Document:

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Exhibit 10.7

AMENDED AND RESTATED 

                  PERNIX THERAPEUTICS HOLDINGS, INC. 

                  2009 STOCK INCENTIVE PLAN

NONQUALIFIED STOCK OPTION AGREEMENT

                  COVER SHEET

Pernix Therapeutics Holdings, Inc., a Maryland corporation (the "Company"), hereby grants a
nonqualified stock option to purchase shares of its common stock, par value $0.01 per share (the "Common Stock"), to the Grantee named below (the
"Option").  Additional terms and conditions of the grant are set forth on this Cover Sheet and in the attached Nonqualified Stock Option Agreement (together, the
"Agreement"), in the Company's Amended and Restated 2009 Stock Incentive Plan (as further amended from time to time, the "Plan") and in
your Employment Agreement with the Company, dated as of November 3, 2016 (the "Employment Agreement").
Grantee Name: Graham G. Miao, Ph.D.

Grant Date: November 3, 2016  

Number of shares of Common Stock: 95,000  

Exercise Price per share of Common Stock: $3.15 

Vesting Start Date: July 26, 2016 

Vesting Schedule:  One-third (1/3) of the Option shall vest on each of the first, second and third anniversaries of the Vesting Start Date, subject to your continued service with the Company on
the applicable vesting date.  

Expiration Date: November 2, 2026  

By your signature below, you agree to all of the terms and conditions described in the Agreement and in the Plan, a copy of which will be provided on request.  You
agree that your Employment Agreement will control in the event any provision of this Agreement should appear to be inconsistent with your Employment Agreement.  You further acknowledge that
you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent with the Plan.

   

	
Grantee:
	
 /s/ Graham G. Miao, Ph.D.
	
 
	
Date:
	
 November 3, 2016
	
 

	
 
	
Graham G. Miao, Ph.D.
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
Company:
	
 /s/ Tasos Konidaris
	
 
	
Date:
	
 November 3, 2016
	
 

	
 
	
Tasos Konidaris

Director

 
	
 
	
 
	
 
	
 

   

Attachment

This is not a share certificate or a negotiable instrument.

AMENDED AND RESTATED

                  PERNIX THERAPEUTICS HOLDINGS, INC. 

2009 STOCK INCENTIVE PLAN

NONQUALIFIED STOCK OPTION AGREEMENT

   

	
Nonqualified Stock Option 
	
This Agreement evidences the grant of an Option exercisable for the number of shares of Common Stock set forth on the Cover Sheet of this Agreement
and subject to the vesting and other terms and conditions set forth in this Agreement and in the Plan.  The Option is not intended to be an incentive stock option under Section 422 of the Code and
will be interpreted accordingly.  

	
Vesting
	
The Option will vest in accordance with the Vesting Schedule set forth on the Cover Sheet, subject to your continued service through each vesting date.
You may not vest in more than the number of Options set forth on the Cover Sheet of this Agreement.

Unless the termination of your service triggers accelerated vesting or other treatment of your Options pursuant to the terms of this Agreement or your Employment
Agreement, you will immediately and automatically forfeit to the Company all of your unvested Options in the event your service terminates for any reason not addressed in this Agreement or your
Employment Agreement.

 

Notwithstanding the Vesting Schedule set forth on the Cover Sheet, if your service is terminated by the Company without Cause (other than as a result of your death or
Disability), on account of non-renewal of your Employment Agreement by the Company or if you resign with Good Reason (as each such term is defined below), your Option will become 100%
vested upon such termination of service.   For all purposes of this Agreement, the terms "Cause", "Good Reason" and "Disability" shall have the meanings set forth
in your Employment Agreement. 

 

	
Change of Control
	
In the event of a Change of Control, your Option will be treated in the manner so provided in Section 12.10 of the Plan.  

	
Expiration of Option 
	
In all events, the Option will expire on the Expiration Date set forth on the Cover Sheet of this Agreement.  The Option will expire earlier if your service
terminates, as described below.  

Termination Other than for Cause or due to Death or Disability.  If your service is terminated by the Company for any reason other than for Cause, death, or
Disability, on account of non-renewal of your Employment Agreement by the Company or due to your resignation with Good Reason, you may exercise the vested portion of the Option, but only
within the time period ending on the six (6) month anniversary of the termination of your service.

Resignation without Good Reason.  If you resign without Good Reason, you may exercise the vested portion of the Option, but only within the time period ending on
the three (3) month anniversary of the termination of your service.

 

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Termination due to Death or Disability.  If your service terminates because of your death or Disability, if you die during the six (6)-month period after the
termination of your service by the Company for any reason (other than for Cause, death or Disability), on account of non-renewal of your Employment Agreement by the Company or due to your
resignation with Good Reason, or if you die during the three (3)-month period after your resignation without Good Reason, you may exercise the vested portion of your Option, but only within the
time period ending on the date that is twelve (12) months after the termination of your service.

Termination for Cause.  If your service is terminated for Cause, the Option (including vested and unvested portions) will immediately terminate and no longer be
exercisable.

	
Leaves of Absence 
	
For purposes of the Option, your service does not terminate when you go on a bona fide employee leave of absence that the Company approves in
writing if the terms of the leave provided for continued service crediting or when continued service crediting is required by applicable law or contract.  Your service terminates in any event when the
approved leave ends unless you immediately return to active employment.  The Company, in its sole discretion, determines which leave counts for this purpose and when your service terminates for
all purposes under the Plan. 

	
Notice of Exercise
	
The Option may be exercised, in whole or in part, to purchase a whole number of vested shares of Common Stock of not less than 100 shares, unless the
number of vested shares of Common Stock purchased is the total number available for purchase under the Option, by following the procedures described in the Plan and in this Agreement. 

When you wish to exercise the Option, you must exercise in the manner required or permitted by the Company. 

If someone other than you exercises the Option after your death, then that person must submit documentation reasonably acceptable to the Company verifying that the
person has the legal authority to exercise the Option. 

	
Form of Payment
	
When you exercise the Option, you must include payment of the Exercise Price indicated on the Cover Sheet of this Agreement for the shares of Common
Stock that you are purchasing.  Payment may be made in one (or a combination) of the following forms:

	Cash, your personal check, a cashier's check, a money order, or another cash equivalent acceptable to the Company.

	By delivery of or attestation of ownership of shares of Common Stock, which shares shall be valued for this purpose at the Fair Market Value at the time the Option is
exercised.

 

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	By delivery of irrevocable written instructions to a broker approved by the Company (with a copy to the Company) to immediately sell a portion of the shares of Common
Stock issuable under your Option and to deliver promptly to the Company the amount of sale proceeds to pay the exercise price.

	Through a net exercise procedure whereby you surrender your Option (or the portion of such Option then being exercised) in exchange for that number of shares of
Common Stock with an aggregate Fair Market Value on the date of exercise equal to the difference between the aggregate Fair Market Value of the shares of Common Stock subject to the Option
(or the portion of such Option then being exercised) and the aggregate exercise price for all such shares of Common Stock under the Option (or the portion thereof then being exercised). 

	
Evidence of Issuance
	
The issuance of shares of Common Stock upon exercise of the Option will be evidenced in such a manner as the Company, in its discretion, deems
appropriate, including, without limitation, book-entry, registration, or issuance of one or more share certificates. 

	
Withholding
	
You will not be allowed to exercise the Option unless you make acceptable arrangements to pay any withholding or other taxes that may be due as a result
of the Option exercise or sale of shares of Common Stock acquired upon exercise of the Option.  If the Company determines that any tax or withholding payment is required relating to the exercise
or sale of shares of Common Stock purchased upon exercise of the Option under applicable laws, the Company will have the right to require such payments from you, or withhold such amounts
from other payments due to you from the Company or any affiliate.  You may elect to satisfy this withholding obligation, in whole or in part, by delivering currently owned shares of Common Stock or
having the Company withhold shares of Common Stock, in each case having a value equal to the minimum statutory amount required to be withheld under federal, state and local law.  The value of
the shares of Common Stock to be delivered or withheld shall be based on the Fair Market Value of the Common Stock on the date that the amount of tax to be withheld shall be determined
("Tax Date"), and such shares may not be subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.  Any such election must be made prior to
the Tax Date.  If you are not subject to Section 16 of the 1934 Act, the Committee may disapprove of any such election, may suspend or terminate the right to make such elections, or may provide
that the right to make such elections shall not apply to the Option.

	
Transferability
	
The Option may not be sold, pledged, hypothecated, assigned, margined or otherwise transferred or encumbered by you in any manner except: (a) by will;
(b) by the laws of descent and distribution; (c) pursuant to a domestic relations order, as defined in the Code; or (d)(i) to Immediate Family Members (as defined below), (ii) to a partnership in which
you and/or your Immediate Family Members, or entities in which you and/or your Immediate Family Members are the sole owners, members or beneficiaries, as appropriate, are the sole partners,
(iii) to a limited liability company in which you and/or your Immediate Family

 

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Members, or entities in which you and/or your Immediate Family Members are the sole owners, members or
beneficiaries, as appropriate, are the sole members, or (iv) to a trust for the sole benefit of you and/or your Immediate Family Members.  "Immediate Family Members" shall be defined as
your spouse and the natural or adopted children or grandchildren of you and your spouse.  Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Option, or levy of
attachment or similar process upon the Option not specifically permitted herein, shall be null and void and without effect. 

In the event of your termination of service, this Agreement will continue to be applied with respect to you, following which the Option will be exercisable by the transferee only
to the extent and for the periods specified in this Agreement. 

	
Retention Rights
	
This Agreement and the grant of the Option do not give you the right to be retained by the Company or any affiliate in any capacity.  Unless otherwise
specified in any employment or other written agreement between you and the Company or any affiliate, including your Employment Agreement, the Company and any affiliate reserve the right to
terminate your service at any time and for any reason. 

	
Shareholder Rights
	
You, or your estate or heirs, have no rights as a shareholder of the Company until the shares of Common Stock have been issued upon exercise of the
Option and either a certificate evidencing the shares of Common Stock has been issued or an appropriate entry has been made on the Company's books.  No adjustments are made for dividends,
distributions, or other rights if the applicable record date occurs before your certificate is issued or the appropriate book entry is made, except as described in the Plan. 

The Option will be subject to the terms of any applicable agreement of merger, liquidation, or reorganization in the event that the Company is subject to such corporate
activity. 

	
Applicable Law
	
The validity and construction of this Agreement will be governed by, and construed and interpreted in accordance with, the laws of the State of Maryland,
other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive laws of any other jurisdiction. 

	
The Plan
	
The text of the Plan is incorporated into this Agreement. 

Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning set forth in the Plan, unless otherwise referenced as being defined in
the Employment Agreement. 

This Agreement and the Plan constitute the entire understanding between you and the Company regarding the Option.  Any prior agreements, commitments, or negotiations
concerning the Option are superseded; except that the Employment Agreement and any other written confidentiality, non-competition, non-solicitation and/or severance agreement, or any other
written agreement between you and the Company or any affiliate, as applicable, will supersede this Agreement with respect to its subject matter. 

 

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Data Privacy
	
To administer the Plan, the Company may process personal data about you.  This data includes, without limitation, information provided in this Agreement
and any changes to such information, other appropriate personal and financial data about you, including your contact information, payroll information and any other information that the Company
deems appropriate to facilitate the administration of the Plan. 

By accepting the Option, you give explicit consent to the Company to process any such personal data. 

	
Notice Delivery
	
By accepting the Option, you agree that notices may be given to you in writing either at your home or mailing address as shown in the records of the
Company or any affiliate or by electronic transmission (including e-mail or reference to a website or other URL) sent to you through the normal process employed by the Company or any affiliate, as
applicable, for communicating electronically with its employees. 

By signing this Agreement, you agree to all of the terms and conditions described above and in the Plan.

   

   

   

                                                 6_

Exhibit 10.8

AMENDED AND RESTATED 

                  PERNIX THERAPEUTICS HOLDINGS, INC. 

                  2015 OMNIBUS INCENTIVE PLAN

RESTRICTED SHARE UNIT AGREEMENT

                   COVER SHEET

Pernix Therapeutics Holdings, Inc., a Maryland corporation (the "Company"), hereby grants restricted share units
relating to shares of its common stock, par value $0.01 per share (the "Common Stock"), to the Grantee named below (the
"RSU").  Additional terms and conditions of the grant are set forth on this Cover Sheet and in the attached Restricted Share Unit Agreement (together,
the "Agreement"), in the Company's Amended and Restated 2015 Omnibus Incentive Plan (as further amended from time to time, the
"Plan") and in your Employment Agreement with the Company, dated as of November 3, 2016 (the "Employment
Agreement").

 

Grantee Name: Graham G. Miao, Ph.D. 

Grant Date: November 3, 2016  

Number of Restricted Share Units: 65,500  

Vesting Start Date: July 26, 2016  

Vesting Schedule:  One-third (1/3) of the RSUs shall vest on each of the first, second and third anniversaries of the Vesting Start Date, subject to your continued service with the
Company on the applicable vesting date.  

By your signature below, you agree to all of the terms and conditions described in the Agreement and in the Plan, a copy of which
will be provided on request.  You agree that your Employment Agreement will control in the event any provision of this Agreement should appear to be inconsistent with your
Employment Agreement.  You further acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this Agreement should
appear to be inconsistent with the Plan.

   

	
Grantee:
	
 /s/ Graham G. Miao, Ph.D.
	
 
	
Date:
	
 November 3, 2016
	
 

	
 
	
Graham G. Miao, Ph.D.
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
Company:
	
 /s/ Tasos Konidaris
	
 
	
Date:
	
 November 3, 2016
	
 

	
 
	
Tasos Konidaris

Director

 
	
 
	
 
	
 
	
 

   

Attachment

This is not a share certificate or a negotiable instrument.

AMENDED AND RESTATED 

                  PERNIX THERAPEUTICS HOLDINGS, INC. 

                  2015 OMNIBUS INCENTIVE PLAN

RESTRICTED SHARE UNIT AGREEMENT

   

	
Restricted Share Units
	
This Agreement evidences an award of RSUs in the number set forth on the Cover Sheet of this Agreement and subject to the vesting and other terms and
conditions set forth in this Agreement and in the Plan.  

	
Vesting
	
The RSUs will vest in accordance with the Vesting Schedule set forth on the Cover Sheet, subject to your continued service through each
vesting date.  You may not vest in more than the number of shares of Common Stock covered by your RSUs, as set forth on the Cover Sheet of this Agreement.

Unless the termination of your service triggers accelerated vesting or other treatment of your RSUs pursuant to the terms of this Agreement or your
Employment Agreement, you will immediately and automatically forfeit to the Company all of your unvested RSUs in the event your service terminates for any reason not addressed
in this Agreement or your Employment Agreement.

 

Notwithstanding the Vesting Schedule set forth on the Cover Sheet, if your service is terminated by the Company without Cause (other than as a result of
your death or Disability), on account of non-renewal of your Employment Agreement by the Company or if you resign with Good Reason (as each such term is defined below), your
RSUs will become 100% vested upon such termination of service.  For all purposes of this Agreement, the terms "Cause", "Good Reason" and
"Disability" shall have the meanings set forth in your Employment Agreement. 

 

	
Change of Control
	
In the event of a Change of Control, your RSUs will be treated in the manner so provided in Section 10 of the Plan.  

	
Leaves of Absence 
	
For purposes of the RSUs, your service does not terminate when you go on a bona fide employee leave of absence that the
Company approves in writing if the terms of the leave provided for continued service crediting or when continued service crediting is required by applicable law or contract.  Your
service terminates in any event when the approved leave ends unless you immediately return to active employment.  The Company, in its sole discretion, determines which leave
counts for this purpose and when your service terminates for all purposes under the Plan. 

	
Dividend Equivalents
	
Should any dividend be declared and paid with respect to the shares of Common Stock during the period between the Grant Date and the
date on which the RSUs are delivered as shares of Common Stock, the Company shall credit to a dividend equivalent bookkeeping account the value of such

 

	
   
	

dividends that would
have been paid if the outstanding RSUs at the time of the declaration of the dividend were outstanding shares of Common Stock.  At the same time that the corresponding RSUs are
converted to shares of Common Stock and delivered to you, the Company shall pay to you a lump sum cash payment equal to the value of the dividends credited to the dividend
equivalent bookkeeping account that correspond to such RSUs that have become vested; provided, however, that any dividend equivalents that were credited to your dividend
equivalent bookkeeping account that are attributable to RSUs that have been forfeited shall be forfeited and not be payable to you.  No interest shall accrue on any dividend
equivalents credited to your dividend equivalent bookkeeping account. 

	
Evidence of Issuance
	
The issuance of shares of Common Stock with respect to the RSUs will be evidenced in such a manner as the Company, in its discretion,
deems appropriate, including, without limitation, book-entry, registration, or issuance of one or more share certificates. 

	
Delivery
	
Delivery of the shares of Common Stock represented by your vested RSUs shall be made within thirty (30) days after your RSUs vest.

	
Withholding
	
You agree as a condition to this Agreement that you will make acceptable arrangements to pay any withholding or other taxes that may be
due relating to the RSUs or the issuance of shares of Common Stock with respect to the RSUs.  If the Company determines that any tax or withholding payment is required relating
to the RSUs or the issuance of shares of Common Stock with respect to the RSUs under applicable laws, the Company will have the right to require such payments from you, or
withhold such amounts from other payments due to you from the Company or any affiliate.  You may elect to satisfy this withholding obligation, in whole or in part, by delivering
currently owned shares of Common Stock or having the Company withhold shares of Common Stock, in each case having a value equal to the minimum statutory amount required
to be withheld under federal, state and local law.  The value of the shares of Common Stock to be delivered or withheld shall be based on the Market Price of the Common Stock on
the date that the amount of tax to be withheld shall be determined ("Tax Date"), and such shares may not be subject to any repurchase, forfeiture,
unfulfilled vesting, or other similar requirements.  Any such election must be made prior to the Tax Date.  If you are not subject to Section 16 of the 1934 Act, the Committee may
disapprove of any such election, may suspend or terminate the right to make such elections, or may provide that the right to make such elections shall not apply to the RSUs.

	
Transferability 

 
	
The RSUs may not be sold, pledged, hypothecated, assigned, margined or otherwise transferred or encumbered by you in any manner
except: (a) by will; (b) by the laws of descent and distribution; or (c) pursuant to a domestic relations order, as defined in the Code.
Any attempted assignment, transfer, pledge, hypothecation or other disposition of the RSUs, or levy of attachment or similar process upon the RSUs not
specifically permitted herein, shall be null and void and without effect.

	
Retention Rights
	
This Agreement and the RSUs evidenced by this Agreement do not give you the right to be retained by the Company or any affiliate in any
capacity.  Unless otherwise specified in any employment or other written agreement between you and the Company or any affiliate, including your Employment Agreement, the
Company and any affiliate reserve the right to terminate your service at any time and for any reason. 

	
Shareholder Rights
	
You, or your estate or heirs, have no rights as a shareholder of the Company until the shares of Common Stock have been issued and
either a certificate evidencing the shares of Common Stock has been issued or an appropriate entry has been made on the Company's books.  No adjustments are made for
dividends, distributions, or other rights if the applicable record date occurs before your certificate is issued or the appropriate book entry is made, except as described in the Plan.

The RSUs will be subject to the terms of any applicable agreement of merger, liquidation, or reorganization in the event that the Company is subject to such
corporate activity. 

	
Applicable Law
	
The validity and construction of this Agreement will be governed by, and construed and interpreted in accordance with, the laws of the State
of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive laws of any other
jurisdiction. 

	
The Plan
	
The text of the Plan is incorporated into this Agreement. 

Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning set forth in the Plan, unless otherwise referenced as
being defined in the Employment Agreement. 

This Agreement and the Plan constitute the entire understanding between you and the Company regarding the RSUs.  Any prior agreements, commitments,
or negotiations concerning the RSUs are superseded; except that the Employment Agreement and any other written confidentiality, non-competition, non-solicitation, and/or
severance agreement, or any other written agreement between you and the Company or any affiliate, as applicable, will supersede this Agreement with respect to its subject matter.

	
Data Privacy
	
To administer the Plan, the Company may process personal data about you.  This data includes, without limitation, information provided in
this Agreement and any changes to such information, other appropriate personal and financial data about you, including your contact information, payroll information and any other
information that the Company deems appropriate to facilitate the administration of the Plan. 

By accepting the RSUs, you give explicit consent to the Company to process any such personal data. 

	
Code Section 409A
	
The grant of your RSUs under this Agreement is intended to comply with Section 409A of the Code ("Section
409A") to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement will be interpreted and administered to be in compliance with
Section 409A.  Notwithstanding anything to the contrary in this Agreement, the Company is not making any representation hereunder as to the particular tax treatment of the
RSUs.

To the extent that the RSUs constitute "deferred compensation" under Section 409A, a termination of service occurs only upon an event that
would be a "separation from service" within the meaning of Section 409A.  If, at the time of your separation from service, (i) you are a "specified employee"
within the meaning of Section 409A, and (ii) the Company makes a good faith determination that an amount payable on account of your separation from service constitutes deferred
compensation (within the meaning of Section 409A), the payment of which is required to be delayed pursuant to the six (6)-month delay rule set forth in Section 409A to avoid taxes
or penalties under Section 409A (the "Delay Period"), then the Company will not pay such amount on the otherwise scheduled payment date but will
instead pay it in a lump sum on the first business day after the Delay Period (or upon your death, if earlier), without interest.  Each installment of RSUs that vest under this
Agreement (if there is more than one installment) will be considered one of a series of separate payments for purposes of Section 409A.

	
Disclaimer of Rights
	
The grant of RSUs under this Agreement will in no way be interpreted to require the Company to transfer any amounts to a third-party
trustee or otherwise hold any amounts in trust or escrow for payment to you.  You will have no rights under this Agreement or the Plan other than those of a general unsecured
creditor of the Company.  RSUs represent unfunded and unsecured obligations of the Company, subject to the terms and conditions of the Plan and this Agreement. 

	
Notice Delivery
	
By accepting the RSUs, you agree that notices may be given to you in writing either at your home or mailing address as shown in the
records of the Company or any affiliate or by electronic transmission (including e-mail or reference to a website or other URL) sent to you through the normal process employed by
the Company or any affiliate, as applicable, for communicating electronically with its employees. 

By signing this Agreement, you agree to all of the terms and conditions described above and in the Plan.

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