Document:

Exhibit 10.82

 

January 19, 2015

 

S.Venkatesh

President

Ascend Laboratories, LLC

180 Summit Avenue, Suite 200

Montvale, NJ 07645

 

		Re:	Second Amendment to

TPN-Elite Manufacturing and Supply
Agreement dated June 23, 2011 and

First Amendment to TPN-Elite
Manufacturing and Supply Agreement dated September 21, 2012

 

Mr. Venkatesh,

 

The PharmaNetwork,
LLC, a New Jersey limited liability company and its wholly owned subsidiary, Ascend Laboratories, LLC (together "TPN"),
and Elite Pharmaceuticals, Inc., a Nevada corporation, and Elite Laboratories, Inc. (a subsidiary of Elite Pharmaceuticals, Inc.),
a Delaware corporation (together "ELITE") are parties to a Manufacturing and Supply Agreement effective as of June 23,
2011 and a First Amendment of the Manufacturing and Supply Agreement dated September 21, 2012 (together the “Agreement”).
All capitalized terms used without definition in this letter agreement have the respective meanings provided in the Agreement.

 

Effective as of the
date of this letter agreement, the parties agree that Section 3.2 shall be deleted and Sections 1.4, 2.7, 3.2, 7.1, 7.3, 10.3,
and Exhibit A attached to the Agreement are amended in their entirety and, as amended, read as follows:

 

Section 1.4 “ELITE”
shall mean Elite Pharmaceuticals, Inc., a Nevada corporation, and Elite Laboratories, Inc., a Delaware corporation (a subsidiary
of Elite Pharmaceuticals, Inc.).

 

Section 2.7           
Delays. During the Term of this Manufacturing Agreement, if ELITE is not able to timely meet Product orders submitted by TPN pursuant
to Section 2.2, ELITE shall promptly notify TPN of the reason for the delay and the date delivery of Product is expected to occur.

 

165 Ludlow Avenue
• Northvale, NJ 07647 • Ph: (201)750-2646 • Fax: (201)750-2755 www.elitepharma.com

 

{***} Confidential
portions of this exhibit have been redacted and filed separately with the Commission pursuant to a confidential treatment request
in accordance with Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

    	 

    	 

    

 

Exhibit 10.82

 

Section 7.1      
   Term. The initial term (the “Initial Term”) of this Agreement shall commence on the Effective Date and shall
continue until December 31, 2015; thereafter, the term of this Agreement shall be extended for one (1) year terms (each a “Renewal
Term”) upon the mutual written agreement of the Parties entered into at least six (6) months prior to the expiration
of the Initial Term or a Renewal Term.

 

		Section 7.3	Consequences of Termination

 

(a)          On
termination or expiry of the Agreement for any reason ELITE shall:

 

(i)          ensure
that any copies of TPN’s confidential information, or any information of a technical nature relating to the Product or its
manufacture and supplied by TPN to ELITE are promptly returned to TPN or, at TPN’s option, destroyed;

 

(ii)         promptly
invoice and TPN shall promptly pay an amount equal to the cost of any pharmaceutical or packaging materials (that cannot be otherwise
used by ELITE or deployed to other customers of ELITE) and Product, in ELITE’s possession, provided that, ELITE can prove
by documentary evidence that such pharmaceutical or packaging materials and Product:

 

(1)         were
purchased in reliance on TPN’s’ forecast for the Firm Period; and

 

(2)         are
in compliance with all relevant Product Specifications and otherwise fit for commercial use.

 

(b)          The
termination or expiry of this Agreement shall not release either of the Parties from any liability which at the time of termination
or expiry has already accrued to the other Party, nor affect in any way the survival of any other right, duty or obligation of
the Parties which is expressly stated elsewhere in this Agreement to survive such termination or expiry.

 

Section 10.3         
Notices. Except as otherwise specifically provided, any notice or other documents to be given under this Manufacturing Agreement
shall be in writing and shall be deemed to have been duly given if sent by registered mail, nationally recognized overnight delivery
service or facsimile transmission to a Party or delivered in person to a Party at the address or facsimile number set out below
for such Party or such other address as the Party may from time to time designate by written notice to the other:

 

If to ELITE: Elite Pharmaceuticals, Inc.

 

165 Ludlow Avenue

 

165 Ludlow Avenue
• Northvale, NJ 07647 • Ph: (201)750-2646 • Fax: (201)750-2755 www.elitepharma.com

 

{***} Confidential portions of this exhibit
have been redacted and filed separately with the Commission pursuant to a confidential treatment request in accordance with Rule
24b-2 of the Securities Exchange Act of 1934, as amended.

 

    	 

    	 

    

  

Exhibit 10.82

 

Northvale, NJ 07647

Attention: Nasrat Hakim, President and CEO

Facsimile: 201-750-2755

With a copy to:

Silverman Sclar Shin & Byrne PLCC

381 Park Avenue South

New York, New York 10016

Attn: Richard Feiner

Facsimile: 917-720-0863

 

If to TPN/Ascend:

Ascend Laboratories, LLC

180 Summit Avenue, Suite 200

Montvale, NJ 07645

Attention: S. Venkatesh, President

Facsimile: 201-476-1987

 

With a copy to:

Ascend Laboratories, LLC

180 Summit Avenue, Suite 200

Montvale, NJ 07645

Attention: William T. Moran III / Director-Supply
Chain

Facsimile: 201-476-1987

 

Any such notice provided pursuant to this
Section 10.3 shall be deemed to have been received by the addressee five business days following the date of dispatch of the notice
or other document by mail or, where the notice or other document is sent by overnight delivery service, by hand or is given by
facsimile, simultaneously with the transmission or delivery. To prove the giving of a notice or other document it shall be sufficient
to show that it was dispatched. Either Party may change its address at which notice is to be received by written notice provided
pursuant to this Section 10.3.

 

Exhibit A - Product and Purchase
Price and Minimum Annual Volume Requirements

 

 

	Product	 	Mg	 	 Bottle

Size 	 	Firm Cost Per

Bottle exclusive

of API FOB

Elite	 	Minimum

Annual

Volume
	Methadone Hydrochloride 10 mg Tablets, ANDA #090635	 	10mg	 	 100's 	 	
         

        Manufacturing Cost ${***} (see notes below)

         
	 	{***} Bottles

 

165 Ludlow Avenue
• Northvale, NJ 07647 • Ph: (201)750-2646 • Fax: (201)750-2755 www.elitepharma.com

 

{***} Confidential portions of this exhibit
have been redacted and filed separately with the Commission pursuant to a confidential treatment request in accordance with Rule
24b-2 of the Securities Exchange Act of 1934, as amended.

 

    	 

    	 

    

 

Exhibit 10.82

 

NOTES: The purchase price includes
all costs except API cost which is the obligation of TPN and is firm during the term of the Agreement.

 

ELITE may also, from time to
time, subcontract to Epic Pharma, LLC for bottling of batches.

 

Except as expressly modified by this letter
agreement, the parties agree that the Agreement will continue in full force and effect in accordance with its terms.

 

If the foregoing correctly sets forth our
agreement and understanding, please execute the enclosed counterpart of this letter agreement and return the executed counterpart
to the undersigned at your convenience.

 

	ELITE PHARMACEUTICALS, INC.	 
	 	 
	By	/s/ Nasrat Hakim	 
	 	 
	Name:  Nasrat Hakim	 
	Title:    President and CEO	 
	 	 
	Accepted and agreed as of this January 19, 2015	 
	 	 
	ASCEND LABORATORIES, LLC	 
	 	 
	By	/s/ S. Venkatesh	 
	 	 
	Name:  S. Venkatesh	 
	Title:    President	 

 

165 Ludlow Avenue
• Northvale, NJ 07647 • Ph: (201)750-2646 • Fax: (201)750-2755 www.elitepharma.com

 

{***} Confidential portions of this exhibit
have been redacted and filed separately with the Commission pursuant to a confidential treatment request in accordance with Rule
24b-2 of the Securities Exchange Act of 1934, as amended.Exhibit 10.83

First Amendment to Loan Agreement

 

This First Amendment (“the Amendment”) to the Loan
Agreement between Nasrat Hakim and Elite Pharmaceuticals Inc. (“Elite”) dated October 15, 2013 (“Loan Agreement”)
is made by and between Nasrat Hakim and Elite.

 

WHEREAS Elite and Nasrat Hakim entered into a Loan Agreement
with an effective date of October 15, 2013 and expiring on December 31, 2014; and

 

WHEREAS Elite and Nasrat Hakim desire to amend the Agreement
to extend the term.

 

NOW THEREFORE in consideration of the above provision
and the mutual agreements contained herein, Elite and Nasrat Hakim agree as follows:

 

Paragraph three of the above referenced Loan Agreement shall
read as follows:

 

A Line of Credit ("Line of Credit")
in the maximum principal amount not to exceed $1,000,000 (one million dollars) at anyone time outstanding which shall be evidenced
by the Borrower's Promissory Note dated on or after the date hereof which shall mature on March 31, 2016, when the entire unpaid
principal balance then outstanding plus accrued interest thereon shall be paid in full. Borrower may prepay any amounts of the
Loan without penalty. Any such prepayments shall first be attributable to interest due and owing. Interest only shall be payable
quarterly on July 1, October 1, January 1 and April 1 of each year. Prior to maturity or the occurrence of any Event of Default
hereunder and subject to any availability limitations, as applicable, the Borrower may borrow, repay, and reborrow under the Line
of Credit through maturity. The outstanding balance on the Line of Credit shall bear interest at the rate of ten percent (10%)
per annum as shall be set forth in any such Note evidencing all or any portion of the Line of Credit, the terms of which are incorporated
herein by reference.

 

All other terms of the Loan Agreement shall
remain in full force and effect.

 

In witness whereof the parties hereto have
executed this Amendment to the Loan Agreement as of the Effective Date written above.

 

	Elite Pharmaceuticals Inc.	 	Nasrat Hakim
	 	 	 
	By: 	/s/ Carter J. Ward	 	 /s/ Nasrat Hakim
	Carter J. Ward	 	 
	Chief Financial Officer

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