Document:

NON-RECOURSE PROMISSORY NOTE

 

	$700,000.00	March 7, 2012	 

 

FOR VALUE RECEIVED,
the undersigned, Hartlab LLC, with its principal place of business at 391 Quadrangle Drive Suite N-9, Bolingbrook, IL 60440, its
successors and assigns (the “Maker”), hereby unconditionally promises to pay to the order of Synthetic Biologics, Inc.,
with an address at 3985 Research Park Drive, Suite 200, Ann Arbor, MI 48108 (“Payee”), in lawful money of the United
States of America and in immediately available funds, the principal sum of Seven Hundred Thousand Dollars ($700,000.00) (“Principal”)
on March 1, 2014 (the “Maturity Date”), together with annual interest thereon from the date hereof on the unpaid Principal
at an annual rate of Five and 7/10ths percent (5.7%), payable on the Maturity Date. Interest shall be computed on the
basis of a year of 365 days and the actual number of days elapsed. Interest not paid when due shall earn interest at the rate specified
above.

 

1.          If:
(a) the Maker fails to make any payment of Principal or interest on this Promissory Note when due (provided the Maker is provided
with notice of any such failure and provided with ten (10) days to cure same); (b) a court of competent jurisdiction enters a judgment,
decree or order for relief in respect of the Maker in an involuntary case or proceeding under any federal or state bankruptcy law,
which shall (i) approve as properly filed a petition seeking reorganization, arrangement, adjustment or composition in respect
of the Maker, (ii) appoint a custodian, receiver, trustee, liquidator or similar official for the Maker or for substantially all
of its property or assets, or (iii) order the winding-up or liquidation of its affairs, and such judgment, decree or order shall
remain unstayed and in effect for a period of sixty (60) consecutive days; (c) the Maker attempts to sell, transfer, assign or
encumber the Secured Assets (as hereafter defined) or undergoes a Change of Control (“as hereinafter defined”); (d)
the Maker files a voluntary petition seeking relief under any federal or state bankruptcy law; (e) the Maker breaches any provision
of the Pledge and Security Agreement (as hereafter defined); (f) Adeona Clinical Laboratory, LLC, an Illinois limited liability
company (“ACL”) shall discontinue providing CLIA regulated high complexity testing services for a period of more than
sixty (60) days; (g) the Maker or any of its affiliates shall have instituted or threaten to institute any legal action against
Payee or any of it’s affiliates under this or any other Agreement, or (h) the Maker expressly repudiates its obligations
hereunder; then all unpaid Principal and all accrued and unpaid interest on this Promissory Note shall become immediately due and
payable. The occurrence of any event described in clauses (a) through (f) above shall be referred to as an “Event of Default”.
For the purposes hereof, the term a “Change in Control” shall mean a transaction or a series of related transactions
pursuant to which (A) the persons constituting a majority of the Managers of Maker on the date of this Agreement shall have ceased
to constitute a majority of the Managers of Maker, (B) a person or group of persons (as “group” is defined in the regulations
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) who do not currently have beneficial ownership
of more than 50% of the outstanding membership interests of Maker acquire, directly or indirectly, beneficial ownership of more
than 50% of the outstanding membership interests of Maker, (C) ACL, shall cease to be a wholly owned subsidiary of Maker, or (D)
Maker shall sell, transfer or assign all or substantially all of its assets.

 

2.          The
Maker shall have the right to prepay all or any part of the unpaid Principal amount of this Promissory Note with interest thereon,
without premium or penalty, at any time prior to the maturity hereof.

 

    	 

    	 

    

 

3.          This
Promissory Note is a non-recourse note and is secured solely by the pledge and grant to the Payee of a security interest in the
Maker’s interest in all of the assets of ACL (the “Secured Assets”), pursuant to a Pledge and Security Agreement,
of even date herewith (the “Pledge and Security Agreement”), the provisions of which are incorporated herein by reference
and form a part hereof. The Maker shall be liable upon the indebtedness evidenced by this Promissory Note, for all sums to accrue
or to become payable thereon and for performance of any covenants contained in this Promissory Note or in any of the related documents
to the extent, but only to the extent, of the Maker’s security for the same, which consists of all of the Secured Assets.
No attachment, execution or other writ or process shall be sought, issued or levied upon any assets, properties or funds of the
Maker other than the Secured Assets described in the Pledge and Security Agreement. In the event of foreclosure of such title,
liens or security interests, no judgment of any deficiency upon such indebtedness, sums and amounts shall be sought or obtained
by the Payee against the Maker.

 

4.          If
one or more of the provisions hereof shall be declared or held to be invalid, illegal, or unenforceable in any respect in any jurisdiction,
the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby
and any such declaration or holding shall not invalidate or render unenforceable such provision in any other jurisdiction. All
references in this Promissory Note to the Maker and the Payee shall be deemed to include, as applicable, a reference to their respective
successors and assigns. The provisions of this Promissory Note shall be binding upon and shall inure to the benefit of the successors
and assigns of the Maker and the Payee.

 

5.          Any
notice relating to this Promissory Note shall be in writing and shall be deemed to be effective if given and received in the manner
expressly provided in the Pledge and Security Agreement.

 

6.          Presentment,
demand, protest or notice of any kind are hereby waived by the Maker. The Maker may not set off against any amounts due to the
Payee hereunder, any claims against the Payee or other amounts owed by the Payee to the Maker.

 

7.          All
rights and remedies of the Payee under this Note are cumulative and in addition to all other rights and remedies available at law
or in equity, and all such rights and remedies may be exercised singly, successively and/or concurrently. Failure to exercise any
right or remedy shall not be deemed a waiver of such right or remedy.

 

8.          The Maker agrees to pay all reasonable costs
of collection, including attorneys' fees which may be incurred in the collection of this Promissory Note or any portion thereof
and, in case an action is instituted for such purposes, the amount of all attorneys' fees shall be such amount as the court shall
adjudge reasonable.

 

9.          This
Note is made and delivered in, and shall be governed, construed and enforced under the laws of the State of Illinois.

 

	 	HARTLAB LLC
	 	 
	 	By:	/s/ Narayan Torke
	 	 	Name: Narayan Torke
	 	 	Title: Managing Member

 

    	 

    	 

    

 

NON-RECOURSE LIMITED GUARANTY

 

In order to induce Payee
to accept this Note, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the undersigned (the “Guarantor”), does hereby guarantee, on a non-recourse basis, limited to the assets of the undersigned
being pledged to secure this Note, the full, complete and timely performance by Hartlab LLC (the “Maker”) of all of
its obligations under the above Note. This Guaranty is absolute and unconditional irrespective of any term or provision of any
documents or understandings relating to the above Note (other than its non-recourse basis), or any other circumstance which might
otherwise constitute a legal or equitable discharge of a surety or guarantor; and no formal or informal change, amendment, modification
or waiver of any term or condition of the Note, no extension in whole or in part of the time for the performance by the Maker of
any of its obligations under the Note, and no settlement, compromise, release, surrender, modification or impairment, exercise
or failure to exercise of any claims, rights, or remedies of any kind or nature under or in connection with the Note shall affect,
impair or discharge, in whole or in part, the liability of the undersigned hereunder, the undersigned to be and at all times be
and remain liable to the Payee to the same extent, but no greater than, the undersigned would be if it were jointly and severally
liable, on a non-recourse basis, limited to the assets of the undersigned being pledged to secure this Note, with the Maker to
the Payee for the full, complete and timely payment and performance of and compliance with all obligations of the Maker under the
Note. The obligations of the undersigned hereunder shall in no way be released, diminished, or otherwise affected by reason of
any voluntary or involuntary proceedings by or against the Maker in bankruptcy or for an arrangement or reorganization or for any
other relief under any provision of any bankruptcy or other similar law as from time to time is in effect or the inability or failure
of the Maker for any other reason to perform or comply with any or all of its obligations under the above Note.

 

IN WITNESS WHEREOF,
the undersigned has executed this Guaranty as of March 7, 2012.

 

ADEONA CLINICAL LABORATORY, LLC

 

	By:	/s/ Narayan Torke	 
	Name: Narayan Torke	 
	Title: Managing MemberExhibit 4.32

 

This document constitutes part of a prospectus covering securities
that have been registered under the Securities Act of 1933.

 

Nonqualified
Stock Option Contract

 

THIS NONQUALIFIED STOCK
OPTION CONTRACT is entered into effective as of the 31st day of December, 2011, by and between INTER PARFUMS, INC.,
a Delaware corporation (the “Company”) and ___________ (“Option
Holder”).

 

WITNESSETH:

 

1.              The Company, in accordance
with the resolutions adopted by the Company’s Executive Compensation and Stock Option Committee (the “Committee”),
and the terms and subject to the conditions of the Company’s 2004 Stock Option Plan (the “2004 Plan”), hereby
grants to the Option Holder as of December 31, 2010, a nonqualified stock option to purchase an aggregate of ______ shares
(the “Shares”) of the common stock, $.001 par value per share, of the Company (the “Common Stock”), at
the exercise price of $15.59 per share.

 

2.              Subject to earlier
termination as provided in the 2004 Plan, the term of this option shall be six (6) years from the date hereof; provided that,
such option shall vest and become exercisable to purchase shares of Common Stock as follows: 20% one year after the date of grant,
and then 20% on each of the second, third, fourth and fifth consecutive years from the date of grant on a cumulative basis, so
that each option shall become fully vested and exercisable on the fifth year from the date of grant.

 

3.              (a)            Subject to
the provisions contained in Section 2 hereof, this option may be exercised from time to time in whole or in part prior to the end
of the term of the option (but not with respect to less than 100 Shares (unless less than 100 Shares remain to be purchased, then
such amount remaining), or fractional Shares), by giving written notice to the Company at its principal office, presently 551 Fifth
Avenue, New York, New York 10176, stating that the Option Holder is exercising this option, specifying the number of Shares purchased
and accompanied by payment in full of the aggregate purchase price therefor (i) in cash or certified check or (ii) with previously
acquired shares of Common Stock or a combination of the foregoing if permitted in the sole discretion of the Company’s Executive
Compensation and Stock Option Committee (the “Committee”).

 

(b)             In addition, upon
the exercise of this option, the Company may withhold cash and/or Shares to be issued with respect thereto, having an aggregate
fair market value equal to the amount which it determines is necessary to satisfy its obligation to withhold federal, state and
local income taxes or other taxes incurred by reason of such exercise. Alternatively, the Company may require the holder to pay
to the Company such amount, in cash, promptly upon demand. The Company shall not be required to issue any Shares pursuant to this
option until all required payments have been made.

 

4.             This option is not
transferable otherwise than by will or the laws of descent and distribution and may be exercised, during the lifetime of the Option
Holder, only by the Option Holder or his legal representatives.

 

    	 

    	 

    

 

5.            Nothing in the 2004
Plan or herein shall confer upon the Option Holder any right to continue in the employ of, or be associated with, the Company,
its Parent or any of its Subsidiaries, or interfere in any way with the right to employment or association of the Option Holder
with the Company, its Parent or any of its Subsidiaries.

 

6.            The Option Holder
understands that the Shares have been registered for issuance to the Option Holder in Registration Statement No. 333-136988 under
the Securities Act of 1933, as amended (the “Act”). Resale to the public by the Option Holder is to be made under Rule
144 under the Act in accordance with the procedure for resale of “affiliate shares” in the absence of a subsequent
effective registration statement for the resale of the Shares. Notwithstanding registration under the Act, the Option Holder understands
that in accordance with the provisions of the Company’s Code of Business Conduct, (i) the Option Holder must obtain permission
from the Company’s Chief Financial Officer prior to any sale of the Shares; and (ii) the
use of material non-public information in connection with the sale of the Company’s shares (“Insider Trading”)
or the communication of such information to others who use it in trading the Company’s shares (“Tipping”) is
strictly prohibited.

 

7.          (a)           The
Option Holder understands that the Company maintains its internet website at www.interparfumsinc.com which is linked to
the SEC Edgar database. The Option Holder can obtain through the Company’s website, free of charge, its annual reports on
Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant
to Section 13(a) or 15(d) of the Exchange as soon as reasonably practicable after the Company has electronically filed with or
furnished them to the SEC.

 

            (b)            In addition,
the Company will cause to be delivered to the Option Holder, upon request to the Company directed to either the Chief Financial
Officer or the Controller, without charge to the Option Holder, a copy of the documents incorporated by reference into the Registration
Statement, other than exhibits (unless such exhibits are specifically incorporated by reference into the Registration Statement).

 

8.            Notwithstanding anything
to the contrary, if at any time the Chief Executive Officer, Board of Directors of the Company or the Committee shall determine
it its discretion that the listing or qualification of the Shares on any securities exchange, with national securities association
or under any applicable law, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition
of, or in connection with, the granting of an option, or the issue of Shares thereunder, or the sale of the Shares, then this option
may not be exercised in whole or in part unless such listing, qualification, consent or approval shall have been effected or obtained
free of any conditions not acceptable to the Chief Executive Officer, Board of Directors or the Committee.

 

9.            (a)            The Company
and the Option Holder further agree that they will both be subject to and bound by all of the terms and conditions of the 2004
Plan, which is incorporated by reference herein and made a part hereof as if fully set forth herein.

 

    	2

    	 

    

 

(b)            In the event the
Option Holder's employment by, or association with, the Company, its Parent or any of its Subsidiaries terminates, or in the event
of the death or disability of the Option Holder, the rights hereunder shall be governed by, and made subject to, the provisions
of the 2004 Plan.

 

(c)            In the event of
a conflict between the terms of this Contract and the terms of the 2004 Plan, then in such event, the terms of 2004 Plan shall
govern.

 

(d)            Except as otherwise
provided herein, all capitalized terms used herein shall have the same meaning ascribed to them in the 2004 Plan.

 

(e)            The Option Holder
agrees that the Company may amend the 2004 Plan and the options granted to the Option Holder under the 2004 Plan, subject to the
limitations contained in the 2004 Plan.

 

10.            This Contract shall
be binding upon and inure to the benefit of any successor or assign of the Company and to any executor, administrator or legal
representative entitled by law to the Option Holder's right hereunder.

 

11.            This Contract shall
be governed by and construed in accordance with the laws of the State of New York, without regard to the principles of conflicts
of laws.

 

IN WITNESS WHEREOF,
the parties hereto have entered into this Contract effective as of the date first above written.

 

	 	INTER PARFUMS, INC.
	 	 
	 	By:	 
	 		[Name and Title] 
	 	 
	 	 

 

Schedule of Executive Officers and Number
of Shares Underlying Option

 

	Executive Officer	 	Number of  Shares
	 	 	 
	Jean Madar	 	19,000
	Philippe Benacin	 	19,000
	Russell Greenberg	 	25,000
	Philippe Santi	 	3,000
	Frederic Garcia-Pelayo	 	3,000
	Henry B. “Andy” Clarke	 	7,500

 

    	3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]