Document:

EXHIBIT 10.1

 

NEITHER THE ISSUANCE AND SALE
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE
FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

	Principal Amount: $53,000.00	 	Issue Date: June 9, 2020
	 	 	 
	Purchase Price: $53,000.00	 	 

 

CONVERTIBLE PROMISSORY NOTE

FOR VALUE RECEIVED, BANTEC,
INC., a Delaware corporation (hereinafter called the “Borrower”), hereby promises to pay to the order of GENEVA
ROTH REMARK HOLDINGS, INC., a New York corporation, or registered assigns (the “Holder”) the sum of $53,000.00
together with any interest as set forth herein, on June 9, 2021 (the “Maturity Date”), and to pay interest on the unpaid
principal balance hereof at the rate of ten percent (10%)(the “Interest Rate”) per annum from the date hereof (the
“Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or
otherwise. This Note may not be prepaid in whole or in part except as otherwise explicitly set forth herein. Any amount of principal
or interest on this Note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from
the due date thereof until the same is paid (“Default Interest”). Interest shall commence accruing on the date that
the Note is fully paid and shall be computed on the basis of a 365-day year and the actual number of days elapsed. All payments
due hereunder (to the extent not converted into common stock, $0.0001 par value per share (the “Common Stock”) in accordance
with the terms hereof) shall be made in lawful money of the United States of America. All payments shall be made at such address
as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of this Note. Each
capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in that certain Securities Purchase
Agreement dated the date hereof, pursuant to which this Note was originally issued (the “Purchase Agreement”).

 

This Note is free from
all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other
similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

    

     

    

 

 

The following terms shall
apply to this Note:

 

Article
I. CONVERSION RIGHTS

 

1.1              
 Conversion Right. The Holder shall have the right from time to time, and at any time during the period beginning
on the date which is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity
Date and (ii) the date of payment of the Default Amount (as defined in Article III), each in respect of the remaining outstanding
amount of this Note to convert all or any part of the outstanding and unpaid amount of this Note into fully paid and non-assessable
shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the
Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion
Price”) determined as provided herein (a “Conversion”); provided, however, that in no event shall
the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which the
sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common
Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised or
unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations
contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect
to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates
of more than 4.99% of the outstanding shares of Common Stock. For purposes of the proviso to the immediately preceding sentence,
beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso. The
beneficial ownership limitations on conversion as set forth in the section may NOT be waived by the Holder. The number of shares
of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion Amount (as defined
below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form attached
hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in accordance with Section
1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably
expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion date (the “Conversion
Date”); however, if the Notice of Conversion is sent after 6:00pm, New York, New York time the Conversion Date shall be the
next business day. The term “Conversion Amount” means, with respect to any conversion of this Note, the sum of (1)
the principal amount of this Note to be converted in such conversion plus (2) at the Holder’s option, accrued and
unpaid interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion Date, plus
(3) at the Holder’s option, Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1)
and/or (2) plus (4) at the Holder’s option, any amounts owed to the Holder pursuant to Sections 1.4 hereof.

 

1.2              
Conversion Price. The Conversion Price shall be equal to the Variable Conversion Price (as defined herein)(subject
to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s
securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary
distributions and similar events). The "Variable Conversion Price" shall mean 58% multiplied by the Market Price (as
defined herein) (representing a discount rate of 42%). “Market Price” means the lowest Trading Price (as defined below)
for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion
Date. “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets
electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service (“Reporting
Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security,
the closing bid price of such security on the principal securities exchange or trading market where such security is listed or
traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid
prices of any market makers for such security that are listed in the “pink sheets”. If the Trading Price cannot be
calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually
determined by the Borrower and the holders of a majority in interest of the Notes being converted for which the calculation of
the Trading Price is required in order to determine the Conversion Price of such Notes. “Trading Day” shall mean any
day on which the Common Stock is tradable for any period on the OTC, or on the principal securities exchange or other securities
market on which the Common Stock is then being traded.

 

1.3              
Authorized Shares. The Borrower covenants that during the period the conversion right exists, the Borrower will reserve
from its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance
of Common Stock upon the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at all
times to have authorized and reserved six times the number of shares that would be issuable upon full conversion of the Note (assuming
that the 4.99% limitation set forth in Section 1.1 is not in effect)(based on the respective Conversion Price of the Note (as defined
in Section 1.2) in effect from time to time, initially 166,144,200
shares)(the “Reserved Amount”). The Reserved Amount shall be increased (or decreased with the written consent of the
Holder) from time to time in accordance with the Borrower’s obligations hereunder. The Borrower represents that upon issuance,
such shares will be duly and validly issued, fully paid and non-assessable. In addition, if the Borrower shall issue any securities
or make any change to its capital structure which would change the number of shares of Common Stock into which the Notes shall
be convertible at the then current Conversion Price, the Borrower shall at the same time make proper provision so that thereafter
there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive rights, for conversion
of the outstanding Note. The Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to issue certificates
for the Common Stock issuable upon conversion of this Note, and (ii) agrees that its issuance of this Note shall constitute
full authority to its officers and agents who are charged with the duty of executing stock certificates to execute and issue the
necessary certificates for shares of Common Stock in accordance with the terms and conditions of this Note.

 

If, at any time the Borrower
does not maintain the Reserved Amount it will be considered an Event of Default under Section 3.2 of the Note.

 

1.4              
Method of Conversion.

 

(a)               
Mechanics of Conversion. As set forth in Section 1.1 hereof, from time to time, and at any time during the period
beginning on the date which is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the
Maturity Date and (ii) the date of payment of the Default Amount, this Note may be converted by the Holder in whole or in part
at any time from time to time after the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile,
e-mail or other reasonable means of communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time)
and (B) subject to Section 1.4(b), surrendering this Note at the principal office of the Borrower (upon payment in full of
any amounts owed hereunder).

 

    2

     

    

 

 

The Holder shall be entitled
to deduct $500.00 from the conversion amount in each Notice of Conversion to cover Holder's deposit fees associated with each Notice
of Conversion. Any additional expenses incurred by Holder with respect to the Borrower's transfer agent, for the issuance of the
Common Stock into which this Note is convertible into, shall immediately and automatically be added to the balance of the Note
at such time as the expenses are incurred by Holder.

 

If at any time the Conversion
Price as determined hereunder for any conversion would be less than the par value of the Common Stock, then at the sole discretion
of the Holder, the Conversion Price hereunder may equal such par value for such conversion and the Conversion Amount for such conversion
may be increased to include Additional Principal, where "Additional Principal" means such additional amount to be added
to the Conversion Amount to the extent necessary to cause the number of conversion shares issuable upon such conversion to equal
the same number of conversion shares as would have been issued had the Conversion Price not been adjusted by the Holder to the
par value price.

 

(b)               
Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of
this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower
unless the entire unpaid principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing
the principal amount so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to
the Holder and the Borrower, so as not to require physical surrender of this Note upon each such conversion.

 

(c)                
Delivery of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission
or e-mail (or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided
in this Section 1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder
certificates for the Common Stock issuable upon such conversion within three (3) business days after such receipt (the “Deadline”)
(and, solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with
the terms hereof and the Purchase Agreement. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed
to be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of
accrued and unpaid interest on this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its
obligations hereunder, all rights with respect to the portion of this Note being so converted shall forthwith terminate except
the right to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If the
Holder shall have given a Notice of Conversion as provided herein, the Borrower’s obligation to issue and deliver the certificates
for Common Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same,
any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to enforce
the same, any failure or delay in the enforcement of any other obligation of the Borrower to the holder of record, or any setoff,
counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation to the Borrower,
and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower to the Holder in connection
with such conversion.

 

(d)               
Delivery of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common
Stock issuable upon conversion, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast
Automated Securities Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions set
forth herein, the Borrower shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable
upon conversion to the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent
Commission (“DWAC”) system.

 

(e)               
Failure to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue
other remedies, including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable
upon conversion of this Note is not delivered by the Deadline due to action and/or inaction of the Borrower, the Borrower shall
pay to the Holder $2,000 per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock
(the “Fail to Deliver Fee”); provided; however that the Fail to Deliver Fee shall not be due if the failure is a result
of a third party (i.e., transfer agent; and not the result of any failure to pay such transfer agent) despite the best efforts
of the Borrower to effect delivery of such Common Stock. Such cash amount shall be paid to Holder by the fifth day of the month
following the month in which it has accrued or, at the option of the Holder (by written notice to the Borrower by the first day
of the month following the month in which it has accrued), shall be added to the principal amount of this Note, in which event
interest shall accrue thereon in accordance with the terms of this Note and such additional principal amount shall be convertible
into Common Stock in accordance with the terms of this Note. The Borrower agrees that the right to convert is a valuable right
to the Holder. The damages resulting from a failure, attempt to frustrate, interference with such conversion right are difficult
if not impossible to qualify. Accordingly, the parties acknowledge that the liquidated damages provision contained in this Section
1.4(e) are justified.

 

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1.5              
 Concerning the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred
unless: (i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer
agent shall have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions
of counsel in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant
to an exemption from such registration (such as Rule 144 or a successor rule) (“Rule 144”); or (iii) such shares are
transferred to an “affiliate” (as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer the
shares only in accordance with this Section 1.5 and who is an Accredited Investor (as defined in the Purchase Agreement).

 

Any restrictive legend on
certificates representing shares of Common Stock issuable upon conversion of this Note shall be removed and the Borrower shall
issue to the Holder a new certificate therefore free of any transfer legend if the Borrower or its transfer agent shall have received
an opinion of counsel from Holder’s counsel, in form, substance and scope customary for opinions of counsel in comparable
transactions, to the effect that (i) a public sale or transfer of such Common Stock may be made without registration under the
Act, which opinion shall be accepted by the Company so that the sale or transfer is effected; or (ii) in the case of the Common
Stock issuable upon conversion of this Note, such security is registered for sale by the Holder under an effective registration
statement filed under the Act; or otherwise may be sold pursuant to an exemption from registration. In the event that the Company
does not reasonably accept the opinion of counsel provided by the Holder with respect to the transfer of Securities pursuant to
an exemption from registration (such as Rule 144), at the Deadline, it will be considered an Event of Default pursuant to Section
3.2 of the Note.

 

1.6              
Effect of Certain Events.

 

(a)               
Effect of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or
substantially all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions
in which more than 50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination
of the Borrower with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be deemed
to be an Event of Default (as defined in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon
the consummation of and as a condition to such transaction an amount equal to the Default Amount (as defined in Article III). “Person”
shall mean any individual, corporation, limited liability company, partnership, association, trust or other entity or organization.

 

(b)               
Adjustment Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior
to conversion of all of the Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization,
or other similar event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different
number of shares of another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or
conveyance of all or substantially all of the assets of the Borrower other than in connection with a plan of complete liquidation
of the Borrower, then the Holder of this Note shall thereafter have the right to receive upon conversion of this Note, upon the
basis and upon the terms and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore issuable
upon conversion, such stock, securities or assets which the Holder would have been entitled to receive in such transaction had
this Note been converted in full immediately prior to such transaction (without regard to any limitations on conversion set forth
herein), and in any such case appropriate provisions shall be made with respect to the rights and interests of the Holder of this
Note to the end that the provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price and
of the number of shares issuable upon conversion of the Note) shall thereafter be applicable, as nearly as may be practicable in
relation to any securities or assets thereafter deliverable upon the conversion hereof. The Borrower shall not affect any transaction
described in this Section 1.6(b) unless (a) it first gives, to the extent practicable, ten (10) days prior written notice (but
in any event at least five (5) days prior written notice) of the record date of the special meeting of shareholders to approve,
or if there is no such record date, the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization
or other similar event or sale of assets (during which time the Holder shall be entitled to convert this Note) and (b) the resulting
successor or acquiring entity (if not the Borrower) assumes by written instrument the obligations of this Note. The above provisions
shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

 

(c)                
Adjustment Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to
acquire its assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including
any dividend or distribution to the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock
of a subsidiary (i.e., a spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion
of this Note after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such
assets which would have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had
such Holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to
such Distribution.

 

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1.7              
Prepayment. Notwithstanding anything to the contrary contained in this Note, at any time during the periods set forth
on the table immediately following this paragraph (the “Prepayment Periods”), the Borrower shall have the right, exercisable
on not more than three (3) Trading Days prior written notice to the Holder of the Note to prepay the outstanding Note (principal
and accrued interest), in full, in accordance with this Section 1.7. Any notice of prepayment hereunder (an “Optional Prepayment
Notice”) shall be delivered to the Holder of the Note at its registered addresses and shall state: (1) that the Borrower
is exercising its right to prepay the Note, and (2) the date of prepayment which shall be not more than three (3) Trading Days
from the date of the Optional Prepayment Notice. On the date fixed for prepayment (the “Optional Prepayment Date”),
the Borrower shall make payment of the Optional Prepayment Amount (as defined below) to Holder, or upon the direction of the Holder
as specified by the Holder in a writing to the Borrower (which shall direction to be sent to Borrower by the Holder at least one
(1) business day prior to the Optional Prepayment Date). If the Borrower exercises its right to prepay the Note, the Borrower shall
make payment to the Holder of an amount in cash equal to the percentage (“Prepayment Percentage”) as set forth in the
table immediately following this paragraph opposite the applicable Prepayment Period, multiplied by the sum of: (w) the then outstanding
principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the
Optional Prepayment Date plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and (x) plus
(z) any amounts owed to the Holder pursuant to Section 1.4 hereof (the “Optional Prepayment Amount”). If the Borrower
delivers an Optional Prepayment Notice and fails to pay the Optional Prepayment Amount due to the Holder of the Note within two
(2) business days following the Optional Prepayment Date, the Borrower shall forever forfeit its right to prepay the Note pursuant
to this Section 1.7.

 

	Prepayment Period	 	Prepayment Percentage	 
	              1.    The period beginning on the Issue Date and ending on the date which is thirty (30) days following the Issue Date.	 	 	112%	
	2.      The period beginning on the date which is thirty-one (31) days following the Issue Date and ending on the date which is sixty (60) days following the Issue Date.	 	 	117%	
	3.     The period beginning on the date which is sixty-one (61) days following the Issue Date and ending on the date which is ninety (90) days following the Issue Date.	 	 	122%	
	4.    The period beginning on the date that is ninety-one (91) day from the Issue Date and ending one hundred twenty (120) days following the Issue Date.	 	 	127%	
	5.     The period beginning on the date that is one hundred twenty-one (121) day from the Issue Date and ending one hundred fifty (150) days following the Issue Date.	 	 	132%	
	6.     The period beginning on the date that is one hundred fifty-one (151) day from the Issue Date and ending one hundred eighty (180) days following the Issue Date.	 	 	137%	

 

After the expiration of one
hundred eighty (180) days following the Issue Date, the Borrower shall have no right of prepayment.

 

1.8       ACH
Option. Notwithstanding anything contained herein to the contrary, upon the occurrence of an Event of Default, at the Investor’s
option, in addition to the right to conversion as set forth above and any other rights and remedies as set forth herein, the Investor,
or its affiliate or assignee, may deduct daily ACH payments from the bank account of the Borrower (or any of its subsidiaries)
in the amount of $630.95 per day until such time as the Borrower has paid (or the Investor has converted) an amount equal to the
principal balance, interest, accrued interest, Default Amount and any other fees as set forth in the Note.

 

Article
II.  CERTAIN COVENANTS

 

2.1              
Sale of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without
the Holder’s written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary
course of business. Any consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

Article
III.  EVENTS OF DEFAULT

 

If any of the following events
of default (each, an “Event of Default”) shall occur:

 

3.1              
Failure to Pay Principal and Interest. The Borrower fails to pay the principal hereof or interest thereon when due
on this Note, whether at maturity or upon acceleration and such breach continues for a period of five (5) days after written notice
from the Holder.

 

    5

     

    

 

 

3.2              
Conversion and the Shares. The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens
in writing that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in
accordance with the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in
certificated form) any certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to
this Note as and when required by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or
hinders its transfer agent in transferring (or issuing) (electronically or in certificated form) any certificate for shares of
Common Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note,
or fails to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing)
any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any shares of
Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note (or makes
any written announcement, statement or threat that it does not intend to honor the obligations described in this paragraph) and
any such failure shall continue uncured (or any written announcement, statement or threat not to honor its obligations shall not
be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice of Conversion. It is an obligation
of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of default of this Note, if a
conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer agent. If at the
option of the Holder, the Holder advances any funds to the Borrower’s transfer agent in order to process a conversion, such
advanced funds shall be paid by the Borrower to the Holder within forty-eight (48) hours of a demand from the Holder.

 

3.3              
Breach of Covenants. The Borrower breaches any material covenant or other material term or condition contained in
this Note and any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period
of twenty (20) days after written notice thereof to the Borrower from the Holder.

 

3.4              
Breach of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement,
statement or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase
Agreement), shall be false or misleading in any material respect when made and the breach of which has (or with the passage of
time will have) a material adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.5              
Receiver or Trustee. The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors,
or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business,
or such a receiver or trustee shall otherwise be appointed.

 

3.6              
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or
involuntary, for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower
or any subsidiary of the Borrower.

 

3.7              
Delisting of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of
the OTC (which specifically includes the quotation platforms maintained by the OTC Markets Group) or an equivalent replacement
exchange, the Nasdaq National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock Exchange.

 

3.8              
Failure to Comply with the Exchange Act. The Borrower shall fail to comply with the reporting requirements of the
Exchange Act; and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

 

3.9              
Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.10          
Cessation of Operations.Any cessation of operations by Borrower or Borrower admits it is otherwise generally
unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue
as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

 

3.11          
Financial Statement Restatement.The restatement of any financial statements filed by the Borrower with the SEC
at any time after 180 days after the Issuance Date for any date or period until this Note is no longer outstanding, if the result
of such restatement would, by comparison to the un-restated financial statement, have constituted a material adverse effect on
the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.12          
 Replacement of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower
fails to provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in
a form as initially delivered pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve
shares of Common Stock in the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

    6

     

    

  

3.13          
Cross-Default.  Notwithstanding anything to the contrary contained in this Note or the other related or companion
documents, a breach or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements,
after the passage of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default
under this Note and the Other Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights
and remedies of the Holder under the terms of this Note and the Other Agreements by reason of a default under said Other Agreement
or hereunder. “Other Agreements” means, collectively, all agreements and instruments between, among or by: (1) the
Borrower, and, or for the benefit of, (2) the Holder and any affiliate of the Holder, including, without limitation, promissory
notes; provided, however, the term “Other Agreements” shall not include the related or companion documents to this
Note. Each of the loan transactions will be cross-defaulted with each other loan transaction and with all other existing and future
debt of Borrower to the Holder.

 

Upon the occurrence and during the continuation
of any Event of Default specified in Section 3.1 (solely with respect to failure to pay the principal hereof or interest thereon
when due at the Maturity Date), the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in
full satisfaction of its obligations hereunder, an amount equal to the Default Sum (as defined herein).  UPON THE OCCURRENCE
AND DURING THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE NOTE SHALL BECOME IMMEDIATELY DUE AND PAYABLE
AND THE BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER, AN AMOUNT EQUAL TO: (Y) THE DEFAULT
SUM (AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the occurrence and during the continuation of any Event of Default specified
in Sections 3.1 (solely with respect to failure to pay the principal hereof or interest thereon when due on this Note upon a Trading
Market Prepayment Event pursuant to Section 1.7 or upon acceleration), 3.3, 3.4, 3.7, 3.8, 3.10, 3.11, 3.12, 3.13, and/or 3.14
exercisable through the delivery of written notice to the Borrower by such Holders (the “Default Notice”), and upon
the occurrence of an Event of Default specified the remaining sections of Articles III (other than failure to pay the principal
hereof or interest thereon at the Maturity Date specified in Section 3,1 hereof), the Note shall become immediately due and payable
and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the greater of
(i) 150% times the sum of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid
interest on the unpaid principal amount of this Note to the date of payment (the “Mandatory Prepayment Date”) plus
(y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to the
Holder pursuant to Sections 1.3 and 1.4(g) hereof (the then outstanding principal amount of this Note to the date of payment plus
the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default Sum”) or (ii)
the “parity value” of the Default Sum to be prepaid, where parity value means (a) the highest number of shares of
Common Stock issuable upon conversion of or otherwise pursuant to such Default Sum in accordance with Article I, treating the
Trading Day immediately preceding the Mandatory Prepayment Date as the “Conversion Date” for purposes of determining
the lowest applicable Conversion Price, unless the Default Event arises as a result of a breach in respect of a specific Conversion
Date in which case such Conversion Date shall be the Conversion Date), multiplied by (b) the highest Closing Price for
the Common Stock during the period beginning on the date of first occurrence of the Event of Default and ending one day prior
to the Mandatory Prepayment Date (the “Default Amount”) and all other amounts payable hereunder shall immediately
become due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together with all
costs, including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all
other rights and remedies available at law or in equity. 

If the Borrower fails to
pay the Default Amount within five (5) business days of written notice that such amount is due and payable, then the Holder shall
have the right at any time, so long as the Borrower remains in default (and so long and to the extent that there are sufficient
authorized shares), to require the Borrower, upon written notice, to immediately issue, in lieu of the Default Amount, the number
of shares of Common Stock of the Borrower equal to the Default Amount divided by the Conversion Price then in effect.

 

    7

     

    

 

Article
IV. MISCELLANEOUS

 

4.1              
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right
or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or
privilege preclude other or further exercise thereof or of any other right, power or privileges. All rights and remedies existing
hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

4.2              
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party
shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder
shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting
facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where
such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during
normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express
courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.
The addresses for such communications shall be:

 

If to the Borrower,
to:

 

BANTEC, INC.

195 Paterson Avenue

Little Falls, NJ 07424

Attn: Michael Bannon, Chief Executive
Officer

Fax:

Email: mike@bantecinc.com

 

If to the Holder:

 

GENEVA ROTH REMARK HOLDINGS,
INC.

111 Great Neck
Road, Suite 214

Great Neck, NY
11021

Attn: Curt Kramer, Chief
Executive Officer

e-mail: genevarothremark@gmail.com

 

With a copy by fax only
to (which copy shall not constitute notice):

 

Naidich Wurman LLP

111 Great Neck
Road, Suite 216

Great Neck, NY
11021

Attn: Allison
Naidich

facsimile:
516-466-3555

e-mail: allison@nwlaw.com

 

4.3              
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower
and the Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
(and the other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then
as so amended or supplemented.

 

4.4              
Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be
the benefit of the Holder and its successors and assigns. Each transferee of this Note must be an “accredited investor”
(as defined in Rule 501(a) of the Securities and Exchange Commission). Notwithstanding anything in this Note to the contrary, this
Note may be pledged as collateral in connection with a bona fide margin account or other lending arrangement; and may be
assigned by the Holder without the consent of the Borrower.

 

4.5              
Cost of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs
of collection, including reasonable attorneys’ fees.

 

    8

     

    

 

 

4.6              
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of New York
without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions
contemplated by this Note shall be brought only in the state courts of New York or in the federal courts located in the state and
county of Nassau. The parties to this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted
hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The
Borrower and Holder waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable
attorney's fees and costs. In the event that any provision of this Note or any other agreement delivered in connection herewith
is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the
extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision
which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of
any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit,
action or proceeding in connection with this Note, any agreement or any other document delivered in connection with this Note by
mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the
address in effect for notices to it under this Note and agrees that such service shall constitute good and sufficient service of
process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other
manner permitted by law.

 

4.7              
Purchase Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms of the
Purchase Agreement.

 

4.8              
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm
to the Holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges
that the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach
or threatened breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other
available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining,
preventing or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity
of showing economic loss and without any bond or other security being required.

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer this on June 9, 2020

 

	BANTEC, INC.	 	 	 
	 	 	 	 
	By:	/s/ Michael Bannon	 	 	 
	 	Michael Bannon	 	 	 
	 	Chief Executive Officer	 	 	 
	 	 	 	 

 

 

    9Exhibit 10.1

 

	
         

	
         

        SHARE
        PURCHASE AGREEMENT

        JUNE 17, 2020

         

	
         

         

        BY AND AMONG

	
         

         

        WORLDAKORN PHARMA MAURITIUS

         

         

        AND

         

         

        AKORN, INC.

         

         

        AND

         

         

        AKORN INDIA PRIVATE LIMITED

         

         

        AND

         

         

        BIOLOGICAL E. LIMITED

	 	 	 	 

    

     

    

 

TABLE OF CONTENTS

 

	1.     Definitions
    and interpretation	2
	2.     SALE
    OF SALE SHARES	12
	3.     CONSIDERATION	13
	4.     CONDITIONS
    PRECEDENT	16
	5.     Actions
    between the execution date and the closing date	19
	6.     CLOSING	19
	7.     REPRESENTATIONS,
    WARRANTIES AND UNDERTAKINGS	22
	8.     INDEMNIFICATION	25
	9.     TERM
    AND TERMINATION	33
	10.   GOVERNING
    LAW AND DISPUTE RESOLUTION	34
	11.   MISCELLANEOUS	36
	SCHEDULE
    I	41
	SCHEDULE
    II FORM OF CP SATISFACTION NOTICE	42
	SCHEDULE
    III WARRANTIES	44
	SCHEDULE
    IV FORMAT OF RESIGNATION LETTER	59
	SCHEDULE
    V ACTIONS BETWEEN EXECUTION DATE AND CLOSING DATE	60
	SCHEDULE
    VI MARKS PENDING NAME CHANGE	62
	EXHIBIT
    A	63
	EXHIBIT
    1  LIST OF FIXED ASSETS	66
	EXHIBIT
    2	67
	EXHIBIT
    3	68

 

    

     

    

 

SHARE PURCHASE AGREEMENT

 

This share purchase agreement (“Agreement”)
is made as of June 17, 2020 (“Execution Date”), at New, Delhi by and amongst:

 

		1.	WORLDAKORN PHARMA MAURITIUS, a company incorporated under the laws of Mauritius and having
its office at C/O Ocorian Corporate Services (Mauritius) Limited, 6th Floor, Tower A, 1 Cybercity, Ebene, Mauritius
(hereinafter referred to as “Seller 1”, which expression shall, unless repugnant to the context, be deemed to
include its successors and permitted assigns) of the FIRST PART;

 

AND

 

		2.	AKORN, INC., a company incorporated under the laws of the state of Louisiana and having
its office at 1925, West Field Court, Lake Forest, Illinois – 60045, USA (hereinafter referred to as “Seller 2”,
which expression shall, unless repugnant to the context, be deemed to include its successors and permitted assigns) of the SECOND
PART;

 

AND

 

		3.	AKORN INDIA PRIVATE LIMITED, a private limited company registered under the laws of India,
having its registered office at 1st Floor, Cowrks, Worldmark-1, Asset Area-11 Aerocity, Hospitality District, IGI Airport, NH-8,
New Delhi 110037 (hereinafter referred to as the “Company”, which expression shall, unless repugnant to the
context, be deemed to include its successors and permitted assigns) of the THIRD PART;

 

AND

 

		4.	BIOLOGICAL E. LIMITED, a public unlisted company registered under the laws of India, having
its registered office at 18/1 and 3, Azamabad, Hyderabad 500020 (hereinafter referred to as the “Purchaser”,
which expression shall, unless repugnant to the context, be deemed to include its successors and permitted assigns) of the FOURTH
PART.

 

Seller 1 and Seller 2 shall be collectively
referred to as the “Sellers”. The Sellers, the Company, and the Purchaser are referred to individually as a
 “Party” and collectively as the “Parties”.

 

WHEREAS:

 

		1.	The Company is a private limited company in the pharmaceutical sector with a Manufacturing Facility
for manufacturing sterile injectable products, including, general injectables, cephalosporins, hormones and carbapenems (“Business”).

 

		2.	The authorised share capital of the Company is INR 60,000,000 (Indian Rupees Sixty Million) divided
into 6,000,000 (Six Million) Shares of INR 10 (Indian Rupees Ten) each. The issued, subscribed and paid-up share capital of the
Company is INR 48,523,770 (Indian Rupees Forty Eight Million Five Hundred Twenty Three Thousand Seven Hundred and Seventy) divided
into 4,852,377 (Four Million Eight Hundred Fifty Two Thousand Three Hundred and Seventy Seven) Shares of INR 10 (Indian Rupees
Ten) each.

 

		3.	The Sellers collectively are the legal and beneficial owners of 4,852,377 (Four Million Eight Hundred
Fifty Two Thousand Three Hundred and Seventy Seven) Shares of the Company representing 100% (one hundred percent) of the share
capital of the Company as on the Execution Date. The shareholding pattern of the Company as of the Execution Date is set out in
Part A of Schedule I (Shareholder Details).

 

    1

     

    

 

		4.	Pursuant to mutual discussions, the Sellers have agreed to sell and the Purchaser has (either by
itself or, along with, the Purchaser Nominee) agreed to purchase legal and beneficial ownership of 100% (one hundred percent) of
the share capital of the Company for such consideration and upon the terms and conditions set out in this Agreement.

 

		5.	The Parties, having obtained the necessary corporate approvals and authorizations, are desirous
of entering into this Agreement to record and define their mutual rights and obligations in relation to, inter alia, the
Proposed Transaction.

 

NOW, THEREFORE, in consideration
of the mutual representations, warranties and covenants contained herein, the mutual benefits to be derived therefrom and other
good and valuable consideration (the receipt and adequacy of which are hereby mutually acknowledged), each of the Parties hereby
agrees as follows:

 

		1.	Definitions and interpretation

 

		1.1	Definitions

 

Unless repugnant to the context
or otherwise defined or provided for herein by inclusion in quotations and/ or parenthesis, the capitalized terms used in this
Agreement shall have the following meanings.

 

“Accounts Date”
means March 31, 2019 or March 31, 2020 if the audited balance sheet, profit and loss account statement and cash flows of the Company
as of March 31, 2020 is provided to the Purchaser prior to the Closing Date;

 

“Advisors”
has the meaning assigned to such term in Clause 11.4.3(c);

 

“Affiliate”
means with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under direct or indirect
common Control with, such Person; and where the Person is an individual, it will mean his ‘Relatives’ as such term
is defined in the Companies Act;

 

“Ancillary Agreements”
has the meaning as assigned to such term in Clause 4.1.5;

 

“Approval Letters”
has the meaning as assigned to such term in paragraph 8.8 of Part A of SCHEDULE III (Warranties);

 

“Articles”
means the articles of association of the Company;

 

“Assets” has
the meaning as assigned to such term in paragraph 6.1 of Part B of SCHEDULE III (Warranties);

 

“Audited Accounts”
means: (a) the audited balance sheet, profit and loss account statement, and audit report of the Company for the financial year
ending on March 31, 2019; or (b) the audited balance sheet, profit and loss account statement and cash flows of the Company as
of March 31, 2020, if the same is provided to the Purchaser prior to the Closing Date;

 

    2

     

    

 

“Big Four Firm”
means any of KPMG, EY (including any independent global member firms of Ernst & Young Global Limited), Deloitte Touche Tohmatsu
Limited, and PricewaterhouseCoopers;

 

“Big Four Opinion”
means an opinion obtained from a Big Four Firm on its letter head, in form and substance satisfactory to the Purchaser, stating
the quantum of capital gains or loss (in INR) (along with the calculation thereof) earned by or incurred by each of the Sellers
in India under the IT Act (without considering benefits, if any, available under an applicable Double Taxation Avoidance Agreement
or a Tax treaty) on the sale of Sale Shares, and the Tax required to be withheld or deductible (if any) thereon (in INR) under
the IT Act;

 

“Board” means
the board of directors of the Company;

 

“Brand Usage Period”
has the meaning as assigned to such term in Clause 7.7.1(a);

 

“Business”
has the meaning as assigned to such term in Recital 1;

 

“Business Day”
means a day on which commercial banks are open for normal banking business in Hyderabad (India), New Delhi (India), Ebene (Mauritius),
and Lake Forest, Illinois (USA);

 

“CA Certificate”
has the meaning as assigned to such term in Clause 4.1.11;

 

“Cash and Cash Equivalents”
has the meaning as assigned to such term in Exhibit A;

 

“Certain Company Employees”
has the meaning as assigned to such term in Clause 5.2.1;

 

“Closing”
has the meaning as assigned to such term in Clause 6.5;

 

“Closing Adjustment
Statement” has the meaning assigned to such term in Clause 3.5.1;

 

“Closing Date”
has the meaning as assigned to such term in Clause 6.1;

 

“Closing Date Board
Meeting” has the meaning assigned to such term in Clause 6.2.5;

 

“Closing Date EGM”
has the meaning assigned to such term in Clause 6.2.6;

 

“Companies Act”
means the (Indian) Companies Act, 2013 and the rules, circulars and notifications thereunder;

 

“Company Business Warranties”
has the meaning assigned to such term in Clause 7.2.1;

 

“Company Licensed IP”
has the meaning as assigned to such term in paragraph 8.1 of Part B of SCHEDULE III (Warranties);

 

“Company Owned IP”
has the meaning as assigned to such term in paragraph 8.1 of Part B of SCHEDULE III (Warranties);

 

“Company Tax Warranties”
means the warranties set out in Paragraph 4 of Part B of SCHEDULE III (Warranties);

 

“Conditions Precedent”
has the meaning as assigned to such term in Clause 4.1;

 

    3

     

    

 

“Consent(s)”
has the meaning as assigned to such term in paragraph 5.2 of Part B of SCHEDULE III (Warranties);

 

“Constitutional Documents”
means, collectively, the Articles and the memorandum of association of the Company;

 

“Control”
(including with correlative meaning, the terms, “Controlling”, “Controlled by” or “under
direct or indirect common Control with”) means and includes with respect to any Person (i) the direct or indirect ownership
of more than 50% (fifty percent) of the total voting rights conferred through the issued equity share capital or other voting securities
of such entity; or (ii) the power to appoint a majority of the directors, managers, partners or other individuals exercising similar
authority with respect to such Person, whether through the ownership of voting securities or by way of agreement and where such
Person is a limited partnership, the power to appoint any person who is a general partner of such limited partnership;

 

“CP Satisfaction Notice”
has the meaning as assigned to such term in Clause 4.3.4;

 

“Current Assets”
has the meaning as assigned to such term in Exhibit A;

 

“Current Liabilities”
has the meaning as assigned to such term in Exhibit A;

 

“Cut-Off Date”
has the meaning as assigned to such term in Exhibit A;

 

“DC Payable(s)”
means (i) the amounts set out as payable to Mr. Dheeraj Chopra in the: (a) retention letter dated September 6, 2019; and (b) severance
letter dated September 6, 2019 (supplemented by letter dated May 1, 2020), in each case, executed between the Company and Mr. Dheeraj
Chopra; and (ii) all other amounts payable to Mr. Dheeraj Chopra by the Company;

 

“De Minimis Threshold”
has the meaning as assigned to such term in Clause 8.5.2;

 

“Disclosed”
means disclosed as a fact, matter, event or circumstance in the Disclosure Letter (if any) delivered to the Purchaser in the manner
provided in this Agreement (including under Clause 7) and its variants, “Disclosing” or “Disclosure”
shall be construed accordingly;

 

“Disclosing Party”
has the meaning as assigned to such term in Clause 11.4.2;

 

“Disclosure Letter”
means: (i) the letter of even date disclosing exceptions against or to the Warranties (other than the Fundamental Warranties),
which has been delivered by or on behalf of the Sellers and the Company to the Purchaser on the Execution Date; and (ii) once the
Updated Disclosure Letter is issued immediately prior to the Closing Date in the manner provided in this Agreement, reference to
the Disclosure Letter shall also mean the Updated Disclosure Letter;

 

“Dispute”
has the meaning as assigned to such term in Clause 10.3;

 

“EGM Matters”
has the meaning as assigned to such term in Clause 6.2.5(f);

 

“Employment Laws”
means Laws relating to employment and employment practices;

 

“Encumbrance”
means: (i) any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, equitable or other interest, assignment
by way of security, conditional sales contract, claim, deed of trust, security interest or other encumbrance or interest of any
kind securing any obligation of any Person, including any right granted by a transaction which, in legal terms, is not the granting
of security, but which has an economic or financial effect similar to the granting of security under applicable Laws; (ii) any
voting agreement, option, lock-in, non-disposal undertaking, right of first offer, refusal or transfer restriction in favour of
any Person, but shall not include proxies issued in terms of the Constitutional Documents of the Company; or (iii) any agreement
to create any of the foregoing, and the term “Encumbered” shall be interpreted accordingly;

 

    4

     

    

 

“Encumbrance Release
Letter” has the meaning as assigned to such term in Clause 4.1.6;

 

“Expired Agreements”
means (i) Service agreement dated November 17, 2016, along with any addendum (if any), executed between the Company and the Seller
2; and (ii) Service agreement dated October 3, 2017, along with any addendum (if any), executed between the Company and Akorn AG;

 

“Final Closing Adjustment
Statement” has the meaning assigned to such term in Clause 3.5.3;

 

“Financial Statements”
means, collectively: (i) the Audited Accounts; and (ii) the unaudited balance sheet, profit and loss account statement and cash
flows of the Company as of March 31, 2020 and, if the audited balance sheet, profit and loss account statement and cash flows of
the Company as of March 31, 2020 is provided to the Purchaser (prior to the Closing Date), reference to “Financial Statements”
shall include such audited balance sheet, profit and loss account statement and cash flows of the Company as of March 31, 2020;

 

“Foreign
Exchange Laws” means: (i) the Foreign Exchange Management Act, 1999 of India and regulations issued thereunder; (ii)
circulars, notifications, master directions, regulations and other laws issued by the Reserve Bank of India on foreign investment
in India from time to time including Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 and Foreign Exchange Management
(Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019; and (iii) the consolidated Foreign Direct Investment
Policy and press notes issued by the Department for Promotion of Industry and Industrial Trade, Ministry of Commerce and Industry,
Government of India (as updated from time to time);

 

“Freehold Properties”
has the meaning as assigned to such term in paragraph 6.9 of Part B of SCHEDULE III (Warranties);

 

“Fundamental Warranties”
has the meaning as assigned to such term in Clause 7.2.1;

 

“Governmental Approval”
means any authorisation, license, permit, certificate, approval, consent, ratification, registration, exemption, order or other
authorization granted by a Government Authority;

 

“Government Authority”
means the government of any nation or any province, state or any other political subdivision thereof having or purporting to have
jurisdiction over the Parties, and includes: (i) any entity, authority or body exercising executive, legislative, judicial, regulatory
or administrative functions of or pertaining to the government, including any, agency, department, ministry, body, commission or
instrumentality; (ii) any court, quasi-judicial tribunal or arbitrator; and (iii) any statutory authority including securities
exchange or body or authority regulating the securities markets;

 

“Identified Brands”
has the meaning as assigned to such term in Clause 4.1.17;

 

    5

     

    

 

“Identified Signage
List” has the meaning as assigned to such term in Clause 7.7.1(b);

 

“Indemnified Person(s)”
has the meaning as assigned to such term in Clause 8.3.1;

 

“Indemnifying Person(s)”
has the meaning as assigned to such term in Clause 8.3.1;

 

“Indemnity Claim”
has the meaning as assigned to such term in Clause 8.3.1;

 

“Indemnity Notice”
has the meaning as assigned to such term in Clause 8.3.1;

 

“Independent Financial
Appraiser” means any one of Deloitte Touche Tohmatsu Limited or KPMG (or their respective Indian affiliate) appointed
in accordance with Clause 3.5.3;

 

“Indian Tax Year”
means the 12 (twelve) month period commencing on April 1st of a particular calendar year and ending on March 31st
of the following calendar year;

 

“Information”
has the meaning as assigned to such term in Clause 11.4.1;

 

“Information Technology
Systems” means all the communications systems and computer systems which are owned or used by the Company including,
software, hardware, devices and websites;

 

“Initial Purchase Consideration”
means USD 10,000,000 (United States Dollars Ten Million) with the INR equivalent amount computed based on the USD:INR closing offer
rate published by the Reserve Bank of India 1 (one) Business Day prior to the Closing Date;

 

“INR” or “Indian
Rupees” means Indian rupees, being the lawful currency of the Republic of India;

 

“Integration Exercise”
has the meaning as assigned to such term in Clause 4.1.15;

 

“Intellectual Property”
means patents, trade marks, service marks, logos, trade names, internet domain names, copyright (including rights in computer software)
and moral rights, database rights, utility models, rights in designs, rights in get-up, rights in inventions, rights in know-how
and other intellectual property rights or forms of protection having equivalent or similar effect anywhere in the world, in each
case whether registered or unregistered, and registered includes registrations and applications for registration;

 

“IT Act” means
the (Indian) Income-tax Act, 1961, together all applicable bye-laws, rules, regulations, orders, circulars, notifications, ordinances
and the like issued thereunder;

 

“Kilitch Trademark Agreement”
means the trademark license agreement dated February 27, 2012 executed between Kilitch Drugs (India) Limited and the Company;

 

“Knowledge”
when used in relation to any Party means the actual knowledge of such Party after making due enquiry. For the avoidance of doubt,
it is clarified that where any statement in the Warranties is qualified by expressions such as “to the Knowledge of the
Seller(s)” or “to the Knowledge of the Company”, the Seller(s) and/or the Company, as applicable,
shall be deemed to have knowledge of anything of which it would have knowledge had it examined relevant information and made due
enquiry expected or required from a Person of ordinary prudence before giving the relevant Warranties;

 

    6

     

    

 

“Laws” means
all applicable legislation, statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, bye-laws, circulars, norms,
notifications, codes, approvals, orders or judgment of any authority, directives, guidelines, policies, requirements, or other
governmental restrictions or any similar form of decision of, or determination by, or any interpretation or adjudication having
the force of law of any of the foregoing, by any Government Authority having jurisdiction over the matter in question;

 

“Leasehold Properties”
has the meaning as assigned to such term in paragraph 6.9 of Part B of SCHEDULE III (Warranties);

 

“Liquidation
Event” means, with respect to a Person, the occurrence of the following events:

 

		(i)	commencement of a winding up, reorganisation, bankruptcy, insolvency or dissolution that have been
voluntarily instituted under applicable Law; or

 

		(ii)	any proceedings or corporate actions including any reorganisation, bankruptcy, insolvency or dissolution
against such person seeking the winding up, insolvency or dissolution of such Person,

 

provided in (ii) above, such
event or proceeding is admitted by the relevant court or tribunal or Government Authority and provisional or final appointment
of such official is made pending disposal of such proceedings and no order dismissing or staying such proceedings or order for
relief has been obtained by the relevant person within 90 (ninety) days from the date such proceedings are admitted;

 

It is clarified that the commencement
of voluntary reorganisation and bankruptcy proceedings under Chapter 11 of the United States Bankruptcy Code by Seller 2 shall
not be construed as a ‘Liquidation Event’ for the purposes of this Agreement;

 

“Litigation”
has the meaning as assigned to such term in paragraph 12.1 of Part B of SCHEDULE III (Warranties);

 

“Long Stop Date”
means a period of 60 (sixty) days from the Execution Date, or such other date as may be agreed between the Parties in writing;

 

“Losses” has
the meaning as assigned to such term in Clause 8.1;

 

“Manufacturing Facility”
means the manufacturing facility owned by the Company and situated at Village: Nihalgarh, Tehsil: Paonta Sahib, District Sirmour,
Himachal Pradesh, Paonta Sahib, Himachal Pradesh;

 

“Material Adverse Effect”
means any event, occurrence or fact, or series of events, occurrences or facts occurring after the Execution Date, that, individually
or in the aggregate, has had or would reasonably be expected to have: (a) a material adverse effect on the validity or enforceability
of the Transaction Documents or on the ability of any Party to perform its respective obligations under the Transaction Documents;
(b) an effect of the Company ceasing to conduct its business operations materially in the same manner in which such business operations
were conducted as of the Execution Date; (c) a material adverse impact on the Assets, Properties, or liabilities; or (d) an effect
of rendering any of the Fundamental Warranties to be untrue or inaccurate. Provided, however, none of the following shall constitute
a Material Adverse Effect: (i) acts of God, flood, drought, earthquake or other natural disaster; (ii) epidemic, pandemic or similar
health crisis; (iii) terrorist attack, civil war, civil commotion or rights, war, threat of or preparation for war, armed conflict,
imposition of sanctions, embargo, or breaking off of diplomatic relations, provided further that, notwithstanding the proviso hereinbefore,
any material structural or physical damage resulting in a material adverse impact on the Manufacturing Facility (whether on account
of an act of God or otherwise) shall be deemed to be a “Material Adverse Effect”;

 

    7

     

    

 

“Net Working Capital”
has the meaning as assigned to such term in Exhibit A;

 

“Ordinary Course”
means in the ordinary course consistent with past custom and practice (including with respect to quantity and frequency), but only
to the extent consistent with applicable Law and in keeping with good practices for the industry; provided that a series of related
transactions which, taken together, are not in the Ordinary Course, shall not be deemed to be in the Ordinary Course;

 

“Payment Threshold”
has the meaning as assigned to such term in Clause 8.5.2;

 

“Person” means
any individual, entity, joint venture, company (including a limited liability company), corporation, partnership (whether limited
or unlimited), proprietorship, trust (including its trustee and/or beneficiaries) or other enterprise (whether incorporated or
not), Hindu undivided family, union, association of persons, or Government Authority, and shall include their respective successors
and in case of an individual shall include his/her legal representatives, administrators, executors and heirs;

 

“Properties”
has the meaning as assigned to such term in paragraph 6.9 of Part B of Schedule III (Warranties);

 

“Proposed Transaction”
means the sale of 100% (one hundred percent) of the paid up share capital of the Company to the Purchaser by the Sellers for the
Purchase Consideration;

 

“Purchase Consideration”
has the meaning as assigned to such term in Clause 3.1;

 

“Purchaser Controlled
Claims” has the meaning as assigned to such term in Clause 8.4.3;

 

“Purchaser Indemnified
Person” has the meaning as assigned to such term in Clause 8.2;

 

“Purchaser Nominee”
has the same meaning as assigned to such term in Clause 2.2;

 

“Purchaser’s Objection”
has the meaning acribed to such term in Clause 3.5.2;

 

“Purchaser Transaction
Reversal Actions” has the meaning acribed to such term in Clause 6.6;

 

“Purchaser Warranties”
means the warranties provided by the Purchaser as set out in Clause 7.1;

 

“RoC” has
the meaning as assigned to such term in Clause 6.2.5(f);

 

“Related Party”
has the meaning ascribed to it in the Companies Act;

 

“Released Matters”
has the meaning as assigned to such term in Clause 2.4;

 

“Released Party”
has the meaning as assigned to such term in Clause 2.4;

 

“Releasing Party”
has the meaning as assigned to such term in Clause 2.4;

 

    8

     

    

 

 

 

“Relevant Claims”
has the meaning as assigned to such term in Clause 8.5.2;

 

“Resigning Directors”
has the meaning as assigned to such term in Clause 6.2.4;

 

“Sanction Laws”
means and includes: (i) the (Indian) Prevention of Money Laundering Act 2002 (as amended), the U.S. Currency and Foreign Transaction
Reporting Act of 1970 (as amended), the U.S. Money Laundering Control Act of 1986 (as amended) and all other such money laundering
related Laws of any other jurisdiction; (ii) the (Indian) Prevention of Corruption Act 1988 (as amended), the Foreign Corrupt Practices
Act of 1977 (as amended), the U.K. Bribery Act of 2010, and all other such corruption related Laws of any other jurisdiction; and
(iii) any anti-terrorism and anti-bribery related Laws of any jurisdiction, as may be applicable to a Person;

 

“Sale Shares”
means the aggregate of the Seller 1 Shares and Seller 2 Shares amounting to 100% of the share capital of the Company;

 

“Section 281 Certificate”
has the meaning as assigned to such term in Clause 4.1.11;

 

“Seller 1 Purchase Consideration”
means the aggregate initial consideration amounting to USD 9,998,000 (United States Dollars Nine Million Nine Hundred Ninety Eight
Thousand), as adjusted pursuant to Clause 3.5, to be received by Seller 1 for the transfer of the Seller 1 Shares to the Purchaser
and/or the Purchaser Nominee in the manner and on the terms set out in this Agreement, with the INR equivalent amount computed
based on the USD:INR closing offer rate published by the Reserve Bank of India 1 (one) Business Day prior to the Closing Date;

 

“Seller 1 Shares”
means 4,851,377 (Four Million Eight Hundred Fifty One Thousand Three Hundred and Seventy Seven) Shares held by Seller 1 and any
additional Shares that may be issued to the Seller 1 pursuant to any investment made by the Seller 1 between Execution Date and
Closing Date in accordance with the terms of this Agreement;

 

“Seller 2 Purchase Consideration”
means the aggregate initial consideration amounting to USD 2,000 (United States Dollars Two Thousand Dollars), as adjusted pursuant
to Clause 3.5, to be received by Seller 2 for the transfer of the Seller 2 Shares to the Purchaser in the manner and on the
terms set out in this Agreement, with the INR equivalent amount computed based on the USD:INR closing offer rate published by the
Reserve Bank of India 1 (one) Business Day prior to the Closing Date;

 

“Seller 2 Shares”
means 1,000 (One Thousand) Shares held by Seller 2 and any additional Shares that may be issued to the Seller 2 pursuant to any
investment made by the Seller 2 between Execution Date and Closing Date in accordance with the terms of this Agreement;

 

“Seller Indemnified
Person(s)” has the meaning as assigned to such term in Clause 8.1;

 

“Sellers’ Tax
Warranties” means the warranties set out in Paragraph 5 of Part A of Schedule III (Warranties);

 

“Sellers Transaction
Reversal Actions” has the meaning as assigned to such term in Clause 6.7;

 

“Shares” means
the equity shares of the Company having a face value of INR 10 (Indian Rupees Ten) each;

 

    9

     

    

 

“Shareholders”
has the meaning as assigned to such term in Clause 2.4;

 

“SIAC” has
the meaning as assigned to such term in Clause 10.3.1;

 

“Target Net Working
Capital” means the Net Working Capital of the Company as of March 31, 2020 as set out in Exhibit A;

 

“Tax” or “Taxes”
includes any and all direct and indirect taxes (Indian and where applicable non-Indian), including income tax, minimum alternate
tax, goods and services tax, fringe benefit tax, sales tax, customs duty, capital gains tax, property tax, sales tax, excise duty,
service tax, value added or transfer taxes, governmental charges, fees, levies or assessments or other taxes, levies, fees, withholding
obligations as per IT Act and similar charges of any jurisdiction and shall include any interest, fines, and penalties related
thereto and, with respect to such taxes, any estimated tax, interest and penalties or additions to tax and interest on such penalties
and additions to tax;

 

“Tax Authority”
means any Government Authority competent to impose, administer, levy, assess or collect Tax and includes, the relevant Government
Authority that passes any order or issues any notices in connection with or is responsible for regulating the collection of Tax;

 

“Tax Claim”
means any enquiry, assessment, show cause notice, notice, demand, letter or claim, determination, ruling, judgment, any amendments
or modifications to assessments or other document issued or action taken by or on behalf of any Tax Authority in respect of any
non-payment, short-payment or late payment of Tax, including interest, penalty, cess and/ or surcharge thereon, if any (including
any increase in such amounts by a subsequent order of a Tax Authority or an appellate authority before whom such claims are contested);

 

“Third Party”
means any person who is not a Party and is not an Affiliate of any of the Parties;

 

“Third Party Claim”
has the meaning as assigned to such term in Clause 8.4.1;

 

“Third Party Claim Notice”
has the meaning as assigned to such term in Clause 8.4.1;

 

“Transaction Documents”
means this Agreement, the Disclosure Letters, and any other document delivered in connection with the Proposed Transaction;

 

“Transaction Tax”
means: (a) any Tax (including minimum alternate tax, surcharge, cess) levied, imposed, claimed or assessed under the IT Act, in
respect of the sale of Sale Shares (including any Tax resulting from any change in any applicable Law or any retrospective amendment
to any applicable Law), which is levied upon or recoverable from the Purchaser as a payer in respect of withholding tax and/or
in its capacity as an agent or a representative assessee (as defined under the IT Act) of any Seller in respect of any Seller liability;
and (b) any penalty or interest imposed with respect to any amount described in clause (a) above;

 

“Transaction Tax Documents”
means: (a) a duly executed Big Four Opinion; (b) copy of permanent account number issued to the Sellers; (c) a certificate in Form
15CB from an independent chartered accountant under Rule 37BB of the (Indian) Income Tax Rules, 1962; and (d) such other documents
that the Purchaser may request to verify the quantum of capital gains / loss (along with the calculation thereof) earned by or
incurred by each of the Sellers on the sale of Sale Shares and Tax payable thereon (if any);

 

“Transition Period”
has the meaning as assigned to such term in Clause 7.7.1(a);

 

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“Updated Disclosure
Letter” has the meaning as assigned to such term in Clause 7.2.3;

 

“US Court Approval”
has the meaning as assigned to such term in Clause 4.1.10;

 

“USD” means
United States Dollars, the lawful currency of the United States of America; and

 

“Warranties”
means the representations and warranties provided by the Sellers and/or the Company as set out in Clause 7 and Schedule III
(Warranties).

 

		1.2	Interpretation

 

		1.2.1	Unless the context of this Agreement otherwise requires:

 

		(a)	words of any gender are deemed to include those of the other gender;

 

		(b)	words importing the singular include the plural and vice versa; and

 

		(c)	reference to the word “include” shall be construed without limitation.

 

		1.2.2	The terms “hereof”, “herein”, “hereby”, “hereto”
and derivative or similar words refer to this entire Agreement or specified Clauses of this Agreement, as the case may be.

 

		1.2.3	The term “Clause” refers to the specified Clause of this Agreement.

 

		1.2.4	Any word or phrase defined in the body of this Agreement as opposed to being defined in Clause
1.1 above shall have the meaning assigned to it in such definition throughout this Agreement, unless the contrary is expressly
stated.

 

		1.2.5	The words “directly or indirectly” mean directly, or indirectly through one or more
intermediary Persons or through contractual or other legal or beneficial arrangements, and “direct or indirect” have
the correlative meanings.

 

		1.2.6	The recitals, headings and sub-headings are included for descriptive purposes only and shall not
be legally binding.

 

		1.2.7	Reference to days (not being Business Days), months and years are to calendar days, calendar months
and calendar years, respectively.

 

		1.2.8	The exhibits, recitals, Schedules, Disclosure Letter (including any attachments) and any document
presenting an updated shareholding pattern of the Company shall form an integral part of this Agreement and shall have the same
force and effect as if expressly set out in the body of this Agreement and any reference to this Agreement shall include a reference
to the exhibits, recitals, the Schedules, Disclosure Letter and document presenting an updated shareholding pattern of the Company.

 

		1.2.9	Time is of the essence in the performance of the Parties’ respective obligations. If any
time period specified herein is extended, such extended time shall also be of the essence.

 

		1.2.10	Any reference in this Agreement, to approval, consent or similar connotation, shall be required
to be in writing.

 

    11

     

    

 

		1.2.11	Any reference to any statute or statutory provision shall include:

 

		(a)	all subordinate legislation made from time to time under that provision (whether or not amended,
modified, re-enacted or consolidated); and

 

		(b)	such provision as from time to time is amended, modified, re-enacted or consolidated to the extent
such amendment, modification, re-enactment or consolidation applies or is capable of applying to any transactions entered into
under this Agreement.

 

		1.2.12	Unless otherwise specified, time periods within or following which any payment is to be made or
act is to be done shall be calculated by excluding the day on which the period commences and including the day on which the period
ends and in the event the last day of such period warrants any banking transaction, then the period shall extend to the following
Business Day if the last day of such period is not a Business Day.

 

		1.2.13	References in this Agreement to ‘in writing’ shall include documents or communication
exchanged in any electronic form.

 

		1.2.14	No rule of construction or interpretation shall apply to the disadvantage or detriment of the Party
having control or being responsible for the drafting of this Agreement.

 

		2.	SALE OF SALE SHARES

 

		2.1	On the terms and conditions set out in this Agreement,
each of the Sellers, in lieu of receipt of their applicable portion of the Purchase Consideration, shall sell the relevant Sale
Shares, and the Purchaser, relying on the Warranties, covenants, indemnities and undertakings of each of the Sellers contained
in this Agreement, shall purchase (either by itself or, along with the Purchaser Nominee) the Sale Shares from each of the Sellers,
free and clear of all Encumbrances whatsoever, together with all rights, title, interests and benefits now or hereafter attaching
or accruing thereto, such that the Purchaser and/or the Purchaser Nominee shall receive full legal and beneficial ownership relating
thereto.

 

		2.2	The Purchaser shall be entitled to either purchase 1 (one) Share from Seller 1 through its nominee
or nominate a Person as the purchaser of legal and beneficial ownership of 1 (one) Share from Seller 1 (such nominee / Person being
the “Purchaser Nominee”), and Seller 1 undertakes that it shall cause the sale of such Share in favour of the
Purchaser Nominee in accordance with this Agreement. In the event the Purchaser Nominee purchases the legal and beneficial ownership
of 1 (one) Share from Seller 1, the Purchaser shall cause the Purchaser Nominee to remit the applicable Purchase Consideration
to Seller 1 pursuant to Clause 6.2.2 below. The Purchaser shall, in writing, communicate to the Sellers and the Company its decisions
to consummate the sale and purchase of the Sale Shares in accordance with the terms hereof immediately prior to the Closing Date.

 

		2.3	Each Seller and the Company irrevocably waives any right of pre-emption or other restriction on
transfer conferred on it under the Articles or otherwise in respect of the Shares it holds, in each case, only to the extent of
the transactions contemplated under this Agreement.

 

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		2.4	Upon completion of the transfer of the Sale Shares from each of the Sellers to the Purchaser and/or
the Purchaser Nominee in accordance with the terms hereof, each Seller hereby, for itself and each of its Affiliates, employees,
officers, directors, representatives and any other Person claiming through such Seller (each, a “Releasing Party”),
in respect of any matters, events or circumstances prior to the Closing Date, fully, finally, unconditionally and irrevocably:
(i) waives and forever disclaims any and all of the rights to which they now or hereafter may be entitled to against the Company
or the shareholders of the Company (“Shareholders”), and each of their respective officers, directors, shareholders,
Affiliates and employees, (each, a “Released Party”) resulting from, arising out of or in connection with any
previous agreement amongst any of such parties (including the Ancillary Agreements and the Expired Agreements) or the Constitutional
Documents; (ii) releases and absolutely forever discharges the Company and the Shareholders from and against all Released Matters
(as defined hereinafter); and (iii) confirms that no dues or claims are or will be payable or obligations will be due from
any Released Party, whether presently known or unknown, or in existence now or in the future, against such parties resulting from,
arising out of or in connection with the Constitutional Documents, the Ancillary Agreements, the Expired Agreements or the Released
Matters, whether as indemnity or otherwise. For the purposes of this Clause, “Released Matters” shall mean any
and all Losses, claims, liabilities, obligations, and causes of action of any nature whatsoever that such Releasing Party now has,
or at any time previously had, or shall or may have in the future, all in respect of any matters, events or circumstances prior
to the Closing and in each case relating to the Company, whether in Law, contract, or otherwise.

 

		2.5	Simultaneously with the execution of this Agreement,

 

		2.5.1	each Party shall provide the other with a certified true copy of necessary corporate authorizations
as may be required under respective applicable Laws (including, without limitation, resolutions of the board of directors or a
similar governing body) approving the signing / execution, delivery and performance by each of them of this Agreement including
in case of the Sellers, sale of the respective portion of the Sale Shares to the Purchaser and/or the Purchaser Nominee; and

 

		2.5.2	the Company and the Sellers shall jointly deliver a Disclosure Letter to the Purchaser.

 

		3.	CONSIDERATION

 

		3.1	The aggregate purchase price for the Sale Shares shall be the Initial Purchase Consideration as
adjusted pursuant to Clause 3.5 (such adjusted amount referred to as the “Purchase Consideration”). The Purchase
Consideration payable shall be subject to withholding Taxes (if any) as per the IT Act and any other applicable Law. The Parties
agree that to the extent the Purchaser and the Purchaser Nominee (if applicable) deduct and withhold any such amounts, the Purchaser
and the Purchaser Nominee (if applicable) shall remit to the appropriate Tax Authority all such amounts deducted and withheld and
shall provide proof of the same to the Sellers within 7 (seven) Business Days of the remittance of Purchase Consideration. Any
bank charges payable to the remitter banker or levied by the receiving bank and/ or any conversion charges levied, in each case
on account of currency exchange fluctuation, shall be borne, in entirety, by the Purchaser and the Purchaser Nominee (if applicable)
and, solely for the purpose of the foregoing, the Purchase Consideration shall be grossed up with the amount of charges, required
to be so deducted, such that the Sellers receives the same amount after the applicable deduction, which they would have otherwise
received, had no deduction taken place.

 

		3.2	Subject to Clause 3.1 above, the Purchaser (and the Purchaser Nominee, if applicable in case of
Seller 1 only) shall, as contemplated in Clause 6.2 below, pay: (a) Seller 1, the relevant Seller 1 Purchase Consideration; and
(b) Seller 2, the Seller 2 Purchase Consideration, in each case, in cash, to their respective bank accounts, details of which shall
be provided, in writing, by the relevant Sellers at least 3 (three) days prior to the Closing Date.

 

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	3.3	Notwithstanding anything contained in this Agreement,
the Parties hereby agree and acknowledge that such Purchase Consideration shall be full and final settlement towards the sale
of the Sale Shares as contemplated under Clause 2.

 

		3.4	Pursuant to the transfer of Sale Shares taking place in accordance with this Agreement, the Purchaser
(along with the Purchaser Nominee) shall hold 100% (one hundred percent) of the share capital in the Company, free of all Encumbrances.

 

		3.5	Pre- Closing Adjustment to Initial Purchase Consideration

 

		3.5.1	At least 15 (fifteen) days prior to the Closing Date, the Company shall, and the Sellers shall
ensure that the Company shall, prepare in good faith, and share with the Purchaser a written statement (“Closing Adjustment
Statement”) indicating (a) the Target Net Working Capital; (b) the Company's estimate of the Net Working Capital as of
the Cut-Off Date; (c) the Cash and Cash Equivalent as of the Cut-Off Date; and (d) the utilization of any equity infusion by the
Sellers between Execution Date and Closing Date, in each case substantially in the form, and calculated as per the principles,
set out in Exhibit A, together with reasonable supporting documentation. For the avoidance of doubt, the Closing Adjustment
Statement shall be prepared in a manner consistent with the methods and practices used to prepare the Financial Statements and
the principles set out in Exhibit A.

 

		3.5.2	The Purchaser shall review the Closing Adjustment Statement and shall promptly, but in any event
within 6 (six) days following receipt thereof, notify the Company and the Sellers in writing of any objection (“Purchaser’s
Objection”), that the Purchaser may have to any amount or calculation set forth in the Closing Adjustment Statement setting
forth a description in reasonable detail of the basis of its objection and the revised adjustments to the Closing Adjustment Statement
which the Purchaser believes should be made. If the Purchaser does not provide any Purchaser’s Objection within 6 (six) days
of receipt of the Closing Adjustment Statement, the Purchaser shall be deemed to have accepted the Closing Adjustment Statement.
The Sellers shall have 6 (six) days following the receipt of the Purchaser’s Objection to review it and respond thereto.
The Parties agree that during the said 6 (six) days review period available with the Sellers, the Purchaser and the Sellers will
immediately work together in good faith to resolve their differences and agree upon a definitive and binding Closing Adjustment
Statement. Any resolution by the Purchaser and Sellers during the foregoing 6 (six) days period as to any disputed items shall
be final and binding on the Parties.

 

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		3.5.3	If the Purchaser’s Objection is made and the Seller and the Purchaser are unable to resolve
their differences within the 6 (six) days period stated in Clause 3.5.2 above, the Sellers and the Purchaser shall submit the remaining
disputed matters to an Independent Financial Appraiser jointly appointed by the Purchaser and the Sellers, who shall make the final
written determination of such disputed items. The Closing Date shall be postponed until the date of the final written determination
of the disputed items by the Independent Financial Appraiser. Such written determination by the Independent Financial Appraiser
shall be final, conclusive and binding on the Parties and shall be based solely on written submissions and joint meetings by the
Sellers and the Purchaser before the Independent Financial Appraiser. For the avoidance of doubt, it is clarified that no Party
shall have any ex parte conversations (orally or in writing or electronically) or meetings with the Independent Financial
Appraiser without the prior written consent of the other. The Independent Financial Appraiser shall act as an expert in accounting
and not as an arbitrator and shall determine on a basis consistent with the requirements set forth in this Clause 3.5, and only
with respect to the specific matters remaining in dispute so submitted, whether and to what extent, if any, the Closing Adjustment
Statement requires any adjustments. Each Party shall use commercially reasonable efforts to require the Independent Financial Appraiser
to render its determination within 3 (three) days after the reference of any specific matters remaining in dispute by the Sellers
and the Purchaser. Subject to the execution of a confidentiality agreement by the Independent Financial Appraiser on terms and
conditions acceptable to the Parties, the Company, the Sellers and the Purchaser shall make available to the Independent Financial
Appraiser all relevant books and records relating to the Closing Adjustment Statement and all other items and support reasonably
requested by the Independent Financial Appraiser. The charges, costs and expenses of the Independent Financial Appraiser shall
be borne equally by the Parties. The “Final Closing Adjustment Statement” shall be:

 

		(a)	the Closing Adjustment Statement that (i) the Sellers and the Purchaser so agree, as is, to be
the Final Closing Adjustment Statement delivered by the Company to the Purchaser in accordance with Clause 3.5.1 above, or (ii)
in the event the Purchaser objects to the Closing Adjustment Statement but does not deliver the Purchaser’s Objection to
the Company and the Sellers during the 6 (six) days review period specified in Clause 3.5.1, then the Closing Adjustment Statement,
as delivered by the Company to the Purchaser; or

 

		(b)	the Closing Adjustment Statement, adjusted in accordance with: (i) the Purchaser’s Objection
in the event that the Sellers do not respond to the Purchaser’s Objection within the stipulated 6 (six) days review period
following receipt of the Purchasers’ Objection, or (ii) the Purchaser’s Objection and revisions proposed thereto in
the event that the Sellers agree with the same; or

 

		(c)	the Closing Adjustment Statement, adjusted to incorporate the final determination by the Independent
Financial Appraiser.

 

		3.5.4	The Closing Adjustment Statement and the Final Closing Adjustment Statement shall be prepared in
accordance with the principles, procedures and calculations set forth in Exhibit A, and in the case of the Independent Financial
Appraiser’s determination, including such elements and information as may be required under applicable Law for the purpose
of carrying out the determination with respect to the Final Closing Adjustment Statement, which for avoidance of doubt shall, subject
to applicable Law, not be inconsistent with the principles, procedures and calculations set forth in Exhibit A.

 

		3.5.5	Upon receipt of the Final Closing Adjustment Statement in accordance with this Clause 3.5, the
Initial Purchase Consideration shall be adjusted as per the formula set out in Exhibit A.

 

		3.5.6	Immediately upon determination of the Purchase Consideration as provided in Clause 3.5.5 above
and in any event prior to the Closing Date, the Company, Sellers, the Purchaser and the Purchaser Nominee shall execute a binding
letter acknowledging and accepting the amount of final Purchase Consideration to be received by the Sellers, pursuant to the adjustments
determined in Clause 3.5, if any.

 

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		4.	CONDITIONS PRECEDENT

 

		4.1	The obligation of the Purchaser to purchase the Sale Shares shall be subject to the fulfilment
(or waiver in accordance with this Clause 4) of all of the following conditions (“Conditions Precedent”), on
or prior to the Long Stop Date by the Sellers and/ or the Company:

 

		4.1.1	each of the Sellers shall have provided a written confirmation, as provided in Schedule II, to
the Purchaser stating that: (i) there has been no breach of the Warranties and each of the Warranties shall be true, accurate and
complete in all respects as on the Closing Date, with the same force and effect as if they had been made on and as of such date;
(ii) the Company is in compliance with the requirements of Clause 5 and Clause 11.4; and (iii) since the date of the Agreement
nothing has occurred which has had or could reasonably be expected to have a Material Adverse Effect;

 

		4.1.2	the Sellers and the Company shall have finalized and delivered to the Purchaser and Purchaser Nominee
(if so applicable), all necessary information, annexures and supporting documents with respect to the transfer of Seller 1 Shares
and Seller 2 Shares that are requested by the Purchaser and Purchaser Nominee (if so applicable) for the purposes of filing the
Form FC-TRS;

 

		4.1.3	the Company shall have appointed a valuer who shall either be a registered chartered accountant
in India or a merchant banker registered with the Securities Exchange Board of India, permitted to issue a valuation report under
the Foreign Exchange Laws and shall have obtained from such valuer a valuation report, determining the fair market value of the
Sale Shares, in accordance with the pricing guidelines prescribed by the Reserve Bank of India and shall deliver a copy of the
same to the Purchaser;

 

		4.1.4	the Company shall make all necessary applications and take such other actions as required in relation
to reserving new names of the Company, intimated by the Purchaser in writing, without using the words “AKORN”;

 

		4.1.5	a duly executed termination agreement terminating the following agreements (collectively, the “Ancillary
Agreements”), with effect from the Closing Date, will be delivered to the Purchaser:

 

		(a)	Manufacturing and royalty agreement dated February 1, 2014, along with any addendum (if any), executed
between the Company and the Seller 2;

 

		(b)	Trademark license agreement dated September 2016, along with any addendum (if any), executed between
the Company and the Seller 2;

 

		(c)	Inter- company agreement dated September 9, 2019 executed between the Company and Seller 2; and

 

		(d)	Secondment agreement dated September 9, 2019 executed between the Company and Rishabh Jain;

 

		4.1.6	Seller 2 shall procure an unconditional release of the Encumbrance created upon the Seller 2 Shares
in favour of Wilmington Savings Fund Society to the satisfaction of the Purchaser (“Encumbrance Release Letter”);

 

		4.1.7	Each of the Sellers shall deliver to the Purchaser the Transaction Tax Documents in form and substance
satisfactory to the Purchaser;

 

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		4.1.8	Each of the Sellers shall have prepared and kept ready undated, executed share transfer forms for
the transfer of the Sale Shares in favour of the Purchaser and/or the Purchaser Nominee, subject to payment of applicable stamp
duty by the Purchaser on the share transfer forms;

 

		4.1.9	The Company shall have: (a) provided the Purchaser with copy of the actuarial valuation as of March
31, 2020 of its obligation under the Payment of Gratuity Act, 1972 and payment of leave encashment towards its employees; and (b)
undertaken an actuarial valuation, as of June 30, 2020, of its obligation under the Payment of Gratuity Act, 1972 and payment of
leave encashment towards its employees;

 

		4.1.10	The Sellers shall obtain an order from the relevant bankruptcy court in United States approving
the sale of Sale Shares in accordance with the terms of this Agreement (“US Court Approval”);

 

		4.1.11	Each of the Sellers shall provide to the Purchaser a no-objection certificate issued by the income
tax assessing officer pursuant to Section 281 of the IT Act (“Section 281 Certificate”) with respect to the
sale of the Sale Shares and such Section 281 Certificate remaining valid as of the Closing Date. Provided if the Sellers are unable
to procure the Section 281 Certificates within 30 (thirty) days of the Execution Date, then each of the Sellers shall instead provide
to the Purchaser a certificate from a reputed chartered accountant (in the form acceptable to the Purchaser) (“CA Certificate”)
confirming that there are no pending or threatened (in writing) proceedings for any Tax liability of such Seller and/ or any pending
Tax liability payable to the Tax Authority by such Seller under the IT Act as on the Closing Date;

 

		4.1.12	The Company shall, and the Sellers shall cause the Company to, undertake all necessary corporate
actions to split any of the share certificates held by Seller 1 in such a manner so as to facilitate transfer of 1 (one) Sale Share
in favour of the Purchaser Nominee;

 

		4.1.13	The Company shall, and the Sellers shall cause the Company to: (a) pay the DC Payables; (b) obtain
no-dues certificates from Mr. Dheeraj Chopra in relation to the DC Payables; and (c) the Company and the Sellers shall have provided
a written confirmation (as provided in Schedule II) to the Purchaser stating that the Company has fully and finally paid the DC
Payables; and

 

		4.1.14	The Company shall, and the Sellers shall cause the Company to: (a) organize a virtual tour of the
Manufacturing Facility for the Purchaser and/or its representatives; and (b) make best efforts to provide the Purchaser and/or
its representatives with physical access to the Manufacturing Facility during a site visit;

 

		4.1.15	The Company shall, and the Sellers shall cause the Company to: (a) prior to the Closing Date, provide
the Purchaser and/or its representatives access to necessary documents, records, work papers and information (in electronic or
other format) with respect to the Company and the relevant employees, as may be reasonably required by the Purchaser, for the purpose
of integration of their respective ERP systems (including cost and profit center codes within such systems); and (b) on or immediately
prior to the Closing Date, provide the Purchaser with a balance statement (as of one day prior to the Closing Date) setting out
the true and accurate closing balances / amounts for each such cost and profit center codes (“Integration Exercise”);

 

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		4.1.16	The Company shall and the Sellers shall cause the Company to, provide the Purchaser with copies
of the acknowledgement letters issued by the Reserve Bank of India pursuant to each Form FC-GPR relating to the allotments of:
(i) 28,196 (Twenty Eight Thousand One Hundred and Ninety Six) Shares to Seller 1 on November 25, 2013; and (ii) 159,093 (One Hundred
Fifty Nine Thousand and Ninety Three) Shares to Seller 1 on August 25, 2014, failing which, the Company shall, if required, initiate
actions for the filing of necessary compounding applications with the Reserve Bank of India for compounding of violation of Foreign
Exchange Laws;

 

		4.1.17	The Company and the Sellers shall provide the Purchaser with a list of any corporate name, brand
name, copyright, trademark, trade name, design or logos of each of the Sellers or their respective Affiliates (or any variations
thereof) (“Identified Brands”) that are necessary for the Purchaser to fulfil its obligations under Clause 7.7.1
below; and

 

		4.1.18	The Company shall and the Sellers shall cause the Company to file applications with the trademark
registry for effecting the change in proprietorship of the subsisting trademarks set out in Schedule VI from Kilitch Drugs
(India) Limited to Akorn India Private Limited.

 

	4.2	Notwithstanding anything contained elsewhere in this Agreement, the satisfaction of any Conditions
Precedent (other than the US Court Approval) as required to be satisfied by the relevant Party may be waived in writing by the
Purchaser at its sole discretion, to the extent such waiver is permissible under applicable Laws.

 

	4.3	Responsibility of Satisfaction

 

		4.3.1	The Parties shall cooperate with each other in good faith and provide necessary information and
assistance required for the fulfillment of all obligations under this Agreement and under applicable Laws, including for the fulfillment
of the Conditions Precedent, upon being required to do so by the other.

 

		4.3.2	If any of the Sellers or the Company become aware of any event or circumstance that will or may
prevent any of the Conditions Precedent from being satisfied, the Sellers or the Company, as the case may be, shall promptly notify
the Purchaser in writing of the same.

 

		4.3.3	With respect to each of the Conditions Precedent set out in Clause 4.1, the relevant Party shall
notify the other Parties in writing and provide copies of any communications with any Government Authority relating to any Governmental
Approval.

 

		4.3.4	On the satisfaction of the Conditions Precedent set out in Clause 4.1, the Company and each of
the Sellers will jointly issue a notice to the Purchaser, in the format provided in Schedule II (Form of CP Satisfaction
Notice) hereto along with supporting documents evidencing that their respective Conditions Precedent have been completed (“CP
Satisfaction Notice”).

 

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		5.	Actions between the execution date and the closing date

 

		5.1	The Sellers shall ensure and procure that the Company, between the period from the Execution Date
until the Closing Date, carries on the Business only in the Ordinary Course and takes all reasonable steps to preserve and protect
its assets. Without prejudice to the generality of the foregoing, on and from the Execution Date and until Closing Date, the Company
and/or the Sellers shall not do, or commit, arrange or agree to do, or undertake any action or omission which has the effect of
committing, arranging or agreeing to do, any of the things set out at Schedule V (Actions between Execution Date and
Closing Date), directly or indirectly, except with the prior written consent of the Purchaser (such consent not to be unreasonably
withheld) and/or pursuant to any obligation under this Agreement. The Company and the Sellers shall cooperate with the Purchaser
in order to facilitate the Integration Exercise to the satisfaction of the Purchaser.

 

		5.2	Between the Closing Date and the Execution Date, the Sellers shall make best efforts to provide
:

 

		5.2.1	the Purchaser with reasonable access, whether by virtual or physical means, to certain employees
of the Company as notified by the Purchaser to the Sellers in writing (including via e-mail) (“Certain Company
Employees”) for interaction between these Certain Company Employees and the Purchaser; and

 

		5.2.2	the Purchaser with information in relation to the Company’s obligation under the Payment
of Gratuity Act, 1972 and payment of leave encashment with respect to certain employees of the Company (as notified by the Purchaser
to the Sellers in writing, including via e-mail).

 

		It is hereby agreed by all Parties that the inability to complete actions set out in Clauses
                                                                             5.2.1 and 5.2.2 above shall not delay Closing if all the Conditions Precedent have been satisfied in accordance with the
                                                                             terms of this Agreement.

 

		5.3	The Parties acknowledge that the Company shall be raising additional funds from the Sellers in
the period between the Execution Date and the Closing Date. Accordingly, the Parties agree that the Company shall provide, to the
other Parties, a final and updated shareholding pattern of the Company to reflect any additional issuance of Shares to the Sellers
in accordance with applicable Law, as a result of any capital contribution made by them between the Execution Date and Closing
Date. The Company shall provide the Purchaser with: (a) an updated and final shareholding pattern (which shall be in a format similar
to Schedule I), along with copies of documents evidencing such issuance and allotment, within 3 (three) Business Days of such issuance
and allotment of additional Shares to the Sellers; and (b) copies of Form FC-GPR along with all supporting documents and acknowledgement
received from the Reserve Bank of India pursuant to the foregoing at least 3 (three) days prior to the Closing Date.

 

		5.4	The Sellers shall, prior to the Closing Date, provide all such information and documents, that
may be required by the Company, in order to report the details of the transfer of shares amounting to 21% (twenty one percent)
of the total share capital of Seller 1 by Seller 2 pursuant to securities purchase agreement dated May 20, 2020, as required under
section 285A of the IT Act read with Rule 114DB of the Income Tax Rules, 1962.

 

		6.	CLOSING

 

		6.1	Closing shall take place at the registered office of the Company or at such other place as may
be mutually agreed in writing by the Parties. Subject to Clause 3.5.3, Closing shall occur within 7 (seven) Business Days from
the date on which the CP Satisfaction Notice is received by the Purchaser (unless the Purchaser has notified the Company and the
Sellers, in writing, that any one or more of the Conditions Precedent have not been completed to its satisfaction), or such other
date as may be mutually agreed in writing between the Parties (“Closing Date”). The Parties agree that the Closing
may be consummated by electronic exchange of documents with the originals to follow.

 

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		6.2	Closing Actions

 

On the Closing Date, each of
the following events shall take place simultaneously. Closing shall not be deemed to occur unless all the actions set out below
in this Clause 6.2 have been completed:

 

		6.2.1	The Company and the Sellers shall deliver the Updated Disclosure Letter, if any, to the Purchaser;

 

		6.2.2	The Purchaser shall provide, and cause the Purchaser Nominee to provide, to their respective banks,
irrevocable wire transfer instructions for effecting the following transfers:

 

		(a)	Transfer of their respective portions of the Seller 1 Purchase Consideration to the bank account
designated by Seller 1 in accordance with Clause 3.2; and

 

		(b)	Transfer of Seller 2 Purchase Consideration to the bank account designated by Seller 2 in accordance
with Clause 3.2.

 

The Purchaser shall provide a copy
of the aforementioned instructions along with the acknowledgement, including a copy of MT-101/MT-103 SWIFT or equivalent details
to enable the Sellers to track the remittance;

 

		6.2.3	Simultaneous with the delivery of the irrevocable wire transfer instructions and a copy of MT-101/MT-103
SWIFT or equivalent details to enable the Sellers to track the remittance, each of the Sellers shall deliver the duly executed
share transfer forms and original share certificates in respect of their respective Sale Shares to the Purchaser and the Purchaser
Nominee;

 

		6.2.4	Each of the directors on the Board (“Resigning Directors”) shall have tendered
their resignation, in the format as provided in Schedule IV (Format of Resignation Letter) which resignation shall
be effective from the Closing;

 

		6.2.5	The Company shall conduct a Board meeting (“Closing Date Board Meeting”) at
which there shall be passed a resolution to:

 

		(a)	approve/record the transfer of the Sale Shares from each of the Sellers to the Purchaser and the
Purchaser Nominee;

 

		(b)	appoint Ms. Mahima Datla and Mr. Anand R. Kumar as additional directors of the Company;

 

		(c)	accept the resignation of the Resigning Directors with effect from the close of the Closing Date
Board Meeting;

 

		(d)	authorize representatives of the Company for: (i) making the necessary endorsements on the relevant
original share certificates relating to the Sale Shares indicating the names of the Purchaser and/or the Purchaser Nominee (as
applicable) as the legal and/or beneficial owners thereof; (ii) procuring that relevant entries are made in (A) the register of
members, the register of share transfer maintained by the Company, to record the sale and purchase of the Sale Shares between the
Sellers and the Purchaser and/or the Purchase Nominee; and (B) the register of directors maintained by the Company, to record the
appointment of the Purchaser’s nominee directors and resignation of all the Resigning Directors from the Board;

 

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		(e)	revoke all the powers of attorney and other similar authorizations issued by the Company in favour
of any of the Sellers, the Resigning Directors or Sellers’ representatives including change in the authorised signatories
for the bank accounts operated by the Company;

 

		(f)	call for convening a general meeting of the Company on the same day, at shorter notice, to: (1)
approve the change of name of the Company to remove the words “AKORN” and authorise the filing of an application in
this regard with the Registrar of Companies (“RoC”); (2) regularize the appointment of the additional directors
appointed on the Board; and (3) approve changes in the Constitutional Documents (collectively, the “EGM Matters”);

 

		(g)	authorise the filing of necessary forms, returns or any other document or information with Government
Authorities including RoC;

 

		6.2.6	The Company shall convene an extraordinary general meeting of the shareholders of the Company on
a shorter notice (“Closing Date EGM”) and procure that the shareholders approve and pass necessary resolutions
to adopt and approve the EGM Matters; and

 

		6.2.7	The Company shall: (a) update all records of the Company (including the Company’s register
of members and register of transfers) to reflect the transactions contemplated in this Agreement; (b) enter the names of the Purchaser
and/or the Purchaser Nominee in the Company’s register of members as the holder of the relevant Sale Shares and provide the
Purchaser and/or the Purchaser Nominee with a copy of the same (certified as true copy of the original); (c) provide duly endorsed
share certificates pertaining to the Sale Shares to the Purchaser and/or the Purchaser Nominee; (d) provide certified true copies
of the resolutions passed at the Closing Date Board Meeting and the Closing Date EGM respectively to each of the Sellers and the
Purchaser; (e) provide copies of all forms filed with the RoC including, without limitation, Form DIR-12 together with receipts
evidencing payment made in relation thereto to the Purchaser.

 

		6.3	The Company shall deliver true and complete certified copies of the resolutions passed in the Closing
Date Board Meeting and Closing Date EGM to the Sellers within 2 (two) Business Days of the Closing Date. The Sellers and the Company
shall have finalised (to the satisfaction of the Purchaser) the drafts of all the documents required to be delivered as part of
the Closing under Clause 6 at least 3 (three) Business Days prior to the Closing Date (unless agreed otherwise by the Purchaser).

 

		6.4	The Company shall, within 10 (ten) Business Days following the Closing Date, file Form INC –
24 with the RoC to give effect to the change of name of the Company, subject to the Purchaser having received an approval from
the Ministry of Corporate Affairs with respect to the proposed new name of the Company.

 

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		6.5	The consummation of all the activities specified in Clause 6.2 shall together constitute “Closing”.
The obligations of each of the Parties in Clause 6.2 are interdependent. Closing shall not occur unless all of the obligations
specified in Clause 6.2, intended to take place on or prior to the Closing Date are complied with. Notwithstanding the provisions
of this Clause hereto, all actions to be taken and all documents to be executed and delivered by the Parties at Closing under this
Agreement shall be deemed to have been taken and executed and to have come into effect simultaneously.

 

		6.6	If any of the obligations specified in this Clause 6 are not satisfied or completed due to a breach
by the Company and/or the Sellers, then the Purchaser may, at its option, require the Company and the Sellers to take all steps
to reverse the actions and transactions undertaken as part of the Closing (including refund of any portion of the Purchase Consideration
remitted by the Purchaser and/or the Purchaser Nominee to any of the Sellers in accordance with the terms of this Agreement) (“Purchaser
Transaction Reversal Actions”) and the Closing shall not be deemed to have occurred. Provided however, in the event any
of the obligations specified in Clause 6.2 are not satisfied or completed due to any reason solely attributable to the Purchaser,
the Purchaser shall not be entitled to initiate the Purchaser Transaction Reversal Actions and the Parties shall proceed towards
Closing.

 

		6.7	The Parties agree that in the event obligations specified in Clause 6.2.2 are not satisfied by
the Purchaser, the Purchaser shall, in the event the share certificate have been delivered to the Purchaser and/or the Purchaser
Nominee, immediately return such share certificates to the respective Sellers (“Sellers Transaction Reversal Actions”).
Provided however, in the event any of the obligations in Clause 6.2 are not satisfied or completed due to any reason attributable
to the Sellers, the Sellers shall not be entitled to initiate the Sellers Transaction Reversal Actions and the Parties shall proceed
towards Closing.

 

		6.8	Upon completion of the Purchaser Transaction Reversal Actions or Sellers Transaction Reversal Actions,
as the case may be, this Agreement shall automatically stand terminated without any further act or deed on the part of any Party.

 

		7.	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

 

		7.1	Purchaser Warranties

 

The Purchaser hereby represents
and warrants to the Sellers and the Company, as on the Execution Date and as on the Closing Date, that:

 

		7.1.1	it is a body corporate, that is validly existing under the Laws of the country of its incorporation;

 

		7.1.2	it has the power and authority under applicable Laws to execute, deliver and perform this Agreement
and has the financial capacity to pay the Purchase Consideration;

 

		7.1.3	the execution, delivery and performance of this Agreement by it has been duly authorised and approved
and does not require any further authorisation or consent of any third party;

 

		7.1.4	upon execution, this Agreement will be a legal, valid and binding obligation of the Purchaser,
enforceable in accordance with its terms;

 

		7.1.5	the execution, delivery and performance of this Agreement by it, and its promises, agreements or
undertakings under this Agreement do not violate any applicable Laws, or violate or contravene the provisions of or constitute
a default under its charter documents, or any contract or agreement to which it is a party;

 

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		7.1.6	it is not subject to any Liquidation Event; and

 

		7.1.7	it is in compliance with applicable Sanction Laws and there is no investigation, inquiry or enforcement
proceedings pending or, to the best of the knowledge of the Purchaser, threatened against the Purchaser with respect to any Sanction
Laws.

 

		7.2	Warranties

 

		7.2.1	The Company and the Sellers, jointly and severally, represent and warrant to the Purchaser that
the representations and warranties as set out in: (a) Part A of Schedule III (Warranties) (“Fundamental
Warranties”) are true, accurate and complete in all respects as on the Execution Date and shall continue to remain true,
accurate and complete in all respects as on the Closing Date; and (b) the representations and warranties as set out in Part
B of Schedule III (Warranties) (“Company Business Warranties”) are true, accurate and complete
in all respects as on the Execution Date and shall continue to remain true, accurate and complete in all respects as on the Closing
Date, except as Disclosed.

 

		7.2.2	The Company Business Warranties provided by the Company and the Sellers in this Agreement are subject
to and qualified by facts and matters Disclosed in the Disclosure Letter and the Purchaser shall accordingly have no Indemnity
Claim in respect of any of the Company Business Warranties in relation to any fact or matter so Disclosed or with respect to matters
arising out of such Disclosure. It is clarified that: (A) no disclosure made in the Disclosure Letter shall be deemed adequate
to disclose an exception to a Company Business Warranty, unless the disclosure contained therein identifies the relevant facts,
matters, events and circumstances for such exception fully, specifically and accurately; and (B) no Disclosures shall be made against
the Fundamental Warranties by the Sellers. A reference to any facts and circumstances being Disclosed in the Disclosure Letter
shall be deemed to be a reference to them being fully, specifically and accurately Disclosed in the Disclosure Letter in such a
manner that in the context of the disclosures contained in the Disclosure Letter: (i) the significance of the information disclosed
and its relevance to a particular Company Business Warranty shall be highlighted by the Company and the Sellers in a manner reasonably
expected to be understandable by the Purchaser, taking into account the paragraphs or subject matters in relation to which the
information was Disclosed; and (ii) there is not omitted from, the information disclosed, any information which would have the
effect of rendering the information so Disclosed untrue, incomplete or inaccurate in any respect; and (iii) in the context of any
document treated as Disclosed by the Disclosure Letter, the matter disclosed is reasonably apparent from the terms of the document.
The Parties agree and acknowledge that nothing disclosed to the Purchaser other than the disclosures made pursuant to or in the
Disclosure Letter in accordance with the provisions of Clause 7.2.2 and Clause 7.2.3 shall constitute disclosure to the Purchaser
for the purposes of this Agreement.

 

		7.2.3	It is hereby agreed between the Parties that at least 4 (four) Business Days prior to the Closing
Date, the Sellers and the Company may provide the Purchaser with an updated version of the Disclosure Letter (“Updated
Disclosure Letter”), updated solely for the events occurring between the Execution Date and Closing Date which were not
in the Knowledge of the Company as on the Execution Date. It is clarified that updates provided in the Updated Disclosure Letter
shall not be deemed to have been included in the Disclosure Letter unless such updates are acceptable to the Purchaser in its sole
and absolute discretion. Notwithstanding anything to the contrary, in the event that the Company and the Sellers propose to update
the Disclosure Letter prior to the Closing, the Purchaser shall have the right, in its sole and absolute discretion, to (a) reject
one or more such updates; and/or (b) accept any and/or all of such updates and proceed towards Closing subject to the Sellers undertaking
to indemnify the Seller Indemnified Persons in relation to any Losses arising therefrom.

 

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		7.3	Each of the Sellers acknowledge that the Purchaser has entered into this Agreement placing reliance
on the Warranties and the covenants and undertakings of the Sellers and that the Sellers have decided to enter into this Agreement
and have agreed to transfer the Sale Shares making reliance upon, and in consideration of the payment of the Purchase Consideration,
and the representations and warranties provided by the Purchaser. The Parties acknowledge that: (a) other than as set out in Clause
7 and Schedule III (Warranties), the Company and the Sellers shall not have made any warranty whatsoever, whether
implied or otherwise; and (b) other than as set out in Clause 7.1, the Purchaser shall not have made any warranty whatsoever, whether
implied or otherwise.

 

		7.4	The representations, warranties and undertakings given pursuant to this Clause 7 shall each be
separate and independent and each Party shall have a separate claim and right of action in respect of every breach of each such
representation, warranty or undertaking.

 

		7.5	Each Party undertakes to promptly notify the other in writing if it becomes aware of any fact,
matter or circumstance (whether existing on or before the date of this Agreement or arising afterwards) which would cause any of
the warranties given by it to become untrue or inaccurate or misleading in any respect. For avoidance of doubt, it is hereby clarified
that such notice of a Party to the other Parties shall not absolve the Party giving the notice from any liability under this Agreement
arising out of or in relation to such breach of warranty.

 

		7.6	Except as Disclosed in the Disclosure Letter, all the Warranties, shall be valid notwithstanding
any information or document furnished to or findings made by the Purchaser during its due diligence and no such information, document
or finding relating to the Warranties and/or the Company and the Sellers of which the Purchaser has knowledge (actual, constructive
or imputed), and no investigation by or on behalf of the Purchaser shall prejudice any claim made by the Purchaser for a breach
of any of the Warranties under this Agreement or operate to reduce any amount recoverable (except for such specific Disclosures
in the Disclosure Letter in relation to the Company Business Warranties) and it shall not be a defense to any claim against the
relevant Sellers that the Purchaser knew or ought to have known or had constructive knowledge of any information relating to the
circumstances giving rise to such claim, except to the extent Disclosed in the Disclosure Letter.

 

		7.7	Undertakings

 

		7.7.1	The Purchaser undertakes that:

 

		(a)	Within 15 (fifteen) Business Days from the receipt of new certificate of incorporation by the Company
(in form INC-25 as issued by the relevant RoC) reflecting its new name (“Brand Usage Period”), the Purchaser
shall not, and shall ensure that the Company does not, use the word “AKORN” or the Idenitfied Brands or any name, copyright,
trademark, logo or design which is similar or confusingly similar to the Identified Brands, in India and world over, whether as
a suffix or a prefix or in any manner whatsoever. For the period commencing from the Closing Date till the completion of the Brand
Usage Period (“Transition Period”), Seller 2 hereby grants to the Company a right to use the mark "AKORN"
in connection with its Business including for display of the trade mark "AKORN" at its registered office and the Manufacturing
Facility without payment of any fees/ royalties or consideration; and

 

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		(b)	in any event, on and from completion of the Brand Usage Period and subject to the receipt of the
Identified Signage List (as defined hereinafter), the Purchaser shall, and shall cause the Company to, remove all references
to ‘Akorn’ and the Identified Brands from the Company’s letterheads, brochures, sales promotional material, logos,
publications, website, domain names, advertising literature, marketing systems, internet presence, and place of business set out
in the Identified Signage List. In this regard, the Sellers shall, on the Closing Date, provide the Purchaser with a list of all
locations/ spaces and the Company’s properties, where the mark "Akorn" and/or the Identified Brands have been displayed,
along with time and date stamped photographic evidence of the same taken at any time prior to the Closing Date ("Identified
Signage List"). It is clarified that, the Purchaser shall not be responsible or liable for removing any marks, materials
or signages which do not form part of the Identified Brand or the Identified Signage List provided by the Sellers.

 

		7.7.2	Notwithstanding any of the foregoing, during the Transition Period and for such periods as provided
in this Clause 7.7.2, the Company and the Purchaser shall be permitted to continue to reasonably use the mark "AKORN"
and the Identified Brands solely for the purposes of: (a) compliance with applicable Laws (including references to the marks "AKORN"
and the Identified Brands in historical tax and similar records); (b) the Governmental Approvals obtained by the Company) and all
documents, communications in relation thereto till such time the Governmental Approvals have been amended to reflect the new name
of the Company; and (c) litigations, disputes, departmental inquiries, and arbitrations involving the Company.

 

		7.7.3	The Purchaser shall, within 45 (forty five) days from the date the RoC has approved the change
in name of the Company, take appropriate steps to intimate all relevant Government Authority, Tax Authority, vendors and third
parties with which the Company has any association of the change in the name of the Company and shall file all necessary applications
to obtain revised Governmental Approvals reflecting the new name of the Company.

 

		8.	INDEMNIFICATION

 

		8.1	Indemnification by Sellers

 

Subject to provisions of this
Clause 8, each of the Sellers hereby jointly and severally agree and undertake to indemnify, defend and hold harmless the Purchaser
Nominee, the Purchaser and each of its directors and officers (which, upon Closing, shall also include the Company and its directors
and employees) (“Seller Indemnified Person(s)”) from and against any and all actual and direct losses, liabilities,
damages, demand, fines, awards, judgements, settlements, Taxes, reasonable costs and expenses asserted against, imposed upon or
incurred or suffered by the Seller Indemnified Persons (including any reasonable fees of attorneys’ and other advisors) (together,
 “Losses”) arising out of, or resulting from or in connection with: (a) any misrepresentation, breach or inaccuracy
of the Warranties as set out in this Agreement; (b) any failure to perform, in whole or part, by the Sellers and/or the Company,
of its obligations under Clauses 5, 6.6 and 11.4; (c) any Transaction Tax; and/ or (d) any act of fraud or gross negligence or
wilful misconduct of the Sellers and/or the Company.

 

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		8.2	Indemnification by Purchaser

 

Subject to provisions of this
Clause 8, the Purchaser hereby agrees to indemnify, defend and hold harmless the Sellers (“Purchaser Indemnified Person”)
from and against any and all actual and direct Losses severally, arising out of, or resulting from or in connection with (a) any
misrepresentation or any breach of the Purchaser Warranties, or (b) any failure to perform or breach, in whole or part, by the
Purchaser of its obligations under Clause 6.6, Clause 7.7.1 (subject to the last line of Clause 7.7.1(b)), 7.7.2 and Clause 7.7.3,
or (c) any act of fraud or gross negligence or wilful misconduct of the Purchaser, provided that: (i) the total liability of the
Purchaser to Sellers pursuant to this Clause shall not exceed the Purchase Consideration paid to the Sellers; and (ii) claim against
such Loss is made by the relevant Seller to the Purchaser within 18 (eighteen) months from the Closing Date. Provided further that,
the monetary and time limitations on liability set out in part (i) and (ii) of this Clause 8.2 shall not be applicable in case
of any act of fraud or gross negligence or wilful misconduct of the Purchaser.

 

		8.3	Indemnification Procedure

 

		8.3.1	Each of the Seller Indemnified Person and the Purchaser Indemnified Person (the “Indemnified
Person(s)”) on becoming aware of a claim pursuant to this Clause 8 (“Indemnity Claim”), shall promptly
(and, in any case, within 7 (seven) Business Days from the date of becoming aware of such matter) notify in writing (“Indemnity
Notice”) to the Seller(s) and/or the Purchaser (as the case may be) from whom the indemnification is sought (the “Indemnifying
Person(s)”). The Indemnity Notice issued by the Indemnified Person(s) will also contain, to the extent available with
the Indemnified Person(s), all the facts, matters, circumstances and documents that gave rise to the Losses and the full amount
of the Losses incurred or suffered, or such amount of Losses estimated (to the extent possible) which are expected to be incurred
or suffered by the Indemnified Person(s). It is clarified that a delay of the Indemnified Person to provide Indemnity Notice to
the Indemnifying Person within the timelines prescribed under this Clause 8.3.1 shall not relieve the Indemnifying Person of its
indemnification obligations hereunder, except to the extent failure to give timely Indemnity Notice directly results in: (a) the
forfeiture of, or prejudices the, defense by the Indemnifying Persons or (b) an increase of the quantum of Loss, which increase
is solely attributable to the relevant Indemnified Person(s).

 

		8.3.2	If the Indemnifying Person(s) contests the merits of the Indemnity Claim as set out in the Indemnity
Notice, then it shall give a notice to the Indemnified Person(s) within 10 (ten) Business Days from the date of receipt of the
Indemnity Notice, setting out, in reasonable detail, the reasons of such objection.

 

		8.3.3	If the Indemnifying Persons(s) has notified its objections to the Indemnified Person(s) within
such time limits as specified in Clause 8.3.2 above, then the Indemnifying Person(s) and Indemnified Person(s) will meet within
20 (twenty) days of such notification to amicably resolve such issue. In the event the Indemnifying Person(s) and Indemnified Person(s)
do not reach an agreement in relation to the Indemnity Claim within 30 (thirty) days following the date of objection by the Indemnifying
Person(s) (including if the Indemnifying Person(s) or Indemnified Person(s) do not propose a date or refuse to participate in a
meeting proposed by the other Party within the above timeframe), then a dispute shall be deemed to have arisen and such dispute
shall be referred to arbitration in accordance with Clause 10.3.

 

		8.3.4	Any Indemnity Claim accepted by the Indemnifying Person(s) shall be paid as soon as possible and
in no event later than 30 (thirty) days from the date on which the Indemnity Claim is notified to the Indemnifying Person(s). Where
this is not the case any indemnity shall be paid as soon as possible and in no event later than 30 (thirty) days following: (a)
an agreement/ settlement between the Indemnifying Person(s) and the Indemnified Person(s) in relation to the Indemnity Claim; or
(b) the dispute having been decided between the Indemnifying Person(s) and the Indemnified Person(s), pursuant to the procedure
set out in Clause 10.3.

 

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		8.4	Third Party Claims

 

		8.4.1	If a claim by a Third Party is made against a Seller Indemnified Person arising out of a matter
for which the Seller(s) are obligated to indemnify the Seller Indemnified Person(s) pursuant to Clause 8.1 (“Third Party
Claim”), the Seller Indemnified Person shall promptly, and in any event no later than 15 (fifteen) days from the date
of receipt of a written notice with respect to such Third Party Claim (unless a lesser time period has been provided for in the
Third Party Claim), notify the Seller(s) in writing of such Third Party Claim (“Third Party Claim Notice”).
It is clarified that a delay of the Seller Indemnified Person(s) to provide the Third Party Claim Notice to the Seller(s) within
the timelines prescribed under this Clause 8.4.1 shall not relieve the Seller(s) of their indemnification obligations hereunder,
except to the extent failure to give timely Third Party Claim Notice directly results: in (a) the forfeiture of, or prejudices
the, defense by the Indemnifying Person(s) or (b) an increase in the quantum of Loss, which increase is solely attributable to
the relevant Seller Indemnified Person(s). The Third Party Claim Notice shall contain the details regarding the matter that has
given rise to the Third Party Claim including, the nature of the Third Party Claim and the amount claimed in respect thereof, in
each case to the extent known to the relevant Seller Indemnified Persons, and all relevant documents and particulars relating to
the Third Party Claim to the extent available with the relevant Seller Indemnified Persons.

 

		8.4.2	Upon receipt of the Third Party Claim Notice, the Sellers shall, by written notice to the Seller
Indemnified Person(s), communicate (no later than 25 (twenty five) days of the receipt of such Third Party Claim Notice (unless
a lesser time period has been provided for in the Third Party Claim)) their decision to either: (i) defend such Third Party Claim
on their own (with their own counsel and at its own expense), in consultation with the Seller Indemnified Person(s) (who shall
have the right to participate in the defense of such Third Party Claim at its own cost), within such period within which the defense
ought to be assumed to comply with requirements mandated by the Third Party claimant’s notice or otherwise as required under
applicable Law; or (ii) not assume the defence of such Third Party Claim, which, for the avoidance of doubt, shall be notified
to the Seller Indemnified Person(s) within such reasonable period as may be necessary for the Purchaser to take necessary actions
pursuant to the Third Party Claim Notice. It is agreed that if the Seller(s) elects to assume the defense of a Third Party Claim,
and a payment obligation relating thereto becomes due and payable (whether by the Company or the Sellers), the Seller(s) shall
make such payment or otherwise cause to be discharged such Third Party Claim in a manner as set out in Clause 8.4.5 below. Notwithstanding
anything to the contrary, in the event the relevant Seller(s) fails to respond to the Third Party Claim Notice within the period
set out above, and the Seller Indemnified Person(s) assumes the defense or settles such Third Party Claim itself, then the Seller(s)
shall remain liable for the costs and reasonable expenses of such Third Party Claim including all court costs, posting of any security,
payment of any interim amounts as required by any Government Authority.

 

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		8.4.3	Without prejudice to the rights of the Seller Indemnified Person(s) under this Agreement, if the
Seller(s) have assumed the conduct of any dispute, defense or appeal of a Third Party Claim pursuant to Clause 8.4.2(i) above,
it shall do so at its own cost and expense and shall, except as provided hereinafter, have full control of such defence proceedings.The
Seller(s) shall also keep the Seller Indemnified Person(s) informed as to the status of such Third Party Claim.The Seller Indemnified
Person(s) will fully cooperate with the Seller(s) in relation to the conduct of such dispute, defense or appeal of the Third Party
Claim. The Sellers shall: (a) use all reasonable efforts in the defense as would be reasonably practicable to preserve the collective
rights of the Parties with respect to such Third Party Claim; and (b) consider (to the extent possible) the comments and actions
that the Seller Indemnified Person(s) may reasonably request in the handling of the Third Party Claim. In the event the Seller(s)
have assumed the conduct of any dispute, defense or appeal of a Third Party Claim pursuant to Clause 8.4.2(i) above, such Seller(s)
shall, jointly and/or severally, be entitled at any stage to settle the Third Party Claim, provided that the Seller Indemnified
Person(s)’ prior written consent (which shall not be unreasonably withheld) shall be required for any such settlement if:
(i) such settlement does not provide an unqualified or unconditional release to the Seller Indemnified Person(s) from all
liability in relation to such Third Party Claim; or (ii) where such Third Party Claim relates to any Tax Claims (for the avoidance
of doubt, the defense of which is not being conducted by the Seller Indemnified Person(s) as set out below) and the Seller Indemnified
Person(s) has notified the Seller(s) that such settlement materially and adversely impacts any positions which the Seller Indemnified
Person has or may take in relation to its own Tax assessments. Notwithstanding the foregoing, if the Seller(s) have assumed the
conduct of any dispute, defense or appeal of a Third Party Claim pursuant to Clause 8.4.2(i) above, the Seller Indemnified Person(s)
shall have the right to participate in the defense of such Third Party Claim with a counsel selected by it, subject to the Seller(s)’
right to control the defense thereof. The fees and disbursements of such counsel shall be at the expense of the Seller Indemnified
Person(s) provided that if, in the reasonable opinion of the Purchaser: (i) the Third Party Claim relates to or arises in
connection with any criminal proceeding, action, indictment, allegation or investigation against the Seller Indemnified Person(s);
or (ii) the Third Party Claim relates to any proceedings being initiated by the relevant Government Authority alleging any contravention
of the Foreign Exchange Laws or in connection with any breach of the Fundamental Warranties (including any Tax Claims on the Sale
Shares), then the Seller(s) agree and undertake that the Seller Indemnified Persons shall, for the avoidance of doubt subject to
Clause 8.4.4, take over the conduct of any dispute, defense or appeal of such Third Party Claim and the Seller(s) shall be liable
for the reasonable fees and expenses of counsel appointed by the Seller Indemnified Person(s) in this regard (“Purchaser
Controlled Claim(s)”).

 

		8.4.4	In the event the Seller(s) notify, in writing, to the Seller Indemnified Person(s) to not assume
the defense of the Third Party Claim pursuant to Clause 8.4.2(ii) or in case of Purchaser Controlled Claim(s), the Seller Indemnified
Person(s) shall proceed to control the defense, negotiation or settlement of such Third Party Claim or proceeding, provided that:
(a) the Seller Indemnified Person(s) shall use all reasonable efforts in the defense as would be reasonably practicable to preserve
the collective rights of the Parties with respect to such Third Party Claim; (b) the Seller Indemnified Person(s) shall consider
(to the extent possible), the comments and actions as the Sellers, together, may reasonably request in the handling of the Third
Party Claim; (c) the Seller Indemnified Person(s) shall keep the Sellers reasonably informed about the status of the proceedings
and the expenses incurred; and (d) the Seller Indemnified Person(s) shall not (without the prior written consent of the Sellers,
which shall not be unreasonably withheld or delayed) agree to any compromise or settlement arising from such Third Party Claim
where such compromise or settlement: (i) results in the admission of guilt or admission of illegality on behalf of the Sellers;
(ii) does not provide an unqualified or unconditional release to the Sellers from all liability in relation to such Third Party
Claim; and (iii) does not have payment of monetary damages as the sole relief granted or agreed.

 

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		8.4.5	Notwithstanding any other provision in this Agreement, the Parties agree that: (i) in the event
of any Loss which has arisen to or been suffered or incurred by any Seller Indemnified Person(s) as a result of any interim order
by a court or any Government Authority (including any deposits payable) pursuant to this Clause wherein the Seller Indemnified
Person is required to make such payments or deposits upfront, pending any final order or determination or adjudication, then, the
Sellers acknowledges that the Sellers shall be liable to immediately make available such amount to the Seller Indemnified Person
for such Loss; (ii) where a payment obligation under a Third Party Claim becomes due and payable (whether by the Company, the Purchaser
or the Sellers) including pursuant to a judgement, order by any Government Authority or arbitral award which, in each case, is
not subject to any stay or other legal suspension or postponement, or where the Parties have agreed not to prefer an appeal, or
a settlement or compromise having been consummated in accordance with the provisions of Clause 8.4, the Seller(s) shall make such
payment or otherwise cause to be discharged such Third Party Claim in a manner that such payment obligation is satisfied no later
than 3 (three) Business Days prior to the date on which it becomes due and payable.

 

		8.4.6	The Parties agree that if a claim by a Third Party is made against the Sellers arising out of a
matter for which the Purchaser is obligated to indemnify the Sellers pursuant to Clause 8.2 above, the procedure and provisions
set out under Clause 8.4 shall apply mutatis mutandis in respect of such claim and in such an event the Purchaser shall
be deemed to be the indemnifying person and the “Seller Indemnified Persons” shall be deemed to be the Sellers.

 

		8.5	Limitation of liabilities

 

		8.5.1	Overall Cap

 

The total liability of the Sellers
to the Seller Indemnified Person(s) for any Losses suffered by it, or any claim for damages or any other remedies available to
the Seller Indemnified Person(s) shall not in the aggregate exceed the amount equivalent to: (a) 100% (one hundred percent) of
the Purchase Consideration received by the Sellers, in relation to claims arising on account of Fundamental Warranties; (b) 20%
(twenty percent) of the Purchase Consideration received by the Sellers, in relation to any claims arising on account of the Company
Business Warranties (save and except Company Tax Warranties); and (c) 25% (twenty five percent) of the Purchase Consideration received
by the Sellers, in relation to any claims arising on account of Company Tax Warranties. In no event shall the Sellers’ aggregate
liability under this Agreement exceed the Purchase Consideration, provided that the aforesaid monetary limitations shall not apply
to any Losses claimed on account of any Warranties being made fraudulently or as a result of wilful concealment of facts by any
of the Seller(s) and/or the Company.

 

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		8.5.2	Indemnity Threshold

 

The relevant Indemnifying Person(s)
shall not be liable for payment of any Indemnity Claim under this Agreement unless: (a) an individual Indemnity Claim results in
a Loss, in accordance with the terms of this Agreement, exceeding 1% (one percent) of the Purchase Consideration (“De
Minimis Threshold”) (collectively referred as “Relevant Claims”); and (b) such Relevant Claims, when
aggregated, results in a Loss in accordance with the terms of this Agreement, exceeding 5% (five percent) of the Purchase Consideration
(the “Payment Threshold”). Upon the aggregate of the Relevant Claims (whether unrelated or relating to a series
of connected matters or arising out of the same subject matter, cause of action facts, events or circumstances) exceeding the Payment
Threshold, the relevant Indemnified Person(s) shall be entitled to claim the entire amounts from the first rupee thereof (and not
only the portion that exceeds the Payment Threshold). The Parties agree and acknowledge that the aforesaid limitations shall not
apply to any Indemnity Claim relating to any Fundamental Warranties or any Loss(es) claimed by the Purchaser on account of any
Warranties made fraudulently or as a result of wilful concealment of facts by any of the Sellers and/or the Company.

 

		8.5.3	Time Limits

 

The relevant Indemnifying Person(s)
shall have no liability in respect of any Indemnity Claim unless the relevant Indemnified Person(s) shall have given notice in
writing to the Indemnifying Person of such Indemnity Claim within: (a) 7 (seven) years from the Closing Date in relation to Fundamental
Warranties; (b) 18 (eighteen) months from the Closing Date in relation to Company Business Warranties (other than Company Tax Warranties);
and (c) 7 (seven) years from the financial year in which Closing takes place in relation to the Company Tax Warranties. For the
avoidance of doubt, it is hereby clarified that as long as a claim is made by the Indemnified Person(s) in the manner provided
in this Agreement which relates to events and matters prior to the expiry of the relevant Warranty time period provided herein,
such Indemnity Claim shall survive the expiry of the time limitations specified herein.

 

		8.5.4	Subsequent Recovery

 

If the relevant Indemnifying Person(s)
pays an amount which fully discharges any Indemnity Claim raised by an Indemnified Person(s) under this Agreement for Losses suffered
by such Indemnified Person(s) and the Indemnified Person(s) (whether by payment, discount, credit, relief or otherwise) recovers
from a Third Party, a sum which compensates the Indemnified Person(s) for such Loss and which otherwise would not have been received
(including for the avoidance of doubt, any tax refunds, insurance amounts or similar recoveries) by the Indemnified Person(s),
the Indemnified Person(s) will pay to the relevant Indemnifying Person(s) an amount equivalent to the amount recovered from such
Third Party, less any reasonable costs and expenses incurred in obtaining such recovery and less any Tax paid or payable by the
Indemnified Person(s) under applicable Law at the time of the recovery of the sum from a Third Party, provided, that such repayment
shall not exceed the amount of the payment that the relevant Indemnifying Person(s) had previously paid to such Indemnified Person(s)
in respect of such Loss and after paying such amounts to the relevant Indemnifying Person(s), the Indemnified Person(s) remains
fully compensated in respect of the original Loss incurred. The Seller Indemnified Person agrees that in the event Tax is required
to be withheld or deducted at source on the amount so paid or required to be paid pursuant to this Clause 8.5.4, such amount shall
be grossed up with the amount of Tax, required to be so withheld or deducted, such that the Sellers receive the same amount after
the applicable withholding or deduction, which it would have otherwise received, had no withholdings or deduction taken place.

 

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		8.5.5	Double Claims

 

The relevant Indemnified Person(s)
will not be entitled to recover from the relevant Indemnifying Person(s) under this Agreement more than once in respect of the
same Loss suffered.

 

		8.5.6	No Special and Indirect Damages

 

No special, indirect or consequential
damages, regardless of the legal theory on which the Indemnity Claim is based, will be recoverable hereunder.

 

		8.5.7	No liability for contingent claims

 

If any breach of the Warranties
arises by reason of any liability of the Company which, at the time of such breach or claim, is a contingent liability (to the
extent disclosed in the Financial Statements subject to the Warranties set out in Paragraph 3 of Part B of Schedule III
(Warranties) remaining true, accurate and complete or otherwise Disclosed as part of the Disclosure), then the Sellers shall
not be under any obligation to make any payment in respect of such breach or claim unless and until such liability ceases to be
contingent and crystallizes into an obligation to make a payment. Provided further, the Parties agree that in the event such liability
ceases to be contingent or crystallizes into an obligation to make a payment to the Seller Indemnified Persons, the Sellers shall
only be obligated to pay the amount that is in excess of the amount provisioned as contingent liability in the Financial Statements
(to the extent disclosed in the Financial Statements subject to the Warranties set out in Paragraph 3 of Part B of Schedule
III (Warranties) remaining true, accurate and complete or otherwise Disclosed as part of the Disclosure). It is clarified
that where a claim has been made under this Clause 8 within the time period set out in Clause 8.5.3 above, the Sellers shall be
under an obligation to make payments in respect of such breach or claim even if such liability ceases to be contingent and results
into an obligation to make a payment after the time period set out in Clause 8.5.3.

 

		8.5.8	Specific provisions

 

		(a)	If and to the extent that:

 

		(i)	the amount of any allowance, provision or reserve (other than any provision or reserve for Tax)
made in the Audited Accounts is found, by the Purchaser (at its sole discretion), to be in excess of the matter for which such
allowance, provision or reserve was made;

 

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		(ii)	any sum is received by the Company after the Closing Date which sum was written off as irrecoverable
in the Audited Accounts,

 

then the amount of any such excess
or receipt as the case may be (net of Taxes), shall be credited against and applied in relieving the Sellers from any liability
it would otherwise incur in respect of any Indemnity Claim under the Company Business Warranties, or at the option of the Purchaser,
shall be credited against and applied in or towards satisfaction of any Indemnity Claims which the Purchaser may have against the
Sellers under this Agreement.

 

		(b)	The exclusions provided in Clause 8.5.8(a) above shall be applicable subject to the Warranties
set out in Paragraph 3 of Part B of Schedule III (Warranties) remaining true, accurate and complete.

 

		(c)	Notwithstanding anything to the contrary set out herein, the exclusions provided in Clause 8.5.8(a)
above shall not apply to any Indemnity Claim relating to any Fundamental Warranties or any Loss(es) claimed by the Purchaser on
account of any Warranties made fraudulently or as a result of wilful concealment of facts by any of the Sellers and/or the Company.

 

		8.5.9	Modification in law

 

No Party shall be liable for any
breach of this Agreement which directly arises as a result of: (a) any legislation not in force on or prior to the Closing Date;
or (b) any change after the Closing Date of any generally accepted interpretation or application of any Laws by the Government
Authorities.

 

		8.5.10	Acts of Indemnified Person

 

The Indemnifying Person shall not
be liable in respect of any claim under or in connection with this Agreement to the extent that the claim is attributable directly
and solely to:

 

		(a)	any act, omission or transaction carried out by or at the written request of or with the written
consent of any Indemnified Person or any of their successors in title or assigns;

 

		(b)	anything expressly required to be done or omitted to be done by the Indemnifying Person as required
in terms of this Agreement and in accordance with the requirements of applicable Law;

 

		(c)	any matter that have been specifically Disclosed by the Sellers in the Disclosure Letter;

 

		(d)	arises solely and directly from the facts, events or circumstances, that take place or arise after
the Closing Date, to the extent such claim or Loss is not caused or increased on account of any facts, events, circumstances, omissions
or breaches that occurred prior to the Closing Date.

 

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		8.5.11	Sole remedy

 

The Indemnified Person(s) agree(s)
that the right of indemnification as set out in this Clause 8 shall be the sole monetary remedy available to the Indemnified Person(s).
Notwithstanding the foregoing or anything else to the contrary, in the event of any Losses relating to (i) any act of fraud, wilful
misconduct or gross negligence; or (ii) subject to the other limitations set out in Clause 8.5, where Indemnity Claims remain outstanding
/ unpaid to the relevant Indemnified Persons after the relevant Indemnified Person has exhausted its right of indemnification in
accordance with this Clause 8, the relevant Indemnified Person(s) may exercise any rights and remedies that such Indemnified Person(s)
may have at Law or in equity for recovery of the amounts outstanding.

 

		8.5.12	If any Loss is suffered by the Company upon the occurrence of any of the events set forth and referenced
in this Clause 8, then such Loss suffered or incurred by the Company shall be deemed to be the Loss suffered or incurred by the
Purchaser for the purpose of the indemnification obligations of the relevant Seller(s).

 

		8.5.13	Notwithstanding anything to the contrary in this Agreement, any payment made pursuant to Clause
8.1, shall be free from any set-off, deduction or withholding. In the event Tax is required to be withheld or deducted at source
on the amount, so paid or required to be paid pursuant to Clause 8.1, such amount shall be grossed up with the amount of Tax, required
to be so withheld or deducted, such that the Seller Indemnified Person(s) receives the same amount after the applicable withholding
or deduction, which it would have otherwise received, had no withholdings or deduction taken place.

 

		8.6	No Restitution

 

Subject to Clause 8.5.4, each
of the Sellers shall not claim any restitution from the Company, in relation to any payments that would be made by such Seller
to the Seller Indemnified Persons pursuant to the terms of this Clause 8 and each Seller hereby forever waives any such claim in
perpetuity.

 

		9.	TERM AND TERMINATION

 

		9.1	Term

 

This Agreement shall be effective,
valid and binding from the Execution Date until the date of termination of this Agreement in accordance with this Clause 9.

 

		9.2	Termination

 

		9.2.1	This Agreement may be terminated:

 

		(a)	at any time on or prior to the Closing Date by mutual agreement (in writing) of all the Parties;

 

		(b)	by the Purchaser, on the Long Stop Date if the Conditions Precedent are not fulfilled to its satisfaction
on or before the Long Stop Date, except on account of the Purchaser not undertaking the virtual tour and/ or physical site visit
as set out Clause 4.1.14 after the Sellers have provided access for a virtual tour and/ or made best efforts to provide physical
site visit;

 

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		(c)	by any Party if the Closing has not occurred on or before the Long Stop Date;

 

		(d)	by the Purchaser, by issuing a written notice to the Sellers and the Company upon the occurrence
of a Material Adverse Effect and such event constituting a Material Adverse Effect, if capable of being cured, is not cured within
20 (twenty) days, after the Company and/or the Sellers are notified by the Purchaser in writing of the same;

 

		(e)	by the Sellers, by issuing a written notice to the Purchaser upon the occurrence of a Material
Adverse Effect to the extent it relates to an event covered in part (a) of the definition of Material Adverse Effect;

 

		(f)	by the Purchaser upon the occurrence of a Liquidation Event in respect of the Sellers or the Company,
on or prior to Closing Date;

 

		(g)	by any of the Sellers and the Company (acting jointly) upon the occurrence of a Liquidation Event
with respect to the Purchaser on or prior to Closing Date;

 

		(h)	at any time on or prior to the Closing Date, by the Purchaser, if there is a breach of the Company
Business Warranties that amounts to a Material Adverse Effect or a breach of the Fundamental Warranties by the Company and/or the
Sellers, and such breach, if capable of being cured, is not cured within 20 (twenty) days, after the Company and/or the Sellers
are notified by the Purchaser in writing of the same;

 

		(i)	at any time on or prior to the Closing Date, by the Sellers and the Company (acting jointly) if
there is a breach of any of the Warranties by the Purchaser and such breach, if capable of being cured, is not cured within 20
(twenty) days, after the Purchaser is notified by Sellers in writing of the same; or

 

		(j)	in accordance with Clause 6.8 above.

 

		9.2.2	Termination of this Agreement shall be without prejudice to the rights and remedies of any Party
that have arisen or accrued on or prior to such termination.

 

		9.3	Survival

 

The provisions of Clause 1 (Definitions),
Clause 8 (Indemnification), Clause 9.3 (Survival), Clause 10 (Governing Law and Dispute Resolution) and Clause
11 (Miscellaneous), shall survive termination of this Agreement.

 

		10.	GOVERNING LAW AND DISPUTE RESOLUTION

 

		10.1	Governing Law

 

This Agreement, the documents
to be entered into pursuant to it, all agreements made in furtherance of this Agreement, and all rights, obligations and actions
arising therefrom shall be governed by and be construed in accordance with the applicable Laws of India. Subject to Clause 10.2
and Clause 10.3, this Agreement shall be subject to the exclusive jurisdiction of the courts in New Delhi, India.

 

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		10.2	Negotiation

 

The Parties agree to negotiate
in good faith to resolve any Dispute (as defined hereinafter) between them in relation to or arising out of this Agreement.
If the negotiations do not resolve the Dispute within a period of 30 (thirty) days when the Dispute rose, then such Dispute, controversy
or claim arising out of or relating to this Agreement or the breach, termination or invalidity thereof shall be settled by arbitration
in accordance with Clause 10.3 of this Agreement.

 

		10.3	Arbitration

 

Subject to Clause 10.2 above,
any dispute, controversy, claims or disagreement of any kind whatsoever between or among the Parties or any 2 (two) or more of
them, in connection with or arising out of this Agreement or the breach, termination or invalidity thereof (“Dispute”)
shall be referred to and finally resolved by arbitration. In the event of such arbitration:

 

		10.3.1	the arbitration shall be in accordance with the rules of the Singapore International Arbitration
Centre (“SIAC”) for the time being in force and such rules are deemed to be incorporated by reference in this
Clause 10.3;

 

		10.3.2	all proceedings of such arbitration shall be in the English language. The seat of the arbitration
shall be Singapore and the venue shall be New Delhi;

 

		10.3.3	the arbitration panel shall consist of 3 (three) arbitrators. The claimant, on one hand, shall
appoint 1 (one) arbitrator, and the respondent(s), on the other hand, shall jointly appoint 1 (one) arbitrator and the third arbitrator,
who shall serve as chairman, shall be appointed jointly by the other two arbitrators;

 

		10.3.4	the existence or subsistence of a Dispute between the Parties, or the commencement or continuation
of arbitration proceedings, shall not, in any manner, prevent or postpone the performance of those obligations of the Parties under
this Agreement which are not in dispute, and the arbitrators shall give due consideration to such performance, if any, in making
a final award;

 

		10.3.5	the arbitration panel shall have the power to grant any legal or equitable remedy or relief available
under applicable Law, including injunctive relief (whether interim and/ or final) and specific performance. For avoidance of doubt,
each party to the Dispute shall be entitled to apply to the appropriate court of competent jurisdiction for interim or interlocutory
relief in respect of such arbitration;

 

		10.3.6	the arbitration panel shall also have the power to decide on any dispute regarding the validity
of this Clause 10.3; and

 

		10.3.7	the arbitration panel shall render a written and reasoned award in writing at the earliest and
in its award, also, decide on and apportion the costs and reasonable expenses (including reasonable fees of counsel retained by
the Parties) incurred in the arbitration. Any arbitral award or measures ordered by the arbitration panel: (a) may be specifically
enforced by any court of competent jurisdiction; (b) shall be final and binding on the Parties; and (c) the Parties waive irrevocably
any rights to any form of appeal, review or recourse to any state or other judicial authority in so far as such waiver may validly
be made.

 

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		11.	MISCELLANEOUS

 

		11.1	Counterparts

 

This Agreement may be executed
in counterparts, all of which shall constitute one and the same agreement binding on all Parties. Delivery by way of exchanging
signature pages through electronic mail shall take effect as delivery of an executed counterpart of this Agreement. Any such aforementioned
exchange of signature pages among the Parties shall constitute a valid execution of this Agreement, where an electronic copy of
this Agreement is also circulated to the Parties.

 

		11.2	Notices

 

Notices, demands or other communication
required or permitted to be given or made under this Agreement shall be in writing and shall be effectively given if: (a) delivered
personally; or (b) sent by international courier service, if addressed to the concerned Party as follows:

 

	If to
    Seller 1	:	WorldAkorn
    Pharma Mauritius
	 	 	 
	Address	:	C/O Ocorian Corporate Services (Mauritius) Limited, 6th
    Floor, Tower A, 1 Cybercity, Ebene Mauritius
	 	 	 
	E-mail	:	WorldAkornMauritius@abaxservices.com
	 	 	 
	Attention	:	To the directors
	 	 	 
	If to Seller 2	:	Akorn, Inc.
	 	 	 
	Address	:	1925 West Field Court,
    Suite 300, Lake Forest, IL, 60045
	 	 	 
	E-mail	:	Jennifer.bowles@akorn.com
	 	 	 
	Attention	:	Jennifer Bowles
	 	 	 
	With copy to	:	 
	 	 	 
	Address	:	1925 West Field Court,
    Suite 300, Lake Forest, IL, 60045
	 	 	 
	E-mail	:	Sharon.nowakowski@akorn.com
	 	 	 
	Attention	:	Sharon Nowakowski
	 	 	 
	If to the Purchaser	:	Biological E. Limited
	 	 	 
	Address	:	18/1 and 3, Azamabad,
    Hyderabad 500020
	 	 	 
	E-mail	:	mahipalreddy.saddi@biologicale.com
	 	 	 
	Attention	:	Mr. Mahipal Reddy Saddi
	 	 	 
	If to
    the Company	:	Akorn
    India Private Limited
	 	 	 
	Address	:	1st Floor, Cowrks, Worldmark-1, Asset Area-11 Aerocity, Hospitality
    District, IGI Airport, NH-8, New Delhi 110037
	 	 	 
	E-mail	:	dheeraj.chopra@akornindia.com
	 	 	 
	Attention	:	Mr Dheeraj Chopra

 

    36 

     

    

 

In addition to the above, copies
of notices shall be sent through electronic mail. Any notice delivered personally shall be deemed to have been served on delivery
with proof of acknowledgment. Unless there is evidence that it was received at a different time, notice pursuant to this Clause
shall be deemed to have been served if: (i) sent by established courier services within a country, 3 (three) Business Days after
posting it; (ii) sent by established courier service between two countries, 6 (six) Business Days after posting it; and (iii) sent
by electronic mail, on the same date. It is also agreed between the Parties that any notices addressed to any Seller also be addressed
to each of the Seller 1 and Seller 2.

 

		11.3	Costs

 

		11.3.1	Each Party shall bear its own costs and expenses in relation to or in connection with the preparation,
negotiation, execution and completion of this Agreement and for the fulfilment of its obligations.

 

		11.3.2	For the avoidance of doubt, it is hereby clarified that all costs in relation to stamp duty for
the transfer of the Sale Shares (if in physical form) from the Sellers to the Purchaser to the extent applicable, including stamp
duty payable on this Agreement and 2 (two) counterparts, the share transfer forms and any stamp duty payable in connection with
the execution of this Agreement, shall be borne by the Purchaser. Except for the foregoing, all Taxes relating to the Proposed
Transaction shall solely be borne by the Party on whom such Taxes may be levied.

 

		11.3.3	The Party which is responsible for making a regulatory application to the Government Authority
shall bear the cost of such regulatory application. For the avoidance of doubt, it is hereby clarified that in the event the Closing
of the Proposed Transaction cannot take place as a result of non-receipt of Governmental Approvals, then the Parties shall not
be liable to reimburse any costs incurred by a Party/ the Parties in connection with the Proposed Transaction.

 

		11.4	Confidentiality

 

		11.4.1	Subject to Clauses 11.4.2 and 11.4.3, each Party:

 

		(a)	Each Party shall treat as strictly confidential:

 

		(i)	the terms of this Agreement, its existence, all information and other materials passing between
it and the other Parties in relation to the Proposed Transaction contemplated by this Agreement (including all the information
concerning the Company, the Sellers and their respective Affiliates and their business transactions and financial arrangements);

 

		(ii)	the existence and contents of the discussions (including all proposals, queries, plans, minutes
or recordings of such discussions) or other communications concerning the Proposed Transaction, including any of the terms, conditions,
status or other facts with respect to such discussions, negotiations and/or Proposed Transaction;

 

		(iii)	all information in whatever form (including, without limitation, in written, oral, visual or electronic
form, or on tape or disk) relating to the Company, the Proposed Transaction, the Sellers or any of their directors, officers, representatives,
in whatever form communicated, obtained or maintained, regardless of whether it has been prepared by or on behalf of the Sellers,
the Company or any of their representatives, including any non-public information obtained/exchanged in writing, electronically
or visually from or orally through discussions with the Sellers, the Company or any of their representatives, and all valuations,
opinions, analyses, compilations, forecasts, studies, or other documents, to the extent that they contain or are derived from such
information; and

 

    37 

     

    

 

		(iv)	any original or copy of document, electronic file or other item that contains any information described
above;

 

(collectively referred to as
the “Information”), and

 

		(b)	shall not without the prior written consent of the other Parties, divulge the Information to any
other Person or use the Information other than for carrying out the purposes of this Agreement.

 

		11.4.2	The term Information shall not include such portions of Information which the Party using or disclosing
such Information (“Disclosing Party”) can show that has or have become generally available to the public, other
than as a result of a disclosure or other default of this Agreement by the Disclosing Party or its representatives.

 

		11.4.3	Notwithstanding the other provisions of this Clause 11.4, the Disclosing Party may disclose Information:

 

		(a)	If and to the extent required by applicable Laws;

 

		(b)	If and to the extent required or requested by any Government Authority to which the Disclosing
Party is subject; and

 

		(c)	To its directors, employees, professional advisors, agents, auditors and bankers (“Advisors”),
to such extent the Disclosing Party believes the Advisors have a reasonable need to know.

 

It is clarified, for the avoidance
of doubt, that any Advisors to whom Information is disclosed shall be bound by the restrictions contained in this Clause 11.4 or
shall execute a non-disclosure agreement containing substantially similar provisions as mentioned in this Clause 11.4 with the
relevant Disclosing Party and shall be subjected to the same duty of care in relation to Information as the Disclosing Party, and
any breach of the provisions of this Clause 11.4 by the Advisors of a Party will be deemed to be a breach by the concerned Disclosing
Party.

 

		11.4.4	Any Information to be disclosed pursuant to Clause 11.4.3(a) or 11.4.3(b) shall be disclosed only
after consultation with the other Parties to the extent practicable and permitted by applicable Laws.

 

		11.4.5	In the event that this Agreement gets terminated and the transactions contemplated hereby cannot
be implemented, then each Party shall, upon the written demand made by the other Party(ies), immediately return, destroy, or expunge
the Information, together with any copies of such Information which are in its possession.

 

    38 

     

    

 

 

		11.5	Announcements

 

		11.5.1	No announcements or other disclosure concerning the transactions contemplated by this Agreement
or any ancillary matter shall be made by any Party, save as agreed between the Parties in writing.

 

		11.5.2	Notwithstanding anything else in this Agreement, either Party or its Affiliates may make an announcement
concerning the Proposed Transaction, if required by applicable Laws or by the rules of a stock exchange on which it is listed,
in which case the Party concerned shall take all steps necessary for complying with the requirements of applicable Laws. The concerned
Party shall take reasonable steps to obtain the consent of the other Parties on the contents of such announcement, prior to making
the announcement, provided however, that failure to obtain such consent shall not prohibit or delay such concerned Party from making
such disclosure.

 

		11.6	Assignment

 

		11.6.1	Notwithstanding anything to the contrary contained in this Agreement: (a) no rights, liabilities
or obligations under this Agreement shall be assigned by any of the Sellers or the Company without the prior written consent of
the Purchaser and each of the Sellers and the Company shall require any permitted successors, assignees, whether direct or indirect
to assume and agree to perform or cause to be performed such Party’s obligations under this Agreement; and (b) the Purchaser
may assign all or any its rights, liabilities or obligations under this Agreement to any Affiliate or Third Party without the prior
written consent of the other Parties hereto. Notwithstanding the foregoing, if the Company is merged with the Purchaser, then this
Agreement may be assigned and transferred by the Company to the Purchaser pursuant to such merger, without the prior written consent
of any of the Sellers.

 

		11.6.2	This Agreement shall be binding on the Parties and their respective successors and permitted assigns.

 

		11.7	Relationship

 

Each Party hereto is an independent
contractor and nothing contained in this Agreement shall be construed to be inconsistent with this relationship or status. Nothing
in this Agreement shall be in any way construed to constitute either Party as the agent, employee or representative of the other.
None of the provisions of this Agreement shall be deemed to constitute a partnership between the Parties hereto and no Party shall
have any authority to bind the other Party otherwise than under this Agreement.

 

		11.8	Entire Agreement

 

The Transaction Documents supersede
all prior discussions and agreements (whether oral or written, including all correspondence), if any, between the Parties with
respect to the Proposed Transaction, and the Transaction Documents (together with any amendments or modifications thereof) contain
the sole and entire agreement between the Parties hereto with respect to the subject matter hereof or thereof, as the case may
be.

 

    39

     

    

 

		11.9	Severability

 

Any provision of this Agreement,
which is invalid or unenforceable, shall be ineffective to the extent of such invalidity or unenforceability, without affecting
in any way the remaining provisions hereof.

 

		11.10	Amendment

 

This Agreement shall not be amended,
modified or supplemented except by a written instrument executed by each of the Parties.

 

		11.11	Waiver

 

No waiver shall be valid unless
given in writing by the Party or Parties from whom such waiver is sought. Any such waiver shall constitute a waiver only with respect
to the specific matter described in such writing and shall in no way impair the rights of the Party granting such waiver in any
other respect or at any other time. Neither the waiver by any of the Parties of a breach of or a default under any of the provisions
of this Agreement, nor the failure by any of the Parties, on one or more occasions, to enforce any of the provisions of this Agreement
or to exercise any right or privilege hereunder, shall be construed as a waiver of or acquiescence to continuing or succeeding
breach or default of such provisions, any other breach or default of a similar nature, or as a waiver of any of such provisions,
rights or privileges hereunder or acquiescence to or recognition of rights and/or position other than as expressly stipulated in
this Agreement.

 

		11.12	Further assurances

 

		11.12.1	Subject to the terms of this Agreement, the Parties shall do, or cause to be done, such further
acts, deeds, matters and things and execute such further documents as may be reasonably required to give full effect to the terms
of the Transaction Documents, including, without limitation, filing the relevant Forms FC-TRS and other necessary forms and/or
documents with relevant Government Authorities.

 

		11.12.2	Each Party shall procure that its Affiliates comply with all obligations under this Agreement which
are expressed to apply to any such Affiliates.

 

		11.12.3	After the Closing, to the extent that the Purchaser or the Company is required under applicable
Law to make any regulatory notification or filing or obtain any fresh registration or licenses, the Sellers undertake to provide
the Purchaser with all such assistance, including providing any information and documents, as may be reasonably requested by the
Purchaser.

 

(THE REMAINDER OF THIS PAGE HAS BEEN
INTENTIONALLY LEFT BLANK)

 

(Schedules and Exhibits to follow)

 

    40

     

    

 

The following schedules
and exhibits have been omitted pursuant to Rule 601(a)(5), a copy of any omitted schedule or exhibit will be furnished to the U.S.
Securities and Exchange Commission upon request.

 

		·	SCHEDULE I

 

		o	PART A: SHAREHOLDER DETAILS

		o	PART B: SHAREHOLDING PATTERN ON THE CLOSING DATE
	 	 	 

		·	SCHEDULE II FORM OF CP SATISFACTION NOTICE

 

		·	SCHEDULE III WARRANTIES

 

		o	PART A | FUNDAMENTAL WARRANTIES

		o	PART B | COMPANY BUSINESS WARRANTIES
	 	 	 

		·	SCHEDULE IV FORMAT OF RESIGNATION LETTER

 

		·	SCHEDULE V ACTIONS BETWEEN EXECUTION DATE AND CLOSING DATE

 

		·	SCHEDULE VI MARKS PENDING NAME CHANGE

 

		·	EXHIBIT A Formula to determine “Purchase Consideration” (as adjusted pursuant to terms
of the Agreement)

 

		·	EXHIBIT 1 LIST OF FIXED ASSETS

 

		·	EXHIBIT 2

 

		o	PART A - FREEHOLD PROPERTIES

		o	PART B - LEASEHOLD PROPERTIES
	 	 	 

		·	EXHIBIT 3

 

		o	PART A- LIST OF COMPANY OWNED IP

		o	PART B- LIST OF COMPANY LICENSED IP

 

		·	DISCLOSURE LETTER ISSUED BY AKORN INDIA PRIVATE LIMITED,
WORLDAKORN PHARMA MAURITIUS, AND AKORN, INC.

 

(Signature pages to follow)

 

    

     

    

 

FOR AND ON BEHALF OF WORLDAKORN PHARMA
MAURITIUS

 

	/s/ Keni Lufor	 
	Authorised Signatory	 
	Name:	 Keni Lufor	 

 

[This signature page forms an integral
part of the share purchase agreement executed by and amongst Akorn India Private Limited, WorldAkorn Pharma Mauritius, Akorn, Inc.
and Biological E. Limited.]

 

    

     

    

 

FOR AND ON BEHALF OF AKORN, INC.

 

	/s/ Joseph Patrick Bonaccorsi	 
	Authorised Signatory	 
	Name:	 Joseph Patrick Bonaccorsi	 

 

[This signature page forms an integral
part of the share purchase agreement executed by and amongst Akorn India Private Limited, WorldAkorn Pharma Mauritius, Akorn, Inc.
and Biological E. Limited.]

 

    

     

    

 

FOR AND ON BEHALF OF AKORN INDIA PRIVATE
LIMITED

 

	/s/ Joseph Patrick Bonaccorsi	 
	Authorised Signatory	 
	Name:	Joseph Patrick Bonaccorsi	 

 

[This signature page forms an integral
part of the share purchase agreement executed by and amongst Akorn India Private Limited, WorldAkorn Pharma Mauritius, Akorn, Inc.
and Biological E. Limited.]

 

    

     

    

 

FOR AND ON BEHALF OF BIOLOGICAL E. LIMITED

 

	/s/ Mahima Datla	 
	Authorised Signatory	 
	Name:	 Mahima Datla	 
	 	Managing Directory, DIN: 00965039	 

 

[This signature page forms an integral
part of the share purchase agreement executed by and amongst Akorn India Private Limited, WorldAkorn Pharma Mauritius, Akorn, Inc.
and Biological E. Limited.]

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