Document:

unit-ex1021_1244.htm

Exhibit 10.21

UNITI GROUP INC. 
2015 EQUITY INCENTIVE PLAN

 

PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT

 

Summary of Restricted Stock Unit Award

As of the Date of Grant set forth below, Uniti Group Inc., a Maryland corporation (the “Company”), grants to the Grantee named below, in accordance with the terms of the Uniti Group Inc. 2015 Equity Incentive Plan (the “Plan”), and this Restricted Stock Unit Agreement (the “Agreement”), the contingent right to receive all, a portion or a multiple of the Target Number of Restricted Stock Units set forth below:

	
 
	
Name of Grantee:
	

	
Target Number of Restricted Stock Units:  
	

	
Date of Grant:
	

Terms of Agreement

1.Grant of Restricted Stock Units. Subject to and upon the terms, conditions, and restrictions set forth in this Agreement and in the Plan, the Company hereby grants to the Grantee as of the Date of Grant this Performance-Based Restricted Stock Unit Award, which represents the contingent right to receive all, a portion, or a multiple of the Target Number of Restricted Stock Units (the “Restricted Stock Units”) set forth herein.  Except as otherwise provided herein, each Restricted Stock Unit shall represent the right to receive one Common Share and shall at all times be equal in value to one Common Share.

2.Right to Receive Payment. 

(a)In General.  

(i)The Grantee shall vest in all or a portion of the Target Number of Restricted Stock Units on _______________, 2018 (the “Vesting Date”), in accordance with the performance matrix attached hereto as Appendix A (the “Performance Matrix”); provided that the Grantee shall have remained in the continuous employ of the Company or any Subsidiary through the Vesting Date.

(ii)Notwithstanding the provisions of Section 2(a)(i), in the event the Grantee’s employment with the Company and its Subsidiaries is terminated without Cause, the Grantee terminates his employment with the Company or a Subsidiary for Good Reason, the Grantee experiences a Company-approved retirement (as determined in the sole discretion of the Committee), or the Grantee dies or becomes permanently disabled (as determined by the Committee) while in the employ of the Company or any Subsidiary, the Grantee shall remain eligible to vest in his Restricted Stock Units on the Vesting Date subject to the Performance Matrix and actual performance achieved.  On the Vesting Date following such termination of employment, the Grantee shall vest in a pro-rated portion of the Restricted Stock Units which 

 

Grantee would have been entitled had such termination of employment not occurred, based on the number days the Grantee was employed by the Company between the Date of Grant and the Vesting Date.

(iii)Notwithstanding the provisions of Section 2(a)(i) or 2(a)(ii), the Target Number of Restricted Stock Units covered by this Agreement (and not previously vested under Section 2(a) or forfeited under Section 3) shall immediately become vested if, prior to the applicable Vesting Date, the Grantee’s employment with the Company or any Subsidiary is terminated without Cause or the Grantee terminates his employment with the Company or any Subsidiary for Good Reason, in each case within the one year period immediately following a Change in Control.

(iv)Notwithstanding anything contained in this Agreement to the contrary, the Committee may, in its sole discretion, at any time declare the Restricted Stock Units vested and nonforfeitable on such terms and conditions as it deems appropriate.  

(c)Adjustment of Performance Goals.  If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company or any Subsidiary, the manner in which it conducts business or other events or circumstances render any of the Performance Goals to be unsuitable, the Committee may modify such Performance Goal or the level of achievement, in whole or in part, as the Committee deems appropriate.

3.Forfeiture.  The Restricted Stock Units that have not yet vested pursuant to Section 2(a) (and any right to unpaid Dividend Equivalents under Section 7 with respect to the Restricted Stock Units) shall be forfeited automatically without further action or notice (i) except as otherwise provided pursuant to Section 2(a)(ii), to the extent that the Performance Goal for a fiscal year has not been achieved, but only with respect to the percentage of the Target Number of Restricted Stock Units allocated to such fiscal year; or (ii) in the event the Grantee ceases to be employed by the Company or any Subsidiary other than as provided in Section 2(a)(ii). 

4.Payment of Restricted Stock Units.

(a)In General.  Except as may be otherwise provided in this Section 4, the Company shall deliver to the Grantee (or the Grantee’s estate in the event of death) the Shares underlying the vested Restricted Stock Units within sixty (60) days after the date that they become vested in accordance with Section 2.  

(b)Special Payment Terms.  To the extent that the Grantee’s right to receive payment of the Restricted Stock Units constitutes a “deferral of compensation” within the meaning of Section 409A of the Code, then notwithstanding Section 4(a), the Shares underlying the Restricted Stock Units that become vested pursuant to Section 2(a)(ii), if any, shall be subject to the following rules: 

(i)Except as provided in Section 4(b)(ii), the Shares underlying the Restricted Stock Units that become vested pursuant to Section 2(a)(ii) shall be delivered to the Grantee (or the Grantee’s estate in the event of death) within sixty (60) days after the earlier of (x) the Grantee’s “separation from service” within the meaning of Section 409A of the Code; or (y) the Vesting Date next following the date that the Restricted Stock Units become vested pursuant to Section 2(a)(ii).  

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(ii)If the Restricted Stock Units would otherwise become payable as a result of Section 4(b)(i)(x) but the Grantee is a “specified employee” at that time within the meaning of Section 409A of the Code (as determined pursuant to Company’s policy for identifying specified employees), then to the extent required to comply with Section 409A of the Code, payment of the Restricted Stock Units shall not be made as described Section 4(b)(i) and (x) in the case of a separation from service pursuant to Section 2(a)(ii)(A) the Shares shall instead be delivered to the Grantee within sixty (60) days after the first business day that is more than six months after the date of his or her separation from service or, if the Grantee dies during such six-month period, within ninety (90) days after the Grantee’s death (such date the “409A Settlement Date”) and (y) in the case of a separation from service pursuant to Section 2(a)(ii)(B) payment of the Restricted Stock Units shall be made on the 409A Settlement Date in cash (in lieu of payment in Shares) with a value equal to the number of Shares that otherwise would have been paid multiplied by the Market Value per Share as of the date of such separation from service, together with interest from the date of such separation from service until the 409A Settlement Date at the applicable Federal short-term rate, compounded semi-annually, in effect under 1274(d) of the Code as of the date of such separation from service.

(c)Satisfaction of the Company’s Obligations.  The Company’s obligations with respect to the Restricted Stock Units shall be satisfied in full upon the delivery of the Shares underlying the Vested Restricted Stock Units or the cash payment described in Section 4(b)(ii)(y).

5.Transferability.  The Restricted Stock Units or the right to the cash payment described in Section 4(b)(ii)(y) may not be sold, exchanged, assigned, transferred, pledged, encumbered or otherwise disposed of by the Grantee, unless otherwise provided under the Plan.  Any purported transfer or encumbrance in violation of the provisions of this Section 5 shall be void, and the other party to any such purported transaction shall not obtain any rights to or interest in such Restricted Stock Units or cash payment right.  

6.No Dividend, Voting or Other Rights.  The Grantee shall not possess any incidents of ownership (including, without limitation, dividend and voting rights) in the Common Shares underlying the Restricted Stock Units credited to his or her account until such Common Shares have been delivered to the Grantee in accordance with Section 4.  The obligations of the Company under this Agreement will be merely that of an unfunded and unsecured promise of the Company to deliver Common Shares or cash as the case may be (and pay Dividend Equivalents as defined in Section 7) in the future, and the rights of the Grantee will be no greater than that of an unsecured general creditor. No assets of the Company or any Subsidiary will be held or set aside as security for the obligations of the Company under this Agreement.  

7.Dividend Equivalents.  Upon payment of a vested Restricted Stock Unit, the Grantee shall be entitled to a cash payment equal to the aggregate cash dividends declared and paid or payable with respect to one (1) Common Share for each record date that occurs during the period beginning on the Date of Grant and ending on the date the vested Restricted Stock Unit is paid or, in the case of a separation from service pursuant to Section 2(a)(ii)(B), the date of the separation from service (the “Dividend Equivalent”).  The Dividend Equivalents shall be forfeited to the extent that the underlying Restricted Stock Unit is forfeited and shall be paid to the Grantee, if at all, at the same time that the related vested Restricted Stock Unit is paid to the Grantee in accordance with Section 4.

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8.Continuous Employment.  For purposes of this Agreement, the continuous employment of the Grantee with the Company or any Subsidiary shall not be deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be an employee of the Company or any Subsidiary, by reason of the transfer of his or her employment among the Company and any Subsidiary, or a leave of absence approved by the Committee. 

9.No Employment Contract; Disclaimer.  Nothing contained in this Agreement shall confer upon the Grantee any right with respect to continuance of employment by the Company or any Subsidiary, nor limit or affect in any manner the right of the Company and any Subsidiary to terminate the employment or adjust the compensation of the Grantee, in each case with or without Cause.  By acceptance of this Agreement, the Grantee acknowledges and agrees that neither this Agreement nor any other agreement awarded prior to the date hereof under any equity compensation plan of the Company or its Subsidiaries has created or shall create, or be deemed or construed to create or have created, (i) a contractual, equitable, or other right to receive future grants of equity awards, or other benefits in lieu of equity awards, or (ii) a fiduciary duty or other comparable duty of trust or confidence owed to the Grantee (or any successor, assign, affiliate or family member of the Grantee) by the Company and its affiliates and its respective officers, directors, employees, agents or contractors.

10.Relation to Other Benefits.  Any economic or other benefit to the Grantee under this Agreement or the Plan shall not be taken into account in determining any benefits to which the Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company or any Subsidiary and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or any Subsidiary. 

11.Taxes and Withholding.  The Grantee is responsible for any federal, state, local or other taxes with respect to the Restricted Stock Units (including the vesting of the Restricted Stock Units, the receipt of Common Shares or cash and the receipt of Dividend Equivalents).  The Company does not guarantee any particular tax treatment or results in connection with the grant or vesting of the Restricted Stock Units, the delivery of Common Shares or cash or the payment of Dividend Equivalents.  To the extent the Company or any Subsidiary of the Company is required to withhold any federal, state, local, foreign or other taxes in connection with the delivery of Common Shares or cash under this Agreement, the Grantee shall pay the tax or make provisions that are satisfactory to the Company or such Subsidiary for the payment thereof.  The Grantee may elect (on a form provided by the Company) for the Company or any Subsidiary (as applicable) to retain a number of Common Shares otherwise deliverable hereunder (to the extent any cash otherwise payable is insufficient) with a value equal to the required withholding (based on the Market Value of the Common Shares on the date of delivery) in order to satisfy the withholding obligation; provided that in no event shall the value of the Common Shares together with any cash retained exceed the minimum amount of taxes required to be withheld or such other amount that will not result in a negative accounting impact.  If the Company or any Subsidiary is required to withhold any federal, state, local or other taxes at any time other than upon delivery of Common Shares or cash under this Agreement, then the Company or the Subsidiary (as applicable) shall have the right in its sole discretion to (a) require the Grantee to pay or provide for payment of the required tax withholding, or (b) deduct the required tax withholding from any amount of salary, bonus, incentive compensation or other 

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amounts otherwise payable in cash to the Grantee (other than deferred compensation subject to Section 409A of the Code).   If the Company or any Subsidiary is required to withhold any federal, state, local or other taxes with respect to Dividend Equivalents, then the Company or Subsidiary (as applicable) shall have the right in its sole discretion to reduce the cash payment related to the Dividend Equivalent by the applicable tax withholding.  

12.Compliance with Law.  The Company shall make reasonable efforts to comply with all applicable federal and state securities laws and listing requirements of the NASDAQ or any national securities exchange with respect to the Restricted Stock Units; provided, however, notwithstanding any other provision of this Agreement, the Restricted Stock Units shall not be delivered if the delivery thereof would result in a violation of any such law or listing requirement. 

13.Amendments.  Subject to the terms of the Plan, the Committee may modify this Agreement upon written notice to the Grantee.  Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto.  Notwithstanding the foregoing, and except as specifically provided in Sections 2(a)(iii) and 2(b), no amendment of the Plan or this Agreement shall adversely affect the rights of the Grantee under this Agreement regarding vested Restricted Share Units under the Plan and this Agreement without the Grantee’s consent.  

14.Severability.  In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

15.Claw-Back Policy.  Notwithstanding any provision contained herein to the contrary, this Agreement, the Restricted Stock Units and any Common Shares that the Grantee may receive pursuant to this Agreement, are subject to the Uniti Group Inc. Claw-Back Policy then in affect (the “Policy”), and the Claw-Back Policy Acknowledgement and Agreement that the Grantee signed in accordance with the Policy (the “Claw-Back Agreement”). 

16.Relation to Plan.  This Agreement is subject to the terms and conditions of the Plan.  This Agreement, the Policy, the Claw-Back Agreement and the Plan contain the entire agreement and understanding of the parties with respect to the subject matter contained in this Agreement, and supersede all prior written or oral communications, representations and negotiations in respect thereto.  In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Plan.  The Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein, have the right to determine any questions which arise in connection with the grant of the Restricted Stock Units.

17.Successors and Assigns.  Without limiting Section 5, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and assigns of the Company and its affiliates.

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18.Governing Law.  The interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State of Maryland, without giving effect to the principles of conflict of laws thereof.

19.Electronic Delivery.  The Grantee hereby consents and agrees to electronic delivery of any documents that the Company may elect to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other award made or offered under the Plan. The Grantee understands that, unless earlier revoked by the Grantee by giving written notice to the Secretary of the Company, this consent shall be effective for the duration of the Agreement.  The Grantee also understands that he or she shall have the right at any time to request that the Company deliver written copies of any and all materials referred to above at no charge. The Grantee hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may elect to deliver, and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature. The Grantee consents and agrees that any such procedures and delivery may be effected by a third party engaged by the Company or any Subsidiary to provide administrative services related to the Plan.  

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its duly authorized officer and the Grantee has also executed this Agreement, as of the Date of Grant.

UNITI GROUP INC.

 

By:   Kenny Gunderman

Title:President and CEO

By clicking the [I Accept] button, the Grantee hereby acknowledges that a copy of the Plan, Plan Summary and Prospectus and the Company’s most recent Annual Report and Proxy Statement (the “Prospectus Information”) are available for viewing on the Company’s intranet site at [web address].  The Grantee hereby consents to receiving this Prospectus Information electronically, or, in the alternative, agrees to contact [name and phone number] to request a paper copy of the Prospectus Information at no charge. The Grantee represents that he or she is familiar with the terms and provisions of the Prospectus Information and hereby accepts the award of Restricted Shares on the terms and conditions set forth herein and in the Plan.  These terms and conditions constitute a legal contract that will bind both you and the Company as soon as you click the [I Accept] button.

 

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APPENDIX A

PERFORMANCE MATRIX

 

 

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APPENDIX B

 

 

8Exhibit 10.3

 

AMENDED AND
RESTATED CONSULTING AGREEMENT

 

THIS AMENDED AND RESTATED
CONSULTING AGREEMENT (this “Agreement”), effective as of the 1st day of January 2019 (the “A&R
Effective Date”) is by and between Eric Rowinsky, M.D., having an address set forth below (hereinafter referred to as
“Consultant”) and Fortress Biotech, Inc., a Delaware corporation, having offices at 2 Gansevoort, 9th
Floor, New York, NY 10014 (“Fortress”).

 

W I T N E S S E T H:

 

WHEREAS, Fortress
and Advisor are party to that certain Consulting Agreement, dated as of September 21, 2010 (the “Original Consulting Agreement”)
and desire to amend the Original Consulting Agreement to alter the payment and other provisions thereof;

 

WHEREAS, Fortress
desires to engage Consultant to continue to provide certain advisory services on an independent contractor basis as described below,
and Consultant wishes to continue to provide such services to Fortress; and

 

WHEREAS, Fortress
and Consultant desire to establish and document the terms and conditions of such consulting relationship between them.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements hereinafter set forth, the parties hereto agree as follows:

 

Section 1. Term
of Agreement. This Agreement shall remain in effect until terminated as provided in Section 9 below.

 

Section 2. Services.
Fortress appoints Consultant and Consultant hereby accepts appointment as an independent contractor to perform consulting and advisory
services as may be requested by Fortress and agreed to by Consultant (the “Services”).

 

Section 3. Compensation.

 

(a)   Fortress
will pay Consultant $500 per hour (the “Fee”) for any amount of time Consultant spends performing the Services
pursuant to the terms hereof; provided, however, that the Consultant shall not perform more than 500 hours in the aggregate pursuant
to this Agreement without the prior written consent of Fortress.

 

(b)   Within
thirty (30) days of performance of Services in a given month, Consultant will provide Fortress with an invoice setting forth the
actual number of hours worked, activities undertaken, and itemization of all other reimbursable costs incurred. Such invoices shall
be payable within thirty (30) days of receipt of the invoice and resolution of any issues concerning the invoice.

 

(c)   Upon
termination of this Agreement for any reason, Fortress will pay the unpaid Fees that have accrued through the effective date of
termination.

 

     

     

    

 

Section 4.
Duties of Consultant. While engaged by Fortress, the Consultant agrees to abide by the following requirements in
connection with the Services:

 

(a)   Consultant
agrees to faithfully, diligently, competently, and to the best of his ability perform the Services, provided that Consultant will
at all times retain sole and absolute discretion and judgment in the manner and means of carrying out the Services. Consultant
will generally be able to perform the Services pursuant to any schedule, provided that the Services are completed within the time
periods specified by Fortress, and Consultant will have no obligation to follow any particular sequence in performing the Services.

 

(b)   Consultant
will be responsible for his expenses incurred in connection with the performance of the services described herein, including, without
limitation, the costs and expenses of any insurance, office space, and supplies, as well as any applicable taxes, withholdings,
contributions, fees or charges levied or required by any governmental entity as a result of Consultant’s performance of the
Services, provided, however, that if Consultant is required to travel in order to perform the Services, Fortress will reimburse
Consultant for such reasonable travel expenses incurred by Consultant provided that such expenses are approved in advance by the
Chief Executive Officer of Fortress or his designee, and provided further that Consultant presents a detailed and itemized account
of such expenses along with proper documentation as Fortress may request.

 

Section 5. Confidential
Information and Inventions.

 

(a)   Consultant
recognizes and acknowledges that in the course of his duties he is likely to receive confidential or proprietary information owned
by Fortress, its affiliates or third parties with whom Fortress or any such affiliates has an obligation of confidentiality. Accordingly,
during and after the term of this agreement, Consultant agrees to keep confidential and not disclose or make accessible to any
other person or use for any other purpose other than in connection with the fulfillment of his duties under this Agreement, any
Confidential Information (as defined below) owned by, or received by or on behalf of, Fortress or any of its affiliates. “Confidential
Information” shall include, but shall not be limited to, confidential or proprietary scientific or technical information,
data, formulas and related concepts, business plans (both current and under development), client lists, promotion and marketing
programs, trade secrets, or any other confidential or proprietary business information relating to development programs, costs,
revenues, marketing, investments, sales activities, promotions, credit and financial data, manufacturing processes, financing methods,
plans or the business and affairs of Fortress or of any affiliate or client of Fortress. Consultant expressly acknowledges the
proprietary status of the Confidential Information and that the Confidential Information constitutes a trade secret and/or protectable
business interest of Fortress. Consultant agrees: (i) not to use any such Confidential Information for himself or others; (ii)
not to take any Confidential Information or any Fortress material (including but not limited to writings, correspondence, notes,
drafts, records, invoices, technical and business policies, computer programs or disks) from any of Fortress’s offices; and
(iii) not to disclose or publish any Confidential Information, except as required in the performance of the Services or authorized
by Fortress.

 

(b)   Consultant
agrees to return immediately all Confidential Information in any for and all Fortress property (including but not limited, to writings,
correspondence, notes, drafts, records, invoices, technical and business policies, computer programs or disks) in his possession
to Fortress upon request and in any event immediately upon termination of this Agreement.

 

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(c)   Confidential
Information shall not include any information that:

 

(i)    can
be established, by written records, as already in Consultant’s possession or control prior to the date of disclosure by Fortress;

 

(ii)   was
or becomes generally available to the public other than as a result of a disclosure by Consultant by reason of any default with
respect to a confidentiality obligation under this Agreement or otherwise between the parties; or

 

(iii)  becomes
available to Consultant from a source other than Fortress, its agents, consultants or representatives, provided that such source
is not prohibited from disclosing such information by any confidentiality agreement or other contractual, legal or fiduciary obligation
of nondisclosure.

 

(d)   The
restrictions in Section 5(b) above will not apply to any information to the extent that Consultant is required to disclose such
information by law, provided that Consultant (i) notifies Fortress in writing of the existence and terms of such obligation, (ii)
gives Fortress a reasonable opportunity to seek a protective or similar order to prevent or limit such disclosure, and (iii) only
discloses that information actually required to be disclosed.

 

(e)   The
Consultant agrees that all inventions, discoveries, improvements and patentable or copyrightable works (“Inventions”)
initiated, conceived or made by him, either alone or in conjunction with others, made while performing the Services, shall be the
sole property of Fortress to the maximum extent permitted by applicable law and, to the extent permitted by law, shall be “works
made for hire” as that term is defined in the United States Copyright Act (17 U.S.C. Section 101). Fortress shall be the
sole owner of all patents, copyrights, trade secret rights, and other intellectual property or other rights in connection therewith.
The Consultant hereby assigns to Fortress all right, title and interest he may have or acquire in all such Inventions. The Consultant
further agrees to assist Fortress in every proper way (but at Fortress’s expense) to obtain and from time to time enforce
patents, copyrights or other rights on such Inventions in any and all countries, and to that end the Consultant will execute all
documents necessary:

 

(i)    to apply for, obtain and vest in the name of Fortress alone (unless Fortress otherwise directs) letters patent, copyrights
or other analogous protection in any country throughout the world and when so obtained or vested to renew and restore the same;
and

 

(ii)   to
defend any opposition proceedings in respect of such applications and any opposition proceedings or petitions or applications
for revocation of such letters patent, copyright or other analogous protection.

 

(f)    Consultant
agrees that any breach of this Section 5 by Consultant would cause irreparable damage to Fortress,
and that monetary damages alone would not be adequate to repair such harm. In the event of such breach or threatened breach, Fortress
shall have, in addition to any and all remedies at law and without the
posting of a bond or other security, the right to an injunction, specific performance or other equitable relief necessary to prevent
or redress the violation of Consultant’s obligations under this Section. In the event that an actual proceeding is brought
in equity to enforce this Section, Consultant shall not urge as a defense that there is an adequate remedy at law nor shall Fortress
be prevented from seeking any other remedies which may be available to
it.

 

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(g)   The
provisions of this Section 5 shall survive any termination of this Agreement.

 

(h)   Consultant
is hereby notified that pursuant to the Defend Trade Secrets Act of 2016, an individual will not be held criminally or civilly
liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a
federal, state or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of
reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or
other proceeding, if such filing is made under seal.  An individual who files a lawsuit for retaliation by an employer for
reporting a suspected violation of law may disclose the trade secret to his or her attorney and use the trade secret information
in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the
trade secret, except pursuant to court order.

 

Section 6. Insider
Trading. Consultant recognizes that in the course of his duties hereunder, Consultant may receive from Fortress or others
information that may be considered "material, nonpublic information" concerning a public company that is subject to the
reporting requirements of the Securities and Exchange Act of 1934, as amended. Consultant agrees NOT to:

 

(a)   buy
or sell any security, option, bond or warrant of Fortress or any of its affiliated companies while in possession of relevant material,
nonpublic information received from Fortress or others in connection herewith;

 

(b)   provide
Fortress with information with respect to any public company that may be considered material, nonpublic information; or

 

(c)   provide
any person with material, nonpublic information, received from Fortress, including any relative, associate, or other individual
who intends to, or may, (i) trade securities with respect to Fortress or any of its affiliated companies which is the subject of
such information, or (ii) otherwise directly or indirectly benefit from such information.

 

Section 7. Representations
and Warranties of Consultant.

 

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

 

(b)   Consultant
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 Consultant enforceable against him in accordance
with its terms. No approvals or consents of any persons or entities are required for Consultant to execute and deliver this Agreement
or perform his duties and other obligations hereunder.

 

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Section 8. Consultant
not an Employee. Fortress and Consultant hereby acknowledge and agree that Consultant shall perform the services hereunder
as an independent contractor and not as an employee or agent of Fortress or any Fortress affiliate. Consultant is not to represent
that he is an employee of Fortress or any Fortress affiliate under any circumstance. In addition, nothing in this Agreement shall
be construed as establishing any joint venture, partnership or other business relationship between the parties hereto or representing
any commitment by either party to enter into any other agreement by implication or otherwise except as specifically stated herein.
Consultant shall have no authority, express or implied, to bind Fortress or any Fortress affiliate to any agreement, contract,
or other commitment. Consultant will not be an employee of Fortress for any purpose, including for purposes of the Fair Labor Standards
Act’s minimum wage and overtime provisions, nor any other provision of federal, state, or local law applicable to employees.
Further, Consultant understands and agrees that he will not be entitled to any employment benefits that may be made available by
Fortress to its employees, including but not limited to vacation pay, sick leave, retirement benefits, social security, workers’
compensation, health or disability benefits, and unemployment insurance benefits. Consultant will be solely responsible for all
taxes, withholding and other similar statutory obligations. Consultant further understands and agrees that this Agreement is entered
into by Fortress on a non-exclusive basis and that Fortress and its affiliates remain free to deal with others and retain other
consultants, agents, employees, brokers, finders, etc. in the same or similar capacity as Consultant has been retained at any time
at their own option.

 

Section 9. Termination.

 

(a)   This
Agreement may be terminated by Consultant or Fortress upon three (3) days’ prior written notice. Immediately upon receipt
of such notice from Fortress, Consultant shall institute such termination procedures as may be specified in the notice and shall
use his best efforts to minimize the cost to Fortress resulting from such termination. In the event of such termination, Fortress
shall pay to Consultant reasonable charges for the work performed and expenses incurred up to the notice of termination.

 

(b)   Upon
termination, Consultant will provide Fortress with a report detailing the work product and results of the work performed under
the Agreement.

 

(c)   Termination
of this Agreement shall not relieve either party of any obligation to the other in respect of any other provisions of this Agreement
which by their nature are intended to survive termination.

 

(d)   Any
Confidential Disclosure Agreements (“CDAs”) signed between Fortress and Consultant shall remain in effect beyond
the termination of this Agreement.

 

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Section 10. Miscellaneous.

 

(a)   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, 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.

 

(b)   Entire
Agreement; Modification; Amendment and Restatement. This Agreement is 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 that are not set forth herein. No amendment or modification of this Agreement shall be valid unless made in writing and
signed by each of the parties hereto. This Agreement amends, restates, supersedes and replaces the Original Consulting Agreement
in its entirety; as of the A&R Effective Date, the Original Consulting Agreement, including for the avoidance of doubt and
without limitation any termination fees or guarantees that appeared therein, shall have no further force or effect. The Parties
acknowledge that all payments owing and payable under the Original Consulting Agreement have, as of the date of full execution
hereof, been paid and satisfied in full.

 

(c)   Binding
Effect. The rights, benefits, duties and obligations under this Agreement shall inure to, and be binding upon, Fortress, its
successors and assigns, and upon Consultant and his legal representatives. This Agreement constitutes a personal service agreement,
and the performance of Consultant’s obligations hereunder may not be transferred or assigned by Consultant without the prior
written consent of Fortress, and any such purported transfer or assignment shall be null and void ab initio.

 

(d)   Third
Party Beneficiaries. This Agreement is for the benefit of the parties hereto and their successors and permitted assigns and
is not intended to confer upon any other person or entity any rights or remedies hereunder.

 

(e)   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.

 

(f)    Governing
Law. This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York
without regard to such State’s principles of conflict of laws. The parties hereby submit to the exclusive jurisdiction of
the state and federal courts sitting within the City, County and State of New York for any disputes arising out of this Agreement.

 

(g)   Headings. The headings of the Sections are inserted for convenience of reference only and shall not affect any interpretation
of this Agreement.

 

(h)   Gender
and Number. As used in this Agreement, the masculine, feminine or neuter gender, and the singular or plural, shall be deemed
to include the others whenever and wherever the context so requires. Additionally, unless the context requires otherwise, “or”
is not exclusive.

 

    Page 6 of 8

     

    

 

		(i)	Notices. Any notice given pursuant to this Agreement
will be written and sent to:

 

	Fortress:	 	Consultant :
	 	 	 
	Fortress Biotech, Inc.	 	Eric Rowinsky, M.D.
	Attn: Legal	 	215 E 73rd Street
	2 Gansevoort, 9th Floor	 	New York, NY 10021
	New York, NY 10014	 	 

 

 

Fortress Invoices
to be sent to:

 

Fortress Biotech, Inc.

Attn: Accounts Payable

95 Sawyer Road, Suite 110

Waltham, MA 02453

Email:
ap@fortressbiotech.com

 

 

[Signature page
follows]

 

    Page 7 of 8

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement by proper person thereunto duly authorized as of the date first above written.

 

	 	FORTRESS BIOTECH, INC.
	 	 	 
	 	By:  	                             
	 	Name:  Lindsay A. Rosenwald, M.D.
	 	Title:  President & CEO
	 	 
	 	 
	 	
        Eric
Rowinsky, M.D.

	 	 
	 	 

 

    Page 8 of 8

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