement, “Employment Agreement” shall mean the employment agreement among the Participant, the Company, and the Company’s wholly owned subsidiary,
        Advance Biofactures Corporation, dated October 8, 2019, and “Cause”, “Good Reason” and “Release” shall each have the meaning set forth in the Employment Agreement.

       

      
        2

        
          

      

      5.           Payment of Performance Stock Units and Tax Withholding.

       

      (a)          If any Performance Stock Unit vests in accordance with the terms of this Award Agreement, the Company shall issue to the Participant one share of Company Stock for each such vested
        Performance Stock Unit, subject to applicable tax withholding obligations.  Subject to Sections 5(b) and 12, the issuance of shares of Company Stock pursuant to the preceding sentence of this Section 5(a) shall be made as soon as administratively
        practicable following the applicable vesting date (but no later than March 15 of the fiscal year immediately following the year in which the applicable vesting date occurs and, in the case of  shares issued with respect to any Performance Stock
        Units that vest pursuant to Section 4, no later than 60 days following the Participant’s termination of employment.

       

      (b)          All obligations of the Company and its subsidiaries under this Award Agreement shall be subject to the rights of the Company and its subsidiaries as set forth in the Plan to withhold
        amounts required to be withheld for any taxes, if applicable.  Such withholding shall be satisfied by reducing the number of shares issued to the Participant by a number of shares of Company Stock with a Fair Market Value equal to an amount of the
        FICA, federal income, state, local and other tax liabilities required by law to be withheld with respect to the payment of the Performance Stock Units, provided that, unless otherwise approved by the Committee, such withholding shall not exceed the
        minimum tax withholding amount applicable to the Participant.  To the extent not withheld in accordance with the immediately preceding sentence, the Participant shall be required to pay to the Company or its subsidiaries, or make other arrangements
        satisfactory to the Company or its subsidiaries to provide for the payment of, any FICA, federal, state, local or other taxes that the Company or its subsidiaries is required to withhold with respect to the Performance Stock Units.  Notwithstanding
        any other provision of this Award Agreement or the Plan, the Company shall not be obligated to guarantee any particular tax result for the Participant with respect to the Performance Stock Units and/or payment provided to the Participant hereunder,
        and the Participant shall be responsible for any taxes imposed on the Participant with respect to such Performance Stock Units and/or payment.

       

      (c)         The obligation of the Company to deliver Company Stock shall also be subject to the condition that if at any time the Board shall determine in its discretion that the listing,
        registration or qualification of the shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the
        issuance of shares, the shares may not be issued in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Board.  The issuance of
        shares, if any, to the Participant pursuant to this Award Agreement is subject to any applicable taxes and other laws or regulations of the United States or of any state, municipality or other country having jurisdiction thereof.

       

      6.           No Stockholder Rights; Compliance with Laws and Regulations; Dividend Equivalents.  Neither the Participant, nor any person entitled to receive payment in the event of the Participant’s death,
        shall have any of the rights and privileges of a stockholder with respect to shares of Company Stock, including voting or dividend rights, until certificates for shares have been issued upon payment of Performance Stock Units.  The issuance of
        shares of Company Stock pursuant to the payment in respect of Performance Stock Units pursuant to Section 5 shall be subject to compliance by the Participant with all applicable requirements of law relating thereto and with all applicable
        regulations of any stock exchange on which the Company Stock may be listed for trading at the time of such issuance.  The Participant acknowledges that no election under Section 83(b) of the Code is available with respect to Performance Stock
        Units.

       

      
        3

        
          

      

      7.          Grant Subject to Plan Provisions.  This Award is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the
        Plan.  The grant and payment of the Performance Stock Units are subject to the provisions of the Plan and to interpretations, regulations and determinations concerning the Plan established from time to time by the Committee in accordance with the
        provisions of the Plan, including, but not limited to, provisions pertaining to (a) rights and obligations with respect to withholding taxes, (b) the registration, qualification or listing of the shares of Company Stock, (c) changes in
        capitalization of the Company and (d) other requirements of applicable law.  The Committee shall have the authority to interpret and construe the Performance Stock Units pursuant to the terms of the Plan, and its decisions shall be conclusive as to
        any questions arising hereunder.

       

      8.          No Employment or Other Rights.  The Award of the Performance Stock Units shall not confer upon the Participant any right to be retained by or in the employ or service of the Company or its
        subsidiaries and shall not interfere in any way with the right of the Company or its subsidiaries to terminate the Participant’s employment or service at any time. The right of the Company or its subsidiaries to terminate at will the Participant’s
        employment or service at any time for any reason is specifically reserved.  The obligations of the Company hereunder will be merely that of an unfunded and unsecured promise of the Company to deliver one share of Company Stock for each vested
        Performance Stock Unit, in the future, and the rights of the Participant will be no greater than that of an unsecured general creditor.  No assets of the Company will be held or set aside as security for the obligations of the Company hereunder.

       

      9.         Assignment and Transfers.  Except as the Committee may otherwise permit pursuant to the Plan, the rights and interests of the Participant under this Award Agreement may not be sold, assigned,
        encumbered or otherwise transferred except, in the event of the death of the Participant, by will or by the laws of descent and distribution.  In the event of any attempt by the Participant to alienate, assign, pledge, hypothecate, or otherwise
        dispose of the Performance Stock Units or any right hereunder, except as provided for in this Award Agreement, or in the event of the levy or any attachment, execution or similar process upon the rights or interests hereby conferred, the Company
        may terminate the Performance Stock Units by notice to the Participant, and the Performance Stock Units and all rights hereunder shall thereupon become null and void.  The rights and protections of the Company hereunder shall extend to any
        successors or assigns of the Company and to the Company’s parents, subsidiaries, and affiliates.  This Award Agreement may be assigned by the Company without the Participant’s consent.

       

      10.        Applicable Law; Jurisdiction.  The validity, construction, interpretation and effect of this Award Agreement shall be governed by and construed in accordance with the laws of the State of New York,
        without giving effect to the conflicts of laws provisions thereof.  Any action arising out of, or relating to, any of the provisions of this Award Agreement shall be brought only in the United States District Court for the Southern District of New
        York, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in New York, New York, and the jurisdiction of such court in any such proceeding shall be exclusive.  Notwithstanding the
        foregoing sentence, on and after the date a Participant receives shares of Company Stock hereunder, the Participant will be subject to the jurisdiction provision set forth in the Company’s bylaws.

       

      
        4

        
          

      

      11.         Notice.  Any notice to the Company provided for in this instrument shall be addressed to the Company in care of the General Counsel at the corporate headquarters of the Company, and any notice to
        the Participant shall be addressed to such Participant at the current address shown on the payroll of the Company or its subsidiaries.  Any notice shall be delivered by hand, or enclosed in a properly sealed envelope addressed as stated above,
        registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service or by the postal authority of the country in which the Participant resides or to an internationally recognized expedited mail
        courier.

       

      12.         Recoupment Policy.  The Participant agrees that, subject to the requirements of applicable law, the Performance Stock Units, and the right to receive and retain any Company Stock covered by this
        Award Agreement, shall be subject to rescission, cancellation or recoupment, in whole or part, if and to the extent so provided under any applicable “clawback” or recoupment policies, securities exchange listing standard, share trading policy or
        and similar standard or policy that may be required by law and/or implemented by of the Company and that is in effect on the Date of Grant or that may be established thereafter. By accepting the Performance Stock
          Units, the Participant agrees and acknowledges that the Participant is obligated to cooperate with, and provide any and all assistance necessary to, the Company to recover or recoup any such Performance Stock Units or shares or amounts paid under
          the Performance Stock Units subject to clawback or recoupment pursuant to such policy, listing standard or law.  Such cooperation and assistance shall include, but is not limited to, executing, completing and submitting any documentation
          necessary to recover or recoup any such Performance Stock Units or shares or amount paid from the Participant’s accounts, or pending or future compensation or Awards under the Plan.

       

      13.         Electronic Delivery. The Company may, in its sole discretion, deliver any documents relating to the Participant’s Performance Stock Units and the Participant’s participation in the Plan, or future
        Awards that may be granted under the Plan, by electronic means or request the Participant’s consent to participate in the Plan by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and, if requested,
        agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third-party designated by the Company.

       

      14.          Binding Effect; No Third Party Beneficiaries.  This Award Agreement shall be binding upon and inure to the benefit of the Company and the Participant and each of their respective heirs,
        representatives, successors and permitted assigns.  This Award Agreement shall not confer any rights or remedies upon any person other than the Company and the Participant and each of their respective heirs, representatives, successor and permitted
        assigns.

       

      15.         Severability.  If any provision of this Award Agreement is held to be unenforceable, illegal or invalid for any reason, the unenforceability, illegality or invalidity will not affect the remaining
        provisions of the Award Agreement, and the Award Agreement is to be construed and enforced as if the unenforceable, illegal or invalid provision had not been inserted, and the provisions so held to be invalid, unenforceable or otherwise illegal
        shall be reformed to the extent (and only to the extent) necessary to make it enforceable, valid and legal.

       

      
        5

        
          

      

      16.         Waiver.  The waiver by the Company with respect to the Participant’s (or any other participant’s) compliance of any provision of this Award Agreement shall not operate or be construed as a waiver
        of any other provision of this Award Agreement, or of any subsequent breach by such party of a provision of this Award Agreement.

       

      17.         Amendment.  Except as permitted by the Plan, this Award Agreement may not be amended, modified, terminated or otherwise altered except by the written consent of the Company and the Participant.

       

      18.         Counterparts.  This Award Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same
        instrument.

       

      19.         Application of Section 409A of the Code.  The Award covered by this Award Agreement is intended to be exempt from, or otherwise comply with the provisions of, Section 409A of the Code, as amended,
        and the regulations and other guidance promulgated thereunder (“Section 409A”).  Notwithstanding the foregoing or any other provision of this Award Agreement or the Plan to the contrary, if the Performance Stock Units are subject to the provisions
        of Section 409A (and not exempted therefrom), the provisions of this Award Agreement and the Plan shall be administered, interpreted and construed in a manner necessary to comply with Section 409A (or disregarded to the extent such provision cannot
        be so administered, interpreted or construed).  If any payments or benefits hereunder constitute non-conforming “deferred compensation” subject to taxation under Section 409A, the Participant agrees that the Company may, without the Participant’s
        consent, modify the Award Agreement to the extent and in the manner the Company deems necessary or advisable or take such other action or actions, including an amendment or action with retroactive effect, that the Company deems appropriate in order
        either to preclude any such payment or benefit from being deemed “deferred compensation” within the meaning of Section 409A or to provide such payments or benefits in a manner that complies with the provisions of Section 409A such that they will
        not be subject to the imposition of taxes and/or interest thereunder.  If, at the time of the Participant’s separation from service (within the meaning of Section 409A), (A) the Participant shall be a specified employee (within the meaning of
        Section 409A and using the identification methodology selected by the Company from time to time) and (B) the Company shall make a good faith determination that an amount payable hereunder constitutes deferred compensation (within the meaning of
        Section 409A) the settlement of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section 409A, then the Company shall not settle such amount on the otherwise
        scheduled settlement date but shall instead settle it, without interest, within 30 days after such six-month period.  Payments with respect to the Performance Stock Units may only be paid in a manner and upon an event permitted by Section 409A, and
        each payment under the Performance Stock Units shall be treated as a separate payment, and the right to a series of installment payments under the Performance Stock Units shall be treated as a right to a series of separate payments.   In no event
        shall the Participant, directly or indirectly, designate the calendar year of payment.  Notwithstanding the foregoing, the Company makes no representations and/or warranties with respect to compliance with Section 409A, and the Participant
        recognizes and acknowledges that Section 409A could potentially impose upon the Participant certain taxes and/or interest charges for which the Participant is and shall remain solely responsible.

       

      [Signature Page Follows]

       

      
        6

        
          

      

      IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this Award Agreement, and the Participant has executed this Award Agreement, effective as of the Date of Grant.

       

      
        	
                 

              	
                BIOSPECIFICS TECHNOLOGIES CORPORATION

              
	 	 
	 	/s/ Jennifer Chao
	 	
                Name: Jennifer Chao

              
	 	Title:   Chair, Compensation Committee

      

      

      

      I hereby accept the award of Performance Stock Units described in this Award Agreement, and I agree to be bound by the terms of the Plan and this Award Agreement.  I hereby agree that all decisions and determinations
        of the Committee with respect to the Performance Stock Units shall be final and binding.

       

      
        	February 3, 2020	 /s/ J. Kevin Buchi
	Date

              	J. Kevin Buchi

      

      

      
        7

        
          

      

      
      EXHIBIT A

       

      PERFORMANCE CONDITIONS OF PERFORMANCE STOCK UNITS

       

      
        
          	

                	1.	
                  The Performance Stock Units subject to the Award Agreement to which this Exhibit A is attached are subject to the performance conditions set forth in Section 5 below.  Capitalized terms used, but not otherwise defined, in this
                    Exhibit shall have the meanings set forth in the Award Agreement.

                

        

      

       

      
        
          	

                	2.	
                  The target number of Performance Stock Units underlying the Award Agreement is 28,333 Performance Stock Units.

                

        

      

       

      
        
          	

                	3.	
                  The performance conditions set forth in Section 5 of this Exhibit A (the “Performance Conditions”) shall be measured over the twelve month period commencing on January 1, 2020 and ending on December 31, 2020 (the “Performance

                      Period”).

                

        

      

       

      
        
          	

                	4.	
                  As soon as administratively practicable following the end of the Performance Period, the Committee will determine, in its sole discretion, (a) whether and to what extent the Performance Conditions have been met in the aggregate over
                    the Performance Period and (b) the number of Performance Stock Units that are earned based on such achievement of the Performance Conditions (such Performance Stock Units, the “Achieved PSUs”).  The actual number of Achieved PSUs
                    shall range from 0% to 100% of the target number set forth in Section 2, as determined by the Committee.  The number of Performance Stock Units the Participant is eligible to earn under this Award shall not exceed 28,333.

                

        

      

       

      
        
          	

                	5.	
                  The Performance Conditions are set forth below.

                

        

      

       

      
        	 	
                Performance Condition

              	
                Components of Performance Condition

              

      

      
        	
                1

              	 	
                Executive Leadership

              	 	
                [***]

              
	
                2

              	 	
                Financial

              	 	
                [***]

              
	
                3

              	 	
                BioSpecifics Technologies Corp.’s (“BSTC”) Relationship/Partnership with Endo International (“Endo”)

              	 	
                [***]

              
	
                4

              	 	
                Maximizing the Value of BSTC’s Current and Potential CCH Assets

              	 	
                [***]

              
	
                5

              	 	
                Maximize the Value of BSTC’s Intellectual Property Estate/Manufacturing Ability

              	 	
                [***]

              
	
                6

              	 	
                Business Development (“BD”) Activity

              	 	
                [***]

              
	
                7

              	 	
                Infrastructure

              	 	
                [***]

              
	
                8

              	 	
                Investor Relations

              	 	
                [***]

              

      

      

      

       

    

  

  1Exhibit 10.30

      

      

      December 17, 2019

       

      BY EMAIL AND OVERNIGHT MAIL

       

      Patrick C. Hutchison

      

      

      
        	
                 

              	
                 

              
	
                 

              	
                 

              
	
                 

              	
                 

              

      

      

      

      Dear Pat:

       

      On behalf of BioSpecifics Technologies Corp. (“BioSpecifics” or the “Company”), I am pleased to offer you employment at-will with the Company based on the general terms
        that are outlined in this letter and subject to satisfactory references, a background check, and submission of satisfactory proof of your identity and your legal authorization to work in the United States:

       

      	
              Position:

            	
              Chief Financial Officer

            
	 	 
	
              Reporting to:

            	
              Chief Executive Officer

            
	 	 
	
              Start Date:

            	
              January 6, 2020

            
	 	 
	
              Location:

            	
              It is expected that you will work primarily out of the Company’s office in Wilmington, DE, and you may be required to travel as part of your position.

            
	 	 
	
              Base Salary:

            	
              The Company shall pay you a base salary at the annualized rate of two hundred thousand dollars ($200,000) based on part-time employment status, with the
                expectation that you will work three (3) days per week.  Your position is classified as exempt from overtime.  Your salary will be paid in regular periodic payments, less applicable deductions and withholdings, in
                accordance with the Company’s regular payroll practices. Your base salary is subject to change at the Company’s sole discretion.

            
	 	 
	
              Performance Bonus:

            	
              In addition to your Base Salary, you may be eligible to receive a discretionary performance bonus, payable in accordance with BioSpecifics’ policy with respect to
                the payment of bonuses (as may be amended from time to time).  The target for your Performance Bonus is twenty percent (20%) of your Base Salary. The actual Performance Bonus amount, if any, is within the Company’s sole discretion, which
                will be informed by an assessment of your performance, including your performance against agreed objectives, as well as business conditions at the Company.

            

      

      

      
        
          

      

      	
              Benefits:

            	
              You will be eligible for employee benefits and insurance programs generally provided by BioSpecifics to its employees, all of which are subject to eligibility
                requirements, enrollment criteria, and the other terms and conditions of such plans and programs.  All such benefits are subject to change at the Company’s sole discretion.

            
	 	 
	 	
              You will be entitled to vacation each year, in addition to sick leave and observed holidays, in accordance with the policies of the Company.  Vacation may be
                taken at such times and intervals as you shall determine, subject to the business needs of the Company.

            
	 	 
	
              Equity Incentive:

            	
              Subject to the approval of the Board of Directors of the Company, you will be granted an award of an option to purchase ten thousand (10,000) shares of the
                Company’s common stock (the “Option Award”) , pursuant to the Biospecifics Technologies Corp. 2019 Omnibus Incentive Compensation
                Plan.  The Option Award will be granted on your Start Date, with an exercise price equal to the fair market value of the Company’s common stock on such date of grant, and will be subject to a four (4) year vesting period, vesting in a
                series of four (4) successive annual installments of twenty-five percent (25%) each, commencing on the first (1st) anniversary of the Start Date, provided you are employed by the Company on each such vesting date, as well as any other terms
                and conditions contained in the grant agreement.

            
	 	 
	
              Representations and Contingencies:

            	
              This offer is contingent on your representation that you are free to accept employment with BioSpecifics without any contractual restrictions, express or implied,
                of any kind (including, without limitation, any confidentiality, non-competition agreement or any other similar type of restriction that may affect your ability to devote full time and attention to your work at the Company).

            
	 	 
	 	
              This offer is also conditioned on you not having been, and by signing below you represent and warrant that you have not been, debarred or received notice of any
                action or threat with respect to debarment under the provisions of the Generic Drug Enforcement Act of 1992, 21 U.S.C. § 335(a) or any similar legislation applicable in the U.S. or in any other country where the Company intends to develop
                its activities.

            

      

      

      
        
          

      

      	 	
              This offer is also contingent on your agreement to the Company’s Confidentiality and Inventions Assignment Agreement, which you will be provided with and required
                to sign upon commencement of your employment

            
	 	 
	
              Compliance:

            	
              You are required to familiarize yourself with and adhere to, all Company policies which may be in effect from time to time.  Failure to comply with all such
                policies and procedures shall be grounds for disciplinary action by the Company, up to and including termination of employment.

            
	 	 
	
              Employment At-Will:

            	
              Your employment with BioSpecifics is at-will. Both you and the Company reserve the right to terminate the relationship at any time, with or without cause and with
                or without notice.  We ask, however, you provide the Company at least two (2) months’ advance written notice of your intention to resign your employment.

            
	 	 
	
              Termination Without Cause:

            	
              If the Company terminates your employment without Cause (as defined below), the Company shall pay you any earned but unpaid Base Salary through the date of
                termination, at the rates then in effect, less standard deductions and withholdings.  In addition, if you: (i) furnish to the Company an executed waiver and general release of claims in a form to be provided to you by the Company (a
                “Release), (ii) allow the Release to become effective in accordance with its terms, and (iii) otherwise comply with the Release, then you will be eligible to receive an aggregate amount equal to two (2) months of your then-current Base
                Salary, less standard deductions and withholdings, payable in equal installments over the two (2) month period following the date of the termination of your employment.

            
	 	 
	 	
              “Cause” shall mean the occurrence of any of the following, your: (1) breach of a material term of this letter agreement or any confidentiality or inventions assignment agreement with the Company; (2)
                commission of an act of fraud, embezzlement, theft, or material dishonesty; (3) willful engagement in conduct that causes, or is likely to cause, material damage to the property or reputation of the Company; (4) failure to perform
                satisfactorily the material duties of your position (other than by reason of disability) after receipt of a written warning from the Company; (5) commission of a felony or any crime of moral turpitude; or (6) material failure to comply with
                the Company’s code of conduct or employment policies.

            

      

      

      
        
          

      

      	
              Other Termination:

            	
              If you resign from employment with the Company at any time or the Company terminates your employment at any time for Cause or due to death or Disability (as
                defined below), the Company shall pay you any earned but unpaid Base Salary and any unused vacation accrued (if applicable) through the date of such resignation or termination, at the rates then in effect, less standard deductions and
                withholdings.  The Company shall thereafter have no further obligations to you, except as may otherwise be required by law.

            
	 	 
	 	
              “Disability” shall mean your inability to perform
                your duties and responsibilities hereunder, with or without reasonable accommodation, due to any physical or mental illness or incapacity, which condition has continued for a period of one hundred eighty (180) days (including weekends and
                holidays) in any consecutive three hundred sixty-five (365) day period.

            
	 	 
	
              Agreement to Arbitrate Claims:

            	
              Subject to any written agreement to the contrary, any dispute, claim or controversy arising out of or relating to this Agreement or your employment with the
                Company (collectively, “Disputes”), including, without limitation, any dispute, claim or controversy concerning the validity,
                enforceability, breach or termination of this Agreement, if not resolved by the parties, shall be finally settled by arbitration in accordance with the then-prevailing Employment Dispute Resolution Rules of the American Arbitration
                Association (“AAA”) (before a single arbitrator) except as modified herein (“Rules”).  The requirement to arbitrate covers all
                Disputes (other than disputes which by statute are not arbitrable) including, but not limited to, claims, demands or actions under the Age Discrimination in Employment Act (including Older Workers Benefit Protection Act); Americans with
                Disabilities Act; Civil Rights Act of 1866; Civil Rights Act of 1991; Employee Retirement Income Security Act of 1974; Equal Pay Act; Family and Medical Leave Act of 1993; Title VII of the Civil Rights Act of 1964; Fair Labor Standards Act;
                Fair Employment and Housing Act; and any other law, ordinance or regulation regarding discrimination or harassment or any terms or conditions of employment.  The place of arbitration shall be New York, New York.

            
	 	 
	 	
              By agreeing to arbitration, the parties hereto do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction, including, without
                limitation, with respect to the Company’s Confidentiality and Inventions Assignment Agreement.  The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1-16.  Judgment upon the award of the arbitrator may be entered in
                any court of competent jurisdiction.  The arbitrator shall: (a) have authority to compel discovery which shall be narrowly tailored to efficiently resolve the disputed issues in the proceeding; and (b) issue a written statement signed by
                the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based.  The Company shall pay
                all administrative fees of AAA in excess of four hundred thirty-five dollars ($435) (a typical filing fee in court) but the Company and you shall split any arbitrator’s fees and expenses.  Each party shall bear their own costs and expenses
                (including attorney’s fees) in any such arbitration and the arbitrator shall have no power to award costs and attorney’s fees except as provided by statute or by separate written agreement between the parties.  In the event any portion of
                this arbitration provision is found unenforceable by a court of competent jurisdiction, such portion shall become null and void leaving the remainder of this arbitration provision in full force and effect.  The parties agree that all
                information regarding the arbitration, including any settlement thereof, shall not be disclosed by the parties hereto, except as otherwise required by applicable law.

            

      

      

      
        
          

      

      This letter, along with any agreements relating to confidentiality or inventions assignment between you and the Company, set forth the terms of your employment with the
        Company and supersede any prior representations or agreements including, but not limited to, any representations made during your interviews, whether written or oral. This letter, including, but not limited to, its at-will employment provision, may
        not be modified or amended except by a written agreement signed by the Chief Executive Officer and by you.

       

      Pat, we are very excited about having you join BioSpecifics as its Chief Financial Offer.  Your experience and judgment will have a great impact on the Company’s growth
        and success, and we believe that you will derive a great deal of enjoyment out of your role and responsibilities.

       

      If you have any questions about this information, please contact me.  Otherwise, please confirm your acceptance of this offer of at-will employment with Biospecifics by
        signing below and returning a copy no later than December 31, 2019.

       

      	
              Accepted:

            	
              BIOSPECIFICS TECHNOLOGY CORP.

            
	 	 
	
              /s/ Patrick C. Hutchison

            	
              /s/ J. Kevin Buchi

            
	
              Patrick C. Hutchison

            	
              By: J. Kevin Buchi

            
	 	
              Title: Chief Executive Officer

            
	 	 
	
              Date: December 20, 2019

            	
              Date: December 17, 2019

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"}]]