Document:

Form of Non-Qualified Stock Option Agreement

    PEREGRINE
      PHARMACEUTICALS, INC.

    2005
      STOCK INCENTIVE PLAN

    NON-QUALIFIED
      STOCK OPTION AGREEMENT

    

    NON-QUALIFIED
      STOCK OPTION AGREEMENT (the “Agreement”) dated as of __________, between
      PEREGRINE PHARMACEUTICALS, INC., a Delaware corporation (collectively with
      its
      direct and indirect subsidiaries, the “Company”), and ________, an employee of
      the Company (“Optionee” or “Participant”).

    

    The
      Compensation Committee of the Board of Directors of the Company (the
“Committee”) has determined that the objectives of the Peregrine
      Pharmaceuticals, Inc. 2005 Stock Incentive Plan (the “Plan”) will be furthered
      by granting to Optionee options pursuant to the Plan. Any capitalized terms
      not
      otherwise defined in this Agreement shall have the meaning ascribed to them
      in
      the Plan.

    

    In
      consideration of the foregoing and of the mutual undertakings set forth in
      this
      Agreement, the Company and Optionee agree as follows:

    

    
      	
              1
                .

            	
              Grant
                of Option.
                 

            

    

    

    (a) The
      Company hereby grants to Optionee options (the “Options”) to purchase
      _______ Shares
      of
      Common Stock of the Company (the “Shares”) at a purchase price of ___ per Share.
      The Options shall not qualify as incentive stock options as described under
      Section 422 of the Internal Revenue Code.

    

    (b) For
      purposes of this Agreement, the term “Cause” means the Participant’s
      (i)
      embezzlement, fraud or any conduct related to the performance of the
      Participant’s duties for the Company that constitutes a crime, (ii)
      unauthorized disclosure of confidential information or breach of any
      confidentiality or non-disclosure agreement with the Company or any of its
      Subsidiaries, (iii)
      willful
      and habitual breach of duties,
      after
      notice to the Participant affording the Participant a reasonable opportunity
      to
      cure, or (iv)
      breach
      or violation of any statutory or common law duty of loyalty to the Company
      or
      the Company’s Affiliates.

     

    2. Exercisability. Subject
      to the further terms of this Agreement, the Options shall vest and become
      exercisable in accordance with Schedule 1 hereto. Unless earlier terminated
      pursuant to the provisions of the Plan or paragraph 5 of this Agreement, the
      unexercised portion of the Options shall expire and cease to be exercisable
      at
      5:00 pm PST ten (10) years from the date of this Agreement. This Agreement
      shall
      not confer upon Optionee any right with respect to continuation of her/his
      employment or consulting relationship with the Company, nor shall it interfere
      with or affect in any manner the right or power of the Company, or a parent
      or
      subsidiary of the Company, to terminate any agreement with Optionee in
      accordance with the terms thereof.

    

    3. Method
      of Exercise.
      The
      Options or any part of them may be exercised only by the giving of written
      notice to the Company in substantially the form annexed hereto as Schedule
      2
      hereto, or on such other form and in such other manner as the Committee shall
      prescribe from time to time. Such written notice must be accompanied by payment
      of the full purchase price for the number of Shares with respect to which the
      Options are being exercised. Such payment may be made by one or a combination
      of
      the following methods: (i) by a check acceptable to the Company; or
      (ii)
      by
      such
      other method as the Committee may authorize including, in the discretion of
      the
      Committee, the recourse promissory note of the Optionee. The date of exercise
      of
      the Options shall be the date on which written notice of exercise is hand
      delivered to the Company and payment of the full purchase price for the number
      of Shares with respect to which the Options are being exercised, during normal
      business hours, at its address as provided in Section 7 of this Agreement,
      or,
      if mailed, the date on which it is postmarked, provided such notice is actually
      received.

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    4. Optionee's
      Representations.
      As a
      condition to the exercise of an Option, the Company may require Optionee to
      make
      any representation and warranty to the Company as may be required by any
      applicable law or regulation.

    

    5. Termination
      of Employment; Death.
      Upon
      termination of Optionee’s employment with or status as a consultant to, the
      Company for any reason, the Options will immediately terminate and expire,
      except as provided in paragraphs (a) or (b) of this Section 5.

    

    (a) If
      Optionee resigns as an employee of, or consultant to, the Company with the
      Company's prior written consent, or if the Company terminates Optionee's
      employment by the Company without Cause (as defined herein), the Option will
      be
      exercisable but only to the extent it
      was
      exercisable at the time of such termination or resignation and only until the
      earlier of the expiration date of the Option, determined pursuant to Section
      2
      of this Agreement, or the expiration of three (3) months following such
      termination or resignation.

    

    (b) If
      Optionee dies or becomes Permanently Disabled while employed by, or rendering
      services as a consultant to, the Company or after Optionee's employment or
      status as a consultant to the Company terminates but during a period
      in
      which the Option is exercisable pursuant to paragraph (a) of
      this
      Section 5, the Option will be exercisable but only to the extent it was
      exercisable at the time of death and only until the earlier of the expiration
      date of the Option, determined pursuant to Section 2 of this Agreement, or
      the
      expiration of twelve (12) months following the date of Optionee's
      death.

    

    6. Plan
      Provisions to Prevail.
      This
      Agreement is subject to all of the terms and provisions of the Plan. Without
      limiting the generality of the foregoing, by entering into this Agreement
      Optionee agrees that no member of the Committee shall be liable for any action
      or determination made in good faith with respect to the Plan or any award
      thereunder or this Agreement. In the event that there is any inconsistency
      between the provisions of this Agreement and of the Plan, the provisions of
      the
      Plan shall govern.

    

    7. Notices.
      Any
      notice to be given to the Company hereunder shall be in writing and shall be
      addressed to Paul J. Lytle, Corporate Secretary, or at such other address as
      the
      Company may hereafter designate to Optionee by notice as provided in this
      Section 7. Any notice to be given to Optionee hereunder shall be addressed
      to
      Optionee at the address set forth beneath her/his signature hereto, or at such
      other address as Optionee may hereafter designate to the Company by notice
      as
      provided herein. A notice shall be deemed to have been duly given when
      personally delivered or mailed by registered or certified mail to the party
      entitled to receive it.

    

    8. Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and the successors and assigns of the Company and to the extent consistent
      with
      Section 5 of this Agreement and with the Plan, the heirs and personal
      representatives of Optionee.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    9. Governing
      Law.
      This
      Agreement shall be interpreted, construed and administered in accordance with
      the laws of the State of California as they apply to contracts made, delivered
      and performed in the State of California. Any dispute arising hereunder shall
      be
      resolved by binding arbitration before the American Arbitration Association
      under its Commercial Arbitration Rules, before a single arbitrator in Orange
      County, California. The parties will mutually determine the arbitrator from
      a
      list of arbitrators obtained from the American Arbitration Association office
      located in Orange County, California. If the parties are unable to agree on
      the
      arbitrator, the arbitrator will be selected by the American Arbitration
      Association with a preference for selecting a retired federal district judge
      or
      state superior court judge as the arbitrator.

    

    10. Withholding.
      Upon
      exercise, the Optionee hereby agrees to promptly provide the necessary tax
      withholding, if applicable, in the Committee’s view, pursuant to Section 15 of
      the Plan.

    

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

    

    PEREGRINE
      PHARMACEUTICALS, INC.

     

    

    By:________________________________

     

    

    OPTIONEE:

     

    __________________________________
      

    Signature

    

    Name:____________________________

    

    Social
      Security Number:

     

    _________________________________
      

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1 TO NON-QUALIFIED STOCK OPTION AGREEMENT

    PURSUANT
      TO PEREGRINE PHARMACEUTICALS, INC.

    2005
      STOCK INCENTIVE PLAN

    

    (This
      Schedule 1 shall be incorporated by reference and become a part of the Option
      Agreement between the Company and the Optionee.)

    

    I. NON-QUALIFIED
      STOCK OPTIONS:
      Non-qualified stock options generally give rise to ordinary compensation income
      for the Optionee when the option is exercised. The Company may require the
      Optionee to make arrangements for the payment of withholding taxes by the
      Company if the Optionee is an employee of the Company at the time of the
      exercise of the Non-qualified stock option.

    

    Date
      of
      Grant:      

    

    Earliest
      Exercise Date:    

    

    Exercise
      Price:     

    

    Number
      of
      Shares:     

    

    Vesting
      Schedule: 

     

    
      	
              Vesting
                Date

            	
              Options
                Vested

            
	 	 
	 	 
	 	 
	 	 

    

    Expiration
      Date:     

    

    Governing
      Law; Resolution of Disputes.
      This
      Agreement has been made, executed and delivered in, and the interpretation,
      performance and enforcement hereof shall be governed by and construed under
      the
      laws of the State of California. Any dispute arising hereunder shall be resolved
      by binding arbitration before the American Arbitration Association under its
      Commercial Arbitration Rules, before a single arbitrator in Orange County,
      California. The parties will mutually determine the arbitrator from a list
      of
      arbitrators obtained from the American Arbitration Association office located
      in
      Orange County, California. If the parties are unable to agree on the arbitrator,
      the arbitrator will be selected by the American Arbitration Association with
      a
      preference for selecting a retired federal district judge or state superior
      court judge as the arbitrator.

    

    I
      have
      read the Peregrine Pharmaceuticals, Inc. 2005 Stock Incentive Plan, the terms
      of
      which are incorporated herein. As Optionee, I hereby acknowledge that as of
      the
      date of the Options referenced above, it sets forth the entire understanding
      between the undersigned Optionee and the Company and its Affiliates regarding
      the Options and supersedes all prior oral and written agreements on that subject
      with the exception of (i) the options and any other stock awards previously
      granted and delivered to the undersigned under stock award plans of the Company,
      and (ii) the following agreements only:

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    NONE
      _______

    (Initial)

    

    OTHER
      _______________________________________________________________________

             

    IN
      WITNESS WHEREOF, this Non-Qualified Stock Option Agreement pursuant to the
      Peregrine Pharmaceuticals, Inc. 2005 Stock Incentive Plan has been delivered
      by
      the parties hereto.

     

    
      

      
        	Date:
                ______________	
                “Optionee”

              

      

       

      _________________________________

      Name ________________________________      

      

      Address
        ______________________________

      ______________________________________

      _________________________________

       

      Social
        Security Number ___________________

      

      The
        Company hereby agrees to

      all
        the
        terms of the Agreement.

      

      Peregrine
        Pharmaceuticals, Inc.

      

      

      By:_____________________________________   
Name:
      Paul J. Lytle

    Title:
      Chief Financial Officer

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      2

    

    PEREGRINE
      PHARMACEUTICALS, INC.

    EXERCISE
      NOTICE

    

    Peregrine
      Pharmaceuticals, Inc.

    14272
      Franklin Avenue

    Tustin,
      CA 92780

     

    

    
      	
              1.

            	
              Exercise
                of Option.

            

    

    

    Effective
      as of today,_________________ , __________________
      the
      undersigned (“Optionee”) hereby elects to exercise Optionee's Options to
      purchase _______
      shares
      of Common Stock (the “Shares”) of Peregrine Pharmaceuticals, Inc. (the
“Company”) under and pursuant to the Non-Qualified Stock Option Agreement dated
      as of _________________
      (the
“Option Agreement”) between the Company and Optionee pursuant to the Option
      Agreement.

    

    
      	
              2.

            	
              Rights
                as Shareholder

            

    

    

    (i) Until
      the
      certificate evidencing the Shares is issued (as evidenced by the appropriate
      entry on the stock ownership register of the Company or of a duly authorized
      transfer agent of the Company), no right to receive distributions or any other
      rights as a shareholder shall exist with respect to the Shares, notwithstanding
      the exercise of the Option. The Company shall issue (or cause to be issued)
      such
      certificate promptly upon exercise of the Option.

    

    (ii) Upon
      issuance of the certificate, Optionee shall enjoy rights as a shareholder of
      Common Stock until such time as Optionee disposes of the Shares or the
      Company.

    

    
      	
              3.

            	
              Governing
                Law; Severability.
                This Notice shall be governed by and construed in accordance with
                the laws
                of the State of California excluding that body of law pertaining
                to
                conflicts of law. Should any provision of this Notice be determined
                by a
                court of law to be illegal or unenforceable, the other provisions
                shall
                nevertheless remain effective and shall remain enforceable. Any dispute
                arising hereunder shall be resolved by binding arbitration before
                the
                American Arbitration Association under its Commercial Arbitration
                Rules,
                before a single arbitrator in Orange County. The parties will mutually
                determine the arbitrator from a list of arbitrators obtained from
                the
                American Arbitration Association office located in Orange County.
                If the
                parties are unable to agree on the arbitrator, the arbitrator will
                be
                selected by the American Arbitration Association with a preference
                for
                selecting a retired federal district judge or state superior court
                judge
                as the arbitrator.

            

    

    

    
      	
              4.

            	
              Notices.
                Any notice required or permitted hereunder shall be given in writing
                and
                shall be deemed effectively given upon personal delivery or upon
                deposit
                in the United States mail by certified mail, with postage and fees
                prepaid, addressed to the other party at its address as shown below
                beneath its signature, or to such other address as such party may
                designate in writing from time to time to the other
                party.

            

    

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	
              5.

            	
              Further
                Instruments.
                The parties agree to execute such further instruments and to take
                such
                further action as may be reasonably necessary to carry out the purposes
                and intent of this Notice.

            

    

    

    
      	
              6.

            	
              Delivery
                of Payment.
                Optionee herewith delivers to the Company the full purchase price
                for the
                Shares as set forth in paragraph 1 of the Option
                Agreement.

            

    

    

    
      	
              7.

            	
              Entire
                Agreement.
                The Option Agreement is incorporated herein by reference. This Notice,
                the
                Option Agreement and the Plan constitute the entire agreement of
                the
                parties and supersede in their entirety all prior undertakings and
                agreements of the Company and Optionee with respect to the subject
                matter
                hereof. In the event of a conflict or discrepancy between the terms
                of
                this Agreement and the Peregrine Pharmaceuticals, Inc. 2003 Stock
                Incentive Plan (the “Plan”), the terms of the Plan shall
                control.

            

    

    

    
      	
              8.

            	
              Representatives
                of Optionee.
                Optionee acknowledges that Optionee has received, read and understood
                the
                Option Agreement and this Notice and agrees to abide by and be bound
                by
                the terms and conditions of the Option Agreement and this
                Notice.

            

    

     

    
      

      
        	Submitted
                by:	
                Accepted
                  by:

              

      

       

      
        	OPTIONEE:	
                PEREGRINE
                  PHARMACEUTICALS, INC.

              

      

      

      
        	By:__________________________________	
                By:__________________________________

              

      

      Name:________________________________
        

      Address:______________________________
        

      _____________________________________
        

      

    

     

    7Agreement, dated October 24, 2005 between P&F Industries, Inc. and Richard Horowitz

    
      

    

    300
      Smith
      Street  Farmingdale, New York 11735  Tel: (631) 694-1800  Fax:
      (631) 694-1836

    

                                                                                                                        October
      24, 2005

    Mr.
      Richard A. Horowitz

    5
      Fir
      Drive

    Kings
      Point, New York 11024

    

    Re: P&F
      Industries, Inc.

     

    Dear
      Mr.
      Horowitz:

    

    Reference
      is made to that certain Second Amended and Restated Employment Agreement, dated
      as of May 30, 2001 (the “Agreement”), between P&F Industries, Inc. (the
      "Company") and Richard A. Horowitz (the "Executive"). Capitalized terms used
      and
      not otherwise defined herein shall have the meaning ascribed to such terms
      in
      the Agreement. This letter constitutes an amendment to the Agreement. Except
      as
      amended hereby, the Agreement shall remain in full force and
      effect.

    

    Effective
      immediately upon the Company’s receipt of the Company Payment, as such term is
      defined in that certain letter of even date from the Company to the 1994 Richard
      A. Horowitz Family Trust:

    

    (i)
      Section 3.4 of the Agreement ("Prior Section 3.4") is hereby repealed and
      deleted in its entirety and replaced with the following:

    

    "3.4.
      (a)
      With respect to the period commencing January 1, 2006 and terminating December
      31, 2016, the Company shall pay to the Executive, on or before March 15 of
      each
      year during such period, forty-five thousand, sixty-four and thirty-seven one
      hundredths ($45,064.37) Dollars; and (b) throughout the Term, the
      Company shall continue to pay premiums on the supplemental disability insurance
      policies currently maintained by the Executive (or reimburse the Executive
      for
      any such premiums paid by him)."

    

    (ii)
      The
      parties hereby acknowledge and agree that, except as set forth herein, neither
      party has any claims against, and/or liability or obligation to, the other
      with
      respect to, and/or arising under, Prior Section 3.4.

    

    Simultaneously
      with the execution and delivery of this letter, the Executive is paying or
      causing to be paid to the Company the amount of one hundred seventy-eight
      thousand, eight hundred thirty-nine ($178,839) Dollars, such amount being equal
      to the Company's net equity in the life insurance policy contemplated by Prior
      Section 3.4 and referred to in that certain Collateral Assignment (Split
      Dollar), dated September 29, 1994, from Linda Horowitz and Dennis Kalick, as
      trustees, to the Company.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

     

    Please
      acknowledge your agreement to the foregoing by signing a copy of this letter
      in
      the space provided below.

     

    
                  Yours
        truly,

    

    
      	 	 	 
	 	P&F
              INDUSTRIES, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Joseph
              A.
              Molino, Jr.
	 	
              

            
	 	
              Vice
                President, Chief Operating Offer and

              Chief Financial
                Officer

            

    

    
READ
      AND AGREED:

    

    

    /s/
      Richard A. Horowitz

    Richard
      A. Horowitz

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