Document:

SEC Connect

 

Exhibit 10.5

 

EXHIBIT A

 

SECURED PROMISSORY NOTE

 

 

$2,500,000  _____,
2017

 

For
value received, Petro River Oil Corp., a Delaware corporation (the
“Company”),
hereby promises to pay to the order of Petro Exploration Funding
II, LLC or its registered assigns (the “Holder”), at
the address of c/o 20 E 20th Street, New York,
New York, NY 10003, the principal sum of $2,500,000 on the dates
specified herein, with interest as specified herein.

 

This
Note is subject to the following additional provisions, terms and
conditions:

 

ARTICLE
1. DEFINITIONS.

 

Section
1.1. Definitions. Defined terms used herein
but not defined shall have the meaning ascribed in the Securities
Purchase Agreement dated June 13, 2017 (the “Purchase
Agreement”) between the Company and Holder.

 

Section
1.2. Certain
Definitions

 

“Applicable
Rate” means 10% per annum.

 

“Bankruptcy
Law” means Title 11, United State Code or any similar
federal or state law for the relief of debtors.

 

“Business Day”
means any day that is not a Saturday or Sunday or a day on which
banks are required or permitted to be closed in New York, New
York.

 

  “Collateral”
shall have the meaning ascribed in the Security
Agreement.

 

“Default Rate”
means 18% per annum.

 

“Distribution
Event” means any insolvency, bankruptcy, receivership,
liquidation, reorganization or similar proceeding (whether
voluntary or involuntary) relating to the Company or its property,
or any proceeding for voluntary or involuntary liquidation,
dissolution or other winding up of the Company, whether or not
involving insolvency or bankruptcy.

 

 “Maturity
Date” means June 30, 2020.

 

“Maximum Rate”
means the maximum nonusurious interest rate permitted under
applicable law.

 

“Note” means
this Promissory Note made by the Company payable to the Holder,
together with all amendments and supplements hereto, all
substitutions and replacements hereof, and all renewals,
extensions, increases, restatements, modifications, rearrangements
and waivers hereof from time to time.

 

 “Proceeds”
has the meaning set forth in the Uniform Commercial Code in the
State of New York.

 

“Security
Agreement” means the Security Agreement dated as of
the date hereof between the Company and Holder.

 

“Transfer” has
the meaning set forth in Section 4.2(b).

 

 

 

 

 

ARTICLE
2. BASIC TERMS.

 

Section
2.1. Principal.

 

(a) Scheduled Repayment. To the
extent not previously paid, the entire unpaid principal balance of
this Note shall be due and payable on the Maturity
Date.

 

(b)    
Prepayment. 
Upon five days’ prior written notice, the Company may make
voluntary prepayments in whole or in part of the unpaid principal
hereunder from time to time at without penalty or
premium.

 

Section
2.2. Interest.

 

(a) The Company agrees
to pay interest in respect of the unpaid principal amount of this
Note at a rate per annum equal to the lesser of the Applicable Rate
or the Maximum Rate. Upon the occurrence and during the continuance
of an Event of Default, which has not been cured, the Company
agrees to pay during the period of the continuance of such Event of
Default interest on the unpaid principal amount of this Note at a
rate per annum equal to the lesser of the Default Rate and the
Maximum Rate.

 

(b) Interest payments
shall be paid on June 1, 2018, and each 6 month anniversary
thereafter until earlier of (i) outstanding principal balance of
this Note shall be paid in full or the Maturity Date.

 

(c) Interest shall be
calculated on the basis of a 365-day year.

 

Section
2.3. Payments in General. All payments of
principal and interest on this Note shall be in such coin or
currency of the United States of America as at the time of payment
shall be legal tender for payment of public and private debts. If
any payment (whether of principal, interest or otherwise) on this
Note is due on a day which is not a Business Day, such payment
shall be due and payable on the next succeeding Business Day. All
payments under this Note shall be made by wire transfer or check in
accordance with Holder’s instructions.

 

Section
2.4. Surrender of Note on Transfer. This Note
shall, as a condition to transfer, be surrendered to the Company in
exchange for a new Note in a principal amount equal to the
principal amount remaining unpaid on the surrendered Note, and with
the same terms and conditions as this Note. In case the entire
principal amount of this Note is prepaid, this Note shall be
surrendered to the Company for cancellation and shall not be
reissued.

 

Section
2.5. Security. To secure the indebtedness
evidenced by this Note, all interest hereon, and all other fees and
expenses related to the loan evidenced by this Note, including all
costs and expenses incurred by Holder in the collection of the
foregoing, the Company hereby grants to Holder a security interest
as set forth in the Security Agreement. Notwithstanding anything to
the contrary herein or any other transaction document relating to
this Note, this Note shall be junior to the security interest
created by the promissory note issued to Petro Exploration Funding,
LLC in the aggregate principal amount of $2,000,00 on June 15, 2017
(the “Prior Secured Note”).

 

Section
2.6. Covenants.

 

(a) The Company agrees
to pay all obligations when due and perform fully all of the
Company’s duties under and in connection with this
Note.

 

(b) The Company agrees
to (i) take all actions reasonably requested by Holder to perfect
for Holder a first priority security interest in the Inventory, and
(ii) refrain from encumbering, or, other than in the ordinary
course of business consistent with past practice, selling any of
the Collateral, or permitting the Collateral or any interest in the
Collateral to be encumbered, or seized, or, other than in the
ordinary course of business consistent with past practice,
transferred or otherwise disposed of.

 

 

 

 

 

 

ARTICLE
3. DEFAULT AND REMEDIES.

 

Section
3.1. Events of Default. An
“Event of
Default” occurs if:

 

(a) the Company
defaults in the payment of principal or interest on the Note when
the same becomes due and payable;

 

(b) the Company
defaults in the punctual performance of any other obligation,
covenant, term or provision contained in this Note; or

 

(c) the Company (i)
commences a voluntary case concerning itself under any Bankruptcy
Law now or hereafter in effect, or any successor thereof; (ii) is
the object of an involuntary case under any Bankruptcy Law; or
(iii) commences any Distribution Event or is the object of an
involuntary Distribution Event.

 

Section
3.2. Remedies.

 

(a) If an Event of
Default (other than an Event of Default under Section 3.1(c)) shall
occur, the Holder may declare by notice in writing given to the
Company, the entire unpaid principal amount of the Note, together
with accrued but unpaid interest thereon, to be immediately due and
payable, in which case the Note shall become immediately due and
payable, both as to principal and interest, without presentment,
demand, default, notice of intent to accelerate and notice of such
acceleration, protest or notice of any kind, all of which are
hereby expressly waived, anything herein or elsewhere to the
contrary notwithstanding.

 

(b) If an Event of
Default under Section
3.1(c) shall occur, the entire unpaid principal amount of
the Note, together with accrued but unpaid interest thereon, shall
automatically become immediately due and payable, both as to
principal and interest, without presentment, demand, default,
notice of intent to accelerate and notice of such acceleration,
protest or notice of any kind, all of which are hereby expressly
waived, anything herein or elsewhere to the contrary
notwithstanding.

 

(c) If any Event of
Default shall have occurred, the Holder may proceed to protect and
enforce its rights either by suit in equity or by action at law, or
both, and take any of the following actions (but it is expressly
agreed and acknowledged that the Holder is under no duty to take
any such actions):

 

(i)           require
the Company to give possession or control of the Collateral to the
Holder;

 

(ii)           take
control of Proceeds (as defined in the Security Agreement) and use
any such cash Proceeds to reduce any part of the indebtedness
evidenced by this Note, all interest hereon or related fees and
expenses;

 

(iii)           sell,
or instruct any agent or broker to sell, all or any part of the
Collateral in a public or private sale and apply all proceeds to
the payment or other satisfaction of the indebtedness evidenced by
this Note, all interest hereon or related fees and expenses in such
order and manner as the Holder shall, in its discretion,
choose;

 

(iv)           take
any action the Company is required to take or any other necessary
or desirable action to obtain, preserve, and enforce this Note, and
to maintain and preserve the Collateral, without notice to the
Company;

 

(v)           transfer
any of the Collateral, or evidence thereof, into the Holder’s
own name or that of its nominee and receive the Proceeds therefrom
and hold the same as security for the indebtedness evidenced by
this Note, interest hereon and related fees and expenses, or apply
the same thereon;

 

 

 

 

 

(vi)           take
control of funds generated by the Collateral , and use such funds
to reduce any part of the indebtedness evidenced by this Note,
interest hereon or related fees and expenses; and

 

(vii)           exercise
all other rights that a secured creditor may exercise with respect
to any of the Collateral.

 

ARTICLE
4. MISCELLANEOUS.

 

Section
4.1. Amendment. This Note may be amended,
modified, superseded or cancelled, and any of the terms, covenants,
representations, warranties or conditions hereof and thereof may be
waived, only by a written instrument executed by the Holder and the
Company.

 

Section
4.2. Successors and Assigns.

 

(a) The rights and
obligations of the Company and the Holder under this Note shall be
binding upon, and inure to the benefit of, and be enforceable by,
the Company and the Holder, and their respective permitted
successors and assigns.

 

(b) The Company may not
sell, assign (by operation of law or otherwise), transfer, pledge,
grant a security interest in or delegate (collectively
“Transfer”) any
of its rights or obligations under this Note unless the Holder has
granted its prior written consent and any such purported Transfer
by the Company without obtaining such prior written consent shall
be null and void ab
initio.

 

Section
4.3. Defenses. Except as expressly set forth
herein, the obligations of the Company under this Note shall not be
subject to reduction, limitation, impairment, termination, defense,
set-off, counterclaim or recoupment for any reason.

 

Section
4.4. Replacement of Note. Upon receipt by the
Company of evidence, satisfactory to it, of the loss, theft,
destruction, or mutilation of this Note and (in the cases of loss,
theft or destruction) of any indemnity reasonably satisfactory to
it, and upon surrender and cancellation of this Note, if mutilated,
the Company will deliver a new Note of like tenor in lieu of this
Note. Any Note delivered in accordance with the provisions of this
Section 4.4 shall
be dated as of the date of this Note.

 

Section
4.5. Attorneys’ and Collection Fees.
Each party will bear its own fees and expenses incurred in
connection with the preparation, execution and performance of this
Note and the transactions contemplated hereby, including all fees
and expenses of agents, representatives, financial advisors, legal
counsel and accountants. Notwithstanding the foregoing, in the
event this Note shall not be paid when due and payable (whether
upon demand, by acceleration or otherwise), the Company shall be
liable for and shall pay to Holder all collection costs and
expenses incurred by Holder, including reasonable attorney’s
fees.

 

Section
4.6. Governing Law. This Note and the
validity and enforceability hereof shall be governed by and
construed and interpreted in accordance with the laws of the State
of New York.

 

Section
4.7. Waivers. Except as may be otherwise
provided herein, the makers, signers, sureties, guarantors and
endorsers of this Note severally waive demand, presentment, notice
of dishonor, notice of intent to demand or accelerate payment
hereof, notice of acceleration, diligence in collecting, grace,
notice, and protest, and agree to one or more extensions for any
period or periods of time and partial payments, before or after
maturity, without prejudice to the Holder.

 

 

 

 

 

Section
4.8. No Waiver by Holder. No failure or delay
on the part of the Holder in exercising any right, power or
privilege hereunder and no course of dealing between the Company
and the Holder shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or
privilege.

 

Section
4.9. No Impairment. The Company will not, by
amendment of its certificate of incorporation or through any
reorganization, recapitalization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed
hereunder by the Company, but will at times in good faith assist in
the carrying out of all the provisions of this Note.

 

Section
4.10. Limitation on Interest. Notwithstanding
any other provision of this Note, interest on the indebtedness
evidenced by this Note is expressly limited so that in no
contingency or event whatsoever, whether by acceleration of the
maturity of this Note or otherwise, shall the interest contracted
for, charged or received by the Holder exceed the maximum amount
permissible under applicable law. If from any circumstances
whatsoever fulfillment of any provisions of this Note or of any
other document evidencing, securing or pertaining to the
indebtedness evidenced hereby, at the time performance of such
provision shall be due, shall involve transcending the limit of
validity prescribed by law, then, ipso facto, the obligation to be
fulfilled shall be reduced to the limit of such validity, and if
from any such circumstances the Holder shall ever receive anything
of value as interest or deemed interest by applicable law under
this Note or any other document evidencing, securing or pertaining
to the indebtedness evidenced hereby or otherwise an amount that
would exceed the highest lawful rate, such amount that would be
excessive interest shall be applied to the reduction of the
principal amount owing under this Note or on account of any other
indebtedness of the Company to the Holder, and not to the payment
of interest, or if such excessive interest exceeds the unpaid
balance of principal of this Note and such other indebtedness, such
excess shall be refunded to the Company. In determining whether or
not the interest paid or payable with respect to any indebtedness
of the Company to the Holder, under any specific contingency,
exceeds the highest lawful rate, the Company and the Holder shall,
to the maximum extent permitted by applicable law, (a) characterize
any non-principal payment as an expense, fee or premium rather than
as interest, (b) exclude voluntary prepayments and the effects
thereof, (c) amortize, prorate, allocate and spread the total
amount of interest throughout the term of such indebtedness so that
the actual rate of interest on account of such indebtedness does
not exceed the maximum amount permitted by applicable law, and/or
(d) allocate interest between portions of such indebtedness, to the
end that no such portion shall bear interest at a rate greater than
that permitted by applicable law. The terms and provisions of this
paragraph shall control and supersede every other conflicting
provision of this Note and all other agreements between the Company
and the Holder.

 

Section
4.11. Severability.    If one
or more provisions of this Note are held to be unenforceable under
applicable law, such provision(s) shall be excluded from this Note
and the balance of this Note shall be interpreted as if such
provision(s) were so excluded and shall be enforceable in
accordance with its terms.

 

 

 

 

 

Section
4.12. Construction. This
Note has been freely and fairly negotiated among the parties. If an
ambiguity or question of intent or interpretation arises, this Note
will be construed as if drafted jointly by the parties and no
presumption or burden of proof will arise favoring or disfavoring
any party because of the authorship of any provision of this Note.
Unless the context requires otherwise, any agreements, documents,
instruments or laws defined or referred to in this Note will be
deemed to mean or refer to such agreements, documents, instruments
or laws as from time to time amended, modified or supplemented,
including (a) in the case of agreements, documents or instruments,
by waiver or consent and (b) in the case of laws, by succession of
comparable successor statutes. All references in this Note to any
particular law will be deemed to refer also to any rules and
regulations promulgated under that law. The words “include,
“includes” and “including will be deemed to be
followed by “without limitation.” The word
“or” is used in the inclusive sense of
“and/or” unless the context requires otherwise.
References to a Person are also to its permitted successors and
assigns. Pronouns in masculine, feminine and neuter genders will be
construed to include any other gender, and words in the singular
form will be construed to include the plural and vice versa, unless
the context requires otherwise. When a reference in this Note is
made to an Article, Section, Exhibit, Annex or Schedule, such
reference is to an Article or Section of, or Exhibit, Annex or
Schedule to, this Note unless otherwise indicated. The words
“this Note,” “herein,”
“hereof,” “hereby,” “hereunder”
and words of similar import refer to this Note as a whole and not
to any particular subdivision unless expressly so
limited.

 

Section
4.13. Right of Setoff.
Notwithstanding the terms of this Note or any other agreement or
document, the Holder and each of its affiliates is hereby
authorized at any time and from time to time, to the fullest extent
permitted by law, and without prior notice to the Company, any such
notice being expressly waived by the Company, to set off and
appropriate and apply any and all obligations and indebtedness (in
whatever currency) at any time owing by the Holder or such
affiliate to or for the credit or the account of the Company
against any and all of the obligations of the Company now or
hereafter existing under this Note to the Holder or its affiliates,
whether direct or indirect, absolute or contingent, matured or
unmatured, and irrespective of whether or not the Holder or its
affiliates shall have made any demand under this Note and although
such obligations of the Company are owed to a subsidiary, office or
affiliate of the Holder different from the subsidiary, office or
affiliate obligated on such obligations or indebtedness. The rights
of the Holder and its affiliates under this Section 4.13 are in addition to
other rights and remedies (including other rights of set-off) that
the Holder or such affiliates may have. The Holder agrees to notify
the Company promptly after any such set off and appropriation and
application; provided, however, that the failure to
give such notice shall not affect the validity of such set off and
appropriation and application.

 

 

 

[Signature Page Follows]

 

 

 

 

EXECUTED as of the
date first written above.

 

PETRO
RIVER OIL CORP.

 

 

 

By:_________________________________

Stephen
Brunner

President

 

 

 

 

The
Holder hereby accepts this Note this ___ day of_____,
2017

 

 

 

PETRO
EXPLORATION FUNDING II, LLC

 

 

By:
________________________________

Scot
Cohen

 ManagerExhibit 10.1

 

Aceto Corporation

4 Tri Harbor Court

Port Washington, New York 11050

 

September 25, 2017

 

VIA HAND DELIVERY & ELECTRONIC MAIL

PERSONAL AND CONFIDENTIAL

 

Salvatore Guccione

6 Ramkay Drive

Fairfield, NJ 07004

 

Dear Sal:

 

As we discussed, this
letter shall confirm that your employment with Aceto Corporation (hereafter “Company”) will terminate effective
as of the end of the day on Wednesday, September 27, 2017 (the “Separation Date”).

 

We are enclosing with
this letter a Separation and General Release Agreement (the “Agreement”). Provided that you execute and deliver
the Agreement to Steve Rogers on or before Tuesday, October 17, 2017, do not revoke the Agreement, and comply with the other terms
of the Agreement, your termination will be treated as a resignation by you and you will receive your full severance payments and
benefits as described in section 4 of the Agreement, which are the severance benefits set forth in Section 5(a) of your Employment
Agreement, dated as of January 1, 2015.

 

I personally want to
thank you for your service and dedication to the Company and wish you the very best in your future endeavors.

 

	 	Sincerely,
	 	 
	 	/s/ Albert Eilender
	 	Albert Eilender
	 	Chairman of the Board

 

Enclosure

 

     

     

    

 

EXECUTION VERSION

 

	
        This Separation and General Release
Agreement must be executed and delivered to the Company (Attn: Steve Rogers – Chief Legal Officer – no later than
October 17, 2017.

 

SEPARATION AND GENERAL RELEASE AGREEMENT

 

This Separation and General Release Agreement
(“Agreement”) confirms the terms of the separation of Salvatore Guccione’s (“you” or
“your”) employment with Aceto Corporation (the “Company”), including the consideration described
below in section 4 that you will receive if you (a) sign and return this Agreement to the Company (Attn: Steve Rogers –
Chief Legal Officer) by not later than October 17, 2017 (the “Agreement Confirmation Deadline”), (b) do not
revoke the waiver set forth in section 6 of this Agreement during the 7-day revocation period explained in section 6
below, and (c) comply with the other terms of this Agreement. This Agreement will be effective and binding immediately upon execution
hereof by you and the Company, and the waiver set forth in section 6 of this Agreement will be effective automatically without
further action, notice or deed, immediately upon the expiration of the 7-day revocation period. For the avoidance of doubt, this
Agreement, save for and to the extent set forth in section 6, shall be irrevocable upon execution by the parties. This Agreement
is being provided to you in accordance with Section 5(a)(i)(3) of the Employment Agreement between you and the Company, effective
as of January 1, 2015 (the “Employment Agreement”).

 

By signing and delivering this Agreement,
you will be entering into a binding agreement with the Company and agreeing to the terms and conditions in the numbered sections
below, including the general release of claims in section 5. Therefore, you are advised to consult with an attorney of
your choice before signing this Agreement.

 

If you choose not to sign and return this
Agreement by the Agreement Confirmation Deadline or if you revoke your acceptance of the waiver set forth in section 6 of
this Agreement, you will not receive the consideration described in section 4. Notwithstanding anything herein to the contrary,
if you sign this Agreement by the Agreement Confirmation Deadline but revoke your acceptance of the waiver set forth in section
6 of this Agreement, the total value of any consideration you will receive under section 4 will be limited to an aggregate
amount of $50,000.

 

1.            Separation
of Employment/Service. You acknowledge that the last day of your employment with the Company will be September 27, 2017 (“Separation
Date”). In lieu of the thirty (30) day notice period set forth in section 4(c) of the Employment Agreement, the Company
will pay, in your final pay check described in section 2 below, an additional thirty (30) days (through October 27, 2017) of Base
Salary (as defined in your Employment Agreement). Upon the Separation Date you shall be deemed to resign from the Company’s
board of directors (the “Board”), as well as from the board of directors and governing bodies, and all other
positions you hold, with all of the Company’s subsidiaries.

 

    	 	1	 

     

    

 

2.            Final
Pay; Expenses. You will receive your final pay check within thirty (30) days following the Separation Date, or on such earlier
date as required by applicable law. Your final paycheck will include payment for all salary/wages that you earned through and including
your Separation Date, any earned but unpaid annual performance award for the prior fiscal year, and for your accrued, unused vacation
time, if any, through your Separation Date and, in lieu of notice of termination, payment of your Base Salary through October 27,
2017, less applicable withholdings and deductions. You will receive this payment even if you choose not to enter into this Agreement.
You will also be reimbursed for all outstanding reasonable out-of-pocket expenses incurred but not yet paid by the Company in connection
with the performance of your duties at the Company’s request through the Separation Date in accordance with the Company’s
expense reimbursement policy, provided that you submit documentation that evidences such expenses no later than thirty (30) days
following the Separation Date.

 

3.            Employee
Benefits. Your active participation in the Company’s group health insurance plan(s) will end on September 27, 2017. Coverage
under any other group benefit plans or programs in which you participated, if any, will end on the Separation Date. Regardless
of whether you enter into this Agreement, you will have the right to continue at your expense the medical and/or dental insurance
coverage that you had in effect as of the Separation Date (generally for up to 18 months) under COBRA, subject to the eligibility,
election and other rules thereunder. To continue health insurance coverage under COBRA, you must pay the full premium cost plus
the administrative fee. You will receive COBRA notices and information about your 401(k) account (if any), in separate letters.
If you had group life insurance, you also will receive information about the option to convert this coverage to an individual policy.

 

4.            Consideration.
Subject to the terms and conditions set forth in this Agreement, if you choose to sign and return this Agreement within the required
time period, you do not revoke the waiver in section 6 of this Agreement, and you abide by the other terms of this Agreement,
the Company agrees to provide you with the following consideration, less withholding for all applicable taxes and deductions:

 

(a)          beginning
on the next regular pay date following the expiration of sixty (60) days following the Separation Date, subject to execution, delivery
and non-revocation of the waiver in section 6 of this Agreement to the Company (Attn: Steve Rogers, Chief Legal Officer)
and subject to your ongoing compliance with the terms and conditions of this Agreement, the Company will pay to you an amount equal
to $1,271,260 payable in substantially equal installments for a period equal to twenty-four (24) months following the Separation
Date (which first payment shall be retroactive to the Separation Date);

 

(b)          a
lump sum cash payment equal to the amount of your performance awards for the prior two years which shall be $677,657, payable on
the next regular pay date following the execution, delivery and non-revocation of this Agreement to the Company; and

 

(c)          accelerate
the vesting, effective as of the Separation Date, of all outstanding unvested stock options, restricted stock units (assuming one
hundred percent (100%) achievement of applicable performance metrics) and restricted stock awards the Company previously granted,
which awards shall remain subject to the exercise provisions in the Corporate Trading Policy. For the avoidance of doubt, you have
75,500 vested Stock Options, 83,059 Restricted Stock Units and 80,549 Restricted Stock Awards (including premium shares) as of
the Separation Date.

 

    	 	2	 

     

    

 

 

You acknowledge that you are not otherwise
entitled to the severance and other consideration under any severance policy, plan, program, agreement, or otherwise and that the
Company would not agree to provide you with this severance payment and other consideration without your release of claims and other
promises in this Agreement. You also agree that this severance payment and other consideration constitute good and valuable consideration
for your release of claims and other promises in this Agreement.

 

Notwithstanding the foregoing to the contrary,
the Company’s aggregate payment obligation under this section 4 shall be limited to $50,000 (and all other payments
under this section 4 shall become null and void), and none of the acceleration contemplated in this section 4 shall
occur, if the waiver contemplated in section 6 does not become effective on the 8th day after the date of this
Agreement.

 

5.            General
Release of Claims. In exchange for the consideration described in section 4 to which you are not otherwise entitled, you (for
yourself and your heirs, executors, administrators, beneficiaries, personal representatives and assigns) hereby completely, forever,
irrevocably and unconditionally release and discharge, to the maximum extent permitted by law, the Company, the Company’s
past, present and future parent organizations, subsidiaries and other affiliated entities, related companies and divisions and
each of their respective past, present and future officers, directors, employees, shareholders, trustees, members, partners, attorneys
and agents (in each case, individually and in their official capacities) and each of their respective employee benefit plans (and
such plans’ fiduciaries, agents, administrators and insurers, individually and in their official capacities), as well as
any predecessors, future successors or assigns or estates of any of the foregoing (the “Released Parties”) from
any and all claims, actions, charges, controversies, causes of action, suits, rights, demands, liabilities, obligations, damages,
costs, expenses, attorneys’ fees, damages and obligations of any kind or character whatsoever, that you ever had, now have
or may in the future claim to have by reason of any act, conduct, omission, transaction, agreement, occurrence or any other matter
whatsoever occurring up to and including the date that you sign this Agreement.

 

This general release of claims includes,
without limitation, any and all claims:

 

		·	of discrimination, harassment, retaliation,
or wrongful termination;

		·	for breach of contract, whether oral,
written, express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel;
negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional
interference with contract or prospective economic advantage; unfair business practices; defamation; libel or slander; negligence;
assault; battery; invasion of privacy; personal injury; compensatory or punitive damages, or any other claim for damages or injury
of any kind whatsoever;

		·	for violation or alleged violation of
any federal, state or municipal statute, rule, regulation or ordinance, including, but not limited to, the Age Discrimination in
Employment Act of 1967, the Older Workers Benefit Protection Act of 1990, Title VII of the Civil Rights Act of 1964, the Civil
Rights Acts of 1991, the Americans with Disabilities Act, the Fair Labor Standards Act, the Equal Pay Act, the Lilly Ledbetter
Fair Pay Act, the Fair Credit Reporting Act, the Worker Adjustment and Retraining Notification Act, the Family & Medical Leave
Act, the Sarbanes-Oxley Act of 2002, the federal False Claims Act, the New York State Human Rights Laws, the New York City Human
Rights Laws, New York Hours of Labor Law, New York Wage Payment Law, New York Minimum Wage Act, New York Whistleblower Law, New
York Off-Duty Conduct Lawful Activities Discrimination Law, and New York Civil Rights Law, in each case, as such laws have been
or may be amended;

 

    	 	3	 

     

    

 

		·	for employee benefits, including, without
limitation, any and all claims under the Employee Retirement Income Security Act of 1974 (other than Excluded Claims as defined
below);

		·	to any non-vested ownership interest in
the Company, contractual or otherwise, including, but not limited to, claims to stock or stock options;

		·	arising out of or relating to any promise,
agreement, offer letter, contract (whether oral, written, express or implied), understanding, personnel policy or practice, or
employee handbook;

		·	relating to or arising from your employment
with the Company, the terms and conditions of that employment, and the termination of that employment, including, without limitation
any and all claims for discrimination, harassment, retaliation or wrongful discharge under any common law theory, public policy
or any federal state or local statute or ordinance not expressly listed above; and

		·	any and all claims for monetary recovery,
including, without limitation, attorneys’ fees, experts’ fees, costs and disbursements.

 

You expressly acknowledge that this general
release of claims includes any and all claims arising up to and including the date you sign this Agreement which you have or may
have against the Released Parties, whether such claims are known or unknown, suspected or unsuspected, asserted or un-asserted,
disclosed or undisclosed. By signing this Agreement, you expressly waive any right to assert that any such claim, demand, obligation
or cause of action has, through ignorance or oversight, been omitted from the scope of this release and you further waive any rights
under statute or common law principles that otherwise prohibits the release of unknown claims.

 

Notwithstanding the foregoing, the waiver
and release of the claims in this section 5 which are described in section 6 below shall not become effective unless
and until set forth in section 6.

 

This general release of claims does
not apply to, waive or affect: any rights or claims that may arise after the date you sign this Agreement; any claim for workers’
compensation benefits (but it does apply to, waive and affect claims of discrimination and/or retaliation on the basis of having
made a workers’ compensation claim); claims for unemployment benefits or any other claims or rights that by law cannot be
waived in a private agreement between an employer and employee; or your rights to any vested benefits to which you are entitled
under the terms of the applicable employee benefit plan (the “Excluded Claims”). This general release of
claims also does not apply to, waive, affect, limit or interfere with your preserved rights described in section 13 below.

 

    	 	4	 

     

    

 

6.            Waiver
of Claims under ADEA; Time to Consider/Revoke. You acknowledge, understand and agree that the general release of claims in
section 5 above includes, but is not limited to, a waiver and release of all claims that you may have under the Age Discrimination
in Employment Act of 1967, as amended (the “ADEA”) arising up to and including the date that you sign this Agreement.
As required by the Older Workers Benefit Protection Act of 1990, you are hereby advised that:

 

		·	you are not waiving any rights
or claims under the ADEA that may arise after the date you sign this Agreement;

		·	you should consult with an attorney of
your choice concerning your rights and obligations under this Agreement before signing this Agreement;

		·	you should fully consider this Agreement
before signing it;

		·	nothing in this Agreement prevents or
precludes you from challenging (or seeking a determination of) the validity of the waiver under the ADEA;

		·	you have at least twenty-one (21) days
from the date you received this Agreement to consider whether or not you want to sign it. You also should understand that you may
use as much or as little of the review period as you wish before deciding whether or not to sign this Agreement. You can choose
to execute this Agreement immediately and waive the remainder of the consideration period;

		·	if you do not sign and return this Agreement
within the required time period, then the Company’s offer to provide you with the consideration described in section 4
above, will automatically terminate;

		·	at any time within seven (7) days after
signing this Agreement, you may change your mind and revoke your acceptance of this section 6 only. To be effective, your
revocation must be in writing and either hand-delivered or sent electronically to the Company (Attn: Steve Rogers – Chief
Legal Officer) within the 7-day period and shall only apply to the waiver described in this section 6, and the remainder
of this Agreement shall continue in full force and effect except that the total value of any consideration you will receive under
section 4 shall be limited to an aggregate amount of $50,000;

		·	the waiver set forth in this section
6 is not effective or enforceable until (and if) the revocation period has passed without a revocation;

		·	if you exercise your right to revoke the
waiver set forth in this section 6, then the Company’s offer to provide you with the consideration described in section
4 will not be enforceable except with respect to an aggregate amount of consideration of $50,000 under section 4; and

		·	if you do not revoke your acceptance of
the waiver set forth in this section 6, then the waiver set forth in this section 6 shall automatically, without
further action, notice or deed, become effective on the 8th day following the date that you sign this Agreement (the “Effective
Date”).

 

7.            No
Pending Claims. You represent and warrant that you have no charges, lawsuits, or actions pending in your name against any of
the Released Parties relating to any claim that has been released in this Agreement. You also represent and warrant that you have
not assigned or transferred to any third party any right or claim against any of the Released Parties that you have released in
this Agreement.

 

    	 	5	 

     

    

 

8.            Covenant
not to Sue. Except as provided in section 13 below, you covenant and agree that you will not report, institute or file
a charge, lawsuit or action (or encourage, solicit, or voluntarily assist or participate in, the reporting, instituting, filing
or prosecution of a charge, lawsuit or action by a third party) against any of the Released Parties with respect to any claim that
has been released in this Agreement.

 

9.            Cooperation.
You agree that following your execution of this Agreement, at the Company’s request, you shall provide reasonable assistance
and advise the Company in any investigation which may be performed by the Company or any governmental agency and any litigation
in which the Company may become involved. Such assistance shall include you making yourself reasonably available for interviews
by the Company or its counsel, deposition and/or court appearances at the Company’s request. The Company shall attempt to
schedule such assistance at mutually convenient times and places, taking into account any employment constraints or other reasonable
business or personal constraints that you may have. The Company shall reimburse you for reasonable expenses, such as telephone,
travel, lodging and meal expenses, and reasonable attorney’s fees, incurred by you at the Company’s request, consistent
with the Company’s generally applicable policies for employee expenses.

 

10.           Non-Disparagement.
You agree that you will not at any time make any disparaging or derogatory statements concerning the Company or its affiliates,
or their respective businesses, products and services. The Company agrees to instruct the members of its Board of Directors and
its senior most officers not at any time to make any disparaging or derogatory statements concerning you. However, nothing in this
section is intended to, and shall not, restrict or limit you from exercising your preserved rights described in section 13
or restrict or limit either party from providing truthful information in response to a subpoena, other legal process or valid governmental
inquiry.

 

11.            Non-Disclosure Obligations.

 

(a)          You
acknowledge your obligation to keep confidential, and to not disclose or use (and you agree to keep confidential and not disclose
or use) any and all confidential information or otherwise non-public information concerning the Company and its affiliates that
you acquired during the course of your employment (such as non-public information about the Company’s business affairs, prospects
and financial condition), unless such disclosure is made in response to a subpoena, other legal process, valid governmental inquiry
or otherwise required by law or is reasonably necessary to exercise your preserved rights under section 13. Confidential
information includes all trade secrets and information related to know-how, show-how, technical, operating, financial, and other
business information and materials. You also acknowledge and reaffirm, and agree to comply with, your obligations under any other
agreement relating to non-solicitation, intellectual property or confidential information that you previously executed for the
benefit of the Company, which agreement, if any, also remains in full force and effect.

 

    	 	6	 

     

    

 

(b)          You
acknowledge receipt of the following notice under the Defend Trade Secrets Act: An individual shall not be held criminally or civilly
liable under any Federal or State trade secret law for the disclosure of a trade secret that is made in confidence to a Federal,
State, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation
of law. An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure
of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made
under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose
the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual
files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order.

 

12.           Return
of Company Documents and Other Property. You confirm that you have returned to the Company any and all Company documents, materials
and information (whether in hardcopy, on electronic media or otherwise) related to Company’s or its affiliates’ businesses
and/or containing any non-public information concerning the Company or any of its affiliates, as well as all equipment, keys, access
cards, credit cards, computers, computer hardware and software, sales and promotional materials, contact and client lists, files,
notes, drawings, business plans and forecasts, financial information, electronic devices, automobiles and any other Company property
in your possession, custody or control. You also represent and warrant that you have not retained copies of any of the Company’s
or its affiliates’ documents, materials or information (whether in hardcopy, on electronic media or otherwise). You also
agree that you will disclose to the Company all passwords necessary or desirable to enable the Company to access all information
which you have password-protected on any of its computer equipment or on its computer network or system.

 

13.           Preserved
Rights: This Agreement is not intended to, and shall not, in any way prohibit, limit or otherwise interfere with:

 

(a)          your
protected rights under federal, state or local law to, without notice to the Company: (i) communicate or file a charge with a government
regulator, (ii) participate in an investigation or proceeding conducted by a government regulator, or (iii) receive an award paid
by a government regulator for providing information;

 

(b)          your
protected right to test in any court, under the Older Workers Benefit Protection Act, or like statute or regulation, the validity
of the waiver of rights under ADEA in this Agreement; or

 

(c)          your
right to enforce the terms of this Agreement and to exercise your rights relating to any Excluded Claims.

 

14.           No
Other Pay or Benefits; No-Right to Re-Employment. You acknowledge and agree that upon payment of the amounts described in section
2 above, you will have been paid for all work performed including, without limitation, all salary/wages, bonuses, overtime,
commissions and any earned, but unused, vacation time due to you up through and including the last day of your employment. You
acknowledge and agree that, except for Company’s obligation, subject to the terms of this Agreement, to provide the consideration
specifically provided in section 4, you are entitled to no other payments or benefits and the Released Parties have no further
obligations to you whatsoever, whether arising out of your employment with the Company, your separation from the Company or otherwise.
You further acknowledge that you have no right to reinstatement or re-employment with the Company or any affiliate of the Company,
or to service on its or their boards of directors and agree that any application by you for re-employment may be rejected without
explanation or liability.

 

    	 	7	 

     

    

 

15.           No
Admission. Nothing contained in this Agreement will constitute or be treated as an admission by you, the Company or any of
the other Released Parties of any liability, wrongdoing or violation of law.

 

16.           Breach.
Should it be adjudicated that you have materially breached your obligations under this Agreement, or any of the covenants set forth
in Section 6 of the Employment Agreement relating to confidentiality, non-competition, non-solicitation, non-disparagement or proprietary
rights, then, in addition to any of the Company’s other rights and remedies at law or in equity, the Company shall have the
right to cease providing the consideration under section 4 of this Agreement. All of the other terms of this Agreement will remain
in effect. The exercise of your preserved rights under section 13 will, in no event, be considered a breach of your obligations
under this Agreement. You and the Company hereby waive our respective rights to trial by jury in any action concerning this
Agreement or any and all matters arising directly or indirectly out of this Agreement. You represent that you have consulted with
counsel of your choice or have chosen voluntarily not to do so specifically with respect to this jury trial waiver.

 

17.           Indemnification.
Subject to your compliance with your obligations under this Agreement, you shall remain entitled to the same indemnification from
the Company, and the benefits of any Company owned insurance policies (in accordance with the terms and conditions of such policies),
for your acts and omissions in connection with your employment by the Company and service as a member of the board of directors
of the Company, as and to the same extent you were so entitled immediately prior to the Separation Date.

 

18.           Miscellaneous

 

(a)          This
Agreement contains the entire agreement and understanding between you and the Company concerning the subject matter of this Agreement
and supersedes any and all prior agreements or understandings (both written and oral) between you and the Company concerning the
subject matter of this Agreement, except that your obligations under any employee agreement(s) relating to non-competition, non-solicitation,
intellectual property, confidential information, and non-disclosure that you have signed for the benefit of the Company, including
the Employment Agreement shall remain in full force and effect. The Change in Control Agreement between you and the Company dated
February 13, 2015 shall automatically terminate effective as of the Separation Date pursuant to Section 1 of such agreement. This
Agreement may only be modified by a written document signed by you and an authorized officer of the Company.

 

(b)          This
Agreement shall inure to the benefit of the Company and the other Released Parties and shall be binding upon the Company and its
successors and assigns. This Agreement also shall inure to the benefit of, and be binding upon, you and your heirs, executors,
administrators, trustees and legal representatives. This Agreement is personal to you and you may not assign or delegate your rights
or duties under this Agreement, and any such assignment or delegation will be null and void.

 

    	 	8	 

     

    

 

(c)          The
provisions of this Agreement are severable. If any provision in this Agreement is held to be invalid, illegal or unenforceable,
the remaining provisions of this Agreement will remain in full force and effect and the invalid, illegal and unenforceable provision
shall be reformed and construed so that it will be valid, legal and enforceable to the maximum extent permitted by law.

 

(d)          The
Company and you shall each bear their own costs, fees (including, without limitation, attorney’s fees) and expenses in connection
with the negotiation, preparation and execution of this Agreement.

 

(e)          Should
either party to this Agreement bring an action to enforce its rights under this Agreement, the prevailing party will be entitled
to recover its costs and expenses, including the costs of litigation, court fees, and reasonable attorneys’ fees incurred
in connection with such action.

 

(f)          The
failure of the Company to seek enforcement of any provision of this Agreement in any instance or for any period of time shall not
be construed as a waiver of such provision or of the Company’s right to seek enforcement of such provision in the future.

 

(g)          This
Agreement will be governed and interpreted under the laws of the State of New York, without giving effect to choice of law principles.
The Company and you irrevocably consent to the jurisdiction of the federal and state courts in the State of New York for the resolution
of any disputes arising under or respect to this Agreement.

 

(h)          Given
the full and fair opportunity provided to each party to consult with their respective counsel regarding terms of this Agreement,
ambiguities shall not be construed against either party by virtue of such party having drafted the subject provision.

 

(i)          The
headings in this Agreement are included for convenience of reference only and shall not affect the interpretation of this Agreement.

 

19.           Opportunity
to Review. You represent and warrant that you:

 

		·	have had sufficient opportunity to consider
this Agreement;

		·	have carefully read this Agreement and
understand all of its terms;

		·	are not incompetent and have not had a
guardian, conservator or trustee appointed for you;

		·	have entered into this Agreement of your
own free will and volition and that, except for the promises expressly made by the Company in this Agreement, no other promises
or agreements of any kind have been made to you by any person or entity whatsoever to cause you to sign this Agreement;

		·	understand that you are responsible for
your own attorneys’ fees and costs;

		·	have been advised and encouraged by the
Company to consult with your own independent counsel before signing this Agreement;

 

    	 	9	 

     

    

 

		·	have had the opportunity to review this
Agreement with counsel of your choice or have chosen voluntarily not to do so;

		·	you were given at least 21 days to review
this Agreement before signing it and understood that you were free to use as much or as little of that period as you wished or
considered necessary before deciding to sign it; and

		·	understand that this Agreement is valid,
binding, and enforceable against you and the Company according to its terms.

 

If you wish to accept this Agreement, please
sign, date and return it to the Company (Attn: Steve Rogers – Chief Legal Officer; srogers@aceto.com) no later than October
17, 2017.

 

	 	ACETO CORPORATION:
	 	 	 
	 	By:	/s/ Albert Eilender
	 	 	Albert Eilender
	 	 	Chairman of the Board

 

	Witness:	 	EXECUTIVE:
	 	 	 
	 	 	/s/ Salvatore Guccione
	 	 	Salvatore Guccione

 

Agreed to and accepted on this ____ day of ________________,
2017

 

    	 	10

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