Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(this “Agreement”) dated as of June 3, 2015, among Bio-Reference Laboratories, Inc., a New Jersey corporation
with its principal place of business at 481 Edward H. Ross Drive, Elmwood Park, New Jersey 07407 (the “Company”),
OPKO Health, Inc., a Delaware corporation with its principal place of business at 4400 Biscayne Boulevard, Miami, Florida 33137
(“OPKO”), and Marc D. Grodman, M.D., residing at R.D. No. 1, P.O. Box 309, Califon, New Jersey 07830 (the “Employee”).

 

This Agreement will
be effective as of, and contingent upon, the closing of the Agreement and Plan of Merger among Bio-Reference Laboratories, Inc.,
OPKO Health, Inc., and Bamboo Acquisition, Inc. dated as of June 3, 2015 (the “Merger Agreement”), whereby the
Company will become an indirect wholly-owned subsidiary of OPKO (the “Merger”). In the event that the Merger
is not consummated, this Agreement will be null and void ab initio and without any effect.

 

Upon closing of the
Merger, this Agreement will supersede and replace the Employment Agreement dated as of December 31, 2010 between the Company and
the Employee.

 

W I T N E S S E T H:

 

WHEREAS, the
Company is primarily engaged in the operation of a clinical laboratory in northern New Jersey, and

 

WHEREAS, the
Employee currently serves as the President and Chief Executive Officer of the Company,

 

WHEREAS, the
Company will become an indirect wholly-owned subsidiary of OPKO upon closing of the Merger,

 

WHEREAS, the
Company and OPKO desire to avail themselves of the Employee’s knowledge and experience and the Company desires to continue
to employ the Employee as the President and Chief Executive Officer of the Company after closing of the Merger on the terms and
conditions hereinafter set forth, and

 

WHEREAS, the
Employee desires to continue to be employed by the Company after closing of the Merger on the terms and conditions hereinafter
set forth.

 

NOW, THEREFORE,
in consideration of the mutual covenants herein contained, the parties agree as follows effective as of, and contingent upon, the
closing of the Merger:

1. Employment
Term. The Company agrees to employ the Employee as its President and Chief Executive Officer, and the Employee agrees
to accept such employment with the Company, for a term of five (5) years (the “Term”) commencing upon the closing
of the Merger (the “Effective Date”). Notwithstanding the foregoing, the Employee’s employment

 

 

    	 

    	 

    

 

hereunder may be earlier terminated by
either the Company or the Employee in accordance with the terms of this Agreement. The period of time between the Effective Date
and the termination of the Employee’s employment hereunder will be referred to herein as the “Employment Period.”

2.  Duties.

 

(a)During the Employment
Period, the Employee will perform such duties and exercise such powers related to the Company as are commensurate with the office
of President and Chief Executive Officer, including, without limitation, (i) the allocation of Company capital and resources, (ii)
ultimate authority with respect to the employment, termination, and compensation of all other Company employees, and (iii) direct
reporting of all other Company employees to either the Employee or his designee(s), and such other duties consistent with his position
assigned to him by Phillip Frost, M.D. (“Frost”); provided, however, that the Employee will coordinate
with OPKO on the Company’s finance and human resources policies and will be required to comply with OPKO’s authorization
and approval guidelines and policies; provided, however, that the Employee’s compliance with OPKO’s insider
trading policies shall be as set forth in Section 12; provided, further, that in no event will Employee’s level
of authorization be less than any other President or CEO of any of OPKO’s other business operating divisions or subsidiaries.
The Employee will report directly to Frost. In the event that Frost ceases to be affiliated with OPKO, Employee will thereafter
report directly to the Chief Executive Officer of OPKO and all references to “Frost” in this Agreement will be deemed
to mean the Chief Executive Officer of OPKO.

 

(b)During the Employment
Period, the Employee will devote substantially all of his time, ability and attention during normal business hours to the business
of the Company, faithfully perform the duties of his employment with the Company, and do all reasonably in his power to promote,
develop, and extend the business of the Company.

 

(c)During the Employment
Period, the Employee will not, except as a representative of the Company or with written consent of the Company, be directly or
indirectly engaged, concerned or interested in the conduct of any other business competing or likely to compete with the Company,
provided, that notwithstanding anything contained in this Agreement to the contrary, the Employee will not be precluded
from devoting a reasonable amount of his time to:

 

(i)serving, with the prior
written approval of Frost, as a director or member of a committee of any organization involving no conflict of interest with the
business of the Company;

 

(ii)managing his personal investments,
provided that such activities will not materially interfere with the Employee’s performance of his duties hereunder;

 

(iii)participating in such
courses of instruction and rendering such services as are consistent with the maintenance of his skills as a medical doctor;

 

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(iv)performance as a member
of the faculty of Columbia University Medical Center and the Attending Staff of New York-Presbyterian Hospital or the performance
of similar services at any similar institutions; and

 

(v)civic and charitable activities.

 

(d)The Employee
will be employed at the offices of the Company located in Elmwood Park, New Jersey, provided, that the Employee acknowledges
and agrees that the proper performance of his duties may make it necessary to spend reasonable periods of time in other parts of
the country.

3.  Compensation.

 

(a)During the Employment
Period, the Company will pay the Employee as compensation for his services under this Agreement commencing as of the Effective
Date, a minimum annual base compensation at the rate of $1,050,676 (the “Base Compensation”). Employee’s
Base Compensation under this Agreement shall be reviewed at least annually by Frost or OPKO’s Board.

 

(b)During the Employment
Term, the Employee will be eligible to receive an annual incentive payment under the Company’s management incentive bonus
plan as in effect for the applicable year (the “Annual Bonus”). In addition, the Employee will also be eligible
to receive discretionary bonus payments as determined by Frost and, to the extent required by applicable law, the Compensation
Committee of the Board of Directors of OPKO.

 

(c)On, or as soon
as practicable after the Effective Date, OPKO will grant the Employee options under the OPKO Health, Inc. 2007 Equity Incentive
Plan (the “Plan”) as set forth on the Schedule 4.14(e) of the Merger Agreement, with an exercise price equal
to the Fair Market Value (as such term is defined in the Plan) of a share of OPKO’s common stock on the date of grant and
subject to the terms of the Plan and the grant award notification and nonqualified stock option award agreement, provided,
that the options will vest in equal annual installments over four years and the Employee will fully vest in any then-unvested options
that were granted pursuant to this Section 3(c) upon the earliest of (i) any Change in Control (as defined in subparagraph (e)
of Section 7 hereof) of the Company or OPKO, (ii) the Employee’s death, (iii) any termination of the Employee’s employment
by the Company without Cause (as defined in subparagraph (b) of Section 6 hereof) or due to the Employee’s Total Disability
(as defined in subparagraph (g) of Section 4 hereof), or (iv) any voluntary termination of the Employee’s employment by the
Employee for Good Reason (as defined in subparagraph (d) of Section 6 hereof).

 

(d)To the extent
that any annual or periodic equity grants are made to OPKO executives during the Employment Period, the Employee will be eligible
to also receive grants of such types and in such amounts as shall be determined by the Compensation Committee of the Board of Directors
of OPKO.

  

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(e)The Company
will lease and insure, under the Company’s policy, an automobile for the benefit of the Employee. The Company will be responsible
for maintenance, gasoline, repair and all other such costs but only to the extent such expenses relate to the business use of the
automobile. At the end of the lease term, or in the event of the termination of this Agreement for any reason, including non-renewal,
the Employee will have the following options:

 

		(i)	surrender the automobile to the Company,

 

		(ii)	assume the Company’s lease payment obligation; or

 

		(iii)	exercise the purchase option of the lease, if any.

 

In addition, the Company will provide the
Employee upon reasonable advance notice with access for personal use of the Company’s airplane, which use will be taxable
to the Employee.

 

(f)The Company
will promptly pay or reimburse the Employee for all expenses incurred by the Employee in the performance of his duties under this
Agreement. Such expenses will be limited to the reasonable out-of-pocket expenses necessarily and actually incurred by the Employee
in the performance of his duties at the level reimbursed by the Company to the Employee immediately prior to the Effective Date
and in no event at a level less than any OPKO executive other than Frost.

 

(g)The Employee
will be entitled to participate in any fringe benefit and bonus plans available to the Company’s employees as in effect from
time to time, and to the extent that the Employee may be eligible to do so under the applicable provisions of the plans, including
but not limited to pension, profit sharing, stock option, and similar plans for life and medical insurance plans or coverage maintained
by the Company for senior personnel and/or all personnel.

 

(h)The Employee
will be entitled to such vacation, personal time, and holidays as he is eligible for under the Company’s Employment and Personnel
Policy as the same presently exists or may hereinafter be amended.

 

(i)The Company
and OPKO will provide the Employee with indemnification (including advancement of legal fees) to the maximum extent permitted by
law and coverage under any directors’ and officers’ insurance policies, on terms no less favorable than provided to
any other Company or OPKO executive officer or director. Such coverage will continue after the Employment Period while any potential
liability exists.

 

(j)Within thirty
(30) days upon presentation of appropriate documentation, the Company will pay all documented legal fees and related expenses
incurred in connection with the drafting, negotiation and execution of this Agreement and, in the event of any dispute regarding this Agreement in which the Employee prevails, all documented legal fees
and related expenses incurred in connection with the dispute.

 

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4.  Disability.
If during the Employment Period, the Employee incurs a Total Disability (as defined in subparagraph (g) of this Section 4) then,
subject to the earlier termination of this Agreement or the earlier termination of the disability, the Company will compensate
the Employee as provided in subparagraphs (a), (b), (c), and (d) of this Section 4.

 

(a)For the month
in which the Employee incurs the Total Disability, and for the following thirty-six (36) months of the disability, the Company
will compensate the Employee at a rate equal to his then-current Base Compensation.

 

(b)For a period
of three (3) months commencing upon the termination of the

thirty-six (36) month period described
in subparagraph (a) of this Section 4, the Company will not pay the Employee any portion of his Base Compensation and Employee
will be on an unpaid leave of absence.

(c)
If the Employee’s Total Disability terminates at any time prior to the expiration of the three (3) month period described
in subparagraph (b) of this Section 4, then the Employee will return to full and active employment with the Company under the
terms of this Agreement, provided, that if the Employee again incurs a Total Disability within a period of three (3) months
after such return, and such Total Disability is related to his prior Total Disability, then the Employee will be deemed to have
been continuously disabled from the date he incurred the prior Total Disability.

 

(d)Upon
expiration of the three (3) month period described in subparagraph (b) of this Section 4 without the Employee returning to full
and active employment during such period, the employment of the Employee will terminate, unless an additional leave of absence
is granted by the Company, in which event the employment of the Employee will terminate upon the expiration of the additional
leave of absence.

 

(e)In
the event the Employee incurs a disability that is not a Total Disability, during the period of such disability, the Employee’s
Base Compensation shall be equitably adjusted according to the time that he is able to devote to the affairs of the Company.

 

(f)
In addition to the foregoing, the Employee will be entitled to receive the amounts, if any, as may be payable to him by reason
of his disability under policies of insurance maintained by the Company, if any.

 

(g)
As used in this Agreement, the term “Total Disability” means a disability such that:

 

(i)the Employee is unable to
engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected
to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or

 

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(ii)the Employee is, by reason
of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than
three (3) months under an accident and health plan covering employees of the Company.

 

5.  Insurance.
The Company maintains a second to die insurance policy insuring the Employee and his wife Pam. On the Effective Date or as soon
as practicable thereafter, the Company will transfer such policy to the Employee without requiring the Employee to reimburse the
Company for prior premiums paid on such policy. The Employee will thereafter pay any premiums under such policy. The Employee
and the Company will cooperate with respect to the tax treatment and any applicable tax and withholding obligations.

 

6.  Termination.

 

(a)Termination
by Death. If the Employee dies while employed by the Company, the Company’s employment obligation under this Agreement
will terminate at the date of death and the Employee’s estate will be entitled to (i) any earned but unpaid Base Compensation,
(ii) unreimbursed business expenses, (iii) any earned but unpaid bonuses for the year(s) prior to the Employee’s termination
date, and (iv) any vested benefits or amounts to which the Employee (or his beneficiaries or estate) is entitled pursuant to the
terms of any employee benefit plan, equity plan, practice, program, or arrangement maintained by the Company (the “Accrued
Amounts”). The Accrued Amounts will be paid within thirty (30) days of the Employee’s death, provided, that
the amount described in clause (iii) of the foregoing sentence may be paid later to the extent necessary to determine the Company’s
actual financial results for the applicable bonus period, but in no event later than the termination of the short term deferral
period as defined in Treasury Regulation § 1.409A-1(b)(4), and the amounts in clause (iv) of the foregoing shall be paid in
accordance with the terms of the applicable plan, practice, program or arrangement. In addition, the Employee’s estate (or
such other named beneficiary) will be entitled to the amounts, if any, as may be payable to his estate or beneficiaries under policies
of insurance maintained by the Company. In addition, if the Employee dies while employed by the Company, the Company will pay a
death benefit to his estate equal to twenty-four (24) months of his monthly Base Compensation at the time of his death, payable
in equal amounts over twenty-four (24) months.

 

(b)Termination
for Cause. The Employee’s employment with the Company may be terminated by the Company for Cause at any time in accordance
with subparagraph (e) of this Section 6. In the event the Employee is terminated for Cause, the Employee will be entitled to all
arrearages of Base Compensation and expenses through his termination date, but will not be entitled to further compensation. As
used in this Agreement, the term “Cause” means:

 

(i)any act or acts of dishonesty
(other than good faith disputes regarding the Employee’s business expense account) constituting criminal acts by the Employee
resulting or intending to result directly or indirectly in material gain to, or personal enrichment of, the Employee at the Company’s
expense;

 

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(ii)
the Employee’s indictment, conviction, or pleading of guilty or nolo contendere, to a felony; or

 

(iii)the Employee’s material
breach of this Agreement, provided, that the Company provides Employee with written notice of such breach and a twenty (20)
day period to cure the breach.

 

(c)Termination
at the Option of the Employee. This Agreement and the Employee’s employment with the Company may be terminated at
any time and for any reason, at the election of the Employee in accordance with subparagraph (e) of this Section 6.

 

(d)Termination
without Cause or for Good Reason. If the Employee’s employment by the Company is terminated
(i) by the Company without Cause, or (ii) by the Employee for Good Reason, the Employee will be entitled to (x) the Accrued Amounts,
and (y) a lump sum payment equal to three (3) times the sum of Employee’s then-current Base Compensation, target bonus and
the Employee’s annual COBRA premium at the time of termination, provided, that if Employee’s termination date
is prior to October 31, 2017, an amount equal to the Employee’s then-current Base Compensation and COBRA premium will be
paid from the date of termination to October 31, 2017 in accordance with the normal payroll practices of the Company, and such
amount will be deducted from the Employee’s lump sum payment amount, and (z) a pro-rata bonus based on any applicable performance
metrics for the Employee’s year of termination as determined using
the Company’s actual performance for such year and paid when it otherwise would have been paid for such year.
All of the foregoing amounts, other than the Accrued Amounts, shall be subject to and conditioned upon the execution by the
Employee of a release satisfactory to the Company that becomes irrevocable within 30 days following the date on which the Employee’s
employment with the Company is terminated, and the foregoing amounts shall be paid or commence upon the 30th day following
the date on which the Employee’s employment is terminated. The first such cash payment shall include payment of all amounts
that otherwise would have been due under the terms of this Agreement had such payments commenced immediately upon the date on
which the Employee’s employment with the Company is terminated, and any payments made thereafter shall continue as provided
herein. As used in this Agreement, the term “Good Reason” means:

 

		(1)	a diminution in the Employee’s Base Compensation;
	 	 	 

		(2)	a diminution in the Employee’s authority, duties or responsibilities;
	 	 	 

		(3)	a material change in the geographic location at which the Employee provides his services under
this Agreement;
	 	 	 

		(4)	a change in the Employee’s reporting lines; or
	 	 	 

		(5)	any other action or inaction that constitutes a material breach by the Company of this Agreement.

 

 

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(e)Notice
of Termination.

 

(i)Any election by the Company
to terminate the Employee’s employment hereunder for “Cause” will be communicated by a written notice of termination
(the “For Cause Notice of Termination”) forwarded to the Employee. The For Cause Notice of Termination will
recite the facts and circumstances claimed to provide the basis for such termination and will specify the purported date of termination
of the Employee’s employment hereunder (the “For Cause Date of Termination”). The For Cause Date of Termination
will not be less than seven (7) days from the date of receipt by the Employee of the For Cause Notice of Termination. If within
said seven (7) day time period, the Company receives written notice from the Employee, given in good faith, that a dispute exists
concerning such termination, and provided the Employee pursues resolution of the dispute with reasonable diligence, the Company
will, subject to resolution of the dispute, continue to pay the Employee his full Base Compensation as in effect as of the date
of his receipt of the For Cause Notice of Termination and continue the Employee as a participant in all compensation, benefit,
and insurance plans in which he was participating at such date, until the dispute is resolved. If the dispute resolution determines
that the Employee’s employment was properly terminated for “Cause,” he will not be entitled to retain any payments
with respect to periods after the For Cause Date of Termination and will promptly return such amounts to the Company.

 

(ii)Any election by the Employee
to terminate his employment hereunder for “Good Reason” will be communicated by a written notice of termination (the
“Good Reason Notice of Termination”) forwarded to the Company. The Good Reason Notice of Termination will recite
the facts and circumstances claimed to constitute “Good Reason” and will specify the purported date of termination
of the Employee’s employment hereunder (the “Good Reason Date of Termination”). The Good Reason Date of
Termination will not be less than forty (40) days or more than sixty (60) days after receipt by the Company of the Good Reason
Notice of Termination. The Good Reason Notice of Termination must be received by the Company not more than ninety (90) days after
the initial existence of the condition on which the Good Reason Notice of Termination is based and the Company will have thirty
(30) days after receipt of the Good Reason Notice of Termination to remedy the condition. In the event of such remedy, the Employee’s
employment will continue in accordance with this Agreement.

 

(iii)Any termination by the
Employee without Good Reason or by the Company without Cause shall be communicated by written notice to the other party and shall
be effective thirty (30) days following receipt by the Employee or the Company, as applicable, of the written notice; provided,
however, that in the event of a termination of the Employee’s employment by the Employee without Good Reason under this Section
6(e), the Company may in its sole and absolute

 

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discretion, by written notice to
the Employee, accelerate the date of termination and still have it treated as a termination by the Employee without Good Reason.

 

7.Change
in Control. In the event of a “Change in Control” of the Company or OPKO as hereinafter defined, the Employee
may elect as a result thereof to terminate his employment with the Company. Such election must be effected by a written notice
of termination (the “CIC Notice of Termination”) which must be received by the Company no later than thirty
(30) days after such Change in Control occurs. The CIC Notice of Termination must state a date of termination of employment effective
at the earlier of forty-five (45) days after the occurrence of the Change in Control or the next to the last day of the calendar
year in which the Change in Control occurs. Subject to this Section 7, in the event of such election and timely filing by the
Employee of the CIC Notice of Termination, the Employee will receive the amounts described in subparagraph (d) of Section 6 ((without
regard to the timing of payment proviso in subparagraph (d)(ii)(y)) hereof subject to and conditioned upon the
execution by the Employee of a release satisfactory to the Company that becomes irrevocable within 30 days following the date
on which the Employee’s employment with the Company is terminated. Payment shall be made upon the 30th day following
the date on which the Employee’s employment is terminated.

 

(a)If any payment
or benefit (including payments and benefits pursuant to this Agreement) that the Employee would receive from the Company or otherwise
in connection with a Change in Control (“Transaction Payment”) would (i) constitute a “parachute payment”
within the meaning of Section 280G of the Code, and (ii) but for this Section 7, be subject to the excise tax imposed by Section
4999 of the Code (the “Excise Tax”), then the Company will cause
to be determined, before any amounts of the Transaction Payment are paid to Employee, which of the following two alternative forms
of payment would result in the Employee’s receipt, on an after-tax basis, of the greater amount of the Transaction Payment
notwithstanding that all or some portion of the Transaction Payment may be subject to the Excise Tax: (1) payment in full of the
entire amount of the Transaction Payment (a “Full Payment”), or (2) payment of only a part of the Transaction
Payment so that the Employee receives the largest payment possible without the imposition of the Excise Tax (a “Reduced
Payment”).

 

(b)For
purposes of determining whether to make a Full Payment or a Reduced Payment, the Company will cause to be taken into account all
applicable federal, state and local income and employment taxes and the Excise Tax. If
a Reduced Payment is made, (x) the Employee will have no rights to any additional payments and/or benefits constituting the Transaction
Payment, and (y) reduction in payments and/or benefits will occur in the manner that results in the greatest economic benefit
to the Employee as determined in this paragraph. If more than one method of reduction will result in the same economic benefit,
the portions of the Transaction Payment will be reduced pro rata.

 

(c)The independent
registered public accounting firm engaged by the Company as of the day prior to the effective date of the Change in Control will
make all determinations required to be made under this Section 7. If the independent registered public accounting firm so engaged
by the Company is serving as accountant or auditor for the individual, entity or group effecting

 

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the Change in Control, the Company
will appoint a nationally recognized independent registered public accounting firm that is reasonably acceptable to the Employee
(and such acceptance will not be unreasonably withheld) to make the determinations required hereunder. The Company will bear all
reasonable expenses with respect to the determinations by such independent registered public accounting firm required to be made
hereunder. The independent registered public accounting firm engaged to make the determinations hereunder will provide its calculations,
together with detailed supporting documentation, to the Company and the Employee within fifteen (15) calendar days after the date
on which the Employee’s right to a Transaction Payment is triggered or such other time as reasonably requested by the Company
or the Employee. If the independent registered public accounting firm determines that no Excise Tax is payable with respect to
the Transaction Payment, either before or after the application of the Reduced Amount, it will furnish the Company and the Employee
with detailed supporting calculations of its determinations that no Excise Tax will be imposed with respect to such Transaction
Payment. Any good faith determinations of the accounting firm made hereunder will be final, binding and conclusive upon the Company
and the Employee.

 

(d)Notwithstanding
the foregoing, to the extent that neither the Company nor OPKO has any readily tradable public stock, and in the event that it
will be determined that any right to receive any Transaction Payment would not be deductible, in whole or part when aggregated
with any other right, payment or benefit to or for the Employee under all other agreements or benefit plans of the Company or OPKO,
by the Company or the person making such payment or distribution or providing such right or benefit as a result of Section 280G
of Code and the Employee waives any Transaction Payment subject to stockholder approval, the Company or OPKO, as applicable, will
use its commercially reasonable best efforts to prepare and deliver to its stockholders the disclosure required by Section 280G(b)(5)(B)
of the Code with respect to any Transaction Payment to obtain the approval of the Company’s or OPKO’s, as applicable,
stockholders in accordance with Section 280G(b)(5)(B) of the Code and Treasury Regulation § 1.280G-1.

 

(e)
As used in this Agreement, the term “Change in Control” means a “Change in Effective Control” under
Treasury Regulation § 1.409A-3(i)(5)(vi) or “A Change in the Ownership of a Substantial Portion of a Corporation’s
Assets,” under Treasury Regulation § 1.409A-3(i)(5)(vii) and means either (i) or (ii) below with regard to a
change arising from the acquisition of the Company’s stock or appointment of new Directors (for a Change in Control),
or a disposition of the corporate business (for A Change in the Ownership of a Substantial Portion of a Corporation’s
Assets) as defined in (iii) below:

 

(i)
The date any one person, or more than one person acting as a group (as determined under paragraph Treasury Regulation § 1.409A-3(i)(5)(v)(B)),
acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person
or persons) ownership of stock of the Company or OPKO possessing thirty percent (30%) or more of the total voting power of the
stock of the Company or OPKO.

 

 

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(ii)
The date a majority of the members of the Company’s or OPKO’s Board of Directors is replaced during any twelve (12)
month period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s or
OPKO’s Board of Directors before the date of the appointment or election.

 

(iii)
A change in the ownership of a substantial portion of the Company’s or OPKO’s assets occurs on the date that any one
person, or more than one person acting as a group (as determined under Treasury Regulation § 1.409A-3(i)(5)(v)(B)), acquires
(or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons)
assets from the Company or OPKO that have a total gross fair market value equal to or more than forty percent (40%) of the total
gross fair market value of all of the assets of the Company or OPKO immediately before such acquisition or acquisitions.

 

For the avoidance of doubt, the Merger
shall not constitute a Change in Control under this Agreement.

 

8.  Section
409A Compliance. It is the intent of the parties that the payments and benefits under this Agreement comply with (or be
exempt from) Section 409A of the Code and the regulations and guidance promulgated thereunder (“Code Section 409A”),
and, accordingly, to the maximum extent permitted, this Agreement will be interpreted in accordance therewith. If the Employee
notifies the Company (with specificity as to the reason therefor) that the Employee believes that any provision of this Agreement
(or of any award of compensation, including equity compensation or benefits) would cause the Employee to incur any additional
tax or interest under Code Section 409A, and the Company concurs with such belief or the Company independently makes such determination,
the Company will, after consulting with the Employee, reform such provision to try to comply with Code Section 409A through good
faith modification to the maximum extent reasonably appropriate to comply with Code Section 409A, provided, that this provision
will not require the Company to incur any additional cost with respect to such arrangements. To the extent that any provision
hereof is modified in order to comply with Code Section 409A, such modification will be made in good faith and will, to the maximum
extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable
provision without violating the provisions of Code Section 409A, provided, that this provision will not require the Company
to incur any additional cost with respect to such arrangements. A termination of employment will not be deemed to have occurred
for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that are considered “nonqualified
deferred compensation” under Code Section 409A unless such termination is also a “separation from service” within
the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,”
“termination of employment” or like terms will mean “separation from service.” If the Employee is deemed
on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B),
then with regard to any payment that is considered non-qualified deferred compensation under Code Section 409A payable on account
of a “separation from service,” such payment or benefit will be made or provided at the date

 

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which is the earlier of (i) the expiration
of the six (6)-month period measured from the date of such “separation from service” of the Employee, and (ii) the
date of the Employee’s death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and
benefits delayed pursuant to this Section 8 (whether they would have otherwise been payable in a single sum or in installments
in the absence of such delay) will be paid or reimbursed to the Employee in a lump sum without interest, and any remaining payments
and benefits due under this Agreement will be paid or provided in accordance with the normal payment dates specified for them herein.
The Employee’s right to receive any installment payments pursuant to this Agreement will be treated as a right to receive
a series of separate payments. To the extent that any expense reimbursement provided for by this Agreement does not qualify for
exclusion from U.S. Federal income taxation, the Company will make the reimbursement to the Employee no later than December 31
of the calendar year following the calendar year in which the expense was incurred; the amount of expenses eligible for such reimbursement
during a calendar year will not affect the amount of expenses eligible for such reimbursement in another calendar year; and the
Employee’s right to such reimbursement is not subject to liquidation or exchange for another benefit from the Company. Notwithstanding
the foregoing, the Company does not make any representation to the Employee that the payments or benefits provided under this Agreement
are exempt from, or satisfy, the requirements of Code Section 409A, and the Company shall have no liability or other obligation
to indemnify or hold harmless the Employee or any beneficiary of the Employee for any tax, additional tax, interest or penalties
that the Employee or any beneficiary of the Employee may incur in the event that any provision of this Agreement, or any amendment
or modification thereof, or any other action taken with respect thereto, is deemed to violate any of the requirements of Code Section
409A.

 

9.   Confidential
Information. The Employee acknowledges an obligation of confidentiality to the Company and will not divulge, disclose
or communicate any trade secret, private or confidential information or other proprietary knowledge of the Company or its
associated companies obtained or acquired by him while so employed. The foregoing will not apply to information that (i) was
known to the public prior to its disclosure to the Employee, (ii) becomes generally known to the public subsequent
to disclosure to the Employee through no wrongful act of the Employee or any representative of the Employee, (iii) the
Employee is required to disclose by applicable law, regulation, or legal process, or (iv) the Employee discloses in the good
faith performance of his duties under this Agreement. Notwithstanding the foregoing, nothing in this section 9 shall
prohibit the Employee from participating in protected whistleblower activities under the Dodd-Frank Act.

 

10.  Return
of Information. Upon termination of employment, the Employee agrees to not take with him and to deliver to the Company
all records, notes, data, memoranda, models, equipment, blueprints, drawings, manuals, letters, reports and all other materials
of a secret or confidential nature relating to the business of the Company which are in possession or control of the Employee,
other than the Employee’s address book (in electronic and/or physical form) to the extent it only contains contact information.

 

11. Employee’s
Restrictive Covenants.

 

(a)
At all times during the Restricted Period, the Employee shall not, directly or indirectly (whether as a principal, agent,
partner, employee, officer, investor, owner, consultant,

 

    	12

    	 

    

 

board member, security holder, creditor or otherwise), engage
in any Company Competitive Activity or OPKO Competitive Activity, or have any direct or indirect interest in any sole proprietorship,
corporation, company, partnership, association, venture or business or any other person or entity that directly or indirectly (whether
as a principal, agent, partner, employee, officer, investor, owner, consultant, board member, security holder, creditor, or otherwise)
engages in a Company Competitive Activity or OPKO Competitive Activity; provided that the foregoing shall not apply to the
Employee's ownership of common stock of the Company, OPKO or OPKO Subsidiary or the acquisition by the Employee, solely as an investment,
of securities of any issuer, so long as the Employee does not control, acquire a controlling interest in or become a member of
a group which exercises direct or indirect control of, more than five percent (5%) of any class of capital stock of such corporation;
provided, however, that the Employee may be employed by or otherwise associated with a business or entity of which
a subsidiary, division, segment, unit, etc. is in material direct competition with the Company, OPKO or OPKO Subsidiary but as
to which such subsidiary, division, segment, unit, etc. the Employee has no direct or indirect responsibilities or involvement
and provided that the Employee does not breach any of the covenants in this Agreement.

For purposes of this Agreement:

 

“Company Competitive Activity”
means an activity that is in competition with the Company in any country in which the Company conducts business
with respect to a business in which the Company engaged while the Employee was employed by the Company.

 

“OPKO Competitive Activity”
means an activity that is in competition with OPKO or OPKO Subsidiary  in any country in which OPKO or any
of the OPKO Subsidiaries conducts business with respect to a business in which OPKO or any of the OPKO Subsidiaries engaged while
the Employee was employed by the Company.

 

“OPKO Subsidiary” means
all those corporations, associations or other business entities of which OPKO either (i) owns or controls fifty percent (50%) or
more of the outstanding equity securities either directly or through an unbroken chain of entities as to each of which fifty percent
(50%) or more of the outstanding equity securities is owned directly or indirectly by its parent (provided, that there shall not
be included any such entity the equity securities of which are owned or controlled in a fiduciary capacity); (ii) in the case of
partnerships, serves as a general partner; (iii) in the case of a limited liability company, serves as a manager or a managing
member; (iv) otherwise has the ability to elect fifty percent (50%) or more of the directors, trustees, managers, or managing members
thereof; or (v) under GAAP consolidates in its financial statements or accounts for under the equity method.

 

“Restricted Period” shall
mean (i) with respect to Company Competitive Activity, three years following termination of employment for any reason and (ii)
with respect to OPKO Competitive Activity, (x) in the event of termination of employment by the Employee for Good Reason or by
the Company without Cause and the Employee has received or is receiving severance pursuant to Section 6(d), three years following
such termination of employment and

 

    	13

    	 

    

 

(y) in the event of any other termination of employment, one
year following such termination of employment.

 

(b)At
all times during the Restricted Period, the Employee shall not, directly or indirectly, for himself or for any other
person, firm, corporation, partnership, association or other entity (i) employ, solicit for employment or attempt to employ
any employee, consultant or independent contractor performing services for the Company, OPKO or OPKO Subsidiary, unless such
employee, consultant or independent contractor, has not been employed or engaged by the Company, OPKO or OPKO Subsidiary for
a period in excess of six (6) months, and/or (ii) call on, solicit, or engage in business with, any of the customers or
clients of the Company, OPKO or OPKO Subsidiary on behalf of any person or entity in connection with any Company Competitive
Activity or OPKO Competitive Activity and/or (iii) encourage any persons or entities with whom the Company, OPKO or OPKO
Subsidiary does business or has some business relationship to cease doing business or to terminate its business relationship
with the Company, OPKO or OPKO Subsidiary or to engage in any Company Competitive Activity or OPKO Competitive Activity on
its own or with any competitor of the Company, OPKO or OPKO Subsidiary; provided, that nothing contained in this
Section 11(b) will prohibit public advertising or general solicitations so long as the advertising and solicitations are not
specifically directed to employees, consultants, independent contractors, customers, clients and/or business relations of the
Company, OPKO or OPKO Subsidiary.

 

(c)The
Employee acknowledges and confirms that the restrictive covenants contained in this Section 11 (including without limitation the
length of the term of the provisions of this Section 11) are reasonably necessary to protect the legitimate business interests
of the Company, OPKO or OPKO Subsidiary, and are not overbroad or unfair and are not the result of overreaching, duress or coercion
of any kind. The Employee further acknowledges and confirms that the compensation payable to the Employee under this Agreement
is in consideration for the duties and obligations of the Employee hereunder, including the restrictive covenants contained in
this Section 11, and that such compensation is sufficient, fair and reasonable. The Employee further acknowledges and confirms
that his full and faithful observance of each of the covenants contained in this Section 11 will not cause him any undue hardship,
financial or otherwise. The Employee further acknowledges that the restrictions contained in this Section 11 are intended to be,
and shall be, for the benefit of and shall be enforceable by, the Company’s successors and assigns. The Employee expressly
agrees that upon any breach or violation of the provisions of this Section 11, the Company shall be entitled, as a matter of right,
in addition to any other rights or remedies it may have, to (i) temporary and/or permanent injunctive relief in any court of competent
jurisdiction, and (ii) such damages as are provided at law or in equity. The existence of any claim or cause of action against
the Company, OPKO or OPKO Subsidiary, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the
enforcement of the restrictions contained in this Section 11. It is recognized and hereby acknowledged by the parties hereto that
a breach by the Executive of any of the covenants contained in Section 11 of this Agreement will cause irreparable harm and damage
to the Company, OPKO or OPKO Subsidiary, the monetary amount of which may be virtually impossible to ascertain. As a result, the
Employee recognizes and hereby acknowledges that the Company, OPKO or OPKO Subsidiary shall be entitled to an injunction from
any court of competent jurisdiction enjoining and restraining any violation of any or all of the covenants contained in Section
11 of this

 

    	14

    	 

    

 

Agreement by the Employee or any of his
affiliates, associates, partners or agents, either directly or indirectly, and that such right to injunction shall be cumulative
and in addition to whatever other remedies the Company, OPKO or OPKO Subsidiary may possess.

 

12.  Company
Securities. Except as otherwise prohibited by applicable securities laws, the Employee is permitted to purchase
or sell shares of OPKO at any time and for any reason; provided that (1) the Employee does not possess any
material non-public information and (2) the Employee shall abide by any blackout periods that OPKO may establish pursuant to
its insider trading policies that are generally applicable to management-level employees; provided, further,
that the Employee shall not at any time be subject to pre-clearance requirements of OPKO. The parties agree that the Employee
is not an executive officer of OPKO and accordingly, will not be designated as such by OPKO without the Employee’s
express agreement or as required by applicable securities law in light of changes in facts and circumstances.

 

13.
General Provisions.

 

(a) This Agreement
contains the entire transaction among the parties, and there are no other representations, warranties, conditions or agreements
relating to the subject matter of this Agreement.

 

(b)
The waiver by any party of any breach or default of any provision of this Agreement will not operate or be construed as a
waiver of any subsequent breach.

 

(c)
This Agreement may not be changed orally, but only by an Agreement in writing duly executed on behalf of the party against which
enforcement of any waiver, change, modification, consent or discharge is sought.

 

(d)This
Agreement will be binding upon and be enforceable against the Company and its successors and assigns and, as applicable, OPKO
and its successors and assigns. Insofar as the Employee is concerned, this Agreement is personal, is binding on the Employee,
his estate and his heirs, and cannot be assigned. Neither the Company nor OPKO may assign this Agreement, except upon a sale of
substantially all of the assets of Company or OPKO, and then only to a successor who assumes this Agreement in writing.

 

(e)This
Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will
constitute one and the same instrument.

 

(f)This
Agreement will be construed pursuant to and in accordance with the laws of the State of New Jersey.

 

(g)If any term
or provision of this Agreement is held or deemed to be invalid or unenforceable, in whole or in part, by a court of competent jurisdiction,
this Agreement will be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable
the remaining terms and provisions of this Agreement.

 

    	15

    	 

    

 

(h)Any dispute,
grievance, or controversy arising under or in conjunction with this Agreement will be referred to Frost and will be dealt with
by personal discussion, and if not satisfactory resolved, will be submitted under the Rules of the American Arbitration Association
of New York City (except with respect to the Employee’s Restrictive Covenant).

 

(i)The Company
and OPKO shall be jointly and severally liable for all financial obligations under this Agreement.

 

(j) Any consent
of the Company required under this Agreement will not be unreasonably withheld or delayed.

 

 

 

[Signature pages follow]

 

 

    	16

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement on the date first above written.

 

 

	 	 	 	 	COMPANY:
 Bio-Reference
Laboratories, Inc.	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:

	/s/
                                         Richard L. Faherty

	 
	 	 	 	 	Name:

	Dr.
                                         Richard L. Faherty

	 
	 	 	 	 	

	

	 
	 	 	 	 	 	 	 

 

 

 

 

 

	 	 	 	 	OPKO:

OPKO Health, Inc.	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:

	/s/
                                         Adam Logal

	 
	 	 	 	 	Name:

	Adam Logal

	 
	 	 	 	 	

	

	 
	 	 	 	 	 	 	 

 

 

	 	 	 	 	EMPLOYEE:	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	

	/s/
                                         Marc D. Grodman

	 
	 	 	 	 	Name:

	Marc D. Grodman, M.D.Exhibit 10.2

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(this “Agreement”) dated as of June 3, 2015, between Bio-Reference Laboratories, Inc., a New Jersey corporation with
its principal place of business at 481 Edward H. Ross Drive, Elmwood Park, New Jersey 07407 (the “Company”) and Nicholas
Papazicos, (the “Employee”), effective immediately prior to the Effective Time (as defined in the Agreement and Plan
of Merger (the “Merger Agreement”) by and among OPKO Health, Inc. (“Parent”), Bamboo Acquisition, Inc.
and the Company, dated as of June 3, 2015 (the “Merger”)). Upon closing of the
Merger, this Agreement will supersede and replace the Employment Agreement dated as of March 4, 2008. 

 

W I T N E S S E T H:

 

WHEREAS, the
Company is primarily engaged in the operation of a clinical laboratory in northern New Jersey, and

 

WHEREAS, the
Company desires to avail itself of the Employee’s knowledge and experience and to employ the Employee in the position set
forth in Section 1 on the terms and conditions hereinafter set forth, and

 

WHEREAS, the
Employee desires to be so employed by the Company on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE,
in consideration of the mutual covenants herein contained, the parties agree as follows:

 

1.                 
Term of Employment. The Company agrees to continue to employ the Employee as Senior Vice President
and Chief Financial Officer, or in such other position of comparable status and responsibility as the Chief Executive Officer of
the Company

 

    	 

    	 

    

may from time
to time direct and/or desire, and the Employee agrees to accept such continuing employment with the Company, for a term commencing
as of the Effective Time (the “Commencement Date”) and continuing until October 31, 2018 or such later date to which
this Agreement is extended pursuant to Section 2 hereof (the “Expiration Date”), or unless sooner terminated as provided
in this Agreement (the “Employment Period”). As used in this Agreement, the term “Employment Period” shall
also include any periods for which this Agreement is extended pursuant to Section 2 hereof.

 

2.                 
Extension. This Agreement may be extended beyond the Initial Expiration Date for additional one year
periods at the Company’s option. This Agreement shall be automatically extended on October 31 of each year during the Employment
Period for an additional one year term beyond its then Expiration Date unless the Company gives written notice to the Employee
not less than ten (10) days prior to such October 31 that it elects not to extend this Agreement. (such timely notice, the “Non-Extension
Notice”). By way of example:

 

	If the 

Company Fails to 

Give Non-Extension 

Notice Prior to	Agreement Expiration Date 

Automatically Extended to 
	October 21, 2016	October 31, 2019
	October 21, 2017	October 31, 2020
	October 21, 2018	October 31, 2021
	October 21, 2019	October 31, 2022

 

Once the Company gives a Non-Extension
Notice, this Agreement shall terminate at the close of business on October 31 of the second year succeeding the year in which the
Non-Extension Notice was given. By way of example, if the Non-Extension Notice is given prior to October 21, 2016, then this Agreement
shall terminate October 31, 2018.

 

3.                 
Duties.

 

    	2

    	 

    

 

a.      
During the Employment Period, the Employee shall perform such duties and exercise such powers relating to the Company
as are commensurate with those of the position described and shall have such other duties and powers as the Company’s Chief
Executive Officer shall from time to time assign to the Employee, including by way of example, but not limitation, duties with
respect to the Company, and if acceptable to the Employee, Parent or any Parent Subsidiary (defined below).

 

b.     
During the Employment Period, the Employee shall devote all of his working time during normal business hours and
his best efforts and ability to the business of the Company, shall faithfully and diligently perform the duties of the Employee’s
employment with the Company and shall do all reasonably in his power to promote, develop and extend the business of the Company.

 

c.      
During the Employment Period, the Employee shall not, except as a representative of the Company or with the written
consent of the Company, be directly or indirectly engaged, concerned or interested in the conduct of any other business competing
or likely to compete with the Company, Parent or any Subsidiary of Parent (“Parent Subsidiary”); provided, that notwithstanding
anything contained in this Agreement to the contrary, the Employee shall not be precluded from devoting a reasonable amount of
his time to:

 

		i.	Serving with the prior written approval of the Company as a director or member of a committee
                                                                                                                                 of any organization involving no conflict of interest with the business of the Company, Parent or Subsidiary; and

 

    	3

    	 

    

		ii.	Managing his personal investments; provided, that such activities shall not materially interfere
with the Employee’s performance of his duties hereunder.

 

d.     
The Employee shall be employed at the offices of the Company located in Elmwood Park, New Jersey; provided that the
Employee acknowledges and agrees that the proper performance of these duties may make it necessary to spend reasonable periods
of time in other locations. “Subsidiaries” means all those corporations, associations
or other business entities of which Parent either (i) owns or controls fifty percent (50%) or more of the outstanding equity securities
either directly or through an unbroken chain of entities as to each of which fifty percent (50%) or more of the outstanding equity
securities is owned directly or indirectly by its parent (provided, that there shall not be included any such entity the equity
securities of which are owned or controlled in a fiduciary capacity); (ii) in the case of partnerships, serves as a general partner;
(iii) in the case of a limited liability company, serves as a manager or a managing member; (iv) otherwise has the ability to elect
fifty percent (50%) or more of the directors, trustees, managers, or managing members thereof; or (v) under GAAP consolidates in
its financial statements or accounts for under the equity method.

 

4.                 
Compensation.

 

a.      
During the Employment Period, the Company shall pay the Employee as compensation for the Employee’s services
under this Agreement, a minimum base salary at an annual rate of $450,000 (as increased from time to time, the “Base Salary”).
The Base Salary shall be payable in equal installments in accordance

 

    	4

    	 

    

with regular
payroll procedures established by the Company. At the appropriate time thereafter at least once during each fiscal year, the Company
will consider increasing the Employee’s Base Salary under this Agreement, based upon the performance of the Company and of
the Employee during the fiscal year with such increase, if granted, taking effect as of the date determined by the Company.

 

b.     
The Company shall lease and insure, either under the Company’s policy or by reimbursement to the Employee,
an automobile for the benefit of the Employee. The Company shall be responsible for maintenance, gasoline, repair and all other
such costs but only to the extent such expenses relate to business use of the automobile. At the end of the lease term, or in the
event of the termination of this Agreement for any reason, including non-renewal, the Employee shall have the following options:

 

		i.	Surrender the automobile to the Company;

 

		ii.	Assume the Company’s lease payment obligation; or

 

		iii.	Exercise the purchase option of the lease, if any. 

 

c.      
The Company shall promptly pay or reimburse the Employee for all expenses incurred by the Employee in the performance
of the Employee’s duties under this Agreement. Such expenses shall be limited to reasonable out-of-pocket expenses necessarily
and actually incurred by the Employee in the performance of the Employee’s duties; provided that (i) the expenses have been
detailed on a form acceptable to the Company and submitted to the Company for review and approval and (ii) appropriate supporting
documentation is submitted together with the approved expense form.

 

    	5

    	 

    

 

d.     
The Employee shall be entitled to participate in any fringe benefit and bonus plans available to the Company’s
employees as in effect from time to time, to the extent the Employee may be eligible to do so under the applicable provisions of
the plans including but not limited to pension, profit sharing, stock option and similar plans and life and medical insurance plans
or coverage maintained by the Company for senior personnel and/or all personnel.

 

e.      
In the event the Merger is consummated by the Company and Parent, the Company shall pay the Employee the sum of Two
Hundred Thousand Dollars ($200,000.00) as a one-time payment for extraordinary performance rendered in connection with the Merger
and in consideration of services as reasonable compensation to be rendered by the Employee to the Company including following the
Merger. This sum shall (i) be payable upon the successful completion of the Merger, subject to the Employee’s continued employment
with the Company through the closing date of the Merger; provided that, the sum will remain payable to Employee in full
in the event of the Employee’s termination of employment without Cause or due to death, Partial Disability or Total Disability
or upon a resignation by the Employee for Good Reason, in each case, prior to completion of the Merger and (ii) be paid following
the closing date of the Merger in accordance with regular payroll procedures established by the Company but in no event later than
fifteen (15) days after the closing date of the Merger.

 

f.      
In consideration of services to be rendered by the Employee to the Company following the Merger, Parent shall, effective
as of the Commencement Date, grant to the Employee options to purchase the number of shares of Parent

 

    	6

    	 

    

common
stock as set forth on Schedule 4.14(e) of the Merger Agreement, with an exercise price equal to the Fair Market Value
(as such term is defined in the Parent 2007 Equity Incentive Plan) on the Commencement Date, which shall vest in equal
annual installments over three years and be subject to accelerated vesting upon the effective date of the Employee’s
termination of employment without Cause (as defined below) or a resignation for Good Reason (as defined below) in addition to
other events under the Parent 2007 Equity Incentive Plan, as it may be amended from time to time.

 

g.     
The Employee shall be entitled to such vacation, personal time and holidays for which the Employee is eligible for
under the Company’s Employment and Personnel Policy as the same presently exists or may hereafter be amended.

 

h.     
Notwithstanding the provisions of subparagraph (a) of this section 4, the Employee shall also be entitled to a percentage
increase in the Employee’s Base Salary as in effect on June 30 of each year that this Agreement is in effect, equal to the
percentage increase in the Consumer Price Index- All Items for the New York metropolitan area (or any successor index) for such
month of June as compared to such Consumer Price Index for the month of June in the immediately preceding year. Any such increase
shall be effective on the next following February 1. No adjustments shall be made for a decrease in such Index.

 

5.                 
Disability. If during the Employment Period, the Employee shall incur a Total Disability (as defined
below) then, subject to the earlier termination of this

 

    	7

    	 

    

Agreement or the earlier
termination of the Total Disability, the Company shall compensate the Employee as provided in subparagraphs a., b., c., and d.
of this Section 5.

 

 

a.      
For the month in which the Employee incurs the Total Disability, and for the following twelve (12) months of the
Total Disability, the Company shall compensate the Employee at a rate equal to the Employee’s then current Base Salary on
the same schedule as active employees.

 

b.     
For a period of three (3) months commencing upon the termination of the period described in subparagraph a., the
Company shall not pay the Employee any portion of his compensation and the Employee shall be on an unpaid leave of absence but
shall continue to receive employee benefits including medical benefits.

 

c.      
If the Employee’s Total Disability shall terminate at any time prior to the expiration of the period described
in subparagraph b. of this Section 5, then the Employee shall return to full and active employment with the Company under the terms
of this Agreement; provided that if the Employee shall again become disabled within a period of three (3) months after such return,
and such Total Disability is related to the Employee’s original disability, then the Employee shall be deemed to have been
continuously disabled from the date the Employee incurred the original Total Disability.

 

d.     
Upon expiration of the three (3) month period described in subparagraph b. of this Section 5, the employment of Employee
shall terminate, unless an additional leave of absence is granted by the Company, in which event the employment of the Employee
shall terminate upon the expiration of the additional

 

    	8

    	 

    

leave of absence
with no further compensation or benefits.

 

e.      
Subject to applicable law, in the event the Employee shall incur a Partial Disability (as defined below) then during
the period of the Partial Disability, the Employee’s Base Compensation shall be equitably adjusted according to the time
that the Employee is able to devote to the affairs of the Company.

 

f.      
In addition to the foregoing, the Employee shall be entitled to receive the amounts, if any, as may be payable to
the Employee by reason of the Employee’s disability under policies of insurance maintained by the Company.

 

g.     
As used in this Agreement, the term “Total Disability” shall mean a disability such that:

 

		i.	The Employee is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, or

 

		ii.	The Employee is, by reason of any medically determinable physical or mental impairment that can
be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company.

 

    	9

    	 

    

h.     
As used in this Agreement, the term “Partial Disability” shall mean a disability, such that for physical
or mental reasons, the Employee is unable to perform all of the Employee’s usual duties to the Company on a full-time basis.

 

6.                 
Termination by Death. If the Employee dies during the Employment Period, the Company’s obligations
under this Agreement shall terminate six (6) months after the date of death and the Employee’s estate shall be entitled to
all arrearages of Base Salary and accrued but unreimbursed business expenses. In addition, the Employee’s estate (or such
other named beneficiary) shall be entitled to the amounts, if any, as may be payable to his estate or beneficiaries under policies
of insurance maintained by the Company for the Employee’s estate’s or beneficiaries’ benefit.

 

7.                 
Termination for Cause.

 

a.      
This Agreement and the Employee’s employment with the Company may be terminated for Cause at any time in accordance
with this Section 7 and the applicable notice provisions of Section 9. In the event this Agreement is terminated for Cause, the
Employee shall be paid the Employee’s Base Salary as in effect at the time of the Notice of Termination and accrued but unreimbursed
business expenses, in each case through the Date of Termination (as defined in Section 9) (collectively, the “Accrued Amounts”)
but shall not be entitled to further compensation other than vested compensation or benefits under the Company’s employee
benefit plans or as required by law.

 

		b.	“Cause” shall mean:

 

    	10

    	 

    

		i.	An act or acts of dishonesty constituting criminal acts by the Employee resulting or intending
to result directly or indirectly in gain to or personal enrichment of the Employee at the Company’s expense;

 

		ii.	The Employee’s commission of any crime involving fraud, embezzlement or theft by the Employee;

 

		iii.	The Employee’s material breach of this Agreement.

 

8.                 
Termination for Good Reason or without Cause.

 

a.      
In the event the Employee terminates employment for Good Reason, or the Company terminates the Employee’s employment
without Cause, the Employee shall receive the following benefits. The benefits provided under paragraphs 8(a)(ii) and 8(a)(iii)
shall be subject to the execution of a release satisfactory to the Company that becomes irrevocable within 30 days following the
Date of Termination:

 

                                  
i.                 
The Company shall pay to the Employee the Accrued Amounts within 15 days following the Date of Termination.

 

                                
ii.                 
The Company shall pay to the Employee as cash severance a lump sum payment in an amount equal to three times the
sum of the Employee’s Base Salary (the “Severance Payment”); provided, however, that in the case of a termination
by the Employee for Good Reason or by the Company without Cause, in either case within the twelve (12) month period commencing
on the effective date of the Merger, the Severance Payment shall not be less than $1,147,493; provided, further, that if the Employee
terminates his employment for Good Reason prior to

 

    	11

    	 

    

October 31,
2017 but after the twelve (12) month period commencing on the effective date of the Merger, to the extent required to avoid an
imposition of penalty tax under Section 409A of the Code, the Employee will continue to be paid his Base Salary in accordance with
regular payroll procedures established by the Company through October 31, 2017 up to an amount equal to the Severance Payment less
any portion of the Severance Payment that qualifies under the “separation pay plan” exemption pursuant to Treas. Reg.
1.409A-1(b)(9)(iii), and any amounts of Base Salary that is paid to the Employee in accordance with the foregoing shall be deducted
from the Employee’s lump sum payment amount.

 

                               iii.                  Subject
to applicable legal considerations, the Company shall either (A) to the extent not in violation of the anti-discrimination
rules under the Code and other applicable law, provide the Employee with health care benefits
for three years following the termination of employment (and to the extent required to avoid an imposition of penalty tax
under Section 409A of the Code and if compliant with the anti-discrimination rules under the Code and other applicable law,
such health care benefits shall be provided under an individual insured healthcare policy purchased by the company or (B) pay
to the Employee a lump sum amount equal to, on an after-tax basis, the Company’s good faith determination of the costs
of the premiums that would have otherwise been paid to provide to the Employee health care benefits during the three year
period following the Employee’s termination of employment (determined based on the benefits provided or made available
during the calendar year immediately prior to the year of termination) (the “Cash
Benefit Payment”). To the extent required to avoid an imposition of penalty tax under Section 409A of the Code, 50% the
Cash Benefit 

 

    	12

    	 

    

Payment
shall be payable in eighteen (18) equal monthly installments, beginning on the nineteen-month anniversary of the termination of
Employee’s employment and any amounts of the Cash Benefit Payment that is paid to the Employee in accordance with the foregoing
shall be deducted from the Employee’s lump sum payment amount.

 

b.     
For the avoidance of doubt, the giving of a Non-Extension Notice shall not constitute termination without Cause by
the Company or constitute a basis for the Employee to terminate his employment for Good Reason.

 

c.      
The Severance Payment and amounts paid under Section 8.a.iii. above shall be paid or commence upon the 30th day following
the Date of Termination or, if subject to Section 409A of the Code and the Employee is a “specified employee”, six
(6) months after the Date of Termination. The first such cash payment shall include payment
of all amounts that otherwise would have been due under the terms of this Agreement had such payments commenced immediately upon
the Date of Termination, and any payments made thereafter shall continue as provided herein. 

 

d.     
“Good Reason” shall mean, without the Employee’s prior written consent:

 

		i.	A material diminution in the Employee’s Base Salary.

 

		ii.	A material diminution in the Employee’s authority, duties or responsibilities.

 

		iii.	A material diminution in the authority, duties, or responsibilities of the supervisor (if any)
to whom the Employee is required to report (which, for purposes of clarity, is the Chief Executive Officer of the Company).

 

    	13

    	 

    

		iv.	A material change in the geographic location at which the Employee provides his services under
this Agreement.

 

		v.	The employment of Marc Grodman, M.D. with the Company is terminated by the Company without Cause
or for Good Reason by Marc Grodman, M.D. (in either such case, as set forth in the employment agreement dated June 3, 2015 between
Marc Grodman, M.D. and the Company).

 

		vi.	Any other action or inaction that constitutes a material breach by the Company of this Agreement.

 

e.      
If any payment or benefit (including payments and benefits pursuant to this Agreement) that the Employee would receive
from the Company or otherwise in connection with a Change in Control (“Transaction Payment”) would (i) constitute a
“parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this Section 8, be subject to
the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Company will cause to be determined,
before any amounts of the Transaction Payment are paid to Employee, which of the following two alternative forms of payment would
result in the Employee’s receipt, on an after-tax basis, of the greater amount of the Transaction Payment notwithstanding
that all or some portion of the Transaction Payment may be subject to the Excise Tax: (1) payment in full of the entire amount
of the Transaction Payment (a “Full Payment”) or (2) payment of only a part of the Transaction Payment so that the
Employee receives the largest

 

    	14

    	 

    

payment possible
without the imposition of the Excise Tax (a “Reduced Payment”).

 

f.      
For purposes of determining whether to make a Full Payment or a Reduced Payment, the Company will cause to be taken
into account all applicable federal, state and local income and employment taxes and the Excise Tax. If a Reduced Payment is made,
(x) the Employee will have no rights to any additional payments and/or benefits constituting the Transaction Payment and (y) reduction
in payments and/or benefits will occur in the manner that results in the greatest economic benefit to the Employee as determined
in this paragraph. If more than one method of reduction will result in the same economic benefit, the portions of the Payment will
be reduced pro rata.

 

g.      The
independent registered public accounting firm engaged by the Parent as of the day prior to the effective date of the Change
in Control will make all determinations required to be made under this Section 8. If the independent registered
public accounting firm so engaged by the Parent is serving as accountant or auditor for the individual, entity or group
effecting the Change in Control, the Company will appoint a nationally recognized independent registered public accounting
firm that is reasonably acceptable to the Employee (and such acceptance will not be unreasonably withheld) to make the
determinations required hereunder. The Company will bear all reasonable expenses with respect to the determinations by such
independent registered public accounting firm required to be made hereunder. The independent registered public accounting
firm engaged to make the determinations hereunder will

 

    	15

    	 

    

provide its
calculations, together with detailed supporting documentation, to the Company and the Employee within fifteen (15) calendar days
after the date on which the Employee’s right to a Transaction Payment is triggered or such other time as reasonably requested
by the Company or the Employee. If the independent registered public accounting firm determines that no Excise Tax is payable with
respect to the Transaction Payment, either before or after the application of the Reduced Amount, it will furnish the Company and
the Employee with detailed supporting calculations of its determinations that no Excise Tax will be imposed with respect to such
Transaction Payment. Any good faith determinations of the accounting firm made hereunder will be final, binding and conclusive
upon the Company and the Employee.

 

h.     
Notwithstanding the foregoing, to the extent that neither the Company nor Parent has any readily tradable public
stock, and in the event that it will be determined that any right to receive any Transaction Payment would not be deductible, in
whole or part when aggregated with any other right, payment or benefit to or for the Employee under all other agreements or benefit
plans of the Company or Parent, by the Company or the person making such payment or distribution or providing such right or benefit
as a result of Section 280G of Code and the Employee waives any Transaction Payment subject to stockholder approval, the Company
or Parent, as applicable, will use its commercially reasonable best efforts to prepare and deliver to its stockholders the disclosure
required by Section 280G(b)(5)(B) of the Code with respect to any Transaction Payment to obtain the approval of the Company’s
or Parent’s, as applicable,

 

    	16

    	 

    

stockholders
in accordance with Section 280G(b)(5)(B) of the Code and Treasury Regulation § 1.280G-1.

 

i.       
The term “Change in Control” shall mean a “change in the ownership of a corporation” under
Treas. Reg § 1.280G-1, Q&A 27.

 

9.                 
Notice of Termination.

 

a.      
Any election by the Company to terminate the Employee’s employment hereunder, whether for Cause or otherwise
shall be communicated by a written notice of termination (the “Notice of Termination”) forwarded to the Employee. The
Notice of Termination shall recite the material facts and circumstances claimed to provide the basis for such termination and shall
specify the purported date of termination of the Employee’s employment hereunder (the “Date of Termination”).
The Date of Termination shall be not less than seven (7) days from the date of receipt by the Employee of the Notice of Termination.
In the event of a termination for Cause, if within said seven (7) day time period, the Company receives written notice from the
Employee, given in good faith, that a dispute exists concerning such termination, and provided the Employee pursues resolution
of the dispute with reasonable diligence, the Company will, subject to resolution of the dispute, continue to pay the Employee
the Employee’s full Base Compensation as in effect as of the date of his receipt of the Notice of Termination and continue
the Employee as a participant in all compensation, benefit and insurance plans in which the Employee was participating at such
date, until the dispute is resolved. If the dispute resolution determines that the Employee’s employment was properly terminated
for Cause, the Employee will

 

    	17

    	 

    

not be entitled
to retain any payments made with respect to periods after the Date of Termination and will promptly return such amounts to the
Company.

 

b.     
Any election by the Employee to terminate the Employee’s employment hereunder for “Good Reason”
shall be communicated by a written notice of termination (the “Notice of Termination”) forwarded to the Company. The
Notice of Termination shall recite the facts and circumstances claimed to, constitute “Good Reason” and shall specify
the purported date of termination of the Employee’s employment hereunder (the “Date of Termination”). The Date
of Termination shall be not less than 40 days after receipt by the Company of the Notice of Termination. The Notice of Termination
must be received by the Company not more than 90 days after the initial existence of the condition on which the Notice of Termination
is based and the Company shall have 30 days after receipt of the Notice of Termination to cure the condition, if curable. In the
event of such cure, the Employee’s employment will continue in accordance with this Agreement.

 

10.             
Confidential Information. The Employee acknowledges an obligation of confidentiality to the Company
and shall not divulge, disclose or communicate any trade secret, private or confidential information or other proprietary knowledge
of the Company, Parent or any Parent Subsidiary obtained or acquired by the Employee while so employed. This restriction shall
apply after the termination of the Employee’s employment without limit in point of time but shall cease to apply to information
or knowledge which may come into the public domain without breach of this Section 10 or whose disclosure may be required by law
or court order or pursuant to the written consent

 

    	18

    	 

    

of the Company. Notwithstanding
the foregoing, nothing in this Section 10 shall prohibit the Employee from participating in protected whistleblower activities
under the Dodd-Frank Act.

 

11.             
Restrictive Covenant.

 

a.       In
the event Employee terminates employment for Good Reason or the Company terminates the Employee’s employment without
Cause and Employee has received or is receiving severance and benefits continuation pursuant to Sections 8(a)(ii) and
8(a)(iii), for three (3) years following the Date of Termination (the “Restricted Period”), the Employee shall
not, directly or indirectly (whether as a principal, agent, partner, employee, officer, investor, owner, consultant, board
member, security holder, creditor or otherwise), engage in any Competitive Activity, or have any direct or indirect interest
in any sole proprietorship, corporation, company, partnership, association, venture or business or any other person or entity
that directly or indirectly (whether as a principal, agent, partner, employee, officer, investor, owner, consultant, board
member, security holder, creditor, or otherwise) engages in a Competitive Activity; provided that the foregoing shall not
apply to the Employee's ownership of common stock of the Company, Parent or Parent Subsidiary or the acquisition by the
Employee, solely as an investment, of securities of any issuer, so long as the Employee does not control, acquire
a controlling interest in or become a member of a group which exercises direct or indirect control of, more than five
percent (5%) of any class of capital stock of such corporation; provided, however, that the Employee may be employed by
or otherwise associated with a business or entity of which a

 

    	19

    	 

    

subsidiary,
division, segment, unit, etc. is in material direct competition with the Company but as to which such subsidiary, division, segment,
unit, etc. the Employee has no direct or indirect responsibilities or involvement and provided that the Employee does not breach
any of the covenants in this Agreement. For purposes of this Agreement, “Competitive Activity” means
an activity that is in competition with the Company in any country in which the Company conducts business
with respect to a business in which the Company engaged while the Employee was employed by the Company.

 

b.      At
all times during the Restricted Period, the Employee shall not, directly or indirectly, for himself or for any other
person, firm, corporation, partnership, association or other entity (i) employ, solicit for employment or attempt to employ
any employee, consultant or independent contractor performing services for the Company, Parent or Parent Subsidiary, unless
such employee, consultant or independent contractor, has not been employed or engaged by the Company, Parent or Parent
Subsidiary for a period in excess of six (6) months, and/or (ii) call on, solicit, or engage in business with, any of the
customers or clients of the Company, Parent or Parent Subsidiary on behalf of any person or entity in connection with any
Company Competitive Activity and/or (iii) encourage any persons or entities with whom the Company, Parent or Parent
Subsidiary does business or has some business relationship to cease doing business or to terminate its business relationship
with the Company, Parent or Parent Subsidiary or to engage in any Company Competitive Activity on its own or with any
competitor of the Company, Parent or Parent Subsidiary; provided, that nothing contained in this Section 11(c) will prohibit
public advertising or

 

    	20

    	 

    

general solicitations
so long as the advertising and solicitations are not specifically directed to employees, consultants, independent contractors,
customers, clients and/or business relations of the Company, Parent or Parent Subsidiary.

 

c.       Employee
acknowledges and confirms that the restrictive covenants contained in this Section 11 (including without limitation the
length of the term of the provisions of this Section 11) are reasonably necessary to protect the legitimate
business interests of the Company, Parent or Parent Subsidiary, and are not overbroad or unfair and are not the result of
overreaching, duress or coercion of any kind. The Employee further acknowledges and confirms that the compensation payable to
the Employee under this Agreement is in consideration for the duties and obligations of the Employee hereunder, including the
restrictive covenants contained in this Section 11, and that such compensation is sufficient, fair and reasonable. The
Employee further acknowledges and confirms that his full and faithful observance of each of the covenants contained in this
Section 11 will not cause him any undue hardship, financial or otherwise. The Employee further acknowledges that the
restrictions contained in this Section 11 are intended to be, and shall be, for the benefit of and shall be enforceable by,
the Company’s successors and assigns. The Employee expressly agrees that upon any breach or violation of the provisions
of this Section 11, the Company shall be entitled, as a matter of right, in addition to any other rights or remedies it
may have, to (i) temporary and/or permanent injunctive relief in any court of competent jurisdiction, and (ii) such damages
as are provided at law or in equity. The existence of any claim or cause

 

    	21

    	 

    

of action
against the Company, Parent or Parent Subsidiary, whether predicated upon this Agreement or otherwise, shall not constitute a
defense to the enforcement of the restrictions contained in this Section 11. It is recognized and hereby acknowledged by the
parties hereto that a breach by the Executive of any of the covenants contained in Section 11 of this Agreement will cause
irreparable harm and damage to the Company, Parent or Parent Subsidiary,the monetary amount of which may be virtually
impossible to ascertain. As a result, the Employee recognizes and hereby acknowledges that the Company, Parent or Parent Subsidiary shall be entitled to
an injunction from any court of competent jurisdiction enjoining and restraining any violation of any or all of the covenants
contained in Section 11 of this Agreement by the Employee or any of his affiliates, associates, partners or agents, either
directly or indirectly, and that such right to injunction shall be cumulative and in addition to whatever other remedies the
Company, Parent or Parent Subsidiary may possess.

 

12.             
Return of Information. Upon termination of employment, the Employee agrees to not take with him and
to deliver to the Company all records, notes, data, memoranda, models, equipment, blueprints, drawings, manuals, letters, reports
and all other materials of a secret or confidential nature relating to the business of the Company which are in possession or control
of the Employee.

 

13.             
Assignment of Intellectual Property.

 

a.      
The Employee grants to the Company and the Company accepts, the Employee’s entire right, title and interest
in and to the “Work Product” (as defined below), and in and to all patents, copyrights, trade secrets and other proprietary
rights in or based on the Work Product. The Employee grants to the

 

    	22

    	 

    

Company, and
the Company accepts, an unlimited, unrestricted, royalty-free, fully paid-up, worldwide and exclusive right and license, with the
right to grant licenses and sublicenses to others without accounting to the Employee, under the “Background Rights”
(as defined below) and all proprietary rights therein or based thereon. The Employee agrees that if the Work Product or any portion
thereof is copyrightable, it shall be deemed to be a “work made for hire,” as such term is defined in the Copyright
Laws of the United States. The Employee shall cooperate with the Company or its designees and execute documents of assignment,
oaths, declaration and other documents, prepared by the Company, to effect the foregoing or to perfect or enforce any proprietary
rights resulting from or related to the Employee’s performance of services under this Agreement. Such cooperation and execution
shall be at no additional compensation to the Employee; provided, however, the Company shall reimburse the Employee for reasonable
out-of-pocket expenses incurred at the specific request of the Company.

 

		i.	For purposes of this provision the following definitions shall apply: (x) “Work
                                                                                                                                 Product” shall mean all  inventions, data, documentation, software and information, in whatever form, first produced or
                                                                                                                                 created by the Employee or for the Employee as a result of or related to the performance of work or the rendition of
                                                                                                                                 inventions, services
                                                                                                                                 under this Agreement or under any prior agreement with the Company including, but not limited to, work or services performed
                                                                                                                                 by the Employee as an independent contractor for the Company; and (y) “Background Rights”

 

    	23

    	 

    

shall
mean all inventions, data, documentation, software and information, in whatever form, not first produced or created by the
Employee or for the Employee as a result of or related to the performance of work or the rendition inventions, of services
under this Agreement or under any prior agreement with the Company but included in, necessary, useful or utilizable in or
with the Work Product or any portion thereof.

 

14.             
General Provisions.

 

a.      
This Agreement contains the entire transaction between the parties, and there are no other representations, warranties,
conditions or agreements relating to the subject matter of this Agreement.

 

b.     
The waiver by any party of any breach or default of any provision of this Agreement shall not operate or be construed
as a waiver of any subsequent breach.

 

c.      
This Agreement may not be changed orally but only by an Agreement in writing duly executed on behalf of the party
against which enforcement of any waiver, change, modification, consent or discharge is sought.

 

d.     
This Agreement shall be binding upon and be enforceable against the Company and its successors and assigns. Insofar
as the Employee is concerned, this Agreement is personal and cannot be assigned.

 

e.      
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

 

    	24

    	 

    

f.      
This Agreement shall be construed pursuant to and in accordance with the laws of the State of New Jersey. This Agreement
embodies the complete agreement and understanding between the parties and supersedes and preempts any prior understandings, agreements
or representations by or among the parties, written or oral, which may have related to the subject matter hereof or thereof in
any way.

 

g.     
If any term or provision of this Agreement is held or deemed to be invalid or unenforceable, in whole or in part,
by a court of competent jurisdiction, this Agreement shall be ineffective to the extent of such invalidity or unenforceability
without rendering invalid or unenforceable the remaining terms and provisions of this Agreement.

 

h.     
Any dispute, grievance or controversy arising under or in conjunction with this Agreement shall be referred to the
Board of Directors of the Company and shall be dealt with by personal discussion, and if not satisfactorily resolved, shall be
submitted under the Rules of the American Arbitration Association of New York City.

 

i.       
Any consent of the Company required under this Agreement shall not be unreasonably withheld or delayed.

 

15.             
Section 409A Compliance.

  

a.      
It is the intention of both the Company and the Employee that the benefits and rights to which the Employee could
be entitled pursuant to this Agreement comply with Section 409A of the Code and the Treasury Regulations and other guidance promulgated
or issued thereunder (“Section 409A”), to the extent that

 

    	25

    	 

    

the requirements
of Section 409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that
intention. If the Employee or the Company believes, at any time, that any such benefit or right that is subject to Section 409A
does not so comply, it shall promptly advise the other and shall negotiate reasonably and in good faith to amend the terms of such
benefits and rights such that they comply with Section 409A (with the most limited possible economic effect on the Employee and
on the Company).

 

b.     
If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement
on account of termination of the Employee’s employment shall be made unless and until the Employee incurs a “separation
from service” within the meaning of Section 409A.

 

c.      
Neither the Company nor the Employee, individually or in combination, may accelerate any payment or benefit that
is subject to Section 409A, except in compliance with Section 409A and the provisions of this Agreement, and no amount that is
subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A.

 

d.     
For purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which
the Employee is entitled under this Agreement shall be treated as a separate payment. In addition, to the extent permissible under
Section 409A, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments.

 

e.      
Any reimbursements by the Company to the Employee of any eligible expenses under this Agreement that are not excludable
from the Employee’s

 

    	26

    	 

    

income for
Federal income tax purposes (the “Taxable Reimbursements”) shall be made by no later than the last day of the taxable
year of the Employee following the year in which the expense was incurred. The amount of any Taxable Reimbursements, and the value
of any in-kind benefits to be provided to the Employee, during any taxable year of the Employee shall not affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other taxable year of the Employee. The right to Taxable Reimbursement,
or in-kind benefits, shall not be subject to liquidation or exchange for another benefit.

 

f.      
Payment of any tax reimbursements under this Agreement must be made by no later than the end of the taxable year
of the Employee following the taxable year of the Employee in which the Employee remits the related taxes.

 

g.     
The Employee agrees that he is responsible for the payment of any tax liability (including any taxes and penalties
arising under Section 409A) that may result from any payments or benefits that he receives pursuant to this Agreement. Anything
to the contrary herein contained notwithstanding, the Employee further agrees that if the Company reasonably determines that the
Employee’s receipt of payments or benefits pursuant to this Agreement would cause the Employee to incur liability for additional
tax under Section 409A of the Code, the Company may in its discretion suspend such payments or benefits until the end of the six-month
period following termination of the Employee’s employment (the “409A Suspension Period”). As soon as reasonably
practical after the end of the 409A Suspension Period, the Company will make a lump sum payment to the Employee in an amount equal
to any payments and benefits that the Company does not make

 

    	27

    	 

    

during the
409A Suspension Period. Thereafter, the Company will pay the Employee any remaining payments and benefits due pursuant to this
Agreement in accordance with the terms thereof (as if there had not been any suspension beforehand).

 

 

 

[Signature page follows]

 

 

    	28

    	 

    

IN WITNESS WHEREOF,
the parties have executed this Agreement on the date first above written.

 

	 	 	COMPANY:

                                                      Bio-Reference
                                         Laboratories, Inc.
	 
	 	 	 	 
	 	 	 	 
	

	

	 	

	
/s/
Marc D. Grodman

	 
	 	 	 	 	
By:

	Marc
                                         D. Grodman, President

	 
	 	 	 	 	Duly Authorized

 

	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	EMPLOYEE:	 	 
	 	 	 	 	 	 	 
	 	 	 	

	/s/ Nicholas
Papazicos

	 
	 	 	 	 	

	Nicholas Papazicos

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