Document:

Form of Consulting Agreement with Jugal K. Taneja, dated as of April 1, 2008.

 Exhibit 10.23 
 CONSULTING AGREEMENT 
 This Consulting
Agreement (the “Agreement”) is made and entered into effective as of the 1st day of April, 2008, by and between GEOPHARMA, INC., a Florida
corporation (the “Company”), and JUGAL K. TANEJA, an individual (“Consultant”). 
 WITNESSETH: 
 WHEREAS, the Company is pharmaceutical company specializing in the manufacturing and distribution of over-the-counter, nutritional, generic drug and
functional food products (such activities, together with all other activities of the Company and its subsidiaries, as conducted at or prior to the termination of this Agreement, and any future activities reasonably related thereto which are
contemplated by the Company and/or its subsidiaries at the termination of this Agreement identified in writing by the Company to Consultant at the date of such termination, are hereinafter referred to as the “Business Activities”);

 WHEREAS, the Company desires to hire Consultant upon the terms and subject to the terms and conditions set forth in this Agreement; and,

 WHEREAS, Consultant desires to be retained by the Company upon the terms and subject to the conditions set forth in this Agreement.

 NOW, THEREFORE, in consideration of the premises, the mutual promises, covenants and conditions herein contained and for other good and
valuable considerations, the receipt and sufficiency of which are hereby acknowledged, the parties hereto intending to be legally bound hereby agree as follows: 
 Section 1. Consulting Arrangement. The Company hereby retains Consultant, and Consultant hereby accepts the position with the Company, all upon the terms and subject to the conditions set forth in
this Agreement. 
 Section 2. Capacity and Duties. Consultant is and shall be retained in the capacity of Chairman of the
Board of the Company and shall have such duties, responsibilities, and authorities as may be requested by the Corporation from time to time during the term of this consulting arrangement in connection with the Corporation’s business throughout
the United States and world wide (“Consulting Arrangement”). Subject to the control and general directions of, and the general policies and guidelines established, by the Company and except as otherwise herein provided, Consultant shall
devote such of his business time, best efforts and attention as necessary to promote and advance the business of the Company and its subsidiaries and to perform diligently and faithfully all the duties, responsibilities and obligations of Consultant
to be performed by him under this Agreement. Consultant’s duties shall include consulting and rendering advice on the general business operations of the Company and its subsidiaries. During the Consulting Arrangement Term (as hereinafter
defined), Consultant may engage in other business activities; provided, however, that such activities do not unreasonably interfere with Consultant’s performance of his obligations hereunder or violate Section 15 or Section 18 hereof;
and provided, further, that any such activity is fully disclosed to the Company. 
 Section 3. Relationship Between
Parties. During the term of the Consulting Arrangement, Consultant shall be deemed to be an independent contractor. He shall be free to devote his time, energy and skill to any such person, firm or company as he deems advisable except to the
extent he is obligated to devote his time, energy and skill to the Corporation pursuant to the terms of this Agreement. Consultant shall not be considered as having an employee status vis-a-vis the Corporation, or by virtue of the Consulting
Arrangement being entitled to participate in anyplans, arrangements or distributions by the Corporation pertaining to or in connection with any pension, stock, bonus, profit sharing, welfare benefits, or similar benefits for the regular employees or
consultants of the Corporation. The Corporation shall not withhold any taxes in connection with the compensation due Consultant hereunder, and Consultant will be responsible for the payment of any such taxes and hereby agrees to indemnify the
Corporation against nonpayment thereof 
  

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 Section 4. Consulting Arrangement
Term. The initial term of the Consulting Arrangement by the Company pursuant to this Agreement shall be for the period (the “Initial Term”) commencing on April 1st, 2008 (the “Commencement Date”) and ending on March 31st, 2011,
or such earlier date that Consultant’s Arrangement is terminated in accordance with the provisions of this Agreement. The Initial Term automatically shall be extended for successive additional one year periods (each, an “Extended
Term”) unless written notice is given by either party to the other party no later than 120 days prior to the expiration of the Initial Term or any Extended Term. (The Initial Term, together with each and any Extended Term, is sometimes
hereinafter called the “Consulting Period”). 
 Section 5. Compensation. During the Consulting Period,
subject to all the terms and conditions of this Agreement and as compensation for all services to be rendered by Consultant under this Agreement, the Company shall pay to or provide Consultant with the following: 
 5.01 Base Compensation. The Company shall compensate Consultant during the life of this agreement for his services hereunder
no less than a base annual compensation fee of $550,000 and 00/100 Dollars ($550,000.00), payable at such intervals (at least biweekly) as compensation or fees are paid generally to other consultants of the Company. For fiscal years beginning 2009
and thereafter, the Board shall examine and modify Consultant’s base compensation fee with reference to prevailing competitive standards for comparable positions in organizations similar to the Company, as determined by an independent
consultant approved by the Board and Consultant. 
 5.02 Bonus. The Company shall pay to Consultant an annual
bonus as specified in a plan adopted each year by the Board but, in any case, Consultant’s incentive target performance levels specified in SCHEDULE 5.02 attached hereto shall be no less than 100% of the base compensation fee.

 5.03 Other Benefits. The Company shall provide Consultant with the other benefits specified on SCHEDULE
5.03 attached hereto, which benefits shall not be deemed to be lieu of any other benefits or compensation to which Consultant is entitled hereunder or otherwise. 
 5.04 Stock Options and Restricted Stock. At the end of the first year of the Initial Term, the Company shall issue to
Consultant stock options and restricted stock at fair market value and comparable in amounts to those issued to a consultant for a comparable publicly-traded corporation. 
 Section 6. Adherence to Standards. Consultant shall comply with the written policies, standards, rules and regulations of the Company from time to time established for all consultants of the
Company. 
 Section 7. Review of Performance. The Board shall periodically review and evaluate the performance of
Consultant under this Agreement with Consultant. 
 Section 8. Expenses. The Company shall reimburse Consultant for
all reasonable, ordinary and necessary expenses (including, but not limited to, automobile and other business travel and customer entertainment expenses) incurred by him in connection with the Consulting Arrangement hereunder in accordance with
Company policy; provided, however, Consultant shall render to the Company a complete and accurate accounting of all such expenses in accordance with the substantiation requirements of Section 274 of the Internal Revenue Code of 1986, as amended
(the “Code”), as a condition precedent to such reimbursement. 
 Section 9. Termination with Cause by the
Company. This Agreement may be terminated with Cause (as hereinafter defined) by the Company provided that the Company shall (i) give Consultant the Notice of Termination (as hereinafter defined), and (ii) pay Consultant his annual
base compensation fee through the Termination Date (as hereinafter defined) at the rate in effect at the time the Notice of Termination is given, plus any bonus or incentive compensation which has been earned or has become payable pursuant to the
terms of any compensation or benefit plan as of the Termination Date. Notwithstanding the foregoing, if Consultant is terminated with Cause pursuant to Section 11.02(ii) and, subsequently, charges are dropped, Consultant is found not guilty or
otherwise cleared of wrongdoing, before or after trial or following appeal, then in such event, the Company shall promptly thereupon pay Consultant (or to his estate in the event of Consultant’s death) two year’s compensation equal to the
amount of the compensation and 

  

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other benefits described in Section 5 of this Agreement to which Consultant was entitled as of the Termination Date, with such payments being made in
equal installments over the 24 months following the Termination Date, and such other amount as may be necessary to make Consultant whole for any incremental taxes due as a result of such severance payments. In addition, all stock options issued to
Consultant shall immediately be vested as of the Termination Date. 
 Section 10. Termination without Cause by the Company or for Good Reason by Consultant; Non-Renewal. This Agreement may be terminated by (i) the Company by reason of the death or Disability (as hereinafter defined) of
Consultant or for no reason at all, or (ii) Consultant for Good Reason (as hereinafter defined); provided that if this Agreement is terminated or not renewed pursuant to either of subsections (i) or (ii) of this Section 10 prior
to January 3rd, 2012, or if the Company fails to renew this Agreement (as permitted by Section 3) through January 3rd, 2012, the Company shall pay to Consultant (or to his estate in the event of termination due to Consultant’s death) two year’s severance equal to
the amount of the compensation and other benefits described in Section 5 of this Agreement to which Consultant was entitled as of the Termination Date, with such payments being made in equal installments over the 24 months following the
Termination Date, and such other amount as may be necessary to make Consultant whole for any incremental taxes due because such payments are deemed to be an excess parachute payment, as such term is defined in Section 280G(b)(2) of the Internal
Revenue Code of 1986, as amended (whether such payments are paid in cash or stock, pursuant to Consultant’s election described below). The remaining balance of any payments or other sums due Consultant hereunder (or under Section 9) shall
be immediately due and payable in a lump sum upon a Sale of the Company (as hereinafter defined). A Sale shall mean a sale of all or substantially all of the assets of the Company, a change of more than fifty percent of the voting power of the
Company, a merger or consolidation of the Company with or into another entity, or if persons who at the Termination Date constituted the Board of Directors cease for any reason to constitute at least a majority of the Board of Directors. In
addition, all stock options and restricted stock issued to Consultant shall immediately be vested as of the Termination Date. If the Consultant should fail to renew this Agreement at any time other than for Good Reason or if the Company should fail
to renew the Agreement after January 3rd, 2012, the Company shall not be required to pay any compensation to Consultant other than his annual
base compensation fee through the last day of the then current term of the Consulting Period, plus any bonus or incentive compensation which has been earned or has become payable pursuant to the terms of any compensation or benefit plan as of such
date but which has not yet been paid. 
 Consultant’s right to terminate his Consulting Arrangement for Good Reason shall not be
affected by his incapacity due to physical or mental illness. In the event of termination by reason of Consultant’s death or Disability, medical, hospitalization or disability benefits coverage comparable to those provided by the Company during
Consultant’s lifetime shall be provided to his spouse and dependents for the remaining term of this Agreement and thereafter will provide Consultant’s spouse and dependents with the option of purchasing such benefits coverage through the
Company. The benefits provided under this Section 10 shall not be less favorable to Consultant and his spouse and dependents in terms of amounts, deductibles and costs, if any, than such benefits provided by the Company to Consultant, his
spouse and dependents as of the Termination Date. This Section 10 shall not be interpreted so as to limit any benefits to which Consultant or his family may be entitled under the Company’s life insurance, medical, hospitalization or
disability plans following his Termination Date or under applicable law. 
 At Consultant’s election, in his sole discretion, any sums
payable to Consultant pursuant to this Section 10 may be paid to Consultant either in cash or shares of common stock of the Company. Any portion of such sums that are paid in cash shall be paid to Consultant at such intervals (at least
biweekly), net of applicable federal state and local taxes of any kind required by law to be withheld with respect to such payment, at the same time as consulting fees are paid generally to other consultants of the Company, unless there is a Sale as
provided above in which event, all sums due Consultant shall immediately be due and payable. All sums payable hereunder shall constitute Consulting Arrangement termination payments or fees (and not salary continuation payments, whether in cash or
stock, at Consultant’s election) and shall not be subject to offset for any reason or repayment in the event Consultant becomes a consultant or employee elsewhere. Upon the breach by Consultant of Section 18 of this Agreement, the Company
shall be entitled to cease making the remainder of any such cash payments then owed to Consultant. 
  

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 If Consultant elects to receive any portion of any sums payable to Consultant pursuant to this
Section 10 in common stock, the number of shares due to Consultant shall be determined by dividing such sum by the average closing price per share of the common stock during the ten trading days immediately preceding the termination or
expiration, as applicable, of this Agreement. One-third of such shares shall be paid within thirty days of termination or non-renewal, as applicable, and two-thirds of such shares shall be paid on the last day of the non-competition period
contemplated by Section 18 of this Agreement; provided, however, that if the non-competition period extends for more than one year after such termination or expiration, as applicable, one-third of such shares shall be paid within thirty days of
termination or non-renewal, as applicable, one-third of the shares shall be paid on the first anniversary of such termination or expiration, as applicable, and the remaining shares shall be paid on the last day of the non-competition period
contemplated by Section 18 of this Agreement; provided, further, that should Consultant breach Section 18 of this Agreement, any shares that have not yet been paid shall be canceled and returned to the Company. For each tranche of shares
of common stock issued to Consultant hereunder, the Company shall deliver registered shares or as promptly as commercially reasonable thereafter, but in any event within 60 days, the Company shall register the resale of such shares and keep the
registration statement in effect for not less than three (3) years. 
 Section 11. Definitions. In addition to the
words and terms elsewhere defined in this Agreement, certain capitalized words and terms used in this Agreement shall have the meanings given to them by the definitions and descriptions in this Section 11 unless the context or use indicates
another or different meaning or intent, and such definition shall be equally applicable to both the singular and plural forms of any of the capitalized words and terms herein defined. The following words and terms are defined terms under this
Agreement: 
 11.01 Disability. “Disability” shall mean a physical or mental illness which, in the
judgment of the Company after consultation with the licensed physician attending Consultant, impairs Consultant’s ability to substantially perform his duties under this Agreement as an consultant and as a result of which he shall have been
absent from his duties with the Company on a fulltime basis for six consecutive months. 
 11.02 Cause. A
termination with “Cause” shall mean a termination of this Agreement by reason of (i) Consultant’s conviction of a felony or a crime involving moral turpitude or any other crime involving dishonesty, disloyalty or fraud with
respect to the Company; or (ii) Consultant’s arrest or indictment of any lesser crime or offense committed in connection with the performance of Consultant’s duties hereunder; or (iii) if Consultant willfully impedes or endeavors
to influence, obstruct or impede or fails to materially cooperate with an investigation authorized by the Board of Directors of the Company, a self regulatory organization or a governmental department or agency. 
 11.03 Good Reason. “Good Reason” shall mean the occurrence of any of the following events without
Consultant’s prior express written consent: (i) any material change in his status, title, authorities or responsibilities (including reporting responsibilities) under this Agreement which represents a demotion from such status, title,
position or responsibilities (including reporting responsibilities); the assignment to him of any duties or work responsibilities which are materially inconsistent with his status, title, position or work responsibilities set forth in this Agreement
or which are materially inconsistent with the status, title, position or work responsibilities of a consultant; or any removal of Consultant from, or failure to appoint, elect, reappoint or reelect Consultant to, any of such positions, except in
connection with the termination of his Consulting Arrangement with Cause, or as a result of his death or Disability; provided, however, that no change in title, authorities or responsibilities customarily attributable solely to the
Company ceasing to be a publicly traded corporation shall constitute Good Reason hereunder; (ii) the relocation of the principal office of the Company or the reassignment of Consultant to a location more than thirty (30) miles from Largo,
Florida; (iii) the failure by the Company to continue in effect any incentive, bonus or other compensation plan in which Consultant participates, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been
made with respect to the failure to continue such plan, or the failure by the Company to continue Consultant’s participation therein, or any action by the Company which would directly or indirectly materially reduce his participation therein or
reward opportunities 

  

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thereunder; provided, however, that Consultant continues to meet all eligibility requirements thereof; (iv) the failure by the Company to continue in
effect any benefit plan (including any medical, hospitalization, life insurance or disability benefit plan in which Consultant participates), or any material fringe benefit or prerequisite enjoyed by him unless an equitable arrangement (embodied in
an ongoing substitute or alternative plan) has been made with respect to the failure to continue such plan, or the failure by the Company to continue Consultant’s participation therein, or any action by the Company which would directly or
indirectly materially reduce his participation therein or reward opportunities thereunder, or the failure by the Company to provide him with the benefits to which he is entitled under this Agreement; provided, however, that Consultant continues to
meet all eligibility requirements thereof; (v) any other material breach by the Company of any provision of this Agreement; (vi) the failure of the Company to obtain a satisfactory agreement from any successor or assign of the Company to
assume and agree to perform this Agreement, as contemplated in Section 21 hereof; (vii) any purported termination of Consultant’s Arrangement which is not effected pursuant to a Notice of Termination satisfying the requirements of
this Agreement; and for purposes of this Agreement, no such purported termination shall be effective; or (viii) if during any twelve month period, persons who at the beginning of such period constitute the Board of Directors cease for any
reason to constitute at least a majority of the Board of Directors. 
 11.04 Notice of Termination. “Notice
of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of
Consultant’s Arrangement under the provision so indicated; provided, however, no such purported termination shall be effective without such Notice of Termination; provided further, however, any purported termination by the Company or by
Consultant shall be communicated by a Notice of Termination to the other party hereto in accordance with Section 13 of this Agreement. 
 11.05 Termination Date. “Termination Date” shall mean the date specified in the Notice of Termination (which, in the case of a termination pursuant to Section 9 of this Agreement shall not
be less than 60 days, and in the case of a termination pursuant to Section 10 of this Agreement shall not be more than 60 days, from the date such Notice of Termination is given); provided, however, that if within 30 days after any Notice of
Termination is given the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the Termination Date shall be the date finally determined by either mutual written agreement of the
parties or by the final judgment, order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been taken). 
 Section 12. Fees and Expenses. The Company shall pay all legal fees and related expenses (including the costs of experts, evidence and counsel) incurred by Consultant as a result of a contest or
dispute over Consultant’s termination of his Consulting Arrangement if such contest or dispute is resolved in Consultant’s favor. 
 Section 13. Notices. For the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or sent
by certified mail, return receipt requested, postage prepaid, or by expedited (overnight) courier with established national reputation, shipping prepaid or billed to sender, in either case addressed to the respective addresses last given by each
party to the other (provided that all notices to the Company shall be directed to the attention of the Board with a copy to the Secretary of the Company) or to such other address as either party may have furnished to the other in writing in
accordance herewith. All notices and communication shall be deemed to have been received on the date of delivery thereof, on the third business day after the mailing thereof, or on the second day after deposit thereof with an expedited courier
service, except that notice of change of address shall be effective only upon receipt. 
  

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 Section 14. Life Insurance. The Company may, at any time after the execution of this
Agreement, apply for and procure as owner and for its own benefit, life insurance on Consultant, in such amounts and in such form or forms as the Company may determine. Consultant shall, at the request of the Company, submit to such medical
examinations, supply such information, and execute such documents as may be required by the insurance company or companies to whom the Company has applied for such insurance. Consultant hereby represents that to his knowledge he is in excellent
physical and mental condition and is not under the influence of alcohol, drugs or similar substance. 
 Section 15. Proprietary
Information and Inventions. Consultant understands and acknowledges that: 
 15.01 Trust.
Consultant’s arrangement creates a relationship of confidence and trust between Consultant and the Company with respect to certain information applicable to the business of the Company and its subsidiaries (collectively, the
“Group”) or applicable to the business of any vendor or customer of any of the Group, which may be made known to Consultant by the Group or by any vendor or customer of any of the Group or learned by Consultant during the Consulting
Period. 
 15.02 Proprietary Information. The Group possesses and will continue to possess information that has
been created, discovered, or developed by, or otherwise become known to, the Group (including, without limitation, information created, discovered, developed or made known to Consultant during the period of or arising out of his Consulting
Arrangement with the Company) or in which property rights have been or may be assigned or otherwise conveyed to the Group, which information has commercial value in the business in which the Group is engaged and is treated by the Group as
confidential. Except as otherwise herein provided, all such information is hereinafter called “Proprietary Information,” which term, as used herein, shall also include, but shall not be limited to, data, functional specifications, computer
programs, know-how, research, technology, improvements, developments, designs, marketing plans, strategies, forecasts, new products, unpublished financial statements, budgets, projections, licenses, franchises, prices, costs, and customer, supplier
and potential acquisition candidates lists. Notwithstanding anything contained in this Agreement to the contrary, the term “Proprietary Information” shall not include (i) information which is in the public domain,
(ii) information which is published or otherwise becomes part of the public domain through no fault of Consultant, (iii) information which Consultant can demonstrate was in Consultant’s possession at the time of disclosure and was not
acquired by Consultant directly or indirectly from any of the Group on a confidential basis, (iv) information which becomes available to Consultant on a non-confidential basis from a source other than any of the Group and which source, to the
best of Consultant’s knowledge, did not acquire the information on a confidential basis, or (v) information required to be disclosed by any federal or state law, rule or regulation or by any applicable judgment, order or decree or any
court or governmental body or agency having jurisdiction in the premises. 
 All Proprietary Information shall be the sole property of the Group and their
respective assigns. Consultant assigns to the Company any rights Consultant may have or acquire in such Proprietary Information. At all times, both during Consultant’s arrangement with the Company and after its termination, Consultant shall
keep in strictest confidence and trust all Proprietary Information, and Consultant shall not use or disclose any Proprietary Information without the written consent of the Group, except as may be necessary in the ordinary course of performing
Consultant’s duties as an Consultant of the Company. 
 Section 16. Surrender of Documents; No Disparagement.
Consultant shall, at the request of the Company, promptly surrender to the Company or its nominee any Proprietary Information or document, memorandum, record, letter or other paper in his possession or under his control relating to the operation,
business or affairs of the Group. Consultant further agrees that he shall not, either during the Consulting Period or at any time thereafter, in any way disparage the Company 
  

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 Section 17. Other Agreements. Consultant represents and warrants that
Consultant’s performance of all the terms of this Agreement and as an Consultant of the Company does not, and will not, breach any agreement to keep in confidence proprietary information acquired by Consultant in confidence or in trust prior to
Consultant’s arrangement with the Company. Consultant has not entered into, and shall not enter into, any agreement, either written or oral, which is in conflict with this Agreement or which would be violated by Consultant entering into, or
carrying out his obligations under, this Agreement. 
 Section 18. Restrictive Covenant. Consultant acknowledges and
recognizes Consultant’s possession of Proprietary Information and the highly competitive nature of the business of the Group and, accordingly, agrees that in consideration of the premises contained herein Consultant will not, during the period
of the Consulting Arrangement Term and for the period ending on the later of January 3, 2012, or the first anniversary of the Termination Date, (i) directly or indirectly engage in any Business Activities in the United States, whether such
engagement shall be as an employer, officer, director, owner, employee, consultant, stockholder, partner or other participant in any Business Activities, (ii) assist others in engaging in any Business Activities in the manner described in the
foregoing clause (i), or (iii) induce employees of the Company to terminate their employment with the Company or engage in any Business Activities in the United States; provided, however, that the ownership of no more than two percent of the
outstanding capital stock of a corporation whose shares are traded on a national securities exchange or on the over-the-counter market shall not be deemed engaging in any Business Activities. Notwithstanding the foregoing, if the Company fails to
make any payment required by Section 10 of this Agreement within five days of notice of nonpayment by Consultant to the Company or if there is a Sale, then the covenants in this Section 18 immediately shall terminate. 
 Section 19. Remedies. Consultant acknowledges and agrees that the Company’s remedy at law for a breach or a threatened breach of
the provisions herein would be inadequate, and in recognition of this fact, in the event of a breach or threatened breach by Consultant of any of Sections 15, 16, 17 or 18 of this Agreement, it is agreed that the Company shall be entitled to
equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without posting bond or other security. Consultant acknowledges that
the granting of a temporary injunction, a temporary restraining order or other permanent injunction merely prohibiting Consultant from engaging in any Business Activities would not be an adequate remedy upon breach or threatened breach of this
Agreement, and consequently agrees upon any such breach or threatened breach to the granting of injunctive relief prohibiting Consultant from engaging in any activities prohibited by this Agreement. No remedy herein conferred is intended to be
exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given hereunder now or hereinafter existing at law or in equity or by statute or otherwise. 
 Section 20. Successive Consulting Arrangement Notice. Within five business days after the Termination Date, Consultant shall provide
notice to the Company of Consultant’s next intended consulting arrangement. If such consulting arrangement is not known by Consultant at such date, Consultant shall notify the Company immediately upon determination of such information.
Consultant shall continue to provide the Company with notice of Consultant’s place and nature of successive consulting arrangement and any change in place or nature of successive consulting arrangement during the period ending two years after
the Termination Date. Failure of Consultant to provide the Company with such information in an accurate and timely fashion shall be deemed to be a breach of this Agreement and shall entitle the Company to all remedies provided for in this Agreement
as a result of such breach. 
 Section 21. Successors. This Agreement shall be binding on the Company and any successor to
any of its businesses or assets. Without limiting the effect of the prior sentence, the Company shall use its best efforts to require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had
taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor or assign to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement or which is
otherwise obligated under this Agreement by the first sentence of this Section 21, by operation of law or otherwise. 
  

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 Section 22. Binding Effect. This Agreement shall inure to the benefit of and be
enforceable by Consultant’s personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Consultant should die while any amounts would still be payable to him hereunder if he had
continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Consultant’s estate. 
 Section 23. Modification and Waiver. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by
Consultant and such officer as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of,: or compliance with, any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 Section 24. Headings. Headings used in this Agreement are for convenience only and shall not be used to interpret or construe its provisions. 
 Section 25. Amendments. No amendments or variations of the terms and conditions of this Agreement shall be valid unless the same is in writing and signed by each of the parties hereto. 

Section 26. Severability. The invalidity or unenforceability of any provision of this Agreement, whether in whole or in part, shall
not in any way affect the validity or enforceability of any other provision herein contained. Any invalid or unenforceable provision shall be deemed severable to the extent of any such invalidity or unenforceability. It is expressly understood and
agreed that, while the Company and Consultant consider the restrictions contained in this Agreement reasonable for the purpose of preserving for the Company the goodwill, other proprietary rights and intangible business value of the Company, if a
final judicial determination is made by a court having jurisdiction that the time or territory or any other restriction contained in this Agreement is an unreasonable or otherwise unenforceable restriction against Consultant, the provisions of such
clause shall not be rendered void but shall be deemed amended to apply as to maximum time and territory and to such other extent as such court may judicially determine or indicate to be reasonable. 
 Section 27. Governing Law; Venue. This Agreement shall be governed by and construed under the laws of the State of Florida
without giving effect to the conflicts of laws principles thereof, and any action to enforce any rights or obligations hereunder shall be brought exclusively in the state or federal district courts located in Hillsborough County Florida. The
prevailing party shall be entitled to an award of its reasonable attorneys’ fees incurred in connection with any such judicial proceedings. 
 Section 28. Counterparts. This Agreement may be executed in more than one counterpart and each counterpart shall be considered an original. 
 Section 29. Schedules. The Schedules attached hereto are incorporated herein by reference and are an integral part of this Agreement. 
 Section 30. Entire Agreement. This Agreement contains, and is intended as, and represents a complete statement of all of the terms,
understandings and the arrangements among the parties hereto with respect to the matters provided for herein, supersede any previous or contemporaneous agreements and understandings whether oral or written between the parties hereto with respect to
those matters and cannot be changed or terminated except as provided in this Agreement. 
 IN WITNESS WHEREOF, this Agreement has been duly
executed by the Company and Consultant in four counterparts as of the date first above written. 
 Remainder of page intentionally left
blank; 
 signature page follows. 
  

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	GEOPHARMA, INC.
		
	By:	 	  

		 	George Stuart
		 	Chairman, Compensation Committee
	
	CONSULTANT
		
	By:	 	  

		 	JUGAL K. TANEJA

  

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 SCHEDULE 5.02 
 BONUS PLAN 
  

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 EXHIBIT 5.03 
 Other Benefits 
 1. Incentive Compensation and Bonus Plans. Consultant shall become a participant in
any incentive compensation or bonus plan adopted by the Board for any highly compensated officers and other significant employees of the Company, such participation to be on such terms as the Compensation Committee of the Board in its discretion
shall determine. Any amounts paid or payable to or on behalf of Consultant shall be prorated through the Termination Date or the expiration date of this Agreement. 
 2. Term Life Insurance. The Company shall pay a maximum of $10,000.00 per year towards a term life insurance policy on the life of Consultant for the benefit of Consultant or his designated beneficiary.
Consultant shall be entitled to designate the beneficiary of any insurance proceeds payable upon his death and shall be entitled to purchase such insurance policy or policies upon termination of employment at the interpolated terminal reserve value
thereof. 
 3. Automobile. The Company shall provide Consultant with a monthly allowance for the lease, maintenance and operating
expenses of an automobile, or the purchase or replacement thereof. 
 4. Medical Insurance. The Company shall provide Consultant and
his dependents with medical and health insurance coverage in such amounts as are presently provided or may hereafter be provided to the Consultant officers of the Company. 
 5. Disability Insurance. The Company shall provide Consultant with disability insurance coverage in such amounts as are presently provided or may
hereafter be provided to the Consultant officers of the Company. 
 6. Club Dues. The Company shall provide Consultant with a monthly
social or country club allowance to cover the dues on behalf of Consultant. 
 7. Other Benefits. The Company shall provide Consultant
with any and all other benefits that generally become available to the Consultant. 
  

 11Change in Terms Agreement

 Exhibit 10.24 
 CHANGE IN TERMS AGREEMENT 
  

															
	 Principal
	  	 Loan Date
	  	 Maturity
	  	 Loan No
	  	 Call / Coll
	  	 Account
	  	 Officer
	  	 Initials

	$5,000,000.00	  	04-06-2008	  	10-06-2008	  	91120	  	401	  		  	307	  	
	
	 References in the boxes above are for Lender’s use only and do not limit the applicability of this
document to any particular loan or item.
 Any item above containing “***” has been omitted due to text length
limitations.

  

							
	Borrower:	  	     GEOPHARMA, INC.
     6950 BRYAN DAIRY RD
     LARGO, FL 33777
	 	Lender:	  	     First Community Bank of America
     St. Petersburg Office
     6100 4th Street North
     St. Petersburg, FL 33703
     (727) 520-8837

  
  
  

					
	Principal Amount:     $5,000,000.00	  	Interest Rate:    5.150%	  	Date of Agreement:    April 6, 2008

 DESCRIPTION OF EXISTING INDEBTEDNESS. That certain Promissory Note dated October 1, 2007 in the original
amount of $3,500,000.00, with a current outstanding balance of $3,500,000.00. 
 DESCRIPTION OF COLLATERAL. This Change in Terms Agreement is secured by an
Assignment of Deposit Account and all subsequent renewals and modifications thereof to Lender; all of the terms and conditions of which are hereby incorporated and made a part of this Agreement. 
 DESCRIPTION OF CHANGE IN TERMS. A Modification, Consolidation of Loan # 93280 ( $1,000,000), Loan # 91712 ( $500,000), and this Loan # 91120, and Extension of
maturity Date; with payment terms described herein. 
 PROMISE TO PAY. GEOPHARMA, INC. (“Borrower”) promises to pay to First Community Bank of
America (“Lender”), or order, in lawful money of the United States of America, the principal amount of Five Million & 00/100 Dollars ($5,000,000.00), together with interest at the rate of 5.150% per annum on the unpaid
principal balance from April 6, 2008, until paid in full. The interest rate may change under the terms and conditions of the “INTEREST AFTER DEFAULT” section. 
 PAYMENT. Borrower will pay this loan in one principal payment of $5,000,000.00 plus interest on October 6, 2008. This payment due on October 6, 2008, will be for all principal and all accrued interest not
yet paid. In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning May 6, 2008, with all subsequent interest payments to be due on the same day of each month after that.
Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any late charges; and then to any unpaid collection costs. Interest on this loan is computed on a
365/360 simple interest basis; that is, by applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.
Borrower will pay Lender at Lender’s address shown above or at such other place as Lender may designate in writing. 
 PREPAYMENT. Borrower may pay
without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments under the payment schedule.
Rather, early payments will reduce the principal balance due. Borrower agrees not to send Lender payments marked “paid in full”, “without recourse”, or similar language. If Borrower sends such a payment, Lender may accept it
without losing any of Lender’s rights under this Agreement, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, including any check or other payment instrument
that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: First Community Bank of
America, Loan Operations Center, 7441 114th Avenue North Largo, FL 33773. 
 LATE CHARGE. If a payment is 10 days or more late, Borrower will be charged
5.000% of the unpaid portion of the regularly scheduled payment or $5.00, whichever is greater. 
 INTEREST AFTER DEFAULT. Upon default, including failure to
pay upon final maturity, the interest rate on this loan shall be increased to 18.000% per annum. However, in no event will the interest rate exceed the maximum interest rate limitations under applicable law. 
 DEFAULT. Each of the following shall constitute an Event of Default under this Agreement: 
 Payment Default. Borrower fails to make any payment when due under the Indebtedness. 
 Other Defaults.
Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any
other agreement between Lender and Borrower. 
 Default in Favor of Third Parties. Borrower defaults under any loan, extension of credit,
security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s property or ability to perform Borrower’s obligations under this Agreement or
any of the Related Documents. 
 False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on
Borrower’s behalf under this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 
 Insolvency. The dissolution or termination of Borrower’s existence as a going business, the insolvency of Borrower, the appointment of a receiver for
any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower. 
 Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any
other method, by any creditor of Borrower or by any governmental agency against any collateral securing the Indebtedness. This includes a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of
Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or
forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. 
 Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the
Indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness evidenced by this Note. 
 Change In Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower. 
 Adverse Change. A material adverse change occurs in Borrower’s financial condition, or Lender believes the prospect of payment or performance of the
Indebtedness is impaired. 
 Insecurity. Lender in good faith believes itself insecure. 
 Cure Provisions. If any default, other than a default in payment is curable and if Borrower has not been given a notice of a breach of the same provision
of this Agreement within the preceding twelve (12) months, it may be cured if Borrower, after receiving written notice from Lender demanding cure of such default: (1) cures the default within fifteen (15) days; or (2) if the cure
requires more than fifteen (15) days, immediately initiates steps which Lender deems in Lender’s sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to
produce compliance as soon as reasonably practical. 
 LENDER’S RIGHTS. Upon default, Lender may declare the entire unpaid principal balance under this
Agreement and all accrued unpaid interest immediately due, and then Borrower will pay that amount. 
 ATTORNEYS’ FEES; EXPENSES. Lender may hire or pay
someone else to help collect this Agreement if Borrower does not pay. Borrower will pay Lender the amount of these costs and expenses, which includes, subject to any limits under applicable law, Lender’s reasonable attorneys’ fees and
Lender’s legal expenses whether or not there is a lawsuit, including reasonable attorneys’ fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals. If not
prohibited by applicable law, Borrower also will pay any court costs, in addition to all other sums provided by law. 
 JURY WAIVER. Lender and Borrower
hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Lender or Borrower against the other. 
 GOVERNING LAW.
This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Florida without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in
the State of Florida. 
 CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of
Pinellas County, State of Florida. 

					
		  	CHANGE IN TERMS AGREEMENT	  	
	Loan No: 91120	  	(Continued)	  	Page 2

  
  
  

 DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $25.00 if Borrower makes a payment on Borrower’s loan
and the check or preauthorized charge with which Borrower pays is later dishonored. 
 RIGHT OF SETOFF. To the extent permitted by applicable law, Lender
reserves a right of setoff in all Borrower’s accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However,
this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against
any and all such accounts, and, at Lender’s option, to administratively freeze all such accounts to allow Lender to protect Lender’s charge and setoff rights provided in this paragraph. 
 COLLATERAL. Borrower acknowledges this Agreement is secured by An Assignment of Deposit Account of even date and subsequent renewals, modifications, and extensions
thereof. 
 CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements
evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive Lender’s right to strict performance of the obligation(s) as changed, nor obligate Lender to make any
future change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties,
unless a party is expressly released by Lender in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below,
then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it.
This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions. 
 PRIOR NOTE. Promissory Note dated
October 1, 2007 in the amount of $3,500,000.00. 
 SUCCESSORS AND ASSIGNS. Subject to any limitations stated in this Agreement on transfer of
Borrower’s interest, this Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Collateral becomes vested in a person other than Borrower, Lender, without notice to Borrower,
may deal with Borrower’s successors with reference to this Agreement and the Indebtedness by way of forbearance or extension without releasing Borrower from the obligations of this Agreement or liability under the Indebtedness. 
 NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING AGENCIES. Please notify us if we report any inaccurate information about your account(s) to a
consumer reporting agency. Your written notice describing the specific inaccuracy(ies) should be sent to us at the following address: First Community Bank of America Loan Operations Center 7441 114th Avenue North Largo, FL 33773. 
 MISCELLANEOUS PROVISIONS. If any part of this Agreement cannot be enforced, this fact will not affect the rest of the Agreement. Borrower does not agree or intend to
pay, and Lender does not agree or intend to contract for, charge, collect, take, reserve or receive (collectively referred to herein as “charge or collect”), any amount in the nature of interest or in the nature of a fee for this loan,
which would in any way or event (including demand, prepayment, or acceleration) cause Lender to charge or collect more for this loan than the maximum Lender would be permitted to charge or collect by federal law or the law of the State of Florida
(as applicable). Any such excess interest or unauthorized fee shall, instead of anything stated to the contrary, be applied first to reduce the principal balance of this loan, and when the principal has been paid in full, be refunded to Borrower.
Lender may delay or forgo enforcing any of its rights or remedies under this Agreement without losing them. Borrower and any other person who signs, guarantees or endorses this Agreement, to the extent allowed by law, waive presentment, demand for
payment, and notice of dishonor. Upon any change in the terms of this Agreement, and unless otherwise expressly stated in writing, no party who signs this Agreement, whether as maker, guarantor, accommodation maker or endorser, shall be released
from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender’s security interest in
the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the consent of or notice to anyone other than the party with whom
the modification is made. The obligations under this Agreement are joint and several. 
 PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL
THE PROVISIONS OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT. 
 
  

			
	BORROWER:
	
	GEOPHARMA, INC.
		
	By:	 	 

		 	CAROL DORE-FALCONE, Vice President/CFO of GEOPHARMA, INC.

  
  

	
	LASER PRO Lending, Ver. 5.40.00.003 Copr. Harland Financial Solutions. Inc. 1997, 2008. All Rights Reserved. •FL C:\CFl\LPL\D20C.FC TR-7200 
PR-108

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