Document:

EX-10.1

 Exhibit 10.1 

LOAN AGREEMENT 
 This
LOAN AGREEMENT, dated as of November 17, 2014 (this “Agreement”), is made by and among Auxilium Pharmaceuticals, Inc., a corporation incorporated under the laws of the State
of Delaware (“U.S. Borrower”), Auxilium UK LTD, a private company limited by shares registered in England and Wales (“UK Borrower” and, collectively with the U.S. Borrower, the “Borrowers”) and Endo
Pharmaceuticals Inc., a corporation incorporated under the laws of the State of Delaware (“Lender”). 
 RECITALS 

WHEREAS, U.S. Borrower, Endo International PLC (“Endo”), a public limited company incorporated under the laws of Ireland,
Endo U.S. Inc. (“HoldCo”), a corporation incorporated under the laws of the State of Delaware and an indirect wholly-owned subsidiary of Endo, and Avalon Merger Sub Inc., a corporation incorporated under the laws of the State of
Delaware (“AcquireCo”), are parties to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of October 8, 2014, pursuant to which AcquireCo will merge with and into U.S. Borrower, with
U.S. Borrower surviving the merger, subject to the terms and conditions of the Merger Agreement; 
 WHEREAS, pursuant to the terms of the
QLT Merger Agreement (as defined in the Merger Agreement), upon the termination of the QLT Merger Agreement in connection with the execution of the Merger Agreement, U.S. Borrower was obligated to pay the QLT Termination Fee (as defined in the
Merger Agreement); 
 WHEREAS, Lender is an indirect wholly-owned subsidiary of Endo; 

WHEREAS, on October 9, 2014 (the “Payment Date”), Lender paid the QLT Termination Fee in the amount of $28,400,000 (the
“Payment”), which, in accordance with the terms hereof, the parties have agreed shall constitute a loan from Lender to Borrowers on the terms and conditions set out in this Agreement; and 

WHEREAS, the parties to the Merger Agreement have agreed to amend the terms thereof to provide for this Agreement and, in consideration for
the agreement of the Borrowers with respect to the Loans as set out herein, Endo has agreed to remove the obligation under the Merger Agreement for U.S. Borrower to repay the Payment to Endo in certain circumstances as provided therein. 

NOW, THEREFORE, in consideration of the mutual promises, and of the representations, warranties, and agreements contained herein, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

 ARTICLE I 

Definitions and Interpretation 

Section 1.1 Definitions. (a) As used herein, the following terms shall have the meanings specified herein
unless the context otherwise requires: 
 “Business Day” shall mean any day other than a Saturday, Sunday or other day on
which banks in New York City are authorized or required by law to close. 
 “Loan Amount” shall mean (a) in the case of
the U.S. Borrower, $24,000,000, and (b) in the case of the U.K. Borrower, $4,400,000. 
 “Person” shall mean any
natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, or other entity. 

“Repayment Date” shall mean the earlier of (a) twelve (12) months following the Payment Date, unless the maturity of
the Loans is extended in writing by Lender, and (b) the date on which the Merger Agreement is validly terminated pursuant to Section 7.1(c)(i), Section 7.1(d)(i), Section 7.1(d)(ii) or Section 7.1(d)(iii) (due to a breach by
U.S. Borrower of any covenants or agreements thereof that are set forth in the Merger Agreement) of the Merger Agreement. 
 As used in this
Agreement, each of the following terms shall have the meaning set forth in the Section of this Agreement, unless the context otherwise requires: 
  

			
	AcquireCo	  	Recital
	Agreement	  	Preamble
	UK Borrower	  	Preamble
	U.S. Borrower	  	Preamble
	Borrowers	  	Preamble
	Chancery Court	  	Section 5.6
	Endo	  	Recital
	Event of Default	  	Section 4.1
	HoldCo	  	Recital
	Lender	  	Preamble
	Loans	  	Section 2.1
	Merger Agreement	  	Recital
	Payment	  	Recital
	Payment Date	  	Recital
	UK Loan	  	Section 2.1
	U.S. Loan	  	Section 2.1

  
 - 2 - 

 Section 1.2 Interpretation. For all purposes of this Agreement, except as
otherwise expressly provided: 
 (a) words denoting the singular include the plural and words denoting the masculine gender
include the feminine (and vice versa); 
 (b) any reference to an “Article” or “Section” refers to an
Article or Section of this Agreement; 
 (c) the words “herein”, “hereof”,
“hereto” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision of this Agreement; 

(d) any reference to a “party” refers to a party to this Agreement and any reference to any party to this
Agreement or any other document or agreement shall include its successors and permitted assigns; 
 (e) any reference to a
“day”, “month” or “year” refers to a calendar day, month or year, respectively; 

(f) any payment date provided for in this Agreement that falls on a day that is not a Business Day shall be the first following
day that is a Business Day; 
 (g) the words “include”, “includes” or
“including” as used in this Agreement shall be deemed to be followed by the words “without limitation”; 

(h) all references to “$” or “Dollars” are to the lawful currency of the United States of
America; 
 (i) all references to this Agreement or any other agreement or instrument shall be deemed to be to this Agreement
or such other agreement or instrument as amended, modified, supplemented, restated or replaced from time to time; 
 (j) all
references to any statute shall be deemed to be to such statute as amended, modified, supplemented, restated or replaced from time to time (and shall be deemed to include any rules and regulations promulgated under such statute), and all references
to any section of any statute shall be deemed to include any successor to such section; 
 (k) all references to any copy of
any document are to a true, correct and complete copy thereof (including all annexes, exhibits, schedules and attachments thereto); and 

(l) the various headings contained herein are for reference purposes only and do not limit or otherwise affect any of the
provisions hereof. 

  
 - 3 - 

 ARTICLE II 

Loan 

Section 2.1 Loan. Lender and Borrowers hereby agree that the Payment shall now comprise two separate loans, a $24,000,000
loan to U.S. Borrower (the “U.S. Loan”) and a $4,400,000 loan to UK Borrower (the “UK Loan” and, collectively with the U.S. Loan, the “Loans”), in each case on the terms and conditions set out
herein, effective as of the date hereof. For the avoidance of doubt, (a) U.S. Borrower shall have no liability or obligation to the Lender in respect of the UK Loan, including in respect of the repayment thereof, and (b) UK Borrower shall
have no liability or obligation to the Lender in respect of the U.S. Loan, including in respect of the repayment thereof. 

Section 2.2 Interest on the Loans. The Loans shall bear interest at a rate per annum equal to the 2.56%,
representing the twelve (12) month London Interbank Offer Rate as published in the Wall Street Journal on the Business Day immediately prior to the date hereof plus two percent (2%), or such other rate as determined by Borrowers and
Lender in good faith. Notwithstanding the foregoing, no interest shall be payable hereunder until, and shall only be payable upon the occurrence of, the Repayment Date, subject to the terms set forth in the last sentence of Section 2.3.
Interest payable pursuant hereto shall be calculated on the basis of a 365-day year and the actual number of days elapsed in the relevant period. 

Section 2.3 Repayment; Termination. Subject to the terms set forth in the last sentence of Section 2.1, each of
the Borrowers shall repay, or cause to be repaid, its respective Loan Amounts within two (2) Business Days of the Repayment Date by wire transfer of immediately available funds to the account that is designated by Lender in Exhibit A
hereto (as such account information may be updated from time to time by written notice from Lender to Borrowers). Notwithstanding anything contained in this Agreement to the contrary, if the Merger Agreement is terminated for any reason other than
pursuant to the provisions of the Merger Agreement expressly referred to in clause (b) of the definition of Repayment Date (or if the Merger Agreement is terminated pursuant to Section 7.1(d)(iii) thereof other than due to a breach by U.S.
Borrower of any covenants or agreements thereof that are set forth in the Merger Agreement), then, concurrently with any such termination of the Merger Agreement, no payment of any kind shall be made by any Borrower to Lender, the Loans shall be
deemed terminated and extinguished in full, the Loan Amount shall be equal to zero with respect to each Borrower, and this Agreement (other than this sentence of this Section 2.3 and Article V hereof) shall terminate and cease to be of any
further force or effect. 
 ARTICLE III 

Representations and Warranties 

Each of the Borrowers severally (and not jointly) hereby represents and warrants, to and for the benefit of Lender, on the date hereof, as set
forth below. 
 Section 3.1 Due Organization. It is duly formed and validly existing, and is in good standing under the
laws of its jurisdiction of organization. 

  
 - 4 - 

 Section 3.2 Authority. It has the power and authority to execute and deliver
this Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all of its necessary corporate or similar
action, and no other action or proceeding on its part is necessary to authorize the execution or delivery of this Agreement or the consummation of the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered
by U.S. Borrower or UK Borrower, as the case may be. 
 Section 3.3 Binding Effect. This Agreement constitutes its valid
and binding obligation, enforceable against it in accordance with the terms of this Agreement subject to applicable bankruptcy, insolvency, fraudulent transfer and similar laws affecting creditors’ rights generally and to general principles of
equity. 
 Section 3.4 No Conflicts or Default. Its execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby do not and will not result in a breach or violation of, or constitute a default under, any of the terms and provisions of its organizational documents. 

ARTICLE IV 
 Events of
Default 
 Section 4.1 Events of Default. If any one or more of the following events (each, an “Event
of Default”) shall have occurred: 
 (i) default shall be made in the payment of any portion of the principal amount
of the Loans when and as the same shall become due and payable, whether at the due date thereof or by acceleration thereof or otherwise; 

(ii) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent
jurisdiction seeking (A) relief in respect of either Borrower, or of a substantial part of the property of any such Person, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or
foreign bankruptcy, insolvency, receivership or similar law; (B) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any such Person or for a substantial part of the property of such Person; or
(C) the winding-up or liquidation of any such Person; and such proceeding or petition shall continue undismissed for 90 days or an order or decree approving or ordering any of the foregoing shall be entered; or 

(iii) either Borrower shall (A) voluntarily commence any proceeding or file any petition seeking relief under
Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law; (B) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or the filing of any petition described in clause (ii) above; (C) apply for or consent to the 

  
 - 5 - 

 
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any such Person or for a substantial part of the property of such Person; (D) file an answer
admitting the material allegations of a petition filed against it in any such proceeding; (E) make a general assignment for the benefit of creditors; (F) become unable, admit in writing its inability or fail generally to pay its debts as
they become due; (G) take any action for the purpose of effecting any of the foregoing; or (H) wind up or liquidate. 
 then, in any event, with
respect to clause (i) above, at any time thereafter during the continuance of such event, Lender may, by notice to Borrowers, declare the Loan then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the
Loans so declared to be due and payable shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by Borrowers, anything contained herein to the contrary
notwithstanding; and in any event, with respect to clause (ii) or (iii) above, the principal of the Loans then outstanding shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind,
all of which are hereby expressly waived by Borrowers, anything contained herein to the contrary notwithstanding. 
 ARTICLE V 

Miscellaneous 

Section 5.1 Entire Understanding. This Agreement constitutes the entire agreement between the parties and supersedes all
prior agreements and understandings, both written and oral, among the parties, with respect to the subject matter thereof. 

Section 5.2 Amendments and Waivers. This Agreement may only be amended by written agreement signed by all of the
parties hereto. Any party may (a) waive, in whole or in part, any inaccuracy of, or consent to the modification of, any representation or warranty made to it hereunder or in any document to be delivered pursuant hereto, (b) extend the time
for the performance of any of the obligations or acts of the other parties, (c) waive or consent to the modification of any of the covenants herein contained for its benefit or waive or consent to the modification of any of the obligations of
the other parties hereto or (d) waive the fulfillment of any condition to its own obligations contained herein. No waiver or consent to the modifications of any of the provisions of this Agreement will be effective or binding unless made in
writing and signed by the party or parties purporting to give the same and, unless otherwise provided, will be limited to the specific breach or condition waived. The rights and remedies of the parties hereunder are cumulative and are in addition
to, and not in substitution for, any other rights and remedies available at law or in equity or otherwise. No single or partial exercise by a party of any right or remedy precludes or otherwise affects any further exercise of such right or remedy or
the exercise of any other right or remedy to which that party may be entitled. No waiver or partial waiver of any nature, in any one or more instances, will be deemed or construed a continued waiver of any condition or breach of any other term,
representation or warranty in this Agreement. 

  
 - 6 - 

 Section 5.3 Successors and Assigns. Neither this Agreement nor any of the
rights, interests or obligations hereunder may be assigned by any party without the prior written consent of the other parties. 

Section 5.4 Severability. Upon a determination that any provision of this Agreement is illegal, invalid or unenforceable,
the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions described herein may be consummated as
originally contemplated by the parties to the fullest extent possible. 
 Section 5.5 Notices. Any demand, notice or
other communication to be given in connection with this Agreement must be given in writing and will be given by personal delivery or by facsimile or electronic transmission, addressed to the recipient as follows: 

if to either Borrower to: 

c/o Auxilium Pharmaceuticals, Inc. 

640 Lee Road 
 Chesterbrook, PA
19087 

	 	Attention:	Andrew I. Koven 

	 	Facsimile No.:	(484) 321-5996 

	 	E-mail:	akoven@auxilium.com 

 with a copy (which will not constitute notice) to: 

Willkie Farr & Gallagher LLP 

787 Seventh Avenue 
 New York, New
York 10019 

	 	Attention:	Russell L. Leaf 

	 	    	Adam M. Turteltaub 

	 	Facsimile No.:	(212) 728-8111 

	 	E-mail:	rleaf@willkie.com 

	 	    	aturteltaub@willkie.com 

 if to Lender to: 

Endo International plc 
 33
Fitzwilliam Square 
 Dublin 2 Ireland 

Avalon Merger Sub Inc. 
 1400
Atwater Drive 
 Malvern, PA 19355 
  

	 	Attention:	Caroline B. Manogue 

	 	Facsimile No.:	(610) 884-7159 

	 	E-mail:	manogue.caroline@endo.com 

  
 - 7 - 

 with copies (which will not constitute notice) to: 

Sullivan & Cromwell LLP 

1888 Century Park East, 21st Floor 

Los Angeles, CA 90067 
  

	 	Attention:	Alison S. Ressler 

	 	    	Keith Pagnani 

	 	Facsimile No.:	(310) 712-8800 

	 	E-mail:	resslera@sullcrom.com 

	 	    	pagnanik@sullcrom.com 

 or to such other street address, individual or electronic communication number or
address as may be designated by written notice given by any party to the other parties in any manner stated in this Section 5.5. Any demand, notice or other communication or facsimile, given by personal delivery will be conclusively deemed to
have been given on the day of actual delivery thereof and, if given by electronic communication or facsimile, on the day of transmittal thereof if given during the normal business hours of the recipient and on the Business Day during which such
normal business hours next occur if not given during such hours on any day. 
 Section 5.6 Governing Law; Waiver of Jury
Trial. 
 (a) This Agreement, and any dispute arising out of, relating to, or in connection with this Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware of any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Delaware. Each of the parties (i) consents to submit itself to the personal jurisdiction of the Court of Chancery of the State of Delaware (the “Chancery Court”) or, if, but only if, the
Chancery Court lacks subject matter jurisdiction, any federal court located in the State of Delaware with respect to any dispute arising out of, relating to or in connection with this Agreement or any transaction contemplated hereby,
(ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (iii) agrees that it will not bring any action arising out of, relating to or in connection with
this Agreement or any transaction contemplated by this Agreement, in any court other than any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any action, suit or proceeding arising out of this
Agreement or the transactions contemplated hereby in the Chancery Court or, if, but only if, the Chancery Court lacks subject matter jurisdiction, in any federal court located in the State of Delaware, and hereby further irrevocably and
unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

(b) Each party hereby agrees that any service of process, summons, notice or document by registered mail addressed to such Person at its
address set forth in Section 5.5 shall be effective service of process for any suit, action or proceeding relating to any dispute arising out of this Agreement or the transactions contemplated by this Agreement. 

(c) EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

  
 - 8 - 

 Section 5.7 Counterparts; Facsimile Signatures. This Agreement may be executed
in any number of counterparts, each of which when executed and delivered shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of counterpart signatures by facsimile shall be deemed effective
as manual delivery of such signatures. 
 Section 5.8 Further Assurances. Subject to the provisions of this Agreement,
the parties will, from time to time, do all acts and things and execute and deliver all such further documents and instruments, as the other parties may reasonably require to effectively carry out or perfect the full intent and meaning of this
Agreement. 
 Section 5.9 Third Party Beneficiaries. This Agreement shall bind the parties hereto and their successors
and permitted assigns. This Agreement shall inure to the benefit of, and shall be enforceable by the parties hereto and their successors and permitted assigns. 

[Signature pages follow.] 

  
 - 9 - 

 IN WITNESS WHEREOF, the
parties have caused this Agreement to be executed and delivered on the date first above written. 
  

			
	 ENDO PHARMACEUTICALS INC.,
 as
Lender

		
	By:	 	/s/ Suketu P. Upadhyay
		 	 Name: Suketu P. Upadhyay
 Title: EVP and
Chief Financial Officer

  

			
	 AUXILIUM PHARMACEUTICALS, INC.,
 as
U.S. Borrower

		
	By:	 	/s/ Adrian Adams
		 	 Name: Adrian Adams
 Title: CEO &
President

  

			
	 AUXILIUM UK LTD,
 as UK
Borrower

		
	By:	 	/s/ Michael J. Purvis
		 	 Name: Michael J. Purvis
 Title:
Director

 [Signature Page to QLT Termination Fee Loan Agreement]Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (this “Agreement”), dated as of November 24, 2014 (the “Effective Date”), by and
between Caldera Pharmaceuticals, Inc., a corporation organized under the laws of the State of Delaware with a principal address
located at One Kendall Square, Cambridge, Massachusetts 02139 (the “Corporation”), and Richard Cunningham, an individual
with an address located at 35 Cattle Pen Lane, Ridgefield, Connecticut, 06877 (the “Executive”).

 

1.        EMPLOYMENT;
DUTIES

 

(a)     The
Corporation hereby engages and employs Executive as the President and Chief Executive Officer of the Corporation, and Executive
hereby accepts such engagement and employment as the President and Chief Executive Officer of the Corporation, for the term of
this Agreement as long as Executive desires to serve. It is expected that Executive will perform such duties commensurate with
such titles and as the Board of Directors of the Corporation shall reasonably determine, and the employment duties of Executive
will include reporting directly to the Chairman of the Board of Directors of the Corporation and/or the Board of Directors for
the full time high quality performance of directing, supervising and having responsibility for all aspects of the operations and
general affairs of the Corporation as directed by the Chairman of the Board of Directors or the Board of Directors. Executive
further agrees to serve without additional compensation as an officer or director of any subsidiaries of the Corporation upon
request of the Board of Directors.

 

(b)     Executive
shall devote all of his professional time under this Agreement to the business of the Corporation. Executive’s employment
under this Agreement shall be Executive’s exclusive employment during the term of this Agreement.  Executive may
not engage, directly or indirectly, in any other business, investment, or activity that interferes with Executive's performance
of Executive's duties hereunder, is contrary to the interest of the Corporation or any of its subsidiaries, or requires any significant
portion of Executive's business time.  The foregoing notwithstanding, the parties recognize and agree that Executive
may engage in personal investments, other business activities and civic, charitable or religious activities which do not conflict
with the business and affairs of the Corporation or interfere with Executive's performance of his duties hereunder.  Executive
may not serve on the board of directors of any entity other than the Corporation during the Term (as hereinafter defined) without
the written approval of the Board of Directors.  Executive shall be permitted to retain any compensation received for
approved service on any unaffiliated corporation's board of directors.

 

(c)     The
Corporation shall pay or reimburse reasonable travel, lodging, meal and related incidental costs of the Executive when the Executive
is requested to travel to or from the Corporation’s locations and while on business for the Corporation, consistent with
the Corporation’s travel policies in effect from time to time.

 

(d)     The
Corporation shall provide a computer, cellular phone and office for Executive.

 

2.        TERM

 

The
term of Executive’s employment shall be four (4) years from the execution date of this Agreement (the “Term”)
unless terminated earlier under Section 8 of this Agreement.

 

    	 

    	 

    

 

3.        COMPENSATION

 

(a)     As
compensation for the performance of his duties on behalf of the Corporation, Executive shall receive the following:

 

(i)     Base
Salary. Executive shall receive an annual base salary of Three Hundred Thousand Dollars ($300,000) for the Term (the “Base
Salary”), payable semi-monthly.

 

(ii)     Bonus.
The Executive shall be eligible for an annual bonus of up to one hundred percent (100%) of his base salary payable in cash. In
addition, the Executive shall be guaranteed a bonus of at least One Hundred Thousand Dollars ($100,000) payable within two (2)
business days following the one (1) year anniversary of the Effective Date provided that the Executive remains employed by the
Corporation on such anniversary date. Any bonus that is not guaranteed as described above may be awarded in the sole and absolute
discretion of both the Compensation Committee and the Board of Directors of the Corporation. The amount of any such bonus shall
depend on the achievement by the Executive and/or the Corporation of certain objectives to be established by the Board or the
Compensation Committee in consultation with the Executive, along with such other factors the Board and Compensation Committee
deems relevant. Any such bonus for a given fiscal year shall be payable in one lump sum upon approval by the Board of Directors
of the Corporation or the Compensation Committee, which shall be obtained by the Corporation on or about January 31 of the following
year.

     

(b)     The
Corporation shall reimburse Executive for expenses incurred in connection with his relocation to the Boston, Massachusetts area,
including a full service mover, transportation expenses and any other related expenses. In addition, the Corporation shall reimburse
Executive up to Ten Thousand Dollars ($10,000) if Executive is required to reimburse his current employer for his relocation to
Connecticut.

 

(c)     The
Corporation shall reimburse Executive for all normal, usual and necessary expenses incurred by Executive, including all travel,
lodging and entertainment, against receipt by the Corporation, as the case may be, of appropriate vouchers or other proof of Executive’s
expenditures and otherwise in accordance with such Expense Reimbursement Policy as may from time to time be adopted by the Corporation.

 

(d)     Subject
to the provisions of Section 8(g), the Executive shall receive an option exercisable for Five Hundred Thousand (500,000) shares
of the Corporation’s publicly registered common stock, which shall be awarded on the earlier of the closing date of the
Corporation’s next financing (the “Closing Date”) or the one year anniversary of Effective Date and shall vest
as follows: (i) One Hundred Thousand (100,000) shares shall vest on the one year anniversary of the Effective Date; (ii) Three
Hundred Thousand (300,000) shares shall vest monthly on a pro rata basis commencing on the last day of months thirteen
(13) through forty eight (48) of the Term; and (iii) One Hundred Thousand (100,000) shares shall vest on the four (4) year anniversary
of the Effective Date. The exercise price for the options shall be the price paid by investors in the next financing; provided,
however, if the next financing has not occurred by the one (1) year anniversary of the Effective Date then the exercise
price shall be determined in good faith by the Board of Directors of the Corporation based upon a 409A valuation. Upon a change
of control, as defined in the Corporation’s existing stock option plan, all unvested options issued to the Executive shall
become fully vested immediately upon the change of control.

 

(e)     Executive
shall be entitled to four (4) weeks paid vacation and sick leave in accordance with the Corporation’s policies. The Corporation
shall provide Executive and his family with healthcare coverage pursuant to the Corporation’s healthcare insurance policy
plan as well as any other benefits provided to executive officers.

 

    	2

    	 

    

 

4.        REPRESENTATIONS
AND WARRANTIES BY EXECUTIVE

 

Executive
hereby represents and warrants to the Corporation as follows:

 

(a)     Neither
the execution and delivery of this Agreement nor the performance by Executive of his duties and other obligations hereunder violates
or will violate any statute, law, determination or award, or conflict with or constitute a default under (whether immediately,
upon the giving of notice or lapse of time or both) any prior employment agreement, contract, or other instrument to which Executive
is a party or by which he is bound.

 

(b)     Executive
has the full right, power and legal capacity to enter and deliver this Agreement and to perform his duties and other obligations
hereunder. This Agreement constitutes the legal, valid and binding obligation of Executive enforceable against him in accordance
with its terms. No approvals or consents of any persons or entities are required for Executive to execute and deliver this Agreement
or perform his duties and other obligations hereunder.

     

5.        CONFIDENTIAL
INFORMATION

 

(a)     Executive
agrees that during the course of his employment or at any time thereafter, he will not disclose or make accessible to any other
person, the Corporation’s products, services and technology, both current and under development, promotion and marketing
programs, lists, trade secrets and other confidential and proprietary business information of the Corporation or any affiliates
or any of their clients. Executive agrees: (i) not to use any such information for himself or others, and (ii) not to take any
such material or reproductions thereof from the Corporation’s facilities at any time during his employment by the Corporation
other than to perform his duties hereunder. Executive agrees immediately to return all such material and reproductions thereof
in his possession to the Corporation upon request and in any event upon termination of employment.

 

(b)     Except
with prior written authorization by the Corporation, Executive agrees not to disclose or publish any of the confidential, technical
or business information or material of the Corporation, its clients or any other party to whom the Corporation owes an obligation
of confidence, at any time during or after his employment with the Corporation.

 

(c)     In
the event that Executive breaches any provisions of this Section 5 or there is a threatened breach, then, in addition to any other
rights which the Corporation may have, the Corporation shall be entitled, without the posting of a bond or other security, to
injunctive relief to enforce the restrictions contained herein. In the event that an actual proceeding is brought in equity to
enforce the provisions of this Section 5, Executive shall not urge as a defense that there is an adequate remedy at law, nor shall
the Corporation be prevented from seeking any other remedies which may be available. In addition, Executive agrees that in the
event that he breaches the covenants in this Section 5, in addition to any other rights that the Corporation may have, Executive
shall be required to pay to the Corporation any amounts he receives in connection with such breach. The obligation in this Section
5 shall survive termination of this Agreement.

 

(d)     Executive
recognizes that in the course of his duties hereunder, he may receive from the Corporation or others information which may be
considered “material, non-public information” concerning a public company that is subject to the reporting requirements
of the United States Securities and Exchange Act of 1934, as amended (the “Exchange Act”). Executive agrees not to:

 

(i)     Buy
or sell any security, option, bond or warrant while in possession of relevant material, non-public information received from the
Corporation or others in connection herewith, and

 

    	3

    	 

    

 

(ii)     Provide
the Corporation with information with respect to any public company that may be considered material, non-public information, unless
first specifically agreed to in writing by the Corporation.

 

6.        INVENTIONS
DISCOVERED BY EXECUTIVE

 

Executive
shall promptly disclose to the Corporation any invention, improvement, discovery, process, formula, or method or other intellectual
property, whether or not patentable or copyrightable (collectively, "Inventions"), conceived or first reduced to practice
by Executive, either alone or jointly with others, while performing services hereunder (or, if based on any Confidential Information,
within one (1) year after the Term), (a) which pertain to any line of business activity of the Corporation, whether then conducted
or then being actively planned by the Corporation, with which Executive was or is involved, (b) which is developed using time,
material or facilities of the Corporation, whether or not during working hours or on the Corporation premises, or (c) which directly
relates to any of Executive’s work during the Term, whether or not during normal working hours. Executive hereby assigns
to the Corporation all of Executive’s right, title and interest in and to any such Inventions. During and after the Term,
Executive shall execute any documents necessary to perfect the assignment of such Inventions to the Corporation and to enable
the Corporation to apply for, obtain and enforce patents, trademarks and copyrights in any and all countries on such Inventions,
including, without limitation, the execution of any instruments and the giving of evidence and testimony, without further compensation
beyond Executive’s agreed compensation during the course of Executive’s employment. All such acts shall be done without
cost or expense to Executive. Executive shall be compensated for the giving of evidence or testimony after the term of Executive’s
employment at the rate of $1,000/day. Without limiting the foregoing, Executive further acknowledges that all original works of
authorship by Executive, whether created alone or jointly with others, related to Executive’s employment with the Corporation
and which are protectable by copyright, are "works made for hire" within the meaning of the United States Copyright
Act, 17 U.S .C. (S) 101, as amended, and the copyright of which shall be owned solely, completely and exclusively by the Corporation.
If any Invention is considered to be work not included in the categories of work covered by the United States Copyright Act, 17
U. S. C. (S) 101, as amended, such work is hereby assigned or transferred completely and exclusively to the Corporation. Executive
hereby irrevocably designates counsel to the Corporation as Executive's agent and attorney-in-fact to do all lawful acts necessary
to apply for and obtain patents and copyrights and to enforce the Corporation's rights under this Section. This Section 6 shall
survive the termination of this Agreement. Any assignment of copyright hereunder includes all rights of paternity, integrity,
disclosure and withdrawal and any other rights that may be known as or referred to as "moral rights" (collectively "Moral
Rights"). To the extent such Moral Rights cannot be assigned under applicable law and to the extent the following is allowed
by the laws in the various countries where Moral Rights exist, Executive hereby waives such Moral Rights and consents to any action
of the Corporation that would violate such Moral Rights in the absence of such consent. Executive agrees to confirm any such waivers
and consents from time to time as requested by the Corporation.

 

    	4

    	 

    

 

7.        NON-COMPETE;
NON-SOLICITATION

 

(a)     NON-COMPETE.  For
a period commencing on the date hereof and ending one (1) year after the date Executive ceases to be employed by the Corporation
(the "Non-Competition Period"), Executive shall not, directly or indirectly, either for himself or any other person,
own, manage, control, materially participate in, invest in, permit his name to be used by, act as consultant or advisor to, render
material services for (alone or in association with any person, firm, corporation or other business organization) or otherwise
assist in any manner any business which develops, markets or sells products or provides services that use x-ray fluorescence technology
or that are directly competitive with the products being developed or sold by the Corporation or the services being provided by
the Corporation at the time of termination (collectively, a "Competitor").  Nothing herein shall prohibit
Executive from being a passive owner of not more than five percent (5%) of the equity securities of a Competitor which is publicly
traded, so long as he has no active participation in the business of such Competitor.

 

(b)     NON-SOLICITATION.  During
the Non-Competition Period, Executive shall not, directly or indirectly, (i) induce or attempt to induce or aid others in inducing
anyone working at or for the Corporation to cease working at or for the Corporation, or in any way interfere with the relationship
between the Corporation and anyone working at or for the Corporation except in the proper exercise of Executive’s authority
or (ii) in any way interfere with the relationship between the Corporation and any customer, supplier, licensee or other business
relation of the Corporation.

 

(c)     SCOPE.  If,
at the time of enforcement of this Section 7, a court shall hold that the duration, scope, area or other restrictions stated herein
are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope, area or other restrictions
reasonable under such circumstances shall be substituted for the stated duration, scope, area or other restrictions.

 

(d)     INDEPENDENT
AGREEMENT.  The covenants made in this Section 7 shall be construed as an agreement independent of any other provisions
of this Agreement, and shall survive the termination of this Agreement.  Moreover, the existence of any claim or cause
of action of Executive against the Corporation or any of its affiliates, whether or not predicated upon the terms of this Agreement,
shall not constitute a defense to the enforcement of these covenants.

 

8.        TERMINATION

 

Executive’s
employment hereunder shall continue as set forth in Section 2 hereof unless terminated upon the first to occur of the following
events:

 

(a)     The
Executive’s death.

 

(b)     The
Executive’s “Disability”, meaning the Executive’s incapacity, due to physical or mental illness, which
results in Executive having been absent from fully performing his duties with the Company for a continuous period of more than
sixty (60) days or more than ninety (90) days in any period of three hundred sixty-five (365) consecutive days. In the event that
the Corporation intends to terminate the employment of Executive by reason of Disability, the Corporation shall give the Executive
no less than thirty (30) days’ prior written notice of the Corporation’s intention to terminate Executive’s
employment.  The Executive agrees, in the event of any dispute hereunder as to whether a Disability exists, and if requested
by the Corporation, to submit to a physical examination in the state of the Corporation’s executive offices by a licensed
physician selected by mutual agreement between the Corporation and the Executive, the cost of such examination to be paid by the
Corporation. The written medical opinion of such physician shall be conclusive and binding upon each of the parties hereto as
to whether a Disability exists and the date when such Disability arose. If the Executive refuses to submit to appropriate examinations
by such physician at the request of the Corporation, the determination of the Executive’s Disability by the Corporation
in good faith will be conclusive as to whether such Disability exists. This Agreement shall be interpreted and applied so as to
comply with the provisions of the Americans with Disabilities Act (to the extent that it is applicable) and any other applicable
laws regarding disability.

 

    	5

    	 

    

 

(c)     “Just
Cause”, meaning the Executive’s:

 

(i)     gross
insubordination; acts of embezzlement or misappropriation of funds; fraud; dereliction of fiduciary obligations;

 

(ii)     conviction
of any crime or offense involving money or other property of the Corporation or its subsidiaries or which constitutes a felony
in the jurisdiction involved;

 

(iii)     willful
unauthorized disclosure of confidential information belonging to the Corporation or entrusted to the Corporation by a client;

 

(iv)     material
violation of any provision of the Agreement, which is not cured by Executive within ten (10) days of receiving written notice
of such violation by the Corporation;

 

(v)     being
under the influence of drugs (other than prescription medicine or other medically-related drugs to the extent that they are taken
in accordance with their directions) during the performance of Executive’s duties under this Agreement;

 

(vi)     engaging
in behavior that would constitute grounds for liability for harassment (as proscribed by the U.S. Equal Employment Opportunity
Commission Guidelines or any other applicable state or local regulatory body) or other egregious conduct that violates laws governing
the workplace;

 

(vii)     willful
failure to perform his written assigned tasks, where such failure is attributable to the fault of Executive which is not cured
by Executive within thirty (30) days of receiving written notice of such violation by the Corporation.

 

In
the event that the Corporation intends to terminate the employment of Executive by reason of Just Cause, the Corporation shall
give the Executive written notice of the Corporation’s intention to terminate Executive’s employment, and such termination
may be effective immediately, unless a cure period applies, in which case the termination date may not precede the expiration
date of the applicable cure period.

 

(d)     “Without
Just Cause”, meaning written notice by the Corporation to the Executive of a termination without Just Cause and other than
due to death or Disability.

 

(e)     “Good
Reason”, meaning:

 

(i)       a material breach by the Corporation of the terms of this Agreement, which breach is not cured within thirty (30) days after notice
thereof from Executive; or

 

(ii)      an assignment to Executive of any duties materially inconsistent with Executive’s position(including status, office, title
and reporting requirements) authority, duties or responsibilities as contemplated by this Agreement which results in material
diminution in such position, authority, duties or responsibilities, specifically excluding for this purpose an isolated and insubstantial
action not taken in bad faith which is remedies by the Corporation after receipt of notice thereof given by Executive; or

 

(iii)
    a change in control which shall mean (a) any person becomes the beneficial owner (as term is defined in the Exchange Act)
directly or indirectly, of securities representing more than fifty percent (50%) of the total voting power of Company’s
shares; or (b) a change in the composition of the Board of Directors as a result of which fewer than a majority of the directors
are Incumbent Directors.  Incumbent Directors shall mean directors who are either directors of the Company on the date
hereof or are elected by the Board of Directors with the affirmative vote of a majority of the Incumbent Directors at the time
of election; or (c) the Company merges with another corporation after which a majority of the shares of the resulting entity are
not held by shareholders of the Company prior to the merger.

 

    	6

    	 

    

 

In
the event that the Executive intends to terminate his employment for Good Reason, the Executive shall give the Corporation written
notice of his intention to terminate his employment, and such termination may be effective immediately, unless a cure period applies,
in which case the termination date may not precede the expiration date of the applicable cure period.

 

(f)     Without
Good Reason, meaning written notice by the Executive to the Corporation of a termination without Good Reason.

 

(g)     If
the Executive’s employment hereunder is terminated for any reason, the Executive or his estate as the case may be, will
be entitled to receive the accrued base salary, vacation pay, expense reimbursement and any other entitlements accrued by Executive
under Section 3(b), to the extent not previously paid (the sum of the amounts described in this subsection shall be hereinafter
referred to as the “Accrued Obligations”); provided, however, that if Executive’s employment is
terminated (1) by the Corporation without Just Cause or by the Executive for Good Reason then in addition to paying the Accrued
Obligations, the Corporation shall continue to pay the Executive his then-current base salary and continue to provide benefits
to the Executive at least equal to those which he had at the time of termination for a period of nine months after termination.
The right to receive any option which has not yet vested or been awarded shall terminate upon the termination of Executive’s
employment for any reason. The period(s) to exercise the option following termination of employment, shall be according to the
Corporation’s existing stock option plan and customary form of employee stock option agreement. If Executive commences employment
with another employer and is eligible to receive medical or other welfare benefits under another employer provider plan, the medical
and other welfare benefits to be provided by the Corporation as described herein shall terminate.

 

9.        NOTICES

 

Any
notice or other communication under this Agreement shall be in person or in writing and shall be deemed to have been given (i)
when delivered personally against receipt therefor; (ii) one (1) day after being sent by Federal Express or similar overnight
delivery; (iii) three (3) days after being mailed registered or certified mail, postage prepaid, return receipt requested, to
either party at the address set forth above, or to such other address as such party shall give by notice hereunder to the other
party; or (iv) when sent by; facsimile, followed by oral confirmation and with a hard copy sent as in (ii) or (iii) above.

 

10.      SEVERABILITY
OF PROVISIONS

 

If
any provision of this Agreement shall be declared by a court of competent jurisdiction to be invalid, illegal or incapable of
being enforced in whole or in part, such provision shall be interpreted so as to remain enforceable to the maximum extent permissible
consistent with applicable law and the remaining conditions and provisions or portions thereof shall nevertheless remain in full
force and effect and enforceable to the extent they are valid, legal and enforceable, and no provision shall be deemed dependent
upon any other covenant or provision unless so expressed herein.

 

11.      ENTIRE
AGREEMENT MODIFICATION

 

This
Agreement contains the entire agreement of the parties relating to the subject matter hereof, and the parties hereto have made
no agreements, representations or warranties relating to the subject matter of this Agreement which are not set forth herein.
No modification of this Agreement shall be valid unless made in writing and signed by the parties hereto.

 

    	7

    	 

    

 

12.        BINDING EFFECT

 

The
rights, benefits, duties and obligations under this Agreement shall inure to, and be binding upon, the Corporation, its successors
and assigns, and upon Executive and his legal representatives. This Agreement constitutes a personal service agreement, and the
performance of Executive’s obligations hereunder may not be transferred or assigned by Executive.

 

13.        NON-WAIVER

 

The
failure of either party to insist upon the strict performance of any of the terms, conditions and provisions of this Agreement
shall not be construed as a waiver or relinquishment of future compliance therewith, and said terms, conditions and provisions
shall remain in full force and effect. No waiver of any term or condition of this Agreement on the part of either party shall
be effective for any purpose whatsoever unless such waiver is in writing and signed by such party.

 

14.        GOVERNING
LAW, DISPUTE RESOLUTION

 

This
Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York of the United
States of America without regard to principles of conflict of laws. The State of New York shall be the exclusive jurisdiction
for any disputes arising under this Agreement and the Parties hereby consent to such jurisdiction.

 

15.        HEADINGS

 

The
headings of paragraphs are inserted for convenience and shall not affect any interpretation of this Agreement.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

Corporation:

 

CALDERA
PHARMACEUTICALS, INC.

  

	By:	/s/
    Timothy Tyson	 
	Title:	Authorized
    agent	 

 

Executive:

 

	/s/
    Richard Cunningham	 

Richard
Cunningham

 

 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]