Document:

Exhibit
10.1

 

Execution
Version

 

SHARED
SERVICES AGREEMENT

 

This
Shared Services Agreement, dated and effective as of August 31, 2022 (this “Agreement”), is entered into between Interpace
Pharma Solutions, Inc., a Delaware corporation (“Company”) and Interpace Biosciences, Inc., a Delaware corporation (“Shareholder”
and collectively with Company, “Seller”), and Flagship Biosciences, Inc. a Delaware limited liability company (“Buyer”).

 

RECITALS

 

WHEREAS,
Buyer and Seller have entered into that certain Asset Purchase Agreement, dated as of August 31, 2022 (the “Purchase Agreement”),
pursuant to which Seller has agreed to sell and assign to Buyer, and Buyer has agreed to purchase and assume from Seller, substantially
all of the assets, and certain specified liabilities, of the Business (as such term is defined in the Purchase Agreement);

 

WHEREAS,
in order to ensure an orderly transition of the Business to Buyer and as a condition to consummating the transactions contemplated by
the Purchase Agreement, Buyer and Seller have agreed to enter into this Agreement, pursuant to which Seller will provide, or cause its
Affiliates to provide, Buyer with certain Services, in each case on a transitional basis and subject to the terms and conditions set
forth herein; and

 

WHEREAS,
capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such terms in the Purchase Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements and covenants hereinafter set forth, Buyer and Seller hereby agree as follows:

 

Article
I

Services

 

Section
1.01 Provision of Services.

 

(a)
Seller agrees to provide, or to cause its Affiliates or third-party service providers to provide, the services (the “Services”)
set forth on the schedules attached hereto (as such schedules may be amended or supplemented pursuant to the terms of this Agreement,
collectively, “Schedule A”) to Buyer for the respective periods and on the other terms and conditions set forth in
this Agreement and in Schedule A.

 

(b)
Notwithstanding the contents of Schedule A, Seller agrees to respond in good faith to any reasonable request by Buyer for access to any
additional services that were previously provided to the Business and are necessary for the operation of the Business and which are not
currently contemplated in Schedule A, at a price to be agreed upon after good faith negotiations between the parties. Any such additional
services so provided by Seller shall constitute Services under this Agreement and be subject in all respect to the provisions of this
Agreement as if fully set forth on a Schedule A as of the date hereof.

 

    	 

     

    

 

(c)
The parties hereto acknowledge the transitional nature of the Services and that Seller is not in the business of providing outsourced
services to third parties. Accordingly, as promptly as practicable following the execution of this Agreement, Buyer agrees to transition
each Service to its own internal organization or to obtain alternate third-party sources to provide the Services.

 

(d)
Subject to Section 2.03, Section 2.04 and Section 3.05, the obligations of Seller under this Agreement to provide
Services shall terminate with respect to each Service on the end date specified in Schedule A (the “End Date”). Notwithstanding
the foregoing, the parties acknowledge and agree that Buyer may determine from time to time that it does not require all the Services
set out on Schedule A or that it does not require such Services for the entire period up to the applicable End Date. Accordingly, Buyer
may terminate any Service, in whole and not in part, upon 15 days prior written notification to Seller in writing of any such determination.

 

Section
1.02 Standard of Service.

 

(a)
Seller represents, warrants and agrees that the Services shall be provided in good faith, in accordance with Law and, except as specifically
provided in the Schedule A, in a manner generally consistent with the historical provision of the Services and with, in all material
respects, the same standard of care as historically provided in the twelve (12) months prior to the effective date of this Agreement.
Subject to Section 1.03, Seller agrees to assign sufficient resources and qualified personnel as are reasonably required to perform
the Services in accordance with the standards set forth in the preceding sentence.

 

(b)
Except as expressly set forth in Section 1.02(a) or in any contract entered into hereunder, Seller makes no representations and
warranties of any kind, implied or expressed, with respect to the Services, including, without limitation, no warranties of merchantability
or fitness for a particular purpose, which are specifically disclaimed. Buyer acknowledges and agrees that this Agreement does not create
a fiduciary relationship, partnership, joint venture or relationships of trust or agency between the parties and that all Services are
provided by Seller as an independent contractor.

 

Section
1.03 Third-Party Service Providers. It is understood and agreed that Seller has been retaining, and will continue to retain, third-party
service providers to provide some of the Services to Buyer. In addition, Seller shall have the right to hire other third-party subcontractors
to provide all or part of any Service hereunder; provided, however, that in the event such subcontracting is inconsistent
with past practices or such subcontractor is not already engaged with respect to such Service as of the date hereof, Seller shall obtain
the prior written consent of Buyer to hire such subcontractor, such consent not to be unreasonably withheld, but where such subcontractor
is being engaged to provide services to Seller or its Affiliates more broadly (and not just Services), Buyer’s failure to provide
that consent will relieve Seller of its obligations to provide Buyer with affected Services. Except as provided in the preceding sentence,
Seller shall in all cases retain responsibility for the provision to Buyer of Services to be performed by any third-party service provider
or subcontractor or by any of Seller’s Affiliates.

 

    	 

     

    

 

Section
1.04 Access to Premises.

 

(a)
In order to enable the provision of the Services by Seller, Buyer agrees that it shall provide to Seller’s and its Affiliates’
employees and any third-party service providers or subcontractors who provide Services, at no cost to Seller, access to the facilities,
applicable assets and books and records of the Business, in all cases limited to the extent necessary for Seller to fulfill its obligations
under this Agreement.

 

(b)
Seller agrees that all of its and its Affiliates’ employees and any third-party service providers and subcontractors, when on the
property of Buyer or when given access to any equipment, computer, software, network or files owned or controlled by Buyer, shall conform
to the policies and procedures of Buyer concerning health, safety and security which are made known to Seller in advance in writing.

 

Article
II

Compensation

 

Section
2.01 Responsibility for Wages and Fees. For such time as any employees of Seller or any of its Affiliates are providing the Services
to Buyer under this Agreement, (a) such employees will remain employees of Seller or such Affiliate, as applicable, and shall not be
deemed to be employees of Buyer for any purpose, and (b) Seller or such Affiliate, as applicable, shall be solely responsible for the
payment and provision of all wages, bonuses and commissions, employee benefits, including severance and worker’s compensation,
and the withholding and payment of applicable Taxes relating to such employment.

 

Section
2.02 Terms of Payment and Related Matters.

 

(a)
As consideration for provision of the Services, Buyer shall pay Seller the amount specified for each Service as reflected in Schedule
A. In addition to such amount, in the event that Seller or any of its Affiliates incurs reasonable and documented out-of-pocket expenses
in the provision of any Service in the ordinary course of the Business, including, without limitation, license fees and payments to third-party
service providers or subcontractors, but excluding payments made to employees of Seller or any of its Affiliates pursuant to Section
2.01 (such included expenses, collectively, “Out-of-Pocket Costs”), Buyer shall reimburse Seller for all such
Out-of-Pocket Costs in accordance with the invoicing procedures set forth in Section 2.02(b).

 

    	 

     

    

 

(b)
As more fully provided in Schedule A and subject to the terms and conditions therein:

 

(i)
Seller shall provide Buyer, in accordance with Section 6.01 of this Agreement, with monthly invoices (“Invoices”),
which shall set forth in reasonable detail, with such supporting documentation as Buyer may reasonably request with respect to Out-of-Pocket
Costs, amounts payable under this Agreement; and

 

(ii)
payments pursuant to this Agreement shall be made within thirty (30) days after the date of receipt of an Invoice by Buyer from Seller.

 

(c)
It is the intent of the parties that the compensation set forth in the respective Schedule A reasonably approximate the cost of providing
the Services, including the cost of employee wages and compensation, without any intent to cause Seller to receive profit or incur loss.
If at any time Seller believes that the payments contemplated by a specific Service Exhibit are materially insufficient to compensate
it for the cost of providing the Services it is obligated to provide hereunder, or Buyer believes that the payments contemplated by a
specific Service Exhibit materially overcompensate Seller for such Services, such party shall notify the other party as soon as possible,
and the parties hereto will commence good faith negotiations toward an agreement in writing as to the appropriate course of action with
respect to pricing of such Services for future periods.

 

Section
2.03 Extension of Services. The parties agree that Seller shall not be obligated to perform any Service after the applicable End
Date; provided, however, that if Buyer desires and Seller agrees to continue to perform any of the Services after the applicable
End Date, the parties shall negotiate in good faith to determine an amount that compensates Seller for all of its costs for such performance,
including the time of its employees and its Out-of-Pocket Costs. The Services so performed by Seller after the applicable End Date shall
continue to constitute Services under this Agreement and be subject in all respects to the provisions of this Agreement for the duration
of the agreed-upon extension period.

 

Section
2.04 Terminated Services. Upon termination or expiration of any or all Services pursuant to this Agreement, or upon the termination
of this Agreement in its entirety, Seller shall have no further obligation to provide the applicable terminated Services and Buyer will
have no obligation to pay any future compensation or Out-of-Pocket Costs relating to such Services (other than for or in respect of Services
already provided in accordance with the terms of this Agreement and received by Buyer prior to such termination).

 

Section
2.05 Invoice Disputes. In the event of an Invoice dispute, Buyer shall deliver a written statement to Seller no later than ten (10)
days prior to the date payment is due on the disputed Invoice listing all disputed items and providing a reasonably detailed description
of each disputed item. Amounts not so disputed shall be deemed accepted and shall be paid, notwithstanding disputes on other items, within
the period set forth in Section 2.02(b). The parties shall seek to resolve all such disputes expeditiously and in good faith.
Seller shall continue performing the Services in accordance with this Agreement pending resolution of any dispute. However, if undisputed
invoiced amounts remain unpaid for more than fifteen (15) days after the date on which payment was due, Seller may suspend provision
of Services until those amounts are paid in full.

 

    	 

     

    

 

Section
2.06 No Right of Setoff. Each of the parties hereby acknowledges that it shall have no right under this Agreement to offset any amounts
owed (or to become due and owing) to the other party, whether under this Agreement, the Purchase Agreement or otherwise, against any
other amount owed (or to become due and owing) to it by the other party.

 

Section
2.07 Taxes. Buyer shall be responsible for all sales or use Taxes imposed or assessed as a result of the provision of Services by
Seller.

 

Article
III

Termination

 

Section
3.01 Termination of Agreement. Subject to Section 3.04, this Agreement shall terminate in its entirety (i) on the date upon
which Seller shall have no continuing obligation to perform any Services as a result of each of their expiration or termination in accordance
with Section 1.01(d) or Section 3.02 or (ii) in accordance with Section 3.03.

 

Section
3.02 Breach. Any party (the “Non-Breaching Party”) may terminate this Agreement
with respect to any Service, in whole but not in part, at any time upon prior written notice to the other party (the “Breaching
Party”) if the Breaching Party has failed (other than pursuant to Section 3.05 ) to perform any of its material
obligations under this Agreement relating to such Service, and such failure shall have continued without cure for a period of fifteen
(15) days after receipt by the Breaching Party of a written notice of such failure from the Non-Breaching party seeking to terminate
such service. For the avoidance of doubt, non-payment by Buyer for a Service provided by Seller in accordance with this Agreement and
not the subject of a good-faith dispute shall be deemed a breach for purposes of this Section 3.02.

 

Section
3.03 Insolvency. In the event that either party hereto shall (i) file a petition in bankruptcy, (ii) become or be declared insolvent,
or become the subject of any proceedings (not dismissed within sixty (60) days) related to its liquidation, insolvency or the appointment
of a receiver, (iii) make an assignment on behalf of all or substantially all of its creditors, or (iv) take any corporate action for
its winding up or dissolution, then the other party shall have the right to terminate this Agreement by providing written notice in accordance
with Section 6.01.

 

Section
3.04 Effect of Termination. Upon termination of this Agreement in its entirety pursuant to Section 3.01, all obligations of
the parties hereto shall terminate, except for the provisions of Section 2.04, Section 2.06, Section 2.07, Article
IV, Article V and Article VI , which shall survive any termination or expiration of this Agreement.

 

    	 

     

    

 

Section
3.05 Force Majeure. The obligations of Seller under this Agreement with respect to any Service shall be suspended during the period
and to the extent that Seller is prevented or hindered from providing such Service, or Buyer is prevented or hindered from receiving
such Service, due to any of the following causes beyond such party’s reasonable control (such causes, “Force
Majeure Events”): (i) acts of God, (ii) flood, fire or explosion, (iii) war, invasion, riot or other civil unrest, (iv)
Governmental Order or Law, (v) actions, embargoes or blockades in effect on or after the date of this Agreement, (vi) action by any Governmental
Authority, (vii) national or regional emergency, (viii) strikes, labor stoppages or slowdowns or other industrial disturbances, (ix)
shortage of adequate power or transportation facilities, or (x) any other event which is beyond the reasonable control of such party.
The party suffering a Force Majeure Event shall give notice of suspension as soon as reasonably practicable to the other party stating
the date and extent of such suspension and the cause thereof, and Seller shall resume the performance of its obligations as soon as reasonably
practicable after the removal of the cause. Neither Buyer nor Seller shall be liable for the nonperformance or delay in performance of
its respective obligations under this Agreement when such failure is due to a Force Majeure Event. The applicable End Date for any Service
so suspended shall be automatically extended for a period of time equal to the time lost by reason of the suspension.

 

Article
IV

Confidentiality

 

Section
4.01 Confidentiality.

 

(a)
During the term of this Agreement and thereafter, the parties hereto shall, and shall instruct their respective Representatives to, maintain
in confidence and not disclose the other party’s financial, technical, sales, marketing, development, personnel, and other information,
records, or data, including, without limitation, customer lists, supplier lists, trade secrets, designs, product formulations, product
specifications or any other proprietary or confidential information, however recorded or preserved, whether written or oral (any such
information, “Confidential Information”). Each party hereto shall use the same degree of care, but no less than reasonable
care, to protect the other party’s Confidential Information as it uses to protect its own Confidential Information of like nature.
Unless otherwise authorized in any other agreement between the parties, any party receiving any Confidential Information of the other
party (the “Receiving Party”) may use Confidential Information only for the purposes of fulfilling its obligations
under this Agreement (the “Permitted Purpose”). Any Receiving Party may disclose such Confidential Information only
to its Representatives who have a need to know such information for the Permitted Purpose and who have been advised of the terms of this
Section 4.01 and the Receiving Party shall be liable for any breach of these confidentiality provisions by such Persons; provided,
however, that any Receiving Party may disclose such Confidential Information to the extent such Confidential Information is required
to be disclosed by a Governmental Order, in which case the Receiving Party shall promptly notify, to the extent possible, the disclosing
party (the “Disclosing Party”), and take reasonable steps to assist in contesting such Governmental Order or in protecting
the Disclosing Party’s rights prior to disclosure, and in which case the Receiving Party shall only disclose such Confidential
Information that it is advised by its counsel in writing that it is legally bound to disclose under such Governmental Order.

 

    	 

     

    

 

(b)
Notwithstanding the foregoing, “Confidential Information” shall not include any information that the Receiving Party can
demonstrate: (i) was publicly known at the time of disclosure to it, or has become publicly known through no act of the Receiving Party
or its Representatives in breach of this Section 4.01; (ii) was rightfully received from a third party without a duty of confidentiality;
or (iii) was developed by it independently without any reliance on the Confidential Information.

 

(c)
Upon demand by the Disclosing Party at any time, or upon expiration or termination of this Agreement with respect to any Service, the
Receiving Party agrees promptly to return or destroy, at the Disclosing Party’s option, all Confidential Information. If such Confidential
Information is destroyed, an authorized officer of the Receiving Party shall certify to such destruction in writing.

 

Article
V

Limitation on Liability; Indemnification

 

Section
5.01 Limitation on Liability. In no event shall Seller have any liability under any provision of this Agreement for any punitive,
incidental, consequential, special or indirect damages, including loss of future revenue or income, loss of business reputation or opportunity
relating to the breach or alleged breach of this Agreement, or diminution of value or any damages based on any type of multiple, whether
based on statute, contract, tort or otherwise, and whether or not arising from the other party’s sole, joint, or concurrent negligence,
strict liability, criminal liability or other fault. In no event shall Seller’s aggregate liability under this Agreement exceed
the amounts paid by Buyer for the Services giving rise to the claim in the six (6) months prior to the date on which the claim arose.
Buyer acknowledges that the Services to be provided to it hereunder are subject to, and that its remedies under this Agreement are limited
by, the applicable provisions of Section 1.02, including the limitations on representations and warranties with respect to the
Services.

 

Section
5.02 Indemnification. Subject to the limitations set forth in Section 5.01, each Party shall indemnify, defend and hold harmless
the other Party and its Affiliates and each of their respective Representatives (collectively, the “Indemnified
Parties”) from and against any and all Losses of the Indemnified Parties relating to, arising out of or resulting from
any Third Party Claim alleging the gross negligence or willful misconduct of the indemnifying party or its Affiliates.

 

    	 

     

    

 

Section
5.03 Indemnification Procedures. The matters set forth in Section 6.7.3 of the Purchase Agreement shall be deemed incorporated into,
and made a part of, this Agreement.

 

Article
VI

Miscellaneous

 

Section
6.01 Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and
shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document
(with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after
normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt
requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other address
for a party as shall be specified in a notice given in accordance with this Section 6.01):

 

(a)
if to Seller:

 

Interpace
Biosciences, Inc.

Morris
Corporate Center 1, Building C

300
Interpace Parkway, Parsippany, NJ 07054

Attn:
Tom Burnell

Email:
tburnell@interpace.com

 

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

 

McDermott
Will & Emery, LLP

One
Vanderbilt Avenue

New
York, New York 10017

Attn:
Merrill Kraines

Email:
mkraines@mwe.com

 

(b)
if to Buyer:

 

Flagship
Biosciences, Inc.

11800
Ridge Parkway Suite 450

Broomfield,
Co 80021

E-mail:
trevor@flagshipbio.com

Attention:
CEO

 

    	 

     

    

 

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

 

PSL
Law group LLC

1209
Pearl St. Unit 1

Boulder,
CO 30302

E-mail:
ted@psllawgroup.com

Attention:
Ted Biderman

 

Section
6.02 Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section
6.03 Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such
term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the parties hereto 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 contemplated hereby be consummated as originally contemplated
to the greatest extent possible.

 

Section
6.04 Entire Agreement. This Agreement, including all Schedule A, constitutes the sole and entire agreement of the parties to this
Agreement with respect to the subject matter contained herein and supersedes all prior and contemporaneous understandings and agreements,
both written and oral, with respect to such subject matter. In the event and to the extent that there is a conflict between the provisions
of this Agreement and the provisions of the Purchase Agreement as it relates to the Services hereunder, the provisions of this Agreement
shall control.

 

Section
6.05 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns. However, Seller may not assign its rights or obligations hereunder without the prior written
consent of Buyer, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning party of any
of its obligations hereunder.

 

Section
6.06 No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and
permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable
right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement.

 

    	 

     

    

 

Section
6.07 Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing
signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in
writing and signed by the party so waiving. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising
from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

Section
6.08 Governing Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal
laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule. Any legal suit, action or proceeding
arising out of or based upon this agreement or the transactions contemplated hereby may be instituted in the federal courts of the United
States of America or the courts of the state of Delaware in each case located in New Castle County, and each party irrevocably submits
to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of process, summons, notice or other document
by mail to such party’s address set forth herein shall be effective service of process for any suit, action or other proceeding
brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action
or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum.

 

Section
6.09 Waiver of Jury Trial. Each party irrevocably and unconditionally waives any right it may have to a trial by jury in respect
of any legal action arising out of or relating to this agreement or the transactions contemplated hereby. Each party to this agreement
certifies and acknowledges that (a) no representative of any other party has represented, expressly or otherwise, that such other party
would not seek to enforce the foregoing waiver in the event of a legal action, (b) such party has considered the implications of this
waiver, (c) such party makes this waiver voluntarily, and (d) such party has been induced to enter into this agreement by, among other
things, the mutual waivers and certifications in this Section 6.09.

 

Section
6.10 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective
officers thereunto duly authorized.

 

	 	Flagship Biosciences, Inc.
	 	 
	 	By	/s/
    Trevor Johnson
	 	Name:	Trevor Johnson
	 	Title:	President and Chief Executive
    Officer

 

	 	Interpace Pharma
    Solutions, Inc. 
	 	 
	 	By	/s/ Thomas
    W. Burnell
	 	Name: 	Thomas W. Burnell
	 	Title: 	President and Chief Executive
    Officer
	 	 
	 	Interpace Biosciences,
    Inc.
	 	 
	 	By:	/s/ Thomas
    W. Burnell
	 	Name: 	Thomas W. Burnell
	 	Title: 	Chief Executive OfficerExhibit
10.1

 

EXECUTION COPY

 

EMPLOYMENT
AGREEMENT

 

This
agreement (“Agreement”) is made on September 5, 2022, by and between Elite Pharmaceuticals, Inc., a Nevada corporation
(“Company”), and Kirko Kirkov (“Executive”).

 

WHEREAS,
Company desires Executive to be the Company’s Chief Commercial Officer (“CCO”) and Executive desires to provide employment
services to Company in such a capacity and in accordance with the terms of this Agreement.

 

In
consideration of the mutual promises and considerations herein contained, the parties hereby agree as follows:

 

A
G R E E M E N T:

 

1. Employment.

 

1.1 Company
hereby employs Executive in the capacity CCO reporting to the Chief Executive Officer (the “CEO”). Executive hereby
accepts such employment, subject to the terms herein contained. In such capacity Executive responsibilities shall include, but is not
limited to:

 

		●	Create
                                            and Manage the Sales and Marketing team.

 

		●	Provide
                                            Sales and Marketing financial and revenue analysis and projections to the rest of the company’s
                                            team of executives.

 

		●	Develop
                                            and execute a business plan to preserve and increase company’s current revenue and
                                            profits.

 

Executive
shall devote such time and effort to his Duties as are reasonably necessary for him to perform such Duties in a competent and professional
manner.

 

2. Compensation
and Benefits.

 

2.1. Salary.
During the first year of employment, Company shall pay to Executive a base salary at the annual rate of One Hundred Fifty Thousand Dollars
($150,000) (the “Salary”). The Salary shall be payable in accordance with company’s payroll practices.

 

2.1.1
Salary.  After one year of employment, Executive’s annual base salary shall be adjusted to Two Hundred and Seventy-Five Thousand
Dollars ($275,000) contingent upon achieving corporate goals including maintaining current revenues and profits and transitioning of
Amphetamine IR and ER business.

 

2.2.
Bonus.

 

2.2.1 Annual
Bonus. For the first year of employment, Executive shall be entitled to an annual bonus equal to fifty percent (50%) of Executive’s
annual salary (“Annual Bonus”) based on attaining agreed SMART objectives set by the CEO and Executive. For the second
year and as long as Executive is employed by Company, Executive is entitled to a bonus equal to 50% of Executive’s annual salary
distributed based on the following criteria:

 

(a) Guaranteed
Bonus. The Executive shall be entitled to twenty percent (20%) bonus payable in cash upon achieving personal KPI’s assigned
by Executive and the CEO; and

 

(b) Corporate
Performance Bonuses. The Executive shall be entitled Thirty Percent (30%) bonus payable in cash upon Company achieving its goals.

 

    	1

     

    

 

2.2.2 Stock
Options.

 

Upon
the approval by the Board of Directors of Elite, Executive shall be granted stock options to purchase (Three Million) 3000,000 ELTP Shares.
The options will vest over a three-year period, commencing one year from the date of issuance. The share price will be the stock at closing
on the first day of employment.

 

2.3. Executive
Benefits.

 

2.3.1. Expenses.
Company shall promptly reimburse Executive for all reasonable and documented travel, and other business expenses actually and properly
incurred by him in relation to Company’s business. No such expense reimbursement shall be allowed with regard to such expenses
that exceed $10,000 unless such expenses have been pre-approved by Company in writing. Such expense reimbursement shall include reasonable
hotel accommodations incurred by Executive specifically related to his duties under this Agreement against receipts or other appropriate
written evidence of such expenditures as required by the appropriate Internal Revenue Service regulations or by Company.

 

2.3.2. Company
Plans. Executive shall be entitled to participate in such employee benefit plans and programs as Company may from time to
time generally offer or provide to senior executive officers of Company, including medical and retirement plans. Nothing in the foregoing
shall limit or restrict Company’s discretion to amend, revise or terminate any benefit or plan without notice to or consent of
Executive.

 

2.3.3. Vacation.
Executive shall be entitled to three (3) weeks of paid vacation per Fiscal Year, pro rated for periods of less than a full Fiscal
Year.

 

3. Employment
Term; Termination.

 

3.1. Employment
Term. Executive’s employment hereunder shall commence on September 6, 2022 (the “Commencement Date”).

 

3.2. Events
of Termination. Executive’s employment may be terminated as follows:

 

3.2.1 Termination
for Cause. This Agreement may be terminated by Company for Cause. For purposes of this Agreement, “Cause”
justifying the termination of this Agreement by Company is defined as: (1) failure or refusal to perform the services required hereunder;
(2) a material breach by Executive of any of the terms of this Agreement; or (3) Executive’s conviction of a crime that either
results in imprisonment or involves embezzlement, dishonesty, or activities injurious to Company or its reputation. Following termination
pursuant to this subsection, Company’s only obligation to Executive shall be to pay to Executive all accrued Annual Salary and
all accrued vacation time and any reasonable and necessary business expenses incurred by Executive in connection with his duties, all
to the Date of Termination and payable in a lump sum, less applicable deductions and withholdings, as soon as administratively practicable
following Executive’s termination. Notwithstanding the foregoing, any expense reimbursement will take place no later than the time
required under Section 409A.

 

    	2

     

    

 

3.2.5 Without
Cause.  This Agreement may be terminated by Company without Cause.

 

(i) Company
shall pay Executive severance payments in an amount equal to two (2) months’ Salary, for every full year of service, payable at
the rate in effect upon the Date of Termination, less applicable deductions and withholdings, as soon as administratively practicable
(but in no event later than 60 days) following Executive’s termination. Severance payment shall not exceed twelve (12) months.
In addition, Company shall pay to Executive all accrued Salary, and any reasonable and necessary business expenses incurred by Executive
in connection with his duties, all to the Date of Termination, less applicable deductions and withholdings, as soon as administratively
practicable (but in no event later than 60 days) following Executive’s termination.

 

(ii) If
the Company has a health insurance plan for its employees and Executive is covered under such plan, provided that Executive timely elects
continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), Company
shall pay, on Executive’s behalf, the portion of premiums of Executive’s group health insurance, including coverage for Executive’s
eligible dependents, that Company paid immediately prior to Executive’s separation of employment with Company (“COBRA
Payments”) for a period of twelve (12) months following the Date of Termination (“COBRA Period”). Company
will pay such COBRA Payments for Executive’s eligible dependents only for coverage for which those dependents were enrolled immediately
prior to the date of Executive’s separation of employment. Executive will continue to be required to pay that portion of the premium
of Executive’s health coverage, including coverage for Executive’s eligible dependents, that Executive was required to pay
as an active employee immediately prior to the date of Executive’s separation of employment. For the balance of the period that
Executive is entitled to coverage under COBRA after the COBRA Period, if any, Executive shall be entitled to maintain coverage for Executive
and Executive’s eligible dependents at Executive’s sole expense.

 

(iii) The
Severance Payments and the COBRA Payments (if any) shall be paid so long as Executive is not in breach of any term of this Agreement,
including, without limitation, Sections 4, 5, 6, 7 and 8. The Severance Payments and COBRA Payments (if any) made by Company to, or on
behalf of, Executive are conditioned on the Executive signing a Severance Agreement and Release.

 

    	3

     

    

 

3.2.6 Resignation.
This Agreement may be terminated by Executive for any reason or no reason at all by giving notice to Company of Executive’s resignation
at least sixty (60) days prior to the effective resignation date. Following termination pursuant to this subsection 3.2.6, Company’s
only obligation to Executive shall be to pay to Executive all accrued Salary and all accrued vacation time and any reasonable and necessary
business expenses incurred by Executive in connection with his duties, all to the Date of Termination.

 

3.2.8 Section
409A Compliance.

 

(i) All
in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by
the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable,
but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense
was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind
benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind
benefits is not subject to liquidation or exchange for another benefit.

 

3.2.9. Termination
of Employment. This Agreement shall terminate simultaneously with the termination of Executive’s employment for any reason;
provided, that the covenants set forth in Sections 3, 4, 5, 6, 7 and 8 of this Agreement shall survive the termination of this
Agreement to the extent provided in such Sections.

 

3.3. Definitions.

 

3.3.1. “Notice
of Termination” Defined. “Notice of Termination” means a written notice that indicates the specific termination
provision relied upon by Company or Executive.

 

3.3.2. “Date
of Termination” Defined. “Date of Termination” means such date as Executive’s employment expires as
written in the Notice of Termination.

 

4. Conflicts
of Interest. As defined in the CDA.

 

5. Proprietary
Information.

 

5.1 Executive
represents and warrants to Company that (i) Executive is not subject to any limitation or agreement restricting employment by Company
or performance of Executive’s Duties hereunder, and (ii) neither Executive nor any third party has any right or claim to Executive’s
work produced on behalf of Company or using the property, personnel, or facilities of Company. Executive shall not misappropriate proprietary
rights of Company or any third party.

 

5.2 Executive
further agrees not to make, use, disclose to any third party, or permit to be made, used, or disclosed, any records, plans, papers, articles,
notes, memoranda, reports, lists, records, drawings, sketches, specifications, software programs, data, or other materials of any nature
relating to any matter within the scope of the business of Company or concerning any of its dealings or affairs (“Materials”),
whether or not developed, in whole or in part, by Executive and whether or not embodying Confidential Information (defined below), otherwise
than for the benefit of Company. Executive shall not, on and after the Date of Termination, use, disclose, or permit to be used or disclosed,
any such Materials, it being agreed that all such Materials shall be and remain the sole and exclusive property of Company. Immediately
upon the Date of Termination, Executive shall deliver all such Materials, and all copies thereof, to Company, at its designated office.

 

    	4

     

    

 

6. Non-Competition;
Non-Sollicitation; Anti-Raiding; Non-Disparagement. Without the prior written approval of the Board, Executive shall not, directly
or indirectly, during his employment and until the end of one (1) year after the Date of Termination (however such termination occurs,
including, without limitation, termination pursuant to Section 3.2):

 

6.1 Solicit,
offer employment to, otherwise attempt to hire, or assist in the hiring of any employee or officer of Company or any of its Affiliates;
(ii) encourage, induce, assist or assist others in inducing any such person to terminate his or her employment with Company or any of
its Affiliates; or (iii) in any way interfere with the relationship between Company or any of its Affiliates and their employees; or

 

6.2 Make
any public statement or perform or do any other act prejudicial or injurious to the reputation or goodwill of Company or any of its Affiliates
or otherwise interfere with the business of Company or any of its Affiliates.

 

7. Confidentiality.

 

7.1 The
term “Confidential Information” shall include, but not be limited to confidential information and the workpapers, concepts,
formulas, techniques, strategies, components, programs, reports, studies, memoranda, correspondence, materials, manuals, records, data,
technology, financial information, products, plans, research, service, design information, procedures, methods, documentation, policies,
pricing, billing, customer lists and leads, and any other technical data, information and know-how which relates to products or customers
or potential customers or suppliers or potential suppliers or are otherwise useful in the parties’ businesses, and which one of
the parties considers proprietary and desires to maintain confidential. Confidential Information is entitled to protection hereunder
whether or not such information is oral or written, whether or not such information is identified as such by an appropriate stamp or
marking on each document provided or, if orally first provided, identified at that time as proprietary or confidential. In addition,
Confidential Information shall include information developed by the Executive in the performance of his Duties under this Agreement.
All such Confidential Information is extremely valuable and is intended to be kept secret to Company; is the sole and exclusive property
of Company or its Affiliates; and, is subject to the restrictive covenants set forth herein. The term Confidential Information shall
not include any information generally available to the public or publicly disclosed by Company (other than by the act or omission of
Executive), information disclosed to Executive by a third party under no duty of confidentiality to Company or its Affiliates, information
that Executive can demonstrate was in his possession prior to the date of this Agreement or Executive can demonstrate was independently
developed by him without the use or assistance of Confidential Information, or information required by law or court order to be disclosed
by Executive.

 

    	5

     

    

 

7.2 Executive
shall not, without Company’s prior written approval, use, disclose, or reveal to any person or entity any of Company’s Confidential
Information, except as required in the ordinary course of performing duties hereunder. Executive shall not use or attempt to use any
Confidential Information in any manner which has the possibility of injuring or causing loss, whether directly or indirectly, to Company
or any of its Affiliates.

 

7.3 In
the event that Executive’s employment with Company is terminated for any reason whatsoever, he shall return to Company, promptly
upon Company’s written request therefore, any documents, photographs, tapes, discs, memory devices, and other property containing
Confidential Information which were received by him during his employment, without retaining copies thereof.

 

8 Assignment
of Intellectual Property.

 

8.1. Executive
shall promptly disclose to Company any and all Inventions (as defined below). Executive shall promptly communicate to Company all information,
details and data pertaining to any Inventions in such form as Company requests. Executive agrees that Inventions, patents and patent
applications are the property of Company, and any and all rights, titles or interests in and to Inventions, patents or patent applications
which Executive may have in any and every jurisdiction are hereby assigned in full. Whenever Executive is requested to do so by Company,
during or after the Term, Executive shall, at the Company’s sole cost and expense, promptly execute and deliver any and all applications,
assignments or other documents or instruments reasonably deemed necessary or advisable by Company to apply for and obtain Letters Patent
of the United States or any foreign country or to otherwise protect, confirm or establish Company’s full and exclusive interests
in any Inventions. The obligations set forth in this Section 8.1 shall be binding upon the successors, assigns, executors, administrators
and other legal representatives of Executive.

 

8.2 Any
and all Works for Hire (as defined below) shall be considered “works made for hire” under the copyright laws of the United
States or property of Company under applicable federal, state, local and foreign trademark laws (as appropriate). Executive shall promptly
communicate to Company any and all Works for Hire, and any and all information, details and data pertaining to any Works for Hire, in
such form as Company requests. To the extent that Works for Hire fail to qualify as (A) “works made for hire” under the copyright
laws of the United States or any other jurisdiction or (B) property of Company under applicable federal, state, local or foreign trademark
laws, Executive hereby assigns each Work for Hire and all right, title and interest therein in any and every jurisdiction to Company.
Whenever Executive is requested to do so by Company, during or after the Term, Executive shall, at the Company’s sole cost and
expense, promptly execute and deliver any and all applications, assignments or other documents or instruments reasonably deemed necessary
or advisable by Company to apply for and confirm and effectuate full and exclusive ownership of Works for Hire in Company, including,
but not limited to, ownership of any moral rights under the copyright law of any nation, or any other rights under the intellectual property
laws of any nation. The obligations set forth in this Section 8.2 shall be binding upon the successors, assigns, executors, administrators
and other legal representatives of Executive.

 

    	6

     

    

 

8.3 If
a court declares that any term or provision of this Section 8 is invalid or unenforceable, the parties to this Agreement agree that the
court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration or area of the term
or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision
that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and
this Agreement shall be enforceable as so modified.

 

8.4 Definitions.

 

8.4.1 “Inventions”
Defined. “Inventions” means any and all inventions, discoveries, improvements, patent, copyrights and/or other
property rights, whether or not patented or patentable made, conceived, created, developed or contributed to by Executive during the
Term which are (i) directly or indirectly related to the business, operations or activities of the Company or any of its subsidiaries
or affiliates, (ii) directly or indirectly related to Executive’s employment by, or performance of other services (including as
a director, manager, officer, advisor, agent, representative, consultant or other independent contractor) for, the Company or any of
its Affiliates, or (iii) based upon Confidential Information.

 

8.4.2 “Work
for Hire” Defined. “Work for Hire” means any and all sales approaches, sales material, training material,
computer software, documentation, other copyrightable works or any other intellectual property (including, but not limited to, materials
or services subject to trademark or service mark registration, but excluding Inventions) made, conceived, created, developed or contributed
to by Executive during the Term and which are (i) directly or indirectly related to the business, operations or activities of the Company
or any of its Affiliates, (ii) directly or indirectly related to Executive’s employment by, or performance of other services (including
as a director, manager, officer, advisor, agent, representative, consultant or other independent contractor) for, the Company or any
of its Affiliates, or (iii) based upon Confidential Information.

 

    	7

     

    

 

9. Acknowledgments;
Equitable Remedies. Executive acknowledges that the covenants contained in Sections 4, 5, 6, 7 and 8, including those related to
duration, geographic scope, and the scope of prohibited conduct, are reasonable and necessary to protect the legitimate interests of
Company. He further acknowledges that the covenants contained in Sections 4, 5, 6, 7 and 8 are designed, intended, and necessary to protect,
and are reasonably related to the protection of, Company’s proprietary information, to which he will be exposed and with which
he will be entrusted. Specifically, without limitation, Executive is entrusted with trade secrets regarding: Inventions, the strategic
planning initiatives; business development plans; budgets; financial information; management training; future business plans; and operational
strategies and procedures. Executive understands that any breach of Sections 5 or 7 will also constitute a misappropriation of Company’s
proprietary rights, and may constitute a theft of Company’s trade secrets under applicable local, state, and federal statutes,
and will result in a claim for injunctive relief, damages, and/or criminal sanctions and penalties against Executive by Company, and
possibly others. Executive acknowledges that any breach of Sections 4, 5, 6, 7 or 8 will cause Company immediate and irreparable injury
and damage, for which monetary relief would be inadequate or difficult to quantify. Company will be entitled to, in addition to all other
remedies available to it, injunctive relief and specific performance to prevent a breach and to secure the enforcement of Sections 4,
5, 6, 7 or 8. Executive further acknowledges that the covenants set forth in Sections 4, 5, 6, 7 and 8 shall survive the Date of Termination
in accordance with their terms

 

10.
 Miscellaneous Provisions.

 

10.1 Severability.
If, in any jurisdiction, any term or provision hereof is determined to be invalid or unenforceable, (a) the remaining terms and provisions
hereof shall be unimpaired; (b) any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such term or provision in any other jurisdiction; and (c) the invalid or unenforceable term or provision shall, for purposes of such
jurisdiction, be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention
of the invalid or unenforceable term or provision.

 

10.2 Execution
in Counterparts. This Agreement may be executed in one or more counterparts, and by the two parties hereto in separate counterparts,
each of which shall be deemed to be an original and all of which taken together shall constitute one and the same agreement (and all
signatures need not appear on any one counterpart), and this Agreement shall become effective when one or more counterparts has been
signed by each of the parties hereto and delivered to each of the other parties hereto. This Agreement, once executed by a Party, may
be delivered to the other Party hereto by facsimile or electronic transmission of a copy of this Agreement bearing the signature of the
Party so delivering this Agreement. A faxed or electronically delivered signature shall have the same legally binding effect as an original
signature.

 

10.3. Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed duly given upon receipt when
delivered by hand, overnight delivery or facsimile (with confirmed delivery), or three (3) business days after posting, when delivered
by registered or certified mail or private courier service, postage prepaid, return receipt requested, as follows:

 

    	8

     

    

 

If to Company, to:    

 

Elite Pharmaceuticals, Inc. 

 165 Ludlow Avenue 

 Northvale, New Jersey  

 Facsimile No.: (201) ***-**** 

 Attn: Chairman

 

If to Executive, to:      

 

Kirko Kirkov 

 ***** 

 *****

 

or
to such other address(es) as a party hereto shall have designated by like notice to the other parties hereto.

 

10.4. Amendment.
No provision of this Agreement may be modified, amended, waived or discharged in any manner except by a written instrument executed by
both Company and Executive.

 

10.5. Entire
Agreement. Except as specifically provided herein, this Agreement constitutes the entire agreement of the parties hereto with respect
to the subject matter hereof, and supersedes all prior agreements and understandings of the parties hereto, oral or written. Company
and Executive shall execute and deliver all such further documents as may be necessary to carry out the intent of the preceding sentence.

 

10.6. Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey applicable to contracts
made and to be wholly performed therein.

 

10.7. Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Agreement.

 

10.8. Binding
Effect; Successors and Assigns. Executive may not delegate any of his duties or assign any of his rights hereunder. This Agreement
shall inure to the benefit of, and be binding upon, the parties hereto and their respective heirs, legal representatives and beneficiaries,
successors and permitted assigns. Company shall require any successor (whether direct or indirect and whether by purchase, merger, consolidation
or otherwise) to all or substantially all of the business and/or assets of Company, by an agreement in form and substance reasonably
satisfactory to Executive, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that Company
would be required to perform if no such succession had taken place.

 

    	9

     

    

 

10.9. Waiver.
The failure of either of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed
to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right
of either of the parties hereto thereafter to enforce each and every provision of this Agreement. No waiver of any breach of any of the
provisions of this Agreement shall be construed or deemed to be a waiver of any other or subsequent breach.

 

10.10. Capacity,
etc. Each of Executive and Company hereby represents and warrants to the other that, as the case may be: (a) he or it has full power,
authority and capacity to execute and deliver this Agreement and to perform his or its obligations hereunder; (b) such execution,
delivery and performance shall not (and with the giving of notice or lapse of time or both would not) result in the breach of any agreements
or other obligations to which he or it is a party or he or it is otherwise bound or violate any law; and (c) this Agreement is his or
its valid and binding obligation enforceable in accordance with its terms.

 

10.11. Enforcement;
Jurisdiction. If any party institutes legal action to enforce or interpret the terms and conditions of this Agreement, the prevailing
party shall be awarded reasonable attorneys’ fees at all trial and appellate levels and the expenses and costs incurred
by such prevailing party in connection therewith. Any legal action, suit or proceeding, in equity or at law, arising out of or relating
to this Agreement shall be instituted exclusively in the State or Federal courts located in the State of New Jersey and each party agrees
not to assert, by way of motion, as a defense or otherwise, in any such action, suit or proceeding, any claim that such party is not
subject personally to the jurisdiction of any such court, that the action, suit or proceeding is brought in an inconvenient forum, that
the venue of the action, suit or proceeding is improper or should be transferred, or that this Agreement or the subject matter hereof
may not be enforced in or by any such court. Each party further irrevocably submits to the jurisdiction of any such court in any such
action, suit or proceeding. Any and all service of process and any other notice in any such action, suit or proceeding shall be effective
against any party if given personally or by registered or certified mail, return receipt requested or by any other means of mail that
requires a signed receipt, postage prepaid, mailed to such party as herein provided. Nothing herein contained shall be deemed to affect
or limit the right of any party to serve process in any other manner permitted by applicable law.

 

10.12. Advice
of Counsel. Executive represents and warrants that he has had full opportunity to seek advice and representation by independent counsel
of his own choosing in connection with the interpretation, negotiation and execution of this Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	10

     

    

 

IN
WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto as of the date first above written.

 

	 	Elite Pharmaceuticals, Inc.
	 	 
	 	By:	/s/ Nasrat Hakim
	 	Name:	Nasrat Hakim
	 	Title:	Chairman & Chief Executive Officer
	 	 
	 	By:	/s/ Kirko Kirkov
	 	Name:	Kirko Kirkov

 

    	11

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